Bajaj Allianz Life Insurance Company Limited · Bajaj Allianz Life Insurance Company Limited, Ground ... year and registered a market share of 5.7% compared ... • Among the ‘Top

Bajaj Allianz Life Insurance Company Limited

AUDITORS

S.R. BATLIBOI & CO.

Chartered Accountants

KIRTANE & PANDIT

Chartered Accountants

MAIN BANKERS

Standard Chartered Bank

Syndicate Bank

Deutsche Bank

UTI Bank

REGISTERED OFFICE

Bajaj Allianz Life Insurance Company Limited,

Ground Floor, G.E. Plaza, Airport Road,

Yerawada, Pune - 411 006.

Tel: (020) 6602 6777.

Fax: (020) 6602 6789.

email:[email protected]

Visit us at: www.bajajallianzlife.co.in

Directors’ Report ..................................................................................... 2

Board of Directors ................................................................................... 4

CEO Speak ............................................................................................ 6

Management Team................................................................................... 8

Management Report ................................................................................ 10

Auditors’ Report .................................................................................... 12

Revenue Account : Policyholders’ Account (Technical Account) ............................... 14

Profit & Loss Account : Shareholders’ Account (Non Technical Account) .................... 19

Balance Sheet ........................................................................................ 20

Schedule 1-15 ........................................................................................ 22

Annexure to Revenue Account ..................................................................... 38

Notes to Financial Statements .................................................................... 42

Cash Flow Statement ............................................................................... 88

Balance Sheet abstract & Company’s general business profile ............................... 89

INDEX

1

1. MARKET SCENARIO IN THE LIFE INSURANCE INDUSTRY:

The life insurance market had an unbelievably high growth

of 110% in the year under review measured in terms of

new business. The industry as a whole wrote a first year

premium of Rs. 754 billion in the year 2006-07 compared

to Rs. 359 billion in the previous year; a growth of 110

percent. Unexpectedly LIC contributed the lion’s share

to this growth. After losing market share during each of

the last of 6 years, LIC bucked the past trend and during

2006-07, the new premium market share of LIC increased

from 71% in 2005-06 to 74% in 2006-07. Accordingly market

share of private players reduced from 29 to 26 percent.

In the year forward, private players like your company

are going to face even greater competition from each

other, a resurgent LIC and many new entrants to the

Life insurance business.

Thus the market is growing by leaps and bounds but

the competition is severe.

Unit- linked products continue to be the fancy of the

customers, largely on account of the booming stock

market. Market structure is maturing towards higher

allocation and moderate commissions. Insurance

Regulatory and Development Authority (IRDA) enforced

a 3-year lock-in period for unit-linked products as well

as Anti Money Laundering/ KYC procedures in the

market through the year.

2. SUMMARY OF OPERATIONS FOR THE YEAR:

Your Company continues to be at the second position

amongst the private life insurers on the basis of new

business premium and first position on the basis of the

number of policies. It wrote new business of Rs. 42,698

million compared to Rs. 27,168 million in the previous

year and registered a market share of 5.7% compared

to 7.6% in the previous year. The gross premium written

for the financial year 2006-07 was Rs.53,100 million, as

compared to Rs. 31,336 million in the previous year.

The Company has recorded a profit of Rs. 662 million

during the financial year and is the highest profit making

company in the private sector.

The Agency channel largely contributed to the extra

ordinary growth achieved by the Company. Strength of

agents doubled in the year from 109,000 to 213,000.

The Company has the largest distribution network in

the private sector and has its presence in 876 offices

across the country. Alternate channels have also picked

up with a good performance of the corporate agents

and other distribution networks. Our Bancassurance

channel has also performed well and has tied up with

pan-India financial institutions, various Co-Operative

banks and Regional Rural Banks. The Company has

successfully developed a comprehensive product range

covering individual life and group business by introducing

a number of products during the year.

Your Company has been monitoring its solvency margins,

which have been maintained in accordance with IRDA

requirements.

2.1 Capital:

The Shareholders contributed Rs. 2,007 million to

the Company’s capital during the year. With this,

the total funds infused by shareholders in the

Company amount to Rs. 7,005 million.

2.2.IRDA Registration:

The Certificate of Registration from the IRDA to

carry on the life insurance business has been

renewed for the year 2007-08.

3. PARTICULARS REGARDING CONSERVATION OF ENERGY

AND TECHNOLOGY ABSORPTION:

Since the Company does not carry out any

manufacturing activity, the Companies (Disclosure of

Particulars in the report of the Board of Directors)

Rules, 1988 are not applicable.

4. FOREIGN EXCHANGE EARNINGS AND EXPENDITURE:

Earnings in foreign currency NIL

Expenditure in foreign currency Rs. 30,135,414/-

DIRECTORS’ REPORTThe Directors have pleasure in presenting their SixthAnnual Report & Audited Statements of Accounts for theyear 2006- 2007

2

5. PARTICULARS OF EMPLOYEES:

As required by the provisions of sub-section 2A of

Section 217 of the Companies Act, 1956 read with the

Companies (Particulars of Employees) as amended, the

names and other particulars of the employees are set

out in the annexure to the Directors’ Report. However,

as per the provisions of sub-section 1(b)(iv) of Section

219 of the Companies Act, 1956, the Report and

Accounts are being sent to the shareholders of the

Company excluding the aforesaid information. Any

shareholder interested in obtaining such particulars

may write to the Company Secretary at the Registered

Office of the Company.

6. DIRECTORS:

Mr. Rahul Bajaj, Mr. Sanjiv Bajaj and Mr. Heinz Dollberg

retire by rotation and being eligible, offer themselves

for re-appointment as Directors.

7. DIRECTORS’ RESPONSIBILITY STATEMENT:

In accordance with the requirements of sub-section

2AA of Section 217 of the Companies Act, 1956, the

Board of Directors wish to confirm the following:

(i) that in preparation of the annual accounts, the

applicable accounting standards have been

followed along with proper explanation relating to

material departures;

(ii) that such accounting policies have been selected

and applied consistently and made judgments and

estimates that are reasonable and prudent so as

to give a true and fair view of the state of affairs of

the Company as on 31st March 2007 and of the profit

or loss of the Company for that period;

(iii) that proper and sufficient care has been taken for

the maintenance of adequate accounting records

in accordance with the provisions of the Act for

safeguarding the assets of the Company and for

preventing and detecting fraud and other

irregularities;

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

going concern basis.

8. AUDIT COMMITTEE:

The Audit Committee of Board of Directors constituted

in accordance with the provisions of Section 292A of

the Companies Act, 1956 held their meetings on 5th May

2006 and 27 th November 2006 and reviewed the

operations and accounts of the Company.

9. AUDITORS:

In accordance with the IRDA Regulations/Guidelines,

the Company appointed M/s. Kirtane & Pandit,

Chartered Accountants and M/s. S R Batliboi & Co,

Chartered Accountants, as joint statutory auditors of

the Company in the last Annual General Meeting. They

hold office up to the conclusion of the Sixth Annual

General Meeting of the Company.

The shareholders are requested to appoint the auditors

for the period from the conclusion of the ensuing

Annual General Meeting till the conclusion of the next

Annual General Meeting and to fix their remuneration.

10. APPRECIATION:

The Board is grateful to the IRDA and other regulatory

authorities for their continued support. The Board is

also grateful to its Policyholders’, Bankers’,

Intermediaries’ and Channel Partners for their

continued support.

The Directors take this opportunity to thank the

concerned employees of Bajaj Auto Limited and Allianz

SE for their invaluable contribution in guiding the

working of the Company.

The Directors also take this opportunity to thank the

employees at all levels for their hard work, dedication

and commitment.

On behalf of Board of Directors of

Bajaj Allianz Life Insurance Company Ltd.

Pune Heinz Dollberg Sanjiv Bajaj

11th May 2007 Director Director

3

BOARD OF DIRECTORS

Rahul BajajChairman

Dr. Werner ZedeliusDirector

Sanjay AsherDirector

Heinz DollbergDirector

Craig EllisDirector

Sanjiv BajajDirector

4

Bruce Bowers(Alternate Director to

Dr. Werner Zedelius)

Manu TandonAdditional Director

Suraj MehtaDirector

Ranjit GuptaDirector

S. H. KhanDirector

Dr. P. S. PalandeDirector

5

CEO SPEAK

Dear friends,

Financial year 2006-07 was very satisfying as we crossed

many milestones and set few records. The year has been a

rewarding one for us on profitability as well as growth. I am

pleased to announce that the Company has emerged as

one of the leading private life insurance companies with a

strong brand name and mutli-channel pan-India distribution

network.

Some of the key performance indicators are:

• The Company posted a healthy profit of Rs. 662 million

as compared to a loss of Rs. 367 million in the previous

year.

• The Gross Written Premiums grew to Rs. 53 billion showing

a growth of 70% over the previous year.

• The Company sold over 2 million individual policies during

the current year.

• The Company is the largest private life insurer in the

country in terms of number of policies sold during the

year and is ranked 2nd among private life insurers in terms

of new business premium.

• Among the ‘Top 50 Service Brands’ in Brand Equity, as

per survey conducted by AC Neilson ORG-MARG.

6

A significant portion of current year’s new business premium

– 72% came from regular premium policies as compared to

45% in the previous year. This change of strategy to

concentrate on regular premium will result in a steady

renewal premium stream and help in stabilizing the long-

term future of the Company.

Our strength lies in a wide distribution network comprising

of 876 offices all across the country supported by one of

the largest network of individual agents, corporate agents,

brokers and bancasssurance partners.

The Company plans to further develop its distribution

network in the coming financial year and lay stress on

product development so that new generation products can

be launched on an ongoing basis. Continuous upgradation

of information technology systems and back office

processes will ensure maintaining and improving the quality

of services to the customers.

We see huge opportunities lying ahead and I am confident

that my team is prepared to capture all this so that we

maintain and increase the lead and create a stronger brand

name across the country.

I thank all our policyholders, business partners and

employees for their continued support and look forward

to further strengthen our relationship.

Warm regards

Sam Ghosh

7

8

MANAGEMENT TEAM

Sam GhoshChief Executive Officer

Rajesh ViswanathanChief Financial Officer

Anil SinghChief Actuary

Malay GhoshHead of Sales

Niraj KumarHead Alternate Channels

G. B. LaddhaChief Investment Officer

Andrew WakelingAppointed Actuary

9

Sameer BakshiCompany Secretary &

Compliance Officer

J. B. BhaskarHead Information Technology

Saji GeorgeHead Operations &

Administration

ECJ AugustineHead Strategic Initiatives,

Zonal Head Sales (South) &

Head Product Lines

A.S. NarayananHead Bancassurance

Sanjay JainHead Marketing

Neeraj JainHead Internal Audit

10

With respect to the operations of Bajaj Allianz Life Insurance

Company Limited (‘the Company’) for the financial year

1 April 2006 to 31 March 2007 and results thereof, the

Management of the Company confirms and declares that:

1. The registration certificate granted by Insurance

Regulatory and Development Authority (IRDA) is valid and

the same has been renewed for the year 2007-2008.

2. All relevant statutory dues payable by the Company have

been generally deposited on time.

3. There has been no transfer of shares during the year

and the shareholding pattern is in accordance with the

statutory and regulatory requirement.

4. The management has not directly or indirectly invested

outside India, the funds of the holders of policies issued

in India.

5. The required solvency margins have been maintained as

required by the IRDA.

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

reviewed on the date of Balance Sheet and in the

management’s belief, the assets set forth under each

of the headings in the Balance Sheet are shown in the

aggregate at amounts not exceeding their realizable or

market value under their related headings - “Loans”,

“Investments”, “Agents balances”, “Outstanding

Premiums”, “Income accrued on investments”, “Amounts

due from other entities carrying on insurance business

(including amounts due from reinsurers)”, “Cash” and

the several items specified under “Other Accounts”.

Market value of investment in debt securities (other

than unit linked funds) which are valued at amortized

cost as per IRDA regulations, is lower than their carrying

amount.

7. We certify that, no part of the life insurance fund has

been directly or indirectly applied in contravention of

the Insurance Act, 1938 (4 of 1938) relating to the

application and investment of the life insurance fund.

8. The Company recognizes the risks associated with the

life insurance business and manages the risks by adopting

prudent policies to counter the key risks of the Company

– namely underwriting and investment risks.

The Company has established robust underwriting

procedures to mitigate underwriting risks. Additionally

the Company has entered into reinsurance arrangements

wherein it reinsures risk in excess of its retention limits

to mitigate its risk exposure.

The investment risk is managed by laying down

appropriate guidelines in the Investment Policy.

The Investment Policy is formulated by the Investment

Committee and approved by the Board of Directors.

The investment policy is reviewed at least once a year

for alignment with the Company’s latest business plan

and other developments during the year.

9. The Company does not have operations in any other

country.

10. Claim settlement time for the claims lodged has been

around 7 days from the date of receipt of complete

requirements. Ageing of claims indicating the trends in

average claim settlement time is given below.

Year Days

2006-07 7

2005-06 7

2004-05 3

2003-04 3

2002-03 5

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

Sheet, of the investments (other than unit linked

investments), which consists of fixed income securities,

equity shares and mutual fund units that have been

valued as per accounting policies prescribed by IRDA.

Market values have been ascertained for equities on

the basis of lower of the closing prices as on the balance

sheet date on The National Stock Exchange of India

Ltd. and The Stock Exchange, Mumbai. For fixed income

securities, valuation is based on procedure issued by

Fixed Income and Money Market and Derivative Dealers

Association (FIMMDA). The investments in the Mutual

Funds are valued at the Net Asset Values (NAV) of these

Mutual funds as on the Balance Sheet date.

We certify that the unit linked investments have been

valued on the basis as stated below:

Equities have been valued at market values which have

been ascertained on the basis of the last quoted closing

price on the NSE. In case the equity shares are not

listed on the NSE, then they are valued on the last

quoted closing price on BSE. Government securities are

valued at prices obtained from Credit Rating Information

Services of India Ltd. (CRISIL). Corporate bonds and

debentures are valued on the basis of CRISIL Bond Valuer.

Treasury bills, certificate of deposits and commercial

papers are valued at cost plus accretion at yield to

maturity. Mutual fund units have been valued at the

last available Net Asset Value declared by the respective

mutual fund.

MANAGEMENT REPORT

11

12. The Company has invested (other than unit linked funds)

mainly in approved Government securities and AAA or

AA+ rated bonds. The primary aim while investing is to

generate adequate return while minimizing risk. The

emphasis is also on the liquidity of investments to ensure

that the Company meets all outgoings related to claims

and other operations. While most of the investments

are in fixed income securities in the form of Government

of India securities or Corporate Bonds with strong credit

rating, a small portion is also invested in Equity shares.

Based on the past track record, the Management is

confident of the quality and performance of the

investments.

13. The Management of Bajaj Allianz Life Insurance Company

Limited certifies that:

a) The financial statements of Bajaj Allianz Life Insurance

Company Limited have been prepared in accordance

with the applicable accounting standards and

principles and policies with no departures;

b) The management has adopted accounting policies

and applied them consistently and made judgments

and estimates that are reasonable and prudent so

as to give a true and fair view of the state of the

affairs of the Company at the end of the financial

year and of the operating profit as per Policyholders’

Account (Technical Account) and of the Loss as per

For Bajaj Allianz Life Insurance Company Limited

Heinz Dollberg Sanjiv Bajaj Craig Ellis Ranjit GuptaDirector Director Director Director

Sam Ghosh Rajesh Viswanathan Andrew Wakeling Sameer BakshiChief Executive Officer Chief Financial Officer Appointed Actuary Company Secretary

Place: Pune

Date: 11th

May 2007

Shareholders’ Account (Non Technical Account) of

the Company for the year;

c) The management has taken proper and sufficient

care for the maintenance of adequate accounting

records in accordance with the applicable provisions

of the Insurance Act, 1938 (4 of 1938) and Companies

Act, 1956 (1 of 1956), for safeguarding the assets of

the Company and for preventing and detecting fraud

and other irregularities;

d) The financial statements have been prepared on a

going concern basis;

e) The Company has an internal audit system

commensurate with the size of the Company and

nature of the business.

14. The following are the payments made to individuals, firms,

companies and organizations in which the directors of

the insurer are interested:

Name of the Company in Amount

which directors are of Payments

interested (in Rs’000)

Bajaj Auto Ltd. 359,073

Bajaj Auto Finance Ltd. 138

12

We have audited the attached Balance Sheet of Bajaj Allianz

Life Insurance Company Limited (‘the Company’) as at

31 March 2007, and the related Policyholders’ Revenue

Account, the Shareholders’ Profit and Loss Account and

the Receipts and Payments Account for the year ended on

that date, annexed thereto.

These financial statements are the responsibility of the

management of the Company. Our responsibility is to express

an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing

standards generally accepted in India. These standards

require that we plan and perform the audit to obtain

reasonable assurance as to whether the financial statements

are free of material misstatement. An audit includes

examining on a test basis, evidence supporting the amounts

and disclosures in the financial statements. An audit also

includes assessing the accounting principles used and

significant estimates made by management, as well as

evaluating the overall financial statement presentation. We

believe that our audit provides a reasonable basis for our

opinion.

The Balance Sheet, the Policyholders’ Revenue Account,

the Shareholders’ Profit and Loss Account and the Receipts

and Payments Account have been drawn up in accordance

with the Insurance Act, 1938 (Act 4 of 1938), Insurance

Regulatory and Development Act, 1999, Insurance Regulatory

and Development Authority (Preparation of Financial

Statements and Auditor’s Report of Insurance Companies)

Regulations 2002 (‘the Regulations’) read with Section 211

of the Companies Act, 1956.

As required by the Regulations, we set out in the Annexure,

a statement certifying the matters specified in paragraph 4

of Schedule C to the Regulations.

Further to our comments in the Annexure referred to above,

we report that:

• We have obtained all the information and explanations

which, to the best of our knowledge and belief were

necessary for the purposes of the audit and have found

them to be satisfactory;

• In our opinion and to the best of our information and

according to the explanations given to us, proper books

of account as required by law have been maintained by

the Company so far as appears from our examination of

those books;

• As the Company’s accounting system is centralised at

the head office, no returns for the purposes of our

audit are prepared at the branches and other offices

of the Company;

AUDITORS’ REPORT

To

The Members of Bajaj Allianz Life Insurance Company Limited

• The Balance Sheet, the Policyholders’ Revenue Account,

the Shareholders’ Profit and Loss Account and the

Receipts and Payments Account referred to in this report

are in agreement with the books of account;

• The actuarial valuation of liabilities for life policies in

force is the responsibility of the Company’s Appointed

Actuary (‘the Appointed Actuary’). The actuarial valuation

of liabilities for policies in force as at 31 March 2007 has

been duly certified by the Appointed Actuary. The

Appointed Actuary has also certified that, in his opinion,

the assumptions for such valuation are in accordance

with the guidelines and norms, if any, issued by the

Insurance Regulatory and Development Authority (‘IRDA’)

and the Actuarial Society of India in concurrence with

the authority. We have relied upon the Appointed

Actuary’s certificate in this regard in forming our

opinion.

• On the basis of the written representations received

from the Directors of the Company, as on 31 March

2007 and taken on record by the Board of Directors, no

Director of the Company is disqualified as on 31 March

2007 from being appointed as Director under clause (g)

of sub section (1) of Section 274 to the Companies Act,

1956.

In our opinion and to the best of our information and

according to the explanations given to us, we further report

that:

• Investments have been valued in accordance with the

provisions of the Insurance Act, 1938 and the Regulations

or orders / directions issued by IRDA in this behalf;

• The accounting policies selected by the Company are

appropriate and are in compliance with applicable

accounting standards and with accounting principles,

as prescribed in the Regulations and orders or directions

issued by IRDA in this behalf;



Receipts and Payments Account referred to in this report

are in compliance with the accounting standards

referred to in Section 211 (3C) of the Companies Act,

1956; and



Receipts and Payments Account together with the notes

thereon and attached thereto are prepared in

accordance with the requirements of the Regulations,

the Insurance Act, 1938, the Insurance Regulatory and

Development Act, 1999 and the Companies Act, 1956, to

13

the extent applicable and in the manner so required

and give a true and fair view in conformity with

accounting principles generally accepted in India as

applicable to insurance companies:

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

affairs of the Company as at 31 March 2007;

(ii) in the case of the Policyholders’ Revenue Account,

of the surplus for the year ended 31 March 2007;

(iii) in the case of the Shareholders’ Profit and Loss

Account, of the loss for the year ended 31 March

2007; and

(iv) in the case of the Receipts and Payments Account,

of the receipts and payments for the year ended

31 March 2007.

Further, on the basis of examination of books and records

of the Company and according to the information and

explanations given to us and to the best of our knowledge

and belief, we certify that:

• We have reviewed the management report attached to

the financial statements for the year ended 31st March

2007, and there is no apparent mistake or material

inconsistencies with the financial statements; and

• Based on information and explanations received during

the normal course of our audit, management’s

representations made to us and the compliance

certificate submitted to the Board by the officers of

the Company charged with compliance and the same

being noted by the Board, nothing has come to our

attention which causes us to believe that the Company

has not complied with the terms and conditions of

registration as per subsection 4 of section 3 of the

Insurance Act, 1938.

Auditor’s Certificate

To the Members of Bajaj Allianz Life Insurance Company Limited

Based on the information and explanations given to us and to the best of our knowledge and belief, we certify that:

• We have verified the cash balances, to the extent considered necessary, securities relating to the Company’s loans and

investments by actual inspection or on the basis of certificates / confirmations received from custodians and / or

Depository Participants appointed by the Company, as the case may be. At 31st March 2007, none of the Company’s assets

involve reversion or life interests;

• The Company is not the trustee of any trust; and

• No part of the assets of the policyholders’ funds has been directly or indirectly applied in contravention to the provisions

of the Insurance Act, 1938 relating to the application and investments of the policyholders funds.

• This certificate is issued to comply with the requirements of Schedule ‘C’ of Insurance Regulatory and Development

Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002

(‘the Accounting Regulations’) read with Regulation 3 of the Accounting Regulations and may not be suitable for any

other purpose.

Annexure to the Auditors Report

(Referred to in the Auditors’ Report to the members of Bajaj Allianz Life Insurance Company Limited (‘the Company’) on the

accounts for the year ended 31 March 2007)

KIRTANE & PANDIT S.R. BATLIBOI & CO.Chartered Accountants Chartered Accountants

Suhas Deshpande per Hemal Shah11th May 2007 Partner Partner

Pune Membership No. 31787 Membership No. 42650

KIRTANE & PANDIT S.R. BATLIBOI & CO.Chartered Accountants Chartered Accountants

Suhas Deshpande per Hemal Shah11th May 2007 Partner Partner

Pune Membership No. 31787 Membership No. 42650

Revenue Account for the year ended 31st March 2007

Policyholders’ Account (Technical Account)

Particulars Schedule Current Year Participating

Total Individual Individual

Assurance Pension

PREMIUMS EARNED - Net

(a) Premium 1 53,099,971 3,535,562 67,680

(b) Reinsurance ceded (Refer Schedule 16 Note 15) (92,595) (36,049) (739)

(c) Reinsurance accepted - - -

SUB-TOTAL 53,007,376 3,499,513 66,941

INCOME FROM INVESTMENTS

(a) Interest, Dividend & Rent - Gross 1,153,316 336,827 12,774

(b) Profit on sale / redemption of investments 3,714,626 36,147 -

(c) (Loss on sale / redemption of investments) (1,055,011) (23,282) -

(d) Transfer/Gain on revaluation/ change in fair value (1,036,646) - -

(e) Other investment income 320,536 - -

3,096,821 349,692 12,774

OTHER INCOME

Interest on Overdue Premium 17,930 17,640 225

Unit Linked Fund Administration / Management Charges, etc. 352,451 - -

(Refer Schedule 16 Note 23)

Others 34,309 5,115 114

Contribution from the Shareholders’ account 972,355 - -


SUB-TOTAL 4,473,866 372,447 13,113

TOTAL (A) 57,481,242 3,871,960 80,054

COMMISSION 2 9,466,813 424,943 1,472

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 3 10,730,189 895,903 10,855

Provision for doubtful debts - - -

Bad Debts written off - - -

Provision for Fringe Benefit Tax 73,054 6,174 75

Provisions (other than taxation) - - -

(a) For diminution in the value of investments (net) - - -

(b) Others - - -

TOTAL (B) 20,270,056 1,327,020 12,402

BENEFIT PAID (Net) 4 6,985,351 303,276 1,338

Interim Bonuses Paid (Refer Schedule 16 Note 1(n)) 1,996 1,996 -

Change in valuation of liability in respect of life policies

in force (Refer Schedule 16 Note 1 (e) and Note 8 )

(a) Gross 2,669,859 2,156,995 60,944

(b) Fund Reserve (Refer Schedule 16 Note 1(e)) 26,175,201 - -

(c) Amount ceded in Reinsurance - - -

(d) Amount accepted in Reinsurance - - -

TOTAL (C) 35,832,407 2,462,267 62,282

SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) 1,378,779 82,673 5,370

Balance of previous year 564,521 532,747 -

APPROPRIATIONS

Reserve for lapsed unit linked policies unlikely to be revived 1,241,074 - -

(Refer Schedule 16 Note 1(e) and Note 8)

Transfer to Shareholders’ account 31,303 30,316 987

Balance being funds for future appropriations 670,923 585,104 4,383

DETAILS OF TOTAL SURPLUS

Interim Bonuses Paid (a) 1,996 1,996 -

Allocation of Bonus to policyholders (b) 281,728 272,843 8,885

Surplus shown in the Revenue Account (c) 1,378,779 82,673 5,370

Total Surplus [ (a) + (b) + (c) ] 1,662,503 357,512 14,255

14

(Amount in Rs. ‘000 )

Non Participating Linked

Individual Individual Group Individual Individual Group Super- Group

Assurance Annuity Assurance Assurance Pension annuation Gratuity

100,453 19,497 313,098 46,923,250 1,751,665 68,134 320,632

(1,707) - (10,289) (43,746) (65) - -

- - - - - - -

98,746 19,497 302,809 46,879,504 1,751,600 68,134 320,632

10,039 3,046 15,552 734,278 28,308 2,502 9,990

- - 63 3,489,836 187,776 153 651

(143) - (14) (969,045) (56,819) (1,088) (4,620)

- - - (1,003,416) (36,802) 681 2,891

- - - 302,927 16,087 290 1,232

9,896 3,046 15,601 2,554,580 138,550 2,538 10,144

65 - - - - - -

- - - 333,400 19,031 4 16

71 2 26 28,074 874 6 27

- - - 863,308 101,265 1,007 6,775

10,032 3,048 15,627 3,779,362 259,720 3,555 16,962

108,778 22,545 318,436 50,658,866 2,011,320 71,689 337,594

11,407 246 14,733 8,944,424 69,526 24 38

21,685 552 8,930 9,534,019 246,486 2,110 9,649

- - - - - - -

- - - - - - -

148 4 61 64,822 1,690 13 67

- - - - - - -

- - - - - - -

- - - - - - -

33,240 802 23,724 18,543,265 317,702 2,147 9,754

12,490 1,546 203,496 6,141,074 286,140 14,100 21,891

- - - - - - -

39,524 13,178 71,425 310,562 17,432 (57) (144)

- - - 24,422,891 1,390,046 56,171 306,093

- - - - - - -

- - - - - - -

52,014 14,724 274,921 30,874,527 1,693,618 70,214 327,840

23,524 7,019 19,791 1,241,074 - (672) -

27,437 - 3,665 - - 672 -

- - - 1,241,074 - - -

- - - - - - -

50,961 7,019 23,456 - - - -

- - - - - - -

- - - - - - -

23,524 7,019 19,791 1,241,074 - (672) -

23,524 7,019 19,791 1,241,074 - (672) -

15



Particulars Schedule Previous Year Participating

Total Individual Individual

Assurance Pension

PREMIUMS EARNED - Net

(a) Premium 1 31,335,778 3,288,070 67,521

(b) Reinsurance ceded (Refer Schedule 16 Note 15) (53,565) (27,773) (570)

(c) Reinsurance accepted - - -

SUB-TOTAL 31,282,213 3,260,297 66,951


(a) Interest, Dividend & Rent - Gross 211,084 186,494 6,225

(b) Profit on sale / redemption of investments 106,640 106,623 6

(c) (Loss on sale / redemption of investments) (5,307) (5,307) -

(d) Transfer/Gain on revaluation/ change in fair value - - - -

(e) Other investment income - - -

312,417 287,810 6,231

OTHER INCOME

Interest on Overdue Premium 12,808 12,552 30

Unit Linked Fund Administration / Management Charges, etc. 218,070 - -


Others 59,354 19,301 533

Contribution from the Shareholders’ account 1,085,539 - 2,748


SUB-TOTAL 1,688,188 319,663 9,542

TOTAL (A) 32,970,401 3,579,960 76,493

COMMISSION 2 3,418,670 511,174 1,635

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 3 4,868,110 1,053,774 11,965

Provision for doubtful debts - - -

Bad Debts written off - - -

Provision for Fringe Benefit Tax 41,020 8,935 103

Provisions (other than taxation)

(a) For diminution in the value of investments (net) - - -

(b) Others - - -

TOTAL (B) 8,327,800 1,573,883 13,703

BENEFIT PAID (Net) 4 6,534,838 111,899 716

Interim Bonuses Paid (Refer Schedule 16 Note 1(n)) 1,210 1,161 49

Change in valuation of liability in respect of life policies

in force (Refer Schedule 16 Note 1 (e) and Note 8 )

(a) Gross 1,912,292 1,405,336 62,506

(b) Fund Reserve (Refer Schedule 16 Note 1(e)) 15,576,070 - -

(c) Amount ceded in Reinsurance - - -

(d) Amount accepted in Reinsurance - - -

TOTAL (C) 24,024,410 1,518,396 63,271

SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) 618,191 487,681 (481)

Balance of previous year 64,069 45,066 481

APPROPRIATIONS

Reserve for lapsed unit linked policies unlikely to be revived 117,739 - -

(Refer Schedule 16 Note 1(e) and Note 8)

Transfer to Shareholders’ account - - -

Balance being funds for future appropriations 564,521 532,747 -

DETAILS OF TOTAL SURPLUS

Interim Bonuses Paid (a) 1,210 1,161 49

Allocation of Bonus to policyholders (b) 217,860 210,140 7,720

Surplus shown in the Revenue Account (c) 618,191 487,681 (481)

Total Surplus [ (a) + (b) + (c) ] 837,261 698,982 7,288

16


Non Participating Linked



115,793 18,143 160,853 26,769,800 787,609 37,954 90,035

(208) (33) (3,243) (21,463) (275) - -

- - - - - - -

115,585 18,110 157,610 26,748,337 787,334 37,954 90,035

4,467 803 1,343 11,487 222 28 15

11 - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

4,478 803 1,343 11,487 222 28 15

60 166 - - - - -

- - - 207,031 9,762 888 389

149 4 34 37,438 1,862 8 25

- 8,584 - 1,006,762 64,709 929 1,807

4,687 9,557 1,377 1,262,718 76,555 1,853 2,236

120,272 27,667 158,987 28,011,055 863,889 39,807 92,271

14,496 197 3,988 2,848,592 38,491 62 35

21,407 485 4,878 3,656,303 115,487 953 2,858

- - - - - - -

- - - - - - -

180 4 41 30,740 984 8 25

- - - - - - -

- - - - - - -

36,083 686 8,907 6,535,635 154,962 1,023 2,918

4,865 515 41,738 6,275,572 71,361 7,413 20,759

- - - - - - -

65,274 26,740 109,538 239,837 2,919 44 98

- - - 14,842,272 634,647 30,655 68,496

- - - - - - -

- - - - - - -

70,139 27,255 151,276 21,357,681 708,927 38,112 89,353

14,050 (274) (1,196) 117,739 - 672 -

13,387 274 4,861 - - - -

- - - 117,739 - - -

- - - - - - -

27,437 - 3,665 - - 672 -

- - - - - - -

- - - - - - -

14,050 (274) (1,196) 117,739 - 672 -

14,050 (274) (1,196) 117,739 - 672 -

17



Notes to Financial statements 16

As required by Section 40-B of the Insurance Act, 1938, we certify that all expenses of Management in respect of Life

Insurance business transacted in India by the Company have been fully debited to the Policyholders’ Revenue Account as

expenses.

The accompanying notes and schedules form an integral part of the financial statements.

As per our report of even date attached

For Kirtane & Pandit For S. R. Batliboi & Co. For Bajaj Allianz Life Insurance Company LimitedChartered Accountants Chartered Accountants

Suhas Deshpande Hemal Shah Heinz Dollberg Sanjiv BajajPartner Partner Director Director

Membership No. 31787 Membership No. 42650

Craig Ellis Ranjit GuptaDirector Director

Sam Ghosh Rajesh ViswanathanChief Executive Officer Chief Financial Officer

Andrew Wakeling Sameer BakshiAppointed Actuary Company Secretary

Place : Pune Place : Pune

Date : 11th May 2007 Date : 11th May 2007

18

Form A- PL

Profit & Loss account for the year ended 31st March 2007

Shareholders’ Account (Non Technical Account)(Amount in Rs. ‘000)

Particulars Current Current Previous Previous

Year Year Year Year

Amounts transferred from the 31,303 -



(a) Interest, Dividends & Rent - Gross 273,062 113,589

(b) Profit on sale / redemption of investments 23,824 7,236

(c) (Loss on sale / redemption of investments) (19,763) (13,946)

(d) Transfer/Gain on revaluation / change in fair value - -

OTHER INCOME - -

TOTAL(A) 277,123 106,879

Expenses other than those directly related to the

insurance business (Refer Schedule 16 Note 11)

Preliminary Expenses written-off - 3,180

Others 53,077 3,566

Provisions (Other than Taxation) - -

Contribution to the Policyholders’ Fund


Participating

Individual Assurance - -

Individual Pension - 2,748

Non Participating


Individual Annuity - 8,584

Group Assurance - -

Linked

Individual Assurance 863,308 1,006,762

Individual Pension 101,265 64,709

Group Superannuation 1,007 929

Group Gratuity 6,775 972,355 1,807 1,085,539

TOTAL(B) 1,025,432 1,092,285

PROFIT / (LOSS) before Tax (717,006) (985,406)

Provision for Taxation including Wealth Tax 27 36

PROFIT / (LOSS) after Tax (717,033) (985,442)

Balance at the beginning of the year (2,043,096) (1,057,654)

PROFIT/(LOSS) CARRIED FORWARD TO BALANCE SHEET (2,760,129) (2,043,096)

Earning Per Share (Basic & Diluted) (Refer Schedule 16 Note 17) (4.77) (6.56)





Suhas Deshpande Hemal Shah Heinz Dollberg Sanjiv Bajaj Craig Ellis Ranjit GuptaPartner Partner Director Director Director Director


Place : Pune Sam Ghosh Rajesh Viswanathan Andrew Wakeling Sameer BakshiDate : 11th May 2007 Chief Executive Officer Chief Financial Officer Appointed Actuary Company Secretary

19

Form A- BS

Balance sheet as at 31st March 2007(Amount in Rs. ‘000)

Particulars Schedule Current Current Previous Previous

Year Year Year Year

SOURCES OF FUNDS

SHAREHOLDERS’ FUNDS

Share Capital 5 1,503,680 1,502,338

Reserves and Surplus 6 5,501,600 3,495,310

Credit/(Debit) Fair Value Change Account 85 711

SUB TOTAL 7,005,365 4,998,359

BORROWINGS 7 - -

POLICYHOLDERS’ FUNDS

Credit/(Debit) Fair Value Change Account 15,443 12,988

Policy Liabilities (Refer Schedule 16 Note 8)

Participating

Individual Assurance 5,493,958 3,336,963


Non Participating

Individual Assurance 154,036 114,511

Individual Annuity 43,243 30,065

Group Assurance 198,175 126,751

Linked



Group Superannuation - 57

Group Gratuity - 6,712,906 144 4,043,047

Insurance Reserves - -

Provision For Linked Liabilities

Linked Liabilities 48,845,768

Fair Value Change 3,022,633 51,868,401 25,693,200

SUB TOTAL 58,596,750 29,749,235

FUNDS FOR FUTURE APPROPRIATIONS

Participating


Individual Pension 4,383 -

Non Participating


Individual Annuity 7,019 -


Linked


Individual Pension - -

Group Superannuation - 672

Group Gratuity - -

670,923 564,521

Reserve for Lapsed unit linked policies 1,358,813 2,029,736 117,739 682,260

unlikely to be revived

TOTAL 67,631,851 35,429,854

20








Form A- BS

Balance sheet as at 31st March 2007(Amount in Rs. ‘000)

Particulars Schedule Current Current Previous Previous

Year Year Year Year

APPLICATION OF FUNDS

INVESTMENTS

Shareholders’ 8 6,536,500 2,780,868

Policyholders’ 8A

Participating

Individual Assurance 6,162,724 3,893,622


Non Participating


Individual Annuity 50,900 30,478


Linked

Individual Assurance 2,152,260 400,149


Group Superannuation 2,610 1,134

Group Gratuity 1,571 344

9,050,758 4,766,123

ASSETS HELD TO COVER LINKED LIABILITIES 8B 51,868,401 25,693,200


LOANS 9 18,630 3,406

FIXED ASSETS 10

Gross Block 1,043,272 691,544

Less : Accumulated Depreciation 510,127 328,759

Net Block 533,145 362,785

Capital work in progress 2,549 1,854

535,694 364,639

CURRENT ASSETS

Cash and bank balances 11 4,198,042 2,958,503

Advances and other Assets 12 854,477 762,890

Sub-Total(A) 5,052,519 3,721,393

LESS: CURRENT LIABILITIES AND PROVISIONS

Current liabilities 13 8,093,047 3,890,484

Provisions 14 97,733 52,387

Sub-Total(B) 8,190,780 3,942,871

NET CURRENT ASSETS (C) = (A-B) (3,138,261) (221,478)

MISCELLANEOUS EXPENDITURE 15 - -

(To the extent not written off or adjusted )

DEBIT BALANCE IN PROFIT & LOSS ACCOUNT 2,760,129 2,043,096

(Shareholders’ account )

Total 67,631,851 35,429,854

21

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 1

: P

rem

ium

(N

et

of

Serv

ice T

ax)

(Am

ount in

Rs.

‘000 )

Part

icula

rsC

urr

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t Year

Part

icip

ati

ng

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art

icip

ati

ng

Lin

ked

Indiv

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idual

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up

Ass

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on

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yAss

ura

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Pensi

on

annuati

on

Gra

tuit

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Fir

st Y

ear

Pre

miu

m30,8

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Renew

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rem

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10,4

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Singl

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11,8

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--

49,6

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57,8

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10,8

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Tota

l Pre

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3,5

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67,6

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313,0

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320,6

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Pre

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m In

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m B

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ness

wri

tten:

In India

53,0

99,9

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100,4

53

19,4

97

313,0

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32

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--

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Part

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Renew

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22

Schedule

s fo

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art

of

financia

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ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 2

: C

om

mis

sions

(Am

ount in

Rs.

‘000 )

Part

icula

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urr

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t Year

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15)

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9,4

66,8

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424,9

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11,4

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246

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--

(Refe

r Sc

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ote

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Net Com

mis

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3,4

18,6

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511,1

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1,6

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readily a

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.

23

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 3

: O

pera

ting E

xpense

s Rela

ted T

o I

nsu

rance B

usi

ness

(Refe

r Sc

hedule

16 N

ote

10)

(Am

ount in

Rs.

‘000 )

Part

icula

rsC

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en

t Year

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icip

ati

ng

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Em

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elf

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benefits

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manpow

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cost

s4,4

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expense

s

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s578,3

48

48,8

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597

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481

513,1

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105

529

Rents

, ra

tes

and t

axes

1,3

13,9

17

113,2

41

1,2

39

2,7

83

68

1,1

90

1,1

66,1

35

28,0

10

206

1,0

45

Repair

s93,8

14

7,9

29

97

190

578

83,2

42

2,1

70

17

86

Pri

nti

ng a

nd S

tati

onery

216,1

36

18,2

67

223

439

11

180

191,7

80

4,9

99

39

198

Com

munic

ati

on e

xpense

s1,0

37,0

40

87,6

48

1,0

71

2,1

05

54

862

920,1

76

23,9

87

188

949

Legal and p

rofe

ssio

nal charg

es

13,4

23

1,1

35

14

27

111

11,9

11

310

212

Medic

al fe

es

49,4

86

4,1

82

51

100

341

43,9

10

1,1

45

945

Audit

ors

’ fe

es,

expense

s, e

tc.

a)

as

audit

or

1,5

00

126

23

-1

1,3

32

35

-1

b)

as

advis

or

or

in a

ny o

ther

capacit

y,

in r

esp

ect

of

(i)

Taxati

on M

att

ers

--

--

--

--

--

(ii)

Insu

rance M

att

ers

--

--

--

--

--

(iii)M

anagem

ent

Serv

ices;

and

--

--

--

--

--

c)

in a

ny o

ther

capacit

y-

--

--

--

--

-

d)

out

of

pocket

expense

s376

32

--

--

335

9-

-

Adve

rtis

em

ent and p

ublicit

y164,6

74

13,9

17

170

334

9137

146,1

17

3,8

09

30

151

Inte

rest

and b

ank c

harg

es

119,2

84

10,0

82

123

242

699

105,8

42

2,7

59

22

109

Oth

ers

a)

Info

rmati

on t

echnolo

gy e

xpense

s227,6

93

19,2

44

235

462

12

189

202,0

35

5,2

67

41

208

b)

Insu

rance,

wate

r and e

lectr

icit

y96,2

17

8,1

32

99

195

580

85,3

75

2,2

26

17

88

charg

es

c)

Policy sta

mps

78,6

97

6,6

51

81

160

465

69,8

30

1,8

20

14

72

d)

Securi

ty a

nd h

ouse

keepin

g68,3

92

5,7

80

70

139

457

60,6

85

1,5

82

12

63

e)

Mark

eti

ng e

xpense

s1,3

32,7

95

112,6

44

1,3

77

2,7

06

69

1,1

08

1,1

82,6

02

30,8

28

241

1,2

20

f)M

iscellaneous expense

s396,0

87

20,3

03

302

593

15

243

364,1

74

9,8

33

273

351

Depre

cia

tion (Refe

r Sc

hedule

10)

186,2

71

15,7

43

192

378

10

155

165,2

80

4,3

09

34

170

Tota

l10,7

30,1

89

895,9

03

10,8

55

21,6

85

552

8,9

30

9,5

34,0

19

246,4

86

2,1

10

9,6

49

24

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 3

: O

pera

ting E

xpense

s Rela

ted t

o I

nsu

rance B

usi

ness

(Refe

r Sc

hedule

16 N

ote

10)

(Am

ount in

Rs.

‘000 )

Part

icula

rsPre

vio

us

Year

Part

icip

ati

ng

Non P

art

icip

ati

ng

Lin

ked

Indiv

idual

Indiv

idual

Indiv

idual

Indiv

idual

Gro

up

Indiv

idual

Indiv

idual

Gro

up S

uper-

Gro

up

Ass

ura

nce

Pensi

on

Ass

ura

nce

Annuit

yAss

ura

nce

Ass

ura

nce

Pensi

on

annuati

on

Gra

tuit

y

Em

plo

yees’

rem

unera

tion, w

elf

are

benefits

and o

ther

manpow

er

cost

s2,0

95,6

28

456,4

28

5,2

42

9,2

21

210

2,0

96

1,5

70,4

56

50,2

99

419

1,2

57

Travel,

conveyance a

nd v

ehic

le r

unnin

g

expense

s243,3

37

52,9

99

608

1,0

71

24

243

182,3

57

5,8

40

49

146

Train

ing e

xpense

s339,6

02

73,9

65

849

1,4

94

34

340

254,4

98

8,1

50

68

204

Rents

, ra

tes

and t

axes

242,8

36

46,3

56

401

1,0

56

21

256

190,1

55

4,4

79

29

83

Repair

s58,4

61

12,7

33

146

257

658

43,8

11

1,4

03

12

35

Pri

nti

ng a

nd S

tati

onery

92,2

11

20,0

84

231

406

992

69,1

03

2,2

13

18

55

Com

munic

ati

on e

xpense

s226,3

87

49,3

07

566

996

23

226

169,6

55

5,4

33

45

136

Legal and p

rofe

ssio

nal charg

es

9,1

25

1,9

87

23

40

19

6,8

39

219

25

Medic

al fe

es

30,6

42

6,6

74

77

135

331

22,9

63

735

618

Audit

ors

’ fe

es,

expense

s, e

tc.

(a)

as

audit

or

1,0

00

218

25

-1

749

24

-1

(b)

as

advis

or

or

in a

ny o

ther

capacit

y,

in r

esp

ect

of

(i)

Taxati

on M

att

ers

200

44

1-

--

150

5-

-

(ii)

Insu

rance M

att

ers

--

--

--

--

--

(iii)M

anagem

ent

Serv

ices;

and

--

--

--

--

--

(c)

in a

ny o

ther

capacit

y-

--

--

--

--

-

(d)

Out

of

pocket

expense

s372

81

12

--

279

9-

-

Adve

rtis

em

ent and p

ublicit

y176,8

96

38,5

28

442

778

18

177

132,5

66

4,2

46

35

106

Inte

rest

and B

ank C

harg

es

60,7

11

13,2

23

152

267

661

45,4

97

1,4

57

12

36

Oth

ers

a)

Info

rmati

on t

echnolo

gy e

xpense

s110,9

82

24,1

72

277

488

11

111

83,1

70

2,6

64

22

67

b)

Insu

rance,

wate

r and e

lectr

icit

y56,5

06

12,3

07

141

249

657

42,3

45

1,3

56

11

34

charg

es

c)

Policy sta

mps

38,5

07

8,3

87

96

169

439

28,8

57

924

823

d)

Securi

ty a

nd h

ouse

keepin

g28,3

12

6,1

66

71

125

328

21,2

17

679

617

e)

Mark

eti

ng e

xpense

s489,7

43

106,6

66

1,2

24

2,1

55

49

490

367,0

13

11,7

54

98

294

f)M

iscellaneous expense

s458,4

88

99,8

91

1,1

45

2,0

17

46

455

343,5

65

11,0

02

91

276

Depre

cia

tion (Refe

r Sc

hedule

10)

108,1

64

23,5

58

270

476

11

108

81,0

58

2,5

96

22

65

4,8

68,1

10

1,0

53,7

74

11,9

65

21,4

07

485

4,8

78

3,6

56,3

03

115,4

87

953

2,8

58

25

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 4

: B

enefi

ts p

aid

(net)

(Am

ount in

Rs.

‘000 )

Part

icula

rsC

urr

en

t Year

Part

icip

ati

ng

Non P

art

icip

ati

ng

Lin

ked

Indiv

idual

Indiv

idual

Indiv

idual

Indiv

idual

Gro

up

Indiv

idual

Indiv

idual

Gro

up S

uper-

Gro

up

Ass

ura

nce

Pensi

on

Ass

ura

nce

Annuit

yAss

ura

nce

Ass

ura

nce

Pensi

on

annuati

on

Gra

tuit

y

Insu

rance C

laim

s:(a

)Cla

ims by D

eath

601,2

22

120,7

50

1,2

16

10,0

67

-205,9

01

192,4

66

62,1

73

1,6

49

7,0

00

(b)

Cla

ims

by M

atu

rity

184,1

54

183,9

35

-219

--

--

--

(c)

Annuit

ies/

Pensi

ons paym

ent

1,8

36

7-

283

1,5

46

--

--

-(d

)U

L W

ithdra

wals

/Su

rrenders

&O

ther

Benefi

ts6,2

28,6

62

22,1

22

480

2,8

05

--

5,9

51,9

46

223,9

67

12,4

51

14,8

91

(Am

ount

ceded in rein

sura

nce):

(a)

Cla

ims by D

eath

(19,4

43)

(12,7

78)

(358)

(564)

-(2

,405)

(3,3

38)

--

-(b

)Cla

ims

by M

atu

rity

--

--

--

--

--

(c)

Annuit

ies/

Pensi

ons paym

ent

--

--

--

--

--

(d)

UL W

ithdra

wals

/Su

rrenders

&O

ther

Benefi

ts(1

1,0

80)

(10,7

60)

-(3

20)

--

--

--

Am

ount

accepte

d in r

ein

sura

nce:

(a)

Cla

ims by D

eath

--

--

--

--

--

(b)

Cla

ims

by M

atu

rity

--

--

--

--

--

(c)

Annuit

ies/

Pensi

ons paym

ent,

--

--

--

--

--

(d)

UL W

ithdra

wals

/Su

rrenders

&O

ther

Benefi

ts-

--

--

--

--

-

Tota

l6,9

85,3

51

303,2

76

1,3

38

12,4

90

1,5

46

203,4

96

6,1

41,0

74

286,1

40

14,1

00

21,8

91

Benefi

ts p

aid

to c

laim

ants

:In

India

6,9

85,3

51

303,2

76

1,3

38

12,4

90

1,5

46

203,4

96

6,1

41,0

74

286,1

40

14,1

00

21,8

91

Outs

ide I

ndia

--

--

--

--

--

Tota

l6,9

85,3

51

303,2

76

1,3

38

12,4

90

1,5

46

203,4

96

6,1

41,0

74

286,1

40

14,1

00

21,8

91

Part

icula

rsPre

vio

us

Year

Part

icip

ati

ng

Non P

art

icip

ati

ng

Lin

ked

Indiv

idual

Indiv

idual

Indiv

idual

Indiv

idual

Gro

up

Indiv

idual

Indiv

idual

Gro

up S

uper-

Gro

up

Ass

ura

nce

Pensi

on

Ass

ura

nce

Annuit

yAss

ura

nce

Ass

ura

nce

Pensi

on

annuati

on

Gra

tuit

y

Insu

rance C

laim

s:(a

)Cla

ims by D

eath

162,8

14

48,7

52

636

5,6

78

-41,7

88

64,7

35

1,2

25

--

(b)

Cla

ims

by M

atu

rity

59,9

69

59,9

69

--

--

--

--

(c)

Annuit

ies/

Pensi

ons paym

ent

551

--

36

515

--

--

-(d

)U

L W

ithdra

wals

/Su

rrenders

&O

ther

Benefi

ts6,3

33,9

50

12,3

19

80

262

--

6,2

22,8

81

70,2

36

7,4

13

20,7

59

(Am

ount

ceded in rein

sura

nce):

(a)

Cla

ims by D

eath

(16,3

43)

(3,6

19)

-(5

30)

-(5

0)

(12,0

44)

(100)

--

(b)

Cla

ims

by M

atu

rity

--

--

--

--

--

(c)

Annuit

ies/

Pensi

ons paym

ent

--

--

--

--

--

(d)

UL W

ithdra

wals

/Su

rrenders

&O

ther

Benefi

ts(6

,103)

(5,5

22)

-(5

81)

--

--

--

Am

ount

accepte

d in r

ein

sura

nce:

(a)

Cla

ims by D

eath

--

--

--

--

--

(b)

Cla

ims

by M

atu

rity

--

--

--

--

--

(c)

Annuit

ies/

Pensi

ons paym

ent

--

--

--

--

--

(d)

UL W

ithdra

wals

/Su

rrenders

&O

ther

Benefi

ts-

--

--

--

--

-

Tota

l6,5

34,8

38

111,8

99

716

4,8

65

515

41,7

38

6,2

75,5

72

71,3

61

7,4

13

20,7

59

Benefi

ts p

aid

to c

laim

ants

:In

India

6,5

34,8

38

111,8

99

716

4,8

65

515

41,7

38

6,2

75,5

72

71,3

61

7,4

13

20,7

59

Outs

ide I

ndia

--

--

--

--

--

Tota

l6,5

34,8

38

111,8

99

716

4,8

65

515

41,7

38

6,2

75,5

72

71,3

61

7,4

13

20,7

59

26

Schedules forming part of financial statements for the year ended 31st March 2007

Schedule - 5A : Pattern of Shareholding (As Certified by Management)

Shareholder Current Year Previous Year

Number of % of Number of % of

Shares Holding Shares Holding

PROMOTERS:

Indian

Bajaj Auto Limited 111,272,320 74 111,173,012 74

Foreign

Allianz SE 39,095,680 26 39,060,788 26

TOTAL 150,368,000 100 150,233,800 100


Schedule - 5 : Share Capital


Particulars Current Year Previous Year

Authorised Capital

200,000,000 Equity Shares of Rs. 10/- Each 2,000,000 2,000,000

Issued, Subscribed, Called and Paid up Capital 1,503,680 1,502,338

Equity Shares of Rs. 10/- Each

150,368,000 (Previous Year 150,233,800) Equity Shares of Rs.10/- Each

Less : Preliminary Expenses (to the extent not written off) - -

Total 1,503,680 1,502,338

Note : Of the above share capital as of 31st March 2007, 111,272,320 (Previous year: 111,173,012) equity shares are held by the

holding company, Bajaj Auto Ltd.

27


Schedule - 7 : Borrowings



Debentures/Bonds - -

Banks - -

Financial Institutions - -

Others - -

TOTAL - -


Schedule - 6 : Reserves and Surplus


Particulars Current Year Current Year Previous Year Previous Year

Capital Reserve - -

Capital Redemption Reserve - -

Share Premium - -

Opening balance 3,495,310 1,176,565

Add: Share Premium received during the year 2,006,290 5,501,600 2,318,745 3,495,310

Revaluation Reserve - -

General Reserve - -

Catastrophe Reserve - -

Other Reserve - -

Balance of Profit & Loss Account - -

Total 5,501,600 3,495,310

28


Schedule - 8 : Investments - Shareholders’



LONG TERM INVESTMENTS

Government securities and Government 910,129 472,900

guaranteed bonds including Treasury Bills

(Refer Note 1 below)

Other Approved Securities - -

Other Investments

(a) Shares

(aa) Equity - -

(bb)Preference - -

(b) Mutual Funds - -

(c) Derivative Instruments - -

(d) Debentures / Bonds 473,914 200,041

(e) Other Securities

(aa) Fixed Deposit with banks 250,000 -

(f) Subsidiaries - -

Investment Properties - Real Estate - -

Investments in Infrastructure and Social Sector Bonds 789,598 463,767

Other than Approved Investments 169,102 134,775

SHORT TERM INVESTMENTS

Government securities and Government 1,722,015 345,167


Other Approved Securities - -

Other Investments - -

(a) Shares

(aa) Equity - -

(bb)Preference - -

(b) Mutual Funds 235,902 155,953


(d) Debentures / Bonds 1,269,615 694,092






Other than Approved Investments 25,136 -

Total 6,536,500 2,780,868

INVESTMENTS

In India 6,536,500 2,780,868

Outside India - -

Total 6,536,500 2,780,868

Notes :

1. Includes Rs. 106,040 (Previous Year Rs. 108,576 ) deposited with Deutsche Bank AG, pursuant to Section 7 of the Insurance

Act 1938 (Refer Schedule 16 Note 6 )

2. Market Value of the above total investments of Rs. 6,536,500 (Previous Year Rs.27,80,868 ) is Rs. 6,480,926 (Previous Year

Rs. 2,762,263)

3. Historical cost of investment valued on fair value basis is Rs. 235,817 ( Previous Year Rs. 155,242)

29

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 8

A :

Invest

ments

- P

olicyhold

ers

’(A

mount in

Rs.

‘000 )

Part

icula

rsC

urr

en

t Year

Part

icip

ati

ng

Non P

art

icip

ati

ng

Lin

ked

Indiv

idual

Indiv

idual

Indiv

idual

Indiv

idual

Gro

up

Indiv

idual

Indiv

idual

Gro

up S

uper-

Gro

up

Ass

ura

nce

Pensi

on

Ass

ura

nce

Annuit

yAss

ura

nce

Ass

ura

nce

Pensi

on

annuati

on

Gra

tuit

y

LO

NG

TERM

INVEST

MEN

TS

Govern

ment

securi

ties

and G

overn

ment

5,0

56,8

45

3,6

89,6

42

185,1

01

147,8

71

50,9

00

155,9

32

817,4

60

8,5

63

1,0

36

340

guara

nte

ed b

onds

inclu

din

g T

reasu

ry B

ills

Oth

er

Appro

ved S

ecuri

ties

(a)

Share

s(a

a)

Equit

y597,8

47

597,8

47

--

--

--

--

(bb) Pre

fere

nce

--

--

--

--

--

(b)

Mutu

al fu

nds

--

--

--

--

--

(c)

Deri

vati

ve I

nst

rum

ents

--

--

--

--

--

(d)

Debentu

res

/ B

onds

776,9

43

736,9

43

10,0

00

--

-30,0

00

--

-(e

)O

ther

Securi

ties

(aa)

Fix

ed D

eposi

ts w

ith B

anks

50,0

00

--

--

-50,0

00

--

-(f

)Su

bsi

dia

ries

--

--

--

--

--

(g)

Invest

ment

Pro

pert

ies

- Real Est

ate

167,4

65

167,4

65

--

--

--

--

Invest

ments

in I

nfr

ast

ructu

re &

Socia

l Se

cto

r Bonds

1,0

00,5

77

770,6

00

25,0

00

35,0

00

-3,8

93

165,5

00

-195

389

Oth

er

than A

ppro

ved Invest

ments

- Bonds

100,0

00

100,0

00

--

--

--

--

- Equit

y-

--

--

--

--

-

SHO

RT T

ERM

INVEST

MEN

TS

Govern

ment

securi

ties

and G

overn

ment

435,5

24

--

25,3

12

-55,4

83

339,9

59

12,5

49

1,3

79

842

guara

nte

ed b

onds

inclu

din

g T

reasu

ry B

ills

Oth

er

Appro

ved S

ecuri

ties

--

--

--

--

--

(a)

Share

s(a

a)

Equit

y-

--

--

--

--

-(b

b) Pre

fere

nce

--

--

--

--

--

(b)

Mutu

al Funds

--

--

--

--

--

(c)

Deri

vati

ve I

nst

rum

ents

--

--

--

--

--

(d)

Debentu

res

/ B

onds

664,9

55

50,0

00

--

-15,9

89

598,9

66

--

-(e

)O

ther

Securi

ties

--

--

--

--

--

(f)

Subsi

dia

ries

--

--

--

--

--

(g)

Invest

ment

Pro

pert

ies

- Real Est

ate

--

--

--

--

--

Invest

ments

in I

nfr

ast

ructu

re &

Socia

l Se

cto

r Bonds

200,6

02

50,2

27

--

--

150,3

75

--

-

Oth

er

than A

ppro

ved Invest

ments

--

--

--

--

--

TO

TAL

9,0

50,7

58

6,1

62,7

24

220,1

01

208,1

83

50,9

00

231,2

97

2,1

52,2

60

21,1

12

2,6

10

1,5

71

In India

9,0

50,7

58

6,1

62,7

24

220,1

01

208,1

83

50,9

00

231,2

97

2,1

52,2

60

21,1

12

2,6

10

1,5

71

Outs

ide I

ndia

--

--

--

--

--

Tota

l9,0

50,7

58

6,1

62,7

24

220,1

01

208,1

83

50,9

00

231,2

97

2,1

52,2

60

21,1

12

2,6

10

1,5

71

Note

:1.

Mark

et

Valu

e o

f th

e a

bove t

ota

l in

vest

ments

of

Rs.

9,0

50,7

58 (

Pre

vio

us

year

Rs.

4,7

66,1

23)

is R

s. 8

,751,3

12 (

Pre

vio

us

year

Rs.

4,6

71,9

56)

2.

His

tori

cal cost

of

invest

ment

valu

ed o

n f

air

valu

e b

asi

s is

Rs.

582,4

04 (

Pre

vio

us

year

Rs.

175,9

27)

30

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 8

A :

Invest

ments

- P

olicyhold

ers

’(A

mount in

Rs.

‘000 )

Part

icula

rsPre

vio

us

Year

Part

icip

ati

ng

Non P

art

icip

ati

ng

Lin

ked

Indiv

idual

Indiv

idual

Indiv

idual

Indiv

idual

Gro

up

Indiv

idual

Indiv

idual

Gro

up S

uper-

Gro

up

Ass

ura

nce

Pensi

on

Ass

ura

nce

Annuit

yAss

ura

nce

Ass

ura

nce

Pensi

on

annuati

on

Gra

tuit

y

LO

NG

TERM

INVEST

MEN

TS

Govern

ment

securi

ties

and G

overn

ment

3,4

23,8

49

2,8

97,9

57

150,7

22

133,4

09

30,4

78

30,3

82

170,7

74

8,8

49

1,0

34

244

guara

nte

ed b

onds

inclu

din

g T

reasu

ry B

ills

Oth

er

Appro

ved S

ecuri

ties

(a)

Share

s(a

a)

Equit

y188,9

15

188,9

15

--

--

--

--

(bb) Pre

fere

nce

--

--

--

--

--

(b)

Mutu

al fu

nds

--

--

--

--

--

(c)

Deri

vati

ve I

nst

rum

ents

--

--

--

--

--

(d)

Debentu

res

/ B

onds

352,6

43

302,9

98

--

--

49,6

45

--

-(e

)O

ther

Securi

ties

--

--

--

--

--

(f)

Subsi

dia

ries

--

--

--

--

--

(g)

Invest

ment

Pro

pert

ies

- Real Est

ate

--

--

--

--

--

Invest

ments

in I

nfr

ast

ructu

re &

641,1

68

467,2

52

-8,7

39

--

165,1

77

--

-So

cia

l Se

cto

r Bonds

Oth

er

than A

ppro

ved Invest

ments

- Equit

y-

--

--

--

--

--

Bonds

--

--

--

--

--

SHO

RT T

ERM

INVEST

MEN

TS

Govern

ment

securi

ties

and G

overn

ment

49,6

40

--

--

49,6

40

--

--

guara

nte

ed b

onds

inclu

din

g T

reasu

ry B

ills

Oth

er

Appro

ved S

ecuri

ties

(a)

Share

s(a

a)

Equit

y-

--

--

--

--

-(b

b) Pre

fere

nce

--

--

--

--

--

(b)

Mutu

al Funds

--

--

--

--

--

(c)

Deri

vati

ve I

nst

rum

ents

--

--

--

--

--

(d)

Debentu

res

/ B

onds

84,8

09

36,5

00

--

-33,0

53

14,5

53

503

100

100

(e)

Oth

er

Securi

ties

--

--

--

--

--

(f)

Subsi

dia

ries

--

--

--

--

--

(g)

Invest

ment

Pro

pert

ies

- Real Est

ate

--

--

--

--

--

Invest

ments

in I

nfr

ast

ructu

re &

25,0

99

--

--

25,0

99

--

--

Socia

l Se

cto

r Bonds

Oth

er

than A

ppro

ved Invest

ments

--

--

--

--

--

TO

TAL

4,7

66,1

23

3,8

93,6

22

150,7

22

142,1

48

30,4

78

138,1

74

400,1

49

9,3

52

1,1

34

344

In India

4,7

66,1

23

3,8

93,6

22

150,7

22

142,1

48

30,4

78

138,1

74

400,1

49

9,3

52

1,1

34

344

Outs

ide I

ndia

--

--

--

--

--

Tota

l4,7

66,1

23

3,8

93,6

22

150,7

22

142,1

48

30,4

78

138,1

74

400,1

49

9,3

52

1,1

34

344

Note

:1.

Mark

et

Valu

e o

f th

e a

bove t

ota

l in

vest

ments

of

Rs.

9,0

50,7

58 (

Pre

vio

us

year

Rs.

4,7

66,1

23)

is R

s. 8

,751,3

12 (

Pre

vio

us

year

Rs.

4,6

71,9

56)

2.

His

tori

cal cost

of

invest

ment

valu

ed o

n f

air

valu

e b

asi

s is

Rs.

582,4

04 (

Pre

vio

us

year

Rs.

175,9

27)

31


Schedule - 8B : Assets held to cover linked liabilities



LONG TERM INVESTMENTS

Government securities and Government 35,552 257,226


Other Approved Securities

(a) Shares

(aa) Equity 28,337,065 14,986,363

(bb) Preference - -



(d) Debentures / Bonds 1,067,044 646,879






Other than Approved Investments

(a) Equity 7,540,102 2,296,551

(b) Bonds - 48,777

SHORT TERM INVESTMENTS

Government securities and Government 204,994 1,042,356


Other Approved Securities

(a) Shares

(aa) Equity - -

(bb) Preference - -



(d) Debentures / Bonds 7,606,662 2,517,332

(e) Other Securities - 485,031




Other than Approved Investments

(aa) Bonds 73,924 -

(bb) Mutual Fund 44,183 -

Fixed Deposits with Banks 1,081,000 350,000

Net Current Assets 4,162,350 2,609,377

Total 51,868,401 25,693,200

INVESTMENTS

In India 51,868,401 25,693,200

Outside India - -

Total 51,868,401 25,693,200


Historical Cost of above investments is Rs. 48,845,768 ( Previous Year Rs. 21,633,920)

32


Schedule - 9 : Loans



SECURITY-WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India - -

(bb) Outside India - -

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

(c) Loan against policies 18,630 3,406

Total 18,630 3,406

BORROWER-WISE CLASSIFICATION

(a) Central and State Government - -

(b) Bank and Financial Institutions - -

(c) Subsidiaries - -

(d) Companies - -

(e) Loan against policies 18,630 3,406

Total 18,630 3,406

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard :

(aa) In India 18,630 3,406

(bb) Outside India - -

Total 18,630 3,406

MATURITY-WISE CLASSIFICATION

(a) Short-Term - -

(b) Long-Term 18,630 3,406

Total 18,630 3,406

33

34

Schedule

s fo

rmin

g p

art

of

financia

l st

ate

ments

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- 1

0 :

Fix

ed A

ssets

(Am

ount in

Rs.

‘000 )

Part

icula

rsG

RO

SS B

LO

CK

DEPRECIA

TIO

NN

ET B

LO

CK

Openin

gAddit

ions

Deducti

ons

Clo

sing

Upto

last

For

the

On S

ale

s/To

date

As

at

Pre

vio

us

year

year

Adju

stm

ents

Year

End

Year

Inta

ngib

le -Com

pute

r So

ftw

are

26,1

24

7,7

05

-33,8

29

22,9

64

3,3

59

-26,3

23

7,5

06

3,1

60

Land-F

reehold

--

--

--

--

--

Lease

hold

Pro

pert

ies

146,6

73

83,6

24

2,7

30

227,5

67

73,0

65

44,8

03

20

117,8

48

109,7

19

73,6

08

Buildin

gs112,7

50

73,8

52

-186,6

02

10,1

47

2,2

55

-12,4

02

174,2

00

102,6

03

Ele

ctr

ical Fit

tings

4,1

36

--

4,1

36

1,1

73

262

-1,4

35

2,7

01

2,9

63

Furn

iture

& F

itti

ngs

56,8

61

7,7

67

463

64,1

65

26,1

56

4,3

68

78

30,4

46

33,7

19

30,7

05

Info

rmati

on T

echnolo

gy E

quip

ment

250,7

77

141,2

26

1,9

62

390,0

41

149,0

16

96,5

59

94

245,4

81

144,5

60

101,7

61

Air

Condit

ioner

43,3

93

14,0

16

92

57,3

17

10,5

81

6,4

56

20

17,0

17

40,3

00

32,8

12

Vehic

les

8,4

73

5,3

36

6,5

43

7,2

66

5,8

31

1,5

31

4,6

91

2,6

71

4,5

95

2,6

42

Off

ice E

quip

ment

42,3

57

29,9

92

-72,3

49

29,8

26

26,6

78

-56,5

04

15,8

45

12,5

31

Tota

l691,5

44

363,5

18

11,7

90

1,0

43,2

72

328,7

59

186,2

71

4,9

03

510,1

27

533,1

45

362,7

85

Pre

vio

us

Year

523,0

45

168,5

14

15

691,5

44

220,6

10

108,1

64

15

328,7

59

362,7

85

-

Note

: 1. Refe

r N

ote

No.1

(h) of Sc

hedule

16


Schedule - 11 : Cash and Bank Balances



1. Cash (including cheques, drafts and stamps) 1,006,433 195,948

2. Bank Balances

(a) Deposit Accounts

(aa) Short-term (due within 12 months of the date of Balance Sheet ) - 267,631

(bb) Others - -

(b) Current Accounts 3,191,609 2,494,924

(c) Others - -

3. Money at Call and Short Notice

(a) With Banks - -

(b) With Other Institutions - -

4. Others - -

Total 4,198,042 2,958,503

Balances with non-scheduled banks included in 2 and 3 above

Cash and Bank Balances

1. In India 4,198,042 2,958,503

2. Outside India - -

Total 4,198,042 2,958,503

35


Schedule - 12 : Advances and Other Assets



ADVANCES

Reserve deposits with ceding companies - -

Application money for investments 10,221 -

Prepayments 63,414 61,287

Advances to Directors/Officers - -

Advance tax paid and taxes deducted at source 314 250

Others :

Travel advances 960 1,147

Employee advances 3,391 3,262

Advances to suppliers 28,749 41,743

Miscellaneous advances - 169

Total (A) 107,049 107,858

OTHER ASSETS

Income accrued on investments 248,188 148,571

Outstanding Premium 310,762 243,855

Agents’ Balances - 50

Foreign Agencies Balance - -

Due from other entities carrying on insurance business 2,933 15,516

(Including amount due from Reinsurers)

Due from subsidiaries/holding company - -

Deposit with Reserve Bank of India - -

[pursuant to section 7 of Insurance Act,1938]

Deposits 131,762 71,603

Others :

Unsettled Investment contract receivable 52,143 -

Others 1,640 175,437

Total (B) 747,428 655,032

Total (A + B) 854,477 762,890

36


Schedule - 13 : Current Liabilities



Agents’ Balances 1,817,710 710,607

Balances due to other insurance companies 81,844 25,093

Deposits held on reinsurance ceded - -

Premium received in advance 111,184 16,928

Premium & Other Deposits 1,552,322 1,058,086

Sundry Creditors 4,359,434 1,671,612

Due to Subsidiaries/holding company - -

Claims Outstanding 110,639 82,131

Annuities Due - -

Due to Officers/Directors of the Company 6,249 1,814

Others :

Payable - unsettled investment contracts - 47,874

Temporary Overdraft as per the books of account 53,665 276,339

TOTAL 8,093,047 3,890,484

Schedule - 14 : Provisions


Particulars Current Year Current Year Previous Year Previous Year

ForTaxation

(Less Payments and Taxes Deducted at Sources)

Wealth Tax 36 - 40 -

Service Tax - -

Fringe Benefit Tax 10,000 10,036 3,500 3,540

For Proposed dividends - -

For dividend distribution tax - -

Others:

For Leave Encashment 87,697 48,847

Total 97,733 52,387

Schedule - 15 : Miscellaneous Expenditure (To the extent not written-off or adjusted)



Discount allowed in issue of shares/debentures - -

Others - -

Total - -

37

Annexure to Revenue Account-Break Up of

Unit Linked Business (UL) for the year ended 31st March 2007

Particulars Schedule Linked Life

Non-Unit Unit Total

(1) (2) (3)=(1) + (2)

PREMIUMS EARNED – NET

(a) Premium 17,632,616 29,290,634 46,923,250

(b) Reinsurance ceded (43,746) - (43,746)

SUB-TOTAL 17,588,870 29,290,634 46,879,504


(a) Interest, Dividend & Rent - Gross 76,081 658,197 734,278

(b) Profit on sale/redemption of investments - 3,489,836 3,489,836

(c) (Loss on sale/redemption of investments) (745) (968,300) (969,045)

(d) Unrealized gain/(loss) - (1,003,416) (1,003,416)

(e) Other investment income - 302,927 302,927

75,336 2,479,244 2,554,580

OTHER INCOME

(a) Linked income UL1 1,568,137 (1,234,737) 333,400

(b) Contribution from Shareholders’ account 863,308 - 863,308

(c) Others 28,074 - 28,074

TOTAL (A) 20,123,725 30,535,141 50,658,866

COMMISSION 8,944,424 - 8,944,424

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 9,534,019 - 9,534,019

Provision For Taxation (Fringe Benefit Tax) 64,822 - 64,822

TOTAL (B) 18,543,265 - 18,543,265

BENEFITS PAID (NET) UL2 28,824 6,112,250 6,141,074

Interim Bonus Paid - - -

Change In Valuation of Liability In Respect of Life Policies 310,562 - 310,562

Change In Valuation Liability - 24,422,891 24,422,891

TOTAL (C) 339,386 30,535,141 30,874,527

SURPLUS / (DEFICIT) (D) =(A)-(B)-(C) 1,241,074 - 1,241,074

APPROPRIATIONS

Balance of Previous Year - - -

Reserve for lapsed unit linked policies unlikely to be revived (E) 1,241,074 - 1,241,074

Transfer to Shareholders’ account - - -

Balance being funds for future appropriations (D) - (E) - - -

38


Linked Pension Linked Group Total Unit Linked

Non-Unit Unit Total Non-Unit Unit Total

(4) (5) (6)=(4) + (5) (7) (8) (9)= (7) + (8) (10)=(3)+ (6)+(9)

207,255 1,544,410 1,751,665 9,604 379,162 388,766 49,063,681

(65) - (65) - - - (43,811)

207,190 1,544,410 1,751,600 9,604 379,162 388,766 49,019,870

686 27,622 28,308 230 12,262 12,492 775,078

- 187,776 187,776 - 804 804 3,678,416

- (56,819) (56,819) - (5,708) (5,708) (1,031,572)

- (36,802) (36,802) - 3,572 3,572 (1,036,646)

- 16,087 16,087 - 1,522 1,522 320,536

686 137,864 138,550 230 12,452 12,682 2,705,812

44,221 (25,190) 19,031 2,028 (2,008) 20 352,451

101,265 - 101,265 7,782 - 7,782 972,355

874 - 874 33 - 33 28,981

354,236 1,657,084 2,011,320 19,677 389,606 409,283 53,079,469

69,526 - 69,526 62 - 62 9,014,012

246,486 - 246,486 11,759 - 11,759 9,792,264

1,690 - 1,690 80 - 80 66,592

317,702 - 317,702 11,901 - 11,901 18,872,868

19,102 267,038 286,140 8,649 27,342 35,991 6,463,205

- - - - - - -

17,432 - 17,432 (201) - (201) 327,793

- 1,390,046 1,390,046 - 362,264 362,264 26,175,201

36,534 1,657,084 1,693,618 8,448 389,606 398,054 32,966,199

- - - (672) - (672) 1,240,402

- - - (672) - (672) (672)

- - - - - - 1,241,074

- - - - - - -

- - - - - - -

39

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2007

Schedule - UL1 : Linked Income (recovered from linked funds) (net of service tax)


Life Pension Group

Particulars Linked Unit Linked Unit Linked Unit Total

(1) (2) (3) (4)= (1)+(2)+(3)

Fund Administration charges 470,835 19,288 44 490,167

Fund Management charges 439,169 20,768 1,984 461,921

Policy Administration charges - - - -

Surrender charges - - - -

Switching charges - - - -

Mortality charges 540,909 3,544 - 544,453

Rider Premium charges 117,224 621 - 117,845

Partial withdrawal charges - - - -

Miscellaneous charges - - - -

TOTAL (UL-1) 1,568,137 44,221 2,028 1,614,386

40

Schedule

s to

Annexure

to R

evenue A

ccount

(UL)

form

ing p

art

of

Fin

ancia

l Sta

tem

ents

for

the y

ear

ended 3

1st M

arc

h 2

007

Schedule

- U

L2 :

Benefi

ts p

aid

(net)

(Am

ount in

Rs.

‘000 )

Lin

ked L

ife

Lin

ked P

ensi

on

Lin

ked G

roup

Tota

l

Sl. No.

Part

icula

rsN

on U

nit

Unit

Tota

lN

on-U

nit

Unit

Tota

lN

on-U

nit

Unit

Tota

lU

nit

Lin

ked

(1)

(2)

(3)=

(1)+

(2)

(4)

(5)

(6)=

(4)+

(5)

(7)

(8)

(9)=

(7)+

(8)

(10)=

(3)+

(6)+

(9)

1In

sura

nce C

laim

s

(a)

Cla

ims by D

eath

32,1

62

160,3

04

192,4

66

19,1

02

43,0

71

62,1

73

8,6

49

-8,6

49

263,2

88

(b)

Cla

ims

by M

atu

rity

--

--

--

--

--

(c)

Annuit

ies / P

ensi

ons paym

ent

--

--

--

--

--

(d)

Oth

er

benefi

ts

- Su

rrender

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41

Background

Bajaj Allianz Life Insurance Company Limited (“the Company”)

was incorporated on 12th March 2001 as a Company under

the Companies Act, 1956. The Company obtained a license

from the Insurance Regulatory and Development Authority

(“IRDA”) for carrying on the business of life insurance on

3rd August 2001. The license has been renewed for the

financial year ended 31 March 2007.

The Company is a joint venture between Bajaj Auto Ltd.

(74 percent) and Allianz SE (26 percent). The Company has

a wide range of products in traditional and unit-linked

insurance business.

1. Significant Accounting Policies followed by the

Company

Basis of Preparation

The accompanying financial statements have been prepared

and presented under the historical cost convention, on

the accrual basis of accounting, in compliance with the

accounting standards (‘AS’) issued by the Institute of

Chartered Accountants of India (‘ICAI’), to the extent

applicable, and in accordance with the provisions of the

Insurance Act, 1938, the Insurance Regulatory and

Development Authority (Preparation of Financial Statements

and Auditor’s Report of Insurance Companies) Regulations,

2002 (‘the Regulations’), Insurance Regulatory and

Development Authority Act, 1999, various circulars issued

by IRDA and the Companies Act, 1956 to the extent

applicable and the practices prevailing in the insurance

industry. The accounting policies have been consistently

applied by the company and except for changes in

accounting policy discussed in (j) below are consistent with

those used in the previous year.

Use of Estimates

The preparation of financial statements in conformity with

generally accepted accounting principles requires

management to make estimates and assumptions that affect

the reported amounts of assets, liabilities, revenue and

expenses and disclosure of contingent liabilities as on the

date of financial statements. The estimates and assumptions

used in the accompanying financial statements are based

upon management’s evaluation of the relevant facts and

circumstances as of the date of the financial statements.

Actual results could differ from those estimates. Any revision

to accounting estimates is recognized prospectively in

current and future periods.

a) Revenue Recognition

Revenues are recognised as under. However recognition is

postponed where ultimate collectibility lacks reasonable

certainty.

Premium Income

Premium (net of service tax), is recognised as income when

due. For linked business, premium is recognized when the

associated units are allotted.

Premium on lapsed policies is recognized as income when

such policies are reinstated.

In case of linked business, top up premiums paid by

policyholders are entirely unitized and considered as single

premium. This premium is recognised when associated units

are allotted.

Commission received on reinsurance ceded is recognized

as income in the period in which reinsurance premium is

ceded.

Income earned on investments

Interest income is recognised on an accrual basis.

Dividend income is recognized when the right to receive

dividend is established.

Premium or discount on acquisition, as the case may be, in

respect of fixed income securities, pertaining to non-linked

investments is amortized on constant yield to maturity basis

over the period of maturity/holding and offset against

interest income.

Profit/loss on sale/redemption of securities other than

linked investments is recognized on trade/redemption date

and includes effects of accumulated fair value changes, as

applicable previously recognised, for specific investments

sold/redeemed during the year. Cost of security is

determined on first in first out cost basis.

The realized gains or losses on the debt securities for other

than linked business is the difference between the net

sale consideration and the amortized cost in the books of

the Company as on date of sale.

The realized gains or loss on equity shares and mutual fund

units for other than linked business is the difference

between the net sale consideration and the cost in the

books of the Company.

The realized gains or losses on securities held for linked

business is the difference between the net sale

consideration and the weighted average cost as on the

date of sale.

Fund Management Charges, Fund Administration Charges

and cost of Insurance are accounted for on accrual basis

in accordance with terms and conditions described in the

issued policies.

b) Reinsurance premium

Reinsurance premium ceded is accounted in accordance

with the treaty with reinsurers.

c) Benefits Paid (Including Claims)

Death and surrender claims are accounted for on receipt

of intimation. Maturity claims are accounted when due for

payment. Reinsurance recoveries are accounted for in the

same period as the related claims and netted off against

the claim expense incurred.

Repudiated claims disputed before judicial authorities are

provided for based on the best judgment of the management


Schedule - 16 : Notes to financial statements

42

considering the facts and evidence in respect of each such

claim.

Withdrawals under unit linked policies are accounted in

respective schemes when the associated units are cancelled.

d) Acquisition Costs

Acquisition costs such as commission, policy issue expenses

etc. are costs that vary with and are primarily relatable to

the acquisition of new and renewal insurance contracts.

Such costs are expensed in the year in which they are

incurred. Accounting for additional first year commission is

done on an accrual basis, after considering estimated

lapsation. Claw back of the first year commission paid, in

future, if any, will be accounted for in the year in which it

is recovered.

e) Liability for life policies

i) The Company provides for liabilities in respect of all “in

force” policies and lapsed policies that are likely to be

revived in future, based on actuarial valuation done by

the Appointed Actuary as per gross premium method in

accordance with accepted actuarial practices,

requirements of IRDA and Actuarial Society of India.

ii) Liabilities in respect of unit linked policies which have

lapsed and are not likely to be revived, are shown as a

separate item under the head “funds for future

appropriations”, until expiry of the revival period. This

is as per IRDA Circular No. 041/IRDA/ACTL/MAR-2006

dated 29 March 2006.

iii) Linked liabilities comprise of unit liability representing

the fund value of policies and non-unit liability for

meeting insurance claims etc. which is based on

actuarial valuation done by the Appointed Actuary.

Actuarial policies and assumptions are given in Note 8 below.

f) Investments

Investments are made in accordance with the Insurance

Act, 1938, the Insurance Regulatory and Development

Authority (Investment) Regulations, 2000, as amended and

circulars / notifications issued by IRDA from time to time.

Investments are recorded on trade date at cost, which

includes brokerage and related taxes, if any and excludes

pre-acquisition interest, if any.

i) Classification

Investments maturing within twelve months from the Balance

Sheet date and investments made with the specific intention

to dispose of within twelve months from Balance Sheet

date are classified as short-term. Investments other than

short term are classified as long-term investments.

Investments are specifically procured and held for

policyholders and shareholders independently. The income

relating to these investments is recognized in the respective

policyholders / shareholders account.

ii) Valuation – Shareholders’ investments and non-linked

policyholders’ investments

All debt securities are considered as ‘held to maturity’ and

accordingly stated at historical cost adjusted for

amortization of premium or accretion of discount on

constant yield to maturity basis over the period held to

maturity / sale.

Listed equity shares and mutual fund units are stated at

fair value, in accordance with IRDA Investment (Amendment)

Regulations 2001. Fair value for listed equity shares is the

lowest last quoted closing price on the National Stock

Exchange (NSE) and The Stock Exchange, Mumbai (BSE).

Fair value for mutual fund units is the net asset value on

the Balance Sheet date. Unrealized gains/losses on changes

in fair values of listed equity shares and mutual funds are

taken to the Fair Value Change Account and carried forward

in the Balance Sheet.

Investment in real estate properties is valued at cost.

iii) Valuation – linked business

Listed equity shares are valued at fair value, being the last

quoted closing price on the NSE. In case the equity shares

are not listed on the NSE, then they are valued on the last

quoted closing price on BSE.

Government securities are valued at prices obtained from

Credit Rating Information Services of India Ltd. (CRISIL).

Corporate bonds and debentures are valued on the basis

of CRISIL Bond Valuer.

Treasury bills, certificate of deposits and commercial papers

are valued at cost plus accretion at constant yield to

maturity.

Mutual fund units have been valued at the last available

Net Asset Value declared by the respective mutual fund.

iv) Transfer of investments

Transfer of investments from Shareholders’ Fund to the

Policyholders’ Fund is at book value or market price;

whichever is lower.

Transfer of debt securities is at lower of amortized cost or

market price.

Inter fund transfer of Treasury Bills, Certificate of Deposits

and Commercial Papers between unit linked funds is done

at cost plus accretion. All other transfer of investments

between unit linked funds is done at market price.

g) Loans

Loans are stated at historical cost, subject to provision for

impairment, if any.

h) Fixed Assets and Depreciation

Fixed assets are stated at cost of acquisition less

accumulated depreciation. Cost of acquisition includes

incidental expenses relating to acquisition and installation.

In respect of liabilities incurred in acquisition of fixed assets

in foreign exchange, the net gain or loss arising on

conversion/settlement is adjusted in the carrying value of

the respective asset.

Intangible assets comprising software are stated at cost

less amortization.

Depreciation / amortization is provided on Straight Line

Method (SLM) with reference to the management’s

assessment of the estimated useful life of the assets or the

rates and in the manner specified by the Schedule XIV of

the Companies Act, 1956, whichever is higher.

43

Depreciation / amortisation is provided at the following

rates:

Asset Class Rate of Depreciation/

Amortisation

Intangibles - Computer Software 33.33% p.a.

Leasehold Improvements Over the balance

period of Lease

Buildings 2.00% p.a.

Electrical Fittings 6.33% p.a.

Furniture & Fittings 6.33% p.a.

Information Technology Equipment 33.33% p.a.

Air Conditioner 10.00% p.a.

Vehicles 20.00% p.a.

Office Equipment 25.00% p.a.

The Company provides pro rata depreciation from the month

in which the asset is acquired / first put to use and upto

the month in which the asset is sold/discarded.

Assets costing individually less than Rs. 5,000 are charged

off as revenue expenses. Assets costing Rs. 5,000 and above,

upto Rs. 20,000, are fully depreciated in the year of

acquisition.

Impairment of Assets

The Company assesses at each Balance Sheet date whether

there is any indication that an asset may be impaired.

If any such indication exists, the Company estimates the

recoverable amount of the asset. An impairment loss is

recognized if such recoverable amount of the asset is less

than its carrying amount. After impairment, depreciation is

provided on the revised carrying amount of the assets over

its remaining useful life.

i) Accounting for leases

Operating leases

Leases where the lessor effectively retains substantially all

the risks and benefits of ownership over the leased term

are classified as operating leases. Operating lease rentals

are recognized as an expense in the profit and loss account/

revenue account on a straight-line basis over the lease

term.

j) Retirement and other staff benefits

The Company makes a contribution to the Statutory

Provident Fund, a defined contribution scheme at the

prescribed rates.

The Company makes a contribution to the Bajaj Auto

Employee Superannuation Scheme, a defined contribution

scheme, for its eligible employees at fixed rates.

The Company makes a contribution towards Employees

Group Gratuity cum Life Assurance (Cash Accumulation)

scheme, a defined benefit scheme of LIC. The Company

provides for Gratuity based on actuarial valuation done as

at the year end by the Life Insurance Corporation of India

(‘LIC’).

Provision for Leave Encashment is accrued and provided

for on the basis of actuarial valuation made at the end of

each accounting year.

During the year, the Company has changed its accounting

policy for accruing leave encashment from actual basis to

actuarial basis. Such change has no material impact on the

Revenue account.

k) Transactions in Foreign Currency

Transactions in foreign currency on account of revenue

expenditure are accounted for at the rate prevailing at

the date of the transactions. Current assets and liabilities

are translated at the year-end closing rates. The resulting

exchange gain or loss, if any, is reflected in the profit and

loss account / revenue account.

l) Taxation

Income Tax expense comprises current tax (i.e. amount of

tax for the period determined in accordance with the

income-tax law including Fringe Benefit Tax) and deferred

tax charge or credit (reflecting the tax effects of timing

differences between the accounting income and taxable

income for the period).

Deferred tax is measured based on the tax rates and the

tax laws enacted or substantively enacted at the balance

sheet date. Deferred tax assets are recognised only to the

extent that there is reasonable certainty that sufficient

future taxable income will be available against which such

deferred tax assets can be realised. In situations where

the Company has unabsorbed depreciation or carry forward

tax losses, all deferred tax assets are recognised only if

there is virtual certainty supported by convincing evidence

that they can be realised against future taxable profits.

At each balance sheet date the Company re-assesses

unrecognised deferred tax assets. It recognises

unrecognised deferred tax assets to the extent that it has

become reasonably certain or virtually certain, as the case

may be that sufficient future taxable income will be available

against which such deferred tax assets can be realised.

m) Preliminary Expenses

Preliminary expenses incurred are written off to the Profit

and Loss account in five equal installments commencing

from the year in which they were first incurred, the balance

to the extent not written off is adjusted against share

capital as required by the regulations.

n) Interim Bonus

Bonus paid on settlement of death claims are considered

as interim bonus by the Management.

o) Provisions and Contingent liabilities

The Company creates a provision when there is present

obligation as a result of a past event that probably requires

an outflow of resources and a reliable estimate can be

made of the amount of the obligation. A disclosure for a

contingent liability is made when there is a possible obligation

or a present obligation that may, but probably will not,

require an outflow of resources. When there is a possible

obligation or a present obligation in respect of which the

likelihood of outflow of resources is remote, no provision

or disclosure is made.

p) Service Tax

Service Tax liability on taxable premium is setoff against

available service tax credits from service tax payments made

44

for Insurance Auxiliary and other eligible services. Unutilised

credits, if any, are carried forward under “Advances and

other Assets” for adjustments / setoff in subsequent

periods, after creating a provision based on estimated

realization of the unutilised credit.

q) Earnings per share

Basic earnings per share is calculated by dividing the net

profit or loss for the year attributed to equity shareholders

by the weighted number of equity shares outstanding during

the year.

For the purpose of calculating diluted earnings per share,

the net profit or loss for the year attributable to equity

shareholders and the equity weighted number of shares

outstanding during the year are adjusted for effects of all

dilutive equity shares.

Statutory disclosures as required by the Regulations

2 Contingent Liabilities

(Rupees ‘000)

Particulars As at 31st As at 31st

March 2007 March 2006

Partly-paid up investments 3,840 6,699

Underwriting commitments

outstanding Nil Nil

Claims, other than those under

policies, not acknowledged as debts 375 138

Guarantees given by or on behalf of

the company Nil Nil

Statutory demands/liabilities in

dispute, not provided for * 7,064 7,064

Reinsurance obligations to the

extent not provided for in accounts Nil Nil

Claims, under policies,

not acknowledged as debts 29,952 11,437

* The Service Tax department has issued an order on the

Company for Rs. 7,064 and applicable interest and

penalty, pertaining to the period August 2002 to

31st December 2004. The Company has filed an appeal against

the order with the Customs, Excise and Service Tax Appellate

Tribunal.

3. The assets of the Company, as in the previous year, are

free from all encumbrances. There are no assets subject

to restructuring.

4. There are no commitments made and outstanding for

loans and investments. The commitments made and

outstanding for fixed assets amount to Rs. 13,163

(Previous Year Rs. 20,872) (net of advances).

5. Value of unsettled contracts relating to investments as

at 31st March 2007 for:

(Rupees ‘000)

Linked Business Non-linked Business

31st March 31st March 31st March 31st March

2007 2006 2007 2006

Purchases where deliveries

are pending 581,521 495,569 NIL 47,874

Sales where receipts are

overdue 279,255 100,726 52,143 NIL

6. Investments as required to be maintained under Section

7 of the Insurance Act, 1938 are as follows:

(Rupees ‘000)

31st March 31st March

2007 2006

7.55% Govt. of India Securities 2010* 51,034 51,323

(Face Value Rs.50,000)

11.99% Govt. of India Securities 2009* 55,006 57,253

(Face Value Rs.50,000)

* This investment is in the custody of Deutsche Bank India

Branches in the Constituent Subsidiary General Ledger

(‘CSGL’) account.

All investments are performing investments.

7. Managerial remuneration

The details of the managerial remuneration included in

employee remuneration and welfare benefits are as follows:

(Rupees ‘000)

Particulars 31st March 2007 31st March 2006

Salary 6,850 6,850

Perquisites 447 488

The managerial remuneration is in accordance with the

approval accorded by a resolution of the Board of Directors,

a copy of which has been filed with the IRDA as required

under Section 34A of the Insurance Act,1938.

8. Actuarial Valuation

Liabilities for life policies are determined by the Appointed

Actuary in accordance with IRDA regulations and relevant

guidance notes of the Actuarial Society of India.

Non-linked business is reserved using a prospective gross

premium method of valuation. The non-linked business is

predominantly participating and reserves are established

having regard to assumptions as to future experience,

including the interest that will be earned on premiums not

yet received, together with associated bonus rates. Regular

premium participating business is reserved using an interest

rate of 7.50% per annum which compares with a rate of

7.25% per annum used at 31st March 2006.

Single premium participating business is reserved using a

rate of 6.25% per annum, which is same as used at 31st

March 2006. The rate is determined after having regard to

the yield being obtained on relevant matching assets.

Assumptions as to future bonus rates are set to be

consistent with the interest rate assumptions. Provision

has been made for a bonus distribution in respect of business

in force at the valuation date on a basis considered

appropriate by the Appointed Actuary having taken into

account the reasonable expectations of policyholders.

Linked business is reserved using the per unit net asset

value of units plus a non-unit reserve to allow for costs of

insurance and any expenses and commissions in excess of

future charges.

Mortality assumptions are based on the published LIC (1994-

1996) Ultimate Mortality Table with adjustment to reflect

expected experience and with an allowance for adverse

deviation.

45

Assumptions for morbidity and for the incidence of

accidental death are based on terms available from

reinsurers and the standard morbidity rate table CIBT (94-

96).

The reserve is sufficient to allow for any adverse lapse

experience. The reserve is always sufficient to meet

minimum statutory surrender values.

Commission has been allowed for at the Company’s table

rates with an allowance for service tax. Maintenance

expenses have been allowed for in accordance with business

plan assumptions and product filings with the IRDA. An

additional reserve has been included to allow for possible

adverse deviations in experience in excess of offsetting

adjustments in bonus rates and to allow for the contingency

of closure to new business as is required by guidance notes

(GN1) issued by the Actuarial Society of India.

There is a small amount of Group Term business at the

valuation date, reserves for which have been calculated

having regard to the unearned gross premium and expenses

already incurred.

Provision has been made for the possible revival of policies

which have lapsed before the valuation date, having regard

to the experience of the Company. As per IRDA Circular No.

041/IRDA/ACTL/MAR-2006 dated 29th March 2006, a reserve

for lapsed unit linked policies not likely to be revived is

held as a separate item under the head “Funds for future

appropriations”.

The Appointed Actuary is satisfied that the nature and extent

of reinsurance arrangements require no additional reserve

to be set aside. All reserves have been calculated using

gross exposure and gross office premiums.

The Appointed Actuary confirms, as is required by the IRDA,

that the reserve is sufficient to provide for adverse ‘free

look’ experience based on assumptions and experience.

9. Claims

Claims settled and remaining unpaid for a period of more

than six months at year-end amount to Rs. Nil (Previous

Year: Rs. Nil.)

10.Allocation of expenses

Operating expenses relating to insurance business are

allocated to specific business segments as under:

(a) Expenses, which are directly identifiable, are allocated

on an actual basis

(b) Other operating expenses, which are not directly

identifiable are apportioned based on a combination

of:

• New Business Regular Premium;

• New Business Single Premium; and

• Renewal Premium

11.Expenses directly attributable to shareholders are

charged to the Shareholders’ Account.

12.Percentage of business sector-wise

Current Year Previous Year

Number Percentage Number Percentage

of Policies of policies of Policies of policies

Rural 431,765 20.77% 133,068 17.03%

Urban 1,647,168 79.23% 648,416 82.97%

Current Year Previous Year

No. of No of No. of No of

Lives Policies Lives Policies

Social 224,093 9 122,806 6

13.Percentage of risk retained and risks reinsured

(Rupees ‘000)


Sum at risk Percentage Sum at risk Percentage

Risk retained 687,500,808 80.78% 172,086,898 64.98%

Risk reinsured 163,577,192 19.22% 92,752,300 35.02%

14.During the year the shareholders transferred funds to

Policyholders’ Account, to make good the deficit, which

existed in the Policyholders’ Account and transfer to

the statutory reserve. The transfer by the shareholders

is irreversible in nature and shall not be recouped by

the shareholders in the future. The necessary approvals

of the shareholders for the said transfer has been taken

at the Extra Ordinary General Meeting of the

shareholders held on 11th

May 2007.

15.Reinsurance is in place on lives where cover is in excess

of the Company’s retention limit and this has been

reflected in the Accounts.

16.As per Accounting Standard 18 issued by the Institute

of Chartered Accountants of India, disclosures of

transactions with the related parties have been set out

in a separate statement annexed to this schedule as

Appendix I. The related parties, in respect of which

the disclosures have been made, have been identified

on the basis of disclosures made by the key managerial

persons and taken on record by the Board of Directors.

17. In accordance with Accounting Standard (AS 20) – on

Earnings per Share (EPS), the following table reconciles

the numerator and denominator used to calculate basic/

diluted earnings per share.

31st

March 31st

March

2007 2006

Profit/(Loss) after tax (Rs.‘000) (717,033) (985,442)

Basic earnings before extra-ordinary

items [A] (Rs.‘000) (717,033) (985,442)

Basic earnings after extra-ordinary

items [B] (Rs. ‘000) (717,033) (985,442)

Weighted average no. of equity shares

(par value of Rs. 10 each) [C] 150,250,730 150,105,912

Basic earnings per share [A/C] (Rs) (4.77) (6.56)

Basic earnings per share excluding

extraordinary items [B/C] (Rs) (4.77) (6.56)

46

As there were no dilutive equity shares issued, or potential

equity shares, no reconciliation between the denominator

used for computation of basic and diluted earnings per

share is necessary.

18. Operating lease commitments

The Company has entered into agreements in the nature

of Lease/ Leave and Licence Agreements with different

lessors / licensors for the purpose of establishment of office

premises. These are generally in the nature of operating

leases/ leave and licenses and disclosure required as per

Accounting Standard 19 with regard to the above is as

under:

(Rupees ‘000)

31st

March 31st

March

2007 2006

Not later than one year 209,576 122,855

Later than one year not later

than five years 238,375 182,598

Later than five years 6,511 16,015

i) There are no transactions in the nature of sub leases.

ii) Payments recognized in the Revenue Account for the

year ended 31st

March 2007, is Rs.215,236 (Previous Year

Rs.117,695).

iii) The period of agreement is generally for three years

and renewable thereafter at the option of the lessee.

19.i) Previous year’s figures have been re-grouped / re-

classified / re-cast wherever necessary to conform

with current year’s presentation.

ii) Vide Circular No. 054/IRDA/F & A/FEB-07 dated

February 20th, 2007, IRDA issued instructions for Unit

Linked Disclosure norms. Further vide Circular No.

IRDA/F&A/001/Apr-07 dated April 16th, 2007, IRDA

granted relaxation from the disclosure of figures of

corresponding previous year while preparing the

financial statements for the year ended 31st

March

2007. In compliance of the same, figures of

corresponding previous year for unit linked business

are not disclosed as per the new format.

All amounts disclosed in the notes and footnotes to the

financial statements are in rupees in thousands.

47

Schedules forming part of the financial statements for the year ended on 31st March 2007 (continued)

Schedule - 20 : Segment Reporting

The Company’s reportable segments are business segments which have been identified in accordance with the regulations.

The operating expenses, investments and other income attributable to the business segments are allocated as mentioned in

Paragraph 10 above. Segment revenues and results have been disclosed in the Financial Statements itself. Segment assets

and liabilities have been identified to the extent possible in the following table. There are no reportable geographical

segments since the Company provides services to customers in the Indian market only and does not distinguish any reportable

regions within India.

Current Year Participating Policyholders’

Particulars Total Individual Individual

Assurance Pension

Policy Liabilities 6,712,906 5,493,958 211,463

Provision for linked liabilities 51,868,401 - -

Funds for Future Appropriations 670,923 585,104 4,383

Reserve for lapsed unit linked policies unlikely to be revived 1,358,813 - -

Loans 18,630 18,627 3

Investments 15,587,258 6,162,724 220,101

Assets Held to Cover Linked Liabilities 51,868,401 - -

Advances & Other Assets

Outstanding Premium 310,762 295,819 5,780

Due from Other Entities carrying on Insurance business 2,933 2,009 -

Income accrued on investments 248,188 132,450 1,976

Other Assets 292,594 - -

Current Liabilities

Agents Balance 1,817,710 81,661 283

Balance due to other Insurance Companies 81,844 23,632 381

Sundry Creditors 4,359,434 17,267 375

Due to Officers of the Company 6,249 - -

Claims Outstanding 110,639 29,194 209

Premium received in advance 111,184 4,104 59

Premium & Other Deposits 1,552,322 146,943 2,102

Temporary overdraft as per books of accounts 53,665 - -

Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption

that the use of assets is proportional to the basis referred to in Note 10(b) of Schedule 16.

48


Non-Participating Policyholders’ Linked Linked Policyholders’ Shareholders’ Unallocated



154,036 43,243 198,175 591,016 21,015 - - - -

- - - 48,951,610 2,408,838 96,819 411,134 - -

50,961 7,019 23,456 - - - - - -

- - - 1,358,813 - - - - -

- - - - - - - - -

208,183 50,900 231,297 2,152,260 21,112 2,610 1,571 6,536,500 -

- - - 48,951,610 2,408,838 96,819 411,134 - -

9,063 100 - - - - - - -

- - - 924 - - - - -

3,136 259 4,737 33,379 198 35 83 71,935 -

- - - - - - - - 292,594

2,224 47 2,826 1,717,320 13,337 5 7 - -

1,324 14 5,993 49,057 1,160 50 233 - -

364 - - - - - - - 4,341,428

- - - - - - - - 6,249

2,229 - 37,932 40,737 338 - - - -

57 - - 102,715 4,249 - - - -

8,220 304 - 269,805 18,514 - - - 1,106,434

- - - - - - - - 53,665

49

Schedules forming part of the financial statements for the year ended on 31st March 2007 (continued)

Schedule - 20 : Segment Reporting

The Company’s reportable segments are business segments which have been identified in accordance with the regulations.

The operating expenses, investments and other income attributable to the business segments are allocated as mentioned in

Paragraph 10 above. Segment revenues and results have been disclosed in the Financial Statements itself. Segment assets

and liabilities have been identified to the extent possible in the following table. There are no reportable geographical

segments since the Company provides services to customers in the Indian market only and does not distinguish any reportable

regions within India.

Previous Year Participating Policyholders’

Particulars Total Individual Individual

Assurance Pension

Policy Liabilities 4,043,047 3,336,963 150,520

Provision for linked liabilities 25,693,200 - -

Funds for Future Appropriations 564,521 532,747 -

Reserve for lapsed unit linked policies unlikely to be revived 117,739 - -

Loans 3,406 3,406 -

Investments 7,546,991 3,893,622 150,722

Assets Held to Cover Linked Liabilities 25,693,200 - -

Advances & Other Assets

Outstanding Premium 243,855 237,122 4,642

Due from Other Entities carrying on Insurance business 15,516 2,542 -

Income accrued on investments 148,571 73,408 1,171

Other Assets 354,948 - -

Current Liabilities

Agents Balance 710,607 106,341 345

Balance due to other Insurance Companies 25,093 8,104 135

Payable Unsettled Investment Contracts 47,874 - -

Sundry Creditors 1,671,612 21,267 734

Due to Officers of the Company 1,814 - -

Claims Outstanding 82,131 30,101 -

Premium received in advance 16,928 16,400 399

Premium & Other Deposits 1,058,086 - -

Temporary overdraft as per books of accounts 276,339 - -

Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption

that the use of assets is proportional to the basis referred to in Note 10(b) of Schedule 16.

50


Non-Participating Policyholders’ Linked Linked Policyholders’ Shareholders’ Unallocated



114,511 30,065 126,751 280,453 3,583 57 144 - -

- - - 24,528,719 1,018,791 41,131 104,559 - -

27,437 - 3,665 - - 672 - - -

- - - 117,739 - - - - -

- - - - - - - - -

142,148 30,478 138,174 400,149 9,352 1,134 344 2,780,868 -

- - - 24,528,719 1,018,791 41,131 104,559 - -

1,991 100 - - - - - - -

460 - - 12,514 - - - - -

1,410 118 2,242 7,934 182 - 4 58,225 3,877

- - - - - - - - 354,948

3,017 43 827 592,015 7,999 13 7 - -

432 - 1,613 14,767 42 - - - -

- - - - - - - 47,874 -

32 - - - - - - - 1,649,579

- - - - - - - - 1,814

3,377 - 8,306 40,347 - - - - -

129 - - - - - - - -

- - - - - - - - 1,058,086

- - - - - - - - 276,339

51


Schedule - 21 : Summary of Financial Statements


Sr. Particulars 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02

**** ***

Policyholders’ Account

1 Gross premium income 53,099,971 31,335,778 10,016,752 2,207,985 691,749 71,389

2 Net premium income # 53,007,376 31,282,213 9,980,307 2,192,521 686,197 70,255

3 Income from investments (Net) @ 3,096,821 312,417 84,409 45,178 14,916 -

4 Other Income 1,377,045 1,375,771 504,221 413,529 408,345 -

5 Total income 57,481,242 32,970,401 10,568,937 2,651,229 1,109,458 310,312

6 Commissions (Net) 9,466,813 3,418,670 1,458,351 504,424 124,227 23,517

7 Brokerage - - - - - -

8 Operating Expenses related to insurance

business 10,730,189 4,868,110 2,154,636 1,323,717 667,177 251,079

9 Provisions for tax (Fringe Benefit Tax) 73,054 41,020 - - - -

10 Total Expenses 20,270,056 8,327,800 3,612,987 1,828,141 791,404 274,596

11 Payment to policy holders* 6,987,345 6,536,048 565,451 27,917 3,658 -

12 Increase in actuarial liability** 28,845,062 17,488,362 6,416,858 745,854 274,887 34,113

13 Surplus / (Deficit) from operations 1,378,779 618,191 (26,359) 49,317 39,509 1,603

Shareholders’ Account

14 Total income under Shareholders’

Account 277,123 106,879 88,271 135,934 138,519 104,034

15 Profit / (loss) before tax (717,006) (985,406) (367,515) (268,073) (265,486) (156,386)

16 Provisions for tax 27 36 44 57 44 50

17 Profit / (loss) after tax (717,033) (985,442) (367,559) (268,130) (265,530) (156,435)

18 Profit / loss carried to Balance Sheet (2,760,129) (2,043,096) (1,057,654) (690,095) (421,965) -

19 Miscellaneous

(A) Policyholders’ account:

Total funds (including unit linked funds) 60,626,486 30,431,495 7,736,819 1,144,717 350,112 35,716

Total investments

(including unit linked investments) 60,919,159 30,459,323 7,736,825 1,144,717 350,112 35,716

Yield on investments (%)

(excluding unit linked investments) 7.17% 9.80% 7.20% 9.68% 12.01% 12.07%

(B) Shareholders’ account:

Total funds 4,245,236 2,955,263 1,616,518 1,790,826 1,562,173 1,330,843

(net of debit balance in Profit & Loss A/C)

Total investments 6,536,500 2,780,868 1,636,972 1,407,573 1,287,859 1,098,542

Yield on investments (%) 7.36% 5.80% 5.60% 9.68% 12.01% 12.07%

20 Yield on total investments 7.24% 8.40% 6.30% 9.68% 12.01% 12.07%

(excluding unit linked investments)

21 Paid up equity capital 1,503,680 1,502,338 1,500,787 1,500,660 1,500,330 1,500,000

22 Net worth 4,245,236 2,955,263 1,616,518 1,790,826 1,562,173 1,330,843

23 Total Assets 64,871,722 33,386,758 9,353,337 2,935,543 1,912,285 1,366,558

(net of debit balance in Profit & Loss A/C)

24 Earning per share (Rs.) (4.77) (6.56) (2.45) (1.79) (1.77) (1.56)

25 Book value per share (Rs.) 28.23 19.67 10.77 11.93 10.40 8.87

# Net of reinsurance

@ Net of losses

* Inclusive of interim bonuses, if any

** Includes fund reserve since 2003-04

*** Figures are only for six months

**** Refer Schedule 16 Note 19

52


Schedule - 22 : Ratios (Expressed in number of times)

2006-07 2005-06

1 New business premium income growth (segment-wise)

(New business premium for current year divided by

new business premium for previous year)

Participating 0.70 1.23

Non Participating 1.62 3.45

2 Net retention ratio 0.998 0.998

(Net premium divided by gross premium)

3 Ratio of expenses of management 0.20 0.16

(Expenses of management divided by the total gross direct

premium with Single Premium)

4 Ratio of expenses of management 0.26 0.30

(Expenses of management divided by the total gross direct

premium without Single Premium)

5 Commission ratio 0.18 0.11

(Gross Commission paid to Gross premium)

6 Ratio of Policyholders’ liabilities to Shareholders’ funds 14.28 10.30

7 Growth rate of Shareholders’ funds 1.44 1.83

8 Ratio of surplus to Policyholders’ liability (*) 0.02 0.02

9 Change in net worth 1.44 1.83

10 Profit after tax/ Total income - -

11 (Total Real Estate + Loans) / Cash & invested assets 0.004 0.005

12 Total investments / (Capital + Surplus) 15.89 11.25

13 Total affiliated investments / (Capital + Surplus) - -

* Surplus includes Contribution from Shareholders’ Account

23. The Revenue Account and Balance Sheet for unit linked business has been annexed to this schedule as Appendix II.

Disclosure for ULIP Business as per Unit Linked Disclosure Norms has been annexed to this schedule as Appendix III.




Place: Pune

Date: 11th

May 2007

53


Related Party Disclosures Appendix I Refer Schedule 16 Note 16

(Amount in Rs. ‘000)

Sr. Related Party Relationship Current Year Previous Year

No. Amount Nature of Balance Amount Nature of BalanceTransaction Outstanding Transaction Outstanding

as at 31st as at 31stMarch 2007 March 2006Receivable/ Receivable / (Payable) (Payable)

1 Bajaj Auto Ltd. Holding 118 Lease rent expense - 126 Lease rent expenseCompany of premises of premises

14 Reimbursement - 14 Reimbursementmade of Revenue made of Revenueexpenditure expenditure

993 Subscription to - 1,148 Subscription toEquity Capital at par Equity Capital at par -

4,202 Deputation expenses - 2,698 Deputation expensesof Chief Investment of Chief InvestmentOfficer Officer -

1,500 Insurance Premium - 1,260 Insurance Premium -received received

1,240 Insurance Claims - 1,054 Insurance Claimspaid paid -

353,499 Purchase of - - Purchase ofInvestments Investments -

2 Bajaj Auto Group 118 Lease rent expense - 126 Lease rent expenseFinance Ltd. Company of premises of premises -

20 Society expenses - 13 Society expensesreimbursed reimbursed -

832 Insurance Premium - 417 Insurance Premium -received received

3 Bajaj Allianz Group 3,164 Reimbursement - 5,141 ReimbursementGeneral Company received of Revenue received of RevenueInsurance and Capital expenditure and Capital expenditure -

Co. Ltd 14,422 Reimbursement - 18,795 Reimbursementmade of Revenue and made of Revenue andCapital expenditure Capital expenditure -

7,304 Insurance Premium - 4,143 Insurance Premiumpayment payment -

2,674 Insurance Premium - 1,209 Insurance Premiumreceived received -

110 Insurance claims - 297 Insurance claimsreceived received -

54,074 Sale of Investments - 308,495 Sale of Investments -

49,647 Purchase of - 447,312 Purchase ofInvestments Investments -

4 Allianz Insurance Group - Reimbursement - 446 ReimbursementManagement Company received of Revenue received of RevenueAsia Pacific Pte. expenditure expenditure -Ltd. 2,108 Reimbursement (1,015) - Reimbursement

made of Revenue made of Revenueexpenditure expenditure -

5 Allianz SE Shareholder 32,125 Revenue expenditure (31,326) 9,782 Revenue expenditurefor OPUS for OPUS -

2,006,639 Subscription to - 2,319,148 Subscription toequity capital equity capital -

6 Allianz SE Group 40,932 Reinsurance (40,932) 23,817 Reinsurance (34,198)Reinsurance Company premium payable premium payableBranch Asia 15,212 Reinsurance claims 15,212 7,959 Reinsurance claims 17,430Pacific receivable receivable

4,423 Reinsurance 4,423 3,799 Reinsurance 5,906Commission commissionreceivable receivable

7 Sam Ghosh Key 7,297 Remuneration (6,249) 7,338 Remuneration (1,814)ManagementPersonnel

8 Hind Musafir Group 24 Commission on - 35 Commission onAgency Ltd. Company Travel Expenses Travel Expenses -

54

Appendix

II Refe

r Schedule

16 N

ote

23 Form

A-R

A (

UL)

Fund R

evenue A

ccount

for

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

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Acc M

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Cap F

und

Pensi

on F

und

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Fund

Pensi

on F

und

Plu

s Fund

Fund

Pensi

on F

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Pensi

on F

und

INCO

ME F

RO

M IN

VEST

MEN

TS

Inte

rest

Incom

e211

62

1,9

07

--

--

-731

Div

idend In

com

e1,9

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271

265

--

--

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Pro

fit/

(Loss

) exclu

din

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hem

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993

(420)

--

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(Loss

) on inte

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of

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4,4

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(207)

--

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cellaneous In

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256

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--

--

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(1,8

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--

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-(9

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--

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Revenue A

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at

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--

1,4

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--

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at

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--

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1734,2

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73,7

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--

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APPLIC

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ments

F -

2599,2

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Curr

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ets

F -

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: C

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126,7

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(a)

Net Ass

ets

as

per

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nce S

heet

(Rs.

in t

housa

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726,0

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(b)

Num

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in t

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Net Ass

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(a)/

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12.2

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12.1

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e.

55

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

56

Appendix

II Refe

r Schedule

16 N

ote

23 Form

A-R

A (

UL)

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for

the y

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211

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Pro

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of

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1(1

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(545)

(738)

(102)

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(391)

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cellaneous In

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(199)

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Add:

Revenue A

ccount

at

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egin

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--

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116,6

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APPLIC

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F F

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ments

F -

261,3

70

4,1

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33,7

53

899,2

29

1,6

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122,7

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393,2

95

428,1

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53,4

21

Curr

ent

Ass

ets

F -

321,6

35

1,6

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6,8

55

38,9

94

111,3

52

4,3

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70,8

19

242,8

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: C

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ent

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bilit

ies

and P

rovis

ions

F -

453

16

18

198

223

30

242

89

24

Net

Curr

ent

Ass

ets

21,5

82

1,6

41

6,8

37

38,7

96

111,1

29

4,3

17

70,5

77

242,7

14

5,8

44

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l82,9

52

5,7

51

40,5

90

938,0

25

1,7

66,7

53

127,0

98

463,8

72

670,8

40

59,2

65

(a)

Net Ass

ets

as

per

Bala

nce S

heet

(Rs.

in t

housa

nds)

82,9

52

5,7

51

40,5

90

938,0

25

1,7

66,7

53

127,0

98

463,8

72

670,8

40

59,2

65

(b)

Num

ber

of

Unit

s O

uts

tandin

g (

in t

housa

nds)

8,3

13

588

4,0

82

83,7

28

152,0

70

11,0

72

43,5

10

60,5

43

5,2

48

Net Ass

et

Valu

e p

er

unit

(a)/

(b) (R

s.) *

9.9

79

9.7

71

9.9

45

11.2

03

11.6

18

11.4

79

10.6

61

11.0

80

11.2

92

*Note

: The N

et

Ass

et

Valu

e p

er

unit

calc

ula

ted a

bove is

befo

re a

ppro

pri

ati

on/ e

x p

ropri

ati

on c

harg

e.

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

57

Appendix

II Refe

r Schedule

16 N

ote

23 Form

A-R

A (

UL)

Fund R

evenue A

ccount

for

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsSc

hedule

Eq. G

row

thEq. M

idcap

Eq. M

idcap

Eq.M

idcap

Eq. G

ain

Eq.

Eq. G

row

thEq.

Index

Eq.

Index

Fund

Plu

s Fund

Fund

Pensi

on F

und

Fund

Fund

Pensi

on F

und

Fund

Pensi

on F

und

INCO

ME F

RO

M IN

VEST

MEN

TS

Inte

rest

Incom

e6,0

17

8,4

68

2,2

58

206

13,9

65

215

274

251

13

Div

idend In

com

e24,6

71

26,0

73

11,8

15

1,6

63

60,1

69

51,5

63

1,9

47

26,7

70

2,2

58

Pro

fit/

(Loss

) exclu

din

g inte

r sc

hem

e(4

2,3

46)

271,7

78

150,9

24

17,8

94

484,1

84

137,2

94

1,8

29

25,3

76

4,4

46

Pro

fit/

(Loss

) on inte

r fu

nd t

ransf

er/

sale

of

invest

ment

3,2

86

81,3

81

22,5

40

7,2

15

100,6

45

76,8

50

(4,9

94)

54,3

22

7,3

17

Mis

cellaneous In

com

e25,4

70

7,4

18

6,1

59

762

25,9

97

714

2,1

44

606

57

Unre

alise

d G

ain

/(L

oss

)(6

1,5

18)

(305,9

84)

(140,1

91)

(19,0

37)

(268,2

28)

151,5

23

1,0

87

85,9

16

4,0

27

Tota

l In

com

e (A)

(44,4

20)

89,1

34

53,5

05

8,7

03

416,7

32

418,1

59

2,2

87

193,2

41

18,1

18

EXPEN

SES

Fund M

anagem

ent

Expense

s35,2

61

26,3

54

12,8

72

1,6

99

71,3

69

30,3

46

3,1

79

15,7

09

1,3

15

Fund A

dm

inis

trati

on E

xpense

s-

-10,7

26

-59,4

75

37,9

32

--

-

Oth

er

charg

es

F -

5-

316

30

63

838

471

-332

57

Tota

l Expense

s (B

)35,2

61

26,6

70

23,6

28

1,7

62

131,6

82

68,7

49

3,1

79

16,0

41

1,3

72

Net

Incom

e/(L

oss

) fo

r th

e Y

ear

(A-B

)(7

9,6

81)

62,4

64

29,8

77

6,9

41

285,0

50

349,4

10

(892)

177,2

00

16,7

46

Add:

Revenue A

ccount

at

the b

egin

nin

g o

f th

e y

ear

-457,8

55

214,5

56

28,0

07

958,2

46

914,6

73

-261,9

54

30,5

78

Fund R

evenue A

ccount

at

the e

nd o

f th

e y

ear

(79,6

81)

520,3

19

244,4

33

34,9

48

1,2

43,2

96

1,2

64,0

83

(892)

439,1

54

47,3

24

FO

RM

A-B

S (U

L)

Fund B

ala

nce S

heet

as

at

31

st M

arc

h 2

007

Part

icula

rsSc

hedule

Eq. G

row

thEq. M

idcap

Eq. M

idcap

Eq. M

idcap

Eq. G

ain

Eq.

Eq. G

row

thEq.

Index

Eq.

Index

Fund

Plu

s Fund

Fund

Pensi

on F

und

Fund

Fund

Pensi

on F

und

Fund

Pensi

on F

und

SOU

RCES

OF F

UN

DS

Policy H

old

er’

s Funds:

Policy H

old

ers

Contr

ibuti

on

F -

19,4

08,2

08

1,3

70,1

30

800,6

41

93,4

64

5,0

20,3

56

1,7

86,1

99

642,2

91

890,7

46

71,4

78

Revenue A

ccount

(79,6

81)

520,3

19

244,4

33

34,9

48

1,2

43,2

96

1,2

64,0

83

(892)

439,1

54

47,3

24

Tota

l9,3

28,5

27

1,8

90,4

49

1,0

45,0

74

128,4

12

6,2

63,6

52

3,0

50,2

82

641,3

99

1,3

29,9

00

118,8

02

APPLIC

ATIO

N O

F F

UN

DS

Invest

ments

F -

27,7

92,6

71

1,7

78,5

36

993,0

14

118,1

18

5,9

75,7

76

3,0

28,0

89

527,5

15

1,4

04,3

63

112,0

35

Curr

ent

Ass

ets

F -

31,6

81,6

73

128,0

33

60,9

98

11,3

95

320,3

09

116,0

68

123,4

55

1,5

44

11,2

30

Less

: C

urr

ent

Lia

bilit

ies

and P

rovis

ions

F -

4145,8

17

16,1

20

8,9

38

1,1

01

32,4

33

93,8

75

9,5

71

76,0

07

4,4

63

Net

Curr

ent

Ass

ets

1,5

35,8

56

111,9

13

52,0

60

10,2

94

287,8

76

22,1

93

113,8

84

(74,4

63)

6,7

67

Tota

l9,3

28,5

27

1,8

90,4

49

1,0

45,0

74

128,4

12

6,2

63,6

52

3,0

50,2

82

641,3

99

1,3

29,9

00

118,8

02

(a)

Net Ass

ets

as

per

Bala

nce S

heet

(Rs.

in t

housa

nds)

9,3

28,5

27

1,8

90,4

49

1,0

45,0

74

128,4

12

6,2

63,6

52

3,0

50,2

82

641,3

99

1,3

29,9

00

118,8

02

(b)

Num

ber

of

Unit

s O

uts

tandin

g (

in t

housa

nds)

789,6

69

100,5

72

57,1

90

6,6

36

257,4

58

168,2

98

54,1

97

58,9

30

5,9

57

Net Ass

et

Valu

e p

er

unit

(a)/

(b) (R

s.) *

11.8

13

18.7

97

18.2

74

19.3

51

24.3

29

18.1

24

11.8

35

22.5

67

19.9

42

*Note

: The N

et Ass

et

Valu

e p

er

unit

calc

ula

ted a

bove is

befo

re a

ppro

pri

ati

on/ e

x p

ropri

ati

on c

harg

e.

**

‘Eq.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

58

Appendix

II Refe

r Schedule

16 N

ote

23 Form

A-R

A (

UL)

Fund R

evenue A

ccount

for

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsSc

hedule

Eq.

Eq. Plu

sEq.

Index

Inco

me

Lif

e L

ong

Liquid

Liquid

Nif

tyPre

mie

r

Plu

s P

ensi

on

Pensi

on

Bond

Gain

Fund

Pensi

on

Index

Eq.

Gro

wth

Fund

Fund

Fund-2

Fund

Fund

Fund

Fund

Fund

INCO

ME F

RO

M IN

VEST

MEN

TS

Inte

rest

Incom

e24,9

68

1,3

43

41

8,2

13

5,4

66

134

6365

628

Div

idend In

com

e120,6

36

10,2

21

634

--

--

8,5

36

4,6

48

Pro

fit/

(Loss

) exclu

din

g inte

r sc

hem

e962,6

04

78,7

26

272

63

(238)

16

2856

6,3

72

Pro

fit/

(Loss

) on inte

r fu

nd t

ransf

er/

sale

of

invest

ment

132,6

90

15,0

31

468

(645)

(394)

(27)

(8)

2,3

13

4,1

66

Mis

cellaneous In

com

e49,2

16

4,5

29

46

2,0

68

516

1,9

44

373

990

5,3

78

Unre

alise

d G

ain

/(L

oss

)(4

91,9

91)

(22,6

61)

2,3

34

(3,4

57)

(783)

--

(14,2

47)

17,0

45

Tota

l Incom

e (A)

798,1

23

87,1

89

3,7

95

6,2

42

4,5

67

2,0

67

373

(1,1

87)

38,2

37

EXPEN

SES

Fund M

anagem

ent

Expense

s144,1

06

12,2

19

508

1,1

69

748

235

44

6,3

15

12,3

91

Fund A

dm

inis

trati

on E

xpense

s-

--

-935

--

--

Oth

er

charg

es

F -

52,0

19

134

--

50

--

--

Tota

l Expense

s (B

)146,1

25

12,3

53

508

1,1

69

1,7

33

235

44

6,3

15

12,3

91

Net

Incom

e/(L

oss

) fo

r th

e Y

ear

(A-B

)651,9

98

74,8

36

3,2

87

5,0

73

2,8

34

1,8

32

329

(7,5

02)

25,8

46

Add:

Revenue A

ccount

at

the b

egin

nin

g o

f th

e y

ear

1,5

79,9

94

115,1

05

--

397

--

--

Fund R

evenue A

ccount

at

the e

nd o

f th

e y

ear

2,2

31,9

92

189,9

41

3,2

87

5,0

73

3,2

31

1,8

32

329

(7,5

02)

25,8

46

FO

RM

A-B

S (U

L)

Fund B

ala

nce S

heet

as

at

31

st M

arc

h 2

007

Part

icula

rsSc

hedule

Eq.

Eq. Plu

sEq.

Index

Inco

me

Lif

e L

ong

Liquid

Liquid

Nif

tyPre

mie

r

Plu

s P

ensi

on

Pensi

on

Bond

Gain

Fund

Pensi

on

Index

Eq.

Gro

wth

Fund

Fund

Fund-2

Fund

Fund

Fund

Fund

Fund

SOU

RCES

OF F

UN

DS

Policy H

old

er’

s Funds:

Policy H

old

ers

Contr

ibuti

on

F -

19,2

94,5

09

741,1

52

170,1

24

401,8

46

107,3

38

105,9

52

11,1

17

2,6

94,1

87

1,2

23,2

32

Revenue A

ccount

2,2

31,9

92

189,9

41

3,2

87

5,0

73

3,2

31

1,8

32

329

(7,5

02)

25,8

46

Tota

l11,5

26,5

01

931,0

93

173,4

11

406,9

19

110,5

69

107,7

84

11,4

46

2,6

86,6

85

1,2

49,0

78

APPLIC

ATIO

N O

F F

UN

DS

Invest

ments

F -

210,9

03,2

06

872,7

70

145,0

49

355,0

83

103,3

81

94,0

58

9,8

22

2,2

40,0

73

1,1

23,2

37

Curr

ent

Ass

ets

F -

3680,0

56

62,1

09

40,2

07

51,8

66

7,2

24

13,7

33

1,6

25

546,5

23

135,0

81

Less

: C

urr

ent

Lia

bilit

ies

and P

rovis

ions

F -

456,7

61

3,7

86

11,8

45

30

36

71

99,9

11

9,2

40

Net

Curr

ent

Ass

ets

623,2

95

58,3

23

28,3

62

51,8

36

7,1

88

13,7

26

1,6

24

446,6

12

125,8

41

Tota

l11,5

26,5

01

931,0

93

173,4

11

406,9

19

110,5

69

107,7

84

11,4

46

2,6

86,6

85

1,2

49,0

78

(a)

Net Ass

ets

as

per

Bala

nce S

heet

(Rs.

in t

housa

nds)

11,5

26,5

01

931,0

93

173,4

11

406,9

19

110,5

69

107,7

84

11,4

46

2,6

86,6

85

1,2

49,0

78

(b)

Num

ber

of

Unit

s O

uts

tandin

g (

in t

housa

nds)

460,0

81

42,3

65

14,3

04

39,0

74

11,1

79

10,2

51

1,0

92

217,4

61

103,9

53

Net Ass

et

Valu

e p

er

unit

(a)/

(b) (R

s.) *

25.0

53

21.9

78

12.1

23

10.4

14

9.8

91

10.5

14

10.4

83

12.3

55

12.0

16

*Note

: The N

et Ass

et

Valu

e p

er

unit

calc

ula

ted a

bove is

befo

re a

ppro

pri

ati

on/ e

x p

ropri

ati

on c

harg

e.

*

‘Eq.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

59

Appendix

II Refe

r Schedule

16 N

ote

23 Form

A-R

A (

UL)

Fund R

evenue A

ccount

for

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsSc

hedule

Pre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPure

Pure

Bala

nce

d B

ala

ncer

Debt

Eq.

Eq. G

ain

Incom

eN

ifty

Index

Eq.

Sto

ck

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

INCO

ME F

RO

M IN

VEST

MEN

TS

Inte

rest

Incom

e-

-16,8

23

78

1,5

68

2,8

55

78

--

Div

idend In

com

e-

--

8,5

06

10,9

52

-2,0

23

3,8

33

516

Pro

fit/

(Loss

) exclu

din

g inte

r sc

hem

e-

-(1

56)

2,9

64

45,7

71

42

790

8,0

83

1,2

74

Pro

fit/

(Loss

) on inte

r fu

nd t

ransf

er/

sale

of

invest

ment

--

(1,3

34)

10,7

72

(671)

(288)

1,2

38

7,1

94

2,0

98

Mis

cellaneous In

com

e-

-1,6

47

101

4,5

61

844

125

2,8

06

565

Unre

alise

d G

ain

/(L

oss

)-

-(2

,750)

48,3

24

12,1

26

(863)

10,7

64

(8,7

97)

(3,3

74)

Tota

l Incom

e (A)

--

14,2

30

70,7

45

74,3

07

2,5

90

15,0

18

13,1

19

1,0

79

EXPEN

SES

Fund M

anagem

ent

Expense

s-

-5,2

39

11,1

59

19,1

92

1,2

32

3,6

76

4,4

14

855

Fund A

dm

inis

trati

on E

xpense

s-

--

--

--

--

Oth

er

charg

es

F -

5-

-65

67

67

--

67

-

Tota

l Expense

s (B

)-

-5,3

04

11,2

26

19,2

59

1,2

32

3,6

76

4,4

81

855

Net

Incom

e/(L

oss

) fo

r th

e Y

ear

(A-B

)-

-8,9

26

59,5

19

55,0

48

1,3

58

11,3

42

8,6

38

224

Add:

Revenue A

ccount

at

the b

egin

nin

g o

f th

e y

ear

--

153

21,6

57

39,0

09

--

10,8

76

-

Fund R

evenue A

ccount

at

the e

nd o

f th

e y

ear

--

9,0

79

81,1

76

94,0

57

1,3

58

11,3

42

19,5

14

224

FO

RM

A-B

S (U

L)

Fund B

ala

nce S

heet

as

at

31

st M

arc

h 2

007

Part

icula

rsSc

hedule

Pre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPure

Pure

Bala

nce

d B

ala

ncer

Debt

Eq.

Eq. G

ain

Incom

eN

ifty

Index

Eq.

Sto

ck

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

SOU

RCES

OF F

UN

DS

Policy H

old

er’

s Funds:

Policy H

old

ers

Contr

ibuti

on

F -

185,9

65

18,6

32

157,5

46

430,3

09

873,5

51

97,9

02

366,9

10

371,8

12

127,7

35

Revenue A

ccount

--

9,0

79

81,1

76

94,0

57

1,3

58

11,3

42

19,5

14

224

Tota

l85,9

65

18,6

32

166,6

25

511,4

85

967,6

08

99,2

60

378,2

52

391,3

26

127,9

59

APPLIC

ATIO

N O

F F

UN

DS

Invest

ments

F -

285,9

65

18,6

32

165,8

94

511,3

44

960,9

88

93,6

98

358,2

05

360,0

13

115,5

91

Curr

ent

Ass

ets

F -

3-

-4,5

68

5,3

86

14,1

21

5,5

86

35,3

00

32,9

52

12,8

97

Less

: C

urr

ent

Lia

bilit

ies

and P

rovis

ions

F -

4-

-3,8

37

5,2

45

7,5

01

24

15,2

53

1,6

39

529

Net

Curr

ent

Ass

ets

--

731

141

6,6

20

5,5

62

20,0

47

31,3

13

12,3

68

Tota

l85,9

65

18,6

32

166,6

25

511,4

85

967,6

08

99,2

60

378,2

52

391,3

26

127,9

59

(a)

Net Ass

ets

as

per

Bala

nce S

heet

(Rs.

in t

housa

nds)

85,9

65

18,6

32

166,6

25

511,4

85

967,6

08

99,2

60

378,2

52

391,3

26

127,9

59

(b)

Num

ber

of

Unit

s O

uts

tandin

g (

in t

housa

nds)

7,3

70

1,7

12

15,7

96

38,4

23

73,0

01

9,6

41

30,9

81

32,1

42

11,2

92

Net Ass

et

Valu

e p

er

unit

(a)/

(b) (R

s.) *

11.6

64

10.8

86

10.5

49

13.3

12

13.2

55

10.2

96

12.2

09

12.1

75

11.3

32

*Note

: The N

et Ass

et

Valu

e p

er

unit

calc

ula

ted a

bove is

befo

re a

ppro

pri

ati

on/ e

x p

ropri

ati

on c

harg

e.

*

‘Eq.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

60

(Am

ount

in R

s. ‘

000)

Appendix

II Refe

r Sc

hedule

16 N

ote

23

Form

A-R

A (U

L)

Fund R

evenue A

ccount

for

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsSc

hedule

Secure

Fund

Stable

Fund

Tota

l

INCO

ME F

RO

M IN

VEST

MEN

TS

Inte

rest

Incom

e399

9,4

27

317,8

76

Div

idend In

com

e3

260

380,2

05

Pro

fit/

(Loss

) exclu

din

g inte

r sc

hem

e(3

0)

(964)

2,1

41,3

20

Pro

fit/

(Loss

) on inte

r fu

nd t

ransf

er/

sale

of

invest

ment

23

(3,3

04)

506,2

68

Mis

cellaneous In

com

e76

1,1

26

325,8

43

Unre

alise

d G

ain

/(L

oss

)(2

4)

2,3

13

(1,0

36,6

46)

Tota

l Incom

e (A)

447

8,8

58

2,6

34,8

66

EXPEN

SES

Fund M

anagem

ent Expense

s72

1,4

79

467,6

49

Fund A

dm

inis

trati

on E

xpense

s-

-131,9

88

Oth

er

charg

es

F -

5-

67

5,3

07

Tota

l Expense

s (B

)72

1,5

46

604,9

44

Net

Incom

e/(

Loss

) fo

r th

e Y

ear

(A-B

)375

7,3

12

2,0

29,9

22

Add:

Revenue A

ccount

at

the b

egin

nin

g o

f th

e y

ear

83

4,1

49

4,7

76,1

71

Fund R

evenue A

ccount

at

the e

nd o

f th

e y

ear

458

11,4

61

6,8

06,0

93

FO

RM

A-B

S (U

L)

Fund B

ala

nce S

heet

as

at

31

st M

arc

h 2

007

Part

icula

rsSc

hedule

Secure

Fund

Stable

Fund

Tota

l

SOU

RCES

OF F

UN

DS

Policy H

old

er’

s Funds:

Policy H

old

ers

Contr

ibuti

on

F -

15,8

45

422,1

09

45,0

62,3

08

Revenue A

ccount

458

11,4

61

6,8

06,0

93

Tota

l6,3

03

433,5

70

51,8

68,4

01

APPLIC

ATIO

N O

F F

UN

DS

Invest

ments

F -

26,1

73

428,1

94

47,7

06,0

51

Curr

ent

Ass

ets

F -

3133

5,9

28

4,7

89,9

05

Less

: C

urr

ent

Lia

bilit

ies

and P

rovis

ions

F -

43

552

627,5

55

Net

Curr

ent

Ass

ets

130

5,3

76

4,1

62,3

50

Tota

l6,3

03

433,5

70

51,8

68,4

01

(a)

Net Ass

ets

as

per

Bala

nce S

heet

(Rs.

in t

housa

nds)

6,3

03

433,5

70

51,8

68,4

01

(b)

Num

ber

of

Unit

s O

uts

tandin

g (

in t

housa

nds)

563

38,1

33

Net Ass

et

Valu

e p

er

unit

(a)/

(b) (R

s.) *

11.1

89

11.3

70

*Note

: The N

et Ass

et

Valu

e p

er

unit

calc

ula

ted a

bove is

befo

re a

ppro

pri

ati

on/ e

x p

ropri

ati

on c

harg

e.

(Am

ount

in R

s. ‘

000)

61

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

1 :

PO

LIC

YH

OLDERS’

CO

NTRIB

UTIO

N

As

at

31

st M

arc

h 2

007

Part

icula

rsAcc M

id C

ap

Acc M

id C

ap

Accele

rate

dBala

nce

Bala

nce

Plu

sBala

nce

d P

lus

Bala

nce

rBala

nce

rBond

Capit

al

Fund

Pensi

on

Fund

Fund

Pensi

on

Fund

Fund

Pensi

on

Pensi

on

Guara

nte

e

Fund

Fund

Fund

Fund

Fund 2

012

Openin

g B

ala

nce

--

35,8

62

870,2

96

67,7

84

732,3

65

--

--

Add : A

ddit

ion d

uri

ng t

he y

ear

776,0

99

75,9

55

35,8

08

1,1

87,2

17

87,2

97

866,2

27

44,0

75

9,8

40

56,7

51

86,4

07

Less

: D

educti

on d

uri

ng t

he y

ear

41,8

71

2,1

76

7,7

98

604,2

25

54,4

69

572,6

44

9,0

21

3,2

54

22,1

80

3,3

61

Clo

sing B

ala

nce

734,2

28

73,7

79

63,8

72

1,4

53,2

88

100,6

12

1,0

25,9

48

35,0

54

6,5

86

34,5

71

83,0

46

Schedule

s to

Fund R

evenue A

ccount

SCH

EDU

LE F

1 :

PO

LIC

YH

OLDERS’

CO

NTRIB

UTIO

N

As

at

31

st M

arc

h 2

007

Part

icula

rsCapit

al

Capit

al

Cash

Cash

Cash

Plu

sD

ebt

Debt

Debt Plu

sEq.

Eq.

Guara

nte

e G

uara

nte

eFund

Plu

s P

ensi

on

Fund

Plu

s P

ensi

on

Gro

wth

Mid

cap P

lus

Fund 2

014

Fund 2

017

Fund

Fund

Fund

Fund

Fund

Fund

Openin

g B

ala

nce

--

667,6

30

1,7

81,8

60

61,7

53

349,4

16

356,6

75

38,7

68

-1,4

02,7

57

Add : A

ddit

ion d

uri

ng t

he y

ear

6,1

56

43,0

18

1,5

07,7

29

5,7

21,2

27

401,1

74

1,1

76,9

30

1,8

10,1

28

185,5

32

9,9

50,8

43

1,3

39,7

14

Less

: D

educti

on d

uri

ng t

he y

ear

327

2,2

29

1,3

03,7

71

5,9

56,4

16

346,2

44

1,1

11,6

89

1,5

55,0

41

172,2

41

542,6

35

1,3

72,3

41

Clo

sing B

ala

nce

5,8

29

40,7

89

871,5

88

1,5

46,6

71

116,6

83

414,6

57

611,7

62

52,0

59

9,4

08,2

08

1,3

70,1

30

Schedule

s to

Fund R

evenue A

ccount

SCH

EDU

LE F

1 :

PO

LIC

YH

OLDERS’

CO

NTRIB

UTIO

N

As

at

31

st M

arc

h 2

007

Part

icula

rsEq.M

idcap

Eq.M

idcap

Eq. G

ain

Eq.

Eq. G

row

thEq.

Eq.

Index

Eq.

Eq. Plu

sEq.

Index

Fund

Pensi

on

Fund

Fund

Pensi

on

Index

Pensi

on

Plu

s P

ensi

on

Pensi

on

Fund

Fund

Fund

Fund

Fund

Fund

Fund-2

Openin

g B

ala

nce

548,3

39

82,4

92

2,8

05,9

88

1,3

50,6

91

-740,6

54

56,7

95

7,0

21,1

51

533,1

15

-

Add : A

ddit

ion d

uri

ng t

he y

ear

704,2

96

95,9

02

4,2

60,5

97

2,3

81,2

23

693,5

38

1,8

58,9

23

147,2

85

9,8

78,8

54

964,4

83

187,9

10

Less

: D

educti

on d

uri

ng t

he y

ear

451,9

94

84,9

30

2,0

46,2

29

1,9

45,7

15

51,2

47

1,7

08,8

31

132,6

02

7,6

05,4

96

756,4

46

17,7

86

Clo

sing B

ala

nce

800,6

41

93,4

64

5,0

20,3

56

1,7

86,1

99

642,2

91

890,7

46

71,4

78

9,2

94,5

09

741,1

52

170,1

24

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

62

Schedule

s to

Fund R

evenue A

ccount

SCH

EDU

LE F

1 :

PO

LIC

YH

OLDERS’

CO

NTRIB

UTIO

N

As

at

31

st M

arc

h 2

007

Part

icula

rsPre

mie

rPre

mie

rPre

mie

rPure

Pure

Secure

Stable

Tota

lEq. G

ain

Incom

e N

ifty

Index

Eq.

Sto

ck

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Openin

g B

ala

nce

581,5

57

--

175,7

43

-5,5

36

98,6

09

20,9

16,9

47

Add : A

ddit

ion d

uri

ng t

he y

ear

1,0

15,0

55

150,9

51

402,2

90

311,7

90

166,4

79

1,5

89

351,1

94

55,2

66,4

20

Less

: D

educti

on d

uri

ng t

he y

ear

723,0

61

53,0

49

35,3

80

115,7

21

38,7

44

1,2

80

27,6

94

31,1

21,0

59

Clo

sing B

ala

nce

873,5

51

97,9

02

366,9

10

371,8

12

127,7

35

5,8

45

422,1

09

45,0

62,3

08

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

1 :

PO

LIC

YH

OLDERS’

CO

NTRIB

UTIO

N

As

at

31

st M

arc

h 2

007

Part

icula

rsIn

com

eLif

e L

ong

Liquid

Liquid

Nif

tyPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

r

Bond

Gain

Fund

Fund

Pensi

on

Index

Eq.

Gro

wth

Bala

nce

d B

ala

ncer

Debt

Fund

Eq.

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Openin

g B

ala

nce

-52,7

96

--

--

42,3

83

-115,9

88

339,9

44

Add : A

ddit

ion d

uri

ng t

he y

ear

528,0

88

89,7

64

129,3

24

22,6

04

2,8

79,5

07

1,3

21,1

95

89,7

72

22,2

05

860,8

57

382,6

18

Less

: D

educti

on d

uri

ng t

he y

ear

126,2

42

35,2

22

23,3

72

11,4

87

185,3

20

97,9

63

46,1

90

3,5

73

819,2

99

292,2

53

Clo

sing B

ala

nce

401,8

46

107,3

38

105,9

52

11,1

17

2,6

94,1

87

1,2

23,2

32

85,9

65

18,6

32

157,5

46

430,3

09

* ‘

Eq.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

63

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

2 :

IN

VEST

MEN

TS

As

at

31

st M

arc

h 2

007

Part

icula

rsAcc

Acc M

id C

ap

Accele

rate

dBond

Capit

al

Capit

al

Capit

al

Cash

Cash

Cash

Plu

s

Mid

Cap

Pensi

on

Fund

Pensi

on

Gura

nte

e G

ura

nte

e G

ura

nte

eFund

Plu

sPensi

on

Fund

Fund

Fund

Fund 2

012

Fund 2

014

Fund 2

017

Fund

Fund

APPRO

VED IN

VEST

MEN

TS

Gove

rnm

ent Bonds

-2,3

63

--

22,6

84

483

9,5

10

--

-

Corp

ora

te B

onds

16,8

34

2,9

48

12,4

90

4,4

90

26,7

13

2,5

63

-71,1

36

58,2

08

-

Infr

ast

ructu

re B

onds

-568

2,4

05

--

-9,5

33

16,0

32

44,5

33

533

Equit

y395,0

46

43,1

29

13,7

64

-9,7

39

885

9,4

14

--

-

Money M

ark

et

63,6

71

2,9

76

30,5

84

17,8

26

--

-812,0

61

1,5

52,8

83

119,4

96

Mutu

al F

und

--

--

--

--

--

Tota

l475,5

51

51,9

84

59,2

43

22,3

16

59,1

36

3,9

31

28,4

57

899,2

29

1,6

55,6

24

120,0

29

OTH

ER IN

VEST

MEN

TS

Corp

ora

te B

onds

--

--

--

--

--

Infr

ast

ructu

re B

onds

--

--

--

--

--

Equit

y123,6

82

12,9

53

2,8

31

-1,9

84

179

1,9

18

--

-

Money M

ark

et

--

2,6

52

3,8

78

250

-3,3

78

--

2,7

52

Mutu

al F

und

--

--

--

--

--

Tota

l123,6

82

12,9

53

5,4

83

3,8

78

2,2

34

179

5,2

96

--

2,7

52

Gra

nd T

ota

l599,2

33

64,9

37

64,7

26

26,1

94

61,3

70

4,1

10

33,7

53

899,2

29

1,6

55,6

24

122,7

81

% o

f Appro

ved t

o T

ota

l79.3

6%

80.0

5%

91.5

3%

85.2

0%

96.3

6%

95.6

4%

84.3

1%

100.0

0%

100.0

0%

97.7

6%

% o

f O

ther

than A

ppro

ved t

o T

ota

l20.6

4%

19.9

5%

8.4

7%

14.8

0%

3.6

4%

4.3

6%

15.6

9%

0.0

0%

0.0

0%

2.2

4%

(Am

ount

in R

s. ‘

000)

64

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

2 :

IN

VEST

MEN

TS

As

at

31

st M

arc

h 2

007

Part

icula

rsD

ebt

Debt Plu

sDebt Plu

sEq. G

row

thEq. M

idcap

Eq.M

idcap

Eq.M

idcap

Eq. G

ain

Eq.

Eq. G

row

th

Fund

Fund

Pensi

on F

und

Fund

Plu

s Fund

Fund

Pensi

on F

und

Fund

Fund

Pensi

on F

und

APPRO

VED IN

VEST

MEN

TS

Gove

rnm

ent Bonds

4,1

73

3,1

43

-98,0

39

108

307

167

-1,8

88

-

Corp

ora

te B

onds

419,8

28

365,7

35

48,7

26

104,7

76

95,3

89

150

1221,4

52

25,4

60

18,6

63

Infr

ast

ructu

re B

onds

305,0

39

217,2

98

29,0

73

30,5

26

8,2

82

6,4

62

872

57,8

18

12,9

05

2,4

16

Equit

y-

--

5,0

30,3

62

1,1

82,6

79

659,9

08

78,4

08

3,8

88,3

59

3,0

46,9

48

340,7

47

Money M

ark

et

349,2

57

352,2

54

16,6

54

1,1

02,1

60

137,1

73

126,9

92

14,1

96

687,8

17

56,2

86

68,4

41

Mutu

al F

und

--

--

--

--

--

Tota

l1,0

78,2

97

938,4

30

94,4

53

6,3

65,8

63

1,4

23,6

31

793,8

19

93,6

44

4,8

55,4

46

3,1

43,4

87

430,2

67

OTH

ER IN

VEST

MEN

TS

Corp

ora

te B

onds

20,2

36

24,7

71

4,8

76

--

--

--

-

Infr

ast

ructu

re B

onds

--

--

--

--

--

Equit

y-

--

1,4

25,6

08

354,9

05

197,9

44

23,5

36

1,1

19,3

30

626,0

77

97,2

48

Money M

ark

et

6,3

80

1,8

76

5,6

29

1,2

00

-1,2

51

938

1,0

00

125

-

Mutu

al F

und

--

--

--

--

--

Tota

l26,6

16

26,6

47

10,5

05

1,4

26,8

08

354,9

05

199,1

95

24,4

74

1,1

20,3

30

626,2

02

97,2

48

Gra

nd T

ota

l1,1

04,9

13

965,0

77

104,9

58

7,7

92,6

71

1,7

78,5

36

993,0

14

118,1

18

5,9

75,7

76

3,7

69,6

89

527,5

15

% o

f Appro

ved t

o T

ota

l97.5

9%

97.2

4%

89.9

9%

81.6

9%

80.0

5%

79.9

4%

79.2

8%

81.2

5%

83.3

9%

81.5

6%

% o

f O

ther

than A

ppro

ved t

o T

ota

l2.4

1%

2.7

6%

10.0

1%

18.3

1%

19.9

5%

20.0

6%

20.7

2%

18.7

5%

16.6

1%

18.4

4%

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

65

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

2 :

IN

VEST

MEN

TS

As

at

31

st M

arc

h 2

007

Part

icula

rsEq.

Index

Eq.

Index

Eq. Plu

sEq. Plu

sEq.

Index

Inco

me

Lif

e L

ong

Liquid

Liquid

Nif

ty

Fund

Pensi

on

Fund

Pensi

on

Pensi

on

Bond

Gain

Fund

Pensi

on

Index

Fund

Fund

Fund-2

Fund

Fund

Fund

Fund

APPRO

VED IN

VEST

MEN

TS

Gove

rnm

ent Bonds

3,6

43

-19,3

68

--

--

--

98

Corp

ora

te B

onds

2,4

99

1271,7

20

23,5

50

750

106,1

45

43,1

60

499

-16,8

53

Infr

ast

ructu

re B

onds

150

-246,6

29

10,9

45

-50,3

66

11,5

36

854

--

Equit

y1,5

31,5

99

129,9

04

7,0

88,4

14

567,1

93

112,9

48

--

--

1,7

46,0

45

Money M

ark

et

37,9

58

4,2

73

1,2

33,1

94

106,5

23

11,1

78

216,8

98

48,0

60

91,9

17

9,8

22

135,1

35

Mutu

al F

und

--

--

--

--

--

Tota

l1,5

75,8

49

134,1

78

8,8

59,3

25

708,2

11

124,8

76

373,4

09

102,7

56

93,2

70

9,8

22

1,8

98,1

31

OTH

ER IN

VEST

MEN

TS

Corp

ora

te B

onds

--

--

--

--

--

Infr

ast

ructu

re B

onds

--

--

--

--

--

Equit

y314,6

72

26,6

79

2,0

44,7

10

163,9

09

23,1

13

--

--

357,2

31

Money M

ark

et

-250

2,0

00

650

-1,4

39

625

788

--

Mutu

al F

und

--

--

--

--

--

Tota

l314,6

72

26,9

29

2,0

46,7

10

164,5

59

23,1

13

1,4

39

625

788

-357,2

31

Gra

nd T

ota

l1,8

90,5

21

161,1

07

10,9

06,0

35

872,7

70

147,9

89

374,8

48

103,3

81

94,0

58

9,8

22

2,2

55,3

62

% o

f Appro

ved t

o T

ota

l83.3

6%

83.2

9%

81.2

3%

81.1

5%

84.3

8%

99.6

2%

99.4

0%

99.1

6%

100.0

0%

84.1

6%

% o

f O

ther

than A

ppro

ved t

o T

ota

l16.6

4%

16.7

1%

18.7

7%

18.8

5%

15.6

2%

0.3

8%

0.6

0%

0.8

4%

0.0

0%

15.8

4%

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

66

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

2 :

IN

VEST

MEN

TS

As

at

31

st M

arc

h 2

007

Part

icula

rsPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPure

Pure

Secure

Stable

Tota

l

Eq. G

row

thD

ebt

Eq.

Eq. G

ain

Incom

eN

ifty

Index

Eq.

Sto

ck

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

APPRO

VED

IN

VEST

MEN

TS

Govern

ment

Bonds

- -

- 6

,700

- -

49,9

97

15,5

64

492

1,4

77

240,2

04

Corp

ora

te B

onds

9,1

43

70,3

97

- 1

,001

34,5

67

1,8

99

1-

1,7

43

82,3

40

2,1

61,8

30

Infr

ast

ructu

re B

onds

485

34,2

97

- 3

,035

6,8

40

--

-683

5,4

10

1,1

15,5

25

Equit

y727,2

83

-450,8

27

627,4

04

- 2

91,0

71

254,8

63

82,2

32

433

27,4

61

28,3

37,0

65

Money M

ark

et

177,5

52

109,3

69

5,4

72

141,1

09

56,2

10

13,5

48

--

2,5

47

281,7

26

8,1

93,2

18

Mutu

al Fund

- -

- -

- -

--

--

-

Tota

l914,4

63

214,0

63

456,2

99

779,2

49

97,6

17

306,5

18

304,8

61

97,7

96

5,8

98

398,4

14

40,0

47,8

42

OTH

ER IN

VEST

MEN

TS

Corp

ora

te B

onds

- -

- -

- -

--

-24,0

41

73,9

24

Infr

ast

ructu

re B

onds

- -

- -

- -

--

--

-

Equit

y208,7

74

-92,7

14

181,7

39

- 5

9,7

09

55,1

52

17,7

95

87

5,6

23

7,5

40,1

02

Money M

ark

et

- -

125

-6,6

93

--

-188

116

44,1

83

Mutu

al Fund

- -

- -

- -

--

--

-

Tota

l208,7

74

-92,8

39

181,7

39

6,6

93

59,7

09

55,1

52

17,7

95

275

29,7

80

7,6

58,2

09

Gra

nd T

ota

l1,1

23,2

37

214,0

63

549,1

38

960,9

88

104,3

10

366,2

27

360,0

13

115,5

91

6,1

73

428,1

94

47,7

06,0

51

% o

f Appro

ved t

o T

ota

l81.4

1%

100.0

0%

83.0

9%

81.0

9%

93.5

8%

83.7

0%

84.6

8%

84.6

1%

95.5

5%

93.0

5%

83.9

5%

% o

f O

ther

than A

ppro

ved t

o T

ota

l18.5

9%

0.0

0%

16.9

1%

18.9

1%

6.4

2%

16.3

0%

15.3

2%

15.3

9%

4.4

5%

6.9

5%

16.0

5%

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

67

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

3 :

CU

RREN

T A

SSETS

As

at

31

st M

arc

h 2

007

Part

icula

rsAcc M

id C

ap

Acc M

id C

ap

Accele

rate

dBala

nce

Bala

nce

Plu

sBala

nce

dBala

nce

rBala

nce

rBond

Capit

al

Fund

Pensi

on

Fund

Fund

Pensi

on

Plu

s Fund

Fund

Pensi

on

Pensi

on

Guara

nte

e

Fund

Fund

Fund

Fund

Fund 2

012

Accru

ed I

nte

rest

1,5

06

227

1,1

78

--

--

-249

863

Cash

and b

ank b

ala

nce

133,4

21

9,3

55

2,1

82

71

29

--

12,4

46

20,7

65

Div

idend R

ece

ivable

428

54

12

--

--

--

7

Receiv

able

s fo

r Sa

le o

f In

vest

ments

2,6

26

303

--

--

--

--

Unit

Collecti

on A

/c

--

--

--

--

--

Oth

er

Curr

ent

Ass

ets

(For

Invest

ments

) :

--

--

--

--

--

Applicati

on M

oney

10,3

21

1,1

85

--

--

--

--

Tota

l148,3

02

11,1

24

3,3

72

71

29

--

12,6

95

21,6

35

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

3 :

CU

RREN

T A

SSETS

As

at

31

st M

arc

h 2

007

Part

icula

rsCapit

al

Capit

al

Cash

Cash

Cash

Plu

sD

ebt

Debt

Debt Plu

sEq.

Eq.

Guara

nte

e G

uara

nte

eFund

Plu

s P

ensi

on

Fund

Plu

s P

ensi

on

Gro

wth

Eq. M

idcap

Fund 2

014

Fund 2

017

Fund

Fund

Fund

Fund

Fund

Plu

s Fund

Accru

ed I

nte

rest

115

342

4,9

97

13,0

31

160

28,8

98

23,6

62

2,3

92

11,9

71

6,2

99

Cash

and b

ank b

ala

nce

1,5

41

6,5

05

33,9

97

98,3

21

4,1

87

41,9

21

219,1

41

3,4

76

1,6

10,9

68

79,9

41

Div

idend R

ece

ivable

18

--

--

--

6,4

83

1,5

75

Receiv

able

s fo

r Sa

le o

f In

vest

ments

--

--

--

--

52,2

51

6,6

15

Unit

Collecti

on A

/c

--

--

--

--

--

Oth

er

Curr

ent

Ass

ets

(For

Invest

ments

) :

--

--

--

--

--

Applicati

on M

oney

--

--

--

--

-33,6

03

Tota

l1,6

57

6,8

55

38,9

94

111,3

52

4,3

47

70,8

19

242,8

03

5,8

68

1,6

81,6

73

128,0

33

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

68

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

3 :

CU

RREN

T A

SSETS

As

at

31

st M

arc

h 2

007

Part

icula

rsEq. M

idcap

Eq. M

idcap

Eq. G

ain

Eq.

Eq. G

row

thEq.

Index

Eq.

Index

Eq.

Eq. Plu

sEq.

Index

Fund

Pensi

on

Fund

Fund

Pensi

on

Fund

Pensi

on

Plu

s P

ensi

on

Pensi

on

Fund

Fund

Fund

Fund

Fund

Fund-2

Accru

ed I

nte

rest

243

415,8

31

1,3

03

985

219

628,0

81

1,8

29

64

Cash

and b

ank b

ala

nce

37,2

25

8,5

82

234,7

07

112,1

43

118,2

16

-11,1

13

526,1

12

49,5

88

40,0

57

Div

idend R

ece

ivable

829

105

5,7

65

2,6

22

447

1,3

25

111

10,3

79

858

86

Receiv

able

s fo

r Sa

le o

f In

vest

ments

3,9

43

476

64,0

06

-3,8

07

--

115,4

84

9,8

34

-

Unit

Collecti

on A

/c

--

--

--

--

--

Oth

er

Curr

ent

Ass

ets

(For

Invest

ments

) :

--

--

--

--

--

Applicati

on M

oney

18,7

58

2,2

28

--

--

--

--

Tota

l60,9

98

11,3

95

320,3

09

116,0

68

123,4

55

1,5

44

11,2

30

680,0

56

62,1

09

40,2

07

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

3 :

CU

RREN

T A

SSETS

As

at

31

st M

arc

h 2

007

Part

icula

rsIn

com

eLif

e L

ong

Liquid

Liquid

Nif

tyPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

r

Bond F

und

Gain

Fund

Fund

Pensi

on

Index

Eq.

Gro

wth

Bala

nce

d B

ala

ncer

Debt

Eq.

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Accru

ed I

nte

rest

7,8

35

2,0

97

151

41,3

76

1,7

11

--

4,5

68

5

Cash

and b

ank b

ala

nce

44,0

31

5,1

27

13,5

82

1,6

21

543,7

50

122,0

24

--

-4,9

85

Div

idend R

ece

ivable

--

--

1,3

97

1,0

31

--

-396

Receiv

able

s fo

r Sa

le o

f In

vest

ments

--

--

-10,3

15

--

--

Unit

Collecti

on A

/c

--

--

--

--

--

Oth

er

Curr

ent

Ass

ets

(For

Invest

ments

) :

--

--

--

--

--

Applicati

on M

oney

--

--

--

--

--

Tota

l51,8

66

7,2

24

13,7

33

1,6

25

546,5

23

135,0

81

--

4,5

68

5,3

86

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

69

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23 SC

HEDU

LE F

3 :

CU

RREN

T A

SSETS

As

at

31

st M

arc

h 2

007

Part

icula

rsPre

mie

rPre

mie

rPre

mie

rPure

Pure

Secure

Stable

Tota

l

Eq. G

ain

Incom

eN

ifty

Eq.

Sto

ck

Fund

Fund

Fund

Fund

In

dex F

und

Fund

Fund

Accru

ed I

nte

rest

2,6

78

1,7

76

139

--

101

5,9

05

172,8

01

Cash

and b

ank b

ala

nce

945

3,8

10

34,9

21

25,7

53

10,6

00

32

-4,2

27,1

73

Div

idend R

eceiv

able

903

-240

487

149

-23

35,7

21

Receiv

able

s fo

r Sale

of

Invest

ments

9,5

95

--

--

--

279,2

55

Unit

Collecti

on A

/c

--

--

--

--

Oth

er

Curr

ent

Ass

ets

(For

Invest

ments

) :

--

--

--

--

Applicati

on M

oney

--

-6,7

12

2,1

48

--

74,9

55

Tota

l14,1

21

5,5

86

35,3

00

32,9

52

12,8

97

133

5,9

28

4,7

89,9

05

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

70

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

4 :

CU

RREN

T L

IABIL

ITIE

S

As

at

31

st M

arc

h 2

007

Part

icula

rsAcc M

id C

ap

Acc M

id C

ap

Accele

rate

dBala

nce

Bala

nce

Plu

sBala

nce

dBala

nce

rBala

nce

rBond

Capit

al

Fund

Pensi

on

Fund

Fund

Pensi

on

Plu

s F

und

Pensi

on

Pensi

on

Guara

nte

e

Fund

Fund

Fund

Fund

Fund

Fund 2

012

Payable

for

purc

hase

of

Invest

ments

21,4

44

579

14

--

--

--

47

Oth

er

Curr

ent

Lia

bilit

ies:

83

96

--

--

-2

6

Unit

Paya

ble

A/c

--

--

--

--

--

Tota

l21,5

27

588

20

--

--

-2

53

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

4 :

CU

RREN

T L

IABIL

ITIE

S

As

at

31

st M

arc

h 2

007

Part

icula

rsCapit

al

Capit

al

Cash

Plu

sDebt Plu

sEq.

Eq. M

idcap

Guara

nte

e G

uara

nte

eC

ash

Cash

Plu

s P

ensi

on

Debt

Debt Plu

s P

ensi

on

Gro

wth

Plu

s

Fund 2

014

Fund 2

017

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Payable

for

purc

hase

of

Invest

ments

16

15

--

--

--

144,7

31

15,7

85

Oth

er

Curr

ent

Lia

bilit

ies:

-3

198

223

30

242

89

24

1,0

86

335

Unit

Paya

ble

A/c

--

--

--

--

--

Tota

l16

18

198

223

30

242

89

24

145,8

17

16,1

20

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

4 :

CU

RREN

T L

IABIL

ITIE

S

As

at

31

st M

arc

h 2

007

Part

icula

rsEq.

Eq.M

idcap

Eq. G

ain

Eq.

Eq. G

row

thEq.

Index

Eq.

Index

Eq. Plu

sEq. Plu

sEq.

Index

Mid

cap

Pensi

on

Fund

Fund

Pensi

on

Fund

Pensi

on

Fund

Pensi

on

Pensi

on

Fund

Fund

Fund

Fund

Fund

Fund-2

Payable

for

purc

hase

of

Invest

ments

8,6

44

1,0

65

30,8

65

93,0

23

9,4

97

42,5

24

4,4

22

54,9

79

3,6

42

11,8

31

Oth

er

Curr

ent

Lia

bilit

ies:

294

36

1,5

68

852

74

33,4

83

41

1,7

82

144

14

Unit

Paya

ble

A/c

--

--

--

--

--

Tota

l8,9

38

1,1

01

32,4

33

93,8

75

9,5

71

76,0

07

4,4

63

56,7

61

3,7

86

11,8

45

Note

: ‘

Eq f

or

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

71

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

4 :

CU

RREN

T L

IABIL

ITIE

S

As

at

31

st M

arc

h 2

007

Part

icula

rsIn

com

eLif

e L

ong

Liquid

Liquid

Nif

tyPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

r

Bond

Gain

Fund

Pensi

on

Index

Eq. G

row

th B

ala

nce

d B

ala

ncer

Debt

Eq.

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Payable

for

purc

hase

of

Invest

ments

--

--

99,6

95

8,9

89

--

-5,1

23

Oth

er

Curr

ent

Lia

bilit

ies:

30

36

71

216

251

--

3,8

37

122

Unit

Paya

ble

A/c

--

--

--

--

--

Tota

l30

36

71

99,9

11

9,2

40

--

3,8

37

5,2

45

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

4 :

CU

RREN

T L

IABIL

ITIE

S

As

at

31

st M

arc

h 2

007

Part

icula

rsPre

mie

rPre

mie

rPre

mie

rPure

Pure

Secure

Stable

Tota

l

Eq. G

ain

Inco

me

Nif

ty I

ndex

Eq.

Sto

ck

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Payable

for

purc

hase

of

Invest

ments

7,3

01

-15,1

75

1,5

73

512

228

581,5

21

Oth

er

Curr

ent

Lia

bilit

ies:

200

24

78

66

17

1524

46,0

35

Unit

Paya

ble

A/c

--

--

--

--

Tota

l7,5

01

24

15,2

53

1,6

39

529

3552

627,5

56

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

72

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

5 :

OTH

ER E

XPEN

SES

For

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsCapit

al

Capit

al

Cash

Plu

sDebt Plu

sEq. M

idcap

Guara

nte

e G

uara

nte

eC

ash

Cash

Plu

sPensi

on

Debt

Debt Plu

s P

ensi

on

Eq. G

row

th P

lus

Fund 2

014

Fund 2

017

fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Policy A

dm

inis

trati

on C

harg

e-

--

--

--

--

-

Surr

ender

Charg

e-

--

--

--

--

-

Swit

chin

g C

harg

e-

--

--

--

--

-

Mort

ality

Charg

e-

--

--

--

--

-

Rid

er Pre

miu

m C

harg

e-

--

--

--

--

-

Part

ial W

ithdra

wal Charg

e-

--

--

--

--

-

Mis

cellaneous Charg

e-

-115

274

60

34

127

54

-316

Tota

l-

-115

274

60

34

127

54

-316

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

5 :

OTH

ER E

XPEN

SES

For

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsAcc M

id C

ap

Acc M

id C

ap

Accele

rate

dBala

nce

Bala

nce

Bala

nce

dBala

nce

rBala

nce

rBond

Capit

al

Fund

Pensi

on

Fund

Fund

Plu

s Pensi

on

Plu

s Fund

Fund

Pensi

on

Pensi

on

Guara

nte

e

Fund

Fund

Fund

Fund

Fund 2

012

Policy A

dm

inis

trati

on C

harg

e-

--

--

--

--

-

Surr

ender

Charg

e-

--

--

--

--

-

Swit

chin

g C

harg

e-

--

--

--

--

-

Mort

ality

Charg

e-

--

--

--

--

-

Rid

er Pre

miu

m C

harg

e-

--

--

--

--

-

Part

ial W

ithdra

wal Charg

e-

--

--

--

--

-

Mis

cellaneous

Charg

e-

--

--

--

--

-

Tota

l-

--

--

--

--

-

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

73

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

5 :

OTH

ER E

XPEN

SES

For

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsEq.M

idcap

Eq.M

idcap

Eq. G

ain

Eq.

Eq. G

row

thEq.

Index

Eq.

Index

Eq. Plu

sEq. Plu

sEq.

Index

Fund

Pensi

on

Fund

Fund

Pensi

on

Fund

Pensi

on

Fund

Pensi

on

Pensi

on

Fund

Fund

Fund

Fund

Fund-2

Policy A

dm

inis

trati

on C

harg

e-

--

--

--

--

-

Surr

ender

Charg

e-

--

--

--

--

-

Swit

chin

g C

harg

e-

--

--

--

--

-

Mort

ality

Charg

e-

--

--

--

--

-

Rid

er Pre

miu

m C

harg

e-

--

--

--

--

-

Part

ial W

ithdra

wal Charg

e-

--

--

--

--

-

Mis

cellaneous

Charg

e30

63

838

471

-332

57

2,0

19

134

-

Tota

l30

63

838

471

-332

57

2,0

19

134

-

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

5 :

OTH

ER E

XPEN

SES

For

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsIn

com

eLif

e L

ong

Liquid

Liquid

Nif

tyPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

r

Bond

Gain

Fund

Fund

Pensi

on

Index

Eq. G

row

thBala

nce

dBala

nce

rD

ebt

Eq.

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Policy A

dm

inis

trati

on C

harg

e-

--

--

--

--

-

Surr

ender

Charg

e-

--

--

--

--

-

Swit

chin

g C

harg

e-

--

--

--

--

-

Mort

ality

Charg

e-

--

--

--

--

-

Rid

er Pre

miu

m C

harg

e-

--

--

--

--

-

Part

ial W

ithdra

wal Charg

e-

--

--

--

--

-

Mis

cellaneous Charg

e-

50

--

--

--

65

67

Tota

l-

50

--

--

--

65

67

Note

: ‘

Eq f

or

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

74

Schedule

s to

Fund R

evenue A

ccount

A

ppendix

II Refe

r Sc

hedule

16 N

ote

23

SCH

EDU

LE F

5 :

OTH

ER E

XPEN

SES

For

the y

ear

ended 3

1st M

arc

h 2

007

Part

icula

rsPre

mie

rPre

mie

rPre

mie

rPure

Pure

Secure

Stable

Tota

l

Eq. G

ain

Inco

me

Nif

ty I

ndex

Eq.

Sto

ck

Fund

Fund

Fund

fund

Fund

Fund

Fund

Policy A

dm

inis

trati

on C

harg

e-

--

--

--

-

Surr

ender

Charg

e-

--

--

--

-

Swit

chin

g C

harg

e-

--

--

--

-

Mort

ality

Charg

e-

--

--

--

-

Rid

er Pre

miu

m C

harg

e-

--

--

--

-

Part

ial W

ithdra

wal Charg

e-

--

--

--

-

Mis

cellaneous

Charg

e67

--

67

--

67

5,3

07

Tota

l67

--

67

--

67

5,3

07

* ‘E

q.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

75

Schedule

Form

ing p

art

of

Fin

ancia

l St

ate

ment

for

the y

ear

ended 3

1st M

arc

h 2

007 Appendix

II Refe

r Sc

hedule

16 N

ote

23

Revenue A

ccount

for

Unit

Lin

ked B

usi

ness

for

the y

ear

ended 3

1st M

arc

h 2

006

Bala

nce

dC

ash

Eq.

Debt

Lif

e L

ong G

ain

Eq.

Index

Eq. Plu

sBala

nce

d p

lus

Debt Plu

sCash

Plu

s

INCO

ME

Inte

rest

Incom

e-

15,6

91

246

48,3

93

1,2

81

334

1,1

36

-29,7

51

35,3

44

Div

idend In

com

e-

-25,6

67

--

5,9

14

20,3

37

--

-W

rite

-up o

n T

-Bills

-11,4

48

95

1,4

80

260

106

6,4

65

-3,0

91

17,4

45

Realise

d G

ain

/ (Loss

) on Invest

ments

-844

78,6

70

(8,8

41)

84

61,2

68

146,4

76

-(1

,337)

(96)

Unre

alise

d G

ain

s / (

Loss

) on Invest

ments

-(1

,462)

729,1

24

(14,4

37)

(723)

193,7

12

1,3

95,0

38

-(1

3,9

59)

(2,3

46)

Transf

er

Fro

m S

hare

hold

ers

-83

--

--

--

--

Wri

te u

p o

n C

orp

ora

te B

onds

-6,1

99

418

2,6

58

240

276

8,5

72

-1,7

24

34,3

52

Tota

l Incom

e (A)

-32,8

03

834,2

20

29,2

53

1,1

42

261,6

10

1,5

78,0

24

-19,2

70

84,6

99

EXPEN

SES

Fund A

dm

inis

trati

on E

xpense

s-

6,9

14

17,8

92

8,2

41

314

--

--

-Fund M

anagem

ent

Expense

s-

5,5

30

14,3

14

6,5

93

251

4,0

80

33,0

08

-3,1

40

10,4

01

Bank C

ust

ody C

harg

es

-69

835

84

-316

1,8

67

-56

125

Fund A

ccounti

ng C

harg

es

-271

678

271

198

285

1,0

29

-271

729

Tota

l Expense

s (B

)-

12,7

84

33,7

19

15,1

89

763

4,6

81

35,9

04

-3,4

67

11,2

55

Net

Pro

fit/

(Loss

) fo

r th

e Y

ear

(A-B

)-

20,0

19

800,5

01

14,0

64

379

256,9

29

1,5

42,1

20

-15,8

03

73,4

44

Bala

nce S

heet

for

Unit

Lin

ked B

usi

ness

as

at

31

st M

arc

h 2

006

Bala

nce

dC

ash

Eq.

Debt

Lif

e L

ong G

ain

Eq.

Index

Eq. Plu

sBala

nce

d p

lus

Debt Plu

sCash

Plu

s

LIA

BIL

ITIE

SPolicy H

old

ers

Contr

ibuti

on (

Unit

Rese

rve a

t Cost

)-

667,6

30

1,6

98,8

10

871,5

93

52,7

96

1,0

33,6

00

7,0

21,1

51

-796,0

94

1,7

81,8

60

Bala

nced F

und C

ontr

ibuti

on (

Unit

Rese

rve a

t Cost

)870,2

96

-(3

48,1

19)

(522,1

77)

-(2

92,9

46)

-732,3

65

(439,4

19)

-Appre

cia

tion in B

ala

nced F

unds Ass

ets

213,2

23

-(8

5,2

89)

(127,9

34)

-(3

3,6

20)

-84,0

51

(50,4

31)

-Bala

nced F

und C

ontr

ibuti

on N

ot

Yet

Invest

ed

71

--

--

--

9-

-Pro

fit/

(Loss

) fo

r Curr

ent

Year

(2005-0

6)

-20,0

19

800,5

01

14,0

64

379

256,9

29

1,5

42,1

20

-15,8

03

73,4

44

Pre

vious

Year’

s Pro

fit

-3,1

40

114,1

72

1,0

75

18

5,0

25

37,8

74

-2,1

11

3,3

80

Tota

l1,0

83,5

90

690,7

89

2,1

80,0

75

236,6

21

53,1

93

968,9

88

8,6

01,1

45

816,4

25

324,1

58

1,8

58,6

84

ASS

ETS

Invest

ments

Govern

ment

Securi

ties

(Mark

et

Valu

e)

-199,0

07

328

152,5

63

7,3

05

-165,1

22

-151,3

77

318,3

93

Corp

ora

te B

onds

(Mark

et

Valu

e)

-357,2

22

42,6

22

660,7

31

26,5

47

37,3

25

532,6

03

-556,6

67

1,1

34,7

96

Equit

y S

hare

s (M

ark

et

Valu

e)

--

2,5

20,4

57

--

1,1

60,3

63

6,8

22,6

14

--

-Bala

nced F

und Invest

ments

(M

ark

et

Valu

e)

1,0

83,5

19

-(4

33,4

08)

(650,1

11)

-(3

26,5

66)

-816,4

16

(489,8

50)

-

Tota

l In

vest

ments

(A)

1,0

83,5

19

556,2

29

2,1

29,9

99

163,1

83

33,8

52

871,1

22

7,5

20,3

39

816,4

16

218,1

94

1,4

53,1

89

Curr

ent

Ass

ets

Cash

and b

ank b

ala

nces

71

42,3

06

90,5

71

27,5

10

8,7

18

132,9

70

1,2

37,2

56

965,2

41

184,8

28

Bank F

ixed D

eposi

ts-

82,0

85

-12,0

00

10,0

00

--

-14,0

00

197,5

80

Div

idend R

ece

ivable

--

608

--

306

1,6

30

--

-In

tere

st A

ccru

ed o

n I

nvest

ments

-11,5

67

635,6

33

779

722

-27,2

53

24,5

20

Tota

l Curr

ent

Ass

ets

(B)

71

135,9

58

91,1

85

75,1

43

19,4

97

133,2

83

1,2

38,9

08

9106,4

94

406,9

28

Curr

ent

Lia

bilit

ies

UL

Outs

tandin

g C

ontr

act

Payable

--

36,0

51

--

34,2

16

148,8

30

--

-Fund C

harg

es

Payable

-1,2

74

4,3

93

1,5

73

90

986

7,9

33

-418

1,0

38

Bank C

harg

es

Payable

-124

665

132

66

215

1,3

39

-112

395

UL

Bro

kera

ge P

ayable

--

--

--

--

--

Tota

l Curr

ent

Lia

bilit

ies

(C)

-1,3

98

41,1

09

1,7

05

156

35,4

17

158,1

02

-530

1,4

33

Net

Curr

ent

Ass

ets

(D)

= (

B-C

)71

134,5

60

50,0

76

73,4

38

19,3

41

97,8

66

1,0

80,8

06

9105,9

64

405,4

95

Tota

l Ass

ets

(A+D)

1,0

83,5

90

690,7

89

2,1

80,0

75

236,6

21

53,1

93

968,9

88

8,6

01,1

45

816,4

25

324,1

58

1,8

58,6

84

Bala

nced fund is

a fund o

f fu

nds.

The invest

ment

obje

cti

ve o

f th

is fund is

to p

rovid

e a

bala

nced invest

ment

betw

een long-t

erm

capit

al appre

cia

tion a

nd c

urr

ent

incom

e t

hro

ugh invest

ment

in t

he U

nit

s

of

our

Equit

y a

nd D

ebt

funds.

*

‘Eq.

for

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

76

Schedule

Form

ing p

art

of

Fin

ancia

l St

ate

ment

for

the y

ear

ended 3

1st M

arc

h 2

007 Appendix

II Refe

r Sc

hedule

16 N

ote

23

Revenue A

ccount

for

Unit

Lin

ked B

usi

ness

for

the y

ear

ended 3

1st M

arc

h 2

006

Eq. Plu

sEq.

Index

Bala

nce

Debt Plu

sCash

Plu

sEq. G

ain

Accele

rate

dSe

cure

Stable

Eq. M

idcap

Pensi

on

Pensi

on

Plu

s Pensi

on

Pensi

on

Pensi

on

Fund

INCO

ME

Inte

rest

Incom

e87

14

-3,2

98

1,2

93

870

912

157

5,5

19

214

Div

idend In

com

e1,9

48

970

--

-15,1

21

33

-85

4,0

68

Wri

te-u

p o

n T

-Bills

275

4-

311

618

3,2

46

167

26

340

396

Realise

d G

ain

/ (Loss

) on Invest

ments

23,0

96

6,3

74

-(4

14)

144

157,3

32

(42)

(71)

766

18,9

79

Unre

alise

d G

ain

s / (

Loss

) on Invest

ments

90,4

98

24,4

23

-(9

52)

4792,2

51

426

(30)

(2,0

18)

199,1

19

Transf

er

Fro

m S

hare

hold

ers

--

--

--

--

--

Wri

te u

p o

n C

orp

ora

te B

onds

655

19

-202

577

5,0

09

77

10

197

1,6

29

Tota

l Incom

e (A)

116,5

59

31,8

04

-2,4

45

2,6

36

973,8

29

1,5

73

92

4,8

89

224,4

05

EXPEN

SES

Fund A

dm

inis

trati

on E

xpense

s-

--

--

17,6

37

--

-4,1

82

Fund M

anagem

ent

Expense

s2,5

94

558

-378

297

21,1

64

219

34

1,0

18

5,0

19

Bank C

ust

ody C

harg

es

161

78

-27

20

1,0

64

--

-410

Fund A

ccounti

ng C

harg

es

252

198

-198

198

662

--

221

250

Tota

l Expense

s (B

)3,0

07

834

-603

515

40,5

27

219

34

1,2

39

9,8

61

Net

Pro

fit/

(Loss

) fo

r th

e Y

ear

(A-B

)113,5

52

30,9

70

-1,8

42

2,1

21

933,3

02

1,3

54

58

3,6

50

214,5

44

Bala

nce S

heet

for

Unit

Lin

ked B

usi

ness

as

at

31

st M

arc

h 2

006

Eq. Plu

sEq.

Index

Bala

nce

Debt Plu

sCash

Plu

sEq. G

ain

Accele

rate

dSe

cure

Stable

Eq. M

idcap

Pensi

on

Pensi

on

Plu

s Pensi

on

Pensi

on

Pensi

on

Fund

LIA

BIL

ITIE

SPolicy H

old

ers

Contr

ibuti

on (

Unit

Rese

rve a

t Cost

)533,1

15

83,9

09

-79,4

38

61,7

53

2,8

05,9

88

35,8

62

5,5

36

98,6

09

548,3

39

Bala

nced F

und C

ontr

ibuti

on (

Unit

Rese

rve a

t Cost

)-

(27,1

14)

67,7

84

(40,6

70)

--

--

--

Appre

cia

tion in B

ala

nced F

unds Ass

ets

-(4

,593)

11,4

83

(6,8

90)

--

--

--

Bala

nced F

und C

ontr

ibuti

on N

ot

Yet

Invest

ed

--

2-

--

--

--

Pro

fit/

(Loss

) fo

r Curr

ent

Year

(2005-0

6)

113,5

52

30,9

70

-1,8

42

2,1

21

933,3

02

1,3

54

58

3,6

50

214,5

44

Pre

vious

Year’

s Pro

fit

1,5

53

(392)

-244

186

24,9

44

96

25

499

12

Tota

l648,2

20

82,7

80

79,2

69

33,9

64

64,0

60

3,7

64,2

34

37,3

12

5,6

19

102,7

58

762,8

95

ASS

ETS

Invest

ments

Govern

ment

Securi

ties

(Mark

et

Valu

e)

22,7

96

--

11,5

06

4,7

43

94,7

42

1,2

17

2,5

42

10,4

83

8,2

51

Corp

ora

te B

onds

(Mark

et

Valu

e)

56,3

44

1,4

39

-54,1

88

33,0

67

129,7

03

19,1

08

1,0

58

69,2

64

104,5

50

Equit

y S

hare

s (M

ark

et

Valu

e)

464,3

86

96,6

01

--

-3,2

30,1

82

3,5

10

-2,4

69

641,4

77

Bala

nced F

und Invest

ments

(M

ark

et

Valu

e)

-(3

1,7

07)

79,2

67

(47,5

60)

--

--

--

Tota

l In

vest

ments

(A)

543,5

26

66,3

33

79,2

67

18,1

34

37,8

10

3,4

54,6

27

23,8

35

3,6

00

82,2

16

754,2

78

Curr

ent

Ass

ets

Cash

and b

ank b

ala

nces

132,6

78

17,8

08

29,8

66

5,3

63

327,8

27

12,6

84

1,9

86

18,1

87

32,3

26

Bank F

ixed D

eposi

ts-

--

4,0

00

20,3

35

--

--

-Div

idend R

ece

ivable

99

23

--

-830

1-

158

Inte

rest

Accru

ed o

n I

nvest

ments

5-

-2,0

73

657

834

820

38

2,5

32

174

Tota

l Curr

ent

Ass

ets

(B)

132,7

82

17,8

31

215,9

39

26,3

55

329,4

91

13,5

05

2,0

24

20,7

20

32,5

58

Curr

ent

Lia

bilit

ies

UL

Outs

tandin

g C

ontr

act

Payable

27,4

48

1,2

13

--

-11,9

24

--

-22,0

96

Fund C

harg

es

Payable

496

73

-39

35

7,2

42

28

5102

1,5

69

Bank C

harg

es

Payable

144

98

-70

70

718

--

76

276

UL

Bro

kera

ge P

ayable

--

--

--

--

--

Tota

l Curr

ent

Lia

bilit

ies

(C)

28,0

88

1,3

84

-109

105

19,8

84

28

5178

23,9

41

Net

Curr

ent

Ass

ets

(D)

= (

B-C

)104,6

94

16,4

47

215,8

30

26,2

50

309,6

07

13,4

77

2,0

19

20,5

42

8,6

17

Tota

l Ass

ets

(A+D)

648,2

20

82,7

80

79,2

69

33,9

64

64,0

60

3,7

64,2

34

37,3

12

5,6

19

102,7

58

762,8

95

Bala

nced fund is

a fund o

f fu

nds.

The invest

ment

obje

cti

ve o

f th

is fund is

to p

rovid

e a

bala

nced invest

ment

betw

een long-t

erm

capit

al appre

cia

tion a

nd c

urr

ent

incom

e t

hro

ugh invest

ment

in t

he U

nit

s of our Equit

y a

nd D

ebt

funds.

Note

: ‘

Eq f

or

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

77

Schedule

Form

ing p

art

of

Fin

ancia

l St

ate

ment

for

the y

ear

ended 3

1st M

arc

h 2

007 Appendix

II Refe

r Sc

hedule

16 N

ote

23

Revenue A

ccount

for

Unit

Lin

ked B

usi

ness

fo

r th

e y

ear

ended 3

1st M

arc

h 2

006

Eq. M

idcap

Eq. M

idcap

Pure

Eq.

Pre

mie

r Eq.

Pre

mie

rPre

mie

rPre

mie

rTo

tal

Plu

sPensi

on

Eq. G

ain

Debt

Bala

nce

INCO

ME

Inte

rest

Incom

e1,4

75

14

263

133

353

-146,5

80

Div

idend In

com

e7,6

46

589

80

156

199

--

82,8

13

Wri

te-u

p o

n T

-Bills

763

44

133

-43

74

-46,8

30

Realise

d G

ain

/ (Loss

) on Invest

ments

36,3

65

3,8

15

88

116

8,3

37

40

-531,9

93

Unre

alise

d G

ain

s / (

Loss

) on Invest

ments

419,9

57

24,2

59

10,8

38

21,8

45

30,9

72

(165)

-3,8

96,3

74

Transf

er

Fro

m S

hare

hold

ers

--

--

--

-83

Wri

te u

p o

n C

orp

ora

te B

onds

3,0

50

192

-93

280

23

-66,4

52

Tota

l Incom

e (A)

469,2

56

28,9

13

11,1

41

22,2

73

39,9

64

325

-4,7

71,1

25

EXPEN

SES

Fund A

dm

inis

trati

on E

xpense

s-

--

--

--

55,1

80

Fund M

anagem

ent

Expense

s10,3

73

675

214

558

893

131

-121,4

42

Bank C

ust

ody C

harg

es

738

55

--

--

-5,9

05

Fund A

ccounti

ng C

harg

es

357

188

51

58

62

41

-6,4

68

Tota

l Expense

s (B

)11,4

68

918

265

616

955

172

-188,9

95

Net

Pro

fit/

(Loss

) fo

r th

e Y

ear

(A-B

)457,7

88

27,9

95

10,8

76

21,6

57

39,0

09

153

-4,5

82,1

30

Bala

nce S

heet

for

Unit

Lin

ked B

usi

ness

as

at

31

st M

arc

h 2

006

Eq. M

idcap

Eq. M

idcap

Pure

Eq.

Pre

mie

r Eq.

Pre

mie

rPre

mie

rPre

mie

rTo

tal

Plu

sPensi

on

Eq. G

ain

Debt

Bala

nce

LIA

BIL

ITIE

SPolicy H

old

ers

Contr

ibuti

on (

Unit

Rese

rve a

t Cost

)1,4

02,7

57

82,4

92

175,7

43

356,8

97

581,5

57

141,4

18

-20,9

16,9

47

Bala

nced F

und C

ontr

ibuti

on (

Unit

Rese

rve a

t Cost

)-

--

(16,9

53)

-(2

5,4

30)

42,3

83

-Appre

cia

tion in B

ala

nced F

unds Ass

ets

--

-(5

87)

-(8

81)

1,4

68

-Bala

nced F

und C

ontr

ibuti

on N

ot

Yet

Invest

ed

--

--

--

-82

Pro

fit/

(Loss

) fo

r Curr

ent

Year

(2005-0

6)

457,7

88

27,9

95

10,8

76

21,6

57

39,0

09

153

-4,5

82,1

30

Pre

vious

Year’

s Pro

fit

67

12

--

--

-194,0

41

Tota

l1,8

60,6

12

110,4

99

186,6

19

361,0

14

620,5

66

115,2

60

43,8

51

25,6

93,2

00

ASS

ETS

Invest

ments

Govern

ment

Securi

ties

(Mark

et

Valu

e)

86,4

50

2,6

45

31,2

64

905

10,1

53

17,7

90

-1,2

99,5

82

Corp

ora

te B

onds

(Mark

et

Valu

e)

207,7

69

15,3

95

-12,6

67

85,8

85

12,3

77

-4,1

51,3

27

Equit

y S

hare

s (M

ark

et

Valu

e)

1,4

60,3

59

80,5

94

118,1

19

261,2

65

420,5

16

--

17,2

82,9

13

Bala

nced F

und Invest

ments

(M

ark

et

Valu

e)

--

-(1

7,5

40)

-(2

6,3

11)

43,8

51

-

Tota

l In

vest

ments

(A)

1,7

54,5

78

98,6

34

149,3

83

257,2

97

516,5

54

3,8

56

43,8

51

22,7

33,8

21

Curr

ent

Ass

ets

Cash

and b

ank b

ala

nces

156,7

24

15,0

84

45,0

53

116,0

66

142,8

33

100,2

84

-2,9

24,2

51

Bank F

ixed D

eposi

ts-

--

--

10,0

00

-350,0

00

Div

idend R

ece

ivable

248

13

76

57

71

--

4,0

21

Inte

rest

Accru

ed o

n I

nvest

ments

3,4

67

--

41

81,2

30

-111,6

66

Tota

l Curr

ent

Ass

ets

(B)

160,4

39

15,0

97

45,1

29

116,1

64

142,9

12

111,5

14

-3,3

89,9

38

Curr

ent

Lia

bilit

ies

UL

Outs

tandin

g C

ontr

act

Payable

52,0

20

3,0

43

7,7

10

12,0

40

38,2

51

--

394,8

42

Fund C

harg

es

Payable

1,9

75

107

132

349

587

69

-30,5

13

Bank C

harg

es

Payable

410

82

51

58

62

41

-5,2

04

UL

Bro

kera

ge P

ayable

--

--

--

--

Tota

l Curr

ent

Lia

bilit

ies

(C)

54,4

05

3,2

32

7,8

93

12,4

47

38,9

00

110

-430,5

59

Net

Curr

ent

Ass

ets

(D

) = (

B-C

)106,0

34

11,8

65

37,2

36

103,7

17

104,0

12

111,4

04

-2,9

59,3

79

Tota

l Ass

ets

(A+D)

1,8

60,6

12

110,4

99

186,6

19

361,0

14

620,5

66

115,2

60

43,8

51

25,6

93,2

00

Bala

nced fund is

a fund o

f fu

nds.

The invest

ment

obje

cti

ve o

f th

is fund is

to p

rovid

e a

bala

nced invest

ment

betw

een long-t

erm

capit

al appre

cia

tion a

nd c

urr

ent

incom

e t

hro

ugh invest

ment

in t

he

Unit

s of

our

Equit

y a

nd D

ebt

funds.

Note

: ‘

Eq f

or

Equit

y’

(Am

ount

in R

s. ‘

000)

(Am

ount

in R

s. ‘

000)

Schedules forming part of financial statements for year ended 31st March 2007

Appendix III refer Schedule 16 Note 23

Disclosure for Unit Linked Business as per Unit Linked Disclosure Norms:

I. Performance of Fund: Refer Enclosure “A”

1. Investment Management

i) Activities outsourced: Fund Accounting.

ii) Fess paid for various activities charged to Policyholders’ account: Refer Enclosure “B”.

iii) Basis of Payment of Fees: Refer Enclosure “B”.

2. Related party transactions

i) During the year no brokerage, custodial fees and any other payments and receipts made to/from related parties

(Previous year: NIL).

ii) Company wise details of investments held in the promoter group along with its percentage to funds under management:

As on 31st March 07 no investments is held in the promoter group (Previous year NIL)

3. Industry wise Disclosure of Investment Refer Enclosure “C”.

4. Unclaimed redemption of Units: As on 31st March 07 there is no unclaimed redemption of units.

5. Highest, Lowest and Closing NAV at the end of the year: Refer Enclosure “D”.

6. Expenses Charged to Fund (percentage basis) :

i) Annualized expense ratio to average daily assets of the Fund: Refer Enclosure “E”

7. Ratio of Gross income to average daily net assets: Refer Enclosure “F”

8. There are no doubtful debts on assets as on 31st March 07.

9. Disclosure of appreciation and/or depreciation in value of investments: Refer Enclosure “G”

78


Enclosure A : Performance of Fund (Absolute Growth %)

Fund Names Date Of Current Year Since

Inception 2006-07 (%) 2005-06 (%) 2004-05 (%) Inception (%)

Acc Mid Cap Fund 24-Jul-06 22.39 0.00 0.00 22.39

Acc Mid Cap Pension Fund 24-Jul-06 18.99 0.00 0.00 18.99

Accelerated Fund 18-Nov-04 6.78 8.95 4.62 21.71

Balance Fund 15-Jan-04 7.56 28.46 3.49 38.06

Balance Plus Pension Fund 18-Nov-04 9.10 28.09 3.86 45.13

Balanced Plus Fund 23-Jul-04 8.36 27.13 11.97 54.25

Balancer Fund 24-Jul-06 11.99 0.00 0.00 11.99

Balancer Pension Fund 24-Jul-06 11.34 0.00 0.00 11.34

Bond Pension Fund 24-Jul-06 4.46 0.00 0.00 4.46

Capital GuaranteeFund 2012 11-Jan-07 (0.66) 0.00 0.00 (0.66)



Cash Fund 15-Jan-04 5.39 3.68 2.53 12.14

Cash Plus Fund 23-Jul-04 6.99 5.26 3.26 16.29

Cash Plus Pension Fund 18-Nov-04 7.18 5.08 2.02 14.90

Debt Fund 15-Jan-04 3.60 2.50 (1.25) 5.83

Debt Plus Fund 23-Jul-04 5.06 3.85 0.28 9.41

Debt Plus Pension Fund 18-Nov-04 5.61 3.59 2.63 12.27

Equity Fund 15-Jan-04 11.67 65.82 11.26 82.61

Equity Gain Fund 23-Jul-04 4.95 70.84 36.34 144.46

Equity Growth Fund 24-Jul-06 18.45 0.00 0.00 18.45

Equity Growth Pension Fund 24-Jul-06 18.66 0.00 0.00 18.66

Equity Index Fund 23-Jul-04 12.47 64.90 23.13 128.36

Equity Index Pension Fund 18-Nov-04 13.08 66.74 6.86 101.49

Equity Midcap Fund 9-Mar-05 4.20 74.56 0.95 83.62

Equity Midcap Pension Fund 9-Mar-05 6.80 78.83 1.79 94.41

Equity Midcap Plus Fund 9-Mar-05 5.11 76.80 1.63 88.87

Equity Plus Fund 23-Jul-04 6.11 70.32 39.33 151.79

Equity Plus Pension Fund 18-Nov-04 7.08 73.82 18.64 120.82

Equity Index Pension Fund-2 24-Jul-06 21.58 0.00 0.00 21.58

Income Bond Fund 10-Jul-06 4.15 0.00 0.00 4.15

Life Long Gain Fund 23-Jul-04 4.30 2.01 (6.95) (1.00)

Liquid Fund 10-Jul-06 5.15 0.00 0.00 5.15

Liquid Pension Fund 24-Jul-06 4.84 0.00 0.00 4.84

Nifty Index Fund 24-Jul-06 23.87 0.00 0.00 23.87

Premier Balanced Fund 17-Dec-05 7.25 8.76 0.00 16.65

Premier Balancer Fund 24-Jul-06 10.60 0.00 0.00 10.60

Premier Debt Fund 17-Dec-05 4.11 1.45 0.00 5.62

Premier Equity Fund 17-Dec-05 11.34 20.20 0.00 33.83

Premier Equity Gain Fund 17-Dec-05 5.20 26.63 0.00 33.21

Premier Equity Growth Fund 24-Jul-06 20.51 0.00 0.00 20.51

Premier Income Fund 21-Jul-06 2.79 0.00 0.00 2.79

Premier Nifty Index Fund 24-Jul-06 22.42 0.00 0.00 22.42

Pure Equity Fund 17-Dec-05 (0.38) 22.79 0.00 22.32

Pure Stock Fund 21-Jul-06 13.66 0.00 0.00 13.66

Secure Fund 15-Oct-04 6.31 3.05 2.29 12.06

Stable Fund 15-Sept-04 4.46 4.69 4.13 13.87

79


Enclosure B : Fees Charged to Policyholders’ Account(Amt. in Rs. ‘000)

Particulars Fund Fund Fund

Management Administration Custody Accounting

Expenses Expenses Charges Charges

Acc Mid Cap Fund 2,676 - - -

Acc Mid Cap Pension Fund 462 - - -

Accelerated Fund 456 - - -

Balance Fund - - - -

Balance Plus Pension Fund - - - -

Balanced plus Fund - - - -

Balancer Fund - - - -

Balancer Pension Fund - - - -

Bond Pension Fund 107 - - -

Capital GuaranteeFund 2012 84 - - -



Cash fund 8,200 10,250 48 67

Cash Plus Fund 14,410 - 29 245

Cash Plus Pension Fund 820 - 3 57

Debt Fund 10,136 12,670 (33) 67

Debt Plus Fund 6,414 - 56 71

Debt Plus Pension Fund 671 - 3 51

Eq Growth Fund 35,261 - - -

Eq Midcap Plus Fund 26,354 - 95 221

Eq.Midcap Fund 12,872 10,726 (37) 67

Eq.Midcap Pension Fund 1,699 - 1 62

Equity Gain Fund 71,368 59,476 370 468

Equity Fund 30,346 37,932 157 315

Equity Growth Pension Fund 3,179 - - -

Equity Index Fund 15,709 - 176 157

Equity Index Pension Fund 1,316 - (7) 64

Equity Plus Fund 144,106 - 995 1,024

Equity Plus Pension Fund 12,219 - 67 67

Equity Index Pension Fund-2 508 - - -

Income Bond Fund 1,169 - - -

Life Long Gain Fund 748 935 - 50

Liquid Fund 235 - - -

Liquid Pension Fund 44 - - -

Nifty Index Fund 6,315 - - -

Premier Equity Growth Fund 12,391 - - -

Premier Balance fund - - - -

Premier Balancer Fund - - - -

Premier Debt Fund 5,239 - - 65

Premier Equity Fund 11,159 - - 67

Premier Equity Gain Fund 19,192 - - 67

Premier Income fund 1,232 - - -

Premier Nifty Index Fund 3,676 - - -

Pure Equity Fund 4,414 - - 67

Pure Stock Fund 855 - - -

Secure Fund 72 - - -

Stable Fund 1,479 - - 67

Total 467,649 131,988 1,923 3,384

Basis of Payment of Fees

Fund Management Charges % of NAV

Fund Administration Charges % of NAV / Fixed Amount

Fund Accounting Charges % of Asset Under Management

Custody Charges % of Market Value of Investment

80


Enclosure C: Summary Of Industry Wise Disclosure Of Investments

Industry Amt in Rs. ‘000 Exposure (%)

Banking Services Industry - Fixed Deposit 1,681,000 3.52

Banking Services Industry - Other than Fixed Deposits 8,567,601 17.96

Computer Software Industry 5,407,527 11.34

Others 32,049,923 67.18

Total 47,706,051 100.00

Note - Industry exposure does not include cash element

Fundwise Industrywise Disclosure of Investments

Banking Services Computer Software OthersIndustry Industry

Portfolio NameAmt in Amt in Amt in

Rs. ‘000 % Rs. ‘000 % Rs. ‘000 %

Acc Mid Cap Fund 84,733 0.83 78,607 1.45 435,893 1.36

Acc Mid Cap Pension Fund 5,890 0.06 8,631 0.16 50,417 0.16

Accelerated Fund 32,125 0.31 3,210 0.06 29,392 0.09

Bond Pension Fund 17,826 0.17 - 0.00 8,367 0.03

Capital GuaranteeFund 2012 1,110 0.01 2,271 0.04 57,989 0.18

Capital GuaranteeFund 2014 102 0.00 206 0.00 3,802 0.01

Capital GuaranteeFund 2017 1,073 0.01 2,195 0.04 30,485 0.10

Cash Fund 809,139 7.90 - 0.00 90,091 0.28

Cash Plus Fund 1,465,592 14.31 - 0.00 190,032 0.59

Cash Plus Pension Fund 119,349 1.16 - 0.00 3,432 0.01

Debt Fund 412,506 4.02 - 0.00 692,404 2.16

Debt Plus Fund 372,676 3.64 - 0.00 592,401 1.85

Debt Plus Pension Fund 21,306 0.21 - 0.00 83,654 0.26

Eq Growth Fund 1,339,451 13.07 858,238 15.87 5,594,983 17.44

Eq Midcap Plus Fund 228,670 2.23 236,631 4.38 1,313,236 4.10

Eq.Midcap Fund 165,906 1.62 132,047 2.44 695,062 2.17

Eq.Midcap Pension Fund 19,270 0.19 15,689 0.29 83,159 0.26

Equity Gain Fund 982,145 9.58 670,553 12.40 4,323,080 13.49

Equity Fund 403,402 3.94 710,485 13.14 2,655,802 8.29

Equity Growth Pension Fund 91,378 0.89 58,198 1.08 377,939 1.18

Equity Index Fund 212,442 2.07 357,136 6.60 1,320,943 4.12

Equity Index Pension Fund 18,826 0.18 30,291 0.56 111,989 0.35

Equity Plus Fund 1,669,975 16.29 1,222,437 22.61 8,013,618 25.00

Equity Plus Pension Fund 147,325 1.44 97,890 1.81 627,554 1.96

Equity Index Pension Fund-2 24,046 0.23 26,336 0.49 97,607 0.30

Income Bond Fund 204,076 1.99 - 0.00 170,772 0.53

Life Long Gain Fund 52,235 0.51 - 0.00 51,146 0.16

Liquid Fund 90,322 0.88 - 0.00 3,736 0.01

Liquid Pension Fund 9,763 0.10 - 0.00 59 0.00

Nifty Index Fund 291,884 2.85 407,141 7.53 1,556,338 4.86

Premier Equity Growth Fund 214,089 2.09 125,253 2.32 783,895 2.45

Premier Debt Fund 109,369 1.07 - 0.00 104,694 0.33

Premier Equity Fund 55,362 0.54 105,125 1.94 388,652 1.21

Premier Equity Gain Fund 183,268 1.79 108,110 2.00 669,610 2.09

Premier Income Fund 56,761 0.55 - 0.00 47,549 0.15

Premier Nifty Index Fund 46,708 0.46 67,871 1.26 251,647 0.79

Pure Equity Fund - 0.00 57,814 1.07 302,199 0.94

Pure Stock Fund - 0.00 18,655 0.34 96,936 0.30

Secure Fund 3,136 0.03 102 0.00 2,935 0.01

Stable Fund 285,365 2.78 6,405 0.12 136,424 0.43

Grand Total 10,248,601 100.00 5,407,527 100.00 32,049,923 100.00

81


Banking Services - Exposure details - Scrip Wise

Instrument Amt in Rs. ‘000 (%)

10% SARASWATBANK - 06-May-2008 FD 50,000 0.49

10.95% ICICI BANK LTD - 03-Mar-2008 FD 251,000 2.45

11% IDBI - 12-May-2008 50,053 0.49

11.11% STATE BANK OF HYDERABAD - 03-Mar-2008 FD 100,000 0.98

11.25% CANARA BANK - 03-Mar-2009 FD 100,000 0.98

11.25% ICICI BANK LTD - 13-Mar-2009 FD 100,000 0.98

11.25% SYNDICATE BANK - 17-Mar-2008 FD 50,000 0.49

11.30% SYNDICATE BANK - 24-Mar-2009 FD 50,000 0.49



11.30% SYNDICATE BANK - 24-Mar-2009 FD (29/03/07) 200,000 1.95

11.50% PUNJAB NATIONAL BANK - 21-Mar-2008 FD 200,000 1.95

6.00% IDBI OMNI BONDS M - 16/01/2009 46,514 0.45

8.25% ICICI BANK LTD - 13-Aug-2007 FD 100,000 0.98

8.90% ICICI BANK LTD - 12-Apr-2007 FD 100,000 0.98

8.96% SYNDICATE BANK - 28-Dec-2007 FD 80,000 0.78

8.96% SYNDICATE BANK - 29-Dec-2007 FD 50,000 0.49

Allahabad Bank CD 12 March 2008 227,215 2.22

Allahabad Bank CD 22 Feb 2008 45,756 0.45

ALLAHABAD BANK CD- 31-Oct-2007 143,287 1.40

ALLAHABAD CD 19 Sept 2007 48,175 0.47

Canara Bank CD 28 Feb 2008 501,481 4.89

FEDERAL BANK LTD - 29-Jun-2007 98,041 0.96

HDFC Bank CD 15 June 2007 49,213 0.48

HDFC Bank CD 28 June 2007 147,138 1.44

HDFC BANK LTD 141,884 1.38

HSBC CD 11 July 2007 146,788 1.43

ICICI Bank CD 03 Jan 2008 93,474 0.91

ICICI Bank CD 21 May 2007 98,876 0.96

ICICI Bank CD 29 June 2007 196,148 1.91

ICICI Bank CD 31 Jul 2007 97,428 0.95

ICICI Bank CD 6 March 2008 136,016 1.33

ICICI BANK LTD 900,510 8.76

ICICI BANK LTD - 04-Apr-2007 49,957 0.49

ICICI BANK LTD CD - 22-Jun-2007 98,251 0.96

ICICI Bank Ltd. CD 20 Feb 2008 228,521 2.23

IDBI Bank CD 05 March 2008 136,427 1.33

IDBI Bank CD 13 Nov 2007 95,232 0.93

INDIAN BANK CD - 09-Apr-2007 99,807 0.97

Indian Bank CD 05 Jun 07 98,580 0.96

Indian Bank CD 20 Jul 2007 48,852 0.48

ING Vysya Bank CD 06 Apr 2007 49,936 0.49

ING VYSYA BANK LTD 75,663 0.74

KOTAK MAHINDRA BANK CD - 10-Jul-2007 97,815 0.95

KOTAK MAHINDRA BANK CD- 19-Jun-2007 98,288 0.96

Kotak Mahindra Bank CD 31 Jul 2007 97,446 0.95

ORIENTAL BANK OF COMMERCE 22,112 0.22

PNB CD 28 June 2007 97,859 0.95

PUNJAB NATIONAL BANK 636,222 6.21

STATE BANK MYSORE CD 19 March 2008 453,006 4.42

STATE BANK OF BIKANER & JAIPUR - 11-Jun-2007 98,404 0.96

STATE BANK OF HYDERABAD- CD 07 Jun 2007 49,214 0.48

82

STATE BANK OF INDIA 917,072 8.95

STATE BANK OF INDIA CD- 14-May-2007 49,541 0.48

STATE BANK OF INDORE CD - 14-May-2007 49,557 0.48

STATE BANK OF INDORE CD 30 Apr 2007 49,656 0.48

STATE BANK OF PATIALA - 29-Nov-2007 47,445 0.46

STATE Bank OF PATIALA -CD 06 Sep 07 48,365 0.47

STATE BANK OF TRAVANCORE CD- 07-Jan-2008 93,395 0.91

STATE BANK SAURASHTRA - 21-Jun-2007 98,281 0.96

UCO Bank CD 07 Feb 2008 230,781 2.25

UCO Bank CD 21 Apr 2007 49,779 0.49

UCO Bank CD 29 June 2007 49,047 0.48

UCOBANK CD - 12-Jul-2007 244,555 2.39

Union Bank CD 20 March 2008 452,868 4.42

UTI Bank CD 23 Aug 2007 48,211 0.47

UTI Bank CD 28 Aug 2007 145,289 1.42

UTI BANK LTD CD 15-Jun-2007 98,418 0.96

Yes Bank CD 12 Oct 2007 47,992 0.47

YESBANK -CD - 30-Oct-2007 47,760 0.47

Grand Total 10,248,601 100.00

Computer Software Industry- Exposure details - Scrip Wise


AZTEC SOFTWARE 45,143 0.83

HCL TECHNOLOGIES LTD 89,219 1.65

INFOSYS TECHNOLOGIES LTD 1,500,563 27.76

INFOTECH ENTERPRISES LTD 26,573 0.49

MASTEK LTD 92,923 1.72

MPHASIS BFL LIMITED 823,201 15.22

NIIT TECHNOLOGIES LIMITED 92,188 1.70

SATYAM COMPUTER SERVICES LTD 866,937 16.03

TATA CONSULTANCY SERVICES LTD 1,340,287 24.79

TULIP IT SERVICES LIMITED 61,599 1.14

WIPRO LTD 468,894 8.67

Grand Total 5,407,527 100.00


Banking Services - Exposure details - Scrip Wise


83

Appendix III refer Schedule 16 Note 23.

Enclosure D : Highest, Lowest and Closing NAV for the year 2006-07

Fund Names Closing NAV Lowest Highest

31-Mar-07 NAV NAV

(Rs.) (Rs.) (Rs.)

Accelerated Fund 12.171 10.689 12.685

Accelerator M-C Pension Fund 11.898 10.000 13.237

Accelerator Mid-Cap Fund 12.238 10.000 13.580

Balance Plus Pension Fund 14.512 11.970 15.206

Balanced Fund 13.806 11.408 14.536

Balanced Plus Fund 15.425 12.825 16.166

Balancer Fund 11.198 9.933 11.665

Balancer Pension Fund 11.133 10.000 11.554

Bond Fund 10.414 10.000 10.414

Bond Pension Fund 10.446 10.000 10.446

Capital Guarantee Fund- 2012 9.986 9.837 10.102



Cash Fund 11.215 10.654 11.215

Cash Plus Fund 11.628 10.888 11.628

Cash Plus Pension Fund 11.490 10.738 11.490

Debt Fund 10.583 10.247 10.616

Debt Plus Fund 10.940 10.448 10.944

Debt Plus Pension Fund 11.227 10.668 11.227

Equity Fund 18.262 12.608 20.110

Equity Gain Fund 24.447 17.242 27.138

Equity Growth Fund 11.845 9.564 13.039

Equity Growth Pension Fund 11.865 10.000 13.403

Equity Index Fund 22.835 15.649 25.099

Equity Index Pension Fund 20.148 13.798 22.151

Equity Index Pension Fund 2 12.157 10.000 13.384

Equity Midcap Fund 18.362 13.522 20.486

Equity Midcap Pension Fund 19.440 13.977 21.662

Equity Midcap Plus Fund 18.886 13.518 21.064

Equity Plus Fund 25.178 17.454 27.916

Equity Plus Pension Fund 22.082 15.303 24.489

Life Long Gain Fund 9.901 9.517 9.901

Liquid Pension Fund 10.483 10.000 10.483

Liquid Fund 10.514 10.000 10.514

Nifty Index Fund 12.387 9.788 13.629

Premier Bal Fund 11.664 9.882 12.179

Premier Balancer Fund 11.060 10.000 11.529

Premier Bond Fund 10.279 10.000 10.279

Premier Debt Fund 10.562 10.158 10.562

Premier Eq Gain Fund 13.320 9.332 14.787

Premier Equity Fund 13.383 9.238 14.742

Premier Equity Growth Fund 12.050 10.000 13.359

Premier Equity Index Fund 12.241 10.000 13.492

Pure Eq Fund 12.231 9.445 13.589

Pure Stock Fund 11.366 10.000 12.625

Secure Gain Fund 11.206 10.562 11.206

Stable Gain Fund 11.387 10.839 11.635

84


Enclosure F : Ratio of Gross Income to

Average Daily Assets of the Fund

Fund Names Income Ratio (%)

Acc Mid Cap Fund 7.00

Acc Mid Cap Pension Fund 15.32

Accelerated Fund 8.45

Bond Pension Fund 7.70

Capital GuaranteeFund 2012 6.84



Cash fund 7.54

Cash Plus Fund 7.67

Cash Plus Pension Fund 7.68

Debt Fund 6.05

Debt Plus Fund 6.20

Debt Plus Pension Fund 6.69

Eq Growth Fund 0.85

Eq Midcap Plus Fund 22.49

Eq.Midcap Fund 22.57

Eq.Midcap Pension Fund 24.50

Equity Gain Fund 14.40

Equity Fund 13.78

Equity Growth Pension Fund 1.26

Equity Index Fund 12.30

Equity Index Pension Fund 13.77

Equity Plus Fund 13.43

Equity Plus Pension Fund 13.49

Equity Index Pension Fund-2 9.34

Income Bond Fund 7.88

Life Long Gain Fund 7.16

Liquid Fund 8.36

Liquid Pension Fund 8.02

Nifty Index Fund 2.59

Premier Equity Growth Fund 8.49

Premier Debt Fund 7.29

Premier Equity Fund 14.26

Premier Equity Gain Fund 8.71

Premier Income fund 7.71

Premier Nifty Index Fund 11.24

Pure Equity Fund 7.45

Pure Stock Fund 9.12

Secure Fund 7.81

Stable Fund 7.19


Enclosure E : Annualised Expense Ratio to

Average Daily Assets of the Fund

Fund Name Expense Ratio (%)

Acc Mid Cap Fund 1.75

Acc Mid Cap Pension Fund 1.75

Accelerated Fund 1.20

Bond Pension Fund 0.95




Cash fund 2.26

Cash Plus Fund 0.71

Cash Plus Pension Fund 0.75

Debt Fund 2.25

Debt Plus Fund 0.71

Debt Plus Pension Fund 0.76

Eq Growth Fund 1.75

Eq Midcap Plus Fund 1.52

Eq.Midcap Fund 2.75

Eq.Midcap Pension Fund 1.56

Equity Gain Fund 2.77

Equity Fund 2.27

Equity Growth Pension Fund 1.75

Equity Index Fund 1.02

Equity Index Pension Fund 1.04

Equity Plus Fund 1.52

Equity Plus Pension Fund 1.52

Equity Index Pension Fund-2 1.25

Income Bond Fund 0.95

Life Long Gain Fund 2.32

Liquid Fund 0.95

Liquid Pension Fund 0.95

Nifty Index Fund 1.25

Premier Equity Growth Fund 2.75

Premier Debt Fund 2.28

Premier Equity Fund 2.26

Premier Equity Gain Fund 2.26

Premier Income fund 2.75

Premier Nifty Index Fund 2.75

Pure Equity Fund 1.52

Pure Stock Fund 1.75

Secure Fund 1.20

Stable Fund 1.25

85

Appendix

III r

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ppre

ciat

ion/(

Depre

ciat

ion)

in v

alue o

f in

vest

ments

(Am

t. in R

s. ‘000)

Part

icula

rsPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPre

mie

rPure

Pure

Secure

Stable

Tota

l

Debt

Eq.

Eq. G

ain

Eq. G

row

thIn

com

eN

ifty

Index

Eq.

Sto

ck

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Gove

rnm

ent Bonds

--

35

--

--

--

-(1

,243)

Corp

ora

te B

onds

(1,8

07)

-(1

)13

(618)

1-

-(5

0)

(1,1

66)

(33,3

04)

Infr

ast

ructu

re B

onds

(1,1

09)

--

-(2

46)

--

-(2

7)

(235)

-

Equit

y-

40,8

44

14,5

26

(3,8

00)

-1,2

33

7,7

54

(1,7

34)

18

949

(29,9

80)

Money M

ark

et

--

--

--

--

--

1,8

12,0

48

Mutu

al F

und

--

--

--

--

--

-

Tota

l (A

)(2

,916)

40,8

44

14,5

60

(3,7

87)

(864)

1,2

34

7,7

54

(1,7

34)

(59)

(452)

1,7

47,5

21

Corp

ora

te B

onds

--

--

--

--

-30

(603)

Infr

ast

ructu

re B

onds

--

--

--

--

--

-

Equit

y-

29,3

24

28,5

38

20,8

31

-9,5

30

(5,7

13)

(1,6

40)

4840

1,2

75,7

15

Mutu

al F

und

--

--

--

--

--

-

Tota

l(B)

-29,3

24

28,5

38

20,8

31

-9,5

30

(5,7

13)

(1,6

40)

4870

1,2

75,1

12

Tota

l (A

+B)

(2,9

16)

70,1

68

43,0

98

17,0

44

(864)

10,7

64

2,0

41

(3,3

74)

(55)

418

3,0

22,6

33

Note

: The a

bove a

ppre

cia

tion/depre

cia

tion is

the d

iffe

rence b

etw

een m

ark

et

valu

e a

nd b

ook c

ost

of

the invest

ment

as

at

31

st M

arc

h 2

007.

*

‘Eq.

for

Equit

y’

87

Cash Flow Statement for the year ended 31st March 2007

(Amount in Rs. ‘000)


Cash Flow from Operating Activities

Receipts from customers

Premium Income 52,965,721 31,153,497

Premium & Other Deposits 588,493 729,329

53,554,214 31,882,826

Other Income

Interest on overdue premium 17,930 12,808

Unit linked fund administration/management charges 952,087 218,070

Others 34,308 59,354

1,004,325 290,232

Cash generated from operations 54,558,539 32,173,058

Cash paid towards Operating Activities

Commission (8,328,257) (2,946,503)

Claims (6,958,837) (6,483,901)

Other Expenses (10,515,387) (4,656,607)

Direct Taxes Paid (76,261) (37,560)

Loans, Advances & Deposits 2,661,253 772,329

(23,217,489) (13,352,242)

Cash flow before extraordinary item 31,341,050 18,820,816

Extraordinary Item – –

Net cash from Operating Activities ( A ) 31,341,050 18,820,816

Cash Flow from Investing Activities

Purchase of Fixed Assets (319,404) (165,708)

Purchase of Investments (83,123,594) (26,703,624)

(83,442,998) (26,869,332)

Interest & Dividend Received 628,682 261,942

Proceeds from Sale of Investments 50,927,847 7,520,686

51,556,529 7,782,628

Net cash from investing activities ( B ) (31,886,469) (19,086,704)

Cash Flow from Financing activities

Proceeds from Issuance of Share Capital 1,342 1,551

Share Premium received on issuance of Share Capital 2,006,290 2,318,745

2,007,632 2,320,296

Net cash from Financing Activities ( C ) 2,007,632 2,320,296

Net increase in Cash & Cash Equivalents ( D = A + B + C ) 1,462,213 2,054,408

Cash & Cash equivalents at the beginning of the Year 2,682,164 627,756

Cash & Cash Equivalents at the end of the Year 4,144,377 2,682,164

Components of cash & cash equivalents

Cash and Bank Balances ( as per Sch 11) 4,198,042 2,958,503

Temporary overdraft (as per Sch 13 ) (53,665) (276,339)

4,144,377 2,682,164






88

Balance sheet abstract and Company’s general business profile

I. Registration Details

Registration No. State Code

15959 11

Balance Sheet Date

31 03 2007

Date Month Year

II. Capital raised during the year (Amount in Rs. ’000)

Public Issue Rights Issue

- -

Bonus Issue Private Placement

- 1,342

III. Position of mobilisation and deployment of funds (Amount in Rs. ’000)

Total Liabilities Total Assets

676,31,851 676,31,851

IV Source of Funds (Amount in Rs. ’000)

Paid-up Capital Reserves and Surplus (shareholders)

1,503,680 5,501,600

Secured Loans Unsecured Loans

- -

Policyholders funds Others

60,626,486 85

V Application of Funds (Amount in Rs. ’000)

Net Fixed Assets Investments

535,694 67,455,659

Net Current Assets Miscellaneous Expenditure

(3,138,261) -

Accumulated loss (Shareholders) Others

2,760,129 18,630

VI. Performance of Company (Amount in Rs. ’000)

Turnover Total Expenditure

- -

Profit/Loss before tax Profit/Loss after tax

(717,006) (717,033)

Accumulated Profits

-

Earnings per share Dividend rate (%)

(4.77) -

Note: Being a life insurance company there is no turnover.

89

VII. Generic Names of Principal Products/Services of Company

Item code no (ITC code) -

Product description Life Insurance Business

Note:

The Company being a life insurance company, the accounts of the Company are not required to be made in accordance with

Schedule VI. Further, the Insurance Act, 1938, requires the accounts of the Company to be split between Policyholders’ and

Shareholders’ Account. In view of this, it is not possible to give all the information as required in Part III & Part IV of the

Schedule.




Place: Pune

Date: 11th

May 2007

90

Notes

Documents

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