h_, `wZmBQ>oS> B§{S>`m hm|Jo

h_mar H§$nZr Ho$ bú`

· d¡pídH$ nXmn©U Am¡a nhMmZ Ho$ gmW ^maV H$m gdm©{YH$ ngÝXrXm
~r_mH$Vm© &
· g^r {hVJ«m{h`m| Ûmam àe§{gV {dídgZr` N{d &
· CËH¥$îR> VH$ZrH$ Am¡a ~hþ_wIr M¡Zbm| Ho$ gmW gd©loîR> J«mhH$ godm
àXmVm &
· g^r joÌm| Ho$ J«mhH$m| H$s Oê$aVm| H$mo nyam H$aZodmbo ~¥hX
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CËH¥$îQ> ñWb &
· AnZo gm_m{OH `moJXmZ hoVw ñWm{nV nhMmZ Ho$ gmW &
 We, The Company, will be
OUR VISION

l the most preferred insurer in India, with global

footprint & recognition.
l a trusted brand admired by all stakeholders.
l the best-in-class customer service provider
leveraging technology & multiple channels.
l the provider of a broad range of innovative
products to meet the needs of all customer
segments.
l a great place to work with highly motivated
and empowered employees.
l recognised for its contribution to the society.
 /

AZwH« _{UH$m / INDEX n¥îR g§»`m/Page No.

{ZXoeH$ _§S>b H$m à{VdoXZ / Report of the Board of Directors 30
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS 157

ñdV§Ì boImnarjH$m| H$m à{VdoXZ / Independent Auditors’ Report 158

ämmaV Ho$ {Z`§ÌH$ d _hm bo»mmnarjH$ H$s g_rjm / Review of Accounts by the Comptroller & Auditor General of India 182
amOñd ImVm / Revenue Accounts 184
bm^ Am¡a hm{Z ImVm / Profit and Loss Account 190
VwbZ nÌ / Balance Sheet 192
AZwgy[M`m± / Schedules 194
{d^mOZ à{VdoXZ / Segmental Report 208
Ho e \² bmo {ddaU / Cash Flow Statement 240
_hËdnyU© boIm Zr{V`m± / Significant Accounting Policies 244
{Q>ßn{U`m± Omo ImVm| H$m {hñgm / Notes Forming Part of the Accounts 256
Xmdm| H$m dîm©dma {ddaU / Ageing of Claims 286
boIm AZwnmV / Accounting Ratios 288
{dËVr` {ddaU H$m gmam§e / Summary of Financial Statements 298
AXm{d nm{bgrYmaH$m| H r am{e H$m df©dma {díbofU / Unclaimed amount of the Policyholders - Age-wise Analysis 300
à~ÝYZ à{VdoXZ / Management Report 302
~¥hV² [ZJ_r` BH$mB© H m àH$Q>rH$aU / Disclosure for Large Corporate Entity 306
g_o{H V {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS 309
ñdV§Ì boIm narjH$m| H m à{VdoXZ / Independent Auditors’ Report 310
ämmaV Ho$ {Z`§ÌH$ d _hm bo»mmnarjH$ H$s g_rjm / Review of Accounts by the Comptroller & Auditor General of India 334
amOñd ImVm / Revenue Accounts 336
bm^ Am¡a hm{Z ImVm / Profit and Loss Account 342
VwbZ nÌ / Balance Sheet 344
AZwgy[M`m± / Schedules 346
{d^mOZ à{VdoXZ / Segmental Report 360

Ho$e \² bmo {ddaU / Cash Flow Statement 392

_hËdnyU© boIm Zr{V`m± / Significant Accounting Policies 396
{Q>ßn{U`m± Omo ImVm| H$m {hñgm / Notes Forming Part of the Accounts 412
\$m_© E Amo gr-I / FORM AOC-I 446
AXm{d nm{bgrYmaH$m| H r am{e H$m df©dma {díbofU / Unclaimed amount of the Policyholders - Age-wise Analysis 450

Harnessing Power to Empower 3

 /

{ZXoeH$ _§S>b
BOARD OF DIRECTORS

gË`OrV pÌnmRr {Jare amYmH¥$îUZ

AÜ`j-gh-à~§Y {ZXoeH$
(05.09.2021 go)
Satyajit Tripathy
Chairman-cum-Managing Director
(from 05.09.2021)
AÜ`j-gh-à~§Y {ZXoeH$
(30.06.2021 VH$ )
Girish Radhakrishnan
Chairman-cum-Managing Director
(upto 30.06.2021)

A{_V AJ«dmb amO{H$aU am°` Or E_ Or O`lr dmB© Ho$ {e_ao

{ZXoeH$ {ZXoeH$ {ZXoeH$ _hm à~§YH$ d {ZXoeH$
(07.12.2020 go) (14.08.2020 go) (10.12.2020 go) (06.08.2021 go)
Amit Agrawal Rajkiran Rai G M G Jayasree Y K Shimray
Director Director Director General Manager & Director
(from 07.12.2020) (from 14.08.2020) (from 10.12.2020) (from 06.08.2021)

_XZoe Hw$_ma {_lm {gÝYw {n„¡ nm{aOmV XËVm

{ZXoeH$ {ZXoeH$ {ZXoeH$
(07.12.2020 VH$) (07.12.2020 VH$) (28.09.2020 VH$)
Madnesh Kumar Mishra Madnesh Kumar Mishra Parijat Dutta
Director Director Director
(upto 07.12.2020) (upto 07.12.2020) (upto 28.09.2020)

Harnessing Power to Empower 5

 |

{ZXoeH$JU d H$m`©nmbH$

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Ama gr AJ«dmb, Cn _hm à~§YH$
6
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

DIRECTORS AND EXECUTIVES

Chairman-cum-Managing Director Deputy General Managers

Satyajit Tripathy (from 05.09.2021) K Nandakumar
Girish Radhakrishnan (upto 30.06.2021) Debashis Purkait
R C Agarwal
Directors N Mohan Sankar
Amit Agrawal (from 7.12.2020) G Ravindranath
Rajkiran Rai G (from 14.8.2020) N K Sidhu
M. G. Jayasree (from 10.12.2020) R S Meena
Y. K. Shimray (from 06.08.2021) Rajesh Khanna
Ravi Rai (from 28.12.2020 to 31.05.2021) Jaideep Sinha
Rajeev Chaudhary (from 28.12.2020 to 28.02.2021) R Shanthi
Madnesh Kumar Mishra (upto 7.12.2020) Kalaiveni Subbiah
Sindhu Pillai (upto 7.12.2020) K V R Krishna
Parijat Dutta (upto 28.9.2020) N C Mondal
L Rangarajan
Hans Raj Gangwal
General Managers
S K Singh
Rajeev Chaudhary (from 27.11.2020 to 28.02.2021)
Pranay Kumar
Ravi Rai (from 27.11.2020 to 31.05.2021)
L Narayana
D Nagalakshmi (upto 06.08.2021)
R Meena
Y K Shimray
Uma Swaminathan
Gauri Venkatesan
Prema Mukilan
G Sundara Raman (from 27.7.2020)
Ajay Rastogi
Angrup Sonam (from 28.06.2021)
Pushpalatha Natarajan
Usha Girish (from 28.06.2021)
Basudev Sanyal
C. S. Radhika (from 28.06.2021)
Sanjay Joshi
Susmita Mukherjee (upto 27.11.2020) K. Rajeswari
B Rajaram (upto 30.06.2020) Malondkar Anil Mahadev
M Shahul Hameed (upto 31.03.2021) C M Manoharan
S Rajagopal
Chief Financial Officer
M Shahul Hameed (from 10.03.2020 to 27.07.2020) Company Secretary
G Sundara Raman (from 28.07.2020) Anagha Shantanu Deshpande
DIRECTORS & EXECUTIVES

Chief Vigilance Officer Auditors

A Aravind (from 1.4.2020 to 31.5.2020) M/s. A. V. Deven & Co.
R Balasubramanian (from 1.6.2020) M/s. A John Moris & Co.
M/s. P. S. Subramania Iyer & Co.
Actuary
A V Ramanan(from 10.12.2020) Chief Grievance Officer
Palreddy Vishnuvardhan (upto 11.12.2020) R C Agarwal, Deputy General Manager

Harnessing Power to Empower 5

7
 |

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{ZXoeH$JU d H$m`©nmbH$

8
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Principal Compliance Officer

(Anti-Money Laundering)
Rajesh Khanna, Deputy General Manager

Chief Compliance Officer

Gauri Venkatesan, General Manager

Chief Underwriter
N C Mondal, Deputy General Manager

Chief Risk Officer

C S Radhika, General Manager

Compliance Officer – Corporate Governance Guidelines

Anagha Shantanu Deshpande, Company Secretary

Chief Public Information Officer

R Meena, Deputy General Manager

Registered Office Address

24, Whites Road
Chennai 600 014.

Head Office Address

No.19, 4th Lane
Nungambakkam High Road
Chennai 600 034.

Debenture Trustee
AXIS Trustee Services Limited
Axis House, Bombay Dyeing Mills Compound
Pandurang Budhkar Marg, Worli, Mumbai - 400 025

Registrar and Transfer Agents

KFin Technologies Pvt.Ltd.
'Karvy House', 46, Avenue – 4
DIRECTORS & EXECUTIVES

Street No. 1, Banjara Hills,

Hyderabad - 500 038

Harnessing Power to Empower 9

 |

Bg n¥ð> H$mo OmZ~yPH$a [aº$ N>mo‹S> {X`m J`m h¡

This page is intentionally left blank

10
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{ZJ_r` à~§YZ / CORPORATE MANAGEMENT

gË`OrV pÌnmRr {Jare amYmH¥$îUZ

AÜ`j-gh-à~§Y {ZXoeH$ AÜ`j-gh-à~§Y {ZXoeH$
(05.09.2021 go) (30.06.2021 VH$ )
Satyajit Tripathy Girish Radhakrishnan
Chairman-cum-Managing Director Chairman-cum-Managing Director
(from 05.09.2021) (upto 30.06.2021)

dmB© Ho$ {e_ao Jm¡ar do§H$Qo>eZ Or gw§Xa am_Z A§Jê$n gmoZ_

_hm à~§YH$ _hm à~§YH$ _hm à~§YH$ _hm à~§YH$
Y K Shimray Gauri Venkatesan G Sundara Raman
General Manager General Manager

Cfm {Jare gr. Eg. am{YH$m Ama ~mbgw~«_{U`Z

_hm à~§YH$ _hm à~§YH$ _w»` gVH© Vm A{YH mar
R. Balasubramanian
Chief Vigilance Officer
{ZJ_r` à~§YZ / CORPORATE MANAGEMENT

E. dr. a_UZ AZKm em§VZw Xoenm§So>

{Z`wŠV ~r_m§H$H$ H$§nZr g{Md
A V Ramanan Anagha Shantanu Deshpande
Appointed Actuary Company Secretary

Harnessing Power to Empower 11

 |

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12
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

LIST OF REGIONAL / LCB INCHARGES AS ON 31.03.2021

Regional Office Regional Head Designation

Ahmedabad Santosh Kumar Singh Deputy General Manager
Bengaluru L Narayana Deputy General Manager
Bhopal Sanjay Kumar Khare Chief Regional Manager
Bhubaneshwar L Jyothi Prasad Chief Regional Manager
Chandigarh N K Sidhu Deputy General Manager
Chennai Kalaiveni Subbiah Deputy General Manager
Coimbatore Vasudevan Iyengar Chief Regional Manager
Dehradun Balwan Singh Chief Regional Manager
Guwahati Moon Makan Chief Regional Manager
Hubli Rajeswari Chief Regional Manager
Hyderabad G Ravindranath Deputy General Manager
Jaipur R S Meena Deputy General Manager
Jodhpur G K Bansal Chief Regional Manager
Kochi K Nandakumar Deputy General Manager
Kolkata Debashis Purkait Deputy General Manager
Kozhikode G Gopikrishnan Chief Regional Manager
Lucknow Pranay Kumar Deputy General Manager
Ludhiana U P S Gujral Chief Regional Manager
Madurai R Paneerselvam Chief Regional Manager
Mumbai 1 Usha Girish Deputy General Manager
Mumbai 2 Hans Raj Gangwal Deputy General Manager
Nagpur Jenny Kerketta Chief Regional Manager
New Delhi 1 Angrup Sonam Deputy General Manager
New Delhi 2 S C Giri Chief Regional Manager
Patna Umakanta Lenka Chief Regional Manager
Pune K V R Krishna Deputy General Manager
Puducherry M Muthukrishnan Chief Regional Manager
Raipur Usha Jain Chief Regional Manager
Vadodara S K Das Chief Regional Manager
Vizag Vijay Kumar Chief Regional Manager
REGIONAL INCHARGES (2020-21)

Large Corporate & Broker Office (LCB) LCB Head Designation

Bengaluru Nagaraj S LCB Head
Chennai Pushpalatha Natarajan DGM & LCB Head
Hyderabad Yogesh Meshram LCB Head
Kolkata Rajeev Kumar Aggarwal LCB Head
Mumbai Jaideep Sinha DGM & LCB Head
New Delhi Sujata Ganguly LCB Head

Harnessing Power to Empower 13

 |

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3. AZwJm‘r g§H$ën ~Xbmdm| AWdm ~Xbmdm| Ho$ {~Zm AJa nm[aV H$aZo AZwê$n nm¶m OmVm h¡ Vmo gmYmaU g§H$ën Ho$ ê$n ‘| nm[aV H$aZo na {dMma
{H$¶m OmE&

¶h g§H$ën {H$¶m OmVm h¢ {H$ H§$nZr A{Y{Z¶‘, 2013 Ho$ AZw^mJ 181 Ho$ àmdYmZm| Ho$ AZwgmar Ed§ Aݶ bmJy àmdYmZm|, AJa H$moB© hmo, Ho$ VhV
H§$nZr H$s gh‘{V go BgHo$ Ûmam {ZXoeH$ ‘§S>b H$mo ¶moJXmZ H$aZo, XmZ H$aZo, gXñ¶Vm boZo Am¡a Aݶ {H$gr ^r Y‘m©W©, gmd©O{ZH$, gm‘m{OH$,
gm§ñH¥${VH$, namonH$mar ¶m gm‘mݶ {Z{Y, g{‘{V, g§K, g§ñWmZ, Q´>ñQ>, g§JR>Z H$mo g‘¶-g‘¶ na ghm¶Vm àXmZ H$a gH|$Jo Omo Zm Vmo grYo Vm¡a
na H§$nZr Ho$ ì¶dgm¶ go g§~§{YV h¡ Am¡a Zm hr H$‘©Mm[a¶m| Ho$ H$ë¶mU Am{X go g§~§{YV h¡ B˶m{X Ho$ {bE {dÎmr¶ df© 2021-2022 Ho$ Xm¡amZ
am{e H$m àmdYmZ {H$¶m Om ahm h¡ Omo énE 2 H$amo‹S> (Ho$db Xmo H$amo‹S >énE) go A{YH$ Zht hmoJr& ¶moJXmZ / XmZ H$m àmdYmZ BgHo$ ~mdOyX
{H$¶m J¶m h¡ {H$ {nN>bo bJmVma VrZ {dÎmr¶ dfm] Ho$ Am¡gV ewÕ bm^ H$m ¶h 5% go A{YH$ h¡&

(ԤS>b Ho$ AmXoemZwgma)

¶wZmB©Q>oS> BpÊS>¶m BÝí¶ya|g H§$nZr {b{‘Q>oS> Ho$ {bE
h...
MoÞ¡ (AZKm em§VZw Xoenm§S>o)
28.10.2021 H§$nZr g{Md

g§b½Z : H§$nZr A{Y{Z¶‘, 2013 Ho$ AZw^mJ 102 (1)Ho$ AZwgma ñnï>rH$aU (ì¶m»¶mË‘H$ ) {ddaU {Ogna {H$ 82 dt dm{f©H$ gm‘mݶ ~¡R>H$ ‘|
gyMZm

{df¶ H«$‘m§H$ 3 Ho$ ê$n ‘| {d{eï>H$m¶© ( ì¶dgm¶) {H$¶m OmEJm&

14
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

NOTICE

NOTICE is hereby given that the EIGHTY THIRD ANNUAL GENERAL MEETING of the Members of United India Insurance
Company Limited will be held on Monday, the 1st day of November 2021 at 11.30 am through Video Conference/
Other Audio Visual Means Facility at the Head Office of the Company at No.19, IV Lane, Nungambakkam High Road,
Chennai 600 034 to transact the following business:

Ordinary Business

1. To receive and adopt the Directors' Report, Audited Accounts for the year ended 31st March, 2021 and Auditors'
Report thereon.

To consider and if thought fit to pass, with or without modification, the following resolution as an Ordinary Resolution:

“RESOLVED THAT the Audited Statement of Accounts of the Company for the year ended 31st March 2021 and the
Report of the Directors be and is hereby approved and adopted.”

2. To authorise the Board of Directors to fix the remuneration of Auditors, to be appointed by the C&AG, for the year
2021-2022.

To consider and if thought fit to pass, with or without modification, the following resolution as an Ordinary Resolution:

“RESOLVED THAT the Board of Directors of the Company be and is hereby authorised to determine the total
remuneration i.e. Audit fees including Tax Audit Fees and reimbursement of out of pocket expenses to various
DO/HUB/RO/LCB/HO Auditors to be appointed by the Comptroller and Auditor General of India for the year
2021-2022.”

Special Business

3. To consider and if thought fit to pass, with or without modification, the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 181 of the Companies Act, 2013 and other applicable
provisions, if any, the consent of the Company be and is hereby accorded to the Board of Directors to contribute,
donate, subscribe or otherwise provide assistance from time to time to any charitable, public, social, cultural,
benevolent or general fund, society, association, Institutions, trust, organisation, not directly relating to the
business of the Company or the welfare of its employees, etc up to an amount not exceeding ` 2.00 crores (Rupees
Two Crores only), during the Financial Year 2021-2022, notwithstanding that such contribution/donation exceeds
5% of average net profits for the immediately preceding three financial years.”

(By order of the Board)

For United India Insurance Company Limited
Sd/-
Chennai (Anagha Shantanu Deshpande)
28.10.2021 Company Secretary
NOTICE

Encl.: Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013 relating to the Special Business to be
transacted at the 83rd Annual General Meeting of the Company under Item No. 3.

Harnessing Power to Empower 15

 |

{Q>ßn{U¶m§-
1. Omar H$mo{dS> 19 _hm_mar Ho$ _ÔoZOa, H$m°nmo©aoQ> _m_bmo§ Ho$ _§Ìmb` ("E_grE") Zo AnZo n{anÌ {XZm§H$ 13 OZdar, 2021 H$mo 8 Aà¡b, 2020,
13 Aà¡b, 2020 Am¡a 5 _B©, 2020 Ho$ n{anÌmo§ Ho$ gmW n{R>V (gm_y{hH$ ê$n go "E_grE n{anÌ" Ho$ ê$n _o§ g§X{^©V) Ho$ AZwgma {H$gr gm_mÝ`
ñWmZ na gXñ`mo§ H$r ^m¡{VH$ CnpñW{V Ho$ {~Zm dr{S>`mo H$m°Ý\\$«o§{g§J/AÝ` Am°{S>`mo {dOwAb _mÜ`_mo§ (drgr/AmoEdrE_) go dm{f©H$ Am_ ~¡R>H$
("EOrE_") Am`mo{OV H$aZo H$r AZw_{V Xr h¡& VXZwgma, H§$nZr A{Y{Z`_, 2013 Am¡a E_grE n{anÌmo§ Ho$ àmdYmZmo§ Ho$ AZwnmbZ _o§, H§$nZr H$r
83dr§ dm{f©H$ Am_ ~¡R>H$ drgr/AmoEdrE_ Ho$ _mÜ`_ go Am`mo{OV H$r Om ahr h¡&
2. My§{H$ `h EOrE_ drgr/AmoEdrE_ Ho$ _mÜ`_ go Am`mo{OV H$r Om ahr h¡, Bg{bE gXñ`mo§ H$r ^m¡{VH$ CnpñW{V H$mo g_má H$a {X`m J`m h¡&
VÖwgma, Bg EOrE_ _o§ gXñ`mo§ Ho$ {bE CnpñWV hmoZo Am¡a dmoQ> S>mbZo Ho$ {bE àm°Šgr {Z`wº$ H$aZo H$r gw{dYm CnbãY Zhr§ h¡ Am¡a Bg{bE àm°Šgr
\\$m°_© Am¡a CnpñW{V nMu Bg Zmo{Q>g Ho$ gmW g§b¾ Zhr§ h¡§&
3. dr{S>`mo H$m°Ý\\$«o§{g§J/AmoEdrE_ Ho$ _mÜ`_ go EOrE_ _o§ ^mJ boZo dmbo gXñ`mo§ H$r CnpñW{V H$r JUZm H§$nZr A{Y{Z`_, 2013 H$r Ymam 103
Ho$ VhV H$moa_ H$r JUZm Ho$ {bE H$r OmEJr&
4. gXñ` `h ^r ZmoQ> H$ao§ {H$ 83dr§ dm{f©H$ Am_ ~¡R>H$ H$r gyMZm H§$nZr H$r do~gmBQ> www.uiic.co.in na CnbãY h¡&
5. `h EOrE_ H§$nZr A{Y{Z`_, 2013 Ho$ bmJy àmdYmZmo§ Ho$ AZwnmbZ _o§ dr{S>`mo H$m°Ý\\$«o§g/AÝ` Am°{S>`mo {dOwAb _rÝg Ho$ _mÜ`_ go ~wbmB© JB©
h¡, {Ogo E_grE n{anÌ g§»`m 14/2020 {XZm§H$ 8 Aà¡b, 2020, n{anÌ g§»`m 17/2020 {XZm§H$ 13 Aà¡b, 2020 Am¡a E_grE n{anÌ
g§»`m 22/2020 {XZm§H$ 15 OyZ, 2020, O¡gm {H$ H§$nZr na bmJy h¡&
6. Bg ~¡R>H$ _o§ em{_b hmoZo H$m {ddaU gXñ`mo§ H$mo AbJ go gy{MV {H$`m OmEJm&
7. E_grE n{anÌ g§»`m 17/2020 {XZm§H$ 13 Aà¡b, 2020 Ho$ AZwgma, EOrE_ H$r gyMZm g^r gXñ`mo§ H$mo BboŠQ>«m°{ZH$ _moS> Ho$ _mÜ`_ go ^oO
Xr JB© h¡& H§$nZr Ho$ {bE bmJy d¡Ym{ZH$ a{OñQ>a, BboŠQ>«m°{ZH$ _moS> Ho$ _mÜ`_ go gXñ`mo§ Ho$ {ZarjU Ho$ {bE CnbãY h¡§& EOrE_ Ho$ Xm¡amZ
gm§{d{YH$ a{OñQ>amo§ Ho$ {ZarjU Ho$ BÀNw>H$ gXñ` AnZm AZwamoY {b{IV ê$n _o§ H§$nZr H$mo boardandsecretarial@uiic.co.in na ^oO
gH$Vo h¡§&
8. H§$nZr A{Y{Z`_, 2013 H$r Ymam 102 Ho$ AZwgma àmg§{JH$ ì`m»`mË_H$ {ddaU, Bg Zmo{Q>g _o§ _X g§»`m 3 _o§ {XE JE ì`dgm` Ho$ g§~§Y _o§
g§b¾ h¡&
9. My§{H$ EOrE_ drgr/AmoEdrE_ Ho$ _mÜ`_ go Am`mo{OV H$r OmEJr, ê$Q> _¡n Bg Zmo{Q>g Ho$ gmW g§b¾ Zhr§ h¡&
10. Bg EOrE_ H$mo H$_ g_` Ho$ Zmo{Q>g na ~wbm`m OmVm h¡&
gyMZm

16 ge{º H aU Ho {bE e{º H m XmohZ

 /

Notes:

1. In view of the continuing COVID 19 pandemic, the Ministry of Corporate Affairs (“MCA”) has vide its circular dated
January 13, 2021 read with circulars dated April 8, 2020, April 13, 2020 and May 5, 2020 (collectively referred to as
“MCA Circulars”) permitted the holding of the Annual General Meeting (“AGM”) through Video Conferencing/Other
Audio Visual Means (VC/OAVM), without the physical presence of the Members at a common venue. Accordingly, in
compliance with the provisions of the Companies Act, 2013 and MCA Circulars, the 83rd AGM of the Company is being
conducted through VC/OAVM.

2. Since this AGM is being held through VC/OAVM facility, physical attendance of the members has been dispensed with.
Accordingly, the facility to appoint proxy to attend and cast vote for the Members is not available at this AGM and hence
Proxy Form and Attendance Slips are not annexed to this Notice.

3. The attendance of the Members attending the AGM through Video Conferencing/OAVM will be counted for the purpose
of reckoning the quorum under Section 103 of the Companies Act, 2013.

4. Members may also note that the Notice of the 83rd AGM is available on the website of the Company at www.uiic.co.in.

5. This AGM has been convened through Video Conference/Other Audio Visual Means facility in compliance with the
applicable provisions of Companies Act, 2013 read with MCA Circular no.14/2020 dated 8th April, 2020, Circular
no.17/2020 dated April 13, 2020 and MCA Circular no.22/2020 dated 15th June, 2020, as applicable to the
Company.

6. The details for joining this meeting shall be communicated to the Members separately.

7. As per MCA Circular No.17/2020 dated 13th April, 2020, the Notice of the AGM has been sent through electronic mode
to all members. The Statutory Registers, as applicable to the Company, are available for inspection of the Members
through electronic mode. Members desiring inspection of Statutory Registers during the AGM may send their request
in writing to the Company at boardandsecretarial@uiic.co.in.

8. The relevant Explanatory statement pursuant to Section 102 of the Companies Act,2013, in respect of the business
given in this Notice in Item No. 3 is annexed hereto.

9. Since the AGM will be held through VC/OAVM, the Route Map is not annexed to this Notice.

10. This AGM is called at shorter notice.

NOTICE

Harnessing Power to Empower 17

 |

H§$nZr A{Y{Z¶‘ 2013 Ho$ AZw^mJ 102 Ho$ {bE àmg§{JH$ ñnï>rH$aU (ì¶m»¶mË‘H$) {ddaU
{df¶ H«$‘m§H$-3
H§$n{Z`mo§ H$r Ymam 181 A{Y{Z`_, 2013 H§$nZr H$mo XmZ Ho$ {bE Am¡a AÝ` {Z{Y`mo§ Ho$ {bE `moJXmZ H$aZo Ho$ {bE gj_ ~ZmVm h¡, `{X Bg Vah H$m
`moJXmZ, H§$nZr Ho$ 3 {dÎmr` df© Am¡gV ewÕ bm^ Ho$ 5 à{VeV go A{YH$ hmoZo Ho$ _m_bo _o§ gXñ`mo§ H$r _§Oyar Ho$ AYrZ h¡& ZVrOVZ, H§$nZr Ho$
{ZXoeH$ _§S>b Zo Cnamoº$ àñVmd H$mo gXñ`mo§ Ho$ AZw_moXZ Ho$ {bE EH$ gmYmaU àñVmd Ho$ ê$n _o§ àñVm{dV {H$`m h¡, Vm{H$ df© 2018 -19 ,2019 -
20 Am¡a 2020 -21 _o§ ZwH$gmZ `m An`m©á bm^ Ho$ AmYma na Ymam 181 _o§ {ZYm©{aV gr_m go A{YH$ {dÎmr` df© 2021 -22 Ho$ Xm¡amZ
` 2,00,00,000 / - H$r am{e (Ho$db Xmo H$amo‹S> énE) `moJXmZ {X`m Om gHo$&

~moS>© Zo gXñ`mo§ Ho$ AZw_moXZ Ho$ {bE gm_mÝ` g§H$ën Ho$ ê$n _o§ gyMZm Ho$ {df` H«$_m§H$ 3 na {ZYm©{aV g§H$ën H$r {g\\$m{ae H$r h¡§&

H$moB© ^r {ZXoeH$ `m à_wI à~§YH$r` H$m{_©H$ `m CZHo$ {aíVoXma Cnamoº$ àñVmd go {H$gr ^r Vah go g§~§{YV `m Ow‹So> hwE Zhr§ h¡§&
gyMZm

18
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Item No. 3
Section 181 of the Companies Act, 2013 enables the Company to make contributions to bona fide charitable and other
funds, subject to the approval of the Members in general meeting in case such contribution exceeds 5 per cent of the
Company’s average net profits for 3 immediately preceding financial years. Consequently, the Board of Directors of the
Company proposes the above resolution as an Ordinary Resolution for approval of the Members for making contribution
exceeding the limits as set out in Section 181 on account of loss or inadequate profit in the years 2018-19, 2019-2020 and
2020-21 up to an amount not exceeding ` 2,00,00,000/- (Rupees Two Crores only) during the Financial Year 2021-2022.
The Board recommends the Resolution as set out at Item no.3 of the Notice as an Ordinary Resolution, for approval of the
Members.
None of the Directors or Key Managerial Personnel or their relatives are in anyway concerned or interested in the above
resolution.

NOTICE

Harnessing Power to Empower 19

 |

AÜ`j H$m g§Xoe

{dÎm df© 2020-21 OZgm_mÝ` , ì`dgm`mo§, {dÎmr` joÌ H$r g§ñWmZmo§ Am¡a gaH$ma Ho$ {bE EH$
MwZm¡VrnyU© df© ahm h¡&
_hm_mar H$m VoOr go \¡ bmd, H$‹So> Xoeì`mnr Am¡a ñWmZr` bm°H$S>mCZ, VabVm H$m X~md, amoOJma H$m
{N>ZOmZm, doVZ H$Q>m¡Vr, ~m‹T> VWm MH«$dmV Am¡a gH$b Kaoby CËnmX H$m g§Hw$MZ O¡gr à_wI MwZm¡{V`mo§ H$m
gm_Zm h_mao Xoe Ho$ gmW-gmW Xw{Z`m Ho$ AÝ` Xoemo§ H$mo ^r H$aZm nS>m & hmbm§{H$ h_mar AW©ì`dñWm Zo
~mX _o§ bMrbmnZ Am¡a MwZm¡{V`mo§ H$m gm_Zm g_d¥pÎm go {H$`m&
~r_m H§$n{Z`mo§ Ho$ {bE `h {_plV df© ahm h¡& _hm_mar Ho$ à^md Ho$ n{aUm_ñdê$n A{YH$m§e g§{d^mJmo§ Am¡a àr{_`_ A{^d¥pÕ _o§ O~{H$ {JamdQ>
XoIr JB© h¡ dhr§ Adga Ho$ H$B© ZE joÌ ^r Iwb JE h¡§&
ñdmñÏ` ~r_m Ho$ ~mao _o§ ~‹T>Vr OmJê$H$Vm Am¡a _m§J Ho$ H$maU ñdmñÏ` ì`dgm`, {deof ê$n go IwXam ñdmñÏ` ì`dgm` _o§ geº$ d¥pÕ hwB© h¡&
gmYmaU ñdmñÏ` ~r_m AmdaU {OÝho§ bmoJ AmgmZr go g_P gHo$§, Bg VÏ` H$mo ñdrH$maVo hwE, g_{`H$ _m§J Ho$ AZwê$n ~r_m {Z`m_H$ Zo Amamo½`
g§OrdZr Am¡a H$moamoZm H$dM O¡go ñdmñÏ` CËnmXmo§ H$mo bm°ÝM H$aZm A{Zdm`© H$a {X`m Wm&
_wPo `h OmZH$a àgÞVm hmo ahr h¡ {H$ ñdmñÏ` g§{d^mJ _o§ CÚmoJ H$r VwbZm _o§ h_mar H§$nZr H$m g_J« ê$n go VoOr go {dH$mg hwAm h¡ Am¡a H$mo{dS>
Xmdmo§ H$m {ZnQ>mZ ^r ~ohVa ahm h¡&
Xo`Vm ~r_m CËnmXmo§ H$r ^r {deof _m§J h¡& gmB~a Omo{I_ ~r_m `m gmB~a Xo`Vm AmdaU H$r Iy~ _m§J h¡&
{S>{OQ>b ßboQ\$>\$m°_© H$r Amoa ~T>Vo H$m`© H$r éPmZ Ho$ gmW hr, n{aMmaH$ Omo{I_ ^r ~‹T>Vo Om aho h¡§& h_mao {bE gmB~a ~r_m Ho$ joÌ _o§ ZdmMma
CËnmXmo§ H$mo {ZOmV H$aZo hoVw h_mao {bE `h EH$ AÀN>m Adga h¡&
~m‹T> Am¡a MH«$dmV O¡gr bJmVma {dZmeH$mar KQ>ZmAmo§ Ho$ ÑpïH$moU _o§, g§npÎm ~r_m I§S> _o§, {deof ê$n go IwXam Am¡a bKw ì`dgm` I§S>mo§ _o§ Anma
g§^mdZmE§ h¡§ Am¡a h_o§ Bg I§S> H$m XmohZ H$aZo Ho$ {bE {dVaU aUZr{V`mo§ H$mo erK« hr V¡`ma H$aZm hmoJm&
{d{dY ì`dgm` Ho$ joÌ _o§ ZdmMma AmdaUmo§ H$r ^r g§^mdZmE± h¡§& h_o§ ~mOma H$r Amdí`H$VmAmo§ H$mo nhMmZZm hmoJm Am¡a n{adV©Z erb J«mhH$
àmW{_H$VmAmo§ Ho$ gmW g§ao{IV H$aZo Ho$ {bE h_mao H$B© nma§n{aH$ CËnmXmo§ H$mo Z`m ê$n XoZm hmoJm&
bm°H$S>mCZ Zo àpH«$`mAmo§ Ho$ {S>{OQ>brH$aU H$mo J{V àXmZ H$aZo Am¡a nmoQ>©b na Am¡a h_mao CËnmXmo§ H$r l¥§Ibm H$m {dñVma H$aZo _o§ ghm`Vm H$r h¡&
h_ Xmdm àpH«$`m Ho$ ñdMmbZ H$r Amoa VoOr go AmJo ~‹T> aho h¡§ & 2021-22 Ho$ {bE N>moa go N>moa VH$ {S>{OQ>b CËnmX bmE OmZo H$m EH$ Am¡a bú`
h¡ Omo g§gmYZmo§ H$r CnbãYVm Ho$ H$maU g§^d h¡&
{dÎm df© 2020-21 _o§ {Z`§ÌUr` bmJV _o§ 25% go A{YH$ H$_r bmZo _o§ , J¡a {ddm{XV Xmdmo§ H$m {ZnQ>mZ 94% VH$ H$aZo _o§, {dJV df© H$r
VwbZm _o§ CnJV Xmdmo§ Ho$ AZwnmV H$mo 13% VH$ H$_ H$aZo _o§ Am¡a g§`wº$ AZwnmV _o§ 14% VH$ gwYma bmE OmZo hoVw, `wZmBQo>S> B§{S>`§g Ûmam {H$`o
J`o àe§gZr` àXe©Z H$r _¡§ gamhZm H$aZm MmhVm hy§& _¡§ h_mao g^r EOo§Q>, _Ü`ñVmo§ Am¡a AÝ` gh`mo{d`mo§ H$r ^r gamhZm H$aVm hy±, Omo H${R>Z
H$mb Ho$ Xm¡amZ h_mao gmW I‹So> aho&
hmbm§{H$ Mmby df© {dÎm df© 2021-22 H$m Ama§^ XwIX ê$n go hwB©, O~ _hm_mar H$r Xygar bha _o§ h_mao H$B© gh`mo{J`mo§ H$r _¥Ë`w hmo JB© Am¡a
n{aUm_ ñdê$n h_mao ì`dgm` _o§ {JamdQ> Am JB©& na _wPo {dœmg h¡ {H$ EH$ H§$nZr Ho$ ê$n _o§ h_ AnZm VÝ`H$Vm H$mo gm{~V H$a gH$Vo h¡§ Am¡a
ImoE hwE AmYma H$mo `Wm erK« nwZ: àmá H$a gH$Vo h¡§&
^{dî` H$r amh H${R>Z Adí` h¡ na§Vw Ag§^d Zhr§& h_o§ AnZo IwXam H$mamo~ma Ho$ {dñVma H$mo AmJo ~‹T>mZo na Ü`mZ Ho$§pÐV H$aZm hmoJm VWm Xmdm
{ZnQ>mZ Xa Am¡a Q>Z©AamC§S> g_` H$mo CÜ`moJ Ho$ g_ê$n hr J«mhH$ godm {dVaU H$mo ~ZmE aIZm hmoJm& g§MmbZmo§ H$m Am¡a ^r A{YH$
{S>{OQ>brH$aU H$aZo Ho$ gmW hr h_ àpH«$`mAmo§ Am¡a {ZU©`mo§ H$r J{V ~‹T>mZo, h_mao H$m`m©b` ZoQ>dH$© H$mo gwì`dpñWV H$aZo Am¡a bmJV Am¡a Xmdmo§
_o§ H$_r hm{gb H$aZo H$r Amem aIVo h¡§&
h_mar H§$nZr H$mo Am{W©H$ ê$n go gwÑT>, àm¡Úmo{JH$r Ûmam g§Mm{bV Am¡a J¡a OrdZ ~r_m CÚmoJ _o§ g~go AmJo
~ZmZo H$r amh na AmnHo$ gmW h_amh ~ZZo Ho$ {bE _¡§ CËgwH$ hy±&
स यजीत पाठ
20
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Chairman’s Message
FY 2020-21 has been a challenging year for people, businesses, financial sector entities
and Government.
The rapid spread of a pandemic; stringent countrywide and local lockdowns; liquidity pressures;
job losses; pay cuts, floods and cyclones and contraction of GDP : these were amongst the
major challenges faced by our country as well as other countries of the world. However our economy has shown
resilience subsequently and met the challenges with equanimity.
For Insurers, it has been a mixed year. While most portfolios showed a decline in growth and premium accretion as an
outcome of the effects of the pandemic, many new areas of opportunity have opened up.
Health business, particularly Retail Health, grew strongly due to increased awareness of and demand for Health Insurance
covers. Recognising that simple Health insurance covers which can be easily understood by people are the need of the
hour, the Insurance Regulator had mandated launch of Health products such as Arogya Sanjeevani and Corona Kavach.
I am happy to note that our Company’s Health portfolio as a whole grew faster than that of the Industry and our performance
in settlement of Covid claims has also been good.
Liability insurance products are also very much sought after. Cyber Risk Insurance or Cyber Liability covers are much in
demand. As more and more work moves to digital platforms, the attendant risks have also increased. This is an opportunity
for us to innovate products in the field of Cyber Insurance.
In the wake of frequent catastrophic events such as floods and cyclones, there is immense potential in the Property Insurance segment
specially in the retail and small business segments and we have to devise distribution strategies quickly to tap this segment.
There is also a lot of scope for innovating covers in Miscellaneous line of business; we should understand the market needs
and revamp many of our traditional products to align with changed customer preferences.
The lockdowns have helped to speed up digitalisation of processes and expand our range of product offerings in our
portals. We are moving rapidly to automation of claims processes. End to end digital products is another goal for 2021-22
which is possible because of available tools.
I would like to appreciate the very laudable performance of United Indians in FY 2020-21 in achieving a major reduction of
more than 25% in controllable costs, 94% settlement ratio in non-suit claims, in bringing down the Incurred Claims Ratio
by 13% as compared to the previous year and making good 10% improvement in the Combined Ratio. My appreciation to
all our agents, intermediaries and other partners who stood by us during the difficult times.
Though the current year FY 2021-22 started on a tragic note with the loss of many colleagues in the second wave of the pandemic
and our business took a downturn, I am confident that as a Company we can prove our resilience and regain lost ground quickly.
The task ahead is difficult but not impossible. We have to focus on expanding our retail business and on enhancing
customer service delivery on par with the Industry in terms of claims settlement rates and turnaround times. By more
digitalisation of operations, we intend to increase speed of processes and decisions; streamline our office network and
achieve reductions in costs and claims.
I look forward to traveling with you on the journey to make our Company strong financially, driven by technology and to be
in the forefront of the Non Life Insurance Industry.

Satyajit Tripathy

Harnessing Power to Empower 21

 |

joÌr` H m`m©b`m| Am¡a ~So H mnm}aoQ d ~«moH g© H j (Eb gr ~r) H r gyMr

bw{Y`mZm
MÊS>rJ‹T>
XohamXÿZ

ZB© {Xëbr jo.H m.-I

ZB© {Xëbr jo.H m.-II

OmoYnwa O`nwa bIZD$

JwdmhmQr
nQ>Zm

^monmb
Ah_Xm~mX dS>moXam H$mobH$mVm

ZmJnwa
am`nwa
^w~Zoída
_w§~B© jo.H m.-II _w§~B© jo.H m.-I

nwUo
h¡Xam~mX
{demInQ²>U_
joÌr` H m`m©b`m| Am¡a ~So H mnm}aoQ d ~«moH g© H j (Eb gr ~r) H r gyMr

hþ~br

~|Jbya MoÞ¡

nwXw>Moar
joÌr` H m`m©b`m|
H$mo`å~ËVya
H$mo{iH$moS> ~So H mnm}aoQ d ~«moH g© H j (Eb gr ~r) /
H$mo{ƒ
_Xþa¡

22
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

List of Regional Offices and Large Corporate & Brokers Cells (LCB)

Ludhiana
Chandigarh
Dehradun

New Delhi RO-I

New Delhi RO-II

Jodhpur Jaipur Lucknow

Guwahati
Patna

Ahmedabad Bhopal

LIST OF REGIONAL OFFICES AND LARGE CORPORATE & BROKERS CELLS (LCB)
Vadodara Kolkata

Nagpur Raipur

Bhubaneswar
Mumbai RO-II Mumbai RO-I

Pune
Hyderabad
Vishakhapatnam

Hubli

Bengaluru Chennai
Puducherry
REGIONAL OFFICES

Kozhikode Coimbatore LARGE CORPORATE & BROKERS CELLS (LCB)

Kochi
Madurai

Harnessing Power to Empower 23

 |

1. {ZXoeH$ ‘§S>b H$s [anmoQ>©

{dÎmr¶ {ZînmXZ
H$mamo~ma H$s g‘rjm Ed§ àMmbZ H$m gmam§e
Am§V[aH$ {Z¶§ÌU Am¡a {dÎmr¶ [anmo{Qª>J H$s {dídgZr¶Vm ~T>mZo Ho$ {bE CR>m¶o J¶o H$X‘
ZyVZ CËnmX
Xmdm à~§YZ
{dXoer g§MmbZ
CÚ‘ OmopI‘ à~§YZ
2. à~§YZ {dMma {d‘e© Ed§ {dûcofU
Am{W©H$ pñW{V¶m±, ~r‘m ~mOma Ho$ gmW-gmW ¶wZmBQ>oS> B§{S>¶m H$m {ZînmXZ
àMmbZ {ZînmXZ
{ZJ‘r¶ gm‘m{OH$ Xm{¶Ëd
3. {ZJ_r` g§MmbZ H$s [anmoQ>©
{ZXoeH$ ԤS>b
~¡R>H$ {ddaU
g{Mdmb¶ boImnarjm
dm{f©H$ {dda{U¶m| H$m gma, COm© VH$Zr H$s g‘mdoeZ H$s g§ajU
g§~§{YV nj H$m¶© {ddaU
H§$nZr A{Y{Z¶‘ 2013 Ho$ AZwgma XhbrO go nao H$‘©Mm[a¶m| Ho$ {ddaU
gm§{d{YH$ boImnarjH$
‘Zmoa§OZ, {dXoer Xm¡am| VWm àMma Am¡a {dkmnZ Ho$ à{V ‘| à~§YZ H$m IM©
{ZXoeH$ ‘§S>b Ho$ Xm{¶Ëdm| H$m {ddaU
g§gX Ho$ g‘j dm{f©H$ [anmoQ>© Ho$ à{VdoXZ H$s àñVw{V
2021-22 Ho$ {b¶o H§$nZr H$s ¶moOZm¶| / Ñ{ï>H$moU
A{^ñdrH¥${V
{ZXoeH$ ‘§S>b H$s ê$naoIm
{ZJ_r` g§MmbZ ‘mJ©{ZX}em| Ho$ AZwnmbZ H$m à‘mU nÌ

`m¡Z CËnr‹SZ A{Y{Z`_ Ho VhV Iwbmg

AZwb¾H$

24
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

1. Report of the Board of Directors

Financial Performance

Business Review and Summary of Operations

Measures taken to enhance credibility of internal controls and financial reporting

New Products

Claims Management

Foreign Operations

Enterprise Risk Management

2. Management Discussion and Analysis

Economic conditions, insurance market, vis-à-vis performance of United India

Operating Performance

Corporate Social Responsibility

3. Report on Corporate Governance

Board of Directors

Meeting Details

Secretarial Audit

Conservation of Energy, Technology Absorption

Related Party Transactions

Particulars of Employees as per Companies Act 2013 beyond threshold

Statutory Auditors

Expenses of Management towards Entertainment, Foreign Tours and publicity and advertisement

Directors’ Responsibility Statement

Placing of Annual Report before the Parliament

Plans / Outlook of the Company for 2021-22

Acknowledgements

Profile of the Board of Directors

Certification of Compliance of the Corporate Governance Guidelines

Disclosure under Sexual Harassment Act

Annexures

Harnessing Power to Empower 25

 |

2020–21 Ho$ {bE H$m`© {ZînmXZ H$m à_wI A§e

gH$b àË`j
àr{_`_
` 16704.69
H$amo‹S>

ewÕ A{O©V ewÕ

àr{_`_ _yë`
` 13907.93 ` 4129.99
H$amo‹S> H$amo‹S>

emoY j_Vm Hr
gr_m
1.00

H a Ho nyd© bm^ H a Ho níMmV

` -984.68
bm^
H$amo‹S> ` -984.68
H$amo‹S>

26
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Performance Highlights for 2020-21

GROSS DIRECT
PREMIUM
` 16704.69
CRORES

NET EARNED NET

PREMIUM WORTH
` 13907.93 ` 4129.99
CRORES CRORES

SOLVENCY
MARGIN
1.00
PBT PAT
` -984.68 ` -984.68
CRORES CRORES

Harnessing Power to Empower 27

 |

àr{_`_ d¥{Õ - ` H$amo‹S>m| _|

17515
17430
16420 16705
16063

2016-17 2017-18 2018-19 2019-20 2020-21

H$a Ho$ níMmV² bm^ - ` H$amo‹S>m| _|

1003

2016-17 2018-19 2019-20 2020-21

2017-18
-985
-1485
-1878
-1913

ewÕ _yë` - ` H$amo‹S>m| _|

4797

4130
3817
2899

1443

2016-17 2017-18 2018-19 2019-20 2020-21

28
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Premium Growth - ` in crores

17515
17430
16420 16705
16063

2016-17 2017-18 2018-19 2019-20 2020-21

Profit After Tax - ` in crores

1003

2016-17 2018-19 2019-20 2020-21

2017-18
-985
-1485
-1878
-1913

Net Worth - ` in crores

4797

4130
3817
2899

1443

2016-17 2017-18 2018-19 2019-20 2020-21

Harnessing Power to Empower 29

 |

1. gXñ¶m| Ho$ à{V {ZXoeH$ ‘§S>b H$m à{VdoXZ

{ZXoeH$JU 31 _mM© 2021 H$mo g_má df© Ho$ {bE H§$nZr H$m ~`mgrdm± dm{f©H$ à{VdoXZ boIm narpjV {ddaU Am¡a VwbZ nÌ Ho$ gmW ghf© àñVwV
H$aVo h¡§&
{dÎmr` {ZînmXZ
h_ H§$nZr Ho$ {ZînmXZ Am¡a àMmbZ n{aUm_ ^r ghf© àñVwV H$aVo h¡§ &
(` H$amoS> _|)
{ddaU 2020-21 2019-20
gH$b àr{‘¶‘ Am¶ 16704.69 17515.09
ewY àr{‘¶‘ 14080.65 13740.03
ewY A{O©V àr{‘¶‘ 13907.93 13744.54
CnJV Xmdo 12302.11 13945.31
H${‘eZ 918.33 764.71
àMmbZ 춶 3905.02 3432.97
Aݶ Am¶ / 춶 -565.90 -264.20
{Zdoe Am¶ (gH$b) 2798.75 3176.93
H$a Ho nyd© bm^ -984.68 -1485.72
H$a Ho {bE àmdYmZ 0.00 0.13
H$a Ho nümV bm^ -984.68 -1485.85

eo`a ny§Or ₹1080 H$amo‹S> én`o OwbmB© 2020 _o§, 1825 H$amo‹S> én`o Zd§~a 2020
H§$nZr H$r A{YH¥$V eo`a ny§Or ₹5000 H$amo‹S> h¡& H§$nZr H$r MwH$Vm ny§Or _o§ Am¡a _mM© 2021 _o§ ₹ 700 H$amo‹S>& BgHo$ n{aUm_ñdê$n H§$nZr H$r àXÎm
31 _mM©, 2021 H$mo ₹ 3805 H$amo‹S> h¡& ny§Or _o§ ₹ 3805 H$amo‹S> H$r d¥pÕ hwB© h¡&
H§$nZr H$r A{YH¥$V eo`a ny§Or Wr OwbmB© 2020 - _o§ ₹ 200 H$amo‹S> go Ama{j{V¶m±
~‹T>H$a ₹ 5000 H$amo‹S> hmo J`m& ₹1007.18 H$amo‹S> H$r hm{Z (ewÕ hm{Z ₹ 984.68 H$amo‹S> + {S>~o§Ma
^maV gaH$ma Zo df© 2020-21 Ho$ Xm¡amZ Bp¹Q>r eo`a ny§Or ₹ 3605 H$amo‹S> {aSo>åneZ {aOd© ₹ 22.50 H$amo‹S>) Wm Omo H$r OZab {aOd© _o§
H$m g§Mma 3,60,50,00,000 én`o Ho$ nyU© àXÎm A{YH$ma Bp¹Q>r eo`a ñWmZm§V{aV H$a {X`m J`m h¡, {Oggo {nN>bo gmb Ho$ ₹ 1222.89 H$amo‹S>
10/-àË`oH$ Ho$ _mÜ`_ go {H$`m h¡& n¡gmo§ H$m àdmh VrZ MaUmo§ _o§ Wm, go gm_mÝ` {aOd© H$r eof am{e H$_ hmo H$a ₹ 215.70 H$amo‹S> h¡&
Ama{j{V¶m± d ~‹T>m¡Ìr (` H$amo‹S> ‘o)
{ddaU 2020-21 2019-20
MwH$Vm ny§Or 3805.00 200.00

Ama{j{V¶m± d A{Yeof (ê$ 67.50 Ho$ {S>~|Ma [aS>oåneZ [aOd© g{hV) 324.99 1310.51

bm^m§e gm°ëdo§gr _m{O©Z

nÌ g§»`m IR>DAI/ Ho$ _mÜ`_ go IR>DAI Ho$ {ZX}emo§ H$mo Ü`mZ _o§ aIVo i. AmB©AmaS>rEAmB© {d{Z`_ Ho$ VhV
{ZXoeH$ ‘§S>b H$m à{VdoXZ

hw E E\\$EZE/OrAmo O r/EbAma/001/2017 18/66 {XZm§ H $ Amdí`H$ gm°ëdo§gr _m{O©Z ₹ 4385.54 H$amo‹S>

25.07.2017 Am¡ a nÌ g§ » `m IR>DAI/FN>A/GOG/L>R>/ ii. CnbãY gm°ëdo§gr _m{O©Z ₹ 4386.76 H$amo‹S>
002/2017-18/67 {XZm±H$ 27.07.2017 `h {ZYm©{aV {H$`m {H$ 31-03-2021 H$mo gm°ëdo§gr AZwnmV 1.00 Ho$ _wH$m~bo 31-03-2020
H$mo 0.30 Wm&
AnZo eo`aYmaH$mo§ H$mo ~r_mH$Vm© H$moB© bm^m§e Kmo{fV Zhr§ H$aoJm, V~ VH$ df© Ho$ Xm¡amZ 31.3.2021 H$mo gm°ëdo§gr _m{O©Z h¡ 1.00 {~Zm {H$gr
~r_mH$Vm© H$r emoYZ j_Vm {Z`§ÌU ñVa na ~hmb Zm hmo OmE, {ZXoeH$mo§ Zo ghZerbVm Ho$, ^maV gaH$ma Ûmam ₹ 3605 H$amo‹S> H$r ny§Or BÝ\\$yeZ
g_má df© 31 _mM© 2021 Ho$ {bE bm^m§e H$r AZwe§gm Zhr§ H$r h¡& ImVo _o§ boZo Ho$ ~mX&
30
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

1. REPORT OF THE BOARD OF DIRECTORS TO THE MEMBERS

The Directors have pleasure in presenting the Eighty Third Annual Report of the Company together with the Audited
Statement of Accounts and Balance Sheet for the year ended 31st March, 2021.
FINANCIAL PERFORMANCE
We are also pleased to report on business performance and operating results of the Company : (` in crores)
Particulars 2020-21 2019-20
Gross Premium Income 16704.69 17515.09
Net Premium 14080.65 13740.03
Net Earned Premium 13907.93 13744.54
Claims Incurred 12302.11 13945.31
Commission 918.33 764.71
Operating Expenses 3905.02 3432.97
Other Income/(Expenses) -565.90 -264.20
Investment Income (Gross) 2798.75 3176.93
Profit Before Tax -984.68 -1485.72
Provision for Taxation 0.00 0.13
Profit After Tax -984.68 -1485.85

Share Capital
Authorised Share Capital of the Company is ` 5000 crores.
The Paid up Capital of the Company is ` 3805 crores as on
31st March, 2021.
The Authorised Share capital of the Company was
increased from ` 200 crores to ` 5000 crores in July 2020.
Government of India has infused Equity capital of
` 3605 crores during the year 2020-21 by way of issue of
3,60,50,00,000 fully paid rights equity share of Rs.10/-
each at par. The infusion was in three tranches of ` 1080
crores in July 2020, ` 1825 crores in November 2020 and
` 700 crores in March 2021. Consequent upon the same,
the paid up capital of the company has increased to
` 3805 crores.
Reserves
The loss of ` 1007.18 crores (Net Loss ` 984.68 crores
plus Debenture Redemption Reserve ` 22.50 crores) was
transferred to the General Reserve, thereby showing a
reduction in the balance of General Reserve to ` 215.70
crores from ` 1222.89 crores of last year.

Reserves & Surplus (` in crores)

Particulars 2020-21 2019-20
Paid Up Capital 3805.00 200.00 REPORT OF THE BOARD OF DIRECTORS

Reserves & Surplus (including ` 90.00 crore kept as Debenture Redemption

Reserve and other reserves) 324.99 1310.51

Dividend Solvency Margin

In view of the IRDAI directions vide letter No.IRDAI/ i. Required Solvency Margin under
FNA/ GOG/LR/001/2017-18/66 dated 25.07.2017 and IRDAI Regulations ` 4385.54 crores
letter No. IRDAI/FNA/GOG/LR/002/2017-18/67 dated ii. Available Solvency Margin ` 4386.76 crores
27.07.2017 stipulating that the insurer shall not The Solvency Ratio was 1.00 as on 31-03-2021 as
declare any dividend to its shareholders till such time the against 0.30 as on 31-03-2020.
solvency of the insurer is restored to the control level, During the year the Solvency Margin as on 31.3.2021 is
the Directors recommended no dividend for the year ended 1.00 without any forbearances, after taking into account
31st March 2021. capital infusion of ` 3605 crores by GOI during 2020-21.

Harnessing Power to Empower 31

 |

~r‘m A{Y{Z¶‘, 1938 H$s Ymam 40 (gr) H$m AZwnmbZ

Mmby df© Ho$ {bE Hw$b à~§YZ ì`` ₹ 3905.02 H$amo‹S> Wm (ñdrH$m`© gr_m go A{YH$ hmoZo Ho$ H$maU ₹ 3763.57 H$amo‹S> nm°{bgrYmaH$ {Z{Y go So>{~Q> {H$`m
J`m Am¡a ₹ 141.45 H$amo‹S> eo`a YmaH$mo§ H$r {Z{Y _o§ So>{~Q> {H$E JE Am¡a {nN>bo df© _o§ ₹ 3432.98 H$amo‹S> Ho$ _wH$m~bo (ñdrH$m`© gr_m go A{YH$ hmoZo Ho$ H$maU
₹ 3432.43 H$amo‹S> nm°{bgrYmaH$ {Z{Y go So>{~Q> {H$`m J`m Am¡a ₹ 0.55 H$amo‹S> eo`a YmaH$mo§ H$r {Z{Y _o§ So>{~Q> {H$`o J`o)& df© Ho$ Xm¡amZ, Ap¾, _arZ,
{d{dY ñdmñÏ`, {d{dY Am¡a B§Or{Z`{a§J ₹ 69.58 H$amo‹S>, ₹ 5.92 H$amo‹S>, ₹ 30.38 H$amo‹S>, ₹ 33.80 H$amo‹S> Am¡a ₹ 1.77 H$amo‹S> goJ_o§Q> H$r gr_m go A{YH$
Wr ,Omo H$r eo`aYmaH$mo§ Ho$ ImVo _o§ (`mZr) AmB©AmaS>rEAmB© Ho$ AZwgma bm^ Am¡a hm{Z ImVo (boZ-XoZ H$aZo dmbo ~r_mH$Vm©Amo§ Ho$ à~§YZ H$m IM© gm_mÝ` `m
ñdmñÏ` ~r_m ì`dgm`) {d{Z`_ 2016 go H$mQ>m OmVm h¡ &
ì`dgm` H$r àH¥${V _o§ n{adV©Z, `{X H$moB© hm
g_rjmYrZ df© Ho$ Xm¡amZ H§$nZr Ûmam {H$E JE ì`dgm` H$r àH¥${V _o§ H$moB© n{adV©Z Zhr§ hwAm&
H§$nZr H$r {dÎmr` pñW{V H$mo à^m{dV H$aZo dmbo ^m¡{VH$ n{adV©Z Am¡a à{V~ÕVmE§, `{X H$moB© hmo§, Omo {H$ {dÎmr` df© Ho$ ~rM `m A§V _o hwB© h¡§
H§$nZr Ho$ {Oggo {dÎmr` {ddaU g§~§{YV h¡§ d {anmoQ>© H$r VmarI&
Cnamoº$mZwgma H$moB© n{adV©Z Zhr§ hwAm h¡&

ghm`H$/g§`wº$ CÚ_mo§/gh`moJr H§$n{Z`mo§ H$m {ddaU

H«$_m§H$ ghm`H$ H$m Zm_ Hw$b MwH$Vm eo`a ny§Or `wZmBQo>S> B§{S>`m B§í`yao§g hmopëS§>J %
H§$nZr {b{_Qo>S> H$r
1 Oo{ZW {gŠ`mo{aQ>rO E§S> B§doñQ>_o§Q> {b{_Qo>S> 20 bmI 69.45%

H«$_m§H$ ghm`H$ /g§`wº$ CÚ_ H§$nZr H$m Zm_ Hw$b MwH$Vm eo`a ny§Or `wZmBQo>S> B§{S>`m B§í`yao§g hmopëS§>J %
H§$nZr {b{_Qo>S> H$r
1 hoëW B§í`moao§g Q>rnrE Am°\\$ B§{S>`m {b{_Qo>S> 70 H$amo‹S> 23.75%
2 ^maV A§Vam©ï—r` ~r_m nrQ>rB© {b{_Qo>S>, {g§Jmnwa EgOrS>r 5 H$amo‹S> 20.00%

g_o{H$V {dÎmr` {ddaU _o§ em{_b àË`oH$ ghm`H$, gh`moJr Am¡a g§`wº$ CÚ_ H§$n{Z`mo§ H$m àXe©Z Am¡a {dÎmr` pñW{V
{ddaU Bg àH$ma h¡ ({dÎm df© 2020-21)
H«$.g§. pñW{V Zm_ ñWmZ _wÐm AmdV© nr~rQ>r nrEQ>r
1 ghm`H$ Oo{ZW {gŠ`mo{aQ>rO E§S> BÝdoñQ>_o§Q> {b{_Qo>S> _w§~B© ₹ 10640188 33533953 31533953

2 Egmo{gEQ> ñdmñÏ` ~r_m Q>rnrE Am°\\$ B§{S>`m {b{_Qo>S> ZB© {X„r ₹ 632307538 263814496 190027365
3 Egmo{gEQ> ^maV A§Vam©ï—r` ~r_m nrQ>rB© {b{_Qo>S>, {g§Jmnwa {g§Jmnwa SGD 173398194 11936650 12043650

ì`mnma g_rjm Am¡a g§MmbZ H$m gmam§e ₹7656 H$amo‹S> H$m àr{_`_ ~wH$ {H$`m, Omo {H$ H$ånZr H$m gH$b àË`j
{ZXoeH$ ‘§S>b H$m à{VdoXZ

df© Ho$ Xm¡amZ {d{^Þ ì`mdgm{`H$ H$m`© joÌmo§ H$m àXe©Z H$m {ddaU ZrMo
{X`m J`m h¡:
`y_oŠg - EOo§gr H$m`©joÌ
~mOma Ho$ IwXam J«mhH$ I§S> H$mo h_mao EOo§gr ~b _o§ 83,000 go A{YH$
EOo§Q> ~r_m Oê$aVmo§ H$mo nyam H$a aho h¡§& 2020-21 _o§,EOo§gr {dVaU M¡Zb Zo
àr{_`_ H$m 46% `moJXmZ h¡& EOo§Q>mo§ Zo H$ar~ Hw$b 1.28 H$amo‹S> nm°{bgr
Omar H$r, Omo {H$ nm°{bgr JUZm _o§ 84% H$m `moJXmZ H$aVr h¡ &
EOo§gr d{Q>©H$b Zo ì`mnma Ho$ _moM} na Z Ho$db CËH¥$ï àXe©Z {H$`m
~pëH$ ZE df© Ho$ Xm¡amZ 5157 EOo§Q>mo§ H$r ^Vu H$r J`r& H§$nZr Ho$ nmg 31
_mM© 2021 VH$ 83931 EOo§Q> h¡§ O~{H$ bú` 82150 EOo§Q>mo§ H$m Wm &

32
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Compliance with Section 40 (C)of Insurance Act,1938

The total Management Expenses for the current year was ` 3905.02 crores (` 3763.57 crores debited to Policyholders fund
and ` 141.45 crores debited to Shareholders fund being the excess over the allowable limits) as against ` 3432.98 crores
(` 3432.43 crores debited to Policyholders fund and ` 0.55 crores debited to Shareholders fund being the excess over the
allowable limits) in the previous year. During the year, In Fire, Marine, Misc. Health, Misc. and Engg segments the limit was
exceeded by ` 69.58 crores, ` 5.92 crores, ` 30.38 crores, ` 33.80 crores and ` 1.77 crores respectively which is charged
to Shareholders' Account (i.e) Profit and Loss account as per IRDAI (Expenses of Management of Insurers transacting
General or Health Insurance Business) Regulation 2016.

CHANGES IN THE NATURE OF BUSINESS, IF ANY

There was no change in the nature of business carried on by the Company during the year under review.
Material changes and commitments, if any, affecting the financial position of the Company which have occurred between
the end of the financial year of the Company to which the Financial Statements relate and the date of the Report.
No changes as aforesaid have taken place.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES

S. No. Name of the Subsidiary Total Paid up Share Capital % Holding of United India
Insurance Company Limited
1. Zenith Securites & Investment Ltd ` 20 Lacs 69.45%

S. No. Name of the Associates / Total Paid up Share Capital % Holding of United India
Joint Venture Company Insurance Company Limited
1. Health Insurance TPA of India Limited ` 70 crores 23.75%
2. India International Insurance
PTE Ltd, Singapore SGD 5 crores 20.00%

PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT
The details are given as follows (FY 2020-21)

S.No. Status Name Location Currency Turnover PBT PAT

1. Subsidiary Zenith Securites & Investment Ltd Mumbai ` 10640188 33533953 31533953
2. Associate Health Insurance TPA
of India Limited New Delhi ` 632307538 263814496 190027365
REPORT OF THE BOARD OF DIRECTORS

3. Associate India International Insurance

PTE Ltd, Singapore Singapore SGD 173398194 11936650 12043650

BUSINESS REVIEW AND SUMMARY OF OPERATIONS
The Performance of the various Business Verticals during
the year are detailed below:
UMEX – AGENCY VERTICAL
Our Agency force with a strength of more than
83,000 agents has been catering to the insurance needs of
retail customer segment of the market. In 2020-21,
Agency distribution channel booked a premium of ` 7656
crores, contributing 46% of the Gross Direct Premium
of the Company. Agents issued around 1.28 crore
policies contributing 84% of the total policy count.
The Agency vertical not only excelled on the
business front but also performed very well with respect
to Agents Recruitment, notching up 5157 new
recruitments during the year. The Company had 83,931
Agents as on 31st March 2021 against the target of

Harnessing Power to Empower 33

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34
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82,150 Agents. As part of the efforts to increase
online transactions, Portal facility was enabled for 40,241
Agents. Portal Business touched a record high of ` 2425
crores premium; 66.72 lac policies were issued through
Portals with the support of IT enabled modes of payment.
LCB
Large Corporate and Broker Cells (LCBs) were started in
the year 2008 to cater to the needs of large corporates and
co-ordinate directly with the brokers.
LCB Pune was converted as a Divisional Office under Pune
Regional Office, taking the tally of functioning LCBs to 6 in
FY 2020-21. The 6 Large Corporate and Brokers' offices
completed a premium of ` 1170.77 crores with negative
accretion of ` 869.22 crores and negative growth of 42.61%
as against the previous year’s premium of ` 2126.53 crores,
accretion of `282.99 crores and growth rate of 15.35%.
Major renewals were retained while consciously shedding
loss making accounts. LCB Mumbai was affected to a major
extent by the loss of the IBA (Indian Banks Association)
Group Mediclaim account to another PSGIC.
BANCASSURANCE
Ÿ Bancassurance Vertical completed a premium of
` 406 crores
Ÿ Incurred Claims Ratio of Bancassurance Vertical was
91.99 % in FY 2020-21
Ÿ The Company entered into Corporate Agency
agreement with 4 new Banks during the year.
Ÿ Total number of Bancassurance tie ups at the end of FY
2020-21 : 54
Ÿ Major Banks: Union Bank of India (incl. Andhra Bank &
Corporation Bank after merger), Indian Bank (incl.
Allahabad Bank), Bank of Maharashtra and Tamil Nadu
Mercantile Bank.
Ÿ Memorandum of Agreement with “Union Bank of
India” extended upto 2024
Ÿ More than 20,000 bank branches covered under the tie
up with our bank partners
Ÿ Premium from Co-Branded Health products of Major
Banks: ` 163 crores
PERFORMANCE OF MICRO OFFICES
Micro Office vertical completed premium of ` 1076.38
crores in FY 2020-21. There are 55 high performing
Micro Offices with premium above ` 3 crores including
/
1 Micro Office which completed premium of ` 32.26
crores. 36 non viable Micro Offices were closed and 5
Micro Offices were merged. The number of Micro Offices
at the end of FY 2020-21 is 892.
ACTIVITIES OF ACTUARIAL DEPARTMENT
The key functions of Actuarial Department include
estimation of IBNR, IBNER [Incurred But Not (Enough)
Reported] claims reserves, preparation of reports to be
submitted to IRDAI namely, Financial Condition Report
[FCR], calculation of Economic Capital of the Company,
Product Performance Reports and Asset Liability
Management. The department functions under the
supervision of a full time Appointed Actuary.
The other activities of the department include support
for product design, pricing of products and solvency
assessment. The department assists domain
departments for submission of reports to IRDAI, GI
Council, GIPSA and Ministry. Analytical reports on
business performance, claim settlement and incurred
claims are provided to technical departments from
time to time for decision making.
The major activities performed by the Actuarial
department during the year were : quarterly valuation
of reserves, tracking of utilization of claims reserves
and monthly estimation of reserves for projecting the
Company’s solvency position. Actuarial Department
conducted rating of our flagship group health product
with additional options, standard retail health
products, Personal Accident and Fire products with
sum insured upto ` 50 Crores (3 separate products).
Specific products such as Corona Kavach policy and
United Shramik Seva policy, a comprehensive Health
policy for employees/workers of industrial sector, were
also priced for launch during the year.
Special efforts were taken to reprice bancassurance
health policies along with enhanced coverages to drive
REPORT OF THE BOARD OF DIRECTORS
it towards profitability. Periodical monitoring of
Government Health policies, performance tracking of
all products, data support to Agency department for
devising and implementing the incentive scheme for
agents, analytical support to Motor department in
driving premium growth of profitable sub-portfolios
etc. were performed as part of the decision making
process.
CUSTOMER CARE SERVICES
Customer Care is crucial to the brand image of a
Company. Over the years, Uni Customer Care
Harnessing Power to Empower 35
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Department’s role has evolved from a transactional
role of handling customer grievances into a
transformational role of identifying customer’s service
level expectations and providing relevant feedback to
our operations team, with a view to enhance customer
experience.
SPECIAL FACILITATIONS FOR CUSTOMERS IN POST
PANDEMIC SITUATION
During the lockdowns on account of Covid 19 pandemic
in early 2020, the Department enabled a dedicated toll
free helpline to customers for guidance and answering
queries on policy and claims services. Department
officials working from home manned the toll free
helpline.
Dedicated email ids were created for quick response to
Health insurance claim queries and for resolving issues
in online services. Grievances received through social
media were taken up and routed to concerned teams
immediately for resolution/ updates to customers.
DATA ON CUSTOMER GRIEVANCE 2020-2021
Opening Balance Received + Reopened Disposed
159 8189 8244
COMPLIANCE OF OMBUDSMAN AWARDS
954 Ombudsman Awards were received by various
offices of the Company during the year and only 74 were
pending for compliance at the end of the year for reasons
such as non-submission of required documents.
MEASURES TO EXPEDITE GRIEVANCE REDRESSAL
Grievance Redressal Week
Usually, a Grievance Redressal Week is held once every
quarter. In 2020-21, an additional Grievance Redressal
Week was organized in February 2021, making the tally
5 Grievance Redressal weeks held during the year. A
total of 2210 grievances were disposed of in the
Grievance Redressal Weeks.
All India Customer care workshop through VC
An All India Workshop for Nodal Customer Care Officers
and Region in charges, was conducted through VC mid
year to percolate the message of the following
Grievance Redressal KPI tasks down the line:
/
All COVID19 related grievances which were received
from CPGRAMS and other Public Grievances portals
were resolved well within the stipulated time of three
days. Policy renewal-related concerns of customers
were addressed speedily by Head Office and Regional
Customer Care officers in co-ordination with HO-IT
team and respective operating offices.
NEW INITIATIVES
Customer feedback forms were introduced in our
Grievance Portal for customers to record their
comments on satisfaction with the resolution of their
grievance or suggestions for improvement.
Automated acknowledgement and automated
response to registered grievances informing the
customer about the likely resolution timelines, were
other innovations introduced during the year.
Customer Education messages were displayed in our
website for information on our products, services and
grievance redressal system.
Pending Disposal Ratio Average TAT
104 98% 20 days
1. 100% Acknowledgement and Registration of all
grievances from all sources
2. 100% Resolution of grievances within 14 days.
3. Quality of Resolution
GRIEVANCE ANALYSIS
A) PRAGATI REPORT
A weekly Review of grievances, at least 20 in number,
are reported to the Grievance Redressal Officer / GM in
charge of Customer Care, under "Pragati-Pro-active
Governance" and sent to IRDAI for their perusal.
REPORT OF THE BOARD OF DIRECTORS
B) ROOT CAUSE ANALYSIS OF GRIEVANCES
One of the main functions of the department is to
analyse the root causes of grievances registered in our
Grievance portal. Such analysis is done in a structured
manner on a quarterly basis to identify the major
causes which rise to recurring complaints. Based on
such analysis, the Department advises HO
Departments and respective Regional Offices to
initiate remedial measures, which has resulted in vast
improvement in reducing the grievances.
Harnessing Power to Empower 37
 |

J) joÌr` H$m`m©b`mo§ H$r dr{S>`mo H$m°Ý\\$«o§g Ho$ _mÜ`_ go g_rjm
{eH$m`Vmo§ H$r g_rjm H$aZo Am¡a CZH$m Ëd{aV {ZnQ>mZ gw{ZpüV H$aZo Ho$
{bE joÌr` H$m`m©b`mo§ Am¡a Ebgr~r Ho$ gmW dr{S>`mo H$m°Ý\\$«o§g Am`mo{OV
H$r JB©&
K) Q>rnrE ~¡R>Ho$§
2020-21 Ho$ Xm¡amZ {Z`{_V ~¡R>H$mo§ Ho$ Abmdm, àYmZ H$m`m©b` _o§
Q>rnrE Ho$ gmW bJ^J 50 ~¡R>Ho$§ Am`mo{OV H$r JB© Am¡a CZH$m {ZnQ>mZ
{H$`m J`m &
AZwnmbZ
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g§emo{YV {H$`m J`m Wm&
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bmoH$nmb H$m`m©b` Am¡a B©grAmoAmB© (~r_mH$Vm©Amo§ H$r H$m`©H$mar n{afX)
Ho$ gmW g_Ýd` aIVm h¡ &
EH$ g§JR>Z H$r à{Vðm H$m\\$r hX VH$ Bg na {Z^©a H$aVr h¡ {H$ dh AnZo
J«mhH$mo§ H$r ghm`Vm ,JwUdÎmm Am¡a g_W©Z aIo§ & Bg CÔoí` H$mo Ü`mZ _o§
aIVo hwE, J«mhH$ godm {d^mJ h_mar {eH$m`Vmo§ H$mo gw{ZpüV H$aZo _o§ gpH«$`
ê$n go bJo hwE h¡§ & nm°{bgrYmaH$mo§ Ûmam ñdrH$ma {H$`m J`m {H$ CZH$r
{eH$m`Vmo§ na Ü`mZ {X`m J`m Am¡a g§VmofOZH$ Am¡a ghmZw^y{V Ho$ gmW
hb {H$`m&
gyMZm H$m A{YH$ma
gyMZm H$m A{YH$ma A{Y{Z`_ 2005 H$mo àË`oH$ gmd©O{ZH$ àm{YH$aU Ho$
àemgZ _o§ IwbonZ, nmaX{e©Vm Am¡a Odm~ Xohr H$mo ~‹T>mdm XoZo Ho$ {bE
A{Y{Z`{_V {H$`m J`m Wm& `yZmBQo>S> B§{S>`m B§í`moao§g H§$nZr {b{_Qo>S> EH$
gmd©O{ZH$ àm{YH$aU h¡, Omo Bg µH$mZyZ Ho$ AYrZ h¡& df©-2005 _o§
A{Y{Z`_ Ho$ bmJy hmoZo Ho$ Vwa§V ~mX àYmZ H$m`m©b` _o§ gyMZm H$m A{YH$ma
{dÎmr¶ df© 2019-20 Am¡a 2020-21 ‘| {ZnQ>mE JE AmdoXZm| Am¡a Anrbm| H$m {ddaU ZrMo {XE JE h¢:
{d^mJ H$m JR>Z {H$`m J`m Wm& {d^mJ AmaQ>rAmB© AmdoXZmo§ Am¡a Anrbmo§
H$m gyMZm MmhZo dmbmo§ H$mo A{Zdm`© g_` gr_m Ho$ ^rVa A{YH$V_
OmZH$mar g\\$bVmnyd©H$ {ZnQ>mZ H$a ahm h¡&
AmdoXZmo§/Anrbmo§ H$m {ZnQ>mZ H$mZyZ Ho$ AZwgma àmá hmoZo H$r VmarI go
Vrg {XZmo§ Ho$ ^rVa {H$`m OmZm h¡& hmbm§{H$, Ohm§ ^r g§^d hmo CZH$m Am¡a
^r VoOr go {ZnQ>mam {H$`m Om ahm h¡& grAmB©gr AmXoe _o§ {Z{X©ï g_`
gm{aUr Ho$ AZwgma AZwnmbZ {H$`m J`m&
g^r joÌr` H$m`m©b`mo§ Ho$ grnrAmB©Amo Zo AmaQ>rAmB© AmdoXZmo§/Anrbmo§
Ho$ {ZnQ>mZ Ho$ {bE CËH¥$ï Q>rEQ>r ~ZmE hwE h¡§ Am¡a àYmZ H$m`m©b` Ho$
gmW {Za§Va g_Ýd` _o§ h¡§& àYmZ H$m`m©b` Ûmam g^r H$m`m©b`mo§ H$r
g_`-g_` na g_rjm H$r OmVr h¡ Vm{H$ g§~§{YV joÌr` H$m`m©b` Ûmam
àmá AmdoXZmo§/Anrbmo§ Ho$ g_` na {ZnQ>mZ {H$`m Om gHo$&àYmZ
H$m`m©b` g_` g_` na O{Q>b _wÔmo§ go {ZnQ>Zo Ho$ {bE joÌr` H$m`m©b`
H$mo gbmh d _mJ©Xe©Z ^r XoVm ahVm h¡&
^maV Ho$ ZmJ{aH$mo§ Ho$ {bE h_mar H§$nZr H$m Am°ZbmBZ nmoQ>©b 29 {gV§~a
2016 H$mo ewê$ {H$`m J`m Wm Am¡a g^r goHo$§S> bmBZ A{YH$m{a`mo§ Am¡a
grnrAmB©Amo H$mo à{ejU {X`m J`m Wm&
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go grAmB©gr H$r g^r gwZdmB© _o§ ^mJ {b`m Wm& AmaQ>rAmB© {d^mJ Zo
dr{S>`mo H$m°Ý\\$«o§g Ho$ _mÜ`_ go grnrAmB©Amo Ho$ gmW Xmo A{Ib ^maVr`
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{H$`m J`m&
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AmaQ>rAmB© nmoQ>©b na _mJ©Xe©Z Am¡a {Za§Va {ZJamZr g§~§Y _o joÌr`
H$m`m©b`mo§ H$mo _¡n {H$`m J`m h¡&
_§Ìmb` Ûmam hñVm§V{aV g^r nÌmo§ Am¡a AmdoXZmo§ H$m Vwa§V Odm~ {X`m
J`m& grAmB©gr H$r gwZdmB© _o§, h_mar H§$nZr Ho$ g§ñH$aUmo§ H$mo _mZZr`
Am`moJ Ho$ g_j à^mdr T§>J go àñVwV {H$`m J`m Wm Am¡a g^r grAmB©gr
AmXoemo§ H$m AZwnmbZ {H$`m J`m Wm&

AmdoXZm|/Anrbm| 2019-20 Am¡a 2020-21 (nyar H§$nZr Ho$ {bE)

{ddaU AmdoXZ AmdoXZ Anrb Anrb
2019-20 2020-21 2019-20 2020-21
{ZXoeH$ ‘§S>b H$m à{VdoXZ

àma§{^H$ eof 68 47 12 10

àmá g§»¶m 2150 1387 297 248
{ZnQ>mE JE 2171 1394 299 253
b§{~V 47 40 10 5
{ZnQ>mZ Xa 97.88% 97.21% 96.76% 98.06%

38
84 ge{º H aU Ho {bE e{º H m XmohZ

C) REVIEW THROUGH VIDEO CONFERENCE WITH
REGIONAL OFFICES
Video Conferences with Regions and LCBs were conducted
to review and ensure speedy disposal of grievances.
D) TPA MEETINGS
During 2020-21, about 50 meetings were conducted with
TPAs at Head Office, apart from the regular meetings
conducted by ROs for the review of TPA-related, Health
claim-related grievances and their disposal.
COMPLIANCE
TERMS OF REFERENCE
The Terms of Reference for the Policyholders’ Protection
Committee were revised in accordance with the extant
guidelines on Corporate Governance issued by IRDAI.
The department co-ordinated with IRDAI, Ministry,
Ombudsman offices and ECOI (Executive Council of Insurers)
for reporting and compliance with grievance handling
guidelines and satisfaction of Ombudsman awards.
The reputation of an Organization depends largely on the
quality and the extent of support and assistance being
extended to its customers on a continuous basis. With
this objective in view, the Customer Care Department
actively engaged in ensuring that grievances of our
policyholders were acknowledged, attended to and
resolved satisfactorily and with empathy.
RIGHT TO INFORMATION
The Right to Information Act 2005 was enacted to
promote openness, transparency and accountability in
the administration of every Public Authority. United India
Insurance Company Limited being a Public Authority, is
subject to this statute. Right to Information Department
was formed at Head office immediately after enactment of
Details of applications and appeals disposed in the financial year 2019-20 & 2020-21 are as shown below:
APPLICATIONS /APPEALS 2019-20 & 2020-21(For Company as a whole)
APPLICATIONS APPLICATIONS
2019-20 2020-21
Opening balance 68

Number received 2150
Number disposed 2171
Number pending 47
Disposal rate 97.88%
/
the Act in 2005. The department is successfully
disposing the RTI applications and appeals providing
maximum information to the information seekers well
within the mandated timelines.
Applications/Appeals are to be disposed of within
thirty days from the date of receipt of the same as per
the statute. However, wherever possible they are
being disposed of even faster. CIC orders are
complied with as per the time schedule indicated in
the order.
The CPIOs of all ROs are maintaining excellent TAT for
disposal of RTI applications/appeals and are in
continuous co-ordination with Head Office. Periodic
review of all the Offices is done by Head Office to give
guidance for timely disposal of applications/appeals
received by the respective Regional Office. HO also
advises ROs on handling of complicated issues.
Our Company's online portal for the Citizens of India
was rolled out on 29th September 2016 and training
was imparted to all Second Line Officers and CPIOs.
During the pandemic period the department had
attended all the CIC hearings through audio/video calls.
The RTI Department has conducted two All India
Workshops with CPIO’s via Video Conference. During
the meeting the participating CPIOs were addressed by
our General Manager, Deputy General Manager & CPIO.
Ever since the portal for the Citizens of India was rolled
out, continuous monitoring and guidance on Online
RTI Portal has been mapped to respective Regional
offices.
All letters and applications transferred by Ministry were
promptly responded to. In the CIC Hearings, our Company’s
versions were effectively presented before the Hon’ble
Commission and all CIC orders were complied with.
REPORT OF THE BOARD OF DIRECTORS
APPEALS APPEALS
2019-20 2020-21
47 12 10
1387 297 248
1394 299 253
40 10 5
97.21% 96.76% 98.06%
Harnessing Power to Empower 39
 |

AmdoXZm|/Anrbm| 2019-20 Am¡a 2020-21 ({g\\$© àYmZ H$m`m©b` _o§ àmá)

{ddaU AmdoXZ AmdoXZ Anrb Anrb

2019-20 2020-21 2019-20 2020-21
àma§{^H$ eof 16 12 4 5

àmá g§»¶m 453 476 71 55
{ZnQ>mE JE 457 474 70 57
b§{~V 12 14 5 3
{ZnQ>mZ Xa 97.44% 98.75% 93.33% 95.00%

amO^mfm H$m`m©Ýd`Z
H§$nZr H$m {Za§Va à`mg ahm h¡ {H$ ^maV gaH$ma H$r amO^mfm Zr{V Ho$
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h_Zo AnZo H$_©Mm{a`mo§ H$mo Am{YH$m{aH$ X¡{ZH$ H$m`© {h§Xr _o§ H$aZo Ho$ {bE
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h_mar H§$nZr Zo ZJa amO^mfm H$m`m©Ýd`Z g{_{V(nrEg`y), MoÞB© Ûmam
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h_mar {h§ X r hmCg npÌH$m "àJ{V", A§ H $ -21 Ho $ {bE
ZamH$mg(nrEg`y)Ûmam erëS> Am¡a _o{aQ> g{Q>©{\\$Ho$Q> Ho$ gmW àW_
nwañH$ma go ^r gå_m{ZV {H$`m J`m h¡&
h_mao joÌr` H$m`m©b`mo§ O¡go ZB© {X„r 1 Am¡a H$mobH$mVm H$mo g§~§{YV
ZamH$mg Ûmam CZHo$ g§~§{YV joÌ _o§ à^mdr {h§Xr H$m`m©Ýd`Z Ho$ {bE
nwañH$ma Am¡a erëS> go gå_m{ZV {H$`m J`m h¡& amO^mfm {d^mJ, ^maV
gaH$ma Ûmam AmaAmo M§S>rJ‹T> Am¡a ~aZmbm emIm H$m`m©b` H$m
Am°ZbmBZ {ZarjU {H$`m J`m&
amO^mfm g§~§Yr g§gXr` g{_{V H$m Xm¡am: g§gX H$r amO^mfm g{_{V
H$r Vrgar Cng{_{V Zo amO^mfm Ho$ H$m`m©Ýd`Z _o§ hwB© àJ{V H$r g_rjm
Ho$ {bE {XZm§H$ 13.01.2021 H$mo joÌr` H$m`m©b` 2, ZB© {X„r Ho$ VhV
H$r{V© ZJa _§S>b H$m`m©b`-16, ZB© {X„r H$m Xm¡am {H$`m& g{_{V Ho$
g§`moOH$ Zo _§S>b H$m`m©b` Ûmam H$r JB© àJ{V H$r gamhZm H$r Am¡a eof
bú`mo§ H$mo amO^mfm {d^mJ Ho$ dm{f©H$ H$m`©H«$_ Ho$ AZwgma àmá H$aZo H$r
gbmh Xr&
H$m°nmo©aoQ> g§Mma
df© 2020-21 hoVw àMma J{V{d{Y`m§

H$mn°ma©oQo> gM§ma {d^mJ Zo à_I

14 {gV§~a, 2020 H$mo "{h§Xr {Xdg" Am¡a 14-21 {gV§~a, 2020 Ho$ Xm¡amZ
H§$nZr Ho$ g^r H$m`m©b`mo§ _o§ "{h§Xr gámh" H$m Am`moOZ {H$`m J`m& àYmZ
H$m`m©b`/ joÌr` H$m`m©b`/_§S>b H$m`m©b`/emIm H$m`m©b` Ho$
H$_©Mm{a`mo§ Am¡a A{YH$m{a`mo§ Zo ~‹S>r g§»`m _o§ ^mJ {b`m Am¡a {h§Xr
{Xdg/gámh Ho$ Xm¡amZ Am`mo{OV {d{^Þ {h§Xr à{V`mo{JVmAmo§ _o§ nwañH$ma
40
84 ge{º H aU Ho {bE e{º H m XmohZ
w amïr—` Q>obr{dOZ na ~m«S§> N>{d àMma {H$`m
{S>{OQ>b gdomAm§o Ama¡ H$§nZr H$r ne
o H$em§o H$mo àX{eV© H$aZo H$o {bE àmB_
àmJom«_ ñbmQ°>²g H$o Xma¡mZ MZ¡b Omo {H$ df© H$r eé w AmV _§o àM{bV
bmH°$S>mCZ H$r pñW{V _§o g_` H$r Amdí`H$Vm Wr& Jm«hH$m§o H$mo {dkmnZm§o H$o
_mÜ`_ go g{yMV {H$`m J`m Wm {H$ do h_mar H$§nZr H$r d~ogmBQ> H$o _mÜ`_ go
AmZ°bmBZ ~r_m IarX `m ZdrZrH$¥V H$a gH$Vo h&§¡

APPLICATIONS /APPEALS 2019-20 & 2020-21(Received at Head Office alone)
APPLICATIONS APPLICATIONS
2019-20 2020-21
Opening balance 16

Number received 453
Number disposed 457
Number pending 12
Disposal rate 97.44%
OFFICIAL LANGUAGE IMPLEMENTATION
It has been the Company’s continuous endeavour to
encourage the use of Hindi in day-to-day official work in
accordance with the official language policy of the
Government of India. In the field of original
correspondence in Hindi and compliance of Section
3(3) of the Official Language Act of Government of
India, we have made notable progress during the
financial year in spite of Covid 19 pandemic situation.
We are fully committed to meet the insurance
requirements of all our corporate, rural sectors and
individual clients through their own language. We have
translated the prospectus, proposal forms, policies,
endorsements and claim forms of major policies and
uploaded in our company’s website. A remarkable
achievement for compilation of local freedom fighters
who contributed for the freedom struggle in a small
compendium written by our own employees in Hindi.
The Book was released by our Chairman-cum-
Managing Director during Independence Day
Celebrations on 15.08.2020. The Book was well
appreciated by the Chairman TOLIC (PSU), Chennai.
We have organized Hindi Workshops and Unicode
workshop by online mode in “A”, “B” and “C” regions to
train our employees to carry out the official day to day
work in Hindi. We have been nominating employees in a
phased manner to learn Hindi under the Hindi Teaching
Scheme, Govt. of India. We are also releasing an in
house Hindi magazine from Head Office and various
Regional Offices.
Hindi Day / Week-2020
On 14th September, 2020 “Hindi Diwas” and during
14-21 September, 2020 “Hindi Saptah” was organized
at all the offices of the Company. Employees and
Officials of HO/RO/DO/MO participated in large
numbers and won prizes in various Hindi Competitions
organized during the Hindi Diwas/Saptah. In addition to
/
APPEALS APPEALS
2019-20 2020-21
12 4 5
476 71 55
474 70 57
14 5 3
98.75% 93.33% 95.00%
the above, an All India Hindi Essay Competition on the
topic- Aatma Nirbhar Bharath was conducted.
TOLIC Activities
Our Company participated in the various online Hindi
Competitions organised by Town Official Language
Implementation Committee (PSU), Chennai and prizes
were won by our employees thereby achieving the
effective Implementation of Official Language. We
have also been awarded First Prize with a shield and
Merit Certificate by TOLIC (PSU) for our Hindi House
Magazine “PRAGATI”, Issue -21 published by Head
Office .
Our Regional Offices viz. New Delhi I and Kolkata, have
been awarded prizes and shields by the respective
TOLIC for effective Hindi implementation in their
respective area of operations. An online Inspection of
RO Chandigarh and Barnala Branch Office was carried
out by the OL Department, Govt. of India.
Visit of Parliamentary Committee on OL: Third sub-
committee of Committee of Parliament on Official
Language visited Kirti Nagar Divisional Office-16, New
Delhi under R.O II, New Delhi on 13.01.2021 to review
the progress made in the implementation of Official
Language. The Convenor of the Committee
appreciated the progress made by the Divisional Office
and advised to achieve the remaining targets as per the
REPORT OF THE BOARD OF DIRECTORS
Annual Programme of OL Dept.
CORPORATE COMMUNICATIONS
Publicity Activities for the year 2020-21
Corporate Communications Department undertook
brand image publicity on leading national television
channels during prime programme slots to showcase
digital services and offerings of the Company which
was the need of the hour in the lockdown situation
prevailing at the beginning of the year. Customers were
informed through the advertisements that they could
Harnessing Power to Empower 41
 |
nm°{bgrYmaH$mo§ H$mo àXmZ H$aZo Ho$ {bE {d^mJ Zo h_mao H$m°nmo©aoQ> bmoJmo Am¡a
H§$nZr Ho$ Zm_ Ho$ gmW \\$og _mñH$ H$m {S>OmBZ Am¡a {dVaU {H$`m& \\$og
_mñH$ H$r ~hwV gamhZm H$r JB© Am¡a Am_ OZVm Ho$ ~rM H$mo{dS> 19 Cn`wº$
ì`dhma Ho$ ~mao _o§ OmJê$H$Vm n¡Xm H$aZo _o§ g\\$b aho&
`yZmBQo>S> B§{S>`m B§í`moao§g Zo pQ²>dQ>a, \\$og~wH$ Am¡a `y Q²>`y~ O¡go gmoeb
_r{S>`m na ~‹So> n¡_mZo na H$moamoZm-{d{eï ñdmñÏ` CËnmXmo§ O¡go Hw$amoZm
H$dM, ZE noe {H$E JE _mZH$ ñdmñÏ` CËnmX, Amamo½` g§OrdZr Am¡a
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ßb¡{Q>Z_ nm°{bgr Am¡a \\$¡{_br _o{S>Ho$`a nm°{bgr H$m {dkmnZ {H$`m&
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buy or renew insurance online through our Company
website.
The department undertook design and distribution of
face masks with our Corporate logo and Company name,
for providing to policyholders. The face masks were
much appreciated and succeeded in creating awareness
of Covid 19 appropriate behavior among the general
public.
United India Insurance took to social media such as
Twitter, Facebook and You Tube in a big way to advertise
Corona-specific Health products such as Corona
Kavach, the newly introduced Standard Health product,
Arogya Sanjeevani and our popular retail Health
insurance products, Individual Health –Platinum policy
and Family Medicare policy.
Covid 19 protocols were periodically published on our
Twitter account. Government of India’s Jan Andolan
campaign for disseminating awareness about Covid 19
appropriate behaviour, was carried out extensively in
our social media platforms.
The Insurance Brokers Association of India gave United
India Insurance Company the award for being “The Most
Broker Friendly Insurer for the year 2020-21”. The
award was received by our Chairman cum Managing
Director, Shri Girish Radhakrishnan and widely
publicized in our social media accounts.
Recognising that digital media is the need of the times,
the department designed and published a much
appreciated digital calendar for the year 2021. The
digital calendar encapsulated highlights of popular
retail products in its pages and it was distributed
through email to all employees and to the marketing
force.
As in the previous years, Corporate Communications
closely co-ordinated with Head Office Accounts
Department for the design and publishing of our
Company’s Annual Report for FY 2019-20.
Adopting the strategy of advertising key Health and
other retail products offering coverage to individuals,
MSMEs, small commercial businesses and homes, our
social media accounts carried eye-catching
advertisements on such covers.
It is proposed to continue with advertising our Health,
Fire and other retail products on social media and other
digital media in the coming year too in tune with the
corporate objective of expanding the retail premium
segment.
/
INFORMATION TECHNOLOGY
In a year characterized by the unforeseen event of a
global pandemic and consequent restrictions on
people, activities and enterprises, the digitisation of
products and services became the new normal.
Information Technology became pivotal for ensuring
uninterrupted business services, to enable customers
to transact online seamlessly with the Company and to
facilitate employees to work from remote locations.
IT Infrastructure
Employees handling critical functions were enabled for
working from remote locations during the post
pandemic lockdown, through provision of laptops,
desktop computers and printers at home.
Further, to ensure business continuity, VPN tokens
were issued to employees working from home, with a
2 factor authentication as a safeguard.
Board meetings, Company review meetings, meetings
with the Regulator, Department of Financial Services
(Ministry of Finance) and the annual employees
Promotion Exercise were successfully conducted
through Video Conferencing. Training courses were
conducted online using software platforms such as
Microsoft Teams, Webex etc.
Security Measures
Ÿ Centralised Desktop Management System: Around
90% of the systems were upgraded to the latest
anti-virus version in 2020-21 and the remaining
systems are envisaged to be taken up in the coming
year.
Ÿ Security Operations Centre : To enhance the
security of our servers and network devices,
Security Operations centre with various
functionalities like DDoS mitigation devices, Web
application firewall, Database Access Management
REPORT OF THE BOARD OF DIRECTORS
and various tools, was procured and is under
implementation.
Ÿ Email Security Gateway : Email security gateway
was installed to inspect and protect our mail servers
from spams, external attacks and other risks.
Ÿ Network devices refresh at Data Centre and Disaster
Recovery Centre : Since the DC and DR network
devices were nearing end of life, new network
devices were procured through a tender process
and taken up for installation.
Harnessing Power to Empower 43
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Ÿ Cyber Assurance Auditors conducted Vulnerability
and Penetration Testing for all applications, portals
and network for the current year and also carried out
the Cyber Assurance Audit as per IRDAI’s
Information and Cyber Security Guidelines
Ÿ Oracle Security Products were procured for
Database security such as Advanced Security
Options & Transparent Data Encryption; Data Base
Vault and Data Masking and Sub setting.
Other Activities
Ÿ Core Hardware Refresh : The hardware at Data Centre,
Disaster Recovery and Nearline DR had reached end of
life and end of support. The services of a Technical
Consultant were engaged after due RFP process. The
Consultant assisted the department in floating a tender
for procurement of new hardware. The new hardware
procurement process is expected to be completed in
first quarter 2021-22.
Ÿ E Procurement : With the objective of conducting
procurements through eProcurement process, the
department entered into an agreement with RailTel.
RFPs are published on eNivida portal hosted by
RailTel wherein bidders are invited to quote for
products & services.
Ÿ Secondary MPLS connectivity with Sify as the
service provider, was implemented in 1128 out of the
1180 offices for which purchase order was issued.
Ÿ Centralised Genisys: Migration of data from the
erstwhile decentralized legacy Genisys systems into
a centralized Genisys database is in progress, which
will be hosted in hyper converged infrastructure.
This will enable availability of legacy data for reports,
actuarial studies and performance analysis.
New products/ new initiatives in Core software in Office
and Portal
1. New Health products as per Regulatory advisories,
such as Arogya Sanjeevani and Corona Kavach policy
were introduced. United Shramik Seva policy, a
Group Health cover tailored to the needs of MSMEs
was also developed and launched within aggressive
timelines. Retail Health products such as the revised
Individual Health and Family Medicare policies were
deployed after product revisions.
2. New Add on covers in Motor line of business such as
EMI protect and Pet Care were brought into the software.
3. To enable identification of the status of Motor Third
Party claims during search of Court records online
and offline, a specific data field (Case number record
/
or CNR) was incorporated in the Motor TP module.
This would help to clean our TP books by identifying
already paid or dismissed cases.
4. In tune with the KPIs advised by the Department of
Financial Services, a link to customer feedback forms
was developed and sent to customers along with
SMS for Policy and Claims transactions. A report
compiling Customers’ feedback on Policy and Claims
services was sent to the Company’s Grievance portal.
5. Online claim registration facility was deployed for
Motor and developed for Fire, Engineering,
Property and Package Insurance lines of business.
6. Automatic assignment of Motor claims below
` 50,000/- to empanelled Loss Assessment
Agencies was piloted in a few Regions. A dedicated
Portal is available with provision to upload the
vehicle loss assessment reports and relevant
documents. Office Claim handlers can view the
reports and documents and process the claim.
7. Digital Signature has been enabled for all portal
policies and for all Motor products in Office.
8. All Motor Policies are archived with digital
signature and stored in Document Management
System. Archival of digitally signed policies of
products in the remaining Lines of business is in
process of development.
9. Our Company successfully integrated with the
Central Government’s Digilocker as an Issuer and
as Verifier. Customers can add their Two wheeler
and Private Car policies issued by our offices to
their Digilocker Account. It is planned to make the
same facility available for policies of other lines in
the coming year.
10. As a measure of security to prevent impersonation,
Customer registration with OTP validation has been
made mandatory in the customer portal.
11. GC CORE software and SAP modules were
integrated for Employee Loan payments and
REPORT OF THE BOARD OF DIRECTORS
payment of Employee entitlements.
12. As a Digital KPI initiative, an e- token system was
developed and deployed to measure the Turn Around
Time for any customer interaction in operating offices.
13. Major SAP modules such as Loans and Advances
Module for Festival Advance, Flood Advance,
Drought Advance and Employee Entitlements
Module for Brief case reimbursement, Mobile
Phone Expenses, Data card Reimbursement,
Residential telephone Expenses, and Newspaper
Reimbursements were successfully rolled out.
Harnessing Power to Empower 45
 |

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46
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

HUMAN RESOURCES DEVELOPMENT AND PERSONNEL In the Promotion Exercise 2020, conducted for promotion
Organisational Network from Class III to Scale I, SC, ST & OBC & PwD employees,
eligible to participate in the promotion examination were
As on 31.03.2021 the Company has 1999 offices. given online Pre-Promotion training at various Regional
Head Office 01 Centres (231 SC/ST employees, 364 OBC employees and
30 PwD employees were imparted Pre-Promotion
Regional Offices 30
training).
LCBs 06
Incentives and financial support are being extended from
Divisional Offices 423 Dr. Ambedkar Welfare Trust to the SC/ST and OBC
Branch Offices 663 employees as per the prescribed scheme. Samrastava
Micro Offices 876 Divas ( Dr. Ambedkar Jayanti) was celebrated in virtual
mode with online activities for employees such as Essay,
TOTAL 1999
Quiz competition, etc., The winners were awarded prizes.
Break up of Number of Employees Adequate representation is also being given to employees
The Company has 12837 employees with the following belonging to SC/ST categories in the allotment of Staff
class-wise break up : Quarters as per reservation guidelines.

Class No. of Employees TRAINING

Class I 6557 United India Insurance Company Limited has always been
Class II keen on formulating and implementing need-based
(Marketing & Administration ) 331 Training programmes for its employees. The Training
Class III 5084 Advisory Group, consisting of two General Managers and
four Deputy General Managers discuss and advise the
Class IV 864
training topics and training plan for the year. The
PTE 1 programmes which are mandatory in nature, were
TOTAL 12837 decided and circulated to the Corporate and Regional
Training Centres.
WELFARE OF SC/ST/OBC/PWD/EX-SERVICEMEN
In 2020-21, our training programmes shifted to virtual
The Company complies with the guidelines of Government
mode in view of the pandemic and post pandemic
on extending reservation of posts, relaxations of age in
circumstances. Online programmes were conducted by
recruitment and reservation of posts in promotion for
our Training teams using software platforms such as
SC/ST/OBC/PWD/Ex-Servicemen and EWS, wherever
Microsoft Teams, Webex etc. The department received
applicable. In all selection Committees on recruitment,
very good feedback for the online courses and the number
the Company ensures representation of SC/ST/OBC
of participants also increased substantially after initial
members in each Committee. Similarly, in all Promotion
hesitancy.
Committees, member belonging to SC/ST is nominated.
The outstation candidates belonging to SC/ST/OBC National Insurance Academy at Pune conducted
category who are called for interview are reimbursed online programmes at a good frequency right from
travelling expenses. April 2020, using Microsoft Teams platform. The
programmes which were designed on topical Insurance
All India SC/ST & OBC Liaison Officers meet (Virtual) was
subjects and currently relevant themes such as Cyber
REPORT OF THE BOARD OF DIRECTORS

held on 02.02.2021 at our Head Office, Chennai. Liaison

officers of all the Regions & Head Office participated in the
meeting. CMD, GM(HR) and DGM/CLO for OBC addressed
the participants. Preparation of Rosters, latest updates
on reservation etc. formed part of the discussion during
the meeting.
A study tour to review Implementation of Reservation
Policy for OBC was conducted by NCBC, New Delhi, during
the year.
In all the training programs conducted at Learning Centre,
Regional Training Centres as also at NIA, adequate
participation of SC/ST/OBC employees was ensured.
Security, had very good participation from our
Company. Online programmes were also conducted by
the College of Insurance at Mumbai and Kolkata
on useful topics to Underwriters and Claims Managers.
Adequate participation by SC/ST/OBC and differently
abled employees was ensured, in the training
programmes.
Exit Interviews with retiring executives in the cadre of
Scale V and above, were published in soft copy in intranet,
which gave employees the benefit of the rich experience,
learnings and advice of seniors.

Harnessing Power to Empower 47

 |

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48
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Details of Training Programmes attended by our employees during the year 2020-21 is given below:
Name of Training Centre No. of Programmes
Corporate Learning Centre, HO 13
Regional Training Centres 211
National Insurance Academy 48
Other External Institutes 8 21 (OBC-5,SC-3,ST-3)
Total 280
OTHER HIGHLIGHTS
Ÿ Average feedback score collected from trainees who
attended Corporate Learning Centre programmes (based
on Faculty Presentation & Topic Relevance) : 4.89 out of 5
Ÿ Focussed Programmes introduced in FY 2020-21:
- Corporate Governance for Marketing In charge
- Fraud Risk Management & Enterprise Risk
Management
- Essentials of MS-Excel – Deriving Solutions
- Advanced MS-Excel – Get & Transform / Power
Query- exclusive programme for HO Health
Department officials
PERFORMANCE MANAGEMENT SYSTEM (PMS)
Performance Management System (PMS) is implemented
by framing a set of Key Result Areas (KRA) that flow from
corporate objectives. 4 major Key Per formance
Indicators (KPIs) were advised by the Department of
Financial Services (Ministry of Finance) for the Company
in FY 2020-21 which comprised:
1. Claims efficiency and solvency
2. Profitable growth
3. Customer-centric measures
4. Digital Transformation
The Company framed the Key Result Areas for adoption at all
levels from Corporate Office to the Micro Offices, on the
lines of the KPIs. The Corporate PMS team designed
customized templates for capturing the data on business
performance, financial profile, performance of various
Business Verticals and Claims Hubs, claims and grievances
disposal and settlement ratios.
Targets were set by the Corporate Office in consultation with
the Regional Offices and Large Corporate and Broker
Cells(LCBs). Despite the pandemic situation, the Annual
KRA Target-setting meetings were conducted online for the
first time through Video Conferencing in June 2020.
Corporate Management and the Regional/LCB chiefs of 30
Regional Offices and 5 LCBs along with their teams,
interacted with a good exchange of inputs on the past year’s
performance and target set for the current year. The extent of
achievement of KRA targets by heads of Operating Offices
/
No. of Participants
253 ( OBC-51,SC-48,ST-10)
4118 (OBC-993,SC-793,ST-419,PH-29)
438 (OBC-79,SC-97,ST-30,PH-8)
4830
formed part of the performance evaluation during the
Annual Performance Appraisal process.
Heartened by the success of the June 2020 Annual KRA
exercise, the mid year KRA review was conducted in
November 2020 also through VC with Regions and LCBs
by Overseeing General Managers.
The KRA exercise for 2020-21, conducted in the video
conferencing format enabled percolation of the Corporate
goals and KPIs down the line to the smallest office and
engaged the entire RO / LCB teams which would not have
been possible had it been conducted in a physical format.
It is therefore proposed to continue the KRA target setting
exercise in online mode in 2021-22 also.
ESTATES
Estates Department, though not in a vanguard position, in
terms of customer interaction or business procurement, it
is indisputable that it handles all immovable assets which
form the backbone of the Company.
The year 2020-21 has been an unprecedented year for the
Company due to the challenges posed by the pandemic.
Notable achievements during this time are as follows:
Ÿ In respect of various offices which were taken on
lease, negotiations with the Owners have resulted in
obtaining either rental waivers or reduced rent.
Negotiations have resulted in total savings of about
` 1 crore. Negotiations are continuing and still higher
savings are expected.
Ÿ Though WFH format was in force for major part of
REPORT OF THE BOARD OF DIRECTORS
2020-21, it has not in the least impacted the prompt
and expeditious communication of Estates clearance
for retired and deceased employees.
Ÿ For commercial office premises, notwithstanding the
difficulties posed, we have successfully negotiated
several times and concluded lease agreements at fair
value and discounted rent that is equitable to UIIC and
Owners.
Ÿ Proposals for leased accommodation for employees
are processed and completed with least possible
delay.
Harnessing Power to Empower 49
 |
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Ÿ Budgetary approvals have been given and engineering
works have been completed wherever it was necessary
or critical to execute it. In view of austerity measures,
approvals were given after thorough scrutiny and time
bound completion of works was ensured.
Ÿ As per KPI signed with DFS, “Consolidation of Office
Infrastructure and Monetization of Assets” has been
undertaken resulting in
(i) Consolidation of 90 offices by way of relocation
resulting in huge savings on rent and operating
expenses. These include those offices which
have been approved for closure, merger and
downgrading by Marketing Department.
(ii) Shifting some of offices from rented to own
premises.
(iii) Identifying 65 Company Owned dilapidated flats
or flats where the expenses for repairs far exceeds
its intrinsic value, for monetization by sale.
Scrutiny of documents, including title deeds and
statutory dues, are nearing completion. Sale is
expected to commence in Q1 of 2021-2022.
MEASURES TAKEN TO ENHANCE CREDIBILITY OF
INTERNAL CONTROLS AND FINANCIAL REPORTING
INTERNAL AUDIT
In the current scenario, the internal audit department has
also revised its approach with focus on the system &
procedural audits in addition to routine transactional
audits. Emphasis is laid on monitoring the activities of
more sensitive areas that require more supervision. The
aim of the department is to be an effective tool to enable
the management to review its operations and to act as
Management Information System while ensuring strict
adherence to laid down rules, regulations & procedures.
In the COVID pandemic situation, with a team of around 75
auditors, the department has successfully completed the
audit of 1400 offices including Regional Offices, LCBs,
Hubs, Divisional Offices, Branch Offices & Micro Offices.
Many departments at Head Office were audited during the
year. The department also conducted surprise inspection
of 10 offices. 8 special audits were conducted as per the
requirements of the Management.
The periodical review was conducted without a break and
all IAI cells across India have successfully contributed in
completion of audits as per HO Audit Plan. The auditors
were apprised through circulars about the recent
developments/IRDA regulations and the expectation of the
management in various areas.
Document Management System has been introduced for
safe maintenance of audit reports in digital form for future
/
reference. For conducting audit in an efficient manner by
our Internal Auditors and to ensure proper checks and
controls , Internal Audit Manual has been designed by the
Department with reference to current updations and
recent circulars and the same was released by our
Chairman-cum-Managing Director.
The Software used by the Internal Audit Department was
further improved to suit the needs of the Management
and Board. On a trial basis, the Depar tment has
implemented submission of ONLINE Audit Report for
Micro Offices and the same was also inaugurated by our
Chairman-cum-Managing Director.
AUDIT COMPLIANCE
The Audit Compliance Department ensures timely
compliance of queries raised by CAG Auditors and
Internal Auditors of the Company. Regional
Compliance Officers identified in each of the ROs
coordinate effectively with the Internal Audit Cells to
make sure that the Audit Reports are responded to in
time by the Operating Offices thereby ensuring faster
compliance of Audit queries. Regional Compliance
Officers are also instrumental in convening the
Regional Audit Compliance Committee meetings to
review and settle Internal Audit queries. They also co-
ordinate timely replies to CAG.
Regional Audit Compliance Committees are
empowered to review and settle all Internal Audit
queries up to the level of Operating Offices below them.
This year, we were able to achieve a disposal ratio of
75% of the pending personal recoveries.
With regular interactions with Regional Heads & Regional
Audit Compliance Officers, HO Audit Compliance
department could furnish 100% replies to CAG queries.
Through various sittings with CAG team, HO Audit
Compliance department was able to get 96 queries
dropped during 2020-21.
Department also co-ordinates in replying for the vetting
REPORT OF THE BOARD OF DIRECTORS
remarks raised by the Ministry. We have created a digital
repository for the CAG queries with specific access to
Regional Heads & Regional Compliance Officers.
VIGILANCE ADMINISTRATION
The Company has an exclusive Vigilance Department
which is headed by Chief Vigilance Officer who is
appointed by Department of Financial Services.
The Department has support employees from Chief
Manager to Desk Officers. The Desk Officers are
assigned different Regions whose matters are dealt
with by them respectively.
Harnessing Power to Empower 51
 |
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Ho$ YZ Ho$ Xwê$n`moJ H$m _m_bm Wm, ~‹So> H$m°nmo©aoQ> Am¡a Xbmb H$m`m©b`
52
84 ge{º H aU Ho {bE e{º H m XmohZ
[Ebgr~r, _w§~B© _o§ nm`m J`m& ₹198.99 H$amo‹S> H$r am{e, CZHo$
ì`pº$JV ImVo Ed§ AÝ` ImVmo§ _o§ YZ hñVm§VaU {H$`m J`m Wm& Mmby
df© H$r g_ñV am{e H$m boIm nwñVH$mo§ _o§ àmdYmZ {H$`m J`m h¡&
{deof boImnarjm Xb Am¡a gVH$©Vm Zo _m_bo H$r Om§M H$r Am¡a ñdV§Ì
\\$moao§{gH$ boIm narjH$ Zo {díbofU {H$`m h¡& XmoZmo§ H$_©Mm{a`mo§ H$mo
VËH$mb {Zb§{~V H$a {X`m J`m h¡& _hmamï— nw{bg H$r Am{W©H$ AnamY
emIm _o§ XO© àmW{_H$r Ho$ AmYma na XmoZmo§ Amamo{n`mo§ H$mo {JaâVma H$a
{b`m J`m Am¡a do Ý`m{`H$ {hamgV _o§ h¡§&
nw{bg A{YH$m{a`mo§ Ûmam bm^mWu Ho$ ImVmo§ H$mo \\$«rO H$a {X`m J`m Am¡a
JbV YZ go IarXr JB© g§npÎm`mo§ Ho$ {Ibm\\$ FU^ma ~Zm`m J`m&
EgE\$AmB©Amo Om§M
1. 2014-15 H$r Ad{Y Ho$ Xm¡amZ, _§S>b à~§YH$, _§S>b H$m`m©b`
bmVya Ûmam ñH«$m°b Ho$ JbV Cn`moJ H$r A{Z`{_VVmAmo§ Ho$ g§~§Y _o§
YmoImY‹S>r H$m nVm bJm`m J`m Wm Am¡a BgH$r gr~rAmB© Am¡a J§^ra
YmoImY‹S>r Om§M H$m`m©b` (EgE\\$AmB©Amo) Ûmam Om§M H$r Om ahr h¡&
Bg _m_bo H$r Om§M Ho$ {bE H§$nZr Ûmam MmQ>©S>© EH$mC§Qo>§Q²>g H$r EH$
ñdV§Ì \\$_© H$mo {Z`wº$ {H$`m J`m Wm& CÝhmo§Zo {anmoQ>© _o§ hoam\\$oar H$r
am{e H$r _mÌm H$m C„oI H$a {anmoQ>© O_m H$a Xr h¡& YmoImY‹S>r Ho$ {bE
_w»` ê$n go {Oå_oXma H$_©Mmar H$mo godm go hQ>m {X`m J`m h¡&
YmoImY‹S>r _o§ em{_b AÝ` H$_©Mm{a`mo§ Ho$ {Ibm\\$ AZwemgZmË_H$
H$ma©dmB© ewê$ H$a Xr JB© h¡ Am¡a {OZ H$_©Mm{a`mo§ H$r Om§M nyar hmo JB©
h¡, CZHo$ g§~§Y _o§ Ow_m©Zm bJm`m J`m h¡&
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H$m`mb© ` (EgE\\$AmBA © m)o H$a ahr h&¡ em{_b H$_M©m{a`m§o H$mo H$§nZr
Ûmam MmOe © rQ> {H$`m J`m h¡ Ama¡ nNy>VmN> Omar h&¡
pìhgb ãbmoAa Zr{V
H§$nZr H$r EH$ pìhgbãbmoAa Zr{V h¡, O¡gm {H$ AmB©AmaS>rEAmB© H$m°nmo©aoQ>
JdZ]g {Xem{ZX}emo§ Ûmam {ZYm©{aV {H$`m J`m h¡ ,Omo {H$gr H$_©Mmar `m
{ZXoeH$ `m {H$gr AÝ` ì`pº$ H$mo {H$gr ^r A{Z`{_VVm, JbV H$m_ `m
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{Xem{ZX}e Omar {H$E h¡§& H§$nZr, g^r ~r_m H§$n{Z`mo§ na bmJy YZ emoYZ
{ZdmaU A{Y{Z`_ (nrE_EbE), 2002 H$m AZwnmbZ H$a ahr h¡&
AmB©AmaS>rEAmB© Ûmam g_`-g_` na Omar {H$E JE {d{^Þ g§emoYZmo§

The focus of the Department is more on “Preventive
Vigilance” rather than on punitive vigilance. The department
conducts surprise inspections in operating offices. In
addition, Head Office teams also visit the Regional Offices,
Third Party Claims Hubs and LCBs for inspection. Specific
targets are fixed for such inspections.
During the financial year 2020-21, as many as 185 no. of
offices were visited for surprise inspection.
Vigilance Awareness Week
As per the directives of the Central Vigilance Commission,
the Department observes “Vigilance Awareness Week” every
year which coincides with the birth anniversary of Sardar
Vallabhbhai Patel. All offices are actively involved in
observance of the Vigilance Awareness Week. During the last
few years we are conducting out- reach activities like quiz
competitions, essay competitions in schools and colleges.
Many of the Regions also organised walkathons highlighting
the importance of integrity and honesty. But this year due to
COVID pandemic we could do only restricted activity.
Training
The Department strongly believes that periodical training is
necessary for skill updation of Officers. Accordingly,
officers are sent for training in appropriate programmes in
National Insurance Academy Pune. During 2020, online
training was conducted by NIA, Pune. The newly joined
Vigilance Officers are given due hand-holding on various
departments by calling them to Head Office or by visit of HO
officers to the respective Regions.
FRAUD RISK MANAGEMENT
In accordance with the Fraud Risk Management Policy of
the Company, ERM Department convened meetings of
the Fraud Risk Management Committee during the year
to review cases of fraud reported by Regional offices,
LCBs and HO departments. The details of the fraud cases
along with action taken reports were placed before the
Risk Management Committee (RMC) and Board. RMC
monitors implementation of Anti-Fraud policy in the
Company for effective deterrence, prevention, detection
and mitigation of frauds.
The Annual Fraud Monitoring Report in forms FMR 1 and
FMR 2 were filed with IRDAI as per Regulatory guidelines
on Insurance Fraud Monitoring Framework, and also
placed before the RMC and Board. The Fraud Risk
Management Policy is posted in the Company’s website
for information to all stakeholders.
Fraud Detected
A case of misappropriation of Company’s funds by an
employee and his spouse, who is also an employee, was
/
detected at Large Corporate and Brokers office [LCB],
Mumbai. An amount of `198.99 crores was
misappropriated by transfer of funds to his personal account
and account of others. Provision has been made in the books
of accounts for the entire amount in the current year.
Special Audit team and Vigilance have investigated the
matter and independent Forensic Auditor has taken up
the analysis. Both the employees were placed under
suspension immediately. Based on FIR lodged with
Economic Offences Wing of Maharashtra Police, both
accused were arrested and are under judicial custody.
The beneficiary accounts were frozen by the Police
authorities and encumbrances are created against the
properties purchased out of misappropriated funds.
SFIO Investigation
1. During the period 2014-15, fraud was detected by the
Divisional Manager at DO Latur regarding
irregularities of mis-utilisation of scroll and the same
is under Investigation by CBI and Serious Fraud
Investigation Office (SFIO). An Independent Firm of
Char tered Accountants was appointed by the
Company to investigate the matter. They have
submitted the repor t quantifying the amount of
misappropriation. The employee mainly responsible
for the fraud has been removed from the service.
Disciplinary action has been initiated against other
employees involved in the fraud and penalty has been
imposed in respect of the employees where in the
inquiry has been completed.
2. During the Financial year 2017-18, Internal Audit and
Inspection Depar tment has brought out several
instances of financial irregularities in DO1 Surat in the
appointment of advocates, surveyors, investigator
and also in payments under several heads of
expenditure. The case is under investigation by
Serious Fraud Investigation Office (SFIO). The
employees involved have been charge sheeted by the
Company and the inquiries are in progress.
REPORT OF THE BOARD OF DIRECTORS
WHISTLE BLOWER POLICY
The Company has a Whistleblower Policy as stipulated
by IRDAI Corporate Governance Guidelines which
enables an employee or a Director or any other person to
raise concerns about any irregularities, wrongdoing or
frauds. The Whistleblower Policy is posted in the
Company's website for information to all stakeholders.
ANTI MONEY LAUNDERING
IRDAI has issued guidelines to insurers for
implementation of Anti Money Laundering/Counter-
Harnessing Power to Empower 53
 |
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54
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31.03.2021 VH$ B©AmaE\\$ H$r gmd{Y O_m _o§ n‹S>r Hw$b am{e ₹
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Financing of Terrorism (AML/CFT). The Company has been
complying with the Prevention of Money Laundering Act
(PMLA), 2002 as applicable to Insurance Companies. The
various amendments issued by IRDAI from time to time are
circulated to Regional Offices for strict compliance.
The compliance of AML guidelines is monitored by the
Principal Compliance Officer at Corporate Office and an
officer nominated as Nodal Officer at each Regional Office,
who ensure that the Board approved AML programme is
being implemented effectively including monitoring
compliance by the company’s agents of their obligations
under the programme.
Keeping in view the potential threat of the usage of Financial
Services for Money Laundering, it is essential to determine
the true identity of all customers through Know your
Customer (KYC) norms at the settlement stage where claim
pay out/premium refund crosses the threshold of Rupees
One Lac per claim/premium refund, which is being enforced.
The Company has already been registered with the Central
KYC Registry and User Credentials have been received.
Further necessary steps are carried out to implement the
circular including enablement of software and training of
Nodal Officers and persons involved in uploading of CKYC
documents. User IDs are created for uploading CKYC
documents at Operating Offices, LCBs and Service Hubs.
DMS portal is used for intermittent storage of CKYC
document uploading to CERSAI for obtaining/
updating/verifying the CKYC number of the customer
whose payout crosses the threshold of Rupees One Lac
per claim/premium refund. 750 CKYC documents were
uploaded to DMS portal during 2020-21.
A session of AML/CFT Guidelines is included in all
programmes conducted at NALANDA the Corporate
Training Centre at Chennai and Regional Training Centres
at various Regional Offices to create awareness among
employees, agents, etc. about the programme. For the
sake of ready reference and to sensitize all concerned,
Company’s AML policy and circulars have been posted in
the intranet and on Company’s website.
ENVIRONMENT RELIEF FUND
The Company was appointed as Fund Manager for
“Environment Relief Fund” (ERF) vide Ministr y of
Environment and Forests Gazette Notification dated 4th
November 2008 for a period of five years and vide latest
notification no. G.S.R 34 (E) dated 15th January 2020, the
Company’s position as Fund Manager was extended up to
15th August 2024. The Company as Fund Manager has
been authorized to receive contribution from all General
Insurance Companies and keep invested the same in Fixed
/
Deposits as prescribed in the Scheme in separate bank
accounts in the name of the Fund. During the year 2020-
21, an amount of ` 55.60 crores was received towards
contribution from General Insurers and as compensation
for environment damages caused under sub-section (1)
of Section 22 of the National Environment Tribunal Act,
1995 and the same has been credited to the Fund. The
total amount lying in Fixed Deposits of the ERF as on
31.03.2021 is ` 979.95 crores.
NEW PRODUCTS
In the current dynamic market environment a Company
cannot sur vive without continuous change and
innovation. It is therefore essential that we constantly
adapt to the needs of our customers and bring to the fore
new products or additions or revisions to our existing
products.
The Product Development Department is concerned with
the development of new products and modification of
existing Products including Add-On covers. This
essential activity requires active suppor t and
involvement of the respective Technical Departments
and co-ordination with the Marketing Department. The
support and guidance of the Appointed Actuary, the
Actuarial Department and the approval of the Product
Management Committee (PMC) is essential for the
development of any new product or revision in any
existing product. The Product Development Department
is constantly geared towards fulfilling the changing
requirements of our customers while at the same time
ensuring compliance of the regulatory requirements of
“File & Use” or “Use & File” Product Filing Guidelines of
IRDA.
The approval for the following products was obtained
during the year 2020-21:
Total No. of Products is 28
(Motor Depar tment - 10, Health Depar tment - 14,
Miscellaneous Department - 1 and Fire Department - 3)
REPORT OF THE BOARD OF DIRECTORS
No. of Products Withdrawn is 9
(Miscellaneous Department - 4, Health Department - 5)
CLAIMS MANAGEMENT
Claims management assumes utmost importance in today’s
competitive environment in which we operate. Special
emphasis was laid on improved and hassle free customer
service. The Company focused on faster claim settlement
through OD Service Hubs and TP Hubs. The overall claims
settlement ratio for FY 2020-21 stands at 32% and 94% for
suit claims and non-suit claims respectively.
Harnessing Power to Empower 55
 |

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df© _o§ 14.96% H$r d¥pÕ Xa go ₹ 233.34 H$amo‹S> H$r d¥pÕ hwB© h¡, {Og_o§
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àmá hwB©& Ap¾ ~r_m Ho$ {bE {H$E JE Xmdmo§ H$m AZwnmV {dÎm df© 2020-21
_o§ {nN>bo df© Ho$ 85% go KQ>H$a 50.75% hmo J`m h¡ Am¡a 90% Ho$ bpjV
Xmdmo§ Ho$ AZwnmV go ~hwV H$_ h¡& g§npÎm nmoQ>©\\$mo{b`mo Zo {dÎm df© 2020-21
_o§ AÀN>r d¥pÕ Am¡a A§S>aamB{Q§>J bm^ {XIm`m& `yAmB©AmB©gr Zo {dÎmr` df©
2020-21 _o§ B§Or{Z`{a§J bmBZ Am°\\$ {~OZog _o§ {nN>bo df© Ho$
394.91 H$amo‹S> Ho$ àr{_`_ Ho$ _wH$m~bo ₹387.16 H$amo‹S> H$m àr{_`_ nyam
{H$`m& gmbmZm AmYma na àr{_`_ _o§ 1.96% H$r Xa go ₹ 7.75 H$amo‹S> H$r
H$_r AmB© h¡|
B§Or{Z`{a§J ~r_m Ho$ {bE {H$E JE Xmdmo§ H$m AZwnmV {dÎm df© 2020-21
_o§ B§Or{Z`{a§J ~r_m {nN>bo df© Ho$ 131.98% go KQ>H$a 6.40% hmo J`m
h¡& hmbm§{H$ àr{_`_ _o§ {JamdQ> AmB© h¡, `h _w»` ê$n go _hm_mar Ho$ ~mX
bm°H$S>mCZ Ho$ H$maU {nN>bo EH$ gmb _o§ Xoe _o§ H$moB© ZB© ~w{Z`mXr T>m§Mm
n{a`moOZm Zhr§ hmoZo Ho$ H$maU h¡& Xmdmo§ Ho$ àmdYmZ H$r g_rjm Ho$ ~mX
{nN>bo df© H$r VwbZm _o§ AmB©grAma _o§ H$_r Ho$ H$maU, B§Or{Z`{a§J ~r_m
CZ nmoQ>©\\$mo{b`mo _o§ go EH$ h¡ {Og_o§ A§S>aamB{Q§>J bm^ hmoVm h¡&

ा ी मयम करोड़ ₹ म आईसीआर तलुना

2000 140.00%
1800
120.00%
1600
1400 100.00%

1200 80.00%
1000
800 60.00%

600 40.00%
400
20.00%
200
0 0.00%
अ इं जी नय रगं अ इं जी नय रगं
ी मयम 2020-21 ी मयम 2019-20 आईसीआर 2020-21 आईसीआर 2019-20

df© H$o Xma¡mZ ZE ESo>-AmZ° Ama¡ CËnmX bmE JE h§¡ Omo `Ay mBA
© mBg©r H$r gn§pÎm Ama¡ n{a`mO
o Zm ~r_m nm{°b{g`m§o H$r {dnUZ j_Vm _§o gYwma H$aJ§o&o à{VH$yb Xmdm
AZnwmV Ama¡ Xmdm {ZnQ>mZ AZnwmV H$mo g~§m{oYV H$aZo H$o {bE {H$E JE Xe o ì`mnr Aä`mg go AmJm_r dfmªo _§o ^r `A
y mBA© mBg©r H$o {ZMbo ñVa _§o gYwma hmJom&

_moQ>a V¥Vr` nj Ÿ g_Pm¡Vm V§Ì Ho$ _mÜ`_ go _moQ>a Q>rnr Xmdmo§ Ho$ {ZnQ>mZ H$r Bg Zr{V

df© 2020-21 _§o H$mn°ma©oQo> H$m`mb © ` _§o _mQo>a VV¥r` nj {d^mJ Ûmam
{ZåZ{b{IV J{V{d{Y`m§ gM§m{bV H$r JB&§© Q>mñH$ \\$mgo© H$mo Mma gÌyr` EOS§o>o
H$m nmbZ H$aZo H$o {bE H$hm J`m Wm Og¡m {H$ 2019-20 _§o {H$`m J`m Wm,
O~ df© H$r nhbr N>_mhr _§o Xe
o H$m{odS> 19 _hm_mar go à^m{dV Wm&
Ÿ ~mSo>© Zo _mQo>a Q>rnr Xmdm§o H$o {ZnQ>mZ hV
H$. Q>rnr Xmdmo§ Ho$ n§OrH$aU H$r nwpï H$aZm
I. ~H$m`m Xmdmo§ H$r \\$mBbmo§ H$r g_rjm H$aZm
J. à{dpï`mo§ H$m {_bmZ H$aZm Am¡a
K. ~§X Am¡a {Z{U©V Q>rnr _m_bmo§ H$mo hQ>mZm
{ZXoeH$ ‘§S>b H$m à{VdoXZ
H$mo \\$adar 2020 _o§ ~moS>© Ûmam AZw_mo{XV {H$`m J`m Wm& H$m`m©b`mo§
Am¡a h~ Ho$ {bE EH$ _¡ZwAb V¡`ma {H$`m J`m Wm Am¡a OyZ 2020 _o§
n{aMm{bV {H$`m J`m Wm, Omo g_Pm¡Vo H$a {ZnQ>mZ Ho$ {bE EH$ JmBS>
Ho$ ê$n _o§ H$m_ H$aoJm&
o w g_mYmZH$maH$ Zr{V H$mo _O
§ ayr
Xr h,¡ {Oggo {S>drOZb Ama¡ arOZb BZ hmCg Šb_o g_PmV¡m
g{_{V`m§o (S>rAmBg©rgr / AmaAmBg©rgr) H$o nZwéÕma Ama¡ {Z{Xï ©
{dÎmr` àm{YH$aU H$o gmW Q>rnr h~ BZ hmCg Šb_o gb w h/g_PmV¡m
g{_{V`m§o H$m JR>Z hA w m& jÌor` H$m`mb © `m§o Zo Egor g{_{V`m§o H$mo
nZwOu{dV H$aZm eêw$ H$a {X`m h¡ Ama¡ Bg V̧ H$o _mÜ`_ go {H$E JE

Ÿ JhZ g_rjm Aä`mg Ho$ H$maU, ₹ 75.26 H$amo‹S> H$r am{e Ho$ 3340 do
Xmdo Omo nyar Vah go {ZnQ>m`m `m ~§X {H$`m J`m h¡, gË`m{nV H$aZo Ho$
~mX {gñQ>_ go hQ>m {X`m J`m&
Ÿ {d{^Þ {V{W`mo§ na Am`mo{OV dr{S>`mo H$m°Ý\\$«o§{g§J Ho$ _mÜ`_ go
AmaAmo Am¡a h~ H$r g_rjm {H$`o JE&
{ZnQ>mZ H$r g»§`m H$o ~mao _§o _m{gH$ {anmQo>© àXmZ H$r OmVr h&¡ g_PmV¡m
Ûmam g_mYmZ H$a Xmdm {ZnQ>mZ H$mo ~T‹>mZo H$r Amdí`H$Vm na Ü`mZ
H$op§ÐV H$a bú` {XE JE& Xmdm g_mYmZ g{_{V`m§ Zd~§a 2020 go
H$m`© H$a ahr h&§¡ bmHo$ AXmbV ì`dñWmnZ H$o Abmdm g_PmV¡m/gb w h
V̧ H$o _mÜ`_ go bJ^J 1700 Xmdm§o H$m {ZnQ>mam {H$`m J`m h&¡

56
84 ge{º H aU Ho {bE e{º H m XmohZ

FIRE & ENGINEERING
UIIC completed ` 1793.17 crores of premium in Fire Line
of Business in the Financial Year 2020-21 as against a
premium of ` 1559.83 crores for the previous year. There
has been an increase of ` 233.34 crores at a growth rate of
14.96% in a year which had series of lockdowns in view of
the COVID-19 pandemic. The Incurred Claims ratio for Fire
Insurance has reduced to 50.75% in FY 2020-21 from 85%
in the previous year and much lower than the targeted
claims ratio of 90%. Property portfolio showed a good
growth and underwriting profit in FY 2020-21.
Premium Completion in Crs of `
2000
1800
1600
1400
1200
1000
800
600
400
200
0 0.00%
Fire Engineering
Premium 2020-21 Premium 2019-20
New add-ons and products have been brought in during the year which will improve the marketability of UIIC’s property &
project insurance policies. The country-wide exercise undertaken to address the adverse claims ratio and the claims
settlement ratio will improve the bottom-line of UIIC in the forthcoming years also.
MOTOR THIRD PARTY
In the year 2020-21 the following activities were
undertaken by the Motor Third Party Department at
Corporate Office. The task forces were asked to comply
with the four point agenda as was done in 2019-20
during the first half of the year when the country was
affected by COVID 19 pandemic.
a. Verify registration of TP claims
b. Review outstanding claims files
c. Reconcile entries and
d. Remove closed and decided TP cases
Ÿ Due to the intensive review exercise, 3340 claims
amounting to ` 75.26 crores were removed from the
system after verifying that they were completely
settled and closed.
Ÿ Review of ROs and Hubs undertaken through VCs
held on various dates.
/
UIIC completed ` 387.16 crores of premium in Engineering
Line of Business in the Financial Year 2020-21 as against a
premium of ` 394.91 crores for the previous year. There has
been a decrease on YOY premium by ` 7.75 crores at a
de-growth rate of 1.96%. The Incurred claims ratio for
Engineering Insurance has dropped to 6.40% in FY 2020-21
from 131.98% in the previous year. Though there has been a
drop in the premium, it is primarily due to there being no new
infrastructure projects in the country in the past year on
account of the post pandemic lockdowns. Due to reduction in
ICR as compared to the previous year after review of the
claims provisioning, Engineering Insurance is one of the
portfolios which has an underwriting profit.
ICR Comparison
140.00%
120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
Fire Engineering
ICR 2020-21 ICR 2019-20
Ÿ The Policy for settlement of Motor TP claims
through Conciliatory Mechanism was approved by
the Board in February 2020. A manual for offices
and Hubs was prepared and circulated in June
2020, to ser ve as a guide for conciliator y
settlements.
Ÿ The Board approved policy on Conciliatory
settlement of Motor TP claims catalysed revival of
Divisional and Regional In house Claims Conciliation
REPORT OF THE BOARD OF DIRECTORS
Committees (DICC/RICC) and the formation of TP
Hub In house Claims Conciliation Committees with
specified financial authority. Regional Offices have
started to revive such committees and monthly
reports are provided regarding the number of
settlements made through this mechanism. The
need for increasing conciliation settlements was
focused upon and targets were given. Claims
Conciliation Committees became functional from
November 2020 onwards. Around 1700 claims have
been settled through conciliation mechanism other
than Lok Adalat settlements.
Harnessing Power to Empower 57
 |
Ÿ àYmZ H$m`m©b` AmB©Q>r {d^mJ H$r ghm`Vm go Orgr H$moa _o§ _moQ>a Q>rnr
Xmdmo§ H$m Ho$g Z§~a {aH$m°S>© (grEZAma) em{_b {H$`m J`m Wm&
grEZAma Z§~a B©-H$moQ>© ImoO H$mo VoO H$aVm h¡ Š`mo§{H$ `h H$moQ>©
{S>{OQ>mBÁS> {aH$m°S>© _o§ EH$ {d{eï nhMmZ g§»`m h¡ Am¡a Bg Z§~a H$m
Cn`moJ H$aHo$ _m_bo H$r pñW{V H$r Om§M H$aZm g§^d h¡, Mmho dh ~§X hmo
`m Im{aO `m gpH«$` hmo&
Ÿ Q>rnr h~ àXe©Z: {dÎmr` df© 2020-21 Ho$ Xm¡amZ ^monmb Ed§ H$mZnwa
_o§ Xmo ZE Q>rnr h~/gob ImobZo H$r ñdrH¥${V àXmZ H$r JB©& ½dm{b`a _o§
Q>rnr gob H$mo Q>rnr h~ ½dm{b`a _o§ AnJ«oS> {H$`m J`m& AmO H$r VmarI
_o§ 41 Q>rnr h~ H$m`©aV h¡§& Q>rnr h~ Zo 15974 Xmdmo§ H$m {ZnQ>mam {H$`m
Am¡a Hw$b Xmdm {ZnQ>mZ AZwnmV 19% hm{gb {H$`m& BZ_o§ go 3936
Xmdmo§ H$m {ZnQ>mam gwbh àpH«$`m Ho$ O{aE {H$`m J`m& hw~br, H$mo`§~Qy>a
Am¡a O~bnwa O¡go Hw$N> h~ Zo _hm_mar H$r pñW{V Ho$ ~mdOyX AÀN>m
àXe©Z {H$`m, Am¡a 30% go A{YH$ H$m {ZnQ>mZ AZwnmV XO© {H$`m&
_hm_mar H$r pñW{V Ho$ H$maU, AXmbVo§ bJ^J 6 _hrZo go H$m`©aV Zhr§
Wr§ `m Hw$N> joÌmo§ _o§ Am§{eH$ ê$n go H$m`© H$a ahr Wr§, Bg{bE Q>rnr Xmdm
{ZnQ>mZ nyar Vah go à^m{dV Wm&
Ÿ bmoH$ AXmbV| : ^maVr` {d{YH$ godm àm{YH$aU gm_mÝ`V… amï—r`
_oJm bmoH$ AXmbVmo§ H$m Am`moOZ H$aVm h¡& H$mo{dS> 19 _hm_mar Ho$
H$maU, H$B© amï—r` bmoH$ AXmbVo§ aÔ H$a Xr JB©§& hmbm±{H$ h_mar H§$nZr
Zo Am^mgr Am¡a gmám{hH$ bmoH$ AXmbVmo§ _o§ gpH«$` ê$n go ^mJ {b`m
Am¡a bJ^J 6300 _m_bmo§ H$m {ZnQ>mam {H$`m& Hw$N> h~ Am¡a {S>drOZmo§
H$mo CZH$r gpH«$` ^mJrXmar Am¡a A{YH$V_ {ZnQ>mZ Ho$ {bE H$mZyZr
A{YH$m{a`mo§ go àe§gm {_br&
31/03/2021 H$mo (Mm¡Wr {V_mhr Ho$ A§V _o§)
Q>rnr AmB©grAma 101.55% go KQ>H$a 79.86% hmo J`m h¡ (ewÕ
AmYma na)
_moQ>a g_J« AmB©grAma 96.45% go KQ>H$a 77.17% (ewÕ AmYma
na) hmo J`m h¡&
godm Ho$§Ð
_moQ>a AmoS>r Xmdmo§ H$r godm {dVaU H$r {ZJamZr AmoS>r Xmdm h~ Ho$ _mÜ`_ go
H$r OmVr h¡& 30 AmoS>r Xmdm godm Ho$§Ð h¡§ {OÝhmo§Zo 64812 Xmdmo§ H$m {ZnQ>mam
{H$`m h¡, 22 {XZmo§ H$m Q>rEQ>r (Xmdm gyMZm go {ZnQ>mZ VH$) Am¡a 93% H$r
{ZXoeH$ ‘§S>b H$m à{VdoXZ
{ZnQ>mZ Xa àmá H$r h¡& h~ Ho$ ~rM CËH¥$ï àXe©Z H$aZo dmbo {X„r joÌr`
H$m`m©b` 1 h~ Wo {OgZo 14 {XZmo§ H$m Q>rEQ>r hm{gb {H$`m Am¡a MoÞB© h~ Zo
7520 Xmdmo§ H$m {ZnQ>mam {H$`m, Omo AÝ` h~ go A{YH$ g§»`m _o§ {ZnQ>m`m
J`m Wm& df© Ho$ Xm¡amZ H$moPrH$moS> _o§ EH$ Z`m AmoS>r g{d©g h~ ñWm{nV
{H$`m J`m h¡&
58
84 ge{º H aU Ho {bE e{º H m XmohZ
ñdmñÏ`
ñdmñÏ` nmoQ>©\\$mo{b`mo _o§, `yZmBQo>S> B§{S>`m g_mO Ho$ g^r dJmoª H$mo H$da
H$aZo dmbo Xoe Ho$ g~go ~‹So> ~r_mH$Vm©Amo§ _o§ go EH$ h¡& EH$ Va\\$, h_Zo
h_oem V{_bZmSw> Ho$ _w»`_§Ìr ì`mnH$ ñdmñÏ` ~r_m `moOZm Am¡a npü_
~§Jmb ñdmñÏ` gmWr `moOZm O¡gr gm_m{OH$ joÌ H$r `moOZmAmo§ Ho$ VhV
Jar~mo§ Am¡a Oê$aV_§Xmo§ H$mo H$da H$aZo Ho$ {bE AnZr gwajmË_H$ ^wOm H$m
{dñVma {H$`m h¡ Am¡a Xygar Amoa erf© H$m°nmo©aoQ²>g Ho$ H$_©Mm{a`mo§ Am¡a
A{YH$m{a`mo§ Am¡a ~hwamï—r` H§$n{Z`m± h_mar g_yh ñdmñÏ` Zr{V`mo§ Ho$
A§VJ©V AmVr h¡§& h_mao IwXam CËnmX O¡go ì`pº$JV ñdmñÏ` ~r_m
nm°{bgr, nm{adm{aH$ {M{H$Ëgm Zr{V Am¡a gwna Q>m°n An _o{S>Ho$`a Zr{V`m§
Am_ AmX_r H$r Oê$aVmo§ H$mo nyam H$aVr h¡§&
Bg gmb h_Zo _hmamï— _o§ g~go ~‹S>r Am¡a à{VpðV gaH$mar ñdmñÏ`
`moOZmAmo§ _o§ go EH$ "_hmË_m Á`mo{V~m \\$wbo OZ Amamo½` `moOZm" H$mo
AnZo nmoQ>© \\$mo{b`mo _o§ nmoQ>©\\$mo{b`mo _o§ Omo‹S>m& Bg `moOZm _o§
2,22,08,948 n{admamo§ H$mo em{_b {H$`m J`m h¡ Am¡a EH$ ₹ 1717.13
H$amo‹S> H$m àr{_`_ àmá {H$`m h¡& H§$nZr {ddoH$nyU© A§S>aamB{Q§>J àWmAmo§ na
AnZm Ü`mZ Ho$§pÐV H$aVr ahr h¡& g_yh ñdmñÏ` I§S> _o§ gwYma Ho$ {bE ewê$
{H$E JE Cnm` Omar h¡& {nN>bo df© H$r Vah, à{VHy$b M`Z dmbo ImVmo§ H$mo
n{ahma {H$`m J`m Am¡a Ohm§ ^r {H$`o JE Xmdmo§ H$m AZwnmV bJmVma A{YH$
Wm Am¡a n`m©á H$r_V Zhr§ Am ahr Wr, CZH$m ZdrZrH$aU Zhr§ {H$`m J`m&
Vrgao nj Ho$ àemgH$mo§ (Q>rnrE) H$r Xmdm godmAmo§ H$r {ZJamZr _o§ {X„r _o§
Xmdm Ho$§Ð Ho$ ZoV¥Ëd _o§ gwYma hwAm&
H$mo{dS> 19 _hm_mar Zo {dÎmr` df© H$r ewéAmV _o§ hr Xoe H$mo à^m{dV {H$`m
Am¡a g_mO Am¡a AW©ì`dñWm H$mo ^r ^mar AmKmV nhw±Mm`m& h_, Xoe _o§
Xygao g~go ~‹So> ñdmñÏ` ~r_mH$Vm© Ho$ ê$n _o§, H$m\\$r hX VH$ Bg à^md H$mo
_hgyg {H$`m h¡& `yZmBQo>S> B§{S>`m, gm_m{OH$ ê$n go {Oå_oXma ~r_mH$Vm©
hmoZo H$r na§nam H$mo Ü`mZ _o§ aIVo hwE, gm_Zo AmZo dmbr MwZm¡{V`mo§ go
gpH«$` ê$n go {ZnQ>Vm h¡&
h_Zo gw{ZpüV {H$`m {H$ J«mhH$mo§ H$mo godmAmo§ _o§ {H$gr àH$ma H$r H$moB© H$_r
Z hmo Am¡a A§S>aamB{Q§>J Am¡a Xmdmo§ Ho$ {bE ñnï {Xem{ZX}e gm_Zo AmE&
_hm_mar Zo h_o§ ZB© pñW{V`mo§ Ho$ go AdJV H$am`m Ohm§ nm°{bgr Hw$N> IMmoª
H$mo H$da Zhr§ H$aVr Wr bo{H$Z J«mhH$-Ho$§pÐV ÑpïH$moU Ho$ gmW, J«mhH$mo§
H$r H$B© AnojmAmo§ H$mo nyam H$a àe§gm Ho$ nmÌ ~Zo&
h_Zo H$mo{dS>-19 H$r pñW{V go {ZnQ>Zo Ho$ {bE BZmodo{Q>d H$da Ho$ gmW Xmo
ZE CËnmX bm°ÝM {H$E&

Ÿ Case Number Record (CNR) of Motor TP claims was
incorporated in GC core with the assistance of HO IT
department. CNR number accelerates E-court search
as it is a unique identification number in the Court
digitised records and using this number it is possible
to check the status of the case, whether it is closed or
dismissed or active.
Ÿ TP Hub Performance : During the FY 2020-21,
approval for opening of two new TP Hubs/Cells at
Bhopal and Kanpur was given. TP Cell in Gwalior
was upgraded to TP Hub Gwalior. As on date 41 TP
Hubs are functional. The TP Hubs settled 15974
claims and achieved an overall claim settlement ratio
of 19%. Of these, 3936 claims were settled through
conciliatory process. Some Hubs such as Hubli,
Coimbatore and Jabalpur did well despite the
pandemic situation, recording a settlement ratio
of more than 30%. Due to the pandemic situation,
courts were not functional for almost 6 months or
were partially functional in some Regions and hence,
TP claim settlement was on the whole affected.
Ÿ Lok Adalats : Legal Services Authority of India
normally organizes National Mega Lok Adalats. Due
to COVID 19 pandemic, many National Lok Adalats
were cancelled. However our Company actively
participated in the virtual and weekly Lok Adalats and
settled around 6300 cases. Some Hubs and
Divisions received accolades from the Legal
authorities for their active participation and
maximum settlements.
As on 31/03/2021 (end of the fourth quarter)
TP ICR has come down from 101.55% to 79.86%
(on net basis)
Motor overall ICR has come down from 96.45% to
77.17% (on net basis)
Service Hubs
The Service delivery of Motor OD Claims are monitored
through OD Claims Hub. There are 30 OD Claim Service
Hubs who have settled 64812 claims, achieving a TAT of
22 days (from claim intimation to settlement) and a
disposal rate of 93%. Excellent performers amidst the
Hubs were the Delhi Regional Office 1 Hub which
achieved a TAT of 14 days and Chennai Hub which settled
7520 claims, being the highest number settled amongst
the Hubs. A new OD Service Hub has been set up at
Kozhikode during the year.
/
Health
In health portfolio, United India is one of the largest
insurers in the country covering all sections of the
society. On one hand, we have always extended our
protective arm to cover the poor and needy under social
sector schemes like the Tamil Nadu Chief Minister’s
Comprehensive Health Insurance Scheme and West
Bengal Swasthya Sathi Scheme and on the other hand
the employees and executives of top corporates and
MNCs are covered under our group health policies. Our
retail products such as Individual Health Insurance
Policy, Family Medicare Policy and Super Top Up
Medicare Policies cater to the needs of the common
man.
This year we added one of the largest and prestigious
government health schemes “Mahatma Jyotiba Phule
Jan Arogya Yojana” in Maharashtra to our portfolio. The
scheme covers 2,22,08,948 families and generated a
premium of ` 1717.13 crores.
The Company persisted with its focus on prudent
underwriting practices. The measures initiated to
improve the group health segment continued. As in
previous year, accounts with adverse selection were
avoided or shed and wherever the Incurred Claim Ratio
was perpetually high and adequate price was not
forthcoming, the renewal was not done.
The monitoring of claims services of the Third Party
Administrators (TPA) improved with the claims hub at
Delhi taking the lead.
COVID 19 pandemic hit the country in the beginning of
the financial year itself and dealt a heavy blow to the
society and also to the economy. We, as the second
largest health insurer in the country, felt the impact to a
significant extent. United India, in keeping with the
REPORT OF THE BOARD OF DIRECTORS
tradition of being a socially responsible insurer, dealt
proactively with the challenges faced. We ensured that
the customers did not witness any gap in services and
came out with clear and unambiguous guidelines for
underwriting and claims. The pandemic presented us
with new situations where the policy did not cover
certain expenses. But with a customer-centric
approach, many of the customer expectations were met
thereby earning appreciation. We launched two new
products with innovative covers to deal with the Covid-
19 situation.
Harnessing Power to Empower 59
 |

_hm_mar Zo ñdmñÏ` nmoQ>©\\$mo{b`mo H$mo ~war Vah à^m{dV {H$`m Am¡a {H$E JE
Xmdmo§ Ho$ AZwnmV (AmB©grAma) H$mo Am¡a A{YH$ ~‹T>m {X`m Am¡a h_Zo gH$b
A{O©V AmYma na 107.65% Ho$ AmB©grAma Ho$ gmW g_má {H$`m& ewÕ
A{O©V AmYma na AmB©grAma 2019-20 _o§ 102.36% go ~‹T>H$a 2020-
21 _o§ 106.39% hmo J`m&
H§$nZr Zo h_mao ñdmñÏ` CËnmXmo§ Ho$ g_yh H$mo Z`m ê$n XoZo H$r nhb H$r& Bg
gmb h_Zo 1 Aà¡b 2020 H$mo Amamo½` g§OrdZr nm°{bgr, 10 OwbmB© 2020
H$mo H$moamoZm H$dM nm°{bgr Am¡a 28 OwbmB© 2020 H$mo g§`wº$ l{_H$ godm
nm°{bgr Zm_ go VrZ ZE CËnmX bm°ÝM {H$E& h_mar à_wI CËnmX \\$¡{_br
_o{S>Ho$`a nm°{bgr H$mo 28 {gV§~a 2020 H$mo ~ohVa gw{dYmAmo§ Ho$ gmW bm°ÝM
{H$`m J`m Am¡a nm§M AàM{bV CËnmXmo§ H$mo ^r dmng bo {b`m J`m& h_mao
g^r ñdmñÏ` CËnmXmo§ H$mo nyar Vah go AmB©AmaS>rEAmB© Ho$ AZwê$n ~Zm`m
J`m h¡& ZE VWm g§emo{YV CËnmXmo§ Ho$ {bE Z`o Am¡a ì`mnH$ A§S>aamB{Q§>J
{Xem{ZX}e Omar {H$E JE&
{dXoer g§MmbZ
hm§JH$m§J _o§ ~r_boIZ g§MmbZ 01.04.2002 go ~§X hmo J`m Am¡a V~ go Ý`y B§{S>`m Eí`moao§g H§$nZr {b{_Qo>S>, hm§JH$m§J aZ-Am°\\$ nmoQ>©\\$mo{b`mo H$r
XoI^mb H$a ahr h¡& 31.03.2021 VH$, 3 Xmdo ~H$m`m Wo&
{X. 31.03.2021 H$mo g‘má df© Ho$ {bE hm§JH$m§J EO|gr ‘| aZ-Am°’$ g§MmbZ H$m {ddaU
h_Zo df© Ho$ Xm¡amZ ñdmñÏ` nm°{bgr H$r Am°ZbmBZ {~H«$r {\\$a go ewê$
H$r& J«mhH$ A~ h_mao IwXam ñdmñÏ` CËnmXmo§ H$mo nrgr/b¡nQ>m°n `m
_mo~mBb H$m Cn`moJ H$aHo$ J«mhH$ nmoQ>©b Ho$ _mÜ`_ go IarX gH$Vo h¡§&
h_Zo 2020-21 _o§ EH$ Q>rnrE à~§YZ Zr{V AnZmB© Am¡a `h à~§YZ Zr{V
18 _mM© 2021 H$mo {ZXoeH$ _§S>b Ûmam AZw_mo{XV H$r J`r &
H§$nZr AnZo H$_©Mm{a`mo§ Am¡a Q>rnrE H$mo CËnmXmo§ Am¡a àpH«$`mAmo§ Ho$ {dH$mg
_o§ h_oem e{_b H$aVr ahr h¡& 2020-21 Ho$ Xm¡amZ, {ZåZ{b{IV
Am°ZbmBZ ~¡R>Ho$§ Am`mo{OV H$r JB©§:
1. g§~§{YV ZE Am¡a g§emo{YV CËnmXmo§ Ho$ bm°ÝM Ho$ gmW-gmW CËnmX
~«r{\\$§J gÌ Am`mo{OV {H$E JE&
2. 18 \\$adar 2021 H$mo joÌr` A§S>aamB©Q>g© H$r ~¡R>H$ hwB© Wr&
(` H$amo‹S>m| ‘|)

{ddaU Mmby df© {nN>bm df©

ewÕ àr{‘¶‘ 0 0
CnJV Xmdm 0.0790 0.2277
à~ÝY 춶 0.2260 0.3312
Aݶ Am¶ Am¡a 춶 0.0000 0.0000
~r‘mboIZ bm^ / hm{Z (0.3050) (0.5589)
{Zdoe Am¶ 0.4453 0.6312

Hw$b bm^ / hm{Z 0.2984 0.0723

31.03.2021 H$mo g‘má hþE df© Ho$ {bE {dXoer ‘wÐm Am¶ Am¡a 춶 H$m {ddaU (` H$amo‹S>m| ‘|)
{dXoer {d{Z‘¶ go Am¶ 174.40

{dXoer {d{Z‘¶ na 춶 275.45

CÚ_ Omo{I_ à~§YZ gXñ`m§o H$r {Oå_Xom{a`m§o H$mo {ZYm{©aV H$aVo hEw gX§^© H$r eV] {bIr h&§¡
{ZXoeH$ ‘§S>b H$m à{VdoXZ

Ÿ H$§nZr H$m _mZZm h¡ {H$ Om{oI_, ì`dgm` H$m EH$ A{^Þ VËd h¡ Ama¡ H$§nZr Ûmam EH$ d{að A{YH$mar H$mo _»w` Om{oI_ A{YH$mar H$o ê$n _§o
H$§nZr H$o CÔío`m§o H$r àmpá H$o {bE à^mdr Om{oI_ à~Y§Z EH$ AmYma h¡ Zm{_V {H$`m J`m h¡ Ama¡ Om{oI_ à~Y§Z nhb na {ZJamZr Ama¡ gbmh XZoo
Ama¡ `h Amdí`H$ ^r h&¡ H$o {bE CÚ_ Om{oI_ à~Y§Z na EH$ à~Y§Z g{_{V H$m JR>Z {H$`m J`m h&¡

Ÿ H$§nZr H$o {ZXe

o H$ _S§>b H$o nmg H$§nZr Ûmam Jh«U {H$E JE g^r Om{oI_m§o Ÿ H$§nZr Ûmam nhMmZo JE à_I
w Om{oI_ Ama¡ Ý`ZyrH$aU H$m gma ZrMo
H$r {ZJamZr h&¡ Om{oI_ à~Y§Z ~mSo>© H$r g{_{V (AmaE_gr) Zo AnZo {X`m J`m h:¡

60
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

The pandemic hit the health portfolio badly and drove
the Incurred Claims Ratio (ICR) upwards and we ended
up with an ICR of 107.65% on gross earned basis. The
ICR on net earned basis increased from 102.36% in
2019-20 to 106.39% in 2020-21.
The Company carried on with the initiative to revamp our
bouquet of health products. This year we launched
three New Products namely Arogya Sanjeevani Policy on
1st April 2020, Corona Kavach Policy on 10th July 2020
and United Shramik Seva Policy on 28th July 2020. Our
flagship product Family Medicare Policy was launched
on 28th September 2020 with improved features. We
also withdrew five obsolete products. All our health
products were made fully IRDAI compliant. Fresh and
comprehensive underwriting guidelines were issued for
the new and revised products.
We resumed online sales of health policies during the
year. Customers can now purchase our retail Health
products through customer portal using PCs / laptops
or mobiles.
We adopted a TPA Management Policy in 2020-21
which was approved by the Board of Directors on 18th
March 2021.
The Company engages its employees and the TPAs
continuously to keep them updated of the
developments in the products and processes. During
2020-21, the following online meets were conducted:
1. Product briefing sessions were conducted
simultaneously with launch of the respective new
and revised products.
2. Regional Underwriters’ Meet on 18th February 2021.

FOREIGN OPERATIONS
Underwriting operations at Hong Kong ceased with effect from 01.04.2002 and New India Assurance Company
Limited, Hong Kong looks after the Run-off portfolio since then. As on 31.03.2021, 3 claims were still outstanding.

Statement of run-off operations in Hong Kong Agency for the year ended 31.03.2021 (` In Crores)

Details Current Year Previous Year

Net Premium 0 0
Incurred Claims 0.0790 0.2277
Expenses of Management 0.2260 0.3312
Other Income & Outgo 0.0000 0.0000
Underwriting Profit/Loss (0.3050) (0.5589)
Investment Income 0.4453 0.6312
Net Profit /Loss 0.2984 0.0723

Details of Foreign Exchange earnings and outgo for the year ended 31.03.2021 (` In Crores) REPORT OF THE BOARD OF DIRECTORS

Foreign Exchange earnings 174.40

Foreign Exchange outgo 275.45

ENTERPRISE RISK MANAGEMENT
The Company recognises that risk is an integral element
of the business and effective risk management is
fundamental and essential to the achievement of the
Company’s objectives.
The Board of Directors of the Company has oversight of
all risks assumed by the Company. Risk Management
Committee (RMC) of the Board has written terms of
reference setting out the responsibilities of its
members. A senior officer has been nominated
by the company as Chief Risk Officer and a
Management Committee on Enterprise Risk
Management has been constituted to monitor and
advise on risk management initiatives.
The major risks identified by the Company and the
mitigations are summarised below :

Harnessing Power to Empower 61

 |
1. ~r_m Omo{I_: Omo{I_mo§ H$m M`Z, _yë` {ZYm©aU, AmapjV Am¡a
CËnmX ZdmMma&
H _ H aZo Ho Cnm`: Omo{I_ A§H$Z (A§S>a amB{Q§>J) Zr{V`m§,
{Xem{ZX}e, Omo{I_ A§H$Z Xe©Z, Xmdm {Z`_mdbr Am¡a Xmdmo§ Am¡a
Xmdm H$r g_rjm
2. ~mOma Omo{I_ : ~mOma H$r ApñWaVm Ho$ H$maU CËnÞ hmoZo dmbr
hm{Z`m±&
H _ H aZo Ho Cnm`: FU Am¡a Bp¹Q>r Ho$ ~rM C{MV Vmb_ob hmoZm &
3. H«$o{S>Q> Omo{I_: `m H$mC§Q>a nm{Q>©`mo§ Ho$ ~H$m`m H$m Omo{I_&
H _ H aZo Ho Cnm` : Ý`yZV_ ñdrH$m`© H«$o{S>Q> ao{Q§>J pá©^y{V`mo§ _o
{Zdoe Am¡a gmI Xa _o§ n{adV©Z H$r g_rjm & H§$nZr Am{W©H$ ê$n go
gwÑ‹T> nwZ~u_mH$Vm©Amo Ho$ gmW ^r g_PmoVm H$aVr h¡ &
4. VabVm Omo{I_:
H _ H aZo Ho Cnm`: `h gw{ZpüV H$aZm {H$ Aënmd{YH$ Xm`{Vd H$mo
~ZmE aIZo Ho$ {bE n`m©á VabVm ZH$Xr àdmh {_bmZ Am¡a Vab
g§npÎm H$m C{MV {_lU ~ZmE aIm . J`m h¡ &
5. n{aMmbZ Omo{I_: An`m©á `m Ag\\$b Am§V{aH$ àpH«$`mE§, ì`pº$
Am¡a ì`dñWm Am{X go CËnÞ hmoZo dmbo hm{Z Omo{I_&
H _ H aZo Ho Cnm`: Am§V{aH$ boIm narjm Am¡a gVH$©Vm V§Ì Ûmam.
6. AmB©Q>r Am¡a gmB~a Omo{I_:
H _ H aZo Ho Cnm`: gyMZm gwajm à~§YZ {gñQ>_ , gmB~a g§H$Q>
à~§YZ `moOZm Am¡a gmB~a gwajm Zr{V, AmB©Q>r ì`mnma {Za§VaVm Ho$
{bE Zr{V _o§ OJh h¡§ VWm à_wI {hVYmaH$mo§ H$m Ü`mZ aIm J`m h¡ &
EH$ d{að A{YH$mar H$mo _w » ` gy M Zm gw a jm A{YH$mar
(grAmB©EgAmo)Ho$ ê$n _o§ Zm{_V {H$`m J`m h¡ & H§$nZr Zo gmB~a
IVamo§ Ho$ H$maU ZwH$gmZ H$mo H$da H$aZo Ho$ {bE gmB~a ~r_m
nm°{bgr H$m ZdrZrH$aU H$a {b`m h¡
H$mo{dS> 19 _hm_mar Ho$ à^md H$mo H$_ H$aZo Ho$ Cnm`
{ZXoeH$ ‘§S>b H$m à{VdoXZ
Ÿ H$mo{dS>-19 _hm_mar Am¡a bm°H$S>mCZ/amoH$Wm_ Cnm`mo§ Ho$ VËH$mb
_ÔoZOa, B©AmaE_ {d^mJ Zo H$_©Mm{a`mo§ H$r gwajm Am¡a ñdmñÏ`
gw{ZpüV H$aZo Ho$ gmW-gmW _hËdnyU© ì`mdgm{`H$ g§MmbZ Am¡a
J«mhH$ godmAmo§ H$mo ~ZmE aIZo Ho$ {bE H$_©Mm{a`mo§ H$mo ì`mnma
{Za§VaVm àmoQ>moH$m°b Am¡a {Xem{ZX}e Omar {H$E&
62
84 ge{º H aU Ho {bE e{º H m XmohZ
Ÿ H$_©Mm{a`mo§ H$mo Ka go H$m_ H$aZo _o§ gj_ ~ZmZo Ho$ {bE b¡nQ>m°n Am¡a
drnrEZ Q>moH$Z àXmZ {H$E JE& H$m`m©b`mo§ H$mo {Z`{_V ê$n go
H$rQ>mUwa{hV H$aZo, h¡§S> g¡{ZQ>mBµOa àXmZ H$aZo, \\$og _mñH$ nhZZo,
amoñQ>a AmYm{aV CnpñW{V, gm_m{OH$ Xyar ~ZmVo hwE H$m`© H$aZo Ho$
_mZX§S> O¡go gwajm Cnm`mo§ H$r gbmh Xr JB© Wr&
Ÿ g^r _hËdnyU© J{V{d{Y`mo§ O¡go nm°{bgr ZdrZrH$aU, Xmdm godmE§,
H¡$ebog Xmdmo§ Ho$ {bE Q>rnrE Ûmam nyd©-àm{YH$aU AZw_moXZ, Xmdm
àg§ñH$aU (XñVmdoOmo§ H$r ñH¡$Z H$r JB© à{V`mo§ Ho$ AmYma na) H$mo
Q>rEQ>r Ho$ nmbZ Ho$ gmW Am°ZbmBZ H$aZo H$r gbmh Xr JB© Wr&
Ÿ _hËdnyU© AmB©Q>r AZwà`moJmo§ H$r CnbãYVm gw{ZpüV H$aZo Ho$ {bE
bm°H$S>mCZ Ad{Y Ho$ Xm¡amZ AmB©Q>r ì`dgm` {Za§VaVm `moOZm bmJy
H$r JB© Wr&
Ÿ H§$nZr H$r g§H$Q> à~§YZ Q>r_, {Og_o§ àYmZ H$m`m©b` Am¡a joÌr`
H$m`m©b`mo§ Ho$ d{að A{YH$mar em{_b Wo, Zo bm°H$S>mCZ Ad{Y Ho$
Xm¡amZ ì`mnma {Za§VaVm Ho$ à`mgmo§ H$r {ZJamZr H$r&r
CÚ_ Omo{I_ à~§YZ {d^mJ H$r J{V{d{Y`m§
{dH${gV Omo{I_ à~§YZ Amdí`H$VmAmo§ H$mo Ü`mZ _o§ aIVo hwE, CÚ_
Omo{I_ à~§YZ {d^mJ Zo {d^mJ H$mo B©AmaE_ J{V{d{Y`mo§ na _mJ©Xe©Z
H$aZo Ho$ {bE AgmBZ_o§Q> Ho$ AmYma na EH$ B©AmaE_ gbmhH$ma {Z`wº$
{H$`m&
Omo{I_ Am¡a Omo{I_ à~§YZ Ho$ ~mao _o§ H$_©Mm{a`mo§ Ho$ ~rM OmJê$H$Vm n¡Xm
H$aZo Ho$ {bE, _o§Q>a Ûmam B©AmaE_ n{aM`mË_H$ gÌ Am`mo{OV {H$E JE
{OÝhmo§Zo H$m°nmo©aoQ> H$m`m©b` {d^mJmo§, joÌr` H$m`m©b`mo§ Am¡a Ebgr~r H$mo
B©AmaE_ H$r AdYmaUm Am¡a Omo{I_ à~§YZ H$r àpH«$`m àñVwV H$r&
_o§Q>a Zo ì`dgm{`H$ Omo{I_ {d^mJ H$mo ghm`Vm àXmZ H$r
Ÿ _m¡OyXm Zr{V`mo§ O¡go CÚ_ Omo{I_ à~§YZ Zr{V Am¡a YmoImY‹S>r
Omo{I_ à~§YZ Zr{V H$r g_rjm H$aZm
Ÿ joÌr` H$m°nmo©aoQ> H$m`m©b` {d^mJmo§ Am¡a Ebgr~rEg Ho$ gmW Omo{I_
Am¡a {Z`§ÌU _yë`m§H$Z H$m`©embmAmo§ H$m Am`moOZ H$aHo$ Omo{I_
a{OñQ>amo§ H$r g_rjm Am¡a AÚVZ H$aZm&
Ÿ Ho$§ÐrH¥$V So>ñH$Q>m°n à~§YZ àUmbr Ho$ _mÜ`_ go, Omo{I_ à~§YZ
{df`mo§ Am¡a CÕaUmo§ dmbo dm°bnona H§$nZr ^a _o§ H$_©Mm{a`mo§ Ho$
So>ñH$Q>m°n _o§ àX{e©V {H$E JE Wo& Am_ OZVm H$mo g_mMma nÌmo§ _o§
MoVmdZr Zmo{Q>g àH$m{eV {H$`m J`m Wm, CÝho§ ZH$br ~r_m
nm°{b{g`mo§ na gVH$© {H$`m J`m Wm Am¡a CÝho§ H§$nZr H$r do~gmBQ> _o§

1. Insurance Risk - Selection of risks, pricing,
reserving and product innovation.
Mitigation : Underwriting policies, guidelines,
Underwriting philosophy, claims manuals and
review of claims and claim reserves
2. Market risk -Losses arising due to market volatility.
Mitigation : Having an appropriate mix between debt
and equity.
3. Credit risk or the risk of default of counter parties.
Mitigation : Investing in securities with minimum
acceptable credit rating and reviewing changes in
credit ratings. The Company also deals with
financially sound reinsurers.
4. Liquidity risk
Mitigation : Ensuring that sufficient liquidity is
maintained to meet short-term obligations through
cash flow matching and by maintaining proper mix
of liquid assets.
5. Operational risk - Risk of losses arising from
inadequate or failed internal processes, people and
systems etc
Mitigation : By Internal Audit and Vigilance
mechanism
6. IT and Cyber risks
Mitigation : Information Security Management
System, Cyber Crisis Management Plan and Cyber
Security Policy, IT Business Continuity Policy are in
place and percolated to key stakeholders. A senior
officer has been nominated as the Chief Information
Security Officer (CISO). The Company has
renewed the Cyber Insurance Policy to cover losses
due to cyber threats.
MITIGATION MEASURES FOR COVID 19 PANDEMIC
Ÿ In the immediate wake of the COVID 19 pandemic
and lockdown/containment measures, ERM
Department issued Business Continuity protocol
and guidelines to employees for ensuring safety and
health of the employees while at the same time
maintaining critical business operations and
customer services.
/
Ÿ Laptops and VPN tokens were provided to enable
employees to work from home. Disinfecting offices
regularly, providing hand sanitisers, wearing face
masks, roster based attendance, social distancing
norms were amongst the safety measures that were
advised.
Ÿ All critical activities such as Policy renewals, Claims
services, pre-authorisation approvals by TPAs for
cashless claims, Claims processing (based on
scanned copies of documents) were advised to be
carried out online with adherence to TAT.
Ÿ IT Business Continuity Plan was invoked during the
lockdown period to ensure availability of critical IT
applications.
Ÿ Crisis Management Team of the Company
consisting of senior officials at Head Office and
Regional Offices, monitored the Business
Continuity efforts during the lockdown period.
ERM DEPARTMENT’S ACTIVITIES
In view of the evolving Risk Management requirements,
Enterprise Risk Management Department appointed an
ERM Mentor on assignment basis to guide the
department on ERM activities.
To create awareness amongst employees about risks
and risk management, ERM Introductory sessions
were conducted by the Mentor who presented concepts
of ERM and the process of Risk Management to
Corporate Office Departments, Regional Offices and
LCBs.
The Mentor assisted ERM Department in
Ÿ reviewing existing policies such as Enterprise Risk
Management Policy and Fraud Risk Management
REPORT OF THE BOARD OF DIRECTORS
Policy
Ÿ reviewing and updating risk registers by conducting
Risk and Control Assessment workshops
with Corporate Office departments, Regions and
LCBs.
Wallpapers with Risk Management themes and
quotes were displayed in employees’ desktops
across the Company, by way of the centralised
desktop management system. Caution notice to
General Public was published in newspapers,
Harnessing Power to Empower 63
 |
EH$ {b§H$ Ho$ _mÜ`_ go `m nm°{bgr XñVmdoµO _o§ Š`yAma H$moS> ñH¡$Z
H$aHo$ AnZr nm°{bgr H$r dmñV{dH$Vm H$mo gË`m{nV H$aZo H$r gbmh
Xr JB© Wr& n{aMmbZ H$m`m©b`mo§ _o§ B©AmaE_ `moOZm H$mo bmJy H$aZo Ho$
{bE joÌr` H$m`m©b`mo§ Am¡a Ebgr~r Ho$ {bE B©AmaE_ ZmoS>b
A{YH$m{a`mo§ H$mo Zm{_V {H$`m J`m Wm&
{dÎm df© 2021-22 _o§, AJbo MaU H$r J{V{d{Y`mo§ H$mo A§Om_ XoZo H$m
àñVmd h¡ {Og_o§ Omo{I_ CR>mZo H$r j_Vm H$m {ddaU ~ZmZm, Omo{I_
ghZerbVm H$r gr_m H$mo n{a^m{fV H$aZm, e_Z `moOZm {dH${gV
H$aZm, Omo{I_ à~§YZ `moOZm H$mo bmJy H$aZm Am¡a ì`mnma {Za§VaVm
Zr{V Am¡a AmnXm à~§YZ `moOZm H$mo Am¡nMm{aH$ ~ZmZm em{_b h¡&
AmCQ>gmo{gªJ {d^mJ
Ÿ AmB©AmaS>rEAmB© Zo A{YgyMZm {XZm§H$ 20.04.2017 Ho$ _mÜ`_ go
^maVr` ~r_m H§$n{Z`mo§ Ûmam J{V{d{Y`mo§ H$r AmCQ>gmo{gªJ na
{d{Z`_Z Omar {H$`m h¡&
VXZwgma h_mar H§$nZr Zo EH$ ZB© ~moS>© AZw_mo{XV AmCQ>gmo{gªJ Zr{V V¡`ma
H$r Wr Omo AmB©AmaS>rEAmB© {d{Z`_mo§ Ho$ AZwgma 01.12.2017 go à^mdr
hwB©&
`h Zr{V H§$nZr Ûmam ^maV _o§ `m ^maV Ho$ ~mha pñWV AmCQ>gmo{gªJ godm
àXmVm Ho$ gmW H$r JB© g^r AmCQ>gmo{gªJ ì`dñWmAmo§ na bmJy hmoVr h¡&
~moS>© Zo {d{Z`_Z Ho$ AZwgma Ho$E_nr g{_{V H$m JR>Z {H$`m h¡, {Og_o§
_w»` Omo{I_ A{YH$mar, _w»` {dÎmr` A{YH$mar, _hmà~§YH$-Ap¾
VH$ZrH$r Am¡a _hmà~§YH$-AmCQ>gmo{gªJ J{V{d{Y`m§/{d^mJ em{_b h¡§&
àYmZ H$m`m©b` _o§ AmCQ>gmo{gªJ J{V{d{Y`mo§ Ho$ à^mar _w»` à~§YH$
2. à~§YZ MMm© Am¡a {díbofU
Am{W©H$ pñW{V`m§, ~r_m ~mOma H$r VwbZm _o§ H§$nZr H$m àXe©Z
{ZXoeH$ ‘§S>b H$m à{VdoXZ
AW©ì`dñWm H$r pñW{V
^maV Ho$ gH$b Kaoby CËnmX _o§ {dÎm df© 21 _o§ 7.3 à{VeV H$m g§Hw$MZ
hwAm& H$mo{dS> 19 _hm_mar Ho$ ~mX b§~o g_` VH$ bm°H$S>mCZ Ho$ H$maU _w»`
ê$n go OrS>rnr g§Hw$MZ hwAm, {OgZo InV H$mo H$_ {H$`m Am¡a Am{W©H$
64
84 ge{º H aU Ho {bE e{º H m XmohZ
g§`moOH$ hmo§Jo& Ho$E_nr g{_{V H$r {Oå_oXmar hmoJr, H$) h_mar H§$nZr Ûmam
H$r JB© {d{eï J{V{d{Y`mo§ go g§~§{YV g^r AmCQ>gmo{gªJ ì`dñWmAmo§ H$mo
_§Oyar XoZo Ho$ {bE, I) `h gw{ZpüV H$aZo Ho$ {bE {H$ g^r AmCQ>gmo{gªJ
ì`dñWmE§ ~moS>© Ûmam AZw_mo{XV AmCQ>gmo{gªJ Zr{V H$r eVmoª H$mo nyam H$aVr
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alerting them on Fake Insurance policies and advising
them to verify the genuineness of their policy through
a link in the Company website or by scanning the QR
code in the policy document. ERM Nodal officers were
nominated for Regional offices and LCBs for
implementing ERM plan in operating offices.
In FY 2021-22, it is proposed to carry out the next
phase of activities encompassing creating Risk
Appetite Statements, defining risk tolerance limits,
developing mitigation plans, implementing the
Risk Management Plan and formalising Business
Continuity Policy and Disaster Management Plan.
OUTSOURCING DEPARTMENT
IRDAI has issued Regulation on Outsourcing of
Activities by Indian Insurers vide notification dated
20.04.2017.
Accordingly our Company had formulated a new Board
approved Outsourcing Policy which came into effect
from 01.12.2017 in accordance with the IRDAI
Regulations.
This policy is applicable to all outsourcing
arrangements entered into by the Company with an
outsourcing service provider located in India or
outside India.
Board has constituted the KMP Committee in
accordance with the Regulation, comprising of Chief
Risk Officer, Chief Financial Officer, General Manager
– Fire Technical and General Manager – Outsourcing
Activities/ Department. Chief Manager in-charge of
2. MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC CONDITIONS, INSURANCE MARKET VIS-A-VIS
COMPANY’S PERFORMANCE
STATE OF THE ECONOMY
India’s Gross Domestic Product contracted 7.3 percent in
FY 21. The GDP contraction mainly due to protracted
/
Outsourcing Activities at Head Office shall be the
Convener. The responsibility of KMP Committee
shall be a) to approve all outsourcing arrangements
relating to specific activities entered into by our
c o m p a n y b ) t o e n s u r e t h a t a l l o u t s o u rc i n g
arrangements meet the terms of the Board approved
Outsourcing Policy c) to review on an annual basis
the performance of agencies/providers to whom
activities have been outsourced annually and report
findings to the Risk Management Committee and
Board and d) to review the risks in respect of Material
Contracts.
The Key Management Persons Committee have
identified 15 types of activities, which come under the
ambit of Outsourcing. In consultation with HO CFAC
Department, GL Codes were allotted to each of the
outsourcing activities. This was a major step towards
reconciliation of Outsourcing Expenses and facilitating
Departments/Regions for submitting Periodical
Returns.
In-principle approval has been given to the HO
Departments/ROs/LCBs/LC to go ahead with the
identified outsourcing activities following the
guidelines/procedures issued by the Department as per
the financial limits applicable.
The policy for outsourcing was first framed in 2017. As
advised by the Regulator, the Outsourcing policy was
reviewed and changes made to comply with the
regulatory requirements. The reviewed and amended
Outsourcing Policy was approved by the Board in
March 2021.
REPORT OF THE BOARD OF DIRECTORS
lockdowns post the Covid 19 pandemic that drove down
consumption and disrupted economic activities, was
however less than initial estimates.
The silver lining was that the economy grew by 1.6% in
the fourth quarter of 2020-21 indicating a good recovery.
Other markers which showed an uptick in the fourth
Harnessing Power to Empower 65
 |
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66
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quarter were private consumption, which accounts for
more than half of the GDP and private investments which is
the second highest contributor to the GDP.
While public expenditure by the Government rose 2.91
percent in FY 21, it was much lower than the 7.88 percent
increase in FY 20. On the supply side, barring agriculture,
electricity and utility services, all other sectors witnessed a
decline in FY 21. The services sector was severely hit,
contracting 18.2 percent followed by construction and
mining at 8.6 percent and 8.5 percent respectively.
Fiscal deficit for financial year 2020-21 settled at 9.2
percent of gross domestic product, marginally better than
the revised target of 9.5 percent.
Going ahead, the aftershocks of the second Covid wave
which peaked in April-May this year and fears of a third
wave may keep the growth trajectory shaky. The Economic
Survey 2020-21 projects a GDP growth of 11 percent in FY
22, although several global organisations including the
International Monetary Fund reduced their India growth
forecasts due to the second wave of the pandemic and a
tardy vaccination programme.
NON LIFE INSURANCE INDUSTRY
The Indian General Insurance Industry including
Standalone Health Insurance Companies and Specialised
Insurance Companies, grew by 5 per cent in FY 2020-21
and the total gross direct premium of the industry crossed
` 1.98 lakh crore as against ` 1.89 lakh crore in the last
year. The impact of pandemic in 2020-21 slowed down the
economy and the industry could not surpass the targeted
Gross Direct Premium figure of ` 2 lakh crore. Fire &
Engineering, Health and Personal Accident were the
primary growth drivers of the industry. Liability, Motor &
Marine Segments posted a negative growth due to
economic recession, lockdown restrictions, liquidity
crunch, decline in premium paying capacity.
Our Company posted a premium of ` 16,705 crores at
negative growth rate of 4.62 per cent. The key growth
drivers for our Company were Health, Liability and Fire lines
of business.
Motor Portfolio which was earlier a key growth driver,
registered a negative growth rate of 11.27 per cent.
Automobile sector registered negative growth in sales
in all vehicle categories during 2020-21 : 2.24 per cent
decline in sale of passenger vehicles, 13.19 per cent fall in
/
sale of two-wheelers, 20.77 per cent fall in sale of
commercial vehicles, and 66.06 per cent fall in sale of
three-wheelers.
Health Insurance portfolio on the other hand showed a
vibrant growth due to increased awareness and demand
for Health Insurance post the COVID 19 pandemic.
Health Insurance is consistently growing at over 13
per cent and contributes 29 per cent of Industry premium.
Our Company’s Health portfolio grew at 16% in
2020-21. We have initiated several measures to
maintain our position in the forefront by innovating
new products and add ons, review of existing products
and repricing.
There is a rising demand for Cyber Insurance covers and
for Liability Insurance and these constitute good
opportunities for Non Life Insurers. Covers for MSME
units are another good opportunity. The Central
Government has made a provision of ` 15,700 crores for
MSME sector in 2021-22. With over 70 million units,
India has one of the largest MSME sectors in the world.
We had launched a health insurance cover for workers in
MSME units in 2020-21 and we plan to upscale our efforts
to market this product as well as introduce more covers
for MSME sector in the coming year.
While growth in financial year 2021-22 remains a
challenge in the wake of the pandemic, the insurance
penetration in the country continues to be low. The Non
Life Insurance industry is expected to perform well in the
medium term.
DIGITAL MARKETING
The Company has tied up with various Web Aggregators
and Brokers for online sale of policies. The premium
contributed by the 12 active web aggregators and brokers
through online sale of policies is ` 132 crores with growth
@40% and total number of policies sold online is 8.31
REPORT OF THE BOARD OF DIRECTORS
Lakhs with growth @66%.
During 2020-21, new web aggregator tie up is entered into
with Paytm and Insurance Dekho.
We are in the process of integrating with another 3 web
aggregators which will ensure substantial premium
through digital platform.
During 2020-21, the Customer Portal showed premium
of ` 106 crores with a growth @86%. The total number of
policies sold online is 1.54 lacs.
Harnessing Power to Empower 67
 |

àMmbZ {ZînmXZ
loUrdma {ZînmXZ (é. H$amoS>m| ‘|)
dJ©dma {ZînmXZ gmam§e

df© A{¾ g‘wÐr {d{dY Hw$b

^maV ‘| gH$b à˶j àr{‘¶‘ ^maV ‘| 2020-21 1778.28 340.70 14585.71 16704.69

d¥{Õ à{VeV 13.31% -3.92% -6.45% -4.63%

2019-20 1569.33 354.60 15591.16 17515.09

33.80% 9.27% 4.48% 6.67%

^maV Ho$ ~mha 2020-21 0.00 0.00 0.00 0.00

0.00% 0.00% 0.00% 0.00%

2019-20 0.00 0.00 0.00 0.00

0.00% 0.00% 0.00% 0.00%

Hw$b 2020-21 1778.28 340.70 14585.71 16704.69

13.31% -3.92% -6.45% -4.63%

2019-20 1569.33 354.60 15591.16 17515.09

33.80% 9.27% 4.48% 6.67%

ñdrH¥$V nwZ©~r‘m àr{‘¶‘ ^maV ‘| 2020-21 81.65 11.60 42.35 135.60

2019-20 147.26 16.12 57.97 221.35

^maV Ho$ ~mha 2020-21 6.41 0.00 15.46 21.87

2019-20 13.98 0.21 16.11 30.30

Hw$b 2020-21 88.06 11.60 57.81 157.47

2019-20 161.24 16.33 74.08 251.65

gm¢nm J¶m nwZ©~r‘m àr{‘¶‘ ^maV ‘| 2020-21 592.23 31.73 1219.80 1843.76

2019-20 485.35 14.52 1964.64 2464.51

{ZXoeH$ ‘§S>b H$m à{VdoXZ

^maV Ho$ ~mha 2020-21 390.69 129.49 417.57 937.75

2019-20 361.17 143.91 1057.12 1562.20

Hw$b 2020-21 982.92 161.22 1637.37 2781.51

2019-20 846.52 158.43 3021.76 4026.71

68
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

OPERATING PERFORMANCE
Segmental Performance (` in crores)
CLASS-WISE PERFORMANCE SUMMARY

Year Fire Marine Misc. Total

Gross Direct Premium in India In India 2020-21 1778.28 340.70 14585.71 16704.69

Percentage Growth 13.31% -3.92% -6.45% -4.63%

2019-20 1569.33 354.60 15591.16 17515.09

33.80% 9.27% 4.48% 6.67%

Outside India 2020-21 0.00 0.00 0.00 0.00

0.00% 0.00% 0.00% 0.00%

2019-20 0.00 0.00 0.00 0.00

0.00% 0.00% 0.00% 0.00%

Total 2020-21 1778.28 340.70 14585.71 16704.69

13.31% -3.92% -6.45% -4.63%

2019-20 1569.33 354.60 15591.16 17515.09

33.80% 9.27% 4.48% 6.67%

Reinsurance Premium Accepted In India 2020-21 81.65 11.60 42.35 135.60

2019-20 147.26 16.12 57.97 221.35

Outside India 2020-21 6.41 0.00 15.46 21.87

2019-20 13.98 0.21 16.11 30.30

Total 2020-21 88.06 11.60 57.81 157.47 REPORT OF THE BOARD OF DIRECTORS

2019-20 161.24 16.33 74.08 251.65

Reinsurance Premium Ceded In India 2020-21 592.23 31.73 1219.80 1843.76

2019-20 485.35 14.52 1964.64 2464.51

Outside India 2020-21 390.69 129.49 417.57 937.75

2019-20 361.17 143.91 1057.12 1562.20

Total 2020-21 982.92 161.22 1637.37 2781.51

2019-20 846.52 158.43 3021.76 4026.71

Harnessing Power to Empower 69

 |

(é. H$amoS>m| ‘|)

Year Fire Marine Misc. Total

ewÕ àr{‘¶‘ ^maV ‘| 2020-21 1267.70 320.57 13408.26 14996.53

JV df© H$s VwbZm ‘| d¥{Õ à{VeV 2.96% -10.00% -2.02% -1.80%

gH$b àr{‘¶‘ H$m à{VeV 71.29% 94.09% 91.93% 89.77%

ewÕ àr{‘¶‘ 2019-20 1231.24 356.20 13684.49 15271.93

JV df© H$s VwbZm ‘| àr{‘¶‘ d¥{Õ 35.36% 5.78% 2.96% 5.05%

gH$b àr{‘¶‘ H$m à{VeV 78.46% 100.45% 87.77% 87.19%

ewÕ àr{‘¶‘ ^maV Ho$ ~mha 2020-21 -384.28 -129.49 -402.11 -915.88

JV df© H$s VwbZm ‘| àr{‘¶‘ d¥{Õ 10.68% -9.89% -61.37% -40.21%

gH$b àr{‘¶‘ H$m à{VeV 0.00% 0.00% 0.00% 0.00%

ewÕ àr{‘¶‘ 2019-20 -347.19 -143.70 -1041.01 -1531.90

JV df© H$s VwbZm ‘| àr{‘¶‘ d¥{Õ 84.04% 9.16% 145.08% 105.61%

gH$b àr{‘¶‘ H$m à{VeV 0.00% 0.00% 0.00% 0.00%

ewÕ àr{‘¶‘ Hw$b 2020-21 883.42 191.08 13006.15 14080.65

JV df© H$s VwbZm ‘| àr{‘¶‘ d¥{Õ -0.07% -10.08% 2.87% 2.48%

JV df© H$s VwbZm ‘| àr{‘¶‘ d¥{Õ 49.68% 56.08% 89.17% 84.29%

ewÕ àr{‘¶‘ 2019-20 884.05 212.50 12643.48 13740.03

JV df© H$s VwbZm ‘| àr{‘¶‘ d¥{Õ 22.62% 3.61% -1.73% -0.38%

gH$b àr{‘¶‘ H$m à{VeV 56.33% 59.93% 81.09% 78.45%

Ag‘má OmopI‘ AmajU ‘| d¥{Õ 2020-21 -2.04 -5.32 180.08 172.72

ewÕ àr{‘¶‘ H$m à{VeV -0.23% -2.78% 1.38% 1.23%

2019-20 86.34 15.87 -106.72 -4.51

9.77% 7.47% -0.84% -0.03%

ewÕ A{O©V àr{‘¶‘ 2020-21 885.46 196.40 12826.07 13907.93

2019-20 797.71 196.63 12750.20 13744.54

{ZXoeH$ ‘§S>b H$m à{VdoXZ

ewÕ CnJV Xmdo 2020-21 517.13 98.07 11686.91 12302.11

ewÕ àr{‘¶‘ H$m à{VeV 58.54% 51.32% 89.86% 87.37%

2019-20 1037.75 134.28 12773.28 13945.31

117.39% 63.19% 101.03% 101.49%

70
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 /

(` in crores)

Year Fire Marine Misc. Total

Net Premium In India 2020-21 1267.70 320.57 13408.26 14996.53

Percentage Increase over previous year 2.96% -10.00% -2.02% -1.80%

Percentage to Gross Premium 71.29% 94.09% 91.93% 89.77%

Net Premium 2019-20 1231.24 356.20 13684.49 15271.93

Percentage increase over previous year 35.36% 5.78% 2.96% 5.05%

Percentage to Gross Premium 78.46% 100.45% 87.77% 87.19%

Net Premium Outside India 2020-21 -384.28 -129.49 -402.11 -915.88

Percentage Increase over previous year 10.68% -9.89% -61.37% -40.21%

Percentage to Gross Premium 0.00% 0.00% 0.00% 0.00%

Net Premium 2019-20 -347.19 -143.70 -1041.01 -1531.90

Percentage Increase over previous year 84.04% 9.16% 145.08% 105.61%

Percentage to Gross Premium 0.00% 0.00% 0.00% 0.00%

Net Premium Total 2020-21 883.42 191.08 13006.15 14080.65

Percentage Increase over previous year -0.07% -10.08% 2.87% 2.48%

Percentage to Gross Premium 49.68% 56.08% 89.17% 84.29%

Net Premium 2019-20 884.05 212.50 12643.48 13740.03

Percentage Increase over previous year 22.62% 3.61% -1.73% -0.38%

Percentage to Gross Premium 56.33% 59.93% 81.09% 78.45%

Increase in Unexpired Risk Reserves 2020-21 -2.04 -5.32 180.08 172.72

Percentage to Net Premium -0.23% -2.78% 1.38% 1.23%

2019-20 86.34 15.87 -106.72 -4.51 REPORT OF THE BOARD OF DIRECTORS

9.77% 7.47% -0.84% -0.03%

Net Premium Earned 2020-21 885.46 196.40 12826.07 13907.93

2019-20 797.71 196.63 12750.20 13744.54

Net Incurred Claims 2020-21 517.13 98.07 11686.91 12302.11

Percentage to Net Premium 58.54% 51.32% 89.86% 87.37%

2019-20 1037.75 134.28 12773.28 13945.31

117.39% 63.19% 101.03% 101.49%

Harnessing Power to Empower 71

 |

(é. H$amoS>m| ‘|)

Year Fire Marine Misc. Total

ewÕ H$‘reZ 2020-21 116.75 20.30 781.28 918.33

ewÕ àr{‘¶‘ H$m à{VeV 13.22% 10.62% 6.01% 6.52%

2019-20 104.96 22.09 637.66 764.71

11.87% 10.40% 5.04% 5.57%

{dXoer H$a VWm {d{Z‘¶ bm^ / hm{Z g{hV ~r‘m

ì¶dgm¶ go g§~§{YV n[aMmbZ 춶 2020-21 437.21 63.28 3404.53 3905.02

ewÕ àr{‘¶‘ H$m à{VeV 49.49% 33.12% 26.18% 27.73%

2019-20 335.21 58.93 3038.83 3432.97

37.92% 27.74% 24.03% 24.99%

~r‘m boIZ Ho$ ZVrOo 2020-21 -185.63 14.75 -3046.65 -3217.53

ewÕ àr{‘¶‘ H$m à{VeV -21.01% 7.72% -23.42% -22.85%

2019-20 -680.21 -18.67 -3699.57 -4398.45

-76.94% -8.79% -29.26% -32.01%

{Zdoe H$s {~H«$s go bm^ g{hV {Zdoe

Am¶ H$m {d{Z¶‘Z (J¡a {ZînmXZ n[agån{Îm¶m|
Ho$ {bE ewÕ àmdYmZ) 2020-21 221.41 31.90 2137.47 2390.78

ewÕ àr{‘¶‘ H$m à{VeV 25.06% 16.69% 16.43% 16.98%

2019-20 297.68 57.32 2529.40 2884.40

33.67% 26.97% 20.01% 20.99%
Aݶ Am¶ / 춶 2020-21 44.20 0.85 -271.59 -226.54

ewÕ àr{‘¶‘ H$m à{VeV 5.00% 0.44% -2.09% -1.61%

2019-20 -8.20 -1.28 -79.42 -88.90

-0.93% -0.60% -0.63% -0.65%
nm°{bgr YmaH$m| Ho$ ImVo ‘|
{ZXoeH$ ‘§S>b H$m à{VdoXZ

n[aMmbZ Ho$ ZVrOo 2020-21 79.98 47.50 -1180.77 -1053.29

ewÕ àr{‘¶‘ H$m à{VeV 9.05% 24.86% -9.08% -7.48%

2019-20 -390.74 37.36 -1249.59 -1602.97

-44.20% 17.58% -9.88% -11.67%

72
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 /

(` in crores)

Year Fire Marine Misc. Total

Net Commission 2020-21 116.75 20.30 781.28 918.33

Percentage to Net Premium 13.22% 10.62% 6.01% 6.52%

2019-20 104.96 22.09 637.66 764.71

11.87% 10.40% 5.04% 5.57%

Operating Expenses Related to

Insurance business including Foreign
Taxes & Exchange Gain / Loss 2020-21 437.21 63.28 3404.53 3905.02

Percentage to Net Premium 49.49% 33.12% 26.18% 27.73%

2019-20 335.21 58.93 3038.83 3432.97

37.92% 27.74% 24.03% 24.99%

Underwriting Results 2020-21 -185.63 14.75 -3046.65 -3217.53

Percentage to Net Premium -21.01% 7.72% -23.42% -22.85%

2019-20 -680.21 -18.67 -3699.57 -4398.45

-76.94% -8.79% -29.26% -32.01%

Investment Income Apportioned,

including Profit on realisation of
Investments (Net of Provision for Non
Performing Assets) 2020-21 221.41 31.90 2137.47 2390.78

Percentage to Net Premium 25.06% 16.69% 16.43% 16.98%

2019-20 297.68 57.32 2529.40 2884.40

33.67% 26.97% 20.01% 20.99%
Other Income / Outgo 2020-21 44.20 0.85 -271.59 -226.54 REPORT OF THE BOARD OF DIRECTORS

Percentage to Net Premium 5.00% 0.44% -2.09% -1.61%

2019-20 -8.20 -1.28 -79.42 -88.90
-0.93% -0.60% -0.63% -0.65%
Operating Results in
Policy Holders' Account 2020-21 79.98 47.50 -1180.77 -1053.29
Percentage to Net Premium 9.05% 24.86% -9.08% -7.48%
2019-20 -390.74 37.36 -1249.59 -1602.97
-44.20% 17.58% -9.88% -11.67%

Harnessing Power to Empower 73

 |

àr[_`_ {díbofU - (d¡{ídH) A H$amo‹S>m| _|

^maV _| gH$b àË`j àr{_`_ - A H$amo‹S>m| _|
17430 17515
16420 16705
15793 15591
16063 14081
13792 13740 14300 14923 14586
13346
12390

1778
1569
1365 1279 1173
398 358 324 355 341

2016-17 2017-18 2018-19 2019-20 2020-21

2016-17 2017-18 2018-19 2019-20 2020-21
Ap½Z g_xX«r [d[dY
ewÕ gH$b

gmam§e ( é. H$amoS> ‘|)

{ddaU 2020-21 2019-20
nm°{bgr YmaH$m| Ho$ ImVo ‘| n[aMmbZ Ho$ ZVrOo -1053.29 -1602.97
{Zdoe H$s {~H«$s go bm^ g{hV {Zdoe Am¶ H$m {d{Z¶‘Z (J¡a {Zînm{XV n[ag§n{Îm¶m| Ho$ {bE ewÕ àmdYmZ) 279.99 191.10

Aݶ Am¶ VWm 춶 -211.38 -73.85

H$a Ho$ nyd© bm^ -984.68 -1485.72
H$a Ho$ {bE àmdYmZ 0.00 0.00
OmoS|>: H$a g‘m¶moOZ 0.00 0.13
H$a Ho$ nümV ewÕ bm^ -984.68 -1485.85
KQ>m¶|: F$UnÌ à{VXmZ AmajU H$mo ñWmZ§V[aV am{e 22.50 22.50
KQ>m¶|: AmH$pñ‘H$Vm AmajU H$mo ñWmZm§V[aV am{e 0.00 0.00
KQ>m¶|: gm‘mݶ AmajU H$mo / go ñWmZm§V[aV am{e -1007.18 -1508.35
bm^m§e hoVw àñVm{dV eof 0.00 0.00
{ZJ‘r¶ bm^m§e H$a 0.00 0.00

ny±Or Ed§ {Z{Y¶m± ( é. H$amoS> ‘|)

{ddaU 31.03.2021 31.03.2020
Ho$ Azwgma Ho$ AZwgma
MwH$Vm ny±Or 3805.00 200.00
Ama{jV ny±Or 1.36 1.36
gm‘mݶ Ama{jV 215.70 1222.89
{ZXoeH$ ‘§S>b H$m à{VdoXZ

AmH$pñ‘H$Vm Ama{jV 0.00 0.00

{Zdoe Ama{jV 0.86 0.86
{dXoer ‘wÐm g§àofU Ama{jV 17.07 17.90
F$UnÌ à{VXmZ Ama{jV 90.00 67.50
Hw$b 4129.99 1510.51

74
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 /

Premium Analysis (Global) - ` in crores

Gross Direct Premium in India - ` in crores
17430 17515
16420 16705
15793 15591
16063 14081
13792 13740 14300 14923 14586
13346
12390

1778
1569
1365 1279 1173
398 358 324 355 341

2016-17 2017-18 2018-19 2019-20 2020-21

2016-17 2017-18 2018-19 2019-20 2020-21
FIRE MARINE MISC
NET GROSS

Summary (` in crores)

Details 2020-21 2019-20

Operating Results in Policy Holders’ Account -1053.29 -1602.97
Investment Income Apportioned, including Profit on realisation of Investments (Net of
Provision for Non-Performing Assets) – Shareholders’ Account 279.99 191.10
Other Income & Outgo -211.38 -73.85
Profit Before Tax -984.68 -1485.72
Provision for Tax 0.00 0.00
Add: Tax Adjustments 0.00 0.13
Net Profit after Tax -984.68 -1485.85
Less: Amount Transferred to Debenture Redemption Reserve 22.50 22.50
Less: Amount Transferred to Contingency Reserve 0.00 0.00
Less: Amount transferred to/from General Reserve -1007.18 -1508.35
Balance proposed for Dividend 0.00 0.00
Corporate Dividend Tax 0.00 0.00

Capital & Funds (` in crores)

Details As on As on
REPORT OF THE BOARD OF DIRECTORS

31-03-2021 31-03-2020
Paid-up Capital 3805.00 200.00
Capital Reserve 1.36 1.36
General Reserve 215.70 1222.89
Contingency Reserve 0.00 0.00
Investment Reserve 0.86 0.86
Foreign Currency Translation Reserve 17.07 17.90
Debenture Redemption Reserve 90.00 67.50
Total 4129.99 1510.51

Harnessing Power to Empower 75

 |

ã`mO, bm^m§e Am¡a {H$am`m - ` H$amo‹S>m| _|

2111
1966
1794 1897
1609

2016-17 2017-18 2018-19 2019-20 2020-21

ny±Or d {Z{Y VWm Hw$b n[ag§npËV`m± - ` H$amo‹S>m| _|

37705 43864
36180 36003
33818

3817 4820 4130

2944 1510
2016-17 2017-18 2018-19 2019-20 2020-21
n±yOr d {Z{Y n[ag§npËV`m±

bm^ {díbofU - ` H$amo‹S>m| _|

1228
1003

2016-17 2018-19 2019-20 2020-21

2017-18
-985 -985
{ZXoeH$ ‘§S>b H$m à{VdoXZ

-1486 -1486
-1878 -1878
-1913 -1913

H$a Ho$ nyd© bm^ H$a Ho$ níMmV bm^

76
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 /

Interest, Dividend and Rent - ` in crores

2111
1966
1794 1897
1609

2016-17 2017-18 2018-19 2019-20 2020-21

Capital & Funds and Total Assets - ` in crores

37705 43864
36180 36003
33818

3817 4820 4130

2944 1510
2016-17 2017-18 2018-19 2019-20 2020-21
Capital & Funds Assets

Profit Analysis - ` in crores

1228
REPORT OF THE BOARD OF DIRECTORS
1003

2016-17 2018-19 2019-20 2020-21

2017-18
-985 -985
-1486 -1486
-1878 -1878
-1913 -1913

Profit Before Tax Profit After Tax

Harnessing Power to Empower 77

 |

{ZînmXZ g‘rjm : ( é. H$amoS> ‘|)

2020-21 2019-20
à˶j gH$b àr{‘¶‘ 16704.69 17515.09
JV df© H$s VwbZm ‘| n[adV©Z H$m à{VeV -4.63% 6.67%
ewÕ àr{‘¶‘ 14080.65 13740.03
JV df© H$s VwbZm ‘| n[adV©Z H$m à{VeV 2.48% -0.38%
à{VYmVU AZwnmV 83.50% 77.34%
Ag‘má OmopI‘ AmajU ‘| n[adV©Z 172.72 -4.51
ewÕ àr{‘¶‘ H$m à{VeV 1.23% -0.03%
ewÕ CnJV Xmdo 12302.11 13945.31
ewÕ àr{‘¶‘ H$m à{VeV 87.37% 101.49%
H$‘reZ (ewÕ) 918.33 764.71
ewÕ àr{‘¶‘ H$m à{VeV 6.52% 5.57%
~r‘m ì¶dgm¶ go g§~§{YV n[aMmbZ 춶 ( {d{Z¶‘ bm^/ hmZr g{hV) 3905.02 3432.97
ewÕ àr{‘¶‘ H$m à{VeV 27.73% 24.99%
{Zdoe go Am¶ ( ewÕ àmdYmZ ) 2723.62 3081.82
Aݶ Am¶ -490.77 -169.08
Hw$b Am¶ 2232.85 2912.74
nm°{bgr YmaH$m| H$mo A§V[aV 2164.24 2795.48
A§eYmaH$m| H$mo A§V[aV 68.61 117.26

4 ewÕ AmYma na {Zdoe go Am`, df© 2019-20 Ho$ é.207.91 H$amo‹S> H$r VwbZm _o§ df© 2020-21 _o§ é.400.63 H$amo‹S> KQ>r& {d{Zdoe Am¡gV àmpá
(AÝ` Am` d bm^ H$r {~H«$r Ho$ gmW) df©2019-20 Ho$ 10.55% H$r VwbZm _o§ Bg df© 8.46 % h¡ & H§$nZr Ho$ FUmo§ Am¡a FUnÌmo§ Ho$ dJuH$aU Am¡a J¡a
{Zînm{XVn{ag§npÎm`mo§ Ho$ {bE AmB©.Ama.S>r.E.AmB©. Ûmam Omar _mZH$mo§ H$m AZwnmbZ {H$`m& 31.03.2021 Ho$ AZwgma Hw$b {Zdoe na ewÕ EZ.nr.E.
0.62% ahm O~{H$ 31.03.2020 H$mo `h 1.31% ahm&

4 {d{Zdoe H$m Hw$b EH$rH¥$V ~hr _yë`, JV df© é. 29779.48 H$amo‹S> H$r VwbZm _o§ {XZm§H$ 31 _mM© 2021 H$mo `h am{e é.34489.04 ahr VWm df© Ho$
Xm¡amZ ewÕ A{^d¥pÕ df© 2019-20 _o§ é.429.62 H$amo‹S> Ho$ _wH$m~bo é. 4709.56 H$amo‹S> hwB©&
(én¶o H$amoS>m| ‘|)
2020 – 21 2019 –20

Hw$b gån{Îm¶m± 43864.19 36002.79

{d{Zdof g§n{Îm¶m± ( ~hr ‘yë¶ na) 34489.04 29779.48

{ZXoeH$ ‘§S>b H$m à{VdoXZ

~hr _yë` 6656.73 H$amo‹S> Ho$ _wH$m~bo 31.03.2021 Ho$ AZwgma h_mam Bp¹{Q> nmoQ>©\\$mo{b`mo H$m ~mOma _ybr 9284.90 H$amo‹S> énE h¡ {dJV df© _o§
`h am{e H«$_e… 6230.01 VWm 6939.44 H$amo‹S> énE Wr

^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ {d{Z`_mo§ H$m AZwnmbZ
31 _mM© 2021 Ho$ AZwgma H§$nZr Zo ~w{Z`mXr ga§MZm g{hV ^maVr` ~r_m {d{Z`m_H$Am¡a {dH$mg àm{YH$aU Ho$ {Z`m_H$mo§ H$m AZwnmbZ gw{ZpüV {H$`m:

78
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Performance Review (` in crores)

2020-21 2019-20
Gross Direct Premium 16704.69 17515.09
Percentage change over previous year -4.63% 6.67%
Net premium 14080.65 13740.03
Percentage change over previous year 2.48% -0.38%
Retention ratio 83.50% 77.34%
Change in Unexpired Risk Reserve 172.72 -4.51
Percentage to Net premium 1.23% -0.03%
Incurred claims Net 12302.11 13945.31
Percentage to Net premium 87.37% 101.49%
Commission (Net) 918.33 764.71
Percentage to Net premium 6.52% 5.57%
Operating Expenses relating to Insurance business (Including Exchange Loss/Gain) 3905.02 3432.97
Percentage to Net premium 27.73% 24.99%
Investment Income (Net of Provisions) 2723.62 3081.82
Other Income -490.77 -169.08
Total Income 2232.85 2912.74
Apportioned to Policy Holders 2164.24 2795.48
Apportioned to Shareholders 68.61 117.26

4 Investment Income on net basis decreased by ` 400.63 Crores in 2020-21 as compared to decrease by ` 207.91 Crores
in 2019-20. The Mean yield on Investments (including Profit on Sale and Other Income) is 8.46% as compared to
10.55% in 2019-20. The Company followed the IRDAI norms/related RBI guidelines relating to classification of loans
and debentures and provision for Non-Performing Assets. The net NPA percentage to Total Investments stood at
0.62% as on 31-03-2021 as against 1.31% as on 31-03-2020.

4 Book value of total investments as at 31st March 2021 aggregated to ` 34,489.04 Crores from ` 29,779.48 Crores in
the Previous Year and the net accretion during the year amounted to ` 4,709.56 Crores as against ` 429.62 Crores in
2019-20.
(` in crores)
2020 – 21 2019 –20
REPORT OF THE BOARD OF DIRECTORS

Total Assets 43864.19 36002.79

Investments Assets (at Book Value) 34489.04 29779.48

The Market Value of our Equity Portfolio as at 31st March 2021 stood at ` 9,284.90 Crores as compared to Book Value of
` 6,656.73 Crores. The Corresponding value for the previous year was ` 6,230.01 Crores and ` 6,939.44 Crores
respectively.
Compliance with IRDAI Regulations
As on 31st March 2021, the Company has complied with IRDAI Regulations in Investments including investments in
infrastructure as under:

Harnessing Power to Empower 79

 |

31.03.2020 Ho$
loUr AZwgma {d{Zdoe Hw$b {d{Zdoe H$m % {ZYm©[aV gr‘m
( H$amoS> én¶o ‘|)
H|$Ð gaH$ma, amÁ¶ gaH$ma Ed§ Aݶ AZw‘mo{XV 15728.12 45.60% 30% go H$‘ Zht
à{V^y{V¶m±
Amdmg/AmYm^y©V g§aMZm VWm amÁ¶ gaH$ma H$mo 5585.14 16.19% 15% go H$‘ Zht
Amdmg Ed§ A{¾ e‘Z hoVw F$U

‘w»¶ boIm AZwnmV

{ddaU 2020-21 2019-20

VH$Zr{H$ AmajU AZwnmV 2.18 2.05

ewÕ à{VYmaU AZwnmV 83.50% 77.34%

n[aMmbZ bm^ AZwnmV -7.57% -11.66%

ewÕ Am¶ AZwnmV -6.99% -10.81%

{Zdb ‘yë¶ na à{V’$b -23.84% -102.97%

amï´>r¶ H$mof H$mo ¶moJXmZ (én¶o H$amoS> ‘|)

{ddaU 31.02.2021 Ho$ AZwgma 31.03.2020 Ho$ AZwgma
{ZJ_r¶ H$a 0.00 0.13
g§n{Îm H$a 0.00 0.00
gaH$ma H$mo bm^m§e H$m ^wJVmZ 0.00 0.00
df© Ho$ Xm¡amZ bm^m§e na H$a H$m ^wJVmZ 0.00 0.00
Or Eg Q>r / godm H$a 2059.59 2378.50
Hw$b 2059.59 2378.63

gm_m{OH$ {ZJ_r` Xm{`Ëd go bJ^J 92 H$amo‹S> énE àr{_`_ hm{gb {H$`m J`m&
H$§nZr A{Y{Z`_ 2013 H$o AYrZ dm{fH©$ {anmQo>© _§o {ZJ_r` gm_m{OH$ g_yh OZVm ì`pº$JV XwK©Q>Zm ~r_m ^r EH$ AÝ` CËH¥$ï CËnmX h¡, Omo
Xm{`Ëd H$r Amdí`H$Vm H$o AZgwma gb
§ ¾H$ 3 H$o gmW àñVVw H$r Om ahr h¡ : {H$µ\\$m`Vr àr{_`_ na gmYmaU ì`pº$ H$mo gm_m{OH$ gwajm ñdê$n
ì`pº$JV XwK©Q>Zm ~r_m am{e é. 1 bmI énE H$m AmdaU àXmZ H$aVm h¡&
J«m_rU VWm gm_m{OH$ joÌ Ed§ gyú_ ~r_m
{ZXoeH$ ‘§S>b H$m à{VdoXZ

h_mam newYZ ~r_m, J«m_rU ~r_m joÌ nmoQ>©\\$mo{b`mo H$m à_wI KQ>H$ h¡ Am¡a
{H$gmZmo§ go g§~§{YV g_ñV newYZ H$mo ^maV gaH$ma Ûmam à`mo{OV {d{^Þ
emgH$r` `moOZmAmo§ Ho$ AYrZ ~r_m AmdaU àXmZ H$a ahm h¡& df© 2020-
21 Ho$ Xm¡amZ V{_bZmSw>, Ho$ab, H$Zm©Q>H$, Vob§JmZm, Am§Y« àXoe, C‹S>rgm
Am¡a npü_ ~§Jmb _o§ newYZ ~r_m `moOZm bmJy H$r J`r Am¡a pH«$`mÝd`Z
df© 2020-21 Ho$ Xm¡amZ h_Zo é.7 H$amo‹S> H$m àr{_`_ hm{gb {H$`m &
{d{^Þ ~¡§H$mo§ Ho$ _mÜ`_ go {H$gmZ H«$o{S>Q> H$mS>© nm°{bgr Omar H$r JB©§ VWm
é.3.87 H$amo‹S> H$m àr{_`_ A{O©V {H$`m&
H§$nZr Zo df© 2020-21 _o§ V{_bZmSw> amÁ` gaH$ma H$r _wâV {dVaU
`moOZm Ho$ VhV ^o‹S> Am¡a ~H$ar H$m ~r_m hoVw AnZr godmE§ {dñVm{aV H$r &

80
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 /

Investment as on
Category 31-03-2021 % to Total Investments Prescribed Limit
(` in Crores)

Central Government, State Government

and Other Approved Securities 15728.12 45.60% Not less than 30%

Housing / Infrastructure and Loans to

State Govt. Housing and Fire Fighting 5585.14 16.19% Not less than 15%

Key Accounting Ratios

Particulars 2020-21 2019-20

Technical Reserve Ratio (in times) 2.18 2.05

Net Retention Ratio 83.50% 77.34%

Operating Profit Ratio -7.57% -11.66%

Net Earnings Ratio -6.99% -10.81%

Return on Net Worth -23.84% -102.97%

Contribution to National Exchequer (` In Crores)

Details As on 31-03-2021 As on 31-03-2020

Corporate Tax 0.00 0.13

Wealth Tax 0.00 0.00

Dividend Paid to Government 0.00 0.00

Dividend Tax paid during the year 0.00 0.00

GST/Service Tax 2059.59 2378.50

Total 2059.59 2378.63

CORPORATE SOCIAL RESPONSIBILITY procured was approximately ` 92 crores.

The Annual Report on CSR as required under the Group Janata Personal Accident policy is another
REPORT OF THE BOARD OF DIRECTORS

Companies Act, 2013 is enclosed as Annexure 3.
RURAL AND SOCIAL SECTOR AND MICRO INSURANCE
Cattle Insurance forms the major chunk of our Rural Insurance
Portfolio covering all types of cattle belonging to farmers in
India through various Government schemes sponsored by
the Government of India and other various schemes. In the
year 2020-21 Cattle Insurance schemes were implemented
in the States of Tamil Nadu, Kerala, Karnataka, Telangana,
Andhra Pradesh, Odisha and West Bengal and the premium
excellent product which gives social security for common
man covering personal accident up to a sum insured of `
1 lac at an affordable premium. We have procured a
premium of ` 7 crores during the year 2020-21 from this
portfolio.
Kisan Credit Card Policies issued through different Banks
fetched a premium of ` 3.87 crores in the same year.
The Company also extended insurance to cover sheep &
goat under the Free Distribution Scheme of Government
of Tamil Nadu for the year 2020-21.

Harnessing Power to Empower 81

 |
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{ddaU
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J«m‘rU joÌ H$m àr{‘¶‘ (én¶o H$amoS> ‘|)
gm‘m{OH$ joÌ Ho$ AYrZ AmdaU {X¶o J¶o àm{U¶m| H$s g§»¶m 157713580
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gpå_{bV H$a 231 _mBH«$mo ~r_m A{^H$Vm©Amo§ H$mo {Z`wº$ {H$`m h¡&
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Ÿ àYmZ _§Ìr gwajm ~r_m `moOZm Ho$ VhV df© 2020-21 _o§ Hw$b
é. 19.96 H$amo‹S> H$m àr{_`_ EH$pÌV {H$`m J`m Am¡a Hw$b 1.66
H$amo‹S> OrdZ H$mo Amd{aV {H$`m J`m&
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Ho$ {bE Amdí`H$ gmd©O{ZH$ Cn`mo{JVm godmE§, gm_m{OH$ H$ë`mU
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2 gr godmAmo§ Ho$ {bE `h gr.Eg.gr.A{^J_ Ho$§Ð h¡&
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gm§ñH¥${VH$ {d{dYVm H$mo gm_m{OH$, {dÎmr` Ed§ {S>{OQ>b g_mdoe H$mo
gaH$ma Ho$ OZmXoe H$mo g_mO _o§ ñWm{nV H$aVm h¡& Ohm± gm_mÝ` godm Ho$§Ð
AmO ZmJ{aH$mo§ H$mo godmAmo§ H$r {dñV¥V l§Ibm H$mo nhw±Mm ahm h¡ , dhr§ J«m_rU
OZVm BZ godmAmo§ H$m bm^ boH$a H«$m§{V _o§ gh^m{JVm H$a aho h¡§&
`y.AmB©.AmB©.gr. Ho$ gm_mÝ` godm Ho$§Ð nmoQ>©b _o§ h_Zo {ZåZ nm°{b{g`m±
CnbãY H$amB©§ h¡§:
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{ZXoeH$ ‘§S>b H$m à{VdoXZ
nm°{bgr VWm _moQ>a n¡Ho$µO nm°{bgr&
gm_mÝ` godm Ho$§Ð ßboQ\$>\$m°_© na Am¡a A{YH$ _mBH«$mo ~r_m nm°{b{g`mo§ H$mo
CnbãY H$aZo H$m à`mg {H$`m Om ahm h¡&
31.03.2021 Ho$ AZwgma `y.AmB©.AmB©.gr. nmoQ>©b na Hw$b _¡n {H$E JE
dr.Eb.B©. H$r g§»`m : 70000
82
84 ge{º H aU Ho {bE e{º H m XmohZ
2020-21 2019-20 2018-19
16704.69 17515.09 16240.47
1489.07 2825.19 2298.96
105264805 114228500
Hw$b boZXoZ ( nm°{b{g`mo§ H$r g§»`m ) : 4609
df© 2020-21 Ho $ Xm¡ a mZ hm{gb {H$`m J`m àr{_`_ :
é.10342305/-
Am`wî_mZ ^maV - àYmZ _§Ìr OZ Amamo½` `moOZm (E~r-
nrE_OoEdmB©)
àYmZ_§Ìr OZ Amamo½` `moOZm ^maV gaH$ma H$r à_wI ñdmñÏ` ~r_m
`moOZm h¡
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AñnVmb _o§ _mÜ`{_H$ Am¡a V¥Vr`H$ XoI^mb AñnVmb _o§ ^Vu hmoZo Ho$
{bE à{V n{adma à{V df© 5 bmI én`o H$m ñdmñÏ` H$da àXmZ H$aVm h¡&
`h bm^ n{adma Ho$ àË`oH$ gXñ` H$mo âbmoQ>a AmYma na CnbãY h¡&
nrE_OoEdmB© Ho$ VhV gm_m{OH$ Am{W©H$ Am¡a Om{V OZJUZm, 2011
(EgB©grgr) Ho$ VhV n§OrH¥$V n{admamo§ Ho$ gXñ` g^r gyMr~Õ
AñnVmbmo§ _o§ ñdmñÏ` XoI^mb àmá H$aZo Ho$ nmÌ h¡§&
1. E_OonrOoEdmB© - _hmË_m Á`mo{Vamd \\$wbo OZ Amamo½` `moOZm
h_mar H§$nZr H$mo 2020 go 3 gmb H$r Ad{Y Ho$ {bE _hmamï— amÁ` Ho$ {bE
_hmË_m Á`mo{Vamd \\$wbo OZ Amamo½` `moOZm (E_OonrOoEdmB©) Am¡a
Am`wî_mZ ^maV - àYmZ _§Ìr OZ Amamo½` `moOZm (E~r-nrE_OoEdmB©)
H$r EH$rH¥$V `moOZm H$mo bmJy H$aZo Ho$ {bE nwañH$ma nÌ Omar {H$`m J`m
Wm& _hm_mar Ho$ g_` _o§ AmZo dmbr MwZm¡{V`mo§ Ho$ ~mdOyX, H§$nZr 1 Aà¡b
2020 go `moOZm Ho$ H$m`m©Ýd`Z H$mo gwMmê$ ê$n go H$aZo _o§ gj_ Wr& `h
`moOZm bm^m{W©`mo§ H$mo ~r_m _moS> Ho$ VhV 996 {M{H$Ëgm Am¡a eë`
{M{H$Ëgm àpH«$`mAmo§ Ho$ {bE H$daoO àXmZ H$aVr h¡ Am¡a EH$ A{V{aº$
AmœmgZ _moS> Ho$ VhV nrE_OoEdmB© bm^m{W©`mo§ Ho$ {bE 213 {M{H$Ëgm
Am¡a eë` {M{H$Ëgm àpH«$`mE§ (183 AZwdVu àpH«$`mAmo§ Ho$ gmW)& EH$
N>moQ>r Ad{Y Ho$ ^rVa, H§$nZr Zo ^mJrXmar H$r - gaH$ma Zo amÁ` _o§
H$mo{dS>-19 J§^ra h_bo H$mo g§~mo{YV H$aZo Ho$ {bE MwZm¡VrnyU© Ad{Y Ho$
Xm¡amZ bJ^J 500 AñnVmbmo§ H$mo gyMr~Õ {H$`m&
`h `moOZm AñnVmb _o§ ^Vu go g§~§{YV IMmoª H$mo nyam H$aZo Ho$ {bE à{V
nm°{bgr df© à{V n{adma ₹ 1,50,000/- VH$ H$daoO àXmZ H$aVr h¡&
JwXm© àË`mamonU Ho$ {bE gr_m H$mo à{V df© à{V n{adma ₹ 2,50,000/-
VH$ ~‹T>m`m OmVm h¡&

The rural sector business and social sector business of our Company for the previous three years is as follows:
Details
Total Gross Premium Underwritten (in ` crores) 16704.69
Rural Sector Premium (in ` crores)
No. of lives covered under Social Sector 157713580
The Company has 20 Micro Insurance Products to cater to
the needs of financially weaker sections of the society. We
have appointed 231 Micro Insurance Agents comprising of
NGOs, SHGs and similar groups for distributing Micro
Insurance Policies.
PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)
Ÿ Under PMSBY, for the year 2020-21, a total premium of
` 19.96 crores was collected and the total number of
beneficiaries covered were 1.66 crores.
Ÿ 15625 claims under PMSBY were disposed of since the
inception of the Scheme.
COMMON SERVICE CENTRES (CSC)
Under the National e-governance plan (NeGP) formulated
by the Ministry of Electronics and Information Technology
(MeitY), Government of India, more than 3,60,000
Common Service Centres (CSCs) have been established.
CSCs are the access points for delivery of essential public
utility services, social welfare schemes, health care,
financial, education and agriculture services, apart from
host of B2C services to citizens in rural and remote areas of
the country.
It is a pan India network catering to Regional, Geographic.
Linguistic and Cultural Diversity of the country, thus
enabling the government’s mandate for a socially,
financially and digitally inclusive society. Today, these
CSCs are delivering wide range of services to the citizens,
while the rural population is slowly joining this revolution
by taking advantage of the services.
We have made available the following policies through our
UIIC CSC Portal:
Personal Accident Policy, Agricultural Pump Set, Fire
Policy, Motor Liability Policy and Motor Package Policy.
Efforts are being undertaken to ensure that many other
micro insurance policies are also made available on CSC
platform.
/
2020-21 2019-20 2018-19
17515.09 16240.47
1489.07 2825.19 2298.96
105264805 114228500
Total Number of VLEs mapped to
UIIC Portal as on 31.03.2021: 70,000
Total Transactions (No. of policies): 4609
Total Premium procured in 2020-21: ` 1,03,42,305/-
AYUSHMAN BHARAT – PRADHAN MANTRI JAN AROGYA
YOJANA (AB-PMJAY)
AB - PMJAY is the flagship Health Insurance Scheme of
Government of India
Ayushman Bharat PMJAY provides a health cover of ` 5
lakhs per family per policy year for secondary and tertiary
care hospitalization in any of the empanelled hospitals
across the country. The benefit is available to each and
every member of the family on floater basis. Under
PMJAY members from families registered under Social
Economic and Caste Census, 2011 (SECC) are eligible to
receive health care in all empanelled hospitals.
1. MJPJAY – Mahatma Jyotirao Phule Jan Arogya Yojana
Our Company was issued the Letter of Award for
implementing the integrated scheme of Mahatma Jyotirao
Phule Jan Arogya Yojana (MJPJAY) and Ayushman
Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)
for the State of Maharashtra for a period of 3 years from
2020-21. Inspite of the challenges thrown up during the
pandemic times, the Company was able to smoothly take
on the implementation of the scheme w.e.f 1st April 2020.
The Scheme provides for coverage to the beneficiaries for
996 Medical & Surgical procedures under Insurance
REPORT OF THE BOARD OF DIRECTORS
mode and an additional 213 Medical & Surgical
procedures (with 183 follow up procedures) for the
PMJAY beneficiaries under the Assurance mode. Within a
short period, the Company partnered with - the
Government went in for empanelment of around 500
hospitals during the challenging period to address
COVID-19 severe attack in the State.
The scheme provides coverage to meet expenses relating
to hospitalization up to ` 1,50,000/- per family per policy
year. For Renal transplant the limit is enhanced up to
` 2,50,000/-per family per policy year.
Harnessing Power to Empower 83
 |
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H§$nZr Ho$ gmW gmPm {H$`m J`m Wm&
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Wm Am¡a _hmamï— Ho$ ~rS> {Obo H$mo 2020-21 Ho$ {bE EH$ AbJ ŠbñQ>a
_mZm J`m Wm& Bg ì`dñWm go AZw_m{ZV àr{_`_ (h_mam {hñgm) ₹ 800
H$amo‹S> Wm, {Og_o§ go h_o§ 2020-21 _o§ EAmB©grAmB©Eb go ₹ 724.69
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2020-21 _o§ ₹ 192.51 H$amo‹S> H$m àr{_`_ ~wH$ {H$`m J`m Wm Omo nhbo
Ho$ grOZ H$m Wm& Bg{bE {dÎm df© 2020-21 Ho$ Xm¡amZ àmá {H$`m J`m
Hw$b àr{_`_ ₹ 917.20 H$amo‹S> Wm&

We had implemented the Scheme successfully during
2020-21 covering 2.23 crore families. The premium
income accounted for FY 2020-21 is ` 1716.95 crores.
TAMILNADU CHIEF MINISTER’S COMPREHENSIVE
HEALTH INSURANCE SCHEME (TNCMCHIS)
Our Company secured the Tender from the Government of
Tamil Nadu to implement the Chief Minister’s
Comprehensive Health Insurance Scheme, a prestigious
insurance cover, which came into operation on 11th
January 2012 with first tender being for a period of 4 years
with an option for extension by one year on mutual consent
and we are now marching ahead with the successful
journey of 10th year of the second tender.
The main objective of this scheme is to provide free medical
and surgical treatment in Government and private hospitals
to the members of any family whose annual family income is
less than ` 72,000/- as certified by the Village Administrative
Officer (VAO) and who has valid ration card (PDS). Tribals,
differently abled, Sri Lankan refugees, migrants from other
states, orphans and rescued girl children are also covered.
The sum insured is ` 1 lakh per family on floater basis with
the provision to pay up to ` 2 lakhs for 154 advanced surgical
procedures under CMCHIS.
The scheme was integrated with Ayushman Bharat -
Pradhan Mantri Jan Arogya Yojana in 2018 and the sum
insured was enhanced to ` 5 lakh floater per family per
annum w.e.f. 01.12.2018. As on date 271 Government
hospitals, 867 private hospitals with total of 1138 hospitals
and 844 Diagnostic Centres etc., are rendering quality and
seamless services to the beneficiaries under the scheme. It
is a cashless & paperless scheme. The scheme is having a
grievance ratio of less than 1% with claims TAT of 7 days.
The premium received during financial year 2020-21 is
` 1031.14 crores covering 1.47 crore families with the
family size of 2.7 in the state.
We have also actively supported the Government of Tamil
Nadu to combat Covid-19 in this pandemic situation by
making payments for RT-PCR tests done by ICMR approved
private labs and also included COVID package hospitalisation
treatment for scheme beneficiaries in private hospitals.
It is our pride that our Company could get Indian Express &
FICCI award for successful implementation of Government
Health Insurance Schemes and the award was received by
our CMD on behalf of the Company. United India
Insurance Co. Ltd., a pioneer in the field, is considered to
be the most preferred insurance Partner for Tamil Nadu
Government for implementation of CMCHIS-ABPMJAY.
/
We are proud to say that our Company also received
Appreciation certificate from Project Director of TNHSP on
Republic Day 2021 for successful implementation of the
Health Scheme.
The current 10th year of operation of the scheme is a clear
testimony to the successful implementation of the scheme.
SWASTHYA SATHI, WEST BENGAL
Our Company implemented the State Health Scheme
named Swasthya Sathi in West Bengal during the year
2020-21. The scheme has basic health cover for
secondary and tertiary care up to ` 5.00 lacs per annum
per family, out of which ` 1.50 lacs per annum per family
will be covered by our Company while claims above
` 1.50 lacs and up to ` 5.00 lacs per family per annum will
be covered under Assurance mode by the Swasthya Sathi
Samiti on floater basis. The Scheme is implemented in 8
districts of West Bengal by UIIC covering 13.50 lacs
families (approximately).
The premium received in respect of this scheme during
FY 2020-21 is ` 44.65 crores.
CROP INSURANCE
In 2020-21, our Company entered into a Surplus Sharing
Model (SSM) agreement with Agriculture Insurance
Company of India Limited (AICIL). According to this
agreement, 10% of premium and claims pertaining to the
state of Madhya Pradesh and Beed district of Maharashtra
will be shared with our company. Under this model
implemented by the respective State Governments, if
annual loss ratio is less than 80% then the surplus (80%-
Actual loss ratio) would be refunded to the State
Government and if the loss exceeds 110% of the gross
premium, the same shall be borne by the State Government,
i.e. AICIL shall assume a maximum liability up to 110% of
the gross premium. If the loss ratio falls in between 90% and
110%, the entire liability will fall on AICIL and the respective
share will be passed on to the co-insurer. According to this
agreement, 10% of premium and claims pertaining to the
REPORT OF THE BOARD OF DIRECTORS
state of Madhya Pradesh and Beed district of Maharashtra
was shared with our company.
AICIL was awarded all the 11 clusters in Madhya Pradesh
and Beed district of Maharashtra was itself considered as
a separate cluster for 2020-21. The estimated premium
(our share) from this arrangement was ` 800 crores out of
which we have received data from AICIL for ` 724.69
crores in 2020-21.
Premium of ` 192.51 crores was booked in 2020-21 which
belonged to earlier seasons. Hence the total premium
procured during FY 2020-21 was ` 917.20 crores.
Harnessing Power to Empower 85
 |

Iar\\$ 2020 Am¡a a~r 2020-21 Ho$ {bE ì`mdgm{`H$ Am§H$‹So>

H$da {H$`o J` ~r{_V am{e gH$b pà_r`_ {H$`o J`o Xmdo {H$`o J`o
_m¡g_ amÁ` `moOZm {H$gmZmo§ H$r (H$amoS> _o§) (H$amoS> _o§) (H$amoS> _o§) Xmdmo§ H$m
g§»`m h_mam {hñgm h_mam {hñgm h_mam {hñgm AZwnmV
nrE_ 39,13,942 2,31,46,47,12,574 3,89,55,63,632 4,28,51,19,995 110%
µ Iarµ\ \$ 2020 _Ü` àXoe
E\ {~dm`
_hmamï— nrE_ 17,91,522 24,94,13,67,478 79,85,81,140 87,84,39,254 110%
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(~rS> {Obm) E\ {~dm`
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a~r nrE_ 37,01,930 2,11,10,65,85,302 2,38,35,95,964 2,62,19,55,560 110%
2020-21 _Ü` àXoe E\ {~dm`
a~r _hmamï— nrE_ 3,61,100 5,65,96,70,600 16,91,11,561 18,60,22,717 110%
2020-21 (~rS> {Obm) E\ {~dm`
a~r 2020-21 Hw$b 40,63,030 2,16,76,62,55,902 2,55,27,07,525 2,80,79,78,277 110%
gH$b Hw$b 97,68,494 4,73,17,23,35,954 7,24,68,52,297 7,97,15,37,527 110%

3.{ZJ_r¶ g§MmbZ Am»¶m

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h¡&

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Omo{I_ H$r YmaUm Am¡a g§JR>Z H$r g§aMZm _o§ g_J« Omo{I_ à~§YZ Ho$ _yë`m§H$Z O¡go nhbwAmo§ na Omoa {X`m J`m h¡&

{ZXoeH$ _§S>b

H§$nZr Ho$ {ZXoeH$ nX _o§ n{adV©Z Bg àH$ma h¡§:

H«$‘ g§»¶m {ZXoeH$ H$m Zm‘ nXZm_ {Z¶w{º$ / g‘m{á H$s {V{W
1. lr gË`OrV pÌnmR>r AÜ`j gh à~§Y {ZXoeH$ AÜ`j gh à~§Y {ZXoeH$ Ho$ ê$n _o§ {Z`wº$
05.09.2021 go à^mdr
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2. lr {Jare amYmH¥$îUZ AÜ`j gh à~§Y {ZXoeH$ AÜ`j gh à~§Y {ZXoeH$ Ho$ ê$n _o§
01.07.2021 go godm{Zd¥Îm
3. lr A{_V AJ«dmb {ZXoeH$ (gaH$mar Zm{_V) {ZXoeH$ Ho$ ê$n _o§ {Z`wº$
07.12.2020 go à^mdr

86
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

BUSINESS STATISTICS FOR KHARIF 2020 AND RABI 2020-21

Season State Scheme Number of Sum Insured Gross Premium Incurred Claims Incurred
Farmers (` In Crores) (` In Crores) (` In Crores) Claims
covered our share our share our share Ratio
Kharif 2020 Madhya PMFBY 39,13,942 2,31,46,47,12,574 3,89,55,63,632 4,28,51,19,995 110%
Pradesh
Kharif 2020 Maharashtra PMFBY 17,91,522 24,94,13,67,478 79,85,81,140 87,84,39,254 110%
(Beed district)
Kharif 2020 Total 57,05,464 2,56,40,60,80,052 4,69,41,44,772 5,16,35,59,249 110%
Rabi Madhya PMFBY 37,01,930 2,11,10,65,85,302 2,38,35,95,964 2,62,19,55,560 110%
2020-21 Pradesh
Rabi Maharashtra PMFBY 3,61,100 5,65,96,70,600 16,91,11,561 18,60,22,717 110%
2020-21 (Beed district)
Rabi 2020-21 Total 40,63,030 2,16,76,62,55,902 2,55,27,07,525 2,80,79,78,277 110%
Grand Total 97,68,494 4,73,17,23,35,954 7,24,68,52,297 7,97,15,37,527 110%

3. REPORT ON CORPORATE GOVERNANCE

The Company believes in adopting the ‘best practices’ that are followed in the area of Corporate Governance. The
Company emphasizes the need for full transparency and accountability in all its transactions in order to protect the
interests of its stakeholders. Through the Governance mechanism in the Company, the Board along with its
Committees undertakes its fiduciary responsibilities to all its stakeholders by ensuring transparency, fair play and
independence in its decision making.

As regards the Insurance sector, the emphasis is on aspects like protection of the interests of the policyholders,
maintenance of solvency, sound long term investment policy and assumption of underwriting risks on a prudential
basis and evaluation of overall risk management across the structure of the organization.
BOARD OF DIRECTORS

The changes in directorship of the Company are as follows :

REPORT OF THE BOARD OF DIRECTORS
Sl.No. Name of the Director Designation Date of appointment /cessation

1. Shri Satyajit Tripathy Chairman cum Managing Director Appointed as Chairman cum
Managing Director
with effect from 05.09.2021
2. Shri Girish Radhakrishnan Chairman cum Managing Director Ceased to be Chairman cum
Managing Director on
superannuation
with effect from 01.07.2021
3. Shri Amit Agrawal Director (Government Nominee) Appointed as Director
with effect from 07.12.2020

Harnessing Power to Empower 87

 |

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4. lr amO{H$aU am` Or. {ZXoeH$ 14.08.2020 go {ZXoeH$ Ho$ ê$n _o§ {Z`wº$

5. gwlr E_.Eg.O`òr {ZXoeH$ (gaH$ma Ûmam Zm{_V) 10.12.2020 go {ZXoeH$ Ho$ ê$n _o§ {Z`wº$

6. lr dm`.Ho$.{e_ao {ZXoeH$ (nyU©H$m{bH$) 06.08.2021 go (nyU©H$m{bH$) {ZXoeH$ Ho$

ê$n _o§ {Z`wº$

7. lr _XZoe Hw$_ma {_lm {ZXoeH$ (gaH$ma Ûmam Zm{_V) ^maV gaH$ma Ûmam Zm_m§H$Z dmng boZo Ho$
H$maU {XZm§H$ 07.12.2020 go {ZXoeH$
Zhr§ aho

8. gwlr {g§Yw {n„B© {ZXoeH$ (gaH$ma Ûmam Zm{_V) ^maV gaH$ma Ûmam Zm_m§H$Z dmng boZo Ho$
H$maU {XZm§H$ 07.12.2020 go {ZXoeH$
Zhr§ aho

9. lr nm{aOmV XÎmm {ZXoeH$ CZH$r {Z`wpº$ H$r Ad{Y g_má hmoZo na

29.9.2020 go {ZXoeH$ Zhr§ aho&

10. lr a{d am` {ZXoeH$ (nyU©H$m{bH$) 28.12.2020 go (nyU©H$m{bH$) {ZXoeH$ Ho$

ê$n _o§ {Z`wº$ {H$`m J`m Am¡a CZH$r
godm{Zd¥pÎm Ho$ H$maU 01.06.2021 go
{ZXoeH$ Zhr§ aho

11. lr amOrd Mm¡Yar {ZXoeH$ (nyU©H$m{bH$) 28.12.2020 go (nyU©H$m{bH$) {ZXoeH$ Ho$

ê$n _o§ {Z`wº$ {H$`m J`m Am¡a CZH$r
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30 OyZ, 2021 H$mo AÜ`j gh à~§Y {ZXoeH$ lr {Jare amYmH¥$îUZ H$r godm{Zd¥pÎm Ho$ n{aUm_ñdê$n, {ZXoeH$ _§S>b Zo {ZåZ{b{IV A{YH$m{a`mo§
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88
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Sl.No. Name of the Director Designation Date of appointment /cessation

4. Shri Rajkiran Rai G Director Appointed as Director with effect

from 14.08.2020
5. Ms. M G Jayasree Director (Government Nominee) Appointed as Director with effect
from 10.12.2020
6. Shri Y. K. Shimray Director (Whole Time) Appointed as (Whole Time)
Director with effect from
06.08.2021
7. Shri Madnesh Kumar Mishra Director (Government Nominee) Ceased to be a Director with effect
from 07.12.2020, on account of
withdrawal of nomination by the
Government of India
8. Ms. Sindhu Pillai Director (Government Nominee) Ceased to be a Director with effect
from 07.12.2020, on account of
withdrawal of nomination by the
Government of India
9. Shri Parijat Dutta Director Ceased to be a Director with effect
from 29.9.2020 on expiry of his
term of appointment.
10. Shri Ravi Rai Director (Whole Time) Appointed as (Whole Time)
Director with effect from
28.12.2020 and ceased to be a
Director with effect from
01.06.2021 on account of his
superannuation
11. Shri Rajeev Chaudhary Director (Whole Time) Appointed as (Whole Time)
Director with effect from
28.12.2020 and ceased to be a
Director with effect from
01.03.2021 on account of his
superannuation

Consequent to the superannuation of Shri Girish Radhakrishnan, Chairman cum Managing Director on 30th June,
REPORT OF THE BOARD OF DIRECTORS

2021, the Board of Directors authorized the following officials to jointly carry out the day to day management of
affairs and business of the Company under the superintendence and direction of the Board :
1) Ms. D Nagalakshmi, General Manager & Shri Y K Shimray, General Manager
(From 1st July 2021 to 5th August 2021)
2) Shri Y. K. Shimray, General Manager & Director & Ms. Gauri Venkatesan, General Manager
(From 6th August 2021 to 4th September, 2021) – consequent to the transfer, relieving and posting of
Ms. D Nagalakshmi as General Manager & Director to The Oriental Insurance Company Limited on 6th
August 2021 in accordance with the Ministry of Finance Order dated 6th August 2021.
The Joint in charge arrangements continued upto 4th September, 2021. With effect from 5th September 2021,
Shri Satyajit Tripathy assumed charge as the Chairman cum Managing Director as per Ministry of Finance Order dated
4th September 2021 and as approved by the Board at its meeting held on 5th September 2021.

Harnessing Power to Empower 89

 |

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~¡R>H$ {ddaU
~moS>© H$s ~¡R>H$ H$m {ddaU
df© 2020, 16 OyZ 2020 H$mo ~moS>© H$r ½`mah ~¡R>Ho$§ Am`mo{OV H$r JB© Wr§& 21 OwbmB© 2020, 30 OwbmB© 2020, 12 {gV§~a 2020, 25 {gV§~a 2020, 12
Zd§~a 2020, 28 {Xg§~a 2020, 17 \\$adar 2021, 18 _mM© 2021 Am¡a 26 _mM© 2021&
H$m¶©H$mb ‘o H$s
{ZXoeH$ ~¡R>H$ {OZ‘o ^mJ {b¶m
J¶r ~¡R>H|$
lr {Jare amYmH¥$îUZ 11 11

lr _XZoe Hw$_ma {_lm 7 7 (19.5.2020, 16.06.2020, 21.07.2020,

30.07.2020, 12.09.2020, 25.09.2020,
12.11.2020)
gwlr {g§Yw {n„B© 7 6 (19.5.2020, 16.06.2020, 21.07.2020,
30.07.2020, 25.09.2020,12.11.2020)
lr nm{aOmV XÎmm 6 6 (19.5.2020, 16.06.2020, 21.07.2020,
30.07.2020, 12.09.2020, 25.09.2020)
lr A{_V AJ«dmb 4 3 (28.12.2020,17.02.2021, 26.03.2021)
lr amO{H$aU am` Or. 7 7 (12.09.2020, 25.09.2020,12.11.2020,
28.12.2020,17.02.2021, 18.03.2021,
26.03.2021)
gwlr E_.Or.O`lr 4 4 (28.12.2020,17.02.2021, 18.03.2021,
26.03.2021)
lr a{d am` 4 3 (28.12.2020,18.03.2021, 26.03.2021)
lr amOrd Mm¡Yar 2 2 (28.12.2020, 17.02.2021)

{Zdoe g{_{V H$r ~¡R>H$ H$m {ddaU

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H$m¶©H$mb ‘o H$s
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J¶r ~¡R>H|$
lr {Jare amYmH¥$îUZ 5 5
lr _XZoe Hw$_ma {_lm 2 2 (16.06.2020, 12.09.2020)
lr nm{aOmV XÎmm 2 2 (16.06.2020, 12.09.2020)
{ZXoeH$ ‘§S>b H$m à{VdoXZ

gwlr E_.Or.O`lr 3 3 (28.12.2020, 17.02.2021, 18.03.2021)

lr amO{H$aU am` Or. 3 3 (28.12.2020,17.02.2021, 18.03.2021)
lr E_. emhwb h_rX 4 4 (16.06.2020,28.12.2020,
17.02.2021,18.03.2021)

90
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

The details of the Board and its Committees are given below:

MEETING DETAILS
BOARD MEETING DETAILS
Eleven Meetings of the Board were held during the year i.e. on 19th May 2020, 16th June 2020, 21st July 2020, 30th
July 2020, 12th September 2020, 25th September 2020, 12th November 2020, 28th December 2020, 17th February 2021,
18th March 2021 and 26th March 2021.

NO. OF MEETING/S HELD

DIRECTOR NO. OF MEETING/S ATTENDED
DURING HIS/HER TENURE

Shri Girish Radhakrishnan 11 11

Shri Madnesh Kumar Mishra 7 7 (19.5.2020, 16.06.2020, 21.07.2020,
30.07.2020, 12.09.2020, 25.09.2020,
12.11.2020)
Ms. Sindhu Pillai 7 6 (19.5.2020, 16.06.2020, 21.07.2020,
30.07.2020, 25.09.2020,12.11.2020)
Shri Parijat Dutta 6 6 (19.5.2020, 16.06.2020, 21.07.2020,
30.07.2020, 12.09.2020, 25.09.2020)
Shri Amit Agrawal 4 3 (28.12.2020,17.02.2021, 26.03.2021)
Shri Rajkiran Rai G 7 7 (12.09.2020, 25.09.2020,12.11.2020,
28.12.2020,17.02.2021, 18.03.2021,
26.03.2021)
Ms. M.G. Jayasree 4 4 (28.12.2020,17.02.2021, 18.03.2021,
26.03.2021)
Shri Ravi Rai 4 3 (28.12.2020,18.03.2021, 26.03.2021)
Shri Rajeev Chaudhary 2 2 (28.12.2020, 17.02.2021)

INVESTMENT COMMITTEE MEETING DETAILS

Five Meetings of the Investment Committee were held during the year i.e. on 16th June 2020, 12th September 2020, 28th
December 2020, 17th February 2021, 18th March 2021. The Investment Committee monitors the implementation of the
Investment Policy as approved by the Board apart from monitoring the Investment functions.

NO. OF MEETING/S HELD

MEMBER NO. OF MEETING/S ATTENDED
REPORT OF THE BOARD OF DIRECTORS

DURING HIS/HER TENURE

Shri Girish Radhakrishnan 5 5

Shri Madnesh Kumar Mishra 2 2 (16.06.2020, 12.09.2020)
Shri Parijat Dutta 2 2 (16.06.2020, 12.09.2020)
Ms. M.G. Jayasree 3 3 (28.12.2020, 17.02.2021, 18.03.2021)
Shri Rajkiran Rai G 3 3 (28.12.2020,17.02.2021, 18.03.2021)
Shri M Shahul Hameed 4 4 (16.06.2020,28.12.2020,
17.02.2021,18.03.2021)

Harnessing Power to Empower 91

 |

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lr E.dr.a_Z 3 3
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lr Eg. dr. do§Ho$Qo>e _y{V© 2 2
~¡R>H$ {OZ‘o ^mJ {b¶m
(12.09.2020, 28.12.2020
17.02.2021,18.03.2021)
(16.06.2020,12.09.2020)
(28.12.2020,17.02.2021, 18.03.2021)
(16.06.2020,12.09.2020, 28.12.2020,
17.02.2021, 18.03.2021)
(16.06.2020,12.09.2020)

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lr _XZoe Hw$_ma {_lm 3 3 (19.05.2020,12.09.2020, 25.09.2020)
gwlr {g§Yw {n„B© 3 2 (19.5.2020, 25.9.2020)
lr A{_V AJ«dmb 3 2 (28.12.2020, 17.02.2021)
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92
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 /

NO. OF MEETING/S HELD

MEMBER NO. OF MEETING/S ATTENDED
DURING HIS/HER TENURE

Shri G. Sundara Raman 4 4 (12.09.2020, 28.12.2020

Shri Palreddy Vishnuvardhan
Shri A. V. Ramanan
Smt Sukeshini Ramaswamy
Shri S V Venkatesh Murthy
17.02.2021,18.03.2021)
2 2 (16.06.2020,12.09.2020)
3 3 (28.12.2020,17.02.2021, 18.03.2021)
5 5 (16.06.2020,12.09.2020, 28.12.2020,
17.02.2021, 18.03.2021)
2 2 (16.06.2020,12.09.2020)

AUDIT COMMITTEE MEETING DETAILS

The Audit Committee reviews accounting policies and also the structure, efficacy and process of the internal control
systems prevailing in the Company. The Committee deliberates on the Financial Statements of the Company before placing
the same before the Board of Directors for adoption.
Six Meetings of the Audit Committee were held during the year i.e. on 19th May 2020, 12th September 2020,
25th September 2020, 28th December 2020, 17th February 2021 and 18th March 2021.

NO. OF MEETING/S HELD

DIRECTOR NO. OF MEETING/S ATTENDED
DURING HIS/HER TENURE
Shri Parijat Dutta 3 3 (19.05.2020,12.09.2020, 25.09.2020)
Shri Madnesh Kumar Mishra 3 3 (19.05.2020,12.09.2020, 25.09.2020)
Ms. Sindhu Pillai 3 2 (19.5.2020, 25.9.2020)
Shri Amit Agrawal 3 2 (28.12.2020, 17.02.2021)
Shri Rajkiran Rai G 5 5 (12.09.2020,25.09.2020, 28.12.2020,
17.02.2021, 18.03.2021)
Ms. M.G. Jayasree 3 3 (28.12.2020,17.02.2021, 18.03.2021)
Shri Ravi Rai 2 1 (18.03.2021)

RISK MANAGEMENT COMMITTEE MEETING DETAILS

Four Meetings of the Risk Management Committee were held during the year i.e. on 16th June 2020, 25th
September 2020, 5th November 2020 and 18th March 2021.

NO. OF MEETING/S HELD

DIRECTOR NO. OF MEETING/S ATTENDED
REPORT OF THE BOARD OF DIRECTORS

DURING HIS/HER TENURE

Shri Girish Radhakrishnan 4 4
Shri Madnesh Kumar Mishra 3 3 (16.06.2020,25.09.2020, 05.11.2020)
Ms. Sindhu Pillai 3 3 (16.06.2020,25.09.2020, 05.11.2020)
Shri Parijat Dutta 2 2 (16.06.2020,25.09.2020)
Ms. M. G. Jayasree 1 1 (18.03.2021)
Shri Ravi Rai 1 1 (18.03.2021)
Invitee:
Smt. Sukeshini Ramaswamy,
DGM & Chief Risk Officer 4 4

Harnessing Power to Empower 93

 |

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lr nm{aOmV XÎmm 2 2 (16.06.2020, 25.09.2020)
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lr A{_V AJ«dmb 1 1 (28.12.2020)
gwlr E_ Or O`lr 1 1 (28.12.2020)

94
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

POLICYHOLDERS' PROTECTION COMMITTEE MEETING DETAILS

Four Meetings of the Policyholders’ Protection Committee were held during the year i.e. on 16th June 2020,
25th September 2020, 5th November 2020 and 18th March 2021.

NO. OF MEETING/S HELD

DIRECTOR NO. OF MEETING/S ATTENDED
DURING HIS/HER TENURE

Ms. Sindhu Pillai 3 3 (16.06.2020, 25.09.2020, 05.11.2020)

Shri Girish Radhakrishnan 4 4
Shri Madnesh Kumar Mishra 3 3 (16.06.2020, 25.09.2020,05.11.2020)
Shri Parijat Dutta 2 2 (16.06.2020, 25.09.2020)
Ms. M. G. Jayasree 1 1 (18.03.2021)
Invitee:
Ms. Rajyalakshmi Rao, 4 4
Consumer Representative
Shri R C Agarwal, 4 3 (16.06.2020,05.11.2020,18.03.2021)
DGM & Chief Grievance Officer

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (CSR) MEETING DETAILS

No meeting was held during the year.

INFORMATION TECHONOLOGY COMMITTEE MEETING DETAILS

Two Meetings of the Information Technology Committee were held during the year i.e. on 5th November 2020 and
17th February 2021.

NO. OF MEETING/S HELD

DIRECTOR NO. OF MEETING/S ATTENDED
DURING HIS/HER TENURE
Shri Madnesh Kumar Mishra 1 1 (05.11.2020)
Shri Girish Radhakrishnan 2 2
Ms. Sindhu Pillai 1 1 (05.11.2020)
Ms. M.G. Jayasree 1 1 (17.02.2021)
Shri Ravi Rai 1 Nil

NOMINATION & REMUNERATION COMMITTEE MEETING DETAILS

Three Meetings of the Nomination & Remuneration Committee were held during the year i.e. on 12th September 2020,
25th September 2020 and 28th December 2020.
REPORT OF THE BOARD OF DIRECTORS

NO. OF MEETING/S HELD

DIRECTOR NO. OF MEETING/S ATTENDED
DURING HIS/HER TENURE

Shri Madnesh Kumar Mishra 2 2 (12.09.2020,25.09.2020)

Ms. Sindhu Pillai 2 1 (25.09.2020)
Shri Parijat Dutta 2 2 (12.09.2020,25.09.2020)
Shri Rajkiran Rai G. 2 2 (25.09.2020,28.12.2020)
Shri Amit Agrawal 1 1 (28.12.2020)
Ms. M.G. Jayasree 1 1 (28.12.2020)

Harnessing Power to Empower 95

 |
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HUMAN RESOURCES COMMITTEE
Human Resources Committee has been constituted
as per the new CDA rules, 2014. No meeting was held during
the year.
REMUNERATION COMMITTEE
No meeting was held during the year.
PROPERTY REVIEW COMMITTEE
No meeting was held during the year.
STAKEHOLDERS’ RELATIONSHIP COMMITTEE
The Committee was constituted to specifically look
into the redressal of security holders’ grievances as
mentioned in Schedule II – Part D read with Regulation
20 of SEBI Listing Regulations, 2015. The no. of
investor complaints received/outstanding as on
31.03.2021 is NIL.
No meeting was held during the year.
ANNUAL GENERAL MEETING DETAILS
The Eighty Second Annual General Meeting of the
Members of the Company was held on 28th December
2020. Shri Girish Radhakrishnan, Chairman cum
Managing Director, Ms. M. G. Jayasree, Shri Ravi Rai, Shri
Rajeev Chaudhary and Shri Rajkiran Rai G, Directors,
attended the same.
MEETING OF INDEPENDENT DIRECTORS
Schedule IV of the Companies Act, 2013 and the
Rules made thereunder mandate that the independent
directors of the Company shall hold at least one
meeting in a year without the attendance of Non
Independent Directors and members of the management.
No meeting was held during the year 2020-21 since the
Company had only one Independent Director for a major
part of the year .
CODE OF CONDUCT
As required under Regulation 17(5) of the SEBI(Listing
Obligations and Disclosure Requirements) Regulations
2015, the Board at its meeting held on 22nd May 2018
(and annually reviewed and approved by the Board
thereafter), adopted a Code of Conduct for all Directors
and Senior Management of the Company and the same has
been placed on www.uiic.co.in.
/
COMPLIANCE OF SECRETARIAL STANDARDS
The Company complies with all applicable mandatory
Secretarial Standards issued by the Institute of Company
Secretaries of India.
COST RECORDS AND COST AUDIT
Maintenance of cost records and requirement of cost
audit as prescribed under the provisions of Section
148(1) of the Companies Act, 2013 are not applicable for
the business activities carried out by the Company.
DEPOSITS
No deposits were accepted by the Company during the
year under review.
DISCLOSURES UNDER THE COMPANIES ACT 2013 AND
RULES MADE THEREUNDER
• The Company has not made any loans, guarantees or
investments pursuant to the provisions of Section
186 of the Companies Act, 2013
• Neither any loan was taken from any bank or financial
institution nor any settlement was done with any bank
or financial institution during the year under review
• Neither any application was made during the Financial
Year 2020-21 nor any proceeding is pending as at the
end of the financial year under the Insolvency and
Bankruptcy Code 2016
• Details of significant and material orders passed by
the regulators or courts or tribunals impacting the
going concern status and company’s operations in
future : None
• Internal Financial Controls and its adequacy : The
Company has adequate Internal Control Systems
commensurate with its size and nature of business.
Internal Audit is continuously conducted by the in
REPORT OF THE BOARD OF DIRECTORS
house Internal Audit department of the Company and
an Audit Compliance Report is placed before the Audit
Committee of the Board periodically.
ANNUAL DECLARATION MADE BY INDEPENDENT
DIRECTORS
During the financial year 2020-21, the Company has
received annual declaration from Shri Parijat Dutta and
Shri Rajkiran Rai G, Independent Directors of the
Company in terms of the provisions of Section 149(7) of
the Companies Act, 2013.
Harnessing Power to Empower 97
 |

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98
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

GENERAL BODY MEETINGS & DETAILS OF SPECIAL RESOLUTIONS PASSED

Meeting Details Date and Time Venue Special Resolution passed

of the Meeting

80th Annual 31st May 2018 Registered Office -

General Meeting at 12.15 pm United India House,
24 Whites Road,
Chennai 600 014

Extra-Ordinary 31st May 2019 Registered Office -

General Meeting at 1.15 pm United India House,
24 Whites Road,
Chennai 600 014

81st Annual 30th August 2019 Head Office Approval for changing the place of
General Meeting at 1.00 pm 19, 4th Lane, keeping the Register and Index of
Nungambakkam Members of the Company and other
High Road, Statutory Registers from the Registered
Chennai 600 034. Office to Head Office located at
19, 4th Lane, Nungambakkam
High Road, Chennai 600 034.

Extra-Ordinary 28th July 2020 at Head Office Approval for increasing the Authorized
General Meeting 3.00 pm 19, 4th Lane, Share Capital, approval of alteration
Nungambakkam to the Capital Clause of the Memorandum
High Road, of Association, approval of the
Chennai 600 034. consequent alteration to the
Articles of Association

82nd Annual 28th December 2020 Head Office -

General Meeting at 4.00 pm 19, 4th Lane,
Nungambakkam
High Road,
Chennai 600 034.

REMUNERATION TO DIRECTORS REPORT OF THE BOARD OF DIRECTORS

The Chairman cum Managing Director is paid salary/ remuneration as fixed by the Government of India and the Whole Time
Directors are paid salary/remuneration as per their scale of pay. The Non-Official Director was paid sitting fee in accordance
with guidelines issued by Ministry of Finance for the Meetings attended by them. No sitting fees is payable to CMD, Whole-
time Directors, Bank Director and nominees representing Government of India.

Harnessing Power to Empower 99

 |

H§$nZr A{Y{Z`_, 2013 Ho$ AZwgma à_wI à~§YZ ì`pº$`mo§ H$mo ^wJVmZ {H$E JE nm{al{_H$ H$m {ddaU ({dÎmr` df© 2020-21)

H«$_m§H$ Zm_ doVZ(₹) AZwbm^mo§ H$m _yë` (₹) Hw$b

1 lr {Jare amYmH¥$îUZ,
AÜ`j gh à~§Y {ZXoeH$
(01.04.2020 go 31.03.2021 VH$) 3015090.00 32400.00 3047490.00

2 lr a{d am`, nyU©H$m{bH$ {ZXoeH$

(28.12.2020 go 31.05.2021 VH$) 2890164.00 42003.00 2932167.00

3 lr amOrd Mm¡Yar, nyU©H$m{bH$ {ZXoeH$

(28.12.2020 go 28.02.2021 VH$) 4403296.00 369449.00 4772745.00

4 lr E_. emhwb h_rX, _w»` {dÎmr` A{YH$mar

(01.04.2020 go 27.07.2020 VH$) 4249399.00 533048.00 4782447.00

5 lr Or. gw§Xa a_Z, _w»` {dÎmr` A{YH$mar

(28.07.2020 go 31.03.2021 VH$) 2374992.00 225694.00 2600686.00

6 lr_Vr AZKm em§VZw Xoenm§So>, H§$nZr g{Md

(01.04.2020 go 31.03.2021 VH$) 1509821.00 261687.00 1771508.00

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2020-21)

H«$_m§H$ Zm_ doVZ(₹) AZwbm^mo§ H$m _yë` (₹) Hw$b

1 lr {Jare amYmH¥$îUZ,
AÜ`j gh à~§Y {ZXoeH$
(01.04.2020 go 31.03.2021 VH ) 3015090.00 32400.00 3047490.00

2 lr a{d am`, nyU©H$m{bH$ {ZXoeH$

(28.12.2020 go 31.05.2021 VH ) 2890164.00 42003.00 2932167.00

3 lr amOrd Mm¡Yar, nyU©H$m{bH$ {ZXoeH$

(28.12.2020 go 28.02.2021 VH ) 4403296.00 369449.00 4772745.00

4 lr E_. emhwb h_rX, _w»` {dÎmr` A{YH$mar

(01.04.2020 go 27.07.2020 VH )
_w»` {Zdoe A{YH$mar
(01.10.2020 go 31.03.2021 VH ) 4249399.00 533048.00 4782447.00

5 lr_Vr. Jm¡ar do§H$Qo>eZ

{ZXoeH$ ‘§S>b H$m à{VdoXZ

_w»` AZwnmbZ A{YH$mar

(01.04.2020 go 31.03.2021 VH ) 2468115.00 41540.00 2509655.00

6 lr Or. gw§Xa a_Z, _w»` {dÎmr` A{YH$mar

(28.07.2020 go 31.03.2021 VH ) 2374992.00 225694.00 2600686.00

100
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

DETAILS OF REMUNERATION PAID TO KEY MANAGEMENT PERSONS AS PER COMPANIES ACT, 2013 (FY 2020-21)

Sr. No. Name Salary (`) Value of Perquisites (`) Total

1 Shri Girish Radhakrishnan, CMD
(01.04.2020 to 31.03.2021) 3015090.00 32400.00 3047490.00
2 Shri Ravi Rai, Whole Time Director
(28.12.2020 to 31.05.2021) 2890164.00 42003.00 2932167.00
3 Shri Rajeev Chaudhary,
Whole Time Director
(28.12.2020 to 28.02.2021) 4403296.00 369449.00 4772745.00
4 Shri M Shahul Hameed,
Chief Financial Officer
(01.04.2020 to 27.07.2020) 4249399.00 533048.00 4782447.00
5 Shri G Sundara Raman,
Chief Financial Officer
(28.07.2020 to 31.03.2021) 2374992.00 225694.00 2600686.00
6 Ms. Anagha Shantanu Deshpande,
Company Secretary
(01.04.2020 to 31.03.2021) 1509821.00 261687.00 1771508.00

DETAILS OF REMUNERATION PAID TO KEY MANAGEMENT PERSONS AS PER IRDAI CORPORATE GOVERNANCE
GUIDELINES, 2016 (FY 2020-21)

Sr. No. Name Salary (`) Value of Perquisites (`) Total

1 Shri Girish Radhakrishnan, CMD
(01.04.2020 to 31.03.2021) 3015090.00 32400.00 3047490.00
2 Shri Ravi Rai, Whole Time Director
(28.12.2020 to 31.05.2021) 2890164.00 42003.00 2932167.00
3 Shri Rajeev Chaudhary,
Whole Time Director
(28.12.2020 to 28.02.2021) 4403296.00 369449.00 4772745.00
4 Shri M Shahul Hameed,
Chief Financial Officer
REPORT OF THE BOARD OF DIRECTORS

(01.04.2020 to 27.07.2020)
Chief Investment Officer
(01.10.2020 to 31.03.2021) 4249399.00 533048.00 4782447.00
5 Ms. Gauri Venkatesan
Chief Compliance Officer
(01.04.2020 to 31.03.2021) 2468115.00 41540.00 2509655.00
6 Shri G Sundara Raman,
Chief Financial Officer
(28.07.2020 to 31.03.2021) 2374992.00 225694.00 2600686.00

Harnessing Power to Empower 101

 |

H«$_m§H$ Zm_ doVZ(₹) AZwbm^mo§ H$m _yë` (₹) Hw$b

7 lr_Vr gwHo${eZr am_mñdm_r,
à_wI Omo{I_ A{YH$mar
(01.04.2020 go 31.03.2021 VH ) 4059144.00 80457.00 4139601.00

8 lr Eg dr do§H$Qo>e _y{V©,
_w»` {Zdoe A{YH$mar
(01.04.2020 go 30.09.2020 VH ) 2698831.00 195412.00 2894243.00

9 lr_Vr AZKm em§VZw Xoenm§So>, H§$nZr g{Md

(01.04.2020 go 31.03.2021 VH ) 1509821.00 261687.00 1771508.00

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https:/uiic.co.in/en/publicdisclosure/annual return {ZXoeH$)
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102
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Sr. No. Name Salary (`) Value of Perquisites (`) Total

7 Ms. Sukeshini Ramaswamy,
Chief Risk Officer
(01.04.2020 to 31.03.2021) 4059144.00 80457.00 4139601.00
8 Shri S V Venkatesh Murthy,
Chief Investment Officer
(01.04.2020 to 30.09.2020) 2698831.00 195412.00 2894243.00
9 Ms. Anagha Shantanu Deshpande,
Company Secretary
(01.04.2020 to 31.03.2021) 1509821.00 261687.00 1771508.00

SUBORDINATED DEBT
The Unsecured Redeemable Fully paid up Non Convertible
Debentures are listed on the Bombay Stock Exchange. The
interest on debentures for the year was due for payment on
February 2, 2021 @8.25% on ` 900 crores. The total outgo
on account of interest on debentures amounted to ` 74.25
crores, which was duly paid on February 2, 2021. There
was no default in payment of interest to any debenture
holder.
During the review of rating exercise during the year,
Brickwork Ratings has reaffirmed “BWR AAA(Negative)”
Rating and CRISIL has also reaffirmed “CRISIL
AAA/Negative” Rating to the subordinated debt raised by
the Company.
SECRETARIAL AUDIT
As provided under section 204 of the Companies Act 2013,
the Company has appointed M/s Lakshmmi Subramanian
& Associates, a firm of Company Secretaries to carry out
the Secretarial Audit of the Company and their Report for
the year 2020-21 is enclosed as Annexure-2.
EXTRACT OF ANNUAL RETURN
In accordance with Section 134(3)(a) read with Section
92(1) of the Companies Act, 2013, the Annual Return of the
Company is placed at : https:/uiic.co.in/en/public-
accordance with the policy and applicable laws. Form
AOC-2 pursuant to Section 134(3)(h) of the Companies
Act 2013 read with the Rule 8(2) of the Companies
(Accounts) Rules, 2014 is set out in Annexure 4 to this
Repor t. The Related Par ty Transactions Policy is
available on the Company's website www.uiic.co.in.
RELATED PARTY TRANSACTIONS
Related party transactions with the following are given in
the Notes to Accounts :
i) Subsidiary :
M/s. Zenith Securities and Investments Limited
ii) Associates :
M/s. India International Insurance Pte Ltd.,
Singapore
M/s. Health Insurance TPA of India Ltd., India
iii) M/s. Ken India Assurance Co Ltd., Kenya
(Common Director)
GIC Housing Finance Limited (Common Director)
iv) Key Management Personnel :
Shri Girish Radhakrishnan, Chairman cum
Managing Director (From 01-04-2020 to
30.06.2021)
REPORT OF THE BOARD OF DIRECTORS

disclosures/annualreturn. Shri Ravi Rai, General Manager & Director

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION (From 28.12.2020 to 28.02.2021)
Considering the nature of operations of the Company, the Shri Rajeev Chaudhary,
provisions of section 134(3)(m) of the Companies Act, General Manager & Director
2013 read with Companies (Accounts) Rules, 2014 (From 28.12.2020 to 31.05.2021)
relating to information to be furnished on Conservation of Shri M. Shahul Hameed, CFO
Energy and Technology Absorption are not applicable. (From 01.04.2020 to 27.07.2020)
RELATED PARTY POLICY AND TRANSACTIONS Shri G. Sundara Raman, CFO (From 28.07.2020)

The Company has framed a policy on dealing with Related Ms. Anagha Shantanu Deshpande,
Party Transactions and necessary approvals are taken in Company Secretary (From 01-04-2020)

Harnessing Power to Empower 103

 |

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J`m Wm& H$mBo© nm{al{_H$ `m H$_reZ àmá H$aVm h,¡ ~mSo>© H$r {anmQo>:© H$mBo© Zhr§
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1 lr {Jare amYmH¥$îUZ,
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(01.04.2020 go 31.03.2021 VH ) 3015090.00 32400.00 3047490.00

2 lr a{d am`, _hmà~§YH$ Ed§ {ZXoeH$

(28.12.2020 go 31.05.2021 VH ) 2890164.00 42003.00 2932167.00

3 lr amOrd Mm¡Yar, _hmà~§YH$ Am¡a {ZXoeH$

(28.12.2020 go 28.02.2021 VH ) 4403296.00 369449.00 4772745.00

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df© 2019-20 Ho$ {bE H§$nZr H$r dm{f©H$ {anmoQ>© amÁ` g^m Ho$ g_j
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A{Y{Z`_, 2013 Amdí`H$VmAmo§ Ho$ AZwgma aIr JB© Wr&

MANAGERIAL REMUNERATION
None of the employees of the Company was paid salary
exceeding limits mentioned in Section 196 of the
Companies Act, 2013 and Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014.
Details of Remuneration paid to CMD/Whole Time Directors (FY 2020-21) :
Sr. No. Name Salary (`)
1 Shri Girish Radhakrishnan, CMD
(01.04.2020 to 31.03.2021) 3015090.00
2 Shri Ravi Rai, Whole Time Director
(28.12.2020 to 31.05.2021) 2890164.00
3 Shri Rajeev Chaudhary,
Whole Time Director
(28.12.2020 to 28.02.2021) 4403296.00
STATUTORY AUDITORS
M/s. A V Deven & Co., M/s. John Moris & Co. and M/s. P. S.
Subramania Iyer & Co. Chartered Accountants were appointed
as Statutory Auditors for the period under review by the
Comptroller and Auditor General of India under Section 139
of the Companies Act, 2013, in addition to the auditors
appointed to the various Regional and Divisional offices.
DETAILS OF EXPENSES OF MANAGEMENT DURING THE
YEAR ON ENTERTAINMENT, FOREIGN TOURS AND
PUBLICITY & ADVERTISEMENT Amount in `
Entertainment 150591
Foreign Tours 0 e.
Publicity & Advertisement 33136469
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 of
Companies Act 2013 (Section 217 (2AA) of the Companies
Act, 1956) with respect to Directors’ Responsibility
Statement, it is hereby confirmed that:
a. In the preparation of the annual accounts for the
financial year ended 31 March 2020, the applicable
accounting standards have been followed along with
proper explanation relating to material departures.
b. The Directors have selected such accounting policies
and applied them consistently and made judgments
and estimates that were reasonable and prudent so as
to give a true and fair view of the state of affairs of the
/
Any Director who is in receipt of any commission from the
Company and who is a Managing Director or Whole Time
Director of the Company shall receive any remuneration or
commission from any holding company or subsidiary
company of such company subject to its disclosure by the
Company in the Board’s Report : NONE
Value of Perquisites (`) Total
32400.00 3047490.00
42003.00 2932167.00
369449.00 4772745.00
Company at the end of the financial year and of the
profit or loss of the Company for the year under
review.
c. The Directors have taken proper and sufficient care
for the maintenance of adequate accounting records
in accordance with the provisions of this Act for
safeguarding the assets of the company and for
preventing and detecting fraud and other
irregularities.
d. The Directors have prepared the annual accounts for
the financial year ended 31 March 2020, on a going
concern basis.
The Directors have laid down Internal Financial
Controls to be followed by the Company and that
such Internal Financial Controls were adequate and
were operating effectively.
f. The Directors have devised proper systems to
REPORT OF THE BOARD OF DIRECTORS
ensure compliance with the provisions of all
applicable laws and that such systems are adequate
and operating effectively.
PLACING OF ANNUAL REPORT BEFORE THE
PARLIAMENT
The Ministry of Finance, Depar tment of Financial
Services (Insurance Division) has confirmed that the
Annual Report of the Company for the Financial Year
2019-20 was placed before Rajya Sabha on 12.02.2021
and Lok Sabha on 13.02.2021 as per the requirements of
the Companies Act, 2013.
Harnessing Power to Empower 105
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2021-22 Ho$ {bE H§$nZr H$r `moOZmE§/ÑpïH$moU A{^ñdrAmH¥${V

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ñWmZ : MoÞB© {ZXoeH$ {ZXoeH$
{XZm§H$ : 16.08.2021 SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
{ZXoeH$ ‘§S>b H$m à{VdoXZ

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84 ge{º H aU Ho {bE e{º H m XmohZ
 /

PLANS/OUTLOOK OF THE COMPANY FOR 2021-22
During the year 2021-22, our focus will be on improving
solvency through Claims efficiency, prudent underwriting,
cost rationalization and consolidation of infrastructure.
The other focus area would be to revamp Health portfolio
by introduction of New Products, New Optional covers and
repricing. The increased awareness of Health Insurance
shall be utilized to enhance the customer base. The
Liability portfolio and Fire LOB due to introduction of New
Products shall be the main focus.
Increased use of digitalization necessitated by the second
wave of pandemic situation would be at the core of
planning and development of various business
activities.
ACKNOWLEDGEMENTS
The Board of Directors conveys its sincere thanks to all
clients for their continued patronage. Board also places
on record its appreciation for the good work done by
employees and agents, brokers and other intermediaries
of the company. The Board also thanks the Appointed
Actuary, Statutory Auditors, Insurance Division of the
Ministr y of Finance, Insurance Regulator y and
Development Authority of India, General Insurers’
(Public Sector) Association and Member Audit Board for
their guidance and support.

For and on behalf of the Board

Y.K. Shimray Rajkiran Rai G

Place : Chennai
Director Director
Date : 16.08.2021 DIN : 09272315 DIN : 07427647

REPORT OF THE BOARD OF DIRECTORS

Harnessing Power to Empower 107

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{ZXoeH$ ‘§S>b H$m à{VdoXZ

108
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PROFILE OF THE BOARD OF DIRECTORS

Name (Shri/Smt) Qualification Field of Specialization Status of Directorship

Satyajit Tripathy B.Sc. Agriculture Insurance Director, Health Insurance TPA of
(From 05.09.2021) PGDM (XIMB) India Ltd
Director, Agriculture Insurance
Company of India Ltd
Director, Kenindia Assurance Co. Ltd
Director, GIC Housing Finance Ltd
Girish Radhakrishnan M.A Insurance Director, Health Insurance TPA of
(Upto 30.06.2021) India Ltd
Director, Agriculture Insurance
Company of India Ltd
Director, Kenindia Assurance Co. Ltd
Director, GIC Housing Finance Ltd
Amit Agrawal Bachelor of - Director, General Insurance
(From 07.12.2020) Technology (IIT) Corporation of India Limited
Director, Bank of Baroda
Part Time Member, IRDAI
Rajkiran Rai G. B.Sc. Banking MD & CEO, Union Bank of india
(From 14.08.2020) Agriculture Nominee Director & Non-Executive
Chairman, Union Bank of India (UK) Ltd.
Nominee Director & Non-Executive
Chairman, Union Asset Management
Company Pvt. Ltd
Nominee Director & Non-Executive
Chairman, Star Union Dai-ichi Life
Insurance Company Limited
Director, EXIM Bank
REPORT OF THE BOARD OF DIRECTORS

Nominee Director & Non-Executive

Chairman, UBI Services Ltd
M.G. Jayasree ISS, M.Sc - -
(From 10.12.2020) (Statistics), M.Sc.
( Public
Management
and Governance)

Harnessing Power to Empower 109

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{ZXoeH$ ‘§S>b H$m à{VdoXZ

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PROFILE OF THE BOARD OF DIRECTORS

Name (Shri/Smt) Qualification Field of Specialization Status of Directorship

Y.K. Shimray M.A. History, AIII Insurance -

(From 06.08.2021)
Madnesh Kumar Mishra, IAS B.Tech Production Engineering Director, Union Bank of India
(Upto 07.12.2020) Ph.D Organisational Behaviour Part Time Member – PFRDA
Board of Governor, Management
Development Institute

Sindhu Pillai, IPS M.A. Economics Economics -

(Upto 07.12.2020)
Parijat Dutta M.A. Economics Insurance -
(Upto 29.09.2020)
Ravi Rai B.Com (Hons), Insurance -
(From 28.12.2020 ACMA
to 31.05.2021)
Rajeev Chaudhary Post Graduate, Insurance -
(From 28.12.2020 MBA, LLB
to 28.02.2021)

Certification for Compliance of the Corporate Governance Guidelines

I, Anagha Shantanu Deshpande, hereby certify that the Company has complied with the Corporate Governance Guidelines
for Insurance Companies as amended from time to time and nothing has been concealed or suppressed.

(Anagha Shantanu Deshpande)

Company Secretary

REPORT OF THE BOARD OF DIRECTORS

Harnessing Power to Empower 111

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DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND

REDRESSAL) ACT, 2013

In line with the provisions of the Sexual Harassment of women at Workplace (Prevention, Prohibition and Redressal) Act
2013, the Company has set up Internal Complaints Committee at RO/HO Level to redress complaints received against
sexual harassment.

The following is the summary of complaints received and disposed off as on 31.03.2021 :
No. of No. of No. of
Period Complaints Complaints Complaints
Registered Disposed of Pending

01.01.2020 TO 31.12.2020 1 1 NIL

01.01.2021 TO 31.03.2021 1 0 1

Y.K. Shimray Rajkiran Rai G

Director Director
DIN : 09272315 DIN : 07427647

REPORT OF THE BOARD OF DIRECTORS

Harnessing Power to Empower 113

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 /
Annexure-1
ADDENDUM TO DIRECTORS’ REPORT DATED 12th SEPTEMBER, 2020
AS PER SECTION 134(3)(f) OF THE COMPANIES ACT, 2013
Statutory Auditors Comments on
Standalone financial statements & Management Replies for the year 2020-2021
1) Non obtention of year end confirmation
a) Observation as appearing in Independent Auditors’
Report –
Note No 27(a) to stand alone financial statements
refer to Non obtention of year end confirmation from
other Insurance companies and consequential
impact on the financials if any of adjustment /
reconciliation is not ascertainable
b) Observation as appearing in Annexure I to the
Independent Auditors’ Report -
The Company did not have appropriate Internal
controls for obtention of year end confirmation of
balances from other insurance companies and
reconciliation
Reply of the Management -
The company has conducted several virtual meetings
due to COVID with coinsurers to reconcile and settle the
coinsurance balances. A team has been formed to
follow up with other companies for reconciliation of
overdue balances. A detailed Reconciliation of
coinsurance balances was also shared with other PSU
Coinsurers The amount recoverable from and payable
to coinsurers has come down due to persistent efforts
to reconcile and settle the dues. Since coinsurance is
recurring and continuous , reconciliation is an on going
process and balances pertaining mostly to last quarter
of financial year is yet to be reconciled.
2) IL & FS
Note No 15(a) to the standalone financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of book value of ` 2752315.08
thousands (Previous Year – ` 2752315.08 thousands)
of IL & FS Group as on March 31, 2021. The group
Companies of IL & FS Group have defaulted on interest
payments and principal repayments which were due till
March 31, 2021. The company has treated its entire
investment in IL & FS group as Non-Performing Asset
(NPA) and classified the secured portion as Doubtful
Category II asset and the unsecured portion as
Doubtful Category III asset as per income recognition,
asset classification, provisioning and other related
matters on investments in Master Circular IRDAI
(Investment) Regulation 2016 and has made a
provision of ` 1176311.48 thousands (Previous Year -
` 951168.11 thousand) on non-convertible
debentures in the books of accounts. The credit rating
of the IL & FS and its group entities has also been
downgraded and the matter pertaining to the initiation
of corporate insolvency resolution process for IL & FS
group is pending before NCLT indicating substantial
erosion of security. The Company is yet to ascertain
the realisable value of the security charged to secure
these debentures as the reference to NCLT has not
yielded any road map for the resolution of NPA (Loss
Assets).The company has already provided for 100%
of the unsecured exposure of ` 500881.37 thousands
(previous year – ` 500881.37 thousands) .The
company has made provision for 30% of the secured
exposure. In our opinion the company is required to
make an additional provision of 70% on the secured
exposure also. This has resulted in understatement of
provision by ` 1576003.60 thousands and consequent
under or overstatement of profit/loss to the same
extent for the year ended 31st March, 2021.
Reply of the Management -
The Company has an exposure of ` 2752315.08
thousands in the Non-Convertible Debentures of
REPORT OF THE BOARD OF DIRECTORS
IL&FS group Companies as on 31.03.2021.There was
a default in the payment of dues during 2018-19 and
the asset was classified as Non-Performing Asset.
During the current year, the provision has been
increased from 20% to 30% on the secured portion of
` 2251433.70 thousands in addition to the 100%
provision already made on the unsecured portion of `
500881.37 thousands.
IL&FS Companies have been referred to NCLT/NCLAT
in October 2018 and the Resolution plan is under
progress as per NCLT order dated 12th March 2020.
Harnessing Power to Empower 115
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à~§YZ H$m Odm~-
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116
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4) AmaEME\\$Eb
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J`m h¡&
à~§YZ H$m Odm~-
_ogg© Ho$ J¡a-n{adV©Zr` {S>~o§Ma _o§ H§$nZr H$m 1149750 hOma
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hOma én`o Ho$ AgwapjV {hñgo na àmdYmZ 10% go ~‹T>mH$a 100%
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Am¡a _m¡OyXm AmB©AmaS>rEAmB© {d{Z`_mo§ Ho$ AZwgma àmdYmZ {H$`m
J`m h¡&

As per the information available, the Asset Monetization
process is underway and aggregate debt recovery of
around 60% is expected by end of Financial Year 2022.
Investments in IL & FS Companies has been classified
as NPA/Doubtful(D2) and a provision of 30% has been
made as per extant IRDAI Regulations on Income
Recognition, Asset Classification and Provisioning and
Other related matters and also as per the Accounting
Policy of the Company.
3) DHFL
Note No.15(b) to the standalone financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of ` 500000 thousand (previous
year – ` 500000 thousands) issued by Dewan Housing
Finance Limited (DHFL). DHFL have defaulted on
interest payments and principal repayments which were
due till March 31, 2021. The company has already
provided for 100% of the unsecured exposure
amounting to ` 150000 thousands. The Company has
treated its entire Investment in DHFL as Non-
Performing Asset and has made a provision of 60% for
its secured portion of Book value of ` 350000
thousands, amounting to 210000 thousands on non-
convertible debentures in the books of accounts based
on the Initial outcome of the Resolution Process. The
credit rating of the DHFL has also been downgraded and
the matter pertaining to corporate insolvency resolution
process is also in progress. In our opinion, the company
is required to make an additional provision of 40% on its
secured investment portion. This has resulted in
understatement of provision by ` 140000 thousands
and consequent under or overstatement of profit/loss
to the same extent for the year ended 31st March, 2021.
Reply of the Management -
The Company has an exposure of ` 500000 thousands
in Non-Convertible Debentures of M/s. Dewan Housing
Finance Corporation (DHFL) as on 31.03.2021. There
was a default in payment of principal and interest during
2019-20 and the entire exposure of DHFL was classified
as a Sub- standard asset and provision of 10% was
made as on 31.03.2020 as per IRDAI Regulations on
Income Recognition, Asset Classification, Provisioning,
and Other related matters. During the current year,
100% provision has been made in respect of the
unsecured portion of Rs.150000 thousands and
provision has been increased from 10% to 60% on the
secured portion of ` 350000 thousands. Corporate
/
Insolvency Resolution Process was initiated and the
Committee of Creditors (CoC) has approved the
resolution plan submitted by one of the bidders. As per
the CoC approved resolution plan, recovery of 42% is
expected on the dues to the financial creditors. The
provision has been made based on the information
available on estimated recovery and as per extant
IRDAI Regulations.
4) RHFL
Note No. 15(c ) to the standalone financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of book value of ` 1149750
thousands (Previous Year – ` 1149750 thousands)
issued by Reliance Home Finance Limited (RHFL).
RHFL have defaulted on interest payments and
principal repayments which were due till March 31,
2021. The company has already provided for 100% of
the unsecured exposure of book value of Rs. 599750
thousands. The Company has treated its entire
Investment in RHFL as Non-Performing Asset and has
made a provision of 80% for its secured portion of
book value of 550000 thousands, amounting to
440000 thousands on non-convertible debentures in
the books of accounts based on the outcome of
Resolution Process. The credit rating of the RHFL has
also been downgraded and the matter pertaining to the
corporate insolvency resolution process is also in
progress. In our opinion, the company is required to
make an additional provision of 20% on its secured
investment portion. This has resulted in under
statement of provision by ` 109999.99 thousands and
consequent under or overstatement of profit/loss to
the same extent for the year ended 31st March, 2021.
Reply of the Management -
The Company has an exposure of ` 1149750 thousands
in Non- Convertible Debentures of M/s. Reliance Home
Finance Limited (RHFL) as on 31.03.2021.During the
REPORT OF THE BOARD OF DIRECTORS
current year, provision has been increased from 10% to
100% on the unsecured portion of ` 599750 thousands
and provision on the secured portion of ` 550000
thousands has been enhanced to 80%. The resolution
process of RHFL is under progress and the Committee
of Creditors (CoC) has approved the Resolution Plan
submitted by one of the bidders. As per the Resolution
Plan, 20% recovery is expected on the dues to financial
creditors. Provision has been made based on the
information available on estimated recovery and as per
extant IRDAI Regulations.
Harnessing Power to Empower 117
 |
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{ZXoeH$ ‘§S>b H$m à{VdoXZ
118
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SrAmB©EZ : 09272315 SrAmB©EZ : 07427647

5) ETASS
Observation as appearing in Annexure I to the
Independent Auditors’ Report –
The Company did not have a system in place for timely
and effective reconciliation of the differences between
the balances reflected in the books of accounts of the
company and those reported in the Electronic
Transaction Administration and settlement system
(ETASS) portal in respect of transactions amongst the
co insurers.
Reply of the Management -
The company uploads all data into ETASS where we are
leaders through web to web service. Mainly, data
formats for Property and Health lines of business are
available in ETASS; while data capture formats for some
lines of business are not available in the portal. Further,
where we are followers, differences are observed as
data is either not uploaded by the leaders or the
uploaded data is disputed. A team has been entrusted
with the task of reconciliation of Coinsurance balances
with the balances as per ETASS. Going forward, it is
expected that all payments would be made from the
ETASS platform which would help in reconciliation of
balances.
6) Integration of Reinsurance accounts in GC Core
The recording of reinsurance transactions is done
through Manual intervention to feed enormous volume
of basic data into the system due to absence of
Seamless integration of the accounting package in
direct side with that of the accounting package used in
reinsurance.
Place: Chennai
Date : 16.08.2021
/
Reply of the Management -
During the current year the Reinsurance transactions
were moved into GC CORE for parallel run and testing.
The parallel run for Q1 of 2020-21 was successful. Due
to complex nature of reinsurance transactions there are
some issues in reporting and integration due to which
final reconciliation of the data entered/ migrated for
remaining three quarters of 2020-21 is awaited. The
Accounting of Reinsurance transactions in GC CORE
has been implemented from 1st April 2021.
7) Internal Controls
The internal Control mechanism followed by the
company appears to have failed in the transactions
related to fraud reported in LCB Mumbai. Company is
yet to identify the accounts debited through which the
perpetrator/s has committed this fraud. Suitable steps
to be initiated on war footing to ensure that such
instances do not recur in future. Company has already
instituted a forensic audit the result of which is awaited.
Reply of the Management -
The company has adequate internal control system
including Maker checker concept, user roles
configuration and two factor authentication to match
all known risk exposures. The camouflaged/masked
transaction/entries made in the system by the accused
employee to hide detection are being traced/analysed
by the forensic auditors whose report is awaited.
The Immediate improvements to strengthen the system
like escalation matrix for vendor master creation and
modification, accounting of incoming coinsurance,
centralisation of tax remittances has been implemented.
Further improvements like centralisation of Cheque /DD
issuance is under implementation.
REPORT OF THE BOARD OF DIRECTORS
For and on behalf of the Board
Y.K. Shimray Rajkiran Rai G
Director Director
DIN : 09272315 DIN : 07427647
Harnessing Power to Empower 119
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H$aZo Ho$ {bE gh~r_mH$Vm©Amo§ Ho$ gmW H$B© dMw©`b ~¡R>Ho$§ H$r h¡§&
A{VXo` eof Ho$ g_mYmZ Ho$ {bE AÝ` H§$n{Z`mo§ Ho$ gmW AZwdVu
H$ma©dmB© Ho$ {bE EH$ Q>r_ H$m JR>Z {H$`m J`m h¡& AÝ` nrEg`y
gh~r_mH$Vm©Amo§ Ho$ gmW gh~r_m eof H$m {dñV¥V g_mYmZ ^r gmPm
{H$`m J`m Wm& My±{H$ gh~r_m AmdVu Am¡a {Za§Va h¡, g_mYmZ EH$
gVV àpH«$`m h¡ Am¡a A{YH$m§eV… {dÎmr` df© H$r A§{V_ {V_mhr go
g§~§{YV eof H$m g_mYmZ {H$`m OmZm ~mH$r h¡&
2) AmB©Eb E§S> E\$Eg
31 _mM©, 2021 H$mo AmB©Eb E§S> E\$Eg g_yh Ho$ 2752315.08
hOma én`o ({nN>bo df© - 2752315.08 hOma én`o) Ho$ ~wH$ d¡ë`y
Ho$ J¡a-n{adV©Zr` {S>~o§Ma _o§ {Zdoe Ho$ g§~§Y _o§ g_o{H$V {dÎmr`
{ddaUmo§ Ho$ {bE ZmoQ> g§»`m 16 (H$) AmB©Eb E§S> E\$Eg g_yh H$r
g_yh H§$n{Z`mo§ Zo 31 _mM©, 2021 VH$ ã`mO ^wJVmZ Am¡a _ybYZ
^wJVmZ _o§ MyH$ H$r h¡& H§$nZr Zo AmB©Eb E§S> E\\$Eg g_yh _o§ AnZo nyao
{ZXoeH$ ‘§S>b H$m à{VdoXZ
{Zdoe H$mo J¡a-{Zînm{XV n{ag§npÎm (EZnrE) Ho$ ê$n _o§ _mZm h¡ Am¡a
gwapjV {hñgo H$mo dJuH¥$V {H$`m h¡& g§{X½Y loUr II n{ag§npÎm Am¡a
AgwapjV ^mJ H$mo g§{X½Y loUr III g§npÎm Ho$ ê$n _o§ Am`
_mÝ`Vm, n{ag§npÎm dJuH$aU, àmdYmZ Am¡a AÝ` g§~§{YV _m_bmo§ Ho$
AZwgma _mñQ>a n{anÌ AmB Ama S>r E AmB ({Zdoe) {d{Z`_Z
120
84 ge{º H aU Ho {bE e{º H m XmohZ
2016 _o§ {Zdoe na Am¡a 1176311.48 hOma én`o H$m àmdYmZ
{H$`m h¡ ({nN>bo df© - ImVmo§ H$r {H$Vm~mo§ _o§ J¡a-n{adV©Zr` {S>~o§Ma
na én`o 951168.11 hOma)& AmB©Eb E§S> E\$Eg Am¡a CgHo$
g_yh H$r g§ñWmAmo§ H$r H«$o{S>Q> ao{Q§>J H$mo ^r S>mCZJ«oS> H$a {X`m J`m
h¡ Am¡a AmB©Eb E§S> E\\$Eg g_yh Ho$ {bE H$m°nmo©aoQ> {Xdmbm g_mYmZ
àpH«$`m ewê$ H$aZo go g§~§{YV _m_bm EZgrEbQ>r Ho$ g_j b§{~V h¡
Omo gwajm Ho$ n`m©á jaU H$m g§Ho$V XoVm h¡& H§$nZr H$mo A^r VH$ BZ
{S>~o§Ma H$mo gwapjV H$aZo Ho$ {bE MmO© H$r JB© gwajm Ho$ dgybr
`mo½` _yë` H$m nVm bJmZm h¡ Š`mo§{H$ EZgrEbQ>r Ho$ g§X^© _o§
EZnrE (hm{Z g§npÎm) Ho$ g_mYmZ Ho$ {bE H$moB© amoS> _¡n Zhr§ {_bm
h¡& H§$nZr nhbo hr 100% AgwapjV EŠgnmoOa àXmZ H$a MwH$r h¡&
500881.37 hOma én`o ({nN>bo df© - 500881.37 hOma
én`o) H$m& H§$nZr Zo gwapjV EŠgnmoOa Ho$ 30% Ho$ {bE àmdYmZ
{H$`m h¡& h_mar am` _o§ H§$nZr H$mo gwapjV EŠgnmoOa na ^r 70%
H$m A{V{aº$ àmdYmZ H$aZo H$r Amdí`H$Vm h¡ & BgHo $
n{aUm_ñdê$n 31 _mM©, 2021 H$mo g_má df© Ho$ {bE
1576003.60 hOma énE Ho$ àmdYmZ H$mo H$_ H$aHo$ {XIm`m
J`m h¡ Am¡a n{aUm_ñdê$n bm^/hm{Z H$mo Cgr gr_m VH$ H$_ `m
A{YH$ ~Vm`m J`m h¡&
à~§YZ H$m Odm~-
31.03.2021 VH$ H§$nZr H$m AmB©Eb E§S> E\$Eg g_yh H$r H§$n{Z`mo§
Ho$ J¡a-n{adV©Zr` {S>~o§Ma _o§ 2752315.08 hOma én`o H$m
EŠgnmoOa h¡& 2018-19 Ho$ Xm¡amZ ~H$m`m ^wJVmZ _o§ MyH$ hwB© Wr
Am¡a n{ag§npÎm H$mo J¡a-{Zînm{XV n{ag§npÎm Ho$ ê$n _o§ dJuH¥$V {H$`m
J`m Wm& Mmby df© Ho$ Xm¡amZ 500881.37 hOma én`o Ho$ AgwapjV
{hñgo na nhbo go {H$E JE 100% àmdYmZ Ho $ Abmdm
2251433.70 hOma én`o Ho$ gwapjV {hñgo na àmdYmZ H$mo 20%
go ~‹T>mH$a 30% H$a {X`m J`m h¡&
AmB© E b E§ S > E\\$Eg H§ $ n{Z`mo § H$mo AŠQy > ~a 2018 _o §
EZgrEbQ>r/EZgrEbEQ>r Ho$ nmg ^oOm J`m h¡ Am¡a EZgrEbQ>r Ho$
AmXoe {XZm§H$ 12 _mM© 2020 Ho$ AZwgma g_mYmZ `moOZm àJ{V na
h¡&
 /
ADDENDUM TO DIRECTORS’ REPORT DATED 12th SEPTEMBER, 2020
AS PER SECTION 134(3)(f) OF THE COMPANIES ACT, 2013
Statutory Auditors Comments on
Consolidated financial statements & Management Replies for the year 2020-2021
1) Non obtention of year end confirmation
a) Observation as appearing in Independent Auditors’
Report –
Note No. 30(a) to consolidated financial statements
refer to Non obtention of year end confirmation from
other Insurance companies and consequential
impact on the financials if any of adjustment /
reconciliation is not ascertainable
b) Observation as appearing in Annexure I to the
Independent Auditors’ Report -
The Company did not have appropriate Internal
controls for obtention of year end confirmation of
balances from other insurance companies and
reconciliation
Reply of the Management -
The company has conducted several virtual meetings
due to COVID with coinsurers to reconcile and settle the
coinsurance balances. A team has been formed to
follow up with other companies for reconciliation of
overdue balances. A detailed Reconciliation of
coinsurance balances was also shared with other PSU
Coinsurers The amount recoverable from and payable
to coinsurers has come down due to persistent efforts
to reconcile and settle the dues. Since coinsurance is
recurring and continuous , reconciliation is an on going
process and balances pertaining mostly to last quarter
of financial year is yet to be reconciled.
2) IL & FS
Note No 16(a) to the consolidated financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of book value of ` 2752315.08
thousands (Previous Year – ` 2752315.08 thousands)
of IL & FS Group as on March 31, 2021. The group
Companies of IL & FS Group have defaulted on interest
payments and principal repayments which were due till
March 31, 2021. The company has treated its entire
investment in IL & FS group as Non-Performing Asset
(NPA) and classified the secured portion as Doubtful
Category II asset and the unsecured portion as Doubtful
Category III asset as per income recognition, asset
classification, provisioning and other related matters
on investments in Master Circular IRDAI (Investment)
Regulation 2016 and has made a provision of
` 1176311.48 thousands (Previous Year - ` 951168.11
thousand) on non-convertible debentures in the books
of accounts. The credit rating of the IL & FS and its
group entities has also been downgraded and the
matter pertaining to the initiation of corporate
insolvency resolution process for IL & FS group is
pending before NCLT indicating substantial erosion of
security. The Company is yet to ascertain the realisable
value of the security charged to secure these
debentures as the reference to NCLT has not yielded
any road map for the resolution of NPA (Loss Assets).
The company has already provided for 100% of the
unsecured exposure of ` 500881.37 thousands
(previous year – ` 500881.37 thousands) .The
company has made provision for 30% of the secured
exposure. In our opinion the company is required to
make an additional provision of 70% on the secured
exposure also. This has resulted in understatement of
provision by ` 1576003.60 thousands and
consequent under or overstatement of profit/loss to
the same extent for the year ended 31st March, 2021.
Reply of the Management -
The Company has an exposure of ` 2752315.08
thousands in the Non-Convertible Debentures of
IL&FS group Companies as on 31.03.2021. There was
REPORT OF THE BOARD OF DIRECTORS
a default in the payment of dues during 2018-19 and
the asset was classified as Non-Performing Asset.
During the current year, the provision has been
increased from 20% to 30% on the secured portion of
` 2251433.70 thousands in addition to the 100%
provision already made on the unsecured portion of
` 500881.37 thousands.
IL&FS Companies have been referred to NCLT/NCLAT
in October 2018 and the Resolution plan is under
progress as per NCLT order dated 12th March 2020.
Harnessing Power to Empower 121
 |
CnbãY OmZH$mar Ho$ AZwgma, g§npÎm _wÐrH$aU àpH«$`m Mb ahr h¡ Am¡a
{dÎmr` df© 2022 Ho$ A§V VH$ bJ^J 60% H$r Hw$b FU dgybr H$r
Cå_rX h¡&
AmB©Eb E§S> E\\$Eg H§$n{Z`mo§ _o§ {Zdoe H$mo EZnrE / g§{X½Y (S>r 2) Ho$
ê$n _o§ dJuH¥$V {H$`m J`m h¡ Am¡a 30 H$m àmdYmZ h¡& Am` nhMmZ,
g§npÎm dJuH$aU Am¡a àmdYmZ Am¡a AÝ` g§~§{YV _m_bmo§ na Am¡a
H§$nZr H$r boIm Zr{V Ho$ AZwgma _m¡OyXm AmB©AmaS>rEAmB© {d{Z`_mo§ Ho$
AZwgma% ~Zm`m J`m h¡&
3) S>rEME\$Eb
XrdmZ hmC{g§J \\$mBZo§g {b{_Qo>S> (S>rEME\\$Eb) Ûmam Omar {H$E JE
₹ 500000 hOma ({nN>bo df© - ₹ 500000 hOmamo§) Ho$ J¡a-
n{adV©Zr` {S>~o§Ma _o§ {Zdoe Ho$ g§~§Y _o§ g_o{H$V {dÎmr` {ddaUmo§ Ho$
{bE ZmoQ> g§»`m 16 (I)& S>rEME\\$Eb Zo 31 _mM©, 2021 VH$ Xo`
ã`mO ^wJVmZ Am¡a _ybYZ Ho$ nwZ^w©JVmZ _o§ MyH$ H$r h¡& H§$nZr Zo nhbo
hr 150000 hOma én`o Ho$ AgwapjV Omo{I_ H$m 100% àXmZ H$a
{X`m h¡& H§$nZr Zo S>rEME\\$Eb _o§ AnZo nyao {Zdoe H$mo J¡a-{Zînm{XV
g§npÎm Ho$ ê$n _o§ _mZm h¡ Am¡a àma§{^H$ AmYma na ImVmo§ H$r {H$Vm~mo§ _o§
J¡a-n{adV©Zr` {S>~o§Ma na 350000 hOma én`o Ho$ ~wH$ d¡ë`y Ho$
AnZo gwapjV {hñgo Ho$ {bE 60% H$m àmdYmZ {H$`m h¡& g§H$ën àpH«$`m
Ho$ n{aUm_& S>rEME\\$Eb H$r H«$o{S>Q> ao{Q§>J H$mo ^r S>mCZJ«oS> H$a {X`m
J`m h¡ Am¡a H$m°anmoaoQ> {Xdmbm g_mYmZ àpH«$`m go g§~§{YV _m_bm ^r
àJ{V na h¡& h_mar am` _o§, H§$nZr H$mo AnZo gwapjV {Zdoe {hñgo na
40% H$m A{V{aº$ àmdYmZ H$aZo H$r Amdí`H$Vm h¡& BgHo$
n{aUm_ñdê$n 31 _mM©, 2021 H$mo g_má hwE df© Ho$ {bE àmdYmZ H$mo
140000 hOma én`o go H$_ ~Vm`m J`m h¡ Am¡a n{aUm_ñdê$n
bm^/hm{Z H$mo Cgr gr_m VH$ H$_ `m A{YH$ ~Vm`m J`m h¡&
à~§YZ H$m Odm~-
H§$nZr H$m _¡gg© Ho$ J¡a-n{adV©Zr` {S>~o§Ma _o§ én`o 500000 hOma
H$m EŠgnmoOa h¡& 31.03.2021 H$mo XrdmZ hmC{g§J \\$mBZo§g
H$m°anmoaoeZ (S>rEME\\$Eb)& 2019-20 Ho$ Xm¡amZ _ybYZ Am¡a ã`mO
Ho$ ^wJVmZ _o§ MyH$ hwB© Wr Am¡a S>rEME\\$Eb Ho$ nyao EŠgnmoOa H$mo EH$
Cn-_mZH$ n{ag§npÎm Ho$ ê$n _o§ dJuH¥$V {H$`m J`m Wm Am¡a Am`
{ZXoeH$ ‘§S>b H$m à{VdoXZ
nhMmZ, g§npÎm dJuH$aU na AmB©AmaS>rEAmB© {d{Z`_mo§ Ho$ AZwgma
31.03.2020 H$mo 10% H$m àmdYmZ {H$`m J`m Wm& àmdYmZ, Am¡a
AÝ` g§~§{YV _m_bo& Mmby df© Ho$ Xm¡amZ, 150000 hOma én`o Ho$
AgwapjV {hñgo Ho$ g§~§Y _o§ 100% àmdYmZ {H$`m J`m h¡ Am¡a
350000 hOma én`o Ho$ gwapjV {hñgo na àmdYmZ 10% go ~‹T>mH$a
60% {H$`m J`m h¡& H$m°nmo©aoQ> {Xdmbm g_mYmZ àpH«$`m ewê$ H$r JB© Wr
122
84 ge{º H aU Ho {bE e{º H m XmohZ
Am¡a boZXmamo§ H$r g{_{V (grAmogr) Zo ~mobrXmVmAmo§ _o§ go EH$ Ûmam
àñVwV g_mYmZ `moOZm H$mo _§Oyar Xo Xr h¡& grAmogr Ûmam AZw_mo{XV
g_mYmZ `moOZm Ho$ AZwgma, {dÎmr` boZXmamo§ H$mo ~H$m`m am{e na
42% H$r dgybr H$r Cå_rX h¡& `h àmdYmZ AZw_m{ZV dgybr na
CnbãY gyMZm Am¡a _m¡OyXm AmB©AmaS>rEAmB© {d{Z`_mo§ Ho$ AZwgma
{H$`m J`m h¡&
4) AmaEME\$Eb
{abm`§g hmo_ \\$mBZo§g {b{_Qo>S> (AmaEME\\$Eb) Ûmam Omar J¡a-
n{adV©Zr` {S>~o§Ma _o§ ₹ 1149750 hOma ({nN>bo df©-₹
1149750 hOmamo§) Ho$ ~wH$ d¡ë`y Ho$ {Zdoe Ho$ g§~§Y _o§ g_o{H$V
{dÎmr` {ddaUmo§ Ho$ {bE ZmoQ> g§»`m 16 (J)& AmaEME\\$Eb Zo 31
_mM©,2021 VH$ Xo` ã`mO ^wJVmZ Am¡a _ybYZ H$r AXm`Jr _o§ MyH$
H$r& H§$nZr nhbo hr 599750 hOma én`o Ho$ ~wH$ d¡ë`y Ho$ AgwapjV
EŠgnmoOa H$m 100% àXmZ H$a MwH$r h¡& H§$nZr Zo AmaEME\\$Eb _o§
AnZo nyao {Zdoe H$mo J¡a-{Zînm{XV n{ag§npÎm Ho$ ê$n _o§ _mZm h¡ Am¡a
550000 hOma Ho$ ~wH$ d¡ë`y Ho$ AnZo gwapjV {hñgo Ho$ {bE 80%
H$m àmdYmZ {H$`m h¡, Omo {H$ ImVmo§ H$r nwñVH$mo§ _o§ J¡a-n{adV©Zr`
{S>~o§Ma na 440000 hOma H$r am{e h¡& g§H$ën àpH«$`m H$m n{aUm_&
AmaEME\\$Eb H$r H«$o{S>Q> ao{Q§>J H$mo ^r S>mCZJ«oS> H$a {X`m J`m h¡
Am¡a H$m°anmoaoQ> {Xdmbm g_mYmZ àpH«$`m go g§~§{YV _m_bm ^r àJ{V
na h¡& h_mar am` _o§, H§$nZr H$mo AnZo gwapjV {Zdoe {hñgo na 20%
H$m A{V{aº$ àmdYmZ H$aZo H$r Amdí`H$Vm h¡& BgHo$ n{aUm_ñdê$n
31 _mM© , 2021 H$mo g_má df© Ho $ {bE àmdYmZ H$mo
10,999,99,9,000 én`o H$_ H$aHo$ {XIm`m J`m h¡ Am¡a
n{aUm_ñdê$n bm^/hm{Z H$mo Cgr gr_m VH$ H$_ `m A{YH$ ~Vm`m
J`m h&¡
à~§YZ H$m Odm~-
_ogg© Ho$ J¡a-n{adV©Zr` {S>~o§Ma _o§ H§$nZr H$m 1149750 hOma
én`o H$m EŠgnmoOa h¡& {abm`§g hmo_ \\$mBZo§g {b{_Qo>S>
(AmaEME\\$Eb) 31.03.2021 VH$& Mmby df© Ho$ Xm¡amZ, 599750
hOma én`o Ho$ AgwapjV {hñgo na àmdYmZ 10% go ~‹T>mH$a 100%
H$a {X`m J`m h¡ Am¡a 550000 hOma én`o Ho$ gwapjV {hñgo na
àmdYmZ H$mo ~‹T>mH$a 80% H$a {X`m J`m h¡& . AmaEME\\$Eb H$r
g_mYmZ àpH«$`m àJ{V na h¡ Am¡a boZXmamo§ H$r g{_{V (grAmo gr) Zo
~mobrXmVmAmo§ _o§ go EH$ Ûmam àñVwV g_mYmZ `moOZm H$mo _§Oyar Xo Xr
h¡& g_mYmZ `moOZm Ho$ AZwgma, {dÎmr` boZXmamo§ H$mo ~H$m`m am{e na
20% H$r dgybr H$r Cå_rX h¡& AZw_m{ZV dgybr na CnbãY gyMZm
Am¡a _m¡OyXm AmB©AmaS>rEAmB© {d{Z`_mo§ Ho$ AZwgma àmdYmZ {H$`m
J`m h¡&

As per the information available, the Asset Monetization
process is underway and aggregate debt recovery of
around 60% is expected by end of Financial Year 2022.
Investments in IL & FS Companies has been classified
as NPA/Doubtful(D2) and a provision of 30% has been
made as per extant IRDAI Regulations on Income
Recognition, Asset Classification and Provisioning and
Other related matters and also as per the Accounting
Policy of the Company.
3) DHFL
Note No.16(b) to the consolidated financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of ` 500000 thousand (previous
year – ` 500000 thousands) issued by Dewan Housing
Finance Limited (DHFL). DHFL have defaulted on
interest payments and principal repayments which were
due till March 31, 2021. The company has already
provided for 100% of the unsecured exposure
amounting to ` 150000 thousands. The Company has
treated its entire Investment in DHFL as Non-
Performing Asset and has made a provision of 60% for
its secured portion of Book value of ` 350000
thousands, amounting to 210000 thousands on non-
convertible debentures in the books of accounts based
on the Initial outcome of the Resolution Process. The
credit rating of the DHFL has also been downgraded and
the matter pertaining to corporate insolvency resolution
process is also in progress. In our opinion, the company
is required to make an additional provision of 40% on its
secured investment portion. This has resulted in
understatement of provision by ` 140000 thousands
and consequent under or overstatement of profit/loss
to the same extent for the year ended 31st March, 2021.
Reply of the Management -
The Company has an exposure of Rs.500000 thousands
in Non- Convertible Debentures of M/s. Dewan Housing
Finance Corporation (DHFL) as on 31.03.2021. There
was a default in payment of principal and interest during
2019-20 and the entire exposure of DHFL was classified
as a Sub- standard asset and provision of 10% was
made as on 31.03.2020 as per IRDAI Regulations on
Income Recognition, Asset Classification, Provisioning,
and Other related matters. During the current year,
100% provision has been made in respect of the
unsecured portion of ` 150000 thousands and
provision has been increased from 10% to 60% on the
secured portion of ` 350000 thousands. Corporate
Insolvency Resolution Process was initiated and the
/
Committee of Creditors (CoC) has approved the
resolution plan submitted by one of the bidders. As per
the CoC approved resolution plan, recovery of 42% is
expected on the dues to the financial creditors. The
provision has been made based on the information
available on estimated recovery and as per extant
IRDAI Regulations.
4) RHFL
Note No. 16 (c) to the consolidated financial
statements, regarding the investment in Non-
Convertible Debentures to the tune of book value of
` 1149750 thousands (Previous Year – ` 1149750
thousands) issued by Reliance Home Finance
Limited (RHFL). RHFL have defaulted on interest
payments and principal repayments which were due
till March 31, 2021. The company has already
provided for 100% of the unsecured exposure of book
value of ` 599750 thousands. The Company has
treated its entire Investment in RHFL as Non-
Performing Asset and has made a provision of 80% for
its secured portion of book value of 550000
thousands, amounting to 440000 thousands on non-
convertible debentures in the books of accounts based
on the outcome of Resolution Process. The credit
rating of the RHFL has also been downgraded and the
matter pertaining to the corporate insolvency
resolution process is also in progress. In our opinion,
the company is required to make an additional
provision of 20% on its secured investment portion.
This has resulted in understatement of provision by
` 109999.99 thousands and consequent under or
overstatement of profit/loss to the same extent for the
year ended 31st March, 2021.
Reply of the Management -
The Company has an exposure of ` 1149750
thousands in Non- Convertible Debentures of
M/s. Reliance Home Finance Limited (RHFL) as on
REPORT OF THE BOARD OF DIRECTORS
31.03.2021.During the current year, provision has
been increased from 10% to 100% on the unsecured
portion of ` 599750 thousands and provision on the
secured portion of ` 550000 thousands has been
enhanced to 80%. The resolution process of RHFL is
under progress and the Committee of Creditors (CoC)
has approved the Resolution Plan submitted by one of
the bidders. As per the Resolution Plan, 20% recovery
is expected on the dues to financial creditors.
Provision has been made based on the information
available on estimated recovery and as per extant
IRDAI Regulations.
Harnessing Power to Empower 123
 |
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Š`mo§{H$ So>Q>m `m Vmo ZoVmAmo§ Ûmam AnbmoS> Zhr§ {H$`m OmVm h¡ `m AnbmoS>
{H$`m J`m So>Q>m {ddm{XV hmoVm h¡& EH$ Q>r_ H$mo B©Q>rEEgEg Ho$ AZwgma
eof am{e Ho$ gmW gh~r_m eof Ho$ g_mYmZ H$m H$m`© gm¡§nm J`m h¡&
^{dî` _o§, `h Cå_rX H$r OmVr h¡ {H$ g^r ^wJVmZ B©Q>rEEgEg
ßboQ\$>\$m°_© go {H$E OmE§Jo Omo eof am{e Ho$ g_mYmZ _o§ _XX H$ao§Jo&
6) Orgr H$moa _o§ nwZ~u_m ImVmo§ H$m EH$rH$aU
nwZ~u_m boZXoZ H$r {aH$m°{S>ªJ _¡Ý`wAb hñVjon Ho$ _mÜ`_ go H$r OmVr
h¡ Vm{H$ nwZ~u_m _o§ Cn`moJ {H$E JE boIm§H$Z n¡Ho$O Ho$ gmW AàË`j
ê$n go boIm§H$Z n¡Ho$O Ho$ {Z~m©Y EH$rH$aU H$r AZwnpñW{V Ho$ H$maU
{gñQ>_ _o§ ~w{Z`mXr So>Q>m H$r ^mar _mÌm H$mo \\$rS> {H$`m Om gHo$&
à~§YZ H$m Odm~-
Mmby df© Ho$ Xm¡amZ g_mZm§Va MbmZo Am¡a narjU Ho$ {bE nwZ~u_m
{ZXoeH$ ‘§S>b H$m à{VdoXZ
ñWmZ : MoÞB©
{XZm§H$ : 16.08.2021
124
84 ge{º H aU Ho {bE e{º H m XmohZ
boZXoZ H$mo Orgr H$moa _o§ ñWmZm§V{aV H$a {X`m J`m Wm& 2020-21
H$r nhbr {V_mhr Ho$ {bE g_mZm§Va aZ g\\$b ahm& nwZ~u_m boZXoZ
H$r O{Q>b àH¥${V Ho$ H$maU {anmo{Q>ªJ Am¡a EH$rH$aU _o§ Hw$N> _wÔo h¡§,
{OgHo$ H$maU 2020-21 H$r eof VrZ {V_m{h`mo§ Ho$ {bE
XO©/_mBJ«oQ> {H$E JE So>Q>m H$m A§{V_ g_mYmZ àVrpjV h¡& Orgr H$moa
_o§ nwZ~u_m boZXoZ H$m boIm 1 Aà¡b 2021 go bmJy {H$`m J`m h¡&
7) Am§V{aH$ {Z`§ÌU
Eogm àVrV hmoVm h¡ {H$ H§$nZr Ûmam AnZmB© JB© Am§V{aH$ {Z`§ÌU
àUmbr Ebgr~r _w§~B© _o§ {anmoQ>© H$r JB© YmoImY‹S>r go g§~§{YV boZXoZ _o§
{d\\$b ahr h¡& H§$nZr Zo A^r VH$ CZ ImVmo§ H$r nhMmZ Zhr§ H$r h¡,
{OZHo$ _mÜ`_ go AnamYr Zo `h YmoImY‹S>r H$r h¡& ^{dî` _o§ Eogr
KQ>ZmAmo§ H$r nwZamd¥pÎm Z hmo, `h gw{ZpüV H$aZo Ho$ {bE `wÕñVa na
Cn`wº$ H$X_ CR>mE OmE§& H§$nZr Zo nhbo hr EH$ \\$moao§{gH$ Am°{S>Q>
ewê$ H$a {X`m h¡ {OgH$m n{aUm_ àVrpjV h¡&
à~§YZ H$m Odm~-
H§$nZr Ho$ nmg n`m©á Am§V{aH$ {Z`§ÌU àUmbr h¡ {Og_o§ _oH$a MoH$a
AdYmaUm, Cn`moJH$Vm© ^y{_H$m H$m°pݵ\\$JaoeZ Am¡a g^r kmV
Omo{I_ Omo{I_mo§ go _ob ImZo Ho$ {bE Xmo H$maH$ à_mUrH$aU em{_b
h¡§& Amamonr H$_©Mmar Ûmam nhMmZ {N>nmZo Ho$ {bE {gñQ>_ _o§ {H$E JE
N>bmdaU/ZH$m~nmoe boZXoZ/à{dpï`mo§ H$m \\$moao§{gH$ boIm
narjH$mo§ Ûmam nVm bJm`m/{díbofU {H$`m Om ahm h¡ {OZH$r {anmoQ>©
H$m B§VOma h¡& {gñQ>_ H$mo _O~yV H$aZo Ho$ {bE VËH$mb gwYma O¡go
{dH«$oVm _mñQ>a {Z_m©U Am¡a g§emoYZ Ho$ {bE d¥pÕ _¡pQ>«Šg, AmZo dmbo
{g¸o$ Ho$ boIm§H$Z, H$a àofU Ho$ Ho$§ÐrH$aU H$mo bmJy {H$`m J`m h¡&
MoH$/S>rS>r Omar H$aZo Ho$ Ho$§ÐrH$aU O¡go Am¡a gwYmamo§ H$mo bmJy {H$`m
Om ahm h¡&
H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go
dmB© Ho$ {e_ao amO{H$aU am` Or
{ZXoeH$ {ZXoeH$
SrAmB©EZ : 09272315 SrAmB©EZ : 07427647

5) ETASS
Observation as appearing in Annexure I to the
Independent Auditors’ Report –
The Company did not have a system in place for timely
and effective reconciliation of the differences between
the balances reflected in the books of accounts of the
company and those reported in the Electronic
Transaction Administration and settlement system
(ETASS) portal in respect of transactions amongst the
co insurers.
Reply of the Management -
The company uploads all data into ETASS where we are
leaders through web to web service. Mainly, data
formats for Property and Health lines of business are
available in ETASS; while data capture formats for some
lines of business are not available in the portal. Further,
where we are followers, differences are observed as
data is either not uploaded by the leaders or the
uploaded data is disputed. A team has been entrusted
with the task of reconciliation of Coinsurance balances
with the balances as per ETASS. Going forward, it is
expected that all payments would be made from the
ETASS platform which would help in reconciliation of
balances.
6) Integration of Reinsurance accounts in GC Core
The recording of reinsurance transactions is done
through Manual intervention to feed enormous volume
of basic data into the system due to absence of
Seamless integration of the accounting package in
direct side with that of the accounting package used in
reinsurance.
Place: Chennai
Date : 16.08.2021
/
Reply of the Management -
During the current year the Reinsurance transactions
were moved into GC CORE for parallel run and testing.
The parallel run for Q1 of 2020-21 was successful. Due
to complex nature of reinsurance transactions there are
some issues in reporting and integration due to which
final reconciliation of the data entered/ migrated for
remaining three quarters of 2020-21 is awaited. The
Accounting of Reinsurance transactions in GC CORE
has been implemented from 1st April 2021.
7) Internal Controls
The internal Control mechanism followed by the
company appears to have failed in the transactions
related to fraud reported in LCB Mumbai. Company is
yet to identify the accounts debited through which the
perpetrator/s has committed this fraud. Suitable steps
to be initiated on war footing to ensure that such
instances do not recur in future. Company has already
instituted a forensic audit the result of which is awaited.
Reply of the Management -
The company has adequate internal control system
including Maker checker concept, user roles
configuration and two factor authentication to match
all known risk exposures. The camouflaged/masked
transaction/entries made in the system by the accused
employee to hide detection are being traced/analysed
by the forensic auditors whose report is awaited.
The Immediate improvements to strengthen the
system like escalation matrix for vendor master
creation and modification, accounting of incoming
coinsurance, centralisation of tax remittances has
been implemented. Further improvements like
centralisation of Cheque /DD issuance is under
implementation.
REPORT OF THE BOARD OF DIRECTORS
For and on behalf of the Board
Y.K. Shimray Rajkiran Rai G
Director Director
DIN : 09272315 DIN : 07427647
Harnessing Power to Empower 125
 |

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g{Mdr` Am°{SQ {anmoQ©

31 ‘mM©, 2020 H$mo g‘má hþE {dÎmr¶ df© Ho$ {bE
(H§$nZr A{Y{Z¶‘, 2013 H$s Ymam 204 (1) Am¡a H§$n{Z¶m| ({Z¶w{º$ Am¡a nm[al{‘H$ H$m{‘©H$)
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godm ‘|,
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h‘Zo bmJy d¡Ym{ZH$ àmdYmZm| Ho$ AZwnmbZ H$m EH$ g{Mdmb¶ boIm narjm Am¡a 01 Aà¡b, 2020 go 31 ‘mM©, 2021 VH$ {dÎmr¶ df© Ho$ Xm¡amZ
¶wZmBQ>oS> B§{S>¶m B§í¶moa|g H§$nZr {b{‘Q>oS> (~mX ‘| H§$nZr) Ûmam AÀN>o H$m°nm}aoQ> àWmAm| H$m AZwnmbZ {H$¶m h¡ (df© / boIm narjm Ad{Y / g‘rjm Ho$ VhV
Ad{Y)&

h‘Zo g{Mdr¶ boImnarjm H$mo Bg VarHo$ go Am¶mo{OV {H$¶m {OgZo h‘| H§$nZr Ho$ H$m°nm}aoQ> g§MmbZ / d¡Ym{ZH$ AZwnmbZ H$m ‘yë¶m§H$Z H$aZo Am¡a Cg na
h‘mar am¶ 춺$ H$aZo Ho$ {bE C{MV AmYma àXmZ {H$¶m &

H$mo{dS>-19 ‘hm‘mar Ho$ àgma Ho$ H$maU h‘mao Ûmam {XE JE ñnï>rH$aU Am¡a {ddaU Am¡a à~§YZ Ûmam {H$E JE Aä¶mdoXZ H$mo H$m°anmoaoQ> H$m¶© ‘§Ìmb¶ Ûmam
Xr JB© Ny>Q>m| na {dMma H$aZo Ho$ ~mX h‘ H§$nZr H$s à{VdoVZ, H$mJOmV, {‘ZQ>m| H$s nwñVH$m|, ànÌm| Am¡a [aQ>Z© Am¡a H§$nZr Ûmam aIo JE Aݶ [aH$m°S>©, H§$nZr,
CgHo$ A{YH$m[a¶m|, EO|Q>m| Am¡a g{Mdm| Ho$ g§MmbZ Ho$ Xm¡amZ A{YH¥$V à{V{Z{Y¶m| Ûmam àXmZ H$s JB© OmZH$mar Ho$ g˶mnZ Ho$ AmYma na ¶h [anmoQ>© Omar
H$a aho h¢&
h‘ Bg àH$ma [anmoQ>© H$aVo h¢ {H$ h‘mar am¶ ‘|, H§$nZr Zo {dÎmr¶ df© 31 ‘mM© 2021 H$mo g‘má boImnarjm Ad{Y Ho$ Xm¡amZ, ¶hm§ gyMr~Õ gm§{d{YH$ àmdYmZm|
H$m nmbZ {H$¶m h¡ Am¡a ¶h ^r {H$ H§$nZr Ho$ nmg C{MV ~moS>© à{H«$¶mAm| Am¡a AZwnmbZ V§Ì H$s gr‘m h¡ &
1. {d{eï> d¡Ym{ZH$ àmdYmZm| Ho$ gmW AZwnmbZ:
h‘ AmJo [anmoQ>© H$aVo h¢ {H$:
1.1 h‘Zo H§$nZr Ûmam ~ZmE JE nwñVH$m|, H$mJOmV, {‘ZQ> H$s {H$Vm~m| Am¡a Aݶ A{^boIm| H$s Om§M H$s h¡ Am¡a bmJy àmdYmZm| Ho$ AZwgma df© Ho$ Xm¡amZ
àgm[aV {H$E JE ’$m°‘©, [aQ>Z©, [anmoQ>©, àH$Q>rH$aU Am¡a OmZH$mar H$m àgma {H$¶m h¡ & Ho$ I§S>:
(I) H§$nZr A{Y{Z¶‘, 2013 ('A{Y{Z¶‘') Am¡a dhm§ ~ZmE JE {Z¶‘;
(ii) ^maV Ho$ H§$nZr g{Mdm| Ûmam Omar gm‘mݶ ~¡R>H$ na {ZXoeH$ ‘§S>b H$s ~¡R>H|$ Am¡a g{Mdr¶ ‘mZH$m| (EgEg -2) na g{Mdr¶ ‘mZH$m| (EgEg -1)&
(iii) {dXoer ‘wÐm à~§YZ A{Y{Z¶‘, 1999 Am¡a {dXoer à˶j {Zdoe H$s gr‘m Ho$ VhV ~ZmE JE {Z¶‘ Am¡a {d{Z¶‘;
(iv) {gŠ¶mo[aQ>rO H$m°ÝQ´>¡ŠQ> ({d{Z¶‘Z) A{Y{Z¶‘, 1956 Am¡a BgHo$ VhV ~ZmE JE {Z¶‘ F$U à{V^y{V¶m| Ho$ g§~§Y ‘|
(v) {S>nm°{OQ>arO EŠQ>, 1996 Am¡a BgHo$ VhV ~ZmE JE {Z¶‘ / Cn-H$mZyZ F$U à{V^y{V¶m| Ho$ g§~§Y ‘|
(vi) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© A{Y{Z¶‘, 1992 (go~r {d{Z¶‘) Ho$ VhV {ZYm©[aV {ZåZ{bpIV {Z¶‘ 12 ’$adar 2018: -
{ZXoeH$ ‘§S>b H$m à{VdoXZ

H$) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (F$U à{V^y{V¶m| H$m A§H$ Am¡a {bpñQ>§J) {d{Z¶‘, 2008
I) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© ({bpñQ>§J Xm{¶Ëd Am¡a àH$Q>rH$aU Amdí¶H$VmE§) {d{Z¶‘, 2015
(vii) {ZåZ{bpIV H$mZyZ {deof ê$n go H§$nZr Ho$ {bE bmJy hmoVo h¢:
H$) gm‘mݶ ~r‘m ì¶dgm¶ (amï´>r¶H$aU) A{Y{Z¶‘, 1972 (OrAmB©~rEZE)
I) ~r‘m A{Y{Z¶‘ 1938 Am¡a BgHo$ {Z¶‘ Am¡a {d{Z¶‘Z&
126
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Annexure 2 - Secretarial Audit Report and Observations

SECRETARIAL AUDIT REPORT

For The Financial Year Ended on 31st March, 2021
Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the
Companies (Appointment and Remuneration of Personnel) Rules, 2014
To,
The Members,
United India Insurance Company Limited
We have conducted a Secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by United India Insurance Company Limited (hereinafter called “the Company”) during the financial
year from 01 April 2020 to 31 March 2021 (the year/ audit period/ period under review).

We conducted the Secretarial audit in a manner that provided us a reasonable basis for evaluating the Company’s corporate
conducts/statutory compliances and expressing our opinion thereon.

We are issuing this report based on our verification of the Company’s books, papers, minute books, forms and returns filed
and other records maintained by the Company, the information provided by the Company, its officers, agents and
authorised representatives during the conduct of secretarial audit, the explanations and clarifications given to us and the
representations made by the Management and after considering the relaxations granted by the Ministry of Corporate
Affairs due to the spread of the COVID-19 pandemic.

We hereby report that in our opinion, the Company has during the audit period covering the financial year ended on March
31, 2021, generally complied with the statutory provisions listed hereunder and also that the Company has proper Board
processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
1. Compliance with Specific Statutory Provisions:
We further report that:
1.1 We have examined the books, papers, minute books and other records maintained by the Company and the forms,
returns, reports, disclosures and information filed or, disseminated during the year according to the applicable
provisions, clauses of:
(i) The Companies Act, 2013 (‘the Act’) and the Rules made thereunder;
(ii) Secretarial Standards (SS-1) on “Meetings of the Board of Directors” and Secretarial Standards (SS-2) on “General
Meetings” issued by the Institute of Company Secretaries of India.
(iii) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of Overseas
Direct Investment;
(iv) The Securities Contract (Regulation) Act, 1956 and the rules made thereunder (with respect to the Debt Securities);
REPORT OF THE BOARD OF DIRECTORS

(v) The Depositories Act, 1996 and the regulations/ bye-laws framed thereunder (with respect to the Debt Securities);
(vi) The following regulations prescribed under the Securities and Exchange Board of India Act, 1992
(“SEBI Regulations”):-
a. Securities and Exchange Board of India (Issue and listing of Debt Securities) Regulations, 2008
b. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(vii) The following laws are specifically applicable to the Company:
a. General Insurance Business (Nationalisation) Act, 1972 (“GIBNA”)
b. Insurance Act 1938 and its Rules & Regulations.

Harnessing Power to Empower 127

 |

J) ~r‘m {Z¶m‘H$ Am¡a {dH$mg àm{YH$aU A{Y{Z¶‘ 1999&

K) Am¡Úmo{JH$ {ddmX (~¢qH$J Am¡a ~r‘m H§$n{Z¶m§) A{Y{Z¶‘ 1949&
L>) g‘wÐr ~r‘m A{Y{Z¶‘ 1963&
1.2. g‘rjmYrZ Ad{Y Ho$ Xm¡amZ, Am¡a 31 ‘mM© 2020 Ho$ ~mX H§$nZr Ûmam AZwnmbZ go g§~§{YV AZwnmbZ na {dMma H$aZo Ho$ ~mX ^r, bo{H$Z Bg [anmoQ>©
Ho$ Omar hmoZo go nhbo, H§$nZr Zo h‘mao gdm}Îm‘ kmZ Am¡a {dœmg Ho$ AmYma na Am¡a [aH$m°S>© (^m¡{VH$ / BboŠQ´>m°{ZH$), OmZH$mar, ñnï>rH$aU Am¡a
àñVw{VH$aU h‘| àñVwV {H$E JE h¢:
i. h‘mao AdbmoH$Z H$mo N>mo‹S>H$a Cnamoº$ AZwÀN>oX 1.1 Ho$ Cn-AZwÀN>oX (i) Am¡a (ii) ‘| {Z{X©ï> A{Y{Z¶‘, {Z¶‘m| Am¡a ‘mZH$m| Ho$ bmJy
àmdYmZ / I§S>m| Ho$ gmW AZwnmbZ {H$¶m J¶m h¡:
(H$) My§{H$ H§$nZr EH$ gmd©O{ZH$ joÌ H$r ~r_m H§$nZr h¡, `h gmYmaU ~r_m H$mamo~ma amï—r`H$aU A{Y{Z`_ Ûmam em{gV h¡, Bg{bE g^r
{ZXoeH$mo§ H$r {Z`wpº$ Ho$db gmYmaU ~r_m H$mamo~ma amï—r`H$aU A{Y{Z`_ Am¡a Egmo{gEeZ Ho$ boImo§ Ho$ AZwgma Ho$§Ð gaH$ma Ûmam H$r
OmVr h¡&
{dÎmr` df© 2020-21 H$r Xygar {V_mhr go ñdV§Ì {ZXoeH$ Ho$ ñWmZ na ~moS>© _o§ EH$ {apº$ Wr {Ogo Ho$§Ð gaH$ma Ûmam Am°{S>Q> Ad{Y Ho$ Xm¡amZ
{d{YdV ê$n go Zhr§ ^am J`m Wm, O¡gm {H$ H§$nZr A{Y{Z`_, 2013 H$r AZwgyMr IV Ho$ gmW n{R>V Ymam 149(4) Ho$ VhV Amdí`H$ h¡&
BgHo$ A{V{aº$ boImnarjm g{_{V, Zm_m§H$Z Ed§ nm{al{_H$ g{_{V Ed§ {ZJ{_V gm_m{OH$ Xm{`Ëd g{_{V H$m ñdV§Ì {ZXoeH$ Ho$ nX na
Cº$ {apº$ Ho$ H$maU H$ånZr A{Y{Z`_, 2013 H$r Ymam 177, 178 Ed§ 135 Ho$ àmdYmZmo§ Ho$ AZwgma {d{YdV JR>Z Zhr§ {H$`m J`m Wm&
ii. ~r‘m H§$n{Z¶m| Ho$ amï´>r¶H$aU go nhbo H§$nZr Ûmam {H$E JE {damgV {Zdoe H$mo N>mo‹S>H$a Cn-AZwÀN>oX (iii) Ho$ VhV {Z{X©ï> A{Y{Z¶‘,
{Z¶‘m| Am¡a {d{Z¶‘m| Ho$ AZwnmbZ Ho$ AZwgma g‘rjmYrZ Ad{Y Ho$ {bE dm{f©H$ {ZînmXZ [anmoQ>© (’$m°‘© AmoS>rAmB©) XmpIb H$aZm à{H«$¶mYrZ h¡&
iii. Cnamoº$ AZwÀN>oX 1.1 Ho$ Cn-AZwÀN>oX (iv), (v), (vi) ‘| C{„pIV A{Y{Z¶‘m|, {Z¶‘m| Am¡a go~r {d{Z¶‘m| Am¡a AZw~§Ym| Ho$ bmJy àmdYmZ /
I§S>m| Ho$ gmW AZwnmbZ {H$¶m J¶m h¡, {Og VmarI go Agwa{jV Ho$ {bE {bpñQ>§J AZw‘moXZ H§$nZr Ûmam Omar AYrZñW F$U CnH$aU ~m°å~o ñQ>m°H$
EŠgM|O {b{‘Q>oS> go àmá {H$¶m J¶m Wm&
H$. {X. 31 ‘mM© 2020 H$mo g‘má hþE AY© df© Ho$ {bE {H$E JE Am°{S>Q> {dÎmr¶ n[aUm‘ Am¡a {X. 30 {gV§~a 2020 H$mo g‘má hþE AY©dm{f©H$
gr{‘V g‘rjm [anmoQ>© Ho$ gmW {dÎmr¶ n[aUm‘ H«$‘e… go~r (EbAmoS>rAma) {d{Z¶‘, 2015 Ho$ VhV 60 Am¡a 45 {XZm| Ho$ ^rVa Kmo{fV Zht
{H$E JE Wo&
I. {d{Z`_ 52(5) go~r (EbAmoS>rAma) {d{Z`_, 2015 Ho$ VhV {S>~o§Ma Q>«ñQ>r Ûmam hñVmj{aV à_mU nÌ 31 _mM©, 2020 H$mo g_má df© Ho$
{bE boImnarpjV {dÎmr` n{aUm_ àñVwV H$aZo H$r VmarI go 7 {XZmo§ Ho$ ~mX ñQ>m°H$ EŠgMo§O H$mo àñVwV {H$`m J`m Wm&
iv.AmB©AmaS>rE A{Y{Z¶‘, {d{Z¶‘Z, BgHo$ VhV Omar {Xem{ZX}em| Ho$ VhV AmB©AmaS>rE H$mo {ZYm©[aV ê$nm| H$mo XO© H$aZo ‘| Xoar Ho$ CXmhaUm| H$mo
N>mo‹S>H$a AZwÀN>oX 1.1 Ho$ Cn-AZwÀN>oX (vii) ‘| {Z{X©ï> H§$nZr H$mo bmJy {d{eï> H$mZyZm| Ho$ gmW AZwnmbZ {H$¶m J¶m&
1.3 h‘| gy{MV {H$¶m OmVm h¡ {H$, df© Ho$ Xm¡amZ / H§$nZr H$mo {ZåZ{bpIV H$mZyZm| / {Z¶‘m| / {d{Z¶‘m| H$m nmbZ H$aZo H$s Amdí¶H$Vm Zht Wr Am¡a
BgHo$ n[aUm‘ñdê$n {H$gr ^r {H$Vm~, H$mJOmV, {‘ZQ> H$s {H$Vm~| ¶m Aݶ [aH$m°S>© ~ZmE aIZo ¶m {H$gr ^r ’$‘© / Ho$ VhV AmVm h¡:
(i) {dXoer ‘wÐm à~§YZ A{Y{Z¶‘, 1999 Am¡a {dXoer à˶j {Zdoe Am¡a ~mhar dm{UpÁ¶H$ CYma H$s gr‘m VH$ ~ZmE JE {Z¶‘ Am¡a {d{Z¶‘;
(ii) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (à{V^y{V¶m| H$m ~¡H$) {d{Z¶‘, 1998;
(iii) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (B{¹$Q>r eo¶am| H$m {dVaU) {d{Z¶‘, 2009;
(iv) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (eo¶a AmYm[aV H$‘©Mmar bm^) {d{Z¶‘, 2014;
{ZXoeH$ ‘§S>b H$m à{VdoXZ

(v) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (ny§Or Am¡a àH$Q>rH$aU Amdí¶H$VmE§ Omar H$aZm) {d{Z¶‘, 1998
(vi) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (eo¶am| Am¡a Q>oH$Amoda H$m g~ñQ>|{Q>¶b A{YJ«hU) {d{Z¶‘, 2011;
(vii) H§$nZr A{Y{Z¶‘, 2013 Ho$ g§~§Y ‘| ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (EH$ A§H$ Am¡a eo¶a hñVm§VaU EO|Q>m| Ho$ {bE a{OñQ´>ma) {d{Z¶‘,
1993 Am¡a J«mhH$m| go {ZnQ>Zm; VWm
(viii) ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© (A§Xê$Zr ì¶mnma H$m {ZfoY) {d{Z¶‘, 2015

128
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

c. Insurance Regulatory and Development Authority Act, 1999.

d. Industrial Disputes (Banking and Insurance Companies) Act, 1949.
e. Marine insurance Act 1963.
1.2 During the period under review, and also after considering the compliance related action taken by the Company
after 31 March 2021 but before issue of this report, the Company has, to the best of our knowledge and belief and
based on the records (physical/ electronic), information, explanations and representations furnished to us:
i. Complied with the applicable provisions/ clauses of the Act, Rules and Standards specified in sub-paragraph (i)
and (ii) of paragraph 1.1 above except to the extent as mentioned below :
a. As the Company is a Public Sector Insurance Company it is governed by the GIBNA Act, so the appointment of
all Directors are undertaken by the Central Government only as per GIBNA and the Articles of Association.
There was a vacancy in the Board in place of the Independent Director since second quarter of the Financial Year
2020-21 which was not duly filled in by the Central Government during the audit period as required under
section 149(4) read with schedule IV of the Companies Act, 2013.
Further the Audit committee, Nomination and Remuneration Committee and Corporate Social Responsibility
Committee was not duly constituted as per the provisions of section 177, 178 and 135 respectively of the
Companies Act, 2013 due to the aforesaid vacancy in the position of Independent Director.
ii. Complied with the Act, Rules and Regulations specified under sub-paragraph (iii) except for filing of form Annual
Performance Report (Form ODI - Part II) for certain investments made by company outside India.
iii. Complied with the applicable provisions/ clauses of the Acts, Rules and SEBI Regulations and Agreements
specified in sub-paragraph (iv), (v), (vi)of paragraph 1.1 above for the Unsecured Subordinate Debt Instrument
issued by the Company except for our observations as under:
a. The Audited Financial Results for the year ended 31 March 2020 and the Unaudited Financial Results with
Limited Review Report for the half year ended 30 September 2020 were not declared within 60 & 45 days
respectively under SEBI (LODR) Regulations, 2015.
b. Certificate signed by Debenture Trustee under Regulation 52(5) SEBI (LODR) Regulations, 2015 was
submitted to Stock Exchange after 7 days from date of submission of Audited Financial Results for the year
ended 31st March, 2020.
iv. Complied with the specific laws applicable to the Company specified in sub-paragraph (vii) of paragraph
1.1 except for instances of delay in filing prescribed forms to IRDA under IRDA Act, Regulations, Guidelines
issued thereunder.
1.3 We are informed that in respect of the period under review no events have occurred which required the
Company to comply with the following laws / rules / regulations and consequently was not required to maintain any
books, papers, minutes books or other records or file any forms/returns under:
(i) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of
REPORT OF THE BOARD OF DIRECTORS

Foreign Direct Investments and External Commercial Borrowings;

(ii) Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998;
(iii) Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
(iv) Securities and Exchange Board of India (Share Based Employee Benefit) Regulations, 2014;
(v) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 1998
(vi) Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(vii) Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act, 2013 and dealing with clients; and
(viii) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015

Harnessing Power to Empower 129

 |

2. ~moS>© à{H«$¶mE§:
h‘ AmJo [anmoQ>© H$aVo h¢ {H$:
2.1 H§$nZr Ho$ {ZXoeH$ _§S>b H$m JR>Z H$m`©H$mar {ZXoeH$mo§, J¡a-H$m`©H$mar {ZXoeH$mo§ Ho$ gmW {H$`m J`m h¡, {gdm` BgHo$ {H$ n¡amJ«m\\$ 1.2 (i) _o§ C„oI
{H$`m J`m h¡&
2.2 g‘rjmYrZ Ad{Y Ho$ Xm¡amZ {ZXoeH$ ‘§S>b H$s g§aMZm ‘| ~Xbmd A{Y{Z¶‘ Ho$ àmdYmZm| Ho$ AZwnmbZ ‘| {H$E JE Wo&
2.3 ~moS>© ‘rqQ>½g, EO|S>m Am¡a EO|S>m na {dñV¥V ZmoQ²g H$mo {ZYm©[aV H$aZo Ho$ {bE g^r {ZXoeH$m| H$mo n¶m©á Zmo{Q>g {X¶m J¶m h¡, H$‘ go H$‘ gmV {XZ nhbo
^oOm J¶m Wm&
2.4 ~¡R>H$ go nhbo EO|S>m dñVwAm| na Am¡a ~¡R>H$ ‘| gmW©H$ ^mJrXmar Ho$ {bE Am¡a OmZH$mar Am¡a ñnï>rH$aU ‘m§JZo Am¡a àmá H$aZo Ho$ {bE EH$ àUmbr
‘m¡OyX h¡; VWm
2.5 ~¡R>H$ Ho$ {‘ZQ>m| Ho$ AZwgma Aܶj Ûmam {d{YdV XO© Am¡a hñVmj[aV, ~moS>© Ho$ ’¡$gbo gd©gå‘{V go Wo Am¡a H$moB© Ag§VmofOZH$ {dMma XO© Zht {H$¶m
J¶m h¡&
3. AZwnmbZ V§Ì:
h‘ AmJo [anmoQ>© H$aVo h¢ {H$:
3.1 gm‘mݶ H$mZyZ, à{VñnYm© H$mZyZ Am¡a n¶m©daUr¶ H$mZyZm| g{hV bmJy H$mZyZm| Ho$ AZwnmbZ Ho$ {bE H§$nZr Ho$ AmH$ma Am¡a g§MmbZ Ho$ AZwê$n H§$nZr
‘| C{MV ê$n go n¶m©á {gñQ>‘ Am¡a à{H«$¶mE§ h¢, hmbm§{H$ bmJy hmoZo dmbr dm{f©H$ ’$mBqbJ g‘¶ gr‘mAm| H$m AZwnmbZ H$aZo ‘| Hw$N> Xoar H$s nhMmZ H$s
JB© h¡ l‘ H$mZyZ Am¡a ~r‘m H$mZyZ, Am¡a Bg{bE AZwnmbZ H$s {ZJamZr Ho$ {bE EH$ Am¡a ‘O~yV àUmbr ñWm{nV H$s OmZr Mm{hE&
3.2 à˶j> Am¡a Aà˶j H$a H$mZyZm| O¡go bmJy {dÎm H$mZyZm| H$s H§$nZr Ûmam AZwnmbZ H$s g‘rjm Bg boImnarjm ‘| Zht H$s JB© h¡ Š¶m|{H$ ¶h d¡Ym{ZH$
{dÎmr¶ boIm narjm Am¡a Aݶ Zm{‘V noeodam| Ûmam g‘rjm Ho$ AYrZ h¡&
4. {d{eï> KQ>ZmH«$‘ / H$m¶©dmhr:
h‘ AmJo [anmoQ>© H$aVo h¢ {H$ boImnarjm Ad{Y Ho$ Xm¡amZ Cnamoº$ {Z{X©ï> H$mZyZm|, {Z¶‘m|, {d{Z¶‘m|, {Xem{ZX}em|, ‘mZH$m| B˶m{X Ho$ AZwgaU ‘| H§$nZr Ho$
‘m‘bm| na EH$ à‘wI Aga dmbo {ZåZ{bpIV {d{eï> KQ>ZmAm| / H$ma©dmB¶m§ hþBª:
H$. df© Ho$ Xm¡amZ H§$nZr Ho$ _o_moao§S>_ Am°\\$ Egmo{gEeZ Am¡a Am{Q>©H$ëg Am°\\$ Egmo{gEeZ Ho$ H¡${nQ>b Šbm°O _o§ ~Xbmd {H$`m J`m&
I. H§$nZr Zo 3 AJñV, 2020 H$mo amBQ²>g Bí`y Ho$ _mÜ`_ go ₹10/- (Xg én`o) àË`oH$ Ho$ ₹10/- (Xg én`o) Ho$ Bp¹Q>r eo`amo§ H$mo 108,00,00,000
(EH$ gm¡ AmR> H$amo‹S>) _o§ {d^m{OV H$a ₹1080,00,00,000 (EH$ hOma Añgr H$amo‹S> én`o) "^maV Ho$ amï—n{V" H$mo ZH$X Omar Am¡a Amd§{Q>V {H$`m h¡&
J. H§$nZr Zo 1 {Xg§~a, 2020 H$mo amBQ²>g Bí`y Ho$ _mÜ`_ go ₹10/- (Xg én`o) Ho$ 182,50,00,000 (EH$ gm¡ Añgr Xmo H$amo‹S> nMmg bmI) Bp¹Q>r
eo`amo§ _o§ {d^m{OV H$a ₹1825,00,00,000 (EH$ hOma AmR> gm¡ nƒrg H$amo‹S> én`o) "^maV Ho$ amï—n{V" H$mo ZH$X Omar Am¡a Amd§{Q>V {H$`m h¡&
K. H§$nZr Zo 30 _mM© 2021 H$mo amBQ²>g Bí`y Ho$ _mÜ`_ go ₹10/- (Xg én`o) Ho$ 70,00,00,000 (gÎma H$amo‹S>) Bp¹Q>r eo`amo§ _o§ {d^m{OV H$a
₹700,00,00,000 (gmV gm¡ H$amo‹S> én`o) "^maV Ho$ amï—n{V" H$mo ZH$X Omar Am¡a Amd§{Q>V {H$`m h¡&
L>. J§^ra YmoImY‹S>r Am¡a Om§M H$m`m©b` ('EgE\\$AmB©Amo') H§$nZr Ho$ bmVya _§S>b H$m`m©b` (2014-15 Ho$ Xm¡amZ) Am¡a gyaV _§S>b H$m`m©b` I
(2017-18 Ho$ Xm¡amZ) _o§ {anmoQ>© H$r JB© {dÎmr` YmoImY‹S>r Ho$ _m_bo H$r Om§M H$a ahm h¡, Omo A^r ^r Mb ahm h¡&
M. H§$nZr H$mo go~r ({ZfoY BZgmBS>a Q>«o{S§>J - nrAmB©Q>r) {d{Z`_Z 2015 Ho$ {d{Z`_Z 7(2)(E) Ho$ VhV {Z`m_H$ C„§KZ Ho$ {bE 1.10.2017 go
30.09.2018 H$r Ad{Y Ho$ {bE EpŠgg ~¡§H$ {b{_Qo>S> Ho$ _m_bo _o§ ₹10,13,906 H$r {ZnQ>mZ am{e Ho$ ^wJVmZ Ho$ {bE go~r go Zmo{Q>g àmá hwAm h¡ Am¡a
H§$nZr Zo Cgr Ho$ g§~§Y _o§ Cn`wº$ ^wJVmZ {H$`m h¡&
N>. ~r_m {Z`m_H$ Am¡a {dH$mg àm{YH$aU Zo H§$nZr H$m {ZarjU {H$`m, CgZo AnZr {Q>ßn{U`m§ Xr h¡§ Am¡a H§$nZr Zo Cg na à{VpH«$`m Xr h¡&
{ZXoeH$ ‘§S>b H$m à{VdoXZ

H¥$Vo bú‘r gw~«‘ʶ‘ Am¡a Egmo{gEQ²g

ñdoWm gw~«‘ʶ‘
EgrEg: 10815
ñWmZ : MoÞ¡ grnr g§»¶m: 12512
{V{W : 10.08.2021 ¶wS>rAmB©EZ: E\ 010815C000760773
130
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

2. Board Processes:
We further report that:
2.1 The Board of Directors of the Company is duly constituted with Executive Directors, Non-Executive Directors, except
as mentioned in paragraph 1.2 (i).
2.2 The changes in the composition of the Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
2.3 Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance, except some cases where shorter notices was given, which was ratified
by the Independent directors as per the Act.
2.4 A system exists for seeking and obtaining further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting; and
2.5 As per the minutes of the meeting duly recorded and signed by the Chairman, the decisions of the Board were
unanimous and no dissenting views have been recorded.
3. Compliance mechanism:
We further report that:
3.1 There are reasonably adequate systems and processes in the Company commensurate with its size and operation to
monitor and ensure compliance with applicable laws including general laws, competition law, and environmental
laws, however a few delays were identified in complying with annual filing deadlines under applicable labour laws and
insurance laws and hence a more robust system has to be put in place for monitoring compliances.
3.2 The compliance by the Company of applicable finance laws like Direct and Indirect tax laws has not been reviewed in
this audit since the same have been subject to review by Statutory Financial Audit and other designated professionals.
4. Specific Events / actions:
We further report that during the audit period the following specific events/ actions having a major bearing on the
Company’s affairs in pursuance of the above referred Laws, Rules, Regulations, Guidelines, Standards, etc took place:
a. Capital Clause of Memorandum of Association and Articles of Association of the Company altered during the year
b. The Company has issued and allotted ` 1080,00,00,000(Rupees One Thousand Eighty Crores) divided into
108,00,00,000 (One Hundred Eight Crores) equity shares of ` 10/- (Rupees Ten) each by way of Rights issue for cash
to “President of India” on 3rd August, 2020
c. The Company has issued and allotted ` 1825,00,00,000 (One Thousand Eight hundred Twenty Five Crores) divided
into 182,50,00,000 (One hundred Eighty Two Crore Fifty Lakhs) equity shares of `10/- (Rupees Ten) each by way of
Rights issue for cash to “President of India” on 1st December, 2020
d. The Company has issued and allotted ` 700,00,00,000 (Rupees Seven Hundred Crores) divided into 70,00,00,000
(Seventy Crore) equity shares of `10/- (Rupees Ten) each by way of Rights issue for cash to “President of India” on
30th March 2021.
e. Serious Fraud and Investigation Office (‘SFIO’) is investigating a matter of Financial Fraud reported in the Latur Divisional
Office (during 2014-15), and Surat Divisional Office I (during 2017-18)of the Company, which is still ongoing.
REPORT OF THE BOARD OF DIRECTORS

f. Company has received a notice from SEBI for payment of Settlement amount of ` 10,13,906 in matter of Axis Bank
Limited for the period of 1.10.2017 to 30.09.2018 for regulatory violation under Regulation 7(2)(a) of SEBI (Prohibition
of Insider Trading – PIT) Regulation, 2015 and Company has made the suitable payments with respect to the same.
g. Insurance Regulatory and Development Authority carried out an inspection on the Company, it has given its
observations and the Company has responded to the same.

For Lakshmmi Subramanian & Associates

Swetha Subramanian
FCS: 10815
Place : Chennai CP No: 12512
Date : 10.08.2021 UDIN : F010815C000760773

Harnessing Power to Empower 131

 |

AZwb¾H$
(‘¡gg© ¶yZmBQ>oS> B§{S>¶m B§í¶moa|g H§$nZr {b{‘Q>oS> H$s g{Mdr¶ boImnarjm [anmoQ>© ‘|
31.03.2021 H$mo g‘má hþE {dÎmr¶ df© Ho$ {bE)

godm ‘|,
gXñ¶JU,
¶wZmBQ>oS> B§{S>¶m B§í¶moa|g H§$nZr {b{‘Q>oS>

31.03.2021 H$mo g‘má hþE {dÎmr¶ df© Ho$ {bE h‘mar g{Mdr¶ boImnarjm [anmoQ>© Bg AZwb¾H$ Ho$ gmW n‹T>r OmZr h¡&

1. g{Mdmb¶ [aH$m°S>© H$m aIaImd H§$nZr Ho$ à~§YZ H$s {µOå‘oXmar h¡& h‘mar {µOå‘oXmar h‘mao boImnarjm Ho$ AmYma na BZ g{Mdr¶ A{^boIm| na EH$
am¶ 춺$ H$aZm h¡&

2. h‘Zo boIm narjm àWmAm| Am¡a à{H«$¶mAm| H$m nmbZ {H$¶m h¡ Omo g{Mdr¶ A{^boIm| H$s gm‘J«r H$s ewÕVm Ho$ ~mao ‘| C{MV AmœmgZ àmá H$aZo Ho$ {bE
C{MV Wo& ¶h g˶mnZ ¶h gw{Z{üV H$aZo Ho$ {bE narjU ~w{Z¶mXr narjU na {H$¶m J¶m Wm {H$ gM V϶m| ‘| gM V϶m| n[ab{jV hmoVm h¡& h‘mam
‘mZZm h¡ {H$ h‘mar à{H«$¶mAm| Am¡a àWmAm| H$m nmbZ H$aZo Ho$ {bE h‘mar am¶ Ho$ {bE C{MV AmYma àXmZ {H$¶m OmVm h¡&

3. h‘Zo {dÎmr¶ [aH$m°S>© Am¡a H§$nZr Ho$ ImVm| H$s {H$Vm~m| H$s ewÕVm Am¡a Cn¶wº$Vm H$s nw{ï> Zht H$s h¡&

4. Ohm§ ^r Amdí¶H$ hmo, h‘Zo AZwnmbZ Am¡a H$mZyZ, {Z¶‘ Am¡a {d{Z¶‘Z Am¡a KQ>ZmAm| Ho$ Am¶moOZ Am{X Ho$ ~mao ‘| à~§YZ à{V{Z{YËd àmá {H$¶m h¡&

5. H$m°nm}aoQ> Am¡a Aݶ bmJy H$mZyZm|, {Z¶‘m|, {d{Z¶‘m|, ‘mZH$m| Ho$ àmdYmZm| H$m AZwnmbZ, H§$nZr Ho$ {bE {deof ê$n go bmJy à~§YZ H$s {Oå‘oXmar h¡&
h‘mar narjm narjU Ho$ AmYma na à{H«$¶m Ho$ g˶mnZ VH$ hr gr{‘V Wr&

6. g{Mdr¶ boImnarjm [anmoQ>© Z Vmo H§$nZr H$s ^{dî¶ H$s ì¶dhm¶©Vm Am¡a Z hr Cg à^mderbVm Ho$ {bE AmœmgZ h¡ {OgHo$ à~§YZ Zo H§$nZr Ho$ ‘m‘bm|
H$m Am¶moOZ {H$¶m h¡&

H¥$Vo bú‘r gw~«‘ʶ‘ Am¡a Egmo{gEQ²g

ñdoWm gw~«‘ʶ‘
EgrEg: 10815
ñWmZ : MoÞ¡ grnr g§»¶m: 12512
{V{W : 10.08.2021 ¶wS>rAmB©EZ: E\ 010815C000760773
{ZXoeH$ ‘§S>b H$m à{VdoXZ

132
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Annexure
(To the Secretarial Audit Report of M/s. United India Insurance Company Ltd
for the financial year ended 31.03.2021)

To
The Members
United India Insurance Company Ltd

Our Secretarial Audit Report for the financial year ended 31.3.2021 is to be read along with this Annexure.

1. Maintenance of Secretarial record and ensuring compliance with all applicable laws is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these secretarial records based on our
audit.

2. We have followed the audit practices and the processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct
facts are reflected in secretarial records. We believe that the processes and practices we followed provide a reasonable
basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, we have obtained the Management representation about the compliance and law, rules and
regulations and happening of events etc.

5. The compliance of the provisions of other applicable Laws, Rules, Regulations, and Standards specifically applicable
to the Company is the responsibility of the management. Our examination was limited to the verification of systems
used to ensure compliance on a test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the effectiveness
with which the management has conducted the affairs of the Company.

For Lakshmmi Subramanian & Associates

Swetha Subramanian
FCS: 10815
REPORT OF THE BOARD OF DIRECTORS

Place : Chennai CP No: 12512

Date : 10.08.2021 UDIN : F010815C000760773

Harnessing Power to Empower 133

 |

{dÎmr` df© 2020-2021 Ho$ Xm¡amZ {ZXoeH$mo§ H$r {anmoQ>© Ho$ gmW àñVwV
H$aZo dmbo g{Mdr` boIm narjm {anmoQ>© H$r {Q>ßn{U`mo§ H$m CÎma
H§$nZr A{Y{Z`_ 2013 Ho$ VhV n{aH$pënV g{Mdr` boImnarjm _o§ bmJy H$mZyZmo§ Ho$ AZwnmbZ H$m gË`mnZ em{_b h¡ Am¡a boIm narjH$mo§ Zo Hw$N>
{Q>ßn{U`m§ H$r h¡§& {ZXoeH$ {Q>ßn{U`mo§ Ho$ g§~§Y _o§ {ZåZ{b{IV H$mo {aH$m°S>© _o§ aIZm MmhVo h¡§&

1. My§{H$ H§$nZr EH$ gmd©O{ZH$ joÌ H$r ~r_m H§$nZr h¡, `h gmYmaU ~r_m H$mamo~ma amï—r`H$aU A{Y{Z`_ Ûmam em{gV h¡, Bg{bE g^r {ZXoeH$mo§
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{dÎmr` df© 2020-21 H$r Xygar {V_mhr go ñdV§Ì {ZXoeH$ Ho$ ñWmZ na ~moS>© _o§ EH$ {apº$ Wr {Ogo Ho$§Ð gaH$ma Ûmam Am°{S>Q> Ad{Y Ho$ Xm¡amZ
{d{YdV ê$n go Zhr§ ^am J`m Wm, O¡gm {H$ H§$nZr A{Y{Z`_, 2013 H$r Ymam 149(4) Ho$ VhV AZwgyMr IV Ho$ gmW n‹T>m J`m&

BgHo$ A{V{aº$ boImnarjm g{_{V, Zm_m§H$Z Ed§ nm{al{_H$ g{_{V Ed§ {ZJ{_V gm_m{OH$ Xm{`Ëd g{_{V H$m ñdV§Ì {ZXoeH$ Ho$ nX na Cº$
{apº$ Ho$ H$maU H$ånZr A{Y{Z`_, 2013 H$r Ymam 177, 178 Ed§ 135 Ho$ àmdYmZmo§ Ho$ AZwgma {d{YdV JR>Z Zhr§ {H$`m J`m Wm&

ñQ>¡§S>S>© MmQ>©S>© ~¡§H$ Am¡a E{e`Z ao Ho$ B{¹Q>r eo`amo§ H$mo CZ H$§n{Z`mo§ go àmá {H$`m J`m, {OÝho>§ `wZmBQo>S> B§{S>`m B§í`moao§g H$§nZr {b{_Qo>S> Ho$ gmW {_bm`m
J`m/{db` h>mo J`m, n{aUm_ ñdê n gm_mÝ` ~r_m ì`dgm` amîQ ´r`H$aU A{Y{Z`_ 1972 Ho$ Vh>V ~r_m ì`dgm` H$m amï«r`H$aU h>wAm& eo`amo§ H$m
A{YJ«h>U {dXoer _wÐm à~§Y A{Y{Z`_, 1999 H$r ewéAmV go nh>bo h>wAm Wm& g_rjmYrZ Ad{Y Ho$ {bE dm{f©H$ {ZînmXZ {anmoQ>© (\$m°_© AmoS>rAmB©)
Xm{Ib H$aZm à{H« `mYrZ h>¡&

2. ^maV Ho$ ~mha H§$nZr Ûmam {H$E JE Hw$N> {Zdoemo§ Ho$ {bE \\$m°_© dm{f©H$ {ZînmXZ {anmoQ>© (\\$m°_© AmoS>rAmB© - ^mJ II) Xm{Ib H$aZo Ho$ {bE Cn-
AZwÀNo>X (iii) Ho$ VhV {Z{X©ï A{Y{Z`_, {Z`_mo§ Am¡a {d{Z`_mo§ Ho$ AZwnmbZ Ho$ Abmdm&

^maV H$r g§ñWmAmo§ Ho$ ~mha `wZmBQo>S> B§{S>`m B§í`yao§g H§$nZr {b{_Qo>S> Ûmam {H$E JE {Zdoe Ho$ g§~§Y _o§ dm{f©H$ àXe©Z {anmoQ>© (EnrAma), h_mao ~¡§H$a Ho$
_mÜ`_ go Ama~rAmB© H$mo àñVwV H$aZm Amdí`H$ h¡&

df© 2016, 2017, 2018 Am¡a 2019 Ho$ {bE _ogg© E{e`Z ar (E{e`Z arB§í`moao§g H$m°nmo©aoeZ, WmB©b¡§S>) _o§ h_mao {Zdoe Ho$ g§~§Y _o§ EnrAma,
gm§{d{YH$ boIm narjH$ Ûmam {d{YdV à_m{UV h_mao ~¡§H$a Ho$ _mÜ`_ go 21 OyZ 2021 H$mo Ama~rAmB© Ho$ gmW AmJo Xm{Ib H$aZo Ho$ {bE àñVwV
{H$`m J`m Wm&

h_mao ~¡§H$a Zo ^maVr` {aOd© ~¡§H$ n{a`moOZm gmBQ> (Omo df© 2006 Ho$ Xm¡amZ àñVwV {H$`m J`m Wm) na CnbãY So>Q>m Am¡a H$B© `yAmB©EZ Z§~amo§ Ho$ ~rM
~o_ob hmoZo H$m hdmbm XoVo hwE VH$ZrH$r AmYma na h_mao AmdoXZ H$mo dmng H$a {X`m h¡& hmbm§{H$ Bgr AmYma na df© 2015 Ho$ {bE EnrAma V¡`ma {H$`m
J`m h¡& h_Zo A~ AnZo ~¡§H$a Ho$ gmW df© 2016 go 2019 Ho$ {bE ^r Bgr Vah AmJo ~‹T>Zo Ho$ {bE _m_bm CR>m`m h¡&

3. 31 _mM© 2020 H$mo g_má df© H$o {bE bI

o mnarpjV {dÎmr` n{aUm_ Ama¡ 30 {gV~§a 2020 H$mo g_má N>_mhr H$o {bE gr{_V g_rjm {anmQo>© H$o gmW
Ja¡-bI
o mnarpjV {dÎmr` n{aUm_ g~or (EbAmSo>rAma) {d{Z`_, 2015 H$o VhV H$«_e… 60 Ama¡ 45 {XZm§o H$o ^rVa Km{ofV Zhr§ {H$E JE W&o

Mb aho H$mo{dS> -19 _hm_mar Am¡a n{aUm_r bm°H$S>mCZ Ho$ H$maU nyao ^maV _o§, _§S>b H$m`m©b`mo§ Am¡a joÌr` H$m`m©b`mo§ Ho$ d¡Ym{ZH$ Am°{S>Q> H$mo nyam H$aZo
_o§ Xoar hwB© Š`mo§{H$ Hw$N> boIm narjH$ {Obo go ~mha Wo Am¡a do ImVmo§ Ho$ nyam Ed§ H$m`m©b` Ho$ V¡`ma hmoZo Ho$ ~mdOyX Am°{S>Q> H$mo H$aZo Ho$ {bE `mÌm Zhr§ H$a
{ZXoeH$ ‘§S>b H$m à{VdoXZ

gH$Vo Wo& BgHo$ Abmdm H$B© H$_©Mmar H$mo{dS> narjU _o gH$mamË_H$ nmE J`o& {Oggo H§$nZr H$mo H$_ j_Vm Ho$ gmW H$m_ H$aZm n‹S>m Am¡a 31 _mM©
2020 H$mo g_má df© Ho$ {bE ImVmo§ H$mo ~§X H$aZo _o§ Xoar hwB©&

df© 2020-21 Ho$ {bE nhbr {V_mhr Ho$ ImVmo§ H$mo 28 {Xg§~a 2020 H$mo Am`mo{OV ~moS>© ~¡R>H$ _o§ AnZm`m J`m Wm& Bgo _yb ê$n go 26 Zd§~a 2020
H$mo ~¡R>H$ _o§ AnZmZo H$r `moOZm Wr, bo{H$Z MoÞB© _o§ MH«$dmV Ho$ H$maU ñW{JV H$a {X`m J`m Wm Am¡a ~mX _o§ {ZXoeH$ _§S>b H$r g§aMZm _o§ n{adV©Z Ho$
H$maU ~¡R>H$ Am`mo{OV Zhr§ H$r Om gH$r& BgHo$ Abmdm EH$ Ho$§Ðr` gm§{d{YH$ boIm narjH$ EOrE_ go godm{Zd¥Îm hwE Am¡a ZE boIm narjH$ H$mo {Z`wº$
134
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

REPLY TO OBSERVATIONS IN THE SECRETARIAL AUDIT REPORT COVERING

THE FINANCIAL YEAR 2020-2021 FORMING PART OF THE DIRECTORS’ REPORT
The Secretarial audit as envisaged under the Companies Act 2013 covers verification of compliance with the applicable
laws and the auditors have made few observations. The Directors wish to place on record the following with respect to the
observations.

1. As the Company is a Public Sector Insurance Company it is governed by the GIBNA Act, so the appointment of all the
Directors are undertaken by the Central Government only as per GIBNA and the Articles of Association.

There was a vacancy in the Board in place of the Independent Director since second quarter of the Financial Year
2020-21 which was not duly filled in by the Central Government during the audit period as required under section
149(4) read with schedule IV of the Companies Act, 2013.

Further the Audit committee, Nomination and Remuneration Committee and Corporate Social Responsibility
Committee was not duly constituted as per the provisions of section 177, 178 and 135 respectively of the Companies
Act, 2013 due to the aforesaid vacancy in the position of Independent Director.

As stated in the observation, being a company wholly owned by the Government of India and also governed by the
GIBNA 1972 the Directors including Independent Directors are appointed by the Central Government after going
through due process. The details of vacancies have been intimated to the Ministry and we await appointment of
Independent directors by the Government in order to comply with the provisions of above said sections of the
Companies Act, 2013.

2. Complied with the Act, Rules and Regulations specified under sub-paragraph (iii) except for filing of form Annual
Performance Report (Form ODI - Part II) for certain investments made by company outside India.

Annual Performance Report (APR) in respect of investment made by UIIC outside India entities, is required to be
submitted to RBI through our banker.

APR in respect of our investment in M/s Asian Re (Asian Reinsurance Corporation, Thailand) for the years 2016, 2017,
2018 & 2019 duly certified by Statutory Auditor were submitted through our banker for further filing with the RBI on
21st June 2021.

Our banker has returned our application on technical grounds citing mismatch between the data available on RBI
Project site (which was submitted during the year 2006) and multiple UIN number. However, APR for the year 2015
prepared on the similar basis has been accepted. We have now taken up the matter with our banker to proceed further
on similar lines for the years 2016 to 2019 also.

3. The Audited Financial Results for the year ended 31st March 2020 and the un-audited Financial Results with Limited
REPORT OF THE BOARD OF DIRECTORS

Review Report for the half year ended 30 September 2020 were not declared within 60 & 45 days respectively under
SEBI (LODR) Regulations, 2015.

Due to ongoing Covid-19 pandemic and resultant lockdown announced pan India, the completion of statutory audit of
Divisional Offices and Regional Offices was delayed as some of the auditors were outside the district and they could
not travel to complete the audit in spite of accounts of these offices being ready. Further many of the employees tested
positive for Covid. The Company had to work with reduced strength and there was delay in closing of Accounts for the
year ended 31st March 2020.

The first quarter accounts for the year 2020-21 was adopted in the Board Meeting held on 28th December 2020. This
was originally planned to be adopted in the meeting on 26th November 2020 but was postponed on account of
cyclone in Chennai and later the meeting could not be held due to change in the composition of Board of Directors.

Harnessing Power to Empower 135

 |

{H$`m OmZm Wm, boIm narjH$ EOrE_ Ho$ ~mX hr boIm narjm H$a gH$Vo Wo& 2019-20 Ho$ {bE H§$nZr H$r EOrE_ 28 {Xg§~a 2020 H$mo Am`mo{OV H$r
JB© Wr {Og_o§ 2020-21 Ho$ {bE gm§{d{YH$ boIm narjH$mo§ H$r {Z`wpº$ H$r JB© Wr& boIm narjH$ EOrE_ Ho$ ~mX hr gr{_V g_rjm boImnarjm H$a
gH$Vo Wo Am¡a Bg{bE 30 {gV§~a, 2020 H$mo g_má N>_mhr Ho$ {bE AY©dm{f©H$ ImVmo§ H$mo nyam H$aZo _o§ Xoar hwB©&
h_Zo AmB©AmaS>rEAmB© go ImVmo§ H$mo O_m H$aZo _o§ hwB© Xoar H$mo _m\\$ H$aZo H$m AZwamoY {H$`m h¡&
4. {d{Z`_ 52(5) go~r (EbAmoS>rAma) {d{Z`_, 2015 Ho$ VhV {S>~o§Ma Q>«ñQ>r Ûmam hñVmj{aV à_mU nÌ 31 _mM©, 2021 H$mo g_má df© Ho$ {bE
boImnarpjV {dÎmr` n{aUm_ àñVwV H$aZo H$r VmarI go 7 {XZmo§ Ho$ ~mX ñQ>m°H$ EŠgMo§O H$mo àñVwV {H$`m J`m Wm&
AdbmoH$Z H$mo ZmoQ> H$a {b`m J`m h¡ Am¡a ^{dî` _o§ Bg Vah H$r Xoar go ~MZo Ho$ {bE H$X_ CR>mE OmE§Jo&
5. AZwÀNo>X 1.1 Ho$ Cn-n¡amJ«m\\$ (vii) _o§ {Z{X©ï, AmB©AmaS>rE A{Y{Z`_, {d{Z`_, CgHo$ VhV Omar {Xem{ZX}emo§ Ho$ VhV AmB©AmaS>rE H$mo
{ZYm©{aV \\$m°_© Xm{Ib H$aZo _o§ Xoar Ho$ CXmhaUmo§ H$mo N>mo‹S>H$a, H§$nZr Ho$ {bE bmJy {d{eï H$mZyZmo§ H$m AZwnmbZ&
AmB©AmaS>rEAmB© A{Y{Z`_, {d{Z`_mo§, CgHo$ VhV Omar {Xem-{ZX}emo§ Ho$ VhV AmB©AmaS>rEAmB© H$mo {ZYm©{aV \\$m°_© Xm{Ib H$aZo _o§ Xoar Ho$
CXmhaU Wo, Omo _w»` ê$n go Xoe ^a _o§ Kmo{fV H$mo{dS> 19 _hm_mar Am¡a n{aUm_r bm°H$S>mCZ Ho$ H$maU Wm, {OgHo$ n{aUm_ñdê$n {V_mhr ImVmo§ H$mo ~§X
H$aZo Am¡a {anmoQ>© Am¡a dº$ì` V¡`ma H$aZo _o§ Xoar hwB©&
6. gm_mÝ` H$mZyZmo§, à{VñnYm© H$mZyZ Am¡a n`m©daU H$mZyZmo§ g{hV bmJy H$mZyZmo§ H$r {ZJamZr Am¡a AZwnmbZ gw{ZpüV H$aZo Ho$ {bE H§$nZr _o§
BgHo$ AmH$ma Am¡a g§MmbZ Ho$ AZwê$n n`m©á ê$n go n`m©á àUm{b`m§ Am¡a àpH«$`mE§ h¡§, hmbm§{H$ bmJy l_ H$mZyZmo§ Am¡a ~r_m H$mZyZmo§ Ho$ VhV
dm{f©H$ \\$mB{b§J g_` gr_m Ho$ AZwnmbZ _o§ Hw$N> Xoar H$r nhMmZ H$r JB© Wr Am¡a Bg{bE AZwnmbZ H$r {ZJamZr Ho$ {bE EH$ A{YH$ _O~yV
àUmbr ñWm{nV H$r OmZr Mm{hE&
O¡gm {H$ g{Mdr` boIm narjm {anmoQ>© _o§ ~Vm`m J`m h¡, H§$nZr Ho$ nmg nhbo go hr bmJy l_ H$mZyZmo§ H$r {ZJamZr Am¡a AZwnmbZ Ho$ {bE n`m©á àUmbr
h¡& {dÎmr` df© 2020-21 Ho$ {bE {aQ>Z© Xm{Ib H$aZo _o§ Xoar H$mo{dS> _hm_mar Ho$ H$maU bm°H$S>mCZ Ho$ H$maU hwB©, {Oggo H$m`m©b`mo§ Ho$ gm_mÝ`
H$m_H$mO _o§ ~mYm CËnÞ hwB©& H$m`m©b`mo§ H$mo AbJ-AbJ g_` Ho$ gmW H$m_ H$aZm n‹S>Vm Wm, amoñQ>a àUmbr Ho$ AmYma na H$_©Mm{a`mo§ H$r g§»`m H$_
hmo OmVr Wr Am¡a BgZo h_o§ bmJy l_ H$mZyZmo§ Ho$ VhV dm{f©H$ \\$mB{b§J g_` gr_m H$m nmbZ H$aZo _o§ Xoar hwB© h¡&
{\$a ^r, {Q>ßn{U`mo§ na Ü`mZ {X`m J`m h¡ Am¡a bmJy l_ H$mZyZmo§ H$m g_` na AZwnmbZ gw{ZpüV H$aZo Ho$ {bE joÌr` H$m`m©b`mo§/g§~§{YV {d^mJmo§ H$mo
Amdí`H$ {ZX}e Omar {H$E OmE§Jo&

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go

dmB© Ho$ {e_ao amO{H$aU am` Or

ñWmZ : MoÞB© {ZXoeH$ {ZXoeH$
{XZm§H$ : 16.08.2021 SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
{ZXoeH$ ‘§S>b H$m à{VdoXZ

136
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Further one of the Central Statutory Auditors retired in the AGM and new auditor had to be appointed, the Auditors
could take up audit only after the AGM. The AGM of the Company for 2019-20 was held on 28th December 2020
wherein the Statutory Auditors were appointed for 2020-21. Auditors could take up the limited review audit only after
the AGM and hence the delay in completion of half yearly accounts for the half year ended 30th September, 2020.

We have requested the IRDAI to condone the delay in submission of accounts.

4. Certificate signed by Debenture Trustee under Regulation 52(5) SEBI (LODR) Regulations, 2015 was submitted to
Stock exchange after 7 days from date of submission of Audited Financial Results for the year ended 31st March,
2021.

The observation has been noted and steps will be taken to avoid such delays in future.

5. Complied with the specific laws applicable to the Company specified in sub-paragraph (vii) of paragraph 1.1 except
for instances of delay in filing prescribed forms to IRDA under IRDA Act, Regulation, Guidelines issued there under.

There were instances of delay in filing prescribed forms to IRDAI under IRDAI Act, Regulations, Guidelines issued
there under, which was mainly due to COVID 19 Pandemic and resultant lockdowns announced across the country,
which resulted in delayed quarterly accounts closures and generation of reports and statements.

6. There are reasonably adequate systems and processes in the Company commensurate with its size and operation to
monitor and ensure compliance with applicable laws including general laws, competition law, and environmental
laws, however a few delays were identified in complying with annual filing deadlines under applicable labour laws
and insurance laws and hence a more robust system has to be put in place for monitoring compliances.

As pointed out in secretarial audit report the company already has an adequate system to monitor and comply with the
applicable labour laws. The delay in filing of returns for financial year 2020-21 was due to lockdown on account of
Covid pandemic which caused disruption in normal function of offices. The offices had to work with staggered
timings, reduced staff strength based on roster system and the same has restrained us in complying with annual filing
deadlines under applicable labour laws.

Nevertheless, the observations have been taken note of and necessary instructions would be issued to
ROs/concerned Departments for ensuring timely compliance of applicable labour laws.

For and on behalf of the Board

Y.K. Shimray Rajkiran Rai G

Place : Chennai
Director Director
Date : 16.08.2021
REPORT OF THE BOARD OF DIRECTORS

DIN : 09272315 DIN : 07427647

Harnessing Power to Empower 137

 |

AZwb½ZH$ - 3

grEgAma dm{f©H$ {anmoQ>©

1. H§$nZr H$r grEgAma Zr{V na g§pjá ê$naoIm
~moS>© Zo H§$nZr A{Y{Z`_, 2013 H$r Ymam 135 Ho$ AZwgma 2014-15 _o§ h_mar H§$nZr H$r grEgAma Zr{V H$mo _§Oyar Xr, O¡gm {H$ A{Ygy{MV {H$`m
J`m h¡: H$m°nmo©aoQ> _m_bmo§ Ho$ _§Ìmb` & h_mar H§$nZr Zo J«m_rU ~w{Z`mXr T>m§Mm {dH$mg O¡gr nhb H$r h¡ & H$m`©H«$_, ì`mnH$ J«m_ {dH$mg H$m`©H«$_, ñHy$b
~w{Z`mXr T>m§Mm {dH$mg H$m`©H«$_ Am{X àXmZ H$aZo Ho$ {bEJ«m_rU joÌmo§ _o§ Oê$aV_§X ñHy$bmo§ Am¡a Jm§dmo§ Ho$ {bE ~w{Z`mXr T>m§Mm Am¡a bmoJmo§ Ho$ ~rM ~r_m
OmJê$H$Vm \\$¡bmZm & h_mar H§$nZr Zo g_mO Ho$ H$ë`mU Ho$ {bE {ejm, H$m¡eb {dH$mg, n`m©daU g§ajU Am¡a {ZdmaH$ ñdmñÏ` XoI^mb go g§~§{YV
n{a`moOZmAmo§ ewê$ H$r h¡ &

2. grEgAma g{_{V H$r g§aMZm

grEgAma g{_{V _o§ {ZåZ{b{IV gXñ` em{_b h¡§ (31.03.2021 VH$):

df© Ho$ Xm¡amZ Am`mo{OV df© Ho$ Xm¡amZ grEgAma

H«$_ g§. {ZXoeH$ H$m Zm_ nXZm_ / {ZXoeH$ nX H$r àH¥${V grEgAma g{_{V H$r g{_{V H$r ~¡R>H$mo§ H$r
~¡R>H$mo§ H$r g§»`m g§»`m _o§ ^mJ {b`m
1. {Jare amYmH¥$îUZ AÜ`j-gh-à~§Y {ZXoeH$ .
2. amO{H$aU am°` Or {ZXoeH$
eyÝ` eyÝ`
3. E_ Or O`lr {ZXoeH$
4. a{d am°` {ZXoeH$

3. do~-{b§H$ àXmZ H$ao§ Ohm§ ~moS>© Ûmam AZw_mo{XV grEgAma g{_{V, grEgAma Zr{V Am¡a grEgAma n{a`moOZmAmo§ H$r g§aMZm h
H§$nZr H$r do~gmBQ> na Iwbmgm h_mar H§$nZr H$r grEgAma Zr{V H§$nZr H$r Am{YH$m{aH$ do~gmBQ> na {ZåZ{b{IV {b§H$ na CnbãY h¡:
https://uiic.co.in/csr
4. {Z`_ 8 Ho$ Cn-{Z`_ (3) Ho$ AZwgaU _o§ {H$E JE grEgAma n{a`moOZmAmo§ Ho$ à^md _yë`m§H$Z H$m {ddaU àXmZ H$ao§ & H§$nZr ({ZJ_r`
gm_m{OH$ Xm{`Ëd Zr{V) {Z`_, 2014& `{X bmJy hmo, Vmo {anmoQ>© g§b¾ H$ao§
bmJy Zhr§
5. Cn-{Z`_ (H§$n{Z`mo§ Ho$ {Z`_ 7 Ho$ 30 ({ZJ_r` gm_m{OH$ Xm{`Ëd Zr{V) {Z`_, 2014 Ho$ AZwgaU _o§ g_m`moOZ Ho$ {bE CnbãY am{e
Am¡a {dÎmr` df© Ho$ {bE g_m`moOZ Ho$ {bE Amdí`H$ am{e, `{X H$moB© hmo, H$m {ddaU

{nN>bo {dÎmr` df© go g_m`moOZ Ho$ {dÎmr` df© Ho$ {bE g_m`moOZ Ho$
H«$_ g§. {dËVr` df©
{bE CnbãY am{e (₹ _o§) {bE Amdí`H$ am{e, `{X H$moB© hmo (₹ _o§)
1. 2020-21 6.83 H$amoS> 2.62 H$amoS>
6. Ymam 135(5) Ho$ AZwgma H§$nZr H$m Am¡gV ewÕ bm^
₹ 352.65 H$amo‹S>
{ZXoeH$ ‘§S>b H$m à{VdoXZ

7. (A) Ymam 135(5) Ho$ AZwgma H§$nZr Ho$ Am¡gV ewÕ bm^ H$m Xmo à{VeV
₹ 7.05 H$amo‹S
(₹ 352.65 H$amo‹S> H$m 2% ₹ 7.05 H$amo‹S> h¡)
(Am) {nN>bo {dÎmr` dfmoª H$r grEgAma n{a`moOZmAmo§, H$m`©H«$_mo§ `m J{V{d{Y`mo§ go CËnÞ A{Yeof
₹6.83 H$amo‹S>

138
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Annexure - 3

CSR ANNUAL REPORT

1. Brief outline on CSR Policy of the Company

Board approved our Company’s CSR Policy in 2014-15 as per section 135 of the Companies Act, 2013, as notified by
the Ministry of Corporate Affairs. Our Company has undertaken initiatives like Rural Infrastructure Development
Program, Comprehensive Village Development Program, School Infrastructure Development Program etc. to provide
Infrastructure to the needy Schools and Villages in Rural Areas and spread Insurance Awareness amongst the people.
Our Company has also undertaken Education, Skill Development, Environmental Protection & Preventive Healthcare
related Projects for the Welfare of the Society.

2. Composition of CSR Committee

The CSR Committee comprises of the following members (as on 31.03.2021):

Number of meetings of Number of meetings

Designation/
S.No. Name of Director CSR Committee held of CSR Committee
Nature of Directorship
during the year attended during the year.

1. Girish Radhakrishnan Chairman cum Managing Director

2. Rajkiran Rai G Director
NIL NIL
3. M G Jayasree Director
4. Ravi Rai Director

3. Provide the web-link where Composition of CSR Committee, CSR Policy and CSR Projects approved by the Board are
disclosed on the website of the company
Our Company’s CSR Policy is available on the Company’s official website at the following link : https://uiic.co.in/csr

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014. If applicable, attach the report
Not applicable

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the Financial Year, if any.

Amount available for set-off from Amount required to be set-off

` S.No. Financial Year for the financial year, if any (in `)
preceding financial year (in `)
REPORT OF THE BOARD OF DIRECTORS

1. 2020-21 6.83 crores 2.62 crores

6. Average net profit of the Company as per Section 135(5)

` 352.65 crores

7. (a) Two percent of average net profit of the Company as per Section 135(5)
` 7.05 crores
(2% of ` 352.65 crores is ` 7.05 crores)

(b) Surplus arising out of the CSR projects, programmes, or activities of the previous financial years
`6.83 crores

Harnessing Power to Empower 139

 |

(B) {dÎmr` df© Ho$ {bE {ZYm©{aV am{e H$r Amdí`H$Vm

₹2. 62 H$amo‹S>
(B©) {dÎmr` df© Ho$ {bE Hw$b grEgAma Xm{`Ëd (7 E + 7 ~r - 7 gr)
₹11.26 H$amo‹S>
8. (A) {dÎmr` df© (2020-21) Ho$ {bE grEgAma am{e IM© `m A{Z{X©ï

{dÎmr` df© Ho$ AZw{MV am{e

{bE IM© H$r Ymam 135 (6) Ho$ AZwgma Aà`wº$ Ymam 135 (5) Ho$ {bE goHo$§S> àmdYmZ Ho$ AZwgma AZwgyMr
JB© Hw$b am{e grEgAma ImVo _o§ ñWmZm§V{aV Hw$b am{e VII Ho$ VhV {Z{X©ï {H$gr ^r \\$§S> _o§ ñWmZm§V{aV am{e
(₹ _o§) am{e (₹ _o§) ñWmZm§VaU H$r VmarI {Z{Y H$m Zm_ am{e ñWmZm§VaU H$r VmarI
₹3.28 H$amo‹S> ₹1.72 H$amo‹S> 24.06.2021 bmJy Zhr§ bmJy Zhr§ bmJy Zhr§

(Am) {dÎmr` df© Ho$ {bE Mb ahr n{a`moOZmAmo§ Ho$ {Ibm\\$ IM© H$r JB© grEgAma am{e H$m {ddaU
AZwb¾H$ -3 E _o§ {XE JE {ddaU
(B) {dÎmr` df© Ho$ {bE Mb ahr n{a`moOZmAmo§ Ho$ Abmdm AÝ` Ho$ gmW {~VmE JE grEgAma am{e H$m {ddaU
AZwb¾H$ -3 ~r _o§ {XE JE {ddaU
(B©) àemg{ZH$ AmodahoS²>g _o§ IM© H$r JB© am{e
₹. 0 .20 H$amo‹S>
(C) `{X bmJy hmo, Vmo à^md _yë`m§H$Z na IM© H$r JB© am{e
bmJy Zhr§
(D$) {dÎmr` df© (8 ~r + 8 gr + 8 S>r + 8 B©) Ho$ {bE IM© H$r JB© Hw$b am{e
(0.62 H$amo‹S> + 2.47 H$amo‹S> + 0.20 H$amo‹S> )
₹ 3.29 H$amo‹S>
(F) g_m`moOZ Ho$ {bE A{V{aº$ am{e, `{X H$moB© hmo

H«$_ g§. {ddaU am{e ₹ _o§

i Ymam 135(5) Ho$ AZwgma H§$nZr Ho$ Am¡gV ewÕ bm^ H$m Xmo à{VeV 7.05 H$amo‹S>

ii {dÎmr` df© Ho$ {bE IM© H$r JB© Hw$b am{e 3.29 H$amo‹S>
iii {dÎmr` df© Ho$ {bE IM© H$r JB© A{V{aº$ am{e (ii-i) bmJy Zhr§
iv grEgAma n{a`moOZmAmo§, `m H$m`©H«$_mo§, `m {nN>bo {dÎmr` df© H$r J{V{d{Y`mo§, `{X H$moB© hmo,
go CËnÞ A{Yeof bmJy Zhr§

v AJbo {dÎmr` dfmoª _o§ g_m`moOZ Ho$ {bE CnbãY am{e (iii-iv) bmJy Zhr§
{ZXoeH$ ‘§S>b H$m à{VdoXZ

9. (E) {nN>bo VrZ {dÎmr` dfmoª Ho$ {bE Aì`{`V grEgAma am{e H$m {ddaU
{ddaU AZwb¾H$-3 gr _o§ {X`m J`m h¡
(~r) {nN>bo {dÎmr` df© (dfmoª) H$r Mb ahr n{a`moOZmAmo§ Ho$ {bE {dÎmr` df© _o§ IM© H$r JB© grEgAma am{e H$m {ddaU
{ddaU AZwb¾H$-3S>r _o§ {X`m J`m h¡

140
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(c ) Amount required to be set off for the financial year

` 2.62 crores

(d) Total CSR obligation for the Financial Year (7a +7b -7c)
` 11.26 crores

8. (a) CSR amount spent or unspent for the financial year (2020-21)

Amount Unspent (in `)

Total Amount
Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under
Financial Year CSR Account as per section 135(6) Schedule VII as per second proviso to section 135 (5)
(in `) Amount (In `) Date of transfer Name of the fund Amount Date of transfer

3.28 crores 1.72 crores 24.06.2021 NA NA NA

(b ) Details of CSR amount spent against ongoing projects for the financial year
Details given in Annexure - 3A

(c) Details of CSR amount spent against other than ongoing projects for the financial year

Details given in Annexure - 3B

(d) Amount spent in administrative overheads

` 0.20 crores

(e) Amount spent on Impact Assessment, if applicable

Not Applicable

(f) Total amount spent for the Financial Year (8b + 8c + 8d +8e)
(` 0.62 cr + ` 2.47 cr + ` 0.20 cr)
` 3.29 crores

(g) Excess amount for set off, if any

S.No. Particulars Amount in `

i Two percent of average net profit of the Company as per Section 135(5) 7.05 crores

ii Total amount spent for the financial year 3.29 crores REPORT OF THE BOARD OF DIRECTORS

iii Excess amount spent for the Financial Year (ii-i) NA

iv Surplus arising out of CSR Projects, or programs, or activities of the previous

Financial Year, if any NA

v Amount available for set off in succeeding financial years (iii-iv) NA

9. (a) Details of Unspent CSR amount for the preceding three financial years
Details given in Annexure - 3C

(b) Details of CSR Amount Spent in the financial year for ongoing projects of the Preceding financial year(s)
Details given in Annexure - 3D

Harnessing Power to Empower 141

 |

10. ny§OrJV g§npÎm Ho$ {Z_m©U `m A{YJ«hU Ho$ _m_bo _o§, {dÎmr` df© _o§ IM© {H$E JE grEgAma Ho$ _mÜ`_ go Bg àH$ma ~ZmB© `m A{O©V H$r JB©
g§npÎm go g§~§{YV {ddaU àñVwV H$ao§
(g§npÎm dma {ddaU)
(E) ny§OrJV g§npÎm Ho$ {Z_m©U `m A{YJ«hU H$r {V{W
bmJy Zhr§
(~r) ny§OrJV g§npÎm Ho$ {Z_m©U `m A{YJ«hU Ho$ {bE IM© H$r JB© grEgAma H$r am{e
bmJy Zhr§
(gr) BH$mB© `m gmd©O{ZH$ àm{YH$aU `m bm^mWu H$m {ddaU {OZHo$ Zm_ na Eogr ny§OrJV g§npÎm n§OrH¥$V h¡, CZH$r nVm Am{X
bmJy Zhr§
(S>r) g¥{OV `m A{O©V H$r JB© ny§OrJV g§npÎm (g§npÎm`mo§ H$m nyam nVm Am¡a ñWmZ g{hV) H$m {ddaU àXmZ H$ao§
ny§OrJV n{ag§npÎm)
bmJy Zhr§
11. `{X H§$nZr Ymam 135(5) Ho$ AZwgma Am¡gV ewÕ bm^ H$m Xmo à{VeV IM© H$aZo _o§ {d\$b ahr h¡ Vmo H$maU {Z{X©ï H$ao§
H§$nZr Zo CZ n{a`moOZmAmo§ H$m M`Z {H$`m h¡, Omo H$m`m©Ýd`Z Ho$ {bE H$B© dfmoª VH$ MbVr h¡§ & ñdrH¥$V n{a`moOZmE§ /H$m`©H«$_, {Og_o§ nyd© Ho$ dfmoª H$r
AJ«o{fV ñdrH¥${V`m§ em{_b h¡§, bo{H$Z eof Aì`{`V h¡§, Eogr ~hwdfu` n{a`moOZmAmo§ go g§~§{YV h¡§&
H$ånZr Cn`wº$ n{a`moOZmAmo§ Ho$ A^md _o§ Hw$b am{e ñdrH¥$V Ed§ ì`` Zhr§ H$a gH$r & grEgAma \\$§S> IM© Z H$a nmZo H$m EH$ ~‹S>m H$maU H$mo{dS>
_hm_mar H$m àH$mon Am¡a Xoeì`mnr bm°H$S>mCZ Wm & H§$nZr h_mao {bE àñVm{dV n{a`moOZmAmo§ H$m bJmVma _yë`m§H$Z H$a ahr h¡ Am¡a AmZo dmbo dfmoª _o§
IM© H$mo Am¡a ~‹T>mZo _o§ gj_ hmoJr &
{ZXoeH$ ‘§S>b H$m à{VdoXZ

142
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year
(Asset wise details)
(a) Date of creation or acquisition of the capital asset(s)
Not Applicable

(b) Amount of CSR spent for creation or acquisition of the capital asset
Not Applicable

(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc
Not Applicable

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the
capital asset)
Not Applicable

11. Specify the reason(s), if the company has failed to spend two percent of the average net profit as per section 135(5)
The Company has selected projects, which run for multiple years for implementation. The projects/programs
sanctioned, including the carried forward sanctions of earlier years, but remaining unspent, are relating to such multi-
year projects.

The Company could not sanction and spend the total amount for want of suitable projects. One major reason for not
being able to spend CSR funds was the Covid Pandemic breakout and nationwide lockdown. The Company is
continuously evaluating the projects proposed to us and will be able to further enhance the spending in the coming
years.

REPORT OF THE BOARD OF DIRECTORS

Harnessing Power to Empower 143

 84
144
{ZXoeH$ ‘§S>b H$m à{VdoXZ

AZwb¾H$ 3E
8 (~r) : {dÎmr` df© Ho$ {bE Mb ahr n{a`moOZmAmo§ Ho$ à{V IM© H$r JB© grEgAma am{e H$m {ddaU
|

ge{º H aU Ho {bE e{º H m XmohZ

 ANNEXURE - 3A
8 (b) : Details of CSR Amount Spent against ongoing projects for the Financial Year
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount Mode of Implementation -
Location of the Project Amount Amount transferred Through Implementing
Items from the list of Allocated Spent in the to Unspent Mode of Agency
S. Local Area Project
Name of the Project activities in Schedule VII for the Current CSR Account Implementation
No. Yes/No Duration
to the Act Project Financial for the project Direct CSR
State District (in `) Year a per Section Yes/No Name Registration
135(6) (in `) Number

1 Palliative Care Unit In Promoting Healthcare Yes Assam Kamrup 08.01.21 1398096 1158730 239366 No Satribari 1832200541
Satribari Christian Hospital Including Preventive to Christian
Health Care 07.01.22 Hospital
2 SOS Children's Village of India Promoting Education Yes Chhatisgarh Raipur 01.06.20 10080000 5000000 5080000 No SOS S 2429
Including Special to Children's
Education 31.05.21 Village Of India
3 School Infrastructure Promoting Education Yes Rajasthan Jaipur 12.03.21 398127 0 398127 Yes NA
Development Program and
(2 Schools) 26.03.21
/

4 School Infrastructure Promoting Education Yes West Bengal Kolkata 10.03.21 200000 0 200000 Yes NA
Development Program (1 School)

Harnessing Power to Empower

145
REPORT OF THE BOARD OF DIRECTORS
 146
{ZXoeH$ ‘§S>b H$m à{VdoXZ

AZwb¾H$ 3~r
8 (gr) : {dÎmr` df© Ho$ {bE Mb ahr n{a`moOZmAmo§ Ho$ Abmdm AÝ` na IM© H$r JB© grEgAma am{e H$m {ddaU
|

ge{º H aU Ho {bE e{º H m XmohZ

 ANNEXURE - 3B

8 (c) : Details of CSR Amount Spent against other than ongoing projects for the Financial Year
(1) (2) (3) (4) (5) (6) (7) (8)
Mode of Implementation -
Items from Location of the Project Through Implementing
Mode of
the list of Amount Spent Agency
S. Local Area Implementation
Name of the Project activities in for the Project
No. Yes/No Direct
Schedule VII (in `) CSR
Yes/No
to the Act State District Name Registration
Number

1 School Infrastructure Development Program (2 Schools) Promoting Education Yes Odisha Bhubaneswar 338234 Yes NA
2 School Infrastructure Development Program (2 Schools) Promoting Education Yes Haryana Chandigarh 384942 Yes NA
3 School Infrastructure Development Program (1 School) Promoting Education Yes Assam Guwahati 198000 Yes NA
4 School Infrastructure Development Program (3 Schools) Promoting Education Yes Rajasthan Jaipur 590291 Yes NA
5 School Infrastructure Development Program (4 Schools) Promoting Education Yes Tamil Nadu Coimbatore 483553 Yes NA
6 School Infrastructure Development Program (9 Schools) Promoting Education Yes Rajasthan Jodhpur 1421082 Yes NA
7 School Infrastructure Development Program (1 School) Promoting Education Yes West Bengal Kolkata 189990 Yes NA
8 School Infrastructure Development Program (4 Schools) Promoting Education Yes Maharashtra Pune 7879211 Yes NA
/

9 School Infrastructure Development Program (6 Schools) Promoting Education Yes New Delhi New Delhi 1153200 Yes NA
10 School Infrastructure Development Program (4 Schools) Promoting Education Yes Punjab Ludhiana 622048 Yes NA
11 School Infrastructure Development Program (1 School) Promoting Education Yes Tamil Nadu Madurai 374000 Yes NA
and Maintenance Work
12 School Infrastructure Development Program (6 Schools) Promoting Education Yes Karnataka Hubli 1069352 Yes NA
13 School Infrastructure Development Program (14 Schools) Promoting Education Yes Andhra Vizag 2827299 Yes NA
Pradesh
14 School Infrastructure Development Program (6 Schools) Promoting Education Yes Tamil Nadu Chennai 5392304 Yes NA
15 School Infrastructure Development Program (7 Schools) Promoting Education Yes Gujarat Vadodara 1558390 Yes NA
16 Comprehensive Village Development Programme Rural Development Yes Manipur Pumdumlong 126750 Yes NA
Projects Village
17 Providing and Installing CCTVs for Promotion of Yes Tamil Nadu Chennai 109000 Yes NA
Police Department in Anna Salai, Chennai Road Safety

Harnessing Power to Empower

147
REPORT OF THE BOARD OF DIRECTORS
 84
148
{ZXoeH$ ‘§S>b H$m à{VdoXZ

AZwb¾H$ 3gr 9 (E) : {nN>bo VrZ {dÎmr` dfmoª Ho$ {bE Aì`{`V grEgAma am{e H$m {ddaU
|

ge{º H aU Ho {bE e{º H m XmohZ

AZwb¾H$-S>r
9(~r) : {nN>bo {dÎmr` df© (dfmoª) H$r Mb ahr n{a`moOZmAmo§ Ho$ {bE {dÎmr` df© _o§ IM© H$r JB© grEgAma am{e H$m {ddaU
 ANNEXURE - 3C
9 (a) : Details of Unspent CSR Amount for the preceding three Financial Years

Amount transferred to Amount Transferred to any fund specified

Amount Spent in the under Schedule VII as per Section 135(6), if any Amount Remaining to be
Preceding Unspent CSR Account
S.No. Reporting Financial spent in succeeding
Financial Year under Section 135(6)
Year (in `) Name of the Fund Amount (in `) Date of Transfer Financial Year (in `)
(in `)

1 2017-18 NA 69909723 NA - - 72475000

2 2018-19 NA 45244000 NA - - 75300000
3 2019-20 NA 75010699 NA - - 68318881

ANNEXURE - 3D
9(b) : Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
/

Amount Spent on Cumulative Amount

Status of the
Financial Year in Total amount the Project in the Spent at the end
S. Project
Project ID Name of the Project which the project Project Duration allocated for the Reporting of Reporting
No. Completed/
was commenced project (in `) Financial Year Financial Year
Ongoing
(in `) (in `)

1 NA HO Building Projects (RO Chennai) 2017-18 NA (Project period 12500000 4995763 11207679 Ongoing
was not specified)
2 1917/3 Ram Krishna Mission Gap Project (RO Patna) 2018-19 01.12.18 to 30.11.21 12114000 2073376 10023376 Ongoing
3 A000152 Friends of Tribal Society (RO Bubaneswar) 2019-20 01.05.19 to 30.04.20 6000000 2000000 5000000 Ongoing
4 NA Comprehensive Village Development Program 2018-19 07.02.19 2489000 0 205861 Ongoing
(RO Nagpur) to 06.05.19
5 NA Rural Infrastructure Development Program 2019-20 01.04.19 1174500 0 732551 Ongoing
(RO Nagpur) to 31.07.19
6 NA Round Table India Project to Construct In 2019-20 17.06.19 8272500 0 4136250 Ongoing
4 Schools at Shillong, Dibrugarh, to 16.02.20
Kamarkuchi and Rajadwar (RO Guwahati)

Harnessing Power to Empower

149
REPORT OF THE BOARD OF DIRECTORS
 |

AZwb½ZH$ - 4

’$m‘© Z§. EAmogr 2

g§~§{YV njm| Ho$ gmW H§$nZr Ûmam {H$E JE gwa{jV d gw{dYmOZH$ AZw~§Y / ì¶dñWm Omo {H$ H§$nZr A{Y{Z¶‘,
2013 H$s Ymam 188 H$s Cn-Ymam (1) ‘| {Z{X©ï> ' Vrgar na§VwH$ Ho$ VhVnyU© àH$Q>rH$aU
(Ymam 134 Ho$ AZwÀN>oX (h) H$s Cn Ymam (3) Am¡a H§$nZr (boIm) 2014 Ho$ {Z¶‘ 8 (2) Ho$ VhV)

1. AZw~§Y ¶m ì¶dñWm ¶m boZXoZ ‘ܶñW Ho$ AmYmana {ddaU :

g§{dXm ¶m dh {V{W, {Ogna {deof
g§~§{YV AZw~§Y / Eogo AZw~§Y ¶m A{J«‘ Ho$ àñVmd H$mo gm‘mݶ
AZw~§Ym| H$s ì¶dñWm ¶m ‘yë¶ ~moS>© Ûmam ê$n ‘| ^wJVmZ ~¡R>H$ ‘| nm[aV {H$¶m
nj H$m Zm‘ ì¶dñWm / Ad{Y / ì¶dñWm ¶m
g{hVboZXoZ boZXoZ ‘| AZw‘mo{XV H$s JB©
Am¡a g§~§Y boZXoZ H$s ì¶dñWm / H$s ‘w»¶ J¶m Wm, Omo {H$ Ymam
H$s àH¥${V àH¥${V àdoe H$aZo H$m {XZm§H$ am{e, ¶{X 188 Ho$ nhbo àmdYmZ
boZXoZ eV], ¶{X H$moB© hmo H$moB© hmo:
Am¡{M˶ Ho$ VhV Amdí¶H$ Wm
bmJw Zhr bmJw Zhr bmJw Zhr bmJw Zhr bmJw Zhr bmJw Zhr bmJw Zhr bmJw Zhr
2. AZw~§Y ¶m ì¶dñWm ¶m boZXoZ à˶j ê$n {~Zm ‘ܶñW Ho$ AmYma na {dÎmr¶ df© 2020-21 H$m {ddaU
AZw~§Y /
g§~§{YV nj H$m Zm‘ g§{dXm ¶m ì¶dñWm ¶m ‘yë¶ ~moS>© Ûmam AZw‘moXZ ^wJVmZ H$s
ì¶dñWm AZw~§Ym| H$s Ad{Y /
Am¡a g§~§Y H$s àH¥${V g{hV boZXoZ H$s ‘w»¶ eV], H$s {V{W, JB© am{e
H$s àH¥${V ì¶dñWm / boZXoZ
¶{X H$moB© hmo ¶{X H$moB© hmo (` bmI ‘|)
/ boZXoZ
bm^m§e àmá hþAm
B§{S>¶m B§Q>aZoeZb B§í¶moa|g gmWr bmJy Zht bmJy Zht bmJy Zht 250.62
nrQ>rB© {b{‘Q>oS>
Ho$Z B§{S>¶m Eí¶moa|g bmJy Zht bmJy Zht bmJy Zht 34.63
H§$nZr {b{‘Q>oS>
GIC Housing Finance Ltd Not Applicable 79.12
{H$am¶m àmá hþAm
^maVr¶ ñdmñ϶ ~r‘m gmWr 1 {Xg§~a 2017 - brO S>rS> ‘| d{U©V {Z¶‘m| Am¡aeVm] ZmoQ> 1 XoI| 6.87
Q>rnrE {b{‘Q>oS> 30 Zd§~a 2026 Ho$ AZwgma
GIC Housing Finance Ltd Not Applicable Refer Note 1 5.30
Rent Receivable
GIC Housing Finance Ltd Not Applicable Refer Note 1 1.06
Q>rnrE ewëH$ AXm {H$¶m
^maVr¶ ñdmñ϶ ~r‘m gmWr bmJy Zht godm ñVa g‘Pm¡Vo ‘| C{„pIV {Z¶‘m| ZmoQ> 1 XoI| 1154.71
Q>rnrE {b{‘Q>oS> Am¡aeVm] Ho$ AZwgma
Q>rnrE ewëH$ Xo¶
^maVr¶ ñdmñ϶ ~r‘m gmWr bmJy Zht
Q>rnrE {b{‘Q>oS> 554.41
nwZ~u‘m boZXoZ -
- à˶jHo$ {bE
B§{S>¶m B§Q>aZoeZb gmWr bmJy Zht nwZ~u‘m g‘Pm¡Vo ‘| C{„pIV {Z¶‘m| ZmoQ> 1 XoI| 457.84
~r‘m nrQ>rB© {b l Am¡aeVm] Ho$ AZwgma
{ZXoeH$m| H$m nm[al{‘H$
{ZXoeH$ ‘§S>b H$m à{VdoXZ

àmá {H$¶m
Ho$Z B§{S>¶m Eí¶moa|g H§$ bmJy Zht bmJy Zht bmJy Zht 1.53
{b{‘Q>oS>
Amdmg F$U hñVm§V[aV
OrAmB©gr hmCqgJ ’$mBZ|g bmJy Zht g‘Pm¡Vo ‘| d{U©V {Z¶‘m| Am¡aeVm] Ho$ AZwgma ZmoQ> 1 XoI| 348.05
{b{‘Q>oS>
ZmoQ> 1: My§{H$ boZ-XoZ H$s ‘mÌm {ZYm©[aV gr‘m H$s JB© gr‘mHo$ ^rVa h¡, Bg{bE boZ-XoZ H$mo 12.09.2020 H$mo boIm narjm g{‘{V Ûmam AZw‘mo{XV {H$¶m J¶m Wm &

150
84 ge{º H aU Ho {bE e{º H m XmohZ
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Annexure - 4

FORM NO. AOC-2

Form for disclosure of particulars of contracts/arrangements entered into by the company with related
parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s
length transactions under third proviso thereto
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014)

REPORT OF THE BOARD OF DIRECTORS

Harnessing Power to Empower 151

 |

AZwb¾H$ 5 - JV nm§Mdfm] ‘| ñdmñ϶, J«‘rZ Am¡a gm‘m{OH$ bmBZ ‘| {ZînmXZ

(` bmI ‘|)

~r{‘V [anmoQ>© {H$E {ZnQ>m¶o {ZnQ>m¶o CnJVXmdm|

Omar H$s JB© àr{‘¶‘ CnJVXmdm|
nm°{bgr {ddaU df© ì¶{º$¶m| JE Xmdm| Xmdm| H$s H$s
nm°{bgr am{e EH$Ì H$s am{e Xmdm| H$s am{e
H$s g§»¶m H$s g§»¶m g§»¶m AZwnmV

‘o{S>Šbo‘ nm°{b{g¶m§
2016-17 1160383 23876152 447630.00 1946476 541366.70 1493517 555458.10 121.00

2017-18 1257087 38399000 484091.00 2893745 556058.19 2482484 547216.11 114.87

ñdmñ϶
(ì¶{º$JV + g‘yh) 2018-19 1207183 13225057 536524.65 2701535 541836.62 2351403 569102.58 100.99

2019-20 1102842 52761935 533692.00 2964648 544338.00 3052216 612058.00 102.00

2020-21 1119506 161266550 624153.02 3940255 610312.21 3834329 610189.72 97.78

gm‘m{OH$ Am¡a J«‘rZ joÌ - EH$ PbH$

2016-17

2017-18

OZ Amamo½¶ 2018-19 CËnmX dmng bo {b¶m

2019-20

2020-21

2016-17 75970 942096 2457.74 1946 2674.36 2513 1964.68 108.81

2017-18 54977 13745127 2683.80 3130 1719.31 2526 1868.90 127.00

OZVm ì¶{º$JV
XþK©Q>Zm nm°{bgr 2018-19 53025 11766001 2117.88 1938 957.98 1964 1533.19 45.23

2019-20 45310 45102577 1943.30 831 805.76 1429 1001.99 41.00

2020-21 25773 8750879 611.30 503 512.24 895 688.54 84.00

2016-17

2017-18
¶y{Zdg©b hoëW
2018-19

CËnmX dmng bo {b¶m
2019-20

2020-21

2016-17 220514 1753961 15144.14 43284 11085.47 45597 10641.43 73.20

2017-18 252531 2355122 17452.40 47812 11568.71 43735 10889.38 80.00

new ~r‘m 2018-19 210236 212232 14897.61 43072 10138.33 42280 10790.96 68.05

2019-20 162719 1838177 10295.43 33258 8946.39 34080 8753.97 86.90

2020-21 118000 1565710 7962.62 20467 5795.26 22375 6285.34 73.00

{ZXoeH$ ‘§S>b H$m à{VdoXZ

152
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Annexure 5 -PERFORMANCE IN HEALTH, RURAL AND SOCIAL LINES IN THE PAST FIVE YEARS

(` in Lakhs)

No.of No.of Amount of No.of Incurred No.of Claims Incurred

Policy Details Year Policies persons Premium claims claims claims settled claims
issued Insured collected reported amount settled amount ratio %

MEDICLAIM POLICIES

2016-17 1160383 23876152 447630.00 1946476 541366.70 1493517 555458.10 121.00

2017-18 1257087 38399000 484091.00 2893745 556058.19 2482484 547216.11 114.87

Health
(Individual+Group) 2018-19 1207183 13225057 536524.65 2701535 541836.62 2351403 569102.58 100.99

2019-20 1102842 52761935 533692.00 2964648 544338.00 3052216 612058.00 102.00

2020-21 1119506 161266550 624153.02 3940255 610312.21 3834329 610189.72 97.78

SOCIAL AND RURAL SECTOR - A GLIMPSE

2016-17

2017-18

Jan Arogya 2018-19 Product Withdrawn

2019-20

2020-21

2016-17 75970 942096 2457.74 1946 2674.36 2513 1964.68 108.81

2017-18 54977 13745127 2683.80 3130 1719.31 2526 1868.90 127.00

Janata Personal
Accident Policy 2018-19 53025 11766001 2117.88 1938 957.98 1964 1533.19 45.23

2019-20 45310 45102577 1943.30 831 805.76 1429 1001.99 41.00

2020-21 25773 8750879 611.30 503 512.24 895 688.54 84.00

2016-17

2017-18
Universal Health
Insurance 2018-19

Product Withdrawn
2019-20

2020-21

2016-17 220514 1753961 15144.14 43284 11085.47 45597 10641.43 73.20 REPORT OF THE BOARD OF DIRECTORS

2017-18 252531 2355122 17452.40 47812 11568.71 43735 10889.38 80.00

Cattle Insurance 2018-19 210236 212232 14897.61 43072 10138.33 42280 10790.96 68.05

2019-20 162719 1838177 10295.43 33258 8946.39 34080 8753.97 86.90

2020-21 118000 1565710 7962.62 20467 5795.26 22375 6285.34 73.00

Harnessing Power to Empower 153

 |

eo¶aYmaH$ Am¡a nm°{bgrYmaH$ {Z{Y 2020-21

eo¶aYmaH$ {Z{Y (` hµOma ‘o)

{ddaU 31.03.2021 VH$ eof à{VeV 31.03.2020 VH$ eof à{VeV

eo¶a ny§Or 38050000 2000000
gm‘mݶ [aOd© 2157015 12228860
g§n{Îm H$mof 13589 13589
{d{dY. / {deof AmajU 1079277 862692
g§nyU© 41299881 12.52% 15105141 6.50%

nm°{bgrYmaH$ {Z{Y 31.03.2021 VH$ eof (` hµOma ‘o)

(a) AZno{jV (b) Amo / Eg ( c) àr{‘¶‘
(d) V~mhr (e) Aݶ
{ddaU OmopI‘ Ho$ {bE Xmdm| Ho$ {bE S>o{’${gE§gr g§nyU© à{VeV
[aOd© AZw‘m{ZV Xo¶Vm [aOd© Xo¶VmE§ *
[aOd©
A{¾ 4688463 16361453 - - -1233046 19816870
‘arZ 1284569 2908805 - - -245636 3947738
{d{dY 65155694 216155922 - - -16478457 264833159
Hw$b 71128726 235426180 - - -17957139 288597767 87.48%
Hw$b {Z{Y 329897648

31.03.2020 VH$ eof

(` hµOma ‘o)
(a) AZno{jV (b) Amo / Eg ( c) àr{‘¶‘
(d) V~mhr (e) Aݶ
{ddaU OmopI‘ Ho$ {bE Xmdm| Ho$ {bE S>o{’${gE§gr g§nyU© à{VeV
[aOd© AZw‘m{ZV Xo¶Vm [aOd© Xo¶VmE§ *
[aOd©
A{¾ 4708911 18859051 - - -5805373 17762589
‘arZ 1337688 3591862 - - -1313197 3616353
{d{dY 63350065 190443838 - - -57891201 195902702
Hw$b 69396664 212894751 - - -65009771 217281644 93.50%
Hw$b {Z{Y 232386785

*ZmoQ>:

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154 ge{º H aU Ho {bE e{º H m XmohZ

 /

SHAREHOLDERS’ AND POLICYHOLDERS’ FUNDS – 2020-21

SHAREHOLDERS’ FUND (` in’000)
Balance As On Balance As On
Particulars Percentage Percentage
31.03.2021 31.03.2020
Share Capital 38050000 2000000
General Reserve 2157015 12228860
Capital Reserve 13589 13589
Misc./Special Reserves 1079277 862692
Total 41299881 12.52% 15105141 6.50%

POLICYHOLDERS’ FUND BALANCE AS ON 31.03.2021 (` in’000)

(a) Reserve for (b) Estimated ( c) Premium (e) Other

(d) Catastrophe
Particulars Unexpired Liability for Deficiency Liabilities net off Total Percentage
Reserve
Risk O/s Claims Reserve Other Assets*
Fire 4688463 16361453 - - -1233046 19816870
Marine 1284569 2908805 - - -245636 3947738
Miscellaneous 65155694 216155922 - - -16478457 264833159
Total 71128726 235426180 - - -17957139 288597767 87.48%
329897648

BALANCE AS ON 31.03.2020 (` in’000)

(a) Reserve for (b) Estimated ( c) Premium (e) Other
(d) Catastrophe
Particulars Unexpired Liability for Deficiency Liabilities net off Total Percentage
Reserve
Risk O/s Claims Reserve Other Assets*

Fire 4708911 18859051 - - -5805373 17762589

Marine 1337688 3591862 - - -1313197 3616353
Miscellaneous 63350065 190443838 - - -57891201 195902702
Total 69396664 212894751 - - -65009771 217281644 93.50%
Total Funds 232386785

*Note:
SHAREHOLDERS’ AND POLICYHOLDERS’ FUNDS
Other Liabilities comprise of (i) Premium received in advance (ii) Unallocated Premium (iii) Balance due to Other Insurance Companies
(iv) Due to other members of a pool such as Third Party Pool; Terrorism Pool; etc (v) Sundry creditors(due to policyholders).

Other Assets comprise of (i) Outstanding Premium (ii) Due from other entities carrying on insurance business including Re insurers(iii)
Balance with Pool such as Third Party Pool; Terrorism Pool; etc.

The investments pertaining to shareholders and policyholders are segregated as on the Balance Sheet date as per the IRDAI Regulation.
(Circular IRDA/F&A/CIR/CPM/056/03/2016 dated April 04, 2016).

Harnessing Power to Empower 155

 |

156
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

31 _mM© 2021 H$mo g_má df© Ho$ {b`o ñQ¡ÊS AbmoZ

{dËVr` {ddaU Am¡a AZwgy{M`m±
STANDALONE FINANCIAL STATEMENTS AND SCHEDULES
FOR THE YEAR ENDED 31ST MARCH 2021

Harnessing Power to Empower 157

 |
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INDEPENDENT AUDITORS' REPORT
To the members of United India Insurance Company Limited
Report on the Audit of Standalone Financial
Statements
Qualified Opinion
We have audited the standalone financial statements
of M/s United India Insurance Company Limited
(“the Company”), which comprise the Balance Sheet as at
31st March 2021, the Fire, Marine and Miscellaneous
Revenue Accounts, the Profit and Loss Account and Cash
Flow Statement for the year then ended, and notes to the
standalone financial statements, including a summary of
significant accounting policies and other explanatory
information incorporated in these standalone financial
statements are the returns of the 30 Regional Offices
(in which are incorporated the Returns of 421 Divisional
Offices), 6 Large Corporate and Broker Cells and an
overseas run-off operations (“other offices”) audited by
other auditors.
In our opinion and to the best of our information and
according to the explanations given to us, except for the
effects of the matter described in the Basis for Qualified
Opinion section of our report, the aforesaid standalone
financial statements give the information required by the
Insurance Act, 1938 in the manner so required and give a
true and fair view in conformity with the accounting
principles generally accepted in India.
a) in the case of the Balance Sheet, of the state of affairs of
the Company as at 31st March 2021;
b) in the case of the Revenue Accounts, of the
surplus/deficit for the year ended 31st March 2021;
c) in the case of Profit and Loss Account, of the loss for
the year ended 31st March 2021; and
d) in the case of the Cash Flow Statement, of the cash
flows for the year ended 31st March 2021.
Basis for Qualified Opinion
1) Note No. 27(a) to the standalone financial statements,
refers to non-obtention of year end confirmation from
other insurance companies and consequential impact
on the financials, if any, of adjustment/reconciliation
is not ascertainable.
/
2) Note No. 15(a) to the standalone financial
statements, regarding the investment in Non-
Convertible Debentures to the tune of book value of
` 2752315.08 thousands (Previous Year -
` 2752315.08 thousands) of IL & FS Group as on
March 31, 2021. The group Companies of IL & FS
Group have defaulted on interest payments and
principal repayments which were due till March 31,
2021. The company has treated its entire investment
in IL & FS group as Non-Performing Asset (NPA) and
classified the secured portion as Doubtful Category II
asset and the unsecured portion as Doubtful
Category III asset as per income recognition, asset
classification, provisioning and other related matters
on investments in Master Circular IRDAI (Investment)
Regulation 2016 and has made a provision of Rs.
1176311.48 thousands (Previous Year - ` 951168.11
thousand) on non-convertible debentures in the
books of accounts. The credit rating of the IL & FS
and its group entities has also been downgraded and
the matter pertaining to the initiation of corporate
insolvency resolution process for IL & FS group is
pending before NCLT indicating substantial erosion of
security. The Company is yet to ascertain the
realisable value of the security charged to secure
these debentures as the reference to
NCLT has not yielded any road map for the resolution
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
of NPA (Loss Assets).The company has already
provided for 100% of the unsecured exposure of
` 500881.37 thousands (previous year –
` 500881.37 thousands) .The company has made
provision for 30% of the secured exposure. In our
opinion the company is required to make an additional
provision of 70% on the secured exposure also.
STANDALONE FINANCIAL STATEMENTS
This has resulted in under-statement of provision by
` 1576003.60 thousands and consequent under
statement of loss to the same extent for the year
ended 31st March, 2021.
3) Note No. 15(b) to the standalone financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of Rs. 500000 thousand
(previous year – ` 500000 thousands) issued by
Dewan Housing Finance Limited (DHFL). DHFL have
defaulted on interest payments and principal
Harnessing Power to Empower 159
 |

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ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±

{hñgo na 20% H$m A{V{aº$ àmdYmZ H$aZo H$r Amdí`H$Vm h¡&

BgHo$ n{aUm_ñdê$n 31 _mM©, 2021 H$mo g_má hwE df© Ho$ {bE
àmdYmZ H$mo 109999.99 hOma én`o VH$ H$_ H$aHo$ Am¡a Cgr
gr_m VH$ ZwH$gmZ H$mo H$_ H$aHo$ {XIm`m J`m h¡&
`{X Cn`w©º$ {~§Xw g§»`m (2), (3) Am¡a (4) Ho$ g§~§Y _o§ `mo½`Vm
H$mo àmdYmZmo§ H$mo à^mdr {H$`m J`m Am¡a 31 _mM© 2021 H$mo g_má
df© Ho$ {bE KmQ>m 1826003.59 hOma én`o go A{YH$ hmoJm Am¡a
XyañW boImnarjm H$aZm h_mao {dMma _o§ Mmby df© boImnarjm Ho$
{bE EH$ _hËdnyU© _m_bm h¡&
boIm narjH$mo§ H$r à{VpH«$`m
bm°H$S>mCZ Am¡a `mÌm na amoH$ Am¡a EH$ hr eha / {Obo Ho$ gmW `mÌm _o§
g»V à{V~§Ymo§ Ho$ _ÔoZOa dmñV{dH$ A{^boImo§, XñVmdoOmo§ Am¡a
dmCMamo§ H$m ^m¡{VH$ gË`mnZ Zhr§ {H$`m Om gH$m Am¡a Bg{bE g§~§{YV

160
84 ge{º H aU Ho {bE e{º H m XmohZ

repayments which were due till March 31, 2021.
The company has already provided for 100% of the
unsecured exposure amounting to ` 150000
thousands. The Company has treated its entire
Investment in DHFL as Non-Performing Asset and has
made a provision of 60% for its secured portion of
Book value of ` 350000 thousands, amounting to
210000 thousands on non-convertible debentures in
the books of accounts based on the Initial outcome of
the Resolution Process. The credit rating of the DHFL
has also been downgraded and the matter pertaining
to corporate insolvency resolution process is also in
progress. In our opinion, the company is required to
make an additional provision of 40% on its secured
investment portion. This has resulted in under
statement of provision by ` 140000 thousands and
consequent under-statement of loss to the same
extent for the year ended 31st March, 2021.
4. Note No. 15(c) to the standalone financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of book value of ` 1149750
thousands (Previous Year – ` 1149750 thousands)
issued by Reliance Home Finance Limited (RHFL).
RHFL have defaulted on interest payments and
principal repayments which were due till March 31,
2021. The company has already provided for 100% of
the unsecured exposure of book value of ` 599750
thousands .The Company has treated its entire
Investment in RHFL as Non-Performing Asset and has
made a provision of 80% for its secured portion of
book value of 550000 thousands, amounting to
440000 thousands on non-convertible debentures in
the books of accounts based on the outcome of
Resolution Process. The credit rating of the RHFL has
also been downgraded and the matter pertaining to the
corporate insolvency resolution process is also in
progress. In our opinion, the company is required to
make an additional provision of 20% on its secured
investment portion. This has resulted in
understatement of provision by ` 109999.99
thousands and consequent under-statement of loss to
the same extent for the year ended 31st March, 2021.
Had the qualifications in respect of point no (2), (3)
and (4) above been given effect to, provisions and
the loss for the year ended 31st March 2021
of the company would have been higher by
` 1826003.59 thousands and the reserves would have
/
been lower by ` 1826003.59thousands. Further, the
cumulative impact of the qualifications in points
(2), (3) and (4) above would result in the Solvency
Margin of the Company stands reduced to 0.96.
The effect of qualification of point no (1) above is not
ascertainable.
We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors’
Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of
the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to
our audit of the standalone financial statements and we
have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matter
1) In view of the unprecedented hardship caused to one
and all throughout the world by the pandemic caused
by corona virus and the travel restriction imposed by
the Government there is a sea of change in the way of
life, the way the business is conducted and naturally
the Audit Profession also adapted to the changed
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
environment. Hence, a new methodology is being
adopted in the auditing profession also by
conducting distance Audit/ Remote Audit/ Online
Audit. Even though the methodology may change,
the objectives of Audit do not. Irrespective of the
challenges and uncertainties there should not be any
dilution or non-compliance with the Auditing
STANDALONE FINANCIAL STATEMENTS
Standards in carrying out the Audits. Hence
accepting the Audit of other Auditors and doing
remote Audit to get Audit assurance is in our view a
Key Matter for the current year Audit.
Auditors Response
In view of the lockdown and curb on travel and strict
restrictions in travel with the same city/ district
physical verification of actual records, documents
and vouchers could not be carried out and hence
audit was conducted through remote access to the
Harnessing Power to Empower 161
 |
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{H$`m J`m Am¡a XñVmdoOmo§ H$r ñH¡$Z Ed§ à_m{UV à{V`mo§ H$mo Am°{S>Q>
am` ~ZmZo Ho$ {bE Om°M {H$`m J`m& _m¡OyXm n{apñW{V`mo§ Am¡a _m¡OyXm
pñW{V Ho$ AZwê$n Bg Vah H$r g§emo{YV boImnarjm àpH«$`mAmo§ H$mo
AnZm`m J`m&
_m_bo H$m _hËd
h_ ñQ¡>§S>AbmoZ {dÎmr` {ddaUmo§ Ho$ ZmoQ> _o§ {ZåZ{b{IV _m_bo na Ü`mZ
AmH${f©V H$aVo h¡§
1. ZmoQ> g§»`m 19 ñQ¡>§S>AbmoZ {dÎmr` {ddaUmo§ Ho$ {bE emoY j_Vm Ho$
g§~§Y _o§, Omo 31 _mM© 2021 VH$ 1.00 h¡, Omo ^maVr` ~r_m
{d{Z`m_H$ Am¡a {dH$mg àm{YH$aU (g§npÎm, Xo`Vm Am¡a gm_mÝ`
~r_m H$mamo~ma Ho$ emoY j_Vm) {d{Z`_, 2016 Ho$ AZwgma
{ZYm©{aV j_Vm go ZrMo h¡& h_ Cnamoº$ A{Y{Z`_mo§ Ho$ gmW ~r_m
A{Y{Z`_, 1938 Ho$ n{aUm_r {Z{hVmW© na {Q>ßnUr H$aZo _o§
Ag_W© h¡§&
2. ZmoQ> g§»`m 29 ñQ¡>§S>AbmoZ {dÎmr` {ddaUmo§ Ho$ {bE, gm_mÝ`
H$_©Mmar no§eZ `moOZm 1995 Ho$ VhV no§eZ Ho$ {bE MwZo JE H§$nZr
Ho$ godm{Zd¥Îm Am¡a _m¡OyXm H$_©Mm{a`mo§ H$r no§eZ Xo`Vm Ho$ AmYmZ Ho$
~mao _o§, 31 _mM© 2020 go nhbo godm{Zd¥Îm hwE H$_©Mm{a`mo§ Ho$ g§~§Y _o§
8295218 hOma én`o H$r Hw$b am{e H§$nZr H$m A§eXmZ
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ
5764028 hOma én`o h¡ Am¡a 12655950 hOma én`o H$m 1/5
dm§ {hñgm 2531190 hOma én`o Ho$ `moJXmZ _o§ ^{dî` H$r XoZXmar
H$m h¡ _m¡OyXm H$_©Mm{a`mo§ Ho$ g§~§Y _o§ H§$nZr Ho$ `moJXmZ Ho$ ^{dî` Ho$
Xm{`Ëd Ho$ 12655950 Ho$ 1/5 do§ {hñgo Ho$ ê$n _o§ 2531190
hOma én`o H$mo df© 19-20 Am¡a AmJo 1/5 Ho$ Xm¡amZ Ademo{fV
{H$`m J`m h¡ Am¡a _m¡OyXm H$_©Mm{a`mo§ Ho$ g§~§Y _o§ H§$nZr Ho$ `moJXmZ
Ho$ eof {hñgo 7593570 hOma én`o H$mo 2531190 hOma én`o
H$r 3 g_mZ {H$íVmo§ _o§ n{aemo{YV {H$`m Om ahm h¡& {Ogo {dÎmr` df©
2023-24 VH$ nyam {H$`m OmEJm, O¡gm {H$ ~r_m {Z`m_H$ Am¡a
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±
{dH$mg àm{YH$aU Ûmam g§ X {^© V nÌ 411/E\\$ E§ S>
E(EZEb)/E_m°Q>©-B©~r/2019-20/125 {XZm§H$ 07-07-
2020 Ûmam AZw_mo{XV h¡&
3. ZmoQ> g§»`m 48 ñQ¡>§S>AbmoZ {dÎmr` {ddaUmo§ Ho$ {bE Ebgr~r, _w§~B© _o§
nmE JE J~Z Ho$ g§~§Y _o§, {Og_o§ {deof boIm narjm H$r A§V{a_
{anmoQ>© Ebgr~r, _w§~B© Ho$ AZwgma EH$ H$_©Mmar Am¡a CgHo$ n{V `m
nËZr, Omo EH$ H$_©Mmar ^r h¡, Zo 198.99 H$amo‹S> én`o H$r H§$nZr
162
84 ge{º H aU Ho {bE e{º H m XmohZ
{Z{Y H$m Xwén`moJ {H$`m h¡, H§$nZr Zo Hw$b 198.99 H$amo‹S> én`o
H$r am{e H$m àmdYmZ {H$`m h¡& _m_bo H$r {\ bhmb _w§~B© nw{bg H$r
Am{W©H$ AnamY emIm _o§ Om§M Mb ahr h¡& h_ {dÎmr` {ddaUmo§ _o§
n{aUm_r à^mdmo§ na {Q>ßnUr H$aZo _o§ Ag_W© h¡§&
BZ _m_bmo§ Ho$ g§~§Y _o§ h_mar am` g§emo{YV Zhr§ h¡&
ñQ¢S AbmoZ {dÎmr` {ddaU Am¡a boIm narjH$ H$r {anmoQ>© Ho$
Abmdm AÝ` OmZH$mar
H§$nZr H$m {ZXoeH$ _§S>b AÝ` gyMZmAmo§ Ho$ {bE {Oå_oXma h¡& AÝ`
OmZH$mar _o§ à~§YZ MMm© Am¡a {díbofU _o§ em{_b _m_bo, ~moS>© H$r {anmoQ>©
g{hV AZw~§Y H$r {anmoQ>©, ì`mdgm{`H$ Odm~Xohr {anmoQ>©, H$m°nmo©aoQ> àemgZ
Am¡a eo`aYmaH$ H$r OmZH$mar em{_b h¡, bo{H$Z Bg_o§ ñQ¡>§S>AbmoZ {dÎmr`
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H$aVr h¡ Am¡a h_ Bg ~mao _o§ H$moB© ^r AmœmgZ ì`º$ Zhr§ H$ao§Jo&
ñQ¡>§S>AbmoZ {dÎmr` dº$ì`mo§ Ho$ h_mao Am°{S>Q> Ho$ g§~§Y _o§, h_mar {Oå_oXmar
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Am¡a Eogm H$aZo na {dMma H$ao§ {H$ Š`m AÝ` OmZH$mar ñQ¡>§S>AbmoZ {dÎmr`
{ddaUmo§ Ho$ gmW ^m¡{VH$ ê$n go Ag§JV h¡ `m Am°{S>Q> _o§ àmá h_mao kmZ, `m
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OmZH$mar Ho$ AmYma na H$m`© {H$`m h¡, Vmo h_ `h {ZîH$f© {ZH$mbVo h¡§ {H$
`h AÝ` OmZH$mar {_Ï` H$WZ h¡, h_o§ Cg VÏ` H$r {anmoQ>© H$aZm
Amdí`H$ h¡& h_o§ Bg g§~§Y _o§ {anmoQ>© H$aZo Ho$ {bE Hw$N> ^r Zhr§ h¡&
O~ h_ AÝ` OmZH$mar H$mo nT‹>Vo h,§¡ `{X h_ `h {ZîH$f© {ZH$mbVo h§¡ {H$
Bg_§o H$mBo© {_Ï` H$WZ h,¡ Vmo h_§o Bg _m_bo _§o CZ bmJom§o go ~mV H$aZr hmJor
Omo {Z`_Z H$o {bE Amam{onV h&§¡ `{X {_Ï` H$WZ H$r pñW{V ~Zr ahVr h,¡ Vmo
Bg Vah H$o {_Ï` H$WZ H$o Xé w n`mJo H$o _m_bm§o _§o Cn`mJoH$VmA © m§o H$o Ü`mZ _§o
bmZo H$o {bE Cn`ºw$ H$mad©mB© H$m ghmam {b`m OmEJm&
ñQ¢S AbmoZ {dÎmr` {ddaUmo§ Ho$ {bE à~§YZ Am¡a CZ na
emgZ H$r {µOå_oXmar
H§$nZr H$m {ZXoeH$ _§S>b H§$nZr A{Y{Z`_, 2013 ("A{Y{Z`_") H$r
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company’s systems at the respective offices and
scanned and certified copies of documents were
verified to form an audit opinion. Such modified audit
procedures were adopted to suit the existing
circumstances and prevailing situation.
Emphasis of Matter
We draw attention to the following matter in the Notes to
the Standalone financial statements
1. Note No. 19 to the standalone financial statements,
regarding the Solvency Margin as on 31st March 2021
is 1.00which is below the stipulated margin as per the
Insurance Regulatory and Development Authority of
India (Assets, Liabilities and Solvency Margin of
General Insurance Business) Regulations, 2016.
We are unable to comment on the consequent
implication of the Insurance Act, 1938 read with the
above referred regulations.
2. Note No.29 to the standalone financial statements,
regarding the deferment of pension liability of the
retired and existing employees of the company who
opted for Pension under General Employees’ Pension
Scheme 1995, an aggregate amount of ` 8295218
thousands being the company’s contribution of
` 5764028 thousands in respect of employees retired
before 31st March 2020 and ` 2531190 thousands
being 1/5th of ` 12655950 thousands of the future
liability of company’s contribution in respect of the
existing employees has been absorbed during the
year 19-20 and further 1/5th of ` 12655950
thousands amounting to ` 2531190 thousands has
been absorbed during the year and the remaining
portion of the company’s contribution in respect of the
existing employees amounting to ` 7593570
thousands is being amortised in 3 equal instalments
of ` 2531190 thousands each to be absorbed by
financial year 2023-24 as approved by Insurance
Regulatory and Development Authority of India, vide
its letter Ref 411/F&A(NL) /Amort-EB/2019-20/125
dated 07-07-2020
3. Note No.48 to the standalone financial statements,
regarding the misappropriation detected at LCB,
Mumbai wherein an employee and his spouse who is
also an employee has misappropriated company fund
to the extent of Rs.198.99 crores as per the interim
report of the special audit of LCB, Mumbai.
The company has made provision for total amount of
/
Rs.198.99 crores. The case is presently under
investigation with economic offense wing of Mumbai
police. We are unable to comment on the consequent
implications in the Financial Statements.
Our opinion is not modified in respect of these matters.
Information Other than the Standalone Financial
Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the
other information. The other information comprises the
matters included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s
Report, Business Responsibility Report, Corporate
Governance and Shareholder’s Information, but does not
include the standalone financial statements and our
auditor’s report thereon. The other information is expected
to be made available to us after the date of this auditor's
report.
Our opinion on the standalone financial statements does not
cover the other information and we will not express any form
of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available and,
in doing so, consider whether the other information is
materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
information that we obtained prior to the date of this
auditor’s report, we conclude that there is no material
misstatement of this other information that we are required
to report the fact. We have nothing to report in this regard.
When we read the other information, if we conclude that
there is a material misstatement therein, we are required to
STANDALONE FINANCIAL STATEMENTS
communicate the matter to those charged with governance
and in case the material misstatement remains uncorrected
suitable action would be resorted to including bringing
to the attention of the users the matters of such material
misstatement.
Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements
The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act,
Harnessing Power to Empower 163
 |
{dÎmr` dº$ì`mo§ H$r V¡`mar Ho$ g§~§Y _o§ Omo {dÎmr` pñW{V H$m ghr Am¡a
{Zînj ÑpïH$moU XoVo h¡§ , ~r_m A{Y{Z`_, 1938 Ho$ AZwgma H§$nZr H$m
{dÎmr` àH$Q>Z Am¡a ZH$Xr àdmh, ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg
àm{YH$aU ({dÎmr` {ddaUmo§ H$r V¡`mar Am¡a boIm narjH$mo§ H$r ~r_m
H§$n{Z`mo§ H$r {anmoQ>©) {d{Z`_Z 2002, ("{d{Z`_Z") boIm§H$Z Am_Vm¡a
na ^maV _o§ ñdrH¥$V {gÕm§V Omo {d{Z`_Z Ûmam {ZYm©{aV AmB©grEAmB©
Ûmam Omar {H$E OmVo h¡§& Bg {Oå_oXmar _o§ H§$nZr H$r n{ag§npÎm`mo§ H$r gwajm
Ho$ {bE H§$nZr A{Y{Z`_ Ho$ àmdYmZmo§ Ho$ AZwgma n`m©á boIm§H$Z {aH$m°S>moª
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nVm bJmZo Ho$ {bE ^r em{_b h¡; C{MV boIm§H$Z Zr{V`mo§ H$m M`Z Am¡a
AmdoXZ; {ZU©` Am¡a AZw_mZ bJmZm Omo C{MV Am¡a {ddoH$nyU© h¡§; Am¡a
n`m©á Am§V{aH$ {dÎmr` {Z`§ÌUmo§ H$m {S>OmBZ, H$m`m©Ýd`Z Am¡a aIaImd,
Omo {H$ boIm§H$Z Ho$ {aH$m°S>© H$r gQ>rH$Vm Am¡a nyU©Vm gw{ZpüV H$aZo Ho$ {bE
à^mdr T§>J go H$m_ H$a aho Wo, Omo {dÎmr` dº$ì`mo§ H$r V¡`mar Am¡a àñVw{V Ho$
{bE àmg§{JH$ h¡ Am¡a YmoImY‹S>r `m Ìw{Q> go _wº$ EH$ ghr Am¡a {Zînj
ÑpïH$moU XoVo h¡§&
{dÎmr` {ddaUmo§ H$mo V¡`ma H$aZo _o§, {ZXoeH$ _§S>b H§$nZr H$r j_Vm H$m
AmH$bZ H$aZo Ho$ {bE {Oå_oXma h¡§ Am¡a ì`dgm` H$r {Za§VaVm Ho$ ê$n _o§
Omar aIZo, àH$Q>rH$aU, O¡gm {H$ bmJy hmo, ì`dgm` H$r {Za§VaVm go
g§~§{YV _m_bmo§ Am¡a boIm§H$Z Ho$ ì`dgm` H$r {Za§VaVm AmYma H$m
Cn`moJ H$aVo hwE O~ VH$ {H$ {ZXoeH$ _§S>b H§$nZr H$mo n{ag_mnZ H$aZo
`m g§MmbZ H$mo ~§X H$aZo H$m BamXm Zhr H$aVm h¡, `m CgHo$ nmg Eogm H$aZo
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ
Ho$ {bE H$moB© dmñV{dH$ {dH$ën Zhr§ h¡&
do {ZXoeH$ _§S>b H§$nZr H$r {dÎmr` {anmo{Q>ªJ àpH«$`m H$r XoIaoI Ho$ {bE ^r
{Oå_oXma h¡§&
ñQ¢S AbmoZ {dÎmr` {ddaUmo§ H$r boIm narjm Ho$ {bE boIm
narjH$mo§ H$r {Oå_oXm{a`m§
h_mam CÔoí` Bg ~mao _o§ C{MV AmœmgZ àmá H$aZm h¡ {H$ Š`m g§nyU© ê$n
go {dÎmr` {ddaU ^m¡{VH$ JbV\ h_r go _wº$ h¡§, Mmho YmoImY‹S>r `m Ìw{Q> Ho$
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±
H$maU, Am¡a EH$ Am°{S>Q>a H$r {anmoQ>© Omar H$aZo Ho$ {bE {Og_o§ h_mar am`
^r em{_b h¡& C{MV AmœmgZ Cƒ ñVa H$m AmœmgZ h¡, bo{H$Z `h
Jma§Q>r Zhr§ h¡ {H$ EgEEg Ho$ AZwgma {H$`m J`m Am°{S>Q> h_oem _m¡OyX hmoZo
na {H$gr gm_J«r Ho$ JbV hmoZo H$m nVm bJmEJm& YmoImY‹S>r `m Ìw{Q> go
Jb{V`m± CËnÞ hmo gH$Vr h¡§ Am¡a _mZm OmVm h¡ {H$ gm_J«r, `{X ì`pº$JV
ê$n go `m Hw$b {_bmH$a, do BZ {dÎmr` dº$ì`mo§ Ho$ AmYma na {bE JE
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gH$Vr h¡&
164
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Am¡a nyao Am°{S>Q> _o§ noeoda g§Xoh H$mo ~ZmE aIVo h¡§& h_ ^r:
Ÿ ñQ¡>ÊS>AbmoZ {dÎmr` {ddaUmo§ H$r gm_J«r Ho$ JbV {ddaU Ho$
Omo{I_mo§ H$mo nhMmZo§ Am¡a CZH$m AmH$bZ H$ao§, Mmho do YmoImY‹S>r `m
Ìw{Q> Ho$ H$maU hmo§, CZ Omo{I_mo§ Ho$ {bE Am°{S>Q> àpH«$`mAmo§ H$mo {S>OmBZ
Am¡a {Zînm{XV H$ao§, Am¡a Am°{S>Q> gmú` àmá H$ao§ Omo h_mar am` Ho$
{bE AmYma àXmZ H$aZo Ho$ {bE n`m©á Am¡a C{MV hmo& YmoImY‹S>r Ho$
n{aUm_ñdê$n hmoZo dmbr gm_J«r Ho$ JbV {ddaU H$m nVm Zhr§
bJmZo H$m Omo{I_ Ìw{Q> Ho$ n{aUm_ñdê$n hmoZo dmbo EH$ go A{YH$ h¡,
Š`mo§{H$ YmoImY‹S>r _o§ {_br^JV, OmbgmOr, OmZ~yPH$a MyH$, JbV
~`mZr, `m Am§V{aH$ {Z`§ÌU H$r AmodaamBS> em{_b hmo gH$Vr h¡&
Ÿ boImnarjm àpH«$`mAmo§ H$mo {S>OmBZ H$aZo Ho$ {bE boImnarjm Ho$
{bE àmg§{JH$ Am§V{aH$ {Z`§ÌU H$r g_P àmá H$aZm Omo
n{apñW{V`mo§ _o§ Cn`wº$ hmo& H§$nZr A{Y{Z`_, 2013 H$r Ymam 143
(3) (i) Ho$ VhV, h_ Bg ~mV na AnZr am` ì`º$ H$aZo Ho$ {bE ^r
{Oå_oXma h¡§ {H$ Š`m H§$nZr Ho$ nmg n`m©á Am§V{aH$ {dÎmr` {Z`§ÌU
àUmbr h¡ Am¡a Bg Vah Ho$ {Z`§ÌUmo§ H$m g§MmbZ à^mderbVm h¡&
Ÿ BñVo_mb H$r JB© boIm§H$Z Zr{V`mo§ H$r Cn`wº$Vm Am¡a à~§YZ Ûmam
{H$E JE boIm§H$Z AZw_mZmo§ Am¡a g§~§{YV àH$Q>Zmo§ H$r VH$©erbVm H$m
_yë`m§H$Z H$ao§&
Ÿ bI o mH§$Z H$r {MV§m H$o AmYma H$o à~Y§Z H$o Cn`mJo H$r Cn`ºw$Vm na
{ZîH$f© {ZH$mbm J`m h,¡ Ama¡ àmá Am{°S>Q> gmú` H$o AmYma na, Š`m
gm_Jr« A{ZpüVVm KQ>ZmAm§o `m n{apñW{V`m§o go g~§{§YV h¡ `m Zhr§ Omar
ahZo H$r {MV§m H$o H$maU H$§nZr H$r j_Vm na _hËdnUy© gX§ho hmo gH$Vm
h&¡ `{X h_ `h {ZîH$f© {ZH$mbVo h§¡ {H$ H$mBo© gm_Jr« A{ZpüVVm _mO ¡ Xy
h,¡ Vmo h_§o AnZo bIo m narjH$m§o H$r {anmQo>© _§o ñQ>¡ÊS>AbmZo {dÎmr` {ddaUm§o
_§o g~§{§YV Ib w mgm§o na Ü`mZ AmH${fV© H$aZm hmJom `m `{X Bg Vah H$o
Ib w mgo An`má© h,§¡Vmo h_mar am` H$mo ge § m{oYV H$aZo H$o {bE& h_mao
{ZîH$f© h_mao bI o m narjH$m§o H$r {anmQo>© H$r VmarI VH$ àmá Am{°S>Q>
gmú` na AmYm{aV h&§¡ hmbm{§H$, ^{dî` _§o hmZoo dmbr KQ>ZmAm§o `m
pñW{V`m§o go H$§nZr H$mo {MV§m H$m {df` ~Zm ah gH$Vm h&¡
Ÿ Iwbmgo g{hV ñQ¡>ÊS>AbmoZ {dÎmr` {ddaUmo§ H$r g_J« àñVw{V,
g§aMZm Am¡a gm_J«r H$m _yë`m§H$Z H$ao§, Am¡a Š`m ñQ¡>ÊS>AbmoZ
{dÎmr` {ddaU A§V{Z©{hV boZXoZ Am¡a KQ>ZmAmo§ H$mo Bg Vah go
Xem©Vo h¡§ Omo {Zînj àñVw{V àmá H$aVo h¡§&
h_ AÝ` _m_bm§o _,§o Am{°S>Q> H$r `mO o Zm~Õ JO §w mBe Ama¡ g_` Ama¡
_hËdnUy© Am{°S>Q> {ZîH$fmªo H$o gmW, AmV§{aH$ {Z`̧U _§o {H$gr ^r _hËdnUy©
H${_`m§o H$mo em{_b H$aVo h,§¡ {Ogo h_ AnZo Am{°S>Q> H$o Xma¡mZ nhMmZVo h&§¡

2013 (“the Act”) with respect to the preparation of these
standalone financial statements that give a true and fair view
of the financial position, financial performance and cash
flows of the Company in accordance with the Insurance Act,
1938, the Insurance Regulatory and Development Authority
of India (Preparation of Financial Statements and Auditors’
Report of Insurance Companies) Regulation 2002,(“the
Regulation”) the accounting principles generally accepted in
India, including the accounting standards issued by ICAI as
prescribed by the Regulation. This responsibility also
includes maintenance of adequate accounting records in
accordance with the provisions of the Companies Act for
safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements, the Board
of Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the
Standalone Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or
error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone
financial statements.
/
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the standalone financial statements, whether due to
fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are
appropriate in the circumstances. Under section
143(3)(I) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the
company has adequate internal financial controls system
in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management’s use
of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
attention in our auditors’ report to the related
disclosures in the standalone financial statements or, if
such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our auditors’ report. However,
future events or conditions may cause the Company to
STANDALONE FINANCIAL STATEMENTS
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
Harnessing Power to Empower 165
 |
Ÿ h_ CZ bmoJmo§ H$mo ^r EH$ ~`mZ Ho$ gmW emgZ àXmZ H$aVo h¡§ Omo h_Zo
ñdV§ÌVm Ho$ g§~§Y _o§ àmg§{JH$ Z¡{VH$ Amdí`H$VmAmo§ H$m AZwnmbZ
{H$`m h¡ Am¡a Ohm§ bmJy hmo, g§~§{YV gwajm Cnm` Ho$ gmW CZ g^r
{aíVmo§ Am¡a AÝ` _m_bmo§ Ho$ gmW g§dmX H$aZo Ho$ {bE {OÝho§ h_mar
ñdV§ÌVm na ghZ H$aZo Ho$ {bE C{MV _mZm Om gH$Vm h¡& h_mar
{Z^©aVm Ho$ g§~§Y _o§ Cnamoº$ _m_bmo§ Ho$ g§~§Y _o§ g§emo{YV Zhr§ h¡&
AÝ` H$mZyZr Am¡a {Z`m_H$ Amdí`H$VmAmo§ na {anmoQ>©
1. ñQ¡>§S>AbmoZ {dÎmr` {ddaUmo§ H$mo ~r_m A{Y{Z`_, 1938, {d{Z`_
Am¡a H§$nZr A{Y{Z`_, 2013 Ho$ àmdYmZmo§ Ho$ AZwgma bmJy {H$`m
J`m h¡&
2. {d{Z`_ Ho$ AZwgma, h_ {anmoQ>© H$aVo h¡§ {H$:
H$) h_Zo g^r OmZH$mar Am¡a ñnïrH$aU àmá {H$E h¡§, Omo h_mao
kmZ Am¡a {dœmg Ho$ {bE CZHo$ Am°{S>Q> Ho$ CÔoí`mo§ Ho$ {bE
Amdí`H$ Wo Am¡a CÝho§ g§VmofOZH$ nm`m J`m;
I) AmYma Ho$ ê$n _o§ Ah©Vmàmá n¡am AZwÀNo>X Ho$ {bE d{U©V _m_bo
Ho$ g§^m{dV à^mdmo§ H$mo N>mo‹S>H$a, h_mar am` _o§, H§$nZr Ûmam
H$mZyZ Ûmam AnopjV ImVo H$r C{MV nwñVH$mo§ H$mo A^r VH$
aIm J`m h¡, Š`mo§{H$ `h CZ nwñVH$mo§ H$r h_mar narjm go
àH$Q> hmoVm h¡;
J) h_mar am` _o§, AÝ` H$m`m©b`mo§ Ho$ ImVmo§ na C{MV {aQ>Z© Am¡a
{anmoQ>© Omo h_mao Ûmam Xm¡am Zhr§ {H$E JE Wo, àmá hwE h¡§ Am¡a BÝho§
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ
boImnarjm Ho$ CÔoí` Ho$ {bE n`m©á _mZm J`m Wm;
K) Bg {anmoQ>© Ho$ gmW Xr JB© ~¡bo§g erQ>, amOñd ImVo, bm^ Am¡a
hm{Z ImVm Am¡a H¡$e âbmo {ddaU,ImVo H$r nwñVH$mo§ Ho$ gmW
Am¡a AÝ` H$m`m©b`mo§ go àmá {aQ>Z© Ho$ AZwê$n h¡§ 'Omo h_mao
Ûmam Zhr§ XoIo JE Wo;
L>) H§$nZr Zo {d{Z`_Z Ho$ àmdYmZmo§ Ho$ AZwgma AnZo {Zdoe H$mo
_hËd {X`m h¡;
M) `mo½` am` Ho$ AZwÀNo>X Ho$ {bE AmYma _o§ d{U©V _m_bo Ho$
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±
g§^m{dV à^mdmo§ H$mo N>mo‹S>H$a, h_mar am` _o§, ñQ¡>§S>AbmoZ
{dÎmr` {ddaU Am¡a H§$nZr H$r boIm Zr{V`m§ boIm§H$Z
{gÕm§Vmo§ Am¡a AmB©grEAmB© Ûmam Omar {H$E JE boIm§H$Z
_mZH$mo§ Ho$ gmW, àmg§{JH$ Am¡a Cn`wº$ gr_m VH$ AZwnmbZ
H$aVr h¡§ Am¡a Omo AmB©AmaS>rEAmB© Ûmam {ZYm©{aV boIm§H$Z
{gÕm§Vmo§ Ho$ gmW Ag§JV Zhr§ h¡§;
N>) h_Zo à~§YZ {anmoQ>© H$r g_rjm H$r h¡ Am¡a ñQ¡>§S>AbmoZ {dÎmr`
{ddaUmo§ _o§ H$moB© ñnï JbVr `m gm_J«r Ag§J{V Zhr§ h¡;
166
84 ge{º H aU Ho {bE e{º H m XmohZ
O) H§$nZr Zo àm{YH$aU Ûmam {ZYm©{aV n§OrH$aU Ho$ {Z`_mo§ Am¡a
eVmoª H$m AZwnmbZ {H$`m h¡;
P) h_Zo ZH$X Am¡a ~¡§H$ eof am{e, {Zdoe Am¡a à{V^y{V`mo§ H$mo FU
go g§~§{YV dmñV{dH$ {ZarjU `m à_mUnÌmo§ Am¡a AÝ`
XñVmdoOr g~yVmo§ Ho$ CËnmXZ go gË`m{nV {H$`m h¡, {Og_o§
{S>~o§Ma Ho$ Abmdm 4947 hOma én`o H$r am{e h¡ Omo _moMZ Ho$
{bE ^oOm J`m h¡;
ञ) H§$nZr Ûmam h_o§ Xr JB© h_mar OmZH$mar Am¡a ñnïrH$aU Ho$
{bE, H§$nZr {H$gr ^r H§$nZr H$m Q>«ñQ>r Zhr§ h¡ Am¡a
Q>) h_o§ Xr JB© h_mar OmZH$mar Am¡a ñnïrH$aU Ho$ AZwgma, H§$nZr
Ûmam d{U©V nm°{bgrYmaH$mo§ Ho$ \\$§S> Ho$ AmdoXZ Am¡a {Zdoe go
g§~§{YV nm°{bgrYmaH$mo§ Ho$ \\$§S> H$m H$moB© ^r {hñgm ~r_m
A{Y{Z`_, 1938 Ho$ àmdYmZmo§ Ho$ C„§KZ _o§ àË`j `m
AàË`j ê$n go bmJy Zhr§ hmoVo h¡§&
3. H§$nZr A{Y{Z`_, 2013 H$r Ymam 143 (3) Ho$ AZwgma, h_ {anmoQ>©
H$aVo h¡§ {H$:
H$) h_Zo CZ g^r gyMZmAmo§ Am¡a ñnïrH$aUmo§ H$r Vbme H$r Am¡a
àmá H$r, Omo h_mao Am°{S>Q> Ho$ CÔoí`mo§ Ho$ {bE h_mao kmZ Am¡a
{dœmg Ho$ {bE gdmo©Îm_ Wo&
I) `mo½` am` AZwÀNo>X Ho$ {bE AmYma _o§ d{U©V _m_bo Ho$ g§^m{dV
à^mdmo§ H$mo N>mo‹S>H$a, h_mar am` _o§, H§$nZr Ûmam H$mZyZ Ûmam
AnopjV ImVo H$r C{MV nwñVH$mo§ H$mo A^r VH$ aIm J`m h¡,
Š`mo§{H$ `h CZ nwñVH$mo§ H$r h_mar narjm go àH$Q> hmoVm h¡ Am¡a
C{MV h¡ h_mao Am°{S>Q> Ho$ CÔoí`mo§ Ho$ {bE n`m©á {aQ>Z©, h_mao
Ûmam XoIr JB© emImAmo§ go àmá Zhr§ hwAm h¡&
J) emIm boIm narjH$mo§ Ûmam H§$nZr A{Y{Z`_, 2013 H$r Ymam
143 (8) Ho$ VhV boIm narpjV H§$nZr Ho$ emIm H$m`m©b`mo§ Ho$
ImVmo§ H$r {anmoQ>© h_o§ ^oO Xr JB© h¡ Am¡a Bg {anmoQ>© H$mo V¡`ma
H$aZo _o§ h_mao gmW R>rH$ go ì`dhma {H$`m J`m h¡&
K) Bg {anmQo>© Ûmam Xr JB© ~b¡ g§o erQ>, adoÝo`y ImVm ,àm{°\\$Q> ES§>
bmg° AH$mCQ§> Ama¡ H$¡e âbmo ñQ>oQ>_Q§o>, ImVo H$r nñwVH$m§o H$o gmW h&§¡
L>) h_mar am` _o§, `mo½` am` n¡am Ho$ AmYma na d{U©V _m_bo Ho$
g§^m{dV à^mdmo§ H$mo N>mo‹S>H$a, nydmo©º$ ñQ¡>§S>AbmoZ {dÎmr` {ddaU
AmB©grEAmB© Ûmam Omar boIm _mZH$ H$m AZwnmbZ H$aVo h¡§

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. The standalone financial statements have been drawn
up in accordance with the requirements of the Insurance
Act, 1938, the Regulation and the provisions of the
Companies Act, 2013 to the extent applicable and in the
manner so required.
2. As required by the Regulation, we report that:
a) We have obtained all the information and
explanations which, to the best of our knowledge
and belief were necessary for the purposes of their
audit and found them satisfactory;
b) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
Paragraph, in our opinion, proper books of account
as required by law have been kept by the Company
so far as it appears from our examination of those
books;
c) In our opinion, proper returns and report on the
accounts of other offices which were not visited by
us, have been received and these were considered
adequate for the purpose of audit;
d) The Balance Sheet, Revenue Accounts, Profit and
Loss Account and Cash Flow Statement dealt with
by this report are in agreement with the books of
account and with the returns received from other
offices’ which were not visited by us;
e) The Company has valued its Investments in
accordance with provisions of the Regulation;
f) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
Paragraph, in our opinion, the standalone financial
statements and the Accounting Policies of the
Company comply with the accounting principles and
with the Accounting Standard issued by ICAI, to the
extent considered relevant and appropriate and
which are not inconsistent with accounting
principles prescribed by IRDAI ;
g) We have reviewed the Management Report and
there is no apparent mistake or material
/
inconsistency with the standalone financial
statements;
h) The company has complied with the terms and
conditions of the registration stipulated by the
authority;
i) We have verified the cash and bank balances,
investments and securities relating to loans by
actual inspection or by production of certificates and
other documentary evidences except for the
debentures amounting to Rs 4947 thousands sent
for redemption;
j) To the best of our information and explanations given
to us and representations made by the Company, the
Company is not the trustee of any trust and
k) To the best of our information and explanations given
to us and representation made by the company, no
part of the assets of the Policyholders’ Funds has
been directly or indirectly applied in contravention of
the provisions of the Insurance Act, 1938 relating to
the application and investments of the
Policyholders’ Fund.
3. As required by Section 143 (3) of the Companies Act,
2013, we report that:
a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
b) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
Paragraph, in our opinion, proper books of account
as required by law have been kept by the Company
so far as it appears from our examination of those
books and proper returns adequate for the purposes
of our audit have been received from the branches
not visited by us.
c) The Reports on the accounts of the branch offices of
STANDALONE FINANCIAL STATEMENTS
the company audited under section 143(8) of the
Companies Act, 2013 by the branch auditors have
been sent to us and have been properly dealt with by
us in preparing this report.
d) The Balance Sheet, Revenue Accounts, Profit and
Loss Account and the Cash Flow Statement dealt
with by this Report are in agreement with the books
of account.
e) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
Harnessing Power to Empower 167
 |

Am¡a ^maVr` ~r_m {d{Z`m_H$ {dH$mg àm{YH$aU (~r_m
H§$n{Z`mo§ H$r {dÎmr` {ddaU Am¡a boIm narjH$ H$r {anmoQ>© V¡`ma
H$aZo hoVw) {d{Z`_, 2002 Ûmam {ZYm©{aV {H$`m OmVm h¡&
M) A{YgyMZm g§. Or.Eg.Ama. 463 (B©) {XZm§H$ 05.06.2015,
H§$nZr A{Y{Z`_, 2013 H$r Ymam 164 H$r CnYmam (2) gaH$mar
H§$n{Z`mo§ na bmJy Zhr§ h¡&
N>) Am§V{aH$ {dÎmr` {Z`§ÌU àUm{b`mo§ H$r n`m©áVm Am¡a Eogo {Z`§ÌUmo§
Ho$ g§MmbZ à^mderbVm Ho$ g§~§Y _o§, h_ AnZr {anmoQ>© AZw~§Y- I
_o§ XoVo h¡§
4. H$§nZr A{Y{Z`_, 2013 H$r Ymam 143 (5) Ûmam Amdí`H$ H$o ê$n _,§o
O) AÝ` _m_bmo§ Ho$ g§~§Y _o§ Am°{S>Q>g© {anmoQ>© _o§ H§$nZr (Am°{S>Q> Am¡a
Am°{S>Q>g©) {Z`_, 2014 Ho$ {Z`_ 11 Ho$ AZwgma, h_mar am` _o§ Am¡a
h_mar OmZH$mar Ho$ AZwgma Am¡a g§~§{YV {ddaUmo§ Ho$ AZwgma {X`m
OmZm Mm{hE&
i) H§$nZr Zo AnZo {dÎmr` dº$ì`mo§ _o§ {dÎmr` pñW{V na b§{~V
_wH$X_mo§ Ho$ à^md H$m àH$Q>Z {H$`m h¡ - {dÎmr` {ddaUmo§ Ho$ {bE
ZmoQ> Z§~a 2 H$m g§X^© bo§;
ii) H§$nZr Ho$ nmg ì`wËnÞ AZw~§Ymo§ g{hV H$moB© XrK©H$m{bH$
AZ~wY§ Zhr§ Wm, {OgH$o {bE H$mBo© ^r gm_Jr« ZHw$gmZXho Zhr§ Wr&
iii) H§$nZr Ûmam BÝdoñQ>a EOwHo$eZ E§S> àmoQo>ŠeZ \\$§S> H$mo H$moB©
am{e Zhr§ Xr OmZr Wr&
^maV H$o {Z`̧H$ Ama¡ _hmbI o m narjH$ Ûmam Omar {H$E JE {ZXe}m§o Ama¡
Cn-{ZXe}m§o H$o g~§Y§ _§o h_mar {Q>ßn{U`m§ AZ~wY§- II _§o Xr JB© h&§¡&§¡

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ

{XZm§H$ : 16.08.2021
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±

168
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Paragraph, in our opinion, the aforesaid standalone
financial statements comply with the Accounting
Standard issued by ICAI and prescribed by the
Insurance Regulatory Development Authority of
India (Preparation of Financial Statement and
Auditor’s Repor t of Insurance Companies)
Regulations, 2002.
f) As per the Notification No. G.S.R. 463(E) dated
05.06.2015, sub-section (2) of Section 164 of the
Companies Act, 2013 is not applicable to
Government Companies.
g) With respect to the adequacy of internal financial
control systems and the operating effectiveness of
such controls, we give our Report in Annexure – I
4. As required by section 143(5) of the Companies Act,
h) With respect to the other matters to be included in
the Auditors’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements – Refer Note
No 2 to the standalone financial statements;
ii. The company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses.
iii. There were no amounts which were required to
be transferred, to the Investor Education and
Protection Fund by the Company.
2013, our comments with regard to the directions and
sub-directions issued by the Comptroller and Auditor
General of India are given in Annexure – II.

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFY2273 UDIN : 21201760AAAABM5779 UDIN : 21022137AAAAAW6859

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

Date : 16.08.2021
Place : Chennai
STANDALONE FINANCIAL STATEMENTS

Harnessing Power to Empower 169

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ANNEXURE – I TO INDEPENDENT AUDITORS’ REPORT
Report on the Internal Financial Controls under Clause (I) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial
reporting of United India Insurance Company Limited
(“the Company”) as of March 31, 2021 in conjunction with
our audit of the standalone financial statements of the
Company for the year ended on that date.
Management’s Responsibility for Internal Financial
Controls
The Company’s management is responsible for
establishing and maintaining internal financial controls
based on the internal control over financial reporting
criteria established by the Company considering the
essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate
internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its
business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable
financial information, as required under the Companies
Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the
Company's internal financial controls over financial
reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting (the
“Guidance Note”) and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section
143 (10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both
applicable to an audit of Internal Financial Controls and,
both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about
/
whether adequate internal financial controls over financial
reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial
controls system over financial reporting and their
operating effectiveness. Our audit of internal financial
controls over financial reporting included obtaining an
understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and
operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the
auditors’ judgement, including the assessment of the
risks of material misstatement of the standalone financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls over
Financial Reporting
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
A company's internal financial control over financial
reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of standalone financial statements for
external purposes in accordance with generally accepted
accounting principles. A company's internal financial
STANDALONE FINANCIAL STATEMENTS
control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of standalone financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures of the
company are being made only in accordance with
Harnessing Power to Empower 171
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authorizations of management and directors of the
company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets
that could have a material effect on the standalone
financial statements.
Inherent Limitations of Internal Financial Controls over
Financial Reporting
Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility
of collusion or improper management override of
controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the
internal financial control over financial reporting may
become inadequate because of changes in conditions, or
that the degree of compliance with the policies or
procedures may deteriorate.
Qualified Opinion
According to the information and explanations given to us
and based on our audit, the material weakness has been
identified as at March 31, 2021 as below:
1. The Company did not have appropriate internal
controls for obtention of year end confirmation of
balances from other insurance companies and
reconciliation.
2. The Company did not have a system in place for timely
and effective reconciliation of the differences between
the balances reflected in the books of accounts of the
company and those reported in the Electronic
Transaction Administration and Settlement System
(ETASS) Portal in respect of transactions amongst the
co-insurers.
3. The recording of the reinsurance transactions is done
through manual intervention to feed enormous volume
of basic data into the system due to absence of
seamless integration of the accounting package in
direct side with that of the accounting package used in
reinsurance.
4. The internal control mechanism followed by the
company appears to have failed in the transactions
/
related to fraud reported in LCB Mumbai. Company is
yet to identify the accounts debited through which the
perpetrator/s has committed this fraud. Suitable steps
to be initiated on war – footing to ensure that such
instances do not recur in future. Company has already
instituted a Forensic audit the result of which is
awaited.
A ‘material weakness’ is a deficiency, or a combination of
deficiencies, in internal financial control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the company's annual or interim
standalone financial statements will not be prevented or
detected on a timely basis.
In our opinion, except for the effects/possible effects of
the material weakness described above on the
achievement of the objectives of the control criteria, the
Company has, in all material respects, an adequate
internal financial controls system over financial reporting
and such internal financial controls over financial
reporting were operating effectively as at March 31, 2021,
based on the internal control over financial reporting
criteria established by the Company considering the
essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
We have considered the material weakness identified and
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
reported above in determining the nature, timing,
and extent of audit tests applied in our audit of the
March 31, 2021 standalone financial statements of the
Company, and the material weakness has affected our
opinion on the standalone financial statements of the
Company and we have issued a qualified opinion on the
Standalone Financial Statements.
STANDALONE FINANCIAL STATEMENTS
Other Matters
The actuarial valuation of liabilities in respect of Incurred
But Not Reported (‘IBNR’) and Incurred But Not Enough
Reported (‘IBNER’) as at 31stMarch 2021, has been duly
certified by the Appointed Actuary of the Company as per
the Regulations. The actuarial valuation of liabilities in
respect of retirement benefits to employees has been duly
certified by an actuary. The said actuarial valuations have
been relied upon by us as mentioned in our Audit Report
Harnessing Power to Empower 173
 |

Ho$ ñdVÝÌ {dÎmr¶ {ddaUm| na h‘mar boIm-narjm [anmoQ>© ‘| h‘Zo BZ A{Y{Z¶‘ Ho$ AZwÀN>oX 143 (3) (i) Ho$ VhV {dÎmr¶ [anmo{Qª>J na
gm§p»¶H$s¶ ‘yë¶m§H$Zm| na {dœmg {H$¶m h¡, {OgH$m [anmoQ>© ‘| C„oI h¡& AmÝV[aH$ {dÎmr¶ {Z¶§ÌU H$s n¶m©áVm Am¡a àMmbZmË‘H$ à^mdH$m[aVm
na h‘mar Cn¶w©º$ [anmoQ>© 30 joÌr¶ H$m¶m©b¶m| ({Og‘| 421 ‘ÊS>b
VXZwgma, {dÎmr¶ [anmo{Qª>J na Am§V[aH$ {dÎmr¶ [anmoQ>m] na nydm}º$
H$m¶m©b¶m| Ho$ {ddaU em{‘b h¢) 6 Ebgr~r àH$moð>m| Ho$ ‘m‘bo go g§~§{YV
EŠMw[a¶b Xo¶VmAm| Ho$ ‘yë¶m§H$Z d gQ>rH$Vm na AmÝV[aH$ {Z¶§ÌU H$s
H$m¶m©b¶m| Ho$ boIm narjH$m| H$s gå~pÝYV [anmoQ>m] na AmYm[aV h¡&
n¶m©áVm Am¡a àMmbZmË‘H$ à^mdH$m[aVm na [anmo{Qª>J H$mo h‘mar am¶ ‘|
em{‘b Zht {H$¶m J¶m h¡&

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±

174 ge{º H aU Ho {bE e{º H m XmohZ

 /

on the standalone financial statements for the year ended
31st March 2021.
Accordingly, our opinion on the internal financial controls
over financial reporting does not include reporting
aforesaid actuarial liabilities on the adequacy and
operating effectiveness of the internal controls over the
valuation and accuracy.
Our aforesaid reports under Section 143(3)(i) of the Act on
the adequacy and operating effectiveness of the internal
financial controls over financial reporting insofar as it
relates to 30 Regional Offices (in which are incorporated the
Returns of 421 Divisional Offices) 6 Large Corporate and
Broker Cells is based on the corresponding reports of the
auditors of the respective offices.

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFY2273 UDIN : 21201760AAAABM5779 UDIN : 21022137AAAAAW6859

Date : 16.08.2021
Place : Chennai

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

STANDALONE FINANCIAL STATEMENTS

Harnessing Power to Empower 175

 |

ñdV§Ì boIm narjH$m| H$s [anmoQ>© Ho$ {bE AZwb¾H$ II

भारत के िनयं क-महालेखापरी क ारा जारी िनदशो ं और उप-िनदशो ं के संबंध म िट िणयाँ

कंपनी अिधिनयम, 2013 की धारा 143(5) के तहत िदशािनदश

H«$. g. {Xem-{ZX}e CÎma

01 Š¶m H§$nZrHo$ nmgAmB©Q>r àUmbrHo$ ‘mܶ‘ go g^r
boIm§H$Z boZXoZ H$mo g§gm{YV H$aZo Ho$ {bE {gñQ>‘ h¡?
¶{X hm± Vmo {dÎmr¶ {Z{hVmW©, ¶{X H$moB© hmo, Ho$ gmW-gmW
ImVm| H$s d’$mXmar na AmB©Q>r àUmbr Ho$ ~mha boIm§H$Z
boZXoZ Ho$ àg§ñH$aU Ho$ {Z{hVmW© ~VmE Om gH$Vo h¢&
hm±& g^r boIm§H$Z boZXoZ gyMZm àm¡Úmo{JH$s àUmbrHo$ ‘mܶ‘
go g§gm{YV hmoVo h¢& Oo{Z{gg H$m°pÝ’$JaoQ>a (OrgrH$moa), g^r
Am°naoqQ>J H$m¶m©b¶m| Am¡anmoQ>©bm| ‘| Cn¶moJ {H$¶m OmZo dmbm
gm°âQ>do¶a h¡& Orgr gm°âQ>do¶a Ho$ Abmdm nwZ~u‘m ‘|
AmB©AmaEg gm°âQ>do¶a H$m ^r Cn¶moJ {H$¶m OmVm h¡& {Zdoe
{d^mJ ‘| EH$ ñQ>¢S>AbmoZ Q´>oOar à~§YZ gm°âQ>do¶a H$m Cn¶moJ
{H$¶m OmVm h¡& Orgr gm°âQ>do¶a Ho$ Abmdm, nm§MjoÌm| ‘| Am¡a
àYmZ H$m¶m©b¶ ‘| {dÎmr¶ boIm§H$Z gm°âQ>do¶a H$m Cn¶moJ
{H$¶m OmVm h¡&

02 Š¶m H§$nZr Ûmam F$U MwH$mZo ‘| Ag‘W©Vm Ho$ H$maU {H$gr

F$U XmVm Ûmam H§$nZr H$mo Xr JB© ‘m¡OyXm F$U ¶m ‘m‘bm| ‘o
H$O©/F$U/ã¶mO Am{X H$s ‘m’$s/Ny>Q> H$m H$moB© nwZJ©R>Z
h¡? ¶{X hm±, Vmo {dÎmr¶ à^md H$mo ~Vm¶m Om gH$Vm h¡& Zht
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ

03 Š¶m H|$Ðr¶ / amÁ¶ EOo{g¶m| go {d{eï> ¶moOZmAm| Ho$ {bE

àmáYZ am{e / àm߶ H$mo BgH$s Ad{Y Am¡a eVm] Ho$
AZwgma R>rH$ go Cn¶moJ {H$¶m J¶m h¡? {dMbZ Ho$ ‘m‘bm| hm±& àmá YZ / àm߶ H$m ghr {hgm~ bJm¶m OmVm h¡&
H$s gyMr ~ZmE§&

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±

gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma

AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. E. Om°Z _mo{ag

^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021
176
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

ANNEXURE – II TO INDEPENDENT AUDITORS’ REPORT

Comments in regard to the directions and sub-directions

issued by the Comptroller and Auditor General of India

I. DIRECTION U/S 143(5) OF THE COMPANIES ACT, 2013

S.No. Directions Reply

01 Whether the company has system in place to
process all the accounting transactions through
IT system? If yes, the implications of
processing of accounting transactions outside
IT system on the Integrity of the accounts along
with the financial implications, if any, may be
stated.
Yes. All Accounting transactions are processed
through IT Systems. Genisys Configurator
(GC CORE) is the software used across all
operating offices and portals. In reinsurance in
addition to GC software, IRS software is also
used. A standalone treasury management
software is used at Investment department.
In Head office FACT software is used, in addition
to GC Software.

02 Whether there is any restructuring of an

existing loan or cases of waiver/write off
debts/loans/interest etc., made by a lender to
No such cases
the company due to the company's inability to
repay the loan? If yes, the financial impact
may be stated.

03 Whether funds received/receivable for

specific schemes from Central/State agencies
Yes, the funds received/receivable are properly
were properly accounted for/utilised as per its
accounted for

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

term and conditions? List the cases of
deviations.

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
STANDALONE FINANCIAL STATEMENTS

FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFY2273 UDIN : 21201760AAAABM5779 UDIN : 21022137AAAAAW6859

Date : 16.08.2021
Place : Chennai

Harnessing Power to Empower 177

 |

II. H§ nZr A{Y{Z¶‘ 2013 H$s Ymam 143 (5) Ho$ VhV Cn -{Xem{ZX}e

H«$. g. {Xem-{ZX}e CÎma

01 ^m¡{VH$ / S>r‘¡Q> ê$n ‘| CnbãY grOrEg / EgOrEg / ~m°ÝS> / {ddaU gm‘§Oñ¶ H$aZm Ag§~Õ nwZJ©R>Z
{S>~|Ma Am{X Ho$ g§~§Y ‘| ñdm{‘Ëd H$s Cnm{Y¶m| H$s g§»¶m Am¡a BZ‘|
22 2 (~wH$ d¡ë¶y 2 é) 3
go {H$VZo ‘m‘bm| ‘|, Omo H§$nZr Ho$ ImVm| H$s {H$Vm~m| ‘| Xem©B© JB© {S>~|Ma
g§~§{YV am{e¶m| Ho$ AZwê$n Zht h¢, CÝh| g˶m{nV {H$¶m Om gH$Vm
h¡& Am¡a nm¶m J¶m {dg§J{V Ho$ ~mao ‘| C{MV ê$n go gy{MV {H$¶m Om
gH$Vm h¡&

02 Š¶m {Zdoe Ho$ g§~§Y ‘| ñQ>m°nbm°g gr‘mE§ {ZYm©[aV H$s JB© h¢& ¶{X hm±, hm±& ñQ>m°nbm°g nm°{bgr H$mo nrEg¶y B{¹$Q>r eo¶am| Ho$ Abmdm B{¹$Q>r
Vmo gr‘m H$m nmbZ {H$¶m J¶m Wm ¶m Zht& ¶{X Zht, Vmo {ddaU {X¶m eo¶am| Ho$ {bE n[a^m{fV {H$¶m J¶m h¡ Am¡a 01.04.2016 Ho$ ~mX
Om gH$Vm h¡& A{YJ«hU {H$¶m J¶m h¡&df© 2020-21 Ho$ Xm¡amZ B{¹$Q>r eo¶am| Ho$
Cnamoº$ dJ© Ho$ {bE ñQ>m°n bm°g gr‘m H$mo {Q´>Ja Zht {H$¶m J¶m h¡&

03 Š¶m H§$nZr Zo Aݶ nrEg¶y ~r‘mH$Vm©Am| Ho$ gmW AnZo {dÎmr¶ H§$nZrHo$ nmg OmoZb / joÌr¶ ñVa na nrEg¶y ~r‘mH$Vm©Am| Ho$ gmW
dº$ì¶m| ‘| n[ab{jV A§Va-H§$nZr eof Ho$ {bE gm‘§Oñ¶ Aä¶mg g‘¶-g‘¶ na ~¡R>H$m| Ho$ ‘mܶ‘ go gh ~r‘m eof am{e H$mo g‘oQ>Zo
{H$¶m h¡ Am¡a Š¶m CZHo$ H$maUeofHo$ {bE Aݶ nrEg¶y ~r‘mH$Vm©Am| H$s EH$ à{H«$¶m h¡, Ohm§ eof gh‘{V Am¡a {ZnQ>mZ hmoVo h¢&hmbm±{H$
go nw{ï> àmá hþB© h¡? H§$nZr Zo eof am{e H$s {H$gr ^r df© H$s g‘m{á H$s nw{ï>Zht H$s h¡&

04 (i) Š¶m àYmZ‘§Ìr ’$gb ~r‘m ¶moOZm go g§~§{YV àr{‘¶‘ Am¡a hm§, H§$nZr ¶moOZm Ho$ g‘Pm¡Vo H$s eVm] Ho$ AZwgma àr{‘¶‘ Am¡a Xmdm|
gy{MV Xmdm| H$s JUZm g‘Pm¡Vo/ ¶moOZm H$s eVm] Ho$ AZwgma H$s JUZm H$aVr h¡&
h¡?
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ

(ii) Š¶m amï´>r¶ ñdmñ϶ ~r‘m ¶moOZm go g§~§{YV àr{‘¶‘ Am¡a hm§, H§$nZr ¶moOZm Ho$ g‘Pm¡Vo H$s eVm] Ho$ AZwgma àr{‘¶‘ Am¡a Xmdm|
gy{MV Xmdm| H$s JUZm g‘Pm¡Vo/ ¶moOZm H$s eVm] Ho$ AZwgma H$s JUZm H$aVr h¡&
h¡?

(iii) Š¶m àYmZ‘§Ìr OZ Amamo½¶ ¶moOZm go g§~§{YV àr{‘¶‘ Am¡a hm§, H§$nZr ¶moOZm Ho$ g‘Pm¡Vo H$s eVm] Ho$ AZwgma àr{‘¶‘ Am¡a Xmdm|
gy{MV Xmdm| H$s JUZm g‘Pm¡Vo/ ¶moOZm H$s eVm] Ho$ AZwgma H$s JUZm H$aVr h¡&
h¡?
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±

05 Š¶m H$§nZr Zo AmBA

© maS>rEAmB© H$o n[anÌ AmBA
© maSrEAmS© / E\ & E / hm§, H§$nZr Zo {Z{X©ï> ~r‘m ¶moOZmAm| H$s nwZ~u‘m ¶moOZmAm| O¡go {H$
grAmBAma / E_AmB©Eñgr / 052 / 03 / {XZm§H 27 _mM© 2018 àYmZ‘ÝÌr ’$gb ~r‘m ¶moOZm, àYmZ‘ÝÌr gwajm ~r‘m ¶moOZm
H$m AZwnmbZ H$aVo hþE àYmZ ‘§Ìr ’$gb ~r‘m ¶moOZm, àYmZ ‘§Ìr B˶m{X na OrEgQ>r ‘| Ny>Q >Ho$ bm^m| H$mo nm[aV {H$¶m h¡&
gwajm ~r‘m ¶moOZm B˶m{X H$mo nwZ~u‘m ¶moOZmAm| H$s Ny>Q> Ho$ gmW
OrEgQ>r Ho$ Xm¶ao go ~mha {H$¶m J¶m h¡ Am¡a àr{‘¶‘ ‘| H$‘r H$a Ho$
~r{‘V ì¶{º$ / gaH$ma H$mo BgH$m bm^ {X¶m J¶m h¡?

178
84 ge{º H aU Ho {bE e{º H m XmohZ

II. Sub-Directions u/s 143(5) of the Companies Act, 2013
S.No. Directions
01 Number of titles of ownership in respect of
CGS/SGS/Bonds/Debentures etc. available in
physical/demat form and out of these, number of
cases which are not in agreement with the respective
amounts shown in the Company’s books of accounts
may be verified and discrepancy found may be
suitably reported.
02 Whether stop loss limits have been prescribed in
respect of the investments. If yes, whether or not the
limit was adhered to. If no, details may be given.
03 Whether Company has carried out reconciliation
exercise for inter-company balances reflected
in their financial statements with other PSU
insurers and whether confirmation has been obtained
from other PSU insurers for balances due from
them?
04 ( i ) Whether the method of accounting of premium
and reported claims are as per conditions of
agreement/ scheme relating to Pradhan Mantri
Fasal Bima Yojana?
(ii) Whether the method of accounting of premium
and reported claims are as per conditions of
agreement/scheme relating to Rashtriya
Swasthya Bima Yojana?
(iii) Whether the method of accounting of premium
and reported claims are as per conditions of
agreement/scheme relating to Prime Minister
Jan Aarogya Yojana?
05 Whether the Company has complied with IRDAI
circular (No.IRDA/F&A/CIR/MISC/052/03/2018
dated 27 March 2018) regarding exemption of re-
insurance schemes of specified insurance schemes
such as Pradhan Manthri Fasal Bima Yojana, Pradhan
Manthri Suraksha Bima Yojana etc. from the purview
of GST and passed on to the insured/Government the
benefit of reduction in premium?
/
Reply
Particulars Reconciled Un-reconciled Restructuring
Debentures 22 2 (Book value ` 2) 2
Yes. Stop loss policy is defined for equity shares other
than PSU equity shares and acquired after
01.04.2016. Stop loss limit is not triggered for the
above class of equity shares during the year 2020-21.
The company has a process of reconciling co
insurance balances through periodical meetings with
PSU Insurers at Zonal/Regional level where balances
are agreed and settled. However the company has not
obtained any year end confirmation of balances.
Yes, the company accounts the premium and
claims as per the conditions of the agreement of
the scheme.
Yes, the company accounts the premium and
claims as per the conditions of the agreement of
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
the scheme.
Yes, the company accounts the premium and
claims as per the conditions of the agreement of
the scheme.
STANDALONE FINANCIAL STATEMENTS
Yes, the company has passed on the benefits of
exemption on GST on re-insurance schemes of
specified insurance schemes such as Pradhan
Manthri Fasal Bima Yojana, Pradhan Manthri
Suraksha Bima Yojana etc.
Harnessing Power to Empower 179
 |

II. H§ nZr A{Y{Z¶‘ 2013 H$s Ymam 143 (5) Ho$ VhV Cn -{ZX}e

H«$. g. {Xem-{ZX}e CÎma

06 Š¶m H§$nZr Ho$ g§~§Y ‘| OrEgQ>r nmoQ>©b na CnbãY nyao BZnwQ> Q>¡Šg hm§, H§$nZr Ho$ g§~§Y ‘| OrEgQ>r nmoQ>©b na CnbãY g§nyU© BZnwQ> Q>¡Šg
H«o${S>Q> (AmB©Q>rgr) H$mo {ZYm©[aV g‘¶ gr‘m Ho$ ^rVa bm^ {b¶m J¶m H«o${S>Q> (AmB©Q>rgr) H$mo {ZYm©[aV g‘¶ gr‘m Ho$ ^rVa {b¶m J¶m h¡&
h¡&

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. E. Om°Z _mo{ag

^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021
`wZmBQ>oS> BpÊS>`m B§í`moa|g H$ånZr {b{_Q>oS> Ho$ gXñ`m| Ho$ g_j ñdV§Ì boIm- narjH$ à{VdoXZ
ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m±

180
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

II. Sub-Directions u/s 143(5) of the Companies Act, 2013

S.No. Directions Reply

06 Whether entire Input Tax Credit (ITC) available on Yes, the entire Input Tax Credit (ITC) available on GST
GST portal in respect of the company has been portal in respect of the company has been availed
availed within prescribed time limits. within prescribed time limits.

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFY2273 UDIN : 21201760AAAABM5779 UDIN : 21022137AAAAAW6859

Date : 16.08.2021
Place : Chennai

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

STANDALONE FINANCIAL STATEMENTS

Harnessing Power to Empower 181

 |

31 _mM©, 2021 H$mo g_mßV df© Ho$ {b`o `wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>, MoÞ¡ Ho$ ñQ¡ÊSAbmoZ {dËVr` {ddaU na,
H§$nZr A{Y{Z`_ 2013 H$s Ymam 129(4) Ho$ gmW n{R>V Ymam 143(6) (~r)Ho$ AYrZ, ^maV Ho$ {Z`§ÌH$ d _hmboIm narjH$
H$s {Q>ßnUr
~r_m {Z`m_H$ Ed§ {dH$mg àm{YH$aU ({dÎmr` {ddaU V¡`ma H$aZm Am¡a _¡§Zo, ^maV Ho$ {Z`§ÌH$-_hmboImnarjH$ H$r Amoa go, A{Y{Z`_ H$r Ymam
~r_m H§$n{Z`mo§ H$r boImnarjH$ H$r {anmoQ>©) {d{Z`_, 2002 Am¡a H§$nZr 143(6)(E) Ho$ VhV 31 _mM© 2021 H$mo g_má df© Ho$ {bE `yZmBQo>S>
A{Y{Z`_, 2013 (A{Y{Z`_) Ho$ gmW n{R>V ~r_m A{Y{Z`_, 1938 B§{S>`m B§í`moao§g H§$nZr {b{_Qo>S> Ho$ {dÎmr` {ddaUmo§ H$m nyaH$ Am°{S>Q> {H$`m
Ho$ VhV {ZYm©{aV {dÎmr` {anmo{Q>ªJ T>m§Mo Ho$ AZwgma 31 _mM© 2021 H$mo h¡& `h nyaH$ boIm narjm d¡Ym{ZH$ boIm narjH$mo§ Ho$ H$m_H$mOr H$mJOmV
g_má df© Ho$ {bE `wZmBQo>S> B§{S>`m B§í`yao§g H§$nZr {b{_Qo>S> Ho$ {dÎmr` VH$ nhw§M Ho$ {~Zm ñdV§Ì ê$n go H$r JB© h¡ Am¡a _w»` ê$n go gm§{d{YH$
{ddaU V¡`ma H$aZm H§$nZr Ho$ à~§YZ H$r {Oå_oXmar h¡& A{Y{Z`_ H$r boIm narjH$mo§ Am¡a H§$nZr H${_©`mo§ H$r nyN>VmN> Am¡a Hw$N> boIm A{^boImo§
Ymam 139(5) Ho$ VhV ^maV Ho$ {Z`§ÌH$-_hmboImnarjH$ Ûmam {Z`wº$ H$r Mw{Z§Xm Om§M VH$ gr{_V h¡&
gm§{d{YH$ boImnarjH$, A{Y{Z`_ H$r Ymam 143 Ho$ VhV {dÎmr`
_oar AZwnyaH$ boImnarjm Ho$ AmYma na, _oar OmZH$mar _o§ Eogm Hw$N> ^r
{ddaUmo§ na ñdV§Ì boIm narjm Ho$ AmYma na Ymam A{Y{Z`_ Ho$
_hËdnyU© Zhr§ Am`m h¡ Omo A{Y{Z`_ H$r Ymam 143(6)(~r) Ho$ VhV
143(10) Ho$ VhV {ZYm©{aV A§Ho$jU na _mZH$mo§ Ho$ AZwgma am` ì`º$
gm§{d{YH$ boImnarjH$mo§ H$r {anmoQ>© na {H$gr {Q>ßnUr `m nyaH$ H$m H$maU
H$aZo Ho$ {bE {Oå_oXma h¡§& `h CZHo$ Ûmam {XZm§H$ 16.08.2021 H$r
hmo&
AnZr boImnarjm {anmoQ>© Ho$ Ûmam {H$`m J`m ~Vm`m J`m h¡&

H¥$Vo ^maV Ho$ {Z`§ÌH$ Am¡a

_hmboImnarjH$ Am¡a CZH$s Va\$ go

ñWmZ … MoÞ¡ (Xo{dH$m Zm`a)

{XZm§H$ … 11.10.2021 dm{UpÁ`H$ boIm narjm Ho$ _hm{ZXoeH$
^maV Ho$ {Z`§ÌH$ Am¡a _hmboIm narjH$ H$s {Q>ßn[U`m±
ñQ¡ÊS AbmoZ {dËVr` {ddaU

182
84 ge{º H aU Ho {bE e{º H m XmohZ

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THE COMPANIES
ACT, 2013 ON THE FINANCIAL STATEMENTS OF UNITED INDIA INSURANCE COMPANY LIMITED FOR THE YEAR ENDED
31 MARCH 2021
The preparation of financial statements of United India
Insurance Company Limited for the year ended 31 March
2021 in accordance with the financial reporting
framework prescribed under the Insurance Act, 1938,
read with the Insurance Regulatory & Development
Authority (Preparation of Financial Statements and
Auditor's Report of Insurance Companies) Regulations,
2002 and the Companies Act, 2013 (Act) is the
responsibility of the management of the company. The
statutory auditors appointed by the Comptroller and
Auditor General of India under section 139(5) of the Act
are responsible for expressing opinion on the financial
statements under section 143 of the Act based on
independent audit in accordance with the standards on
auditing prescribed under section 143(10) of the Act.
This is stated to have been done by them vide their Audit
Report dated 16.08.2021.
Place : Chennai
Date : 11.10.2021
/
I, on behalf of the Comptroller and Auditor General of
India, have conducted a supplementary audit of the
financial statements of United India Insurance Company
Limited for the year ended 31 March 2021 under section
143(6)(a) of the Act. This supplementary audit has been
carried out independently without access to the working
papers of the statutory auditors and is limited primarily to
inquiries of the statutory auditors and company personnel
and a selective examination of some of the accounting
records.
On the basis of my supplementary audit, nothing
significant has come to my knowledge which would give
rise to any comment upon or supplement to statutory
auditors' report under section 143(6)(b) of the Act.
•
For and on behalf of the
Comptroller & Auditor General of India
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
(DEVIKA NAYAR)
DIRECTOR GENERAL OF COMMERCIAL AUDIT
STANDALONE FINANCIAL STATEMENTS
Harnessing Power to Empower 183
 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
Ap½Z ~r_m amOñd ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
FIRE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

A{O©V àr{_`_ (ewÕ)

Premium Earned (Net) 1 8854589 7977087
{Zdoem| H$s {~H« s / AXm`Jr na bm^/hm{Z (ímwÕ)
Profit/Loss on sale/redemption of Investments (Net) 413330 1011308
{d{Z_` go hm{Z/bm^
Exchange Loss/Gain -274 -836
ã`mO, bm^m§e d {H$am`m - gH$b
Interest, Dividend & Rent – Gross 1845966 2044864

Hw$b (A) / TOTAL (A) 11809405 11032423

CnJV Xmdo (ewÕ)

Claims Incurred (Net) 2 5171268 10377526
H$_reZ
Commission 3 1167486 1049563
~r_m H$mamo~ma go g§~§{YV àMmbZ IM©
Operating Expenses related to Insurance Business 4 4372106 3352088
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

AÝ` / Others
Ap½Z ~r_m amOñd ImVm / FIRE INSURANCE REVENUE ACCOUNT

{Zdoím go g§~§{YV IM©

Expenses relating to Investments 2169 3442
{Zdoe H$s àr{_`_ na n[aemoYZ
Amortisation of Premium on Investments 8173 11237
AemoÜ` Am¡a gpÝX½Y G$Um| Ho$ {bE àmdYmZ
Provision for Bad and Doubtful Debts 253645 81173
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e
Amount written off in respect of depreciated investments 33248 70564
g{H«$` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in the value of other than
actively traded Equities 1563 -5829

Hw$b (Am) / TOTAL (B) 799747 -3907341

àMmbZ bm^/(hm{Z) B = (A - Am)

Operating Profit / (Loss) C = (A-B) 799747 -3907341

184
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{d{Z_`Z / APPROPRIATIONS
eo`aYm[a`m| Ho$ ImVo H$mo A§V[aV
Transfer to Shareholders’ Account 799747 -3907341
_hm{dnpËV Ama{jV H$mo A§V[aV
Transfer to Catastrophe Reserve 0 0
AÝ` Ama{jV H$mo A§V[aV
Transfer to Other Reserves 0 0
Hw$b (B) / TOTAL (C) 799747 -3907341

~r_m A{Y{Z`_ 1938 H$s Ymam 40 gr (2) Ho$ AZwgma h_ EVX²Ûmam à_m{UV H$aVo h¢ {H$ h_mar gdm}ËV_ OmZH$mar Am¡a {dídmg Ho$ AZwgma Ap½Z ~r_m
H$mamo~ma _|, Mmho àË`j `m namoj ê$n go, H$ht ^r {H$E JE CnJV à~§Y IM© g^r A{½Z ~r_m amOñd ImVo _| IM© Ho$ ê$n _| nyU©V… {dH${bV {H$`o J`o h¡ &
As required by Section 40C(2) of insurance Act 1938, we hereby certify that to the best of our knowledge and belief, all expenses
wherever incurred whether directly or indirectly in respect of Fire Insurance Business have been fully debited in the Fire Insurance
Revenue account as expenses.

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

Ap½Z ~r_m amOñd ImVm / FIRE INSURANCE REVENUE ACCOUNT

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 185

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
g_wÐr ~r_m amOñd ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
MARINE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

A{O©V àr{_`_ (ewÕ)

Premium Earned (Net) 1 1964017 1966314
{Zdoem| H$s {~H« s/AXm`Jr na bm^/hm{Z (ímwÕ)
Profit/Loss on sale/redemption of Investments (Net) 82528 228907
{d{Z_` go hm{Z/bm^
Exchange Loss/Gain 0 -6
ã`mO, bm^m§e d {H$am`m - gH$b
Interest, Dividend & Rent – Gross 245495 362301
A{V{aŠV B©AmoE_ hoVw eo`aYmaH$mo§ H$s [Z{Y H mo A¨eXmZ
Contribution from Shareholders Fund towards excess EOM 59190 5533

Hw$b (A) / TOTAL (A) 2351230 2563049

CnJV Xmdo (ewÕ)

Claims Incurred (Net) 2 980759 1342811
H$_reZ
Commission 3 202991 220929
~r_m H$mamo~ma go g§~§{YV àMmbZ IM©
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS
g_wÐr ~r_m amOñd ImVm / MARINE INSURANCE REVENUE ACCOUNT

Operating Expenses related to Insurance Business 4 632782 589350

AÝ` / Others
{Zdoím go g§~§{YV IM©
Expenses relating to Investments 433 779
{Zdoe H$s àr{_`_ na n[aemoYZ
Amortisation of Premium on Investments 1632 2544
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e
Amount written off in respect of depreciated investments 6638 15972
AemoÜ` Am¡a gpÝX½Y G$Um| Ho$ {bE àmdYmZ
Provision for Bad and Doubtful Debts 50645 18373
g{H«$` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in the value of other than
actively traded Equities 312 -1319

Hw$b (Am) / TOTAL (B) 1876192 2189439

àMmbZ bm^/(hm{Z) B = (A - Am)
Operating Profit / (Loss) C = (A-B) 475038 373610

186
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{d{Z_`Z / APPROPRIATIONS
eo`aYm[a`m| Ho$ ImVo H$mo A§V[aV
Transfer to Shareholders’ Account 475038 373610
_hm{dnpËV Ama{jV H$mo A§V[aV
Transfer to Catastrophe Reserve 0 0
AÝ` Ama{jV H$mo A§V[aV
Transfer to Other Reserves 0 0
Hw$b (B) / TOTAL (C) 475038 373610

~r_m A{Y{Z`_ 1938 H$s Ymam 40 gr (2) Ho$ AZwgma h_ EVXÛmam à_m{UV H$aVo h¢ {H$ h_mar gdm}ËV_ OmZH$mar Am¡a {dídmg Ho$ AZwgma g_wÐr ~r_m
H$mamo~ma _|, Mmho àË`j `m namoj ê$n go, H$ht ^r {H$E JE CnJV à~§Y IM© , g^r g_wÐr ~r_m amOñd ImVo _| IM© Ho$ ê$n _| nyU©V …{dH${bV {H$`o J`o h¡§ &
As required by Section 40C(2) of insurance Act 1938, we hereby certify that to the best of our knowledge and belief, all
expenses wherever incurred whether directly or indirectly in respect of Marine Insurance Business have been fully debited
in the Marine Insurance Revenue account as expenses.

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

g_wÐr ~r_m amOñd ImVm / MARINE INSURANCE REVENUE ACCOUNT
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 187

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
{d{dY ~r_m amOñd ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
MISCELLANEOUS INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)

{ddaU / Particulars
AZwgyMr Mmby df© / JV df© /
Schedule Current Year Previous Year

A{O©V àr{_`_ (ewÕ)

Premium Earned (Net) 1 128260729 127502017
{Zdoem| H$s {~H« s / AXm`Jr na bm^/hm{Z (ímwÕ)
Profit/Loss on sale/redemption of Investments (Net) 5520463 10084010

A§VaU ewëH$, Am{X / Transfer fees, etc. 12323 15069

ã`mO, bm^m§e d {H$am`m - gH$b

Interest, Dividend & Rent – Gross 16457336 16001836

eo`aYmaH m| H$s [Z{Y go A[V[a³V B©AmoE_ H mo A¨eXmZ

Contribution from Shareholders Fund towards excess EOM 659484 0

Hw$b (A) / TOTAL (A) 150910335 153602932

CnJV Xmdo (ewÕ)

Claims Incurred (Net) 2 116869098 127732768
H$_reZ
{d{dY ~r_m amOñd ImVm / MISCELLANEOUS INSURANCE REVENUE ACCOUNT

Commission 3 7812828 6376564

~r_m H$mamo~ma go g§~§{YV àMmbZ IM©
Operating Expenses related to Insurance Business 4 34045349 30388346
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

AÝ` / Others
{Zdoím go g§~§{YV IM©
Expenses relating to Investments 28973 34324
{Zdoe H$s àr{_`_ na n[aemoYZ
Amortisation of Premium on Investments 109163 112050
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e
Amount written off in respect of depreciated investments 444061 703609
AemoÜ` Am¡a gpÝX½Y G$Um| Ho$ {bE àmdYmZ
Provision for Bad and Doubtful Debts 3387703 809394
g{H«$` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in the value of other than
actively traded Equities 20874 -58123

Hw$b (Am) / TOTAL (B) 162718049 166098932

àMmbZ bm^/(hm{Z) B = (A - Am)

Operating Profit / (Loss) C = (A-B) -11807714 -12496000

188
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{d{Z_`Z / APPROPRIATIONS
eo`aYm[a`m| Ho$ ImVo H$mo A§V[aV
Transfer to Shareholders’ Account -11807714 -12496000
_hm{dnpËV Ama{jV H$mo A§V[aV
Transfer to Catastrophe Reserve 0 0
AÝ` Ama{jV H$mo A§V[aV
Transfer to Other Reserves 0 0
Hw$b (B) / TOTAL (C) -11807714 -12496000

~r_m A{Y{Z`_ 1938 H$s Ymam 40 gr (2) Ho$ AZwgma h_ EVX²Ûmam à_m{UV H$aVo h¢ {H$ h_mar gdm}ËV_ OmZH$mar Am¡a {dídmg Ho$ AZwgma {d{dY ~r_m
H$mamo~ma _|, Mmho àË`j `m namoj ê$n go, H$ht ^r {H$E JE CnJV à~§Y IM© g^r {d{dY ~r_m amOñd ImVo _| IM© Ho$ ê$n _| nyU©V… {dH${bV {H$`o J`o h¡§ &
As required by Section 40C(2) of insurance Act 1938, we hereby certify that to the best of our knowledge and belief, all expenses
wherever incurred whether directly or indirectly in respect of Miscellaneous Insurance Business have been fully debited in the
Miscellaneous Insurance Revenue account as expenses.

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$

{d{dY ~r_m amOñd ImVm / MISCELLANEOUS INSURANCE REVENUE ACCOUNT

H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 189

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
bm^ Am¡a hm{Z ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
PROFIT & LOSS ACCOUNT FOR THE PERIOD ENDED 31ST MARCH 2021
(` '000)

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

àMmbZ bm^ / (hm{Z)/ OPERATING PROFIT/(LOSS)

Ap½Z ~r_m / Fire Insurance 799747 -3907341

g_wÐr ~r_m / Marine Insurance 475038 373610

{d{dY ~r_m / Miscellaneous Insurance -11807714 -12496000

{Zdoe go Am` / INCOME FROM INVESTMENTS
ã`mO, bm^m§e d {H$am`m - gH$b / Interest, Dividend & Rent – Gross 2561330 1248787

{Zdoe H$s {~H« s na bm^ / Profit on sale of investments 861046 787246

AÝ` Am` / OTHER INCOME
~Q² Qo ImVo _| Smbm J`m {d{dY eof / Sundry Balances written back 23278 44298
n[agånpËV`m| H$s {~H« s na bm^ / hm{Z VWm AÝ` Am`
Profit/Loss on sale of assets and other incomes 60968 44691
Hw$b (A) / TOTAL (A) -7026307 -13904709
àmdYmZ (H$a Ho$ Abmdm)/ PROVISIONS (Other than taxation)
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

{Zdoe Ho$ Ad_yë`Z hoVw / For diminution in the value of investments 3256 -4538
gpÝX½Y G$Um| hoVw / For doubtful debts 528392 63188
AÝ` IM© / OTHER EXPENSES
CYma na ã`mO/ Interest On Borrowings 740794 744206
bm^ Am¡a hm{Z ImVm / PROFIT AND LOSS ACCOUNT

[ZJ_r` gm_m{OH Xm[`Ëd na IM©

Expenses on Corporate Social Responsibility 42820 77723
A{V{aº$ B©AmoE_ hoVw nm[bgrYmaH$mo§ H$s [Z{Y H mo A¨eXmZ
Contribution to Policyholders Fund towards excess EOM 1414468 5533
J¡a ~r_m H$mamo~ma go g§~§{YV IM©
Expenses other than those related to Insurance Business 4519 2680
~Q²>Q>o ImVo _| S>mbm J`m AemoÜ` G$U /Bad Debts written off 0 0
{Zdoe àr{_`_ na n[aemoYZ /Amortisation of Premium on Investments 17027 8748
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e`m±
Amount written off in respect of depreciated investments 69262 54930
Hw$b (Am) / TOTAL (B) 2820538 952470
H$a Ho$ nyd© bm^ (B) = (A - Am) / Profit Before Tax (C) = (A - B) -9846845 -14857179

190
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

AZwgyMr 2019-20 2018-19

{ddaU / Particulars
Schedule (` ’000) (` ’000)

H$a Ho$ {b`o àmdYmZ /Provision for Taxation 0 0

JV dfm] go g§~§{YV H$a / Taxation relating to earlier years 0 1362
H$a Ho$ ~mX bm^ ( B© ) / Profit After Tax (D) -9846845 -14858541
{d{Z`moOZ / APPROPRIATIONS
df© Ho Xm¡amZ {`mH J`m A§V{a_ bm^m§e /
Interim dividends paid during the year 0 0
àñVm{dV A§{V_ bm^m§ím / Proposed final dividend 0 0
bm^m§ím {dVaU H$a/ Dividend distribution tax 0 0
{S>~|Ma _moMZ Ama{jV H mo A§V[aV/
Transferred to Debenture Redemption Reserve 225000 225000
gm_mÝ` Ama{jV H$mo A§V[aV / Transferred to General Reserve -10071845 -15083541
{nhbr df© go A¾{fV bm^ / hm{Z H m g§VwbZ/
Balance of profit/loss brought forward from last year 0 0
VwbZ nÌ H$mo A§V[aV eof / Balance carried forward to Balance Sheet 0 0
_yb Am¡a VabrH¥ V à[V eo`a go Am` (A)
Basic and Diluted Earning per share (A) -6.62 -99.47

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

bm^ Am¡a hm{Z ImVm / PROFIT AND LOSS ACCOUNT

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached
H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S
grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. E. Om°Z _mo{ag
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137
ñWmZ : MoÞ¡ Place : Chennai
{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 191

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
31 _mM© 2021 Ho$ {XZ na H$m VwbZ nÌ
BALANCE SHEET AS AT 31st MARCH 2021 (` '000)

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

{Z{Y`m| H$m òmoV

SOURCES OF FUNDS
ímo`a ny±Or
SHARE CAPITAL 5 38050000 2000000
Ama{j{V`m± Am¡a A{Yeof
RESERVES AND SURPLUS 6 3249881 13105141
ghr _yë` n[adV©Z ImVm - eo`aYmaH$m|
FAIR VALUE CHANGE ACCOUNT-SHAREHOLDERS’ 3425675 -401469
ghr _yë` n[adV©Z ImVm - nm°{bgrYmaH$m|
FAIR VALUE CHANGE ACCOUNT-POLICYHOLDERS’ 23935948 -5774977
G$U
BORROWINGS 7 9000000 9000000
31 _mM© 2020 Ho$ {XZ na H$m VwbZ nÌ / BALANCE SHEET AS AT 31ST MARCH 2020

Hw$b / TOTAL 77661504 17928695

{Z{Y`m| H$m Cn`moJ

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

APPLICATION OF FUNDS

{Zdoím - eo`aYmaH$m| / INVESTMENTS-SHARE HOLDERS' 8 42482947 18154984

{Zdoím - nm°{bgrYmaH$m| / INVESTMENTS-POLICYHOLDERS' 8A 296837715 261152468

G$Êm
LOANS 9 1910406 1757478
ñWm`r n[agånpËV`m±
FIXED ASSETS 10 2580809 2719898
Mmby n[agånpËV`m±
CURRENT ASSETS
ZH$X Am¡a ~¢H$ eof
CASH AND BANK BALANCES 11 40919152 17350234
A{J«_ Am¡a AÝ` n[agånpËV`m±
ADVANCES AND OTHER ASSETS 12 53910905 58892848
Cn Hw b (A)
SUB-TOTAL (A) 94830057 76243082

192
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Mmby Xo`VmE±
CURRENT LIABILITIES 13 278104810 265066293

àmdYmZ / PROVISIONS 14 82875620 77032922

Cn Hw$b (Am) / SUB-TOTAL (B) 360980430 342099215

ewÕ Mmby n[agånpËV`m± (B) = (A-Am)

NET CURRENT ASSETS (C) = (A-B) -266150373 -265856133

{d{dY IM©
({OZH$mo ~Q²>Q>o ImVo _| Zht S>mbm J`m `m g_m`mo{OV Zht {H$`m J`m)
MISCELLANEOUS EXPENDITURE
(to the extent not written off or adjusted) 15 0 0

bm^ Am¡a hm{Z ImVo _| Zm_o eof

DEBIT BALANCE IN PROFIT & LOSS ACCOUNT 0 0

Hw$b / TOTAL 77661504 17928695

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or

31 _mM© 2020 Ho$ {XZ na H$m VwbZ nÌ / BALANCE SHEET AS AT 31ST MARCH 2020
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 193

 |

31 _mM© 2021 H$mo AmH$pñ_H$ Xo`VmE± / CONTINGENT LIABILITIES AT 31ST MARCH 2021 (` ’000)

{ddaU / Particulars 31.03.2021 31.03.2020

Am§{eH$ ê$n _| MwH$Vm eo`a/ On Partly Paid Investments 800 800

nm{bgr Ho$ VhV AÝ` Xmdo {OÝh| H§$nZr G$U Zht _mZVr
Claims other than those under policies, not acknowledged as debts 1609612 1609098
eof ~r_mboIZ A{^~ÝYZ (eo`a Am¡a G$U nÌm| Ho$ g§~§Y _|)
Underwriting commitments outstanding
(in respect of Shares and Securities) 0 0
H§$nZr Ûmam `m CgH$s Amoa go Xr JB© à{V^y{V`m±
Guarantees given by or on behalf of the Company 0 0
{ddmXmñnX d¡Ym{ZH$ _m±J / Xo`Vm`o§ {OgH$m àmdYmZ Zht {H$`m J`m
Statutory demands /liabilities in dispute, not provided for 7421887 7448095
ImVo _| nwZ~u_m Xo`VmAm| Ho$ {b`o àmdYmZ Zht {H$`m J`m h¡
Reinsurance obligations to the extent not provided for in accounts 0 0
AÝ` (~¢H Jma§Q r/ Others (Bank Guarantee) 0 0
ZmoQ>:
1.gm§{d{YH$ _m§J / Xo`Vm`o§ Omo {ddmXmñnX h>¡§ Am¡a {OgH$m àmdYmZ Zh>r§ h>mo, `{X H$moB© Ow_©mZm bmJy h>mo Vmo dh> g{å_{bV Zh>r§ h>¡ &
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

2.Am`H$a àm{YH$aU Zo AmO H$r VmarI VH$ H$§nZr H$mo Xo` dmngr é. 4317370/- h‹Oma ( é.4317370/- h‹Oma) g_m`mo{OV {H$`m h>¡&
Note :
1. Statutory Demands/Liabilities in dispute, not provided for does not include penalty, if any applicable.
2. The Income Tax Authorities have adjusted the refund due till date to the Company amounting to ` 4317370
thousands (` 4317370 thousands)

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m±

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

AZwgyMr - 1 - A{O©V àr{_`_ (ewÕ) 31 _mM© 2021 H$mo g_má df© Ho$ {bE /
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year

go àr{_`_ / Premium from

àË`j H$mamo~ma / Direct business 17782802 15693238 3407015 3546035 145857143 155911630 167046960 175150903
Omo‹S>| … ñdrH¥$V nwZ~u_m
Add : Reinsurance accepted 880550 1612407 116025 163309 578120 740782 1574695 2516498
KQ>mE± … A{n©V nwZ~u_m / Less : Reinsurance ceded 9829211 8465164 1612142 1584283 16373730 30217625 27815083 40267072
ewÕ àr{_`_ / Net Premium 8834141 8840481 1910898 2125061 130061533126434787 140806572 137400329
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ
Adjustment for change in reserve for
unexpired risks 20448 -863394 53119 -158747 -1800804 1067230 -1727237 4508
A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 8854589 7977087 1964017 1966314 128260729 127502017 139079335 137445418

194
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

AZwgyMr - 2 - CnJV Xmdo (ewÕ) 31 _mM© 2021 H$mo g_má df© Ho$ {bE
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 8508642 8060224 2443359 2727208 117958387 129060904 128910388 139848336
Omo‹S>| … ñdrH¥$V nwZ~u_m/Add: Reinsurance accepted 633427 1214825 94994 236422 197308 475519 925729 1926766
KQ>mE± … A{n©V nwZ~u_m/Less : Reinsurance ceded 1473203 3405700 874536 924229 26998682 28125222 29346421 32455151
AXm {H$`o J`o ewÕ Xmdo/Net Claims Paid 7668866 5869349 1663817 2039401 91157013 101411201 100489696 109319951
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo -àË`j
Add: Claims Outstanding - Closing - Direct 30315116 28904513 8581367 5744652 244563794 231035538 283460277 265684703
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m
Add: Claims Outstanding - Closing - RI Accepted 4452408 5080203 177147 194746 1211023 1063856 5840578 6338805
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo -A{n©V nwZ~u_m
Less: Claims outstanding - Closing - RI Ceded 18406071 15125665 5849710 2347536 29618894 41655556 53874675 59128757
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ
Add: Claims Outstanding - Closing - Net 16361453 18859051 2908804 3591862 216155923 190443838 235426180 212894751
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j
Less: Outstanding claims at the
beginning of the year - Direct 28904513 24000706 5744652 6267347 231035537 195549098 265684702 225817151
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m
Less: Claims outstanding at the

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

beginning of the year - RI Accepted 5080203 5577010 194746 393951 1063856 1134605 6338805 7105566
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m
Add: Claims outstanding at the
beginning of the year - RI Ceded 15125665 15226842 2347536 2372846 41655555 32561432 59128756 50161120
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo - ewÕ
Less: Claims outstanding at the
beginning of the year - Net 18859051 14350874 3591862 4288452 190443838 164122271 212894751 182761597
CnJV Xmdo (ewÕ) / Claims Incurred (Net) 5171268 10377526 980759 1342811 116869098 127732768 123021125 139453105

AZwgyMr - 3 - H$_reZ 31 _mM© 2021 H$mo g_má df© Ho$ {bE

SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 1533538 1360819 256998 271004 8970784 8271933 10761320 9903756
Hw$b (A) / TOTAL (A) 1533538 1360819 256998 271004 8970784 8271933 10761320 9903756
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ
Add : Commission on Reinsurance Accepted 110072 220187 5268 18298 61874 68323 177214 306808
KQ>mE± … A{n©V nwZ~u_m na H$_reZ
Less : Commission on Reinsurance Ceded 476124 531443 59275 68373 1219830 1963692 1755229 2563508
H$_rímZ (ewÕ) / Commission (Net ) 1167486 1049563 202991 220929 7812828 6376564 9183305 7647056

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU /
Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below :

EOoÝQ> / Agents 685274 588575 149380 157802 6753787 6292495 7588441 7038872
Xbmb / Brokers 762960 628602 107763 112569 1682423 1401414 2553146 2142585
{ZJ_r` EOoÝgr / Corporate Agency 85304 143642 -145 633 534574 578024 619733 722299
AÝ` / Others 0 0 0 0 0 0 0 0
Hw$b (Am) / TOTAL (B) 1533538 1360819 256998 271004 8970784 8271933 10761320 9903756

Harnessing Power to Empower 195

 |

AZwgyMr - 4 - ~r_m H$mamo~ma go g§~§{YV àMmbZ IM© 31 _mM© 2021 H$mo g_má df© Ho$ {bE
SCHEDULE - 4 - OPERATING EXPENSES RELATED TO INSURANCE BUSINESS FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Ap½Z / Fire g_w Ð r / Marine {d{dY / Misc. Hw $ b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
H$_©Mm[a`m| H$m doVZ Am¡a H$ë`mU {hV
Employees' remuneration and welfare benefits 3736560 2637015 527080 422892 29308327 23875898 33571967 26935805
`mÌm, n[adhZ Am¡a dmhZ IM©
Travel, conveyance and vehicle running expenses 24471 52327 3452 8391 191938 473775 219861 534493
à{ejU IM©
Training expenses -151 4813 -21 771 -1186 43578 -1358 49162
{H$am`m, Xa| Am¡a H$a
Rents, rates & taxes 129821 120322 18312 19296 1018275 1089413 1166408 1229031
_aå_V
Repairs 14652 16379 2067 2627 114921 148298 131640 167304
_wÐU Am¡a boIZ gm_J«r
Printing and Stationery 16731 21240 2361 3407 131228 192313 150320 216960
g§Mma
Communication 36084 28810 5090 4621 283034 260848 324208 294279
{d{Y Am¡a ì`dgm{`H$ à^ma
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Legal and Professional charges 10782 14459 1521 2319 84571 130910 96874 147688
boIm narjH$ Ho$ ewëH$, IM© Am{X
Auditors' fees, expenses etc.
A) boImnarjH$ Ho$ ê$n _|
a) as Auditor 6143 4979 866 799 48182 45083 55191 50861
Am) gbmhH$ma Ho$ ê$n _| `m AÝ` {H$gr h¡{g`V _|
b) as Advisor or in any other capacity, in respect of
i)
a H$a g§~§{YV _m_bo
ai) Taxation matters 0 0 0 0 0 0 0 0
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

ii) ~r_m _m_bo

Insurance matters 0 0 0 0 0 0 0 0
iii) à~§YZ godmE± VWm
Management services; and 0 0 0 0 0 0 0 0
B) AÝ` {H$gr h¡[g`V
c) Any other capacity 184 218 26 35 1445 1974 1655 2227
{dkmnZ Am¡a OZ g§MmaU
Advertisement and publicity 3688 15969 520 2561 28928 144589 33136 163119
ã`mO Am¡a ~¢H$ à^ma
Interest and Bank Charges 27788 24053 3919 3857 217958 217779 249665 245689
_yë`õmg
Depreciation 45057 52955 6356 8492 353411 479459 404824 540906
àr{_`_ ImVo na godm H$a
Service Tax on Premium A/c 2266 1082 320 174 17776 9801 20362 11057
~{hòmoV ì``
Outsourcing Expenses 23376 18616 3297 2985 183355 168549 210028 190150
`y_oŠg ì`` / UMEX Expenses 80840 72265 11404 11589 634084 654299 726328 738153
AÝ` /Others 213814 266586 46212 94534 1429102 2451780 1689128 2812900
Hw$b / Total 4372106 3352088 632782 589350 34045349 30388346 39050237 34329784

196 ge{º H aU Ho {bE e{º H m XmohZ

 /

AZwgyMr - 5 - 31 _mM© 2021 H$mo eo`a ny±Or / SCHEDULE - 5 - SHARE CAPITAL AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
A{YH¥$V ny±Or
Authorised Capital
200000000 gmå`m§e eo`a àË`oH$ ` 10/- H$m
200000000 Equity Shares of `10/- each 50000000 2000000
{ZJ©{_V n±yOr
Issued Capital
200000000 gmå`me§ e`oa - àË`Ho$ ` 10/- H$m (e`oa àr{_`_ ImVm Ama¡ gm_mÝ` Ama{jV H$o nO
§y rH$aU go
[ZJ[©_V 14,63,74,857 gmå`me§ e`oa àË`Ho$ `10/- H$m ~mZog e`oa Bg_| gpå_{bV h)¢
200000000 Equity Shares of `10/- each (includes 14,63,74,857 Equity Shares of `10/- each
issued as Bonus Shares by Capitalisation of General Reserve and Share Premium Account) 38050000 2000000
A{^XËV ny±Or
Subscribed Capital
200000000 gmå`me§ e`oa - àË`Ho$ ` 10/- H$m (e`oa àr{_`_ ImVm Ama¡ gm_mÝ` Ama{jV H$o nO
§y rH$aU go
[ZJ[©_V 14,63,74,857 gmå`me§ e`oa àË`Ho$ `10/- H$m ~mZog e`oa Bg_| gpå_{bV h)¢
200000000 Equity Shares of `10/- each (includes 14,63,74,857 Equity Shares of `10/- each
issued as Bonus Shares by Capitalisation of General Reserve and Share Premium Account) 38050000 2000000
_m±J ny±Or
Called up Capital
200000000 gmå`me§ e`oa àË`Ho$ ` 10/- H$m (e`oa àr{_`_ ImVm Ama¡ gm_mÝ` Ama{jV H$o nO
§y rH$aU go
[ZJ[©_V 14,63,74,857 gmå`me§ e`oa àË`Ho$ `10/- H$m ~mZog e`oa Bg_| gpå_{bV h)¢

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

200000000 Equity Shares of `10/- each (includes 14,63,74,857 Equity Shares of `10/- each
issued as Bonus Shares by Capitalisation of General Reserve and Share Premium Account) 38050000 2000000
KQ>mE± … AàXËV _m§J
Less : Calls unpaid 0 0
Omo‹S>| … g_nh¥V gmå`m§e eo`a (_ybV… àXËV am{e)
Add : Equity Shares forfeited (Amount originally paid up) 0 0
KQ>mE± … g_ _yë` gmå`m§e eo`am| H$s dmngr IarX
Less : Par Value of Equity Shares bought back 0 0
KQ>mE± … àma§{^H$ IM©

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

Less : Preliminary Expenses 0 0
KQ>mE± … IM© _| ~r_mboIZ `m eo`am| Ho$ A§ímXmZ na H$_reZ `m Xbmb H$_reZ em{_b h¡
Less : Expenses including commission or brokerage on Underwriting or subscription of Shares 0 0

Hw$b / Total 38050000 2000000

AZwgyMr - 5A - eo`aYmaU H$m à{V_mZ (à~§YZ Ûmam `Wm à_m{UV) 31 _mM© 2021 H$mo g_má Ad{Y Ho$ {bE /
SCHEDULE - 5A - PATTERN OF SHARE HOLDING [As certified by the Management] FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Mmby df© / Current Year JV df© / Previous Year
{ddaU / Particulars ímo`am| H$s g§ »`m Am{YnË` % ímo`am| H$s g§ »`m Am{YnË` %
No. of Shares % of Holding No. of Shares % of Holding

g§dY©H$ / Promoters
^maVr`
Indian
^maV gaH$ma
Government of India 3804999970 100% 199999970 100%
^maV gaH$ma Ho$ _ZmoZrV gXñ`
Nominees of Govt. of India 30 0% 30 0%
Hw$b / Total 3805000000 200000000

Harnessing Power to Empower 197

 |

AZwgyMr - 6 - 31 _mM© 2021 H$mo Ama{j{V`m± VWm A{Yeof /

SCHEDULE - 6 - RESERVES & SURPLUS AS AT 31ST MARCH 2021 (` ’000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

ny±Or Ama{jV / Capital Reserve 13589 13589
ny±Or n[aemoYZ Ama{jV / Capital Redemption Reserve 0 0
eo`a àr{_`_ / Share Premium 0 0
gm_mÝ` Ama{jV (df© Ho$ Ama§^ _|) / General Reserve (Opening) 12228860 27312401
Omo‹S>|o / KQmE± : bm^ Am¡a hm{Z ImVo go A§V[aV / Add/Less : Transfer from Profit & Loss Account -10071845 -15083541
df© Ho$ A§V åm| eof / Closing Balance 2157015 12228860
_hm{dnpËV Ama{jV / Catastrophe Reserve 0 0
AÝ` Ama{j{V`m± - {Zdoe Ama{jV / Other Reserves - Investment Reserve 8628 8628
{dXoer _wX«m g§ào[fV Ama{jV / Foreign Currency Translation Reserve 179064 156702
df© Ho$ Xm¡amZ Omo‹S>|o / घटाएं / Addition/withdrawal during the year -8415 22362
df© Ho$ A§V åm| eof / Foreign Currency Translation Reserve - Closing Balance 170649 179064
G U nÌ _moMZ Ama{jV / Debenture Redemption Reserve 900000 675000
bm^ Am¡a hm{Z ImVo _| eof bm^ / Balance of Profit in Profit & Loss Account 0 0
Hw$b / Total 3249881 13105141
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

AZwgyMr - 7 - 31 _mM© 2021 H$mo CYma / SCHEDULE - 7 - BORROWINGS AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
G$U nÌ / ~mÊS> / Debentures / Bonds 9000000 9000000
~¢H$ / Banks 0 0
{dËVr` g§ñWm`| / Financial Institutions 0 0
AÝ` ({ddaUmZwgma) / Others (to be specified) 0 0
Hw$b / Total 9000000 9000000
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

198
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AZwgyMr - 8 - 31 _mM© 2021 H$mo {Zdoe (g_o[H V) (` ’000)

SCHEDULE - 8 - INVESTMENT (CONSOLIDATED) AS AT 31ST MARCH 2021

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

XrK©H$mbrZ {Zdoe
LONG TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_| gaH$mar hþÊS>r ^r em{_b h¡
Government securities and Government guaranteed bonds including Treasury Bills 146303069 113995276

AÝ` AZw_mo{XV à{V^y{V`m±

Other Approved Securities 0 0

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares

(aa) gmå`m§e / Equity 77250641 53586356

(ab) A{Y_mZ / Preference 0 0

(b) å`yMwAb \$ÊS> / Mutual Funds 0 0

(c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0

(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 17915254 18243933

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

(e) AÝ` à{V^y{V`m±> / Other Securities 0 0

(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0

(g) {Zdoe n[ag§npËV`m± - g§nXm /

Investment Properties - Real Estates 0 0

95165895 71830289

AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

Investments in Infrastructure and Social Sector 48911085 48911085 45657179 45657179
J¡a AZw_mo{XV {Zdoe ( नोट 1 एवं 2 का संदर्भ लें )
Other than Approved Investments (refer note 1 & 2) 17887698 17887698 16028454 16028454

Cn Hw$b / SUB-TOTAL 308267747 247511198

AënH$mbrZ {Zdoe / SHORT TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_|
gaH$mar hþÊS>r ^r em{_b h¡
Government Securities and Government guaranteed bonds
including Treasury Bills 10978156 11791315

AÝ` AZw_mo{XV à{V^y{V`m± / Other Approved Securities 0 0

Harnessing Power to Empower 199

 |

AZwgyMr - 8 - 31 _mM© 2021 H$mo {Zdoe (g_o[H V)

SCHEDULE - 8 - INVESTMENT (CONSOLIDATED) AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares
(aa) gmå`m§e / Equity 0 0
(ab) A{Y_mZ / Preference 0 0
(b) å`yMwAb \$ÊS> / Mutual Funds 8694167 6535973
(c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0
(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 2955926 3281858
(e) AÝ` à{V^y{V`m± / Other Securities 0 0
(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0
(g) {Zdoe n[ag§npËV`m± - g§nXm /
Investment Properties - Real Estates 0 0
11650093 9817831
AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe /
Investments in Infrastructure and Social Sector 7516336 7516336 9311611 9311611

J¡a AZw_mo{XV {Zdoe ( नोट 1 एवं 2 का संदर्भ लें ) /

Other than Approved Investments (refer note 1 & 2) 908330 908330 875497 875497
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Cn Hw$b / SUB-TOTAL 31052915 31796254

Hw$b / TOTAL 339320662 279307452
J¡a A§{H$V gmå`m§e à{V^y{V`m± Ed§ ì`wËnÞ XñVmdoµOm| H$o Abmdm
H§$nZr H$m gånyÊm© {Zdoe
Aggregate amount of Company's Investment other than
listed equity securities and derivative instruments.
ImVm _yë` / Book Value 239031253 211722990
~mOma _yë` / Market Value 245026201 219509408
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

ZmoQ> : Note :
1. Other than Approved Investments comprises of Infrastructure Investments of ` 1804797 thousands (Long Term)
and ` 408275 thousands (Short Term); Investments in Housing (NIL)
AZw_mo{XV {Zdoe H$s Abmdm BÝ\«$mñQ>ŠMa {Zdoe é.1804797 hOmam| Am¡a (XrKm©d{Y) Amdmg _| é. eyÝ` hOmam| (bKw Ad{Y) {Zdoe - eyÝ` em{_b h¡ &
2) **Mmby df© Ho$ {bE AZw_mo{XV {Zdoem| Ho$ Abmdm Bg_| em{_b h¢: / **Other than Approved Investments for the current year includes :
A. {Z`§{ÌV H§$nZr / Subsidiaries :
(1) Oo{ZW goŠ`y[aQ>rO - ` 762 hOmam| (JV gmb - ` 762 hOmam|)/Zenith Securities - ` 762 thousands (Previous Year - ` 762 thousands)
B. g§~§Y H§$nZr / Associate Companies :
(2) hoëW B§í`yaoÝg Q>rnrE {b. - ` 197933 hOmam| (JV gmb - ` 197933 hOmam|)/
Health Insurance TPA Ltd - ` 197933 thousands (Previous Year - ` 197933 thousands)
(3) B§{S>`m B§Q>aZoíZb B§í`yaoÝg - ` 18276 hOmam| (JV gmb - ` 18276 hOmam|) /
India International Insurance - ` 18276 thousands (Previous Year - ` 18276 thousands)
(4) Ho$Z B§{S>`m Eí`yaoÝg H§$.{b. - ` 7337 hOmam| (JV gmb - ` 7337 hOmam|)/
Ken India Assurance Co Ltd - ` 7337 thousands (Previous Year - ` 7337 thousands)

200
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AZwgyMr - 8A - 31 _mM© 2021 H$mo {Zdoe (nm{bgrYmaH$m| H r [Z[Y) (` ’000)

SCHEDULE - 8A - INVESTMENT (POLICYHOLDERS FUNDS) AS AT 31ST MARCH 2021

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

XrK©H$mbrZ {Zdoe
LONG TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_| gaH$mar hþÊS>r ^r em{_b h¡
Government securities and Government guaranteed bonds including Treasury Bills 127985925 113965840

AÝ` AZw_mo{XV à{V^y{V`m±

Other Approved Securities 0 0

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares

(aa) gmå`m§e / Equity 67578861 53572519

(ab) A{Y_mZ / Preference 0 0

(b) å`yMwAb \$ÊS> / Mutual Funds 0 0

© ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0

(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 15672264 18239222

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

(e) AÝ` à{V^y{V`m±> / Other Securities 0 0

(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0

(g) {Zdoe n[ag§npËV`m± - g§nXm /

Investment Properties - Real Estates 0 0

83251125 71811741

AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

Investments in Infrastructure and Social Sector 42787417 42787417 45645390 45645390

J¡a AZw_mo{XV {Zdoe

Other than Approved Investments 15648158 15648158 0 0

Cn Hw$b / SUB-TOTAL 269672625 231422971

AënH$mbrZ {Zdoe / SHORT TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_|
gaH$mar hþÊS>r ^r em{_b h¡
Government Securities and Government guaranteed bonds
including Treasury Bills 9603691 11337040

AÝ` AZw_mo{XV à{V^y{V`m± / Other Approved Securities 0 0

Harnessing Power to Empower 201

 |

AZwgyMr - 8A - 31 _mM© 2021 H$mo {Zdoe (nm{bgrYmaH$m| Hr [Z[Y) (` ’000)

SCHEDULE - 8A - INVESTMENT (POLICYHOLDERS FUNDS) AS AT 31ST MARCH 2021

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares
(aa) gmå`m§e / Equity 0 0
(ab) A{Y_mZ / Preference 0 0
(b) å`yMwAb \$ÊS> / Mutual Funds 7605657 6284166
(c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0
(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 2585844 3155421
(e) AÝ` à{V^y{V`m± / Other Securities 0 0
(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0
(g) {Zdoe n[ag§npËV`m± - g§nXm /
Investment Properties - Real Estates 0 0
10191501 9439587
AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe /
Investments in Infrastructure and Social Sector 6575291 8952870

J¡a AZw_mo{XV {Zdoe / Other than Approved Investments 794607 794607 0 0

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Cn Hw$b / SUB-TOTAL 27165090 29729497

Hw$b / TOTAL 296837715 261152468
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

202
84 ge{º H aU Ho {bE e{º H m XmohZ
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AZwgyMr - 9 - 31 _mM© 2021 H$mo G$U / SCHEDULE 9 - LOANS FOR THE PERIOD ENDED ON 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

à{V^y{V Ho$ AmYma na dJuH$aU / SECURITY-WISE CLASSIFICATION

à{V^y{V / Secured
(A) g§npËV Ho$ ~ÝYH$ na
(a) On mortgage of Property
(AA) ^maV _| / (aa) In India 1410184 1104744
(AAm) ^maV Ho ~mha / (ab) Outside India 0 0
(Am) ímo`a, ~mÊS, gaH$ma H$s à{V^y{V`m| _|o / (b) Shares, Bonds, Govt. Securities 0 0
(B) AÝ` (gaH$ma Ûmam àË`m^yV G$U) /(c) Others (Govt. Guaranteed Loans)
, 383202 531848
Aà{V^yV / Unsecured 117020 120886
Hw$b / TOTAL 1910406 1757478
G$UH$Vm© Ho$ AmYma na dJuH$aU / BORROWER-WISE CLASSIFICATION
(A) Ho$ÝÐr` VWm amÁ` gaH$ma| /(a) Central and State Governments 383202 531849
(Am) ~¢H$ VWm {dËVr` g§ñWm`| / (b) Banks and Financial Institutions 0 0
(B) {Z`¨{ÌV H§ nZr / (c) Subsidiaries 0 0
(B©) Am¡Úmo{JH$ CnH« _ /(d) Industrial Undertakings 163854 171430

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

C) hS²H$mo H$mo G$U /(e) Loans to HUDCO 0 0
(D) AÝ`-H$_©Mmar Amdmg G$U /(f) Others-Employees Housing Loan 1363350 1054199
Hw$b / TOTAL 1910406 1757478
[ZînmXZ Ho$ AmYma na dJuH$aU / PERFORMANCE-WISE CLASSIFICATION
(A) _mZH$ G$U
(a) Loans classified as standard
(AA) ^maV _| / (aa) In India 1739820 1583893
(AAm) ^maV Ho ~mha / (ab) Outside India 0 0

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

(Am) J¡a {ZînmXZ G$U / (b) Non-performing loans
(AmA) ^maV _| * / (ba) In India* 170586 173585
(AmAm) ^maV Ho ~mha / (bb) Outside India 0 0
Hw$b / TOTAL 1910406 1757478
n[anŠdVm Ho$ AmYma na dJuH$aU / MATURITY-WISE CLASSIFICATION
(A) AënH$mbrZ /(a) Short Term 85613 149996
(Am) XrK©H$mbrZ / (b) Long Term 1824793 1607482
Hw$b / TOTAL 1910406 1757478
*ZmoQ> : AZwgyMr 1 4 _| AemoÜ` VWm g§{X½Y G$U Ho$ VhV J¡a {ZînmXZ G$U Ho$ {bE é. 170586 (JV df© é. 173585) H$m àmdYmZ {H$`m J`m h¡ &
* Note: Provision of ` 170586 thousands (previous year ` 173585 thousands) against non performing loan is grouped under provision
for Bad and Doubtful debts in schedule 14.

31.03.2021 31.03.2020 31.03.2021 31.03.2020

1. J¡a {ZînmXZ G$U H$m àmdYmZ 170586 173585 1) Provision against non-performing loans is 170586 173585
2. G$U g§{X½Y _mZm J`m h¡ Am¡a hm[Z n[ag§npËV`m± hoVw 170586 173585 2) Loans considered doubtful and loss assets are 170586 173585
# ^maVr` [aOd© ~¢H$ Ho$ {Xem {ZX}em| Ho$ AZwgma é. 6959 hOma (é.6336 hOma) H$m àmdYmZ {H$`m J`m h¡ Omo _mZH$ n[ag§npËV`m| H m am{e é. 1739819 hOma
( é. 1583893 hOma) Ho$ 0.4% na h¡ &
# Pursuant to RBI Guidelines a provision of ` 6959 thousands (` 6336 thousands) is made, being 0.4% on standard assets amounting to ` 1739819
thousands (` 1583893 thousands)

Harnessing Power to Empower 203

 |

AZwgyMr - 10 - 31 _mM© 2021 H$mo ñWm`r n[agån{ËV`m± / SCHEDULE - 10 - FIXED ASSETS AS AT 31.03.2021 (` ’000)
bmJV / gH$b ãbmH$ / COST / GROSS BLOCK _yë`õmg / DEPRECIATION ewÕ ãbmH$ / NET BLOCK
{~H«s na/
{ddaU / Particulars Omo‹S>| JV df© VH$ df© Ho {bE df© Ho$ A§V na JV df©
Ama§^ _| H$Q>m¡Vr A§V _| g_m`moOZ VmarI VH$
Upto For the As at Previous
Opening Additions Deductions Closing On sales/ To date
last year year year end Year
adjustments
JwS>{db / Goodwill 0 0 0 0 0 0 0 0 0 0
AàË`j / Intangibles 909118 15845 0 924963 888786 21924 0 910710 14253 20332
g§npËV-ñdm{_Ëd
Land-Freehold 131793 0 0 131793 0 0 0 0 131793 131793
nQ²>Q>o H$s g§npËV
Land-Leasehold 42403 0 0 42403 18767 5967 0 24734 17669 23636
nQ²>Q>o H$s g§npËV`m±
Leasehold Properties 260792 0 0 260792 70747 4212 0 74959 185833 190045
^dZ / Building* 812717 0 0 812717 451871 11447 0 463318 349399 360846
Ag~m~ & gÁOm gm_J«r
Furniture & Fittings 410916 4344 4659 410601 346225 15713 4431 357507 53094 64691
gyMZm àm¡Úmo{JH s CnH$aU
Information Technology
Equipment 2582385 21116 50443 2553058 2382851 94635 49692 2427794 125264 199534
dmhZ / Vehicles 1073344 135327 181301 1027370 619381 214126 142763 690744 336626 453963
H$m`m©b` CnH$aU
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Office Equipment 116803 4932 3349 118386 95081 9201 2852 101430 16956 21722
AÝ`-{dÚwV CnH$aU
Others - Electrical
Equipments 566959 5133 4440 567652 496720 15344 4150 507914 59738 70239
AÝ` n[ag§npËV`m±
Other Assets 219917 3323 2053 221187 151655 12255 1631 162279 58908 68262
Hw$b / Total 7127147 190020 246245 7070922 5522084 404824 205519 5721389 1349533 1605063
Mmby H$m`©
Work-in-Progress 1114835 116441 0 1231276 0 0 0 0 1231276 1114835
Hw$b `moJ / Grand Total 8241982
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

306461 246245 8302198 5522084 404824 205519 5721389 2580809 2719898

JV df© / Previous Year 7785729 836686 380433 8241982 5308595 540904 327415 5522084 2719898

AZwgyMr - 11 - 31 _mM© 2021 H$mo ZH$X Ed§ ~¢H$ eof

SCHEDULE - 11 - CASH AND BANK BALANCES AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
ZH$X (MoH$, S´>m\²$Q> Am¡a ñQ>mån H$mo {_bmH$a) / Cash (including cheques, drafts and stamps) 1595900 499642
~¢H$ eof / Bank Balances
O_m »mmVo / Deposits Accounts
AënH$mbrZ (12 _hrZo Ho$ A§Xa Xo`) / Short-term (due within 12 months) 30399010 11727713
AÝ` / Others
Mmby ImVo / Current Accounts 6425819 4823080
AÝ` - _mJ©ñW àofUmE± / Others - Remittance in transit 0 0
g§{já Zmo{Q>g Am¡a _m±Jo OmZodmbr am{e / Money at Call and Short Notice 0 0
AÝ` g§ñWmZ Ho$ gmÏm / With other Institutions 2498423 299799
Hw$b / Total 40919152 17350234
~¡H$ eof _| J¡a amîQ´>rH¥$V ~¢H$m| Ho$ gmW H$m eof gpå_{bV h¡
Balances with non-scheduled banks included in Bank Balances 7703 1259

204
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AZwgyMr - 12 - 31 _mM© 2021 H$mo A{J«_ Am¡a AÝ` n[agånpËV`m±

SCHEDULE - 12 - ADVANCES AND OTHER ASSETS AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
A{J«_ / ADVANCES
An©UH$mar H§$n[Z`m| Ho$ nmg Ama{jV O_m / Reserve Deposits with ceding companies 13135096 11856336
nyd© AXm`Jr / Prepayments 242468 194986
{ZXoeH$m| /A{YH$m[a`m| H$mo A{J«_ / Advances to Directors/Officers 5449 7171
A{J«_ H$a ^wJVmZ Am¡a g«moV na H$mQ>m J`m H$a (H$a Ho$ {b`o ewÕ àmdYmZ)
Advance tax paid and Taxes deducted at Source (Net of provision for taxation) 2373881 2111584
AÝ` / Others
H$_©Mmar A{J«_ Am¡a G$U (R 815 g§{X½Y _mZm J`m) /
Staff Advances and Loans (` 815 considered doubtful) 203810 232603
Hw$b (A) / TOTAL (A) 15960704 14402680
AÝ` n[agånpËV`m± / OTHER ASSETS
{Zdoe go Cnm{O©V Am` / Income accrued on investments 6341996 6291524
~H$m`m àr{_`_ (` 228 g§{X½Y _mZm J`m) /
Outstanding Premiums (` 228 considered doubtful) 282750 365456
AÝ` gñ§WmAm| H$o H$maU ~r_m H$mam~oma (nZw~u_m g{hV) H$mo bHo$a (` 891935 én`o g{§X½Y _mZm J`m)/

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Due from other entities carrying on insurance business (including reinsurers)
(` 891935 considered doubtful) 17618702 24305834
AÝ` / Others
O_m, A{J«_ Am¡a AÝ` boIm (` 135894 g§{X½Y _mZm J`m)/
Deposits, Advances & Other Accounts ((` 135894 considered doubtful) 13706753 13527354
A§Va H m`m©b` g_m`moOZ (ewX²Y)/Inter Office Adjustments (Net) 0 0
Hw$b (Am) / TOTAL (B) 37950201 44490168
Hw$b (A + Am) / TOTAL (A + B) 53910905 58892848

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

AZwgyMr - 13 - 31 _mM© 2021 H$mo Mmby Xo`VmE±
SCHEDULE - 13 - CURRENT LIABILITIES AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
A{^H$Vm©Am| H$o eof / Agents' Balances 916149 951006
AÝ` ~r_m H§$n{Z`m| H$mo Xo` am{e / Balances due to other insurance companies 7107791 19305861
A{n©V nwZ~u_m na O_m am{e / Deposits held on re-insurance ceded 1217 4822
A{J«_ àmá àr{_`_ / Premiums received in advance 3976585 5256053
{d{dY boZXma / Sundry Creditors 28759401 24852721
~H$m`m Xmd| / Claims Outstanding 235426180 212894751
AÝ` / Others
^yVnyd© eo`aYm[a`m| H$s {Z{Y / Former Shareholders’ Fund 1330 1330
A§Va H m`m©b` g_m`moOZ (ewX²Y) / Inter Office Adjustments (Net) 0 0
nm{bgrYmaH$m| H$s AXm{dV am{e / Unclaimed Amount of Policyholders 1916157 1799749
Hw$b / TOTAL 278104810 265066293

Harnessing Power to Empower 205

 |

AZwgyMr - 14 - 31 _mM© 2021 H$mo àmdYmZ / SCHEDULE - 14 - PROVISIONS AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
Ag_má Omo{I_m| Ho$ {b`o Ama{jV
Reserve for Unexpired Risk 71123902 69396664
H$a Ho$ {bE (KQ>mE± A{J«_ H$a ^wJVmZ {H$`m Am¡a òmoV _| KQ>mE JE H$a)
For taxation (less advance tax paid and taxes deducted at source) 0 0
g{H« ` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in value of other than actively traded Equities 1212369 1186363
J«wn _o{S>Šbo_ nm{bgr Ho$ {bE àmdYmZ
Provision for Group Mediclaim Policy 45000 45000
AdH$me H$m ZH$XrH$aU hoVw
For Leave Encashment 2677756 2797533
H$_©Mmar AënH$mbrZ gw{dYm Ho$ {bE àmdYmZ
Provision for Employee Short term Benefits 67500 67500
{M{H Ëgm Nw>Å>r Ho$ {bE àmdYmZ
Provision for Sick Leave 100041 111195
G$U, {Zdoe Am¡a AÝ` n[agånpËV`m| hoVw
For Loans, Investments and Other Assets 7649052 3428667

Hw$b / TOTAL 82875620 77032922

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

AZwgyMr - 15 - 31 _mM© 2021 H$mo {d{dY IM© ({OZH$mo ~Q²>Q>o ImVo _| Zht Smbm J`m `m g_m`mo{OV Zht {H$`m J`m)
SCHEDULE - 15 - MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted)
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

AS AT 31ST MARCH 2021 (` ’000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
eo`a/G$U nÌ Ho$ Omar _| àXmZ H$r J`r Ny>Q>
Discount allowed in issue of shares/debentures 0 0
AÝ` ({ddaUmZwgma) / Others (to be specified) 0 0

Hw$b / TOTAL 0 0

206
84 ge{º H aU Ho {bE e{º H m XmohZ
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Bg n¥ð> H$mo OmZ~yPH$a [aº$ N>mo‹S> {X`m J`m h¡

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Harnessing Power to Empower 207

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
g àr{_`_ / PREMIUM FROM
àË`j H$mamo~ma / Direct Business 17782802 15693238
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 880550 1612407
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 9829211 8465164
ewÕ àr{_`_ / Net Premium 8834141 8840481
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ /
Adjustment for change in reserve for unexpired risks 20448 -863394
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 8854589 7977087
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 8508642 8060224
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 633427 1214825
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 1473203 3405700
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
. 7668866 5869349

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 30315116 28904513
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 4452408 5080203
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 18406071 15125665
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 16361453 18859051
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 28904513 24000706
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5080203 5577010
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 15125665 15226842
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 18859051 14350874
CnJV Xmdo (ewÕ) / Claims Incurred (Net)
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

5171268 10377526
H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 1533538 1360819
Hw b (A) / TOTAL (A) 1533538 1360819
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 110072 220187
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 476124 531443
H$_rímZ (ewÕ) / COMMISSION (NET) 1167486 1049563
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to
procure business to be furnished as per details indicated below:
EOoÝQ> / Agents 685274 588575
Xbmb / Brokers 762960 628602
{ZJ_r` EooÝgr / Corporate Agency 85304 143642
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 1533538 1360819

208
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

1799006 2127151 1608009 1418884 3407015 3546035

58 1358 115967 161951 116025 163309
546408 553763 1065734 1030520 1612142 1584283
1252656 1574746 658242 550315 1910898 2125061
161045 84621 -107926 -243368 53119 -158747

1413701 1659367 550316 306947 1964017 1966314

1927188 1417486 516171 1309722 2443359 2727208

991 1095 94003 235327 94994 236422
762640 267045 111896 657184 874536 924229
1165539 1151536 498278 887865 1663817 2039401
4490004 2766091 4091363 2978561 8581367 5744652

31664 30058 145483 164688 177147 194746

2872638 582512 2977072 1765024 5849710 2347536
1649030 2213637 1259774 1378225 2908804 3591862
2766091 3065163 2978561 3202184 5744652 6267347

ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m± / STANDALONE FINANCIAL STATEMENTS

30058 30340 164688 363611 194746 393951
582512 788822 1765024 1584024 2347536 2372846
2213637 2306681 1378225 1981771 3591862 4288452
600932 1058492 379827 284319 980759 1342811

221187 239250 35811 31754 256998 271004

221187 239250 35811 31754 256998 271004
14 1561 5254 16737 5268 18298

16923 21707 42352 46666 59275 68373

204278 219104 -1287 1825 202991 220929 {d^mOZ à{VdoXZ / SEGMENTAL REPORT

137232 146438 12148 11364 149380 157802

83810 92661 23953 19908 107763 112569

145 151 -290 482 -145 633
0 0 0 0 0 0

221187 239250 35811 31754 256998 271004

Harnessing Power to Empower 209

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`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
g àr{_`_ / PREMIUM FROM
àË`j H$mamo~ma / Direct Business 14369267 16199755
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 718463 809988
ewÕ àr{_`_ / Net Premium 13650804 15389767
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / Adjustment for change in reserve for unexpired risks 869481 941313
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 14520285 16331080
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 11795734 14338879
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 590072 717941
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
. 11205662 13620938
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 4707407 5958561
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 0 0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 238825 301815
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 4468582 5656746
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 5958561 6225309
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 0 0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 301815 315019
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 5656746 5910290
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

CnJV Xmdo (ewÕ) / Claims Incurred (Net) 10017498 13367394

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 2526913 2802407
Hw b (A) / TOTAL (A) 2526913 2802407
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 107770 121498
H$_rímZ (ewÕ) / COMMISSION (NET) 2419143 2680909
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below:
EOoÝQ> / Agents 2034904 2232132
Xbmb / Brokers 373848 465218
{ZJ_r` EooÝgr / Corporate Agency 118161 105057
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 2526913 2802407

210
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hw$b / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

43669114 49207251 58038381 65407006

0 0 0 0
2227431 2518704 2945894 3328692
41441683 46688547 55092487 62078314
2623432 -3189 3492913 938124
44065115 46685358 58585400 63016438

17254035 28980236 29049769 43319115

0 0 0 0
981380 4469600 1571452 5187541
16272655 24510636 27478317 38131574
187057680 167637942 191765087 173596503
756 831 756 831
10008974 9508266 10247799 9810081
177049462 158130507 181518044 163787253
167637942 150157955 173596503 156383264

ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m± / STANDALONE FINANCIAL STATEMENTS

831 822 831 822
9508266 14926714 9810081 15241733
158130507 135232063 163787253 141142353
35191610 47409080 45209108 60776474

1779732 1619216 4306645 4421623

1779732 1619216 4306645 4421623
0 0 0 0
109172 123018 216942 244516
1670560 1496198 4089703 4177107 {d^mOZ à{VdoXZ / SEGMENTAL REPORT

1713647 1576823 3748551 3808955

61712 37716 435560 502934
4373 4677 122534 109734
0 0 0 0
1779732 1619216 4306645 4421623

Harnessing Power to Empower 211

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
H _©H m>a à{VH a/Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
g àr{_`_ / PREMIUM FROM
àË`j H$mamo~ma / Direct Business 655748 648778
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 32788 32439
ewÕ àr{_`_ / Net Premium 622960 616339
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / Adjustment for change in reserve for unexpired risks -3311 30946
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 619649 647285
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 111499 191814
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 7431 11572
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
104068 180242
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 798174 726080
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 0 0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 43886 41660
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 754288 684420
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 726080 581164
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 0 0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 41660 34258
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 684420 546906
CnJV Xmdo (ewÕ) / Claims Incurred (Net) 173936 317756
H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 80998 79063
Hw b (A) / TOTAL (A) 80998 79063
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 4918 4866
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

H$_rímZ (ewÕ) / COMMISSION (NET) 76080 74197

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below:

EOoÝQ> / Agents 74370 71782

Xbmb / Brokers 6767 7536
{ZJ_r` EooÝgr / Corporate Agency -139 -255
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 80998 79063

212
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

5036927 5326576 898822 823670 3858659 3960153

0 -2 183191 498145 217045 218637
3053138 2218370 944044 910457 1922977 2644900
1983789 3108204 137969 411358 2152727 1533890
562208 11117 136694 -200943 -298044 335526

2545997 3119321 274663 210415 1854683 1869416

4838017 5463870 1200400 565183 1461902 3055076

144 5477 58919 341634 61184 50351

2221178 2275831 1305202 242779 455254 1170268

2616983 3193516 -45883 664038 1067832 1935159
6607601 5938064 2216689 821158 10328297 11553793

682 0 272350 92457 489762 463723

3830245 3056402 1573404 866212 6503544 8048271
2778038 2881662 915635 47403 4314515 3969245

ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m± / STANDALONE FINANCIAL STATEMENTS

5938064 2339852 821158 633187 11553793 9311015
0 428 92457 145056 463723 411431
3056402 464702 866212 522357 8048270 5559100
2881662 1875578 47403 255886 3969246 4163346
2513359 4199600 822349 455555 1413101 1741058

238053 287133 10954 13242 354582 330897

238053 287133 10954 13242 354582 330897
0 0 28845 57128 35428 48525
243690 339407 27393 25653 130520 170916 {d^mOZ à{VdoXZ / SEGMENTAL REPORT
-5637 -52274 12406 44717 259490 208506

99856 107936 1168 1053 145621 132056

105176 136132 9786 12189 208308 197887

33021 43065 0 0 653 954

0 0 0 0 0 0
238053 287133 10954 13242 354582 330897

Harnessing Power to Empower 213

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

g àr{_`_ / PREMIUM FROM

àË`j H$mamo~ma / Direct Business 4383518 5361509
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 40805 -121367
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 684329 998269
ewÕ àr{_`_ / Net Premium 3739994 4241873
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / Adjustment for change in reserve for unexpired risks 250940 330837
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 3990934 4572710
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 2022728 2822821
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 63256 60815
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 296749 751602
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
1789235 2132034
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 3160996 3856861
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 310198 375076
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 888971 1154520
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 2582223 3077417
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 3856861 4480684
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 375076 411807
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 1154520 1568915
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 3077417 3323576
CnJV Xmdo (ewÕ) / Claims Incurred (Net) 1294041 1885875

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 788042 602342
Hw b (A) / TOTAL (A) 788042 602342
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted -2444 -37729
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 92348 105929
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

H$_rímZ (ewÕ) / COMMISSION (NET) 693250 458684

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below:
EOoÝQ> / Agents 578036 403012
Xbmb / Brokers 160977 85926
{ZJ_r` EooÝgr / Corporate Agency 49029 113404
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 788042 602342

214
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

1399038 1161408 62415302 53369220 9170748 19853310 145857143 155911630

137878 143003 0 0 -799 2366 578120 740782
582371 451377 3967169 3194517 2241020 16438604 16373730 30217625
954545 853034 58448133 50174703 6928929 3417072 130061533 126434787
-49562 -11255 -4136714 21184 -1755928 -388306 -1800804 1067230
904983 841779 54311419 50195887 5173001 3028766 128260729 127502017

154944 154160 57224623 54203788 21894505 19285077 117958387 129060904

61 4 0 0 13744 17238 197308 475519
72719 16909 3475486 3224953 17593211 15243767 26998682 28125222
82286 137255 53749137 50978835 4315038 4058548 91157013 101411201
2484057 2278130 14401963 10226101 12800930 22038848 244563794 231035538
62680 0 0 0 74595 131769 1211023 1063856
252516 257534 815078 669547 5463451 17751329 29618894 41655556

ñQ¡ÊS AbmoZ {dËVr` {ddaU Am¡a AZwgy{M`m± / STANDALONE FINANCIAL STATEMENTS

2294221 2020596 13586885 9556554 7412074 4419288 216155923 190443838
2278130 1585611 10226101 10063579 22038847 10170742 231035537 195549098
0 90467 0 0 131769 74594 1063856 1134605
257534 218246 669547 906989 17751329 8045132 41655555 32561432
2020596 1457832 9556554 9156590 4419287 2200204 190443838 164122271
355911 700019 57779468 51378799 7307825 6277632 116869098 127732768

131533 107870 2948755 2399053 111222 30710 8970784 8271933

131533 107870 2948755 2399053 111222 30710 8970784 8271933
126 399 0 0 -81 0 61874 68323
11223 8288 364324 303706 128472 760411 1219830 1963692 {d^mOZ à{VdoXZ / SEGMENTAL REPORT
120436 99981 2584431 2095347 -17331 -729701 7812828 6376564

46630 48862 2059521 1718324 34 515 6753787 6292495

84503 58716 632177 369899 39169 30195 1682423 1401414

400 292 257057 310830 72019 0 534574 578024
0 0 0 0 0 0 0 0
131533 107870 2948755 2399053 111222 30710 8970784 8271933

Harnessing Power to Empower 215

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H mamo~ma / Direct Business 17782802 15693238

àË`j - ^maV _| / Direct - In India 17782802 15693238

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 880550 1612407

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 816524 1472606

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 64026 139801

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 9829211 8465164

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 5922278 4853502
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 3906933 3611662

ewÕ àr{_`_ / Net Premium 8834141 8840481

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 12677047 12312342

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India -3842906 -3471861

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / 20448 -863394
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 8854589 7977087

216
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

1799006 2127151 1608009 1418884 3407015 3546035

1799006 2127151 1608009 1418884 3407015 3546035

58 1358 115967 161951 116025 163309

58 0 115963 161241 116021 161241

0 1358 4 710 4 2068

546408 553763 1065734 1030520 1612142 1584283

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
258377 282085 58885 -136891 317262 145194

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

288031 271678 1006849 1167411 1294880 1439089

1252656 1574746 658242 550315 1910898 2125061

1540687 1845066 1665087 1717016 3205774 3562082

-288031 -270320 -1006845 -1166701 -1294876 -1437021

161045 84621 -107926 -243368 53119 -158747

1413701 1659367 550316 306947 1964017 1966314

Harnessing Power to Empower 217

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H mamo~ma / Direct Business 14369267 16199755

àË`j - ^maV _| / Direct - In India 14369267 16199755

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 718463 809988

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 718463 809988
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0

ewÕ àr{_`_ / Net Premium 13650804 15389767

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 13650804 15389767

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India 0 0

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / 869481 941313
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 14520285 16331080

218
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hwb / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

43669114 49207251 58038381 65407006

43669114 49207251 58038381 65407006

0 0 0 0

0 0 0 0

0 0 0 0

2227431 2518704 2945894 3328692

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
2205443 2489535 2923906 3299523

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

21988 29169 21988 29169

41441683 46688547 55092487 62078314

41463671 46717716 55114475 62107483

-21988 -29169 -21988 -29169

2623432 -3189 3492913 938124

44065115 46685358 58585400 63016438

Harnessing Power to Empower 219

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
H _©H ma à{VH a / Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H mamo~ma / Direct Business 655748 648778

àË`j - ^maV _| / Direct - In India 655748 648778

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 32787 32439

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 32787 32439
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0

ewÕ àr{_`_ / Net Premium 622961 616339

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 622961 616339

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India 0 0

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / -3311 30946
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 619650 647285

220 ge{º H aU Ho {bE e{º H m XmohZ

 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

5036927 5326576 898822 823670 3858659 3960153

5036927 5326576 898822 823670 3858659 3960153

0 -2 183191 498145 217045 218637

0 -2 70462 395399 216817 218083

0 0 112729 102746 228 554

3053138 2218370 944044 910457 1922977 2644900

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
588756 461684 864675 800550 1143681 1436184

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

2464382 1756686 79369 109907 779296 1208716

1983789 3108204 137969 411358 2152727 1533890

4448171 4864891 104610 418519 2931795 2742053

-2464382 -1756687 33359 -7161 -779068 -1208163

562208 11117 136694 -200943 -298044 335526

2545997 3119321 274663 210415 1854683 1869416

Harnessing Power to Empower 221

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H mamo~ma / Direct Business 4383518 5361509

àË`j - ^maV _| / Direct - In India 4383518 5361509

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 40805 -121367

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India -884 -179128

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 41689 57761

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 684329 998269

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 490456 659042
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 193873 339227

ewÕ àr{_`_ / Net Premium 3739994 4241873

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 3892177 4523339

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India -152183 -281466

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / 250940 330837
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 3990934 4572710

222
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

1399038 1161408 62415302 53369220 9170748 19853310 145857143 155911630

1399038 1161408 62415302 53369220 9170748 19853310 145857143 155911630

137878 143003 0 0 -799 2366 578120 740782

137878 143003 0 0 -799 2366 423474 579721

0 0 0 0 0 0 154646 161061

582371 451377 3967169 3194517 2241021 16438604 16373730 30217625

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
429325 348530 3957520 2972590 1766949 9635878 12198055 19646420

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

153046 102847 9649 221927 474072 6802726 4175675 10571205

954545 853034 58448133 50174703 6928928 3417072 130061533 126434787

1107591 955881 58457782 50396630 7403000 10219798 134082562 136844933

-153046 -102847 -9649 -221927 -474072 -6802726 -4021029 -10410146

-49562 -11255 -4136714 21184 -1755928 -388306 -1800804 1067230

904983 841779 54311419 50195887 5173000 3028766 128260729 127502017

Harnessing Power to Empower 223

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H mamo~ma / Direct Business 8508642 8060224
àË`j - ^maV _| / Direct - In India 8508642 8060224
àË`j - ^maV Ho ~mha / Direct - Outside India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 633427 1214825
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 541510 1122256
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 91917 92569
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 1473203 3405700
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 1147059 1845393
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 326144 1560307
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
7668866 5869349
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
7903093 7337087
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
-234227 -1467738
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 16361453 18859051
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
30315116 24000706
28904513
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
30315116 24000706
28904513
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 4874606
4263736 5400579
4874606
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 205597
188672 176431
205597
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 5080203
4452408 5577010
5080203
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
10719802 9205110
9335461
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 5790204
7686269 6021732
5790204
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
18406071 15226842
15125665
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
16361453 14350874
18859051
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 18859051
14350874 14350874
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 28904513
24000706 24000706
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 0 0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 28904513
24000706 24000706
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 4874606
5400579 5400579
4385727
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 176431
205597 193740
176431
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5577010
5080203 4579467
5577010
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
9335461 8422643
9205110
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 6021732
5790204 5843580
6021732
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
15125665 14266223
15226842
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
18859051 14323407
14350874
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 5171268
10377526 10377526
6874133

224
84 ge{º H aU Ho {bE e{H H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

1927188 1417486 516171 1309722 2443359 2727208

1927188 1417486 516171 1309722 2443359 2727208
0 0 0 0 0 0
991 1095 94003 235327 94994 236422
981 0 93836 233691 94817 233691
10 1095 167 1636 177 2731
762640 267045 111896 657184 874536 924229
361440 155094 107044 256776 468484 411870
401200 111951 4852 400408 406052 512359
1165539 1151536 498278 887865 1663817 2039401
1566729 1262391 502963 1286637 2069692 2549028
-401190 -110855 -4685 -398772 -405875 -509627
1649030 2213637 1259774 1378225 2908804 3591862
4490004 2766091 4091363 2978561 8581367 5744652
0 0 0 0 0 0
4490004 2766091 4091363 2978561 8581367 5744652

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
13244 11395 124645 143562 137889 154956
18420 18663 20838 21126 39258 39790
31664 30058 145483 164688 177147 194746

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

1245168 319866 1169217 840957 2414385 1160823
1627470 262646 1807855 924067 3435325 1186713
2872638 582512 2977072 1765024 5849710 2347536
1649030 2213637 1259774 1378225 2908804 3591862
2213637 2306681 1378225 1981771 3591862 4288452
2766091 3065163 2978561 3202184 5744652 6267347
0 0 0 0 0 0
2766091 3065163 2978561 3202184 5744652 6267347
11395 11300 143562 342909 154957 354209
18663 19040 21126 20702 39789 39742
30058 30340 164688 363611 194746 393951
319866 386904 840957 847837 1160823 1234741
262646 401918 924067 736187 1186713 1138105
582512 788822 1765024 1584024 2347536 2372846
2213637 2306681 1378225 1981771 3591862 4288452
600932 1058492 379827 284319 980759 1342811

Harnessing Power to Empower 225

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n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H mamo~ma / Direct Business 11795734 14338879
àË`j - ^maV _| / Direct - In India 11795734 14338879
àË`j - ^maV Ho ~mha / Direct - Outside India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 590072 717941
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 590072 717941
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
11205662 13620938
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
11205662 13620938
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 4468582 5656746
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
4707407 24000706
5958561
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
4707407 24000706
5958561
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 48746060 5400579
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 2055970 176431
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 50802030 5577010
0
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
238825 9205110
301815
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 57902040 6021732
0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
238825 15226842
301815
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
4468582 14350874
5656746
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 5656746
14350874 5910290
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 5958561
24000706 6225309
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 0 0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 5958561
24000706 6225309
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 54005790 4385727
0
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 1764310 193740
0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 55770100 4579467
0
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
301815 8422643
315019
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 60217320 5843580
0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
301815 14266223
315019
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
5656746 14323407
5910290
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 10377526
10017498 6874133
13367394

226
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 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hwb / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

17254035 28980236 29049769 43319115

17254035 28980236 29049769 43319115
0 981 0 981
0 0 0 0
0 0 0 0
0 0 0 0
981380 4469600 1571452 5187541
979714 4446142 1569786 5164083
1666 23458 1666 23458
16272655 24510636 27478317 38131574
16274321 24534094 27479983 38155032
-1666 -23458 -1666 -23458
177049462 158130507 181518044 163787253
187043568 167623356 191750975 173581917
14112 14586 14112 14586
187057680 167637942 191765087 173596503

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
0 0 0 0
756 831 756 831
756 831 756 831

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

10008974 9508266 10247799 9810081
0 0 0 0
10008974 9508266 10247799 9810081
177049462 158130507 181518044 163787253
158130507 135232063 163787253 141142353
167623356 150144735 173581917 156370044
14586 13220 14586 13220
167637942 150157955 173596503 156383264
0 0 0 0
831 822 831 822
831 822 831 822
9508266 14926714 9810081 15241733
0 0 0 0
9508266 14926714 9810081 15241733
158130507 135232063 163787253 141142353
35191610 47409080 45209108 60776474

Harnessing Power to Empower 227

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`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
H _©H ma à{VH a / Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H mamo~ma / Direct Business 111499 191814
àË`j - ^maV _| / Direct - In India 111499 191814
àË`j - ^maV Ho ~mha / Direct - Outside India 0 2241
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 7431 11572
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 7431 11572
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
104068 180242
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
104068 180242
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 754288 684420
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
788766 24000706
716356
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 94080 97240
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
798174 24000706
726080
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 4874606
0 5400579
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 205597
0 176431
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 5080203
0 5577010
0
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
43886 9205110
41660
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 5790204
0 6021732
0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
43886 15226842
41660
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
754288 14350874
684420
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 684420
14350874 546906
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 716356
24000706 572351
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 97240 88130
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 726080
24000706 581164
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 5400579
0 4385727
0
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 176431
0 193740
0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5577010
0 4579467
0
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
41660 8422643
34258
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 6021732
0 5843580
0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
41660 14266223
34258
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
684420 14323407
546906
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 10377526
173936 6874133
317756

228
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

4838017 5463870 1200400 565183 1461902 3055076

4838017 5463870 1200400 565183 1461902 3055076
0 0 0 0 0 0
144 5477 58919 341634 61184 50351
144 5477 53259 306018 58956 50017
0 0 5660 35616 2228 334
2221178 2275831 1305202 242779 455254 1170268
451307 528547 1186823 216243 282244 1194985
1769871 1747284 118379 26536 173010 -24717
2616983 3193516 -45883 664038 1067832 1935159
4386854 4940800 66836 654959 1238613 1910107
-1769871 -1747284 -112719 9079 -170781 25052
2778038 2881662 915635 47403 4314515 3969245
6607601 5938064 2216689 821158 10328297 11553793
0 0 0 0 0 0
6607601 5938064 2216689 821158 10328297 11553793

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
682 0 78222 59634 338213 453832
0 0 194128 32823 151549 9891
682 0 272350 92457 489762 463723

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

999609 1330258 1491918 410005 4317335 5429995
2830636 1726144 81486 456207 2186209 2618276
3830245 3056402 1573404 866212 6503544 8048271
2778038 2881662 915635 47403 4314515 3969245
2881662 1875578 47403 255886 3969246 4163346
5938064 2339852 821158 633187 11553793 9311015
0 0 0 0 0 0
5938064 2339852 821158 633187 11553793 9311015
0 428 59634 111354 453832 403585
0 0 32823 33702 9891 7846
0 428 92457 145056 463723 411431
1330258 272607 410005 498266 5431513 3397345
1726144 192095 456207 24091 2616757 2161755
3056402 464702 866212 522357 8048270 5559100
2881662 1875578 47403 255886 3969246 4163346
2513359 4199600 822349 455555 1413101 1741058

Harnessing Power to Empower 229

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H mamo~ma / Direct Business 2022728 2822821
àË`j - ^maV _| / Direct - In India 2022728 2822821
àË`j - ^maV Ho ~mha / Direct - Outside India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 63256 60815
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 26797 13536
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 36459 47279
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 296749 751602
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 3605563 422095
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India -3308814 329507
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
1789235 2132034
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
-1556037 2414262
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
3345272 -282228
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 2582223 3077417
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
3160996 24000706
3856861
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 0 00
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
3160996 24000706
3856861
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 4874606
136818 5400579
156851
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 205597
173380 176431
218225
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 5080203
310198 5577010
375076
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
604436 9205110
758102
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 5790204
284535 6021732
396418
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
888971 15226842
1154520
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
2582223 14350874
3077417
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 3077417
14350874 3323576
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 3856861
24000706 4480684
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 0 00
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 3856861
24000706 4480684
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 5400579
156851 4385727
233759
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 176431
218225 193740
178048
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5577010
375076 4579467
411807
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
758102 8422643
-649803
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 6021732
396418 5843580
2218718
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
1154520 14266223
1568915
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
3077417 14323407
3323576
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 10377526
1294041 6874133
1885875

230 ge{º H aU Ho {bE e{º H m XmohZ

 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/ Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

154944 154160 57224623 54203788 21894505 19285077 117958387 129060904

154944 154160 57224623 54203788 21894505 19285077 117958387 129060904
0 0 0 0 0 0 0 0
61 4 0 0 13744 17238 197308 475519
61 4 0 0 13744 17238 152961 392290
0 0 0 0 0 0 44347 83229
72719 16909 3475486 3224953 17593211 15243767 26998682 28125222
8655 10580 3468259 3006802 7655171 12388885 18235239 22943792
64064 6329 7227 218151 9938040 2854882 8763443 5181430
82286 137255 53749137 50978835 4315038 4058548 91157013 101411201
146350 143583 53756364 51196985 14253077 6913430 99876108 106509400
-64064 -6328 -7227 -218150 -9938039 -2854882 -8719095 -5098199
2294221 2020596 13586885 9556554 7412074 4419288 216155923 190443838
2484057 2278130 14401963 10226101 12800930 22038848 244540274 231011228
0 0 0 0 0 0 23520 24310
2484057 2278130 14401963 10226101 12800930 22038848 244563794 231035538

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
62680 0 0 0 74595 131769 691210 802086
0 0 0 0 0 0 519813 261770
62680 0 0 0 74595 131769 1211023 1063856

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

173447 209744 814718 568050 2999552 10385246 21692700 28943141
79069 47790 360 101497 2463899 7366083 7926194 12712415
252516 257534 815078 669547 5463451 17751329 29618894 41655556
2294221 2020596 13586885 9556554 7412074 4419288 216155923 190443838
2020596 1457832 9556554 9156590 4419287 2200204 190443838 164122271
2278130 1585611 10226101 10063579 22038847 10170742 231011227 195527065
0 0 0 0 0 0 24310 22033
2278130 1585611 10226101 10063579 22038847 10170742 231035537 195549098
0 90467 0 0 131769 74594 802086 914187
0 0 0 0 0 0 261770 220418
0 90467 0 0 131769 74594 1063856 1134605
209744 183626 568050 594497 10385246 8045132 28944659 27617661
47790 34620 101497 312492 7366083 0 12710896 4943771
257534 218246 669547 906989 17751329 8045132 41655555 32561432
2020596 1457832 9556554 9156590 4419287 2200204 190443838 164122271
355911 700019 57779468 51378799 7307825 6277632 116869098 127732768

Harnessing Power to Empower 231

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H mamo~ma / Direct Business 1533538 1360819

Hw b (A) / TOTAL (A) 1533538 1360819

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 110072 220187
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| / 87823 182784
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 22249 37403

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 476124 531443

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 336932 375587

Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

139192 155856
Less: Commission on Reinsurance Ceded - Outside India

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

1167486 1049563

H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 1284429 1168016

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India -116943 -118453
ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 685274 588575

EOoÝQ> / Agents 685274 588575

Xbmb / Brokers 762960 628602

{ZJ_r` EOoÝgr / Corporate Agency 85304 143642
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 1533538 1360819

232
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

221187 239250 35811 31754 256998 271004

221187 239250 35811 31754 256998 271004

14 1561 5254 16737 5268 18298

14 1040 5254 16631 5268 17671

0 521 0 106 0 627

16923 21707 42352 46666 59275 68373

13969 18354 8870 11024 22839 29378

2954 3353 33482 35642 36436 38995

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
204278 219104 -1287 1825 202991 220929
207232 221936 32195 37360 239427 259296

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

-2954 -2832 -33482 -35535 -36436 -38367

137232 146438 12148 11364 149380 157802

137232 146438 12148 11364 149380 157802

83810 92661 23953 19908 107763 112569

145 151 -290 482 -145 633

0 0 0 0 0 0

221187 239250 35811 31754 256998 271004

Harnessing Power to Empower 233

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H mamo~ma / Direct Business 2526913 2802407

Hw b (A) / TOTAL (A) 2526913 2802407

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| / 0 0
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 107770 121498
KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 107770 121498
Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

Less: Commission on Reinsurance Ceded - Outside India 0 0

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

2419143 2680909
H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 2419143 2680909
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India 0 0

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 2034904 2232132

EOoÝQ> / Agents 2034904 2232132

Xbmb / Brokers 373848 465218

{ZJ_r` EOoÝgr / Corporate Agency 118161 105057
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 2526913 2802407

234
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24thJanuary 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hwb / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

1779732 1619216 4306645 4421623

1779732 1619216 4306645 4421623

0 0 0 0

0 0 0 0

0 0 0 0

109172 123018 216942 244516

109172 123018 216942 244516

0 0 0 0

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
1670560 1496198 4089703 4177107

1670560 1496198 4089703 4177107

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

0 0 0 0

1713647 1576823 3748551 3808955

1713647 1576823 3748551 3808955

61712 37716 435560 502934

4373 4677 122534 109734

0 0 0 0

1779732 1619216 4306645 4421623

Harnessing Power to Empower 235

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
H _©H ma à{VH a / Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H mamo~ma / Direct Business 80998 79063

Hw b (A) / TOTAL (A) 80998 79063

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| / 0 0
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 4918 4866
KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 4918 4866
Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

Less: Commission on Reinsurance Ceded - Outside India 0 0

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

76080 74197
H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 76080 74197
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India 0 0

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 74370 71782

EOoÝQ> / Agents 74370 71782
Xbmb / Brokers 6767 7536

{ZJ_r` EOoÝgr / Corporate Agency -139 -255

AÝ` / Others 0 0

Hw$b (Am) / TOTAL (B) 80998 79063

236
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

238053 287133 10954 13242 354582 330897

238053 287133 10954 13242 354582 330897

0 0 28845 57128 35428 48525

0 0 3938 32539 35289 48721

0 0 24907 24589 139 -196

243690 339407 27393 25653 130520 170916

109801 118006 27040 24941 100457 125329

133889 221401 353 712 30063 45587

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
-5637 -52274 12406 44717 259490 208506

128253 169127 -12147 20840 289414 254289

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

-133890 -221401 24553 23877 -29924 -45783

99856 107936 1168 1053 145621 132056

99856 107936 1168 1053 145621 132056

105176 136132 9786 12189 208308 197887

33021 43065 0 0 653 954

0 0 0 0 0 0

238053 287133 10954 13242 354582 330897

Harnessing Power to Empower 237

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H mamo~ma / Direct Business 788042 602342

Hw b (A) / TOTAL (A) 788042 602342

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted -2444 -37729
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| /
-2444 -37718
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 0 -11

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 92348 105929

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 64076 79084

Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

Less: Commission on Reinsurance Ceded - Outside India 28272 26845

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

693250 458684

H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 721522 485539

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India -28272 -26855
ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 578036 403012

EOoÝQ> / Agents 578036 403012

Xbmb / Brokers 160977 85926

{ZJ_r` EOoÝgr / Corporate Agency 49029 113404

AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 788042 602342

238
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/ Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

131533 107870 2948755 2399053 111222 30710 8970784 8271933

131533 107870 2948755 2399053 111222 30710 8970784 8271933

126 399 0 0 -81 0 61874 68323

126 399 0 0 -81 0 36828 43941

0 0 0 0 0 0 25046 24382

11223 8288 364324 303706 128472 760411 1219830 1963692

11085 7922 364324 303706 125004 473630 1023647 1382000

138 366 0 0 3468 286781 196183 581692

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
120436 99981 2584431 2095347 -17331 -729701 7812828 6376564
120574 100348 2584431 2095347 -13862 -442920 7983968 6933874

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

-138 -367 0 0 -3469 -286781 -171140 -557310

46630 48862 2059521 1718324 34 515 6753787 6292495

46630 48862 2059521 1718324 34 515 6753787 6292495

84503 58716 632177 369899 39169 30195 1682423 1401414

400 292 257057 310830 72019 0 534574 578024

0 0 0 0 0 0 0 0
131533 107870 2948755 2399053 111222 30710 8970784 8271933

Harnessing Power to Empower 239

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
31 _mM©, 2021 H$mo g_má df© Ho$ {b`o H¡$e \²$bmo [ddaU
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021 (` '000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

I. àMmbZ H$m`m] go H¡$e \²$bmo
I. Cash Flow from Operating Activities
A{J«_ Am`, ewÕ gh ~r_m g{hV nm{bgrYmaH$m| go àmßV àr{_`_
Premium received from policyholders, including
advance receipts, net of coinsurance 168386263 175908769
AÝ` Am` / Other Receipts 156944 258230
nwZ~u_mH$Vm©Am| H$mo AXm`Jr, ewÕ H$_reZ Am¡a Xmdo
Payments to reinsurers, net of commission and claims (7297043) (6081237)
gh~r_mH$Vm©Am| H$mo AXm`Jr, ewÕ Xmdo go àmá Am`
Payments to coinsurers, net of claims recovery 3829246 (11817499)

AXm {H$`o J`o Xmdo / Payments of claims (128996322) (139848336)

AXm {H$`m J`m H$_reZ Am¡a Xbmb H$_reZ
Payments of commission and brokerage (10796177) (9947372)

AXm {H$`m J`m AÝ` àMmbZ »mM©

Payments of other operating expenses (34593399) (35212355)
àma§{^H$ Am¡a nyd©-Am°nao{Q>d ì`` /
Preliminary & Pre-Operative Expenses 0 0
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

O_m, A{J«_ Am¡a H$_©Mmar G$U / Deposits, advances and staff loans 22516 (445242)

AXm {H$`m J`m/dmngr Am` H$a (ewÕ)/Income taxes paid/refund (net) (262297) (153333)

godm H$a / AXm {H$`m J`m OrEgQr /dmngr (ewÕ)/

Service Tax / GST paid/refund (net) (2276807) (887134)

AÝ` AXm`Jr / àm{á`m± (ewÕ ) /

H oe \$²bmo {ddaU / CASH FLOW STATEMENT

Other payments/collections (net) 133573 1975970

{dXoer {d{Z_` Ho$ n[adV©Z _| hþB© bm^ / hm{Z
Gain/Loss on Foreign Exchange Fluctuations 1151 (27914)
AgmYmaU H m`moª Ho$ nyd© H¡$e \²$bmo
Cash flow before extraordinary activities (11692352) (26277453)

AgmYmaU H$m`© / Extraordinary Activities 0 0

AgmYmaU H$m`m] Ho$ níMmV² H¡$e \²$bmo
Cash flow after Extraordinary Activities (11692352) (26277453)
àMmbZ H$m`m] go ewÕ H¡$e \²$bmo
Net Cash Flow from the Operating Activities (11692352) (26277453)

240 ge{º H aU Ho {bE e{º H m XmohZ

 /

(` '000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

II. {Zdoe H$m`m] go H¡$e \²$bmo

II. Cash Flow from the Investing Activities
ñWmB© n[agånpËV`m| H$m H«$` / Purchase of fixed assets (306462) (875529)
ñWmB© n[agånpËV`m| H$s {~H«$s go Am`
Proceeds from sale of fixed assets 40726 80093
{Zdoe H$m H« ` / Purchase of investments (68241015) (33869133)
{dV[aV F$U / Loans Disbursed 0 0

{Zdoe H$m {~H«$s _yë` / Sale Value of Investments 8122654 23752624

àmá dmn{g`m±/ Repayments Received 35677119 13086303
àmá {H$am`m /ã`mO/bm^§me /
Rents/Interests/Dividends received 27175653 19329901
_wÐm ~mOma Ho$ gmYZ _| Am¡a Vab å`wMwAb \§$S> _| {Zdoe /
Investments in money market instruments
and in liquid mutual funds (2479882) 4783430
{Zdoe go g§~§{YV IM© / Expenses relating to investments (32885) (34749)
AÝ` AXm`Jr / àm{á`m± (ewÕ)/Other payments/collections (net) 2 8477
{Zdoe H$m`m] go ewÕ H¡$e \²$bmo/
Net Cash Flow from the Investing Activities (44090) 26261417
III. {dËVr` H$m`m] go H¡$e \²$bmo /
Cash Flow from the Financing Activities
eo`a ny±Or Ho$ {ZJ©_Z go Am` /
Proceeds from issuance of share capital 36050000 500000

ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

CYma go Am` / Proceeds from borrowing 0 0

CYma H$m nwZA©Xm`Jr / Repayments of borrowing 0 0

AXm {H$`m J`m ã`mO/bm^m§e / Interest/Dividends paid (742500) (742500)

{dËVr` H$m`m] go ewÕ H¡$e \²$bmo /
Net Cash Flow from the Financing Activities 35307500 (242500)
H oe \$²bmo {ddaU / CASH FLOW STATEMENT
IV. ZH$X Am¡a ZH$X g_Vwë` na {dXoer {d{Z_` Xamo| H$m à^md (ewÕ) /
Effect of foreign exchange rates on cash and (2140) (8795)
cash equivalents (net)
ZH$X Am¡a ZH$X g_Vwë` _| ewÕ ~‹T>moËVas /
Net increase in Cash and Cash Equivalents 23568918 (267331)
df© Ho$ àma§^ _| ZH$X Am¡a ZH$X g_Vwë` /
Cash and Cash Equivalents at the beginning of the year 17350234 17617565
df© H$s g_m{á na ZH$X Am¡a ZH$X g_Vwë` /
Cash and Cash Equivalents at the end of the year 40919152 17350234

Harnessing Power to Empower 241

 |

(` '000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

KQ>H$ H$m ZH$X Am¡a ZH$X g_Vwë` /
Components of cash and Cash Equivalents
hmW _| ZH$Xr / Cash on Hand 1595900 499642
~¢H$mo§ Ho$ gmW eof /Balance with Banks
Mmcy ImVmo§ _| /In Current Accounts 6425819 4823080
3 _hrZo go H$_ n[ad¹$Vm dmco E\$Sr Ama _| /
In FDR with maturity less than 3 Months 30163334 11482771
Cn Hw$c / Sub-total 38185053 16805493
3 _hrZmo§ go A[YH$ Am¡a 12 _hrZo go H$_ AënH$m[cH$ E\$Sr /
FD for Short Term More than 3 Months and
Less than 12 Months 235676 244942
AÝ` g§ñWmZmo§ Ho$ gmW (gr~rEcAmo Ho$ gmW) /
With Other Institution (with CBLO) 2498423 299799
Cn Hw$c / Sub-total 2734099 544741
Hw$c `moJ / Grand Total 40919152 17350234

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE DIRECTOR DIRECTOR
ñQ¡ÊS AbmoZ {dËVr` {ddaU / STANDALONE FINANCIAL STATEMENTS

G SUNDARA RAMAN
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
H oe \$²bmo {ddaU / CASH FLOW STATEMENT

For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

242
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Bg n¥ð> H$mo OmZ~yPH$a [aº$ N>mo‹S> {X`m J`m h¡

This page is intentionally left blank

Harnessing Power to Empower 243

 |
boIm§H$Z Zr{V`m| H$m _hËd VmarI 31 _mM©, 2021 H$mo {dÎmr` {ddaUm| Ho$
^mJ Ho$ ê$n _| {Q>ßn{U`m§
I. _hËdnyU© boIm {Qßn{U`m§
1. boIm g§{dXm :
1.1 {dÎmr` {ddaUm| H$mo ^maVr` ~r_m {Z{Z`m_H$ Am¡a {dH$mg
àm{YH$aU ({dÎmr` {ddaU Am¡a ~r_m H§$n{Z`m| H$s boImnarjm
[anmoQ>© V¡`ma H$aZm) {d{Z`_, 2002, ~r_m A{Y{Z`_, 1938,
~r_m Ûmam {ZYm©[aV boIm {gÕm§Vm| Ho$ AZwgma Eo{Vhm{gH$ bmJV
gå_obZ Ho$ VhV V¡`ma {H$`m OmVm h¡, Omo g_`-g_` na ~r_m
{d{Z`m_H$ Am¡a {dH$mg àm{YH$aU A{Y{Z`_, 1999, Ûmam Omar
{H$E JE AmXoe / n[anÌ / A{YgyMZm Ho$ AZwgma hmoVo h¢ &
1.2 ^maVr` ~r_m {Z{Z`m_H$ Ama¡ {dH$mg àm{YH$aU (~r_m H$§n{Z`m| H$s
bI
o m narjm [anmQo>© Ama¡ bI
o m narjH$ H$s [anmQo>)© {d{Z`_m,| 2002 H$o
AZgwma àË`j {H$«`m{d{Y na H$¡e âbmo {ddaU V`¡ma {H$`m OmVm h¡ &
2. AZw_mZm| H$m Cn`moJ:
Am_ Vm¡a na ñdrH$m`© boIm {gÕm§Vm| Ho$ AZwê$n {dÎmr` dº$ì`m| H$s
V¡`mar Ho$ {bE à~§YZ H$mo nyd© AZw_mZ Am¡a AZw_mZ ~ZmZo H$s
Amdí`H$Vm hmoVr h¡ Omo {dÎmr` {ddaUm| H$s {V{W Ho$ AZwgma
n[ag§n{Îm`m|, XoZXm[a`m|, amOñd Am¡a IMm] Am¡a AmH$pñ_H$
XoZXm[a`m| Ho$ àH$Q>rH$aU H$mo à^m{dV H$aVo h¢ & gmW-gmW {dÎmr`
{ddaUm| _| à`wº$ AZw_mZ Am¡a _mÝ`VmE± {dÎmr` {ddaUm| H$s {V{W
Ho$ AZwgma g§~§{YV VÏ`m| Am¡a n[apñW{V`m| Ho$ à~§YZ Ho$ _yë`m§H$Z
na AmYm[aV h¢ & dmñV{dH$ n[aUm_ BZ {dÎmr` dº$ì`m| H$mo V¡`ma
H$aZo _| BñVo_mb AZw_mZm| Am¡a _mÝ`VmAm| go {^Þ hmo gH$Vo h¢ &
3. eo`aYmaH$m| / nm°{bgrYmaH$m| H m {Z{Y:
ñQ¡ÊS AbmoZ {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±
3.1 eo`aYmaH$m| {Z{Y _| eo`a ny§Or Ho$ gmW-gmW g^r [aOd© Am¡a
A{Yeof (nwZ_y©ë`m§H$Z Ama{jV Am¡a C{MV _yë` n[adV©Z ImVo
H$mo N>mo‹S>H$a) g§{MV KmQ>o Ho$ ZoQ> Am¡a ~H$m`m am{e H$s {d{dYVm Ho$
{bE ~H$m`m ì`` em{_b h¢ &
244
84 ge{º H aU Ho {bE e{º H m XmohZ
3.2 nm°{bgrYmaH$ Ho$ {Z{Y> _| em{_b h¢
H$) ~H$m`m Xmdm| g{hV, bo{H$Z [anmoQ>© Zht H$s JB© (AmB©~rEZAma)
Am¡a ì`wËnÞ bo{H$Z n`m©á gyMZm Zht (AmB©~rEZB©Ama);
I) AZ{O©V àr{_`_ Ama{jV;
J) àr{_`_ H$s H$_r Ama{jV; `{X H$moB©
K) AmnXm g§H$Q>, `{X H$moB© hmo; VWm
M) AÝ` Xo`VmE§ ~§X AÝ` n[ag§n{Îm`m§
Cnamºo$ q~Xþ (M) _| AÝ` X`oVmE§ em{_b h¢ (i) A{J_« _| àmá àr{_`_
(ii) Am~{§Q>V Zht H$s JB© àr{_`_ (iii) AÝ` ~r_m H$§n{Z`m| H$o H$maU
efo am{e (iv) nb y H$o AÝ` gXñ`m| Og¡o Vrgao nj H$o nby H$o H$maU;
AmVH§$dmX nb y ; Am{X (v) gd§YH©$ bZoXmam| (nm{°bgrYmaH$m| H$o
H$maU) &
Cn`w©º$ q~Xþ (M) _| AÝ` g§n{Îm, _| em{_b h¢ (i) ~H$m`m àr{_`_
(ii) ~r_m H§$n{Z`m| H$mo boH$a AÝ` ~r_m H§$n{Z`m§ Omo {H$ ~r_m
H§$n{Z`m| H$mo boH$a h¢ (iii) nyb Ho$ gmW g§VwbZ O¡go V¥Vr` nj
nyb AmV§H$dmX nyb Am{X &
4. àr{_`_:
4.1 àË`j H$mamo~ma
4.1.1 àr{_`_ Am` H$mo OmopI_ Ho$ AZw_mZ na nhMmZm OmVm h¡
Am¡a An[ad{V©V àr{_`_ Ho$ {bE AmajU _| d¥{Õ `m H$_r
Ho$ {bE g_m`mo{OV {H$`m OmVm h¡, Omo {H$ 4.3 Ho$ AZwgma
JUZm H$s JB© h¡&
4.1.2 àr{_`_ dmngr H$mo df© Ho$ Xm¡amZ CÎmrU© {H$E JE g_W©Z
Ho$ AmYma na {JZm OmVm h¡&
4.2 nwZ~u_m:
4.2.1 31 _mM© VH$ àmá {dXoer nwZ~u_m H§$n{Z`m| go àmá dmngr
Ho$ AmYma na àr{_`_ Am` _mÝ`Vm àmá h¡&
4.2.2 ^maVr` nZw{Zd©e o H$o g~§Y§ _| àr{_`_ Am` g~§{§YV bIo m
df© H$o ImVm| H$mo A{§V_ ê$n XZoo H$o {bE àmá dmngr H$o
AmYma na _mÝ`Vm àmá h&¡ Ohm§ ^r dmngr ImVo H$o A{§V_
ê$n _| àmá Zht {H$`m OmVm h,¡ dhr AZ_wmZ bJm`m J`m h&¡

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING
PART OF FINANCIAL STATEMENTS AS ON 31ST MARCH 2021
I. SIGNIFICANT ACCOUNTING POLICIES
1. ACCOUNTING CONVENTION
1.1 The financial statements are prepared under the
historical cost convention in accordance with the
accounting principles prescribed by The Insurance
Regulatory and Development Authority Of India
(Preparation of Financial Statements and Auditor's
Report of Insurance Companies) Regulations, 2002,
the Insurance Act, 1938, the Insurance Regulatory
and Development Authority Act, 1999, Orders /
Circulars / Notifications issued by Insurance
Regulatory and Development Authority of India
(IRDAI) from time to time.
1.2 Cash flow statement is prepared on Direct method as
per Insurance Regulatory and Development
Authority of India (Preparation of Financial
Statements and Auditor's Report of Insurance
Companies) Regulations, 2002.
2. USE OF ESTIMATES:
The preparation of financial statements in
conformity with the generally accepted accounting
principles requires the management to make
estimates and assumptions that affect the
reported amount of assets, liabilities, revenue and
expenses and disclosure of contingent liabilities as
of the date of the financial statements. The estimates
and assumptions used in the accompanying
financial statements are based upon the
management's evaluation of the relevant facts and
circumstances as of the date of the financial
statements. Actual results may differ from estimates
and assumptions used in preparing these financial
statements.
3. SHAREHOLDERS’/POLICYHOLDERS’ FUNDS:
3.1. Shareholders’ funds consists of Share Capital plus
all Reserves and Surplus (except Revaluation
reserve and fair value change account) net of
accumulated losses and Miscellaneous expenditure
to the extent not written off as at the balance sheet
date.
/
3.2. Policyholders’ funds consists of:
a) Outstanding claims including Incurred but not
Reported (IBNR) and Incurred but not enough
reported (IBNER);
b) Unearned Premium Reserve;
c) Premium Deficiency Reserve; if any
d) Catastrophe Reserve, if any; and
e) Other Liabilities net of Other Assets
Other Liabilities in point (e) above, comprise of (i)
Premium received in advance (ii) Unallocated
premium (iii) Balance due to Other Insurance
companies (iv) Due to other members of a pool such
as third party pool; Terrorism pool; etc (v) Sundry
creditors (due to policyholders).
Other Assets in point (e) above, comprise of (i)
Outstanding premium (ii) due from other entities
carrying on insurance business including Re
insurers(iii) balance with Pool such as Third Party
Pool; Terrorism Pool; etc.
4. PREMIUM:
4.1 Direct Business:
4.1.1 Premium income is recognised on
assumption of risk and adjusted for increase
or decrease in reserve for unearned premium,
calculated as per 4.3 below.
4.1.2 Premium refunds including for the free-look
period are accounted on the basis of
endorsements passed during the year.
STANDALONE FINANCIAL STATEMENTS
4.2 Reinsurance:
SIGNIFICANT ACCOUNTING POLICIES
4.2.1 Premium income is recognized based on the
returns/ advices received from foreign reinsurance
companies received upto 31st March.
4.2.2 Premium Income in respect of Indian
Reinsurers is recognized based on returns
received upto finalization of accounts of the
relevant accounting year. Wherever returns
are not received upto finalization of accounts,
the same has been estimated.
Harnessing Power to Empower 245
 |
4.2.3 n[a_mU na àr{_`_ n[aMmbZ H$m`m©b`m| Ûmam {bpIV
àr{_`_ Ho$ AmYma na _mÝ`Vm àmá h¡& Ohm§ H$ht ^r nyU©
VH$ZrH$s {ddaU CnbãY Zht h¢, CnbãY OmZH$mar Ho$
AmYma na nwZ~u_m gÌ H$m AZw_mZ bJm`m J`m h¡&
4.2.4 nby ñdrH$¥{V / N>yQ> : àr{_`_, Xmd,o gdom à^ma, {Zdeo
Am` Ama¡ AmVH§$dmX nby aQo>´mo Ama¡ _mQo>a VV¥r` nj nby /
AñdrH$¥V nby aQo>mo H$o g~§Y§ _| ì`` ImVm| H$m A{§V_ ê$n
XZoo H$o {bE gmYmaU ~r_m {ZJ_ (nby àemgH$) go àmá
~`mZm| H$o AZgwma {JZm OmVm h&¡ & AmVH§$dmX nby / _mQo>a
VV¥r` nj nby / AñdrH$¥V nby H$o g~§Y§ _| àr{_`_, Xmd,o
gdom à^ma Ama¡ h_mao geoZ H$o IM© 31 _mM© VH$ {JZo OmVo h&¢
4.3 AàË`m{eV OmopI_ Ho$ {bE Ama{j{V :
AZ{O©V OmopI_ Ho$ {bE Ama{jV _| AZ{O©V àr{_`_ Ama{jV
Am¡a àr{_`_ H$_r Ama{jV em{_b h¢&
(i) AZ{O©V àr{_`_ Ama{j{V (AàAm)
AàË`m{eV OmopI_ Ho$ {bE Ama{jV am{e Omo ewÕ
àr{_`_ Ho$ Cg ^mJ H$mo àñVwV {H$`m OmVm h¡ Omo Cg na
AmYm[aV h¡, Am¡a g_wÐr hb ì`dgm`, na_mUw nyb Am¡a
AmV§H$dmX (AmJ) Ho$ _m_bo _|, 50% ewÕ àr{_`_ Ho$
{bE Am~§{Q>V boIm Ad{Y H$mo Am~§{Q>V {H$`m OmVm h¡&
(A{¾ Am¡a B§Or{Z`[a¨J), Ohm§ `h ewÕ àr{_`_ H$m
100% na ~Zm h¡&
(ii) àr{_`_ H$_r Ama{j{V
àr{_`_ H$_r H$s JUZm H$s OmVr h¡ Ohm§ Cå_rX Xmdm| H$s
bmJV, g§~§{YV IM© Am¡a aIaImd Ho$ IM© H$s am{e
g§~§{YV AZ{O©V àr{_`_ go A{YH$ h¡& àr{_`_ H$s H$_r
H$mo ~r_m {Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ {Xem{ZX}em|
Ho$ AZwgma _mÝ`Vm àmá h¡ &
5. Xmdo:
ñQ¡ÊS AbmoZ {dËVr` {ddaU
àË`j H$mamo~ma :
_hËdnyU© boIm Zr{V`m±
5.1
H$) Xmdm| Ho$ ê$n _| nhMmZm OmVm h¡ Am¡a O~ gy{MV {H$`m OmVm h¡ &
I) {d{Z_` _| CVma-M‹T>md bm^ / hm{Z g{hV g^r Xmdm| Ho$ {bE
àË`j ê$n go g^r IM© Xmdm| Ho$ {hñgo Ho$ ê$n _| {JZo OmVo h¢ &
246
84 ge{º H aU Ho {bE e{º H m XmohZ
J) df© Ho$ A§V _| ~H$m`m Xmdo: -
Ÿ gmb Ho$ A§V _| ~H$m`m Xmdm| Ho$ {bE AZw_m{ZV Xm{`Ëd, gd}jU
[anmoQ>©, ZoVmAm| H$s gbmh, {nN>bo AZw^d, AÝ` bmJy H$mZyZ, J«mhH$m|
Ûmam àXmZ H$s JB© OmZH$mar Am¡a ImVm| Ho$ A§{V_ ê$n XoZo H$s
VmarI VH$ AÝ` òmoVm| Ho$ AmYma na àXmZ H$s OmVr h¢&
Ÿ AkmV _moQ>a V¥Vr` nj Ho$ g§~§Y _| EH$ df© go A{YH$ Ho$ {bE ~H$m`m
Xmdm| H$m àmdYmZ, AZw_m{ZV Xm{`Ëd Ho$ 100% H$s Xa go àmdYmZ
{H$`m OmVm h¡ & AÝ` _m_bm| _| AZw_m{ZV Xm{`Ëd Ho$ 1/3H$s Xa go
àmdYmZ {H$`m OmVm h¡ &
5.2 nwZ~u_m:
H$) Xmdm| Ho$ ê$n _| nhMmZm OmVm h¡ Am¡a O~ gy{MV {H$`m OmVm h¡ &
I) AmdH$ ñdrH$m`©Vm (^maVr`) Ho$ g§~§Y _| ~H$m`m Xmdm| H$s Xo`Vm
ImVm| na A§{V_ ê$n XoZo Ho$ {bE àmá dmngr na AmYm[aV h¡ & AmdH$
ñdrH¥${V ({dXoer) Ho$ g§~§Y _| ~H$m`m Xmdm| H$s Xo`Vm 31 _mM© VH$
àmá dmngr na AmYm[aV h¡ & Ohm§ ^r ImVm| H$m A§{V_ ê$n XoZo Ho$
{bE dmngr àmá Zht {H$`m OmVm h¡, dht ~r_m§{H$H$ _yë`m§H$Z na
AZw_mZ bJm`m J`m h¡ &
5.3 AmB©~rEZAma / AmB©~rEZB©Ama:
Xmdm| Ho$ AZwê$n bo{H$Z [anmoQ>© Zht H$s JB© (AmB©~rEZAma) Am¡a
n`m©á bo{H$Z [anmoQ>© Zht H$s JB© (AmB©~rEZB©Ama) ~r_m§{H$H$
_yë`m§H$Z Ho$ AmYma na H$s OmVr h¡&
5.4 ~Mmd Am¡a Xmdm g§~§{YV dgy{b`m§
Xmdo Am¡a ~Mmd Ho$ {ZnQ>mZ Ho$ VhV nwZàm©{á`m§ àm{á na hmoVr h¢ Am¡a
Xmdm| _| O_m hmoVr h¢&
6. à~§YZ H$m IM©:
6.1 IM© H$m àmdYmZ:
à~§YZ H$m ì`` amOñd ImVm| H$mo gH$b àË`j àr{_`_ Am¡a nwZ~u_m Ho$
AmYma na {d^m{OV {H$`m OmVm h¡, g_wÐr ì`dgm` Ho$ {bE 75% H$m
_hËd Am¡a A{¾ Am¡a {d{dY ì`dgm`m| Ho$ {bE 100% H$m _hËd XoVm h¡ &
nm°{bgr {Q>H$Q>m| Am¡a nwZ~u_m go g§~§{YV ì``m| H$mo grYo g§~§{YV amOñd
ImVm| _| bo Om`m OmVm h¡& {Zdoe go g§~§{YV ì``, O¡go {H$ A{^a{jV,
ã`mO / bm^m§e ~¢H$ à^ma Am{X H$m g§J«h, {d{Îm` pñW{V {dd{U©H$m H$s
{V{W Ho$ AZwgma, nm°{bgrYmaH$m| Am¡a eo`aYmaH$m| Ho$ \§$S>m| Ho$ AmYma na

4.2.3 Premium on cessions are recognized on the
basis of the premium underwritten by the
operating offices. Wherever full technical
particulars are not available, reinsurance
cessions are estimated on the basis of
information available.
4.2.4 Pool Acceptances/ Cessions: Premium,
Claims, Service charges, Investment income
and expenses in respect of Terrorism Pool
Retro/ Nuclear Pool are accounted as per the
statements received from GIC (Pool
Administrator) upto finalisation of accounts.
Premium, Claims, Service charges and
expenses of cessions in respect of Terrorism
Pool / Nuclear Pool are accounted upto
31st March.
4.3 Reserve for Unexpired Risk:
Reserve for Unexpired Risk comprises of Unearned
Premium Reserve and Premium Deficiency Reserve.
(i) Unearned Premium Reserve (UPR):-
Unearned Premium Reserve is made on the
amount representing that part of net premium
written which is attributable to, and allocated to
the succeeding accounting periods at 50% of net
premium, except in the case of Marine Hull
business, Nuclear Pool and Terrorism (Fire and
Engineering), where it is made at 100% of net
premium.
(ii) Premium Deficiency Reserve:-
Premium deficiency is calculated where the sum
of expected claims costs, related expenses and
maintenance costs exceed the related unearned
premium. The premium deficiency is recognized
as per IRDAI guidelines.
5. CLAIMS:
5.1 Direct Business:
a. Claims are recognized as and when intimated
b. All expenses directly attributable to claims
including exchange fluctuations gains / losses are
accounted as part of claims.
/
c. Outstanding claims at the year-end:-
= Estimated Liability for outstanding claims at the
year end are provided on the basis of survey
reports, advices of Leaders, past experience,
other applicable laws, information provided by
clients and other sources upto the date of
finalization of accounts.
= In respect of unidentified motor third party
claims outstanding for more than one year,
provision is made at the rate of 100% of the
estimated liability. In other cases provision is
made at the rate of 1/3rd of the estimated
liability.
5.2 Reinsurance:
a. Claims are recognized as and when intimated.
b. Liability for outstanding claims in respect of Inward
Acceptances (Indian) is based on returns received
up to finalization of accounts. Liability for
outstanding claims in respect of Inward
Acceptances (Foreign) is based on returns received
up to 31st March. Wherever returns are not received
upto finalization of accounts, the same has been
estimated on actuarial valuation.
5.3 IBNR/IBNER:
Claims Incurred But Not Reported (IBNR) and
Incurred But Not Enough Reported (IBNER) is made
on the basis of actuarial valuation.
5.4 Salvage and Claim related Recoveries:
Recoveries under claims and disposal of salvage are
accounted on realisation and are credited to claims.
6. EXPENSES OF MANAGEMENT:
6.1 Apportionment of expenses:
STANDALONE FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
Expenses of Management are apportioned to the
Revenue Accounts on the basis of gross direct
premium plus reinsurance accepted, giving
weightage of 75% for Marine business and 100%
for Fire and Miscellaneous business. Expenses
relating to policy stamps and reinsurance are
directly taken to respective Revenue Accounts.
Expenses relating to Investment, such as safe
custody, collection of interest/dividend bank
charges etc., are apportioned between Revenue
Accounts and Profit and loss Account based on
Harnessing Power to Empower 247
 |
amOñd boIm Am¡a bm^ Am¡a hm{Z ImVo Ho$ ~rM {d^m{OV {H$`m OmVm h¡ &
6.1.1 nm°{bgrYmaH$ Ho$ eof go g§~§{YV Zht hmoZo dmbo gmd{Y
F$U eof bm^ Am¡a hm{Z ImVo _| dmng {bIo JE h¢&
6.2 _yë`õmg:
AMb gn§{Îm`m| H$m _ëy`õmg gn§{Îm H$o Cn`mJor OrdZ H$o AmYma na Ama¡
H$§nZr A{Y{Z`_, 2013 H$s AZgwMyr II H$o AZgwma _by bmJV H$o
5% VH$ Ad{eï> _ëy` na {dMma H$aVo hEþ, ZB© dmhZ `mO o Zm H$o VhV
H$da H$s JB© _mQo>a H$mam| H$o _m_bo _,| _ëy`õmg na bJm`m OmVm h¡ &
2011, {OgH$o {bE AnZm`m J`m Cn`mJor OrdZ 5 df© h&¡
6.2.1 brO hëS g§npËV`m| H r bmJV H mo H§nZr {Y{Z`_, 2013
H r AZwgyMr 2 Ho AZwhma, nQ²Qo H r Ad{Y `m n{ag§npËV
Ho Cn`moJr ñVa na Omo ^r H_ hmo CgHo AZwgma
n{aemo{YV {H `m J`m h¡&
6.3 H$_©Mmar bm^
6.3.1 AënH$m{bH$ H$_©Mmar bm^ :
H$_©Mmar Ûmam àXmZ H$s JB© godmAm| Ho$ ~Xbo _|
AënH$m{bH$ H$_©Mmar bm^m| H$s Añdm^m{dH$ am{e H$m
^wJVmZ {H$`m OmZm Ano{jV h¡, Cg Ad{Y Ho$ Xm¡amZ
_mÝ`Vm àmá h¡ O~ H$_©Mmar godm àXmZ H$aVm h¡ &
6.3.2 amoOJma Cnam§V bm^ `moOZm :
n[a^m{fV `moJXmZ Ho$ {bE ^wJVmZ godm{Zd¥{Îm bm^ `moOZmAm| H$m
^wJVmZ EH$ ì`` Ho$ ê$n _| {H$`m OmVm h¡ Š`m|{H$ do Xo` h¢ &
n[a^m{fV bm^ `moOZmAm| Ho$ {bE, àË`md{V©V `y{ZQ> H«o${S>Q> nÕ{V
H$m Cn`moJ H$aHo$ bm^ àXmZ H$aZo H$s bmJV {ZYm©[aV H$s OmVr h¡,
{Og_| àË`oH$ VwbZ nÌ H$s VmarI _| ~r_m§{H$H$ _yë`m§H$Z {H$`m
OmVm h¡& bm^ Am¡a hm{Z ImVo _| nyU© Ad{Y _| ~r_m§{H$H$ bm^ Am¡a
hm{Z H$mo _mÝ`Vm Xr JB© h¡, {OgHo$ Xm¡amZ do K{Q>V hmo OmVo h¢& {nN>br
godm bmJV H$mo Vwa§V Cg hX VH$ nhMmZm OmVm h¡ {H$ bm^ nhbo go
hr {Z{hV h¢, Am¡a AÝ`Wm gabr-aoIm Ho$ AmYma na Am¡gV Ad{Y
ñQ¡ÊS AbmoZ {dËVr` {ddaU
VH$ n[aemo{YV hmo OmVo h¢ O~ VH$ {H$ bm^ {Z{hV Zht hmo OmVo&
_hËdnyU© boIm Zr{V`m±
7. {dXoer _wÐmAm| H$m AZwdmX / ê$nm§VaU:
7.1 Am` Ho$ {df` Am¡a ì``, {dXoer emIm H$s VwbZ nÌ H$s VmarI Ho$
ê$n _| _m¡{ÐH$ dñVwAm| Am¡a ^maVr` n[aMmbZm| _| {dXoer _wÐm boZXoZ H$m
248
84 ge{º H aU Ho {bE e{º H m XmohZ
AZwdmX {ZåZmZwgma {H$`m OmVm h¡:
7.1.1 {V_mhr Am¡gV Xam| na Am` Am¡a ì`` Ho$ {df`&
7.1.2 VwbZ nÌ H$s VmarI Ho$ ê$n _| _m¡{ÐH$ dñVwE§ Cg VmarI _|
àM{bV {d{Z_` Xam| _| n[ad{V©V hmo OmVr h¢ &
7.2 {dXoer emIm (J¡a-A{^Þ) go g§~§{YV eofZm| Ho$ AZwdmX Ho$ H$maU
{d{Z_` _V^oX EH$ {dXoer _wÐm AZwdmX [aOd© _| O_m hmo OmVm h¡
O~ VH$ g§MmbZ ~§X Zht hmo OmVm & Bg J¡a-A{^Þ {dXoer
A{^`mZ H$mo ~§X H$aZo na, ñW{JV {H$E JE {d{Z_` _Vm| H$s g§M`r
am{e H$mo Bg Vah Ho$ ~§X hmoZo Ho$ df© _| Am` Ho$ ê$n _| `m IM© Ho$ ê$n
_| nhMmZm OmEJm&
7.3 ^maVr` n[aMmbZm| _| {dXoer _wÐm boZXoZ go CËnÞ hmoZo dmbo
AZwdmX _| A§Va g§~§{YV amOñd ImVo / bm^ Am¡a hm{Z ImVo _|
bmJy hmoZo na bmJy hmoVm h¡&
8. F$U Am¡a {Zdoe :
8.1 eo`a, ~m§S> Am¡a F$U nÌ H$s IarX Am¡a {~H«$s AZw~§Y H$s {V{W
(ì`mnma {V{W) Ho$ {bE {Oå_oXma h¢&
8.2 {Zdoe H$s bmJV _| à{V^y{V boZ-XoZ H$a (Ohm§ ^r bmJy hmo),
A{YJ«hU na àr{_`_ Am¡a {Zdoe Ho$ A{YJ«hU Ho$ {bE {H$E JE
AÝ` àË`j IM© em{_b h¢ Am¡a Cg na A{O©V Am`moJ / ewëH$ H$m
Omb h¡ & ewÕ {~H«$s na {dMma gmå`m§e Ho$ g§~§Y _| ~«moH$aoO Am¡a
à{V^y{V boZXoZ H$a H$mo H$_ H$aZo Ho$ ~mX {H$`m OmVm h¡ &
8.3 gmå`m§e eo`am| H$mo XrK©H$m{bH$ {Zdoe Ho$ ê$n _| dJuH¥$V {H$`m
OmVm h¡& VwbZ nÌ H$s VmarI go 12 _hrZm| Ho$ ^rVa n[an¹$ hmoZo
dmbo {Zdoe H$mo gmå`m§e J¡a-{ZînmXZ {Zdoe Ho$ g§~§Y _| Aënmd{Y
{Zdoe Ho$ ê$n _| dJuH¥$V {H$`m J`m h¡& AÝ` g^r {Zdoe H$mo
XrK©H$m{bH$ {Zdoe Ho$ ê$n _| dJuH¥$V {H$`m J`m h¡&
8.4 _Zr _mH}$Q> B§ñQ¯>_|Q²g O¡go g{Q©>{\$Ho$Q> Am°\$ {S>nm°{µOQ>, H$m°_{e©`b
nong© Am¡a gr~rEbAmo (Q>rAmaB©nr) Omo AZw~§Y Ho$ g_` _| Ny>Q> {XE
JE h¢, CZHo$ Ny>Q> _yë` na {JZo OmVo h¢ &
8.5 gaH$mar à{V^y{V`m| Am¡a à{VXo` `mo½` eo`am| g{hV F$U

policyholders’ and shareholders’ funds as on the
Balance Sheet date.
6.1.1 Sundry credit balances not pertaining to
policyholders’ balances are written back to
profit and loss account.
6.2 Depreciation:
Depreciation on fixed assets is charged on written
down value method based on useful life of the
Assets and considering residual value upto 5% of
original cost as per Schedule II to the Companies
Act, 2013, except in case of Motor Cars covered
under New Conveyance Scheme 2011, for which
useful life adopted is 5 years.
6.2.1 Cost of Lease Hold properties is amortized
over the period of lease or useful life of the
asset, as per Schedule II to the Companies
Act, 2013, whichever is shorter.
6.3 Employee Benefits:
6.3.1 Short-term employee benefits:
The undiscounted amount of short-term
employee benefits expected to be paid in
exchange for the services rendered by
employees is recognized during the period
when the employee renders the service.
6.3.2 Post –Employment benefit Plans:
Payments to defined contribution
retirement benefit schemes are charged as
an expense as they fall due.
For defined benefit schemes, the cost of
providing benefits is determined using the
Projected Unit Credit Method, with actuarial
valuations being carried out at each
balance sheet date. Actuarial gains and
losses are recognized in full in the Profit and
Loss account for the period in which they
occur. Past service cost is recognized
immediately to the extent that the benefits
are already vested, and otherwise is
amortized on straight-line basis over the
average period until the benefits become
vested.
7. TRANSLATION/CONVERSION OF FOREIGN
CURRENCIES:
7.1 Items of income and expenditure, Monetary items as
/
at the Balance Sheet date of foreign branch and
foreign currency transactions in Indian operations
are translated as under:
7.1.1 Items of income and expenditure at the rates
prevailing on the date of transaction.
7.1.2 Monetary items as at the Balance Sheet date
are converted at the exchange rates prevailing
at that date.
7.2 Exchange differences on account of translation of
the balances relating to foreign branch (non-
integral) is accumulated in a Foreign Currency
Translation Reserve until the closure of the
operation. On the closure of this non-integral
foreign operation, the cumulative amount of the
exchange differences which have been deferred will
be recognized as income or as expenses in the year
of such closure.
7.3 The difference in translation arising out of foreign
currency transaction in Indian operations is
recognized in the relevant Revenue accounts / Profit
and Loss Account as applicable.
8. LOANS & INVESTMENT:
8.1. Purchase and sale of shares, bonds & debentures
are accounted for on the date of contract (trade
date).
8.2. The cost of investment includes Securities
Transaction Tax (wherever applicable), premium on
acquisition and other direct expenses incurred for
the acquisition of the investment and is net of
commission / fee earned thereon. The net sale
consideration is arrived at after reducing brokerage
and Securities Transaction Tax in respect of equity.
8.3. Investments in Equity Shares and Venture Capital
Funds are classified as Long term Investments.
STANDALONE FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
Investments which are performing and maturing
within 12 months from the Balance Sheet date
are classified as Short Term Investments. All
other investments including Non-Performing
Investments are classified as Long term
Investments.
8.4. Money market instruments such as Certificate of
Deposit, Commercial Papers and CBLO (TREP)
which are discounted at the time of contract, are
accounted at their discounted value.
Harnessing Power to Empower 249
 |
à{V^y{V`m| _| {Zdoe n[aemoYZ Ho$ AYrZ bmJV na {XIm`m J`m h¡&
^m[aV Am¡gV bmJV Ho$ AmYma na, àr{_`_ / _w{º$ Ho$ df© go nhbo
{dÎmr` df© Ho$ A§V VH$ gmYZ H$s IarX H$s VmarI go boH$a, S>mb /
H$m°b {doH$ën na {dMma H$aHo$, `{X H$moB© hmo, Vmo àr{_`_ Ho$ {bE
n[aemo{YV {H$`m OmVm h¡ &
8.6 gmå`m§e eo`am| _| Omo g{H«$` ê$n go H$mamo~ma H$a aho h¢, CZH$m
{Zdoe eof am{e Ho$ A§{V_ g_mnZ _yë` na EZEgB© (àmpÏ_H$
{d{Z_`) na h¡, O¡gm {H$ VwbZ nÌ H$s VmarI h¡& hmbm§{H$, EZEgB©
_| gyMr~Õ {H$gr ^r ñQ>m°H$ Ho$ hmoZo / gyMr~Õ Zht hmoZo Ho$ _m_bo _|,
~rEgB© ({ÛVr`H$ {d{Z_`) _| {nN>bo CÕ¥V g_mnZ _yë` Ho$
AmYma na, gmå`m§e eo`am| H$s JUZm VwbZ nÌ H$s {V{W na H$s
OmEJr & ^maV Ho$ ~mha H§$n{Z`m| Ho$ gmå`m§e eo`am| _| {Zdoe Omo
CÕ¥V Am¡a g{H«$` ê$n go H$mamo~ma {H$E OmVo h¢, CÝh| b§X§Z ñQ>m°H$
EŠgM|O _| A§{V_ CÕ¥V _yë` na ~H$m`m VwbZ nÌ H$s {V{W Ho$ ê$n
_| _yë`m§H$Z {H$`m OmVm h¡& AMoVZ bm^ / hm{Z C{MV _mZ ~Xb|
ImVo _| nhMmZo OmVo h¢ &
A) ewÕ n{ag§n{Îm _yë` H$r AZwCnbãYVm Ho$ _m_bo _o§ :
àmdYmZ: Oh>m§ ewÕ n{ag§n{Îm _yë` H$r
AZCnbãYVm <ImVm _yë`
1 df© VH$ ImVm _yë` Am¡a ewÕ n{ag§n{Îm _yë` H$r AZCnbãYVm Ho$ ~rM H$m A§Va
2 df© VH$ ImVm _yë` Am¡a ewÕ n{ag§n{Îm _yë` H$r AZCnbãYVm Ho$ ~rM H$m A§Va
`m ImVm _yë` H$m 10% `m Omo ^r A{YH$ h>¡
3 df© VH$ ImVm _yë` Am¡a ewÕ n{ag§n{Îm _yë` H$r AZCnbãYVm Ho$ ~rM H$m A§Va
`m ImVm _yë` H$m 20% `m Omo ^r A{YH$ h>¡
4df© VH$ ImVm _yë` Am¡a ewÕ n{ag§n{Îm _yë` H$r AZCnbãYVm Ho$ ~rM H$m
A§Va `m ImVm _yë` H$m 50% `m Omo ^r A{YH$ h>¡
4 df© go A{YH$ ImVm _yë` H$m 100%
Am) {Z{Y H$r Ad{Y g_má h>moZo Ho$ ~mX :
18 _h>rZo VH$ {Z{Y H$r Ad{Y H$r g_m{á na
18 _h>rZo Ho$ ~mX
ñQ¡ÊS AbmoZ {dËVr` {ddaU
8.9 h>m{Z
_hËdnyU© boIm Zr{V`m±
8.9.1 hm{Z CZ H§$n{Z`m| Ho$ gmå`m§e eo`am| Ho$ g§~§Y _| _mÝ`Vm àmá
h¡, Omo bJmVma VrZ gmb nhbo bJmVma VrZ gmb Ho$ Xm¡amZ
ZwH$gmZ CR>mZm n‹S>Vm h¡ Am¡a {OgH$s ny§Or Am§{eH$ `m nyU© ê$n
go KQ>Vr h¡, `m Ohm§ VËH$mb VrZ dfm] Ho$ {bE boImnar{jV
dm{f©H$ boIm CnbãY Zht h¢ &
250
84 ge{º H aU Ho {bE e{º H m XmohZ
8.7 AgyMr~Õ / {WZbr Q´>oSo>S> gmå`m§e eo`am| _| {Zdoe ^maV Ho$ ~mha
{ZJ{_V H§$n{Z`m| _| {H$E JE eo`am| H$s H$s_V na _yë` h¡ Am¡a Eogo
{Zdoe Ho$ _yë` _| H$_r Ho$ {bE àmdYmZ {H$`m OmVm h¡ O~ {dûco{fV
_yë` bmJV go H$_ hmoVm h¡ & `{X {dûco{fV _yë` F$UmË_H$ h¡, Vmo
ImVm _yë` Ho$ 100% H$m àmdYmZ {H$`m J`m h¡ &
8.8 H$) å`yMwAb \§$S> H$s BH$mB`m| _| {Zdoe, eof am{e Ho$ ê$n _| ewÕ
n[ag§n{Îm _yë` na _yë`dmZ h¡ {Z{Y`m| Ûmam Kmo{fV H$s
VmarI Am¡a AMoVZ bm^ / hm{Z C{MV _yë` n[adV©Z ImVo _|
_mÝ`Vm àmá h¢&
I) d|Ma H¡${nQ>b {Z{Y / AëQ>aZo{Q>d BZdoñQ>_|Q> {Z{Y (drgrE\$
/ EAmB©E\$) _| {Zdoe _yë` na _yë`dmZ h¢& Eogr {Zdoem| Ho$
_yë` _| H$_r Ho$ {bE àmdYmZ {H$`m J`m h¡ Ohm§ eof am{e Ho$
AZwgma ewÕ g§n{Îm _yë` bmJV go H$_ h¡ & Ohm§ ^r VwbZ nÌ
H$s VmarI Ho$ AZwgma ewÕ n[ag§n{Îm _yë` CnbãY Zht h¡ `m
Ohm§ {Z{Y H$s Ad{Y g_má hmo JB© h¡, ImVm _yë` na
{ZåZ{bpIV VarHo$ go àmdYmZ {H$`m OmEJm:
àmdYmZ: Oh>m§ ewÕ n{ag§n{Îm _yë` H$r
AZwCnbãYVm >ImVm _yë`
eyÝ`
ImVm _yë` H$m 10%
ImVm _yë` H$m 20%
ImVm _yë` H$m 50.00%
ImVm _yë` H$m 100.00%
àmdYmZ
CnamoŠV A Ho$ AZwgma àmdYmZ
100%
8.9.2 {Zdoe ZrMo {bIo JE h¢:
1. g{H«$` ê$n go H$mamo~ma {H$E OmZo dmbo gmå`m§e eo`am| H$mo
CZHo$ ~mOma _yë` na {bIm OmVm h¡ &
2. g{H«$` ê$n go H$mamo~ma Ho$ Abmdm gmå`m§e eo`a, ~«oH$ An
d¡ë`y _| {bIo JE h¢ Am¡a Ohm§ {dûco{fV _yë` ZH$mamË_H$
h¡, Bgo é.1 / - à{V H§$nZr _| {bIm OmVm h¡ &

8.5 Investments in debt securities including 8.7. Investments in Unlisted / Thinly traded equity shares
Government Securities and Redeemable Preference
Shares are shown at cost subject to amortization.
The premium, based on weighted average cost is
amortized over the residual period of maturity
considering put/ call option, if any.
8.6. Investments in Equity shares that are actively traded 8.8.a) Investment in units of Mutual funds, are valued at
are valued at last quoted closing price on NSE
(Primary Exchange) as on the Balance Sheet date.
However, in case of any stock not being listed/not
traded in NSE, Equity shares will be valued based on
last quoted closing price in BSE (Secondary
Exchange) as on the Balance Sheet date.
Investments in Equity shares of companies outside
India that are quoted and actively traded are valued
at last quoted price at London Stock Exchange as on
the Balance Sheet date. The unrealized gains /
losses are recognized in Fair Value Change account -
Shareholders/Policy Holders.
A. In Case of Non Availability of Latest NAV:
Provision: Where NAV<Book Value
Upto 1 yr. Difference between Book Value and NAV
Upto 2yrs Difference between Book Value and NAV or
10% of Book Value whichever is higher
Upto 3yrs Difference between Book Value and NAV or
20% of Book Value whichever is higher
Upto 4yrs Difference between Book Value and NAV or
50% of Book Value whichever is higher
Above 4 yrs. 100% of Book Value
B. Term of Fund (Including Extension):
On expiry of term (i.e.original term or term as extended) of
fund upto 18 months
After 18 months
8.9. Impairment: 8.9.2.
8.9.1 . Impairment is recognized in respect of Equity
shares of companies which have been
continuously incurring losses during three
immediately preceding years and the capital of
which has been partially or fully eroded, or where
the audited annual accounts for the three
immediately preceding years are not available.
/
including shares held in companies incorporated
outside India are valued at cost and provision is
made for diminution in value of such investments
when break-up value is lower than the cost. In case
the break-up value is negative, provision is made @
100% of book value.
Net Asset Value as at the Balance Sheet date as
declared by the funds and unrealized gains /
losses are recognized in Fair Value Change
account -Shareholders/Policy Holders.
b) Investments in Venture Capital Funds/Alternative
Investment Funds (VCF/AIF) are valued at Cost.
Provision is made for diminution in value of such
investments where Net Asset Value as at the
Balance Sheet date is lower than cost. Wherever
the Net Asset Value as on Balance Sheet date is
not available or where the term of the fund has
expired, provision is made on the Book Value in
the following manner:
Provision: Where NAV>Book Value
Nil
10% of Book Value
20% of Book Value
50% of Book Value
100% of Book Value
Provision
Provision as in A above
STANDALONE FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
100%
Investments are written down as under:
1. Equity shares, which are actively traded, are
written down to their market value.
2. Equity shares other than actively traded, are
written down to the break up value and where
the break up value is negative, are written
down to ` 1/- per company.
Harnessing Power to Empower 251
 |
8.9.2.1 hm{Z Ho$ ZwH$gmZ H$m H$moB© ^r ê$nm§Va, nhbo amOñd / bm^ Am¡a
hm{Z ImVo _| _mÝ`Vm àmá h¡,
(A) g{H«$` Q´>oSo>S> gmå`m§e eo`am| Ho$ g§~§Y _| - amOñd / bm^
Am¡a hm{Z ImVo _| _mÝ`Vm àmá hmoJr
(i) AJa g§{MV hm{Z nyar Vah go {_Q>m Xr OmVr h¢ Am¡a
(ii) H§$nZr Zo VËH$mb {nN>bo VrZ dfm] Ho$ {bE ewÕ bm^
{XIm`m h¡ &
(Am) g{H«$` ê$n go H$mamo~ma gmå`m§e eo`am| Ho$ Abmdm AÝ` Ho$
g§~§Y _|, àm{á na, amOñd / bm^ Am¡a hm{Z ImVo _|
_mÝ`Vm àmá hmoJr &
8.9.3 H§$nZr ~r_m {d{Z`m_H$ Ed§ ^maV Ho$ {dH$mg àm{YH$aU /
g§~§{YV Ama~rAmB© {Xem{ZX}em| Ûmam {ZYm©[aV {ddoH$nyU©
_mZX§S>m| H$m nmbZ H$aVr h¡ Omo {H$ n[ag§n{Îm dJuH$aU, Am`
H$s _mÝ`Vm Am¡a F$U / A{J«_ / F$UnÌ go g§~§{YV àmdYmZm|
Ho$ g§~§Y _| H§$n{Z`m| Am¡a {dÎmr` g§ñWmZm| na bmJy hmoVr h¢ &
8.9.4 A{J«_m| H$s àH¥${V Ho$ Abmdm dar`Vm eo`am| Ho$ g§~§Y _|, ñWm`r
H$_r Ho$ àmdYmZ H$mo 100% H$s gr_m VH$ ~Zm {X`m J`m h¡&
ñWm`r õmg H$mo Bg àH$ma _mZm OmVm h¡:
H) dar`Vm bm^m§e H$mo bJmVma VrZ dfm] (`m) Ho$ {bE
^wJVmZ Zht {H$`m OmVm h¡
I) n[an¹$Vm H$s Am` bJmVma VrZ dfm] go àmá Zht hBþ© h¡ (`m)
J) H$§nZr Zo VËH$mb VrZ dfm] _| ZHw$gmZ nhM§þm`m h¡ Ama¡
{OgH$s nO
§y r Am{§eH$ ê$n go `m nayr Vah go Zï> hmo JB© h¡ (`m)
K) Ohm§ VËH$mb {nN>bo VrZ dfm] Ho$ {bE boImnar{jV dm{f©H$
boIm CnbãY Zht h¢ &
8.10 {Zdeo H$s àm{á / {~H$«s na bm^ `m hm{Z H$m AmH$bZ àË`Ho$
{Zde
o H$o ^m[aV Amg¡V ImVm _ëy` H$o AmYma na {H$`m OmVm h¡ &
ñQ¡ÊS AbmoZ {dËVr` {ddaU
8.11 bm^me§ Am` (AV§[a_ bm^me§ H$o Abmdm) H$mo KmfoUm H$o df© _| Am`
_hËdnyU© boIm Zr{V`m±
H$o ê$n _| _mZm OmVm h¡ & AV§[a_ bm^me§, ^maV H$o ~mha Am`m{oOV
gmå`me§ na bm^me§ Ama¡ àmW{_H$ e`oam|na bm^me§ agrX H$o AmYma
na {H$`m OmVm h¡ & e`oam| Ama¡ F$UnÌ go Am`, Omo Amjno / b{§~V
{dVaU H$o AYrZ h,¡ agrX H$o AmYma na hmVor h¡ &
252
84 ge{º H aU Ho {bE e{º H m XmohZ
8.12 d|Ma H¡${nQ>b {Z{Y Ho$ g§~§Y _| Am` agrX Ho$ AmYma na
_mÝ`Vm àmá h¡ &
8.13 ã`mO Ho$ ^{dî` _| hmoZo dmbo ZwH$gmZ Ho$ {bE _wAmdOo Ho$
_wH$m~bo àmá am{e Ho$db boIm df© Ho$ H$maU hmoZo dmbo hX VH$
Am` Ho$ ê$n _| _mÝ`Vm àmá h¡ Am¡a g§~§{YV dfm] _| ^mJrXmar Ho$
{bE A{J«_ ImVo _| àmá ã`mO _| eof am{e H$mo aIm OmVm h¡ &
8.14 {Zdoe Am`, {~H«$s / {Zdoe H$s àm{á na hm{Z, {Zdoe go g§~§{YV
ì``, {Zdoe na àr{_`_ H$m n[aemoYZ, Ad_yë`Z {Zdoe Ho$
g§~§Y _| {bpIV / {bpIV am{e, J¡a {Zînm{XV {Zdoe / _yë`
_| H$_r Ho$ {bE àmdYmZ amOñd H$mo {d^m{OV {H$`m OmVm h¡
^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU {d{Z_`Z Ho$
AZwgma VwbZ nÌ H$s VmarI Ho$ AZwgma nm°{bgrYmaH$m| Ho$
{Z{Y Am¡a eo`aYmaH$m| Ho$ {Z{Y Ho$ AmYma na ImVo Am¡a bm^
Am¡a hm{Z ImVo (Aà¡b 04, 2016 Ho$ n[anÌ AmB©AmaS>rE / E\$
E§S> E / grAmB©Ama / grnrE_ / 056/03/2016) &
8.15 eo`aYmaH$m| Am¡a nm°{bgrYmaH$m| go g§~§{YV {Zdoe, ^maVr`
~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU {d{Z_` Ho$ _wVm{~H$
VwbZ nÌ H$s VmarI Ho$ ê$n _| AbJ h¢ & (n[anÌ AmB©AmaS>rE /
E\$ E§S> E / grAmB©Ama / grnrE_ / 056/03/2016 {XZm§H$
04 Aà¡b, 2016)&
9. H$) ñWm`r n[ag§n{Îm:
{Z{üV n[ag§n{Îm`m| H$mo A{YJ«hU H$s bmJV na H$_ O_m hþAm
_yë`õmg H$hm OmVm h¡& g§n{Îm H$m Cn`moJ H$aZo Ho$ {bE V¡`ma
hmoZo VH$ àË`j bmJV| ny§OrH¥$V hmoVr h¢& BZ bmJVm| _| ^m‹S>m,
ñWmnZm bmJV, H$V©ì`, H$a Am¡a AÝ` Am~§{Q>V IM© em{_b h¢
BgHo$ Abmdm {H$gr ^r ì`mnma Ny>Q> Am¡a Ny>Q> H$mo bmJV na
nhþ§MZo _| H$Q>m¡Vr H$s OmVr h¡ &
I) A_yV© g§n{Îm :
A_yV© AmpñV`m§ {dH$mg / A{YJ«hU H$s bmJV na H$_ g§{MV
n[aemoYZ Ho$ ~mao _| ~Vm`m J`m h¡ & Bgr Vah grYr aoIm Ho$
AmYma na VrZ gmb H$s Ad{Y _| n[a_mUrH¥$V {H$`m OmVm h¡ &
gm°âQ>do`a {dH$mg / A{YJ«hU H$s bmJV, Omo {H$ boIm _mZX§S>
26 (EEg 26) _| {ZYm©[aV nhMmZ _mZX§S>m| H$mo nyam H$aVo h¢, H$mo
amOñd Ho$ {bE MmO© {H$`m OmVm h¡ &

8.9.2.1 Any reversal of impairment loss, earlier
recognized in Revenue/Profit & Loss account,
a) in respect of Actively Traded Equity shares,
shall be recognized in the Revenue/Profit &
Loss account
i. if the accumulated losses are completely
wiped out and
ii. The company has shown net profit for
three immediately preceding years.
b) in respect of other than Actively traded equity
shares, shall be recognized in the
Revenue/Profit & Loss account, on
realization.
8.9.3. The Company follows the prudential norms
prescribed by the Insurance Regulatory and
Development Authority / Related RBI
guidelines as regards asset classification,
recognition of income and provisioning
pertaining to loans / advances / debentures.
8.9.4. In respect of preference shares, provision for
permanent diminution is made to the extent of
100%. The permanent diminution is reckoned as
follows:
a. The preference dividend is not paid for three
consecutive years (or)
b. The maturity proceeds have not been
received for three consecutive years (or)
c. The company has incurred losses in three
immediately preceding years and the capital
of which has been partially or fully eroded (or)
d. Where the audited annual accounts for the
three immediately preceding years are not
available.
8.10. Profit or Loss on realization / sale of investment
is computed by deducting the weighted average
book value of each investment.
8.11. Dividend income (other than interim dividend) is
accounted for as income in the year of
declaration. Interim dividends, dividend on
Equity held outside India and dividend on
Preference Shares are accounted on receipt
basis. Income from shares and debentures,
which are under objection / pending delivery, is
accounted for on receipt basis.
/
8.12. Revenue with respect to Venture Capital Funds is
recognized on Receipt basis.
8.13. Amounts received towards compensation for
future loss of interest is recognized as income
only to the extent attributable to the accounting
year and the balance is kept in interest received in
advance account for apportionment in the
relevant years.
8.14. Investment income, profit/loss on sale /
realization of investment, expenditure relating to
investments, amortization of premium on
investments, amount written off / written down in
respect of depreciated investments, provision for
non performing investment / diminution in value
are apportioned to Revenue accounts and Profit
& Loss account on the basis of Policy holders’
Funds and Share holders’ Funds as on the
Balance Sheet date as per IRDAI Regulation
(Circular IRDA/F&A/CIR/CPM/056/03/2016
dated April 04,2016).
8.15. Investments made out of Policyholders’ Funds
are segregated and disclosed separately as on the
Balance Sheet date as per IRDAI Regulation
(Circular IRDA/F&A/CIR/CPM/056/03/2016
dated April 04,2016).
9. a) FIXED ASSETS:
Fixed assets are stated at cost of acquisition less
accumulated depreciation. Direct costs are
capitalized till the assets are ready to be put to
use. These costs include freight, installation
costs, duties, taxes and other allocated expenses.
Further, any trade discounts and rebates are
deducted in arriving at the cost.
STANDALONE FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
b) INTANGIBLE ASSETS:
Intangible Assets are stated at cost of
development / acquisition less accumulated
amortisation. The same is amortised over a
period of three years on straight line basis.
Software development / acquisition costs, except
those which meet the recognition criteria as laid
down in Accounting Standard 26 (AS 26), are
charged to revenue.
Harnessing Power to Empower 253
 |
10. H$a bJmZm:
10.1 Am`H$a ì`` _| dV©_mZ H$a (`mZr Am`H$a H$mZyZ Ho$ AZwgma
{ZYm©[aV Ad{Y Ho$ {bE H$a H$s Am`) Am¡a ñW{JV H$a à^ma `m
H«o${S>Q> (Ad{Y Ho$ {bE boIm§H$Z Am` Am¡a H$a `mo½` Am` Ho$ ~rM
Ad{Y A§Va Ho$ H$a à^md H$mo Xem©Vr h¡) & ñW{JV H$a à^ma `m
H«o${S>Q> Am¡a g§~§{YV ñW{JV H$a XoZXm[a`m| `m n[ag§n{Îm`m| H$mo H$a
Xam| H$m Cn`moJ H$aVo hþE _mÝ`Vm àmá h¡ Omo {H$ VwbZ nÌ H$s VmarI
Ho$ AmYma na bmJy {H$E JE h¢ &
10.2 _m¡OyXm H$a Ho$ {bE àmdYmZ H§$nZr Ho$ dH$sb go bmJy Ý`m{`H$
KmofUmAm| Am¡a am` Ho$ C{MV {dMma Ho$ ~mX {H$`m OmVm h¡ &
10.3 H$a H$mZyZm| Ho$ AZwgma ^wJVmZ {H$`m J`m Ý`yZV_ d¡H$pënH$ H$a
(a½_a½Qr), Omo ^mdr Am` H$a Xm{`Ëd H$mo g_m`moOZ Ho$ ê$n _|
^{dî` Ho$ Am{W©H$ bm^ XoVm h¡, H$mo EH$ n[ag§n{Îm _mZm OmVm h¡ AJa
dhm± R>mog à_mU h¡ {H$ H§$nZr gm_mÝ` Am`H$a H$m ^wJVmZ H$aoJr &
VXZwgma, a½_a½Q r H$mo VwbZ nÌ _| EH$ n[ag§n{Îm Ho$ ê$n _| nhMmZm
OmVm h¡, O~ g§^d hmo {H$ ^{dî` go Ow‹S>o Am{W©H$ bm^ H§$nZr go
AmE§Jo &
10.4 AmñW{JV H$a g§n{Îm Ho$db Cg hX VH$ _mÝ`Vm àmá h¡ Omo ^{dî`
_| {Z{üV ê$n go n[ag§n{Îm`m| _| g§nm{XV hmo gH$Vm h¡& Aà{V~§{YV
Ad_yë`Z `m H$amYmZ H$mZyZm| Ho$ VhV AmJo hm{Z Ho$ _m_bo _|,
ñQ¡ÊS AbmoZ {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±
254
84 ge{º H aU Ho {bE e{º H m XmohZ
AmñW{JV H$a g§n{Îm Ho$db Cg hX VH$ nhMmZr OmVr h¡ Ohm§
AmñW{JV H$a g§n{Îm H$m Ehgmg hmo gH$Vm h¡ & AmñW{JV H$a
n[ag§n{Îm`m| H$s g_rjm àË`oH$ VwbZ nÌ H$s VmarI Ho$ AZwgma H$s
OmVr h¡ &
11. nÅ>m ewëH$
nÅ>m|, Ohm§ nÅ>mXmVm à^mdr T>§J go nÅ>o na XoZo dmbo _X Ho$ ñdm{_Ëd Ho$
g^r OmopI_m| Am¡a bm^m| H$mo à^mdr ê$n go ~aH$ama aIVm h¡,
n[aMmbZ nÅ>m| Ho$ ê$n _| dJuH¥$V {H$`m OmVm h¡& nÅ>o H$s Ad{Y Ho$
AmYma na grYr aoIm Ho$ AmYma na bm^ Am¡a hm{Z Ho$ {ddaU _|
n[aMmbZ brO ^wJVmZ EH$ ì`` Ho$ ê$n _| nhMmZo OmVo h¢ & H§$nZr
Ho$ {dH$ën na g^r nÅ>m g_Pm¡Vo aÔ {H$E Om gH$Vo h¢ &
12. àmdYmZ Am¡a AZw~§Y (nm°{bgr Ho$ VhV AÝ` Ho$
Abmdm Xmdo)
12.1 H§$nZr EH$ {nN>br KQ>Zm H$s dV©_mZ Xm{`Ëd Ho$ {bE EH$
{dœgZr` AZw_mZ Ho$ AmYma na àmdYmZ ~ZmVr h¡ {Oggo ^{dî`
_| g§gmYZm| H$m ~{hdm©h hmo gH$Vm h¡ &
12.2 AmH$pñ_H$ Xm{`Ëd Ho$ {bE àH$Q>rH$aU V~ {H$`m OmVm h¡ O~ g§^d
Xm{`Ëd `m dV©_mZ Xm{`Ëd h¡ Omo g§gmYZm| H$m ~{hdm©h H$aZo H$s
Amdí`H$Vm hmo `m Z hmo &
12.3 {dÎmr` dº$ì`m| _| AmH$pñ_H$ n[ag§n{Îm`m| H$mo Z Vmo _mÝ`Vm àmá h¡
Am¡a Z hr nVm MbVm h¡ &

10. TAXATION:
10.1 Income tax expense comprises current tax (i.e
amount of tax for the period determined in
accordance with the income-tax law) and
deferred tax charge or credit (reflecting the tax
effects of timing differences between the
accounting income and taxable income for the
period). The deferred tax charge or credit and the
corresponding deferred tax liabilities or assets
are recognized using the tax rates that have been
enacted or substantively enacted as on the
balance sheet date.
10.2 Provision for current tax is made after due
consideration of the applicable judicial
pronouncements and opinions from the
company’s counsel.
10.3 Minimum Alternate Tax (MAT) paid in accordance
with the tax laws, which gives future economic
benefits in the form of adjustment to future
income tax liability, is considered as an asset if
there is convincing evidence that the Company
will pay normal income tax. Accordingly,
MAT is recognized as an asset in the Balance
Sheet when it is probable that future economic
benefit associated with it will flow to the
Company.
10.4 Deferred tax assets are recognized only to the
extent there is reasonable certainty that the
assets can be realized in future. In the case of
/
unabsorbed depreciation or carried forward loss
under taxation laws, deferred tax assets are
recognized only to the extent there is virtual
certainty that the deferred tax assets can be
realized. Deferred tax assets are reviewed as at
each balance sheet date.
11. LEASE CHARGES:
Leases, where the lessor effectively retains
substantially all the risks and benefits of ownership
of the leased item, are classified as operating leases.
Operating lease payments are recognized as an
expense in the statement of profit and loss on a
straight-line basis over the lease term. All lease
agreements are cancellable at the option of the
company.
12. PROVISIONS AND CONTINGENCIES(CLAIMS
OTHER THAN THOSE UNDER POLICIES):
12.1 The Company creates provision based on a
reliable estimate for the present obligation of a
past event that might cause outflow of
resources in future.
12.2 Disclosure for a contingent liability is made
when there is a possible obligation or a
present obligation that may or may not require
an outflow of resources.
12.3 Contingent assets are neither recognized nor
disclosed in the financial statements.
STANDALONE FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
Harnessing Power to Empower 255
 |

II. ImVm| ‘| ZmoQ²g…

1. boIm Zr{V¶m| ‘| n[adV©Z H$m à^md: n{aemo{YV {H$`m OmVm h¡&

1.1 boIm na§nam g§emo{YV Zr{V:

dV©_mZ Zr{V: gaH$mar à{V^y{V`mo§ Am¡a à{VXo` dar`Vm eo`amo§ g{hV FU

gaH$mar à{V^y{V`mo§ Am¡a à{VXo` dar`Vm eo`amo§ g{hV FU
à{V^y{V`mo§ _o§ {Zdoe H$mo n{aemoYZ Ho$ AYrZ bmJV na {XIm`m
OmVm h¡& ^m{aV Am¡gV bmJV Ho$ AmYma na àr{_`_, nwQ>/H$m°b
{dH$ën, `{X H$moB© hmo, na {dMma H$aHo$, {bIV H$r IarX H$r
ZdrZV_ {V{W go n{an¹Vm/_moMZ H$r {V{W VH$ H$r Ad{Y Ho$ {bE
à{V^y{V`mo§ _o§ {Zdoe H$mo n{aemoYZ Ho$ AYrZ bmJV na {XIm`m
OmVm h¡& ^m{aV Am¡gV bmJV Ho$ AmYma na àr{_`_, nwQ>/H$m°b
{dH$ën, `{X H$moB© hmo, na {dMma H$aVo hwE, n{an¹Vm H$r eof Ad{Y
_o§ n{aemo{YV {H$`m OmVm h¡&
ImVm| na à^md: eyݶ

2. AmH$pñ‘H$ Xo¶VmE§:
(` '000)

{ddaU 31-03-2021 31-03-2020

Am§{eH$ ê$n go ^wJVmZ {H$E JE {Zdoe na 800 800

Xmdo Zr{V¶m| go Aݶ, F$U Ho$ ê$n ‘| ñdrH$ma Zht {H$¶m 1609612 1609098

A§S>aamBqQ>J H${‘Q>‘|Q> ~H$m¶m (eo¶am| Am¡a à{V^y{V¶m| Ho$ g§~§Y ‘|) 0 0

H§$nZr H$s Amoa go Xr JB© Jma§Q>r 0 0

gm§{d{YH$ ‘m§J / {ddm{XV Xo¶VmE± Omo àXmZ Zht {H$E JE 7421887 7448095

nwZ~u‘m Xm{¶Ëd Omo ImVm| ‘| àXmZ Zht H$s JB© 0 0

Aݶ (~¢H$ Jma§Q>r) 950 950

ZmoQ :
1. {ddmX _o§ gm§{d{YH$ _m§Jo§ / XoZXm{a`m±, `{X bmJy Z hmo§ Vmo Ow_m©Zm em{_b Zhr§ h¡ &
2. Am`H$a A{YH$m{a`mo§ Zo H§$nZr H$mo A~ VH$ Xo` ` 4317370 hOma (` 4317370 hOma)H$r am{e Ho$ {a\\$§S> H$mo g_m`mo{OV H$a {b`m h¡&

3. (H$) ^maV _| Am¡a Ho$ ~mha H§$nZr H$s n[agånpËV`m| H$m Xm{`Ëd                                                      
(` '000)
{ddaU 31-03-2021 31-03-2020
H«o${S>Q> / ~¢H$ Jma§Q>r Ho$ nÌ Omar H$aZo Ho$ {bE ‘m{O©Z ‘Zr H$s Amoa O‘m Xmdm| Ho$ {bE 29000 7000
ñQ¡ÊS AbmoZ {dËVr` {ddaU

~¢H$ ImVm| Ho$ AmXoe / g§b¾H$ Ho$ AZwgma AXmbV ‘| O‘m am{e 56930 78863
{dXoer gm§{d{YH$ Amdí¶H$VmAm| H$m AZwnmbZ H$aZo Ho$ {bE {H$E JE O‘m 0 0
6.79% ^maV gaH ma 2029 (10.70% ^maV gaHma 2020) gr~rEbAmo Am°naoeZ Ho$ {bE pŠb¶[a¨J
ImVm| _| ZmoQ²g

H$m°anmoaoeZ Am°’$ B§{S>¶m Ho$ nmg O‘m - E\ dr ` 46800 hOmam| (` 41800 hOma) 46608 46608
(Am) d¡Ym{ZH$ Amdí¶H$VmAm| Ho$ AZwgma {H$E JE {Zdoe: eyݶ

256
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

II. NOTES TO ACCOUNTS

1. Impact of change in Accounting Policies
1.1 Accounting Convention
Existing Policy:
Investments in debt securities including
Government Securities and Redeemable Preference
Shares are shown at cost subject to amortization.
The premium, based on weighted average cost is
amortized for the period from the latest date of
purchase of the instrument till the date of
maturity / redemption, by considering put/call
option, if any.
Revised Policy:
Investments in debt securities including
Government Securities and Redeemable Preference
Shares are shown at cost subject to amortization.
The premium, based on weighted average cost is
amortized over the residual period of maturity,
considering put/ call option, if any.
Impact of change in policy: NIL

2. Contingent Liabilities: (` '000)

Particulars 31-03-2021 31-03-2020

On partly paid investments 800 800

Claims other than those under policies, not

acknowledged as debts 1609612 1609098

Underwriting commitments outstanding

(in respect of shares and securities) 0 0

Guarantees given by or on behalf of the Company 0 0

Statutory demands / liabilities in dispute, not provided for** 7421887 7448095

Reinsurance obligations to the extent not provided for in accounts 0 0

Others (Bank Guarantee) 0 0

**Notes:

1 Statutory demands / liabilities in dispute, not provided for does not include penalty, if any applicable.

2. The Income Tax authorities have adjusted the refund due till date to the company amounting to ` 4317370 thousands
(` 4317370 thousands).
STANDALONE FINANCIAL STATEMENTS

3 (a) Encumbrances to assets of the company within and outside India.

(` '000)
Particulars 31.03.2021 31.03.2020
Deposits towards margin money for issue of letters of credit / bank guarantee 29000 7000
NOTES TO ACCOUNTS

Deposits made in court as per orders / attachments of bank accounts for claims 56930 78863
Deposits made to comply with Overseas Statutory requirements 0 0
6.79% GOI 2029 (6.79% GOI 2029) deposited with Clearing Corporation of India 46608 46608
for CBLO operation – FV ` 46800 thousands (` 46800 thousands)

(b) Investments made in accordance with statutory requirements: NIL.

Harnessing Power to Empower 257

 |

(J) ApJ«_ Am¡a O_m g{hV:

i) H¡$e _mH$}Q> _o§ B§ñQ>rQ²>`yeZb Q>«oS>mo§ Ho$ _m{O©Z Ho$ g§~§Y _o§ go~r Ho$ n{anÌ {XZm§H$ 19.03.2008 Ho$ AZwnmbZ _o§ _m{O©Z _Zr Ho$ _mÜ`_ go ñQ>m°H$ hmopëS§>J
H$m°anmoaoeZ Am°\\$ B§{S>`m {b{_Qo>S> Ho$ nmg ₹ 50000 hOmamo§ (₹ eyÝ`) O_m {H$E JE&
ii) ZH$X ~mOma _o§ g§ñWmJV Q>«oS>mo§ Ho$ _m{O©Z Ho$ g§~§Y _o§ go~r Ho$ n{anÌ {XZm§H$ 19.03.2008 Ho$ AZwgma ny§Or ~mOma _o§ Q>«o{S§>J Ho$ {bE _m{O©Z _Zr Ho$ {bE
~m°å~o ñQ>m°H$ EŠgMo§O _o§ O_m ₹ eyÝ` (₹ 50000 hOmamo§)&
iii)ZH$X ~mOma _o§ g§ñWmJV Q>«oS>mo§ Ho$ _m{O©Z Ho$ g§~§Y _o§ go~r Ho$ n{anÌ {XZm§H$ 19.03.2008 Ho$ AZwgma ny§Or ~mOma _o§ Q>«o{S§>J Ho$ {bE _m{O©Z _Zr Ho$ {bE
ZoeZb ñQ>m°H$ EŠgMo§O _o§ O_m ₹ eyÝ` (₹ 150000 hOma)&
iv)₹ 500000 hµOma (₹ eyÝ`) EMS>rE\$gr ~¡§H$ _o§ gmd{Y O_m Ho$ ê$n _o§ O_m {H$E JE Am¡a B§Q>«m-So> ~¡§{H§$J boZXoZ H$r gw{dYm Ho$ {bE J«hUm{YH$ma Ho$ {bE
{Mp–V {H$`m J`m&
v) ₹ 200 hOma (₹ 200 hOma) _m{O©Z _Zr Ho$ _mÜ`_ go ^maVr` g_memoYZ {ZJ_ Ho$ nmg gr~rEbAmo (Q>rAmaB©nr) àMmbZ hoVw O_m {H$`m J`m&

4.F$U, {Zdoe Am¡a AMb g§n{Îm¶m| Ho$ AmYma na H$s JB© à{V~ÕVmE± Am¡a ~H$m¶m: (` '000)
{ddaU 31-03-2021 31-03-2020
F$U Am¡a {Zdoe 190000 190000

g§nXmAm| Ho$ {bE à{V~ÕVmE§ 1043833 744532

B©S>rnr / H$moa ~r‘m n[a¶moOZm Ho$ {bE à{V~ÕVmE§ 1523922 2201000

ñQ>mån ewëH$ Am¡a n§OrH$aU ewëH$ Am¡a b§{~V H$Ýd|g (AZw‘m{ZV)** 89505 74334

eoîm {ZînmXZ Ho$ AZw~§Ym| H$s AZw_m{ZV am{e 41490 75353

**{Xg§~a 2019 _o§ {H$E JE C{MV _yë` AZw_mZ Ho$ AZwgma hmbm§{H$ Mmby df© 2020-21 _o§ H$mo{dS>-19 Ho$ H$maU _yë`m§H$Z Zhr§ {H$`m J`m h¡&

5.^maV _o§ / Ho$ ~mha XmdoXmamo§ H$mo AXm {H$`o J`o nwZ~u_m a{hV Xmdo (` '000)
^maV ‘| ^maV Ho$ ~mha
H$mamo~ma 31.03.2021 31.03.2020 31.03.2021 31.03.2020

A{¾ 7576949 5776780 91917 92569

g‘wÐr 1663640 2036670 177 2732

{d{dY 91112666 101327972 44347 83229

Hw$b 100353255 109141422 136441 178530

6. ~{h nwñVH$ Ho$ Am§H$S>mo§ Ho$ ~rM gwbh go CËnÝZ hmoZodmbo {Zdoe _o§ A§Va Am¡a H§$nZr Ho$ {Zdoe Ho$ EgEMgrAmB©Eb (H$ñQ>mo{S>`Z) go àmßV
nwpï H$mo ZrMo gmaUr~Õ {H$`m J`m h¡ & (` '000)
{ddaU àH¥${V 31.03.2021 31.03.2020
gmå¶m§e Am¡a A{Y‘mZ eo¶a H$‘ ImV ‘yë¶ 0 0
ñQ¡ÊS AbmoZ {dËVr` {ddaU

F$UnÌ H$‘ ImV ‘yë¶ 4947 4947

Hw$b H$‘ ImV ‘yë¶ 4947 4947

ImVm| _| ZmoQ²g

gmå¶m§e Am¡a A{Y‘mZ eo¶a A{YH$ A§{H$V ‘yë¶ 0 0

7. {nN>bo nm°§M dfmoª Ho$ {bE df©dma ~H$m`m Xmdmo§ Ho$ ~`mZ AZw~§Y-1 _o§ g§b½Z h¡ &

258
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(c) Advances and Deposits include: -

(i) ` 50000 thousands (` NIL) deposited with Stock Holding Corporation of India Ltd by way of margin money in
compliance with SEBI circular dated 19.03.2008 regarding Margining of Institutional Trades in the Cash Market.
(ii) ` NIL (` 50000 thousands) deposited with Bombay Stock Exchange towards margin money for trading in Capital
Market as per SEBI circular dated 19.03.2008 regarding Margin of Institutional Trades in the Cash Market.
(iii) ` NIL (` 150000 thousands) deposited with National Stock Exchange towards margin money for trading in Capital
Market as per SEBI circular dated 19.03.2008 regarding Margin of Institutional Trades in the Cash Market.
(iv) ` 500000 thousands (` NIL) deposited with HDFC Bank as Fixed Deposit and marked for lien to facilitate intra-day
banking transactions.
(v) ` 200 thousands (` 200 thousands) deposited with Clearing Corporation of India by way of margin money
CBLO (TREP) Operation.

4. Commitments made and outstanding on account of loans, investments and fixed assets: (` '000)

Particulars 31.03.2021 31.03.2020

Loans and Investment (Estimated) 190000 190000

Commitments for Estates 1043833 744532

Commitments for EDP/Core Insurance Project 1523922 2201000

Stamp duty and Registration charges and pending conveyance (estimated at)** 89505 74334

**As per Fair value estimation done in December 2019, however in the current year 2020-21valuation is not done due to
Covid-19.

5. Claims less reinsurance, paid to claimants in/outside India: (` '000)

In India Outside India
Business 31-03-2021 31-03-2020 31-03-2021 31-03-2020
Fire 7576949 5776780 91917 92569

Marine 1663640 2036670 177 2732

Miscellaneous 91112666 101327972 44347 83229

Total 100353255 109141422 136441 178530 STANDALONE FINANCIAL STATEMENTS

6. Differences in investment, arising out of the reconciliation between the book figures and the confirmation
received from SHCIL (Custodian) of the Company’s investments are tabulated as under :
(` '000)
Particulars Nature 31.03.2021 31.03.2020
Equity and Preference Shares Short Book Value Nil Nil
NOTES TO ACCOUNTS

Debentures Short Book Value 4947 4947

Total Short Book Value 4947 4947
Equity and Preference Shares Excess Face Value Nil Nil

7. Age wise outstanding claims statements for preceding five years are enclosed in Annexure-I.

Harnessing Power to Empower 259

 |

8. ^maV ‘| / ^maV Ho$ ~mha nwZ~u‘m H$mo KQ>mH$a H$mamo~ma go {bIm J¶m àr{‘¶‘ - (` '000)

^maV ‘| ^maV Ho$ ~mha

H$mamo~ma 31.03.2021 31.03.2020 31.03.2021 31.03.2020
A{¾ 8770115 8700680 64026 139800
g‘wÐr 1910894 2122992 4 2069
{d{dY 129906887 126273727 154646 161062

Hw$b 140587896 137097399 218676 302931

9. ^maVr` ~r_m {d{Z`m_H$ Ama¡ {dH$mg àm{YH$aU {Z`_m§o (nO §y r H$o AÝ` ê$nm)§o H$o AZgwma, 9000000 hOma H$r AYrZñW FU H$o g~§Y§ _§o Ja¡-n{adVZ©r`
FUnÌ H$o _mMoZ H$o {bE FUnÌ {aS>oåneZ {aOd© _§o 225000 hOma(é.225000 hOma) H$r am{e hñVmV§{aV H$r JB© h¡ H$wb FU H$m 25% H$r gr_m VH$
FU _mMoZ {aOd&© {S>~M§oa {aS>oåneZ {aO
µ d© H$m gM§`r gV§b
w Z é.900000 hO µ ma (é.675000 hOµ ma) h¡ &
10. {Zdoemo§ H$r IarX Ho$ g§~§Y _o§, b§{~V {S>brdar é 34243 (eyÝ` ) h¡ Am¡a {Zdoemo§ H$r {~H«$r Ho$ g§~§Y _o§, 31.03.2021 Ho$ AZwgma é 65505 hOma
^wJVmZ A{VXo` h¡ &

11. {Zdoe H$m {ZînmXZ n{ag§npÎm`m± Am¡a J¡a {ZînmXZ n{ag§npÎm`m± Ho$ ê$n _o§ dJuH$aU… (` '000)
ddaU 31.03.2021 31.03.2020
[ZînmXZ n[ag¨n[Îm 338503934 291646487
J¡a [ZînmXZ n[ag¨n[Îm 6386420 6148280
Hwb 344890354 297794767

^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ {ZX}emo§ Ho$ AZwgma EZnrE (Ny>Q> / O_m H$m ewÕ) na Mmby df© hoVw Hw$b am{e Omo _mÝ`Vm àmßV Zhr§ h¡ é.
1472091 hOma (é. 1422535 hOma) h¡ Am¡a Omo 31 _mM© 2021 VH$ é. 10142650 hOma (é. 8670559 hOma) h¡&

12. 31.03.2020 H$mo nwZJ©R>Z Ho$ AYrZ F$U H$s g§n{Îm- (` '000)
H«$‘ g§»¶m {ddaU 31.03.2021 31.03.2020
1 n[agånpËV`m| H$r Hw$b am{e, Omo nwZg§ªaMZm Ho$ AYrZ hmo & 78306 82718
2 _mZH$ n[agånpËV`m| H$r am{e, Omo nwZgªaMZm Ho$ AYrZ hmo & 10159 13868
3 Ad _mZH$ n[agånpËV`m| H$r am{e, Omo nwZgªaMZm Ho$ AYrZ hmo & 0 0
4 g§{X½Y Am¡a AÝ` n[agån{ËV`m| H$r am{e, Omo nwZgªaMZm Ho$ AYrZ hmo & 68147 68851

(i) AmB©AmaS>rE H$r AZwgyMr I Ho$ ^mJ I Ho$ AZwgma ({dËVr` {ddaUmo§ (ii) AmB©AmaS>rE Ûmam {ZYm©{aV {Z`_Z Ho$ AZwgma, (ewÕ) H$r am{e é.
H$r V¡`mar Am¡a ~r_m H§$n{Z`mo§ H$r boImnarjm {anmoQ>© V¡`ma H$aZm) 27361623 hOma (é. - 6176445 hOma) gyMr~Õ gmå`m§e
{d{Z`_ 2002, FU à{V^y{V H$mo ''n{adŠdVm à{V^y{V H$mo eo`amo§ Am¡a å`wMwAb \\$§S>mo§ Ho$ C{MV _yë` _o§ hmoZodmbo ~Xbmdmo§ Ho$
ñQ¡ÊS AbmoZ {dËVr` {ddaU

Am`mo{OV'' _mZm OmEJm Am¡a Bgo Eo{Vhm{gH$ bmJV na n{aemoYZ H$maU C{MV _yë` n{adV©Z ImVo na bo {b`m OmVm h¡& Bg Vah Ho$
Ho$ AYrZ _mnm OmEJm& àr{_`_ H$m n{aemoYZ {bIV / H$m°b {Zdoe H$r Eo{Vhm{gH$ bmJV (~Åo ImVo _o§ S>mbZo) é. 75058394
Am°ßeZ na {dMma H$aHo$ `{X H$moB© hmo, Vmo n{anŠdVm / _moMZ Ho$ df© hOma (é. 75905568 hOma) Ho$ {hgm~ go h¡§& b§{~V àmpá, C{MV
ImVm| _| ZmoQ²g

go nhbo {dËVr` df© Ho$ A§V VH$ gmYZ H$r IarX H$r VmarI go _yë` n{adV©Z ImVo _o§ H«$o{S>Q> eof am{e {dVaU Ho$ {bE CnbãY Zhr§
Ad{Y Ho$ {bE {H$`m OmVm h¡ & h¡&

260
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

8. Premium less reinsurance written from business in/outside India: (` '000)

In India Outside India
Business 31-03-2021 31-03-2020 31-03-2021 31-03-2020
Fire 8770115 8700680 64026 139800
Marine 1910894 2122992 4 2069
Miscellaneous 129906887 126273727 154646 161062
Total 140587896 137097399 218676 302931

9. An amount of `225000 thousands (`225000 thousands) has been transferred to debenture redemption reserve
towards redemption of non-convertible Debentures in respect of subordinate Debt of ` 9000000 thousands in
accordance with IRDAI regulations (Other forms of capital), stipulating creation of Debenture Redemption Reserve to
the extent of 25% of the total debt. The cumulative balance of Debenture Redemption Reserve stands at ` 900000
thousands (` 675000 thousands).
10. In respect of Purchases of Investments, deliveries are pending to the extent of ` 34243 thousands (Nil) and in respect
of sale of Investments, payment amounting to ` 65505 thousands (Nil) is overdue as on 31.03.2021.
11. Segregation of Investments into performing and non-performing assets for the purpose of Income recognition:
(` '000)
Particulars 31-03-2021 31-03-2020
Performing Assets 338503934 291646487
Non-Performing Assets 6386420 6148280
Total 344890354 297794767

The aggregate amount of income not recognized for the current accounting year on NPA (net of waiver/ collections) as per
related IRDA guidelines is ₹ 1472091 thousand (₹ 1422535 thousands) and up to 31st March 2021 is ₹ 10142650
thousand ( ₹ 8670559 thousands).
12. Loan assets subject to Restructuring as on 31-03-2021. (` '000)
S.No. Particulars 31-03-2021 31-03-2020
1 Total amount of loan assets subjected to restructuring 78306 82718
2 The amount of standard assets subjected to restructuring 10159 13868
3 The amount of Sub-Standard assets subjected to restructuring 0.00 0.00
4 The amount of Doubtful and other assets subjected to restructuring 68147 68851
STANDALONE FINANCIAL STATEMENTS

i) As per Part I of Schedule B of IRDA (Preparation of
Financial Statements and Auditor’s Report of
Insurance Companies) Regulations 2002, Debt
Securities shall be considered as ‘Held to Maturity
IRDAI, unrealized gains (net) amounting to
` 27361623 thousands (` -6176445 thousands)
arising due to changes in the fair value of listed
equity shares and mutual funds are taken to fair
NOTES TO ACCOUNTS

Securities’ and shall be measured at Historical costs
subject to amortization. Amortization of premium is
done over the residual period of maturity,
considering put / call option, if any.
ii) In accordance with the regulation prescribed by
value change account. The historical cost (net of
write off) of such investments amounted to
` 75058394 thousands (` 75905568 thousands).
Pending realization, the credit balance in the fair value
change account is not available for distribution.

Harnessing Power to Empower 261

 |

13. ~mOma ‘yë¶ H$m {d^mOZ Am¡a C{MV ‘yë¶ Ho$ AmYma na {Zdoe H$s Eo{Vhm{gH$ bmJV Bg àH$ma h¢
(` '000)
{ddaU ~mOma ‘yë¶ Eo{Vhm{gH$ bmJV C{MV ‘yë¶ n[adV©Z
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
gmå¶m§e eo¶a 93725850 63193150 66567331 69394387 27158519 (6201237)
å¶yMwAb ’§$S> 8694167 6535973 8491063 6511181 203104 24792
Hw$b 102420017 69729123 75058394 75905568 27361623 (6176445)

14. gHw©$ba Z§ AmB©AmaSrE/E\ &AmB©/n{a/AmB©EZdr/250/12/2012 {XZm§H$ 4/12/2012 Ho$ AZwgma, aonmo / [adg© aonmo boZXoZ ‘|
OmopI‘ H$m {ddaU ZrMo {X¶m J¶m h¡:
df© Ho$ Xm¡amZ df© Ho$ Xm¡amZ df© Ho$ Xm¡amZ
{ddaU Ý`yZV_ A{YH$V_ ~H$m`m X¡{ZH$ na ~H$m¶m h¡
~H$m`m ~H$m`m Am¡gV ~H$m¶m
31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020
aonmo Ho$ VhV ~oMr J¶r
{gŠ¶mo[aQ>r

(i) gaH$mar à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`

(ii) H$m°nm}aoQ> F$U à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`
[adg© aonmo Ho$ VhV IarXr
JB© à{V^y{V

(iii) gaH$mar à{V^y{V eÿÝ` 505564 eÿÝ` 505564 eÿÝ` 505564 eÿÝ` eÿÝ`

(iv) H$m°nm}aoQ>F$U à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`

15. H§$nZr Zo Am` _mÝ`Vm, n{ag§npÎm dJuH$aU, àmdYmZ Am¡a AÝ` {hñgo na AgwapjV Ho$ {bE 100% na àmdYmZ {H$`m J`m h¡
g§~§{YV _m_bmo§ na ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg Am¡a ₹ 150000 hOma H$m {hñgo na 60% na₹ 350000
àm{YH$aU Ho$ {Z`_mo§ Ho$ AZwgma {ZåZ{b{IV J¡a-àXe©ZH$mar hOma Ho$ gwapjV {hñgo H$m àmdYmZ {H$`m J`m &
n{ag§npÎm`mo§ (FUnÌ) Ho$ g§~§Y _o§ àmdYmZ {H$E h¡§: J) {abm`§ g hmo _ \\$mBZo § g - `WmpñW{V àmdYmZ
31.03.2021H$mo ₹ 1149750 Ho$ Hw$b EŠgnmoOa H$r
H$) AmB©Eb E§S> E\\$Eg g_yh H$r H§$n{Z`mo§ - 31.03.2021 na
VwbZm _o§ 1039750 hOma ho ( ₹ 114975 hOma) & Mmby
àmdYmZ é.1176311 (é.950000 hOma) é.2752315
df© Ho$ Xm¡amZ A{V{aº$ ₹ 924775 hOma H$m àmdYmZ {H$`m
hOma (é.2750000 hOmamo§) Ho$ Hw$b Omo{I_ Ho$ {bE &
J`m & ₹ 600000 hOma Ho$ AgwapjV {hñgo Ho$ {bE
Mmby df© Ho$ Xm¡amZ é. 225143 hOma H$m A{V{aº$ àmdYmZ
100% na Am¡a ₹ 550000 hOma gwapjV Ho$ g§~§Y _o§ 80%
{H$`m J`m& é.500000 hµOma Ho$ AgwapjV {hñgo Ho$ {bE
na {H$`m J`m h¡ &
100% Am¡a é.2250000 hµOma Ho$ gwapjV {hñgo Ho$ g§~§Y _o§
ñQ¡ÊS AbmoZ {dËVr` {ddaU

K ) {abm`§g H¡${nQ>b - 31.03.2021 H$mo àmdYmZ Hw$b

30% na àmdYmZ {H$E OmZo H$m àmdYmZ {H$`m J`m h¡ & EŠgnmoOa Ho$ ₹ 700000 hOma (₹ 700000 hOma) )
I) S>rEME\$Eb - 31.03.2021 H$mo àmdYmZ ₹ 360000 . h¡ {dê$Õ ₹ 700000 hOma (₹ 70000 hOma) h¡& Mmby df© Ho$
ImVm| _| ZmoQ²g

Hw$b Ho$ _wH$m~bo hOma (₹ 50000 hOma)₹ 500000 hOma Xma¡mZ ₹630000 hOma H$m A{V{aº$ àmdYmZ {H$`m J`m h¡ &
(₹ 500000 hOma)& Mmby df© Ho$ Xm¡amZ ₹ 310000 hOma ₹ 700000 hOma H$m AgwapjV {hñgo hoVw 100% na
H$m A{V{aº$ àmdYmZ {H$E J`m & ₹ 150000 hOma H$m àmdYmZ {H$`m J`m h¡ &
262
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

13. Break up of Market value and historical costs of investments which have been valued on fair value basis are as
follows: (` '000)
Particulars Market Value Historical Cost Fair value change
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
Equity Shares 93725850 63193150 66567331 69394387 27158519 (6201237)
Mutual fund 8694167 6535973 8491063 6511181 203104 24792
Total 102420017 69729123 75058394 75905568 27361623 (6176445)

14. In accordance with Circular No IRDA/F&I/CIR/INV/250/12/2012 dated 4/12/2012, the details of exposure in
Repo/Reverse Repo transactions are given below: (` '000)
Minimum Maximum Daily Average
Outstanding
Particulars outstanding outstanding outstanding
as on
during the year during the year during the year
31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020
Securities Sold
under Repo
(i) Government NIL NIL NIL NIL NIL NIL NIL NIL
Securities
(ii) Corporate Debt
Securities NIL NIL NIL NIL NIL NIL NIL NIL
Securities Purchased
under Reverse Repo
(iii) Government NIL NIL NIL NIL NIL NIL NIL NIL
Securities
(iv) Corporate Debt NIL NIL NIL NIL NIL NIL NIL NIL
Securities

15. The Company has made provisions in respect of the
following non -performing assets (Debentures) as
per IRDAI regulations on Income recognition, Asset
classification, provisioning and other related
matters:
a) IL&FS group companies – Provision as on
31.03.2021 is ` 1176311 thousand (` 950000
thousands) against total exposure of ` 2752315
thousands was made during the current year.
Provision has been made at 100% for unsecured
portion of ` 150000 thousands and at 60% in respect
of secured portion of ` 350000 thousands.
c) Reliance Home Finance – Provision as on 31.03.2021
is ` 1039750 thousands (` 114975 thousands) against
total exposure of ` 1149750 thousands
(` 1149745 thousands). Additional provision of
STANDALONE FINANCIAL STATEMENTS

thousand (` 2750000 thousands). Additional
provision of ` 225143 thousand was made during
the current year. Provision has been made at 100%
for unsecured portion of ` 500000 thousands and
provision made at 30% in respect of secured portion
` 924775 thousands was made during the current year.
Provision has been made at 100% for unsecured
portion of ` 600000 thousands and at 80% in respect
of secured portion of ` 550000 thousands.
d) Reliance Capital - Provision as on 31.03.2021 is
NOTES TO ACCOUNTS

of ` 2250000 thousands. ` 700000 thousands (` 70000 thousands) against

b) DHFL - Provision as on 31.03.2021 is ` 360000
thousand (` 50000 thousands) against total
exposure of ` 500000 thousand (` 500000
thousands). Additional provision of ` 310000
total exposure of ` 700000 thousands (` 700000
thousands). Additional provision of ` 630000
thousands was made during the current year.
Provision has been made at 100% for unsecured
portion of ` 700000 thousands.

Harnessing Power to Empower 263

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e) Simplex Infrastructure Ltd – Provision as on 31.03.2021
is ` 10000 thousands (` Nil) against total exposure of
` 100000 thousands (` 100000 thousands).
16) The Company does not have Real Estate Investment
Property.
17) Interest, Dividends and Rent are apportioned to the
Revenue Accounts on the basis of gross direct
premium plus reinsurance accepted, giving
weightage of 75% for Marine business and 100%
for Fire and Miscellaneous business.
18) The Authorised Share capital of the Company was
increased from ` 2000000 thousands to ` 50000000
thousands in August 2020. Government of India has
infused Equity capital of ` 36050000 thousands
during the year 2020-21 by way of issue of
3605000000 fully paid rights equity share of ` 10/-
each at par. The Infusion was in three tranches of
` 10800000 thousands in July 2020, ` 18250000
thousands in November 2020 and ` 7000000
thousands in March 2021. Consequent upon the
same the paid up capital of the company has
increased to ` 38050000 thousands.
19) The Solvency margin as on 31st March 2021 is 1.00
without any forbearance after taking into account the
Capital infusion of ` 36050000 thousands by the
Government of India during 2020-21. We have
approached IRDAI for granting forbearance in
calculation of solvency margin by considering
balance in Fair value change account. The control
level of Solvency Margin of 1.50 would be achieved
when at least 85% of balance in Fair Value Change
Account is approved by IRDAI as forbearance.
20. Computation of Managerial Remuneration :
Disclosure relating to computation of managerial
remuneration has not been made as the provisions of
Section 197 of the Companies Act, 2013 are not
applicable to the company (being a government
company) vide Ministry of Corporate Affairs
notification no. GSR463 (E) dated 5th June, 2015.
21. Barring disputed cases, no settled insurance claim
remained unpaid for more than six months as on the
Balance Sheet date –NIL (NIL)
22. Fixed Assets include :
a) Land : Leasehold includes land acquired from IFCI
infrastructure Development Ltd at Bangalore
Financial City, amounting to ` 39761 thousands
(` 39761 thousands) on sub - lease - cum - sale
agreement, which will be registered in the name of
the company after completion of construction of
office complex within the time limit specified therein.
/
The time limit for completion of civil construction
work and commencement of activity/business was
up to December 2018.
As many of the sub allottees have not completed
construction, IIDL (IFCI Infrastructure development
Limited) had requested KIADB (Karnataka Industrial
Areas Development Board) to extend the time limit
for Implementation of the project by the sub allottees
for a further period of 3 years. KIADB vide its letter
dated 3rd September, 2018 informed its board
decision advising IIDL to approach the State High
Level Single Window Clearance Committee
(SHLSWCC) for approval of further extension of
time. In the meanwhile, the company has
constructed compound wall at the site.
KIADB had a meeting on 16.02.2021 through video
conference with all the sub lessees wherein it was
informed that KIADB has granted extension for
2 years upto 30th September, 2022 and requested all
sub lessees to complete the construction within the time
frame. If the construction is not started within 1 year (i.e.
1st October, 2021) the plot of sub lessee could be
considered to be allotted to another prospective buyer by
IIDL in terms of sub lease cum sale agreement.
Now, the company is in the process of appointing a
Project Management Consultant to arrive at a plan to
initiate the construction.
b) Buildings valued at ` 166341 thousands (` 166341
thousands) are pending for Conveyance and
Registration.
c) Title deeds in respect of 5 properties of
` 241 thousands (` 41927 thousands) under the
Freehold lands included in schedule 10 (Fixed
Assets) are in the name of erstwhile companies
merged with United India Insurance Co. Ltd.
One lease deed for leasehold property at Ellis
Bridge, Ahmedabad valued at ` 2334 thousands
(` 2334 thousands) is not available.
STANDALONE FINANCIAL STATEMENTS
23. The Company is a member of India Nuclear Pool
Insurance with a participation of ` 2000000
thousands (administrated by GIC with a collective
capacity of ` 15000000 thousands). For the year
2020-21 the company has accounted ` 207000
NOTES TO ACCOUNTS
thousands (` 200000 thousands) as our share of
premium on direct side and the same was ceded @
100%. RI inward was booked at ` 136619 thousands
(` 139007 thousands) and is accounted under
Liability Premium. Reserve for Unexpired Risks for
Nuclear Pool is made at 100% of Net Premium.
Harnessing Power to Empower 265
 |

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266 ge{º H aU Ho {bE e{º H m XmohZ


24. The Company’s Agency at Hong Kong ceased
underwriting operations with effect from 01.04.2002
and the transactions relating to run off operations
have been accounted. Pending final IBNR/IBNER
report, the NIL provision based on the Actuary's
report for the previous year has been considered for
current year. The company incurred a sum of
` 2260 thousands (` 3312 thousands) towards
expenditure for managing the Run off operations
during 2020-21 and three claims amounting to
` 23520 thousands (` 24310 thousands) are
outstanding as on 31.03.2021
25. As per the Actuarial Valuation, the IBNR/IBNER
Reserves as on 31st March 2021 is `112924545
thousands (` 97352000 thousands), resulting in
additional provisioning in the current year amounting
to `15572545 thousands (` 15825200 thousands).
Less than 1 year
1 – 3 years
More than 3 years
Total
28 . a) Accounting Ratios as prescribed by IRDAI are
given in Annexure II.
b) Segmental reporting in the format prescribed by
IRDAI is given along with Schedules forming part
of Financial Statements.
c) A summary of financial statements for the last
five years in the manner prescribed by IRDAI
is given in Annexure III.
29. Pension
Government of India vide gazette notification no 1627(E)
dated 23.04.2019 approved a final option to the Retired
and existing Employees who have joined the services of
the Company before 1995 to opt for Pension under
General Employees’ Pension Scheme 1995. As per
Pension
Particulars
Total liability
Absorbed in year 2019-20
Absorbed in year 2020-21
To be Absorbed in year 2021-22
To be Absorbed in year 2022-23
To be Absorbed in year 2023-24
Note: Had the entire amount been absorbed in the year 2020-21, the losses for the period ending 31.03.2021 would be higher by
` 7593568 thousands.
/
26. Reconciliation of Inter-Office accounts is in progress
and in the opinion of the Company, the effect of the
same will not be material.
27. a) Balances Due from / Due to other persons
or bodies carrying on Insurance business, are
settled periodically. However, confirmations of
balance have not been received for year-end
balances.
In respect of Reinsurance, settlements are
effected to brokers /reinsurers based on
statement of accounts.However, confirmations
of balance have not been received for year-end
balances.
b) Deposits, Advances & Other Accounts include a
sum of ` 2614384 thousands (` 3941421
thousands) recoverable from Central/State
Government towards various schemes.
(` '000)
As on 31-03-2021 As on 31-03-2020
1179008 2636314
130269 6155
1305107 1298952
2614384 3941421
Actuarial valuation, the future liability in respect of
existing employees who have opted for pension under this
scheme is ` 12655948 thousands.
Insurance Regulatory and Development Authority of
India, vide its letter Ref 411/F&A(NL)/Amort-EB/2019-
20/125 dated 07-07-2020, has allowed amortization,
of additional future Pension liability of ` 12655948
thousands arising out of extension of Pension Scheme
1995 to the existing employees of the company, over a
period of five years with effect from financial year 2019-20.
Accordingly, the company has absorbed one fifth of the
total liability, amounting to ` 2531190 thousands during
the year 2019-20 and 2020-21. The unabsorbed amount
of future liability carried over is ` 7593569 thousands.
(`'000)
STANDALONE FINANCIAL STATEMENTS
Amount to be Amortized for Extension of Scheme
12655948
2531190
2531190
NOTES TO ACCOUNTS
2531190
2531190
2531188
Harnessing Power to Empower 267
 |
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(I) ^{dî` {Z{Y
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hmoVr hmo, Vmo H§$nZr CgH$r j{Vny{V© Ho$ {bE {Oå_oXma h¡&
H§$nZr Zo amOñd boIm VWm bm^ d hm{Z boIm _o§ ^{dî` {Z{Y
A§eXmZ Ho$ {bE ₹ 14773 hµOma (₹ 79798 hµOma) H$r am{e
AZw_mo{XV H$r h¡&
(ii) CnXmZ
H§$nZr Ûmam nmÌ H$_©Mm{a`mo§ H$mo Amd{aV H$aVo hwE J«oÀ`wQ>r Ho$ {bE
EH$ {ZpüV bm^ godm{Zd¥pÎm `moOZm (CnXmZ `moOZm) H$m
àmdYmZ {H$`m J`m h¡& CnXmZ `moOZm nmÌ H$_©Mm{a`mo§ H$mo CZH$r
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AmYm{aV EH$ _wíV YZam{e H$m ^wJVmZ H$aVr h¡& nmÌVm nm±M df©
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{bE `wZmBQo>S> B§{S>`m B§í`yaoÝg CnXmZ {Z{Y Q>«ñQ> (X Q>«ñQ>) H$mo
A§eXmZ H$aVo h¡§ VWm A§eXmZmo§ H$mo H$mZyZ Ûmam `Wm AZw_{V
AZw g ma {d{eï {Zdo e mo § _o § {Zdo { eV {H$`m OmVm h¡ &
(iii) (A ) godm-{Zd¥pÎm / no§eZ
H§$nZr Zo nmÌ H$_©Mm{a`mo§ H$mo Amd{aV H$aVo hwE _m{gH$ no§eZ Ho$
ê$n _o§ EH$ {Z`V bm^ godm {Zd¥pÎm `moOZm (no§eZ `moOZm) H$m
ñQ¡ÊS AbmoZ {dËVr` {ddaU
àmdYmZ {H$`m h¡& no§eZ `moOZm, H$_©Mm{a`mo§ H$mo CZH$r godm
{Zd¥pÎm Ho$ ~mX _¥Ë`w VH$ EH$ _m{gH$ no§eZ XoVr h¡& _m{gH$ no§eZ
ImVm| _| ZmoQ²g
g§~§{YV H$_©Mm{a`mo§ Ho$ doVZ VWm godm `moOZ H$r Ad{Y na
AmYm{aV hmoVr h¡& nmÌVm Xg df© H$r godmnyU© hmoZo na àma§^ hmoVr h¡&
H§$nZr ^maVr` OrdZ ~r_m {ZJ_ H$r dm{f©H$r H$m H«$` H$a Ho$
268
84 ge{º H aU Ho {bE e{º H m XmohZ
_m{gH$ no§eZ H$m ^wJVmZ H$aVr h¡& no§eZ `moOZm go g§~§{YV
Xo`Vm`o§ VwbZ nÌ Ho$ AZwgma ~r_m§H$H$r` _yë`m§H$Z Ûmam
{ZYm©{aV H$r OmVr h¡ {OgHo$ AmYma na H§$nZr g^r A{^{ZpüV
Xo`VmAmo§ Ho$ {bE `wZmBQo>S> B§{S>`m B§í`yaoÝg H§$nZr no§eZ {Z{Y Q>«ñQ>
(X Q>«ñQ>) H$mo A§eXmZ H$aVr h¡& Q>«ñQ>r Q>«ñQ>H$mo {X`o J`o A§eXmZ
H$mo àem{gV H$aVo h¡§ Am¡a A§eXmZmo§ H$mo H$mZyZ Ûmam `Wm AZw_{V
AZwgma {deof {Zdoemo§ _o§ {Zdo{eV {H$`m OmVm h¡&
(iii) (I) Z`r godm-{Zd¥pÎm / Z`r no§eZ
Z`r no§eZ `moOZm EH$ {ZpüV `moOZm h¡ Omo{H$ 1 Aà¡b, 2010 `m
CgHo$ ~mX H§$nZr _o§ H$m`© J«hU H$aZodmbo H$_©Mm{a`mo§ na bmJy h¡&
H§$nZr EH$ nyd© {ZYm©{aV Xa na {Z`V A§eXmZ H$m ^wJVmZ H$aVr
h¡ Am¡a H§$nZr H$r Xo`Vm Bgr {Z`V A§eXmZ VH$ gr{_V hmoVr h¡&
H§$nZr Zo no§eZ amOñd boIm VWm bm^ d hm{Z boIm _o§ no§eZ
A§eXmZ Ho${bE ₹ 254211 hµOma (₹ 223261 hµOma) H$r am{e
H$m AZw_moXZ {H$`m h¡&
(iv) Nw>År ZH$XrH$aU
H§$nZr Ho$ H$_©Mmar Nw>År ZH$XrH$aU Ho$ nmÌ h¡§& H$_©Mmar Cn`wº$
g§{MV Nw>År ZH$XrH$aU Ho$ {hñgo H$mo AJ«mZrV H$a gH$Vo h¡ Am¡a `m
Vmo AmJo H$r Ad{Y _o§ BgH$m Cn`moJ H$aVo h¡§ `m Aà`wº$ g§{MV Nw>År
ZH$XrH$aU Ho$ {bE A{YH$V_ 240 {XZmo§ Ho$ {bE godm {Zd¥pÎm a
godm go ~Im©ñVJr na ZJa j{Vny{V© bo gH$Vo h¡§& H§$nZr, {Og
Ad{Y _o§ H$_©Mmar Ho$ AnZr godm`o§ XoVm h¡ Am¡a {Oggo nmÌVm ~‹T>Vr
h¡, Cg Ad{Y _o§ Nw>År ZH$XrH$aU Ho$ à{V Xm`r h¡& H§$nZr A{V{aº$
am{e Ho$ ê$n _o§ Nw>År ZH$XrH$aU H$r AZw_m{ZV bmJV H$r JUZm H$
aVr h¡ {Ogo Cgo Cg Aà`wº$ nmÌVm Ho$ n{aUm_ ñdê$n ^wJVmZ H$
aZm AnopjV hmoJm Omo{H$ VwbZ nÌ {V{W na ~r_m§H$H$r` _yë`m§H$Z
Ho$ AmYma na g§{MV hwB© hmoJr&
(v) AñdñÏ` H$r Nw>År
H§$nZr Zo ~r_m§H$H$ _yë` Ho$ AmYma na H$_©Mmar Ho$ ~r_mar
AdH$me H$r nmÌVm Ho$ VhV ₹ 100041 hOma (₹ 111195
hOma) H$m àmdYmZ {H$`m h¡&
{ZåZ{b{IV Vm{bH$m _o§ 31 _mM©, 2021 Ho$ AZwgma H§$nZr Ho$
{dÎmr` {ddaUmo§ _o§ CnXmZ / no§eZ `moOZm H$r {Z{YV pñW{V H$m
{ddaU h¡:

Retirement benefits to employees
(i) Provident fund
Eligible employees (employees not opted for
pension plan) receive benefits from the provident
fund, which is a defined benefit plan. Aggregate
contributions along with interest thereon are paid at
retirement, death, incapacitation or termination of
employment. Both the employee and the Company
make monthly contributions to the United India
Insurance Employee's Provident Fund Trust equal to
a specified percentage of the covered employee’s
salary. The Company has an obligation to make good
the shortfall, if any, between the return from the
investments of the trust and the interest rate notified
by the trust.
The Company recognized`14773thousands
(` 79798 thousands) for provident fund contribution
in the Revenue Accounts and Profit and Loss account.
ii) Gratuity
The Company provides for gratuity, a defined benefit
retirement plan (the “Gratuity Plan”) covering
eligible employees. The Gratuity Plan provides a
lump sum payment to vested employees at
retirement, death, incapacitation or termination of
employment, of an amount based on the respective
employee’s salary and the tenure of employment.
Vesting occurs upon completion of five years of
service. Liabilities with regard to the Gratuity Plan
are determined by actuarial valuation as of the
balance sheet date, based upon which, the company
contributes all the ascertained liabilities to the United
India Insurance Employees’ Gratuity Fund Trust (the
“Trust”). Trustees administer contributions made to
the Trust and contributions are invested in specific
investments as permitted by law.
(iii) (a) Superannuation/ Pension
The Company provides for monthly pension, a
defined benefit retirement plan (the “pension Plan”)
covering eligible employees. The pension Plan
provides a monthly pension after retirement of the
employees till death. The Monthly pension is based
on the respective employee’s salary and the tenure of
employment. Vesting occurs upon completion of ten
years of service. The company pays the monthly
pension by purchasing the annuity from Life
/
Insurance Corporation of India. Liabilities with
regard to the pension Plan are determined by
actuarial valuation as of the balance sheet date, based
upon which, the company contributes all the
ascertained liabilities to the United India Insurance
Employees’ Pension Fund Trust (the “Trust”).
Trustees administer contributions made to the Trust
and contributions are invested in specific
investments as permitted by law.
(iii) (b) New Superannuation/ New Pension
New pension scheme which is applicable to
employees who joined the company on or after 1st
April 2010 is a defined contribution scheme. The
company pays fixed contribution at predetermined
rate and the obligation of the company is limited to
such fixed contribution.
The Company recognized ` 254211 thousands
(` 223261 thousands) for pension contribution
in the Revenue Accounts and Profit and Loss
account.
(iv) Leave encashment
The employees of the Company are entitled to Leave
Encashment. The employees can carry forward a
portion of the unutilized accrued Leave Encashment
and utilize it in future periods or receive cash
compensation at retirement or termination of
employment for the unutilized accrued Leave
Encashment for a maximum of 240 days. The
company records an obligation for Leave
Encashment in the period in which the employee
renders the services that increase this entitlement.
The Company measures the expected cost of Leave
Encashment as the additional amount that the
company expects to pay as a result of the unused
entitlement that has accumulated at the balance
sheet date based on actuarial valuation.
STANDALONE FINANCIAL STATEMENTS
(v) Sick Leave
The company has provided for ` 100041 thousands
(` 111195 thousands) as liability, as on date, towards
Sick Leave entitlement for employees based on
NOTES TO ACCOUNTS
actuarial valuation.
The following table sets out the funded status of
gratuity/pension plan and the amounts recognized in
the company’s financial statements as at March 31,
2021.
Harnessing Power to Empower 269
 |

H$. df© Ho$ àma§^ Am¡a A§V ‘| {Z¶V bm^-Xm{¶Î¶m| Ho$ eof H$m g‘mYmZ
(` '000)
n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20
df© Ho$ àma§^ ‘o {Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 38757139* 31965544 12320302 11514123

dV©‘mZ godm 춶 869700 728032 294851 333728

ã¶mO ‘yë¶ 2277493 1729356 763388 867157

Xm{¶Ë¶m| na ~r‘m§H$Z hm{Z / bm^ 9100721 32624973 1007920 954612

df© Ho$ Xm¡amZ Ademo{fV am{e 2531190 2531190 0 0

nyd© godm bmJV 0 0 0 0

àXËV bm^ (11500000) (20697197) (2188005) (1349318)

df© Ho$ A§V ‘o {Z¶V Xm{¶Ëd H$m ‘yë¶ 42036243 48881898 12198456 12320302

**31.03.2020 VH$ é.10124759 hOmamo§ * H$mo N>moS>H$a Ag§~Õ Am¡a J¡a-_mÝ`Vm àmßV no§eZ Xo`Vm
I. ¶moOZm AmpñV¶m| Ho$ C{MV ‘yë¶ df© Ho$ àmaå^ ‘o Am¡a A§V ‘o H$m g‘mYmZ
(` '000)
n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20

df© Ho$ àma§^ ‘o ¶moOZm AmpñV¶m| Ho$ C{MV ‘yë¶ 31856204 29388303 13307618 10496842

¶moOZm AmpñV¶m| go AZw‘m{ZV bm^ 2379840 2301761 925646 788862

Xm{¶Ë¶m| na ~r‘m§H$Z hm{Z / bm^ (480044) (76756) (136059) (125968)

Aݶ H$n{Z¶m| go àmá 0 0 0 0

{Z¶moOH$ H$m A§eXmZ 11250000 20940093 1540000 3497200

AXm H$r J`r gw{dYm 0 0 (2752900) 0

àXËV bm^ (11500000) (20697197) (2188005) (1349318)

df© Ho$ A§V ‘o {Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 33506000 31856204 10696300 13307618

J.¶moOZm AmpñV¶m| Ho$ C{MV ‘yë¶ H$m g‘mYmZ (` '000)

n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20
ñQ¡ÊS AbmoZ {dËVr` {ddaU

df© Ho$ A§V ‘o ¶moOZm AmpñV¶m| H$m ~mµOma ‘yë¶ 33506000 31856204 10696300 13307618

df© Ho$ A§V ‘| Xm{¶Ëdm| H$m dV©‘mZ ‘yë¶ 39505053 48881898 12198456 12320302

2531190 2531190 0 0
ImVm| _| ZmoQ²g

Ademo{fV Xm{¶Ëd

VwbZ nÌ ‘o A{^km{nV A{Z{Y~Õ Xo¶Vm / (n[agn§ËVr) 8530243 19556884 1502156 (987316)

270
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

A) Reconciliation of opening and closing balances of Defined Benefit obligation:

(` in '000)
Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20

Defined benefit obligation at the beginning of the year 38757139* 31965544 12320302 11514123

Current service cost 869700 728032 294851 333728

Interest cost 2277493 1729356 763388 867157

Actuarial (gain)/loss 9100721 32624973 1007920 954612

Amount absorbed during the year 2531190 2531190 0 0

Past Service Cost 0 0 0 0

Benefits paid (11500000) (20697197) (2188005) (1349318)

Defined benefit obligation at the end of the year 42036243 48881898 12198456 12320302
* Excludes ` 10124759 thousands - of unamortized and unrecognised pension liability as of 31.03.2020.

B) Reconciliation of opening and closing balances of fair value of plan assets:

(` in '000)
Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20
Fair value of plan assets at the beginning of the year 31856204 29388303 13307618 10496842
Expected return on plan assets 2379840 2301761 925646 788862
Actuarial gain/(loss) (480044) (76756) (136059) (125968)
Received from other companies 0 0 0 0
Employer contribution 11250000 20940093 1540000 3497200
Past contribution 0 0 (2752900) 0
Benefits paid (11500000) (20697197) (2188005) (1349318)
Fair value of plan assets at the end of the year 33506000 31856204 10696300 13307618

C) Reconciliation of fair value of assets and obligations: (` in '000)

STANDALONE FINANCIAL STATEMENTS

Pension Fund Gratuity Fund

Particulars
2020-21 2019-20 2020-21 2019-20

Fair value of plan assets as at the end of the year 33506000 31856204 10696300 13307618
NOTES TO ACCOUNTS

Present value of obligations as at the end of the year 39505053 48881898 12198456 12320302

Absorbed Liability 2531190 2531190 0 0

Unfunded liability / (asset) recognized in the

Balance Sheet 8530243 19556884 1502156 (987316)

Harnessing Power to Empower 271

 |

K. bm^ Am¡a hm{Z ImVo ‘o A{^km{nV 춶

(` '000)
n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20
dV©‘mZ godm 춶 869700 728032 294851 333728
ã¶mO 춶 2277493 1729356 763388 867157
¶moOZm AmpñV¶m| go AZw‘m{ZV bm^ (2379840) (2301761) (925646) (788862)
ewÕ ~r‘m§H$Z (bm^/hm{Z) 9580765 32701729 1143979 1080580
Aݶ H§$n{Z¶m| go àmá 0 0 0 0
df© Ho$ Xm¡amZ MwH$m¶m 0 2531190 0 0
bm^ Am¡a hm{Z ImVo ‘o A{^km{nV Hw$b 춶 10348118 35388546 1276572 1492603
¶moOZm AmpñV¶m| go dmñV{dH$ bm^ 1899796) (2225005) (789587) (662894)

S>. Q´>ñQ> Ûmam g§nmo{fV {Zdoe à{VeVVm (% ‘|)

n|eZ {Z{Y~Õ CnXmZ {Z{Y~Õ
{ddaU
2020-21 2019-20 2020-21 2019-20
gaH$mar à{V^y{V¶m± 14.75 14.75 26.86 26.86
Cƒ JwUdÎmm gm‘y{hH$ ~m°ÊS> 22.52 22.52 4.20 4.20
eo¶a ~mµOma H$s gyMr ‘o gpå‘{bV H§$n{Z¶m| Ho$ eo¶a 1.05 1.05 0.00 0.00
{d{eï> O‘m ¶moOZm (å¶yMwAb µ’§$S>) 0.00 0.00 0.00 0.00
^maVr¶ OrdZ ~r‘m {ZJ‘ Ho$ gmW eof 61.68 61.68 68.94 68.94

M . VwbZnÌ H$s {V{W na ‘yb ~r‘m§H$Z nydm©Zw‘mZ (^m[aV Am¡gV Ho$ ê$n ‘o A{^춺$) (% ‘|)
n|eZ CnXmZ Nw>Å>r ZH$XH$aU
{ddaU {Z{Y~Õ {Z{Y~Õ A{Z{Y~Õ
Ny>Q> Xa 6.90 6.30 7.60
¶moOZm AmpñV¶m| na bm^ H$s AZw‘m{ZV Xa 7.50 7.50 bmJy Zht
doVZ ‘o d¥{Õ H$s Xa 2.50 2.50 bmJy Zht
H$‘©Mmar Am¶ 춶 J¡a ‘hËdnyU©
‘˶©Vm H$m¶©aV H$‘©Mm[a¶m| hoVw OrdZ ~r‘m {ZJ‘ (2006-08)
VWm OrdZ ~r‘m {ZJ‘ (1996-98)godm {Zd¥Îm gXñ¶m| hoVw
à¶moJ H$s J¶r nÕ{V àmoOoH$Q>oS> ¶y{ZQ> H«o${S>Q> nÕ{V

N>. JUZm Ho$ {bE JE ~r‘m§H$Z nydm©Zw‘mZ H$m AmYma

ñQ¡ÊS AbmoZ {dËVr` {ddaU

{ddaU nydm©Zw‘mZ H$m AmYma

¶moOZm AmpñV¶m| na bm^ H$s AZw‘m{ZV Xa EH$ df© H$s ã¶mO Xa
ImVm| _| ZmoQ²g

doVZ ‘o d¥{Õ H$s Xa ~r‘m§H$Z ‘yë¶ {ZYm©aU ‘o ^{dî¶ H$s doVZ d¥{Õ H$m AZw‘mZ ‘h§JmB©, d[að>Vm, nXmoÞ{V
VWm Aݶ àmg§{JH$ H$maH$m| O¡go {Z¶moº$m ~mµOma ‘o ny{V© Am¡a ‘m§J H$mo JUZm ‘o boH$a {H$¶m
J¶m h¡&

272
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

D) Expense recognized in the Profit and Loss account:

(` in '000)
Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20
Current service cost 869700 728032 294851 333728
Interest cost 2277493 1729356 763388 867157
Expected return on plan assets (2379840) (2301761) (925646) (788862)
Net Actuarial (gain)/loss 9580765 32701729 1143979 1080580
Received from other companies 0 0 0 0
Amortization During the year 0 2531190 0 0
Total expenses recognized in the Profit and Loss account 10348118 35388546 1276572 1492603
Actual return on plan assets (1899796) (2225005) (789587) (662894)

E) Investment percentage maintained by the trust (in %)

Pension Funded Gratuity Funded
Particulars
2020-21 2019-20 2020-21 2019-20
Government securities 14.75 14.75 26.86 26.86
High Quality Corporate Bonds 22.52 22.52 4.20 4.20
Equity Shares of Listed Co. 1.05 1.05 0.00 0.00
Special Deposit Scheme (Mutual Fund) 0.00 0.00 0.00 0.00
Others 61.68 61.68 68.94 68.94

F) Principal Actuarial assumption at the Balance sheet date (expressed as weighted average) (in %)
Pension Gratuity Leave Encashment
Particulars
(Funded) (Funded) (Unfunded)
Discount rate 6.90 6.30 7.60
Expected rate of return on plan assets 7.50 7.50 NA
Rate of escalation in salary 2.50 2.50 NA
Employee turnover Not significant
Mortality LIC (2006-08) for serving employees and
STANDALONE FINANCIAL STATEMENTS

LIC (1996-98) for retired members

Method used Projected Unit Credit Method

G) Basis of Actuarial assumption considered

NOTES TO ACCOUNTS

Particulars Basis of assumption

Expected rate of return on plan assets One year Interest rate
Rate of escalation in salary The estimate of future salary increase, considered in actuarial valuation
takes into account inflation, seniority, promotion and other relevant
factors, such as supply and demand in employment market

Harnessing Power to Empower 273

 |

O.(1) dV©‘mZ Am¡a JV Mma dfm] ‘o A{^km{nV am{e

(` '000)
g‘má df©
{ddaU (n|eZ)
31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
{Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 28804975 31447233 31965544 48881898 42036243
¶moOZm AmpñV¶m§ 24872973 29837287 29388303 31856204 33506000
A{Yeof/(H$‘r) 66 (1782348) (339937) (17025694) (8530243)

¶moOZm Xm{¶Ëdm| na ~r‘m§H$Z (bm^)/ hm{Z 3932068 (172402) 2237304 35156163 9100721
¶moOZm n[ag§n{Îm¶m| na ~r‘m§H$Z (bm^)/ hm{Z (2359131) 50100 91922 (76756) (480044)

O. (2) dV©‘mZ Am¡a JV Mma dfm] ‘o A{^km{nV am{e (` '000)

g‘má df©
{ddaU CnXmZ 31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
{Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 7978470 11139240 11514123 12320302 12198456
¶moOZm AmpñV¶m§ 6416609 7690208 10496842 13307618 10696300
A{Yeof/(H$‘r) 6416609 7690208 10496842 13307618 10696300
¶moOZm Xm{¶Ëdm| na ~r‘m§H$Z (bm^)/ hm{Z 1647701 (724534) 483469 954612 1007920

¶moOZm n[ag§n{Îm¶m| na ~r‘m§H$Z (bm^)/ hm{Z 242026 (50236) 106707 (125968) (136059

30. H$‘©Mm[a¶m| H$mo AënH$mbrZ gw{dYm

H$‘©Mmar Ûmam àXmZ H$s J¶r godm H$s g‘m{á Ho$ nümV 12 ‘mh Ho$ A§Xa AënH$mbrZ H$‘©Mmar gw{dYm O¡go Eb Q>r Eg, {M{H$Ëgm gw{dYm Am{X Omo
nyU©V… Xo¶ h¡, CgHo$ {bE AZw‘mZ Ho$ AmYma na {Z{Y H$s ì¶dñWm H$s J¶r h¡&
31. {d{Z¶m‘H$ Amdí¶H$Vm Ho$ AZwgma {ZåZ{bpIV à‘wIm| Ho$ VhV {H$E JE IMm] H$m àH [QV {H$¶m OmVm h¡ - (` '000)
{ddaU 31.03.2021 31.03.2020
~mhar òmoV H$m IM© 210028 190149
H$mamo~ma {dH$mg 726328 738154
{dnUZ g‘W©Z eyݶ eyݶ
32. g§~§{YV nj H$m àH$Q>rH$aU : E Eg 18
A) g§~§{YV nj H$m Zm‘ Am¡a H§$nZr Ho$ gmW CZH$m g§~§Y:
I) {Z¶§{ÌV H§$nZr:
‘ogog© Oo{ZW goŠ¶y[aQ>rO E§S> BZdoñQ>‘|Q> {b{‘Q>oS>
ii) g§~Õ H§$nZr:
‘ogog© B§{S>¶m B§Q>aZoeZb B§í¶yaoÝg àmBdoQ> {b, qgJmnwa
‘ogog© hoëW B§í¶yaoÝg Q>r.nr.E. Am’$ B§{S>¶m {b{‘Q>oS>, B§{S>¶m
iii) gm‘mݶ {ZXoeH$
‘ogg© Ho$Z B§{S>¶m Eí¶yaoÝg H§$nZr {b, Ho$ݶm
‘ogg© OrAmB©gr hmC{g§J \$mBZo§g {b, ^maV
ñQ¡ÊS AbmoZ {dËVr` {ddaU

iv) ‘w»¶ à~ÝYZ H$m¶©nmbH$

lr {Jare amYmH¥$îUZ, AÜ`j gh à~§Y {ZXoeH$ (01.04.2020 go )
lr a{d am°`, S>~ë`yQ>rS>r (28.12.2020 go )
lr amOrd Mm¡Yar, S>~ë`yQ>rS>r (28.12.2020 go 28.02.2021 VH$)
ImVm| _| ZmoQ²g

lr emhwb h_rX, grE\\$Amo (01.04.2020 go 27.07.2020 VH$)

lr Or gwÝXa am_Z, grE\\$Amo (28.07.2020 go)
gwlr AZJm em§VZw Xoenm§S>, H§$nZr g{Md (01.04.2020 go)

274
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

H. (1) Amount recognized in current year and previous four years:

(` '000)
Year Ended
Particulars (Pension)
31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
Defined Benefit Obligation 28804975 31447233 31965544 48881898 42036243
Plan Assets 24872973 29837287 29388303 31856204 33506000
Surplus/ (Deficit) 66 (1782348) (339937) (17025694) (8530243)
Actuarial (gain)/loss on plan obligation 3932068 (172402) 2237304 35156163 9100721
Actuarial gain/(loss) on plan assets (2359131) 50100 91922 (76756) (480044)

H. (2) Amount recognized in current year and previous four years: (` '000)
Year Ended
Particulars (Gratuity)
31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
Defined Benefit Obligation 7978470 11139240 11514123 12320302 12198456
Plan Assets 6416609 7690208 10496842 13307618 10696300
Surplus / (Deficit) 85841 (4173566) (1017281) 987316 (1502156)
Actuarial (gain) / loss on plan obligation 1647701 (724534) 483469 954612 1007920
Actuarial gain / (loss) on plan assets 242026 (50236) 106707 (125968) (136059)

30. Short Term Benefits to employees

Short-term employee benefits, which fall due wholly within twelve months after the end of the period in which the employees
render the related service, such as Leave Travel Subsidy (LTS), Medical Benefits, etc., are provided based on estimates.
31. The expenses incurred under the following heads are disclosed as per Regulatory requirement: (` '000)
Particulars 31.03.2021 31.03.2020
Outsourcing Expenses 210028 190149
Business Development 726328 738154
Marketing Support NIL Nil

32. Related party disclosures (AS 18):

a. Name of the related party and their relationship with the company:
i) Subsidiary
M/s. Zenith Securities and Investments Limited
ii) Associates
M/s. India International Insurance Pte Ltd., Singapore
STANDALONE FINANCIAL STATEMENTS

M/s. Health Insurance TPA of India Ltd., India

iii) Common Director
M/s. Ken India Assurance Co Ltd., Kenya
M/s. GIC Housing Finance Ltd., India
iv) Key Management Personnel
NOTES TO ACCOUNTS

Shri Girish Radhakrishnan, Chairman cum Managing Director (From 01-04-2020)

Shri Ravi Rai, WTD (From 28-12-2020).
Shri Rajeev Chaudhary, WTD (From 28-12-2020 to 28-02-2021).
Shri Shahul Hameed, CFO (From 01-04-2020 to 27-07-2020).
Shri G Sundara Raman, CFO (From 28-07-2020).
Ms. Anagha Shantanu Deshpande, Company Secretary (From 01-04-2020).

Harnessing Power to Empower 275

 |

I. boZ-XoZ H$m {ddaU (` '000)

_ogog© B§{S>`m _ogog© Ho$Z _ogog© h¡ëW BÝewa|g _ogg©. OrAmB©gr ‘w»¶
H«$_ B§Q>aZoeZb BÝewa|g B§{S>`m Eewa|g Qr.nr.E. Am°\$ B§{S>`m hmC{g§J à~§YH$s¶
{ddaU
g§»`m àmBdoQ> {b{_Q>oS H§$. {b. {b{_Q>oS \\$mBZoÝg {b. H$m{‘©H$
1 df© Ho$ Xm¡amZ boZXoZ
H$ df© Ho$ Xm¡amZ bm^m§e àmá hþAm
31-03-2021 26882 1817 eyÝ` 7912 eyÝ`
31-03-2020 25062 3463 eyÝ` eyÝ` eyÝ`
I B{¹$Q>r ‘| {Zdoe
31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
J nwZ~u‘m boZXoZ
- S>m¶aoŠQ> H$mo Xo¶
31-03-2021 80229 eyÝ` eyÝ` eyÝ` eyÝ`
31-03-2020 45784 eyÝ` eyÝ` eyÝ` eyÝ`
- S>m¶aoŠQ> go àm߶
31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
K {ZXoeH$ H$m nm[al{‘H$ àmá hþAm
31-03-2021 eyÝ` 134 eyÝ` eyÝ` eyÝ`
31-03-2020 eyÝ` 153 eyÝ` eyÝ` eyÝ`
L> doVZ, ^Îmo Am¡a ¶moJXmZ
31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` 12762
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` 7991
M {H$am¶m àmá hþAm
31-03-2021 eyÝ` eyÝ` 1545 530 eyÝ`
31-03-2020 eyÝ` eyÝ` 687 eyÝ` eyÝ`
N>$ àmß` {H$am`m
31-03-2021 eyÝ` eyÝ` eyÝ` 106 eyÝ`
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
O df© Ho$ Xm¡amZ ^wJVmZ H$s JB© Q>rnrE ’$sg
31-03-2021 eyÝ` eyÝ` 103554 eyÝ` Nil
31-03-2020 eyÝ` eyÝ` 115471 eyÝ` Nil
P Xo¶ Q>rnrE ewëH$
31-03-2021 eyÝ` eyÝ` 57075 eyÝ` eyÝ`
31-03-2020 eyÝ` eyÝ` 55441 eyÝ` eyÝ`
2
ñQ¡ÊS AbmoZ {dËVr` {ddaU

31.03.2019 H$mo eof àXÎm FU

31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` 5449
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` 7171
ImVm| _| ZmoQ²g

My±{H$ H§$nZr Am¡a CgH$s ghm¶H$ amÁ¶ {Z¶§{ÌV h¢, Bg{bE boIm§H$Z ‘mZH$ -18 H$s Amdí¶H$VmAm| Ho$ AZwgma Aݶ amÁ¶ {Z¶§{ÌV CnH«$‘m| Ho$ gmW
boZXoZ go g§~§{YV H$moB© Iwbmgm Zht {H$¶m J¶m h¡&

276
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

b. Details of Transactions :
(` '000)

M/s. India M/s. Ken India M/s. Health M/s GIC Key
Sl.
Particulars International Assurance Insurance TPA of Housing Managerial
No.
1 Transactions during the year Insurance Pte. Ltd. Co. Ltd. India Ltd. Finance Ltd Personnel
a. Dividend received during the year
31-03-2021 26882 1817 Nil 7912 Nil
31-03-2020 25062 3463 Nil Nil Nil
b. Investment in Equity
31-03-2021 Nil Nil Nil Nil Nil
31-03-2020 Nil Nil Nil Nil Nil
c. Reinsurance transactions
- Due to Direct
31-03-2021 80229 Nil Nil Nil Nil
31-03-2020 45784 Nil Nil Nil Nil
- Due from Direct
31-03-2021 Nil Nil Nil Nil Nil
31-03-2020 Nil Nil Nil Nil Nil
d. Director's Remuneration Received
31-03-2021 Nil 134 Nil Nil Nil
31-03-2020 Nil 153 Nil Nil Nil
e. Salaries, Allowances and Contributions
31-03-2021 Nil Nil Nil Nil 12762
31-03-2020 Nil Nil Nil Nil 7991
f. Rent received
31-03-2021 Nil Nil 1545 530 Nil
31-03-2020 Nil Nil 687 Nil Nil
g. Rent receivable
31-03-2021 Nil Nil Nil 106 Nil
31-03-2020 Nil Nil Nil Nil Nil
h. TPA fees paid during the year
31-03-2021 Nil Nil 103554 Nil Nil
31-03-2020 Nil Nil 115471 Nil Nil
STANDALONE FINANCIAL STATEMENTS

i. TPA fees payable

31-03-2021 Nil Nil 57075 Nil Nil
31-03-2020 Nil Nil 55441 Nil Nil
2 Balances of Loan and Advances as on:
NOTES TO ACCOUNTS

31-03-2021 Nil Nil Nil Nil 5449

31-03-2020 Nil Nil Nil Nil 7171

Since the Company and its Subsidiary are State controlled, no disclosures are made pertaining to the transactions with other
State controlled undertakings in accordance with the requirements of the Accounting Standard AS-18.

Harnessing Power to Empower 277

 |

33. brgg - EEg - 19

H§$nZr Zo ao§Q> EJ«r_o§Q> _o§ Q>{_©ZoeZ Šbm°O Ho$ gmW {d{^Þ dm{UpÁ`H$ n{agamo§ Am¡a Amdmgr` âb¡Q>mo§ H$mo brO na {b`m h¡ (BgH$r g_mpá go nhbo g_Pm¡Vo H$mo
g_má H$aZo Ho$ àmdYmZ Ho$ gmW& `o brO EJ«r_o§Q> Am_ Vm¡a na VËH$mbrZ àM{bV eVmoª / Amdí`H$VmAmo§ Ho$ AmYma na g_rjm Ho$ ~mX g_mpá na ZdrZrH¥$V
hmoVo h¡§& brO {Z`_/g_Pm¡Vo Am_Vm¡a na H§$nZr Ho$ {Xem-{ZX}emo§ Ho$ AZwgma _mZH$ àmê$nmo§ Ho$ AmYma na {Zînm{XV {H$E OmVo h¡§& amOñd ImVo _o§ à^m{aV
n{aMmbZ nÅmo§ Ho$ g§~§Y _o§ nÅm {H$am`m ì`` 1166408 hOma én`o (1229030 hOma én`o) h¡&
34. boIm ‘mZH$ E Eg 20 Ho$ AZwgma à{V eo¶a H$m Am¶ H$m àH$Q>Z:
H«$‘ g§»¶m {ddaU 31-03-2021 31-03-2020

1. eo`aYmaH$mo§ Ho$ {bE CnbãY ewÕ bm^ (ê$ hOmamo§ _o) -9906607 -15014191

2. ^m{aV Am¡gV na Omar gm_`m§e eo`amo§ (g§»`m _o) 1521931507 151639344

3. àË`oH$ é.10/- Ho$ à{V eo`a go _yb Am` -6.51 -99.01

H§$nZr Ho$ nmg H$moB© ~H$m`m ~§X g§^mì` gm_`m§e eo`a Zhr§ h¡& BgHo$ n{aUm_ñdê$n H§$nZr Ho$ _yb Am¡a à{V eo`a go àmß` Am` _o H$moB© n{adV©Z Zhr§ h¡&
35. ^{dî` _o n`m©á H$a `mo½` Am` H$r C{MV {Zpü§VVm Ho$ A^md _o 31.03.2021 H$mo ñW{JV H$a n{ag§npÎm`m± A{^km{nV Zhr§ h¡ &
36. à~§YZ H$r am` _o H§$nZr H$r n{ag§npÎm`mo§ _o H$moB© _yë`õmg Zhr§ h¡ Omo boIm _mZH$ 28 Ho$ AZwgma g_m`moOZm H$r Anojm hmo&

37. {nN>br Ad{Y Ho$ ‘Xm| H$mo g§~pÝYV erfm] Ho$ VhV gpå‘{bV Š¶m J¶m h¡ Am¡a {ddaU {ZåZmZwgma h¡: (` '000)
{ddaU 31-03-2021 31-03-2020

nyd© Ad{Y Am¶ 1517 -

nyd© Ad{Y 춶 21081 15552

38. à~§YZ Ûmam à‘m{UV joÌdma gH$b àr{‘¶‘ {ZåZmZwgma h¡ (` '000)

31-03-2021 31-03-2020
H«$‘ Omar H$s JB© nm{b{g¶m± Omar H$s JB© nm{b{g¶m±
g§»¶m {ddaU
‘yë¶ Am¡a Amd[aV % ‘yë¶ Am¡a Amd[aV %
Ordm| H$s g§»¶m Ordm| H$s g§»¶m
1. J«m‘rU joÌ (Omar H$s JB©
nm{b{g¶m| H$s g§»¶m) 14890746 - 8.91 28251885 - 16.13

2. gm‘m{OH$ joÌ (Amd[aV

Ordm| H$s g§»¶m) 25021269 157713580 14.98 6917607 105264805 3.95

3. Aݶ joÌ 127134945 - 76.11 139981408 - 79.92

Hw$b H$mamo~ma 167046960 100.00 175150900 100.00

39. OmopI‘ H$s gr‘m Am¡a nwZ~u‘m Ho$ {bE {ddaU {ZåZmZwgma h¢ - (% ‘| )
ñQ¡ÊS AbmoZ {dËVr` {ddaU

H«$‘ {ddaU
g§»¶m 31-03-2021 31-03-2020

1. OmopI‘ Ademo{fV 84.29 78.45

ImVm| _| ZmoQ²g

2. OmopI‘ nwZ~u‘m 15.71 21.55

278
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

33. Leases- AS-19:-

The Company has taken various commercial premises and residential flats on lease with Termination Clause in the Rent
Agreement (with provision to terminate the agreement before its expiry. These lease agreements are normally renewed on
expiry after review based on the then prevalent conditions / requirements. Lease Terms / Agreements are usually executed
based on Standard Formats as per Company guidelines. Lease rental expense in respect of operating leases charged to
revenue account is ` 1166408 thousands (` 1229030 thousands).
34. Disclosures as per AS 20 “Earnings per Share”

Sl.No. Particulars 31-03-2021 31-03-2020

1. Net Profit/(Loss) attributable to shareholders (` in thousands) -10071845 -15083540
2. Weighted Average Number of Equity Shares issued (in Nos.) 1521931507 151639344
3. Basic earnings per share of `10/- each -6.62 -99.47

The Company does not have any outstanding dilutive potential equity shares. Consequently, the basic and diluted earnings
per share of the Company remain the same.
35. Deferred Tax Assets has not been recognized as on 31-03-2021 in the absence of reasonable/virtual certainty of
sufficient future taxable income.
36. In the opinion of the management, there is no impairment of assets of the company that require any adjustment to be
made in terms of Accounting Standard-28.
37. Prior period items have been included in the respective heads and consist of the following: (` '000)
Particulars 31-03-2021 31-03-2020
Prior period income 1517 -
Prior period expenses 21081 15552

38. The sector-wise Gross Premium underwritten as certified by the Management is as follows: (` '000)
31-03-2021 31-03-2020
Sl. No. of Policies No. of Policies
No. Particulars
Value issued and lives % Value issued and lives %
covered covered
1. Rural Sector
(No.of Policies issued) 14890746 - 8.91 28251885 - 16.13

2. Social Sector
(Lives covered) 25021269 157713580 14.98 6917607 105264805 3.95
STANDALONE FINANCIAL STATEMENTS

3. Other Sector 127134945 - 76.11 139981408 - 79.92

Total Business 167046960 100.00 175150900 100.00

NOTES TO ACCOUNTS

39. The details for extent of risk retained and reinsured are as follows: (in %)

Sl. No. Particulars 31-03-2021 31-03-2020

1. Risk Retained 84.29 78.45

2. Risk Reinsured 15.71 21.55

Harnessing Power to Empower 279

 |

40. àmdYmZ H$m {ddaU (` ‘000)

Nw>Å>r ZH$XrH$aU ~wao Am¡a g§{X½Y F$Um|
AñdñW Nw>Å>r Ho$ {bE àmdYmZ
{ddaU Ho$ {bE àmdYmZ XrK©H$m{bH$
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
df© Ho$ àma§^ _o§ eof 2797533 2832244 111194 118707 3428667 2456538
OmoS> 0 0 0 0 4221114 997644
Cn¶moJ 0 0 0 0 0 0
{ZamH$aU 119777 34711 11153 7512 729 25517
df© Ho$ A§V _o§ eof 2677756 2797533 100041 111194 7649052 3428667

41. àr{‘¶‘ H$s H$‘r:

gH$b àË`j J¡a A{O©V àr{_`_ H$m n{aH$bZ 1/12 AmYma na {H$`m 100% H$r Am{YŠ` na JUZm H$r J`r h¡ Am¡a g_ñV H$mamo~mamo§ _o§ àr{_`_
J`m h¡ Am¡a Cggo ewÕ A{O©V àr{_`_ H$r JUZm Ho$ {bE ewÕ àr{_`_ na H$r H$_r hmoZo H$r pñW{V _o§ àË`oH$ I§S> Ho$ AmYma na boImo§ _o§ A{^km{nV
{b`m J`m h¡ & ewÕ àr{_`_ H$r VwbZm ewÕ CnJV (Xmdo go g§~§{YV ì`` {H$`m OmVm h¡ & 31.03.2021 H$mo I§S>mZwgma amOñd ñVa na àr{_`_ _o§
g{hV) Ho$ gmW hr H$r J`r h¡ Am¡a Ohm§ ewÕ CnJV Xmdo 100% go A{YH$ H$moB© H$_r Zhr§ h¡ & hmbm§{H$ _arZ hb, _moQ>a Q>rnr, ì`pº$JV XwK©Q>Zm Am¡a
hmo àr{_`_ H$r H$_r ewÕ J¡a A{O©V àr{_`_ na ewÕ CnJV Xmdo Ho$ {d_mZZ g§{d^mJ _o§ àr{_`_ H$r H$_r hwB© h¡ {Ogo ZrMo Xem©`m J`m h¡ &
(` ‘000)
H$‘r
I§S>
31.03.2021 31.03.2020
ì`pº$JV XwK©Q>Zm 7348 370812
{d_mZZ 427685 65625
ñdmñÏ` d AñnVmbrH$aU 0 1153432

42. n[anÌ g§. AmB©Ama S>r E / E’$ E / n[a/nÌm§H$ / gr Eb S>r /114 / 05 / 2015 {XZ§mH$ 28.05.2015 Ho$ AZwgma Xmdm Z {H$E JE
am{e Am¡a {Zdoe Am¶ H$m àH QrH aU
Mmby df© {nN>bm df©
{ddaU
nm°{bgr ~H$m`m A{O©V Am` nm°{bgr ~H$m`m A{O©V Am`
àmapå^H$ eof 739651 0 674674 0
Omo‹S>: ñdrH¥$V _o§ hñVm§V{aV am{e 884524 0 117464 0
Omo‹S>: MoH$ Omar {H$E JE am{e go ~mha Omar H$ao§,§ 13898 0 200493 0
bo{H$Z nm{bgrYmaH$mo§ Ûmam ^amd Zhr
Omo‹S>: Xmdm Z {H$E JE \\$§S> na {Zdoe Am` 34178 11557 40207 14635
KQ>md: {V_mhr Ho$ Xm¡amZ ^wJVmZ {H$E JE Xmdmo§ H$r am{e 840211 0 294220 0
KQ>md:EggrS>ãë`yE\\$ H$mo hñVm§V{aV am{e (nhbo hñVm§V{aV am{e Ho$ 42916 0 13602 0
g§~§Y _o§ ^wJVmZ {H$E JE Xmdmo§ H$m ewÕ)
ñQ¡ÊS AbmoZ {dËVr` {ddaU

Xmdm Z {H$`o J`o am{e H$m A§{V_ eof 789124 11557 739651 14635
ImVm| _| ZmoQ²g

*ZmoQ> : ^wJVmZ H$s JB© am{e ‘| {ZåZ {bpIV gpå‘{bV h¡

(I) AmB©AmaS>rE Ho$ n{anÌ g§. AmB©AmaS>rE /E\\$ & E / n{a / {d{dY / 173/07/2017 {X. 25.07.2017 Ed§ n{anÌ g§. AmB©AmaS>rE /E\\$ & E / n{a / {d{dY /
20/02/2018 {X. 06.02.2018 Ho$ AZwgma é. 42916 hOma H$r am{e d{aîR> ZmJ{aH$ H$ë`mU {Z{Y H$mo hñVm§V{aV H$r JB© h¡ &

280
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

40. Details of Provisions (` ‘000)

Provision for Leave Provision for Bad and
Sick Leave
Encashment (Long Term) Doubtful Debts
Particulars
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
Opening balance 2797533 2832244 111194 118707 3428667 2456538
Additions 0 0 0 0 4221114 997644
Utilization 0 0 0 0 0 0
Reversals 119777 34711 11153 7512 729 25517
Closing balance 2677756 2797533 100041 111194 7649052 3428667

41. Premium Deficiency

The Gross Direct unearned premium is arrived at 1/12 Claims on Net Unearned Premium and the same is
basis and the same is applied on Net Premium to arrive calculated for each portfolio and is recognized in the books
at Net Unearned Premium. The net premium is only when there is deficiency at segmental Revenue Account
compared with the Net incurred claims (including level. For the year ended 31-03-2021, there is no premium
claims related cost) and where the net incurred claims deficiency at segmental revenue level. However, premium
is more than 100%, the premium deficiency is deficiency has arisen only in Personal Accident and Aviation
calculated on the excess over 100% of Net Incurred portfolio and the same is disclosed here.
(` ‘000)
Deficiency
Segment
31.03.2021 31.03.2020
Personal Accident 7348 370812
Aviation 427685 65625
Health & Hospitalization 0 1153432

42. Disclosure of Unclaimed amount and Investment Income thereon as per circular No.IRDA/F&A/CIR/CLD/114/05/2015
dated 28-05-2015. (` in '000)
Current Year Previous Year
Particulars
Policy Dues Income Accrued Policy Dues Income Accrued
Opening Balance 739651 0 674674 0
Add: Amount Transferred to Unclaimed Amount 884524 0 117464 0
Add: Cheque issued out of the Unclaimed amount 13898 0 200493 0
but not uncashed by the policyholders'(to be included
only when the cheques are stale)
STANDALONE FINANCIAL STATEMENTS

Add: Investment Income on Unclaimed Fund 34178 11557 40207 14635

Less: Amount of claims paid during the quarter 840211 0 294220 0
Less: Amount transferred to SCWF (net of claims 42916 0 13602 0
paid in respect of amounts transferred earlier)
NOTES TO ACCOUNTS

Closing Balance of Unclaimed Amount 789124 11557 739651 14635

*Note:
(I) Amount paid during the year includes an amount of ` 42916 thousands transferred to Senior Citizens welfare Funds
as per IRDAI Circular No. IRDA/F&A/CIR/MISC/173/07/2017 dated 25.07.2017 and Circular No. IRDA/F&A/CIR/
MISC/20/02/2018 dated 06.02.2018.

Harnessing Power to Empower 281

 |

(ii) nm{bgrYmaH$mo§ (é. 730135hOma) Ho$ AXm{dV am{e hoVw 31.03.2020 H$mo é.808043hOma H$r gmd{Y {Z{Y H$m eof CnbãY h¡ &
(iii) nm{bgrYmaH$mo§ H$r {Z{Y H$m df©dma {ZíbofU AZwb½ZH$ - (iv) _o§ g§b½Z h¡ &

43. ^maVr` ~r_m {Z`m_H$ Am¡a {dH$mg àm{YH$aU (gm_mÝ` `m ñdmñÏ` ~r_m ì`dgm` H$m boZ-XoZ H$aZo dmbo ~r_mH$Vm©Amo§ Ho$ à~§YZ Ho$ ì``) {d{Z`_ 2016 Ho$
g§X^© _o§ ñdrH$m`© gr_m go A{YH$ à~§YZ ì`` H$r JUZm ì`dgm` H$r {d{^Þ bmBZmo§ Ho$ g§~§Y _o§ H$r JB© h¡& I§S>mo§ Ho$ {bE à~§YZ Ho$ IM© Omo ñdrH$m`© gr_m Ho$ ^rVa
h¡§, CÝho§ amOñd ImVmo§ _o§ à^m{aV {H$`m J`m h¡& CZ I§S>mo§ Ho$ {bE à~§YZ H$m IM© Omo ñdrH$m`© gr_m go A{YH$ hmo JE h¡§, bm^ Am¡a hm{Z ImVo (eo`aYmaH$mo§ Ho$ ImVo)
go 1414468 hOma én`o (5533 hOma én`o) VH$ dgyb {H$E JE h¡§&

44. n`m©daU Am¡a dZ _§Ìmb` Zo amOñd A{YgyMZm {XZm§{H$V 4.11.08 Ho$ _mÜ`_ go H§$nZr H$mo nm±M df© H$r Ad{Y Ho$ {bE ''n`m©daU amhV {Z{Y''(B©AmaE\$) Ho$
{Z{Y à~ÝYH$ Ho$ ê$n _o {Z`wpº$ H$r J`r h¡& CgHo$ nümV Omar A{YgyMZm g§»`m OrEgAma34 (B©) {XZm§{H$V 15 OZdar 2020 Ho$ AZwgma H§$nZr H$mo {Z{Y
à~ÝYH$ Ho$ ê$n _o§ 15 AJñV 2024 VH$ ~‹T>m`m J`m h¡& {Z_m©U, ewëH$ n{aH$bZ H$r àUmbr gm§{d{YH$ AnojmAmo§ Am¡a AÝ` àMmbZ _m_bmo§ Ho$ g§~§Y _o ñnïrH$aU
AnopjV h¡& H${WV A{YgyMZm Ho$ AZwgma H§$nZr Zo {Z{Y à~ÝYH$ godm à^ma Ho$ {bE df© Ho$ Xm¡amZ é. 5002 hµOma (é. 5519 hµOma) H$mo Am` Ho$ ê$n _o _mÝ`Vm Xr
h¡, `h {Z{Y Ho$ AZnopjV boIm Ho$ AmYma na h¡&

45. {d{^ÝZ gaH$mar àm{YH$mamo§ Ûmam X§S>mË_H$ H$m`©dmhr H$m {ddaU…

(` ‘000)
H«$‘ àm{YH$ma J¡a - AZwnmbZ / {X¶m J¶m AXm {H$¶m Ny>Q> / H$‘ {H$¶m
g§»¶m C„§KZ Ow‘m©Zm J¶m Ow‘m©Zm J¶m Ow‘m©Zm
1. ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU 0 0 0 0
2 g§dm H$a àm{YH$mar 0 0 0 0
3 Am¶H$a àm{YH$mar 0 0 0 0
4 AÝ` H$a àm{YH$mar 0 0 0 0
5 àdV©Z {ZXoemb` / {ZUm©`H$ àm{YH$ma / A{YH$aU
`m E\\$B©E_E Ho$ VhV H$moB© àm{YH$ma 0 0 0 0
6 H§$n{Z¶m| H$m a{OñQ´>ma / EZgrEbQ>r / gbEb~r /
{S>nmQ>©‘|Q> Am°’$ H$m°nm}aoQ> A’o$¶g© ¶m H§$n{Z¶m| Ho$
AYrZ H$moB© àm{YH$aU 1956 A{Y{Z¶‘ 0 0 0 0
7 Xmdm {ZnQ>mZ g{hV {H$gr ^r ‘m‘bo Ho$ {bE {H$gr ^r
AXmbV / {Q´>ã¶yZb Ûmam X§{S>V {H$¶m J¶m bo{H$Z
j{Vny{V© H$mo N>mo‹S>H$a 0 0 0 0
8 ^maVr` à{V^y{V Am¡a {d{Z_` ~moS>© go~r (BZgmBS>a Q>«o{S§>J {ZfoY - 1014 1014 0
nrAmB©Q>r) {d{Z`_ 2015 Ho$
{d{Z`_ 7 (2) (H$)
ñQ¡ÊS AbmoZ {dËVr` {ddaU

Ho$ VhV C„§KZ - {ZnQ>mZ AmXoe

9 ^maVr` à{V`mo{JVm Am`wŠV 0 0 0 0
10 H$moB© Aݶ H|$Ðr¶ / amÁ¶ / ñWmZr¶ gaH$ma /
ImVm| _| ZmoQ²g

d¡Ym{ZH$ àm{YH$aU 0 0 0 0
df© Ho$ Xm¡amZ {H$gr Aݶ gaH$mar àm{YH$aU Ûmam H$moB© Aݶ X§S>mË‘H$ H$ma©dmB© Zht H$s JB© h¡ &

282
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(ii) Fixed Deposit balance for an amount of ` 808043 thousands (` 730135 thousands) is available as on 31-03-2021
towards unclaimed amount pertaining to policyholders.
(iii) Age wise analysis of Policyholders’ funds is enclosed in Annexure-IV.

43. Expenses of management expenses over allowable limits have been computed in respect of different lines of business
in terms of Insurance Regulatory and Development Authority of India (Expenses of management of Insurers
transacting General or Health Insurance Business) Regulations 2016. The Expenses of management for the segments
which are within the allowable limits have been charged to the Revenue Accounts. Expenses of Management for the
segments which have exceeded the allowable limits have been charged to the Profit & Loss Account (Shareholders
Account) to the tune of ` 1414468 thousands (` 5533 thousands).

44. The Company was appointed as Fund Manager for “Environment Relief Fund” (ERF) vide Ministry of Environment and
Forest’s Gazette Notification dated 4.11.2008 for a period of five years and vide latest notification no. G.S.R 34 (E)
dated 15th January 2020, the company’s position as Fund Manager was extended up to 15th August 2024. Pending
receipt of clarification regarding Constitution, statutory requirements and other operational issues, the Company in
terms of the said notification has recognized Fund Manager's service charges (net of expenses) to the tune of ` 5002
thousands (` 5519 thousands) as income during the year, based on the unaudited accounts of the Fund.

45. Details of penal actions taken by various Government Authorities (` ‘000)

Sl.No Authority Non-Compliance / Penalty Penalty Penalty Waived /

Violation Awarded Paid Reduced
1. Insurance Regulatory and
Development Authority 0 0 0 0
2 Service Tax Authorities 0 0 0 0
3 Income Tax Authorities 0 0 0 0
4 Any other Tax Authorities 0 0 0 0
5 Enforcement Directorate / Adjudicating
Authority / Tribunal or any Authority
under FEMA 0 0 0 0
6 Registrar of Companies / NCLT / CLB /
Department of Corporate Affairs or any
Authority under Companies Act, 1956 0 0 0 0
7 Penalty awarded by any Court / Tribunal
for any matter including claim settlement
STANDALONE FINANCIAL STATEMENTS

but excluding compensation 0 0 0 0

8 Securities and Exchange Board of India Violation under Regulation
7 (2) (a) of SEBI
(Prohibition of Insider 1014 1014 0
Trading - PIT) Regulations
NOTES TO ACCOUNTS

2015 - Settlement Order

9 Competition Commission of India 0 0 0 0
10 Any other Central / State / Local
Government / Statutory Authority 0 0 0 0
No other penal action has been taken by any other Government Authority during the year.

Harnessing Power to Empower 283

 |

46. ‘mBH«$mo, bKw, ‘ܶ CÚ‘ {dH$mg A{Y{Z¶‘ 2006 H$s Ymam 22 Ho$ VhV ‘mBH«$mo Am¡a bKw, CÚ‘ H$mo {db§~ go ^wJVmZ Aܶm¶ Ho$ AYrZ
Ano{jV àH$Q>rH$aU
{ddaU 31-03-2020 31-03-2019
df© Ho$ A§V ‘o {H$gr ^r Amny{V©H$Vm© Ho$ {bE AàXÎm eof ‘yb YZ am{e eyݶ eyݶ
Cnamoº$ am{e na ã¶mO eyݶ eyݶ
‘mBH«$mo, bKw, ‘ܶ CÚ‘ {dH$mg A{Y{Z¶‘ 2006 H$s Ymam 16 Ho$ AZwgma ^wJVmZ ã¶mO H$s am{e eyݶ eyݶ
df© Ho$ Xm¡amZ {ZYm©[aV {Xdg Ho$ ~mX Amny{V©H$Vm© H$mo ^wJVmZ H$s J¶r am{e eyݶ eyݶ
{db§~ go ^wJVmZ H$aZo Ho$ {bE ~H$m¶m Am¡a Xo¶ ã¶mO H$s am{e na§Vw A{Y{Z¶‘ Ho$ VhV {Z{X©ï> ã¶mO
Ho$ Omo‹S>o {~Zm eyݶ eyݶ
df© Ho$ A§V ‘o A{O©V Am¡a ~H$m¶m AàXÎm ã¶mO H$s am{e eyݶ eyݶ
H§$nZr Ho$ nmg CnbãY gyMZm Ho$ AmYma na nm{Q©>¶m| H$s nhMmZ H$aVo hþE Cnamoº$ OmZH$mar H$mo g§H${bV {H$¶m J¶m h¡&
47. ^maV ^a Ho$ H$B© amÁ`mo§ _o§ H$mo{dS> Am¡a bm°H$S>mCZ Ho$ H$maU, H$B© Xwén`moJ {H$`m J`m Wm& Mmby df© H$r g_ñV am{e H$m boIm nwñVH$mo§ _o§
H$m`m©b` H$_ H$_©Mm{a`mo§ Ho$ gmW H$m_ H$a aho Wo& g^r H$m`m©b`mo§ _o§ H$B© àmdYmZ {H$`m J`m h¡&
H$_©Mmar H$mo{dS> go à^m{dV Wo Am¡a OmZ_mb Ho$ ZwH$gmZ H$r g§»`m _o§ {deof boImnarjm Am¡a gVH$©Vm Q>r_ Zo _m_bo H$r Om§M H$r h¡ Am¡a ñdV§Ì
d¥pÕ hwB© Wr& boImnarjH$ boImnarjm H$aZo _o§ gj_ Zhr§ Wo {OgHo$ \\$moao§{gH$ boIm narjH$ Zo {díbofU {H$`m h¡& XmoZmo§ H$_©Mm{a`mo§ H$mo
H$maU boImAmo§ H$mo ~§X H$aZo Am¡a boImnarjm H$mo nyam H$aZo _o§ {dbå~ VËH$mb gñno§S> H$a {X`m J`m& _hmamï— nw{bg H$r Am{W©H$ AnamY emIm
hwAm& H$B© H$m`m©b`mo§ _o§ g§npÎm H$r ^m¡{VH$ Om°M Zhr§ H$r Om gH$r& gyú_ _o§ XO© àmW{_H$r Ho$ AmYma na XmoZmo§ Amamo{n`mo§ H$mo {JaâVma H$a {b`m
H$m`m©b`mo§ H$m g_`-g_` na {ZarjU ^r g_` na Zhr§ hmo gH$m& J`m Am¡a do Ý`m{`H$ {hamgV _o§ h¡§&
H$m`m©b`mo§ H$r Am§V{aH$ boImnarjm Am°ZbmBZ _mÜ`_ go H$r JB©& n{wbg A{YH$m{a`m§o Ûmam bm^mWu H$o ImVm§o H$mo \\$r«O H$a {X`m J`m Wm Ama¡
H§$nZr Zo CZ g§^m{dV à^mdmo§ na {dMma {H$`m h¡ Omo H$mo{dS> -19 _hm_mar JbV YZ go IarXr JB© gn§pÎm`m§o H$o {Ibm\\$ FU^ma ~Zm`m J`m Wm&
go AnZr g§npÎm Am¡a àmpá`mo§ Ho$ dhZ _yë` na hmo gH$Vo h¡§ Am¡a ì`mnma Ho$
49. EH$ _§S>b H$m`m©b` Ho$ boIo na boImnarjH$ Ûmam hñVmja {H$E OmZo
gm_mÝ` VarH$mo§ _o§ BZ n{ag§npÎm`mo§ H$r AJ«UrV am{e H$r dgybr H$r
Cå_rX H$aVo h¡§& H§$nZr ^{dî` H$r Am{W©H$ pñW{V`mo§ _o§ {H$gr ^r ^m¡{VH$ ~mH$r h¡§, `Ú{n Cg na boImnarjm à{VdoXZ Omar H$a {X`m J`m h¡&
n{adV©Z H$r bJmVma {ZJamZr H$a ahr h¡& 50. dV_©mZ df© H$o g_hym§o `m dJuH$aUm§o H$o AZêw$n Ohm§ ^r Amdí`H$ hm,o {nN>bo
48. EH$ H$_©Mmar Am¡a CgH$r nËZr, Omo EH$ H$_©Mmar ^r h¡, Ûmam H§$nZr Ho$ df© H$o AmH§$S‹>m§o H$r nZwgaªMZm / nZwamdVZ© / nZwì`d©ñWmnZ {H$`m J`m h&¡
YZ Ho$ Xwén`moJ Ho$ _m_bo H$m nVm ~‹So> H$m°anmoaoQ> Am¡a ~«moH$g© H$m`m©b` 51. ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ _mZX§S> Ho$ AZwgma
[Ebgr~r], _w§~B© _o§ bJm`m J`m& CZHo$ ì`pº$JV ImVo Am¡a Xygamo§ Ho$ {dÎmr` {ddaU _o d{U©V {hñgo _o Am§H$‹So> én`o hOmamo§ _o h¡ &
ImVo _o§ YZam{e Ho$ hñVm§VaU Ûmam ₹198.99 H$amo‹S> H$r am{e H$m 52. H$moîR>H$ _o§ {X`o J`o Am§H$So> {nN>bo df© go g§~§{YV h¡ &

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go

dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
h_mao g§b½Z à{VdoXZ Ho$ AZwgma
H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
ñQ¡ÊS AbmoZ {dËVr` {ddaU

gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424

gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
ImVm| _| ZmoQ²g

{XZm§H$ : 16.08.2021

284
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

46. Disclosures required under Section 22 of Micro, Small and Medium Enterprises Development Act 2006 under the Chapter
on Delayed Payments to Micro and Small Enterprises.

Particulars 31-03-2021 31-03-2020

Principal amount remaining unpaid to any supplier as at the end of the year
Interest due on the above amount
Amount of interest paid in terms of Section 16 of the MSMED Act, 2006.
Amount of payments made to the suppliers beyond the appointed day during the year
Amount of interest due and payable for the delay in making the payment
but without adding the interest specified under the Act
Amount of interest accrued and remaining unpaid at the end of the year
The above information has been compiled to the extent such parties have been identified based on information available with the company.
47. Due to COVID and lockdown in many states across
India, many offices were working with reduced staff
strength. Across offices several employees were
affected with Covid and there was increase number
of loss of lives. Auditors were not able to take up
audit leading to delay in closing of accounts and
completion of audit. Physical inventory of assets
could not be conducted in many offices. Periodical
inspection of Micro offices also could not be
conducted on time. Internal audit of offices was done
through online mode.
The Company has considered the possible effects
which may result from COVID -19 pandemic on the
49.
carrying value of its assets and receivables and
expects to recover carrying amount of these assets
in ordinary course of business. The Company is
continuously monitoring any material changes in 50.
future economic conditions.
48. A case of misappropriation of Company's funds by
an employee and his spouse, who is also an
employee, was detected at Large Corporate and 51.
Brokers office [LCB], Mumbai. An amount of
198.99 crores was misappropriated by transfer of
funds to his personal account and account of others. 52.
Nil Nil
Nil Nil
Nil Nil
Nil Nil
Nil Nil
Nil Nil
Provision has been made in the books of accounts for
the entire amount in the current year.
Special Audit team and Vigilance have investigated
the matter and independent Forensic Auditor has
taken up the analysis. Both the employees were
placed under Suspension immediately. Based on FIR
lodged with Economic Offences Wing of
Maharashtra Police, both accused were arrested and
are under judicial custody.
The beneficiary accounts were frozen by the Police
authorities and encumbrances are created against the
properties purchased out of misappropriated funds.
Accounts of one Divisional office is yet to be signed
by the Auditor although Audit Report thereon has
been issued.
Regrouping/reclassifying/ rearranging/recasting of
previous year figures has been done wherever
necessary to conform to the current year groupings/
classifications.
Figures in the narrative part of financial statements
are in thousands of Rupees, conforming to IRDAI
norms.
Figures given in brackets relate to previous year.

For and on behalf of Board

ANAGHA DESHPANDE G SUNDARA RAMAN Y.K. SHIMRAY RAJKIRAN RAI G
STANDALONE FINANCIAL STATEMENTS

COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR

DIN : 09272315 DIN : 07427647
Vide our report of date attached
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
NOTES TO ACCOUNTS

FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
Place: Chennai
Date : 16.08.2021

Harnessing Power to Empower 285

 |

31-03-2021 H$mo ~H$m`m Xmdm| H$m ~`mZ (^maVr` ì`dgm`)

AZwb½ZH$ I
30 {XZ `m Cggo H$_ 3 _hrZo `m Cggo H$_ naÝVw 6 _hrZo `m Cggo H$_ naÝVw 3 _hrZo 1 gmb `m Cggo H$_ naÝVw 6 _hrZo
Ad{Y Ho$ {b`o eof 30 {XZ go A{YH$ Ad{Y Ho$ {b`o eof go A{YH$ Ad{Y Ho$ {b`o eof go A{YH$ Ad{Y Ho$ {b`o eof
{d^mJ
(i) (ii) (iii) (iv)
g§. am{e g§. am{e g§. am{e g§. am{e
Ap½Z 214 1279551 322 726185 478 3229025 889 4770583
g_wÐr Zm¡^ma 194 163713 274 107806 391 152020 529 2661688
g_wÐr nmoV 33 13192 22 30370 45 149167 22 94439
_moQ>a {ZOr j{V 14088 906653 9759 1242176 4807 863886 2580 552739
_moQ>a V¥¥Vr` nj 3428 4981858 5966 7639936 7408 9048836 10094 11564465
_moQ>a AñdrH¥V Omo{I_ nyb 5 8142 1 305 6 12213 12 11655
_moQ>a V¥¥Vr` nj nyb 23 92 34 13585 54 13321 168 83959
H$_©H$ma à{VH$a 29 16926 41 9949 75 -185169 101 65570
ì`pŠVJV XwK©Q>Zm 539 837887 943 1488563 926 1472701 892 1327934
{d_mZZ 1 600442 0 0 2 67978 1 410245
B§Or{Z`[a¨J 350 90693 487 256149 405 477838 380 1740473
O_m 0 0 0 0 0 0 0 0
AÝ` {d{dY 668 75794 969 186293 874 200025 904 358714
Xo`Ëmm`| 7 2418 30 218591 46 133052 38 68401
ñdmñÏ` d AñnVmbrH$aU 40952 10322827 16977 1010957 8502 941365 4057 1649224
µ\ gb 15 11619247 2 37 0 0 7 439006
Hw$b 60546 30919435 35827 12930902 24019 16576258 20674 25799095

(` '000 _|)
30 {XZ `m Cggo H$_ 3 _hrZo `m Cggo H$_ naÝVw 6 _hrZo `m Cggo H$_ naÝVw 3 _hrZo 1 gmb `m Cggo H$_ naÝVw 6 _hrZo
Ad{Y Ho$ {b`o eof 30 {XZ go A{YH$ Ad{Y Ho$ {b`o eof go A{YH$ Ad{Y Ho$ {b`o eof go A{YH$ Ad{Y Ho$ {b`o eof
{d^mJ
(v) (vi) (vii)
g§. am{e g§. am{e g§. am{e g§. am{e
Ap½Z 799 14317302 287 1905964 607 4086506 3596 30315116
g_wÐr Zm¡^ma 525 622869 156 333778 282 448131 2351 4490005
g_wÐr nmoV 60 3379457 28 256284 54 168454 264 4091363
_moQ>a {ZOr j{V 3277 763709 1040 177701 1059 200543 36610 4707407
_moQ>a V¥¥Vr` nj 66028 79621837 32788 39037566 32362 28465808 158074 180360306
_moQ>a AñdrH¥V Omo{I_ nyb 97 115726 319 537929 330 586398 770 1272368
_moQ>a V¥¥Vr` nj nyb 761 374569 843 515965 9659 4423515 11542 5425006
H$_©H$ma à{VH$a 270 250325 239 254175 398 386398 1153 798174
Xmdm| H$m dîm©dma {ddaU 31-03-2021

ì`pŠVJV XwK©Q>Zm 1465 1077345 436 203362 369 199809 5570 6607601
{d_mZZ 13 846333 5 46230 5 245461 27 2216689
B§Or{Z`[a¨J 513 4454942 148 496228 172 2811974 2455 10328297
O_m 0 0 0 0 5 4361 5 4361
AÝ` {d{dY 817 995425 558 772743 699 567641 5489 3156635
Xo`Ëmm`| 270 853982 256 684435 1098 523178 1745 2484057
ñdmñÏ` d AñnVmbrH$aU 3745 267005 2339 145621 517 64963 77089 14401962
µ\ gb 438 419471 3 323169 0 0 465 12800930
Hw$b 79078 108360297 39445 45691150 47616 43183140 307205 283460277

286
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

AGEING OF OUTSTANDING CLAIMS AS AT 31-03-2021 (INDIAN BUSINESS) Annexure I

(` in '000)
O/s for 30 days O/s for 3 months or less O/s for 6 months or less O/s for 1 year or less
or less but more than 30 days but more than 3 months but more than 6 months
Department
(i) (ii) (iii) (iv)
No. Amount No. Amount No. Amount No. Amount

Fire 214 1279551 322 726185 478 3229025 889 4770583

Marine Cargo 194 163713 274 107806 391 152020 529 2661688
Marine Hull 33 13192 22 30370 45 149167 22 94439
Motor OD 14088 906653 9759 1242176 4807 863886 2580 552739
Motor TP 3428 4981858 5966 7639936 7408 9048836 10094 11564465
Motor DR Pool 5 8142 1 305 6 12213 12 11655
Motor TP Pool 23 92 34 13585 54 13321 168 83959
Workmen Comp. 29 16926 41 9949 75 -185169 101 65570
Personal Acc. 539 837887 943 1488563 926 1472701 892 1327934
Aviation 1 600442 0 0 2 67978 1 410245
Engineering 350 90693 487 256149 405 477838 380 1740473
Credit 0 0 0 0 0 0 0 0
Other Misc. 668 75794 969 186293 874 200025 904 358714
Liabilities 7 2418 30 218591 46 133052 38 68401
Health & Hosp. 40952 10322827 16977 1010957 8502 941365 4057 1649224
Crop 15 11619247 2 37 0 0 7 439006
TOTAL 60546 30919435 35827 12930902 24019 16576258 20674 25799095

(` in '000)
O/s for 3 years or less O/s for 5 years or less O/s for more than
but more than 1 year but more than 3 years 5 years Total
Department
(v) (vi) (vii)
No. Amount No. Amount No. Amount No. Amount

Fire 799 14317302 287 1905964 607 4086506 3596 30315116

Marine Cargo 525 622869 156 333778 282 448131 2351 4490005

AGEING OF OUTSTANDING CLAIMS AS AT 31-03-2021

Marine Hull 60 3379457 28 256284 54 168454 264 4091363
Motor OD 3277 763709 1040 177701 1059 200543 36610 4707407
Motor TP 66028 79621837 32788 39037566 32362 28465808 158074 180360306
Motor DR Pool 97 115726 319 537929 330 586398 770 1272368
Motor TP Pool 761 374569 843 515965 9659 4423515 11542 5425006
Workmen Comp. 270 250325 239 254175 398 386398 1153 798174
Personal Acc. 1465 1077345 436 203362 369 199809 5570 6607601
Aviation 13 846333 5 46230 5 245461 27 2216689
Engineering 513 4454942 148 496228 172 2811974 2455 10328297
Credit 0 0 0 0 5 4361 5 4361
Other Misc. 817 995425 558 772743 699 567641 5489 3156635
Liabilities 270 853982 256 684435 1098 523178 1745 2484057
Health & Hosp. 3745 267005 2339 145621 517 64963 77089 14401962
Crop 438 419471 3 323169 0 0 465 12800930
TOTAL 79078 108360297 39445 45691150 47616 43183140 307205 283460277

Harnessing Power to Empower 287

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
AZwb½ZH$ II : boIm AZwnmV (` '000 _|)

H$mo g_má df© Ho$ {b`o H$mo g_má df© Ho$ {b`o
{ddaU 31-03-20201 31-03-2020 31-03-2021 31-03-2020
gH$b àr{_`_ d¥{Õ
1. gH$b àË`j àr{_`_ d¥{Õ Xa
Ap½Z 17782802 15693238 13.32% 33.80%
g_wÐr Zm¡^ma 1799006 2127151 -15.43% 1.16%
g_wÐr nmoV 1608009 1418884 13.33% 24.20%
_moQ>a 58038381 65407006 -11.27% -2.98%
H$_©H$ma à{VH$a 655748 648778 1.07% -9.13%
ì`pŠVJV XwK©Q>Zm 5036927 5326576 -5.44% 22.02%
{d_mZZ 898822 823670 9.12% 53.93%
B§Or{Z`[a¨J 3858659 3960153 -2.56% 0.71%
ñdmñÏ` 62415302 53369220 16.95% -0.53%
Xm{`Ëd 1399038 1161408 20.46% 3.72%
AÝ` {d{dY 4383518 5361509 -18.24% -16.42%
\ gb 9170748 19853310 -53.81% 79.12%
Hw$b `moJ> 167046960 175150903 -4.63% 6.67%
2. ewÜX _yë` _| gH$$b àr{_`_
gH$b àr{_`_ 167046960 175150903
eo`aYmaH$m| H$s {Z{Y 41299881 15105141
AZwnmV 4.04 11.6
3. ewÜX _yë` _| d¥{Õ Xa
df© Ho$ A§V _| 41299881 15105141
df© Ho$ àma§^ _| 15105141 29441321
d¥{Õ Xa 173.42% -48.69%
4. ewÕ à{VYmaU AZwnmV H$mo g_má df© Ho$ {b`o
ewÕ [b{IV àr{_`_
31.03.2021 31.03.2020
4. (i) ewÕ à{VYmaU AZwnmV (^maVr`)
Ap½Z 8834141 8840481 47.33% 51.08%
g_wÐr Zm¡^ma 1252656 1574746 69.63% 73.98%
AZwb½ZH$ II : boIm AZwnmV

g_wÐr nmoV 658242 550315 38.18% 34.81%

_moQ>a 55092487 62078314 94.92% 94.91%
H$_©H$ma à{VH a 622960 616339 95.00% 95.00%
ì`pŠVJV XwK©Q>Zm 1983789 3108204 39.38% 58.35%

288
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

United India Insurance Company Limited

Registration No. : 545, Date of Renewal with the IRDAI: 24TH JANUARY 2020
Annexure II : Accounting Ratios
(` in '000)
For the period ended For the period ended
Particulars
31-03-2021 31-03-2020 31-03-2021 31-03-2020
Gross Premium Growth
1. Gross Premium Growth Rate
Fire 17782802 15693238 13.32% 33.80%
Marine Cargo 1799006 2127151 -15.43% 1.16%
Marine Hull 1608009 1418884 13.33% 24.20%
Motor 58038381 65407006 -11.27% -2.98%
W.C 655748 648778 1.07% -9.13%
P.A 5036927 5326576 -5.44% 22.02%
Aviation 898822 823670 9.12% 53.93%
Engineering 3858659 3960153 -2.56% 0.71%
Health 62415302 53369220 16.95% -0.53%
Liability 1399038 1161408 20.46% 3.72%
Other Misc 4383518 5361509 -18.24% -16.42%
Crop 9170748 19853310 -53.81% 79.12%
Grand Total 167046960 175150903 -4.63% 6.67%
2. Gross Direct Premium to Networth Ratio
Gross Premium 167046960 175150903
Shareholders' Fund 41299881 15105141
Ratio 4.04 11.6
3. Growth rate of Networth
At the end of the year 41299881 15105141
At the beginning of the year 15105141 29441321
Growth rate 173.42% -48.69%
4. Net Retention Ratio For the Period ended
Net Written Premium
ANNEXURE II : ACCOUNTING RATIOS

31.03.2021 31.03.2020
4. (i) Net Retention Ratio (Indian)
Fire 8834141 8840481 47.33% 51.08%
Marine Cargo 1252656 1574746 69.63% 73.98%
Marine Hull 658242 550315 38.18% 34.81%
Motor 55092487 62078314 94.92% 94.91%
W.C 622960 616339 95.00% 95.00%
P.A 1983789 3108204 39.38% 58.35%

Harnessing Power to Empower 289

 |

(` '000 _|)

H$mo g_má df© Ho$ {b`o H$mo g_má df© Ho$ {b`o
{ddaU
31-03-20201 31-03-2020 31-03-2021 31-03-2020
{d_mZZ 137969 411358 12.75% 31.12%
B§Or{Z`[a¨J 2152727 1533890 52.82% 36.71%
ñdmñÏ` 58448133 50174703 93.64% 94.01%
Xm{`Ëd 954545 853034 62.11% 65.40%
AÝ` {d{dY 3739994 4241873 84.53% 80.95%
\ gb 6928929 3417072 75.56% 17.21%
Hw$b `moJ> 140806572 137400329 83.50% 77.34%
4. (ii) ewÕ à{VYmaU AZwnmV ({dXoer) eyÝ`
5. ewÕ H _reZ AZwnmV H$mo g_má df© Ho$ {b`o
ewÕ H _reZ
31.03.2021 31.03.2020
Ap½Z 1167486 1049563 13.22% 11.87%
g_wÐr Zm¡^ma 204278 219104 16.31% 13.91%
g_wÐr nmoV -1287 1825 -0.20% 0.33%
_moQ>a 4089703 4177107 7.42% 6.73%
H$_©H$ma à{VH$a 76080 74197 12.21% 12.04%
ì`pŠVJV XwK©Q>Zm -5637 -52274 -0.28% -1.68%
{d_mZZ 12406 44717 8.99% 10.87%
B§Or{Z`[a¨J 259490 208506 12.05% 13.59%
ñdmñÏ` 2584431 2095347 4.42% 4.18%
Xm{`Ëd 120436 99981 12.62% 11.72%
AÝ` {d{dY 693250 458684 18.54% 10.81%
\ gb -17331 -729701 -0.25% -21.35%
Hw$b `moJ 9183305 7647056 6.52% 5.57%
6. gH$b àË`j àr{_`_ AZwnmV _| à~§YZ IM© H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
àË`j H$_reZ 10761320 9903756
àMmbZ ì`` 39050237 34329784
Hw$b 49811557 44233540
Hw$b àË`úm àr{_`_ 167046960 175150903
AZwnmV 29.82% 25.25%
AZwb½ZH$ II : boIm AZwnmV

7. ewÕ àr{_`_ AZwnmV _| à~¨YZ IM© H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
àË`j H$_reZ 10761320 9903756
àMmbZ ì`` 39050237 34329784

290
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(` in '000)
For the period ended For the period ended
Particulars
31-03-2021 31-03-2020 31-03-2021 31-03-2020
Aviation 137969 411358 12.75% 31.12%
Engineering 2152727 1533890 52.82% 36.71%
Health 58448133 50174703 93.64% 94.01%
Liability 954545 853034 62.11% 65.40%
Other Misc 3739994 4241873 84.53% 80.95%
Crop 6928929 3417072 75.56% 17.21%
Grand Total 140806572 137400329 83.50% 77.34%
4. (ii) Net Retention Ratio (Foreign) Nil
5. Net Commission Ratio For the Period ended
Net Commission
31.03.2021 31.03.2020
Fire 1167486 1049563 13.22% 11.87%
Marine Cargo 204278 219104 16.31% 13.91%
Marine Hull -1287 1825 -0.20% 0.33%
Motor 4089703 4177107 7.42% 6.73%
W.C 76080 74197 12.21% 12.04%
P.A -5637 -52274 -0.28% -1.68%
Aviation 12406 44717 8.99% 10.87%
Engineering 259490 208506 12.05% 13.59%
Health 2584431 2095347 4.42% 4.18%
Liability 120436 99981 12.62% 11.72%
Other Misc 693250 458684 18.54% 10.81%
Crop -17331 -729701 -0.25% -21.35%
Grand Total 9183305 7647056 6.52% 5.57%
6. Expenses of Management to Gross Direct Premium Ratio For the Period ended
31.03.2021 31.03.2020
Direct Commission 10761320 9903756
Operating Expenses 39050237 34329784
ANNEXURE II : ACCOUNTING RATIOS

Total 49811557 44233540

Gross Direct Premium 167046960 175150903
Ratio 29.82% 25.25%
7. Expenses of Management to Net Written Premium Ratio For the Period ended
31.03.2021 31.03.2020
Direct Commission 10761320 9903756
Operating Expenses 39050237 34329784

Harnessing Power to Empower 291

 |

(` '000 _|)

H$mo g_má df© Ho$ {b`o H$mo g_má df© Ho$ {b`o
{ddaU
31-03-2021 31-03-2020 31-03-2021 31-03-2020
Hw$b 49811557 44233540
ewÕ àr{_`_ 140806572 137400329
AZwnmV 35.38% 32.19%
 8. ewÕ A{O©V àr{_`_ _| ewÕ CnJV Xmdo H$mo g_má df© Ho$ {b`o
ewÕ CnJV Xmdo
31.03.2021 31.03.2020
Ap½Z 5171268 10377526 58.40% 130.09%
g_wÐr Zm¡^ma 600932 1058492 42.51% 63.79%
g_wÐr nmoV 379827 284319 69.02% 92.63%
_moQ>a 45209108 60776474 77.17% 96.45%
H$_©H$ma à{VH$a 173936 317756 28.07% 49.09%
ì`pŠVJV XwK©Q>Zm 2513359 4199600 98.72% 134.63%
{d_mZZ 822349 455555 299.40% 216.50%
B§Or{Z`[a¨J 1413101 1741058 76.19% 93.13%
ñdmñÏ` 57779468 51378799 106.39% 102.36%
Xm{`Ëd 355911 700019 39.33% 83.16%
AÝ` {d{dY 1294041 1885875 32.42% 41.24%
\ gb 7307825 6277632 141.27% 207.27%
Hw$b `moJ 123021125 139453105 88.45% 101.46%
9. g§`wŠV AZwnmV H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
ewÕ CnJV Xmdo 123021125 139453105
H$_reZ (ewÕ) 9183305 7647056
àMmbZ ì`` 39050237 34329784
ewÕ A{O©V àr{_`_ 139079335 137445418
ewÕ àr{_`_ 140806572 137400329
AZwnmV 122.71% 132.01%
10. ewÕ àr{_`_ AZwnmV _| VH$ZrH$s Ama{jV H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
Ag_má Omo{I_m| Ho$ {b`o AmapjV 71123902 69396664

àr{_`_ H$s H$_r AmapjV 0 0

AZwb½ZH$ II : boIm AZwnmV

~H$m`m Xmdm| Ho$ {b`o AmapjV 235426180 212894751

Hw$b 306550082 282291415
ewÕ àr{_`_ 140806572 137400329
AZwnmV 2.18 2.05

292
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(` in '000)
For the period ended For the period ended
Particulars
31-03-2021 31-03-2020 31-03-2021 31-03-2020
Total 49811557 44233540
Net Written Premium 140806572 137400329
Ratio 35.38% 32.19%
 8. Net Incurred Claims to Net Earned Premium For the Period ended
Net Incurred Claim
31.03.2021 31.03.2020
Fire 5171268 10377526 58.40% 130.09%
Marine Cargo 600932 1058492 42.51% 63.79%
Marine Hull 379827 284319 69.02% 92.63%
Motor 45209108 60776474 77.17% 96.45%
W.C 173936 317756 28.07% 49.09%
P.A 2513359 4199600 98.72% 134.63%
Aviation 822349 455555 299.40% 216.50%
Engineering 1413101 1741058 76.19% 93.13%
Health 57779468 51378799 106.39% 102.36%
Liability 355911 700019 39.33% 83.16%
Other Misc 1294041 1885875 32.42% 41.24%
Crop 7307825 6277632 141.27% 207.27%
Grand Total 123021125 139453105 88.45% 101.46%
9. Combined Ratio For the Period ended
31.03.2021 31.03.2020
Net Incurred Claims 123021125 139453105
Commission (Net) 9183305 7647056
Operating Expenses 39050237 34329784
Net Earned Premium 139079335 137445418
Net Written Premium 140806572 137400329
Ratio 122.71% 132.01%
10. Technical Reserves to Net Premium Ratio For the Period ended
ANNEXURE II : ACCOUNTING RATIOS

31.03.2021 31.03.2020
Reserve for Unexpired Risks 71123902 69396664
Premium Deficiency Reserve 0 0
Reserve for O/s Claims 235426180 212894751
Total 306550082 282291415
Net Written Premium 140806572 137400329
Ratio 2.18 2.05

Harnessing Power to Empower 293

 |

(` '000 _|)

H$mo g_má df© Ho$ {b`o H$mo g_má df© Ho$ {b`o
{ddaU
31-03-2021 31-03-2020 31-03-2021 31-03-2020

11. ~r_mboIZ eof AZwnmV ~r_mboIZ bm^ / hm[Z

Ap½Z -1856270 -6802089 -0.21 -0.85
g_wÐr Zm¡^ma 297006 75316 0.21 0.05
g_wÐr nmoV -149521 -262092 -0.27 -0.85
_moQ>a -4185105 -14497950 -0.07 -0.23
H$_©H$ma à{VH$a 217786 131491 0.35 0.2
ì`pŠVJV XwK©Q>Zm -1129790 -2035464 -0.44 -0.65
{d_mZZ -819537 -557349 -2.98 -2.65
B§Or{Z`[a¨J -753887 -860153 -0.41 -0.46
ñdmñÏ` -20540391- -13561588 -0.38 -0.27
Xm{`Ëd 70428 -205904 0.08 -0.24
AÝ` {d{dY 953111 1206336 0.24 0.26
\ gb -4279162 -6615080 -0.83 -2.18
Hw$b `moJ -32175332 -43984526 -0.23 -0.32
12. àMmbZ bm^ AZwnmV H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
~r_mboIZ bm^ -32175332 -43984526
{Zdoe Am` 23907879 28843976
AÝ` -2265477 -894714
àMmbZ bm^ -10532930 -16035264
ewÕ A{O©V àr{_`_ 139079335 137445418
AZwnmV -7.57% -11.67%
13. Xm{`Ëd AZwnmV _|o ZH$Xr n[agån{ËV`m± H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
ZH$X n[agånpËV`m± 72057680 49296484
nm{bgrYmaH$m| H$s Xo`VmE± 306550082 282291415
AZwnmV 0.24 0.17
14. ewÕ Am` AZwnmV H$mo g_má df© Ho$ {b`o
AZwb½ZH$ II : boIm AZwnmV

31.03.2021 31.03.2020

H$a Ho$ ~mX bm^ -9846845 -14858541

ewÕ àr{_`_ 140806572 137400329

AZwnmV -6.99% -10.81%

294
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(` in '000)
For the period ended For the period ended
Particulars
31-03-2021 31-03-2020 31-03-2021 31-03-2020

11. Underwriting Balance Ratio Underwriting Profit / Loss

Fire -1856270 -6802089 -0.21 -0.85
Marine Cargo 297006 75316 0.21 0.05
Marine Hull -149521 -262092 -0.27 -0.85
Motor -4185105 -14497950 -0.07 -0.23
W.C 217786 131491 0.35 0.2
P.A -1129790 -2035464 -0.44 -0.65
Aviation -819537 -557349 -2.98 -2.65
Engineering -753887 -860153 -0.41 -0.46
Health -20540391 -13561588 -0.38 -0.27
Liability 70428 -205904 0.08 -0.24
Other Misc 953111 1206336 0.24 0.26
Crop -4279162 -6615080 -0.83 -2.18
Grand Total -32175332 -43984526 -0.23 -0.32
12. Operating Profit Ratio For the Period ended
31.03.2021 31.03.2020
Underwriting Profit -32175332 -43984526
Investment Income 23907879 28843976
Others -2265477 -894714
Operating Profits -10532930 -16035264
Net Earned Premium 139079335 137445418
Ratio -7.57% -11.67%
13. Liquid Assets to Policy Holders’ Liabilities Ratio For the Period ended
31.03.2021 31.03.2020
Liquid Assets 72057680 49296484
ANNEXURE II : ACCOUNTING RATIOS

Policyholders' Liabilities 306550082 282291415

Ratio 0.24 0.17
14. Net Earnings Ratio For the Period ended
31.03.2021 31.03.2020
Profit after Tax -9846845 -14858541
Net Premium 140806572 137400329
Ratio -6.99% -10.81%

Harnessing Power to Empower 295

 |

(` '000 _|)

H$mo g_má df© Ho$ {b`o

{ddaU
31-03-2021 31-03-2020
15. ewÕ _yë` go àmá Am`
H$a Ho$ ~mX bm^ -9846845 -14858541
ewÕ _yë` 41299881 14430141
AZwnmV -23.84% -102.97%
16. CnbãY emoY j_Vm gr_m AZwnmV _| H$mo g_má df© Ho$ {b`o
Ano{jV emoY j_Vm AZwnmV 31.03.2021 31.03.2020
CnbãY emoY j_Vm gr_m 43867624 13636945
Ano{jV emoY j_Vm AZwnmV 43855421 45827292
AZwnmV 1.00 0.30
17. EZ nr E AZwnmV H$mo g_má df© Ho$ {b`o
31.03.2021 31.03.2020
gHb EZ nr E AZwnmV 1.85% 2.06%
ewÕ EZ nr E AZwnmV 0.62% 1.31%
18. à{V eo`a na ImVm _yë` 27.14 72.15

19. à{V eo`a na ^mar Am¡gVZ bm^ -6.62 -99.47

AZwb½ZH$ II : boIm AZwnmV

296
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

(` in '000)
For the period ended
Particulars
31-03-2021 31-03-2020
15. Return on Networth
Profit after Tax -9846845 -14858541
Networth 41299881 14430141
Ratio -23.84% -102.97%
16. Available Solvency Margin Ratio to For the Period ended
Required Solvency Margin Ratio 31.03.2021 31.03.2020
Available Solvency Margin 43867624 13636945
Required Solvency Margin 43855421 45827292
Ratio 1.00 0.30
17. NPA Ratio For the Period ended
31.03.2021 31.03.2020
Gross NPA Ratio 1.85% 2.06%
Net NPA Ratio 0.62% 1.31%
18. Book Value per Share 27.14 72.15
19. Weighted average Earnings Per Share -6.62 -99.47

ANNEXURE II : ACCOUNTING RATIOS

Harnessing Power to Empower 297

 |

{dËVr` {ddaU H$m gmam§e

AZwb½ZH$ III (A H amo‹S m| _|)
H«_ g§. {ddaU 2020-21 2019-20 2018-19 2017-18 2016-17
àMmbZ n[aUm_
1 gH$b àr{_`_ àmá 16704.69 17515.08 16420.47 17429.95 16062.81
2 ewÕ àr{_`_ Am` # 14080.65 13740.02 13792.46 12390.47 13346.48
3 {Zdoe go àmá Am` (ewÕ) @ 2390.79 2884.40 2911.25 3082.60 2110.60
4 AÝ` Am` / ì`` (H¥$n`m {Z{X©ï> H$a|) -226.54 -89.47 -24.94 2.17 -1.10
5 Hw$b Am` 16244.90 16534.95 16678.77 15475.24 15455.98
6 H$_reZ (ewÕ ~ŒmoH aoO gh{V) 918.33 764.71 732.70 667.59 626.27
7 àMmbZ IM© 3905.02 3432.98 3059.41 2597.80 2969.12
8 Xmdo, Ag_má Omo{I_ Ama{jV Am¡a
AÝ` ì`` _| d¥{Õ 12474.84 13940.80 15024.04 11667.30 14195.68
9 àMmbZ bm^ / hm{Z -1053.29 -1603.54 -2137.38 542.55 -2335.08
J¡a-àMmbZ n[aUm_
10 eo`aYmaH$m| H o ImVo Ho$ AYrZ Hw$b Am` 68.61 117.67 259.47 685.41 422.43
11 H$a Ho$ nyd© bm^ / (hm{Z) -984.68 -1485.72 -1877.91 1227.96 -1912.65
12 H$a Ho$ {bE àmdYmZ 0.00 0.14 0.00 225.30 0.88
13 H$a Ho$ ~mX bm^ / hm{Z -984.68 -1485.85 -1877.91 1002.66 -1913.53
{d{dY
14 nm{bgrYmaH$m| H$m ImVm …*
Hw$b {Z{Y 30655.01 28229.14 25467.73 21816.10 18780.41
Hw$b {Zdoe
{Zdoe go Am`
15 eo`aYmaH$m| H$m ImVm *
Hw$b {Z{Y 4129.99 1510.51 2944.13 4819.84 3816.88
Hw$b {Zdoe
{Zdoe go Am`
16 àXËV gmå`m§e ny§Or 3805.00 200.00 150.00 150.00 150.00
17 ewÕ _yë` 4129.99 1443.01 2899.13 4797.34 3816.88
18 Hw$b n[ag§npËV`m± 43864.19 36002.79 37705.16 36184.40 33817.82
19 Hw$b {Zdoe go Am` 6.32% 6.45% 6.46% 7.71% 8.30%
20 à{V eo`a go Am` (A) -6.62 -99.47 -126.69 66.84 -127.57
AZwb½ZH$ III : {dËVr` {ddaU H$m gmam§e

21 à{V eo`a H$m ImVm _yë` (A) 27.14 72.15 193.28 319.82 254.46
22 Hw$b bm^m§e 0.00 0.00 0.00 0.00 0.00
23 à{V eo`a na bm^m§e (A) 0.00 0.00 0.00 0.00 0.00
# ewÕ nwZ~u_m
@ ewÕ hm{Z
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298
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 /

Summary of Financial Statements

Annexure III (` in Crores)
S.No. Particulars 2020-21 2019-20 2018-19 2017-18 2016-17
OPERATING RESULTS
1 Gross Premiums Written 16704.69 17515.08 16420.47 17429.95 16062.81
2 Net Premium Income # 14080.65 13740.02 13792.46 12390.47 13346.48
3 Income from investments (net) @ 2390.79 2884.40 2911.25 3082.60 2110.60
4 Other income / outgo (Pl. specify) -226.54 -89.47 -24.94 2.17 -1.10
5 Total income 16244.90 16534.95 16678.77 15475.24 15455.98
6 Commissions (Net incl brokerage) 918.33 764.71 732.70 667.59 626.27
7 Operating Expenses 3905.02 3432.98 3059.41 2597.80 2969.12
8 Claims, increase in Unexpired Risk
Reserve and other outgoes 12474.84 13940.80 15024.04 11667.30 14195.68
9 Operating Profit / (loss) -1053.29 -1603.54 -2137.38 542.55 -2335.08
NON-OPERATING RESULT
10 Total income under shareholders' account 68.61 117.67 259.47 685.41 422.43
11 Profit / (loss) before tax -984.68 -1485.72 -1877.91 1227.96 -1912.65
12 Provision for tax 0.00 0.14 0.00 225.30 0.88
13 Profit / (loss) after tax -984.68 -1485.85 -1877.91 1002.66 -1913.53
MISCELLANEOUS
14 Policy holders' Account: *
Total funds 30655.01 28229.14 25467.73 21816.10 18780.41
Total investments
Yield on investments
15 Shareholders' Account*
Total funds 4129.99 1510.51 2944.13 4819.84 3816.88
Total investments
Yield on investments
16 Paid up equity capital 3805.00 200.00 150.00 150.00 150.00
17 Net worth 4129.99 1443.01 2899.13 4797.34 3816.88
18 Total assets 43864.19 36002.79 37705.16 36184.40 33817.82
SUMMARY OF FINANCIAL STATEMENTS

19 Yield on total investments 6.32% 6.45% 6.46% 7.71% 8.30%

20 Earnings per share (`) -6.62 -99.47 -126.69 66.84 -127.57
21 Book value per share (`) 27.14 72.15 193.28 319.82 254.46
22 Total Dividend 0.00 0.00 0.00 0.00 0.00
23 Dividend per share (`) 0.00 0.00 0.00 0.00 0.00
# Net of reinsurance
@ Net of losses
Points 14 & 15 may be given separately, if it is feasible

Harnessing Power to Empower 299

 |

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n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
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àm{YH$aU Ho$ {ZX}emZwgma
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300
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 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24TH JANUARY 2020
STATEMENT SHOWING THE AGE WISE ANALYSIS OF
THE UNCLAIMED AMOUNT OF THE POLICYHOLDERS AS ON 31.03.2021
Annexure IV (` in '000)
AGE-WISE ANALYSIS
Particulars Total
Amount 1 to 6 7 to 12 13 to 18 19 to 24 25 to 30 31 to 36 Beyond
months months months months months months 36 months
Claims settled but not paid
to the policyholders/
beneficiaries due to any
reasons except under NIL
litigation from the
policyholders/ beneficiaries

Sum due to the policy

holders / beneficiaries on NIL
maturity or otherwise

Any Excess collection of

premium/ tax or any other
charges which is
refundable to the
policyholders either as
579836 197083 38657 50569 48096 39819 46475 159138
terms of conditions of the
policy or as per law or as
may be directed by the
Authority but not refunded
so far.
(` in '000)
AGE-WISE ANALYSIS
Total
Particulars 4 to 12 13 to 18 19 to 24 25 to 30 31-36 Beyond
Amount
months months months months months 36 months

Cheques issued but not

encashed by policy 1336321 910790 79182 45082 53768 68741 178757 UNCLAIMED AMOUNT OF THE POLICYHOLDERS
holders / insured

OUT OF THE CHEQUES ISSUED BUT NOT ENCASHED BY POLICYHOLDERS/INSURED

AGE-WISE ANALYSIS
Total
Particulars 4 to 12 13 to 18 19 to 24 25 to 30 31-36 Beyond
Amount
months months months months months 36 months

STALE CHEQUE (MACT) 1151671 760250 70749 39465 49122 63606 168478
STALE CHEQUE (NON MACT) 184650 150541 8433 5617 4646 5135 10279

Harnessing Power to Empower 301

 |
31.03.2021 H$mo g‘má Ad{Y Ho$ {dÎmr¶ {ddaU Ho$ gmW g§b¾ à~§YZ à{VdoXZ
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àmdYmZm| Ho$ AZwgma V¡¶ma {H$¶m J¶m h¡ &
1. h‘ nw{ï> H$aVo h¢ {H$ ~r‘m A{Y{Z¶‘ 1938 H$s Ymam (3) Ho$ VhV
^maVr` ~r‘m {d{Z¶m‘H$ Am¡a {dH$mg àm{YH$aU (AmB© Ama S>r E
AmB©) Ûmam àXmZ {H$E JE n§OrH$aU à‘mU nÌ H$m ZdrH$aU {H$¶m
J¶m h¡ Am¡a ¶h {XZm§H$ 31 ‘mM© 2021 H$mo ‘mݶ h¡ &
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àm{YH$mam| H$mo ^wJVmZ {H$¶m Om MwH$m h¡ &
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(n¡Q>Z©) d¡Ym{ZH$ Am¡a {d{Z¶m‘H$ H$s Anojm Ho$ AZwê$n h¡ & df© Ho$
Xm¡amZ eo¶am| H$m A§VaU Zht {H$¶m J¶m h¡ &
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nm°{b{g¶m| Ho$ nm°{bgrYmaH$m| H$s {Z{Y H$mo à˶j AWdm namoj ê$n ‘|
^maV Ho$ ~mha {Zdoe Zht {H$¶m J¶m h¡ &
5. h‘ à‘m{UV H$aVo h¢ {H$ VwbZ nÌ H$s VmarI na n[ag§n{Îm¶m| Ho$
‘yë¶m| H$s g‘rjm H$a n[ag§n{Îm Ho$ Ad‘yë¶Z/‘yë¶õmg hoVw
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a{hV dmhZ F$U/A§eXmZ (pñWa n[ag§n{Îm¶m± ‘yë¶õmg Ho$ nümV
bmJV na AmH${bV h¡ H$mo N>mo‹S>H$a) H$m ‘yë¶ nyU© ¶moJ ‘| {b¶m J¶m h¡
Omo {d{^Þ erf©H$m| Ho$ A§VJ©V dgybr ¶m ~mOma ‘yë¶ go A{YH$ Z hmo&
6. h‘ nw{ï> H$aVo h¢ {H$ OmopI‘ à~§YZ Ho$ {bE H§$nZr Ûmam à˶oH$
{d^mJ Ho$ VhV ~r‘m boIZ g‘ñV OmopI‘m| H$mo ܶmZ go ‘yë¶m§H$Z
Am¡a narjU {H$¶m J¶m h¡ & OmopI‘ ݶyZrH$aU Ho$ {bE à^mdH$mar
H$X‘ CR>mE JE h¢ & H§$nZr H$s j‘Vm Ho$ AZwê$n ha {d^mJ Ho$ OmopI‘
{dÎmr¶ {ddaU na à~§YZ à{VdoXZ
à~§YZ H$mo ܶmZ ‘| aIVo hþ¶o nwZ~u‘m H$m¶©H«$‘ V¡¶ma {H$¶m J¶m h¡ &
g§^mì¶ ~hþ‘wIr AmnXmAm| Ho$ AmYma na ewÕ ImVo H$mo à{V
OmopI‘/KQ>Zm Ho$ AZwgma C{MV ñVam| na gwajm àXmZ
H$s JB© h¡ &
7. {XZm§H$ 31.03.2002 H$mo H$mamo~ma H$s g‘m{á na H§$nZr H$s
hm±JH$m±J BH$mB© (EO|gr) ‘| ~r‘mboIZ àMmbZ ~§X H$a {X¶m J¶m&
amOñd à{d{ï>¶m| VWm n[ag§n{Îm¶m| d Xo¶VmAm| H$mo h‘mar boIm
302
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~{h¶m| ‘| g‘m{dï> {H$¶m Om ahm h¡ & {H$gr Aݶ Xoe ‘| H§$nZr H$m
H$moB© H$m¶m©b¶ à˶j ê$n go àMmbZ ‘| Zht h¡ &
8. 067/AmB© . Ama.S>r.E./E’$E/n[a/‘mM© 2 008 {XZm§ H $
28.03.2008 Ho$ AZwgma 31.03.2021 H$mo g‘má {nN>bo
nm±M dfm] hoVw eof Xmdm| H$m df©dma {dûcofU AZwb¾H$ ‘| {X¶m
J¶m h¡ &
9. h‘ à‘m{UV H$aVo h¢ {H$ VwbZnÌ Ho$ {bE g{H«$¶ ~mOma ‘|
ì¶mnm[aV gmå¶mÝe eo¶am| Ho$ A{V[aº$ Aݶ {Zdoe VWm
nmañn[aH$ {Z{Y H$s ¶y{ZQ> {OZH$m ewÕ n[ag§n{Îm ‘yë¶ Kmo{fV h¡,
H$mo dmñV{dH$ ‘yë¶ AWdm H$‘ ‘yë¶ na Xem©¶o JE h¢ & g{H«$¶ ê$n
go ì¶mnm[aV gmå¶mÝe eo¶am| H$mo VwbZ nÌ H$s VmarI H$mo EZ.
Eg. B©. Ho$ A§{V‘ Xem©¶o JE ‘yë¶ na ‘yë¶m§{H$V {H$¶m J¶m h¡ Am¡a
Ohm§ ñQ>mH$ EZ. Eg. B©. ‘| gyMr ~Õ h¡ CZH$mo VwbZ nÌ H$s VmarI
na gmå¶mÝe eo¶am| H$mo ~r. Eg. B©. ‘| A§{V‘ Xem©¶o JE ‘yë¶ na
‘yë¶m§H$V {H$¶m J¶m h¡ & {Z{Y Ûmam Kmo{fV VwbZ nÌ H$s VmarI
na ewÕ n[ag§n{Îm ‘yë¶ na nmañn[aH$ BH$mB¶m| (d|Ma H¡${nQ>b
{Z{Y a{hV) H$mo ‘yë¶m§{H$V {H$¶m J¶m h¡ & d|Ma H¡${nQ>b {Z{Y Ho$
{Zdoe H$m ‘yë¶m§H$Z ‘yë¶ Ho$ AmYma na {H$¶m J¶m VWm Ohm§
VwbZ nÌ H$s VmarI na {OZ {Zdoem| H$m ewÕ n[ag§n{Îm ‘yë¶
bmJV go H$‘ hmo CZ {Zdoem| Ho$ ‘yë¶ Ho$ Ad‘yë¶Z Ho$ {bE
àmdYmZ {H$¶m J¶m h¡ & VwbZ nÌ H$s VmarI na Ohm§ ewÕ
n[ag§n{Îm ‘yë¶ CnbãY Z hmo AWdm {Z{Y H$s Ad{Y g‘má hmo JB©
hmo Vmo AX²`VZ CnbãY ewÕ n[ag§n{Îm ‘yë¶ H$mo {b¶m OmVm h¡&
g{H«$¶ ~mOma ‘| ì¶mnm[aV gmå¶mÝe eo¶am| Ed§ nmañn[aH$ {Z{Y
Ho$ ghr ‘yë¶ ‘| Aàmá bm^/hm{Z go CËnÞ n[adV©Z H$mo amOñd
ImVo ‘| Zht {b¶m J¶m na§Vw {d{Z¶‘ Ho$ AZwgma ghr ‘yë¶
n[adV©Z ImVo ‘| {H$¶m J¶m& ghr ‘yë¶ n[adV©Z ImVo ‘| àm{á hoVw
b§{~V eof {dVaU Ho$ {bE CnbãY Zht h¡ &
{Zdoe,gaH$mar à{V^y{V¶m| Am¡a F$U à{V^y{V¶m|(EZnrEH$mo
N>mo‹S>H$a) Ho$ ~mOma ‘yë¶ Ho$ AmH$bZ hoVw BZH$m ‘yë¶m§H$Z E’$.
AmB©. E‘. E‘. S>r. E. Ho$ ‘mZX§S>m| Ho$ AmYma na {H$¶m J¶m h¡ &
g{H«$¶ ~mOma ‘| ì¶mnm[aV gmå¶mÝe eo¶am| Am¡a nmañn[aH$
{Z{Y¶m| H$s ¶y{ZQ> (d|Ma H¡${nQ>b {Z{Y Ho$ Abmdm) Omo {H$ EZnrE
Kmo{fV H$s Om MwH$s h¢ & ‘yë¶m§H$Z àmdYmZ a{hV bmJV na {H$¶m
J¶m h¡, ¶{X H$moB© hmo&

MANAGEMENT REPORT ON FINANCIAL STATEMENTS AS ON 31.03.2021
PREPARED IN ACCORDANCE WITH THE PROVISIONS OF IRDAI
(PREPARATION OF FINANCIAL STATEMENTS AND
AUDITORS' REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002
1. We confirm that the Registration Certificate granted
under Section 3 of Insurance Act, 1938 by the
Insurance Regulatory and Development Authority of
India (IRDAI) has been renewed and is valid as on 31st
March 2021.
2. We certify that all the undisputed dues payable to
statutory authorities have been duly paid.
3. We hereby confirm that the share holding pattern is in
accordance with the statutory and regulatory
requirements and there is no transfer of shares during
the year.
4. The Management hereby confirms and declares that
the funds of the holders of policies issued in India have
not been directly or indirectly invested outside India.
5. We certify that the values of all the assets have been
reviewed on the date of the Balance Sheet and
necessary provisions made for diminution/decline in
value of assets. The assets set forth in the Balance
Sheet are shown in the aggregate at amounts not
exceeding their realisable or market value under the
headings – Loans, Investments, Application Money
for Investments, House property in India, Agents
Balances, Outstanding Premium, Interest, Dividends
and Rents outstanding, Interest, Dividends and Rents
accruing but not due, amounts due from persons or
bodies carrying on insurance business, reserve
deposits due from companies on account of
reinsurance, sundry debtors, advance tax and other
tax payments, cash, vehicle loans on contribution
basis less recoveries (other than fixed assets which is
stated at cost less depreciation).
6. We confirm that the company evaluates and monitors
closely all risks underwritten under each portfolio for
the risk exposure. Remedial action is initiated to
mitigate the risks effectively. Reinsurance Programme
is drawn keeping in view the risk exposure on every
portfolio commensurate with the capacity of the
company. The risk exposure per risk/event for the net
account is protected at appropriate levels based on
exposure to multiple perils.
/
7. The Company’s Hong Kong Agency has ceased
underwriting operations with effect from close of
business as of 31.03.2002. The revenue transactions
and the assets and liabilities continue to be accounted in
our books of accounts. The Company has no direct
operation in any other foreign country.
8. Agewise analysis of the claims for the preceding five
years ending 31.03.2021, in terms of 067/IRDA/
F & A/CIR/March 08 dated 28.03.2008, has been given
in the Annexure.
9. We certify that for the purpose of balance sheet, the
investments other than Actively traded Equity shares
and units of Mutual Funds (other than Venture Capital
Funds) which have declared NAV’s have been shown
at or below cost. Equity shares that are actively traded
in the market are valued at last quoted closing price on
NSE as on the balance sheet date and where any stock
is not being listed in NSE, the equity shares are valued
on the basis of the last quoted closing price on BSE on
the balance sheet date. Units of Mutual Funds (other
than Venture Capital Funds) are valued at Net Asset
Value as at the balance sheet date as declared by the
funds. Investment in Venture Capital Fund is valued at
Cost and Provision is made for diminution in value of
such investment where net asset value as at the
balance sheet date is lower than the cost or wherever
Net Asset Value as on the balance sheet date is not
available, or where the term of the fund has expired.
MANAGEMENT REPORT ON FINANCIAL STATEMENTS
The unrealized gain/loss arising due to changes in Fair
Value of actively traded equity shares and mutual fund
investments are not taken to revenue but are taken to
the fair value change accounts in accordance with the
regulations. Pending realization, the balance in the fair
value change account is not available for distribution.
For the purpose of market value of investments,
Government Securities and Debt securities other than
non-performing assets have been valued on the basis
of FIMMDA guidelines. All other investments other than
actively traded equity shares and units of mutual funds
(other than venture capital funds) which have declared
NAV have been valued at cost less provisions made, if
any.
Harnessing Power to Empower 303
 |
10. {Zdoe H$m {ZînmXZ
F$U Am¡a O‘m g{hV {Zdoe H$m ImVm ‘yë¶ JV df© Ho$ énE
29,779.48 H$amo‹S> go énE 34,489.04 H$amo‹S> VH$ ~‹T> J¶m h¡ &
df© Ho$ Xm¡amZ ewÕ g§M¶Z énE 4709.56 H$amo‹S> h¡ Omo df©
2019-20 ‘| énE (429.62) H$amo‹S> Wm &
{Zdoe Am¶ JV df© Ho$ énE 1907.48 H$amo‹S> H$s VwbZm ‘| énE
2030.25H$amo‹S> h¡ & Bgr Ad{Y Ho$ Xm¡amZ Am¡gV {Z{Y Ho$ gH$b
bm^ JV df© Ho$ 6.45 H$s VwbZm ‘| 6.32% h¡ & JV df© Ho$ énE
1211.15 H$amo‹S> H$s VwbZm ‘| Mmby df© ‘| {Zdoe H$s {~H«$s/
n[aemoYZ na énE 687.74 H$amo‹S> H$m bm^ A{O©V {H$¶m h¡ &
11. Hw$b {Zdoe ‘| ewÕ J¡a {ZînmXZ n[ag§n{Îm¶m| H$m à{VeV
31.03.2021 H$mo 0.62% h¡ Omo 31.03.2020 H$mo 1.31% Wm &
12. EVV Ûmam nw{ï> H$s OmVr h¡ {H$:-
A) 31 ‘mM© 2021 H$mo g‘má {dÎmr¶ df© hoVw dm{f©H$ boIm à{VdoXZ H$mo
V¡¶ma H$aZo ‘| boIm ‘mZH$m|, {gÕm§Vm| Am¡a Zr{V¶m| H$m AZwnmbZ
{H$¶m J¶m h¡ Am¡a dñVwJV {dMbZ go g§~§{YV C{MV ñnï>rH$aU
{X¶m J¶m h¡ ;
(Or g§wXa am_Z )
‘hm à~ÝYH$ Ed§ ‘w»¶ {dÎmr¶ A{YH$mar
ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021
{dÎmr¶ {ddaU na à~§YZ à{VdoXZ
304
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Am) à~§YZ Zo H§$nZr Ho$ {hV ‘| Eogr boIm Zr{V¶m| H$m M¶Z {H$¶m Am¡a
Bgo C{MV Am¡a XÿaXoer AmH$bZm| g{hV gVV ê$n go à^mdr T>§J
go bmJy {H$¶m {Oggo {H$ {dÎmr¶ df© Ho$ A§V ‘| H§$nZr H$s
n[apñW{V H$m Am¡a df© ‘| H§$nZr Ho$ bm^ H$m ghr Am¡a C{MV
Om¶Om {‘b gHo$;
B) à~§YZ Zo H§$nZr H$s n[ag§n{Îm H$s gwajm Am¡a H$nQ>nyU© H$m¶©
VWm Aݶ A{Z¶{‘VVmAm| H$s nhMmZ Ed§ CZgo g§ajU Ho$ {bE
~r‘m A{Y{Z¶‘ 1938(1938 Ho$ 4)/H§$nZr A{Y{Z¶‘ 2013
Ho$ àmdYmZm| Ho$ AZwgma n¶m©á boIm {ddaU Ho$ aIaImd Ho$ {bE
C{MV Am¡a n¶m©á ܶmZ {X¶m h¡;
B©) à~§YZ Zo H$m¶m©Ë‘H$ g§JR>Z Ho AmYma na {dÎmr¶ {ddaU V¡¶ma
{H$¶m h¡ ;Am¡a
C) à~§YZ Zo gw{Z{üV {H$¶m h¡ {H$ ì¶mnma H$m AmH$ma d ñdê$n ghr
h¡ Am¡a CgHo$ AZwgma Am§V[aH$ boImnarjm àUmbr à^mdembr
T>§J go H$m¶©aV h¡ &
13. g§~§{YV njH$mam| Ho$ H$m¶© g§MmbZ Ho$ {ddaU H$mo {Q>ßn{U¶m| ‘|
àH$Q> {H$¶m J¶m h¡ Omo {H$ ImVm| H$m A§J h¡ &
dmB© Ho$ {e_ao amO{H$aU am` Or
{ZXoeH$ {ZXoeH$
SrAmB©EZ : 09272315 SrAmB©EZ : 07427647

10. Performance of Investment
Total Book Value of Investments including Loans and
Deposits has increased to ` 34,489.04 crores from
` 29,779.48 crores in the previous year. The net
accretion during the year amounted to ` 4,709.56
crores as against ` 429.62 crores in 2019-20.
The investment income is ` 2,030.25 crores as
compared to ` 1,907.48 crores in the previous year.
During the same period, the mean yield on Investment
funds has been 6.32% as compared to 6.45% in the
previous year. Profit on sale/redemption of
investments booked during the year is ` 687.74
crores as compared to ` 1211.15 crores in the
previous year.
11. The net NPA percentage to Total Investments stood at
0.62% as on 31.03.2021 as against 1.31% as on
31.03.2020.
12. It is hereby confirmed that
a) in the preparation of the annual accounts for the
financial year ended 31st March, 2021, the applicable
Accounting Standards, Principles and Policies have
(G SUNDARA RAMAN)
GENERAL MANAGER & CFO
Place : Chennai
Date : 16.08.2021
/
been followed along with proper explanations relating
to material departures;
b) the Management has selected such accounting
policies and applied them consistently and made
judgements and estimates that were reasonable and
prudent so as to give a true and fair view of the state of
affairs of the company at the end of the financial year
and of the profit/loss 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 provisions of the Insurance Act,
1938 (4 of 1938)/Companies Act, 2013, for
safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
d) the Management has prepared the financial statements
on a going concern basis; and
e) the Management has ensured that an Internal
Audit System commensurate with the size and nature
of the business is in place and is operating effectively.
14. The related party transactions are disclosed in the
Notes forming part of accounts.
Y.K. SHIMRAY RAJKIRAN RAI G
DIRECTOR DIRECTOR
DIN : 09272315 DIN : 07427647
MANAGEMENT REPORT ON FINANCIAL STATEMENTS
Harnessing Power to Empower 305
 |

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306
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Disclosure for Large Corporate Entity

(As per SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated 26th November 2018)

ANNEXURE – A
Initial Disclosure

S.No. Particulars Details

01 Name of the Company United India Insurance Company Limited

02 CIN U93090TN1938GOI000108

03 Outstanding borrowing of Company as on ` 900

31st March 2021 as applicable (` in crores)

04 Highest Credit Rating during the previous FY Subordinated Debt :

along with name of the Credit Rating Agency CRISIL Limited : CRISIL AAA / Negative
BRICKWORK : BWR AAA / Negative

05 Name of the Stock Exchange in which the fine BSE Limited

shall be paid, in case of shortfall in the
required borrowing under the framework

We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI Circular SEBI/HO/DDHS/
CIR/P/2018/144 dated 26th November 2018.

ANNEXURE – B1
Annual Disclosure
1. Name of the Company: UNITED INDIA INSURANCE COMPANY LIMITED
2. CIN:U93090TN1938GOI000108

DISCLOSURE FOR LARGE CORPORATE ENTITY

3. Report filed for FY:2021
4. Details of the borrowings (all figures in Rs crore): Nil

S.No. Particulars Details

i. Incremental borrowing done in FY (a) NIL
ii. Mandatory borrowing to be done through issuance of debt securities (b) = (25% of a) -
iii. Actual borrowings done through debt securities in FY ( c ) NIL
iv. Shortfall in the mandatory borrowing through debt securities, if any (d) = (b) - ( c )
(If the calculated value is zero or negative, write "nil") NIL
v. Reasons for short fall, if any, in mandatory borrowings through debt securities NA

Harnessing Power to Empower 307

www.uiic.co.in
 /

31 _mM© 2021 H$mo g_má df© Ho$ {b`o

g_o{H V {dËVr` {ddaU Am¡a AZwgy{M`m±
CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
FOR THE YEAR ENDED 31ST MARCH 2021

Harnessing Power to Empower 309

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INDEPENDENT AUDITORS' REPORT
To the members of United India Insurance Company Limited
Report on the Audit of the Consolidated Financial
Statements
Qualified Opinion
We have audited the accompanying Consolidated
financial statements of M/s United India Insurance
Company Limited (hereinafter referred to as the “Holding
Company”) and its subsidiaries (the Holding company
and its subsidiaries together referred to as “the Group”),
its associates and jointly controlled entities, which
comprise the consolidated Balance Sheet as at 31stMarch
2021,the consolidated Fire, the consolidated Marine and
the consolidated Miscellaneous Revenue Accounts, the
consolidated Profit and Loss Account and the
consolidated Cash Flow Statement for the year then
ended, and notes to the consolidated financial
statements, including a summary of significant
accounting policies and other explanatory information
(hereinafter referred to as “the consolidated financial
statements”), incorporated in these consolidated
financial statements are the returns of the 30 Regional
Offices (in which are incorporated the Returns of
421 Divisional Offices), 6 Large Corporate and Broker
Cells and an overseas run-off operations (“other offices”)
audited by other auditors.
In our opinion and to the best of our information and
according to the explanations given to us, except for the
effects of the matter described in the Basis for Qualified
Opinion section of our report, the aforesaid consolidated
financial statements give the information required by the
Companies Act, 2013 in the manner so required and give a
true and fair view in conformity with the accounting
principles generally accepted in India
a) in the case of the Balance Sheet, of the consolidated
state of affairs of the Group, its associates and jointly
controlled entities as at 31st March 2021;
b) in the case of the Revenue Accounts, of the
consolidated surplus/deficit for the year ended
31st March 2021;
c) in the case of Profit and Loss Account, of the
consolidated loss for the year ended 31st March
2021; and
d) in the case of the Cash Flow Statement, of the
consolidated cash flows for the year ended 31st
March 2021.
/
Basis for Qualified Opinion
1) Note No. 30(a) to the consolidated financial
statements, refers to non-obtention of year end
confirmation from other insurance companies and
consequential impact on the financials, if any, of
adjustment/ reconciliation is not ascertainable.
2) Note No. 16(a) to the consolidated financial
statements, regarding the investment in Non-
Convertible Debentures to the tune of book value of
` 2752315.08 thousands (Previous Year -
` 2752315.08 thousands) of IL & FS Group as on
March 31, 2021. The group Companies of IL & FS
Group have defaulted on interest payments and
principal repayments which were due till March 31,
2021. The company has treated its entire investment
in IL & FS group as Non-Performing Asset (NPA) and
classified the secured portion as Doubtful Category II
asset and the unsecured portion as Doubtful Category
III asset as per income recognition, asset
classification, provisioning and other related matters
on investments in Master Circular IRDAI (Investment)
Regulation 2016 and has made a provision of
` 1176311.48 thousands (Previous Year -
` 951168.11 thousand) on non-convertible
debentures in the books of accounts. The credit
rating of the IL & FS and its group entities has also
been downgraded and the matter pertaining to the
initiation of corporate insolvency resolution process
for IL & FS group is pending before NCLT indicating
substantial erosion of security. The Company is yet to
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
ascertain the realisable value of the security charged
to secure these debentures as the reference to NCLT
has not yielded any road map for the resolution of NPA
(Loss Assets).The company has already provided for
100% of the unsecured exposure of ` 500881.37
thousands (previous year – ` 500881.37 thousands) CO0NSOLIDATED FINANCIAL STATEMENTS
.The company has made provision for 30% of the
secured exposure. In our opinion the company is
required to make an additional provision of 70% on
the secured exposure also. This has resulted in
understatement of provision by ` 1576003.60
thousands and consequent under-statement of loss to
the same extent for the year ended 31st March, 2021.
3) Note No. 16(b) to the consolidated financial
statements, regarding the investment in Non-
Convertible Debentures to the tune of ` 500000
thousand (previous year – ` 500000 thousands)
issued by Dewan Housing Finance Limited (DHFL).
Harnessing Power to Empower 311
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g_o{HV {dËVr` {ddaU
`{X Cn`w©º$ {~§Xw g§»`m (2), (3) Am¡a (4) Ho$ g§~§Y _o§ `mo½`Vm
H$mo àmdYmZmo§ H$mo à^mdr {H$`m J`m Am¡a 31 _mM© 2021 H$mo g_má
df© Ho$ {bE KmQ>m 1826003.59 hOma én`o go A{YH$ hmoJm Am¡a
Am{apjVr 1826003.59 hOma én`o go H$_ hmoJm& BgHo$ Abmdm,
312
84 ge{º H aU Ho {bE e{º H m XmohZ
Cnamoº$ {~§XwAmo§ (2), (3) Am¡a (4) _o§ `mo½`Vm H$m g§M`r à^md
H§$nZr Ho$ emoY j_Vm _o§ 0.96 H$r H$_r AmEJr&
D$na {~§Xw g§»`m (1) H$r `mo½`Vm H$m à^md {ZYm©aUr` Zhr§ h¡&
h_Zo H§$nZr A{Y{Z`_, 2013 H$r Ymam 143 (10) Ho$ VhV {Z{X©ïboIm
narjU (EgEEg) Ho$ _mZH$mo§ Ho$ AZwgma AnZm Am°{S>Q> {H$`m& CZ
_mZH$mo§ Ho$ VhV h_mar {Oå_oXm{a`mo§ H$mo AmJo {dÎmr` boIm narjm AZw^mJ
H$r Am°{S>Q> Ho$ {bE boIm narjH$mo§ H$r {Oå_oXm{a`mo§ _o§ d{U©V {H$`m J`m h¡&
h_ ^maV Ho$ MmQ>©S>© EH$mC§Qo>§Q²>g g§ñWmZ Ûmam Omar Z¡{VH$ AmMma g§{hVm Ho$
AZwgma H§$nZr go ñdV§Ì h¡§, Omo {H$ g_o{H$V {dÎmr` {ddaUmo§ Ho$ h_mao
Am°{S>Q> Ho$ {bE àmg§{JH$ h¡§ Am¡a h_Zo CZHo$ Amdí`H$VmAmo§ Am¡a AmMma
g§{hVm Ho$ AZwgma AnZr AÝ` Z¡{VH$ {Oå_oXm{a`mo§ H$mo nyam {H$`m h¡& h_
_mZVo h¡§ {H$ h_Zo Omo Am°{S>Q> gmú` àmá {H$E h¡§,do h_mar am` Ho$ {bE AmYma
àXmZ H$aZo Ho$ {bE n`m©á Am¡a Cn`wº$ h¡§&
_w»` boIm narjm _m_bm
1. H$moamoZm dm`ag H$r _hm_mar Am¡a gaH$ma Ûmam bJmE JE `mÌm
à{V~§Y Ho$ H$maU ì`pº$JV Ed§ Xw{Z`m ^a _o§ hwB© A^yVnyd©
H${R>ZmB© H$mo XoIVo hwE, OrdZ Ho$ VarHo$, ì`dgm` Ho$ g§MmbZ Ho$
VarHo$ Am¡a ñdm^m{dH$ ê$n go Am°{S>Q> noeo _o§ ~XbVo n{adoe Ho$
AZwHy$b ~hwV ~Xbmd Am`m h¡& Bg{bE, XyañW boIm
narjm/{a_moQ> boIm narjm/Am°ZbmBZ boIm narjm Am`mo{OV
H$aHo$ boIm narjm ì`dgm` _o§ ^r EH$ ZB© nÕ{V AnZmB© Om ahr
h¡& ^bo hr H$m`©àUmbr ~Xb gH$Vr h¡ na boImnarjm H$m CÔoí`
Zhr§& MwZm¡{V`mo§ Am¡a A{ZpüVVmAmo§ Ho$ ~mdOyX, Am°{S>Q> H$aZo _o§
Am°{S>{Q§>J _mZH$mo§ Ho$ gmW H$moB© g_Pm¡Vm `m J¡a-AZwnmbZ Zhr§
hmoZm Mm{hE& Bg{bE AÝ` boIm narjH$mo§ H$r boImnarjm H$mo
ñdrH$ma H$aZm Am¡a boImnarjm AmœmgZ àmá H$aZo Ho$ {bE
XyañW boImnarjm H$aZm h_mao {dMma _o§ Mmby df© boImnarjm Ho$
{bE EH$ _hËdnyU© _m_bm h¡&
boIm narjH$mo§ H$r à{VpH«$`m
bm°H$S>mCZ Am¡a `mÌm na amoH$ Am¡a EH$ hr eha / {Obo Ho$ gmW `mÌm _o§
g»V à{V~§Ymo§ Ho$ _ÔoZOa dmñV{dH$ A{^boImo§, XñVmdoOmo§ Am¡a
dmCMamo§ H$m ^m¡{VH$ gË`mnZ Zhr§ {H$`m Om gH$m Am¡a Bg{bE g§~§{YV
H$m`m©b`mo§ _o§ H§$nZr Ho$ {gñQ>_ Ho$ {a_moQ> EŠgog Ho$ _mÜ`_ go Am°{S>Q>
{H$`m J`m Am¡a XñVmdoOmo§ H$r ñH¡$Z Ed§ à_m{UV à{V`mo§ H$mo Am°{S>Q>
am` ~ZmZo Ho$ {bE Om°M {H$`m J`m& _m¡OyXm n{apñW{V`mo§ Am¡a _m¡OyXm
pñW{V Ho$ AZwê$n Bg Vah H$r g§emo{YV boImnarjm àpH«$`mAmo§ H$mo
AnZm`m J`m&

DHFL have defaulted on interest payments and
principal repayments which were due till March 31,
2021. The company has already provided for 100% of
the unsecured exposure amounting to ` 150000
thousands. The Company has treated its entire
Investment in DHFL as Non-Performing Asset and has
made a provision of 60% for its secured portion of
Book value of ` 350000 thousands, amounting to
210000 thousands on non-convertible debentures in
the books of accounts based on the Initial outcome of
the Resolution Process. The credit rating of the DHFL
has also been downgraded and the matter pertaining
to corporate insolvency resolution process is also in
progress. In our opinion, the company is required to
make an additional provision of 40% on its secured
investment portion. This has resulted in
understatement of provision by ` 140000 thousands
and consequent under-statement of loss to the same
extent for the year ended 31st March, 2021.
4) Note No. 16 (c) to the consolidated financial statements,
regarding the investment in Non-Convertible
Debentures to the tune of book value of Rs. 1149750
thousands (Previous Year – ` 1149750 thousands)
issued by Reliance Home Finance Limited (RHFL).
RHFL have defaulted on interest payments and principal
repayments which were due till March 31, 2021. The
company has already provided for 100% of the
unsecured exposure of book value of Rs. 599750
thousands .The Company has treated its entire
Investment in RHFL as Non-Performing Asset and has
made a provision of 80% for its secured portion of book
value of 550000 thousands, amounting to 440000
thousands on non-convertible debentures in the books
of accounts based on the outcome of Resolution
Process. The credit rating of the RHFL has also been
downgraded and the matter pertaining to the corporate
insolvency resolution process is also in progress. In our
opinion, the company is required to make an additional
provision of 20% on its secured investment portion.
This has resulted in under-statement of provision by
` 109999.99 thousands and consequent under
statement of loss to the same extent for the year ended
31st March, 2021.
Had the qualifications in respect of point no (2) ,(3)
and (4) above been given effect to, provisions and the
loss for the year ended 31st March 2021 of the company
would have been lower by ` 1826003.59 thousands
and the reserves would have been lower by
` 1826003.59 thousands. Further, the cumulative
impact of the qualifications in points (2), (3) and (4)
/
above would result in the Solvency Margin of the
Company stands reduced to 0.96
The effect of qualification of point no (1) above is not
ascertainable.
We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors’
Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are
independent of the Holding Company in accordance with
the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical
requirements that are relevant to our audit of the
consolidated financial statements and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key Audit Matter
1.In view of the unprecedented hardship caused to one
and all throughout the world by the pandemic caused
by corona virus and the travel restriction imposed by
the Government there is a sea of change in the way of
life, the way the business is conducted and naturally
the Audit Profession also adapted to the changed
environment. Hence, a new methodology is being
adopted in the auditing profession also by conducting
distance Audit/ Remote Audit/ Online Audit. Even
though the methodology may change, the objectives
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
of Audit do not. Irrespective of the challenges and
uncertainties there should not be any dilution or non-
compliance with the Auditing Standards in carrying
out the Audits. Hence accepting the Audit of other
Auditors and doing remote Audit to get Audit
assurance is in our view a Key Matter for the current
CO0NSOLIDATED FINANCIAL STATEMENTS
year Audit.
Auditors Response
In view of the lockdown and curb on travel and strict
restrictions in travel with the same city/ district physical
verification of actual records, documents and vouchers
could not be carried out and hence audit was conducted
through remote access to the company’s systems at the
respective offices and scanned and certified copies of
documents were verified to form an audit opinion. Such
modified audit procedures were adopted to suit the
existing circumstances and prevailing situation.
Harnessing Power to Empower 313
 |
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h_ g_o{H$V {dÎmr` {ddaUmo§ Ho$ ZmoQ> _o§ {ZåZ{b{IV _m_bo na Ü`mZ
AmH${f©V H$aVo h¡§
1. ZmoQ> g§»`m 20 g_o{H$V {dÎmr` {ddaUmo§ Ho$ {bE emoY j_Vm Ho$
g§~§Y _o§, Omo 31 _mM© 2021 VH$ 1.00 h¡, Omo ^maVr` ~r_m
{d{Z`m_H$ Am¡a {dH$mg àm{YH$aU (g§npÎm, Xo`Vm Am¡a gm_mÝ`
~r_m H$mamo~ma Ho$ emoY j_Vm) {d{Z`_, 2016 Ho$ AZwgma
{ZYm©{aV j_Vm go ZrMo h¡& h_ Cnamoº$ A{Y{Z`_mo§ Ho$ gmW ~r_m
A{Y{Z`_, 1938 Ho$ n{aUm_r {Z{hVmW© na {Q>ßnUr H$aZo _o§
Ag_W© h¡§&
2. ZmoQ> g§»`m 32 g_o{H$V {dÎmr` {ddaUmo§ Ho$ {bE, gm_mÝ` H$_©Mmar
no§eZ `moOZm 1995 Ho$ VhV no§eZ Ho$ {bE MwZo JE H§$nZr Ho$
godm{Zd¥Îm Am¡a _m¡OyXm H$_©Mm{a`mo§ H$r no§eZ Xo`Vm Ho$ AmYmZ Ho$
~mao _o§, 31 _mM© 2020 go nhbo godm{Zd¥Îm hwE H$_©Mm{a`mo§ Ho$ g§~§Y _o§
8295218 hOma én`o H$r Hw$b am{e H§$nZr H$m A§eXmZ
5764028 hOma én`o h¡ Am¡a 12655950 hOma én`o H$m 1/5
dm§ {hñgm 2531190 hOma én`o Ho$ `moJXmZ _o§ ^{dî` H$r XoZXmar
H$m h¡ _m¡OyXm H$_©Mm{a`mo§ Ho$ g§~§Y _o§ H§$nZr Ho$ `moJXmZ Ho$ ^{dî` Ho$
Xm{`Ëd Ho$ 12655950 Ho$ 1/5 do§ {hñgo Ho$ ê$n _o§ 2531190
hOma én`o H$mo df© 19-20 Am¡a AmJo 1/5 Ho$ Xm¡amZ Ademo{fV
`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> Ho$ gXñ`m| H$mo ñdV§Ì boIm narjH H m à{VdoXZ
{H$`m J`m h¡ Am¡a _m¡OyXm H$_©Mm{a`mo§ Ho$ g§~§Y _o§ H§$nZr Ho$ `moJXmZ
Ho$ eof {hñgo 7593570 hOma én`o H$mo 2531190 hOma én`o
H$r 3 g_mZ {H$íVmo§ _o§ n{aemo{YV {H$`m Om ahm h¡& {Ogo {dÎmr` df©
2023-24 VH$ nyam {H$`m OmEJm, O¡gm {H$ ~r_m {Z`m_H$ Am¡a
{dH$mg àm{YH$aU Ûmam g§ X {^© V nÌ 411/E\\$ E§ S>
E(EZEb)/E_m°Q>©-B©~r/2019-20/125 {XZm§H$ 07-07-
2020 Ûmam AZw_mo{XV h¡&
3. ZmoQ> g§»`m 52 g_o{H$V {dÎmr` {ddaUmo§ Ho$ {bE Ebgr~r, _w§~B© _o§
nmE JE J~Z Ho$ g§~§Y _o§, {Og_o§ {deof boIm narjm H$r A§V{a_
{anmoQ>© Ebgr~r, _w§~B© Ho$ AZwgma EH$ H$_©Mmar Am¡a CgHo$ n{V `m
nËZr, Omo EH$ H$_©Mmar ^r h¡, Zo 198.99 H$amo‹S> én`o H$r H§$nZr
{Z{Y H$m Xwén`moJ {H$`m h¡, H§$nZr Zo Hw$b 198.99 H$amo‹S> én`o
g_o{HV {dËVr` {ddaU
H$r am{e H$m àmdYmZ {H$`m h¡& _m_bo H$r {\\$bhmb _w§~B© nw{bg H$r
Am{W©H$ AnamY emIm _o§ Om§M Mb ahr h¡& h_ {dÎmr` {ddaUmo§ _o§
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BZ _m_bmo§ Ho$ g§~§Y _o§ h_mar am` g§emo{YV Zhr§ h¡&
314
84 ge{º H aU Ho {bE e{º H m XmohZ
g_o{H$V {dÎmr` {ddaU Am¡a boIm narjH$ H$r {anmoQ>© Ho$
Abmdm AÝ` OmZH$mar
{Z`§pÌV H§$nZr H$m {ZXoeH$ _§S>b AÝ` gyMZmAmo§ Ho$ {bE {Oå_oXma h¡&
AÝ` OmZH$mar _o§ à~§YZ MMm© Am¡a {díbofU _o§ em{_b _m_bo, ~moS>© H$r
{anmoQ>© g{hV AZw~§Y H$r {anmoQ>©, ì`mdgm{`H$ Odm~Xohr {anmoQ>©, H$m°nmo©aoQ>
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Am°{S>Q>a H$r {anmoQ>© H$r VmarI Ho$ ~mX AÝ` OmZH$mar h_o§ CnbãY H$amZo
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g_o{H$V {dÎmr` dº$ì`mo§ na h_mar am` AÝ` OmZH$mar H$mo H$da Zhr§
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g_o{H$V {dÎmr` dº$ì`mo§ Ho$ h_mao Am°{S>Q> Ho$ g§~§Y _o§, h_mar {Oå_oXmar `h
h¡ {H$ O~ `h CnbãY hmo OmE, Vmo D$na Xr JB© AÝ` OmZH$mar H$mo n‹To>§ Am¡a
Eogm H$aZo na {dMma H$ao§ {H$ Š`m AÝ` OmZH$mar g_o{H$V {dÎmr` {ddaUmo§
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OmEJm&
g_o{H$V {dÎmr` {ddaUmo§ Ho$ {bE à~§YZ Am¡a CZ na
emgZ H$r {µOå_oXmar
{Z`§pÌV H§$nZr H$m {ZXoeH$ _§S>b H§$nZr A{Y{Z`_, 2013
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BZ g_o{H$V {dÎmr` dº$ì`mo§ H$r V¡`mar Ho$ g§~§Y _o§ Omo g_o{H$V H$m ghr
Am¡a {Zînj ÑpïH$moU XoVo h¡§ {dÎmr` pñW{V, {dÎmr` àXe©Z Am¡a ~r_m
A{Y{Z`_, AnZo gh`mo{J`mo§ Am¡a ~r_m A{Y{Z`_, 1938 Ho$ AZwgma
g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ g{hV g_yh Ho$ ZH$Xr àdmh H$mo g_o{H$V

Emphasis of Matter
We draw attention to the following matter in the Notes to
the consolidated financial statements
1. Note No. 20 to the consolidated financial statements,
regarding the Solvency Margin as on 31st March 2021
is 1.00 which is below the stipulated margin as per the
Insurance Regulatory and Development Authority of
India (Assets, Liabilities and Solvency Margin of
General Insurance Business) Regulations, 2016.
We are unable to comment on the consequent
implication of the Insurance Act, 1938 read with the
above referred regulations.
2. Note No. 32 to the consolidated financial statements,
regarding the deferment of pension liability of the
retired and existing employees of the company who
opted for Pension under General Employees’ Pension
Scheme 1995, an aggregate amount of ` 8295218
thousands being the company’s contribution of
` 5764028 thousands in respect of employees retired
before 31st March 2020 and ` 2531190 thousands
being 1/5th of ` 12655950 thousands of the future
liability of company’s contribution in respect of the
existing employees has been absorbed during the year
19-20 and further 1/5th of ` 12655950 thousands
amounting to ` 2531190 thousands has been absorbed
during the year and the remaining portion of the
company’s contribution in respect of the existing
employees amounting to ` 7593570 thousands is
being amortised in 3 equal instalments of ` 2531190
thousands each to be absorbed by financial year
2023-24 as approved by Insurance Regulatory and
Development Authority of India, vide its letter
Ref 411/F&A(NL) / Amort-EB/2019-20/125 dated
07-07-2020.
3. Note No. 52 to the consolidated financial statements,
regarding the misappropriation detected at LCB,
Mumbai wherein an employee and his spouse who is
also an employee has misappropriated company fund
to the extent of ` 198.99 crores as per the interim report
to the special audit of LCB, Mumbai, the company has
made provision for total amount of ` 198.99 crores.
The case is presently under investigation with
economic offense wing of Mumbai police. We are
unable to comment on the consequent implications in
the Financial Statements.
Our opinion is not modified in respect of these matters.
/
Information Other than the Consolidated Financial
Statements and Auditor’s Report Thereon
The Holding Company’s Board of Directors is responsible
for the other information. The other information comprises
the matters included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s
Report, Business Responsibility Report, Corporate
Governance and Shareholder’s Information, but does not
include the consolidated financial statements and our
auditor’s report thereon. The other information is expected
to be made available to us after the date of this auditor's
report.
Our opinion on the consolidated financial statements does
not cover the other information and we will not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other
information identified above when it becomes available and,
in doing so, consider whether the other information is
materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other
information that we obtained prior to the date of this
auditor’s report, we conclude that there is no material
misstatement of this other information, that we are required
to report the fact. We have nothing to report in this regard.
When we read the other information, if we conclude that
there is a material misstatement therein, we are required to
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
communicate the matter to those charged with governance
and in case the material misstatement remains uncorrected,
suitable action would be resorted to including bringing to the
attention of the users the matters of such material
misstatement.
Responsibilities of Management and Those Charged with
CO0NSOLIDATED FINANCIAL STATEMENTS
Governance for the Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible
for the matters stated in section 134(5) of the Companies
Act, 2013 (“the Act”) with respect to the preparation of
these consolidated financial statements that give a true and
fair view of the consolidated financial position, consolidated
financial performance and consolidated cash flows of the
Group including its associates and jointly controlled entities
in accordance with the Insurance Act, 1938, the Insurance
Regulatory and Development Authority of India (Preparation
of Financial Statements and Auditors’ Report of Insurance
Companies) Regulation 2002, (“the Regulation”) the
Harnessing Power to Empower 315
 |
H$aZm, ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU ({dÎmr` {ddaUmo§
H$r V¡`mar Am¡a boIm narjH$mo§ H$r ~r_m H§$n{Z`mo§ H$r {anmoQ>©) {d{Z`_
2002, (“{d{Z`_Z”) boIm§H$Z Am_Vm¡a na ^maV _o§ ñdrH¥$V {gÕm§V
Omo {d{Z`_Z Ûmam {ZYm©{aV AmB©grEAmB© Ûmam Omar {H$E OmVo h¡§& g_yh
Am¡a CgHo$ gh`mo{J`mo§ Am¡a g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ go g§~§{YV
H§$n{Z`mo§ Ho$ {ZXoeH$ _§S>b H$r {Oå_oXmar _o§ H§$nZr H$r n{ag§npÎm`mo§ H$r
gwajm Ho$ {bE H§$nZr A{Y{Z`_ Ho$ àmdYmZmo§ Ho$ AZwgma n`m©á boIm§H$Z
{aH$m°S>moª H$m aIaImd Am¡a YmoImY‹S>r Am¡a AÝ` A{Z`{_VVmAmo§ H$mo
amoH$Zo Am¡a nVm bJmZo Ho$ {bE ^r em{_b h¡; C{MV boIm§H$Z Zr{V`mo§ H$m
M`Z Am¡a AmdoXZ; {ZU©` Am¡a AZw_mZ bJmZm Omo C{MV Am¡a {ddoH$nyU©
h¡§; Am¡a {S>OmBZ g_o{H$V {dÎmr` {ddaUmo§ Ho$ {bE à~§YZ Am¡a CZ na
emgZ H$r {µOå_oXmar h¡; Am¡a n`m©á Am§V{aH$ {dÎmr` {Z`§ÌUmo§ H$m
{S>OmBZ, H$m`m©Ýd`Z Am¡a aIaImd, Omo {H$ boIm§H$Z Ho$ {aH$m°S>© H$r
gQ>rH$Vm Am¡a nyU©Vm gw{ZpüV H$aZo Ho$ {bE à^mdr T§>J go H$m_ H$a aho Wo,
Omo {dÎmr` dº$ì`mo§ H$r V¡`mar Am¡a àñVw{V Ho$ {bE àmg§{JH$ h¡ Am¡a
YmoImY‹S>r `m Ìw{Q> go _wº$ EH$ ghr Am¡a {Zînj ÑpïH$moU XoVo h¡§& {OgH$m
Cn`moJ hmopëS§>J H§$nZr Ho$ {ZXoeH$mo§ Ûmam nydmo©º$ Ho$ ê$n _o§ g_o{H$V {dÎmr`
{ddaU V¡`ma H$aZo Ho$ CÔoí` go {H$`m J`m h¡&
{dÎmr` {ddaUmo§ H$mo V¡`ma H$aZo _o§, g_yh Am¡a CgHo$ gh`mo{J`mo§ Am¡a
g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ go g§~§{YV H§$n{Z`mo§ Ho$ {ZXoeH$ _§S>b
g_yh H$r j_Vm H$m AmH$bZ H$aZo Ho$ {bE {Oå_oXma h¡§ Am¡a ì`dgm` H$r
{Za§VaVm Ho$ ê$n _o§ Omar aIZo, àH$Q>rH$aU, O¡gm {H$ bmJy hmo, ì`dgm`
`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> Ho$ gXñ`m| H$mo ñdV§Ì boIm narjH H m à{VdoXZ
H$r {Za§VaVm go g§~§{YV _m_bmo§ Am¡a boIm§H$Z Ho$ ì`dgm` H$r {Za§VaVm
AmYma H$m Cn`moJ H$aVo hwE O~ VH$ {H$ {ZXoeH$ _§S>b H§$nZr H$mo
n{ag_mnZ H$aZo `m g§MmbZ H$mo ~§X H$aZo H$m BamXm Zhr H$aVm h¡, `m
CgHo$ nmg Eogm H$aZo Ho$ {bE H$moB© dmñV{dH$ {dH$ën Zhr§ h¡&
g_yh Am¡a CgHo$ gh`mo{J`mo§ Am¡a g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ go
g§~§{YV H§$n{Z`mo§ Ho$ {ZXoeH$ _§S>b g_yh H$r {dÎmr` {anmo{Q>ªJ àpH«$`m Am¡a
CgHo$ gh`mo{J`mo§ Am¡a g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ H$r XoIaoI Ho$ {bE
{Oå_oXma h¡§&
g_o{H$V {dÎmr` {ddaUmo§ H$r boIm narjm Ho$ {bE boIm
narjH$mo§ H$r {Oå_oXm{a`m§
h_mam CÔoí` Bg ~mao _o§ C{MV AmœmgZ àmá H$aZm h¡ {H$ Š`m g§nyU© ê$n
g_o{HV {dËVr` {ddaU
go {dÎmr` {ddaU ^m{¡VH$ JbV\\$h_r go _ºw$ h,§¡ Mmho YmI o mYS‹>r `m Ì{wQ> H$o
H$maU, Ama¡ EH$ Am{°S>Q>a H$r {anmQo>© Omar H$aZo H$o {bE {Og_§o h_mar am` ^r
em{_b h&¡ C{MV AmœmgZ Cƒ ñVa H$m AmœmgZ h,¡ b{oH$Z `h JmaQ§>r Zhr§
h¡ {H$ EgEEg H$o AZgwma {H$`m J`m Am{°S>Q> h_e o m _mO¡ Xy hmZoo na {H$gr
gm_Jr« H$o JbV hmZoo H$m nVm bJmEJm& YmI o mYS‹>r `m Ì{wQ> go Jb{V`m± CËnÞ
316
84 ge{º H aU Ho {bE e{º H m XmohZ
hmo gH$Vr h§¡ Ama¡ _mZm OmVm h¡ {H$ gm_Jr«, `{X ì`pº$JV ê$n go `m H$wb
{_bmH$a, do BZ {dÎmr` dº$ì`m§o H$o AmYma na {bE JE Cn`mJoH$VmA © m§o H$o
Am{WH©$ {ZU`©m§o H$mo à^m{dV H$aZo H$r Anj
o m H$r Om gH$Vr h&¡
EgEEg Ho$ AZwgma EH$ Am°{S>Q> Ho$ ^mJ Ho$ ê$n _o§, h_ noeoda {ZU©` boVo h¡§
Am¡a nyao Am°{S>Q> _o§ noeoda g§Xoh H$mo ~ZmE aIVo h¡§& h_ ^r:
Ÿ g_o{H$V {dÎmr` dº$ì`mo§ H$r ^m¡{VH$ JbV\\$h_r Ho$ Omo{I_mo§ H$mo
nhMmZo§ Am¡a CZH$m AmH$bZ H$ao§, Mmho YmoImY‹S>r `m Ìw{Q> Ho$ H$maU,
CZ Omo{I_mo§ Ho$ {bE Am°{S>Q> àpH«$`mAmo§ H$mo {S>OmBZ Am¡a {Zînm{XV
H$ao§, Am¡a Am°{S>Q> gmú` àmá H$ao§ Omo h_mar am` Ho$ {bE AmYma àXmZ
H$aZo Ho$ {bE n`m©á Am¡a C{MV hmo& YmoImY‹S>r Ho$ n{aUm_ñdê$n hmoZo
dmbr gm_J«r Ho$ JbV {ddaU H$m nVm Zhr§ bJmZo H$m Omo{I_ Ìw{Q> Ho$
n{aUm_ñdê$n hmoZo dmbo EH$ go A{YH$ h¡, Š`mo§{H$ YmoImY‹S>r _o§
{_br^JV, OmbgmOr, OmZ~yPH$a MyH$, JbV ~`mZr, `m Am§V{aH$
{Z`§ÌU H$r AmodaamBS> em{_b hmo gH$Vr h¡&
Ÿ bI
o mnarjm àpH$«`mAm§o H$mo {S>OmBZ H$aZo H$o {bE bI
o mnarjm H$o {bE
àmg{§JH$ AmV§{aH$ {Z`̧U H$r g_P àmá H$aZm Omo n{apñW{V`m§o _§o
Cn`ºw$ hm&o H$§nZr A{Y{Z`_, 2013 H$r Ymam 143 (3) (i) H$o VhV,
h_ Bg ~mV na ^r AnZr am` ì`º$ H$aZo H$o {bE {Oå_Xoma h§¡ {H$
{Z`p§ÌV H$§nZr H$o nmg n`má© AmV§{aH$ {dÎmr` {Z`̧U àUmbr h¡ Ama¡
Bg Vah H$o {Z`̧Um§o H$m gM§mbZ à^mderbVm h&¡
Ÿ BñVo_mb H$r JB© boIm§H$Z Zr{V`mo§ H$r Cn`wº$Vm Am¡a à~§YZ Ûmam
{H$E JE boIm§H$Z AZw_mZmo§ Am¡a g§~§{YV àH$Q>Zmo§ H$r VH$©erbVm H$m
_yë`m§H$Z H$ao§&
Ÿ boIm§H$Z Ho$ {Za§Va ì`mdgm{`H$ AmYma Ho$ à~§YZ Ho$ Cn`moJ H$r
Cn`wº$Vm na {ZîH$f© {ZH$mbm Am¡a, àmá Am°{S>Q> gmú` Ho$ AmYma
na, Š`m EH$ KQ>Zm `m n{apñW{V`mo§ go g§~§{YV gm_J«r A{ZpüVVm
_m¡OyX h¡ Omo g_yh Am¡a CgHo$ gh`mo{J`mo§ Am¡a g§`wº$ ê$n go {Z`§pÌV
g§ñWmAmo§ H$r j_Vm na _hËdnyU© g§Xoh S>mb gH$Vr h¡ Omo EH$ {M§Vm
H$m {df` h¡& `{X h_ {ZîH$f© {ZH$mbVo h¡§ {H$ H$moB© gm_J«r
A{ZpüVVm _m¡OyX h¡, Vmo h_o§ {dÎmr` {ddaUmo§ _o§ g§~§{YV Iwbmgmo§ Ho$
{bE AnZr boIm narjH$mo§ H$r {anmoQ>© _o§ Ü`mZ AmH${f©V H$aZo H$r
Amdí`H$Vm h¡, `m `{X Bg Vah Ho$ Iwbmgo An`m©á h¡§, Vmo h_mar am`
H$mo g§emo{YV H$aZo Ho$ {bE& h_mao {ZîH$f© h_mao boIm narjH$mo§ H$r
{anmoQ>© H$r VmarI VH$ àmá Am°{S>Q> gmú` na AmYm{aV h¡§& hmbm§{H$,
^{dî` H$r KQ>ZmAmo§ `m pñW{V`mo§ Ho$ H$maU g_yh Am¡a CgHo$
gh`mo{J`mo§ Am¡a g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ H$mo EH$ {Za§Va
ì`dgm` Ho$ ê$n _o§ Omar aIZo Ho$ {bE g§Kf© H$aZm n‹S> gH$Vm h¡&
Ÿ àH$Q>rH$aU g{hV g_o{H$V {dÎmr` {ddaUmo§ H$r g_J« àñVw{V,
g§aMZm Am¡a gm_J«r H$m _yë`m§H$Z, Am¡a g_o{H$V {dÎmr` {ddaU
A§V{Z©{hV boZXoZ Am¡a KQ>ZmAmo§ H$mo Bg Vah go Xem©Vo h¡§ Omo {Zînj
àñVw{V àmá H$aVo h¡§&

accounting principles generally accepted in India, including
the accounting standards issued by ICAI as prescribed by
the Regulation. The respective Board of Directors of the
companies included in the Group and its associates and
jointly controlled entities are responsible for maintenance of
adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding of the
assets of the group and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgements and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the
consolidated financial statements that give a true and fair
view and are free from material misstatements, whether due
to fraud or error, which have been used for the purpose of
preparation of the consolidated financial statements by the
Directors of the Holding company, as aforesaid.
In preparing the consolidated financial statements, the
respective Board of Directors of the companies included in
the Group and of its associates and jointly controlled entities
are responsible for assessing the ability of the Group and of
its associates and jointly controlled entities to continue as a
going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of
accounting unless the Board of Directors either intends to
liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
The respective Board of Directors of the companies
included in the Group and of its associates and jointly
controlled entities are responsible for overseeing the
financial reporting process of the group and of its
associates and jointly controlled entities.
Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or
error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
/
decisions of users taken on the basis of these consolidated
financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
Ÿ Identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
Ÿ Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section
143(3)(I) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the
Holding company has adequate internal financial
controls system in place and the operating effectiveness
of such controls.
Ÿ Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
Ÿ Conclude on the appropriateness of management’s use
of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
uncertainty exists related to events or conditions that
may cast significant doubt on the ability of the Group and
of its associates and jointly controlled entities to
continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures
CO0NSOLIDATED FINANCIAL STATEMENTS
in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up
to the date of our auditors’ report. However, future
events or conditions may cause the Group and of its
associates and jointly controlled entities to cease to
continue as a going concern.
Ÿ Evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Harnessing Power to Empower 317
 |
Ÿ g_o{H$V {dÎmr` dº$ì`mo§ na EH$ am` ì`º$ H$aZo Ho$ {bE g_yh Am¡a
CgHo$ gh`mo{J`mo§ Am¡a g§`wº$ ê$n go {Z`§pÌV g§ñWmAmo§ Ho$ ^rVa
g§ñWmAmo§ `m ì`mdgm{`H$ J{V{d{Y`mo§ H$r {dÎmr` OmZH$mar Ho$ ~mao _o§
n`m©á Cn`wº$ Am°{S>Q> gmú` àmá {H$`m& h_ Eogr g§ñWmAmo§ Ho$ {dÎmr`
{ddaUmo§ Ho$ Am°{S>Q> H$r {Xem, n`©dojU Am¡a àXe©Z Ho$ {bE {Oå_oXma
h¡§, Omo g_o{H$V {dÎmr` dº$ì`mo§ _o§ em{_b h¡§, {OZ_o§ go h_ ñdV§Ì boIm
narjH$ h¡§& g_o{H$V {dÎmr` dº$ì`mo§ _o§ em{_b AÝ` g§ñWmAmo§ Ho$
{bE, {OÝho§ AÝ` boIm narjH$mo§ Ûmam Am°{S>Q> {H$`m J`m h¡, Eogo AÝ`
boIm narjH$ CZHo$ Ûmam {H$E JE Am°{S>Q> H$r {Xem, n`©dojU Am¡a
àXe©Z Ho$ {bE {Oå_oXma ahVo h¡§& h_ AnZr Am°{S>Q> am` Ho$ {bE nyar
Vah {Oå_oXma h¡§&
h_ hmopëS§>J H§$nZr Am¡a Eogr AÝ` BH$mB`mo§ Ho$ emgZ Ho$ gmW CZ bmoJmo§ Ho$
gmW g§dmX H$aVo h¡§ Omo g_o{H$V {dÎmr` {ddaU _o§ em{_b h¡§, {OZHo$ ~mao _o§
h_ ñdV§Ì Am°{S>Q>a h¡§, AÝ` _m_bmo§ _o§, Am°{S>Q> H$r `moOZm~Õ Jw§OmBe
Am¡a g_` Am¡a _hËdnyU© Am°{S>Q> {ZîH$fmoª Ho$ gmW, Am§V{aH$ {Z`§ÌU _o§
{H$gr ^r _hËdnyU© H${_`mo§ H$mo em{_b H$aVo h¡§, {Ogo h_ AnZo Am°{S>Q> Ho$
Xm¡amZ nhMmZVo h¡§&
h_ CZ bmoJmo§ H$mo ^r EH$ ~`mZ Ho$ gmW emgZ àXmZ H$aVo h¡§ Omo h_Zo
ñdV§ÌVm Ho$ g§~§Y _o§ àmg§{JH$ Z¡{VH$ Amdí`H$VmAmo§ H$m AZwnmbZ {H$`m
h¡ Am¡a Ohm§ bmJy hmo, g§~§{YV gwajm Cnm` Ho$ gmW CZ g^r {aíVmo§ Am¡a
AÝ` _m_bmo§ Ho$ gmW g§dmX H$aZo Ho$ {bE {OÝho§ h_mar ñdV§ÌVm na ghZ
`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> Ho$ gXñ`m| H$mo ñdV§Ì boIm narjH H m à{VdoXZ
H$aZo Ho$ {bE C{MV _mZm Om gH$Vm h¡&
AÝ` _m_bo
h_Zo EH$ ghm`H$ H§$nZr Ho$ {dÎmr` {ddaUmo§ H$m Am°{S>Q> Zhr§ {H$`m,
{OgH$m {dÎmr` {ddaU 31 _mM©, 2021 H$mo Hw$b 186088 hOma én`o
H$r g§npÎm H$mo Xem©Vm h¡, Hw$b amOñd 11039 hOma én`o Am¡a ewÕ ZH$Xr
àdmh Cg VmarI H$mo g_má df© Ho$ {bE 4415 hOma én`o h¡& O¡gm {H$
g_o{H$V {dÎmr` {ddaUmo§ _o§ _mZm J`m h¡& g_o{H$V {dÎmr` {ddaUmo§ _o§ 31
_mM©, 2021 H$mo g_má df© Ho$ {bE 174594 hOma én`o Ho$ ewÕ bm^ _o§
g_yh H$m {hñgm ^r em{_b h¡, O¡gm {H$ g_o{H$V {dÎmr` {ddaUmo§ _o§ _mZm
J`m h¡, 2 (Xmo) gh`mo{J`mo§ Ho$ g§~§Y _o§, {OZHo$ {dÎmr` {ddaU / {dÎmr`
OmZH$mar Zhr§ h¡, h_mao Ûmam Am°{S>Q> {H$`m J`m h¡& BZ {dÎmr`
{ddaUmo§/{dÎmr` gyMZmAmo§ H$r boImnarjm AÝ` boImnarjH$mo§ Ûmam H$r
g_o{HV {dËVr` {ddaU
JB© h¡, {OZH$r {anmoQ>© à~§YZ Ûmam h_o§ àñVwV H$r JB© h¡ Am¡a g_o{H$V
{dÎmr` {ddaUmo§ na h_mar am`, Ohm§ VH$ `h BZ ghm`H$ Am¡a gh`mo{J`mo§
Ho$ g§~§Y _o§ em{_b am{e`mo§ Am¡a àH$Q>rH$aUmo§ go g§~§{YV h¡ Am¡a A{Y{Z`_
H$r Ymam 143 H$r Cn-Ymam (3) Ho$ g§X^© _o§ h_mar {anmoQ>©, Ohm§ VH$ `h
318
84 ge{º H aU Ho {bE e{º H m XmohZ
Cnamoº$ ghm`H$ H§$n{Z`mo§ Am¡a gh`mo{J`mo§ go g§~§{YV h¡, nyar Vah go
AÝ` boIm narjH$mo§ H$r {anmoQ>© na AmYm{aV h¡&
g_o{H$V {dÎmr` {ddaUmo§ na h_mar am`, Am¡a ZrMo AÝ` H$mZyZr Am¡a
{Z`m_H$ Amdí`H$VmAmo§ na h_mar {anmoQ>©, {H$E JE H$m`moª Am¡a AÝ` boIm
narjH$mo§ H$r {anmoQ>© na h_mar {Z^©aVm Ho$ g§~§Y _o§ Cnamoº$ _m_bmo§ Ho$ g§~§Y
_o§ g§emo{YV Zhr§ h¡&
AÝ` H$mZyZr Am¡a {Z`m_H$ Amdí`H$VmAmo§ na {anmoQ>©
1. g_o{H$V {dÎmr` {ddaU ~r_m A{Y{Z`_, 1938, {d{Z`_ Am¡a
H§$nZr A{Y{Z`_, 2013 Ho$ àmdYmZmo§ H$r Amdí`H$VmAmo§ Ho$
AZwgma bmJy gr_m VH$ Am¡a Amdí`H$ VarHo$ go V¡`ma {H$E JE h¡§&
2. A{Y{Z`_ H$r Ymam 143 (3) Ho$ AZwgma, h_ {anmoQ>© H$aVo h¡§ {H$:
H$) h_ / AÝ` Am°{S>Q>a {OZH$r {anmoQ>© na h_Zo ^amogm {H$`m h¡, Zo CZ
g^r gyMZmAmo§ Am¡a ñnïrH$aUmo§ H$mo _m§Jm h¡ Am¡a àmá {H$`m h¡ Omo
h_mao kmZ Am¡a {dœmg Ho$ {bE g~go AÀN>m h¡, Omo {H$ nydmo©º$
g_o{H$V {dÎmr` dº$ì`mo§ Ho$ h_mao Am°{S>Q> Ho$ à`moOZmo§ Ho$ {bE
Amdí`H$ Wo&
I) `mo½` am` AZwÀNo>X Ho$ {bE AmYma _o§ d{U©V _m_bo Ho$ g§^m{dV
à^mdmo§ H$mo N>mo‹S>H$a, h_mar am` _o§, H$mZyZ Ûmam Amdí`H$ ImVo H$r
C{MV nwñVH$mo§ H$mo A~ VH$ aIm J`m h¡, Ohm§ VH$ `h CZ nwñVH$mo§
H$r h_mar narjm Am¡a C{MV {aQ>Z© go àH$Q> hmoVm h¡ h_mao Am°{S>Q> Ho$
CÔoí`mo§ Ho$ {bE n`m©á emImAmo§ go àmá {H$`m J`m h¡ h_mao Am°{S>Q> Ho$
CÔoí` h_mao Ûmam Z H$r JB© emImAmo§ go àmá hwE h¡§&
J) g_o{H$V ~¡bo§g erQ>, g_o{H$V amOñd ImVo, g_o{H$V bm^ Am¡a hm{Z
ImVm Am¡a Bg {anmoQ>© Ho$ gmW g_o{H$V H¡$e âbmo ñQo>Q>_o§Q> Ho$ gmW
g_o{H$V {dÎmr` {ddaUmo§ H$r V¡`mar Ho$ CÔoí` go ~ZmE JE ImVo H$r
nwñVH$mo§ Ho$ gmW g_Pm¡Vm {H$`m J`m h¡&
K) AmYma Ho$ ê$n _o§ Ah©Vmàmá A{^_V AZwÀNo>X Ho$ {bE d{U©V _m_bo
Ho$ g§^m{dV à^mdmo§ H$mo N>mo‹S>H$a, h_mar am` _o§, Cnamoº$ g_o{H$V
{dÎmr` {ddaU {d{Z`_Z Ûmam {ZYm©{aV AmB©grEAmB© Ûmam Omar
boIm _mZH$mo§ H$m AZwnmbZ H$aVo h¡§&
L>) A{YgyMZm g§. Or.Eg.Ama. 463 (L>) {XZm§H$ 05.06.2015,
H§$nZr A{Y{Z`_, 2013 H$r Ymam 164 H$r CnYmam (2) gaH$mar
H§$n{Z`mo§ na bmJy Zhr§ h¡&

Ÿ Obtain sufficient appropriate audit evidence
regarding the financial information of the entities or
business activities within the Group and its
associates and jointly controlled entities to express
an opinion on the consolidated financial statements.
We are responsible for the direction, supervision
and performance of the audit of the financial
statements of such entities included in the consolidated
financial statements of which we are the independent
auditors. For the other entities included in the
consolidated financial statements, which have been
audited by other auditors, such other auditors remain
responsible for the direction, supervision and
performance of the audits carried out by them. We
remain solely responsible for our audit opinion
We communicate with those charged with governance of
the Holding Company and such other entities included in the
consolidated financial statement of which we are
independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Other Matters
We did not audit the financial statements of a subsidiary,
whose financial statements reflect total assets of ` 186088
thousands as at 31st March, 2021, total revenues of
` 11039 thousands and net cash flows amounting to
` 4415 thousands for the year ended on that date, as
considered in the Consolidated financial statements. The
Consolidated financial statements also include the Group's
share of net profit of ` 174594 thousands for the year ended
31st March, 2021, as considered in the Consolidated
financial statements, in respect of 2 (two) associates,
whose financial statements / financial information have not
been audited by us. These financial statements / financial
information have been audited by other auditors whose
reports have been furnished to us by the Management and
our opinion on the consolidated financial statements, in so
far as it relates to the amounts and disclosures included in
respect of these subsidiary and associates and our report in
terms of sub-sections (3) of Section 143 of the Act, insofar
/
as it relates to the aforesaid subsidiaries and associates, is
based solely on the reports of the other auditors.
Our opinion on the Consolidated financial statements, and
our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with
respect to our reliance on the work done and the reports of
the other auditors.
Report on Other Legal and Regulatory Requirements
1. The consolidated financial statements have been drawn
up in accordance with the requirements of the Insurance
Act, 1938, the Regulation and the provisions of the
Companies Act, 2013 to the extent applicable and in the
manner so required.
2. As required by Section 143 (3) of the Companies Act,
2013, we report that:
a) We / the other auditors whose reports we have relied
upon, have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of
the aforesaid consolidated financial statements.
b) Except for the possible effects of the matter described in
the Basis for Qualified Opinion Paragraph, in our opinion,
proper books of account as required by law have been
kept by as so far as it appears from our examination of
those books and proper returns adequate for the
purposes of our audit have been received from the
branches not visited by us.
c) The Consolidated Balance Sheet, the Consolidated
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
Revenue Accounts, the Consolidated Profit and Loss
Account and the Consolidated Cash Flow Statement
dealt with by this Report are in agreement with the books
of account maintained for the purpose of preparation of
the consolidated financial statements.
CO0NSOLIDATED FINANCIAL STATEMENTS
d) Except for the possible effects of the matter described in
the Basis for Qualified Opinion Paragraph, in our opinion,
the aforesaid consolidated financial statements comply
with the Accounting Standard issued by ICAI and
prescribed by the Insurance Regulatory Development
Authority of India (Preparation of Financial Statement
and Auditor’s Report of Insurance Companies)
Regulations, 2002.
e) As per the Notification No. G.S.R. 463(E) dated
05.06.2015, sub-section (2) of Section 164 of the
Companies Act, 2013 is not applicable to Government
Companies.
Harnessing Power to Empower 319
 |

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 /

f) With respect to the adequacy of internal financial control
systems and the operating effectiveness of such
controls, we give our Report in Annexure – I.
g) With respect to the other matters to be included in the
Auditors’ Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:
i. The Consolidated financial statements disclose the
impact of pending litigations on the consolidated
financial position of the group and its associates - Refer
Note No. 3 to the Consolidated financial statements;
ii. The Group and its associates did not have any material
foreseeable losses on long-term contracts including
derivative contracts.
iii. There were no amounts which were required to be
transferred, to the Investor Education and Protection
Fund by the Holding Company, its subsidiary company
and associate company incorporated in India.
3. As required by section 143(5) of the Companies Act,
2013, our comments with regard to the directions and
sub-directions issued by the Comptroller and Auditor
General of India are given in Annexure – II.

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFZ1221 UDIN : 21201760AAAABL5557 UDIN : 21022137AAAAAAX4986

Date : 16.08.2021
Place : Chennai

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

CO0NSOLIDATED FINANCIAL STATEMENTS

Harnessing Power to Empower 321

 |
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ANNEXURE – I TO INDEPENDENT AUDITORS’ REPORT
Report on the Internal Financial Controls under Clause (I) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over
financial reporting of United India Insurance Company
Limited (“hereinafter referred to as “the Holding
Company”) its subsidiary company and its associate
company which are companies incorporated in India, as
of March 31, 2021 in conjunction with our audit of the
consolidated financial statements of the Holding
Company for the year ended.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding
company, its subsidiary company and its associate
company, which are companies incorporated in India, are
responsible for establishing and maintaining internal
financial controls based on the internal control over
financial reporting criteria established by the Company
considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute
of Chartered Accountants of India. These responsibilities
include the design, implementation and maintenance of
adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct
of its business, including adherence to respective
company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records,
and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the
Company's internal financial controls over financial
reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting (the
“Guidance Note”) and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section
143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both
applicable to an audit of Internal Financial Controls and,
both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and
/
perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial
reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial
controls system over financial reporting and their
operating effectiveness. Our audit of internal financial
controls over financial reporting included obtaining an
understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and
operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the
Auditors’ judgement, including the assessment of the
risks of material misstatement of the financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls over Financial
Reporting
A company's internal financial control over financial
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles. A company's internal financial
control over financial reporting includes those policies
CO0NSOLIDATED FINANCIAL STATEMENTS
and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance with
generally accepted accounting principles, and that
receipts and expenditures of the company are being made
only in accordance with authorisations of management
and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of
Harnessing Power to Empower 323
 |
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em{‘b gh¶moJr H§$n{Z¶m| Ho$ nmg g^r ‘m‘bm| ‘| {dÎmr¶ [anmo{Qª>J na
n¶m©á Am§V[aH$ {dÎmr¶ {Z¶§ÌU àUmbr h¡ Am¡a {dÎmr¶ [anmo{Qª>J na Bg
Vah Ho$ Am§V[aH$ {dÎmr¶ {Z¶§ÌU 31 ‘mM© 2020 VH$ à^mdr ê$n go Mb
aho Wo, Omo {dÎmr¶ [anmo{Qª>J ‘mZX§S>m| na Am§V[aH$ {Z¶§ÌU Ho$ AmYma na
ñWm{nV {H$E JE Wo& H§$nZr Ûmam MmQ>©S>© B§ñQ>rQ>çyQ> Am°’$ MmQ>©S>© EH$mC§Q>|Q²g
Ûmam Omar {dÎmr¶ [anmo{Qª>J Amoda ’$mBZ|{e¶b [anmo{Qª>J Ho$ Am°{S>Q> na
‘mJ©Xe©Z ZmoQ> ‘| ~VmE JE Am§V[aH$ {Z¶§ÌU Ho$ Amdí¶H$ KQ>H$m| na
{dMma {H$¶m J¶m&

unauthorised acquisition, use, or disposition of the
company's assets that could have a material effect on the
financial statements.
Inherent Limitations of Internal Financial Controls over
Financial Reporting
Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility
of collusion or improper management override of
controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the
internal financial control over financial reporting may
become inadequate because of changes in conditions, or
that the degree of compliance with the policies or
procedures may deteriorate.
Qualified Opinion
According to the information and explanations given to us
and based on our audit, the material weakness has been
identified as at March 31, 2021 as below:
1. The Holding Company did not have appropriate
internal controls for obtention of year end
confirmation of balances from other insurance
companies and reconciliation.
2. The Holding Company did not have a system in place
for timely and effective reconciliation of the
differences between the balances reflected in the
books of accounts of the company and those
reported in the Electronic Transaction Administration
and Settlement System (ETASS) Portal in respect of
transactions amongst the co-insurers.
3. The recording of the reinsurance transactions by the
Holding Company is done through manual
intervention to feed enormous volume of basic data
into the system due to absence of seamless integration
of the accounting package in direct side with that of the
accounting package used in reinsurance.
4. The internal control mechanism followed by the
company appears to have failed in the transactions
related to fraud reported in LCB Mumbai. Company is
yet to identify the accounts debited through which
the perpetrator/s has committed this fraud. Suitable
/
steps to be initiated on war – footing to ensure that
such instances do not recur in future. Company has
already instituted a Forensic audit the result of which
is awaited.
A ‘material weakness’ is a deficiency, or a combination of
deficiencies, in internal financial control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the company's annual or interim
financial statements will not be prevented or detected on a
timely basis.
In our opinion, except for the effects/possible effects of
the material weakness described above on the
achievement of the objectives of the control criteria, the
Holding Company, its subsidiary company and its
associate company, which are companies incorporated in
India, have, in all material respects, an adequate internal
financial controls system over financial reporting and
such internal financial controls over financial reporting
were operating effectively as at 31st March 2021, based
on the internal control over financial reporting criteria
established by the Company considering the essential
components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered
Accountants of India.
We have considered the material weakness identified and
reported above in determining the nature, timing, and
extent of audit tests applied in our audit of the March 31,
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
2021 Consolidated financial statements of the Company,
and the material weakness has affected our opinion on the
Consolidated financial statements of the Company and we
have issued a qualified opinion on the Consolidated
financial statements. CO0NSOLIDATED FINANCIAL STATEMENTS
In our opinion , the Holding Company, its subsidiary
company and its associate company, which are
companies incorporated in India, have, in all material
respects, an adequate internal financial controls system
over financial reporting and such internal financial
controls over financial reporting were operating
effectively as at 31st March 2021, based on the internal
control over financial reporting criteria established by the
Company considering the essential components of
internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.
Harnessing Power to Empower 325
 |

Aݶ ‘m‘bo
31 ‘mM© 2021 VH$ CnJV {H$ÝVw Agy{MV (AmB©~rEZAma) VWm CnJV
{H$ÝVw An¶m©á gy{MV (AmB©~rEZB©Ama) Xmdm| Ho$ ‘m‘bo ‘| H$ånZr Ûmam,
{d{Z¶‘m| Ho$ AZwgma {Z¶wº$ ~r‘m§H$H$ Ûmam Xo¶VmAm| H$m gm§p»¶H$s¶
‘yë¶m§H$Z {d{YdV à‘m{UV {H$¶m J¶m h¡& 31 ‘mM© 2021 H$mo g‘má df©
Ho$ ñdVÝÌ {dÎmr¶ {ddaUm| na h‘mar boIm-narjm [anmoQ>© ‘| h‘Zo BZ
gm§p»¶H$s¶ ‘yë¶m§H$Zm| na {dœmg {H$¶m h¡, {OgH$m [anmoQ>© ‘| C„oI h¡&
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n¶m©áVm Am¡a àMmbZmË‘H$ à^mdH$m[aVm na [anmo{Qª>J H$mo h‘mar am¶ ‘|
em{‘b Zht {H$¶m J¶m h¡&
A{Y{Z¶‘ Ho$ AZwÀN>oX 143 (3) (i) Ho$ VhV {dÎmr¶ [anmo{Qª>J na
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H$m¶m©b¶m| Ho$ boIm narjH$m| H$s gå~pÝYV [anmoQ>m] na AmYm[aV h¡&

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
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AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021
`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> Ho$ gXñ`m| H$mo ñdV§Ì boIm narjH H m à{VdoXZ
g_o{HV {dËVr` {ddaU

326
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Other Matters Accordingly, our opinion on the internal financial controls

The actuarial valuation of liabilities in respect of Incurred
But Not Reported (‘IBNR’) and Incurred But Not Enough
Reported (‘IBNER’) as at 31stMarch 2021, has been duly
certified by the Appointed Actuary of the Company as per
the Regulations. The actuarial valuation of liabilities in
respect of retirement benefits to employees has been duly
certified by an actuary. The said actuarial valuations have
been relied upon by us as mentioned in our Audit Report
on the consolidated financial statements for the year
ended 31st March 2021.
over financial reporting does not include reporting of
aforesaid actuarial liabilities on the adequacy and
operating effectiveness.
Our aforesaid reports under Section 143(3)(i) of the Act
on the adequacy and operating effectiveness of the
internal financial controls over financial reporting insofar
as it relates to 30 Regional Offices (in which are
incorporated the Returns of 421 Divisional Offices) 6
Large Corporate and Broker Cells and overseas runoff
operation is based on the corresponding reports of the
auditors of the respective offices.

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFZ1221 UDIN : 21201760AAAABL5557 UDIN : 21022137AAAAAAX4986

Date : 16.08.2021
Place : Chennai

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

CO0NSOLIDATED FINANCIAL STATEMENTS

Harnessing Power to Empower 327

 |

ñdV§Ì boIm narjH$m| H$s [anmoQ>© Ho$ {bE AZwb¾H$ II

भारत के िनयं क-महालेखापरी क ारा जारी िनदशो ं और उप-िनदशो ं के संबंध म िट िणयाँ

कंपनी अिधिनयम, 2013 की धारा 143(5) के तहत िदशािनदश

H«$. g. {Xem-{ZX}e CÎma

01 Š¶m H§$nZrHo$ nmgAmB©Q>r àUmbrHo$ ‘mܶ‘ go g^r
boIm§H$Z boZXoZ H$mo g§gm{YV H$aZo Ho$ {bE {gñQ>‘ h¡?
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ImVm| H$s d’$mXmar na AmB©Q>r àUmbr Ho$ ~mha boIm§H$Z
boZXoZ Ho$ àg§ñH$aU Ho$ {Z{hVmW© ~VmE Om gH$Vo h¢&
hm±& g^r boIm§H$Z boZXoZ gyMZm àm¡Úmo{JH$s àUmbrHo$ ‘mܶ‘
go g§gm{YV hmoVo h¢& Oo{Z{gg H$m°pÝ’$JaoQ>a (OrgrH$moa), g^r
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AmB©AmaEg gm°âQ>do¶a H$m ^r Cn¶moJ {H$¶m OmVm h¡& {Zdoe
{d^mJ ‘| EH$ ñQ>¢S>AbmoZ Q´>oOar à~§YZ gm°âQ>do¶a H$m Cn¶moJ
{H$¶m OmVm h¡& Orgr gm°âQ>do¶a Ho$ Abmdm, nm§MjoÌm| ‘| Am¡a
àYmZ H$m¶m©b¶ ‘| {dÎmr¶ boIm§H$Z gm°âQ>do¶a H$m Cn¶moJ
{H$¶m OmVm h¡&

02 Š¶m H§$nZr Ûmam F$U MwH$mZo ‘| Ag‘W©Vm Ho$ H$maU {H$gr

F$U XmVm Ûmam H§$nZr H$mo Xr JB© ‘m¡OyXm F$U ¶m ‘m‘bm| ‘o
H$O©/F$U/ã¶mO Am{X H$s ‘m’$s/Ny>Q> H$m H$moB© nwZJ©R>Z
h¡? ¶{X hm±, Vmo {dÎmr¶ à^md H$mo ~Vm¶m Om gH$Vm h¡& Zht
`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> Ho$ gXñ`m| H$mo ñdV§Ì boIm narjH H m à{VdoXZ

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H$s gyMr ~ZmE§&

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grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
g_o{HV {dËVr` {ddaU

^mJrXma ^mJrXma ^mJrXma

gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021

328
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

ANNEXURE – II TO INDEPENDENT AUDITORS’ REPORT

Comments in regard to the directions and sub-directions

issued by the Comptroller and Auditor General of India

I. DIRECTION U/S 143(5) OF THE COMPANIES ACT, 2013

S.No. Directions Reply

01 Whether the company has system in place to
process all the accounting transactions through
IT system? If yes, the implications of
processing of accounting transactions outside
IT system on the Integrity of the accounts along
with the financial implications, if any, may be
stated.
Yes. All Accounting transactions are processed
through IT Systems. Genisys configurator (GC
CORE) is the software used across all operating
offices and portals. In reinsurance in addition to
GC software, IRS software is also used. A
standalone treasury management software is
used at Investment department. In Head office
FACT software is used, in addition to GC Software.

02 Whether there is any restructuring of an

existing loan or cases of waiver/write off
debts/loans/interest etc., made by a lender to No such cases
the company due to the company's inability to
repay the loan? If yes, the financial impact
may be stated.

03 Whether funds received/receivable for

specific schemes from Central/State agencies
Yes, the funds received/receivable are properly
were properly accounted for/utilised as per its
accounted.
term and conditions? List the cases of
deviations.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S
CO0NSOLIDATED FINANCIAL STATEMENTS

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFZ1221 UDIN : 21201760AAAABL5557 UDIN : 21022137AAAAAAX4986

Date : 16.08.2021
Place : Chennai

Harnessing Power to Empower 329

 |

II. H§ nZr A{Y{Z¶‘ 2013 H$s Ymam 143 (5) Ho$ VhV Cn -{Xem{ZX}e

H«$. g. {Xem-{ZX}e CÎma

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{S>~|Ma Am{X Ho$ g§~§Y ‘| ñdm{‘Ëd H$s Cnm{Y¶m| H$s g§»¶m Am¡a BZ‘|
22 2 (~wH$ d¡ë¶y 2 é) 3
go {H$VZo ‘m‘bm| ‘|, Omo H§$nZr Ho$ ImVm| H$s {H$Vm~m| ‘| Xem©B© JB© {S>~|Ma
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h¡& Am¡a nm¶m J¶m {dg§J{V Ho$ ~mao ‘| C{MV ê$n go gy{MV {H$¶m Om
gH$Vm h¡&

02 Š¶m {Zdoe Ho$ g§~§Y ‘| ñQ>m°nbm°g gr‘mE§ {ZYm©[aV H$s JB© h¢& ¶{X hm±, hm±& ñQ>m°nbm°g nm°{bgr H$mo nrEg¶y B{¹$Q>r eo¶am| Ho$ Abmdm B{¹$Q>r
Vmo gr‘m H$m nmbZ {H$¶m J¶m Wm ¶m Zht& ¶{X Zht, Vmo {ddaU {X¶m eo¶am| Ho$ {bE n[a^m{fV {H$¶m J¶m h¡ Am¡a 01.04.2016 Ho$ ~mX
Om gH$Vm h¡& A{YJ«hU {H$¶m J¶m h¡&df© 2020-21 Ho$ Xm¡amZ B{¹$Q>r eo¶am| Ho$
Cnamoº$ dJ© Ho$ {bE ñQ>m°n bm°g gr‘m H$mo {Q´>Ja Zht {H$¶m J¶m h¡&

03 Š¶m H§$nZr Zo Aݶ nrEg¶y ~r‘mH$Vm©Am| Ho$ gmW AnZo {dÎmr¶ H§$nZrHo$ nmg OmoZb / joÌr¶ ñVa na nrEg¶y ~r‘mH$Vm©Am| Ho$ gmW
dº$ì¶m| ‘| n[ab{jV A§Va-H§$nZr eof Ho$ {bE gm‘§Oñ¶ Aä¶mg g‘¶-g‘¶ na ~¡R>H$m| Ho$ ‘mܶ‘ go gh ~r‘m eof am{e H$mo g‘oQ>Zo
{H$¶m h¡ Am¡a Š¶m CZHo$ H$maUeofHo$ {bE Aݶ nrEg¶y ~r‘mH$Vm©Am| H$s EH$ à{H«$¶m h¡, Ohm§ eof gh‘{V Am¡a {ZnQ>mZ hmoVo h¢&hmbm±{H$
go nw{ï> àmá hþB© h¡? H§$nZr Zo eof am{e H$s {H$gr ^r df© H$s g‘m{á H$s nw{ï>Zht H$s h¡&

04 (i) Š¶m àYmZ‘§Ìr ’$gb ~r‘m ¶moOZm go g§~§{YV àr{‘¶‘ Am¡a hm§, H§$nZr ¶moOZm Ho$ g‘Pm¡Vo H$s eVm] Ho$ AZwgma àr{‘¶‘ Am¡a Xmdm|
gy{MV Xmdm| H$s JUZm g‘Pm¡Vo/ ¶moOZm H$s eVm] Ho$ AZwgma H$s JUZm H$aVr h¡&
h¡?
`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> Ho$ gXñ`m| H$mo ñdV§Ì boIm narjH H m à{VdoXZ

(ii) Š¶m amï´>r¶ ñdmñ϶ ~r‘m ¶moOZm go g§~§{YV àr{‘¶‘ Am¡a hm§, H§$nZr ¶moOZm Ho$ g‘Pm¡Vo H$s eVm] Ho$ AZwgma àr{‘¶‘ Am¡a Xmdm|
gy{MV Xmdm| H$s JUZm g‘Pm¡Vo/ ¶moOZm H$s eVm] Ho$ AZwgma H$s JUZm H$aVr h¡&
h¡?

(iii) Š¶m àYmZ‘§Ìr OZ Amamo½¶ ¶moOZm go g§~§{YV àr{‘¶‘ Am¡a hm§, H§$nZr ¶moOZm Ho$ g‘Pm¡Vo H$s eVm] Ho$ AZwgma àr{‘¶‘ Am¡a Xmdm|
gy{MV Xmdm| H$s JUZm g‘Pm¡Vo/ ¶moOZm H$s eVm] Ho$ AZwgma H$s JUZm H$aVr h¡&
h¡?

05 Š¶m H$§nZr Zo AmBA

© maS>rEAmB© H$o n[anÌ AmBA
© maSrEAmS© / E\ & E / hm§, H§$nZr Zo {Z{X©ï> ~r‘m ¶moOZmAm| H$s nwZ~u‘m ¶moOZmAm| O¡go {H$
grAmBAma / E_AmB©Eñgr / 052 / 03 / {XZm§H 27 _mM© 2018 àYmZ‘ÝÌr ’$gb ~r‘m ¶moOZm, àYmZ‘ÝÌr gwajm ~r‘m ¶moOZm
H$m AZwnmbZ H$aVo hþE àYmZ ‘§Ìr ’$gb ~r‘m ¶moOZm, àYmZ ‘§Ìr B˶m{X na OrEgQ>r ‘| Ny>Q >Ho$ bm^m| H$mo nm[aV {H$¶m h¡&
gwajm ~r‘m ¶moOZm B˶m{X H$mo nwZ~u‘m ¶moOZmAm| H$s Ny>Q> Ho$ gmW
OrEgQ>r Ho$ Xm¶ao go ~mha {H$¶m J¶m h¡ Am¡a àr{‘¶‘ ‘| H$‘r H$a Ho$
g_o{HV {dËVr` {ddaU

~r{‘V ì¶{º$ / gaH$ma H$mo BgH$m bm^ {X¶m J¶m h¡?

330
84 ge{º H aU Ho {bE e{º H m XmohZ

II. Sub-Directions u/s 143(5) of the Companies Act, 2013
S.No. Directions
01 Number of titles of ownership in respect of
CGS/SGS/Bonds/Debentures etc. available in
physical/demat form and out of these, number of
cases which are not in agreement with the respective
amounts shown in the Company’s books of accounts
may be verified and discrepancy found may be
suitably reported.
02 Whether stop loss limits have been prescribed in
respect of the investments. If yes, whether or not the
limit was adhered to. If no, details may be given.
03 Whether Company has carried out reconciliation
exercise for inter-company balances reflected in their
financial statements with other PSU insurers and
whether confirmation has been obtained from other
PSU insurers for balances due from them?
04 i. Whether the method of accounting of premium
and reported claims are as per conditions of
agreement/scheme relating to Pradhan Mantri
Fasal Bima Yojana
(ii) Whether the method of accounting of premium
and reported claims are as per conditions of
agreement/scheme relating to Rashtriya
Swasthya Bima Yojana
(iii) Whether the method of accounting of premium
and reported claims are as per conditions of
agreement/scheme relating to Prime Minister Jan
Aarogya Yojana
05 Whether the Company has complied with IRDAI
circular (No.IRDA/F&A/CIR/MISC/052/03/2018
dated 27 March 2018) regarding exemption ofre-
insurance schemes of specified insurance schemes
such as Pradhan Manthri Fasal Bima Yojana, Pradhan
Manthri Suraksha Bima Yojana etc. from the purview
of GST and passed on to the insured/Government the
benefit of reduction in premium?
/
Reply
Particulars Reconciled Un-reconciled Restructuring
Debentures 22 2 (Book value ` 2) 2
Yes. Stop loss policy is defined for equity shares other
than PSU equity shares and acquired after 01.04.2016.
Stop loss limit is not triggered for the above class of
equity shares during the year 2020-2021.
The company has a process of reconciling co-
insurance balances through periodical meetings with
PSU insurers at Zonal/ Regional level where balances
are agreed and settled. However the Company has not
obtained any year end confirmation of balances.
Yes, the company accounts the premium and claims
as per the conditions of the agreement of the scheme
Yes, the company accounts the premium and claims
as per the conditions of the agreement of the scheme
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC
Yes, the company accounts the premium and
claims as per the conditions of the agreement of
the scheme
CO0NSOLIDATED FINANCIAL STATEMENTS
Yes, the company has passed on the benefits
exemption on GST on re-insurance schemes of
specified insurance schemes such as Pradhan
Manthri Fasal Bima Yojana, Pradhan Manthri
Suraksha Bima Yojana etc.
Harnessing Power to Empower 331
 |

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H«$. g. {Xem-{ZX}e CÎma

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{XZm§H$ : 16.08.2021
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332
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 /

II. Sub-Directions u/s 143(5) of the Companies Act, 2013

S.No. Directions Reply

06 Whether entire input tax credit (ITC) available on GST Yes, the entire Input Tax Credit(ITC) available on GST
portal in respect of the Company has been availed portal in respect of the company has been availed
within prescribed time limits within prescribed time limits

For A John Moris & Co., For A V Deven & Co., For P S Subramania Iyer & Co.,
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman

Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
UDIN : 21029424AAAAFZ1221 UDIN : 21201760AAAABL5557 UDIN : 21022137AAAAAAX4986

Date : 16.08.2021
Place : Chennai

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UIIC

CO0NSOLIDATED FINANCIAL STATEMENTS

Harnessing Power to Empower 333

 |
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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b) READ WITH SECTION
129 (4) OF THE COMPANIES ACT, 2013 ON THE CONSOIDATED FINANCIAL STATEMENTS OF UNITED INDIA INSURANCE
COMPANY LIMITED, CHENNAI, FOR THE YEAR ENDED 31st MARCH 2021.
The preparation of consolidated financial statements of
United India Insurance Company Limited for the year
ended 31 March 2021 in accordance with the financial
reporting framework prescribed under the Insurance
Act, 1938, read with the Insurance Regulatory &
Development Authority (Preparation of Financial
Statements and Auditor's Report of Insurance
Companies) Regulations, 2002 and the Companies Act,
2013 (Act) is the responsibility of the management of the
company. The statutory auditors appointed by the
Comptroller and Auditor General of India under section
139(5) read with section 129 (4) of the Act are
responsible for expressing opinion on the financial
statements under section 143 read with section 129(4)
of the Act based on independent audit in accordance with
the standards on auditing prescribed under section
143(10) of the Act. This is stated to have been done by
them vide their Audit Report dated 16.08.2021.
I, on behalf of the Comptroller and Auditor General of
India, have conducted a supplementary audit of the
consolidated financial statements of United India
Insurance Company Limited, for the year ended 31
March 2021 under section 143(6)(a) read with section
Place : Chennai
Date : 11.10.2021
/
129(4) of the Act. We conducted a supplementary audit of
the financial statements of United India Insurance
Company Limited but did not conduct supplementary
audit of financial statements of Zenith Securities and
Investments Limited and Health Insurance TPA of India
Limited for the year ended on that date. Further, Section
139(5) and 143(6) (a) of the Act are not applicable to India
International Insurance Pte. Ltd., Singapore, being private
entity incorporated in Foreign Country under the
respective laws, for appointment of their Statutory Auditor
and for conduct of supplementary audit. Accordingly,
Comptroller and Auditor General of India has neither
appointed the Statutory Auditors nor conducted the
supplementary audit of this company. This supplementary
audit has been carried out independently without access
to the working papers of the statutory auditors and is
limited primarily to inquiries of the statutory auditors and
company personnel and a selective examination of some
of the accounting records.
On the basis of my supplementary audit, nothing
significant has come to my knowledge which would give
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
rise to any comment upon or supplement to statutory
auditors' report under section 143(6)(b) of the Act.
For and on behalf of the
Comptroller & Auditor General of India
CONSOLIDATED FINANCIAL STATEMENTS
(DEVIKA NAYAR)
DIRECTOR GENERAL OF COMMERCIAL AUDIT
Harnessing Power to Empower 335
 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
g_o{H V Ap½Z ~r_m amOñd ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
CONSOLIDATED FIRE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

A{O©V àr{_`_ (ewÕ)

Premium Earned (Net) 1 8854589 7977087
{Zdoem| H$s {~H« s / AXm`Jr na bm^/hm{Z (ímwÕ)
Profit/Loss on sale/redemption of Investments (Net) 413330 1011308
{d{Z_` go hm{Z/bm^
Exchange Loss/Gain -274 -836
ã`mO, bm^m§e d {H$am`m - gH$b
Interest, Dividend & Rent – Gross 1845966 2044864

eo`aYmaH m| H$s [Z{Y go A[V[a³V B©AmoE_ H mo A¨eXmZ

Contribution from Shareholders Fund towards excess EOM 695794 0

Hw$b (A) / TOTAL (A) 11809405 11032423

CnJV Xmdo (ewÕ)

Claims Incurred (Net) 2 5171268 10377526
H$_reZ / Commission 3 1167486 1049563

~r_m H$mamo~ma go g§~§{YV àMmbZ IM©

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

Operating Expenses related to Insurance Business 4 4372106 3352088

Ap½Z ~r_m amOñd ImVm / FIRE INSURANCE REVENUE ACCOUNT

AÝ` / Others
{Zdoím go g§~§{YV IM©
Expenses relating to Investments 2169 3442
{Zdoe H$s àr{_`_ na n[aemoYZ
Amortisation of Premium on Investments 8173 11237
AemoÜ` Am¡a gpÝX½Y G$Um| Ho$ {bE àmdYmZ
Provision for Bad and Doubtful Debts 253645 81173
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e
Amount written off in respect of depreciated investments 33248 70564
g{H«$` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in the value of other than
actively traded Equities 1563 -5829

Hw$b (Am) / TOTAL (B) 11009658 14939764

àMmbZ bm^/(hm{Z) B = (A - Am)

Operating Profit / (Loss) C = (A-B) 799747 -3907341

336
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{d{Z_`Z / APPROPRIATIONS
eo`aYm[a`m| Ho$ ImVo H$mo A§V[aV
Transfer to Shareholders’ Account 799747 -3907341
_hm{dnpËV Ama{jV H$mo A§V[aV
Transfer to Catastrophe Reserve 0 0
AÝ` Ama{jV H$mo A§V[aV
Transfer to Other Reserves 0 0
Hw$b (B) / TOTAL (C) 799747 -3907341

~r_m A{Y{Z`_ 1938 H$s Ymam 40 gr (2) Ho$ AZwgma h_ EVX²Ûmam à_m{UV H$aVo h¢ {H$ h_mar gdm}ËV_ OmZH$mar Am¡a {dídmg Ho$ AZwgma Ap½Z ~r_m
H$mamo~ma _|, Mmho àË`j `m namoj ê$n go, H$ht ^r {H$E JE CnJV à~§Y IM© g^r A{½Z ~r_m amOñd ImVo _| IM© Ho$ ê$n _| nyU©V… {dH${bV {H$`o J`o h¡ &
As required by Section 40C(2) of insurance Act 1938, we hereby certify that to the best of our knowledge and belief, all expenses
wherever incurred whether directly or indirectly in respect of Fire Insurance Business have been fully debited in the Fire Insurance
Revenue account as expenses.

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR
COMPANY SECRETARY

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

Ap½Z ~r_m amOñd ImVm / FIRE INSURANCE REVENUE ACCOUNT

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 337

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
g_o{H V g_wÐr ~r_m amOñd ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
CONSOLIDATED MARINE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

A{O©V àr{_`_ (ewÕ)

Premium Earned (Net) 1 1964017 1966314
{Zdoem| H$s {~H« s/AXm`Jr na bm^/hm{Z (ímwÕ)
Profit/Loss on sale/redemption of Investments (Net) 82528 228907
{d{Z_` go hm{Z/bm^
Exchange Loss/Gain 0 -6
ã`mO, bm^m§e d {H$am`m - gH$b
Interest, Dividend & Rent – Gross 245495 362301
eo`aYmaH m| H$s [Z{Y go A[V[a³V B©AmoE_ H mo A¨eXmZ
Contribution from Shareholders Fund towards excess EOM 59190 5533

Hw$b (A) / TOTAL (A) 2351230 2563049

CnJV Xmdo (ewÕ)

Claims Incurred (Net) 2 980759 1342811
H$_reZ
Commission 3 202991 220929
~r_m H$mamo~ma go g§~§{YV àMmbZ IM©
g_wÐr ~r_m amOñd ImVm / MARINE INSURANCE REVENUE ACCOUNT

Operating Expenses related to Insurance Business 4 632782 589350

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

AÝ` / Others
{Zdoím go g§~§{YV IM©
Expenses relating to Investments 433 779
{Zdoe H$s àr{_`_ na n[aemoYZ
Amortisation of Premium on Investments 1632 2544
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e
Amount written off in respect of depreciated investments 6638 15972
AemoÜ` Am¡a gpÝX½Y G$Um| Ho$ {bE àmdYmZ
Provision for Bad and Doubtful Debts 50645 18373
g{H«$` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in the value of other than
actively traded Equities 312 -1319

Hw$b (Am) / TOTAL (B) 1876192 2189439

àMmbZ bm^/(hm{Z) B = (A - Am)
Operating Profit / (Loss) C = (A-B) 475038 373610

338
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{d{Z_`Z / APPROPRIATIONS
eo`aYm[a`m| Ho$ ImVo H$mo A§V[aV
Transfer to Shareholders’ Account 475038 373610
_hm{dnpËV Ama{jV H$mo A§V[aV
Transfer to Catastrophe Reserve 0 0
AÝ` Ama{jV H$mo A§V[aV
Transfer to Other Reserves 0 0
Hw$b (B) / TOTAL (C) 475038 373610

~r_m A{Y{Z`_ 1938 H$s Ymam 40 gr (2) Ho$ AZwgma h_ EVXÛmam à_m{UV H$aVo h¢ {H$ h_mar gdm}ËV_ OmZH$mar Am¡a {dídmg Ho$ AZwgma g_wÐr ~r_m
H$mamo~ma _|, Mmho àË`j `m namoj ê$n go, H$ht ^r {H$E JE CnJV à~§Y IM© , g^r g_wÐr ~r_m amOñd ImVo _| IM© Ho$ ê$n _| nyU©V …{dH${bV {H$`o J`o h¡§ &
As required by Section 40C(2) of insurance Act 1938, we hereby certify that to the best of our knowledge and belief, all
expenses wherever incurred whether directly or indirectly in respect of Marine Insurance Business have been fully debited
in the Marine Insurance Revenue account as expenses.

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR

g_wÐr ~r_m amOñd ImVm / MARINE INSURANCE REVENUE ACCOUNT

COMPANY SECRETARY

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 339

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
g_o{H V {d{dY ~r_m amOñd ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
CONSOLIDATED MISCELLANEOUS INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021
AZwgyMr Mmby df© / JV df© /
{ddaU / Particulars
Schedule Current Year Previous Year

A{O©V àr{_`_ (ewÕ)

Premium Earned (Net) 1 128260729 127502017
{Zdoem| H$s {~H« s / AXm`Jr na bm^/hm{Z (ímwÕ)
Profit/Loss on sale/redemption of Investments (Net) 5520463 10084010

A§VaU ewëH$, Am{X / Transfer fees, etc. 12323 15069

ã`mO, bm^m§e d {H$am`m - gH$b

Interest, Dividend & Rent – Gross 16457336 16001836
eo`aYmaH m| H$s [Z{Y go A[V[a³V B©AmoE_ H mo A¨eXmZ
Contribution from Shareholders Fund towards excess EOM 659484 0

Hw$b (A) / TOTAL (A) 150910335 153602932

CnJV Xmdo (ewÕ)

Claims Incurred (Net) 2 116869098 127732768

H$_reZ / Commission 3 7812828 6376564

{d{dY ~r_m amOñd ImVm / MISCELLANEOUS INSURANCE REVENUE ACCOUNT

~r_m H$mamo~ma go g§~§{YV àMmbZ IM©

Operating Expenses related to Insurance Business 4 34045349 30388346
g_o{HV {dËVr` {ddaU /CONSOLIDATED FINANCIAL STATEMENTS

AÝ` / Others
{Zdoím go g§~§{YV IM©
Expenses relating to Investments 28973 34324
{Zdoe H$s àr{_`_ na n[aemoYZ
Amortisation of Premium on Investments 109163 112050
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e
Amount written off in respect of depreciated investments 444061 703609
AemoÜ` Am¡a gpÝX½Y G$Um| Ho$ {bE àmdYmZ
Provision for Bad and Doubtful Debts 3387703 809394
g{H«$` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ
Provision for diminution in the value of other than
actively traded Equities 20874 -58123

Hw$b (Am) / TOTAL (B) 162718049 166098932

àMmbZ bm^/(hm{Z) B = (A - Am)

Operating Profit / (Loss) C = (A-B) -11807714 -12496000

340
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{d{Z_`Z / APPROPRIATIONS
eo`aYm[a`m| Ho$ ImVo H$mo A§V[aV
Transfer to Shareholders’ Account -11807714 -12496000
_hm{dnpËV Ama{jV H$mo A§V[aV
Transfer to Catastrophe Reserve 0 0
AÝ` Ama{jV H$mo A§V[aV
Transfer to Other Reserves 0 0
Hw$b (B) / TOTAL (C) -11807714 -12496000

~r_m A{Y{Z`_ 1938 H$s Ymam 40 gr (2) Ho$ AZwgma h_ EVX²Ûmam à_m{UV H$aVo h¢ {H$ h_mar gdm}ËV_ OmZH$mar Am¡a {dídmg Ho$ AZwgma {d{dY ~r_m
H$mamo~ma _|, Mmho àË`j `m namoj ê$n go, H$ht ^r {H$E JE CnJV à~§Y IM© g^r {d{dY ~r_m amOñd ImVo _| IM© Ho$ ê$n _| nyU©V… {dH${bV {H$`o J`o h¡§ &
As required by Section 40C(2) of insurance Act 1938, we hereby certify that to the best of our knowledge and belief, all expenses
wherever incurred whether directly or indirectly in respect of Miscellaneous Insurance Business have been fully debited in the
Miscellaneous Insurance Revenue account as expenses.

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> {ZXoeH$ {ZXoeH$

{d{dY ~r_m amOñd ImVm / MISCELLANEOUS INSURANCE REVENUE ACCOUNT

Or g§wXa am_Z
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

g_o{HV {dËVr` {ddaU /CONSOLIDATED FINANCIAL STATEMENTS

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 341

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
g_o{H V bm^ Am¡a hm{Z ImVm 31 _mM© 2021 H$mo g_má df© Ho$ {bE
CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE PERIOD ENDED 31ST MARCH 2021

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

àMmbZ bm^ / (hm{Z)/ OPERATING PROFIT/(LOSS)

Ap½Z ~r_m / Fire Insurance 799747 -3907341
g_wÐr ~r_m / Marine Insurance 475038 373610
{d{dY ~r_m / Miscellaneous Insurance -11807714 -12496000
{Zdoe go Am` / INCOME FROM INVESTMENTS
ã`mO, bm^m§e d {H$am`m - gH$b / Interest, Dividend & Rent – Gross 2544498 1232036
{Zdoe H$s {~H« s na bm^ / Profit on sale of investments 862036 789971
KQmE± : {Zdoem| H$s {~H« s na hm{Z / Less : Loss on sale of investments 0 -4230
AÝ` Am` / OTHER INCOME
~Q² Qo ImVo _| Smbm J`m {d{dY eof / Sundry Balances written back 23278 44298
n[agånpËV`m| H$s {~H« s na bm^ / hm{Z VWm AÝ` Am`
Profit/Loss on sale of assets and other incomes 60968 44691
Hw$b (A) / TOTAL (A) -7042149 -13922965
àmdYmZ (H$a Ho$ Abmdm)/ PROVISIONS (Other than taxation)
{Zdoe Ho$ Ad_yë`Z hoVw / For diminution in the value of investments -20288 22801
gpÝX½Y G$Um| hoVw / For doubtful debts 528392 63188
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

AÝ` IM© / OTHER EXPENSES

eo`aYmaH m| H$s [Z{Y go A[V[a³V B©AmoE_ H mo A¨eXmZ
Contribution to Policyholders Fund towards excess EOM 1414468 5533
CYma na ã`mO/ Interest On Borrowings 740794 744206
bm^ Am¡a hm{Z ImVm / PROFIT AND LOSS ACCOUNT

[ZJ_r` gm_m{OH Xm[`Ëd na IM©

Expenses on Corporate Social Responsibility 42820 78273
J¡a ~r_m H$mamo~ma go g§~§{YV IM©
Expenses other than those related to Insurance Business 5568 3764
~Q²>Q>o ImVo _| S>mbm J`m AemoÜ` G$U /Bad Debts written off 0 0
{Zdoe àr{_`_ na n[aemoYZ /Amortisation of Premium on Investments 17027 8748
õm{gV {Zdoe go g§~§{YV ~Q²>Q>o ImVo _| S>mbr J`r am{e`m±
Amount written off in respect of depreciated investments 69262 54930
Hw$b (Am) / TOTAL (B) 2798043 981443
H$a Ho$ nyd© bm^ (B) = (A - Am) / Profit Before Tax (C) = (A - B) -9840192 -14904408
H$a Ho$ {b`o àmdYmZ /Provision for Taxation 2000 0
KQmE± : E_EQr HŒo {SQ / Less: MAT Credit 0
0
ñW{JV H a / Deferred tax 0 0

342
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

AZwgyMr Mmby df© / JV df© /

{ddaU / Particulars
Schedule Current Year Previous Year

JV dfm] go g§~§{YV H$a / Taxation relating to earlier years 0 2151

H$a Ho$ ~mX bm^ bo{HZ _mBZm{a{Q ã`mO Am¡a g§~Õ H§nZr Ho bm^ Ho
A¨e Ho nyd© (Sr) / Profit after Taxation but before
Minority Interest and Share of Profit of Associates (D) -9842192 -14906559
Omo‹S| - g§~Õ H§ nZr Ho bm^ / (hm{Z) H m A¨e /
Add : Share of Profit / (Loss) of Associates 174594 111775
KQmE± : _mBZm{a{Q ã`m‹O H m A¨e / Less: Share of Minority Interest 7709 -6164
H$a, _mBZm{a{Q ã`m‹O Am¡a g§~Õ H§nZr Ho bm^ Ho A¨e Ho ~mX
ewÕ bm^ / (hm{Z) / Net Profit / (Loss) after Taxation,
Minority Interest and Share of Profit of Associates -9675307 -14788620
{d{Z`moOZ / APPROPRIATIONS
JV df© go AJŒo{fV A{Yeof /Brought forward Surplus from Previous year 0 0
àñVm{dV A§{V_ bm^m§ím / Proposed final dividend 0 0
A§V[a_ bm^m§ím / Interim Dividend 0 0
bm^m§ím {dVaU H$a / Dividend distribution tax 0 571
gm§{d{YH Ama{jV H mo A§V[aV / Transferred to Statutory Reserve 6300 0
{S>~|Ma _moMZ Ama{jV H mo A§V[aV/
Transferred to Debenture Redemption Reserve 225000 225000
gm_mÝ` Ama{jV H$mo A§V[aV / Transferred to General Reserve -9906607 -15014191
VwbZ nÌ H$mo A§V[aV eof / Balance carried forward to Balance Sheet 0 0
_yb Am¡a VabrH¥ V à[V eo`a go Am` (A)
Basic and Diluted Earning per share (A) (6.51) (99.01)

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

bm^ Am¡a hm{Z ImVm / PROFIT AND LOSS ACCOUNT

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached
H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S
grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. E. Om°Z _mo{ag
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137
ñWmZ : MoÞ¡ Place : Chennai
{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 343

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
g_o{H V 31 _mM© 2021 Ho$ {XZ na H$m VwbZ nÌ
CONSOLIDATED BALANCE SHEET AS AT 31st MARCH 2021

AZwgyMr 2019-20 2018-19

{ddaU / Particulars
Schedule (` ’000) (` ’000)

{Z{Y`m| H$m òmoV

SOURCES OF FUNDS
ímo`a ny±Or
SHARE CAPITAL 5 38050000 2000000
Ama{j{V`m± Am¡a A{Yeof
RESERVES AND SURPLUS 6 7402201 16887572
ghr _yë` n[adV©Z ImVm - eo`aYmaH$m|
FAIR VALUE CHANGE ACCOUNT-SHAREHOLDERS’ 3539199 -362424
ghr _yë` n[adV©Z ImVm - nm°{bgrYmaH$m|
FAIR VALUE CHANGE ACCOUNT-POLICYHOLDERS’ 24729164 -5213324
G$U
BORROWINGS 7 9000000 9000000
31 _mM© 2020 Ho$ {XZ na H$m VwbZ nÌ / BALANCE SHEET AS AT 31ST MARCH 2020

_mBZm{a{Q ã`m‹O /MINORITY INTEREST 395288 222073

ñW{JV H a Xo`Vm`| / DEFERRED TAX LIABILITIES 11 11

Hw$b / TOTAL 83115863 22533908

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

{Z{Y`m| H$m Cn`moJ

APPLICATION OF FUNDS
{Zdoím
INVESTMENTS 8 344806818 283960681
G$Êm
LOANS 9 1910406 1757478
ñWm`r n[agånpËV`m±
FIXED ASSETS 10 2580812 2719901
Mmby n[agånpËV`m±
CURRENT ASSETS
ZH$X Am¡a ~¢H$ eof
CASH AND BANK BALANCES 11 40921070 17356567
A{J«_ Am¡a AÝ` n[agånpËV`m±
ADVANCES AND OTHER ASSETS 12 53902524 58885473
Cn Hw b (A)
SUB-TOTAL (A) 94823594 76242040

344
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Mmby Xo`VmE±
CURRENT LIABILITIES 13 278106046 265067625

àmdYmZ / PROVISIONS 14 82899721 77078567

Cn Hw$b (Am) / SUB-TOTAL (B) 361005767 342146192

ewÕ Mmby n[agånpËV`m± (B) = (A-Am)

NET CURRENT ASSETS (C) = (A-B) 266182173 -265904152

{d{dY IM©
({OZH$mo ~Q²>Q>o ImVo _| Zht S>mbm J`m `m g_m`mo{OV Zht {H$`m J`m)
MISCELLANEOUS EXPENDITURE
(to the extent not written off or adjusted) 15 0 0

bm^ Am¡a hm{Z ImVo _| Zm_o eof

DEBIT BALANCE IN PROFIT & LOSS ACCOUNT 0 0

Hw$b / TOTAL 83115863 22533908

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board

31 _mM© 2020 Ho$ {XZ na H$m VwbZ nÌ / BALANCE SHEET AS AT 31ST MARCH 2020
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR
COMPANY SECRETARY

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

Harnessing Power to Empower 345

 |

31 _mM© 2021 H$mo AmH$pñ_H$ Xo`VmE± / CONTINGENT LIABILITIES AT 31ST MARCH 2021 (` ’000)

{ddaU / Particulars 31.03.2021 31.03.2020

Am§{eH$ ê$n _| MwH$Vm eo`a/ On Partly Paid Investments 800 800

nm{bgr Ho$ VhV AÝ` Xmdo {OÝh| H§$nZr G$U Zht _mZVr
Claims other than those under policies, not acknowledged as debts 1609612 1609098
eof ~r_mboIZ A{^~ÝYZ (eo`a Am¡a G$U nÌm| Ho$ g§~§Y _|)
Underwriting commitments outstanding
(in respect of Shares and Securities) 0 0
H§$nZr Ûmam `m CgH$s Amoa go Xr JB© à{V^y{V`m±
Guarantees given by or on behalf of the Company 0 0
{ddmXmñnX d¡Ym{ZH$ _m±J / Xo`Vm`o§ {OgH$m àmdYmZ Zht {H$`m J`m
Statutory demands /liabilities in dispute, not provided for** 7421887 7448095
ImVo _| nwZ~u_m Xo`VmAm| Ho$ {b`o àmdYmZ Zht {H$`m J`m h¡
Reinsurance obligations to the extent not provided for in accounts 0 0
AÝ` (~¢H Jma§Q r/ Others (Bank Guarantee) 950 950
**ZmoQ>:
1.gm§{d{YH$ _m§J / Xo`Vm`o§ Omo {ddmXmñnX h>¡§ Am¡a {OgH$m àmdYmZ Zh>r§ h>mo, `{X H$moB© Ow_©mZm bmJy h>mo Vmo dh> g{å_{bV Zh>r§ h>¡ &
2.Am`H$a àm{YH$aU Zo AmO H$r VmarI VH$ H$§nZr H$mo Xo` dmngr é. 4317370/- h‹Oma ( é.4317370/- h‹Oma) g_m`mo{OV {H$`m h>¡&
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Note :
1. Statutory Demands/Liabilities in dispute, not provided for does not include penalty, if any applicable.
2. The Income Tax Authorities have adjusted the refund due till date to the Company amounting to ` 4317370
thousands (` 4317370 thousands)

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m±

SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

AZwgyMr - 1 - A{O©V àr{_`_ (ewÕ) 31 _mM© 2021 H$mo g_má df© Ho$ {bE /
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year

go àr{_`_ / Premium from

àË`j H$mamo~ma / Direct business 17782802 15693238 3407015 3546035 145857143 155911630 167046960 175150903

Omo‹S>| … ñdrH¥$V nwZ~u_m

Add : Reinsurance accepted 880550 1612407 116025 163309 578120 740782 1574695 2516498
KQ>mE± … A{n©V nwZ~u_m / Less : Reinsurance ceded 9829211 8465164 1612142 1584283 16373730 30217625 27815083 40267072

ewÕ àr{_`_ / Net Premium 8834141 8840481 1910898 2125061 130061533 126434787 140806572 137400329

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ

Adjustment for change in reserve for
unexpired risks 20448 -863394 53119 -158747 -1800804 1067230 -1727237 45089
A{O©V àr{_`_ (ewÕ)
Premium Earned (Net) 8854589 7977087 1964017 1966314 128260729 127502017 139079335 137445418

346
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

AZwgyMr - 2 - CnJV Xmdo (ewÕ) 31 _mM© 2021 H$mo g_má df© Ho$ {bE
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 8508642 8060224 2443359 2727208 117958387 129060904 128910388 139848336
Omo‹S>| … ñdrH¥$V nwZ~u_m/Add: Reinsurance accepted 633427 1214825 94994 236422 197308 475519 925729 1926766
KQ>mE± … A{n©V nwZ~u_m/Less : Reinsurance ceded 1473203 3405700 874536 924229 26998682 28125222 29346421 32455151
AXm {H$`o J`o ewÕ Xmdo/Net Claims Paid 7668866 5869349 1663817 2039401 91157013 101411201 100489696 109319951
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo -àË`j
Add: Claims Outstanding - Closing - Direct 30315116 28904513 8581367 5744652 244563794 231035538 283460277 265684703
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m
Add: Claims Outstanding - Closing - RI Accepted 4452408 5080203 177147 194746 1211023 1063856 5840578 6338805
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo -A{n©V nwZ~u_m
Less: Claims outstanding - Closing - RI Ceded 18406071 15125665 5849710 2347536 29618894 41655556 53874675 59128757
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ
Add: Claims Outstanding - Closing - Net 16361453 18859051 2908804 3591862 216155923 190443838 235426180 212894751
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j
Less: Outstanding claims at the
beginning of the year - Direct 28904513 24000706 5744652 6267347 231035537 195549098 265684702 225817151
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m
Less: Claims outstanding at the

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

beginning of the year - RI Accepted 5080203 5577010 194746 393951 1063856 1134605 6338805 7105566
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m
Add: Claims outstanding at the
beginning of the year - RI Ceded 15125665 15226842 2347536 2372846 41655555 32561432 59128756 50161120
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo - ewÕ
Less: Claims outstanding at the
beginning of the year - Net 18859051 14350874 3591862 4288452 190443838 164122271 212894751 182761597
CnJV Xmdo (ewÕ) / Claims Incurred (Net) 5171268 10377526 980759 1342811 116869098 127732768 123021125 139453105

AZwgyMr - 3 - H$_reZ 31 _mM© 2021 H$mo g_má df© Ho$ {bE

SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 1533538 1360819 256998 271004 8970784 8271933 10761320 9903756
Hw$b (A) / TOTAL (A) 1533538 1360819 256998 271004 8970784 8271933 10761320 9903756
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ
Add : Commission on Reinsurance Accepted 110072 220187 5268 18298 61874 68323 177214 306808
KQ>mE± … A{n©V nwZ~u_m na H$_reZ
Less : Commission on Reinsurance Ceded 476124 531443 59275 68373 1219830 1963692 1755229 2563508
H$_rímZ (ewÕ) / Commission (Net ) 1167486 1049563 202991 220929 7812828 6376564 9183305 7647056

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU /
Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below :

EOoÝQ> / Agents 685274 588575 149380 157802 6753787 6292495 7588441 7038872

Xbmb / Brokers 762960 628602 107763 112569 1682423 1401414 2553146 2142585

{ZJ_r` EOoÝgr / Corporate Agency 85304 143642 -145 633 534574 578024 619733 722299
AÝ` / Others 0 0 0 0 0 0 0 0
Hw$b (Am) / TOTAL (B) 1533538 1360819 256998 271004 8970784 8271933 10761320 9903756

Harnessing Power to Empower 347

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AZwgyMr - 4 - ~r_m H$mamo~ma go g§~§{YV àMmbZ IM© 31 _mM© 2021 H$mo g_má df© Ho$ {bE
SCHEDULE - 4 - OPERATING EXPENSES RELATED TO INSURANCE BUSINESS FOR THE YEAR ENDED 31ST MARCH 2021
(` ’000)
Ap½Z / Fire g_wÐr / Marine {d{dY / Misc. Hw$b / Total
{ddaU / Particulars Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
H$_©Mm[a`m| H$m doVZ Am¡a H$ë`mU {hV
Employees' remuneration and welfare benefits 3736560 2637015 527080 422892 29308327 23875898 33571967 26935805
`mÌm, n[adhZ Am¡a dmhZ IM©
Travel, conveyance and vehicle running expenses 24471 52327 3452 8391 191938 473775 219861 534493
à{ejU IM©
Training expenses -151 4813 -21 771 -1186 43578 -1358 49162
{H$am`m, Xa| Am¡a H$a
Rents, rates & taxes 129821 120322 18312 19296 1018275 1089413 1166408 1229031
_aå_V
Repairs 14652 16379 2067 2627 114921 148298 131640 167304
_wÐU Am¡a boIZ gm_J«r
Printing and Stationery 16731 21240 2361 3407 131228 192313 150320 216960
g§Mma
Communication 36084 28810 5090 4621 283034 260848 324208 294279
{d{Y Am¡a ì`dgm{`H$ à^ma
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Legal and Professional charges 10782 14459 1521 2319 84571 130910 96874 147688
boIm narjH$ Ho$ ewëH$, IM© Am{X
Auditors' fees, expenses etc.
A) boImnarjH$ Ho$ ê$n _|
a) as Auditor 6143 4979 866 799 48182 45083 55191 50861
Am) gbmhH$ma Ho$ ê$n _| `m AÝ` {H$gr h¡{g`V _|
b) as Advisor or in any other capacity, in respect of
i)
a H$a g§~§{YV _m_bo
ai) Taxation matters 0 0 0 0 0 0 0 0
ii) ~r_m _m_bo
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

Insurance matters 0 0 0 0 0 0 0 0
iii) à~§YZ godmE± VWm
Management services; and 0 0 0 0 0 0 0 0
B) AÝ` {H$gr h¡[g`V
c) Any other capacity 184 218 26 35 1445 1974 1655 2227
{dkmnZ Am¡a OZ g§MmaU
Advertisement and publicity 3688 15969 520 2561 28928 144589 33136 163119
ã`mO Am¡a ~¢H$ à^ma
Interest and Bank Charges 27788 24053 3919 3857 217958 217779 249665 245689
_yë`õmg
Depreciation 45057 52955 6356 8492 353411 479459 404824 540906
àr{_`_ ImVo na godm H$a
Service Tax on Premium A/c 2266 1082 320 174 17776 9801 20362 11057
~{hòmoV ì``
Outsourcing Expenses 23376 18616 3297 2985 183355 168549 210028 190150
`y_oŠg ì`` / UMEX Expenses 80840 72265 11404 11589 634084 654299 726328 738153
AÝ` /Others 213814 266586 46212 94534 1429102 2451780 1689128 2812900
Hw$b / Total 4372106 3352088 632782 589350 34045349 30388346 39050237 34329784

348
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 /

AZwgyMr - 5 - 31 _mM© 2021 H$mo eo`a ny±Or / SCHEDULE - 5 - SHARE CAPITAL AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
A{YH¥$V ny±Or
Authorised Capital
500000000 gmå`m§e eo`a àË`oH$ ` 10/- H$m
500000000 Equity Shares of `10/- each 5000000 2000000
{ZJ©{_V n±yOr
Issued Capital
3805000000 gmå`me
§ e`oa - àË`Ho$ ` 10/- H$m
3805000000 Equity Shares of `10/- each 38050000 2000000
_m±J ny±Or
Called up Capital
3805000000 gmå`me § e`oa àË`Ho$ ` 10/- H$m
3805000000 Equity Shares of ` 10/- each 38050000 2000000
KQ>mE± … AàXËV _m§J
Less : Calls unpaid 0 0
Omo‹S>| … g_nh¥V gmå`m§e eo`a (_ybV… àXËV am{e)
Add : Equity Shares forfeited (Amount originally paid up) 0 0
KQ>mE± … g_ _yë` gmå`m§e eo`am| H$s dmngr IarX
Less : Par Value of Equity Shares bought back 0 0
KQ>mE± … àma§{^H$ IM©
Less : Preliminary Expenses 0 0

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

KQ>mE± … IM© _| ~r_mboIZ `m eo`am| Ho$ A§ímXmZ na H$_reZ `m Xbmb H$_reZ em{_b h¡
Less : Expenses including commission or brokerage on Underwriting or subscription of Shares 0 0
Hw$b / Total 38050000 2000000

AZwgyMr - 5A - eo`aYmaU H$m à{V_mZ (à~§YZ Ûmam `Wm à_m{UV) 31 _mM© 2021 H$mo g_má Ad{Y Ho$ {bE /
SCHEDULE - 5A - PATTERN OF SHARE HOLDING [As certified by the Management] FOR THE YEAR ENDED 31ST MARCH 2021 (` ’000)
Mmby df© / Current Year JV df© / Previous Year

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

{ddaU / Particulars ímo`am| H$s g§ »`m Am{YnË` % ímo`am| H$s g§ »`m Am{YnË` %
No. of Shares % of Holding No. of Shares % of Holding

g§dY©H$ / Promoters
^maVr`
Indian
^maV gaH$ma
Government of India 3804999970 100% 199999970 100%
^maV gaH$ma Ho$ _ZmoZrV gXñ`
Nominees of Govt. of India 30 0% 30 0%
Hw$b / Total 3805000000 200000000

Harnessing Power to Empower 349

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AZwgyMr - 6 - 31 _mM© 2021 H$mo Ama{j{V`m± VWm A{Yeof /

SCHEDULE - 6 - RESERVES & SURPLUS AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
ny±Or Ama{jV / Capital Reserve 14567 14567
ny±Or n[aemoYZ Ama{jV / Capital Redemption Reserve 0 0
eo`a àr{_`_ / Share Premium 0 0
gm_mÝ` Ama{jV (df© Ho$ Ama§^ _|) (àma§{^H )/ General Reserve (Opening) 15604209 30621126
Omo‹S>|o / KQmE± : bm^ Am¡a hm{Z ImVo go A§V[aV / Add/Less : Transfer from Profit & Loss Account -9906607 -15014191
df© Ho$ A§V _| eof / Closing Balance 5697602 15606935
_hm{dnpËV Ama{jV / Catastrophe Reserve 0 0
AÝ` Ama{j{V`m± - {Zdoe Ama{jV / Other Reserves - Investment Reserve 8628 8628
{dXoer _wX«m g§ào[fV Ama{jV - arH Sµ O_m / Foreign Currency Translation Reserve - Opening Balance 541830 376658
df© Ho$ Xm¡amZ Omo‹S>| / KQmE± / Add/Less: during the year 188737 165172
df© Ho$ A§V _| eof / Closing Balance 730567 541830
^maVr` {aOµd© ~¡§H$ A{Y{Z`_ 1934 H$r Ymam _o§ AmB©gr 45- Ho$ Vh>V ~ZmE JE gm§{d{YH$ Ama{jV {Z{Y /
Statutory Reserve - Reserve Fund created under Section 45-IC of the
Reserve Bank of India Act, 1934. 50837 40612
Omo‹S>|o : bm^ Am¡a hm{Z ImVo go A§V[aV / Add : Transfer from Profit & Loss Account 0 0
df© Ho$ A§V _| eof / Closing Balance 50837 40612
{Sd|Ma _moMZ Ama{jV / Debenture Redemption Reserve 900000 675000
bm^ Am¡a hm{Z ImVo _| eof bm^ / Balance of Profit in Profit & Loss Account 0 0
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Hw$b / Total 7402201 16887572

AZwgyMr - 7 - 31 _mM© 2021 H$mo CYma / SCHEDULE - 7 - BORROWINGS AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
G$U nÌ / ~mÊS> / Debentures / Bonds 9000000 9000000
~¢H$ / Banks 0 0
{dËVr` g§ñWm`| / Financial Institutions 0 0
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

AÝ` ({ddaUmZwgma) / Others (to be specified) 0 0

Hw$b / Total 9000000 9000000

350
84 ge{º H aU Ho {bE e{º H m XmohZ
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AZwgyMr - 8 - 31 _mM© 2021 H$mo {Zdoe

SCHEDULE-8 - INVESTMENTS AS AT 31ST MARCH 2021 (` '000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

XrK©H$mbrZ {Zdoe / LONG TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_| gaH$mar hþÊS>r ^r
Government securities and Government guaranteed bonds
including Treasury Bills 146303069 113995276

AÝ` AZw_mo{XV à{V^y{V`m± / Other Approved Securities 0 0

AÝ` {Zdoe / Other Investments

a) ímo`a / Shares

aa) gmå`m§e / Equity 78383129 54168431

OmoS>µo§: A{YJ«h>U níMmV bm^ H$m {h>ñgm (h>m{Z H$m ewÕ) /

Add: Share of post acquisition profit (net of losses) 4277144 4005213

bb) A{Y_mZ / Preference 65 65

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

b) å`yMwAb \$ÊS> / Mutual Funds 76458 65875

c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0

d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 17915255 18243934

e) AÝ` à{V^y{V`m±> / Other Securities 0 0

f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

g) {Zdoe n[ag§npËV`m± - g§nXm / Investment Properties - Real Estates 0 0
AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe
Investments in Infrastructure and Social Sector 48911084 45657179
J¡a AZw_mo{XV {Zdoe
Other than Approved Investments -(refer note 1 & 2) 17887697 16028453

Cn Hw$b / SUB-TOTAL 313753901 252164426

AënH$mbrZ {Zdoe / SHORT TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_|
gaH$mar hþÊS>r ^r em{_b h¡
Government Securities and Government guaranteed bonds
including Treasury Bills (Considered Doubtful) 10978156 11791315

AÝ` AZw_mo{XV à{V^y{V`m± / Other Approved Securities 0 0

Harnessing Power to Empower 351

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AZwgyMr - 8 - 31 _mM© 2021 H$mo {Zdoe

SCHEDULE-8 - INVESTMENTS AS AT 31ST MARCH 2021 (` '000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares
(aa) gmå`m§e / Equity 0 0
(ab) A{Y_mZ / Preference 0 0
(b) å`yMwAb \$ÊS> / Mutual Funds 8694168 6535973
(c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0
(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 2955926 3281858
(e) AÝ` à{V^y{V`m±-dm{UÁ` XñVmdo‹O / Other Securities-Commercial paper 0 0
(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0
(g) {Zdoe n[ag§npËV`m± - g§nXm /
Investment Properties - Real Estates 0 0
AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe /
Investments in Infrastructure and Social Sector 7516337 9311612
J¡a AZw_mo{XV {Zdoe /
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Other than Approved Investments-(refer note 1 & 2) 908330 875497

Cn Hw$b / SUB-TOTAL 31052917 317962558
Hw$b / TOTAL 344806818 283960681
J¡a A§{H$V gmå`m§e à{V^y{V`m± Ed§ ì`wËnÞ XñVmdoµOm| H$o Abmdm
H§$nZr H$m gånyÊm© {Zdoe
Aggregate amount of Company's Investment other than
listed equity securities and derivative instruments.
ImVm _yë` / Book Value 239031253 211722990
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

~mOma _yë` / Market Value 245026201 219509408

ZmoQ> : Note :

1) *AZw_mo{XV {Zdoe H$s Abmdm BÝ\«$mñQ>ŠMa {Zdoe ` 1804797 hOmam| Am¡a (XrKm©d{Y) Amdmg _| ` eyÝ` hOmam| (bKw Ad{Y) {Zdoe - eyÝ` em{_b h¡ & /
*Other than Approved Investments comprises of Infrastructure Investments of ` 1804797 Thousands (Long Term) and ` 408275 (Short Term);
Investments in Housing (NIL)
2) **Bg df© Ho$ AÝ`` AZw_mo{XV {Zdoe _o§ {ZåZZ{b{IV g{å_{bV h>¡ / **Other than Approved Investments for the current year includes :
A. {Z`§{ÌV H§$nZr / Subsidiaries :

(1) Oo{ZW goŠ`y[aQ>rO - ` 762 hOma (JV gmb - ` 762 hOma)/Zenith Securities - ` 762 thousands (Previous Year - ` 762 thousands)

B. g§~§Y H§$nZr / Associate Companies :

(2) hoëW B§í`yaoÝg Q>rnrE {b. - ` 197932 hOma ({nN>bo df© - ` 197933 hOma)/
Health Insurance TPA Ltd - ` 197932 thousands (Previous Year - ` 197933 thousands)
(3) B§{S>`m B§Q>aZoíZb B§í`yaoÝg - ` 18276 hOma ({nN>bo df© - ` 18276 hOma) /
India International Insurance - ` 18276 thousands (Previous Year - ` 18276 thousands)
(4) Ho$Z B§{S>`m Eí`yaoÝg H§$.{b. - ` 7337 hOma ({nN>bo df© - ` 7337 hOma)/
Ken India Assurance Co Ltd - ` 7337 thousands (Previous Year - ` 7337 thousands)

352
84 ge{º H aU Ho {bE e{º H m XmohZ
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AZwgyMr - 8A - 31 _mM© 2021 H$mo {Zdoe (nm{bgrYmaH$m| H r [Z[Y) (` ’000)

SCHEDULE - 8A - INVESTMENT (POLICYHOLDERS FUNDS) AS AT 31ST MARCH 2021

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

XrK©H$mbrZ {Zdoe
LONG TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_| gaH$mar hþÊS>r ^r em{_b h¡
Government securities and Government guaranteed bonds including Treasury Bills 127985925 113965840

AÝ` AZw_mo{XV à{V^y{V`m±

Other Approved Securities 0 0

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares

(aa) gmå`m§e / Equity 68569561 50647483

जोड़:ें अधिग्रहण के पश्चात लाभ का हिस्सा (हानि का शुद्ध) /

Add : Share of post acquisition profit (net of lossess) 3741646 3744874

(ab) A{Y_mZ / Preference 57 61

(b) å`yMwAb \$ÊS> / Mutual Funds 66885 61593

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

(c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0

(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 15672265 17058078

(e) AÝ` à{V^y{V`m±> / Other Securities 0 0

(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0

(g) {Zdoe n[ag§npËV`m± - g§nXm /

Investment Properties - Real Estates 0 0

AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

Investments in Infrastructure and Social Sector 42787416 45645389

J¡a AZw_mo{XV {Zdoe

Other than Approved Investments 15648157 0 0

Cn Hw$b / SUB-TOTAL 274471912 231123318

AënH$mbrZ {Zdoe / SHORT TERM INVESTMENTS

gaH$mar à{V^y{V`m± Am¡a gaH$mar àË`m^yV ~mÊS> {Og_|
gaH$mar hþÊS>r ^r em{_b h¡
Government Securities and Government guaranteed bonds
including Treasury Bills 9603691 11337040

AÝ` AZw_mo{XV à{V^y{V`m± / Other Approved Securities 0 0

Harnessing Power to Empower 353

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AZwgyMr - 8A - 31 _mM© 2021 H$mo {Zdoe (nm{bgrYmaH$m| Hr [Z[Y) (` ’000)

SCHEDULE - 8A - INVESTMENT (POLICYHOLDERS FUNDS) AS AT 31ST MARCH 2021

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

AÝ` {Zdoe / Other Investments

(a) ímo`a / Shares
(aa) gmå`m§e / Equity 0 0
(ab) A{Y_mZ / Preference 0 0
(b) å`yMwAb \$ÊS> / Mutual Funds 7605658 6284167
(c) ì`wËnÞ XñVmdoµO> / Derivative Instruments 0 0
(d) G$UnÌ VWm ~mÊS> / Debentures and Bonds 2585844 3155421
(e) AÝ` à{V^y{V`m± - dm{UÁ` XñVmdo‹O / Other Securities - Commercial Paper 0 0
(f) {Z`§{ÌV H§$nZr / Subsidiaries 0 0
(g) {Zdoe n[ag§npËV`m± - g§nXm /
Investment Properties - Real Estates 0 0
AmYma^yV VÏmm gm_m{OH$ úmoÌ _| {Zdoe /
Investments in Infrastructure and Social Sector 6575292 8952871

J¡a AZw_mo{XV {Zdoe / Other than Approved Investments 794607 0

Cn Hw$b / SUB-TOTAL 27165092 29729499
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Hw$b / TOTAL 301637004 260852817

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

354
84 ge{º H aU Ho {bE e{º H m XmohZ
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AZwgyMr - 9 - 31 _mM© 2021 H$mo G$U / SCHEDULE 9 - LOANS FOR THE PERIOD ENDED ON 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

à{V^y{V Ho$ AmYma na dJuH$aU / SECURITY-WISE CLASSIFICATION

à{V^y{V / Secured
(A) g§npËV Ho$ ~ÝYH$ na
(a) On mortgage of Property
(AA) ^maV _| / (aa) In India 1410184 1104744
(AAm) ^maV Ho ~mha / (ab) Outside India 0 0
(Am) ímo`a, ~mÊS, gaH$ma H$s à{V^y{V`m| _|o / (b) On Shares, Bonds, Govt. Securities 0 0
(B) AÝ` (gaH$ma Ûmam àË`m^yV G$U) /(c) On Others (Govt. Guaranteed Loans)
, 383202 531848
Aà{V^yV / Unsecured 117020 120886
Hw$b / TOTAL 1910406 1757478
G$UH$Vm© Ho$ AmYma na dJuH$aU / BORROWER-WISE CLASSIFICATION
(A) Ho$ÝÐr` VWm amÁ` gaH$ma| /(a) Central and State Governments 383202 531849
(Am) ~¢H$ VWm {dËVr` g§ñWm`| / (b) Banks and Financial Institutions 0 0
(B) {Z`¨{ÌV H§ nZr / (c) Subsidiaries 0 0
(B©) Am¡Úmo{JH$ CnH« _ /(d) Industrial Undertakings 163854 171430

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

C) hS²H$mo H$mo G$U /(e) Loans to HUDCO 0 0
#
(D) AÝ`-H$_©Mmar Amdmg G$U /(f) Others-Employees Housing Loan 1363350 1054199
Hw$b / TOTAL 1910406 1757478
[ZînmXZ Ho$ AmYma na dJuH$aU / PERFORMANCE-WISE CLASSIFICATION
(A) _mZH$ G$U
(a) Loans classified as standard
(AA) ^maV _| / (aa) In India 1739820 1583893
(AAm) ^maV Ho ~mha / (ab) Outside India 0 0

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

(Am) àmdYmZ a{hV J¡a {ZînmXZ G$U / (b) Non-performing loans
(AAm) ^maV _| * / (ba) In India* 170586 173585
(AmAm) ^maV Ho ~mha / (bb) Outside India 0 0
Hw$b / TOTAL 1910406 1757478
n[anŠdVm Ho$ AmYma na dJuH$aU / MATURITY-WISE CLASSIFICATION
(A) AënH$mbrZ /(a) Short Term 85613 149996
(Am) XrK©H$mbrZ / (b) Long Term 1824793 1607482
Hw$b / TOTAL 1910406 1757478
*ZmoQ> : AZwgyMr 14 _| AemoÜ` VWm g§{X½Y G$U Ho$ VhV J¡a {ZînmXZ G$U Ho$ {bE é. 170586 (JV df© é. 173585) H$m àmdYmZ {H$`m J`m h¡ &
* Note: Provision of ` 170586 thousands (previous year ` 173585 thousands) against non performing loans is grouped under provision
for Bad and Doubtful debts in schedule 14.
31.03.2021 31.03.2020 31.03.2021 31.03.2020
1. J¡a {Zînm{XV G$U H$m àmdYmZ 170586 173585 1) Provision against non-performing loans is 170586 173585
2. G$U [Ogo g§{X½Y Ed§ hm[Z _mZm J`m 170586 173585 2) Loans considered doubtful and loss assets are 170586 173585
# ^maVr` {aOd© ~¡§H$ Ho$ {ZX©oe Ho$ AZwgma `6959 (` 6336) H$m àmdYmZ {H$`m J`m h>¡ Omo _mZH$ n{agån¡{Îm`mo§ H$m am{e é 1739319 h>Oma ( é 1583893 h>Oma ) na 0.4% h¡>&
# Pursuant to RBI Guidelines a provision of ` 6959 thousands(` 6336 thousands) is made, being 0.4% on standard assets amounting to
` 1739819 Thousands (` 1583893 thousands)

Harnessing Power to Empower 355

 |

AZwgyMr - 10 - 31 _mM© 2021 H$mo ñWm`r n[agån{ËV`m± / SCHEDULE - 10 - FIXED ASSETS AS AT 31.03.2021 (` ’000)
bmJV / gH$b ãbmH$ / COST / GROSS BLOCK _yë`õmg / DEPRECIATION ewÕ ãbmH$ / NET BLOCK
{~H«s na/
{ddaU / Particulars Omo‹S>| JV df© VH$ df© Ho {bE df© Ho$ A§V na JV df©
Ama§^ _| H$Q>m¡Vr A§V _| g_m`moOZ VmarI VH$
Upto For the As at Previous
Opening Additions Deductions Closing On sales/ To date
last year year year end Year
adjustments
JwS>{db / Goodwill 0 0 0 0 0 0 0 0 0 0
AàË`j / Intangibles 909118 15845 0 924963 888786 21924 0 910710 14253 20332
g§npËV-ñdm{_Ëd
Land-Freehold 131793 0 0 131793 0 0 0 0 131793 131793
nQ²>Q>o H$s g§npËV
Land-Leasehold 42403 0 0 42403 18767 5967 0 24734 17669 23636
nQ²>Q>o H$s g§npËV`m±
Leasehold Properties 260792 0 0 260792 70747 4212 0 74959 185833 190045
^dZ / Building* 812717 0 0 812717 451871 11447 0 463318 349399 360846
Ag~m~ & gÁOm gm_J«r
Furniture & Fittings 410916 4344 4659 410601 346225 15713 4431 357507 53094 64691
gyMZm àm¡Úmo{JH s CnH$aU
Information Technology
Equipment 2582385 21116 50443 2553058 2382851 94635 49692 2427794 125264 199534
dmhZ / Vehicles 1073344 135327 181301 1027370 619381 214126 142763 690744 336626 453963
H$m`m©b` CnH$aU
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

Office Equipment 116855 4932 3349 118386 95130 9201 2852 101430 16959 21725
AÝ`-{dÚwV CnH$aU
Others - Electrical
Equipments 566959 5133 4440 567652 496720 15344 4150 507914 59738 70239
AÝ` n[ag§npËV`m±
Other Assets 219917 3323 2053 221187 151655 12255 1631 162279 58908 68262
Hw$b / Total 7127199 190020 246245 7070922 5522133 404824 205519 5721389 1349536 1605066
Mmby H$m`©
Work-in-Progress 1114835 116441 0 1231276 0 0 0 0 1231276 1114835
Hw$b `moJ / Grand Total 8242034 306461 246245 8302198 5522133 404824 205519 5721389 2580812 2719901
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

JV df© / Previous Year 7785781 836686 380433 8242034 5308644 540904 327415 5522133 2719901

AZwgyMr - 11 - 31 _mM© 2021 H$mo ZH$X Ed§ ~¢H$ eof

SCHEDULE - 11 - CASH AND BANK BALANCES AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
ZH$X (MoH$, S´>m\²$Q> Am¡a ñQ>mån H$mo {_bmH$a) / Cash (including cheques, drafts and stamps) 1595903 499644
~¢H$ eof / Bank Balances
O_m »mmVo / Deposits Accounts
AënH$mbrZ (12 _hrZo Ho$ A§Xa Xo`) / Short-term (due within 12 months) 30399010 11727713
AÝ` / Others
Mmby ImVo / Current Accounts 6426886 4828497
AÝ` - _mJ©ñW àofUmE± / Others - Remittance in transit 0 0
AàXV²V bm^m§e ImVm / Unpaid Dividend Accounts 848 914
g§{já Zmo{Q>g Am¡a _m±Jo OmZodmbr am{e / Money at Call and Short Notice 0 0
AÝ` g§ñWmZ Ho$ gmÏm / With other Institutions 2498423 299799
Hw$b / Total 40921070 17356567
~¡H$ eof _| J¡a amîQ´>rH¥$V ~¢H$m| Ho$ gmW H$m eof gpå_{bV h¡
Balances with non-scheduled banks included in Bank Balances 7703 1259

356
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

AZwgyMr - 12 - 31 _mM© 2021 H$mo A{J«_ Am¡a AÝ` n[agånpËV`m±

SCHEDULE - 12 - ADVANCES AND OTHER ASSETS AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
A{J«_ / ADVANCES
An©UH$mar H§$n[Z`m| Ho$ nmg Ama{jV O_m / Reserve Deposits with ceding companies 13135096 11856336
{Zdoe Ho$ {bE AmdoXZ am{e / Application Money for Investments 0 0
nyd© AXm`Jr / Prepayments 242468 194986
{ZXoeH$m| /A{YH$m[a`m| H$mo A{J«_ / Advances to Directors/Officers 5449 7171
A{J«_ H$a ^wJVmZ Am¡a g«moV na H$mQ>m J`m H$a (H$a Ho$ {b`o ewÕ àmdYmZ)
Advance tax paid and Taxes deducted at Source (Net of provision for taxation) 2365489 2102557
AÝ` / Others 0 1642
H$_©Mmar A{J«_ Am¡a G$U (R 815 g§{X½Y _mZm J`m) /
Staff Advances and Loans (` 815 considered doubtful) 203810 232603
Hw$b (A) / TOTAL (A) 15952312 14395295
AÝ` n[agånpËV`m± / OTHER ASSETS
{Zdoe go Cnm{O©V Am` / Income accrued on investments 6341996 6291523
~H$m`m àr{_`_ (` 228 g§{X½Y _mZm J`m) /
Outstanding Premiums (` 228 considered doubtful) 282750 365456
EOÊQ> H$m ~H$m`m / Agents Balances 0 0

{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

AÝ` gñ§WmAm| H$o H$maU ~r_m H$mam~oma (nZw~u_m g{hV) H$mo bHo$a (` 735713 én`o g{§X½Y _mZm J`m)/
Due from other entities carrying on insurance business (including reinsurers)
(` 752231 considered doubtful) 17618702 24305834
AÝ` / Others
O_m, A{J«_ Am¡a AÝ` boIm (` 38075 g§{X½Y _mZm J`m)/
Deposits, Advances & Other Accounts ((` 38075 considered doubtful) 13706764 13527365
A§Va H m`m©b` g_m`moOZ (ewX²Y)/Inter Office Adjustments (Net) 0 0
Hw$b (Am) / TOTAL (B) 37950212 44490178
Hw$b (A + Am) / TOTAL (A + B) 53902524 58885473

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

AZwgyMr - 13 - 31 _mM© 2021 H$mo Mmby Xo`VmE±
SCHEDULE - 13 - CURRENT LIABILITIES AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
A{^H$Vm©Am| H$o eof / Agents' Balances 916148 951005
AÝ` ~r_m H§$n{Z`m| H$mo Xo` am{e / Balances due to other insurance companies 7107791 19305861
A{n©V nwZ~u_m na O_m am{e / Deposits held on re-insurance ceded 1217 4822
A{J«_ àmá àr{_`_ / Premiums received in advance 3976585 5256053
A{d{Z`mo{OV àr{_`_/ Unallocated Premium 0 0
{d{dY boZXma / Sundry Creditors 28759792 24853087
ghm`H /[Z`§ÌU H§ n[Z`m| H$mo Xo`/ Due to Subsidiaries/Holding Company 0 0
~H$m`m Xmd| / Claims Outstanding 235426180 212894751
A{YH$m{a`m§| / {ZXoeH$mo§ H$mo Xo` / Due to Officers/Directors 0 0
AÝ` / Others 846 967
^yVnyd© eo`aYm[a`m| H$s {Z{Y / Former Shareholders’ Fund 1330 1330
nm{bgrYmaH$m| H$s AXm{dV am{e / Unclaimed Amount of Policyholders 1916157 1799749
Hw$b / TOTAL 278106046 265067625

Harnessing Power to Empower 357

 |

AZwgyMr - 14 - 31 _mM© 2021 H$mo àmdYmZ / SCHEDULE - 14 - PROVISIONS AS AT 31ST MARCH 2021 (` '000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
Ag_má Omo{I_m| Ho$ {b`o Ama{jV / Reserve for Unexpired Risk 71123902 69396664

àñVm{dV bm^m§e hoVw / For Proposed Dividends 0 0

bm^m§e {dVaU na H$a / For Dividend Distribution Tax 0 0

g{H«` ê$n go Z ì`mnm[aV gmå`m§e Ho$ Ad_yë`Z hoVw àmdYmZ

Provision for diminution in value of other than actively traded Equities 1243910 1241447

H a H m àmdYmZ / Provision for Tax -7440 -9440

J«wn _o{S>Šbo_ nm{bgr Ho$ {bE àmdYmZ

Provision for Group Mediclaim Policy 45000 45000

AdH$me H$m ZH$XrH$aU hoVw / Provision for Leave Encashment 2677756 2797533

H$_©Mmar AënH$mbrZ gw{dYm Ho$ {bE àmdYmZ

Provision for Employee Short term Benefits 67500 67500

{M{H Ëgm Nw>Å>r Ho$ {bE àmdYmZ

Provision for Sick Leave 100041 111195
{dËVr` {ddaU _| gpå_{bV AZwgy{M`m± / SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

G$U, {Zdoe Am¡a AÝ` n[agånpËV`m| hoVw

Provision for Loans, Investments and Other Assets 7649052 3428668
Hw$b / TOTAL 82899721 77078567

AZwgyMr - 15 - 31 _mM© 2021 H$mo {d{dY IM© ({OZH$mo ~Q²>Q>o ImVo _| Zht Smbm J`m `m g_m`mo{OV Zht {H$`m J`m)
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 15 - MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted)
AS AT 31ST MARCH 2021 (` ’000)
{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year
eo`a/G$U nÌ Ho$ Omar _| àXmZ H$r J`r Ny>Q>
Discount allowed in issue of shares/debentures 0 0
AÝ` ({ddaUmZwgma) / Others (to be specified) 0 0

Hw$b / TOTAL 0 0

358
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

This page is intentionally left blank

Harnessing Power to Empower 359

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
g àr{_`_ / PREMIUM FROM
àË`j H$mamo~ma / Direct Business 17782802 15693238
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 880550 1612407
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 9829211 8465164
ewÕ àr{_`_ / Net Premium 8834141 8840481
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ /
Adjustment for change in reserve for unexpired risks 20448 -863394
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 8854589 7977087
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 8508642 8060224
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 633427 1214825
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 1473203 3405700
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
. 7668866 5869349

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 30315116 28904513
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 4452408 5080203
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 18406071 15125665
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 16361453 18859051
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 28904513 24000706
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5080203 5577010
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 15125665 15226842
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 18859051 14350874
CnJV Xmdo (ewÕ) / Claims Incurred (Net) 5171268 10377526
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 1533538 1360819
Hw b (A) / TOTAL (A) 1533538 1360819
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 110072 220187
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 476124 531443
H$_rímZ (ewÕ) / COMMISSION (NET) 1167486 1049563
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to
procure business to be furnished as per details indicated below:
EOoÝQ> / Agents 685274 588575
Xbmb / Brokers 762960 628602
{ZJ_r` EooÝgr / Corporate Agency 85304 143642
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 1533538 1360819

360
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

1799006 2127151 1608009 1418884 3407015 3546035

58 1358 115967 161951 116025 163309
546408 553763 1065734 1030520 1612142 1584283
1252656 1574746 658242 550315 1910898 2125061
161045 84621 -107926 -243368 53119 -158747

1413701 1659367 550316 306947 1964017 1966314

1927188 1417486 516171 1309722 2443359 2727208

991 1095 94003 235327 94994 236422
762640 267045 111896 657184 874536 924229
1165539 1151536 498278 887865 1663817 2039401
4490004 2766091 4091363 2978561 8581367 5744652

31664 30058 145483 164688 177147 194746

2872638 582512 2977072 1765024 5849710 2347536
1649030 2213637 1259774 1378225 2908804 3591862
2766091 3065163 2978561 3202184 5744652 6267347
30058 30340 164688 363611 194746 393951
582512 788822 1765024 1584024 2347536 2372846
2213637 2306681 1378225 1981771 3591862 4288452
600932 1058492 379827 284319 980759 1342811

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

221187 239250 35811 31754 256998 271004
221187 239250 35811 31754 256998 271004
14 1561 5254 16737 5268 18298

16923 21707 42352 46666 59275 68373

204278 219104 -1287 1825 202991 220929 {d^mOZ à{VdoXZ / SEGMENTAL REPORT

137232 146438 12148 11364 149380 157802

83810 92661 23953 19908 107763 112569

145 151 -290 482 -145 633
0 0 0 0 0 0

221187 239250 35811 31754 256998 271004

Harnessing Power to Empower 361

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
g àr{_`_ / PREMIUM FROM
àË`j H$mamo~ma / Direct Business 14369267 16199755
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 718463 809988
ewÕ àr{_`_ / Net Premium 13650804 15389767
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / Adjustment for change in reserve for unexpired risks 869481 941313
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 14520285 16331080
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 11795734 14338879
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 590072 717941
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
. 11205662 13620938
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 4707407 5958561
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 0 0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 238825 301815
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 4468582 5656746
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 5958561 6225309
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 0 0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 301815 315019
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 5656746 5910290
CnJV Xmdo (ewÕ) / Claims Incurred (Net) 10017498 13367394
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 2526913 2802407
Hw b (A) / TOTAL (A) 2526913 2802407
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 107770 121498
H$_rímZ (ewÕ) / COMMISSION (NET) 2419143 2680909
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below:
EOoÝQ> / Agents 2034904 2232132
Xbmb / Brokers 373848 465218
{ZJ_r` EooÝgr / Corporate Agency 118161 105057
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 2526913 2802407

362
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hw$b / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

43669114 49207251 58038381 65407006

0 0 0 0
2227431 2518704 2945894 3328692
41441683 46688547 55092487 62078314
2623432 -3189 3492913 938124
44065115 46685358 58585400 63016438

17254035 28980236 29049769 43319115

0 0 0 0
981380 4469600 1571452 5187541
16272655 24510636 27478317 38131574
187057680 167637942 191765087 173596503
756 831 756 831
10008974 9508266 10247799 9810081
177049462 158130507 181518044 163787253
167637942 150157955 173596503 156383264
831 822 831 822
9508266 14926714 9810081 15241733
158130507 135232063 163787253 141142353
35191610 47409080 45209108 60776474

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

1779732 1619216 4306645 4421623
1779732 1619216 4306645 4421623
0 0 0 0
109172 123018 216942 244516
1670560 1496198 4089703 4177107 {d^mOZ à{VdoXZ / SEGMENTAL REPORT

1713647 1576823 3748551 3808955

61712 37716 435560 502934
4373 4677 122534 109734
0 0 0 0
1779732 1619216 4306645 4421623

Harnessing Power to Empower 363

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
H _©H m>a à{VH a/Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
g àr{_`_ / PREMIUM FROM
àË`j H$mamo~ma / Direct Business 655748 648778
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 32788 32439
ewÕ àr{_`_ / Net Premium 622960 616339
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / Adjustment for change in reserve for unexpired risks -3311 30946
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 619649 647285
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 111499 191814
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 7431 11572
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
104068 180242
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 798174 726080
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 0 0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 43886 41660
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 754288 684420
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 726080 581164
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 0 0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 41660 34258
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 684420 546906
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

CnJV Xmdo (ewÕ) / Claims Incurred (Net) 173936 317756

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 80998 79063
Hw b (A) / TOTAL (A) 80998 79063
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 4918 4866
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

H$_rímZ (ewÕ) / COMMISSION (NET) 76080 74197

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below:

EOoÝQ> / Agents 74370 71782

Xbmb / Brokers 6767 7536
{ZJ_r` EooÝgr / Corporate Agency -139 -255
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 80998 79063

364
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

5036927 5326576 898822 823670 3858659 3960153

0 -2 183191 498145 217045 218637
3053138 2218370 944044 910457 1922977 2644900
1983789 3108204 137969 411358 2152727 1533890
562208 11117 136694 -200943 -298044 335526

2545997 3119321 274663 210415 1854683 1869416

4838017 5463870 1200400 565183 1461902 3055076

144 5477 58919 341634 61184 50351

2221178 2275831 1305202 242779 455254 1170268

2616983 3193516 -45883 664038 1067832 1935159
6607601 5938064 2216689 821158 10328297 11553793

682 0 272350 92457 489762 463723

3830245 3056402 1573404 866212 6503544 8048271
2778038 2881662 915635 47403 4314515 3969245
5938064 2339852 821158 633187 11553793 9311015
0 428 92457 145056 463723 411431
3056402 464702 866212 522357 8048270 5559100
2881662 1875578 47403 255886 3969246 4163346

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

2513359 4199600 822349 455555 1413101 1741058

238053 287133 10954 13242 354582 330897

238053 287133 10954 13242 354582 330897
0 0 28845 57128 35428 48525
243690 339407 27393 25653 130520 170916 {d^mOZ à{VdoXZ / SEGMENTAL REPORT
-5637 -52274 12406 44717 259490 208506

99856 107936 1168 1053 145621 132056

105176 136132 9786 12189 208308 197887

33021 43065 0 0 653 954

0 0 0 0 0 0
238053 287133 10954 13242 354582 330897

Harnessing Power to Empower 365

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo g_má df© Ho$ {b`o _Xdma {d^mOZ [anmoQ>© (` '000)
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

g àr{_`_ / PREMIUM FROM

àË`j H$mamo~ma / Direct Business 4383518 5361509
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 40805 -121367
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 684329 998269
ewÕ àr{_`_ / Net Premium 3739994 4241873
Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / Adjustment for change in reserve for unexpired risks 250940 330837
A{O©V àr{_`_ (ewÕ) / PREMIUM EARNED (NET) 3990934 4572710
AXm {H`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 2022728 2822821
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance accepted 63256 60815
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance ceded 296749 751602
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
1789235 2132034
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding - Closing - Direct 3160996 3856861
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Add: Claims Outstanding - Closing - RI Accepted 310198 375076
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo - A{n©V nwZ~u_m / Less: Claims Outstanding - Closing - RI Ceded 888971 1154520
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding Closing - Net 2582223 3077417
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - àË`j / Less: Outstanding claims at the beginning of the year - Direct 3856861 4480684
KQ>mE± …df© Ho$ Ama§^ _| ~H$m`m Xmdo - ñdrH¥$V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 375076 411807
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo - A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year - RI Ceded 1154520 1568915
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo ewÕ / Less: Claims Outstanding at the beginning of the year - Net 3077417 3323576
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

CnJV Xmdo (ewÕ) / Claims Incurred (Net) 1294041 1885875

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 788042 602342
Hw b (A) / TOTAL (A) 788042 602342
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted -2444 -37729
KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 92348 105929
{d^mOZ à{VdoXZ / SEGMENTAL REPORT

H$_rímZ (ewÕ) / COMMISSION (NET) 693250 458684

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross) incurred to procure business to be furnished as per details indicated below:
EOoÝQ> / Agents 578036 403012
Xbmb / Brokers 160977 85926
{ZJ_r` EooÝgr / Corporate Agency 49029 113404
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 788042 602342

366
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th JANUARY 2020
SEGMENTAL REPORT - BREAKUP FOR THE YEAR ENDED 31ST MARCH 2021
(` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

1399038 1161408 62415302 53369220 9170748 19853310 145857143 155911630

137878 143003 0 0 -799 2366 578120 740782
582371 451377 3967169 3194517 2241020 16438604 16373730 30217625
954545 853034 58448133 50174703 6928929 3417072 130061533 126434787
-49562 -11255 -4136714 21184 -1755928 -388306 -1800804 1067230
904983 841779 54311419 50195887 5173001 3028766 128260729 127502017

154944 154160 57224623 54203788 21894505 19285077 117958387 129060904

61 4 0 0 13744 17238 197308 475519
72719 16909 3475486 3224953 17593211 15243767 26998682 28125222
82286 137255 53749137 50978835 4315038 4058548 91157013 101411201
2484057 2278130 14401963 10226101 12800930 22038848 244563794 231035538
62680 0 0 0 74595 131769 1211023 1063856
252516 257534 815078 669547 5463451 17751329 29618894 41655556
2294221 2020596 13586885 9556554 7412074 4419288 216155923 190443838
2278130 1585611 10226101 10063579 22038847 10170742 231035537 195549098
0 90467 0 0 131769 74594 1063856 1134605
257534 218246 669547 906989 17751329 8045132 41655555 32561432
2020596 1457832 9556554 9156590 4419287 2200204 190443838 164122271

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

355911 700019 57779468 51378799 7307825 6277632 116869098 127732768

131533 107870 2948755 2399053 111222 30710 8970784 8271933

131533 107870 2948755 2399053 111222 30710 8970784 8271933
126 399 0 0 -81 0 61874 68323
11223 8288 364324 303706 128472 760411 1219830 1963692 {d^mOZ à{VdoXZ / SEGMENTAL REPORT
120436 99981 2584431 2095347 -17331 -729701 7812828 6376564

46630 48862 2059521 1718324 34 515 6753787 6292495

84503 58716 632177 369899 39169 30195 1682423 1401414

400 292 257057 310830 72019 0 534574 578024
0 0 0 0 0 0 0 0
131533 107870 2948755 2399053 111222 30710 8970784 8271933

Harnessing Power to Empower 367

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2019
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H$mamo~ma / Direct Business 17782802 15693238

àË`j - ^maV _| / Direct - In India 17782802 15693238

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 880550 1612407

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 816524 1472606

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 64026 139801

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 9829211 8465164

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 5922278 4853502
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 3906933 3611662

ewÕ àr{_`_ / Net Premium 8834141 8840481

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 12677047 12312342

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India -3842906 -3471861

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / 20448 -863394
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 8854589 7977087

368
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

1799006 2127151 1608009 1418884 3407015 3546035

1799006 2127151 1608009 1418884 3407015 3546035

58 1358 115967 161951 116025 163309

58 0 115963 161241 116021 161241

0 1358 4 710 4 2068

546408 553763 1065734 1030520 1612142 1584283

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
258377 282085 58885 -136891 317262 145194

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

288031 271678 1006849 1167411 1294880 1439089

1252656 1574746 658242 550315 1910898 2125061

1540687 1845066 1665087 1717016 3205774 3562082

-288031 -270320 -1006845 -1166701 -1294876 -1437021

161045 84621 -107926 -243368 53119 -158747

1413701 1659367 550316 306947 1964017 1966314

Harnessing Power to Empower 369

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H$mamo~ma / Direct Business 14369267 16199755

àË`j - ^maV _| / Direct - In India 14369267 16199755

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 718463 809988

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 718463 809988
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0

ewÕ àr{_`_ / Net Premium 13650804 15389767

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 13650804 15389767

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India 0 0

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / 869481 941313
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 14520285 16331080

370
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hwb / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

43669114 49207251 58038381 65407006

43669114 49207251 58038381 65407006

0 0 0 0

0 0 0 0

0 0 0 0

2227431 2518704 2945894 3328692

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
2205443 2489535 2923906 3299523

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

21988 29169 21988 29169

41441683 46688547 55092487 62078314

41463671 46717716 55114475 62107483

-21988 -29169 -21988 -29169

2623432 -3189 3492913 938124

44065115 46685358 58585400 63016438

Harnessing Power to Empower 371

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
H _©H ma à{VH a / Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H$mamo~ma / Direct Business 655748 648778

àË`j - ^maV _| / Direct - In India 655748 648778

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 32787 32439

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 32787 32439
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0

ewÕ àr{_`_ / Net Premium 622961 616339

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 622961 616339

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India 0 0

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / -3311 30946
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 619650 647285

372 ge{º H aU Ho {bE e{º H m XmohZ

 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24thJanuary 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

5036927 5326576 898822 823670 3858659 3960153

5036927 5326576 898822 823670 3858659 3960153

0 -2 183191 498145 217045 218637

0 -2 70462 395399 216817 218083

0 0 112729 102746 228 554

3053138 2218370 944044 910457 1922977 2644900

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
588756 461684 864675 800550 1143681 1436184

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

2464382 1756686 79369 109907 779296 1208716

1983789 3108204 137969 411358 2152727 1533890

4448171 4864891 104610 418519 2931795 2742053

-2464382 -1756687 33359 -7161 -779068 -1208163

562208 11117 136694 -200943 -298044 335526

2545997 3119321 274663 210415 1854683 1869416

Harnessing Power to Empower 373

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2019
31 _mM© 2021 Hmo g_má df© Ho {bE A{O©V àr{_`_ (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

go àr{_`_ / PREMIUM FROM

àË`j H$mamo~ma / Direct Business 4383518 5361509

àË`j - ^maV _| / Direct - In India 4383518 5361509

Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 40805 -121367

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India -884 -179128

Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 41689 57761

KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 684329 998269

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 490456 659042
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 193873 339227

ewÕ àr{_`_ / Net Premium 3739994 4241873

ewÕ àr{_`_ - ^maV _| / Net Premium - In India 3892177 4523339

ewÕ àr{_`_ - ^maV Ho ~mha / Net Premium - Outside India -152183 -281466

Ag_má Omo{I_m| Ho$ {b`o {Z{Y _| n[adV©Z hoVw g_m`moOZ / 250940 330837
Adjustment for change in reserve for unexpired risks

A{O©V àr{_`_ (ewÕ) / Premium Earned (Net) 3990934 4572710

374
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 1 - PREMIUM EARNED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

1399038 1161408 62415302 53369220 9170748 19853310 145857143 155911630

1399038 1161408 62415302 53369220 9170748 19853310 145857143 155911630

137878 143003 0 0 -799 2366 578120 740782

137878 143003 0 0 -799 2366 423474 579721

0 0 0 0 0 0 154646 161061

582371 451377 3967169 3194517 2241021 16438604 16373730 30217625

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
429325 348530 3957520 2972590 1766949 9635878 12198055 19646420

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

153046 102847 9649 221927 474072 6802726 4175675 10571205

954545 853034 58448133 50174703 6928928 3417072 130061533 126434787

1107591 955881 58457782 50396630 7403000 10219798 134082562 136844933

-153046 -102847 -9649 -221927 -474072 -6802726 -4021029 -10410146

-49562 -11255 -4136714 21184 -1755928 -388306 -1800804 1067230

904983 841779 54311419 50195887 5173000 3028766 128260729 127502017

Harnessing Power to Empower 375

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 8508642 8060224
àË`j - ^maV _| / Direct - In India 8508642 8060224
àË`j - ^maV Ho ~mha / Direct - Outside India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 633427 1214825
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 541510 1122256
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 91917 92569
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 1473203 3405700
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 1147059 1845393
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 326144 1560307
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
7668866 5869349
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
7903093 7337087
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
-234227 -1467738
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 16361453 18859051
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
30315116 24000706
28904513
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
30315116 24000706
28904513
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 4874606
4263736 5400579
4874606
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 205597
188672 176431
205597
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 5080203
4452408 5577010
5080203
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
10719802 9205110
9335461
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 5790204
7686269 6021732
5790204
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
18406071 15226842
15125665
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
16361453 14350874
18859051
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 18859051
14350874 14350874
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 28904513
24000706 24000706
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 0 0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 28904513
24000706 24000706
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 4874606
5400579 5400579
4385727
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 176431
205597 193740
176431
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5577010
5080203 4579467
5577010
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
9335461 8422643
9205110
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 6021732
5790204 5843580
6021732
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
15125665 14266223
15226842
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
18859051 14323407
14350874
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 5171268
10377526 10377526
6874133

376
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

1927188 1417486 516171 1309722 2443359 2727208

1927188 1417486 516171 1309722 2443359 2727208
0 0 0 0 0 0
991 1095 94003 235327 94994 236422
981 0 93836 233691 94817 233691
10 1095 167 1636 177 2731
762640 267045 111896 657184 874536 924229
361440 155094 107044 256776 468484 411870
401200 111951 4852 400408 406052 512359
1165539 1151536 498278 887865 1663817 2039401
1566729 1262391 502963 1286637 2069692 2549028
-401190 -110855 -4685 -398772 -405875 -509627
1649030 2213637 1259774 1378225 2908804 3591862
4490004 2766091 4091363 2978561 8581367 5744652
0 0 0 0 0 0
4490004 2766091 4091363 2978561 8581367 5744652

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
13244 11395 124645 143562 137889 154956
18420 18663 20838 21126 39258 39790
31664 30058 145483 164688 177147 194746

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

1245168 319866 1169217 840957 2414385 1160823
1627470 262646 1807855 924067 3435325 1186713
2872638 582512 2977072 1765024 5849710 2347536
1649030 2213637 1259774 1378225 2908804 3591862
2213637 2306681 1378225 1981771 3591862 4288452
2766091 3065163 2978561 3202184 5744652 6267347
0 0 0 0 0 0
2766091 3065163 2978561 3202184 5744652 6267347
11395 11300 143562 342909 154957 354209
18663 19040 21126 20702 39789 39742
30058 30340 164688 363611 194746 393951
319866 386904 840957 847837 1160823 1234741
262646 401918 924067 736187 1186713 1138105
582512 788822 1765024 1584024 2347536 2372846
2213637 2306681 1378225 1981771 3591862 4288452
600932 1058492 379827 284319 980759 1342811

Harnessing Power to Empower 377

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 11795734 14338879
àË`j - ^maV _| / Direct - In India 11795734 14338879
àË`j - ^maV Ho ~mha / Direct - Outside India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 590072 717941
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 590072 717941
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
11205662 13620938
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
11205662 13620938
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 4468582 5656746
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
4707407 24000706
5958561
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
4707407 24000706
5958561
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 48746060 5400579
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 2055970 176431
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 50802030 5577010
0
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
238825 9205110
301815
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 57902040 6021732
0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
238825 15226842
301815
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
4468582 14350874
5656746
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 5656746
14350874 5910290
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 5958561
24000706 6225309
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 0 0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 5958561
24000706 6225309
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 54005790 4385727
0
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 1764310 193740
0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 55770100 4579467
0
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
301815 8422643
315019
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 60217320 5843580
0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
301815 14266223
315019
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
5656746 14323407
5910290
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 10377526
10017498 6874133
13367394

378
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hwb / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

17254035 28980236 29049769 43319115

17254035 28980236 29049769 43319115
0 981 0 981
0 0 0 0
0 0 0 0
0 0 0 0
981380 4469600 1571452 5187541
979714 4446142 1569786 5164083
1666 23458 1666 23458
16272655 24510636 27478317 38131574
16274321 24534094 27479983 38155032
-1666 -23458 -1666 -23458
177049462 158130507 181518044 163787253
187043568 167623356 191750975 173581917
14112 14586 14112 14586
187057680 167637942 191765087 173596503

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
0 0 0 0
756 831 756 831
756 831 756 831

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

10008974 9508266 10247799 9810081
0 0 0 0
10008974 9508266 10247799 9810081
177049462 158130507 181518044 163787253
158130507 135232063 163787253 141142353
167623356 150144735 173581917 156370044
14586 13220 14586 13220
167637942 150157955 173596503 156383264
0 0 0 0
831 822 831 822
831 822 831 822
9508266 14926714 9810081 15241733
0 0 0 0
9508266 14926714 9810081 15241733
158130507 135232063 163787253 141142353
35191610 47409080 45209108 60776474

Harnessing Power to Empower 379

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
H _©H ma à{VH a / Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 111499 191814
àË`j - ^maV _| / Direct - In India 111499 191814
àË`j - ^maV Ho ~mha / Direct - Outside India 0 2241
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 0 0
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 7431 11572
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 7431 11572
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India 0 0
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
104068 180242
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
104068 180242
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
0 0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 754288 684420
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
788766 24000706
716356
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 94080 97240
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
798174 24000706
726080
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 4874606
0 5400579
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 205597
0 176431
0
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 5080203
0 5577010
0
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
43886 9205110
41660
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 5790204
0 6021732
0
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
43886 15226842
41660
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
754288 14350874
684420
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 684420
14350874 546906
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 716356
24000706 572351
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 97240 88130
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 726080
24000706 581164
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 5400579
0 4385727
0
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 176431
0 193740
0
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5577010
0 4579467
0
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
41660 8422643
34258
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 6021732
0 5843580
0
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
41660 14266223
34258
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
684420 14323407
546906
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 10377526
173936 6874133
317756

380
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

4838017 5463870 1200400 565183 1461902 3055076

4838017 5463870 1200400 565183 1461902 3055076
0 0 0 0 0 0
144 5477 58919 341634 61184 50351
144 5477 53259 306018 58956 50017
0 0 5660 35616 2228 334
2221178 2275831 1305202 242779 455254 1170268
451307 528547 1186823 216243 282244 1194985
1769871 1747284 118379 26536 173010 -24717
2616983 3193516 -45883 664038 1067832 1935159
4386854 4940800 66836 654959 1238613 1910107
-1769871 -1747284 -112719 9079 -170781 25052
2778038 2881662 915635 47403 4314515 3969245
6607601 5938064 2216689 821158 10328297 11553793
0 0 0 0 0 0
6607601 5938064 2216689 821158 10328297 11553793

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
682 0 78222 59634 338213 453832
0 0 194128 32823 151549 9891
682 0 272350 92457 489762 463723

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

999609 1330258 1491918 410005 4317335 5429995
2830636 1726144 81486 456207 2186209 2618276
3830245 3056402 1573404 866212 6503544 8048271
2778038 2881662 915635 47403 4314515 3969245
2881662 1875578 47403 255886 3969246 4163346
5938064 2339852 821158 633187 11553793 9311015
0 0 0 0 0 0
5938064 2339852 821158 633187 11553793 9311015
0 428 59634 111354 453832 403585
0 0 32823 33702 9891 7846
0 428 92457 145056 463723 411431
1330258 272607 410005 498266 5431513 3397345
1726144 192095 456207 24091 2616757 2161755
3056402 464702 866212 522357 8048270 5559100
2881662 1875578 47403 255886 3969246 4163346
2513359 4199600 822349 455555 1413101 1741058

Harnessing Power to Empower 381

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 Hmo g_má df© Ho {bE CnJV Xmdo (ewÕ) -
^maV _| A¡a ^maV Ho ~mha {d^mOZ
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year
AXm {H$`o J`o Xmdo / CLAIMS PAID
àË`j H$mamo~ma / Direct Business 2022728 2822821
àË`j - ^maV _| / Direct - In India 2022728 2822821
àË`j - ^maV Ho ~mha / Direct - Outside India 0 0
Omo‹S>| … ñdrH¥$V nwZ~u_m / Add: Reinsurance Accepted 63256 60815
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV _| / Add: Reinsurance Accepted - In India 26797 13536
Omo‹S>| … ñdrH¥$V nwZ~u_m - ^maV Ho ~mha / Add: Reinsurance Accepted - Outside India 36459 47279
KQ>mE± … A{n©V nwZ~u_m / Less: Reinsurance Ceded 296749 751602
KQ>mE± … A{n©V nwZ~u_m - ^maV _| / Less: Reinsurance Ceded - In India 3605563 422095
KQ>mE± … A{n©V nwZ~u_m - ^maV Ho ~mha / Less: Reinsurance Ceded - Outside India -3308814 329507
AXm {H$`o J`o ewÕ Xmdo / Net Claims paid
.
1789235 2132034
AXm {H$`o J`o ewÕ Xmdo - ^maV _| / Net Claims paid - In India
.
-1556037 2414262
AXm {H$`o J`o ewÕ Xmdo - ^maV Ho ~mha / Net Claims paid - Outside India
.
3345272 -282228
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo / Add: Claims Outstanding at the end of the year 2582223 3077417
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j - ^maV _| / Add: Claims Outstanding Closing - Direct - In India 28904513
3160996 24000706
3856861
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-àË`j -^maV Ho ~mha / Add: Claims Outstanding Closing-Direct-Outside India 0 00
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - àË`j / Add: Claims Outstanding at the end of the year - Direct 28904513
3160996 24000706
3856861
^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV _| / Add: Claims Outstanding Closing-RI Accepted-In India 4874606
136818 5400579
156851
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Closing-RI Accepted-Outside India 205597
173380 176431
218225
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m / Add: Claims Outstanding at the end of the year-RI Accepted 5080203
310198 5577010
375076
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m -^maV _| / Less: Claims Outstanding Closing-RI Ceded-In India 9335461
604436 9205110
758102
KQ>mE±… df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Less: Claims Outstanding Closing-RI Ceded-Outside India 5790204
284535 6021732
396418
KQ>mE± … df© H$s g_m{á na ~H$m`m Xmdo-A{n©V nwZ~u_m /Less: Claims outstanding at the end of the year-RI Ceded 15125665
888971 15226842
1154520
Omo‹S>| … df© H$s g_m{á na ~H$m`m Xmdo - ewÕ / Add: Claims Outstanding at the end of the year - Net 18859051
2582223 14350874
3077417
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo / Less: Claims Outstanding at the beginning 3077417
14350874 3323576
14323406
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV _| / Less: Claims Outstanding Opening - Direct - In India 3856861
24000706 4480684
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo - àË`j - ^maV Ho ~mha / Less: Claims Outstanding Opening - Direct - Outside India 0 00
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo- àË`j / Less: Outstanding claims at the beginning of the year - Direct 3856861
24000706 4480684
24010163
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m -^maV _| / Less: Claims Outstanding Opening-RI Accepted-In India 5400579
156851 4385727
233759
KQ>mE± … Ama§^ _| ~H$m`m Xmdo-ñdrH¥$V nwZ~u_m-^maV Ho ~mha / Less: Claims Outstanding Opening-RI Accepted-Outside India 176431
218225 193740
178048
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo-ñdrH¥V nwZ~u_m / Less: Claims Outstanding at the beginning of the year - RI Accepted 5577010
375076 4579467
411807
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV _| / Add: Claims Outstanding Opening - RI Ceded - In India 9205110
758102 8422643
-649803
Omo‹S>| … Ama§^ _| ~H$m`m Xmdo-A{n©V nwZ~u_m-^maV Ho ~mha /Add: Claims Outstanding Opening - RI Ceded - Outside India 6021732
396418 5843580
2218718
Omo‹S>| … df© Ho$ Ama§^ _| ~H$m`m Xmdo -A{n©V nwZ~u_m / Add: Claims Outstanding at the beginning of the year-RI Ceded 15226842
1154520 14266223
1568915
KQ>mE± … df© Ho$ Ama§^ _| ~H$m`m Xmdo -ewÕ / Less: Claims Outstanding at the beginning of the year - Net 14350874
3077417 14323407
3323576
CnJV Xmd| (ewÕ) / Claims Incurred (Net) 10377526
1294041 6874133
1885875

382 ge{º H aU Ho {bE e{º H m XmohZ

 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 2 - CLAIMS INCURRED (NET) FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA (` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/ Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

154944 154160 57224623 54203788 21894505 19285077 117958387 129060904

154944 154160 57224623 54203788 21894505 19285077 117958387 129060904
0 0 0 0 0 0 0 0
61 4 0 0 13744 17238 197308 475519
61 4 0 0 13744 17238 152961 392290
0 0 0 0 0 0 44347 83229
72719 16909 3475486 3224953 17593211 15243767 26998682 28125222
8655 10580 3468259 3006802 7655171 12388885 18235239 22943792
64064 6329 7227 218151 9938040 2854882 8763443 5181430
82286 137255 53749137 50978835 4315038 4058548 91157013 101411201
146350 143583 53756364 51196985 14253077 6913430 99876108 106509400
-64064 -6328 -7227 -218150 -9938039 -2854882 -8719095 -5098199
2294221 2020596 13586885 9556554 7412074 4419288 216155923 190443838
2484057 2278130 14401963 10226101 12800930 22038848 244540274 231011228
0 0 0 0 0 0 23520 24310
2484057 2278130 14401963 10226101 12800930 22038848 244563794 231035538

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
62680 0 0 0 74595 131769 691210 802086
0 0 0 0 0 0 519813 261770
62680 0 0 0 74595 131769 1211023 1063856

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

173447 209744 814718 568050 2999552 10385246 21692700 28943141
79069 47790 360 101497 2463899 7366083 7926194 12712415
252516 257534 815078 669547 5463451 17751329 29618894 41655556
2294221 2020596 13586885 9556554 7412074 4419288 216155923 190443838
2020596 1457832 9556554 9156590 4419287 2200204 190443838 164122271
2278130 1585611 10226101 10063579 22038847 10170742 231011227 195527065
0 0 0 0 0 0 24310 22033
2278130 1585611 10226101 10063579 22038847 10170742 231035537 195549098
0 90467 0 0 131769 74594 802086 914187
0 0 0 0 0 0 261770 220418
0 90467 0 0 131769 74594 1063856 1134605
209744 183626 568050 594497 10385246 8045132 28944659 27617661
47790 34620 101497 312492 7366083 0 12710896 4943771
257534 218246 669547 906989 17751329 8045132 41655555 32561432
2020596 1457832 9556554 9156590 4419287 2200204 190443838 164122271
355911 700019 57779468 51378799 7307825 6277632 116869098 127732768

Harnessing Power to Empower 383

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
Ap½Z / Fire
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 1533538 1360819

Hw b (A) / TOTAL (A) 1533538 1360819

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 110072 220187
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| / 87823 182784
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 22249 37403

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 476124 531443

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 336932 375587

Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

139192 155856
Less: Commission on Reinsurance Ceded - Outside India

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

1167486 1049563

H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 1284429 1168016

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India -116943 -118453
ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 685274 588575

EOoÝQ> / Agents 685274 588575

Xbmb / Brokers 762960 628602

{ZJ_r` EOoÝgr / Corporate Agency 85304 143642
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 1533538 1360819

384
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
g_wÐr Zm¡^ma / Marine Cargo g_wÐr nmoV / Marine Hull Hw$b g_wÐr / Marine Total
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

221187 239250 35811 31754 256998 271004

221187 239250 35811 31754 256998 271004

14 1561 5254 16737 5268 18298

14 1040 5254 16631 5268 17671

0 521 0 106 0 627

16923 21707 42352 46666 59275 68373

13969 18354 8870 11024 22839 29378

2954 3353 33482 35642 36436 38995

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
204278 219104 -1287 1825 202991 220929
207232 221936 32195 37360 239427 259296

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

-2954 -2832 -33482 -35535 -36436 -38367

137232 146438 12148 11364 149380 157802

137232 146438 12148 11364 149380 157802

83810 92661 23953 19908 107763 112569

145 151 -290 482 -145 633

0 0 0 0 0 0

221187 239250 35811 31754 256998 271004

Harnessing Power to Empower 385

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
_moQ>a {ZOr j{V / Motor OD
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 2526913 2802407

Hw b (A) / TOTAL (A) 2526913 2802407

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| / 0 0
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 107770 121498
KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 107770 121498
Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

Less: Commission on Reinsurance Ceded - Outside India 0 0

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

2419143 2680909
H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 2419143 2680909
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India 0 0

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 2034904 2232132

EOoÝQ> / Agents 2034904 2232132

Xbmb / Brokers 373848 465218

{ZJ_r` EOoÝgr / Corporate Agency 118161 105057
AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 2526913 2802407

386
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24thJanuary 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
_moQ>a V¥¥Vr` nj / Motor TP _moQ>a Hwb / Motor Total
Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year

1779732 1619216 4306645 4421623

1779732 1619216 4306645 4421623

0 0 0 0

0 0 0 0

0 0 0 0

109172 123018 216942 244516

109172 123018 216942 244516

0 0 0 0

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
1670560 1496198 4089703 4177107

1670560 1496198 4089703 4177107

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

0 0 0 0

1713647 1576823 3748551 3808955

1713647 1576823 3748551 3808955

61712 37716 435560 502934

4373 4677 122534 109734

0 0 0 0

1779732 1619216 4306645 4421623

Harnessing Power to Empower 387

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
H _©H ma à{VH a / Workmen Comp.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 80998 79063

Hw b (A) / TOTAL (A) 80998 79063

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted 0 0

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| / 0 0
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 0 0

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 4918 4866
KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 4918 4866
Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

Less: Commission on Reinsurance Ceded - Outside India 0 0

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

76080 74197
H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 76080 74197
g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India 0 0

ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 74370 71782

EOoÝQ> / Agents 74370 71782
Xbmb / Brokers 6767 7536

{ZJ_r` EOoÝgr / Corporate Agency -139 -255

AÝ` / Others 0 0

Hw$b (Am) / TOTAL (B) 80998 79063

388
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
ì`pŠVJV XwK©Q>Zm / Personal Accident {d_mZZ / Aviation B§Or{Z`[a¨J / Engineering
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year

238053 287133 10954 13242 354582 330897

238053 287133 10954 13242 354582 330897

0 0 28845 57128 35428 48525

0 0 3938 32539 35289 48721

0 0 24907 24589 139 -196

243690 339407 27393 25653 130520 170916

109801 118006 27040 24941 100457 125329

133889 221401 353 712 30063 45587

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
-5637 -52274 12406 44717 259490 208506

128253 169127 -12147 20840 289414 254289

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

-133890 -221401 24553 23877 -29924 -45783

99856 107936 1168 1053 145621 132056

99856 107936 1168 1053 145621 132056

105176 136132 9786 12189 208308 197887

33021 43065 0 0 653 954

0 0 0 0 0 0

238053 287133 10954 13242 354582 330897

Harnessing Power to Empower 389

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H mo g_má df© Ho {bE H$_reZ
^maV _| A¡a ^maV Ho ~mha {d^mOZ
AÝ` {d{dY / Other Misc.
{ddaU / Particulars Mmby df© JV df©
Current Year Previous Year

H$_reZ / COMMISSION
àË`j H$mamo~ma / Direct Business 788042 602342

Hw b (A) / TOTAL (A) 788042 602342

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ / Add: Commission on Reinsurance Accepted -2444 -37729
Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ - ^maV _| /
-2444 -37718
Add: Commission on Reinsurance Accepted - In India

Omo‹S>| … ñdrH¥$V nwZ~u_m na H$_reZ-^maV Ho ~mha /

Add: Commission on Reinsurance Accepted -Outside India 0 -11

KQ>mE± … A{n©V nwZ~u_m na H$_reZ / Less: Commission on Reinsurance Ceded 92348 105929

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV _|/ 64076 79084

Less: Commission on Reinsurance Ceded - In India

KQ>mE± … A{n©V nwZ~u_m na H$_reZ-^maV H o ~mha /

Less: Commission on Reinsurance Ceded - Outside India 28272 26845

H$_rímZ (ewÕ) / Commission (Net)

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA

693250 458684

H$_rímZ (ewÕ) - ^maV _| / Commission (Net) - In India 721522 485539

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

H$_rímZ (ewÕ) - ^maV Ho ~mha / Commission (Net) - Outside India -28272 -26855
ì`dgm` àmá H$aZo Ho$ {bE CnJV ì`` (gH$b) H$m {ddaU / Break-up of the expenses (Gross)
incurred to procure business to be furnished as per details indicated below:

EOoÝQ>-^maV _| / Agents - In India 578036 403012

EOoÝQ> / Agents 578036 403012

Xbmb / Brokers 160977 85926

{ZJ_r` EOoÝgr / Corporate Agency 49029 113404

AÝ` / Others 0 0
Hw$b (Am) / TOTAL (B) 788042 602342

390
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24th January 2020
SCHEDULE - 3 - COMMISSION FOR THE YEAR ENDED 31ST MARCH 2021
SEGMENTAL IN INDIA & OUTSIDE INDIA
(` '000)
Xo`Ëmm`|m / Liability ñdmñÏ` d AñnVmbrH$aU/ Health & Hosp. \ gb / Crop Hw$b {d{dY / Total Misc.
Mmby df© JV df© Mmby df© JV df© Mmby df© JV df© Mmby df© JV df©
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year

131533 107870 2948755 2399053 111222 30710 8970784 8271933

131533 107870 2948755 2399053 111222 30710 8970784 8271933

126 399 0 0 -81 0 61874 68323

126 399 0 0 -81 0 36828 43941

0 0 0 0 0 0 25046 24382

11223 8288 364324 303706 128472 760411 1219830 1963692

11085 7922 364324 303706 125004 473630 1023647 1382000

138 366 0 0 3468 286781 196183 581692

^maV _| A¡a ^maV Ho ~mha {d^mOZ /SEGMENTAL IN INDIA & OUTSIDE INDIA
120436 99981 2584431 2095347 -17331 -729701 7812828 6376564
120574 100348 2584431 2095347 -13862 -442920 7983968 6933874

g_o{HV {dËVr` {ddaU / CONSOLIDATED FINANCIAL STATEMENTS

-138 -367 0 0 -3469 -286781 -171140 -557310

46630 48862 2059521 1718324 34 515 6753787 6292495

46630 48862 2059521 1718324 34 515 6753787 6292495

84503 58716 632177 369899 39169 30195 1682423 1401414

400 292 257057 310830 72019 0 534574 578024

0 0 0 0 0 0 0 0
131533 107870 2948755 2399053 111222 30710 8970784 8271933

Harnessing Power to Empower 391

 |

`wZmBQ>oS> B§{S>`m B§í`yaoÝg H§$nZr {b{_Q>oS> / UNITED INDIA INSURANCE COMPANY LIMITED
n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
Registration No. 545, Date of Renewal with the IRDAI: 24th January 2020
31 _mM©, 2021 H$mo g_má df© Ho$ {b`o g_o{HV H¡$e \²$bmo [ddaU
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021 (` '000)

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

I. àMmbZ H$m`m] go H¡$e \²$bmo
I. Cash Flow from Operating Activities
A{J«_ Am`, ewÕ gh ~r_m g{hV nm{bgrYmaH$m| go àmßV àr{_`_
Premium received from policyholders, including
advance receipts, net of coinsurance 168386263 175908769
AÝ` Am` / Other Receipts 156944 258230
nwZ~u_mH$Vm©Am| H$mo AXm`Jr, ewÕ H$_reZ Am¡a Xmdo
Payments to reinsurers, net of commission and claims (7297043) (6081237)
gh~r_mH$Vm©Am| H$mo AXm`Jr, ewÕ Xmdo go àmá Am`
Payments to coinsurers, net of claims recovery 3829246 (11817499)
AXm {H$`o J`o Xmdo / Payments of claims (128996322) (139848336)
AXm {H$`m J`m H$_reZ Am¡a Xbmb H$_reZ
Payments of commission and brokerage (10796177) (9947372)
AXm {H$`m J`m AÝ` àMmbZ »mM©
Payments of other operating expenses (34593399) (35212355)
àma§{^H$ Am¡a nyd©-Am°nao{Q>d ì`` /
Preliminary & Pre-Operative Expenses 0 0
O_m, A{J«_ Am¡a H$_©Mmar G$U / Deposits, advances and staff loans 22516 (445242)
AXm {H$`m J`m/dmngr Am` H$a (ewÕ)/Income taxes paid/refund (net) (262297) (153333)
godm H$a / AXm {H$`m J`m OrEgQr H$a/dmngr (ewÕ)/
Service Tax / GST paid/refund (net) (2276807) (887134)
g_o{HV {dËVr` {ddaU /CONSOLIDATED FINANCIAL STATEMENTS

AÝ` AXm`Jr / àm{á`m± (ewÕ ) /

Other payments/collections (net) 134024 1975970
{dXoer {d{Z_` Ho$ n[adV©Z _| hþB© bm^ / hm{Z
Gain/Loss on Foreign Exchange Fluctuations 1151 (27914)
AgmYmaU H m`moª Ho$ nyd© H¡$e \²$bmo
H oe \$²bmo {ddaU / CASH FLOW STATEMENT

Cash flow before extraordinary activities (11691901) (26277453)

AgmYmaU H$m`© / Extraordinary Activities 0 0
AgmYmaU H$m`m] Ho$ níMmV² H¡$e \²$bmo
Cash flow after Extraordinary Activities (11691901) (26277453)
àMmbZ H$m`m] go ewÕ H¡$e \²$bmo
Net Cash Flow from the Operating Activities (11691901) (26277453)
II. {Zdoe H$m`m] go H¡$e \²$bmo
II. Cash Flow from the Investing Activities
ñWmB© n[agånpËV`m| H$m H«$` / Purchase of fixed assets (306462) (875529)
ñWmB© n[agånpËV`m| H$s {~H«$s go Am`
Proceeds from sale of fixed assets 40726 80093

392
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

{Zdoe H$m H« ` / Purchase of investments (68267329) (33884631)

{dV[aV F$U / Loans Disbursed 0 0
{Zdoe H$m {~H«$s _yë` / Sale Value of Investments 8134053 23770302
àmá dmn{g`m±/ Repayments Received 35677119 13086303
àmá {H$am`m /ã`mO/bm^§me /
Rents/Interests/Dividends received 27185703 19340990
_wÐm ~mOma Ho$ gmYZ _| Am¡a Vab å`wMwAb \§$S> _| {Zdoe /
Investments in money market instruments
and in liquid mutual funds (2479882) 4783430
{Zdoe go g§~§{YV IM© / Expenses relating to investments (32885) (38532)
AÝ` AXm`Jr / àm{á`m± (ewÕ)/Other payments/collections (net) 2 8477
{Zdoe H$m`m] go ewÕ H¡$e \²$bmo/
Net Cash Flow from the Investing Activities (48955) 26270904
III. {dËVr` H$m`m] go H¡$e \²$bmo /
Cash Flow from the Financing Activities
eo`a ny±Or Ho$ {ZJ©_Z go Am` /
Proceeds from issuance of share capital 36050000 500000
CYma go Am` / Proceeds from borrowing 0 0
CYma H$m nwZA©Xm`Jr / Repayments of borrowing 0 0
AXm {H$`m J`m ã`mO/bm^m§e / Interest/Dividends paid (742500) (742500)
{Z`§{ÌV H§$nZr Ho$ _mBZm{a{Q eo`aYmaH$m| H$mo AXm {H$`m J`m bm^m§e
Am¡a {Z`§{ÌV H§$nZr Ûmam AXm {H$`o J`o bm^m§e na bm^m§e H$a
Dividend paid to minority shareholders of subsidiary and 0 (4668)
dividend tax on dividend paid by subsidiary

g_o{HV {dËVr` {ddaU /CONSOLIDATED FINANCIAL STATEMENTS

{dËVr` H$m`m] go ewÕ H¡$e \²$bmo /
Net Cash Flow from the Financing Activities 35307500 (247168)
IV. ZH$X Am¡a ZH$X g_Vwë` na {dXoer {d{Z_` Xamo| H$m à^md (ewÕ) /
Effect of foreign exchange rates on cash and
cash equivalents (net) (2140) (8795)
ZH$X Am¡a ZH$X g_Vwë` _| ewÕ ~‹T>moËVas /
Net increase in Cash and Cash Equivalents 23564504 (262512) H oe \$²bmo {ddaU / CASH FLOW STATEMENT
df© Ho$ àma§^ _| ZH$X Am¡a ZH$X g_Vwë` /
Cash and Cash Equivalents at the beginning of the year 17356567 17619078
df© H$s g_m{á na ZH$X Am¡a ZH$X g_Vwë` /
Cash and Cash Equivalents at the end of the year 40921070 17356567
KQ>H$ H$m ZH$X Am¡a ZH$X g_Vwë` /
Components of cash and Cash Equivalents
hmW _| ZH$Xr / Cash on Hand 1595903 499644
~¢H$mo§ Ho$ gmW eof /Balance with Banks
Mmcy ImVmo§ _| /In Current Accounts 6427734 4828497

Harnessing Power to Empower 393

 |

{ddaU / Particulars Mmby df© / Current Year JV df© / Previous Year

3 _hrZo go H$_ n[ad¹$Vm dmco E\$SrAma _| /
In FDR with maturity less than 3 Months 30163334 11482771

AàXÎm cm^m§e coIm / Unpaid Dividend Accounts 0 914

Cn Hw$c / Sub-total 38186971 16811826

3 _hrZmo§ go A[YH$ Am¡a 12 _hrZo go H$_ AënH$m[cH$ E\$Sr /

FD for Short Term More than 3 Months and
Less than 12 Months 235676 244942

AÝ` g§ñWmZmo§ Ho$ gmW (gr~rEcAmo Ho$ gmW) /

With Other Institution (with CBLO) 2498423 299799

Cn Hw$c / Sub-total 2734099 544741

Hw$c `moJ / Grand Total 40921070 17356567

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go / For and on behalf of Board
dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
Y.K. SHIMRAY RAJKIRAN RAI G
ANAGHA DESHPANDE G SUNDARA RAMAN DIRECTOR DIRECTOR
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIN : 09272315 DIN : 07427647
g_o{HV {dËVr` {ddaU /CONSOLIDATED FINANCIAL STATEMENTS

h_mao g§b½Z à{VdoXZ Ho$ AZwgma / Vide our report of date attached

H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
H oe \$²bmo {ddaU / CASH FLOW STATEMENT

For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
ICAI FRN : 007220S ICAI FRN : 000726S FRN : 004104S

grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
CA. A John Moris CA. R. Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 Membership No.201760 M. No. 022137

ñWmZ : MoÞ¡ Place : Chennai

{XZm§H$ : 16.08.2021 Date : 16.08.2021

394
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Bg n¥ð> H$mo OmZ~yPH$a [aº$ N>mo‹S> {X`m J`m h¡

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Harnessing Power to Empower 395

 |

31 _mM© 2021 H$mo g_má df© Ho$ g_o{H$V

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_hËdnyU© boIm Zr{V`m±
6) g§~Õ H§$n{Z`m| _| {Zdoe boIm _mZH$ (EEg) 23 - g_o{H$V
{dÎmr` {ddaU _| g§~Õ H$ån{Z`m| _| {Zdoe Ho$ {bE boIm _o {Z{X©ï>
Ho$ AZwgma h¡ &
7) g~§Õ H$ån{Z`m| H$o A{YJh«U nümV H$s {Zdb gn§{Îm _| n[adVZ© _|
AnZr {hñgXomar H$o {bE ImVm| H$§nZr hX VH$ H$§nZr Ama¡ bm^ H$o
AnZo ~`mZ H$o _mÜ`_ go AnZo {hñgo H$s hX VH$ CgH$o gh`m{oJ`m,|
Ama¡ ZHw$gmZ H$o ~rM bZo-XZo go CËnÞ AMVoZ bm^ Ama¡ ZHw$gmZ
H$mo {dbm{onV H$aZo H$o ~mX, Egm{ogEQg² H$o ~mX A{YJh«U H$s {Zdb
gn§{Îm _| ~XbZo _| AnZr {hñgXomar H$o {bE ImVm| Bg Vah H$o
n[adVZ© CnbãY OmZH$mar H$o AmYma na efo am{e H$o {bE AnZo
^S§>ma H$o _mÜ`_ go OS‹w>o bm^ `m hm{Z H$o H$maU h&¡
8) g§~Õ H§$n{Z`m| _| {Zdoe H$s bmJV Am¡a g§~Õ H§$n{Z`m| _| eo`am|
Ho$ A{YJ«hU Ho$ g_` ewÕ n[ag§n{Îm Ho$ A§e Ho$ A§Va (O¡gm ^r
_m_bm hmo ) H$mo JwS>{db `m ny§Or Ama{jV Ho$ ê$n _| {dÎmr` {ddaU
_| A{^km{nV {H$`m J`m h¡ &
9) Ohm§ VH$ g§^d hþAm h¡, boZ-XoZ Am¡a AÝ` KQ>ZmAm| Ho$ g_o{H$V
{dÎmr` {ddaU H$s V¡`mar Ho$ {bE EH$ g_mZ boIm Zr{V`m| H$m
Cn`moJ {H$`m J`m h¡ Am¡a H§$nZr Ho$ AbJ {dÎmr` {ddaU Ho$ ê$n
_| V¡`ma {H$`m J`m h¡ & B§{S>`m B§Q>aZoýb ~r_m Ho$ {dÎmr` {ddaU
H$mo qgJmnwa H§$n{Z`m| boIm 50 H$s Amdí`H$Vm Ho$ AZwgma
qgJmnwa {dÎmr` [anmo{Qª>J _mZH$m| (E\$AmaEg) Ho$ AZwgma V¡`ma
{H$`m J`m h¡& H§$nZr H$s boIm Zr{V H$s VwbZm _| {ZåZ{bpIV
_Xm| _| _hËdnyU© VÏ`m| H$m A§Va Bg àH$ma h¡;
A. Ag_má OmopI_ Ama{j{V g§~Õ H§$n{Z`m| H$s boIm Zr{V
Ag_má OmopI_ Ama{j{V Ho$ {b`o g§~Õ H§$n{Z`m| H$s boIm Zr{V
H$m AZwnmbZ {H$`m J`m h¡ & Ag_má OmopI_ Ama{j{V _|

eo`a H$mo _mÝ` {H$`m J`m h¡ Am¡a g_o{H$V VwbZ nÌ _| H§$nZr Ho$ AZm{O©V àr{_`_ Ama{j{V Am¡a àr{_`_ H$s H$_r Ama{j{V H$s
eo`aYmaH$m| H$s B{¹$Q>r Am¡a Xo`VmAm| H$mo n¥WH²$ ê$n go àñVwV {H$`m am{e em{_b h¡ & àr{_`_ H$s H$_r Ama{j{V H$m AmH$bZ hm{Z
J`m h¡&

396
4 ge{º H aU Ho {bE e{º H m XmohZ
 /
SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING
PART OF CONSOLIDATED FINANCIAL STATEMENTS AS ON 31ST MARCH 2021
I. SIGNIFICANT ACCOUNTING POLICIES
1. PRINCIPLES OF CONSOLIDATION
A. The consolidated financial statements relate to
United India Insurance Company Limited the
holding company and its subsidiary company and
associates (together referred as “the company”).
The consolidated financial statements have been
prepared on the following basis:
1. The financial statements of the Company and its
subsidiary company are combined on a line-by-line
basis by adding together the book values of like
items of assets, liabilities, income and expenses,
after fully eliminating intra-group balances and
intra-group transactions in accordance with
Accounting Standard (AS) 21 - “Consolidated
Financial Statements”
2. The difference between the cost of investment
in the subsidiaries, over the net assets at the
time of acquisition of shares in the subsidiaries
is recognised in the financial statements as
Goodwill or Capital Reserve, as the case may be.
3. The difference between the proceeds from disposal
of investment in subsidiaries and the carrying
amount of its assets less liabilities as of the date of
disposal is recognised in the consolidated
Statement of Profit and Loss being the profit or loss
on disposal of investment in subsidiary.
4. Minority Interest’s share of net profit of
consolidated subsidiary for the year is identified and
adjusted against the income of the group in order to
arrive at the net income attributable to shareholders
of the Company.
5. Minority Interest’s share of net assets of
consolidated subsidiary is identified and presented
in the consolidated balance sheet separate from
liabilities and the equity of the Company’s
shareholders.
6. Investment in Associate Companies has been
accounted under the equity method as per
Accounting Standard (AS) 23 - “Accounting for
Investments in Associates in Consolidated Financial
Statements”.
7. The Company accounts for its share in change in net
assets of the associates, post-acquisition, after
eliminating unrealised profits and losses resulting
from transactions between the Company and its
associates to the extent of its share, through its
Statement of Profit and Loss to the extent such
change is attributable to the associates’ Profit or
Loss through its reserves for the balance, based on
available information.
8. The difference between the cost of investment in the
associates and the share of net assets at the time of
acquisition of shares in the associates is identified in
the financial statements as Goodwill or Capital
Reserve as the case may be.
9. As far as possible, the consolidated financial
statements are prepared using uniform accounting
policies for like transactions and other events in
similar circumstances and are presented in the
same manner as the Company’s separate financial
statements, except for the India International
Insurance Pte Ltd an associate have been prepared
in accordance with Singapore Financial Reporting
Standards (FRS) as required by the Singapore
CONSOLIDATED FINANCIAL STATEMENTS
Companies Act, Cap. 50. As compared to
Accounting policy of the company the material
SIGNIFICANT ACCOUNTING POLICIES
difference are with respect to;
a) Reserves for unexpired risks, the accounting policy
followed by Associate
Reserves for unexpired risks comprise the sum of
unearned premium reserves and premium
deficiency reserves. Premium deficiency reserves
are derived using actuarial methods on loss
statistics and are recognised when the expected
Harnessing Power to Empower 397
 |

AmH$S>m| na ~r_m§H$H$ nÕ{V Ho$ AmYma na {H$`m J`m h¡ Am¡a
_mÝ`Vm Xr J`r h¡,O~ VwbZ nÌ H$s VmarI H$mo Mmby ì`{º$JV
~r_m H$s Ag_má nm°brgr Ad{Y Ho$ {bE Xmdo Am¡a ì`` H$s
AZw_m{ZV am{e AZ{O©V àr{_`_ Ama{jV go A{YH$ hmo &
AZ{O©V àr{_`_ [aOd© H$s JUZm {ZåZ{bpIV AmYma na H$s OmVr h¢
1. g_wÐr H$mJm}, {OgHo$ {bE 25% Xa bmJy h¡, H$mo N>moS>H$a AÝ`
ì`dgm` Ho$ g^r àË`j Am¡a EopÀN>H$ nwZ~u_m dJ© Ho$ {bE 365dt
npX²V h¡ &
gr) n[aMmbZ Ho$ boIm§H$Z Am¡a {dÎmr` brO H$s JUZm Ho$ ~rM Ho$ ^oX
H$mo hQ>m {X`m J`m h¡& EH$ Cn`moJ H$m A{YH$ma g§n{Îm Am¡a EH$ nÅ>m
Xo`Vm h¡nÅ>m àma§^ {V{W na _mÝ`Vm àmá h¡&
n[ag§n{Îm Ho$ ghr Cn`moJ H$mo ewê$ _| bmJV na _mnm OmVm
h¡,{Og_| nÅ>o H$s Xo`Vm H$s àma§{^H$ am{e em{_b h¡& grYr-aoIm
{d{Y H$m Cn`moJ H$aZm Ho$ A§V Ho$ nhbo H$s ewéAmV H$s VmarI
n[ag§n{Îm Ho$ ghr Cn`moJ Ho$ A{YH$ma dmbr H$m Cn`moJr OrdZ
Am¡a CgH$m A§V brO Ad{Y VH$ Cn`moJ Ho$ A{YH$ma dmbr
n[ag§n{Îm H$m ~mX _| _yë`õmg H$a {X`m OmVm h¡&

H§$nZr H$s d¥{Õerb CYma Xa H$m à`moJ H$aVo hþE Ny>Q> Xr JB© {d{Y
2. g_wÐr H$mJm} H$mo N>mo‹S>H$a, g^r loUr Ho$ gpÝY nwZ~u_m H$mamo~ma _|
go àma§^ {V{W na ^wJVmZ Zht {H$`o J`o dV©_mZ brO _yë` Ho$
àr{_`_ H$m 40% Am¡a g_wÐr H$mJm} Ho$ {bE 25% h¡ &
AmYma na nÅ>mXm{`Ëd àma§^ _| _mnm OmVm h¡&

3. g_wÐr H$mJm} H$mo N>mo‹S>H$a àË`j Am¡a EopÀN>H$ nwZ~u_m H$mamo~ma H$s n[ag§n{Îm H$m ghr Cn`moJ H$m A{YH$ma {dÎmr` pñW{V Ho$ {ddaU
JUZm dmñV{dH$ A{YJ«hU bmJV na H$s J`r h¡ & _| 'AÝ` g§n{Îm`m|' _| Am¡a 'AÝ` XoZXm[a`m|' _| brO XoZXm[a`m§ _|
_mÝ`Vm àmá h¡ &
Am) AmñW{JV A{YJ«hU bmJV
_erZar Ho$ AënH$m{bH$ nÅ>m| Ho$ _m_bo _|12 _hrZo `m Cggo H$_
{dÎmr` df© Ho$ Xm¡amZ Z`o ~r_m AZw~§Y àmá H$aZo Am¡a `m / Mmby
H$s brO Ad{Y Am¡a H$_ _yë` Ho$ nÅ>og§n{Îm, n[ag§n{Îm Ho$ ghr
~r_m AZw~§Y Ho$ ZdrH$aU Ho$ g§~§Y _| CnJV H$_reZ Am¡a AÝ`
Cn`moJ H$m A{YH$ma Am¡a nÅ>m XoZXm[a`m§ _mÝ`Vm àmá Zht h¢& `o
A{YJ«hU bmJV ,bo{H$Z Omo nadVu {dÎmr` Ad{Y go g§~§{YV h¡,
brO ^wJVmZ,nÅ>o H$s Ad{Y na ñQ´>oQ>-bmBZ Ho$ AmYma na ì`` Ho$
Am¡a AmJm_r amOñd gr_m go àmß` H$s gr_m VH$ AmñW{JV {H$`m
ê$n _| _mÝ`Vm àmá h¡&
J`m h¡ & AmñW{JV A{YJ«hU bmJV (S>rEgr) H$s JUZm
dmñV{dH$ H$_reZ na 365dt nÕ{V na {H$`m J`m h¡ AÝ` g^r 10A. {Z`§{ÌV Am¡a g§~Õ H§$n{Z`m| Ho$ {dÎmr` {ddaU H$m g_oH$Z
A{YJ«hU bmJV H$mo CnJV ì`` Ho$ ê$n _| &A{^km{á h¡ & H$ånZr H$s [anmo{Qª>J VmarI AWm©V 31 _mM© 2021 H$mo V¡`ma {H$`o
OmVo h¡ & [anmo{Qª>J VmarI H$mo g§~Õ H§$nZr B§{S>`m B§Q>aZoeZb
hm{Z H$s g_rjm àË`oH$ [anmo{Qª>J H$s VmarI H$mo H$s OmVr h¡ Am¡a
B§í`ya|g à. {b{_Q>oS> H$m {dÎmr` {ddaU CnbãY Zht h¢, & BZH$m
`{X Amdí`H$ hmo Vmo _yb H$s_V _yë` dgybr `mo½` am{e _o
g_oH$Z AÚVZ CnbãY {dÎmr` {ddaU Ho$ AmYma na {H$`m J`m h¡
Ad{bpIV {H$`m OmVm h¡&
10 Am) H§$nZr g‘oH$Z ‘| em{‘b H$s JB© {Z¶§{ÌV H§$nZr Am¡a g§~Õ H§$n{Z¶m| H$s gyMr Am¡a H§$nZr H$m Am{Yn˶ {ZåZ àH$ma h¢

H§$nZr H$m Zm‘ Am{Yn˶ H$m % g‘mdoeZ dmbo Xoe

{Z¶§{ÌV H§$nZr
69.45%
g_o{HV {dËVr` {ddaU

Oo{ZW goŠ`y[aQ>r‹O EÊS> BÝdoñQ²>_oÝQ²>g {b{_Q>oS> ^maV

_hËdnyU© boIm Zr{V`m±

g§~Û H§$nZr
B§{S>`m B§Q>aZoíZb B§í`ya|g à {b 20.00% qgJmnwa
hoëW B§í`ya|g Q>r nr E Am\$ B§{S>`m {b. 23.75% ^maV

398
84 ge{º H aU Ho {bE e{º H m XmohZ

value of claims and expenses attributable to the
unexpired periods of policies in force at the balance
sheet date for any line of business exceeds the
unearned premium reserves.
The unearned premium reserves are computed on
the following basis:
(i) 365th method for all direct and facultative
reinsurance classes of business other than
marine cargo, for which 25% is applicable;
(ii) in the case of all classes of treaty reinsurance
business, other than marine cargo, 40% of
the premiums and for marine cargo, 25% of
the premiums; and
(iii) the actual acquisition cost is taken into
account in the computation in respect of
direct and facultative reinsurance business,
except for marine cargo.
b) Deferred acquisition costs
Commission and other acquisition costs incurred during
the financial period that vary with and are related to
securing new insurance contracts and/or renewing
existing insurance contracts, but which relates to
subsequent financial periods, are deferred to the extent
that they are recoverable out of future revenue margins.
Deferred acquisition costs ("DAC") are calculated using
the 365th method on actual commission. All other
acquisition costs are recognised as an expense when
incurred.
An impairment review is performed at each reporting date
and, if required, the carrying value is written down to the
recoverable amount.
10B.The list of subsidiary company, and associates which are included in the consolidation and the company holdings therein
are as under:
Name of the Company
Subsidiary company
Zenith securities and Investments Ltd
Associates
India International Insurance Pte Ltd
Health Insurance TPA of India Limited
/
c) The distinction between accounting of Operating
Lease and Financial Lease has been removed.
A right-of-use asset and a lease liability is
recognized at the lease commencement date.
The right-of-use asset is initially measured at cost,
comprising the initial amount of the leased liability.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the earlier of the end of the
useful life of the right-to-use asset and the end of the
lease term.
The lease liability is initially measured at present
value of the lease payments that are not paid at the
commencement date, discounted using the
Company’s incremental borrowing rate.
The right-of-use asset is recognized in ‘other assets’
and lease liabilities in ‘other liabilities’ in the
Statement of Financial Position.
In case of short term leases of machinery that have
lease term of 12 months or less and leases of low-
value assets, right-of-use assets and lease liabilities
are not recognized. These lease payments are
recognized as expense on straight-line basis over
the lease term.
10A. The financial statements of the subsidiary and
associates used in the consolidation are drawn up to
the same reporting date as that of the Company i.e.
31st March, 2021, except for the India International
Insurance Pte Ltd an associate for which financial
statements as on reporting date are not available.
These have been consolidated based on latest
available financial statements. CONSOLIDATED FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
Ownership in % Country of Incorporation
69.45% India
20.00% Singapore
23.75% India
Harnessing Power to Empower 399
 |
2. boIm na§nam
2.1 {dËVr` {ddaU H$s V¡`mar nyd© bmJV n[anmQ>r Ho$ VhV boIm
Zr{V Omo ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU
(~r_m H§$n{Z`m| Ho$ {dËVr` {ddaU Ed§ boIm narjm [anmoQ>© H$s
V¡`mar) {d{Z`_ 2002, ~r_m A{Y{Z`_ 1938, भारतीय
~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$ma A{Y{Z`_
(AmB©AmaS>rEAmB©)1999, ~r_m {d{Z`m_H$ Am¡a {dH$mg
àm{YH$aU Ûmam g_` g_` na Omar n[anÌ / AmXoe /
A{YgyMZm`| Ho$ AmYma na {H$`m J`m h¡ &
2.2 . Ho$e âbmo {ddaU ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg
àmBµOH$ ({dÎmr` {ddaU Am¡a ~r_m H§$n{Z`m| H$s boIm narjm
[anmoQ>© H$s V¡`mar) {d{Z`_ 2002 Ho$ AmYma na àË`j nÕ{V
na V¡`ma {H$`m OmVm h¡ &
3. AmH$bZ H$m à`moJ
àm`… ñdrH¥$V boIm Zr{V Ho$ AZwgma V¡`ma {H$`m J`m {dËVr`
{ddaU H$s Anojm h¡ {H$ à~§YZ H$mo n[ag§n{V`m|, Xo`VmAm|, Am` Am¡a
ì`` Ed§ AmH$pñ_H$ Xo`VmAm| Ho$ àH$Q>Z Ho$ g§~§Y _| gy{MV am{e na
hmoZodmbo à^md Ho$ {bE AmH$bZ Am¡a A§JrH$ma {H$`m OmE & VmarI
H$mo Cn`x©ŠV VËdm| Am¡a n{aÑpîQ>`m| Ho$ à~§YZ _yë`m§H$Z Ho$ AmYma na
{dËVr` {ddaU _| AmH$bZ d A§JrH$ma H$mo gpå_{bV {H$`m J`m &
`{X boIm AZw_mZ _| H$moB© g§emoYZ hmo Vmo CgH$m A{^km{á Cg VmarI
go Mmby Am¡a AmZodmbr Ad{Y _| {H$`m OmEJm & {dËVr` {ddaU H$s
V¡`mar _| à`wŠV AmH$bZ d A§JrH$ma _| A§Va hmoJm &
4. eo`aYmaH$m| / nm{bgrYmaH$m| H$s {Z{Y
4.1 eo`aYmaH$m| H$s {Z{Y _| eo`a ny§Or Ho$ gmW-gmW am{e Ho$ ê$n _|
Zht {bIr JB© gr_m VH$ O_m {H$E JE KmQ>o Am¡a {d{dY ì`` Ho$
eXþÕ ^§S>ma Am¡a g^r ^§S>ma Am¡a A{Yeof (nwZ_y©ë`m§H$Z Ama{jV
Am¡a C{MV _yë` n[adV©Z ImVo H$mo N>moS>H$a) Ho$ hmoVo h¢
4.2. nm{bgrYmaH$m| H$s {Z{Y _| शामिल हैं
A) ~H$m`m Xmdm| g{hV, bo{H$Z (AmB©~rEZAma) H$s [anmoQ>© Zht
hþB© h¡, bo{H$Z n`m©á [anmoQ>© Zht hþB© h¡ (AmB©~rEZB© Ama)
g_o{HV {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±
Am)AZ{O©V àr{_`_ [aOd©
B) àr{_`_ H$s H$_r Ama{jV AJa H$moB© hmo
B©) V~mhr Ama{jV AJa H$moB© Am¡a
400
84 ge{º H aU Ho {bE e{º H m XmohZ
C) AÝ` XoZXm[a`m§ AÝ` g§n{Îm`m| go Xÿa hmoVr h¢
Cna {XE JE q~Xþ (B)©_| AÝ` XZoXm[a`m,| em{_b h¢ (i) A{J_« _| àmá
àr{_`_ (ii) {ZañV àr{_`_ (iii) efo ~r_m H$§n{Z`m| H$o {bE efo
am{e (iv) EH$ nb y H$o gXñ`m| Og¡o VV¥r` nj nb y AmVH§$dmX nb y
Am{X H$o H$maU gV§bw (v) g{§dXm bZoXmam| (nm{bgrYmaH$m| H$o H$maU) &
AÝ` n[agn§{§Îm`m| H$o ^rVa (B)© Cnamºo$ _| (i) ~H$m`m àr{_`_ (ii)
~r_mH$VmA
© m| g{hV nZw{Z_©mU©H$VmA© m| (iii) nby H$o gmW gV§b w Z Og¡o
Vrgao nj H$o nb
y AmVH§$dmX nby Am{X go OSw>o gñ§WmAm| H$o H$maU hmVom h¡ &
5. àr{_`_
5.1 àË`j H$mamo~ma
5.1 .1 Omo{I_ H$s ñdrH¥${V na àr{_`_ Am` H$s _mÝ`Vm Xr OmVr h¡
VWm 5.4 H$mo JUZm Ho$ AZwgma AZ{O©V àr{_`_ hoVw Ama{jV
_| ~T>m¡Vr `m H$Q>m¡Vr H$mo g_m`mo{OV {H$`m J`m h¡&
5.1.2. df© Ho$ Xm¡amZ Omar n¥îR>m§H$Zm| Ho$ AmYma na àr{_`_ dmngr H$m
AmH$bZ {H$`m OmVm h¡ &
5.2 nwZ~u_m
5.2.1. {dXoer ~r_m H§$n{Z`m| go 31 _mM© VH$ àmá {ddaU Ho$ AmYma
na àr{_`_ Am` qM{hV {H$`m J`m h¡ &
5.2.2. ^maVr` ~r_m H§$n{Z`m| H$s àr{_`_ Am` g§~§{YV df© H$s boIm
g_m{á VH$ àmá {ddaU Ho$ AmaYma na _mÝ`Vm Xr J`r h¡ &
Ohm§ boIm H$s g_m{á VH$ {ddaU àmá Zht {H$`m J`m dhm§
AZw_mZ Ho$ AmYma na _mÝ`Vm Xr J`r h¡
5.2.3. n[aMm{bV H$m`m©b`m| Ûmam ~r_m boIZ {H$`o J`o àr{_`_ Ho$
AmYma na An©U na àr{_`_ H$mo nhMmZm J`m h¡ & Ohm± nyU©
{ddaU Aàmá h¡ h¡ Vmo CnbãY {ddaU Ho$ AmYma na nwZ~u_m
An©U H$mo AZw_m{ZV {H$`m OmVm h¡ &
5.2.4. ny b ñdrH¥ $ {V /AÜ`mn© U … bo I m ~§ X rH$aU VH$
Or.AmB©.gr.(nyb à~§YH$) go àmá {ddaU Ho$ AZwgma
AmV§H$dmXr nyb aoQ>am| Am¡a _moQ>a V¥Vr` nj nyb / AñdrH¥$V
nyb aoQ>am| go g§~§{YV àr{_`_ Xmdo, godm à^ma, {Zdoe, Am` d
ì`` H$m AmH$bZ {H$`m OmVm h¡ & AmV§H$dmXr nyb/_moQ>a
V¥Vr` nj nyb/AñdrH¥$V nyb go g§~§{YV h_mao AÜ`mn©U H$m

2. ACCOUNTING CONVENTION:
2.1 The financial statements are prepared under the
historical cost convention in accordance with
the accounting principles prescribed by The
Insurance Regulatory and Development Authority
of India (Preparation of Financial Statements and
Auditor's Report of Insurance Companies)
Regulations, 2002, the Insurance Act, 1938, the
Insurance Regulatory and Development Authority
Act, 1999, Orders / Circulars / Notifications issued
by Insurance Regulatory and Development
Authority of India (IRDAI) from time to time.
2.2 Cash flow statement is prepared on Direct method
as per Insurance Regulatory and Development
Authority of India (Preparation of Financial
Statements and Auditor's Report of Insurance
Companies) Regulations, 2002.
3. USE OF ESTIMATES:
The preparation of financial statements in conformity
with the generally accepted accounting principles
requires the management to make estimates and
assumptions that affect the reported amount of assets,
liabilities, revenue and expenses and disclosure of
contingent liabilities as of the date of the financial
statements. The estimates and assumptions used in
the accompanying financial statements are based upon
the management's evaluation of the relevant facts and
circumstances as of the date of the financial
statements. Actual results may differ from estimates
and assumptions used in preparing these financial
statements.
4. SHAREHOLDERS’/POLICYHOLDERS’ FUNDS:
4.1. Shareholders’ funds consists of Share Capital plus all
Reserves and Surplus (except Revaluation reserve
and fair value change account) net of accumulated
losses and Miscellaneous expenditure to the extent
not written off as at the balance sheet date.
4.2. Policyholders’ funds consists of:
a) Outstanding claims including Incurred but not
Reported (IBNR) and Incurred but not enough
reported (IBNER);
b) Unearned Premium Reserve;
c) Premium Deficiency Reserve; if any
/
d) Catastrophe Reserve, if any; and
e) Other Liabilities net of Other Assets
Other Liabilities in point (e) above, comprise of (i)
Premium received in advance (ii) Unallocated
premium (iii) Balance due to Other Insurance
companies (iv) Due to other members of a pool such
as third party pool; Terrorism pool; etc (v) Sundry
creditors(due to policyholders).
Other Assets in point (e) above, comprise of (i)
Outstanding premium (ii) due from other entities
carrying on insurance business including Re
insurers(iii) balance with Pool such as Third Party
Pool; Terrorism Pool; etc.
5. PREMIUM:
5.1 Direct Business:
5.1.1 Premium income is recognised on assumption of
risk and adjusted for increase or decrease in
reserve for unearned premium, calculated as per
5.3 below.
5.1.2 Premium refunds including for the free-look period
are accounted on the basis of endorsements
passed during the year.
5.2 Reinsurance:
5.2.1 Premium income is recognized based on the
returns/advices received from foreign reinsurance
companies received upto 31st March.
5.2.2 Premium Income in respect of Indian Reinsurers is
recognized based on returns received upto
finalization of accounts of the relevant accounting
year. Wherever returns are not received upto
finalization of accounts, the same has been
CONSOLIDATED FINANCIAL STATEMENTS
estimated.
SIGNIFICANT ACCOUNTING POLICIES
5.2.3 Premium on cessions are recognized on the basis
of the premium underwritten by the operating
offices. Wherever full technical particulars are not
available, reinsurance cessions are estimated on
the basis of information available.
5.2.4 Pool Acceptances/ Cessions: Premium, Claims,
Service charges, Investment income and expenses
in respect of Terrorism Pool Retro / Nuclear Pool
are accounted as per the statements received from
GIC (Pool Administrator). Wherever statements
Harnessing Power to Empower 401
 |
àr{_`_ Xmdo, godm à^ma Am¡a ì`` AmH$bZ 31 _mM© VH$ {H$`m J`m &
5.3. Ag_má Omo{I_ hoVw Ama{jV
Ag_má Omo{I_ hoVw Ama{j{V _| Ag_má àr{_`_ Ama{j{V Ed§
àr{_`_ H$_r Ama{j{V gpå_{bV h¡
i) AZma{jV àr{_`_ Ama{jVr (`ynrAma) -
AZma{jV àr{_`_ Ama{jVr ewÕ àr{_`_ {bpIV {hñgo Ho Cg
{hñgo H m à{V{Z{YËd H aZo dmbr am{e na {H `m OmVm h¡, Omo {H g_wÐr
hm°b ì`dgm` Ho _m_bo _|, ewÕ àr{_`_ Ho 50% na g\ b boIm§H Z
Ad{Y Ho {bE Amd§{Q V {H `m OmVm h¡& na_mUw nyb Am¡a AmV§H dmX
(AmJ Am¡a B§Or{Z`[a¨J), Ohm§ `h 100% ewÕ àr{_`_ na {H `m
OmVm h¡&
ii) àr{_`_ H _r H s Ama{jVr
àr{_`_ H s JUZm H s OmVr h¡ Ohm§ Ano{jV Xmdm| H s bmJV, g§~§{YV
ì`` Am¡a aIaImd bmJV H s am{e g§~§{YV AZ{O©V àr{_`_ go
A{YH hmoVr h¡& AmB©AmaS rEAmB© H s {Xem{ZX}em| Ho AZwgma àr{_`_
H s H _r H mo _mÝ`Vm Xr OmVr h¡&
6. Xmdm
6.1 àË`j H$mamo~ma
A) gyMZm àmá hmoZo na Xmdo H$mo gy{MV {H$`m OmVm h¡ &
Am) {d{Z_` _| n[adV©Z bm^/ hm{Z g{hV Xmdm| go g§~§{YV
g_ñV IMm] H$mo àË`j ê$n go Xmdo Ho$ {hñgo Ho$ ê$n _|
AmH${bV {H$`m J`m h¡¡&
B) df© H$s g_m{á na ~H$m`m Xmdo
Ÿ df© H s g_m{á na ~H m`o Xmdm| Ho {bE AZw_m{ZV Xo`Vm H m àmdYmZ,
gd©joU रिपोर्ट H§ n{Z`m| H s gyMZm ,nyd© AZw^d, AÝ` bmJy {d{Y
boIm H s g_m{á H s {V{W VH J«mhH m| Am¡a AÝ` òmoVm| Ûmam CnbãY H
am`r JB© OmZH mar Ho AmYma na {H `m J`m h¡ &
Ÿ AnhMmZ _moQ>a V¥Vr` nj Xmdm| Ho$ g§~§Y _| H§$nZr H$r Xo`Vm
AZw_m{ZV Xo`Vm Ho$ 100% VH$ H$m àmdYmZ {H$`m J`m h¡ & AÝ`
_m_bmo§ _| AZw_m{ZV Xo`Vm H$s 1/3 am{e VH$ H$m àmdYmZ {H$`m
g_o{HV {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±
J`m h¡ &
6.2 nwZ~u_m
A) gyMZm àmá hmoZo na Xmdo की मान्यता दी गयी h¡ &
402
84 ge{º H aU Ho {bE e{º H m XmohZ
Am) AmÝV[aH$ Amd{V`m| (^maVr` d {dXoer ) Ho$ g§~§Y _|, ~H$m`o
Xmdm| Ho$ {b`o Xo`Vm H$m AmH$bZ boIm H$s g_m{á VH$ àmá na
AmYm[aV h¡ & {dXoer Am§V[aH$ Amd{V`m| Ho$ g§~§Y _| ~H$m`o Xmdm| Ho$
{bE Xo`Vm H$m AmH$bZ boIm H$s g_m{á VH$ àmá dmñV{dH$
{ddaU VWm ~r_m§H$H$ {ZYm©aU na AmYm[aV h¡ & Ohm± boIm g_m{á
VH$ {ddaU Aàmá hmo Vmo Cgo ~r_m§H$H$ {ZYm©aU na AmH${bV {H$`m
OmVm h¡ &
6.3 AmB©~rEZAma / AmB©~rEZB©Ama …
CnJV bo{H$Z gy{MV Zht {H$E JE Xmdm| VWm CnJV bo{H$Z n`m©á
ê$n go Agy{MV Xmdm| Ho$ g§~ÝY _| ~r_m§H$H {ZYm©aU Ho$ AmYma na
n[aH${bV {H$`m OmVm h¡ &
6.4 C~a Am¡a Xmdm go g§~§{YV dgy{b`m± :
Xmdm| H$s dgybr Am¡a C~a H$s {~H«$s Ho$ ~mX, Cgo Xmdm| Ho$ {hgm~ _|
{b`m J`m h¡ &
7. à~§YZ IM© …
7.1 IM© H$m {d^mOZ …
à~§YZ IM© H$mo amOñd ImVo _| gH$b àË`j àr{_`_ Ed§ ñdrH¥$V
nwZ~u_m Ho$ AmYma na Ap½Z VWm {d{dY H$mamo~ma Ho$ {bE àË`oH$ H$mo
100% Ed§ g_wÐr H$mamo~ma Ho$ {bE 75% ^m[aVm XoVo hþE ~m§Q>o JE h¢ &
nm{bgr ñQ>¡ån na hþE IM© H$mo grYo g§~§{YV amOñd ImVo _| {b`m J`m
h¡ & df© Ho$ àma§^ _| nm{b{gYmaH$m| VWm eo`aYmaH$m| H$s {Z{Y Ho$
AmYma na {Zdoe go g§~§{YV IM©, O¡go gwa{jV A{^ajm, ã`mO d
bm^m§e dgybr ~¢H$ à^ma Am{X H$mo amOñd Ed§ bm^-hm{Z ImVm| Ho$
~rM ~m§Q>m J`m h¡ &
7.1.1 ì`` H m à^mOZ nm{bgrYmaH m| go g§~pÝYV {d{dY O_m eof
H mo bm^ Am¡a hm{Z ImVo _| {b`m J`m h¡ |
7.2 _yë`h«mg
H§ nZr A{Y{Z`_ 2013 H s AZwgyMr II Ho AZwgma _yb bmJV Ho
5%VH Ho Ad{eîQ _yë` na Am¡a OrdZ Ho bm^Xm`H n[ag§npËV`m| Ho
AmYma na Ad{b{IV _yë` àUmbr na ñWm`r n[ag§npËV`m| का
Ad_yë`Z {H `m J`m h¡ & ZB© dmhZ `moOZm 2011 Ho VhV AmH {aV
_moQ a कारों Ho _m_bo Ho {gdm` {OgHo Cn`moJr OrdZ Ad{Y 5 dn© h¡&
7.2.1 .brO hmoëS> n[ag§npËV`m| H$mo brO H$s Ad{Y na n[aemo{YV

are not received, the same is estimated and
accounted for. Premium, Claims, Service charges
and expenses of our cessions in respect of
Terrorism Pool / Nuclear Pool are accounted up to
31st March.
5.3 Reserve for Unexpired Risk:
Reserve for Unexpired Risk comprises of
Unearned Premium Reserve and Premium
Deficiency Reserve.
(i) Unearned Premium Reserve (UPR):-
Unearned Premium Reserve is made on the
amount representing that part of net premium
written which is attributable to, and allocated to
the succeeding accounting periods at 50% of
net premium, except in the case of Marine Hull
business, Nuclear Pool and Terrorism (Fire and
Engineering), where it is made at 100% of net
premium.
(ii) Premium Deficiency Reserve:-
Premium deficiency is calculated where the
sum of expected claims costs, related
expenses and maintenance costs exceed the
related unearned premium. The premium
deficiency is recognized as per IRDA
guidelines.
6. CLAIMS:
6.1 Direct Business:
a. Claims are recognized as and when intimated
b. All expenses directly attributable to claims including
exchange fluctuations gains / losses are accounted
as part of claims.
c. Outstanding claims at the year-end:-
= Estimated Liability for outstanding claims at the
year end are provided on the basis of survey
reports, advices of Leaders, past experience,
other applicable laws, information provided by
clients and other sources upto the date of
finalization of accounts.
= In respect of unidentified motor third party
claims outstanding for more than one year,
provision is made at the rate of 100% of the
estimated liability. In other cases provision is
/
made at the rate of 1/3rd of the estimated
liability.
6.2 Reinsurance:
a. Claims are recognized as and when intimated.
b. Liability for outstanding claims in respect of Inward
Acceptances (Indian) is based on returns received
up to finalization of accounts. Liability for
outstanding claims in respect of Inward
Acceptances (Foreign) is based on returns received
up to 31st March. Wherever returns are not received
upto finalization of accounts, the same has been
estimated on actuarial valuation.
6.3 IBNR/IBNER:
Claims Incurred But Not Reported (IBNR) and
Incurred But Not Enough Reported (IBNER) is made
on the basis of actuarial valuation.
6.4 Salvage and Claim related Recoveries:
Recoveries under claims and disposal of salvage are
accounted on realisation and are credited to claims.
7. EXPENSES OF MANAGEMENT:
7.1 Apportionment of expenses:
Expenses of Management are apportioned to the
Revenue Accounts on the basis of gross direct
premium plus reinsurance accepted, giving
weightage of 75% for Marine business and 100%
for Fire and Miscellaneous business. Expenses
relating to policy stamps and reinsurance are
directly taken to respective Revenue Accounts.
Expenses relating to Investment, such as safe
custody, collection of interest/dividend, bank
charges etc., are apportioned between Revenue
Accounts and Profit and loss Account based on
policyholders’ and shareholders’ funds as on the
CONSOLIDATED FINANCIAL STATEMENTS
Balance Sheet date.
SIGNIFICANT ACCOUNTING POLICIES
7.1.1 Sundry credit balances not pertaining to
policyholders’ balances are written back to
profit and loss account.
7.2 Depreciation:
Depreciation on fixed assets is charged on written
down value method based on useful life of the
Assets and considering residual value upto 5% of
original cost as per Schedule II to the Companies
Act, 2013, except in case of Motor Cars covered
Harnessing Power to Empower 403
 |
{H$`m J`m h¡ `m H§ nZr A{Y{Z`_, 2013 H mo AZwgyMr II Ho
AZwgma g§n{Îm H r Cn`moJr OrdZ, Omo H _ hmo &
7. 3.H$_©Mmar gw{dYm …
7.3.1 AënH$mbrZ H$_©Mmar gw{dYm
H _©Mmar Ûmam àXËV godm Ho {bE AënH mbrZ H _©Mmar gw{dYmAm|
H s am{e H mo àXËV H aZo Hs àË`mem h¡ & `h am{e H _©Mmar Ûmam |
àXmZ H s JB© godm Ad{Y _| _mÝ`Vm Xr J`r h¡
7.3.2 nadVu H$_©Mmar gw{dYm `moOZm`|
n[a^m{fV `moJXmZ godm{Zd¥ËV gw{dYm `moOZmAm| Ho$ ^wJVmZ H$mo
ì`` Ho$ ê$n _| à^m[aV {H$`m J`m h¡ My±{H$ do Xo` _mZo OmVo h¢ &
n[a^m{fV gw{dYm `moOZmAm| hoVw gw{dYmAm| H s bmJV H m àmdYmZ
àmoOoŠQ oS `y{ZQ H«o {S Q àUmbr VWm àË`oH VwbZ nÌ H s VmarI H mo
~r_m§H H Ûmam {H `o J`o _yë`m§H Z Ho AmYma na AmH
bZ {H `m OmVm h¡& {Og Ad{Y _| `h K{Q VhmoVm h¡ Cg Ad{Y Ho
bm^ Am¡a hm{Z ImVo _| dmgV{dH bm^ Am¡a hm{Z H mo nyU© ê n go
_mÝ`Vm Xr OmVr h¡ & nyd© godm bmJV H s _mÝ`Vm {Z{hV bm^ Ho hX
VH H s JB© h¡ Am¡a AÝ`Vm grYr aoIm AmYma na Am¡gVZ Ad{Y VH
n[aemo{YV {H `m J`m h¡ O~ VH gw{dYm`| {Z{hV h¡ &
8. {dXoer _wÐm H$s g§àm{á / n[adV©Z :
8.1 {dXoer emIm H$s {XZm§{H$V VwbZ nÌ Ho$ Am` d ì`` VWm
n[ag§npËV d Xm{`Ëd Am¡a ^maVr` àMmbZ _| {dXoer _wÐm g§àm{á
{ZåZ{b{IV àH$ma go {H$`m J`m h¡
8.1.1. {V_mhr Xam| Ho$ Am¡gV Xa na Am` d ì`` &
8.1.2 VwbZ nÌ H$s {XZm§H$ {dËVr` _Xm| H$mo Cg VmarI na
àM{bV {d{Z_` Xam| na n[ad{V©V {H$`m J`m h¡ &
8.2. àMmbZ H$s g_m{á VH$, {dXoer emIm (J¡a g_o{H$V) go g§~§{YV
g_o{HV {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±
eof H$s g§àm{á Ho$ H$maU hþE _wÐm A§Va H$mo {dXoer _wÐm g§àm{á
Ama{jV _| g§{MV {H$`m J`m h¡ & J¡a g_o{H$V {dXoer àMmbZ H$s
g_m{á na _wÐm A§Va g§{MV am{e Omo b§{~V Am¡a àMmbZ go
404
84 ge{º H aU Ho {bE e{º H m XmohZ
g§~§{YV hmo, H$mo Cg df© H$s g_m{á Ho$ Am` `m ì`` Ho$ ê$n _| _mZm
OmEJm &
8.3 ^maVr` H$mamo~ma _| {dXoer _wÐm g§àm{á go CnJV A§Va g§~§{YV
amOñd ImVo / bm^ d hm{Z ImVo _| O¡gm ^r bmJy hmo, _| _mÝ`Vm Xr
J`r h¡ &
9. G$U d {Zdoe …
9.1 eo`a / ~mÊS> /G$U nÌm| Ho$ H«$` / {~H«$r H$ama Ho$ {XZm§H$ na {b`m
J`m h¡ (ì`mnma VmarI) &
9.2 . {Zdoe Ho$ bmJV _| ~§YnÌ g§àofU H$a (Ohm± bmJy hmo), A{YJ«hU
na àr{_`_, Am¡a {Zdoe H$s àm{á Ho$ {bE CnJV AÝ` àË`j IM©
Am¡a Cg na A{O©V ewÕ H$_reZ/ewëH$ gpå_{bV h¡ & gmå`m¨e Ho
g¨~Y _| ~ŒmoH aoO à{V^y{V boZXoZ H a H mo YQmHo na ewÕ {dOma àmá
hmoVm h¡ &
9.3 gmå`m§e eo`a {OÝh| XrK©H$mbrZ {Zdoe Ho$ ê$n _| _mZm J`m h¡ H$mo
N>mo‹S>H$a VwbZ nÌ H$s VmarI go 12 _hrZm| Ho$ A§Xa n[anŠd
{Zdoem| H$mo AënH$mbrZ {Zdoe Ho$ ê$n _| dJuH¥$V {H$`m J`m h¡ &
g_ñV AÝ` {Zdoem| H$mo XrK©H$mbrZ {Zdoem| Ho$ ê$n _| dJuH¥$V
{H$`m J`m h¡ &
9.4 Aën Ad{Y _wÐm ~mµOma XñVmdoµO O¡go O_m à_mU-nÌ, dm{UÁ`
H$mJµO Am¡a gr~rEbAmo, {Og na H$ama Ho$ g_` Ny>Q> {X`m J`m,
CÝh| ~Q²>Q>o _yë` na AmH${bV {H$E JE h¢ &
9.5 gaH$mar à{V^y{V`m| Am¡a à{VXo` A{Y_mZ eo`a g{hV G$U
à{V^y{V`m| _| {Zdoe H$mo bmJV na Xem©`m J`m h¡ `h n[aemoYZ Ho$
AÜ`YrZ hmo & Am¡gV bmJV na AmYm[aV àr{_`_ H$m n[aemoYZ
{H$`m J`m h¡ & ì`dhm[aH$ H${R>ZmB`m| H$mo _mZVo hþE H§$nZr,
eo`aYmaH$m| Am¡a nm{bgrYmaH$m| H$s {Z{Y Ho$ Iwbo eof Ho$ AZwnmV
_| Am~§{Q>V H$aZo Zr{V AnZmVr h¡ &
9.6 VwbZ nÌ H$s VmarI Ho$ AmYma na g{H«$` ~mOma _| g{H«$` ê$n go
ì`mnm[aV gmå`m§e eo`am| _| {Zdo{eV eo`amo§ H$m _yë` VwbZ nÌ H$s
VmarI H$mo EZ. Eg. B©.(àmW{_H$ {d{Z_`) _| CËH${ÏmV Ý`yZV_

under New Conveyance Scheme 2011, for which
useful life adopted is 5 years.
7.2.1 Cost of Lease Hold properties is
amortized over the period of lease or
useful life of the asset, as per
Schedule II to the Companies Act, 2013,
whichever is shorter .
7.3 Employee Benefits:
7.3.1 Short-term employee benefits:
The undiscounted amount of short-term
employee benefits expected to be paid in
exchange for the services rendered by
employees is recognized during the
period when the employee renders the
service.
7.3.2 Post –Employment benefit Plans:
Payments to defined contribution
retirement benefit schemes are charged as
an expense as they fall due.
For defined benefit schemes, the cost of
providing benefits is determined using the
Projected Unit Credit Method, with actuarial
valuations being carried out at each
balance sheet date. Actuarial gains and
losses are recognized in full in the Profit
and Loss account for the period in which
they occur. Past service cost is recognized
immediately to the extent that the
benefits are already vested, and otherwise
is amortized on straight-line basis over the
average period until the benefits become
vested.
8. TRANSLATION/CONVERSION OF FOREIGN
CURRENCIES:
8.1 Items of income and expenditure, Monetary items as
at the Balance Sheet date of foreign branch and
foreign currency transactions in Indian operations
are translated as under:
8.1.1 Items of income and expenditure at the rates
prevailing on the date of transaction.
8.1.2 Monetary items as at the Balance Sheet date
are converted at the exchange rates prevailing
at that date.
/
8.2 Exchange differences on account of translation of
the balances relating to foreign branch (non-
integral) is accumulated in a Foreign Currency
Translation Reserve until the closure of the
operation. On the closure of this non-integral
foreign operation, the cumulative amount of the
exchange differences which have been deferred will
be recognized as income or as expenses in the year
of such closure.
8.3 The difference in translation arising out of foreign
currency transaction in Indian operations is
recognized in the relevant Revenue accounts / Profit
and Loss Account as applicable.
9. LOANS & INVESTMENT:
9.1. Purchase and sale of shares, bonds & debentures
are accounted for on the date of contract (trade
date).
9.2. The cost of investment includes Securities
Transaction Tax (wherever applicable), premium on
acquisition and other direct expenses incurred for
the acquisition of the investment and is net of
commission / fee earned thereon. The net sale
consideration is arrived at after reducing
brokerage and Securities Transaction Tax in respect
of equity.
9.3. Investments in Equity Shares and Venture
Capital Funds are classified as Long term
Investments. Investments which are performing
and maturing within 12 months from the
Balance Sheet date are classified as Short Term
Investments. All other investments including Non-
Performing Investments are classified as Long term
Investments.
CONSOLIDATED FINANCIAL STATEMENTS
9.4. Money market instruments such as Certificate of
SIGNIFICANT ACCOUNTING POLICIES
Deposit, Commercial Papers and CBLO (TREP)
which are discounted at the time of contract, are
accounted at their discounted value.
9.5 Investments in debt securities including
Government Securities and Redeemable Preference
Shares are shown at cost subject to amortization.
The premium, based on weighted average cost is
amortized over the residual period of maturity,
considering put/ call option, if any.
Harnessing Power to Empower 405
 |

_yë` na _yë`m§{H$V {H$`m J`m h¡ ~{ëH$ `{X H$moB© eo`a EZ.Eg.B©.
_| J¡agy{M~Õ hmo Vmo gmå`m§e eo`am| H$m _yë` VwbZ nV« H$s VmarI
H$mo ~r.Eg.B©.(_mÜ`{_H$ {d{Z_`) _| CËH${ÏmV Ý`yZV_ _yë`
na _yë`m§{H$V {H$`m J`m h¡ & gyMr~Õ Am¡a g{H«$` ê$n go
ì`mnm[aV H§$n{Z`m| Ho$ gmå`m§e eo`am| _| {Zdo{eV eo`am H$m
_yë`, b§XZ ñQ>mH$ EHgM|O Ho$ Ý`yZV_ _yë`, na _yë`m§{H$V
{H$`m J`m h¡ &Aàmá bm^ hm{Z H$mo ghr _yë` n[adV©Z ImVo _o§
_mÝ`Vm Xr J`r h¡ &
9.7 {dXoer H§$n{Z`m| Ho$ eo`am| g{hV g{H«$` ~mµOma _| J¡a gyMr~Õ /
_§X ì`mnm[aV gmå`m§e eo`am| H$mo bmJV na _yë`m§{H$V {H$`m J`m
h¡ & O~ {díbo{fV _yë`, _yb bmJV go H$_ hmo V~ Ad_yë`Z Ho$
{b`o àmdYmZ {H$`m J`m h¡ & Ohm± {díbo{fV _yë` ZH$mamË_H$ hmo
Vmo ImVm _yë` na 100% H$m àmdYmZ {H$`m J`m h¡ &
9.8 A) {Z{Y Ûmam Kmo{fVmZwgma VwbZ nÌ H$s VmarI na å`yMwAb
\§$S> Ho$ `w{ZQ>m| _| {Zdo{eV `w{ZQ>m| H$m _yë` ewÕ n[agånpËV
_yë` na {ZYm©[aV {H$`m J`m h¡ VWm Aàmá bm^ / hm{Z H$mo
ghr _yë` n[adV©Z ImVo _| _mÝ`Vm Xr J`r h¡ &
Am) d|Ma H$m{nQ>b \$ÊS> {Zdoe H$mo bmJV na {ZYm©[aV {H$`m J`m
h¡ Am¡a {Zdoe Ho$ Ad_yë`Z hoVw àmdYmZ {H$`m J`m h¡ Ohm±
ewÕ n[agånpËV _yë` VwbZ nÌ H$s VmarI na Ho$ bmJV go
H$_ hmo & `{X ewÕ n[ag§npËV _yë` VwbZ nÌ H$s VmarI na
CnbãY Zht hmo Vmo VwbZ nÌ Ho$ Amgnmg H$s VmarI H$mo
CnbãY ewÕ n[ag§npËV _yë` {b`m OmEJm &
9.9. hm{Z A{^kmV h¡ …
9.9.1 H§$nZr Ho$ gmå`m§e eo`am| _| Ohm± VrZ nyd©dVu dfm] Ho Xm¡amZ
{Za§Va hm{Z CnJV h¡ Am¡a n±yOr {OgH$s hm{Z Am§{eH$ ê$n go `m
nyU©V: hþB© h¡ `m Ohm± JV VrZ dfm] Ho$ {bE boIm nar{jV dm{f©H$
boImE± CnbãY Zhr§ h¡ &

A. ZdrZV_ ewÕ n[ag§n{Îm _yë` H s CnbãYVm Ho _m_bo _| :

àmdYmZ:Ohm§ ewÕ n[ag§n{Îm _yë` < ~hr _yë` àmdYmZ: Ohm§ ewÕ n[ag§n{Îm _yë` >> ~hr _yë`
1 gmb VH ~hr _yë` Am¡a ewÕ n[ag§n{Îm _yë` Ho ~rM H m A§Va eyÝ`
2 gmb VH ~hr _yë` Am¡a ewÕ n[ag§n{Îm _yë` Ho ~rM H m A§Va `m
~hr _yë` Ho 10% Omo ^r A{YH 10% H m ~hr _yë`
3 gmb VH ~hr _yë` Am¡a ewÕ n[ag§n{Îm _yë` Ho ~rM H m A§Va `m
~hr _yë` Ho 20% Omo ^r A{YH 20% H m ~hr _yë`
4 gmb VH ~hr _yë` Am¡a ewÕ n[ag§n{Îm _yë` Ho ~rM H m A§Va `m
~hr _yë` Ho 50% Omo ^r A{YH 50% H m ~hr _yë`
4 gmb go A{YH 100% H m ~hr _yë` 100% H m ~hr _yë`

Am. {Z{Y H r Ad{Y ({dñVma g{hV)

àmdYmZ
18 _hrZo VH {Z{Y H r Ad{Y H r g_mpßV na (AW©mV² _yb Ad{Y `m àmdYmZ
{dñVm[aV Ad{Y)
18 _hrZo Ho ~mX 100%
g_o{HV {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±

9.9.2 {Zdoem| H$mo {ZåZ{b{IV àH$ma go {ZYm©aU {H$`m J`m h¡ … 2) J¡a g{H«$` ê$n go ì`mnm[aV gmå`m§e eo`am| H$mo ã`m¡aodma _yë`
1) g{H«$` ê$n go ì`mnm[aV gmå`m§e eo`am| H$mo CZHo$ ~mµOma na {bIm OmEJm Am¡a Ohm± ã`m¡aodma _yë` G$UmË_H$ h¡, dhm±
_yë` na {bIm OmEJm & àË`oH$ H§$nZr H$mo 1/- én`o Ho$ _yë` na {bIm OmEJm &

406
84 ge{º H aU Ho {bE e{º H m XmohZ
 /
9.6. Investments in Equity shares that are actively traded
are valued at last quoted closing price on NSE
(Primary Exchange) as on the Balance Sheet date.
However, in case of any stock not being listed/not 9.8.a) Investment in units of Mutual funds, are valued at
traded in NSE, Equity shares will be valued based on
last quoted closing price in BSE (Secondary
Exchange) as on the Balance Sheet date.
Investments in Equity shares of companies outside
India that are quoted and actively traded are valued
at last quoted price at London Stock Exchange as on
the Balance Sheet date. The unrealized gains /
losses are recognized in Fair Value Change account -
Shareholders/Policy Holders.
9.7. Investments in Unlisted / Thinly traded equity shares
including shares held in companies incorporated
outside India are valued at cost and provision is
made for diminution in value of such investments
A. In Case of Non Availability of Latest NAV:
Provision: Where NAV<Book Value
Upto 1 yr. Difference between Book Value and NAV
Upto 2yrs Difference between Book Value and NAV or
10% of Book Value whichever is higher
Upto 3yrs Difference between Book Value and NAV or
20% of Book Value whichever is higher
Upto 4yrs Difference between Book Value and NAV or
50% of Book Value whichever is higher
Above 4 yrs. 100% of Book Value
B. Term of Fund (Including Extension):
On expiry of term (i.e.original term or term as extended) of
fund upto 18 months
After 18 months
9.9. Impairment: 9.9.2.
9.9.1 . Impairment is recognized in respect of Equity
shares of companies which have been
continuously incurring losses during three
immediately preceding years and the capital of
which has been partially or fully eroded, or where
the audited annual accounts for the three
immediately preceding years are not available.
when break-up value is lower than the cost.
In case the break-up value is negative, provision is
made @ 100% of book value.
Net Asset Value as at the Balance Sheet date as
declared by the funds and unrealized gains /
losses are recognized in Fair Value Change
account -Shareholders/Policy Holders.
b) Investments in Venture Capital Funds/Alternative
Investment Funds (VCF/AIF) are valued at Cost.
Provision is made for diminution in value of such
investments where Net Asset Value as at the
Balance Sheet date is lower than cost. Wherever
the Net Asset Value as on Balance Sheet date is
not available or where the term of the fund has
expired, provision is made on the Book Value in
the following manner:
Provision: Where NAV>Book Value
Nil
10% of Book Value
20% of Book Value
50% of Book Value
100% of Book Value
Provision
Provision as in A above
CONSOLIDATED FINANCIAL STATEMENTS
100%
SIGNIFICANT ACCOUNTING POLICIES
Investments are written down as under:
1. Equity shares, which are actively traded, are
written down to their market value.
2. Equity shares other than actively traded, are
written down to the break up value and where
the break up value is negative, are written
down to ` 1/- per company.
Harnessing Power to Empower 407
 |
9.9.2.1 amOñd / bm^ Am¡a hm{Z ImVo _| nyd© _| nhMmZo J`o A{^kmV
hm{Z H$s à{VdV©Z &
A) g{H«$` ê$n go ì`mnm[aV gmå`m§e eo`am| Ho$ {bE amOñd / bm^
Am¡a hm{Z ImVo _| A{^km{nV {H$`m OmEJm & `{X g§{MV
hm{Z nyU© ê n go aX²X {H `m J`m Am¡a H§ nZr Zo nyd©dVu
3 gmbm| Ho {bE ewÕ bm^ Xem©`r h¡ Am¡a
i) `{X g§{MV hm{Z nyU© ê$n go {_Q>m`m J`m Am¡a
ii) H§$nZr Zo nyd©dVu 3 gmbm| Ho$ {bE ewÕ bm^ Xem©`r h¡
Am) g{H«$` ê$n go Z ì`mnm[aV gmå`m§e eo`am| Ho$ {bE amOñd /
bm^ Am¡a hm{Z ImVo _| A{^km{nV {H$`m OmEJm &
9.9.3. H§ nZr ~r_m {d{Z`m_H Am¡a {dH mg àm{YH aU / g§~§{YV
[aOd© ~¢H Am°\ B§{S `m {Xem{ZX}em| Ûmam {ZYm©[aV g§n{Îm Ho
dJuH aU, Am` H s _mÝ`Vm Am¡a F U / A{J«_ / {S ~|Mam| go
g§~§{YV àmdYmZ Ho g§~§Y _| {ZYm©[aV {ddoH nyU© _mZX§S>m| H$m
nmbZ H$aVr h¡±
9.9.4. A{Y_mZ eo`am Ho {bE 100% VH ñWm`r Ad_yyë`Z H s
ì`dñWm H s J`r h¡ & ñWm`r Ad_yë`Z {ZåZ{b{IV àHma go
AmHbZ {H`m J`m h¡:
A) A{Y_mZ bm^m§e bJmVma VrZ dfm] Ho$ {bE ^wJVmZ Zht
{H$`m J`m (`m )
Am) n[anŠdVm am{e VrZ dfm] Ho$ {bE Aàmá h¡ (`m )
B) H§$nZr _| VrZ nyd©dVu dfm] Ho$ Xm¡amZ hm{Z hþB© h¡ VWm
{OgH$s ny±Or _| Am§{eH$ / nyU© ê$n go hm{Z hþB© h¡ (`m )
B©) Ohm± VrZ nyd©dVu dfm] Ho$ {bE boIm nar{jV dm{f©H$
boImE± CnbãY Zht h¡ &
9.10 . àË`Ho$ {Zdeo H$o {dH$«` /àm{á _| bm^ /hm{Z H$m AmH$bZ {Zdeom|
H$o g^§m[aV Amg¡V A{§H$V _ëy` H$o AmYma na {H$`m J`m h¡ &
9.11. bm^m§e Am` (A§{V_ bm^m§e H$mo N>mo‹S>H$a) H$mo Kmo{fV df© Ho$
Am` Ho$ ê$n _| ImVo _| {b`m J`m h¡ & A§V[a_ bm^m§e ,^maV
Ho$ ~mha Ho$ gmå`m§ím eo`am| H$m bm^m§ím Am¡a A{Y_mZ eo`am|
g_o{HV {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±
H$m bm^m§ím àm{á Ho$ AmYma na n[aH$bZ [H `m J`m h¡ & eo`a
Am¡a G$U nÌ go Am` Omo Amn{ËV / {dVaU b§{~V Ho$ AYrZ
hmo CZH$m AmH$bZ dgybr na {H$`m J`m h¡ &
408
84 ge{º H aU Ho {bE e{º H m XmohZ
9.12. d|Ma H$m{nQ>b \$ÊS> Ho$ amOñd H$mo àm{á Ho$ AmYma na _mÝ`Vm
Xr J`r h¡ &
9.13. ^{dî` _| ã`mµO H$s hm{Z hoVw àmá j{Vny{V© am{e H$mo {dËVr`
df© _| ñdrH¥$V gr_m Am` Ho$ ê$n _| _mÝ`Vm Xr J`r h¡ VWm
eof H$mo g§~pÝYV dfm] _| Am~§Q>Z hoVw A{J«_ _| àmá ã`mµO
ImVo _| {b`m J`m h¡ &
9.14. {Zdoe Am`, {~H« s / {Zdoe H s àm{á na hm{Z, {Zdoe go
g§~§{YV ì``, {Zdoe na àr{_`_ H m n[aemoYZ, Ad_yë`Z
{Zdoe Ho g§~§Y _| {bpIV / {bpIV am{e, J¡a {Zînm{XV
{Zdoe / _yë` _| H _r Ho àmdYmZ H mo amOñd ImVm| _|
{d^m{OV {H `m OmVm h¡ Am¡a nm°{bgrYmaH {Z{Y Am¡a
eo`aYmaH m| Ho AmYma na bm^ Am¡a hm{Z ImVo, ^maVr` ~r_m
{Z`m_H Am¡a {dH mg Am¡a àm{YH aU {d{Z`_ (n[anÌ
~r{d{dàm / E\ E / n[a / grnrE_ / 056 / 03 / 2016 {X.
Aà¡b 04) Ho AZwgma VwbZ nÌ H s VmarI Ho ê n _| {Z{Y
nm° { bgrYmaH m| Ho {Z{Y Am¡ a eo ` aYmaH {Z{Y 4.1
Am¡a 4.2 _| n[a^m{fV hmoVo h¡²§&&
9.15 ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU {d{Z`_
(n[anÌ AmB©AmaS>rEAmB©/E\$ E/ n[a/ grnrE_/056/
03/2016 {XZm§ H $ Aà¡ b 04, 2016) Ho $ AZw g ma
nm°{bgrYmaH$m| H$s {Z{Y go {H$`o J`o {Zdoe H$mo VwbZ nÌ
VmarI H$mo AbJ ê$n go Xem©`m J`m h¡ &
10. A) [ñÏma n[agånpËV`m±
ñWm`r n[ag§npËV`m| H$mo g§{MV õm{gV H$mo KQ>mH$a ñWm`r
n[ag§npËV`m| H$mo Xem©`m J`m h¡ & O~ VH$ g§npËV H$m
Cn`moJ {H$`m OmVm h¡ àË`j bmJV H$mo ny±OrH¥$V {H$`m Om ahm
h¡ & Bg bmJV _| ^mS>m, ñWmnZ bmJV, ewëH$, H$a Am¡a AÝ`
Am~§{Q>V ì`` gpå_{bV h¡ & AmJo bmJV H$s JUZm _|
ì`mnma H$s Ny>Q> Am¡a Ny>Q> H$mo KQ>m`m J`m h¡ &
Am) AàË`j n[ag§npËV`m±
AàË`j n[agn§pËV`m± g{§MV n[aemYoZ H$o níMmV² {Z_mU© /
A{YJh«U bmJV na AmH${bV h&¡ CZH$mo grYr àUmbr AmYma
na VrZ df© H$s Ad{Y H$o {bE n[aem{oYV h&¡ gm\$²Q>d`oa {dH$mg
/ A{YJh«U bmJV H$mo amOñd _| ^m[aV h¡ & Bg_| bI o m _mZH$
26 _| (E.Eg. 26) _| _mÝ`Vm H$o {bE {ZYm[©aV `m½o`Vm H$mo naym
H$aVm h,¡ CZH$mo gpå_{bV Zht {H$`m J`m h¡ &
11. H$a
11.1 Am` H a ì`` _| Mmby H a (AWm©V² Am` H a Omo Am` H a {Z`_

9.9.2.1 Any reversal of impairment loss, earlier
recognized in Revenue/Profit & Loss account,
a) in respect of Actively Traded Equity shares,
shall be recognized in the Revenue/Profit &
Loss account
i. if the accumulated losses are completely
wiped out and
ii. The company has shown net profit for
three immediately preceding years.
b) in respect of other than Actively traded equity
shares, shall be recognized in the
Revenue/Profit & Loss account, on realization.
9.9.3. The Company follows the prudential norms
prescribed by the Insurance Regulatory and
Development Authority / Related RBI
guidelines as regards asset classification,
recognition of income and provisioning
pertaining to loans / advances / debentures.
9.9.4. In respect of preference shares, provision for
permanent diminution is made to the extent of
100%. The permanent diminution is reckoned as
follows:
a. The preference dividend is not paid for three
consecutive years (or)
b. The maturity proceeds have not been
received for three consecutive years (or)
c. The company has incurred losses in three
immediately preceding years and the capital
of which has been partially or fully eroded (or)
d. Where the audited annual accounts for the
three immediately preceding years are not
available.
9.10. Profit or Loss on realization / sale of investment is
computed by deducting the weighted average
book value of each investment.
9.11. Dividend income (other than interim dividend) is
accounted for as income in the year of
declaration. Interim dividends, dividend on
Equity held outside India and dividend on
Preference Shares are accounted on receipt
basis. Income from shares and debentures,
which are under objection / pending delivery, is
accounted for on receipt basis.
/
9.12. Revenue with respect to Venture Capital Funds is
recognized on Receipt basis.
9.13. Amounts received towards compensation for
future loss of interest is recognized as income
only to the extent attributable to the accounting
year and the balance is kept in interest received in
advance account for apportionment in the
relevant years.
9.14. Investment income, profit/loss on sale /
realization of investment, expenditure relating to
investments, amortization of premium on
investments, amount written off / written down in
respect of depreciated investments, provision for
non performing investment / diminution in value
are apportioned to Revenue accounts and Profit
& Loss account on the basis of Policy holders’
Funds and Share holders’ Funds as on the
Balance Sheet date as per IRDAI Regulation
(Circular IRDA/F&A/CIR/CPM/056/03/2016
dated April 04,2016).
9.15. Investments made out of Policyholders’ Funds
are segregated and disclosed separately as on the
Balance Sheet date as per IRDAI Regulation
(Circular IRDA/F&A/CIR/CPM/056/03/2016
dated April 04,2016).
10. a) FIXED ASSETS:
Fixed assets are stated at cost of acquisition less
accumulated depreciation. Direct costs are
capitalized till the assets are ready to be put to
use. These costs include freight, installation
costs, duties, taxes and other allocated expenses.
Further, any trade discounts and rebates are
deducted in arriving at the cost.
b) INTANGIBLE ASSETS: CONSOLIDATED FINANCIAL STATEMENTS
Intangible Assets are stated at cost of
development / acquisition less accumulated
SIGNIFICANT ACCOUNTING POLICIES
amortisation. The same is amortised over a
period of three years on straight line basis.
Software development / acquisition costs, except
those which meet the recognition criteria as laid
down in Accounting Standard 26 (AS 26), are
charged to revenue.
11. TAXATION:
11.1 Income tax expense comprises current tax (i.e
amount of tax for the period determined in
Harnessing Power to Empower 409
 |

Ho AZwgma CŠV Ad{Y hoVw JUZm H s J`r ) Am¡a AmñW{JV H hmoZo H$s nwpîQ>H$aU VH$ hr AmñW{JV H$a n[ag§npËV`m±
a ewëH `m O_m (CŠV Ad{Y hoVw boIm§H Z Am` Am¡a H a nhMmZo J`o h¢ & AmñW{JV n[ag§npËV`m| H$mo VwbZ nÌ H$s
`mo½` Ho ~rM g_` _V^oX Ho H a à^md H mo Xem©Vr h¡) & VmarI na g_rjm H$s OmVr h¡ &
AmñW{JV H a à^ma `m O_m VWm CgH s AmñW{JV H a 12. nQ²>Q>m à^ma
Xo`Vm`| `m n[ag§npËV`m| H mo H a Ho Xa na _mÝ`Vm Xr JB© h¡ Omo
nQ²>Q>m Ohm± nQ>Q>mXmVm à^mdr T>§J go nQ²>Q>o H$s gm_J«r Ho$
A{Y{Z`{_V hmo `m VwbZ nÌ VmarI H mo A{Y{Z`{_V hm| &
ñdm{_Ëd Ho$ g^r Omo{I_m| Am¡a gw{dYmAm| H$mo n[a{Mm{bV nQ²>Q>o
àmdYmZ H§ nZr H mC§gob Ûmam {X`o J`o bmJy H mZyZr
Ho$ ê$n _| dJuH¥$V {H$`m J`m h¡ & nQ² Q Ho s Ad{Y _| grYr aoIm
[ZU©` Am¡a am` Ho AmYma na {H `m J`m h¡ &
Ho AmYma na bm^ Am¡a hm{Z ImVo _| n[aMm{bV nQ² Q o Xo`VmAm|
11.2 H$§nZr H$o dH$sb H$s am` VWm bmJy Ý`m{`H$ KmfoUmAm| na {dMma H mo ì`` Ho ê n _| A{^km{nV h¢ & H§ nZr Ho {dH ën na g^r nQ²Q
H$aZo H$o CnamV§ _mO
¡ Xym H$a H$o {bE àmdYmZ {H$`m J`m h¡ & H ama H mo aX²X {H `m Om gHVm h¡ &
11.3. H$a {Z`_m| Ho$ AZwgma àXËV Ý`yZV_ d¡H$pënH$ H$a Omo 13. àmdYmZ VWm AmH$pñ_H$ Xo`VmE± (nm{b{g`m| Ho V¿V
^{dî` Am` H$a Xo`Vm Ho$ g_m`moOH$ Ho$ ê$n _| ^{dî` _| XmVm| Abmdm AÝ` Xmdo)
Am{W©H$ bm^ àXmZ H$aVr h¡ VWm {Ogo n[ag§npËV Ho$ ê$n _|
13.1 nyd© KQ>Zm H$o \$bñdê$n g§^d AZw_mZ Ho$ AmYma na
_mZm OmVm h¡ ~eV] {H$ H§$nZr gm_mÝ` Am` H$a ^wJVmZ
dV©_mZ _| ~mÜ`Vm hmoZo na H§$nZr àmdYmZ H$s ì`dñWm H |
H$aZo R>mog g~V aIVr h¡ & VXZwgma _¡Q> (MAT) H$mo VwbZ
aVr h¡ {OgHo$ Ûmam ^{dî` _| g«moVmo| H$m IM© hmoVm h¡&
nÌ _| n[ag§npËV Ho$ ê$n _| _mÝ`Vm àmá hmoJr O~ {H$ Cggo
OwS>o ^{dî` H$s Am{W©H$ bm^ H§$nZr H$mo àmá hmoJr & 13.2 AmH$pñ_H$ Xo`Vm H$m àH$Q>Z V^r {H$`m OmVm h¡ O~
~mÜ`Vm H$r g§^mdZm hmo `m dV©_mZ ~mÜ`Vm _| g«moVmo| H$s
11.4. AmñW{JV H$a n[ag§npËV`m| H$mo Cg gr_m VH$ hr nhMmZm
Anojm hmo gH$Vr h¡ `m Zht &
OmVm h¡ O~{H$ `h gw{ZpíMV hmo ^{dî` _| `o n[ag§npËV`m±
13.3. {dËVr` {ddaUm| _| AmH$pñ_H$ n[ag§npËV`m| H$mo _mÝ`Vm
àmá hm| & `{X H$a {Z`_ Ho$ VhV Aàmá õm{gV `m
Zht {X`m J`m h¡ `m àH$Q>Z {H$`m J`m h¡ &
AJ«o{fV hm{Z Ho$ _m_bo _| AmñW{JV H$a n[ag§npËV`m± Ho$ àmá
g_o{HV {dËVr` {ddaU
_hËdnyU© boIm Zr{V`m±

410
84 ge{º H aU Ho {bE e{º H m XmohZ

accordance with the income-tax law) and
deferred tax charge or credit (reflecting the tax
effects of timing differences between the
accounting income and taxable income for the
period). The deferred tax charge or credit and the
corresponding deferred tax liabilities or assets
are recognized using the tax rates that have been
enacted or substantively enacted as on the
balance sheet date.
11.2 Provision for current tax is made after due
consideration of the applicable judicial
pronouncements and opinions from the
company’s counsel.
11.3 Minimum Alternate Tax (MAT) paid in accordance
with the tax laws, which gives future economic
benefits in the form of adjustment to future
income tax liability, is considered as an asset if
there is convincing evidence that the Company
will pay normal income tax. Accordingly,
MAT is recognized as an asset in the Balance
Sheet when it is probable that future economic
benefit associated with it will flow to the
Company.
11.4 Deferred tax assets are recognized only to the
extent there is reasonable certainty that the
assets can be realized in future. In the case of
/
unabsorbed depreciation or carried forward loss
under taxation laws, deferred tax assets are
recognized only to the extent there is virtual
certainty that the deferred tax assets can be
realized. Deferred tax assets are reviewed as at
each balance sheet date.
12. LEASE CHARGES:
Leases, where the lessor effectively retains
substantially all the risks and benefits of ownership
of the leased item, are classified as operating leases.
Operating lease payments are recognized as an
expense in the statement of profit and loss on a
straight-line basis over the lease term. All lease
agreements are cancellable at the option of the
company.
13. PROVISIONS AND CONTINGENCIES(CLAIMS
OTHER THAN THOSE UNDER POLICIES):
13.1 The Company creates provision based on a reliable
estimate for the present obligation of a past event
that might cause outflow of resources in future.
13.2 Disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may or may not require an outflow of resources.
13.3 Contingent assets are neither recognized nor
disclosed in the financial statements.
CONSOLIDATED FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
Harnessing Power to Empower 411
 |

II. ImVm| ‘| ZmoQ²g…

1. boIm§H$Z Zr{V¶m| ‘| n[adV©Z H$m à^md:
1.1 boIm gå‘obZ
dV©‘mZ nm{bgr…
FU à{V^y{V`mo§ _o§ {Zdoe gaH$mar à{V^y{V`m§ g{hV à{VXo`
A{Y_mZr eo`a H$mo n{aemoYZ Ho$ AYrZ bmJV na {XImE OmVo h¡§:
^m{aV Ho$ AmYma na àr{_`_ H$mo XñVmdoO H$r IarX H$r ZdrZV_
{V{W go n{an¹Vm/_moMZ H$r VmarI VH$ nwQ>/H$m°b {dH$ën, `{X
H$moB© hmo na {dMma H$aVo hwE n{aemo{YV {H$`m OmVm h¡&
g§emo{YV nm{bgr…
FU à{V^y{V`mo§ _o§ {Zdoe gaH$mar à{V^y{V`m§ Am¡a à{VXo` dar`Vm
eo`amo§ g{hV n{aemoYZ Ho$ AYrZ bmJV na {XIm`m OmVm h¡&
^m{aV Am¡gV bmJV Ho$ AmYma na àr{_`_ H$mo n{an¹Vm H$r eof
Ad{Y _o§,nwQ>/H$m°b {dH$ën, `{X H$moB© hmo, na {dMma H$aZm
n{aemo{YV {H$`m OmVm h¡ &
ImVm| na à^md - eyݶ

ewÕ n[ag§npËV`m± `m{Z Hw$b bm^ / hm{Z H$m A§e

n[ag§npËV`m| go KQ>m Hw$b Xo`Vm`|
g§ñWm H$m Zm_ g_o{H$V Hwb am{e g_o{H$V Hwb am{e g_o{H$V bm^ am{e g_o{H$V bm^ am{e
n[ag§npËV`m| (` h‹Omam| _|) n[ag§npËV`m| (` h‹Omam| _|) `m hm{Z (` h‹Omam| _|) `m hm{Z (` h‹Omam| _|)
H$m % H$m % H$m % H$m %
2020-21 2019-20 2020-21 2019-20
_yb
`wZmBQ>oS> B§{S>`m
B§í`ya|g H§$. {b. 92.05% 76510479 74.57% 16804130 102.13% -9873726 100.62% -14886381
{Z`§{V«V H§$nZr:
^maV _|
1. Oo{ZW goŠ`y[aQ>rO EÊS> BÝdoñQ²>_oÝQ²>g
{b{_Q>oS>> ‘| `wZmBQ>oS> B§{S>`m B§í`ya|g
H§$. {b. H$m eo¶a 0.97% 804639 1.78% 400638 -0.25% 23825 0.09% -14014

{Z`§{V«V H§$nZr _| _mBZm[a[Q ã`mO 0.48% 395288 0.99% 222073 -0.08% 7709 0.04% -6164
g§~Õ H§$nZr (BpŠdQ>r nÕ{V
Ho$ AZwgma {Zdoe)
^maV _|
1. hoëW B§í`ya|g Q>r nr E
Am\$ B§{S>`m {b. 0.33% 275939 1.02% 230808 -0.47% 45132 -0.05% 7814
{dXoe
1. B§{S>`m B§Q>aZoeZb
B§í`ya|g à. {b.* 6.17% 5129518 21.64% 4876259 -1.34% 129462 -0.70% 103961
Hwb 100.00% 83115863 100.00% 22533908 100.00% -9667598 100.00% -14794784

df© Ho$ {bE g_o{H$V bm^ (` '000)

àXËV bm^ 2020-21 2019-20
H§$nZr Ho$ ñdm_r -9675307 -14788620
g_o{H V {dËVr` {ddaU

_mBZ{a{Q ã`mO 7709 -6164

ImVm| _| ZmoQ²g

ZmoQ>:
^maV H$s {dÎmr` dº$ì` A§Vam©ï´>r` nrQ>rE {b& [anmo{Qª>J So>Q>m Ho$ AZwgma CnbãY Zht h¢ ZdrZV_ CnbãY {dÎmr` {ddaU 31 {Xg§~a, 2020 H$mo
g_má hmoZo dmbo Ad{Y Ho$ {bE h¢

412
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

II. NOTES TO ACCOUNTS

1. Impact of change in Accounting Policies
1.1 Accounting Convention
Existing Policy:
Investments in debt securities including
Government Securities and Redeemable
Preference Shares are shown at cost subject to
amortization. The premium, based on weighted
average cost is amortized for the period from the
latest date of purchase of the instrument till
the date of maturity / redemption, by considering
put/call option, if any.
Revised Policy:
Investments in debt securities including
Government Securities and Redeemable Preference
Shares are shown at cost subject to amortization.
The premium, based on weighted average cost is
amortized over the residual period of maturity,
considering put/ call option, if any.
Impact of change in policy: NIL

2. List of Entities consolidated and their respective share of Net assets and Profit/loss (` '000)
Net Assets, i.e., total assets
Name of the entity Share in profit or loss
minus total liabilities

As % of Amount As % of Amount As % of Amount As % of Amount

consolidated (` in consolidated (` in consolidated (` in consolidated (` in
net assets thousands) net assets thousands) profit or loss thousands) profit or loss thousands)

2020-21 2019-20 2020-21 2019-20

Parent:
United India Insurance
Company Limited 92.05% 76510479 74.57% 16804130 102.13% -9873726 100.62% -14886381
Subsidiary:
Indian
1. United India Insurance
Co. Ltd’s share in Zenith
securities and Investments Ltd 0.97% 804639 1.78% 400638 -0.25% 23825 0.09% -14014
Minority Interests in subsidiary 0.48% 395288 0.99% 222073 -0.08% 7709 0.04% -6164
Associates (Investment as per
the equity method)
Indian
1. Health Insurance TPA of
India Limited 0.33% 275939 1.02% 230808 -0.47% 45132 -0.05% 7814
Foreign
1. India International Insurance
CONSOLIDATED FINANCIAL STATEMENTS

Pte Ltd 6.17% 5129518 21.64% 4876259 -1.34% 129462 -0.70% 103961
Total 100.00% 83115863 100.00% 22533908 100.00% -9667598 100.00% -14794784

Consolidated profit for the year (` '000)

Profit attributable to: 2020-21 2019-20
NOTES TO ACCOUNTS

Owners of the company -9675307 -14788620

Minority Interests 7709 -6164

Notes: Financial statements of India International Pte. Ltd. as on reporting date are not available. Latest available
financials statement are for the period ending 31st December 2020.

Harnessing Power to Empower 413

 |

3. AmH$pñ‘H$ Xo¶VmE§:
(` '000)

{ddaU 31-03-2021 31-03-2020

Am§{eH$ ê$n go ^wJVmZ {H$E JE {Zdoe na 800 800

Xmdo Zr{V¶m| go Aݶ, F$U Ho$ ê$n ‘| ñdrH$ma Zht {H$¶m 1609612 1609098

A§S>aamBqQ>J H${‘Q>‘|Q> ~H$m¶m (eo¶am| Am¡a à{V^y{V¶m| Ho$ g§~§Y ‘|) 0 0

H§$nZr H$s Amoa go Xr JB© Jma§Q>r 0 0

gm§{d{YH$ ‘m§J / {ddm{XV Xo¶VmE± Omo àXmZ Zht {H$E JE 7421887 7448095

nwZ~u‘m Xm{¶Ëd Omo ImVm| ‘| àXmZ Zht H$s JB© 0 0

Aݶ (~¢H$ Jma§Q>r) 950 950

Notes:

1. {ddmXmñnX d¡Ym{ZH$$ _m±J / Xo`Vm`o§ {OgH$$m àmdYmZ Zht {H$$`m J`m, `{X bmJy hmo Vmo Ow_m©Zm em{_b Zhr§ h¡&

2. Am`H$$a {d^mJ Zo H§$§$nZr H$$mo dmng H$$s OmZr am{e é.4317370 hµOma (é.4317370 hµOma) ñdV… AmXe© dmŠ` am{e H$$mo g_m`moOZm {H$$`m &

3. ì`` Ho$ {bE {d{dY boZXmamo§ _o§ em{_b h¡§ 01/02/2003 go Xo` 325 hOma am{e & _H$mZ _m{bH$, ga hmo_r _ohVm Q>«ñQ>, Zo ghm`H$ H§$nZr / Ûmam H$ãOm
{H$E JE n{agamo§ H$mo hQ>mZo Ho$ {bE Zmo{Q>g ^oOm Wm Am¡a _w»` ê$n go {ZîH$mgZ Ho$ {bE H$moQ>© Am°\\$ ñ_m°b H$m°O _o§ _wH$X_m ^r Xm`a {H$`m Wm& Cº$ _wH$X_o _o§,
_H$mZ _m{bH$, Zo _mZZr` Ho$ ê$n _o§ 110 / - à{V dJ© \\$rQ> à{V _mh `m Eogr Xamo§ na A§V{a_ amhV Ho$ {bE àmW©Zm H$r Wr& {g{db àpH«$`m g§{hVm Ho$ AmXoe
20 {Z`_ 12 (0.20 R>.12) Ho$ VhV Om§M Ho$ ~mX AXmbV {\\$Q> hmo gH$Vr h¡&

Q>«m`b H$moQ>© Zo \\$¡gbm gwZm`m Am¡a gyQ> n{aga go ~oXIb H$aZo H$m AmXoe {X`m& bKw Ho$ g_j Anrb na goe§g H$moQ>© Zo Q>«m`b H$moQ>© Ho$ \\$¡gbo H$mo OwbmB©
2008 _o§ Q>mb {X`m Wm& hmbm§{H$, CgHo$ ~mX _H$mZ _m{bH$ Zo ~m°å~o hmB©H$moQ>© _o§ \\$¡gbo Ho$ {Ibm\\$ {g{db {adrOZar AOu Xm`a H$r, Omo b§{~V h¡&

ñ_m°b H$m°Oog H$moQ>© Zo ^r _ogZ bm^ Ho$ {bE O.20 R>.12 Ho$ g§X^© _o§ Om§M H$m AmXoe {X`m h¡, Omo b§{~V h¡& BgHo$ _ÔoZOa _ogZo H$m bm^ Bg ñVa na _mÌmË_H$
Zhr§ h¡ Am¡a àXmZ Zhr§ {H$`m J`m h¡ &

4. AmH$pñ‘H$ g§n{Îm¶m§- (` '000)

E‘EQ>r H«o${S>Q> CnbãY 2020-21 2019-20
{d.d. 2014-15 12212 12212
{d.d. 2015-16 272 272
g_o{H V {dËVr` {ddaU

{d.d. 2016-17 2082 2082

{d.d. 2017-18 928 928
ImVm| _| ZmoQ²g

{d.d. 2018-19 3426 3426

{Z¶§{ÌV H§$nZr Cg df© bmJy E‘EQ>r Ho$ Cna Xo¶ H$a Ho$ {bE 10 dfm] Ho$ ^rVa Cnamoº$ H«o${S>Q> H$m Cn¶moJ H$a gH$Vr h¡

414
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

3. Contingent Liabilities:
(` '000)
Particulars 31-03-2021 31-03-2020

On partly paid investments 800 800

Claims other than those under policies, not

acknowledged as debts 1609612 1609098

Underwriting commitments outstanding

(in respect of shares and securities) 0 0

Guarantees given by or on behalf of the Company 0 0

Statutory demands / liabilities in dispute, not provided for** 7421887 7448095

Reinsurance obligations to the extent not provided for in accounts 0 0

Others (Bank Guarantee) 950 950

** Notes:

1) Statutory demands / liabilities in dispute, not provided for does not include penalty, if any applicable.

2) The Income Tax authorities have adjusted the refund due till date to the company amounting to ` 4317370 thousands
(` 4317370 thousands).

3) Sundry Creditors for Expenses includes ` 325 thousands amount payable since 01/02/2003. The landlord, Sir Homi Mehta
Trust, had sent the notice for the eviction of the premises occupied by the subsidiary Company and had also filed the suit in
the Court of Small Causes mainly for the eviction. In the said suit, the landlord, had prayed for the interim relief of
` 110/- per sq. feet per month or at such rates as the Hon. Court may deem fit after enquiry under Order 20 Rule 12
(O. 20 R. 12) of the code of Civil Procedure.

The trial court decreed and ordered eviction from the suit premises. On appeal before the Small Causes Court the judgement of
the trial court was set aside in July 2008. However, thereafter landlord has filed a Civil Revisionary Application against the
judgement in the Bombay High Court, which is pending.

The Small Causes Court had also ordered for an enquiry in terms of O.20 R.12 for mesne profit, which is pending. In view of this CONSOLIDATED FINANCIAL STATEMENTS
the mesne profit is not quantifiable at this stage and not provided for the same.

4. Contingent Assets: (` '000)

MAT Credit Available 2020-21 2019-20
FY 2014-15 12212 12212
NOTES TO ACCOUNTS

FY 2015-16 272 272

FY 2016-17 2082 2082
FY 2017-18 928 928
FY 2018-19 3426 3426

The Subsidiary Company can utilize the above MAT credit within 10 years for the tax payable over and above applicable MAT on that year.

Harnessing Power to Empower 415

 |

5. (A) ^maV Ho$ ^rVa Am¡a ~mha H§$nZr H$s n[ag§n{Îm¶m| H$mo ^ma :
(` '000)
{ddaU 31-03-2020 31-03-2021
H«o${S>Q> / ~¢H$ Jma§Q>r Ho$ nÌ Omar H$aZo Ho$ {bE ‘m{O©Z ‘Zr H$s Amoa O‘m Xmdm| Ho$ {bE 29000 7000
~¢H$ ImVm| Ho$ AmXoe / g§b¾H$ Ho$ AZwgma AXmbV ‘| O‘m am{e 56930 78863
{dXoer gm§{d{YH$ Amdí¶H$VmAm| H$m AZwnmbZ H$aZo Ho$ {bE {H$E JE O‘m 0 0
6.79% ^maV gaH ma 2029 (10.70% ^maV gaHma 2020) gr~rEbAmo Am°naoeZ Ho$ {bE pŠb¶[a¨J
H$m°anmoaoeZ Am°’$ B§{S>¶m Ho$ nmg O‘m - E\ dr ` 46800 hOmam| (` 46800 hOma) 46608 46608
(Am) d¡Ym{ZH$ Amdí¶H$VmAm| Ho$ AZwgma {H$E JE {Zdoe: eyݶ

(B) A{J«_ Am¡a O_m g{hV :

i) ZH$$X ~mµOma åm| g§ñWm H$$mamo~ma H$$s gråmm Ho$$ g§~§Y åm| go~r n[anÌ~ {X.19.03.2008 Ho$$ AZwgma ny§Or ~mµOma åm| H$$mamo~ma H$$aZo Ho$$ {bE _§x~B©
ñQ$mH$$ ~mµOma åm| é50000 hOma ( é50000 hOma ) H$$s Ý`yZVåm am{e H$$s Oåmm H$r J`r &
ii) ZH$$X ~mµOma åm| g§ñWm H$$mamo~ma H$$s gråmm Ho$$ g§~§Y åm| go~r n[anÌ~ {X.19.03.2008 Ho$$ AZwgma ny§Or ~mµOma åm| H$$mamo~ma H$$aZo Ho$$ {bE ZoeZb
ñQ$mH$$ ~mµOma åm| é.150000 hOma ( é.150000 hOma ) H$$s Ý`yZVåm am{e H$$s Oåmm H$r J`r &
iii)ZH$X ~mOma _o§ g§ñWmJV Q>«oS>mo§ Ho$ _m{O©Z Ho$ g§~§Y _o§ go~r Ho$ n{anÌ {XZm§H$ 19.03.2008 Ho$ AZwgma H¡${nQ>b _mH$}Q> _o§ Q>«o{S§>J Ho$ {bE _m{O©Z _Zr Ho$ {bE
ZoeZb ñQ>m°H$ EŠgMo§O _o§ O_m {H$`m J`m ₹ eyÝ` (₹150000 hOma) &
iv)₹ 500000 hOma (₹ eyÝ`) EMS>rE\\$gr ~¡§H$ _o§ gmd{Y O_m Ho$ ê$n _o§ O_m {H$E JE Am¡a B§Q>«m-So> ~¡§{H§$J boZXoZ H$r gw{dYm Ho$ {bE _mH$© {H$`m J`m &
v) _m{O©Z _Zr gr~rEbAmo (Q>rAmaB©nr) Am°naoeZ Ho$ _mÜ`_ go ^maVr` g_memoYZ {ZJ_ Ho$ nmg O_m ₹ 200 hOma (₹ 200 hOma)

6.F$U, {Zdoe Am¡a AMb g§n{Îm¶m| Ho$ AmYma na H$s JB© à{V~ÕVmE± Am¡a ~H$m¶m: (` '000)
{ddaU 31-03-2021 31-03-2020
F$U Am¡a {Zdoe (AZw_m{ZV) 190000 190000

g§nXmAm| Ho$ {bE à{V~ÕVmE§ 1043833 744532

B©S>rnr / H$moa ~r‘m n[a¶moOZm Ho$ {bE à{V~ÕVmE§ 1523922 2201000

ñQ>mån ewëH$ Am¡a n§OrH$aU ewëH$ Am¡a b§{~V H$Ýd|g (AZw‘m{ZV)** 89505 74334

eoîm {ZînmXZ Ho$ AZw~§Ym| H$s AZw_m{ZV am{e 41490 75353

**{Xg§~a 2019 _o§ {H$E JE C{MV _yë` AZw_mZ Ho$ AZwgma hmbm§{H$ Mmby df© 2020-21 _o§ H$mo{dS>-19 Ho$ H$maU _yë`m§H$Z Zhr§ {H$`m J`m h¡&

7.^maV / ^maV Ho$ ~mha XmdoXmam| H$mo nwZ~u‘m H$‘ Xmdm {X¶m : (` '000)
^maV ‘| ^maV Ho$ ~mha
H$mamo~ma 31.03.2021 31.03.2020 31.03.2021 31.03.2020

A{¾ 7576949 5776780 91917 92569

g_o{H V {dËVr` {ddaU

g‘wÐr 1663640 2036670 177 2732

{d{dY 91112666 101327972 44347 83229

ImVm| _| ZmoQ²g

Hw$b 100353255 109141422 136441 178530

416
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

5. (a) Encumbrances to assets of the company within and outside India.

(` '000)
Particulars 31.03.2021 31.03.2020
Deposits towards margin money for issue of letters of credit / bank guarantee 29000 7000
Deposits made in court as per orders / attachments of bank accounts for claims 56930 78863
Deposits made to comply with Overseas Statutory requirements 0 0
6.79% GOI 2029 (6.79% GOI 2029) deposited with Clearing Corporation of India 46608 46608
for CBLO operation – FV ` 46800 thousands (` 46800 thousands)

(b) Investments made in accordance with statutory requirements: NIL.

(c) Advances and Deposits include: -

i. ` 50000 thousands (` NIL) deposited with Stock Holding Corporation of India Ltd by way of margin money in
compliance with SEBI circular dated 19.03.2008 regarding Margining of Institutional Trades in the Cash Market.
ii. ` NIL (` 50000 thousands) deposited with Bombay Stock Exchange towards margin money for trading in Capital
Market as per SEBI circular dated 19.03.2008 regarding Margin of Institutional Trades in the Cash Market.
iii. ` NIL (` 150000 thousands) deposited with National Stock Exchange towards margin money for trading in Capital
Market as per SEBI circular dated 19.03.2008 regarding Margin of Institutional Trades in the Cash Market.
iv. ` 500000 thousands (` NIL) deposited with HDFC Bank as Fixed Deposit and marked for lien to facilitate intra-day
banking transactions.
v. ` 200 thousands (` 200 thousands) deposited with Clearing Corporation of India by way of margin money CBLO
(TREP) Operation.

6. Commitments made and outstanding on account of loans, investments and fixed assets: (` '000)
Particulars 31.03.2021 31.03.2020
Loans and Investment (Estimated) 190000 190000
Commitments for Estates 1043833 744532
Commitments for EDP/Core Insurance Project 1523922 2201000
Stamp duty and Registration charges and pending conveyance (estimated at)** 89505 74334
Estimated amount of contracts remaining to be executed 41490 75353
CONSOLIDATED FINANCIAL STATEMENTS

**As per Fair value estimation done in December 2019, however in the current year 2020-21 valuation is not done due to
Covid-19.

7. Claims less reinsurance, paid to claimants in/outside India: (` '000)

In India Outside India
Business 31.03.2021 31.03.2020 31.03.2021 31.03.2020
NOTES TO ACCOUNTS

Fire 7576949 5776780 91917 92569

Marine 1663640 2036670 177 2732
Miscellaneous 91112666 101327972 44347 83229
Total 100353255 109141422 136441 178530

Harnessing Power to Empower 417

 |

8. {Zdoe Ho$ A§Va, nwñVH$ Ho$ Am§H$‹S>mo§ Ho$ ~rM gm_§Oñ` go CËnÞ Am¡a H§$nZr Ho$ {Zdoe Ho$ EgEMgrAmB©Eb (H$ñQ>mo{S>`Z) go àmá H$r JB©
nwpï {ZåZmZwgma gmaUr~Õ h¡ (` '000)
{ddaU àH¥${V 31.03.2021 31.03.2020
gmå¶m§e Am¡a A{Y‘mZ eo¶a H$‘ ImV ‘yë¶ 0 0

F$UnÌ H$‘ ImV ‘yë¶ 4947 4947

Hw$b H$‘ ImV ‘yë¶ 4947 4947

gmå¶m§e Am¡a A{Y‘mZ eo¶a A{YH$ A§{H$V ‘yë¶ 0 0

9. ^maV ‘| / ^maV Ho$ ~mha nwZ~u‘m H$mo KQ>mH$a H$mamo~ma go {bIm J¶m àr{‘¶‘ - (` '000)

^maV ‘| ^maV Ho$ ~mha

H$mamo~ma 31.03.2021 31.03.2020 31.03.2021 31.03.2020
A{¾ 8770115 8700680 64026 139800
g‘wÐr 1910894 2122992 4 2069
{d{dY 129906887 126273727 154646 161062

Hw$b 140587896 137097399 218676 302931

10. ^maVr` ~r_m {d{Z`m_H$ Ama¡ {dH$mg àm{YH$aU {Z`_m§o (nO §y r H$o AÝ` ê$nm)§o H$o AZgwma, 9000000 hOma H$r AYrZñW FU H$o g~§Y§ _§o Ja¡-n{adVZ©r`
FUnÌ H$o _mMoZ H$o {bE FUnÌ {aS>oåneZ {aOd© _§o 225000 hOma(é.225000 hOma) H$r am{e hñVmV§{aV H$r JB© h¡ H$wb FU H$m 25% H$r gr_m VH$
FU _mMoZ {aOd&© {S>~M§oa {aS>oåneZ {aO
µ d© H$m gM§`r gV§b
w Z é.900000 hO µ ma (é.675000 hOµ ma) h¡ &
11. {Zdoemo§ H$r IarX Ho$ g§~§Y _o§, b§{~V {S>brdar é 34243 (eyÝ` ) h¡ Am¡a {Zdoemo§ H$r {~H«$r Ho$ g§~§Y _o§, 31.03.2021 Ho$ AZwgma é 65505 hOma
^wJVmZ A{VXo` h¡ &
12. Am` _mÝ`Vm Ho$ CÔoí` Ho$ {bE {Zdoemo§ H$mo {ZfnmXZ Am¡a J¡a {ZînmXZ Ho$ ê$n _o§ dJuH$aU…
(` '000)
ddaU 31.03.2021 31.03.2020
[ZînmXZ n[ag¨n[Îm 338503934 291646487
J¡a [ZînmXZ n[ag¨n[Îm 6386420 6148280
Hwb 344890354 297794767

^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ {ZX}emo§ Ho$ AZwgma EZnrE (ZoQ> Am\\$ doBda dgybr) na Mmby df© hoVw Hw$b am{e Omo _mÝ`Vm àmßV Zhr§ h¡
é.14720971 hOma (JV df© é.1422535 hOma) h¡ Am¡a Omo 31 _mM© 2021 VH$ é.10142650 hOma (JV df© é.8670559 hOma) h¡&

17. 31.03.2020 H$mo nwZJ©R>Z Ho$ AYrZ F$U H$s g§n{Îm- (` '000)
H«$‘ g§»¶m {ddaU 31.03.2021 31.03.2020
1 n[agånpËV`m| H$r Hw$b am{e, Omo nwZg§ªaMZm Ho$ AYrZ hmo & 78306 82718
g_o{H V {dËVr` {ddaU

2 _mZH$ n[agånpËV`m| H$r am{e, Omo nwZgªaMZm Ho$ AYrZ hmo & 10159 13868
3 Ad _mZH$ n[agånpËV`m| H$r am{e, Omo nwZgªaMZm Ho$ AYrZ hmo & 0 0
ImVm| _| ZmoQ²g

4 g§{X½Y Am¡a AÝ` n[agån{ËV`m| H$r am{e, Omo nwZgªaMZm Ho$ AYrZ hmo & 68147 68851

418
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

8. Differences in investment, arising out of the reconciliation between the book figures and the confirmation
received from SHCIL (Custodian) of the Company’s investments are tabulated as under :
(` '000)
Particulars Nature 31.03.2021 31.03.2020
Equity and Preference Shares Short Book Value NIL NIL
Debentures Short Book Value 4947 4947
Total Short Book Value 4947 4947
Equity and Preference Shares Excess Face Value NIL NIL

9. Premium less reinsurance written from business in/outside India: (` '000)

In India Outside India
Business 31.03.2021 31.03.2020 31.03.2021 31.03.2020
Fire 8770115 8700680 64026 139800
Marine 1910894 2122992 4 2069
Miscellaneous 129906887 126273727 154646 161062
Total 140587896 137097399 218676 302931

10. An amount of ₹ 225000 thousands (₹ 225000 thousands) has been transferred to debenture redemption reserve towards
redemption of non-convertible Debentures in respect of subordinate Debt of ₹ 9000000 thousands in accordance with
IRDAI regulations (Other forms of capital), stipulating creation of Debenture Redemption Reserve to the extent of 25% of
the total debt. The cumulative balance of Debenture Redemption Reserve stands at ₹ 900000 thousands (₹ 675000
thousands).

11. In respect of Purchases of Investments, deliveries are pending to the extent of ₹ 34243 thousands (Nil) and in respect
of sale of investments payment amounting to ₹ 65505 thousands (Nil) is overdue as on 31.03.2021.

12. Segregation of Investments into performing and non-performing assets for the purpose of Income recognition:
(` '000)
Particulars 31.03.2021 31.03.2020
Performing Assets 338503934 291646487
Non-performing Assets 6386420 6148280
Total 344890354 297794767 CONSOLIDATED FINANCIAL STATEMENTS

The aggregate amount of income not recognized for the current accounting year on NPA (net of waiver/ collections) as per
related IRDA guidelines is ₹ 1472091 thousand (₹ 1422535 thousands) and up to 31.03.2021 is ₹ 10142650 thousand
(₹ 8670559 thousands).

13. Loan assets subject to Restructuring as on 31-03-2021. (` '000)

Particulars 31.03.2021 31.03.2020
NOTES TO ACCOUNTS

S.No.
1 Total amount of loan assets subjected to restructuring 78306 82718
2 The amount of standard assets subjected to restructuring 10159 13868
3 The amount of Sub-Standard assets subjected to restructuring 0 0
4 The amount of Doubtful and other assets subjected to restructuring 68147 68851

Harnessing Power to Empower 419

 |

(i) AmB©AmaS>rE H$r AZwgyMr ~r Ho$ ^mJ I Ho$ AZwgma ({dËVr` {ddaUmo§ H$r
V¡`mar Am¡a ~r_m H§$n{Z`mo§ H$r boImnarjm {anmoQ>© V¡`ma H$aZm) {d{Z`_
2002, FU à{V^y{V H$mo ''n{adŠdVm à{V^y{V H$mo Am`mo{OV'' _mZm
OmEJm Am¡a Bgo Eo{Vhm{gH$ bmJV na n{aemoYZ Ho$ AYrZ _mnm OmEJm &
àr{_`_ H$m n{aemoYZ {bIV/H$m°b Am°ßeZ na {dMma H$aHo$ `{X H$moB©
hmo, Vmo n{anŠdVm / _moMZ Ho$ df© go nhbo {dËVr` df© Ho$ A§V VH$ gmYZ
H$r IarX H$r VmarI go Ad{Y Ho$ {bE {H$`m OmVm h¡ &
(ii) AmB©AmaS>rE Ûmam {ZYm©{aV {Z`_Z Ho$ AZwgma é.27361623
hOma (é.- 6176445hOma) gyMr~Õ gmå`m§e eo`amo§ Am¡a
å`wMwAb \\$§S>mo§ Ho$ C{MV _yë` _o§ hmoZodmbo ~Xbmdmo§ Ho$ H$maU C{MV
_yë` n{adV©Z ImVo na bo {b`m OmVm h¡ & Bg Vah Ho$ {Zdoe H$r
Eo{Vhm{gH$ bmJV ({b{IV ~§X H$m ZoQ>) é.75058394 hOma
(é.75905568 hOma) Ho$ {hgm~ go h¡§ & b§{~V àmpá, C{MV _yë`
n{adV©Z ImVo _o§ H«$o{S>Q> eof am{e {dVaU Ho$ {bE CnbãY Zhr§ h¡ &

14. ~mOma ‘yë¶ H$m {d^mOZ Am¡a C{MV ‘yë¶ Ho$ AmYma na {Zdoe H$s Eo{Vhm{gH$ bmJV Bg àH$ma h¢
(` '000)
{ddaU ~mOma ‘yë¶ Eo{Vhm{gH$ bmJV C{MV ‘yë¶ n[adV©Z
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
gmå¶m§e eo¶a 93725850 63193150 66567331 69394387 27158519 (6201237)
å¶yMwAb ’§$S> 8694167 6535973 8491063 6511181 203104 24792
Hw$b 102420017 69729123 75058394 75905568 27361623 (6176445)

15. gHw©$ba Z§ AmB©AmaSrE/E\ &AmB©/n{a/AmB©EZdr/250/12/2012 {XZm§H$ 4/12/2012 Ho$ AZwgma, aonmo / [adg© aonmo boZXoZ ‘|
OmopI‘ H$m {ddaU ZrMo {X¶m J¶m h¡:
df© Ho$ Xm¡amZ df© Ho$ Xm¡amZ df© Ho$ Xm¡amZ
{ddaU Ý`yZV_ A{YH$V_ ~H$m`m X¡{ZH$ na ~H$m¶m h¡
~H$m`m ~H$m`m Am¡gV ~H$m¶m
31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020
aonmo Ho$ VhV ~oMr J¶r
{gŠ¶mo[aQ>r

(i) gaH$mar à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`

(ii) H$m°nm}aoQ> F$U à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`
[adg© aonmo Ho$ VhV IarXr
JB© à{V^y{V

(iii) gaH$mar à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`

(iv) H$m°nm}aoQ>F$U à{V^y{V eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ` eÿÝ`

16. H§$nZr Zo Am` _mÝ`Vm, n{ag§npÎm dJuH$aU, àmdYmZ Am¡a AÝ` g§~§{YV _m_bmo§ na ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ {Z`_mo§ Ho$
g_o{H V {dËVr` {ddaU

AZwgma {ZåZ{b{IV J¡a-àXe©ZH$mar n{ag§npÎm`mo§ (FUnÌ) Ho$ g§~§Y _o§ àmdYmZ {H$E h¡§:
H$) AmB©Eb E§S> E\\$Eg g_yh H$r H§$n{Z`mo§ - 31.03.2021H r Hw b Omo{g_ é 2752315 hOma (é 2750000 hOma) Ho é 1176311 hOma (é
ImVm| _| ZmoQ²g

950000 hOma) H m {bE àmdYmZ {H `m J`m h¡ & Mmby df© Ho$ Xm¡amZ é. 225143 hOma H$m A{V{aº$ àmdYmZ {H$`m J`m& é.500000 hµOma Ho$
AgwapjV {hñgo Ho$ {bE 100% Am¡a é.2250000 hµOma Ho$ gwapjV {hñgo Ho$ g§~§Y _o§ 30% na {H$E OmZo H$m àmdYmZ {H$`m J`m h¡ &

420
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

i) As per Part I of Schedule B of IRDA (Preparation of
Financial Statements and Auditor’s Report of
Insurance Companies) Regulations 2002, Debt
Securities shall be considered as ‘Held to Maturity
Securities’ and shall be measured at Historical
costs subject to amortization. Amortization of
premium is done over the residual period of
maturity considering put/call option, if any.
ii) In accordance with the regulation prescribed
by IRDA, unrealized gains / losses (net)
amounting to ` 27361623 thousands (` -6176445
thousands) arising due to changes in the fair
value of listed equity shares and mutual funds are
taken to fair value change account. The historical cost
(net of write off) of such investments amounted to
` 75058394 thousands (` 75905568 thousands).
Pending realization, the credit balance in the fair value
change account is not available for distribution.

14. Break up of Market value and historical costs of investments which have been valued on fair value basis are as
follows: (` '000)
Particulars Market Value Historical Cost Fair value change
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
Equity Shares 93725850 63193150 66567331 69394387 27158519 (6201237)
Mutual fund 8694167 6535973 8491063 6511181 203104 24792
Total 102420017 69729123 75058394 75905568 27361623 (6176445)

15. In accordance with Circular No IRDA/F&I/CIR/INV/250/12/2012 dated 4/12/2012, the details of exposure in Repo/
Reverse Repo transactions are given below:
(` '000)
Minimum Maximum Daily Average
Outstanding
Particulars outstanding outstanding outstanding
as on
during the year during the year during the year
31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.03.2020
Securities Sold
under Repo
(i) Government NIL NIL NIL NIL NIL NIL NIL NIL
Securities
(ii) Corporate Debt
Securities NIL NIL NIL NIL NIL NIL NIL NIL
Securities Purchased
under Reverse Repo
(iii) Government NIL NIL NIL NIL NIL NIL NIL NIL
CONSOLIDATED FINANCIAL STATEMENTS

Securities
(iv) Corporate Debt NIL NIL NIL NIL NIL NIL NIL NIL
Securities

16. The Company has made provisions in respect of the following non-performing assets (Debentures) as per IRDAI
NOTES TO ACCOUNTS

regulations on Income recognition, Asset classification, provisioning and other related matters:

a) IL&FS group companies – Provision as on 31.03.2021 is ` 1176311 thousand (` 950000 thousands) against total
exposure of ` 2752315 thousand (` 2750000 thousands). Additional provision of ` 225143 thousand was made
during the current year. Provision has been made at 100% for unsecured portion of ` 500000 thousands and
provision made at 30% in respect of secured portion of ` 2250000 thousands.

Harnessing Power to Empower 421

 |
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hOma (é 500000 hOma) Ho é 36000 hOma (é 5000
hOma) H m {bE àmdYmZ {H `m J`m h¡ & ₹ 150000 hOma H$m
{hñgo na AgawpjV H$o {bE 100% na àmdYmZ {H$`m J`m h¡
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hOma H$o gawpjV {hñgo H$m àmdYmZ {H$`m J`m &
J) {abm`§g hmo_ \\$mBZo§g - `WmpñW{V àmdYmZ 31.03.2021
H r Hw b Omo{g_ é 1149750 hOma (é 1149745 hOma)
Ho é 103975 hOma (é 114975 hOma) H m {bE
àmdYmZ {H `m J`m h¡ & Mmby df© Ho$ Xm¡amZ A{V{aº$ ₹
924775 hOma H$m àmdYmZ {H$`m J`m & ₹ 600000 hOma
Ho$ AgwapjV {hñgo Ho$ {bE 100% na Am¡a ₹ 550000
hOma gwapjV Ho$ g§~§Y _o§ 80% na {H$`m J`m h¡ &
K ) {abm`§g H¡${nQ>b - 31.03.2021 H$mo àmdYmZ Hw$b
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₹ 700000 hOma (₹ 70000 hOma) h¡& Mmby df© Ho$ Xma¡mZ
₹630000 hOma H$m A{V{aº$ àmdYmZ {H$`m J`m h¡ & ₹
700000 hOma H$m AgwapjV {hñgo hoVw 100% na àmdYmZ
{H$`m J`m h¡ &
k ) {gåßboŠg B§\\$«mñQ>«ŠMa {b{_Qo>S> - 31.03.2021 H$mo
`WmpñW{V àmdYmZ H$wb EŠgnmO o a H$o ₹ 100000 hOma (₹
100000 hOmam)§o H$o {déÕ `10000 hOma ( eÝy`) h¡ &
17. H§$nZr Ho$ nmg O_rZ Om`XmX Ho$ ê$n {Zdoe g§npÎm Zhr§ h¡&
18. ã`mO, bm^m§e Am¡a {H$am` H$mo amOñd ImVmo§ Ho$ {bE gH$b àË`j
àr{_`_ Am¡a nwZ~u_m Ho$ AmYma na ñdrH$ma {H$`m OmVm h¡, Omo
g_wÐr ì`mnma Ho$ {bE 75% Am¡a Ap¾ Am¡a {d{dY ì`mnma Ho$ {bE
100% H$m ^ma XoVm h¡ &
19. H§$nZr H$r A{YH¥$V eo`a ny§Or AJñV 2020 _o§ 2000000 hOma
go ~‹T>H$a 50000000 hOmamo§ hmo J`m h¡& ^maV gaH$ma Zo df©
2020-21 Ho$ Xm¡amZ 3605000000 én`o H$m nyar Vah go
^wJVmZ A{YH$ma Bp¹Q>r eo`a é.10/-go 36500000 hOma H$r
Bp¹Q>r ny§Or {Zdo{eV H$r & Amgd VrZ MaUmo§ _o§ Wm OwbmB© 2020 _o§
₹ 10800000 hOma, ₹ 18250000Zd§~a 2020 _o§ hOmamo§ Am¡a
₹ 7000000_mM© 2021 _o§ hOmamo§ {H$`m J`m & BgHo$
n{aUm_ñdê$nH§$nZr H$r MwH$Vm ny§Or ~‹T>H$a ₹ 38050000 hOma
g_o{H V {dËVr` {ddaU
hmo J`m h¡&
20. 31 _mM© 2021 H$mo gm°ëdo§gr _m{O©Z H$mo Ü`mZ _o§ aIVo hwE {~Zm
ImVm| _| ZmoQ²g
{H$gr Ny>Q> Ho$ 1.00 h¡
2020-21 Ho$ Xm¡amZ ^maV gaH$ma Ûmam 3650,000 hOmamo§ H$r
ny§Or S>mbr JB©& h_mao nmg h¡
422
84 ge{º H aU Ho {bE e{º H m XmohZ
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g§nH$© {H$`m& 1.50 Ho$ gm°ëdo§gr _m{O©Z H$m {Z`§ÌU ñVa V~ àmá
hmoJm O~ C{MV _yë` n{adV©Z ImVo _o§ eof am{e H$m H$_ go H$_
85% IR>DAI Ûmam Ny>Q> Ho$ ê$n _o§ AZw_mo{XV {H$`m OmEJm&
21. à~§YH$r` nm{al{_H$ H$r JUZm:
à~§YH$r` nm{al{_H$ H$r JUZm go g§~§{YV àH$Q>rH$aU H§$nZr
A{Y{Z`_, 2013 H$r Ymam 197 Ho$ àmdYmZmo§ Ho$ AZwgma Zhr§
{H$`m J`m h¡, H§$nZr na bmJy Zhr§ h¡ (gaH$mar H§$nZr hmoZo Ho$ ZmVo)
{ZJ_r` _m_bmo§ Ho$ _§Ìmb` Zo A{YgyMZm g§. OrEgAma 463 (B©)
{XZm§H$ 5 OyZ, 2015
22. {ddm{XV _m_bmo§ H$mo N>mo‹S>H$a, H$moB© ^r V`ewXm ~r_m Xmdm ~¡bo§g
erQ> H$r VmarI Ho$ AZwgma N>h _hrZo go A{YH$ g_` H$r Xo`Vm
VH$ Zhr§ ahm- eyÝ` (eyÝ`)
23. ñWm`r gg§npÎm _| em{_b h¢: -
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gh-{~H$« s g_PmV¡o na 39761 ê$ nE H$ s hOmam| H$ s am{e (`
39761 hOma) h,¡ Omo H$ m`mb © ` n[aga H$o {Z_mU© H$o naym hmZoo H$o ~
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H$aZo Ama¡ J{V{d{Y / ì`dgm` eêw$ H$aZo H$r g_` gr_m {Xg~§a,
2018 VH$ Wr &
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(AmB©E\\$grAmB© AmYm{aH$ g§aMZm {dH$mg {b{_Qo>S>) Zo
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{H$`m Wm {H$ dh Cn-Am~§{Q>`mo§ Ûmam n{a`moOZm Ho$ H$m`m©Ýd`Z H$r
g_` gr_m H$mo 3 gmb H$r AmJo H$r Ad{Y Ho$ {bE ~T>mE |
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{H$ CgZo AnZo ~moS>© Ho$ \\$¡gbo H$r gyMZm Xr h¡ {H$ AmB©AmB©S>rEb
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{bE g§nH$© H$aZo H$r gbmh Xo ahm h¡ | _m_bm
EgEMEbEgS>~ë`ygrgr Ho$ g_j h¡& Bgr ~rM _o§ H§$nZr Zo gmBQ>
na H$ånmCÊS> Xrdma H$m {Z_m©U {H$`m h¡ &
Ho$AmB©ES>r~r H$r 16.02.2021 H$mo dr{S>`mo Ho$ _mÜ`_ go ~¡R>H$
hwB©g^r Cn nÅoXmamo§ Ho$ gmW gå_obZ {Og_o§ `h gy{MV {H$`m {H$
Ho$AmB©ES>r~r Zo 30 {gV§~a, 2022 VH$ 2 df© Ho$ {bE {dñVma
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{Z_m©U 1 Ho$ ^rVa ewê$ Zhr§ hmoVm h¡ Vmo df© (AWm©V 1 AŠQy>~a,
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g§^m{dV IarXma H$mo Amd§{Q>V _mZm

b) DHFL – Provision as on 31.03.2021 is ` 360000
thousand (` 50000 thousands) against total
exposure of ` 500000 thousand (` 500000
thousands). Additional provision of ` 310000
thousands was made during the current year.
Provision has been made at 100% for unsecured
portion of ` 150000 thousands and at 60% in
respect of secured portion of 350000
thousands.
c) Reliance Home Finance – Provision as on
31.03.2021 is ` 1039750 thousands ( ` 114975
thousands) against total exposure of ` 1149750
thousands (` 1149745 thousands). Additional
provision of ` 924775 thousands was made
during the current year. Provision has been made
at 100% for unsecured portion of ` 600000
thousands and at 80% in respect of secured
portion of 550000 thousands.
d) Reliance Capital - Provision as on 31.03.2021 is
` 700000 thousands (` 70000 thousands)
against total exposure of ` 700000 thousands
(` 700000 thousands). Additional provision of
` 630000 thousands was made during the current
year. Provision has been made at 100% for
unsecured portion of ` 700000 thousands.
e) Simplex Infrastructure Ltd – Provision as on
31.03.2021 is ` 10000 thousands (` Nil) against
total exposure of ` 100000 thousands (` 100000
thousands).
17. The Company does not have Real Estate Investment
Property . construction, IIDL (IFCI Infrastructure Development
18. Interest, Dividends and Rent are apportioned to the
Revenue Accounts on the basis of gross direct
premium plus reinsurance accepted, giving
weightage of 75% for Marine business and 100%
for Fire and Miscellaneous business.
19. The Authorised Share capital of the Company was
increased from Rs.2000000 thousands to 50000000
thousands in August 2020. Government of India has
infused Equity capital of ` 36050000 thousands
during the year 2020-21 by way of issue of
3605000000 fully paid rights equity share of Rs.10/-
each at par. The Infusion was in three tranches of
` 10800000 thousands in July 2020, ` 18250000
thousands in November 2020 and ` 7000000
thousands in March 2021. Consequent upon the
same the paid up capital of the company has
increased to 38050000 thousands .
20. The Solvency margin as on 31st March 2021 is 1.00
without any forbearance after taking into account
/
the Capital infusion of 36050000 thousands by the
Government of India during 2020-21. We have
approached IRDAI for granting forbearance in
calculation of solvency margin by considering
balance in Fair value change account. The control
level of Solvency Margin of 1.50 would be achieved
when at least 85% of balance in Fair Value Change
Account is approved by IRDAI as forbearance.
21. Computation of Managerial Remuneration
Disclosure relating to computation of managerial
remuneration has not been made as the provisions of
Section 197 of the Companies Act, 2013 are not
applicable to the company (being a government
company) vide Ministry of Corporate Affairs
notification no. GSR463 (E) dated 5th June, 2015.
22. Barring disputed cases, no settled insurance claim
remained unpaid for more than six months as on the
Balance Sheet date –NIL (NIL)
23. Fixed Assets include:
A) Land - Leasehold includes land acquired from IFCI
Infrastructure Development Ltd at Bangalore
Financial City, amounting to ` 39761 thousands
(` 39761 thousands) on sub-lease-cum-sale
agreement, which will be registered in the name of
the company after completion of construction of
office complex within the time limit specified therein.
The time limit for completion of civil construction
work and commencement of activity/business was
upto December 2018.
As many of the sub allottees have not competed
Limited) had requested KIADB (Karnataka Industrial
Areas Development Board) to extend the time limit
for implementation of the project by the sub allottees
for a further period of 3 years. KIADB vide its letter
dated 03rd September, 2018 informed its board
decision advising IIDL to approach the State High
Level Single Window Clearance Committee
(SHLSWCC) for approval for a further extension of
CONSOLIDATED FINANCIAL STATEMENTS
time. In the meanwhile, the company has
constructed compound wall at the site.
KIADB had a meeting on 16.02.2021 through video
conference with all the sub lessees wherein it was
informed that KIADB has granted extension for
2 years upto 30th September, 2022 and requested all
NOTES TO ACCOUNTS
sub lessees to complete the construction within the
time frame. If the construction is not started within 1
year (i.e. 1st October, 2021) the plot of sub lessee
could be considered to be allotted to another
prospective buyer by IIDL in terms of sub lease cum
sale agreement.
Harnessing Power to Empower 423
 |
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hOma én`o)H$ s CnbãY Zht h¡&
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25. hoMAB©QrnrE Ho$ {nN>bo {dÎmr` df© _o§ 4450 H$m EH$ ñQo>~bmBOa
Am¡a ₹ 36650 H$m EH$ pà§Q>a Ho$ Sw>pßbHo$Q> à{dpï Ho$ H$maU AMb
g§npÎm`mo§ _o§ d¥pÕ Ho$ ê$n _o§ {XIm`m J`m Wm & Bgo Mmby {dÎmr` df© _o§
ImVmo§ H$r nwñVHo$§ ghr {H$`m J`m h¡ &
Cnamºo$ g_m`mO
o Z H$o H$maU H$m`mb
© ` CnH$aU H$o àma{§^H$ efo go ₹
4450 Ama¡ AmBQ©>r n{agn§pÎm go ₹ 36650 KQ>m {XE JE h&§¡ {nN>bo
{dÎmr` df© ₹ 1361 _§o Cnamºo$ n{agn§pÎm na _ëy`õmg à^m{aV {H$`m
J`m h¡ Ama¡ Bgo dmng {aOd© Ama¡ A{Yefo _§o OmS‹o>m J`m h&¡
Bg{bE, AMb g§npÎm ImobZo H$r eof am{e H$mo ₹ 41100 go KQ>m
{X`m J`m h¡ Am¡a Bgr Vah go ₹41100 H$mo H¡$e âbmo _o§ dmng Omo‹S>
{X`m J`m h¡ &
26. H§ $ nZr ₹ 2000000 hOma (OrAmB© g r Ûmam àem{gV
₹ 15000000 hOma H$r gm_y{hH$ j_Vm Ho$ gmW) H$r ^mJrXmar
Ho$ gmW ^maV na_mUw nyb ~r_m H$r gXñ` h¡& df© 2020-21 Ho$
{bE H§$nZr Zo grYo Va\\$ go àr{_`_ Ho$ h_mao {hñgo Ho$ ê$n _o§
₹ 207000 hOma (₹ 200000 hOmamo§) H$m {hgm~ bJm`m h¡ Am¡a
Bgo 100% H$r Xa go gm¡§n {X`m J`m Wm& AmaAmB© AmdH$
₹ 136619 hOmamo§ (₹ 139007 hOma) na ~wH$ {H$`m J`m Wm
g_o{H V {dËVr` {ddaU
Am¡a Xo`Vm àr{_`_ Ho$ VhV {hgm~ {H$`m J`m h¡& na_mUw nyb Ho$
{bE Ag_má Omo{I_mo§ Ho$ {bE AmapjV {Zdb àr{_`_ Ho$ 100%
na {H$`m OmVm h¡ &
ImVm| _| ZmoQ²g
27. hm§JH$m§J _o§ H§$nZr H$r EOo§gr Zo 01.04.2002 go n{aMmbZ
{bIZm ~§X H$a {X`m h¡ Am¡a aZ Am°\$ Am°naoeZ go g§~§{YV boZXoZ
424
84 ge{º H aU Ho {bE e{º H m XmohZ
24. EMAmB©Q>rnrE H$r nwñVH$mo§ _o§, {dÎm df© 2019-20 Ho$ ImVmo§ na
grEOr {Q>ßnUr Ho$ AmYma na, EMAmB©Q>rnrE Ûmam dgybo JE
n{ag_mnZ ZwH$gmZ/Ow_m©Zo H$mo nhbo ny§OrJV H$m`©-àJ{V Am¡a
AMb g§npÎm`mo§ (hmS>©do`a Am¡a gm°âQ>do`a) Ho$ gmW g_m`mo{OV
{H$`m J`m Wm& ny§OrJV H$m`©-àJ{V Am¡a AMb g§npÎm`mo§ _o§ dmng
Omo‹S>m J`m (2017-18 go JUZm H$r JB© _yë`õmg Ho$ {bE
g_m`moOZ Ho$ ~mX) Am¡a Bgr à^md Ho$ ê$n _o§ ~wH$ {H$`m J`m
h¡Am`& {dÎmr` df© _o§ EMAmB©Q>rnrE Ûmam ~wH$ {H$E JE n{ag_má
ZwH$gmZ/Ow_m©Zo Ho$ ê$n _o§ `yAmB©AmB©gr H$r Am` H$m {hñgm
2020-21 Bg àH$ma h¡
(` '000)
`wZmB©Qo>S> B§{S>`m B§e`yaoÝg H$m {hñgm
8155
1586
1820
H$m {hgm~ aIm J`m h¡& b§{~V A§{V_ AmB©~rEZAma /
AmB©~rEZB©Ama {anmoQ>©, eyÝ` àmdYmZ Ho$ AmYma na{nN>bo df© Ho$
{bE EŠMwAar H$r {anmoQ>© H$mo Mmby df© Ho$ {bE _mZm J`m h¡& H§$nZr Zo
2020-21 Ho$ Xm¡amZ aZ Am°\\$ Am°naoeZ Ho$ à~§YZ Ho$ {bE ₹
2260 hµOma (₹ 3312 hµOma) H$r am{e IM© H$r Am¡a
31.03.2021 H$mo ₹ 23520 hµOma (₹ 24310 hµOma) Ho$ VrZ
Xmdo ~H$m`m h¡§&
28. AmŠMy{a`b _yë`m§H$Z Ho$ AZwgma 31 _mM© 2021 Ho$ ê$n _o§
AmB©~rEZAma / AmB©~rEZB©Ama Amapj{V é.112924545hOmamo§
(é 97352000hOma) h¡ & {OgHo$ n{aUm_ñdê$n Mmby df© _o§
A{V{aº$ àmdYmZ é.15572545 hOmamo§ (é. 15825200hOma)
H$r am{e hwAm &
29. H$m`m©b` Ho$ ~rM ImVmo§ H$r gwbh àJ{V na h¡ Am¡a H§$nZr H$r am` _o§
h¡& AgH$m à^md gm_J«r Zhr§ hmoJm&
30. A) ~r_m H$mamo~ma na bo OmZo dmbo AÝ` ì`pº$`mo§ `m {ZH$m`mo§ Ho$
H$maU eof am{eE§ h¡§ g_`- g_` na gwbPm`m & hmbm§{H$,
gmb Ho$ A§V VH$ eof am{e H$r nwpï àmá Zhr§ hwB© h¡ &
nwZ~u_m Ho$ g§~§Y _o§, ~pñV`mo§ H$mo Xbmbmo§ / nwZ~u_m Ho$
AmYma na à^m{dV {H$`m OmVm h¡ ImVmo§ Ho$ AZwgyMr &
hmbm§{H$, gmb Ho$ A§V VH$ eof am{e H$r nwpï àmá Zhr§ hwB© h¡
eof am{e&
Am) O_m, ApJ«_ Am¡a AÝ` ImVmo§ _o§ é.2614384 hOmamo§
(é.3941421hOmamo§) H$r am{e em{_b h¡ Omo Ho$§Ð / amÁ`
gaH$ma go {d{^Þ `moOZmAmo§ Ho$ {bE dgybr `mo½`&

Now, the company is in the process of appointing a
Project Management Consultant to arrive at a plan to
initiate the construction.
B) Buildings valued at ` 166341 thousands (` 166341
thousands) are pending for Conveyance and
Registration.
C) Title deeds in respect of 5 properties of ` 241
thousands (` 41927 thousands) under the Freehold
lands included in schedule 10 (Fixed Assets) are in the
name of erstwhile companies merged with United
India Insurance Co. Ltd. One lease deed for leasehold
property at Ellis Bridge, Ahmedabad valued at ` 2334
S.No Particulars
1 Income booked and Capital Work in progress increased
2 Income booked and Fixed Assets increased
3 Liquidated damages charged during current Financial Year and booked as income
25. In Last Financial Year of HITPA One Stabilizer of
` 4450 and One Printer of 36650 was shown as
addition in Fixed assets due to duplicate entry. This
has been corrected in current Financial Year in the
Books of accounts.
Due to above adjustment ` 4450 has been reduced
from opening Balance of Office Equipment and
` 36650 from IT asset. Depreciation charged on
above asset in Last Financial Year 1361 has been
reversed and added back to Reserve and Surplus.
Therefore, Fixed asset opening balance has been
reduced by ` 41100 and correspondingly `41100
has been added back to Cash Flow.
26. The Company is a member of India Nuclear Pool
Insurance with a participation of ` 2000000
thousands (administrated by GIC with a collective
capacity of ` 15000000 thousands). For the year
2020-21 the company has accounted ` 207000
thousands (` 200000 thousands) as our share of
premium on direct side and the same was ceded @
100%. RI inward was booked at ` 136619 thousands
(` 139007 thousands) and is accounted under
Liability Premium. Reserve for Unexpired Risks for
Nuclear Pool is made at 100% of Net Premium.
27. The Company’s Agency at Hong Kong ceased
under writing operations with effect from
01.04.2002 and the transactions relating to run off
operations have been accounted. Pending final
/
thousands (` 2334 thousands) is not available.
24. In the Books of HITPA, on the basis of CAG comment
on Accounts of F.Y 2019-20, the liquidated damages/
penalty charged by HITPA which was earlier adjusted
with Capital Work-in-progress and Fixed Assets
(Hardware and software), have been added back to
Capital Work-in progress and Fixed Assets (after
adjusting for depreciation calculated since 2017-18)
and corresponding impact has been booked as
income. UIIC’s share of income in the form of
liquidated damages/ penalty charged, booked by
HITPA in F.Y. 2020-21 is as follows:
(` '000)
UIIC's share
8155
1586
1820
IBNR/IBNER report, the NIL provision based on the
Actuary's report for the previous year has been
considered for current year. The company incurred a
sum of ` 2260 thousands (` 3312 thousands)
towards expenditure for managing the Run off
operations during 2020-21 and three claims
amounting to ` 23520 thousands (` 24310
thousands) are outstanding as on 31.03.2021.
28. As per the Actuarial Valuation, the IBNR/IBNER
Reserves as on 31st March 2021 is ` 112924545
thousands (` 97352000 thousands), resulting in
additional provisioning in the current year amounting
to ` 15572545 thousands (` 15825200 thousands).
29. Reconciliation of Inter-Office accounts is in
progress and in the opinion of the Company, the
effect of the same will not be material.
30. a) Balances Due from / Due to other persons or
bodies carrying on Insurance business, are
CONSOLIDATED FINANCIAL STATEMENTS
settled periodically. However, confirmations of
balance have not been received for year-end
balances.
In respect of Reinsurance, settlements are
effected to brokers /reinsurers based on
statement of accounts. However, confirmations
NOTES TO ACCOUNTS
of balance have not been received for year-end
balances.
b) Deposits, Advances & Other Accounts include a
sum of ` 2614384 thousands (` 3941421
thousands) recoverable from Central/ State
Government towards various schemes.
Harnessing Power to Empower 425
 |

(` '000)
31.03.2021 H$mo 31.03.2020 H$mo
EH$ df© go H$‘ 1179008 2636314
1-3 df© 130269 6155
3 df© go A{YH$ 1305107 1298952
Hw$b 2614384 3941421

31. AmB© Ama S>r E Ûmam {ZYm©{aV àmê$n _o§ AZwgy{M`mo§ {dÎmr`
{ddaUH$m {hñgm h¡ CgHo$ gmW {X`m J`m h¡ &
32. no§eZ
^maV gaH$ma Zo amOnÌ A{YgyMZm g§»`m 1627 (B©) {XZm§H$
23.04.2019 H$mo aÔ H$a {X`m Am¡a gm_mÝ` H$_©Mmar no§eZ
`moOZm 1995 Ho$ VhV no§eZ H$m M`Z H$aZo Ho$ {bE 1995 go
nhbo H§$nZr H$r godmAmo§ _o§ em{_b hmoZo dmbo godm{Zd¥Îm Am¡a _m¡OyXm
H$_©Mm{a`mo§ Ho$ {bE EH$ A§{V_ {dH$ën H$mo _§Oyar Xo Xr & ~r_m§{H$H$
_yë`m§H$Z Ho$ AZwgma, Bg `moOZm Ho$ VhV no§eZ Ho$ {bE MwZo JE
_m¡OyXm H$_©Mm{a`mo§ Ho$ g§~§Y _o§ ^{dî` H$r Xo`Vm é.12655948
hOma h¡ &
^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU, AnZo nÌ 411
/ E\\$ E§S> E (EZEb) / E_m°Q>©-B©~r / 2019-20 / 125 {XZm§H$
07-07-2020 H$mo aÔ H$a {X`m h¡, Zo n{aemoYZ H$r AZw_{V Xr h¡,
A{V{aº$ ^{dî` no§eZ Xo`Vm é.12655948 hOma H$r CËnÞ
hmoVr h¡ {dÎmr` df© 2019-20 go à^mdr nm§M gmb H$r Ad{Y _o§
H§$nZr Ho$ _m¡OyXm H$_©Mm{a`mo§ H$mo no§eZ `moOZm 1995 H$m {dñVma&
VXZwgma, H§$nZr Zo df© 2019-20 Am¡a 2020-21 Ho$ Xm¡amZ
Hw$b Xo`Vm H$m nm§Mdm§ {hñgm é.2531190 hOma H$r am{e H$mo
Ademo{fV {H$`m h¡ & ^{dî` H$r Xo`Vm H$r AKmo{fV am{e
é.7593569 hOma h¡&
(`'000)

n|eZ
{ddaU ¶moOZm Ho$ {dñVma Ho$ {bE am{e H$m ^wJVmZ {H$¶m OmEJm
Hw$b Xo¶Vm 12655948
df© 2019-20 ‘| Ademo{fV 2531190
df© 2020-21 ‘| Ademo{fV hmoZo Ho$ {bE 2531190
df© 2021-22 ‘| Ademo{fV hmoZo Ho$ {bE 2531190
df© 2022-23 ‘| Ademo{fV hmoZm 2531190
df© 2023-24 ‘| Ademo{fV hmoZm 2531188

ZmoQ>: df© 2020-21, ‘| ¶{X nyU© am{e {b¶m J¶m hmoVm Vmo 31.03.2021 H$mo g‘má Ad{Y hoVw hm{Z é. 7593568 hOma VH$ A{YH$ hmoJm &

H$ _©Mm[a`m| H$ mo godm{Zd¥{Îm gw{dYm
(i) ^{dî` {Z{Y
nmÌ H$ _©Mmar ({OÝhm|Zo n|eZ `moOZm H$ m {dH$ ën Zht MwZm h¡)
^{dî` {Z{Y go bm^ àmá H$ aVo h¢ Omo{H$ EH$ {ZpíMV
bm^Xm`H$`moOZm h¡ & H$ _©Mmar H$ s godm{Zd¥pËV, _¥Ë`w `m
godm`moOZm go ~Im©ñVJr na gH$ b A§eXmZ H$ m ã`m‹O g{hV
^wJVmZ {H$ `m OmVm h¡ & H$ _©Mmar VWm H§$ nZr XmoZm| hr `wZmBQ> oS>
B§{S> `mH$ _©Mmar ^{dî` {Z{Y Q>´ ñQ> _| Amd[aV H$ _©Mmar Ho$ doVZ
g_o{H V {dËVr` {ddaU
H§$ nZr Zo amOñd boIm VWm bm^ d hm{Z boIm _| ^{dî` {Z{Y
A§eXmZ Ho$ {bE é.14773 h‹Oma (é.79798 h‹Oma) H$s am{e
AZw_mo{XV H$ s h¡ &
(ii) CnXmZ
H§$ nZr ÛmamnmÌ H$ _©Mm[a`m| H$ mo Amd[aV H$ aVo hþE CnXmZHo$ {bE
EH$ {ZpíMV bm^ godm{Zd¥pËV `moOZm (CnXmZ `moOZm) H$ m
àmdYmZ {H$ `m J`m h¡ & CnXmZ `moOZm nmÌ H$ _©Mm[a`m| H$ mo CZH$s

Ho$ EH$ {Z`V à{VeV Ho$ ~am~a am{e H$ m _m{gH$ A§eXmZ H$ aVo godm{Zd¥pËV, _¥Ë`w, godm`moOZ _| Aj_Vm `m Cggo ~Im©ñVJr na
h¢ & Q>´ ñQ> Ho$ {Zdoem| go àmá Am` VWm Q>´ñQ> Ûmam A{Ygy{MV ã`m‹O g§~§{YV H$ _©Mm[a`m| Ho$ doVZ VWm godm`moOZ H$ s Ad{Y na
ImVm| _| ZmoQ²g

Ho$ ~rM `{X H$ moB© {JamdQ> hmoVr hmo, Vmo H§$ nZr CgH$ s j{Vny{V© Ho$ AmYm[aV EH$ _wíV YZam{e H$ m ^wJVmZ H$ aVr h¡ & nmÍVm nm±M df©
H$ s godm nyU© hmoZo na àma§^ hmoVr h¡& CnXmZ `moOZm go g§~§{YV
{bE {Oå_oXma h¡ &

426
84 ge{º H aU Ho {bE e{º H m XmohZ

As on 31-03-2021
Less than 1 year
1 – 3 years
More than 3 years
Total
31. Segmental reporting in the format prescribed by
IRDAI is given along with Schedules forming part of
Financial Statements.
32. Pension
Government of India vide gazette notification no
1627(E) dated 23.04.2019 approved a final option to
the Retired and existing Employees who have joined
the services of the Company before 1995 to opt for
Pension under General Employees’ Pension Scheme
1995. As per Actuarial valuation, the future liability in
respect of existing employees who have opted for
pension under this scheme is ` 12655948 thousand.
Pension
Particulars
Total liability
Absorbed in year 2019-20
Absorbed in year 2020-21
To be Absorbed in year 2021-22
To be Absorbed in year 2022-23
To be Absorbed in year 2023-24
Note: Had the entire amount been absorbed in the year 2020-21, the losses for the period ending 31.03.2021 would be higher by
` 7593568 thousand.
Retirement benefits to employees
(i) Provident fund
Eligible employees (employees not opted for
pension plan) receive benefits from the provident
fund, which is a defined benefit plan. Aggregate
contributions along with interest thereon are paid at
retirement, death, incapacitation or termination of
employment. Both the employee and the Company
make monthly contributions to the United India
Insurance Employee's Provident Fund Trust equal to
a specified percentage of the covered employee’s
salary. The Company has an obligation to make good
the shortfall, if any, between the return from the
investments of the trust and the interest rate notified
by the trust.
/
(` '000)
As on 31-03-2020
1179008 2636314
130269 6155
1305107 1298952
2614384 3941421
Insurance Regulatory and Development Authority of
India, vide its letter Ref 411/F&A(NL)/Amort-
EB/2019-20/125 dated 07-07-2020, has allowed
amortization, of additional future Pension liability of
` 12655948 thousands arising out of extension of
Pension Scheme 1995 to the existing employees of
the company, over a period of five years with effect
from financial year 2019-20.
Accordingly, the company has absorbed one fifth
of the total liability, amounting to ` 2531190
thousand during the year 2019-20 and 2020-21.
The unabsorbed amount of future liability carried
over is ` 7593569 thousand.
(`'000)
Amount to be Amortized for Extension of Scheme
12655948
2531190
2531190
2531190
2531190
2531188
The Company recognized ` 14773 thousands
(` 79798 thousands) for provident fund contribution
in the Revenue Accounts and Profit and Loss
CONSOLIDATED FINANCIAL STATEMENTS
account.
ii) Gratuity
The Company provides for gratuity, a defined benefit
retirement plan (the “Gratuity Plan”) covering eligible
employees. The Gratuity Plan provides a lump sum
payment to vested employees at retirement, death,
NOTES TO ACCOUNTS
incapacitation or termination of employment, of an
amount based on the respective employee’s salary
and the tenure of employment. Vesting occurs upon
completion of five years of service. Liabilities with
regard to the Gratuity Plan are determined by
actuarial valuation as of the balance sheet date, based
Harnessing Power to Empower 427
 |

Xo`Vm`| VwbZnÌ~ Ho$ AZwgma ~r_m§H$ H$ s` _yë`m§H$ Z Ûmam
{ZYm©[aVH$r OmVr h¡ {OgHo$ AmYma na H§$nZr g^r A{^{ZpüV
Xo`VmAmo§ Ho$ {bE `wZmBQo>S> B§{S>`m B§í`yaoÝg CnXmZ {Z{Y Q>´ ñQ> (X
Q>´ ñQ>) H$ mo A§eXmZ H$ aVo h¢ VWm A§eXmZm| H$ mo H$ mZyZ Ûmam `Wm
AZw_{V AZwgma {d{eîQ> {Zdoem| _| {Zdo{eV {H$ `m OmVm h¡&
H§$ nZr Zo n|eZ amOñd boIm VWm bm^ d hm{Z boIm _| n|eZ
A§eXmZ Ho$ {bE é.254211 h‹Oma (é.223261 h‹Oma) H$r am{e
H$m AZw_moXZ {H$`m h¡ &
(iv) Nw>Q²>Q> r ZH$ XrH$ aU

(iii) (A ) A{Ydm{f©Vm / n|eZ H§ nZr Ho H _©Mmar Nw Q² Q r ZH XrH aU Ho पा h¢ & H _©Mmar Cn`wŠV

H§$ nZr Zo nmÌ~ H$ _©Mm[a`m| H$ mo Amd[aV H$ aVo hþE _m{gH$ n|eZ Ho$
ê$n _| EH$ {Z`V bm^ godm{Zd¥pËV `moOZm (n|eZ `moOZm) H$ m
àmdYmZ {H$ `m h¡ & n|eZ `moOZm, H$ _©Mm[a`m| H$ mo CZH$ s
godm{Zd¥pËV Ho$ ~mX _¥Ë`w VH$ EH$ _m{gH$ n|eZ XoVr h¡ & _m{gH$
n|eZ g§~§{YV H$ _©Mm[a`m| Ho$ doVZ VWm godm`moOZ H$ s Ad{Y na
AmYm[aV hmoVr h¡ & nmÍVm Xg df© H$s godmnyU© hmoZo na àma§^ hmoVr h¡ &
H§$ nZr ^maVr` OrdZ ~r_m {ZJ_ H$ s dm{f©H$ s H$ m H«$ ` H$ aHo$
_m{gH$ n|eZ H$ m ^wJVmZ H$ aVr h¡ & n|eZ `moOZm go g§~§{YV
Xo`Vm`| VwbZ nÌ~ Ho$ AZwgma ~r_m§H$ H$ s` _yë`m§H$ Z Ûmam
{ZYm©[aV H$ s OmVr h¢ {OgHo$ AmYma na H§$ nZr g^r A{^{ZpíMV
Xo`VmAm| Ho$ {bE `wZmBQ> oS> B§{S> `m B§í`yaoÝg H§$ nZr n|eZ {Z{Y Q>´
ñQ> (X Q>´ ñQ> ) H$ mo A§eXmZ H$ aVr h¡ & Q>´ ñQ> r Q>´ ñQ> H$ mo {X`o J`o
A§eXmZ H$ mo àem{gV H$ aVo h¢ Am¡a A§eXmZm| H$ mo H$ mZyZ Ûmam `Wm
AZw_{V AZwgma {deof {Zdoem| _| {Zdo{eV {H$ `m OmVm h¡& (v) AñdñÏ` H s Nw Å r
(iii) (Am) Z`r A{Ydm{f©Vm / Z`r n|eZ
Z`r ne | Z `mO
o Zm EH$ {ZpíMV `mO o Zm h¡ Om{oH$ 1 Aàb ¡ , 2010 `m
CgH$o ~mX H$§ nZr _| H$ m`© Jh«U H$ aZdombo H$_M©m[a`m| na bmJy h¡ & H$§
nZr EH$ ndy© {ZYm[©aV Xa na {Z`V Ae § XmZ H$ m ^JwVmZ H$ aVr h¡
Ama¡ H$§ nZr H$ s X`oVm Bgr {Z`V Ae § XmZ VH$ gr{_V hmVor h¡ &
H$. df© Ho$ àma§^ Am¡a A§V ‘| {Z¶V bm^-Xm{¶Î¶m| Ho$ eof H$m g‘mYmZ
n|eZ {Z{Y
{ddaU
2020-21
df© Ho$ àma§^ ‘o {Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 38757139*
g§{MV NwQ²Q r ZH XrH aU Ho {hñgo H mo AJ«mZrV H a gH Vo h¢ Am¡a `m
Vmo AmJo H s Ad{Y _| BgH m Cn`moJ H aVo h¢ `m Aà`wŠV g§{MV NwQ²Q r
ZH XrH aU Ho {bE A{YH तक 240 {XZm| Ho {bE godm{Zd¥pËV `m
godm go ~Im©ñVJr na ZJa j{Vny{V© bo gH Vo h¢ & H§ nZr, {Og
Ad{Y _|
H _©Mmar Hmo AnZr godm`| XoVm h¡ Am¡a {Oggo पा Vm ~‹T Vr h¡, Cg
Ad{Y _| NwQ²Q r ZH XrH aU Ho à{VXm`r h¡ & H§ nZr A{V[aŠV am{e Ho
ê n _| NwQ²Qr ZHXrH aU H s AZw_m{ZV bmJV H s JUZm H aVr h¡ {Ogo
Cgo Cg Aà`wŠV पा Vm Ho n[aUm_ñdên ^wJVmZ H aZm Ano{jV
hmoJm Omo{H VwbZ प V{W na ~r_m§H H s` _yë`m§H Z Ho AmYma na
g§{MV hþB© hmoJr &
H§ nZr Zo ~r_m§H H _yë` Ho AmYma na H _©Mmar Ho ~r_mar AdH me
H s पा Vm Ho VhV é.100041 hOma (é. 111195 hOma H m
àmdYmZ {H `m h¡ &
{ZåZ{b{IV Vm{bH m _| 31 _mM©, 2021 Ho AZwgma H§ nZr Ho
{dËVr` {ddaUm| _| CnXmZ / n|eZ `moOZm H s {Z{YV pñW{V H m
{ddaU h¡ …
(` '000)
CnXmZ {Z{Y
2019-20 2020-21 2019-20
31965544 12320302 11514123

dV©‘mZ godm 춶 869700 728032 294851 333728

ã¶mO ‘yë¶ 2277493 1729356 763388 867157

Xm{¶Ë¶m| na ~r‘m§H$Z hm{Z / bm^ 9100721 32624973 1007920 954612

df© Ho$ Xm¡amZ Ademo{fV am{e 2531190 2531190 0 0

g_o{H V {dËVr` {ddaU

nyd© godm bmJV 0 0 0 0

àXËV bm^ (11500000) (20697197) (2188005) (1349318)

ImVm| _| ZmoQ²g

df© Ho$ A§V ‘o {Z¶V Xm{¶Ëd H$m ‘yë¶ 42036243 48881898 12198456 12320302

**31.03.2020 VH$ é.10124759 hOmamo§ H$mo N>moS>H$a Ag§~Õ Am¡a J¡a-_mÝ`Vm àmßV no§eZ Xo`Vm|
428
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

upon which, the company contributes all the ascertained
liabilities to the United India Insurance Employees’
Gratuity Fund Trust (the “Trust”). Trustees administer
contributions made to the Trust and contributions are
invested in specific investments as permitted by law.
(iii) (a) Superannuation/ Pension
The Company provides for monthly pension, a
defined benefit retirement plan (the “pension Plan”)
covering eligible employees. The pension Plan
provides a monthly pension after retirement of the
employees till death. The Monthly pension is based
on the respective employee’s salary and the tenure of
employment. Vesting occurs upon completion of ten
years of service. The company pays the monthly
pension by purchasing the annuity from Life
Insurance Corporation of India. Liabilities with
regard to the pension Plan are determined by
actuarial valuation as of the balance sheet date,
based upon which, the company contributes all the
ascertained liabilities to the United India Insurance
Employees’ Pension Fund Trust (the “Trust”).
Trustees administer contributions made to the Trust
and contributions are invested in specific
investments as permitted by law.
(iii) (b) New Superannuation/ New Pension
New pension scheme which is applicable to
employees who joined the company on or after 1st
April 2010 is a defined contribution scheme. The
company pays fixed contribution at predetermined
rate and the obligation of the company is limited to
such fixed contribution.
The Company recognized ` 254211 thousands
(` 223261 thousands) for pension contribution in the
Revenue Accounts and Profit and Loss account.
(iv) Leave encashment
The employees of the Company are entitled to Leave
Encashment. The employees can carry forward a
portion of the unutilized accrued Leave Encashment
and utilize it in future periods or receive cash
compensation at retirement or termination of
employment for the unutilized accrued Leave
Encashment for a maximum of 240 days. The
company records an obligation for Leave
Encashment in the period in which the employee
renders the services that increase this entitlement.
The Company measures the expected cost of Leave
Encashment as the additional amount that the
company expects to pay as a result of the unused
entitlement that has accumulated at the balance
sheet date based on actuarial valuation.
(v) Sick Leave
The company has provided for ` 100041 thousands
(` 111195 thousands) as liability, as on date, towards
Sick Leave entitlement for employees based on
actuarial valuation.
The following table sets out the funded status of
gratuity/pension plan and the amounts recognized in
the company’s financial statements as at March 31,
2021.

A) Reconciliation of opening and closing balances of Defined Benefit obligation:

(` in '000)
Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20

Defined benefit obligation at the beginning of the year 38757139* 31965544 12320302 11514123 CONSOLIDATED FINANCIAL STATEMENTS

Current service cost 869700 728032 294851 333728

Interest cost 2277493 1729356 763388 867157

Actuarial (gain)/loss 9100721 32624973 1007920 954612

Amortized amount absorbed during the year 2531190 2531190 0 0

NOTES TO ACCOUNTS

Past Service Cost 0 0 0 0

Benefits paid (11500000) (20697197) (2188005) (1349318)

Defined benefit obligation at the end of the year 42036243 48881898 12198456 12320302

* * Excludes Rs.10124759 thousands - of unamortized and unrecognised pension liability as of 31.03.2020.

Harnessing Power to Empower 429

 |

I. ¶moOZm AmpñV¶m| Ho$ C{MV ‘yë¶ df© Ho$ àmaå^ ‘o Am¡a A§V ‘o H$m g‘mYmZ
(` '000)
n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20

df© Ho$ àma§^ ‘o ¶moOZm AmpñV¶m| Ho$ C{MV ‘yë¶ 31856204 29388303 13307618 10496842

¶moOZm AmpñV¶m| go AZw‘m{ZV bm^ 2379840 2301761 925646 788862

Xm{¶Ë¶m| na ~r‘m§H$Z hm{Z / bm^ (480044) (76756) (136059) (125968)

Aݶ H$n{Z¶m| go àmá 0 0 0 0

{Z¶moOH$ H$m A§eXmZ 11250000 20940093 1540000 3497200

AXm H$r J`r gw{dYm 0 0 (2752900) 0

àXËV bm^ (11500000) (20697197) (2188005) (1349318)

df© Ho$ A§V ‘o {Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 33506000 31856204 10696300 13307618

J.¶moOZm AmpñV¶m| Ho$ C{MV ‘yë¶ H$m g‘mYmZ (` '000)

n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20

df© Ho$ A§V ‘o ¶moOZm AmpñV¶m| H$m ~mµOma ‘yë¶ 33506000 31856204 10696300 13307618

df© Ho$ A§V ‘| Xm{¶Ëdm| H$m dV©‘mZ ‘yë¶ 39505053 48881898 12198456 12320302

Ademo{fV Xm{¶Ëd 2531190 2531190 0 0

VwbZ nÌ ‘o A{^km{nV A{Z{Y~Õ Xo¶Vm / (n[agn§ËVr) 8530243 19556884 1502156 (987316)

K. bm^ Am¡a hm{Z ImVo ‘o A{^km{nV 춶

(` '000)
n|eZ {Z{Y CnXmZ {Z{Y
{ddaU
2020-21 2019-20 2020-21 2019-20
dV©‘mZ godm 춶 869700 728032 294851 333728
ã¶mO 춶 2277493 1729356 763388 867157
¶moOZm AmpñV¶m| go AZw‘m{ZV bm^ (2379840) (2301761) (925646) (788862)
ewÕ ~r‘m§H$Z (bm^/hm{Z) 9580765 32701729 1143979 1080580
Aݶ H§$n{Z¶m| go àmá 0 0 0 0
g_o{H V {dËVr` {ddaU

df© Ho$ Xm¡amZ MwH$m¶m 0 2531190 0 0

ImVm| _| ZmoQ²g

bm^ Am¡a hm{Z ImVo ‘o A{^km{nV Hw$b 춶 10348118 35388546 1276572 1492603
¶moOZm AmpñV¶m| go dmñV{dH$ bm^ 1899796) (2225005) (789587) (662894)

430
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

B) Reconciliation of opening and closing balances of fair value of plan assets:

(` in '000)
Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20

Fair value of plan assets at the beginning of the year 31856204 29388303 13307618 10496842

Expected return on plan assets 2379840 2301761 925646 788862

Actuarial gain/(loss) (480044) (76756) (136059) (125968)

Received from other companies 0 0 0 0

Employer contribution 11250000 20940093 1540000 3497200

Past contribution 0 0 (2752900) 0

Benefits paid (11500000) (20697197) (2188005) (1349318)

Fair value of plan assets at the end of the year 33506000 31856204 10696300 13307618

C) Reconciliation of fair value of assets and obligations: (` in '000)

Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20

Fair value of plan assets as at the end of the year 33506000 31856204 10696300 13307618

Present value of obligations as at the end of the year 39505053 48881898 12198456 12320302

Absorbed Liability 2531190 2531190 0 0

Unfunded liability / (asset) recognized in the

Balance Sheet 8530243 19556884 1502156 (987316)

D) Expense recognized in the Profit and Loss account: (` in '000)

Pension Fund Gratuity Fund
Particulars
2020-21 2019-20 2020-21 2019-20 CONSOLIDATED FINANCIAL STATEMENTS

Current service cost 869700 728032 294851 333728

Interest cost 2277493 1729356 763388 867157
Expected return on plan assets (2379840) (2301761) (925646) (788862)
Net Actuarial (gain)/loss 9580765 32701729 1143979 1080580
NOTES TO ACCOUNTS

Received from other companies 0 0 0 0

Amortization During the year 0 2531190 0 0
Total expenses recognized in the Profit and Loss account 10348118 35388546 1276572 1492603
Actual return on plan assets (1899796) (2225005) (789587) (662894)

Harnessing Power to Empower 431

 |

S>. Q´>ñQ> Ûmam g§nmo{fV {Zdoe à{VeVVm (% ‘|)

n|eZ {Z{Y~Õ CnXmZ {Z{Y~Õ
{ddaU
2020-21 2019-20 2020-21 2019-20
gaH$mar à{V^y{V¶m± 14.75 14.75 26.86 26.86
Cƒ JwUdÎmm gm‘y{hH$ ~m°ÊS> 22.52 22.52 4.20 4.20
eo¶a ~mµOma H$s gyMr ‘o gpå‘{bV H§$n{Z¶m| Ho$ eo¶a 1.05 1.05 0.00 0.00
{d{eï> O‘m ¶moOZm (å¶yMwAb µ’§$S>) 0.00 0.00 0.00 0.00
Others 61.68 61.68 68.94 68.94

M . VwbZnÌ H$s {V{W na ‘yb ~r‘m§H$Z nydm©Zw‘mZ (^m[aV Am¡gV Ho$ ê$n ‘o A{^춺$) (% ‘|)
n|eZ CnXmZ Nw>Å>r ZH$XH$aU
{ddaU {Z{Y~Õ {Z{Y~Õ A{Z{Y~Õ
Ny>Q> Xa 6.90 6.30 7.60
¶moOZm AmpñV¶m| na bm^ H$s AZw‘m{ZV Xa 7.50 7.50 bmJy Zht
doVZ ‘o d¥{Õ H$s Xa 2.50 2.50 bmJy Zht
H$‘©Mmar Am¶ 춶 J¡a ‘hËdnyU©
‘˶©Vm H$m¶©aV H$‘©Mm[a¶m| hoVw OrdZ ~r‘m {ZJ‘ (2006-08)
VWm OrdZ ~r‘m {ZJ‘ (1996-98)godm {Zd¥Îm gXñ¶m| hoVw
à¶moJ H$s J¶r nÕ{V àmoOoH$Q>oS> ¶y{ZQ> H«o${S>Q> nÕ{V

N>. JUZm Ho$ {bE JE ~r‘m§H$Z nydm©Zw‘mZ H$m AmYma

{ddaU nydm©Zw‘mZ H$m AmYma
¶moOZm AmpñV¶m| na bm^ H$s AZw‘m{ZV Xa EH$ df© H$s ã¶mO Xa
doVZ ‘o d¥{Õ H$s Xa ~r‘m§H$Z ‘yë¶ {ZYm©aU ‘o ^{dî¶ H$s doVZ d¥{Õ H$m AZw‘mZ ‘h§JmB©, d[að>Vm, nXmoÞ{V
VWm Aݶ àmg§{JH$ H$maH$m| O¡go {Z¶moº$m ~mµOma ‘o ny{V© Am¡a ‘m§J H$mo JUZm ‘o boH$a {H$¶m
J¶m h¡&

O.(I) dV©‘mZ Am¡a JV Mma dfm] ‘o A{^km{nV am{e

(` '000)
g‘má df©
{ddaU (n|eZ)
31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
{Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 28804975 31447233 31965544 48881898 42036243
¶moOZm AmpñV¶m§ 24872973 29837287 29388303 31856204 33506000
g_o{H V {dËVr` {ddaU

A{Ydoe/H$‘r 66 (1782348) (339937) (17025694) (8530243)

¶moOZm Xm{¶Ëdm| na ~r‘m§H$Z bm^/ hm{Z 3932068 (172402) 2237304 35156163 9100721
ImVm| _| ZmoQ²g

¶moOZm n[ag§n{Îm¶m| na ~r‘m§H$Z bm^/ hm{Z (2359131) 50100 91922 (76756) (480044)

432
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

E) Investment percentage maintained by the trust (in %)

Pension (Funded) Gratuity (Funded)
Particulars
2020-21 2019-20 2020-21 2019-20
Government securities 14.75 14.75 26.86 26.86
High Quality Corporate Bonds 22.52 22.52 4.20 4.20
Equity Shares of Listed Co. 1.05 1.05 0.00 0.00
Special Deposit Scheme (Mutual Fund) 0.00 0.00 0.00 0.00
Others 61.68 61.68 68.94 68.94

F) Principal Actuarial assumption at the Balance sheet date (expressed as weighted average) (in %)
Pension Gratuity Leave Encashment
Particulars
(Funded) (Funded) (Unfunded)
Discount rate 6.90 6.30 7.60
Expected rate of return on plan assets 7.50 7.50 NA
Rate of escalation in salary 2.50 2.50 NA
Employee turnover Not significant
Mortality LIC (2006-08) for serving employees and
LIC (1996-98) for retired members
Method used Projected Unit Credit Method

G) Basis of Actuarial assumption considered

Particulars
Expected rate of return on plan assets
Rate of escalation in salary
Basis of assumption
One year Interest rate
The estimate of future salary increase, considered in actuarial valuation
takes into account inflation, seniority, promotion and other relevant
factors, such as supply and demand in employment market
CONSOLIDATED FINANCIAL STATEMENTS

H. (1) Amount recognized in current year and previous four years:

(` '000)
Year Ended
Particulars (Pension)
31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
Defined Benefit Obligation 28804975 31447233 31965544 48881898 42036243
NOTES TO ACCOUNTS

Plan Assets 24872973 29837287 29388303 31856204 33506000

Surplus/ (Deficit) 66 (1782348) (339937) (17025694) (8530243)
Actuarial (gain)/loss on plan obligation 3932068 (172402) 2237304 35156163 9100721
Actuarial gain/(loss) on plan assets (2359131) 50100 91922 (76756) (480044)

Harnessing Power to Empower 433

 |

O. (2) dV©‘mZ Am¡a JV Mma dfm] ‘o A{^km{nV am{e (` '000)

g‘má df©
{ddaU CnXmZ 31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021
{Z¶V bm^ Xm{¶Ëd H$m ‘yë¶ 7978470 11139240 11514123 12320302 12198456
¶moOZm AmpñV¶m§ 6416609 7690208 10496842 13307618 10696300
A{Ydoe/H$‘r 6416609 7690208 10496842 13307618 10696300
¶moOZm Xm{¶Ëdm| na ~r‘m§H$Z bm^/ hm{Z 1647701 (724534) 483469 954612 1007920

¶moOZm n[ag§n{Îm¶m| na ~r‘m§H$Z bm^/ hm{Z 242026 (50236) 106707 (125968) (136059

33. H$‘©Mm[a¶m| H$mo AënH$mbrZ gw{dYm

H$‘©Mmar Ûmam àXmZ H$s J¶r godm H$s g‘m{á Ho$ nümV 12 ‘mh Ho$ A§Xa AënH$mbrZ H$‘©Mmar gw{dYm O¡go Eb Q>r Eg, {M{H$Ëgm gw{dYm Am{X Omo
nyU©V… Xo¶ h¡, CgHo$ {bE AZw‘mZ Ho$ AmYma na {Z{Y H$s ì¶dñWm H$s J¶r h¡&

34. {d{Z¶m‘H$ Amdí¶H$Vm Ho$ AZwgma {ZåZ{bpIV à‘wIm| Ho$ VhV {H$E JE IMm] H$m àH [QV {H$¶m OmVm h¡ - (` '000)
{ddaU 31.03.2021 31.03.2020
~mhar òmoV H$m IM© 210028 190149
H$mamo~ma {dH$mg 726328 738154
{dnUZ g‘W©Z eyݶ eyݶ

35. g§~§{YV nj H$m àH$Q>rH$aU : E Eg 18

A) g§~§{YV nj H$m Zm‘ Am¡a H§$nZr Ho$ gmW CZH$m g§~§Y:
i) {Z¶§{ÌV H§$nZr:
‘ogog© Oo{ZW goŠ¶y[aQ>rO E§S> BZdoñQ>‘|Q> {b{‘Q>oS>
ii) g§~Õ H§$nZr:
‘ogog© B§{S>¶m B§Q>aZoeZb B§í¶yaoÝg àmBdoQ> {b, qgJmnwa
‘ogog© hoëW B§í¶yaoÝg Q>r.nr.E. Am’$ B§{S>¶m {b{‘Q>oS>, B§{S>¶m
iii) gm‘mݶ {ZXoeH$
‘ogg© Ho$Z B§{S>¶m Eí¶yaoÝg H§$nZr {b, Ho$ݶm
‘ogg© OrAmB©gr hmC{g§J \$mBZo§g {b, ^maV
iv) ‘w»¶ à~ÝYZ H$m¶©nmbH$
lr {Jare amYmH¥$îUZ, AÜ`j gh à~§Y {ZXoeH$ (01.04.2020 go )
lr a{d am°`, S>~ë`yQ>rS>r (28.12.2020 go )
g_o{H V {dËVr` {ddaU

lr amOrd Mm¡Yar, S>~ë`yQ>rS>r (28.12.2020 go 28.02.2021 VH$)

lr emhwb h_rX, grE\$Amo (01.04.2020 go 27.07.2020 VH$)
ImVm| _| ZmoQ²g

lr Or gwÝXa am_Z, grE\$Amo (28.07.2020 go)

gwlr AZJm em§VZw Xoenm§S>, H§$nZr g{Md (01.04.2020 go)

434 ge{º H aU Ho {bE e{º H m XmohZ

 /

H. (2) Amount recognized in current year and previous four years: (` '000)
Year Ended
Particulars (Gratuity)
31-03-2017 31-03-2018 31-03-2019 31-03-2020 31-03-2021

Defined Benefit Obligation 7978470 11139240 11514123 12320302 12198456

Plan Assets 6416609 7690208 10496842 13307618 10696300

Surplus/ (Deficit) 85841 (4173566) (1017281) 987316 (1502156)

Actuarial (gain)/loss on plan obligation 1647701 (724534) 483469 954612 1007920

Actuarial gain/(loss) on plan assets 242026 (50236) 106707 (125968) (136059)

33. Short Term Benefits to employees

Short-term employee benefits, which fall due wholly within twelve months after the end of the period in which the
employees render the related service, such as Leave Travel Subsidy (LTS), Medical Benefits, etc., are provided
based on estimates.

34. The expenses incurred under the following heads are disclosed as per Regulatory requirement:
(` '000)
Particulars 31.03.2021 31.03.2020

Outsourcing Expenses 210028 190149

Business Development 726328 738154

Marketing Support NIL Nil

35. Related party disclosures (AS 18):

a. Name of the related party and their relationship with the company:
i) Subsidiary
M/s. Zenith Securities and Investments Limited
ii) Associates
M/s. India International Insurance Pte Ltd., Singapore
M/s. Health Insurance TPA of India Ltd., India
iii) Common Director
CONSOLIDATED FINANCIAL STATEMENTS

M/s. Ken India Assurance Co Ltd., Kenya

M/s. GIC Housing Finance Ltd., India
iv) Key Management Personnel
Shri Girish Radhakrishnan, Chairman cum Managing Director (From 01-04-2020).
Shri Ravi Rai, WTD (From 28-12-2020).
NOTES TO ACCOUNTS

Shri Rajeev Chaudhary, WTD (From 28-12-2020 to 28-02-2021).

Shri Shahul Hameed, CFO (From 01-04-2020 to 27-07-2020).
Shri G Sundara Raman, CFO (From 28-07-2020).
Ms. Anagha Shantanu Deshpande, Company Secretary (From 01-04-2020).

Harnessing Power to Empower 435

 |

I. boZ-XoZ H$m {ddaU (` '000)

_ogog© B§{S>`m _ogog© Ho$Z _ogog© h¡ëW BÝewa|g _ogg©. OrAmB©gr ‘w»¶
H«$_ B§Q>aZoeZb BÝewa|g B§{S>`m Eewa|g Qr.nr.E. Am°\$ B§{S>`m hmC{g§J à~§YH$s¶
{ddaU
g§»`m àmBdoQ> {b{_Q>oS H§$. {b. {b{_Q>oS \\$mBZoÝg {b. H$m{‘©H$
1 df© Ho$ Xm¡amZ boZXoZ
H$ df© Ho$ Xm¡amZ bm^m§e àmá hþAm
31-03-2021 26882 1817 eyÝ` 7912 eyÝ`
31-03-2020 25062 3463 eyÝ` eyÝ` eyÝ`
I B{¹$Q>r ‘| {Zdoe
31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
J nwZ~u‘m boZXoZ
- S>m¶aoŠQ> H$mo Xo¶
31-03-2021 80229 eyÝ` eyÝ` eyÝ` eyÝ`
31-03-2020 45784 eyÝ` eyÝ` eyÝ` eyÝ`
- S>m¶aoŠQ> go àm߶
31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
K {ZXoeH$ H$m nm[al{‘H$ àmá hþAm
31-03-2021 eyÝ` 134 eyÝ` eyÝ` eyÝ`
31-03-2020 eyÝ` 153 eyÝ` eyÝ` eyÝ`
L> doVZ, ^Îmo Am¡a ¶moJXmZ
31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` 12762
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` 7991
M {H$am¶m àmá hþAm
31-03-2021 eyÝ` eyÝ` 1545 530 eyÝ`
31-03-2020 eyÝ` eyÝ` 687 eyÝ` eyÝ`
N>$ àmß` {H$am`m
31-03-2021 eyÝ` eyÝ` eyÝ` 106 eyÝ`
31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` eyÝ`
O df© Ho$ Xm¡amZ ^wJVmZ H$s JB© Q>rnrE ’$sg
31-03-2021 eyÝ` eyÝ` 103554 eyÝ` Nil
31-03-2020 eyÝ` eyÝ` 115471 eyÝ` Nil
P Xo¶ Q>rnrE ewëH$
31-03-2021 eyÝ` eyÝ` 57075 eyÝ` eyÝ`
31-03-2020 eyÝ` eyÝ` 55441 eyÝ` eyÝ`
2 31.03.2019 H$mo eof àXÎm FU
g_o{H V {dËVr` {ddaU

31-03-2021 eyÝ` eyÝ` eyÝ` eyÝ` 5449

31-03-2020 eyÝ` eyÝ` eyÝ` eyÝ` 7171
ImVm| _| ZmoQ²g

My±{H$ H§$nZr Am¡a CgH$s ghm¶H$ amÁ¶ {Z¶§{ÌV h¢, Bg{bE boIm§H$Z ‘mZH$ -18 H$s Amdí¶H$VmAm| Ho$ AZwgma Aݶ amÁ¶ {Z¶§{ÌV CnH«$‘m| Ho$ gmW
boZXoZ go g§~§{YV H$moB© Iwbmgm Zht {H$¶m J¶m h¡&

436
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

b. Details of Transactions :
(` '000)

M/s. India M/s. Ken India M/s. Health M/s GIC Key
Sl.
Particulars International Assurance Insurance TPA of Housing Managerial
No.
Insurance Pte. Ltd. Co. Ltd. India Ltd. Finance Ltd Personnel
1 Transactions during the year
a. Dividend received during the year
31-03-2021 26882 1817 Nil 7912 Nil
31-03-2020 25062 3463 Nil Nil Nil
b. Investment in Equity
31-03-2021 Nil Nil Nil Nil Nil
31-03-2020 Nil Nil Nil Nil Nil
c. Reinsurance transactions
- Due to Direct
31-03-2021 80229 Nil Nil Nil Nil
31-03-2020 45784 Nil Nil Nil Nil
- Due from Direct
31-03-2021 Nil Nil Nil Nil Nil
31-03-2020 Nil Nil Nil Nil Nil
d. Director's Remuneration Received
31-03-2021 Nil 134 Nil Nil Nil
31-03-2020 Nil 153 Nil Nil Nil
e. Salaries, Allowances and Contributions
31-03-2021 Nil Nil Nil Nil 12762
31-03-2020 Nil Nil Nil Nil 7991
f. Rent received
31-03-2021 Nil Nil 1545 530 Nil
31-03-2020 Nil Nil 687 Nil Nil
g. Rent receivable
31-03-2021 Nil Nil Nil 106 Nil
31-03-2020 Nil Nil Nil Nil Nil
h. TPA fees paid during the year CONSOLIDATED FINANCIAL STATEMENTS

31-03-2021 Nil Nil 103554 Nil Nil

31-03-2020 Nil Nil 115471 Nil Nil
i. TPA fees payable
31-03-2021 Nil Nil 57075 Nil Nil
31-03-2020 Nil Nil 55441 Nil Nil
NOTES TO ACCOUNTS

2 Balances of Loan and Advances as on:

31-03-2021 Nil Nil Nil Nil 5449
31-03-2020 Nil Nil Nil Nil 7171

Since the Company and its Subsidiary are State controlled, no disclosures are made pertaining to the transactions with other
State controlled undertakings in accordance with the requirements of the Accounting Standard AS-18.

Harnessing Power to Empower 437

 |

36. brgg - EEg - 19

H§$nZr Ho$ {ZañV `mo½` àMmbZ nÅo Ho$ AYrZ H$B© dm{UÁ` n{aga VWm Amdmgr` âb°Q> {bE h¡§& `o nÅo H$ama g_mÝ`V… g_mpá na ZdrZrH$aU {H$`m OmEJm&
nÅo H$r eV] ì`H$rJV H$ama na AmYm{aV h¡& àMmbZ nÅo IM© h¡ é.1166408hµOma (é. 1229030 hµOma) amOñd ImVo _o à^m{aV h¡&

37. boIm ‘mZH$ E Eg 20 Ho$ AZwgma à{V eo¶a H$m Am¶ H$m àH$Q>Z:
.H«$‘ g§»¶m {ddaU 31-03-2021 31-03-2020

1. eo¶aYmaH$m| Ho$ {bE CnbãY ewÕ bm^ (ê$ hOmam| ‘o) -9906607 -15014191

2. ^m[aV Am¡gV na Omar gm‘¶m§e eo¶am| H$s (g§»¶m ‘o) 1521931507 151639344

3. à˶oH$ é.10/- Ho$ à{V eo¶a go Am¶ -6.51 -99.01

H§$nZr Ho$ nmg H$moB© ~H$m¶m ~§X g§^mì¶ gm‘¶m§e eo¶a Zht h¡& BgHo$ n[aUm‘ñdê$n H§$nZr Ho$ ‘yb Am¡a à{V eo¶a go àm߶ Am¶ ‘o H$moB© n[adV©Z Zht h¡&
38. E) n`m©á ^{dî` H$r H$a `mo½` Am` H$r C{MV/Am^mgr {ZpüVVm Ho$ A^md _o§ AmñW{JV H$a AmpñV`mo§ H$mo 31-03-2021 H$mo _mÝ`Vm Zhr§ Xr JB© h¡&
~r) Egmo{gEQ> H§$nZr, hoëW B§í`yaoÝg Q>rnrE Am°\\$ B§{S>`m {b{_Qo>S> Zo S>rQ>rE H$mo `yZmBQo>S> B§{S>`m B§í`yaoÝg H§$nZr {b{_Qo>S> Ho$ _wZm\\$o Ho$ {hñgo Ho$ gmW
g_m`mo{OV Ho$ ê$n _o§ _mÝ`Vm Xr h¡, Omo Bg gmb AnZo ~wH$ Am°\\$ AH$mC§Q²>g _o§ 8811 hOma h¡ Š`mo§{H$ H§$nZr Am^mgr h¡ {H$ CgHo$ {Ibm\\$ ^{dî` _o§
n`m©á H$a `mo½` bm^ hmoJm & Omo S>rQ>rE dgyb {H$`m OmEJm &
39. `yZmBQo>S> B§{S>`m B§í`moao§g H§$nZr {b{_Qo>S> Ho$ bm^ Ho$ {hñgo Ho$ gmW g_m`mo{OV VwbZ nÌ H$r VmarI _o§ B§{S>`m B§Q>aZoeZb B§í`moao§g àmBdoQ> {b{_Qo>S>
Ûmam àXmZ H$r JB© AmñW{JV H$a Xo`Vm ₹49109 hOma h¡&
40. à~§YZ H$r am` _o H§$nZr H$r n{ag§npÎm`mo§ _o H$moB© _yë`õmg Zhr§ h¡ Omo boIm _mZH$ 28 Ho$ AZwgma g_m`moOZm H$r Anojm hmo &

41. {nN>br Ad{Y Ho$ ‘Xm| H$mo g§~pÝYV erfm] Ho$ VhV gpå‘{bV Š¶m J¶m h¡ Am¡a {ddaU {ZåZmZwgma h¡: (` '000)
{ddaU 31-03-2021 31-03-2020

nyd© Ad{Y Am¶ 1517 -

nyd© Ad{Y 춶 21081 15552

42. à~§YZ Ûmam à‘m{UV joÌdma gH$b àr{‘¶‘ {ZåZmZwgma h¡ (` '000)

31-03-2021 31-03-2020
H«$‘ Omar H$s JB© nm{b{g¶m± Omar H$s JB© nm{b{g¶m±
g§»¶m {ddaU
‘yë¶ Am¡a Amd[aV % ‘yë¶ Am¡a Amd[aV %
Ordm| H$s g§»¶m Ordm| H$s g§»¶m
1. J«m‘rU joÌ (Omar H$s JB©
nm{b{g¶m| H$s g§»¶m) 14890746 - 8.91 28251885 - 16.13

2. gm‘m{OH$ joÌ (Amd[aV

g_o{H V {dËVr` {ddaU

Ordm| H$s g§»¶m) 25021269 157713580 14.98 6917607 105264805 3.95

3. Aݶ joÌ 127134945 - 76.11 139981408 - 79.92

ImVm| _| ZmoQ²g

Hw$b H$mamo~ma 167046960 100.00 175150900 100.00

438
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

36. Leases- AS-19:-

The Company has taken various commercial premises and residential flats on lease with Termination Clause in the Rent
Agreement (with provision to terminate the agreement before its expiry. These lease agreements are normally renewed on
expiry after review based on the then prevalent conditions / requirements. Lease Terms / Agreements are usually executed
based on Standard Formats as per Company guidelines. Lease rental expense in respect of operating leases charged to
revenue account is ` 1166408 thousands (` 1229030 thousands).
37. Disclosures as per AS 20 “Earnings per Share”

Sl.No. Particulars 31-03-2021 31-03-2020

1. Net Profit/(Loss) attributable to shareholders (` in thousands) -9906607 -15014191
2. Weighted Average Number of Equity Shares issued (in Nos.) 1521931507 151639344
3. Basic earnings per share of `10/- each -6.51 -99.01

The Company does not have any outstanding dilutive potential equity shares. Consequently, the basic and diluted earnings
per share of the Company remain the same.

38. a) Deferred Tax Assets has not been recognized as on 31-03-2021 in the absence of reasonable/virtual certainty of
sufficient future taxable income.

b) The Associate Company, Health Insurance TPA of India Ltd has recognised DTA as adjusted with United India
Insurance Co Ltd's share of profits is ` 8811 thousands in its Books of Accounts this year because Company is
virtual certain that it will have sufficient future taxable profits against which DTA will be realized.

39. Deferred Tax Liability provided by India International Insurance Pte Ltd as at Balance Sheet date as adjusted with
United India Insurance Co Ltd's share of profit is ` 49109 thousands.

40. In the opinion of the management, there is no impairment of assets of the company that require any adjustment to be
made in terms of Accounting Standard-28.

41. Prior period items have been included in the respective heads and consist of the following: (` '000)

Particulars 31-03-2021 31-03-2020

Prior period income 1517 -
Prior period expenses 21081 15552

42. The sector-wise Gross Premium underwritten as certified by the Management is as follows: (` '000) CONSOLIDATED FINANCIAL STATEMENTS

31-03-2021 31-03-2020
Sl. No. of Policies No. of Policies
No. Particulars
Value issued and lives % Value issued and lives %
covered covered
1. Rural Sector
(No.of Policies issued) 14890746 - 8.91 28251885 - 16.13
NOTES TO ACCOUNTS

2. Social Sector
(Lives covered) 25021269 157713580 14.98 6917607 105264805 3.95
3. Other Sector 127134945 - 76.11 139981408 - 79.92
Total Business 167046960 100.00 175150900 100.00

Harnessing Power to Empower 439

 |

43. OmopI‘ H$s gr‘m Am¡a nwZ~u‘m Ho$ {bE {ddaU {ZåZmZwgma h¢ - (% ‘| )
H«$‘ {ddaU
g§»¶m 31-03-2021 31-03-2020

1. OmopI‘ Ademo{fV 84.29 78.45

2. OmopI‘ nwZ~u‘m 15.71 21.55

44. àmdYmZm| H$m {ddaU (` ‘000)

Nw>Å>r ZH$XrH$aU ~wao Am¡a g§{X½Y F$Um|
AñdñW Nw>Å>r Ho$ {bE àmdYmZ
{ddaU Ho$ {bE àmdYmZ XrK©H$m{bH$
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
àma§{^H$ eof 2797533 2832244 111194 118707 3428667 2456538
OmoS> 0 0 0 0 4221114 997644
Cn¶moJ 0 0 0 0 0 0
~Xbmd 119777 34711 11153 7512 729 25517
A§{V‘ eof 2677756 2797533 100041 111194 7649052 3428667
45. àr{‘¶‘ H$s H$‘r:
gH$b àË`j AZ{O©V àr{_`_ 1/12 AmYma na AmVm h¡ Am¡a ZoQ> nmoQ>©\\$mo{b`mo Ho$ {bE JUZm H$r OmVr h¡ Am¡a nwñVH$mo§ _o§ V^r _mÝ`Vm àmá
AZ{O©V àr{_`_ na nhw§MZo Ho$ {bE Bgo ZoQ> àr{_`_ na bmJy {H$`m OmVm hmoVr h¡ O~ I§S> amOñd ImVm ñVa na H$_r hmoVr h¡ & 31-03-2020 H$mo
h¡ & ewÕ àr{_`_ H$r VwbZm ZoQ> {H$E JE Xmdmo§ (Xmdmo§ go g§~§{YV bmJV g_má df© Ho$ {bE, I§S>r` amOñd ñVa na H$moB© àr{_`_ H$_r Zhr§ h¡ &
g{hV) Ho$ gmW H$r OmVr h¡ Am¡a Ohm§ ewÕ {H$E JE Xmdmo§ H$r g§»`m 100% hmbm§{H$, àr{_`_ H$r H$_r Ho$db ì`pº$JV XwK©Q>Zm, {d_mZZ, Am¡a
go A{YH$ h¡, àr{_`_ H$r H$_r H$r JUZm ZoQ> AZ{O©V àr{_`_ na ZoQ> ñdmñÏ` Am¡a hm°pñnQ¡>{bQ>r nmoQ>©\\$mo{b`mo _o§ n¡Xm hwB© h¡ Am¡a BgH$m Iwbmgm
{H$E JE Xmdmo§ Ho$ 100% go A{YH$ na H$r OmVr h¡ Am¡a Cgr àË`oH$ `hm§ hwAm h¡
(` ‘000)
H$‘r
I§S>
31.03.2021 31.03.2020
ì¶{º$JV XþK©Q>Zm 7348 370812
{d‘mZZ 427685 65625
ñdmñ϶ d Am{V϶ 0 1153432

46. n[anÌ g§. AmB©Ama S>r E / E’$ E / n[a/nÌm§H$ / gr Eb S>r /114 / 05 / 2015 {XZ§mH$ 28.05.2015 Ho$ AZwgma Xmdm Z {H$E JE
am{e Am¡a {Zdoe Am¶ H$m àH QrH aU
Mmby df© {nN>bm df©
{ddaU
nm°{bgr ~H$m`m A{O©V Am` nm°{bgr ~H$m`m A{O©V Am`
àmapå^H$ eof 739651 0 674674 0
Omo‹S>: ñdrH¥$V _o§ hñVm§V{aV am{e 884524 0 117464 0
Omo‹S>: MoH$ Omar {H$E JE am{e go ~mha Omar H$ao§,§ 13898 0 200493 0
bo{H$Z nm{bgrYmaH$mo§ Ûmam ^amd Zhr
Omo‹S>: Xmdm Z {H$E JE \\$§S> na {Zdoe Am` 34178 11557 40207 14635
g_o{H V {dËVr` {ddaU

KQ>md: {V_mhr Ho$ Xm¡amZ ^wJVmZ {H$E JE Xmdmo§ H$r am{e 840211 0 294220 0
KQ>md:EggrS>ãë`yE\\$ H$mo hñVm§V{aV am{e (nhbo hñVm§V{aV am{e Ho$ 42916 0 13602 0
ImVm| _| ZmoQ²g

g§~§Y _o§ ^wJVmZ {H$E JE Xmdmo§ H$m ewÕ)

Xmdm Z {H$`o J`o am{e H$m A§{V_ eof 789124 11557 739651 14635

440
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

43. The details for extent of risk retained and reinsured are as follows: (in %)

Sl. No. Particulars 31-03-2021 31-03-2020

1. Risk Retained 84.29 78.45
2. Risk Reinsured 15.71 21.55

44. Details of Provisions (` ‘000)

Provision for Leave Provision for Bad and
Sick Leave
Encashment (Long Term) Doubtful Debts
Particulars
31-03-2021 31-03-2020 31-03-2021 31-03-2020 31-03-2021 31-03-2020
Opening balance 2797533 2832244 111194 118707 3428667 2456538
Additions 0 0 0 0 4221114 997644
Utilization 0 0 0 0 0 0
Reversals 119777 34711 11153 7512 729 25517
Closing balance 2677756 2797533 100041 111194 7649052 3428667

45. Premium Deficiency Claims on Net Unearned Premium and the same
The Gross Direct unearned premium is arrived at 1/12 is calculated for each portfolio and is recognized
basis and the same is applied on Net Premium to arrive in the books only when there is deficiency at
at Net Unearned Premium. The net premium is segmental Revenue Account level. For the year ended
compared with the Net incurred claims (including 31-03-2021, there is no premium deficiency at
claims related cost) and where the net incurred claims segmental revenue level. However, premium deficiency
is more than 100%, the premium deficiency is has arisen only in Personal Accident and Aviation
calculated on the excess over 100% of Net Incurred portfolio and the same is disclosed here.
(` ‘000)
Deficiency
Segment
31.03.2021 31.03.2020
Personal Accident 7348 370812
Aviation 427685 65625
Health & Hospitalization 0 1153432

46. Disclosure of Unclaimed amount and Investment Income thereon as per circular No.IRDA/F&A/CIR/CLD/114/05/2015
dated 28-05-2015. (` in '000)
Current Year Previous Year
Particulars
Policy Dues Income Accrued Policy Dues Income Accrued
CONSOLIDATED FINANCIAL STATEMENTS

Opening Balance 739651 0 674674 0

Add: Amount Transferred to Unclaimed Amount 884524 0 117464 0
Add: Cheque issued out of the Unclaimed amount 13898 0 200493 0
but not uncashed by the policyholders'(to be included
only when the cheques are stale)
NOTES TO ACCOUNTS

Add: Investment Income on Unclaimed Fund 34178 11557 40207 14635

Less: Amount of claims paid during the quarter 840211 0 294220 0
Less: Amount transferred to SCWF (net of claims 42916 0 13602 0
paid in respect of amounts transferred earlier)
Closing Balance of Unclaimed Amount 789124 11557 739651 14635

Harnessing Power to Empower 441

 |

*ZmoQ> : ^wJVmZ H$s JB© am{e ‘| {ZåZ {bpIV gpå‘{bV h¡

(i) AmB©AmaS>rE Ho$ n{anÌ g§. AmB©AmaS>rE /E\\$ & E / n{a / {d{dY / 173/07/2017 {X. 25.07.2017 Ed§ n{anÌ g§. AmB©AmaS>rE /E\\$ & E / n{a / {d{dY /
20/02/2018 {X. 06.02.2018 Ho$ AZwgma é. 42916 hOma H$r am{e d{aîR> ZmJ{aH$ H$ë`mU {Z{Y H$mo hñVm§V{aV H$r JB© h¡ &
(ii) nm{bgrYmaH$mo§ (é. 730135hOma) Ho$ AXm{dV am{e hoVw 31.03.2020 H$mo é.808043hOma H$r gmd{Y {Z{Y H$m eof CnbãY h¡ &
(iii) nm{bgrYmaH$mo§ H$r {Z{Y H$m df©dma {ZíbofU AZwb½ZH$ - (I) _o§ g§b½Z h¡ &

47. ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU (gm_mÝ` `m ñdmñÏ` ~r_m ì`dgm` H$m boZ-XoZ H$aZo dmbo ~r_mH$Vm©Amo§ Ho$ à~§YZ Ho$ ì``) {d{Z`_ 2016 Ho$
g§X^© _o§ ñdrH$m`© gr_m go A{YH$ à~§YZ ì`` Ho$ ì`` H$r JUZm ì`dgm` H$r {d{^Þ bmBZmo§ Ho$ g§~§Y _o§ H$r JB© h¡& ñdrH$m`© gr_m Ho$ ^rVa amOñd ImVmo§ Ho$ {bE
ewëH$ bJm`m J`m h¡& CZ I§S>mo§ Ho$ {bE à~§YZ H$m IM© Omo ñdrH$m`© gr_m go A{YH$ hmo JE h¡§, CgH$mo bm^ Am¡a hm{Z ImVo (eo`aYmaH$mo§ Ho$ ImVo) _o§ ₹1414468
hOma (₹ 5533 hOma) Ho$ ê$n _o§ à^m{aV {H$`m J`m h¡&

48. H§$nZr H$mo "n`m©daU amhV H$mof" (B©AmaE\\$) Ho$ {bE n`m©daU Am¡a dZ _§Ìmb` Ho$ amOnÌ A{YgyMZm Ho$ {bE nm§M gmb H$r Ad{Y Ho$ {bE 4.11.2008 Ho$ {bE
{Z{Y à~§YH$ Ho$ ê$n _o§ {Z`wº$ {H$`m J`m Wm Am¡a ZdrZV_ A{YgyMZm g§. OrEgAma 34 (B©) {XZm§H$ 15 OZdar 2020, {Z{Y à~§YH$ Ho$ ê$n _o§ H§$nZr H$r pñW{V
15 AJñV 2024 VH$ ~‹T>m Xr JB© Wr & g§{dYmZ, d¡Ym{ZH$ Amdí`H$VmAmo§ Am¡a AÝ` n{aMmbZ _wÔmo§ Ho$ ~mao _o§ ñnïrH$aU H$r b§{~V àmpá, Cº$ A{YgyMZm Ho$
g§X^© _o§ H§$nZr Zo {Z{Y à~§YH$ H$mo _mÝ`Vm Xr h¡ & df© Ho$ Xm¡amZ Am` Ho$ ê$n _o§ 5002 hOma (é. 5519 hOma) H$r godm à^ma (ì`` H$m ewÕ), {Z{Y Ho$ AZm¡{S>Qo>S>
ImVmo§ Ho$ AmYma na h¡ &
49. {d{^Þ gaH$mar A{YH$m[a¶m| Ûmam {H$E JE X§S>mË‘H$ H$m¶m] H$m {ddaU-
(` ‘000)
H«$‘ àm{YH$ma J¡a - AZwnmbZ / {X¶m J¶m AXm {H$¶m Ny>Q> / H$‘ {H$¶m
g§»¶m C„§KZ Ow‘m©Zm J¶m Ow‘m©Zm J¶m Ow‘m©Zm
1. ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU 0 0 0 0
2 g§dm H$a àm{YH$mar 0 0 0 0
3 Am¶H$a àm{YH$mar 0 0 0 0
4 AÝ` H$a àm{YH$mar 0 0 0 0
5 àdV©Z {ZXoemb` / {ZUm©`H$ àm{YH$ma / A{YH$aU
`m E\\$B©E_E Ho$ VhV H$moB© àm{YH$ma 0 0 0 0
6 H§$n{Z¶m| H$m a{OñQ´>ma / EZgrEbQ>r / gbEb~r /
{S>nmQ>©‘|Q> Am°’$ H$m°nm}aoQ> A’o$¶g© ¶m H§$n{Z¶m| Ho$
AYrZ H$moB© àm{YH$aU 1956 A{Y{Z¶‘ 0 0 0 0
7 Xmdm {ZnQ>mZ g{hV {H$gr ^r ‘m‘bo Ho$ {bE {H$gr ^r
AXmbV / {Q´>ã¶yZb Ûmam X§{S>V {H$¶m J¶m bo{H$Z
j{Vny{V© H$mo N>mo‹S>H$a 0 0 0 0
8 ^maVr` à{V^y{V Am¡a {d{Z_` ~moS>© go~r (BZgmBS>a Q>«o{S§>J {ZfoY - 1014 1014 0
nrAmB©Q>r) {d{Z`_ 2015 Ho$
{d{Z`_ 7 (2) (H$)
Ho$ VhV C„§KZ - {ZnQ>mZ AmXoe
g_o{H V {dËVr` {ddaU

9 ^maVr` à{V`mo{JVm Am`wŠV 0 0 0 0

10 H$moB© Aݶ H|$Ðr¶ / amÁ¶ / ñWmZr¶ gaH$ma /
ImVm| _| ZmoQ²g

d¡Ym{ZH$ àm{YH$aU 0 0 0 0
df© Ho$ Xm¡amZ {H$gr Aݶ gaH$mar àm{YH$aU Ûmam H$moB© Aݶ X§S>mË‘H$ H$ma©dmB© Zht H$s JB© h¡ &

442
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

*Note: (i) Amount paid during the year includes an amount of 42916 thousands transferred to Senior Citizens
welfare Funds as per IRDAI Circular No. IRDA/F&A/CIR/MISC/173/07/2017 dated 25.07.2017 and Circular
No. IRDA/F&A/CIR/ MISC/20/02/2018 dated 06.02.2018.
(ii) Fixed Deposit balance for an amount of ` 808043 thousands (` 730135 thousands) is available as on 31-03-
2021 towards unclaimed amount pertaining to policyholders.
(iii) Age wise analysis of Policyholders’ funds is enclosed in Annexure-I.
47. Expenses of management expenses over allowable limits have been computed in respect of different lines of business
in terms of Insurance regulatory and Development Authority of India (Expenses of management of Insurers
transacting General or Health Insurance Business) Regulations 2016. The Expenses of management for the segments
which are within the allowable limits have been charged to the Revenue Accounts. Expenses of Management for the
segments which have exceeded the allowable limits have been charged to the Profit & Loss Account (Shareholders
Account) to the tune of ` 1414468 thousands (` 5533 thousands).
48. The Holding Company was appointed as Fund Manager for “Environment Relief Fund” (ERF) vide Ministry of Environment
and Forest’s Gazette Notification dated 4.11.2008 for a period of five years and vide latest notification no. G.S.R 34 (E)
dated 15th January 2020, the company’s position as Fund Manager was extended up to 15th August 2024. Pending
receipt of clarification regarding Constitution, statutory requirements and other operational issues, the Company in terms
of the said notification has recognized Fund Manager's service charges (net of expenses) to the tune of ` 5002 thousands
(` 5519 thousands) as income during the year, based on the unaudited accounts of the Fund.

49. Details of penal actions taken by various Government Authorities (` ‘000)

Sl.No Authority Non-Compliance / Penalty Penalty Penalty Waived /
Violation Awarded Paid Reduced
1. Insurance Regulatory and
Development Authority 0 0 0 0
2 Service Tax Authorities 0 0 0 0
3 Income Tax Authorities 0 0 0 0
4 Any other Tax Authorities 0 0 0 0
5 Enforcement Directorate / Adjudicating
Authority / Tribunal or any Authority
under FEMA 0 0 0 0
6 Registrar of Companies / NCLT / CLB /
Department of Corporate Affairs or any
Authority under Companies Act, 1956 0 0 0 0
7 Penalty awarded by any Court / Tribunal
for any matter including claim settlement
CONSOLIDATED FINANCIAL STATEMENTS

but excluding compensation 0 0 0 0

8 Securities and Exchange Board of India Violation under Regulation
7 (2) (a) of SEBI
(Prohibition of Insider 1014 1014 0
Trading - PIT) Regulations
NOTES TO ACCOUNTS

2015 - Settlement Order

9 Competition Commission of India 0 0 0 0
10 Any other Central / State / Local
Government / Statutory Authority 0 0 0 0
No other penal action has been taken by any other Government Authority during the year.

Harnessing Power to Empower 443

 |

50. ‘mBH«$mo, bKw, ‘ܶ CÚ‘ {dH$mg A{Y{Z¶‘ 2006 H$s Ymam 22 Ho$ VhV ‘mBH«$mo Am¡a bKw, CÚ‘ H$mo {db§~ go ^wJVmZ Aܶm¶ Ho$ AYrZ
Ano{jV àH$Q>rH$aU
{ddaU 31-03-2021 31-03-2020
df© Ho$ A§V ‘o {H$gr ^r Amny{V©H$Vm© Ho$ {bE AàXÎm eof ‘yb YZ am{e eyݶ eyݶ
Cnamoº$ am{e na ã¶mO eyݶ eyݶ
‘mBH«$mo, bKw, ‘ܶ CÚ‘ {dH$mg A{Y{Z¶‘ 2006 H$s Ymam 16 Ho$ AZwgma ^wJVmZ ã¶mO H$s am{e eyݶ eyݶ
df© Ho$ Xm¡amZ {ZYm©[aV {Xdg Ho$ ~mX Amny{V©H$Vm© H$mo ^wJVmZ H$s J¶r am{e eyݶ eyݶ
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Ho$ Omo‹S>o {~Zm eyݶ eyݶ
df© Ho$ A§V ‘o A{O©V Am¡a ~H$m¶m AàXÎm ã¶mO H$s am{e eyݶ eyݶ
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51. H$mo{dS>19 Am¡a n¡Z B§{S>`m bm°H$S>mCZ Ho$ H$maU, H$B© H$m`m©b` ~§X Wo {deof boIm narjm Xb Am¡a gVH$©Vm Zo _m_bo H$r Om§M H$r h¡ Am¡a ñdV§Ì
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_mBH«$mo H$m`m©b`mo§ H$m {ZarjU ^r g_`-g_` na g_` na Zhr§ hmo gH$m emIm _o§ XO© àmW{_H$r Ho$ AmYma na, XmoZmo§ Amamo{n`mo§ H$mo {JaâVma H$a
& H$m`m©b`mo§ H$r Am§V{aH$ boImnarjm Am°ZbmBZ _mÜ`_ go H$r JB©& {b`m J`m Am¡a do Ý`m{`H$ {hamgV _o§ h¡§&
H§$nZr Zo CZ g§^m{dV à^mdmo§ na {dMma {H$`m h¡ Omo H$mo{dS>19 _hm_mar go nw{bg A{YH$m{a`mo§ Ûmam bm^mWu Ho$ ImVmo§ H$mo \\$«rO H$a {X`m J`m Wm
AnZr g§npÎm Am¡a àmpá`mo§ Ho$ dhZ _yë` na hmo gH$Vo h¡§ Am¡a ì`mnma Ho$ Am¡a JbV YZ go IarXr JB© g§npÎm`mo§ Ho$ {Ibm\\$ FU^ma ~Zm`m J`m
gm_mÝ` nmR²>`H«$_ _o§ BZ n{ag§npÎm`mo§ H$r AJ«UrV am{e H$r dgybr H$r Wm&
Cå_rX H$aVo h¡§ & H§$nZr ^{dî` H$r Am{W©H$ pñW{V`mo§ _o§ {H$gr ^r ^m¡{VH$ 53. EH$ g§^mJr` H$m`m©b` Ho$ ImVmo§ na boInarjH$ Ûmam hñVmja {H$E
n{adV©Z H$r bJmVma {ZJamZr H$a ahr h¡& OmZo ~mH$r h¡§, hmbm§{H$ Cg na Am°{S>Q> {anmoQ>© Omar H$a Xr JB© h¡&

52. EH$ H$_©Mmar Am¡a CgH$r nËZr, Omo EH$ H$_©Mmar ^r h¡, Ûmam H§$nZr Ho$
YZ Ho$ Xwén`moJ Ho$ _m_bo H$m nVm ~‹So> H$m°anmoaoQ> Am¡a ~«moH$g© H$m`m©b`
[Ebgr~r], _w§~B© _o§ bJm`m J`m& ₹198.99 H$amo‹S> H$r am{e H$m J~Z
CgHo$ ì`pº$JV ImVo _o§ YZ Ho$ hñVm§VaU Ûmam {H$`m J`m Wm Xygamo§ H$m
{hgm~ Am¡a {hgm~& Mmby df© H$r g_ñV am{e H$m boIm nwñVH$mo§ _o§
àmdYmZ {H$`m J`m h¡&
54. Mmby df© Ho$ dJuH$aU / ñnïrH$aU Ho$ AZwnmbZ H$aZo Ho$ {bE Ohm§
Amdí`H$ hmo JV df© Ho$ Am§H$‹So> nwZdJuH¥$V {H$E JE h¡§&
55. ^maVr` ~r_m {d{Z`m_H$ Am¡a {dH$mg àm{YH$aU Ho$ _mZX§S> Ho$ AZwgma
{dÎmr` {ddaU _o d{U©V {hñgo _o Am§H$‹So> én`o hOmamo§ _o h¡ &
56. H$moîR>H$ _o§ {X`o J`o Am§H$So> {nN>bo df© go g§~§{YV h¡ &

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go

dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
h_mao g§b½Z à{VdoXZ Ho$ AZwgma
H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
g_o{H V {dËVr` {ddaU

gXñ`Vm g§»`m: 029424

ñWmZ : MoÞ¡
ImVm| _| ZmoQ²g

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 /

50. Disclosures required under Section 22 of Micro, Small and Medium Enterprises Development Act 2006 under the
Chapter on Delayed Payments to Micro and Small Enterprises.

Particulars 31-03-2021 31-03-2020

Principal amount remaining unpaid to any supplier as at the end of the year
Interest due on the above amount
Amount of interest paid in terms of Section 16 of the MSMED Act, 2006.
Amount of payments made to the suppliers beyond the appointed day during the year
Amount of interest due and payable for the delay in making the payment
but without adding the interest specified under the Act
Amount of interest accrued and remaining unpaid at the end of the year
The above information has been compiled to the extent such parties have been identified based on information available with the company.
51. Due to COVID and lockdown in many states across
India, many offices were working with reduced staff
strength. Across offices several employees were
affected with Covid and there was increase number
of loss of lives. Auditors were not able to take up
audit leading to delay in closing of accounts and
completion of audit. Physical inventory of assets
could not be conducted in many offices. Periodical
inspection of Micro offices also could not be
conducted on time. Internal audit of offices was done
through online mode.
The Company has considered the possible effects
which may result from COVID -19 pandemic on the
carrying value of its assets and receivables and 53.
expects to recover carrying amount of these assets
in ordinary course of business. The Company is
continuously monitoring any material changes in 54.
future economic conditions.
52. A case of misappropriation of Company’s funds by an
employee and his spouse, who is also an employee,
was detected at Large Corporate and Brokers office 55.
[LCB], Mumbai. An amount of 198.99 crores was
misappropriated by transfer of funds to his personal
56.
Nil Nil
Nil Nil
Nil Nil
Nil Nil
Nil Nil
Nil Nil
account and account of others. Provision has been
made in the books of accounts for the entire amount
in the current year.
Special Audit team and Vigilance have investigated
the matter and independent Forensic Auditor has
taken up the analysis. Both the employees were
placed under Suspension immediately. Based on FIR
lodged with Economic Offences Wing of
Maharashtra Police, both accused were arrested and
are under judicial custody.
The beneficiary accounts were frozen by the Police
authorities and encumbrances are created against the
properties purchased out of misappropriated funds.
Accounts of one Divisional office is yet to be signed
by the Auditor although Audit Report thereon has
been issued.
Regrouping / reclassifying / rearranging / recasting of
previous year figures has been done wherever
necessary to conform to the current year groupings/
classifications.
Figures in the narrative part of financial statements are
in thousands of Rupees, conforming to IRDAI norms.
Figures given in brackets relate to previous year.

For and on behalf of Board

CONSOLIDATED FINANCIAL STATEMENTS

ANAGHA DESHPANDE G SUNDARA RAMAN Y.K. SHIMRAY RAJKIRAN RAI G

COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
DIN : 09272315 DIN : 07427647
Vide our report of date attached
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S
NOTES TO ACCOUNTS

FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
Place: Chennai
Date : 16.08.2021

Harnessing Power to Empower 445

 |

\$m_© E Amo gr-I

(Ymam 129 H$s Cn Ymam (3) Ho$ àW_ àmdYmZ Ho$ gmW n{R>V H§ nZr (boIm) {Z`_ 2014 Ho$ {Z`_ 5 Ho AZwgma)
{ddaU _| {Z`§{V«V /g§~Õ H§$n{Z`m§ / OmB§Q> d|Ma Ho$ {dËVr` {ddaU H$s à_wI {deofVm`| gpå_{bV h¡ &
^mJ 'E' {Z`§{ÌV H§$nZr (` '000)
1 H«$_ g§.
2 {Z`§{V«V H§$nZr H$m Zm_ Oo{ZW goŠ`y[aQ>rO EÊS> BÝdoñQ²>_oÝQ²>g {b{_Q>oS
3 {Z`§{V«V H§$nZr H$s [anm{oQªJ Ad{Y `{X {Z`§V«H$ H§$nZr H$s
[anm}qQ>J Ad{Y go AbJ hmo bmJy Zht
4 {dXoer {Z`§{V«V H§$nZr Ho$ g§~§Y _| g§~§{YV {dËVr` df© H$s A§{V_
{V{W H$mo [anm{oQªJ _wÐm Am¡a {d{Z_` Xa bmJy Zht
5 eo`a ny°§Or 2000
6 Ama{j{V`m± Am¡a A{Yeof 176821
7 Hwb n[ag§npËV`m± 186088
8 Hwb Xo`Vm`| 7267
9 {Zdoe 179088
10 Hw$b {~H«$s 10640
11 H$a Ho$ nyd© bm^ 33534
12 H$a Ho$ {bE àmdYmZ (nyd© dfm} go g~§{YV dV©_m_ H a) 2000
13 H$a Ho$ ~mX bm^ 31534
14 àñVm{dV bm^m§e 0
15 Am{YnË` H$m à{VeV 69.45%
ZmoQ>

1 {Z`§{V«V H§$nZr Omo AnZm àMmbZ ewê$ Zht {H$`m eyÝ`

2 df© Ho$ Xm¡amZ [Z`§{V«V H§$nZr Omo AnZm àMmbZ n[ag_má `m {dH«$` {H$`m eyÝ`

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go

dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
h_mao g§b½Z à{VdoXZ Ho$ AZwgma
H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
ñWmZ : MoÞ¡
\$m_© E Amo gr-I

{XZm§H$ : 16.08.2021

446
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

FORM AOC-I
(Pursuant to first provisio to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associate companies/joint ventures
Part “A” : Subsidiaries (` '000)
1 Sl. No. 1
2 Name of the subsidiary ZENITH SECURITIES AND INVESTMENT LTD
3 Reporting period for the subsidiary concerned, if different
from the holding company’s reporting period N.A
4 Reporting currency and Exchange rate as on the last date
of the relevant Financial year in the case of foreign
subsidiaries. N.A
5 Share capital 2000
6 Reserves & surplus 176821
7 Total assets 186088
8 Total Liabilities 7267
9 Investments 179088
10 Turnover 10640
11 Profit before taxation 33534
12 Provision for taxation
(current tax expenses relating to prior years) 2000
13 Profit after taxation 31534
14 Proposed Dividend 0
15 % of shareholding 69.45%

Notes :
1 Names of Subsidiaries which are yet to commence
operations NIL
2 Names of Subsidiaries which have been liquidated
or sold during the year NIL

For and on behalf of Board

ANAGHA DESHPANDE G SUNDARA RAMAN Y.K. SHIMRAY RAJKIRAN RAI G
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
DIN : 09272315 DIN : 07427647
Vide our report of date attached
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
FRN : 007220S FRN : 000726S FRN : 004104S
CA A John Moris CA R Raghuraman CA S Sundara Raman
Partner Partner Partner
FORM AOC-I

M. No. 029424 M. No. 201760 M. No. 022137

Place: Chennai
Date : 16.08.2021

Harnessing Power to Empower 447

 |

^mJ ‘~r' g§~Õ H§$nZr

g§~Õ H§$n{Z`m§ /OmB§Q> d|Ma H§$nZr Ho$ g§~§Y _| H§$nZr A{Y{Z`_ 2013 H$s Ymam 129(3) Ho$ AZwgma {ddaU
(A '000)

hoëW B§í`ya|g Q>r nr E Am\$ B§{S>`m B§Q>aZoeZb B§í`ya|g

g§~Õ H§$nZr H$m Zm_ àm. {b. qgJnwa
B§{S>`m {b.
1. AÚVZ boIm nar{jV VwbZ nV« H$s {V{W 31.03.2021 31.12.2020
2. df© H$s g_m{á na H§$nZr Ho$ {Z`§V«U _| g§~Õ /
OmB§Q> d|Ma Ho$ eo`a
g§»`m 28500000* 10000000
g§~Õ H§$nZr / OmB§Q> d|Ma _| {Zdoe H$s am{e 285000 18276
Am{YnË` à{VeV H$s gr_m 23.75% 20%
3. ~Vm`| {H$ H¡$go _hËdnyU© à^md h¡ eo`aYmaU Ho$ AmYma na eo`aYmaU Ho$ AmYma na
4. H$maU ~Vm`| {H$ g§~Õ OmB§Q> d|Ma H$s boIm H$mo Š`m| bmJy Zht bmJy Zht
g_o{H$V Zht {H$`m J`m
5. AÚVZ boIm nar{jV VwbZ nV« Ho$ AZwgma eo`aYmaU H$mo 275939 5129518
àXËV ZoQ>dW©
6. df© Ho$ bm^ / hm{Z
I) g_o{H$V _| gpå_{bV 45132 129462
ii) g_o{H$V _| J¡a gpå_{bV 144897 517848
* (_ZmoZrV {ZXoeH$ Ho$ EH$ eo`a ^r gpå_{bV h¡ &)
ZmoQ>:

1. {Z`§{V«V H§$nZr Omo AnZm àMmbZ ewê$ Zht {H$`m H$moB© Zht

2. df© Ho$ Xm¡amZ [Z`§{V«V H§$nZr Omo AnZm àMmbZ n[ag_má `m {dH«$` {H$`m H$moB© Zht

H¥$Vo {ZXoeH$ _§S>b VWm CZH$s Va\$ go

dmB© Ho$ {e_ao amO{H$aU am` Or
AZKm Xoenm§ So> Or g§wXa am_Z {ZXoeH$ {ZXoeH$
H§$nZr g{Md _w»` {dËVr` A{YH$mar SrAmB©EZ : 09272315 SrAmB©EZ : 07427647
h_mao g§b½Z à{VdoXZ Ho$ AZwgma
H¥$Vo E. Om°Z _mo{ag EÊS H$§nZr H¥$Vo E.dr. XodZ EÊS H§$nZr H¥$Vo nr.Eg. gw~Œ_{U` Aæ`a EÊS H$§nZr
gZXr boImH$ma gZXr boImH$ma gZXr boImH$ma
AmB©grEAmB© E\$ Ama EZ: 007220Eg AmB©grEAmB© E\$ Ama EZ: 000726Eg AmB©grEAmB© E\$ Ama EZ: 007220Eg
grE. E. Om°Z _mo{ag grE Ama. aKwam_Z grE. Eg. g§wXa am_Z
^mJrXma ^mJrXma ^mJrXma
gXñ`Vm g§»`m: 029424 gXñ`Vm g§»`m: 201760 gXñ`Vm g§»`m: 029424
^mJ ‘~r' g§~Õ H§$nZr

ñWmZ : MoÞ¡
{XZm§H$ : 16.08.2021

448
84 ge{º H aU Ho {bE e{º H m XmohZ
 /

Part “B”: Associates

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

(` '000)
India International
Health Insurance TPA
Name of Associates / Joint Ventures Insurance Pte. Ltd.,
of India Limited
Singapore
1. Latest audited Balance Sheet Date 31.03.2021 31.12.2020
2. Shares of Associate/Joint Ventures held by the company
on the year end
No. 28500000* 10000000
Amount of Investment in Associates/Joint Venture 285000 18276
Extend of Holding % 23.75% 20%
3. Description of how there is significant influence By Shareholding By shareholding
4. Reason why the associate/joint venture is not Consolidated N.A N.A
5. Networth attributable to Shareholding as per latest
audited Balance Sheet 275939 5129518
6. Profit / Loss for the year
i.Considered in Consolidation 45132 129462
ii.Not Considered in Consolidation 144897 517848
* (including one share held by Nominee Director)

Notes :
1. Names of Associates or joint ventures
which are yet to commence operations NIL
2. Names of Associates or joint ventures
which have been liquidated or sold during the year NIL

For and on behalf of Board

ANAGHA DESHPANDE G SUNDARA RAMAN Y.K. SHIMRAY RAJKIRAN RAI G
COMPANY SECRETARY CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
DIN : 09272315 DIN : 07427647
Vide our report of date attached
For A John Moris & Co For A V Deven & Co For P S Subramania Iyer & Co
Chartered Accountants Chartered Accountants Chartered Accountants
PART “B”: ASSOCIATES

FRN : 007220S FRN : 000726S FRN : 004104S

CA A John Moris CA R Raghuraman CA S Sundara Raman
Partner Partner Partner
M. No. 029424 M. No. 201760 M. No. 022137
Place: Chennai
Date : 16.08.2021

Harnessing Power to Empower 449

 |

`ZwmBQ>So> B{§S>`m Bí§`ayÝog H$§nZr {b{_Q>So>

n§OrH aU g§»`m : 545, ^m ~r {d {d àm Ho$ gmW ZdrH aU H r$ VmarI : 24 OZdar 2020
31 _mM© 2021 H$mo nm{bgrYmaH$m| Ûmam J¡a Xmdm am{e H$m
df©dma {díbofU H$m {ddaU
AZwb½ZH$ I (` '000 _|)
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Hw$b
{ddaU am{e 1 go 6 7 go 12 13 go 18 19 go 24 25 go 30 31 go 36 36 _hrZ
_hrZo _hrZo _hrZo _hrZo _hrZo _hrZo go A{YH$
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am{e AXm Zht H$s J`r ~r_mYmaH$m| / eyÝ`
nm{bgrYmaH$m| Ûmam XO©dmX Ho$
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n[anŠdVm$`m AÝ`V… na eyÝ`

~r_mYmaH$m| / nm{bgrYmaH$m| H$mo
Xo` am{e

nm{bgr eVm] Ho$ AZwgma `m

àm{YH$aU Ho$ {ZX}emZwgma
nm{bgrYmaH$m| H$mo Am{YŠ`
dgyb àr{_`_ H$a `m AÝ` 579836 197083 38657 50569 48096 39819 46475 159138
à^ma Omo Xo` h¡ bo{H Z dmng Zht
H$s J`r

(` '000 _|)
df©dma {díbofU
Hw$b
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nm°{bgrYmaH$m| / ~r{_V ì`pŠV`m| 1336321 910790 79182 45082 53768 68741 178757
Ûmam ZH$X Zht {H$`m J`m

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JVmd{Y MHo$ (E_.E.gr.Qr Ho Abmdm) 184650 150541 8433 5617 4646 5135 10279

450
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 /

UNITED INDIA INSURANCE COMPANY LIMITED

Registration No. : 545, Date of Renewal with the IRDAI: 24TH JANUARY 2020
STATEMENT SHOWING THE AGE WISE ANALYSIS OF
THE UNCLAIMED AMOUNT OF THE POLICYHOLDERS AS ON 31.03.2021

Annexure I (` in '000)
AGE-WISE ANALYSIS
Particulars Total
Amount 1 to 6 7 to 12 13 to 18 19 to 24 25 to 30 31 to 36 Beyond
months months months months months months 36 months
Claims settled but not paid
to the policyholders/
beneficiaries due to any
reasons except under NIL
litigation from the
policyholders/ beneficiaries

Sum due to the policy

holders / beneficiaries on NIL
maturity or otherwise

Any Excess collection of

premium/ tax or any other
charges which is
refundable to the
policyholders either as
579836 197083 38657 50569 48096 39819 46475 159138
terms of conditions of the
policy or as per law or as
may be directed by the
Authority but not refunded
so far.
(` in '000)
AGE-WISE ANALYSIS
Total
Particulars 4 to 12 13 to 18 19 to 24 25 to 30 31-36 Beyond
Amount
months months months months months 36 months

UNCLAIMED AMOUNT OF THE POLICYHOLDERS

Cheques issued but not
encashed by policy 1336321 910790 79182 45082 53768 68741 178757
holders / insured

OUT OF THE CHEQUES ISSUED BUT NOT ENCASHED BY POLICYHOLDERS/INSURED

AGE-WISE ANALYSIS
Total
Particulars 4 to 12 13 to 18 19 to 24 25 to 30 31-36 Beyond
Amount
months months months months months 36 months

STALE CHEQUE (MACT) 1151671 760250 70749 39465 49122 63606 168478
STALE CHEQUE (NON MACT) 184650 150541 8433 5617 4646 5135 10279

Harnessing Power to Empower 451

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