financial services sector, indiareportinsights.com/multimedia/ar-monitor.pdf · 2019-01-10 ·...

financial services sector, indiaA benchmArking study of 2018 AnnuAl reports

a publication

Ever since our arrival in March 2011, we have witnessed slow yet steady improvements in Indian annual reports. From a regulatory standpoint, corporate reporting traversed through Ind AS, IFRS, Green Initiative, BRR and the Companies Act, 2013; each one of them influencing Indian corporate reports in their own way. CXOs paying increased attention to their annual report, and adoption of best practices across the spectrum added further impetus. Consequently, over the past few years, we have been a witness to the rise in quality of the annual reports - from being grossly uncompetitive in 2011, to stealing eyeballs in global competition now.

At ReportInsights, we are happy to witness our dream of making Indian annual reports globally competitive, being actualised. With a view to steer them to higher scores at the global turf, we are launching the sector-specific version of AR Monitor, our annual report benchmarking publication. The inaugural issue is an outcome of screening 124 companies in the Indian financial services sector, narrowing it to 34 annual reports and finally rescoring and qualitatively

analysing the best 18 reports.

executive summary

key takeaways

The good-looking club is expanding: Putting an era of shabbily produced black and white reports behind, annual reports from the financial sector are now donning a vibrant, colourful avatar. All 34 annuals that preliminarily qualified for this study were well designed reports.

Look-alikes club is also germinating: With more annuals attempting to look good, templatised designs are taking over from customised presentations and innovation. Clutter breaking reports such as PNB Housing Finance were far and few.

Best practice content: 2018 annual report of most of these companies included standard best practice content such as business profile, executive message, board & leadership profile, year’s highlights, awards, milestones, etc.

Brevity is less valued than ever before: While the attention span of an average reader continue to decline, verbosity of non-statutory (voluntary addition) content has alarmingly risen. Average page count of voluntary section stood at 39 pages, with the highest being 66 pages.

NPA, credit growth challenges, etc. inadequately covered: While discussions on themes like financial inclusion, technology, priority sector lending, etc. were widely covered across reports, earnest discussions on

NPAs, tepid credit growth, insolvency resolution, etc. were hard to find.

Insurance segment is raising the bar: In the inaugural year of listing, annual reports from insurance segment are setting new benchmarks. The efforts to make readers understand the intricacies of this somewhat complex business, addition of detailed glossary and most significantly an aid to how these companies measure their performance is worth noting and emulating.

conclusion

The improvements made by the companies in the recent years are truly appreciable. Yet, what has taken their annual reports this far, won’t suffice in taking them any further. Effective storytelling, clutter breaking design presentation and smart use of online features can lift the engagement value of the reports. Benchmarking of performance against peers would add objectivity to the analysis. Judicious allocation of space to material information and leaving out non-significant repetitive information such as milestones, achievements and awards etc. would help increase readability and value to the readers.

Your comments/critiques will help us improve. We welcome them at [email protected]

what’s this study all about?

the study‘AR Monitor - Financial Services’ is a benchmarking study of the most competitive annual reports from the financial services segment in India. Our broader classification of financial services covers banks, non-banking financial companies, insurance, housing finance companies and other capital market participants including rating agencies and diversified financial services companies. The latest annual reports (FY 2018) of NSE-listed companies have been considered for this study. While significant attention has been given on making the coverage as wide, we are not guaranteeing against any inadvertent omission.

the spectrumAdhering to broader classification of financial services (as defined earlier) and subject to the availability of their 2018 annual report in the public domain (stock exchange or company website) by our cut-off date of 30.09.2018, we selected 124 companies (refer annexure i) from the larger universe of 1300+ NSE listed companies as our base sample. Further screening of these 124 annual reports yielded the worthy 34 annuals (annexure ii).

Bank NBFC Capital Markets HFCs Insurance Other Financial Services

4

7

7

33

30

19

Sample universe: segment mix (%) 124 Annual Reports got screened

34 competitive ARs got preliminarily evaluated to yield

the top 18

Top 18 reports got scored and analysed to take shape as this

study

With a clear objective of picking the Top 15, these 34 annual reports were first scored on a host of parameters by our research team, followed with due validation by experts. The exercise resulted in a shortlist of 18 annuals for our actual study of Top 15 (thanks to three positions being tied at two reports each). The Top 18 annual reports were studied and evaluated threadbare by our experts. Findings presented in this report are results of observations made in both the rounds (preliminary and final), while the ranking considers scores attained in the final expert round. 18 companies whose annual reports have been analysed and ranked in this study are as follows:

the evaluation

engagement value info-richness strategic orientation performance analysis

BEST BEST BEST BEST

This study is certainly not any judgement about the companies that formed part of our overall sample or the 34 odd that got evaluated or the final 18 that got analysed. Our study is just about good annual reports and not necessarily about good companies. Having studied global reporting trends for well over a decade, we can somewhat deduce that good reporting is steadily being accepted as a key measure of creating a brand by India Inc.

The study does not cover financial statements and accompanied notes and schedules, AGM notice, Board’s Report (except in cases where MDA and/or CGR was forming part of Board’s Report) and its annexures (except CSR), third party reports and certificates (financial, secretarial auditors), etc.

With an annual report being a comprehensive document, it is neither practically possible or objectively prudent to study and analyse every single reporting aspect. With a clear aim of unearthing of best practices across non-statutory aspects, our study has covered the cover theme and report narrative, executive messages, company and leadership profiling, non-economic priorities and performance (BRR, Integrated Reporting and CSR), additional relevant information, management discussion & analysis. Softer presentation aspects such as conceptual and creative renditions, visual richness, thoughtful structure, read appeal, etc. have also been considered. A company’s efforts on leveraging digital communication in an annual report has also been looked at.

whatthis study is

notabout

whatreport aspects

excludedhave been

whatall report

aspects did we study

rating, ranking and best practices

findingstop picks: overall score

Rank Company Category

1 HDFC Standard Life

2 PNB Housing Finance

3 SBI Life

4 Aditya Birla Capital

5 RBL Bank

6 ICICI Prudential Life

7 IIFL Holdings

AU Small Finance Bank

8 ICICI Lombard General

9 Yes Bank

10 Edelweiss Financial Services

11 CRISIL

Cholamandalam Investment

12 Capri Global

CanFin Homes

13 Max Financial

14 ICICI Bank

15 Mahindra Finance

Engagement Value Info-richness Strategy & Sustainability Performance Analysis

Exceptional

Outstanding

Appreciable

Average

Uncompetitive

top picks: best of the best

Simple theme message carried through the narrative section in a succinct and apt manner. Smart use of breathing space despite a quite structured layout. Copybook style report structure. Quite thoughtful factsheet. Judicious presentation of the board and leadership team. However, clubbing of corporate information with Board and Leadership would have taken the report a notch higher. Glossary of terms is a thoughtful addition. Matter-of-fact executive messages, aiding adequate insights into what the company is aiming for and also backing it with what the company is doing in order to achieve it. Executive messages also present performance benchmarking on select parameters, which further gets expanded in the management discussion & analysis with a detailed tabular & graphical overview.

HDFC Standard Life118th Annual Report 2017-18 HDFC Standard Life Insurance Company Limited

Enhancing Value. Enriching Lives.

Note : Map not to scale

HDFC Life Corporate OfficeHDFC Life Operations HubsHDFC Life Branches

Andhra Pradesh - Adoni, Anantapur, Bhimavaram, Chittoor, Eluru, Guntur, Kakinada, Kurnool, Nandyal, Narsaraopet, Nellore, Ongole, Palasa, Proddatur, Rajahmundry, Srikakulam, Tirupati, Vijayawada, Visakhapatnam, Vizianagaram

20

Delhi - Delhi (4), Dwarka - Delhi, Shahadra - Delhi, New Delhi (7)13

Goa - Margao, Panaji2

Assam - Bongaigaon, Dibrugarh, Guwahati, Jorhat, Nagaon, North Lakhimpur, Sibsagar, Silchar, Tezpur, Tinsukia

10

Bihar - Arrah, Begusarai, Bhagalpur, Chapra, Gaya, Motihari, Muzaffarpur, Patna (2), Samastipur 10

Chhattisgarh - Ambikapur, Bhilai, Bilaspur, Korba, Raigarh, Raipur

6

Chennai

Mumbai

Chandigarh - Chandigarh1

Geographical Presence

4 | Enhancing Value. Enriching Lives.

Rajasthan - Ajmer, Alwar, Balotra, Baran, Bhilwara, Bikaner, Jaipur (2), Jhalawar, Jhunjhunu, Jodhpur, Kota, Makrana, Pali, Sikar, Sriganganagar, Udaipur

17

Maharashtra - Ahmednagar, Akola, Amravati, Aundh, Aurangabad, Bhandara, Chandrapur, Chiplun, Gondia, Ichalkaranji, Jalna, Jalgaon, Kalyan, Kolhapur, Latur, Malegaon, Mumbai (14), Nagpur (2), Nanded, Nasik, Navi Mumbai, Panvel, Pune (4), Ratnagiri, Sangli, Sangamner, Satara, Solapur, Thane, Wardha, Yavatmal

48

Madhya Pradesh - Bhopal, Chattarpur, Dhar, Guna, Gwalior, Hoshangabad, Indore (3), Jabalpur, Katni, Khandwa, Neemuch, Ratlam, Rewa, Sagar, Satna, Sehore, Singrauli, Ujjain

20 Uttar Pradesh - Agra, Aligarh, Allahabad, Azamgarh,

Banda, Bareilly, Basti, Bijnur, Deoria, Faizabad, Firozabad, Gaziabad, Ghazipur, Gorakhpur, Jaunpur, Jhansi, Kanpur, Khurja, Lucknow (2), Mathura, Meerut, Mirzapur, Moradabad, Muzaffarnagar, Noida, Orai, Saharanpur, Shahjahanpur, Sitapur, Sultanpur, Varanasi

32

Odisha - Angul, Baharampur, Balasore, Bhubaneshwar, Bolangir, Cuttack, Jeypore (Koraput), Paradip (Dist.: Jagatsinghpur), Puri, Rourkela, Sambalpur

11

Jharkhand - Bokaro Steel City (Bokaro), Deoghar, Dhanbad, Hazaribag, Jamshedpur, Ranchi6

Meghalaya - Shillong, Tura2

West Bengal - Arambagh, Asansol, Baharampur (Dist. Murshidabad), Bardhaman, Bolpur, Contai (Dist. East Midnapur), Cooch Behar, Durgapur, Haldia, Jalpaiguri, Kharagpur, Kolkata (9), Krishna nagar, Malda, Purulia town, Raigunj (Dist.: Uttar Dinajpur), Siliguri, Sreerampur

26

Haryana - Ambala Cantt., Bhiwani, Faridabad, Gurugram, Hissar, Jind, Kaithal, Karnal, Kurukshetra, Panipat, Rewari, Rohtak, Sirsa, Sonipat, Yamuna Nagar

15

Himachal Pradesh - Baddi (Dist.: Solan), Dharamsala, Hamirpur, Kullu, Mandi, Shimla6

Punjab - Abohar, Amritsar, Batala, Bhatinda, Moga (Dist.: Ludhiana), Faridkot, Hoshiarpur, Jalandhar, Khanna, Ludhiana, Nangal, Nawanshahr, Pathankot, Patiala, Phagwara, Rayya, Sangrur, Tarn Taran

18

Jammu & Kashmir - Jammu, Sopore (Baramulla), Srinagar3

Tamil Nadu - Adyar (Chennai), Chennai (6), Chidambaram, Coimbatore, Dharmapuri, Dindigul, Erode, Kancheepuram, Karaikkudi, Karur, Kumbakonam, Madurai, Nagercoil, Namakkal, Rajapalayam, Salem, Thanjavur, Tirunelveli, Tirupur, Trichy, Tuticorin, Vellore

27 Kerala - Adoor, Alleppey/Alappuzha,

Aluva, Angamaly, Attingal, Calicut, Chalakudy, Changanacherry, Chengannur, Guruvayoor, Irinjalakuda, Kalpetta, Kanjirapally, Kannur, Karungapally, Kasargod, Kayamkulam, Kochi, Kodangaloor, Kollam, Kottayam, Manjeri, Muvattupuzha, Neyyattinkara, Pala, Palakkad, Pathanamthitta, Payyanur, Perinthalmanna, Perumbavoor, Ponnani, Punalur, Thalassery, Thiruvalla, Thiruvananthapuram, Thodupuzha, Thrissur, Tirupunithura, Trivandrum, Varkala

40

Puducherry - Pondicherry1

Nagaland - Dimapur1

Karnataka - Bengaluru (5), Bellary, Belagavi, Chikkamagaluru, Davangere, Dharwad, Hassan, Hosapete, Hubballi, Kalaburgi, Kolar, Koramangala, Mandya, Mangaluru, Marthahalli, Mysuru, Puttur, Raichur, Ranebennur, Shivamogga, Tumakuru, Udupi, Vijapura

27

Gujarat - Ahmedabad (4), Amreli, Anand, Ankleswar, Bardoli, Bharuch, Bhavnagar, Bhuj, Gandhidham, Gandhinagar, Godhra, Himmatnagar, Jamnagar, Junagadh, Mehsana, Morbi, Nadiad, Navsari, Palanpur, Porbander, Rajkot, Surat (2), Surendranagar, Vadodara (3), Valsad, Vapi

32

Sikkim - Gangtok (East)1

Tripura - Agartala1

Telangana - Hyderabad (3), Karimnagar, Khammam, Kukatpalli (Dist.: Ranga Reddy), Mancherial, Nalgonda, Nizamabad, Siddipet, Warangal

11

Manipur - Imphal1

Uttarakhand - Dehradun, Haldwani, Haridwar, Rishikesh, Roorkee

5

Mizoram - Aizawl1

Annual Report 2017-18 | 5

Corporate O

verviewM

anagement Review

&

Statutory ReportsFinancial

Statements

Glossary of Term

s

Enhancing Value. Enriching Lives.

The year 2017 has been significant for us. We got listed. Listing is a key milestone in the journey of an organisation. For us at HDFC Life, listing also meant stepping into adulthood after having completed 17 years of business under the parentage of two financial behemoths – HDFC Ltd. and Standard Life Aberdeen. In the last 17 years of our business, we endeavoured to embody the values of our promoters while delivering value to our customers. Post listing we aim to take this a step further and deliver value to our investors who have reposed their faith in us.

In our relentless pursuit for business growth, we have ensured the growth is holistic and that we take all our stakeholders with us.

The drive to enrich lives while enhancing value for all our stakeholders has helped us deliver holistic growth. We believe customers, distributors, shareholders and our employees are at the centre of our evolution.

Serving customers effectively has been our key focus area since inception. At every step of our journey we have strived to provide them the best of products and services. We have always emphasised on providing need-based solutions relevant throughout the customer life cycle. Our product innovations aim to offer customers protection against a diverse set of risks and contingencies, provide them with avenues to channelise savings as

per their risk preference and enable them to build a corpus for retirement and contingencies. By leveraging the power of technology, we aim to continue nurturing and strengthening our deep-rooted emotional relationship with customers. The effort is to sustain a level of service that is faster, error-free and more meaningful without compromising on the required human touch. We strive to inspire confidence in our customers that we will stand by them and their families during the moments of truth.

We see distributors, the face of the Company, as our ambassadors representing HDFC Life to our customers. Consistent efforts are made to train our distributors so that they sell right, provide excellent customer service and develop a lasting relationship with the customers. In an era of open architecture, we strive to become the preferred partners of our distributors. We have been

In the last 17 years of our business, we endeavoured to embody the values of our promoters while delivering value to our customers. Post listing we aim to take this a step further and deliver value to our investors who have reposed their faith in us.


working to deepen the integration between ourself and our distributors’ environments through technological amalgamation, customised solutions, transparent processes, more relevant incentives and a responsive and open culture.

Serving customers and building an attractive value proposition for the distributors cannot happen without well-equipped and motivated employees. We offer our employees exposure to a rich cross-functional experience and leadership interactions. Our aim is to empower our employees with ideas, tools and experiences that are aligned to their aspirations, making HDFC Life a long-term career option. Equal emphasis is laid on the values of excellence, people engagement, integrity, customer centricity and collaboration as being the way of life at HDFC Life. We aspire to be an employer of choice, today and tomorrow.

We are humbled by the faith reposed in us by our shareholders who recognise our strengths and back us to leverage them effectively. Our leadership team and all other employees go to work recognising the enormous responsibility of living up to the shareholders’ expectations, vested in them. We are constantly on the lookout for newer avenues

of growth that complement the strengths of the Company and enhance value for the shareholders. For the next leap, the focus is on achieving high performance in the core business and building vitality within the organisation to chase new ideas. We are focussed on innovating wisely and exploring newer profit pools to ensure long-term wealth creation for our shareholders.

As a listed Company, our stakeholder group has expanded. We have always believed in giving back to the society. We now see ourselves playing a bigger role to serve the society, beyond the realms of our core business activities. Through Swabhimaan, our CSR initiative, we are partnering with institutions in the areas of education, health, environmental sustainability and livelihood. We closely track progress on each initiative and have a planned pipeline for FY 2019. We are also empowering employees to be socially responsible corporate citizens and contribute time and effort towards the initiatives.

Giving back goes beyond our CSR programme and extends to our core business; this includes giving customers peace of mind today and in adverse times, partnering with distributors in a transparent environment and providing employees multiple avenues for growth and development. In today’s fast-changing business environment, we strive for HDFC Life to be recognised as a long-term oriented Company driven by positive growth pursuits, that is built on a foundation of excellence and ethics.


Corporate O

verviewM

anagement Review

&


Statements

Glossary of Term

s

Engaging theme based on sports, interesting extension with right blend of specific sport with corresponding aspect of the reported parameter. Mixing 30 years with patriotism is a good idea. Big bold images with matching typography, good blend of graphs and charts. It is also amongst very few companies in the sector to present an Online Report, which is equally well-prepared. Thoughtful flow of information. Executive message, if taken on prior pages, would have added to the scores. Quite extensive and mature commentary from Chairman. MD’s message equally well drafted, extending the theme in the message very thoughtfully. A model MDA with bibliography – adds to the uniqueness.

PNB Housing Finance24

STEPPING UP POSITIONOver the last few years, PNB Housing has been maintaining

its stature as one of the fastest growing HFCs in the

country. We have been rising up the charts steadily and

today we are positioned amongst the top five players in

the segment. We are stepping closer to our mission to

stand tall as one of the most admired housing finance

companies in India.

10

Pole jumping competitions

were known to the ancient

Greeks, Cretans and Celts.

The concept behind this

sport is to efficiently

translate kinetic energy

accumulated by running into

potential energy stored by

the elasticity of the pole, and

to gain as much vertical

height as possible by jumping

off the ground.

POLE VAULT

Growth Story of PNB Housing 26 Profile of the Board of Directors 28

Senior Management Team 32 From the Chairman’s Desk 33

From the Managing Director’s Desk 36 Management Discussion and Analysis 43

Directors’ Report 67 Annexure to Directors’ Report 77

CONTENTS

2

Report of the Directors on Corporate Governance 104

Standalone Financial Statements with Auditors’ Report 127

Glimpses 224 Corporate Information 228

Annual Report 2017-18

3

General Shareholder Information 116 Business Responsibility Report 119

Consolidated Financial Statements with Auditors’ Report 180


Momentsthat

Statutory ReportsManagement Discussion & Analysis 32

Directors’ Report 58

Corporate Governance Report 74

Enterprise Risk Management 124

Management Report 126

Financial Statements Independent Auditors’ Report 135

Comments of C&AG 145

Financial Statements 146

Additional InformationEmbedded Value Report 324

Corporate Information 328

Glossary of Terms 329

Engaging peoplePEOPLE AT SBI LIFE

An internal survey ‘Pulse’ was launched during the year, to which an overwhelming response was received from all employees. The enthusiastic participation reflects the tremendous faith the employees have in the organization. The findings are being used to design specific interventions, policies and processes which are expected to increase the overall employee engagement with the Company. This initiative will help us in strengthening our focus on creating a vibrant and a more meaningful workplace. Employee engagement and customer experience go hand in hand. With a view to gauge the engagement levels in the organization.

SBI Life values its employees and believes that they are the biggest asset to the organization. Continuing in its endeavour to be the ‘Employer of Choice’, the organization places immense focus on greater employee involvement to develop a sense of ownership. The organization goes beyond the usual transactions of recruitment, confirmation and performance review and believes in providing appropriate interventions which help employees build a long and rewarding career.

‘Town Halls’ were organized across the country enabling employees to connect directly with the leadership group.

Under the Going Extra Miles (GEMs) scheme the extraordinary efforts of the employees were recognized and rewarded. Success stories were shared through the corporate magazine ‘Bandhan’ and the regional e-magazines.

‘Innoviti’ – SBI Life’s innovation contest continued to receive tremendous response and support in its third edition. A large number of innovative projects related to customers, employees and the organization, which were implemented in 2017, were nominated by the employees for this award. The best entries were selected for participation in BNP Cardif Innovation Awards.

SBI Life proactively encourages employees to give ideas and suggestions regarding products, services, concepts, processes etc. along with an implementation plan. Under All Idea Matters (AIM) scheme, the best ideas received from employees are rewarded and the departments concerned take it up for implementation.

Employee Engagements

24 SBI Life Insurance Company Limited

Moments that

An appealing theme, aptly presented with a human touch, extension opportunity, though got missed out. Thoughtful report structure. Compact yet relevant factsheet. Board & Leadership - both profiled with brief biography. Evaluation metrics is welcome addition and glossary makes the complex insurance business comprehendible for a layman. Compact executive messages. Operational and financial highlights well captured, a description of performance parameters adds more value to communication. Good MDA, coupled with a dedicated Risk Management section.

SBI Life3

top picks: select parametersengagement value info-richness




3 ICICI Lombard General

4 Mahindra Finance


Yes Bank

Exceptional Outstanding Appreciable Average Uncompetitive

ICICI Lombard General

Mahindra Finance

ICICI Prudential

Life

HDFC Standard

Life

PNB Housing Finance



2 SBI Life

AU Small Finance Bank

3 IIFL Holdings


5 RBL Bank

Max Financial

SBI Life

AU Small Finance

Bank

IIFL Holdings

HDFC Standard

Life

RBL Bank

Max Financial

Aditya Birla

Capital

Yes Bank

performance analysis

RBL Bank

PNB HousingFinance

ICICI Prudential

Life

HDFC Standard

Life

SBI Life


1 RBL Bank

HDFC Standard Life

2 SBI Life



5 AU Small Finance Bank

strategy & sustainability



2 RBL Bank


4 SBI Life

ICICI Prudential Life

5 AU Small Finance Bank

Aditya Birla

Capital

PNB HousingFinance

RBL Bank

ICICI Prudential

Life

SBI Life AU Small Finance

Bank

AU Small Finance

Bank

board & leadershipPNB Housing Finance: Ticked all the right boxes, with committee info (in Corporate Information) being the only miss.

Mr. Anshul BhargavaChief People Officer

Mr. Kapish JainChief Financial Officer

Mr. Ajay GuptaExecutive Director & Chief Risk Officer

Mr. Nitant DesaiChief Operations & Technology Officer

Mr. Sanjay JainCompany Secretary &Head Compliance

Mr. Sanjaya GuptaManaging Director

Mr. Shaji VargheseExecutive Director & Business Head

SENIOR MANAGEMENT TEAM

32

Noteworthy others• HDFC Standard Life • IIFL Holdings• AU Small Finance Bank

top picks: select attributesbusiness profileAdiyta Birla Capital: Business profiling at its best, aptly weaving in the brand aspect. Segment profiling and performance analysis adds icing to the cake.

14,500+Employees

1,90,000+

ChannelPartners

D51,378 Cr.Lending Book2

800+Branches

NBFCLife

Insurance

AssetMgmt.

GeneralInsuranceBroking

Asset Re-construction

Broking

Pension

Wealth

PrivateEquity

HousingFinance

Online Personal Finance

HealthInsurance

D13,428 Cr.Revenue

D305,295 Cr.AUM1Active

Customers1+ Cr

PBTD1,554 Cr.

1Includes AUM of Life Insurance, Health Insurance, Private Equity and Quarterly average AUM of Asset Management Business2Includes lending book of NBFC and Housing Finance Businesses

IntroductionAditya Birla Capital Limited (ABCL) is the holding company of all the financial services businesses of the Aditya Birla Group. Aditya Birla Capital has a strong presence across a wide range of Protecting, Investing and Financing Solutions, which include Life Insurance, Health Insurance, Motor Insurance, Corporate General Insurance, Mutual Funds, Wealth Management, Stocks and Securities Broking, Portfolio Management Services, Real Estate Investments, Pension Funds, Home Finance, Personal Finance, SME Finance, Real Estate Finance, Loan Against Securities, Corporate Finance, Debt Capital Markets, Loan Syndication and Asset Reconstruction.

Aditya Birla Capital is a part of the Aditya Birla Group, a $43 billion Indian multinational, in the league of the Fortune 500 Companies. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 35 countries across the globe.

As on 31st March 2018

1

Noteworthy others• ICICI Lombard General• HDFC Standard Life• Capri Global

executive messagesPNB Housing Finance: Quite mature letter from the Chairman, mapping progress with promises made years ago at the time of IPO; equally objective performance review by the MD.

Noteworthy others• RBL Bank• Aditya Birla Capital• HDFC Standard Life• ICICI Lombard General


33

Dear Stakeholders

On behalf of Board of Directors, I present the 30th Annual Report and the consolidated

financial statements of PNB Housing Finance Limited for the year ended March 31, 2018. It

gives me immense pleasure that the Company is now in the elite list of large housing finance

companies in terms of loan assets and deposits. The Company has traversed this journey in

a short span of six years, post undertaking a Business Process Re-engineering Project.

The driving force behind this journey has been a single minded thought of bringing people

and processes together, achieving operational excellence, use of right technology in the

delivery model and foremost, our customers and stakeholders. We are one of significant

contributors to the millions of home buyers, bringing them closer to their dream of owning a

home. It is indeed our modest endeavour towards adding to the nation's wealth.

The Company has once again delivered a stellar performance under all the parameters and

has positioned itself amongst the top players of the sector. The Company has been

delivering, what it had promised at the time of IPO. This is possible because PNB Housing is

built on strong fundamentals, fuelled by ambition and held together by values and ethics.

Our growth is steady, inclusive and an outcome of concentrated efforts by our team

members to achieve a larger purpose - that of creating a healthy eco system for mortgage

industry such that it benefits the society at large.

Indian economy has remained resilient in the last financial year in somewhat turbulent times.

Mr. Sunil MehtaChairman

CHAIRMAN'S MESSAGE

The government implemented tough

structural reforms in the tax structure in the

form of GST. The GST was implemented

barely six months after demonetization. The

consistent performance of the economy

with a GDP growth of over 6.5%, despite

many negative predictions proves that our

economy is now matured. Experts

anticipate the GDP will be 7.4% in 2018–19

and remain steady at 7.8% in 2019–20 and

2020–21, suggesting that our present

repute of being the world's fastest growing

economy shall persist even in the times

ahead.

Indian Economy continues to move towards

the path of macro-economic stability, as

evidenced by the improving inflation and

fiscal deficit, while being a more compliant

economy. The global economy has also

performed significantly better than the last

fiscal. Almost all the major regions of the

world are witnessing an economic growth.

This acceleration is welcomed backed by

rebound in investment and trade, but it is

still subject to substantial risks owing to

financial stress and rising geopolitical

tensions.

One of the big concerns as of now is the

rising crude oil prices. India is one of the

largest consumers of crude oil with high

dependence on imports. The recent rise is

likely to fuel inflation and rise in interest

rates. The INR has started depreciating

against USD making imports dearer. At

present, the situation is not alarming but if

the situation does not improve by second

quarter, then it might have adverse

spiralling effect.

India has stable macro-economic indicators

post structural reforms undertaken over the

years. The liberal FDI policy has resulted in

high foreign capital inflows and has

provided the needed impetus to make India

a favoured investment destination. There

was a 17% surge in FDI inflows in the April-

September FY2017-18 period, which was

mostly driven by an open FDI regime and

improving business scenario in the country.

The success of recent issues in primary

market is a precursor of an increase in

private investment.

The overall business sentiment has picked

up in the last quarter of FY 18 post GST

implementation. The Real estate sector,

which was till now surrounded by multiple

tax regimes, should benefit by a single tax

structure. RERA a critical reform for the

real estate has also started shaping up

with almost all the states implementing it.

RERA is gradually infusing transparency

and confidence among home buyers.

Some of the markets are witnessing better

demand and sales growth, which is

expected to expand in the current fiscal.

In the last 3 years, the government has

announced major programmes to retrofit

and develop urban infrastructure, such as

'Smart Cities', 'Housing for all', etc. As India

moves towards an urbanised society, these

programmes are expected to transform

India's urban infrastructure landscape. The

Smart Cities mission has witnessed the

successful completion of 147 projects,

while others are being developed at an

appreciable pace. A total of 2,313 projects

worth approx. USD14.89 billion are at

various stages of select smart cities.

The investor sentiment towards India has

improved. Moody's investor services has

raised India's sovereign rating for the first

time in 14 years. India has jumped 30

places in World Bank's Doing Business

Report, 2018 to achieve the 100th rank.

India is currently positioned at number 40

in the 2017 Global Competitiveness

ranking.

Country's macroeconomic fundamentals

are strong with a clear and definitive fiscal

structure. India is on a much better footing

than other emerging economies. The

country's long-term growth potential

stands undisputed backed by host of

recent reforms undertaken, which have laid

down a strong and firm foundation for the

economy.

34

highlightsAditya Birla Capital: Comprehensive representation of operational, strategic and financial performance - at consolidated as well as SBU levels. Presenting highlights upfront would have been even better.

Noteworthy others• PNB Housing Finance• Mahindra Finance• AU Small Finance Bank

Five-Year ProgressADITYA BIRLA CAPITAL – CONSOLIDATED

7,92

8

FY 15

9,29

9

FY 16

11,0

71

FY 17

13

,42

8

FY 18FY 14

6,63

9

Consolidated Revenues (D Crore)

19%

5-YEAR CAGR

1,64

,995

FY 15

1,84

,276

FY 16

2,46

,277

FY 17

3,0

5,2

95

FY 18FY 14

1,22

,362

Assets Under Management (D Crore)2

26%

5-YEAR CAGR

17,7

30

FY 15

27,7

28

FY 16

38,8

39FY 17

51

,37

8

FY 18FY 14

11,7

35

Lending Book (D Crore)1

45%

5-YEAR CAGR

849

FY 15

995

FY 16

1,15

0

FY 17

1,5

54

FY 18FY 14

727

Earnings Before Tax (D Crore)

21%

5-YEAR CAGR

NOTE: To make the performance comparable, the aggregate revenue and PBT of the financial information contained in the IGAAP financial statement of the individual subsdiaries/joint ventures of ABCL till FY 17, before any intercompany elimination or minority interest.

1Includes lending book of NBFC and Housing Finance Business 2Includes AUM of LIfe and Health Insurance, Private Equity and quarterly average AUM of Asset Management business.

Annual Report 2017-18Aditya Birla Capital Limited (Formerly Known as Aditya Birla Financial Services Limited)

22

ADITYA BIRLA FINANCE

ADITYA BIRLA HOUSING FINANCE1

17,5

88

FY 15

25,7

55

FY 16

34,7

03

FY 17

43

,24

2

FY 18FY 14

11,7

35

Lending Book (D Crore)

39%

5-YEAR CAGR

142

FY 15

1,97

3

FY 16

4,13

6

FY 17

8,1

37

FY 18

Lending Book (D Crore) Earnings before tax (D Crore)

(5)

FY 15

(30)

FY 16

(15)

FY 17

24

FY 18

1Aditya Birla Housing Finance commenced operations in October 2014

411

FY 15

626

FY 16

832

FY 17

1,1

09

FY 18FY 14

251

Earnings before tax (D Crore)

45%

5-YEAR CAGR

Corporate Overview Financial StatementsStatutory Reports

23

management discussion & analysisHDFC Standard Life: A model MDA that ticks all the right boxes. Comprehensive audit & risk management report adds to the perfection.

Noteworthy others• PNB Housing Finance• RBL Bank• SBI Life


Corporate O

verviewM

anagement Review

&


Statements

Glossary of Term

s

Management Discussion and Analysis

Asia’s third-largest economy, India, is set apart from other leading global economies, which are ageing relatively faster. At present, around 40% of the Indian population is below the age of 20. As per FICCI, India currently has 605 million people below the age of 25, and 225 million in the age group of 10-19 years, ready for higher education. The average Indian age by 2020 will be 29 years as against 40 years in the US, 46 years in Europe and 47 years in Japan.

While a majority of the population will be young over the next 10-15 years, the population of today is “ageing”, thus driving up the dependency ratio. As per FICCI, India’s insurable population is anticipated to touch 750 million by 2020, with a life expectancy at birth of 74 years. Demand for annuity and retirement policies will

Source: 1. United Nations World Populations Prospects Report (2015) 2. World Bank report on Global Savings in 2030

OpportunitiesI. Changing demographic profile

Life expectancy (Years)1

65.5

71.7

75.9

2010 2030 2050

1.5 1.71.2Population composition (bn)2

5%

55%

40%

8%

60%

32%

14%

61%

26%

2010 2030 2050 Less than 20 years 20-64 years 65 years and above

rise with increasing life expectancy even as proportion of India’s elderly population (> 65 yrs of age) will increase by ~50% to 120 million by 2030.

This changing demographic profile implies two things: (i) The young working population would need adequate funds to take care of their long-term savings and pension requirements; and (ii) The income earner would have to ensure the right life cover, with increasing proportion of dependents. This triggers the need for product innovation, increasing digital adoption and simplifying as well as customizing the customer journey for the millennial customer.

India’s demographic advantage provides opportunity for continued growth of the life insurance Industry.

II. Low insurance density and increasing protection gap

Life insurance penetration (2016)

16.7% 16.2%

7.2%5.5%

3.7% 3.2% 2.7% 2.3%

Taiw

an

Hon

g Ko

ng

Japa

n

Sing

apor

e

Thai

land

Mal

aysi

a

Indi

a

Chin

a

Life insurance density US$ (2016)

7,066

3,5992,895

2,803

298 222 19047

Hon

g Ko

ng

Taiw

an

Sing

apor

e

Japa

n

Mal

aysi

a

Thai

land

Chin

a

Indi

a

Protection gap (2014)

92.2% 88.3%78.4% 73.3% 72.5% 70.2%

56.3% 56.0%

16.4%

Indi

a

Chin

a

Thai

land

Indo

nesi

a

Mal

aysi

a

Hon

g Ko

ng

Japa

n

Sing

apor

e

Taiw

an


Management Discussion and AnalysisA. MACROECONOMIC TRENDSFY 2018 proved to be a year with a number of exciting developments. Global growth clocked strong gains in 2017, surprising on the upside, led by robust economic expansion in the developed economies. IMF’s Global growth estimates for 2017 were raised from 3.4%, estimated at the beginning of the year, to 3.6% by the end of the year. The Euro area economy provided the biggest surprise, growing by 2.3% against the 1.4% forecast by the IMF at the beginning of the year. The US economy, too, expanded 2.3% in 2017, supported by an expansionary fiscal policy.

The stronger global growth imparted strength to commodities, and crude oil, in particular. Brent crude oil prices gained more than 30% during the year. A combination of tight supplies, as OPEC and key non-OPEC producers adhered to the production limits set in place in 2016, and strong demand driven by the robust global growth led to strength in oil prices. Inflation in the developed economies saw an uptick, as the higher energy prices wound their way through the economies, calming down fears of a deflationary spiral. The improvement in growth and inflation outlook led to the respective monetary authorities to start pulling back the extreme monetary accommodation and in some cases, raise interest rates as well. The rising interest rates and withdrawal of the monetary accommodation has led to higher developed markets bond yields, notably US bond yields.

The global factors had an impact on the Indian economy as well. Domestic growth saw a sharp slowdown in the first quarter of FY 2018, as the economy transitioned to the new Goods and Services Tax (GST) regime. The first quarter growth slipped to 5.7%, a 13-quarter low, and rebounded strongly thereafter, clocking 7.7% in the last quarter of the year. The growth for the full year was pegged at 6.7%.

Inflation stayed low through the year as food prices stayed benign and non-food prices remained largely stable. The CPI index hit a series low of 1.46% in June, and recovering thereafter leading to an average CPI inflation of 3.6% for the full year. This compares favourably with the average 4.5% inflation for the previous year. The soft inflation led RBI to cut interest rates at its August Monetary Policy meeting, taking the policy interest rates to a low of 6.0%.

The low inflation over the last year, as well as the previous years, has led to an increase in financial savings in the economy. The lower returns on real assets has also played a role in increasing financialisation of savings. The soft interest rates and comfortable liquidity with banks had led to lower rates on Fixed Deposits, the favourite financial

instrument, and improved flows into other avenues for financial savings – mutual funds and insurance. The inflows into the domestic financial institutions helped the equity markets deliver strong gains over the year, even though foreign investors largely stayed away. Despite the correction seen at the end of the year, due to global factors, the large cap equity indices rose about 10% over the year.

In the currency markets, the Indian Rupee was quite stable through the year. The Rupee appreciated through the initial three quarters of the year, as strong capital inflows from FPIs tilted the economy’s external Balance of Payments (BoP) into a surplus. The last quarter, though, saw a reversal of the gains as global risk appetite waned in the face of rising US interest rates, and capital flowed out of Emerging Markets. The Rupee started the year at ` 64.77 and ended slightly weaker at ` 65.18 against the US Dollar.

A key development for the banking system was the Government’s recapitalisation of the PSU banks, as they recognised and provided for all the stressed assets. The recap plan is expected to help restore the health of the banks’ balance sheets and provide a firm footing to grow in future.

The pickup in growth in the last quarter of the year helped India regain the tag of the fastest growing major economy in the world. RBI has estimated next year growth at 7.4% as the economy picks up steam based on the efficiency and productivity gains brought about by the introduction of the GST, the implementation of the bankruptcy law, the cleaning up and recapitalisation of banks’ balance sheets and forecasts of a normal monsoon.

Key Levers Impacting the Life Insurance Industry in India – Opportunities and ThreatsPost liberalization of the life insurance industry in India in FY 2000, the industry has seen both highs and lows, driven by a multitude of factors including dynamic regulatory changes, global financial meltdown, evolving consumer behavior and a changing competitive landscape. Life insurers navigated these changes through recalibration of their business models – a tied agency-dominated distribution made way to a multi-channel one, innovation in the product space catered to the varying needs of the customers and processes became more efficient for a better customer experience. Today, with a stable regulatory environment, increasingly aware and digital customer and technological enablers, insurers are in a good position to utilize the existing opportunities.

socio-environmental hues

Noteworthy others:• PNB Housing Finance• ICICI Lombard General• HDFC Standard Life

Progressing towards a better tomorrow

CSR INITIATIVES

Our Company is focused on enriching the lives of its communities and handholding them towards a better tomorrow. Our journey so far has been enriched by the continued trust, support and loyalty of our various stakeholders including customers, employees, business partners and investors. We believe that there could be no better way of thanking them than by giving back to the society and empowering the communities that we live in.Our efforts span across various arenas like facilitating education to build future leaders, improving healthcare facilities, making our environment greener and providing relief to people affected by disasters. We at SBI Life take pride in the success of these efforts and yet remain determined to continue further on our path of creating smiles across the communities that we live in.

Educationo Nearly 50,000 children studying across 55+

institutions were given the gift of education

o Granted them support for yearly academics and basic educational essentials

o 452 educational institutions across 19 states were given an infrastructural upgrade

o Over 1 lakh students studying in these institutions were benefited

HealthcareInvestment in healthcare ranged from providing medical equipment and ambulances to medical institutions, to conducting health camps and supporting treatments and surgeries of the underprivileged

28 SBI Life Insurance Company Limited

Moments that

Rural Developmento More than 5,000 villagers were impacted

through rural development initiatives

o We provided sanitation and lavatory facilities, water treatment plants and even compost machines

Environment50,000 trees were planted in the north-eastern state of Sikkim

Disaster ReliefRelief material was provided to around 22,600 flood-affected victims across the states of Uttar Pradesh, West Bengal, Bihar and Assam

Annual Report 2017-18 29

Our efforts span across various arenas like facilitating education to build future leaders, improving healthcare facilities, making our environment greener and providing relief to people affected by disasters.

We at SBI Life are determined on our path of creating smiles across the communities that we live in.

FINANCIAL STATEMENTS COMPANY OVERVIEW ADDITIONAL INFORMATIONSTATUTORY REPORTS

SBI Life: CSR approach finds due prominence in executive message, followed with a detailed CSR update in report narrative, spends exceed the mandated threshold , a well-documented BRR report annexed.

theme & depthEdelweiss Financial Services: An engaging cover theme that collates success stories of unheard Indian heroes, interweaving their heroics with the company story. (The approach reminds of Entergy Corporation’s 2010 annual report that used illustrated fables to set the context, juxtaposing identical company traits and deeds.)

Noteworthy others• PNB Housing Finance• ICICI Lombard General• IIFL Holdings

Edelweiss Annual Report 2017-18 | 01

PC Musthafa Dr. VenkataswamyKalpanaSaroj

PremGanpathy

ChetnaGala Sinha

ArunachalamMuruganantham

MansukbhaiPrajapati

ChandubhaiVirani

ChhaviRajawat

AnirudhSharma

Edelweiss Salutes the Indian Entrepreneurial Spirit

India today, is a land of multitude opportunities, one where millions of gutsy entrepreneurs, daring to dream, are bringing ideas to life with their grit and tenacity. They form the core of modern India. With their bold aspirations, they are transforming businesses, powering economic growth, creating jobs and improving the quality of life all around. With a potent combination of aptitude, entrepreneurial energy, favourable demographics and a vibrant business environment fueled by economic reforms, ordinary Indians are now doing extraordinary things. Unshackled, this entrepreneurial spirit is unmatched in India’s history.

It is this spirit that resonates strongly with the Edelweiss story, envisioned in much the same way, born out of the determination to mould an idea into a new age business. Today, Edelweiss Group is one of India’s leading financial services conglomerates, helping its multiple consumer segments create, grow and protect their wealth. Remaining true to our credo - Ideas create, values protect - we draw on the strength of our values, striving to remove limitations, while helping our customers achieve their aspirations and BeUnlimited.

Through the pages of our 23rd Annual Report, we salute the steadfast BeUnlimited spirit of ten entrepreneurs from different walks of life, who despite their diverse cultures, upbringing, educational backgrounds and varied lifestyles, share a strong conviction in their beliefs. Their passion, perseverance and determination are the key ingredients to their success, enabling them to aim high, exceed their goals and power growth, despite limitations.

Breathing life into each of these 10 powerful and inspiring entrepreneurs, are 10 digital artists, who have interpreted and visualised their lives, using this special edition of the Annual Report as a canvas of creative expression.

Here’s to celebrating the BeUnlimited spirit of entrepreneurship!

Edelweiss Salutes the Indian Entrepreneurial Spirit

visual richnessPNB Housing Finance: Breaking the clutter of templatised design and layout, the reports uses bold sports visuals, ample breathing space and big bold typefaces to communicate competitiveness, self-discovery and a sense of accomplishment – all of which are key strategic messages that the company aimed to deliver.

25


Distance running is the most basic

form of racing. This distance varies

from 100 meters to several

kilometers. Atheletes practice for

years to showcase their potential in

races which sometimes last for less

than 10 seconds. Even a hundredth of

a second can make a difference

between winning and losing.

RUNNING

PNB HOUSING'S GROWTH STORY

1988Company incorporated

2003Notified under SARFAESI Act

2006Crossed 1,000 crores `

loan portfolio

2009Destimoney Enterprises Limited (‘DEL’) acquired 26% stake in the Company

2010Launched Business Process Re-engineering project - ‘Kshitij’

2011• Introduced new

brand positioning

• Robust and scalable Target Operating Model (‘TOM’) implementation commenced

2012• DEL raised stake

from 26% to 49%

• Gross NPAs brought below 0.5% of the asset portfolio

• AUM: 3,970 crores`

• Deposits: 333 `

crores

• PAT: 75 crores`

2013• Crossed 1,000 `

crores in deposits

• ‘CRISIL AA+’ rating (for NCDs and bank term loans) and FAAA (for Deposits)

26

To conclude this study, we have come up with a dream report for the Financial Services space. Having identified the key impact points from each report, combining these in a single report would pack one of the world’s best reports which is Made in India.

We attempt to list the sections we can borrow from each of our top picks to come up with the Dream Report – Financial Service, 2018 India.

Board & Leadership

Business Profile

Executive Message(s)

Highlights

conclusion

Socio-environmental Hues

Theme & Depth

Visual Richness

Management Discussion & Analysis

dreamFS report

2019

5Paisa Capital LimitedAditya Birla Capital LimitedAllahabad BankAndhra Bank AU Small Finance Bank LimitedAxis Bank LimitedBajaj Finance LimitedBajaj Finserv LimitedBank of BarodaBank of IndiaBank of MaharashtraBharat Financial Inclusion LimitedBSE LimitedCanFin Homes LimitedCanara BankCapital First LimitedCapital Trust LimitedCapri Global Capital LimitedCARE Ratings LimitedCentral Bank of IndiaCentral Depository Services (India) LimitedCholamandalam Investment and Finance Company LimitedCity Union Bank LimitedCorporation BankCrest Ventures LimitedCRISIL LimitedDB (International) Stock Brokers LimitedDCB Bank LimitedDena BankDewan Housing Finance Corporation LimitedDhanlaxmi Bank LimitedEdelweiss Financial Services LimitedEmkay Global Financial Services LimitedEquitas Holdings LimitedGeeCee Ventures LimitedGeneral Insurance Corporation of India

Geojit Financial Services LimitedGIC Housing Finance LimitedGruh Finance LimitedHB Stockholdings LimitedHDFC Bank LimitedHDFC Standard Life Insurance Company LimitedHousing & Urban Development Corporation LimitedHousing Development Finance Corporation LimitedICICI Bank LimitedICICI Lombard General Insurance Company LimitedICICI Prudential Life Insurance Company LimitedICRA LimitedIDBI Bank LimitedIDFC Bank LimitedIDFC LimitedIFCI LimitedIIFL Holdings LimitedIL&FS Investment Managers LimitedIndbank Merchant Banking Services LimitedIndiabulls Housing Finance LimitedIndiabulls Ventures LimitedIndian BankIndian Overseas BankIndo Thai Securities LimitedIndusInd Bank LimitedInventure Growth & Securities LimitedJM Financial LimitedKarur Vysya Bank LimitedKeynote Corporate Services LimitedKotak Mahindra Bank LimitedL&T Finance Holdings LimitedLakshmi Vilas Bank LimitedLIC Housing Finance LimitedMagma Fincorp LimitedMahindra & Mahindra Financial Services LimitedManappuram Finance Limited

annexure - i 124 companies that got considered for this study (in alphabetical order)

MAS Financial Services LimitedMax Financial Services LimitedMotilal Oswal Financial Services LimitedMulti Commodity Exchange of India LimitedMuthoot Capital Services LimitedMuthoot Finance LimitedN. B. I. Industrial Finance Company LimitedNaga Dhunseri Group LimitedNahar Capital and Financial Services LimitedOriental Bank of CommercePaisalo Digital Limited (earlier known as S.E. Investments Limited )

PNB Gilts LimitedPNB Housing Finance LimitedPower Finance Corporation LimitedPrime Securities LimitedPTC India Financial Services LimitedPunjab & Sind BankPunjab National BankRBL Bank LimitedReliance Capital LimitedReliance Home Finance LimitedReliance Nippon Life Asset Management LimitedReligare Enterprises LimitedRepco Home Finance LimitedSatin Creditcare Network LimitedSBI Life Insurance Company Limited

Shriram City Union Finance LimitedShriram Transport Finance Company LimitedSREI Infrastructure Finance LimitedStampede Capital LimitedState Bank of IndiaSummit Securities LimitedSundaram Finance LimitedSyndicate BankTata Investment Corporation LimitedTCI Finance LimitedThe Federal Bank LimitedThe Jammu & Kashmir Bank LimitedThe Karnataka Bank LimitedThe Motor & General Finance LimitedThe New India Assurance Company LimitedThe South Indian Bank LimitedTourism Finance Corporation of India LimitedUCO BankUjjivan Financial Services LimitedUnion Bank of IndiaUnited Bank of IndiaVardhman Holdings LimitedVijaya BankVLS Finance LimitedWeizmann Forex LimitedYes Bank Limited

annexure - ii

34 companies that made it to the semi final (in alphabetical order)

5Paisa Capital LimitedAditya Birla Capital LimitedAU Small Finance Bank LimitedBharat Financial Inclusion LimitedCan Fin Homes LimitedCapital First LimitedCapital Trust LimitedCapri Global Capital LimitedCholamandalam Investment & FinanceCRISIL LimitedDewan Housing Finance LimitedEdelweiss Financial Services LimitedEmkay Global Financial Services LimitedGeojit Financial Services LimitedHDFC Standard Life Insurance Company LimitedHousing Development Finance Corporation LimitedICICI Bank Limited

Disclaimer:

All the logos, except ‘AR Monitor’, ‘ReportInsights’ and ‘AR Insight’ displayed in the study are used for representational purposes only. These logos are the intellectual properties of the respective companies. AR Insight does not have any right or claim any of these IPs.

The entire research for the study has been done by the research team of AR Insight. We have taken all reasonable measures to ensure the reliability, accuracy and correctness of data capturing, counting, validating and analysis and we do not make any representations to their accuracy or completeness. All the views, comments and opinions presented in the study are the unanimous decision of the research team and expert panel. We, at AR Insight do not assume any responsibility for any loss or damage, including direct or indirect, such as loss of goodwill or business arising from or related to the use or the interpretation of the content in the study.

ICICI Lombard General Insurance Company LimitedICICI Prudential Life Insurance Company LimitedIIFL Holdings LimitedIndiabulls Housing Finance LimitedKotak Mahindra Bank LimitedL&T Finance Holdings LimitedLIC Housing Finance LimiedMahindra & Mahindra Financial Services LimitedManappuram Finance LimitedMax Financial Services LimitedMuthoot Finance LimitedPNB Housing Finance LimitedRBL Bank LimitedState Bank of IndiaSBI Life Insurance Company LimitedSREI Infrastructure Finance LimitedYes Bank Limited

mumbai, february, 2019

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