name of the insurer: max life insurance company limited
TRANSCRIPT
Form No Description PagesL- 1 REVENUE ACCOUNT 2-5
L- 2 PROFIT & LOSS ACCOUNT 6
L- 3 BALANCE SHEET 7
L- 4 PREMIUM 8-9
L- 5 COMMISSION 8-9
L- 6 OPERATING EXPENSES 10-13
L- 7 BENEFITS PAID 14-17
L- 8 SHARE CAPITAL 18
L- 9 PATTERN OF SHAREHOLDING 18
L-10 RESERVE AND SURPLUS 19
L-11 BORROWINGS 19
L-12 INVESTMENT SHAREHOLDERS 20
L-13 INVESTMENT POLICYHOLDERS 21
L-14 INVESTMENT-ASSETS HELD TO COVER LINKED LIABILITIES 22
L-15 LOANS 23
L-16 FIXED ASSETS 24
L-17 CASH AND BANK BALANCE 25
L-18 ADVANCES AND OTHER ASSETS 25
L-19 CURRENT LIABILITIES 26
L-20 PROVISIONS 26
L-21 MISC EXPENDITURE 26
L-22 ANALYTICAL RATIOS 27
L-23 CASH FLOW STATEMENT 28
FINANCIAL DISCLOSURES FOR THE PERIOD ENDED MARCH 31, 2019
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 1
PERIODIC DISCLOSURES
L-1-A-RA
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
Policyholders’ Account (Technical Account)
(All Amounts in Thousands of Indian Rupees)Rs in '000
Individual Life Pension Individual Life Annuity Health
Insurance
Group Individual Life Pension Group
Premiums earned - net
Premiums L 4 7,78,49,856 33,222 1,65,34,906 3,13,130 4,03,286 46,75,538 4,28,99,067 29,25,939 1,17,349 14,57,52,292
Less : Reinsurance Ceded (2,07,659) - (6,79,469) - (63,716) (5,06,724) (1,10,612) (327) - (15,68,507)
Add : Reinsurance Accepted - - - - - - - - - -
7,76,42,197 33,222 1,58,55,437 3,13,130 3,39,570 41,68,814 4,27,88,455 29,25,612 1,17,349 14,41,83,785
Income from Investments
(a) Interest, Dividends & Rent - Gross 2,10,73,171 72,224 33,11,503 1,09,968 8,987 7,00,993 58,72,719 8,57,212 58,016 3,20,64,793
(b) Profit on sale/ redemption of investments 43,07,935 94 1,26,770 1,378 - 784 1,52,68,007 18,57,211 17,661 2,15,79,840
(c) (Loss) on sale/ redemption of investments (15,13,263) (569) (58,366) (833) - (22,231) (62,21,226) (7,27,933) (27,868) (85,72,289)
(d) Transfer/ Gain on revaluation/change in fair value* (1,49,311) - - - - - 32,54,903 (2,17,794) 13,325 29,01,123
(e) Accretion of discount / (amortisation of premium) (Net) 75,400 (313) 24,223 (611) 51 (5,108) 5,40,472 34,751 722 6,69,587
Other Income
Contribution from the Shareholders' Account - - - - - - - 1,20,347 - 1,20,347
Miscellaneous Income 3,09,276 23 6,033 6 194 529 3,330 328 2 3,19,721
Total (A) 10,17,45,405 1,04,681 1,92,65,600 4,23,038 3,48,802 48,43,781 6,15,06,660 48,49,734 1,79,207 19,32,66,907
Commission L 5 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415
Operating Expenses related to Insurance Business L 6 1,14,91,992 1,203 35,43,677 4,171 1,62,482 5,81,409 32,88,800 1,99,008 891 1,92,73,633
Provision for doubtful debts 2,932 (1) 598 (1) (26) (40) 695 (38) - 4,119
Bad debts written off 7,905 4 1,714 6 85 229 3,185 250 1 13,379
Provision for Tax - - - - - - - - - -
Goods and Service Tax - - - - - - 12,26,318 72,077 747 12,99,142
Provision (other than taxation)
(a) For diminution in the value of investments( Net) - - - - - - - - - -
(b) Others - - - - - - - - - -
Total (B) 1,78,39,410 1,457 49,30,378 8,331 2,36,537 7,53,473 63,58,389 3,49,071 1,641 3,04,78,688
Benefits Paid (Net) L 7 2,08,66,439 67,850 21,13,004 93,029 9,096 13,83,507 2,92,08,353 30,34,261 3,89,196 5,71,64,735
Interim Bonuses Paid 13,593 - - - - - - - - 13,593
Change in valuation of liability against life policies in force:
(a) Gross** 5,82,04,891 (6,287) 1,44,36,891 3,17,172 2,43,049 18,13,591 2,30,00,464 9,30,508 (2,14,731) 9,87,25,548
(b) Discontinued Fund - - - - - - 20,67,448 3,11,752 - 23,79,200
(c) Amount ceded in Reinsurance (2,50,331) - (32,19,648) - (1,53,117) (1,16,229) - - - (37,39,325)
(d) Amount accepted in Reinsurance - - - - - - - - - -
Total ( C ) 7,88,34,592 61,563 1,33,30,247 4,10,201 99,028 30,80,869 5,42,76,265 42,76,521 1,74,465 15,45,43,751
SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) 50,71,403 41,661 10,04,975 4,505 13,237 10,09,439 8,72,007 2,24,142 3,101 82,44,468
Opening balance of Funds available for Future Appropriation 1,81,93,964 3,75,938 - - - - 79,445 6,095 - 1,86,55,442
SURPLUS / (DEFICIT) AVAILABLE FOR APPROPRIATION 2,32,65,367 4,17,599 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 2,68,99,910
APPROPRIATIONS
Transfer to Shareholders’ Account 11,83,753 1,511 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 44,02,208 Transfer to Other Reserves - - - - - - - - - - Funds available for Future Appropriations 2,20,81,614 4,16,088 - - - - - - - 2,24,97,702 Insurance reserve carried to the Balance Sheet - - - - - - - - - (0)
Details of Surplus
(a) Interim Bonus Paid 13,593 - - - - - - - - 13,593 (b) Allocation of Bonus to Policyholders 1,22,07,260 13,952 - - - - - - - 1,22,21,212 (c) Surplus Shown in the Revenue Account 2,32,65,367 4,17,599 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 2,68,99,910 (d) Total Surplus : [(a)+(b)+(c)] 3,54,86,220 4,31,551 10,04,975 4,505 13,237 10,09,439 9,51,452 2,30,237 3,101 3,91,34,715
*Represents the deemed realized gain/(loss) as per norms specified by the Authority and Impairment of Investment asset
** Represents Mathematical Reserve considering considering allocation of Bonus
Particulars Sch For the year ended March 31, 2019
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 2
PERIODIC DISCLOSURES
L-1-A-RA
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
Policyholders’ Account (Technical Account)
(All Amounts in Thousands of Indian Rupees)Rs in '000
Linked Policies
Individual Life Pension Individual Life Annuity Health
Insurance
Group Individual Life Pension Group
Premiums earned - net
Premiums L 4 7,16,33,961 35,813 1,32,57,566 2,22,986 3,13,948 39,19,883 3,25,07,284 29,49,082 1,68,397 12,50,08,920
Less : Reinsurance Ceded (2,25,706) (1,424) (4,65,374) (961) (47,370) (3,61,634) (1,10,603) (369) - (12,13,441)
Add : Reinsurance Accepted - - - - - - - - - -
7,14,08,255 34,389 1,27,92,192 2,22,025 2,66,578 35,58,249 3,23,96,681 29,48,713 1,68,397 12,37,95,479
Income from Investments
(a) Interest, Dividends & Rent - Gross 1,71,99,327 66,733 24,73,311 92,072 5,862 5,85,829 53,91,481 7,30,833 70,144 2,66,15,592
(b) Profit on sale/ redemption of investments 26,36,330 - 1,59,562 57 - 3,041 1,22,20,961 16,38,064 20,731 1,66,78,746
(c) (Loss) on sale/ redemption of investments (2,81,565) - (52) (59) - - (29,54,736) (3,79,871) (24,900) (36,41,183)
(d) Transfer/ Gain on revaluation/change in fair value* (64,229) - - - - - (14,69,079) (5,81,959) (8,871) (21,24,138)
(e) Accretion of discount / (amortisation of premium) (Net) (1,23,770) (351) 28,384 49 (167) (4,386) 1,43,507 1,922 95 45,283
Other Income
Contribution from the Shareholders' Account - - - - - - - 91,467 - 91,467
Miscellaneous Income 2,45,185 70 6,230 2 131 514 1,733 176 2 2,54,043
Total (A) 9,10,19,533 1,00,841 1,54,59,627 3,14,146 2,72,404 41,43,247 4,57,30,548 44,49,345 2,25,598 16,17,15,289
Commission L 5 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753
Operating Expenses related to Insurance Business L 6 1,03,95,092 1,500 21,15,529 2,625 1,47,286 5,29,122 27,18,420 1,88,180 971 1,60,98,725
Provision for doubtful debts 9,325 3 1,513 1 73 279 1,651 93 - 12,938
Bad debts written off 3,916 - 781 1 57 147 1,219 67 - 6,188
Provision for Tax - - - - - - - - - -
Goods and Service Tax - - - - - - 10,10,373 66,027 856 10,77,256
Provision (other than taxation)
(a) For diminution in the value of investments( Net) - - - - - - - - - -
(b) Others - - - - - - - - - -
Total (B) 1,66,50,548 1,807 31,32,214 6,519 2,07,130 5,39,953 52,47,893 3,35,964 1,832 2,61,23,860
Benefits Paid (Net) L 7 1,73,26,605 76,914 13,90,898 83,183 2,162 11,45,472 2,65,61,051 25,87,828 2,82,036 4,94,56,149
Interim Bonuses Paid 10,309 - - - - - - - - 10,309
Change in valuation of liability against life policies in force:
(a) Gross** 5,29,86,603 (8,726) 1,02,18,451 2,23,506 84,488 14,21,770 1,01,26,524 8,69,968 (62,336) 7,58,60,248
(b) Discontinued Fund - - - - - - 28,77,167 4,78,227 - 33,55,394
(c) Amount ceded in Reinsurance 3,209 - (34,024) - (38,532) (1,03,612) - - - (1,72,959)
(d) Amount accepted in Reinsurance - - - - - - - - - -
Total ( C ) 7,03,26,726 68,188 1,15,75,325 3,06,689 48,118 24,63,630 3,95,64,742 39,36,023 2,19,700 12,85,09,141
SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 40,42,259 30,846 7,52,088 938 17,156 11,39,664 9,17,913 1,77,358 4,066 70,82,288
Opening balance of Funds available for Future Appropriation 1,51,34,794 3,46,577 - - - - 78,340 5,113 - 1,55,64,824
SURPLUS / (DEFICIT) AVAILABLE FOR APPROPRIATION 1,91,77,053 3,77,423 7,52,088 938 17,156 11,39,664 9,96,253 1,82,471 4,066 2,26,47,112
APPROPRIATIONS
Transfer to Shareholders’ Account 9,83,089 1,485 7,52,088 938 17,156 11,39,664 9,16,808 1,76,376 4,066 39,91,670 Transfer to Other Reserves - - - - - - - - - - Funds available for Future Appropriations 1,81,93,964 3,75,938 - - - - 79,445 6,095 - 1,86,55,442 Insurance reserve carried to the Balance Sheet - - - - - - - - - -
Details of Surplus
(a) Interim Bonus Paid 10,309 - - - - - - - - 10,309 (b) Allocation of Bonus to Policyholders 1,08,30,798 14,035 - - - - - - - 1,08,44,833 (c) Surplus Shown in the Revenue Account 1,91,77,053 3,77,423 7,52,088 938 17,156 11,39,664 9,96,253 1,82,471 4,066 2,26,47,112 (d) Total Surplus : [(a)+(b)+(c)] 3,00,18,160 3,91,458 7,52,088 938 17,156 11,39,664 9,96,253 1,82,471 4,066 3,35,02,254
*Represents the deemed realized gain/(loss) as per norms specified by the Authority and Impairment of Investment asset
** Represents Mathematical Reserve considering considering allocation of Bonus
Particulars Sch
Participating Policies (Non-Linked) Total
For the year ended March 31, 2018
Non-Participating Policies (Non-Linked)
Page 3
PERIODIC DISCLOSURES
L-1-A-RA
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
Policyholders’ Account (Technical Account)
(All Amounts in Thousands of Indian Rupees)Rs in '000
Individual Life Pension Individual Life Annuity Health
Insurance
Group Individual Life Pension Group
Premiums earned - net
Premiums L 4 2,82,19,500 23,032 67,86,598 1,49,670 1,54,010 13,68,691 1,74,78,658 9,75,885 53,350 5,52,09,393
Less : Reinsurance Ceded (60,685) - (2,13,628) - (21,336) (1,03,462) (28,898) (78) - (4,28,087)
Add : Reinsurance Accepted - - - - - - - - - -
2,81,58,815 23,032 65,72,970 1,49,670 1,32,674 12,65,229 1,74,49,760 9,75,807 53,350 5,47,81,306
Income from Investments
(a) Interest, Dividends & Rent - Gross 55,61,528 18,582 9,17,438 29,442 2,510 1,85,107 14,16,804 2,11,452 12,942 83,55,805
(b) Profit on sale/ redemption of investments 4,20,158 - 11,560 388 - 117 27,48,064 3,88,900 7,292 35,76,479
(c) (Loss) on sale/ redemption of investments (2,01,759) - (4,386) (8) - (803) (10,09,104) (1,19,978) (7,291) (13,43,329)
(d) Transfer/ Gain on revaluation/change in fair value - - - - - - 48,89,084 3,47,890 10,409 52,47,383
(e) Accretion of discount / (amortisation of premium) (Net) (73,130) (256) 2,838 (473) (6) (2,323) 90,822 4,648 - 22,120
Other Income
Contribution from the Shareholders' Account - - - - - - - 1,20,347 - 1,20,347
Miscellaneous Income 81,330 14 1,638 1 21 101 566 49 - 83,720
Total (A) 3,39,46,942 41,372 75,02,058 1,79,020 1,35,199 14,47,428 2,55,85,996 19,29,115 76,702 7,08,43,831
Commission L 5 24,07,095 174 6,01,818 1,944 26,834 55,813 7,94,604 29,587 - 39,17,869
Operating Expenses related to Insurance Business L 6 35,47,059 (40) 12,62,562 1,367 48,478 1,50,174 11,19,863 58,368 165 61,87,996
Provision for doubtful debts (7,791) (1) (2,401) (2) (60) (150) (2,847) (86) - (13,338)
Bad debts written off 7,824 4 1,694 6 84 226 3,163 249 1 13,251
Provision for Tax - - - - - - - - - -
Goods and Service Tax - - - - - - 3,67,011 18,925 168 3,86,104
Provision (other than taxation)
(a) For diminution in the value of investments( Net) - - - - - - - - - -
(b) Others - - - - - - - - - -
Total (B) 59,54,187 137 18,63,673 3,315 75,336 2,06,063 22,81,794 1,07,043 334 1,04,91,882
Benefits Paid (Net) L 7 68,96,008 41,518 4,81,766 43,544 (219) 4,25,869 95,68,047 10,19,521 92,257 1,85,68,312
Interim Bonuses Paid 4,316 - - - - - - - - 4,316
Change in valuation of liability against life policies in force:
(a) Gross 1,82,17,432 (7,694) 76,81,546 1,35,021 1,83,396 6,76,428 1,46,98,578 6,28,161 (16,549) 4,21,96,319
(b) Discontinuance Fund - - - - - - (9,94,524) (6,656) - (10,01,180)
(c) Amount ceded in Reinsurance (14,523) - (29,41,056) - (1,16,882) (51,438) - - - (31,23,899)
(d) Amount accepted in Reinsurance - - - - - - - - - -
Total ( C ) 2,51,03,233 33,824 52,22,256 1,78,565 66,295 10,50,859 2,32,72,101 16,41,026 75,708 5,66,43,868
SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 28,89,522 7,410 4,16,128 (2,860) (6,432) 1,90,506 32,101 1,81,046 660 37,08,081
Particulars Sch Quarter Ended March 31, 2019
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 4
PERIODIC DISCLOSURES
L-1-A-RANAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
Policyholders’ Account (Technical Account)
(All Amounts in Thousands of Indian Rupees)
Rs in '000
Particulars Sch
Individual Life Pension Individual Life Annuity Health
Insurance Group Individual Life Pension Group
Premiums earned - net
Premiums L 4 2,58,61,318 24,731 49,70,947 75,668 1,28,226 12,13,163 1,31,76,599 9,82,519 51,569 4,64,84,740
Less : Reinsurance Ceded (64,905) (1,424) (1,47,207) (961) (16,640) (75,078) (28,784) (90) - (3,35,089)
Add : Reinsurance Accepted - - - - - - - - - -
2,57,96,413 23,307 48,23,740 74,707 1,11,586 11,38,085 1,31,47,815 9,82,429 51,569 4,61,49,651
Income from Investments
(a) Interest, Dividends & Rent - Gross 46,84,886 17,067 6,82,478 24,635 1,733 1,55,514 12,92,369 1,78,119 16,821 70,53,622
(b) Profit on sale/ redemption of investments 7,48,547 - 46,426 3 - - 26,40,787 4,37,543 7,315 38,80,621
(c) (Loss) on sale/ redemption of investments (1,02,510) - (13) - - - (17,09,974) (2,01,125) (17,670) (20,31,292)
(d) Transfer/ Gain on revaluation/change in fair value (64,229) - - - - - (59,45,958) (7,37,843) (11,868) (67,59,898)
(e) Accretion of discount / (amortisation of premium) (Net) (95,677) (256) (5,365) (372) (32) (3,090) 48,789 1,439 68 (54,496)
Other Income
Contribution from the Shareholders' Account - - - (3,561) - - - 91,467 - 87,906
Miscellaneous Income 68,292 38 1,551 1 48 106 602 54 - 70,692
Total (A) 3,10,35,722 40,156 55,48,817 95,413 1,13,335 12,90,615 94,74,430 7,52,083 46,235 4,83,96,806
Commission L 5 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373
Operating Expenses related to Insurance Business L 6 30,16,347 330 4,95,552 801 34,507 20,159 9,42,309 60,953 208 45,71,166
Provision for doubtful debts (6,684) - (1,600) (2) (58) (269) (2,508) (78) - (11,199)
Bad debts written off 3,918 - 782 1 57 147 1,219 67 - 6,191
Provision for Tax - - - - - - - - - -
Goods and Service Tax - - - - - - 3,08,713 18,326 211 3,27,250
Provision (other than taxation)
(a) For diminution in the value of investments( Net) - - - - - - - - - -
(b) Others - - - - - - - - - -
Total (B) 53,75,788 517 9,15,564 1,996 57,042 23,744 19,52,237 1,09,474 419 84,36,781
Benefits Paid (Net) L 7 51,01,744 40,296 4,32,111 27,923 2,402 3,09,055 76,01,718 6,79,707 88,990 1,42,83,946
Interim Bonuses Paid 3,067 - - - - - - - - 3,067
Change in valuation of liability against life policies in force:
(a) Gross ** 1,89,25,752 (9,538) 40,63,258 64,556 73,390 4,58,836 (5,20,605) (2,47,886) (43,998) 2,27,63,765
(b) Discontinuance Fund - - - - - - 4,59,659 1,10,936 - 5,70,595
(c) Amount ceded in Reinsurance (40,189) - (1,02,957) - (22,879) (21,592) - - - (1,87,617)
(d) Amount accepted in Reinsurance - - - - - - - - - -
Total ( C ) 2,39,90,374 30,758 43,92,412 92,479 52,913 7,46,299 75,40,772 5,42,757 44,992 3,74,33,756
SURPLUS/ (DEFICIT) ( D )= ( A) - ( B ) - ( C ) 16,69,560 8,881 2,40,841 938 3,380 5,20,572 (18,579) 99,852 824 25,26,269
Quarter Ended March 31, 2018
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 5
PERIODIC DISCLOSURES
L-2-A- P & L ACCOUNT
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
Shareholders’ Account (Non-technical Account)
(All Amounts in Thousands of Indian Rupees)Rs in '000
Particulars Schedule Quarter Ended March 31, 2019 For the year ended March 31, 2019 Quarter Ended March 31, 2018 For the year ended March 31, 2018
Transfer from the Policyholders' Account (Technical Account) 20,97,564 44,02,208 18,28,843 39,91,670
Income From Investments
(a) Interest, Dividends & Rent - Gross 4,00,835 16,34,547 4,03,958 17,55,968
(b) Profit on sale/redemption of investments 1,84,639 6,41,513 70,880 4,87,862
(c) (Loss) on sale/ redemption of investments (51) (58,440) (2,064) (26,230)
(d) Transfer/ Gain on revaluation/change in fair value* (25,000) (50,000) - -
(e) Accretion of discount / (amortisation of premium) (Net) 5,943 9,415 (2,894) (39,200)
Other income
- Miscellaneous income 538 24,670 3,443 5,429
Total ( A ) 26,64,468 66,03,913 23,02,166 61,75,499
Expenses other than those directly related to the insurance business :
Employees remuneration and welfare benefits 32,997 1,07,402 (92,069) (1,78,834)
Expenditure on corporate social responsibility 29,390 1,26,400 29,064 1,17,133
Others :
- Interest and bank charges (20) 523 199 1,072
- Transition Costs - - 46 (30,300)
-Consultancy charges 368 1,034 19,990 19,990
- Other miscellaneous expenses 8,336 21,788 2,711 3,229
Contribution to the Policyholders Account (Technical Account) 1,20,347 1,20,347 87,906 91,467
Total ( B ) 1,91,418 3,77,494 47,847 23,757
Profit/(Loss) before tax (C)=( A )-( B ) 24,73,050 62,26,419 22,54,319 61,51,742
Provision for Taxation 12,224 6,62,207 2,32,129 8,75,455
Profit/ (loss) after tax 24,60,826 55,64,212 20,22,190 52,76,287
Appropriations
(a) Balance at the beginning of the period 67,62,696 49,27,471
(b) Interim dividend paid during the period 23,40,952 16,30,991
(c) Final Dividend Paid 16,30,991 12,28,040 (d) Dividend distribution tax 8,16,444 5,82,031
Profit/(Loss) carried forward to the Balance Sheet 75,38,521 67,62,696
Earnings per Share - Basic (Nominal Value Rs 10) 2.90 2.75
Earnings per Share - Diluted (Nominal Value Rs 10) 2.90 2.75
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
*Represents the deemed realized gain/(loss) as per norms specified by the Authority and Impairment of Investment asset
Page 6
PERIODIC DISCLOSURESL-3-A- BS
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
BALANCE SHEET AS AT MARCH 31, 2019(All Amounts in Thousands of Indian Rupees)
Rs in '000
Particulars Sch As At March 31, 2019 As At March 31, 2018
Sources Of FundsShareholders’ Funds:
Share Capital L 8 1,91,88,129 1,91,88,129
1,91,88,129 1,91,88,129
Reserves And Surplus L 10 84,78,218 77,02,393 Credit/(Debit) Fair Value Change Account (57,089) 98,320
Sub-Total 2,76,09,258 2,69,88,842
Borrowings L 11 - -
Policyholders’ Funds:Credit/ (Debit) Fair Value Change Account 56,87,979 34,52,993
Revaluation Reserve - Investment Property 22,248 1,111
Policy Liabilities 38,14,35,560 31,01,37,406
Provision For Linked Liabilities 18,67,37,990 16,30,49,923
Fund For Discontinued Policies 1,18,81,201 95,02,001
Sub-Total 58,57,64,978 48,61,43,434
Funds For Future Appropriations- Linked - 85,540 - Non Linked 2,24,97,702 1,85,69,902
TOTAL 63,58,71,938 53,17,87,718
Application Of Funds
INVESTMENTS
Shareholders’ Investments L 12 3,51,86,764 3,21,45,857
Policyholders’ Investments L 13 39,41,73,336 31,92,38,422 Assets Held to Cover Linked Liabilities L 14 19,86,19,191 17,09,81,206 Loans L 15 32,65,049 22,32,576 Fixed Assets L 16 19,21,182 15,81,831 CURRENT ASSETS:
Cash And Bank Balances L 17 50,26,889 44,05,018
Advances And Other Assets L 18 2,10,77,883 1,90,43,478
Sub-Total (A) 2,61,04,772 2,34,48,496
Current Liabilities L 19 2,28,76,245 1,74,39,218 Provisions L 20 5,22,111 4,01,452
Sub-Total (B) 2,33,98,356 1,78,40,670
Net Current Assets (C) = (A) – (B) 27,06,416 56,07,826
Miscellaneous Expenditure (To The Extent Not Written Off Or Adjusted) L 21 - - Debit Balance In Profit And Loss Account (Shareholders’ Account) - -
TOTAL 63,58,71,938 53,17,87,718
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 7
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-4-PREMIUM SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
First year premiums 1,56,61,769 - 52,16,756 - 2,01,109 7,81,833 1,61,18,557 6,33,860 1,17,349 3,87,31,233
Renewal premiums 5,31,83,065 20,314 1,13,18,150 - 2,02,177 6,55,818 2,65,90,272 21,78,427 - 9,41,48,222
Single premiums 90,05,022 12,908 - 3,13,130 - 32,37,887 1,90,239 1,13,652 - 1,28,72,837
Total premium 7,78,49,856 33,222 1,65,34,906 3,13,130 4,03,286 46,75,538 4,28,99,067 29,25,939 1,17,349 14,57,52,292
Total premium in India 7,78,49,856 33,222 1,65,34,906 3,13,130 4,03,286 46,75,538 4,28,99,067 29,25,939 1,17,349 14,57,52,292
Total Premium outside India - - - - - - - - - Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
First year premiums 1,40,12,698 - 36,42,396 - 1,80,136 4,50,954 1,27,76,488 6,84,037 1,68,397 3,19,15,106
Renewal premiums 4,98,97,350 23,225 96,15,170 - 1,33,812 4,41,833 1,94,32,595 19,79,029 - 8,15,23,014
Single premiums 77,23,913 12,588 - 2,22,986 - 30,27,096 2,98,201 2,86,016 - 1,15,70,800
Total premium 7,16,33,961 35,813 1,32,57,566 2,22,986 3,13,948 39,19,883 3,25,07,284 29,49,082 1,68,397 12,50,08,920
Total premium in India 7,16,33,961 35,813 1,32,57,566 2,22,986 3,13,948 39,19,883 3,25,07,284 29,49,082 1,68,397 12,50,08,920
Total Premium outside India - - - - - - - - - -
L-5-COMMISSION SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Commission paid
Direct first year premiums 42,85,860 - 12,01,169 - 65,912 12,067 16,20,390 42,742 2 72,28,142
Direct renewal premiums 20,50,271 251 1,83,220 - 8,084 12,080 2,16,183 33,525 - 25,03,614
Direct single premiums 450 - - 4,155 - 1,47,728 2,818 1,507 - 1,56,659
Total (A) 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415
Add : Commission on Re-insurance Accepted - - - - - - - - - -
Less : Commission on Re-insurance Ceded - - - - - - - - - -
Net Commission 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415
Break-up of commission expenses (gross) incurred to procure business is as per details below:
Agents 26,22,469 246 4,77,244 1,455 29,043 32,175 4,15,686 26,464 2 36,04,784
Brokers (358) - (8) - (1) 13,180 (47) - - 12,767
Corporate Agency 1,77,545 1 19,631 - 261 56 13,839 54 - 2,11,388
Bancassurance 35,36,925 4 8,87,521 2,700 44,694 1,26,463 14,09,912 51,256 - 60,59,476
Total (B) 63,36,581 251 13,84,389 4,155 73,996 1,71,875 18,39,391 77,774 2 98,88,415
Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Commission paid
Direct first year premiums 41,54,251 - 8,52,444 - 54,026 7,109 13,17,026 47,905 5 64,32,766
Direct renewal premiums 20,87,550 304 1,61,877 - 5,688 2,962 1,93,825 29,739 - 24,81,945
Direct single premiums 414 - 70 3,892 - 334 5,379 3,953 - 14,042
Total (A) 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753
Add : Commission on Re-insurance Accepted - - - - - - - - - -
Less : Commission on Re-insurance Ceded - - - - - - - - - -
Net Commission 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753
Break-up of commission expenses (gross) incurred to procure business is as per details below:
Agents 20,91,686 301 1,74,090 737 19,123 318 1,62,542 19,756 5 24,68,558
Brokers 597 0 29 - 1 9,317 322 32 - 10,299
Corporate Agency 1,90,173 1 15,589 6 238 - 23,820 115 - 2,29,941
Bancassurance 39,59,759 2 8,24,683 3,149 40,352 770 13,29,546 61,694 - 62,19,955
Total (B) 62,42,215 304 10,14,391 3,892 59,714 10,405 15,16,230 81,597 5 89,28,753
For the year ended March 31, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
For the year ended March 31, 2018
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
For the year ended March 31, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
For the year ended March 31, 2018
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 8
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-4-PREMIUM SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
First year premiums 59,90,933 - 25,53,282 - 68,734 2,37,941 71,24,393 2,81,909 53,350 1,63,10,542
Renewal premiums 1,92,01,146 13,789 42,33,316 - 85,276 1,08,834 1,02,68,786 6,81,030 - 3,45,92,177
Single premiums 30,27,421 9,243 - 1,49,670 - 10,21,916 85,479 12,946 - 43,06,674
Total premium 2,82,19,500 23,032 67,86,598 1,49,670 1,54,010 13,68,691 1,74,78,658 9,75,885 53,350 5,52,09,393
Total premium in India 2,82,19,500 23,032 67,86,598 1,49,670 1,54,010 13,68,691 1,74,78,658 9,75,885 53,350 5,52,09,393
Total Premium outside India - - - - - - - - - -
Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
First year premiums 52,66,851 - 14,16,126 - 60,955 2,18,183 61,00,244 2,73,036 51,569 1,33,86,964
Renewal premiums 1,80,92,986 15,816 35,54,821 - 67,271 27,729 69,75,377 6,46,105 - 2,93,80,105
Single premiums 25,01,481 8,915 - 75,668 - 9,67,251 1,00,978 63,378 - 37,17,671
Total premium 2,58,61,318 24,731 49,70,947 75,668 1,28,226 12,13,163 1,31,76,599 9,82,519 51,569 4,64,84,740
Total premium in India 2,58,61,318 24,731 49,70,947 75,668 1,28,226 12,13,163 1,31,76,599 9,82,519 51,569 4,64,84,740
Total Premium outside India - - - - - - - - - -
L-5-COMMISSION SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Commission paid
Direct first year premiums 16,68,341 - 5,36,005 - 23,366 2,766 7,14,736 19,313 - 29,64,526
Direct renewal premiums 7,38,605 174 65,835 - 3,468 3,090 78,586 10,179 - 8,99,937
Direct single premiums 149 - (22) 1,944 - 49,957 1,283 96 - 53,406
Total (A) 24,07,094 174 6,01,818 1,944 26,834 55,813 7,94,604 29,588 - 39,17,869
Add : Commission on Re-insurance Accepted - - - - - - - - - -
Less : Commission on Re-insurance Ceded - - - - - - - - - -
Net Commission 24,07,094 174 6,01,818 1,944 26,834 55,813 7,94,604 29,588 - 39,17,869
Break-up of commission expenses (gross) incurred to procure business is as per details below:
Agents 6,42,007 172 1,20,041 395 6,629 1,387 59,990 3,781 - 8,34,403
Brokers (2) - 0 - - 4,774 (46) - - 4,727
Corporate Agency 71,054 0 7,281 - 94 56 3,568 28 - 82,083
Bancassurance 16,94,036 1 4,74,495 1,550 20,111 49,596 7,31,090 25,777 - 29,96,657
Total (B) 24,07,095 174 6,01,818 1,944 26,834 55,813 7,94,603 29,587 - 39,17,869
Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Commission paid
Direct first year premiums 15,84,218 - 3,63,145 - 19,594 3,576 6,35,480 18,886 - 26,24,899
Direct renewal premiums 7,77,656 187 57,640 - 2,942 61 65,006 10,441 - 9,13,933
Direct single premiums 333 - 45 1,196 - 70 2,018 879 - 4,541
Total (A) 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373
Add : Commission on Re-insurance Accepted - - - - - - - - - -
Less : Commission on Re-insurance Ceded - - - - - - - - - -
Net Commission 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373
Break-up of commission expenses (gross) incurred to procure business is as per details below:
Agents 6,32,202 185 67,124 385 5,947 (209) 59,057 6,198 - 7,70,889
Brokers (1,699) 1 (46) - 0 3,375 6 9 - 1,646
Corporate Agency 88,356 0 7,262 3 64 - 6,274 20 - 1,01,979
Bancassurance 16,43,348 1 3,46,490 808 16,524 541 6,37,167 23,979 - 26,68,859
Total (B) 23,62,207 187 4,20,830 1,196 22,536 3,707 7,02,504 30,206 - 35,43,373
Quarter Ended March 31, 2018
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Quarter Ended March 31, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Quarter Ended March 31, 2018
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Quarter Ended March 31, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 9
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-6-OPERATING EXPENSES SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Employees remuneration and welfare benefits 52,04,249 620 13,55,880 1,950 65,347 1,81,159 15,33,363 91,568 500 84,34,636
Travel, conveyance and vehicle running expenses 3,65,203 49 98,544 137 5,397 15,112 96,808 6,226 22 5,87,498
Training expenses (including Agent advisors) 10,32,604 - 3,12,656 269 16,881 46,728 2,36,970 11,260 - 16,57,368
Rent, rates & taxes 4,77,937 68 1,29,037 176 7,131 19,748 1,27,538 8,193 34 7,69,862
Repairs & Maintenance 2,18,091 26 58,859 79 3,248 8,886 58,397 3,729 14 3,51,329
Printing and stationery 54,407 7 14,775 19 790 2,028 14,812 919 2 87,759
Communication expenses 4,29,540 37 1,02,478 68 3,696 10,741 1,71,548 13,344 13 7,31,465
Legal, professional and consultancy charges 2,74,737 49 73,779 115 3,891 10,609 78,198 5,179 25 4,46,582
Medical fees 21,072 1 2,24,630 - 376 392 19,842 18 - 2,66,331
Auditors' fees, expenses etc :
(a) as auditor 5,653 1 1,431 2 84 230 1,521 106 - 9,028
(b) as advisor or in any other capacity, in respect of :
(i) Taxation matters 196 - 58 - 3 7 62 4 - 330
(ii) Insurance matters - - - - - - - - - -
(iii) Management services; and - - - - - - - - - -
(c) in any other capacity
- Certification 1,721 - 519 1 23 61 553 33 - 2,911
- Out of pocket expenses 855 - 207 - 14 44 222 20 - 1,362
Advertisement and publicity 16,64,687 - 5,25,417 460 26,475 68,416 4,00,281 17,921 - 27,03,657
Interest and bank charges 67,481 46 15,027 47 792 2,510 29,030 2,708 32 1,17,673
Others:
Rates and taxes 36,831 5 6,914 9 398 1,205 7,233 528 2 53,125
Goods and Service Tax 24,879 3 6,845 9 317 877 - - - 32,930
Information technology maintenance expenses 3,33,932 67 73,160 188 4,143 11,973 1,09,947 9,294 70 5,42,774
Board Meetings expenses 8,030 1 2,128 2 116 318 2,280 154 - 13,029
Recruitment (including Agent advisors) 1,48,581 11 42,786 49 2,267 5,882 37,012 2,032 7 2,38,627
Electricity ,water and utilities 1,85,374 25 50,098 69 2,760 7,688 49,501 3,190 14 2,98,719
Insurance 26,675 3 6,042 8 427 1,225 5,728 430 2 40,540
Policy issuance and servicing costs 4,43,354 44 3,35,829 278 11,833 1,68,107 1,62,141 10,250 73 11,31,909
(Profit)/Loss on fluctuation in foreign exchange 126 - 15 - - 2 66 5 - 214
Other miscellaneous expenses 28,759 4 7,862 9 405 1,157 8,191 547 2 46,936
Depreciation 4,37,018 136 98,701 227 5,668 16,304 1,37,556 11,350 79 7,07,039
Total 1,14,91,992 1,203 35,43,677 4,171 1,62,482 5,81,409 32,88,800 1,99,008 891 1,92,73,633
Particulars
For the year ended March 31, 2019
Total Non-Participating Policies (Non-Linked) Participating Policies (Non-Linked) Linked Policies
Page 10
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-6-OPERATING EXPENSES SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Employees remuneration and welfare benefits 49,98,115 696 8,68,264 1,270 64,714 1,98,350 13,25,744 85,549 517 75,43,219
Travel, conveyance and vehicle running expenses 3,62,736 46 65,775 93 5,476 16,253 96,075 6,353 27 5,52,834
Training expenses (including Agent advisors) 7,45,734 (6) 1,45,456 111 12,351 38,025 1,66,435 8,771 (3) 11,16,874
Rent, rates & taxes 4,56,524 58 81,732 114 6,989 21,638 1,13,856 7,774 36 6,88,721
Repairs & Maintenance 1,82,538 19 32,669 42 2,786 8,603 45,895 3,126 13 2,75,691
Printing and stationery 50,092 4 9,089 11 748 2,224 13,967 886 - 77,021
Communication expenses 2,70,683 83 49,616 38 2,350 7,887 90,227 7,828 12 4,28,724
Legal, professional and consultancy charges 1,97,081 41 34,449 62 2,810 8,183 56,718 4,050 25 3,03,419
Medical fees 68,775 - 1,48,991 9 1,220 4,128 12,181 7,195 - 2,42,499
Auditors' fees, expenses etc :
(a) as auditor 5,852 2 931 2 91 283 1,329 108 - 8,598
(b) as advisor or in any other capacity, in respect of :
(i) Taxation matters 220 - 40 - 4 8 74 5 - 351
(ii) Insurance matters - - - - - - - - - -
(iii) Management services; and - - - - - - - - - -
(c) in any other capacity
- Certification 1,232 - 244 1 15 35 495 29 - 2,051
- Out of pocket expenses 767 - 146 - 9 35 237 19 - 1,213
Advertisement and publicity 14,18,935 - 2,79,518 242 22,652 73,169 3,30,233 17,968 - 21,42,717
Interest and bank charges 63,076 67 9,809 43 655 2,270 30,079 3,145 58 1,09,202
Others:
Rates and taxes 65,918 11 11,166 18 982 2,928 17,865 1,331 8 1,00,227
Service Tax and GST Expenditure* 1,58,836 154 8,495 7 354 1,913 - - - 1,69,759
Information technology maintenance expenses 2,75,814 112 41,523 123 3,331 10,093 89,456 8,034 74 4,28,560
Board Meetings expenses 10,328 1 1,776 2 148 467 2,732 210 1 15,665
Recruitment (including Agent advisors) 1,08,668 - 20,599 12 1,868 5,856 21,727 1,176 - 1,59,906
Electricity ,water and utilities 1,75,398 21 31,329 45 2,691 8,330 43,647 2,981 13 2,64,455
Insurance 41,732 7 7,166 12 606 1,915 10,875 827 5 63,145
Policy issuance and servicing costs 2,95,994 34 1,97,981 186 8,844 99,160 1,13,836 9,088 91 7,25,214
(Profit)/Loss on fluctuation in foreign exchange 594 - 64 - 4 11 253 28 - 954
Other miscellaneous expenses 45,404 5 7,787 14 650 2,080 12,302 919 3 69,164
Depreciation 3,94,046 145 60,914 168 4,938 15,278 1,22,182 10,780 91 6,08,542
Total 1,03,95,092 1,500 21,15,529 2,625 1,47,286 5,29,122 27,18,420 1,88,180 971 1,60,98,725
*Includes Service Tax as per Finance Act 1994 till June 30, 2017 and GST with effect from July 01, 2017
Particulars
For the year ended March 31, 2018
Participating Policies (Non-Linked) Total Linked Policies Non-Participating Policies (Non-Linked)
Page 11
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-6-OPERATING EXPENSES SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Employees remuneration and welfare benefits 14,50,196 (20) 4,36,463 586 17,481 44,084 4,77,202 25,108 97 24,51,197
Travel, conveyance and vehicle running expenses 87,568 14 27,016 36 1,195 2,995 27,017 1,546 3 1,47,390
Training expenses (including Agent advisors) 2,88,457 - 1,00,194 92 4,302 10,534 77,331 3,375 - 4,84,285
Rent, rates & taxes 1,22,032 18 37,653 51 1,665 4,174 37,645 2,157 7 2,05,402
Repairs & Maintenance 58,831 7 18,121 25 803 2,011 18,183 1,043 3 99,027
Printing and stationery 19,986 4 6,201 8 274 686 6,129 348 - 33,636
Communication expenses 1,31,724 (12) 33,809 23 1,089 2,310 58,040 3,700 3 2,30,686
Legal, professional and consultancy charges 1,09,417 21 32,642 49 1,457 3,676 34,866 2,100 8 1,84,236
Medical fees 5,332 - 74,721 - 44 - 5,603 6 - 85,706
Auditors' fees, expenses etc :
(a) as auditor 1,394 1 379 - 19 51 389 26 - 2,259
(b) as advisor or in any other capacity, in respect of :
(i) Taxation matters 196 - 58 - 3 7 62 4 - 330
(ii) Insurance matters - - - - - - - - - -
(iii) Management services; and - - - - - - - - - -
(c) in any other capacity
- Certification 390 - 179 - 5 6 218 10 - 808
- Out of pocket expenses 342 - 77 - 5 14 70 6 - 514
Advertisement and publicity 8,53,648 - 2,96,469 270 12,730 31,167 2,28,896 9,993 - 14,33,173
Interest and bank charges 21,700 10 4,557 14 222 608 8,613 677 5 36,406
Others:
Rates and taxes 5,093 - 498 2 21 65 535 32 - 6,246
Goods and Service Tax 10,391 2 3,192 4 132 333 - - - 14,054
Information technology maintenance expenses 72,413 (21) 17,797 43 840 2,207 27,037 1,976 12 1,22,304
Board Meetings 2,743 1 818 1 36 92 875 53 - 4,619
Recruitment (including Agent advisors) 48,570 - 16,876 15 724 1,774 13,015 567 - 81,541
Electricity ,water and utilities 47,528 7 14,646 20 648 1,624 14,680 843 3 79,999
Insurance (14,407) (4) (3,876) (8) (178) (459) (5,037) (343) (2) (24,314)
Policy issuance and servicing costs 1,41,440 (92) 1,21,993 95 3,947 39,603 59,908 3,204 17 3,70,115
(Profit)/Loss on fluctuation in foreign exchange 143 - 20 - 1 3 69 6 - 242
Other miscellaneous expenses 12,844 2 3,802 5 170 427 4,022 240 1 21,513
Depreciation 69,088 22 18,257 37 843 2,182 24,495 1,691 8 1,16,623
Total 35,47,059 (40) 12,62,562 1,368 48,478 1,50,174 11,19,863 58,368 165 61,87,997
Quarter Ended March 31, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 12
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-6-OPERATING EXPENSES SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Employees remuneration and welfare benefits 13,34,381 170 1,68,700 343 13,595 (14,280) 4,21,504 22,974 95 19,47,482
Travel, conveyance and vehicle running expenses 1,61,488 23 24,666 47 2,045 1,786 50,513 3,026 12 2,43,606
Training expenses (including Agent advisors) 2,52,289 (10) 35,929 37 3,202 (1,340) 68,637 3,104 (5) 3,61,843
Rent, rates & taxes 1,26,090 15 14,099 35 1,396 (1,974) 37,917 2,261 8 1,79,847
Repairs & Maintenance 52,132 5 6,029 14 584 (685) 15,756 942 3 74,780
Printing and stationery 20,896 1 3,254 6 265 238 6,447 370 - 31,477
Communication expenses 1,07,910 55 18,436 15 842 367 37,633 2,956 4 1,68,218
Legal, professional and consultancy charges 1,01,626 21 15,971 35 1,284 1,823 33,379 2,153 12 1,56,304
Medical fees 9,799 - 55,856 1 105 (794) 351 6,549 - 71,867
Auditors' fees, expenses etc : - - - - - - - - - -
(a) as auditor 1,564 - 156 1 11 (25) 405 36 - 2,148
(b) as advisor or in any other capacity, in respect of :
(i) Taxation matters 56 - 6 - 1 (2) 26 1 - 88
(ii) Insurance matters - - - - - - - - - -
(iii) Management services; and - - - - - - - - - -
(c) in any other capacity
- Certification 304 - 37 - 7 (10) 173 3 - 514
- Out of pocket expenses 255 - 35 - 3 6 83 6 - 388
Advertisement and publicity 4,29,336 - 54,849 78 5,136 (3,875) 1,19,772 5,924 - 6,11,220
Interest and bank charges 22,847 19 2,768 15 228 379 10,301 941 13 37,511
Others:
Rates and taxes 16,442 2 1,690 6 187 (309) 5,176 340 2 23,536
Goods and Service Tax 10,997 12 815 2 46 (173) - - - 11,699
Information technology maintenance expenses 93,970 38 11,412 45 1,006 733 34,419 2,678 20 1,44,321
Board Meetings 2,458 - 236 - 26 (51) 768 51 - 3,488
Recruitment (including Agent advisors) 20,609 - 968 2 184 (1,363) 5,301 264 - 25,965
Electricity ,water and utilities 46,557 5 5,002 12 508 (873) 13,957 832 3 66,003
Insurance 8,273 1 661 1 80 (285) 2,457 152 - 11,340
Policy issuance and servicing costs 82,913 (66) 62,296 57 2,619 41,611 37,678 2,405 21 2,29,534
(Profit)/Loss on fluctuation in foreign exchange 111 - 11 - 1 2 52 5 - 182
Other miscellaneous expenses 7,387 - 373 3 65 (364) 2,188 141 - 9,793
Depreciation 1,05,657 39 11,297 46 1,081 (383) 37,416 2,839 20 1,58,012
Total 30,16,347 330 4,95,552 801 34,507 20,159 9,42,309 60,953 208 45,71,166
Quarter Ended March 31, 2018
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 13
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-7-BENEFITS PAID SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Insurance Claims *
(a) By death 24,32,527 1,555 14,73,569 19,835 2,167 15,85,113 9,62,014 72,005 (13) 65,48,772
(b) By Maturity 11,25,284 16,636 6,528 - - - 1,07,20,852 3,03,942 3,86,934 1,25,60,176 (c) Annuities/ Pension payment, - - - 73,186 - - - - - 73,186 (d) Other benefits
--Surrenders 64,13,652 36,058 9,43,155 - 200 1,82,341 1,75,10,504 26,58,126 2,267 2,77,46,302
--Health 130 - 2,000 - 40,984 4,450 - - - 47,565
--Survival Benefit 7,10,345 - 3,51,665 - - - - - - 10,62,011 --Bonus to Policyholders 1,01,73,720 13,601 - - - - - - - 1,01,87,321
--Others 83,771 - 18,590 8 562 770 1,11,254 313 - 2,15,268
Total paid 2,09,39,429 67,850 27,95,507 93,029 43,913 17,72,674 2,93,04,625 30,34,386 3,89,188 5,84,40,601
(Amount ceded in re-insurance) :
(a) By death, (72,490) - (6,81,504) - - (3,89,166) (96,272) (125) 8 (12,39,549)
(b) By Maturity, - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - - (d) Other benefits - Health (500) - (1,000) - (34,817) - - - - (36,317) Total ceded (72,990) - (6,82,504) - (34,817) (3,89,166) (96,272) (125) 8 (12,75,866)
Amount accepted in re-insurance :
(a) By death - - - - - - - - - -
(b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - - (d) Other benefits - - - - - - - - - -
Total accepted - - - - - - - - - -
Total accepted - - - - - - - - - -
Net Paid 2,08,66,439 67,850 21,13,004 93,029 9,096 13,83,507 2,92,08,353 30,34,261 3,89,196 5,71,64,735
Benefits Paid In India 2,08,66,439 67,850 21,13,004 93,029 9,096 13,83,507 2,92,08,353 30,34,261 3,89,196 5,71,64,735
Benefits Paid Outside India - - - - - - - - - -
* Including claim investigation expenses amounting to Rs.14,867
Particulars
For the year ended March 31, 2019
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 14
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Insurance Claims *
(a) By death 20,37,168 1,301 11,47,885 15,254 - 11,39,435 8,55,947 68,859 54 52,65,903
(b) By Maturity 12,74,599 17,345 - - - - 82,23,469 2,03,530 2,47,864 99,66,807
(c) Annuities/ Pension payment, - - - 67,911 - - - - - 67,911 (d) Other benefits
--Surrenders 48,18,892 44,759 6,80,197 - - 2,59,629 1,74,38,640 23,15,128 34,131 2,55,91,376
--Health - - 600 - 40,833 2,875 - - - 44,308
--Survival Benefit 4,83,466 - 61,124 - - - - - - 5,44,590 --Bonus to Policyholders 87,47,748 13,361 - - - - - - - 87,61,109 --Others 56,784 148 20,882 18 39 26 1,17,799 311 - 1,96,007
Total paid 1,74,18,657 76,914 19,10,688 83,183 40,872 14,01,965 2,66,35,855 25,87,828 2,82,049 5,04,38,011
(Amount ceded in re-insurance) :
(a) By death (92,052) - (5,19,290) - - (2,56,493) (74,804) - (13) (9,42,652) (b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits --Health - - (500) - (38,710) - - - - (39,210)
Total ceded (92,052) - (5,19,790) - (38,710) (2,56,493) (74,804) - (13) (9,81,862)
Amount accepted in re-insurance :
(a) By death - - - - - - - - - -
(b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - - (d) Other benefits - - - - - - - - - - Total accepted - - - - - - - - - -
Net Paid 1,73,26,605 76,914 13,90,898 83,183 2,162 11,45,472 2,65,61,051 25,87,828 2,82,036 4,94,56,149
Benefits Paid In India 1,73,26,605 76,914 13,90,898 83,183 2,162 11,45,472 2,65,61,051 25,87,828 2,82,036 4,94,56,149
Benefits Paid Outside India - - - - - - - - - -
* Including claim investigation expenses amounting to Rs.9,036
Particulars For the year ended March 31, 2018
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 15
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-7-BENEFITS PAID SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Insurance Claims
(a) By death 7,72,918 913 3,67,041 20,624 (2,810) 5,54,574 2,62,242 20,312 (18) 19,95,796
(b) By Maturity 5,09,306 13,818 3,949 - - - 26,06,444 97,102 91,600 33,22,219
(c) Annuities/ Pension payment, - - - 22,912 - - - - - 22,912
(d) Other benefits
--Surrenders 19,88,369 17,019 3,06,698 - (0) 44,031 66,93,274 9,01,978 667 99,52,036
--Health - - 1,700 - 12,607 999 - - - 15,307
--Survival Benefit 2,26,714 - 1,24,501 - - - - - - 3,51,216
--Bonus to Policyholders 33,98,858 9,769 - - - - - - - 34,08,627
--Others 30,398 - 4,042 8 1 419 29,656 204 - 64,728
Total paid 69,26,564 41,518 8,07,931 43,544 9,798 6,00,024 95,91,616 10,19,596 92,249 1,91,32,841
(Amount ceded in re-insurance) :
(a) By death (30,056) - (3,25,315) - - (1,74,155) (23,569) (75) 8 (5,53,162)
(b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits --Health (500) - (850) - (10,017) - - - - (11,367)
Total ceded (30,556) - (3,26,165) - (10,017) (1,74,155) (23,569) (75) 8 (5,64,529)
Amount accepted in re-insurance :
(a) By death - - - - - - - - - -
(b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits - - - - - - - - - -
Total accepted - - - - - - - - - -
Net Paid 68,96,008 41,518 4,81,766 43,544 (219) 4,25,869 95,68,047 10,19,521 92,257 1,85,68,312
Benefits Paid In India 68,96,008 41,518 4,81,766 43,544 (219) 4,25,869 95,68,047 10,19,521 92,257 1,85,68,312
Benefits Paid Outside India - - - - - - - - - -
Particulars
Quarter Ended March 31, 2019
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 16
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-7-BENEFITS PAID SCHEDULE Rs in '000
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Insurance Claims
(a) By death 5,90,425 1,018 3,53,438 7,430 (1,346) 3,16,622 2,33,494 23,685 41 15,24,807
(b) By Maturity 1,06,174 12,266 - - - - 29,57,189 87,974 88,962 32,52,565
(c) Annuities/ Pension payment, - - - 20,489 - - - - - 20,489
(d) Other benefits
--Surrenders 15,07,694 17,479 2,18,027 - - 56,272 43,99,365 5,67,907 - 67,66,744
--Health - - 100 - 13,129 2,000 - - - 15,229
--Survival Benefit 1,26,019 - 39,244 - - - - - - 1,65,263
--Bonus to Policyholders 27,81,035 9,521 - - - - - - - 27,90,556
--Others 22,044 12 4,274 4 18 (70) 31,745 141 - 58,168
Total paid 51,33,391 40,296 6,15,083 27,923 11,801 3,74,824 76,21,793 6,79,707 89,003 1,45,93,821
(Amount ceded in re-insurance) :
(a) By death (31,647) - (1,82,922) - - (65,769) (20,075) - (13) (3,00,426)
(b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits --Health - - (50) - (9,399) - - - - (9,449)
Total ceded (31,647) - (1,82,972) - (9,399) (65,769) (20,075) - (13) (3,09,875)
Amount accepted in re-insurance :
(a) By death - - - - - - - - - -
(b) By Maturity - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits - - - - - - - - - -
Total accepted - - - - - - - - - -
Net Paid 51,01,744 40,296 4,32,111 27,923 2,402 3,09,055 76,01,718 6,79,707 88,990 1,42,83,946
Benefits Paid In India 51,01,744 40,296 4,32,111 27,923 2,402 3,09,055 76,01,718 6,79,707 88,990 1,42,83,946
Benefits Paid Outside India - - - - - - - - - -
Particulars Quarter Ended March 31, 2018
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 17
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-8-SHARE CAPITAL SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
Authorised Capital
3,000,000,000 Equity Shares of Rs 10 each (Previous Year: 3,000,000,000 Equity Shares)
3,00,00,000 3,00,00,000
Issued and Subscribed Capital
1,918,812,856 (March 31, 2018: 1,918,812,856) Equity Shares of Rs 10 each 1,91,88,129 1,91,88,129
Called up Capital
1,918,812,856 (March 31, 2018: 1,918,812,856) Equity Shares of Rs 10 each 1,91,88,129 1,91,88,129
Less: Calls unpaid - -
Add : Shares forfeited (Amount originally paid up) - -
Less: Par value of equity shares bought back - -
Less: Preliminary Expenses (to the extent not written off or adjusted) - -
Total 1,91,88,129 1,91,88,129
L-9-PATTERN OF SHAREHOLDING SCHEDULE
Particulars
Shareholder Number of Shares of Rs 10
each fully paid up
% of Holding Number of Shares of Rs 10
each fully paid up
% of Holding
Promoters - Indian 1,37,74,08,564 71.79% 1,35,75,31,196 70.75%
Foreign Shareholders 48,39,54,534 25.22% 48,46,82,150 25.26%
Others 5,74,49,758 2.99% 7,65,99,510 3.99%
Total 1,91,88,12,856 100.01% 1,91,88,12,856 100.00%
As At March 31, 2019 As At March 31, 2018
Of the above 1,377,408,494 (March 31, 2018: 1,357,531,196 ) equity shares of Rs 10 each fully paid up are held by Max Financial Services Limited
Page 18
(All Amounts in Thousands of Indian Rupees)
L-10-RESERVE AND SURPLUS SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
Capital Reserve - -
Capital Redemption Reserve 2,58,784
Share Premium 6,80,913
Revaluation Reserve - -
General Reserve :
Opening Balance - -
Add: Transfer from / (to) Profit and Loss Appropriations - -
Closing Balance of General Reserve - -
Catastrophe Reserve - -
Other Reserves - -
Balance of profit/ (loss) in Profit and Loss Account 75,38,521 67,62,696
Total 84,78,218 77,02,393
L-11-BORROWINGS SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
Debentures/ Bonds - - Banks - -
Financial Institutions - -
Others - -
Total - -
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
PERIODIC DISCLOSURES
Page 19
PERIODIC DISCLOSURES
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 15,60,952 13,23,982
Other Approved Securities 27,07,425 26,91,702
Other Approved investments
(a) Shares
(aa) Equity 9,49,447 9,58,374
(bb) Preference Shares - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds 1,10,38,257 1,10,04,586
(e) Other Securities
Deposits with Bank - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector 35,81,605 41,96,448
Other Investments - -
Debentures/ Bonds - 50,000
Equity Shares 76,075 73,850
Preference - -
Investments in Infrastructure and Social Sector 50,000 32,426
- -
SHORT TERM INVESTMENTS - -
Government securities and Government guaranteed bonds
including Treasury Bills 2,32,798 70,748
Other Approved Securities - -
Other Approved investments - -
(a) Shares - -
(aa) Equity - -
(bb) Preference Shares - -
(b) Mutual Funds 69,75,715 67,06,473
(c) Derivative Instruments - -
(d) Debentures/ Bonds 70,950 1,24,310
(e) Other Securities - -
Commercial Paper 22,61,515 9,76,037
Certificate of Deposits 7,73,311 2,386
Deposits with Bank 18,15,984 29,44,654
Reverse Repo 18,257 1,82,312
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector 29,74,507 8,07,569
Other Investments - -
Mutual Fund - -
Debentures/ Bonds 50,000 -
Investments in Infrastructure and Social Sector 49,966 -
Total 3,51,86,764 3,21,45,857
Aggregate Amount of Investments other than listed equity
securities and derivative instruments 3,38,77,433 3,09,87,538
Aggregate Market Value of Investments other than listed
equity securities and derivative instruments 3,33,69,918 3,07,58,609
L-12-INVESTMENT SHAREHOLDERS SCHEDULE
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 20
PERIODIC DISCLOSURES
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 23,57,19,152 20,03,76,258
Other Approved Securities 1,83,11,559 1,30,23,227
Other Approved Investments - -
(a) Shares - -
(aa) Equity 2,91,14,821 2,17,48,083
(bb) Preference - 6
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds 1,08,06,114 1,23,04,328
(e) Other Securities - -
Commercial Paper - -
Deposits with Bank 90,000 90,000
Policy Loans - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate 21,95,070 2,28,990
Investments in Infrastructure and Social Sector 6,95,50,884 4,94,85,279
Other Investments - -
Debentures/ Bonds - 50,000
Equity Shares 62,87,147 6,11,680
Alternate Investment Funds 4,75,231 1,47,678
Investments in Infrastructure and Social Sector - 2,80,111
- -
SHORT TERM INVESTMENTS - -
Government securities and Government guaranteed bonds
including Treasury Bills 9,13,804 24,20,315
Other Approved Securities 49,794 49,800
Other Approved Investments - -
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 76,55,994 80,09,814
(c) Derivative Instruments - -
(d) Debentures/ Bonds 11,56,640 12,74,254
(e) Other Securities - -
Commercial Paper 5,82,351 9,76,037
Certificate of Deposits 8,23,093 7,17,465
Deposits with Bank - 10,39,800
Reverse Repo 37,09,286 31,46,919
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector - -
Other Investments 65,82,396 32,58,378
Debentures/ Bonds - -
Investments in Infrastructure and Social Sector 1,50,000 -
Mutual Fund - -
Total 39,41,73,336 31,92,38,422
Aggregate Amount of Investments other than listed equity
securities and derivative instruments 35,52,74,372 29,36,50,465
Aggregate Market Value of Investments other than listed
equity securities and derivative instruments 36,40,83,946 29,95,08,432
L-13-INVESTMENT POLICYHOLDERS SCHEDULE
Page 21
PERIODIC DISCLOSURES
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
L-14-INVESTMENT-ASSETS HELD TO COVER LINKED LIABILITIES SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 3,54,69,329 3,37,21,781
Other Approved Securities 30,67,057 20,08,514
Other Approved Investments - -
(a) Shares - -
(aa) Equity 8,12,15,679 7,03,38,617
(bb) Preference - 11,047
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds 1,40,95,800 1,40,51,549
(e) Other Securities - -
Deposits with Bank - 95,000
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector 2,24,92,415 2,25,01,487
Other Investments - -
Debentures/ Bonds 1,50,483 1,02,723
Equity Shares 68,76,229 34,00,220
Preference Shares - -
Investments in Infrastructure and Social Sector 21,25,576 4,92,560
- -
SHORT TERM INVESTMENTS - - Government securities and Government guaranteed bonds
including Treasury Bills 88,09,488 11,22,599
Other Approved Securities 5,13,082 59,945
Other Approved investments - -
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 47,49,677 61,01,394
(c) Derivative Instruments - -
(d) Debentures/ Bonds 2,41,801 7,60,541
(e) Other Securities - -
Commercial Paper 30,77,095 28,04,206
Certificate of Deposits - 9,38,332
Deposits with Bank 95,000 -
Reverse Repo 8,43,841 26,06,166
CBLO - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
(h) Exchange Traded Funds - -
Investments in Infrastructure and Social Sector 56,14,002 39,07,496
Other Investments - -
Debentures/ Bonds 4,22,294 1,00,004
Mutual Funds - -
Investments in Infrastructure and Social Sector 2,50,444 -
Exchange Traded Funds 45,05,003 28,17,539
Net Current Assets 40,04,896 30,39,486
Total 19,86,19,191 17,09,81,206
Page 22
PERIODIC DISCLOSURES
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-15-LOANS SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
SECURITY -WISE CLASSIFICATION
Secured
(a) On mortgage of property
(aa) In India - - (bb) Outside India - - (b) On Shares, Bonds, Govt. Securities, etc. - - (c) Loans against policies 32,65,049 22,32,576 (d) Others - - Unsecured - - Total 32,65,049 22,32,576
BORROWER-WISE CLASSIFICATION
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 32,65,049 22,32,576
(f) Others - -
Total 32,65,049 22,32,576
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard
(aa) In India 32,65,049 22,32,576
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total 32,65,049 22,32,576
MATURITY- WISE CLASSIFICATION
(a) Short Term 65,599 30,769
(b) Long Term 31,99,450 22,01,807
Total 32,65,049 22,32,576
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 23
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-16-FIXED ASSETS SCHEDULE Rs in '000
Goodwill - - - - - - - - - - Intangibles - Software 33,94,101 5,82,781 10,396 39,66,486 25,04,708 4,49,957 967 29,53,698 10,12,788 8,89,393 Land-Freehold - - - - - - - - - - Leasehold Property - - - - - - - - - - Leasehold improvements 11,71,060 1,32,449 34,353 12,69,155 10,04,177 45,192 29,850 10,19,519 2,49,636 1,66,883 Buildings - - - - - - - - - - Furniture and fixtures 3,64,717 58,423 50,424 3,72,714 3,12,632 30,703 48,682 2,94,655 78,059 52,085 Information Technology
equipment (Including
communication networks and
servers )
13,15,022 1,57,972 1,70,133 13,02,860 11,34,520 1,30,244 1,68,106 10,96,657 2,06,203 1,80,502
Vehicles 33,888 2,646 10,733 25,801 26,064 4,823 10,163 20,724 5,077 7,824 Office equipment 5,38,354 76,608 79,400 5,35,564 4,53,395 46,120 78,153 4,21,361 1,14,203 84,959 Total 68,17,142 10,10,877 3,55,439 74,72,580 54,35,496 7,07,039 3,35,921 58,06,614 16,65,966 13,81,646
Capital Work in Progress
(including Capital advances) 2,55,216 2,00,185
Grand Total 68,17,142 10,10,877 3,55,439 74,72,580 54,35,496 7,07,039 3,35,921 58,06,614 19,21,182 15,81,831
Previous year (FY 17-18) 66,53,161 4,04,862 2,40,881 68,17,142 50,63,289 6,08,542 2,36,333 54,35,496 15,81,831
Note:1. Internally generated Intangibles is Rs. NIL. (Mar 31, 2018 - Rs. NIL)
As At April 1, 2018Additions For The
Period
Sale/ Disposal For The
Period
Particulars
Gross Block
As At March 31, 2019 As At March 31, 2019 As At March 31, 2018
Depriciation Net Block
As At March 31, 2019 On Sales /Disposal As At April 1, 2018 For The Period
Page 24
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-17-CASH AND BANK BALANCE SCHEDULE Rs in '000
Particulars
Cash [Including Insurance Stamp Rs. 25,145 (March 31, 2018 : Rs. 56,760) and
Cheques in hand of Rs. 895,682 (March 31, 2018 : Rs. 568,172)]
9,57,709 6,61,460
Balances with banks in India (a) Deposit accounts (aa) Short-term fixed deposit (i.e. maturing in 12 months) - - (bb) Others - - (b) Current accounts * 40,69,180 37,43,558
(c) Others - - Money at call and short notice (a) With Banks - - (b) With other Institutions - - Others - -
Total 50,26,889 44,05,018
*Bank Balances with non-scheduled bank included in (b) above is Rs Nil (March 31, 2018 Rs Nil)
* Cash and Bank Balances outside India included in (b) above is Rs Nil (March 31, 2018 Rs Nil)
L-18-ADVANCES AND OTHER ASSETS SCHEDULE Rs in '000
Particulars
ADVANCES
Reserve deposit with ceding companies - -
Application money for investments - -
Prepayments 2,81,428 2,92,235
Advances to Directors / Officers - -
Advance tax paid and taxes deducted at source (Net of provision for taxation) 1,88,340 1,47,208
Others
Advances to suppliers 10,81,336 13,43,734
Less : Provision for doubtful advances 33,042 10,48,294 41,420 13,02,314
Advances to employees for imprest, travel, etc. 39,095 29,749
Less : Provision for doubtful advances 28,767 10,328 24,262 5,487
Total (A) 15,28,390 17,47,244
OTHER ASSETS
Income accrued on investments 87,52,361 77,61,523
Outstanding Premiums 62,88,614 58,84,352
Agents' Balances 54,355 50,036
Less : Provision for doubtful agent's balances 41,196 13,159 33,209 16,827
Foreign Agencies Balances - -
Due from other entities carrying on insurance business (including reinsurers) 9,53,846 6,86,946
Due from subsidiaries / holding company - -
Deposits with Reserve Bank of India - -
Others:
- Service Tax and GST Unutilised Credit* 5,87,128 3,34,612
- Security and other deposits 4,34,212 3,74,043
- Outstanding Trades - Investment 92,072 6,64,507
- Receivable from UL Fund 5,62,751 4,44,393
- Derivative Assets 6,02,101 390
- Derivative margin money investment 5,05,784 2,22,429
- Asset held for unclaimed amount 2,35,723 3,81,664
- Service Tax Deposits 1,02,484 1,05,290
- Income Tax Deposits 4,19,258 4,19,258
Total (B) 1,95,49,493 1,72,96,234
Total (C) = (A) + (B) 2,10,77,883 1,90,43,478 *Includes Service Tax as per Finance Act 1994 till June 30, 2017 and GST with effect from July 01, 2017
As At March 31, 2019 As At March 31, 2018
As At March 31, 2019 As At March 31, 2018
Page 25
PERIODIC DISCLOSURES
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-19-CURRENT LIABILITIES SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
Agents balances 40,17,527 28,74,558
Balance due to other insurance companies 4,38,087 4,58,310
Deposits held on reinsurance companies - -
Premium received in advance 1,38,959 1,80,827
Unallocated premium 14,49,802 9,50,570
Sundry creditors 55,48,550 56,71,991
Due to holding company 1,50,925 38,770
Claims outstanding (includes pending investigation) 12,18,695 8,78,240
Annuities due - -
Due to Officers/ Directors - -
Unclaimed amount- Policyholders 2,35,723 3,81,664
Others:
-Proposal / Policyholder deposits 27,63,063 15,56,896
-Payable to Policyholder 30,76,488 17,77,063
-Withholding tax deducted at source 2,50,896 2,43,528
-Service Tax and GST liability* 10,83,844 9,70,042
-Other statutory liabilities 53,964 44,226
-Derivative Liability 1,106 2,61,770
- Payable for purchase of investments 19,43,214 11,50,763
- Derivative margin money 5,05,402 -
Total 2,28,76,245 1,74,39,218
L-20-PROVISIONS SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
For taxation (less payments and taxes deducted at source) - 9,631 For proposed dividends - - For dividend distribution tax - -
Others :
- Provision for gratuity 2,02,296 1,12,312
- Provision for compensated absences 3,19,815 2,79,509
Total 5,22,111 4,01,452
L-21-MISC EXPENDITURE SCHEDULE Rs in '000
Particulars As At March 31, 2019 As At March 31, 2018
Discount Allowed in issue of shares/ debentures - -
Others - -
Total - -
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
* Includes GST with effect from 01 July 2017.
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PERIODIC DISCLOSURES
FORM L-22 ANALYTICAL RATIOS
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
S.No. ParticularsQuarter ended
March 31, 2019
For the year ended
March 31, 2019
Quarter ended
March 31, 2018
For the year ended
March 31, 2018
1 New business premium income growth rate
(Current Period New Business Premium as a % of Previous Period New
Business Premium)Individual Life - Participating 116% 113% 96% 102%
Pension - Participating 104% 103% 97% 101%
Individual Life - Non Participating 180% 143% 124% 123%
Annuity 198% 140% 81% 105%
Health Insurance 113% 112% 75% 116%
Group 106% 116% 141% 113%
Individual Linked 116% 125% 203% 167%
Linked Pension 88% 77% 132% 157%
Linked Group 103% 70% 19% 33%
2 Net Retention Ratio 99% 99% 99% 99%
3 Expense of Management to Gross Direct Premium Ratio 18% 20% 17% 20%
4 Commission Ratio (Gross commission paid to Gross Premium) 7% 7% 8% 7%
5 Ratio of policy holder's liabilities to shareholder's funds 2203% 2203% 1870% 1870%
6 Growth rate of shareholders' fund 2% 2% 8% 8%
7 Ratio of surplus to policyholders' liability 1% 1% 1% 1%
8 Change in net worth 6,204 6,204 18,955 18,955
9 Profit after tax/Total Income 3% 3% 4% 3%
10 (Total real estate + loans)/(Cash & invested assets) 0.9% 0.9% 0.5% 0.5%
11 Total investments/(Capital + Surplus) 2282% 2282% 1943% 1943%
12 Total affiliated investments/(Capital+ Surplus) NA NA NA NA
13 Investment Yield (Gross and Net)
Without unrealized gains
Policyholders’ Funds:
Par - Non Linked 7% 8% 8% 9%
Non Par - Non Linked 8% 8% 8% 8%
Non Par - Linked 7% 9% 5% 10%
Grand Total 7% 9% 7% 9%
Shareholders’ Funds 8% 8% 7% 8%
With unealized Gains
Policyholders’ Funds:
Par - Non Linked 11% 9% 4% 6%
Non Par - Non Linked 9% 9% 6% 5%
Non Par - Linked 18% 10% -11% 8%
Grand Total 13% 10% -1% 6%
Shareholders’ Funds 11% 7% 4% 6%
14 Conservation Ratio
Individual Life - Participating 88% 89% 95% 90%
Pension - Participating 93% 93% 93% 110%
Individual Life - Non Participating 97% 92% 96% 92%
Health Insurance 67% 65% 77% 75%
Individual Linked 81% 87% 83% 87%
Linked Pension 75% 83% 82% 85%
15 Persistency Ratio
By Premium
For 13th month 85% 83% 82% 81%
For 25th month 72% 71% 73% 72%
For 37th month 65% 64% 62% 62%
For 49th Month 58% 58% 59% 57%
For 61st month 55% 53% 54% 53%
By Count
For 13th month 80.0% 79.0% 78.0% 77.0%
For 25th month 69.0% 67.0% 70.0% 69.0%
For 37th month 61.0% 60.0% 59.0% 58.0%
For 49th Month 55.0% 54.0% 54.0% 52.0%
For 61st month 50.0% 49.0% 48.0% 47.0%
16 NPA Ratio
Gross NPA Ratio NA NA NA NA
Net NPA Ratio NA NA NA NA
1 (a) No. of shares 1,91,88,12,856 1,91,88,12,856 1,91,88,12,856 1,91,88,12,856
2 (b) Percentage of shareholding (Indian / Foreign)
- Indian 75% 75% 75% 75%
- Foreign 25% 25% 25% 25%
3 (c) %of Government holding (in case of public sector insurance
companies)NA NA NA NA
4 (a) Basic and diluted EPS before extraordinary items (net of tax
expense) for the period (not to be annualized) 1.28 2.90 1.05 2.75
5 (b) Basic and diluted EPS after extraordinary items (net of tax expense)
for the period (not to be annualized) 1.28 2.90 1.05 2.75
6 (iv) Book value per share (Rs) 14.39 14.39 14.07 14.07
Equity Holding Pattern for Life Insurers
Page 27
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
IRDAI REGISTRATION NO. 104 DATED NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
FORM L- 23 - RECEIPTS AND PAYMENTS SCHEDULE Rs in '000
Particulars Year Ended March 31, 2019 Year Ended March 31, 2018
Cash flows from operating activities
Premium received from policyholders, including advance receipts 14,70,11,562 12,34,02,216
Other receipts 5,66,438 37,043
Payments to the re-insurers, net of commissions and claims (5,79,764) (3,55,348)
Payments of claims (5,67,79,868) (4,94,21,109)
Payments of commission and brokerage (87,49,765) (91,41,120)
Payments of other operating expenses (1,85,94,088) (1,60,66,946)
Deposits, advances and staff loans (57,363) (2,66,788)
Income taxes paid (Net) (7,12,970) (8,80,817)
Service tax/GST paid (14,70,786) (2,85,951)
Other payments - -
Net cash flow from operating activities 6,06,33,396 4,70,21,180
Cash flows from investing activities
Purchase of fixed assets (9,94,593) (4,81,155)
Proceeds from sale of fixed assets 19,713 7,956
Purchases of investments (7,43,33,85,498) (5,21,58,52,184)
Loans against policies (10,32,473) (8,99,404)
Sales of investments 7,34,75,02,085 5,14,77,84,900
Rents/Interests/ Dividends received 3,26,67,628 2,68,00,300
Investments in money market instruments and in liquid mutual funds (Net) - -
Net cash flow from investing activities (5,52,23,138) (4,26,39,587)
Cash flows from financing activities
Dividends paid (including Dividend Distribution Tax) (47,88,387) (34,41,062)
Net cash flow from financing activities (47,88,387) (34,41,062)
Net increase/ (decrease) in cash and cash equivalents 6,21,871 9,40,530
Cash and cash equivalents at beginning of year 44,05,018 34,64,490
Cash and cash equivalents at end of year 50,26,889 44,05,018
Notes :
1. The above Receipts and Payments Account has been prepared under the "Direct Method" as set out in the Accounting Standard-3 on Cash Flow Statement.
2. Previous year's amounts have been reclassified wherever necessary to conform to current year's classification.
3. Cash and Cash Equivalents at the end of the year consist of cash, cheques in hand, stamps in hand and balance with banks.
Cash and Cash Equivalents
Reconciliation of Cash and Cash Equivalents with Cash and Bank Balance (Schedule 11): As At March 31, 2019 As At March 31, 2018
Cash in hand 36,881 36,528
Stamps in hand 25,146 56,760
Cheques in hand 8,95,682 5,68,172
Balance with banks
- Current Account (including Remittances in Transit) 40,69,180 37,43,558
Total 50,26,889 44,05,018
Page 28