NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY … · NAME OF THE INSURER: MAX LIFE INSURANCE...

Form No Description PagesL- 1 REVENUE ACCOUNT 2-3

L- 2 PROFIT & LOSS ACCOUNT 4

L- 3 BALANCE SHEET 5

L- 4 PREMIUM 6

L- 5 COMMISSION 7

L- 6 OPERATING EXPENSES 8-9

L- 7 BENEFITS PAID 10-11

L- 8 SHARE CAPITAL 12

L- 9 PATTERN OF SHAREHOLDING 12

L-10 RESERVE AND SURPLUS 13

L-11 BORROWINGS 13

L-12 INVESTMENT SHAREHOLDERS 14

L-13 INVESTMENT POLICYHOLDERS 15

L-14 INVESTMENT-ASSETS HELD TO COVER LINKED LIABILITIES 16

L-15 LOANS 17

L-16 FIXED ASSETS 18

L-17 CASH AND BANK BALANCE 19

L-18 ADVANCES AND OTHER ASSETS 19

L-19 CURRENT LIABILITIES 20

L-20 PROVISIONS 20

L-21 MISC EXPENDITURE 20

L-22 ANALYTICAL RATIOS 21

FINANCIAL DISCLOSURES FOR THE PERIOD ENDED JUNE 30, 2020

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

NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED

of 21

PERIODIC DISCLOSURES

L-1-A-RA


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

Policyholders’ Account (Technical Account)

(All Amounts in Thousands of Indian Rupees)

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

Premiums earned - net

Premiums L 4 11,510,073 1,991 4,636,237 612,547 109,976 933,929 9,184,730 522,147 (13) 27,511,617

Less : Reinsurance Ceded (54,715) - (319,191) - (24,149) (314,455) (24,902) (59) - (737,471)

Add : Reinsurance Accepted -

11,455,358 1,991 4,317,046 612,547 85,827 619,474 9,159,828 522,088 (13) 26,774,146

Income from Investments

(a) Interest, Dividends & Rent - Gross 6,700,333 19,681 1,255,263 54,631 4,245 206,291 1,630,829 195,356 13,232 10,079,861

(b) Profit on sale/ redemption of investments 683,523 67 145,494 - - 238,663 3,468,338 393,116 6,185 4,935,386

(c) (Loss) on sale/ redemption of investments (646,779) - - - - - (5,222,741) (416,861) (10,584) (6,296,965)

(d) Transfer/ Gain on revaluation/change in fair value - - (65,078) - - - 17,707,599 1,267,199 44,122 18,953,842

Other Income -

Contribution from Shareholder ' account towards excess EOM - - - - - - - - - -

Miscellaneous Income 108,132 3 793 1 26 60 481 49 1 109,546

Total (A) 18,300,567 21,742 5,653,518 667,179 90,098 1,064,488 26,744,334 1,960,947 52,943 54,555,816

Commission L 5 678,490 7 510,769 8,201 29,665 23,849 294,283 14,731 - 1,559,995

Operating Expenses related to Insurance Business L 6 1,845,829 384 1,590,677 19,905 61,878 140,256 753,314 54,073 294 4,466,610

Provision for doubtful debts 630 - 665 4 35 18 340 16 - 1,708

Bad debts written off - - - - - - - - - -

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

Goods and Services Tax - - - - - - 336,615 16,817 184 353,616

Provision (other than taxation)

(a) For diminution in the value of investments( Net) 30,144 - - - - - 211,556 13,120 915 255,735

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

Total (B) 2,555,093 391 2,102,111 28,110 91,578 164,123 1,596,108 98,757 1,393 6,637,664

Benefits Paid (Net) L 7 4,435,249 7,515 650,643 38,176 (3,517) 319,266 3,534,064 821,010 26,972 9,829,378

Interim Bonuses Paid 3,111 - - - - - - - - 3,111

Change in valuation of liability against life policies in force:

(a) Gross* 15,866,985 (222) 3,570,905 632,092 6,280 64,544 18,897,786 687,641 23,968 39,749,979

(b) Discontinued Fund - - - - - - 2,172,750 299,964 - 2,472,714

(c) Amount ceded in Reinsurance 8,862 - (387,306) - (5,315) (15,695) - - - (399,454)

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

Total ( C ) 20,314,207 7,293 3,834,242 670,268 (2,552) 368,115 24,604,600 1,808,615 50,940 51,655,728

SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) (4,568,733) 14,058 (282,835) (31,199) 1,072 532,250 543,626 53,575 610 (3,737,576)

Contribution from the Shareholders' Account ** - - 282,835 31,199 - - - - - 314,034

APPROPRIATIONS:

Transfer to Shareholders’ Account - - - - 1,072 532,250 543,626 53,575 610 1,131,133

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

Funds available for Future Appropriations (4,568,733) 14,058 - - - - - - - (4,554,675)

Details of Surplus

(a) Interim Bonus Paid 3,111 - - - - - - - - 3,111

(b) Allocation of Bonus to Policyholders 12,952,931 13,476 - - - - - - - 12,966,407

(c) Surplus Shown in the Revenue Account 25,944,001 463,625 - - 1,072 532,250 543,626 53,575 610 27,538,759

(d) Total Surplus : [(a)+(b)+(c)] 38,900,043 477,101 - - 1,072 532,250 543,626 53,575 610 40,508,277

* Represents Mathematical Reserve considering allocation of Bonus.

** Contribution represents quarter numbers only, transferred to Policyholders Account

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

Particulars Sch Period ended June 30, 2020

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

of 21


L-1-A-RA



Policyholders’ Account (Technical Account)



Premiums earned - net

Premiums L 4 13,028,554 2,466 3,231,636 141,166 74,718 1,201,467 8,298,668 516,222 13,243 26,508,140

Less : Reinsurance Ceded (54,596) - (224,612) - (16,535) (188,011) (25,145) (78) - (508,977)

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

12,973,958 2,466 3,007,024 141,166 58,183 1,013,456 8,273,523 516,144 13,243 25,999,163

Income from Investments

(a) Interest, Dividends & Rent - Gross 5,858,304 18,866 1,014,574 31,486 3,121 194,992 1,685,527 231,408 13,277 9,051,555

(b) Profit on sale/ redemption of investments 1,904,954 - 7,173 849 - 3,326 3,310,385 357,165 8,253 5,592,105

(c) (Loss) on sale/ redemption of investments (251,267) - (2,357) (56) - (1,395) (878,625) (82,932) (2,863) (1,219,495)

(d) Transfer/ Gain on revaluation/change in fair value - - - - - - (41,925) 1,653 7,146 (33,126)

Other Income -

Contribution from Shareholder ' account towards excess EOM - - - - - - - - - -

Miscellaneous Income 96,901 1 2,961 1 34 119 83 67 - 100,167

Total (A) 20,582,850 21,333 4,029,375 173,446 61,338 1,210,498 12,348,968 1,023,505 39,056 39,490,369

Commission L 5 928,989 11 317,072 1,164 14,883 37,578 273,897 11,601 - 1,585,195

Operating Expenses related to Insurance Business L 6 2,699,731 461 1,153,399 2,120 37,544 167,657 834,373 51,937 296 4,947,518

Provision for doubtful debts 1,361 - 696 (1) (9) (32) 572 (12) - 2,575

Bad debts written off 894 - 356 1 14 47 258 18 - 1,588

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

Goods and Services Tax - - - - - - 312,570 17,738 174 330,482

Provision (other than taxation)

(a) For diminution in the value of investments( Net) - - - - - - 530,329 37,126 2,392 569,847

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

Total (B) 3,630,975 472 1,471,523 3,284 52,432 205,250 1,951,999 118,408 2,862 7,437,205

Benefits Paid (Net) L 7 5,241,024 9,185 999,796 25,519 4,900 426,810 8,928,359 837,487 27,553 16,500,633

Interim Bonuses Paid 3,489 - - - - - - - - 3,489

Change in valuation of liability against life policies in force:

(a) Gross* 10,903,273 (1,534) 2,478,579 151,249 7,418 345,514 (212,863) (224,730) 8,050 13,454,956

(b) Discontinued Fund - - - - - - 1,365,865 245,073 - 1,610,938

(c) Amount ceded in Reinsurance (5,194) - (666,770) - (2,489) 12,975 - - - (661,478)

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

Total ( C ) 16,142,592 7,651 2,811,605 176,768 9,829 785,299 10,081,361 857,830 35,603 30,908,538

SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) 809,283 13,210 (253,753) (6,606) (923) 219,949 315,608 47,267 591 1,144,626

Contribution from the Shareholders' Account ** - - 253,753 6,606 923 - - - - 261,282

APPROPRIATIONS:

Transfer to Shareholders’ Account - - - - - 219,949 315,608 47,267 591 583,415

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

Funds available for Future Appropriations 809,283 13,210 - - - - - - - 822,493

Details of Surplus

(a) Interim Bonus Paid 3,489 - - - - - - - - 3,489

(b) Allocation of Bonus to Policyholders 12,274,744 13,803 - - - - - - - 12,288,547

(c) Surplus Shown in the Revenue Account 22,890,897 429,298 - - - 219,949 315,608 47,267 591 23,903,610

(d) Total Surplus : [(a)+(b)+(c)] 35,169,130 443,101 - - - 219,949 315,608 47,267 591 36,195,646

* Represents Mathematical Reserve considering allocation of Bonus.

** Contribution represents quarter numbers only, transferred to Policyholders Account

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

Particulars Sch Period ended June 30, 2019


of 21


L-2-A- P & L ACCOUNT


Shareholders’ Account (Non-technical Account)


Rs in '000

Particulars Schedule Period ended June 30, 2020 Period ended June 30, 2019

Transfer from the Policyholders' Account (Technical Account) 1,131,133 583,415

Income From Investments

(a) Interest, Dividends & Rent - Gross 493,784 433,262

(b) Profit on sale/redemption of investments 48,051 107,726

(c) (Loss) on sale/ redemption of investments (3,906) (10,672)

Other income

- Miscellaneous income 122,661 225

Total ( A ) 1,791,723 1,113,956

Employees remuneration and welfare benefits 46,843 5,296 Expenses other than those directly related to the insurance business : 42,797 44,848

Contribution to the Policyholders Account (Technical Account) 314,034 261,282

Contribution to Policyholders ' account towards excess EOM - -

Provisions (other than taxation)

(a) For diminution in the value of investments( Net) 8,001 37,500

(c) Others - -

Total ( B ) 411,675 348,926

Profit/(Loss) before tax (C)=( A )-( B ) 1,380,048 765,030

Provision for Taxation (331,044) 83,253

Profit/ (loss) after tax 1,711,092 681,777

Appropriations

(a) Balance at the beginning of the period 5,182,919 7,538,521

(b) Interim Dividend Paid - -

(c) Final Dividend Paid - 2,647,962 (d) Dividend Distribution Tax - 544,296

(e) Transfer to reserves/ other accounts - -

Profit/(Loss) carried forward to the Balance Sheet 6,894,011 5,028,040


of 21

PERIODIC DISCLOSURESL-3-A- BS


BALANCE SHEET AS AT JUNE 30, 2020(All Amounts in Thousands of Indian Rupees)

Particulars Sch As At June 30, 2020 As At March 31, 2020

Sources Of FundsShareholders’ Funds:

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

19,188,129 19,188,129

Reserves And Surplus L 10 8,705,457 6,805,838 Credit/(Debit) Fair Value Change Account (79,555) (255,072)

Sub-Total 27,814,031 25,738,895

BORROWINGS L 11 - -

POLICYHOLDERS' FUNDS:Credit/ (Debit) Fair Value Change Account 1,647,495 (5,724,369)

Revaluation Reserve - Investment Property 22,248 22,248

Policy Liabilities 474,446,168 454,807,482

Provision For Linked Liabilities 193,922,323 174,210,481

Fund For Discontinued Policies 19,903,807 17,431,093

Surplus In The Revenue Account (Policyholders' Account) (4,554,675) -

Sub-Total 685,387,366 640,746,935

Funds For Future Appropriations- Non Linked 30,962,301 30,962,301

TOTAL 744,163,698 697,448,131

Application Of FundsInvestments

Shareholders’ Investments L 12 32,731,285 32,581,186

Policyholders’ Investments L 13 485,831,425 460,484,108 Assets Held To Cover Linked Liabilities L 14 213,826,130 191,641,577 Loans L 15 4,474,405 4,264,484 Fixed Assets L 16 2,209,172 2,187,050 Current Assets :

Cash And Bank Balances L 17 3,330,643 4,059,852

Advances And Other Assets L 18 18,776,916 22,505,996

Sub-Total (A) 22,107,559 26,565,848

Current Liabilities L 19 16,222,012 19,638,740 Provisions L 20 794,266 637,382

Sub-Total (B) 17,016,278 20,276,122

Net Current Assets (C) = (A) – (B) 5,091,281 6,289,726

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

TOTAL 744,163,698 697,448,131


of 21





L-4-PREMIUM SCHEDULE


First year premiums 1,455,448 - 2,023,827 - 68,124 271,393 2,270,636 125,488 (13) 6,214,903

Renewal premiums 8,182,598 965 2,609,550 - 41,852 536,574 6,759,130 386,327 - 18,516,996

Single premiums 1,872,027 1,026 2,860 612,547 - 125,962 154,964 10,332 - 2,779,718

Total premium 11,510,073 1,991 4,636,237 612,547 109,976 933,929 9,184,730 522,147 (13) 27,511,617

Total premium in India 11,510,073 1,991 4,636,237 612,547 109,976 933,929 9,184,730 522,147 (13) 27,511,617

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


First year premiums 2,229,880 - 1,458,556 - 39,089 193,331 2,442,349 84,153 13,243 6,460,601

Renewal premiums 9,016,816 1,481 1,772,878 - 35,629 364,449 5,784,261 424,742 - 17,400,256

Single premiums 1,781,858 985 202 141,166 - 643,687 72,058 7,327 - 2,647,283

Total premium 13,028,554 2,466 3,231,636 141,166 74,718 1,201,467 8,298,668 516,222 13,243 26,508,140

Total premium in India 13,028,554 2,466 3,231,636 141,166 74,718 1,201,467 8,298,668 516,222 13,243 26,508,140

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

Period ended June 30, 2019

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



of 21





L-5-COMMISSION SCHEDULE


Commission paid

Direct first year premiums 337,646 - 429,851 - 26,011 7,313 228,478 8,381 - 1,037,680

Direct renewal premiums 315,108 7 48,113 - 1,675 10,271 45,532 5,577 - 426,283

Direct single premiums 48 - 100 8,201 - 5,708 2,891 135 - 17,083

Total (A) 652,802 7 478,064 8,201 27,686 23,292 276,901 14,093 - 1,481,046

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

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

Net Commission 652,802 7 478,064 8,201 27,686 23,292 276,901 14,093 - 1,481,046

-Rewards 25,688 - 32,705 - 1,979 557 17,382 638 - 78,949

Net Commission & Rewards 678,490 7 510,769 8,201 29,665 23,849 294,283 14,731 - 1,559,995

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

Agents 280,591 7 169,813 2,560 5,592 2,297 40,182 4,083 - 505,125

Brokers 473 0 908 0 14 15,521 141 5 - 17,062

Corporate Agency 16,429 0 6,652 0 331 134 3,034 94 - 26,674

Bancassurance 380,997 0 333,396 5,641 23,728 5,897 250,926 10,549 - 1,011,134

Total (B) 678,490 7 510,769 8,201 29,665 23,849 294,283 14,731 - 1,559,995


Commission paid

Direct first year premiums 572,021 - 273,692 - 12,693 4,257 217,303 4,984 - 1,084,950

Direct renewal premiums 323,291 11 28,423 - 1,392 4,502 42,912 6,243 - 406,774

Direct single premiums 66 - 16 1,163 - 28,514 1,301 58 - 31,118

Total (A) 895,378 11 302,131 1,163 14,085 37,273 261,516 11,285 - 1,522,842

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

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

Net Commission 895,378 11 302,131 1,163 14,085 37,273 261,516 11,285 - 1,522,842

-Rewards 33,611 - 14,941 1 798 305 12,381 316 - 62,353

Net Commission & Rewards 928,989 11 317,072 1,164 14,883 37,578 273,897 11,601 - 1,585,195

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

Agents 413,737 11 108,657 696 3,514 471 37,318 3,114 - 567,518

Brokers (67) - - - - 8,840 15 (3) - 8,785

Corporate Agency 31,020 0 2,815 - 60 164 3,106 66 - 37,231

Bancassurance 484,299 - 205,600 468 11,309 28,103 233,458 8,424 - 971,661

Total (B) 928,989 11 317,072 1,164 14,883 37,578 273,897 11,601 - 1,585,195





of 21





L-6-OPERATING EXPENSES SCHEDULE


Employees remuneration and welfare benefits* 1,186,660 234 961,587 12,235 40,225 44,175 495,539 34,672 180 2,775,507

Travel, conveyance and vehicle running expenses 17,377 1 16,389 262 600 689 6,526 446 1 42,291

Training expenses 58,577 - 65,274 1,061 2,339 2,336 21,505 1,286 - 152,378

Rent, rates & taxes 90,578 15 77,496 1,221 2,874 3,567 34,400 2,495 11 212,657

Repairs 34,536 5 28,976 457 1,076 1,336 12,906 938 4 80,234

Printing and stationery 6,231 - 5,328 84 199 246 2,367 171 - 14,626

Communication expenses 80,179 33 37,336 520 1,555 3,101 31,982 2,882 23 157,611

Legal and professional charges 29,088 6 23,329 363 875 1,147 11,167 840 4 66,819

Medical fees 2,018 - 55,972 - 16 - 1,675 - - 59,681

Auditors' fees, expenses etc :

(a) as auditor 984 - 789 13 30 39 376 29 - 2,260

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

(i) Taxation matters 44 - 35 1 2 2 16 1 - 101

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

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

(c) in any other capacity

- Certification 490 - 393 6 15 19 188 14 - 1,125

- Out of pocket expenses 256 - 205 3 8 10 98 7 - 587

Advertisement and publicity 61,420 - 68,442 1,111 2,455 2,451 22,546 1,348 - 159,773

Interest and bank charges 21,200 16 9,309 127 390 819 9,168 846 14 41,889

Others:

Rates and taxes 6,934 2 7,626 121 283 359 3,501 255 1 19,082

Goods and Service Tax 2,863 1 2,103 33 79 103 - - - 5,182

Information technology maintenance expenses 84,238 28 48,124 705 1,916 3,274 33,166 2,837 22 174,310

Board Meetings expenses 965 - 774 12 29 38 370 28 - 2,216

Recruitment (including Agent advisors) 10,760 1 9,891 158 363 425 4,052 283 1 25,934

Electricity ,water and utilities 7,701 1 6,417 100 239 302 2,933 215 1 17,909

Insurance 7,538 2 5,962 93 224 297 2,887 218 1 17,222

Policy issuance and servicing costs 39,011 11 99,360 330 3,754 71,773 18,304 1,125 9 233,677

(Profit)/Loss on fluctuation in foreign exchange 702 - 149 1 8 27 289 29 - 1,205

Other miscellaneous expenses 1,064 - 788 13 29 43 410 31 - 2,378

Depreciation (Refer to Schedule 10) 94,415 28 58,623 875 2,295 3,678 36,943 3,077 22 199,956

Total 1,845,829 384 1,590,677 19,905 61,878 140,256 753,314 54,073 294 4,466,610

*Includes outsourced employees cost of Rs.123,233

Particulars


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

of 21





L-6-OPERATING EXPENSES SCHEDULE


Employees remuneration and welfare benefits* 1,673,365 297 651,739 1,252 20,907 70,825 526,101 31,763 190 2,976,439

Travel, conveyance and vehicle running expenses 68,972 10 27,389 59 1,065 3,604 19,950 1,378 6 122,433

Training expenses 140,059 - 67,353 111 2,468 8,399 33,960 1,564 - 253,914

Rent, rates & taxes 114,844 15 48,096 98 1,836 6,233 31,827 2,034 9 204,992

Repairs 56,527 6 23,637 46 901 3,063 15,685 1,005 3 100,873

Printing and stationery 13,507 1 5,619 12 215 731 3,764 243 - 24,092

Communication expenses 54,717 7 17,970 28 609 2,659 23,168 1,620 3 100,781

Legal and professional charges 62,881 10 25,047 55 971 3,294 18,145 1,248 6 111,657

Medical fees 4,259 - 52,076 - 17 - 5,079 1 - 61,432

Auditors' fees, expenses etc :

(a) as auditor 1,271 - 506 1 20 67 367 25 - 2,257

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

(i) Taxation matters - - - - - - - - - -

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

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

(c) in any other capacity

- Certification 634 - 252 1 10 33 183 13 - 1,126

- Out of pocket expenses 190 - 76 - 2 10 55 4 - 337

Advertisement and publicity 105,544 - 50,766 82 1,861 6,328 25,583 1,178 - 191,342

Interest and bank charges 15,200 16 4,135 14 180 648 7,062 421 14 27,690

Others:

Rates and taxes 11,644 - 1,360 2 47 160 883 62 - 14,158

Goods and Service Tax 6,967 1 2,865 6 103 350 - - - 10,292

Information technology maintenance expenses 88,459 28 27,907 83 1,175 3,963 29,618 2,527 20 153,780

Board Meetings expenses 2,177 - 867 2 33 114 628 43 - 3,864

Recruitment (including Agent advisors) 45,960 4 20,138 38 759 2,576 12,238 720 2 82,435

Electricity ,water and utilities 30,074 4 12,588 25 481 1,631 8,339 534 2 53,678

Insurance 17,675 3 7,010 15 273 923 5,117 354 2 31,372

Policy issuance and servicing costs 72,113 28 68,256 85 2,055 46,784 30,343 2,227 18 221,909

(Profit)/Loss on fluctuation in foreign exchange 171 - 28 - 2 5 72 8 - 286

Other miscellaneous expenses 3,332 - 1,260 4 53 183 768 57 - 5,657

Depreciation (Refer to Schedule 10) 109,189 31 36,459 101 1,501 5,074 35,438 2,908 21 190,722

Total 2,699,731 461 1,153,399 2,120 37,544 167,657 834,373 51,937 296 4,947,518

* Includes outsourced employees cost of Rs. 627,178

Particulars


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

of 21





L-7-BENEFITS PAID SCHEDULE


Insurance Claims *

(a) Claims by death, 553,310 249 463,329 6,006 3,055 459,599 252,015 13,447 2 1,751,012

(b) Claims by Maturity, 263,644 3,053 4,279 - - - 1,357,864 250,794 26,970 1,906,604

(c) Annuities/ Pension payment, - - - 31,910 - - - - - 31,910

(d) Other benefits

Surrenders 1,383,908 3,092 230,579 260 - 14,843 1,925,881 556,768 - 4,115,331

Health - - 1,203 - 12,153 6,241 - - - 19,597

Survival Benefit 108,901 - 216,028 - - - - - - 324,929

Bonus to Policyholders 2,144,431 1,121 - - - - - - - 2,145,552

Others 19,948 - 3,907 - - 50 16,903 1 - 40,809

Total paid 4,474,142 7,515 919,325 38,176 15,208 480,733 3,552,663 821,010 26,972 10,335,744

(Amount ceded in re-insurance) :

(a) Claims by death, (38,793) - (267,982) - - (161,467) (18,599) - - (486,841)

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

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

(d) Other benefits - Health (100) - (700) - (18,725) - - - - (19,525)

Total ceded (38,893) - (268,682) - (18,725) (161,467) (18,599) - - (506,366)

Amount accepted in re-insurance :

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



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

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

Net Paid 4,435,249 7,515 650,643 38,176 (3,517) 319,266 3,534,064 821,010 26,972 9,829,378

Benefits paid in India 4,435,249 7,515 650,643 38,176 (3,517) 319,266 3,534,064 821,010 26,972 9,829,378

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

* Including claim investigation expenses amounting to Rs.2,976

Particulars



of 21





L-7-BENEFITS PAID SCHEDULE


Insurance Claims *

(a) Claims by death, 732,984 36 589,694 6,163 5,859 513,248 293,985 21,229 2 2,163,200

(b) Claims by Maturity, 418,781 1,140 70,251 - - - 2,615,571 75,746 27,496 3,208,985

(c) Annuities/ Pension payment, - - - 19,342 - - - - - 19,342

(d) Other benefits

Surrenders 1,919,767 6,976 289,647 - - 45,868 6,010,971 740,499 55 9,013,783

Health 141 - 1,800 - 6,513 1,900 - - - 10,354

Survival Benefit 117,715 - 157,728 - - - - - - 275,443

Bonus to Policyholders 2,045,442 1,033 - - - - - - - 2,046,475

Others 21,859 - 4,587 14 - 71 24,441 13 - 50,985

Total paid 5,256,689 9,185 1,113,707 25,519 12,372 561,087 8,944,968 837,487 27,553 16,788,567

(Amount ceded in re-insurance) :

(a) Claims by death, (14,915) - (113,761) - - (134,277) (16,434) - - (279,387)



(d) Other benefits - Health (750) - (150) - (7,472) - (175) - - (8,547)

Total ceded (15,665) - (113,911) - (7,472) (134,277) (16,609) - - (287,934)

Amount accepted in re-insurance :

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



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

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

Net Paid 5,241,024 9,185 999,796 25,519 4,900 426,810 8,928,359 837,487 27,553 16,500,633

Benefits paid in India 5,241,024 9,185 999,796 25,519 4,900 426,810 8,928,359 837,487 27,553 16,500,633

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

* Including claim investigation expenses amounting to Rs.8,895

Particulars Period ended June 30, 2019


of 21



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

L-8-SHARE CAPITAL SCHEDULE

Particulars As At June 30, 2020 As At March 31, 2020

Authorised Capital

3,000,000,000 ( March 31, 2020: 3,000,000,000) Equity Shares of Rs 10 each 30,000,000 30,000,000

Issued and Subscribed Capital

1,918,812,856 (March 31, 2020: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129

Subscribed Capital

1,918,812,856 (March31, 2020: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129

Called up Capital

1,918,812,856 (March 31, 2020: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129

Less: Calls unpaid - -

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

Add : Shares application money pending allotment - -

Less: Par value of Equity Shares bought back - -

Less: Preliminary Expenses - -

Expenses including commission or brokerage on

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

L-9-PATTERN OF SHAREHOLDING SCHEDULE

Particulars

Shareholder Number of Shares of Rs 10

each fully paid up

% of Holding Number of Shares of Rs 10

each fully paid up

% of Holding

Promoters

-Indian 1,391,579,381 72.52% 1,391,579,381 72.52%

-Foreign - - - -

Others

-Indian 38,300,006 2.00% 38,300,006 2.00%

-Foreign 488,933,469 25.48% 488,933,469 25.48%

Total 1,918,812,856 100% 1,918,812,856 100%

As At June 30, 2020 As At March 31, 2020

Of the above 13,91,579,381 (March 31, 2020: 1,391,579,381 ) equity shares of Rs 10 each fully paid up are held by Max Financial Services Limited

(the holding company) and its nominees.

of 21


L-10-RESERVE AND SURPLUS SCHEDULE


Capital Reserve - -

Capital Redemption Reserve 258,784 258,784

Share Premium 680,913 680,913

Revaluation Reserve - -

General Reserve : -

Opening Balance - -

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

Closing Balance of General Reserve - -

Catastrophe Reserve - -

Other Reserves - Realised Hedge Reserves PH A/C 871,749 683,222

Balance of profit/ (loss) in Profit and Loss Account 6,894,011 5,182,919

Total 8,705,457 6,805,838

L-11-BORROWINGS SCHEDULE

Particulars As At June 30, 2020 As At March 31, 2020 Debentures/ Bonds - - Banks - - Financial Institutions - - Others - -

Total - -




of 21





LONG TERM INVESTMENTS

Government securities and Government guaranteed bonds

including Treasury Bills 1,566,209 1,570,439

Other Approved Securities 2,657,586 2,694,749

Other Approved investments

(a) Shares

(aa) Equity Shares 857,400 834,368

(bb) Preference Shares - -

(b) Mutual Funds - -

(c) Derivative Instruments - -

(d) Debentures/ Bonds 705,808 704,155

(e) Other Securities

Deposits with Bank - -

(f) Subsidiaries - -

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

Investments in Infrastructure and Social Sector 5,505,854 6,106,799

Other Investments

Debentures/ Bonds 10,200,000 10,200,000

Equity Shares 31,272 29,808

Preference Shares - -

Investments in Infrastructure and Social Sector - -

SHORT TERM INVESTMENTS


including Treasury Bills 13,045 11,302

Other Approved Securities 76,874 35,148

Other Approved investments

(a) Shares

(aa) Equity Shares - -


(b) Mutual Funds 600,000 4,199,521




Commercial Paper 467,630 1,758,485

Certificate of Deposits - -

Deposits with Bank 472,653 1,022,653

TREPS/ Reverse Repo 6,256,924 612,125


(g) Investment Properties-Real Estate - -


Other Investments

Mutual Fund - -

Debentures/ Bonds - -


Total 32,731,285 32,581,186

In India 32,731,285 32,581,186

Outside India - -

Total 32,731,285 32,581,186

Aggregate Amount of Investments other than listed equity

securities. 31,670,348 31,583,035

Aggregate Market Value of Investments other than listed

equity securities. 31,597,389 31,226,619

L-12-INVESTMENT SHAREHOLDERS SCHEDULE


of 21










Other Approved Investments

(a) Shares

(aa) Equity Shares 32,905,549 27,235,861




(d) Debentures/ Bonds 7,369,056 7,230,547


Commercial Paper - -


Policy Loans - -


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


Other Investments


Equity Shares 4,876,380 3,982,504

Alternate Investment Funds 499,362 508,615




including Treasury Bills 2,237,987 858,551

Other Approved Securities 474,352 383,576


(a) Shares

(aa) Equity Shares - -


(b) Mutual Funds 7,050,000 6,114,297




Commercial Paper - 2,089,887

Certificate of Deposits - -

Deposits with Bank 90,000 1,890,000

TREPS/ Reverse Repo 12,973,860 3,135,377




Other Investments

Debentures/ Bonds - -


Mutual Fund - -

Total 485,831,425 460,484,108

In India 485,831,425 460,484,108

Outside India - -

Total 485,831,425 460,484,108

Aggregate Amount of Investments other than listed equity

securities. 442,177,087 425,528,980

Aggregate Market Value of Investments other than listed

equity securities. 490,225,796 461,404,131

L-13-INVESTMENT POLICYHOLDERS SCHEDULE

of 21





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







(a) Shares

(aa) Equity 83,647,781 67,504,497

(bb) Preference - -



(d) Debentures/ Bonds 3,827,604 5,687,156






Other Investments


Equity Shares 5,882,908 3,541,223

Preference - -

Investments in Infrastructure and Social Sector 289,987 577,753




Other Approved Securities 1,850,023 183,680


(a) Shares

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds 1,100,000 5,450,105




Commercial Paper 439,864 1,499,877

Certificate of Deposits 240,637 -

Deposits with Bank 100,000 750,000

TREPS/ Reverse Repo 9,298,563 5,282,513



(h) Exchange Traded Funds - -

Investments in Infrastructure and Social Sector 890,845 1,953,929

Other Investments

Debentures/ Bonds - 50,058

Mutual Funds - -

Investments in Infrastructure and Social Sector 102,953 -

Exchange Traded Funds 5,892,527 5,388,793

Net Current Assets 5,416,405 5,317,849

Total 213,826,130 191,641,577

In India 213,826,130 191,641,577

Outside India - -

Total 213,826,130 191,641,577

of 21




L-15-LOANS SCHEDULE


SECURITY -WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India - -

(bb) Outside India - -

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

(c) Loans against policies 4,474,405 4,264,484

(d) Others - -

Unsecured - -

Total 4,474,405 4,264,484

BORROWER-WISE CLASSIFICATION

(a) Central and State Governments - -

(b) Banks and Financial Institutions - -

(c) Subsidiaries - -

(d) Companies - -

(e) Loans against policies 4,474,405 4,264,484

(f) Others - -

Total 4,474,405 4,264,484

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard

(aa) In India 4,474,405 4,264,484


(b) Non-standard loans less provisions

(aa) In India - -


Total 4,474,405 4,264,484

MATURITY- WISE CLASSIFICATION

(a) Short Term 57,184 50,753

(b) Long Term 4,417,221 4,213,731

Total 4,474,405 4,264,484


of 21





L-16-FIXED ASSETS SCHEDULE

Goodwill - - - - - - - - - - Intangibles - Software 4,663,449 96,039 - 4,759,488 3,488,725 128,545 - 3,617,270 1,142,218 1,174,724 Buildings - - - - - - - - - - Furniture and fixtures 438,841 3,883 280 442,444 321,312 5,608 244 326,676 115,768 117,529 Information Technology equipment

(Including communication networks and

servers )

1,451,431 29,081 45 1,480,467 1,232,151 32,752 32 1,264,871 215,596 219,280

Vehicles 28,239 - - 28,239 23,173 542 - 23,715 4,524 5,066 Office equipment 604,915 8,978 627 613,266 455,916 12,942 627 468,231 145,035 148,999 Others - Leasehold improvements 1,494,647 32,876 - 1,527,523 1,093,020 19,565 - 1,112,585 414,938 401,627

Total 8,681,522 170,857 953 8,851,426 6,614,297 199,956 905 6,813,348 2,038,079 2,067,225

Capital Work in Progress (including

Capital advances) 171,093 119,825

Grand Total 8,681,522 170,857 953 8,851,426 6,614,297 199,956 905 6,813,348 2,209,172 2,187,050

Previous year (FY 19-20) 7,472,580 1,235,069 26,127 8,681,522 5,806,614 832,188 24,505 6,614,297 2,187,050

Note:

1. Internally generated Intangibles is Rs. NIL. (Mar 31, 2020 - Rs. NIL)

2.Assets disclosed above excludes investment properties as defined in note (g) to Schedule 13.


Depreciation Net Block

As At June 30, 2020 On Sales

/Adjustments As At April 1, 2020 For The PeriodAs At April 1, 2020 Additions Deductions

Particulars

Gross Block

As At June 30, 2020

of 21



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

L-17-CASH AND BANK BALANCE SCHEDULE

Particulars

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

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

270,783 448,960

Bank Balances* (a) Deposit accounts (aa) Short-term fixed deposit (i.e. maturing in 12 months) - - (bb) Others - - (b) Current accounts 3,059,860 3,610,892

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

Total 3,330,643 4,059,852 Cash & Bank Balance

In India 3,330,643 4,059,852

Outside India - -

Total 3,330,643 4,059,852

*Bank Balances with non-scheduled bank included in (b) above is Rs Nil (March 31, 2020 Rs Nil)

L-18-ADVANCES AND OTHER ASSETS SCHEDULE

Particulars

ADVANCES

Reserve deposit with ceding companies - -

Application money for investments - -

Prepayments 272,590 316,344

Advances to Directors / Officers - -

Advance tax paid and taxes deducted at source (Net of provision for taxation) 175,410 222,018

Others

Advances to suppliers 628,863 379,717

Less : Provision for doubtful advances 31,985 596,878 31,150 348,567

Advances to employees for imprest, travel, etc. 29,932 31,743

Less : Provision for doubtful advances 21,285 8,647 21,453 10,290

Total (A) 1,053,525 897,219

OTHER ASSETS

Income accrued on investments 9,167,886 9,924,599

Outstanding Premiums 3,557,889 8,201,089

Agents' Balances 126,761 - 66,388

Less : Provision for doubtful expenses 54,638 72,123 53,596 12,792

Foreign Agencies Balances - -

Due from other entities carrying on insurance business (including reinsurers) 994,658 1,082,375

Due from subsidiaries / holding company - -

Deposits with Reserve Bank of India - -

Others:

- Security and other deposits 472,673 475,241

- Outstanding Trades - Investment 379,980 29,524 - Receivable from Unit Linked Fund 512,957 279,499 - Derivative Assets 889,439 331,760 - Derivative margin money investment 616,486 228,960 - Asset held for unclaimed amount 514,139 404,398 - Income on unclaimed fund 181,376 174,755 - Service Tax Deposits 44,527 44,527 - Income Tax Deposits 319,258 419,258

Total (B) 17,723,391 21,608,777

Total (C) = (A) + (B) 18,776,916 22,505,996



of 21




L-19-CURRENT LIABILITIES SCHEDULE


Agents balances 859,740 1,479,268

Balance due to other insurance companies 759,257 576,968

Deposits held on reinsurance ceded - -

Premium received in advance 224,918 102,393

Unallocated premium 1,524,467 1,714,381

Sundry creditors 4,943,201 6,326,185

Due to holding company 186,715 149,460

Claims outstanding (includes pending investigation) 3,698,380 3,850,610

Annuities due - -

Due to Officers/ Directors - -

Unclaimed amount- Policyholders 514,139 404,398

Income on unclaimed fund 181,376 174,755

Others:

-Proposal / Policyholder deposits 1,645,789 2,465,404

-Payable to Policyholder - -

-Withholding tax deducted at source 180,061 314,445

-GST liability 170,495 424,657

-Other statutory liabilities 81,541 85,100

-Derivative Liability 187,540 380,222

- Payable for purchase of investments 450,728 1,126,101

-Derivative margin money 613,665 64,393

Total 16,222,012 19,638,740

L-20-PROVISIONS SCHEDULE


For taxation (less payments and taxes deducted at source) 101,111 -

For proposed dividends - -

For dividend distribution tax - -

Bonus payable to Policyholders - -

Others :

- Gratuity 404,834 364,326

- Compensated Absences 288,321 273,056

Total 794,266 637,382

L-21-MISC EXPENDITURE SCHEDULE


Discount Allowed in issue of shares/ debentures - -

Others

- Deferred Employee Compensation - -

Total - -


of 21


FORM L-22 ANALYTICAL RATIOS



S.No. ParticularsQuarter ended June

30, 2020

Period ended June

30, 2020

Quarter ended June

30, 2019

Period ended June

30, 2019

1 New business premium income growth rate

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

Premium)

Individual Life - Participating 83% 83% 111% 111%

Pension - Participating 104% 104% 101% 101%

Individual Life - Non Participating 139% 139% 241% 241%

Annuity 434% 434% 552% 552%

Health Insurance 174% 174% 115% 115%

Group 47% 47% 95% 95%

Individual Linked 96% 96% 110% 110%

Linked Pension 148% 148% 50% 50%

Linked Group 0% 0% 76% 76%

2 Net Retention Ratio 97% 97% 98% 98%

3 Expense of Management to Gross Direct Premium Ratio 22% 22% 25% 25%

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

5 Ratio of policy holder's liabilities to shareholder's funds 2662% 2662% 2473% 2473%

6 Growth rate of shareholders' fund 8% 8% -9% -9%

7 Ratio of surplus to policyholders' liability -1% -1% 0% 0%

8 Change in net worth 1,886,609 1,886,609 (2,410,318) (2,410,318)

9 Profit after tax/Total Income 3% 3% 2% 2%

10 (Total real estate + loans)/(Cash & invested assets) 1% 1% 1% 1%

11 Total investments/(Capital + Surplus) 2642% 2642% 2553% 2553%

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

13 Investment Yield (Gross and Net)

Without unrealized gains

Policyholders’ Funds:

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

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

Non Par - Linked -1% -1% 9% 9%

Grand Total 5% 5% 9% 9%

Shareholders’ Funds 7% 7% 7% 7%

With unealized Gains

Policyholders’ Funds:

Par - Non Linked 22% 22% 23% 23%

Non Par - Non Linked 18% 18% 17% 17%

Non Par - Linked 38% 38% 7% 7%

Grand Total 26% 26% 17% 17%

Shareholders’ Funds 13% 13% 9% 9%

14 Conservation Ratio

Individual Life - Participating 75% 75% 91% 91%

Pension - Participating 66% 66% 94% 94%

Individual Life - Non Participating 81% 81% 102% 102%

Health Insurance 56% 56% 62% 62%

Individual Linked 87% 87% 89% 89%

Linked Pension 81% 81% 84% 84%

15 Persistency Ratio*

By Premium

For 13th month 83% 82% 86% 85%

For 25th month 69% 68% 72% 72%

For 37th month 61% 61% 65% 64%

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

for 61st month 53% 53% 54% 53%

By Count

For 13th month 78% 77% 81% 80%

For 25th month 67% 66% 69% 68%

For 37th month 58% 58% 62% 61%

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

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

16 NPA Ratio

Gross NPA Ratio NA NA NA NA

Net NPA Ratio NA NA NA NA

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

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

- Indian 74.52% 74.52% 74.78% 74.78%

- Foreign 25.48% 25.48% 25.22% 25.22%

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

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

period (not to be annualized) 0.89 0.89 0.36 0.36

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

(not to be annualized) 0.89 0.89 0.36 0.36

6 (iv) Book value per share (Rs) 14.04 14.04 13.13 13.13

Note:

Equity Holding Pattern for Life Insurers

1) *Persistency for the period ended June 30, 2020 for policies issued from Jun'19 to May'20 on Premium of the relevant years are 13M: 82.95%; 25M: 68.99%; 37M:

61.09% ; 49M: 57.87%; 61M: 52.80%

of 21

NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY … · NAME OF THE INSURER: MAX LIFE INSURANCE...

Documents

Transcript of NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY … · NAME OF THE INSURER: MAX LIFE INSURANCE...