name of the insurer: max life insurance company … · name of the insurer: max life insurance...
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Form No Description PagesL- 1 REVENUE ACCOUNT 2-3
L- 2 PROFIT & LOSS ACCOUNT 4
L- 3 BALANCE SHEET 5
L- 4 PREMIUM 6
L- 5 COMMISSION 7
L- 6 OPERATING EXPENSES 8-9
L- 7 BENEFITS PAID 10-11
L- 8 SHARE CAPITAL 12
L- 9 PATTERN OF SHAREHOLDING 12
L-10 RESERVE AND SURPLUS 13
L-11 BORROWINGS 13
L-12 INVESTMENT SHAREHOLDERS 14
L-13 INVESTMENT POLICYHOLDERS 15
L-14 INVESTMENT-ASSETS HELD TO COVER LINKED LIABILITIES 16
L-15 LOANS 17
L-16 FIXED ASSETS 18
L-17 CASH AND BANK BALANCE 19
L-18 ADVANCES AND OTHER ASSETS 19
L-19 CURRENT LIABILITIES 20
L-20 PROVISIONS 20
L-21 MISC EXPENDITURE 20
L-22 ANALYTICAL RATIOS 21
FINANCIAL DISCLOSURES FOR THE PERIOD ENDED JUNE 30, 2020
REGISTRATION NO 104: DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 1 of 21
PERIODIC DISCLOSURES
L-1-A-RA
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
Policyholders’ Account (Technical Account)
(All Amounts in Thousands of Indian Rupees)
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Premiums earned - net
Premiums L 4 11,510,073 1,991 4,636,237 612,547 109,976 933,929 9,184,730 522,147 (13) 27,511,617
Less : Reinsurance Ceded (54,715) - (319,191) - (24,149) (314,455) (24,902) (59) - (737,471)
Add : Reinsurance Accepted -
11,455,358 1,991 4,317,046 612,547 85,827 619,474 9,159,828 522,088 (13) 26,774,146
Income from Investments
(a) Interest, Dividends & Rent - Gross 6,700,333 19,681 1,255,263 54,631 4,245 206,291 1,630,829 195,356 13,232 10,079,861
(b) Profit on sale/ redemption of investments 683,523 67 145,494 - - 238,663 3,468,338 393,116 6,185 4,935,386
(c) (Loss) on sale/ redemption of investments (646,779) - - - - - (5,222,741) (416,861) (10,584) (6,296,965)
(d) Transfer/ Gain on revaluation/change in fair value - - (65,078) - - - 17,707,599 1,267,199 44,122 18,953,842
Other Income -
Contribution from Shareholder ' account towards excess EOM - - - - - - - - - -
Miscellaneous Income 108,132 3 793 1 26 60 481 49 1 109,546
Total (A) 18,300,567 21,742 5,653,518 667,179 90,098 1,064,488 26,744,334 1,960,947 52,943 54,555,816
Commission L 5 678,490 7 510,769 8,201 29,665 23,849 294,283 14,731 - 1,559,995
Operating Expenses related to Insurance Business L 6 1,845,829 384 1,590,677 19,905 61,878 140,256 753,314 54,073 294 4,466,610
Provision for doubtful debts 630 - 665 4 35 18 340 16 - 1,708
Bad debts written off - - - - - - - - - -
Provision for Tax - - - - - - - - - -
Goods and Services Tax - - - - - - 336,615 16,817 184 353,616
Provision (other than taxation)
(a) For diminution in the value of investments( Net) 30,144 - - - - - 211,556 13,120 915 255,735
(b) Others - - - - - - - - - -
Total (B) 2,555,093 391 2,102,111 28,110 91,578 164,123 1,596,108 98,757 1,393 6,637,664
Benefits Paid (Net) L 7 4,435,249 7,515 650,643 38,176 (3,517) 319,266 3,534,064 821,010 26,972 9,829,378
Interim Bonuses Paid 3,111 - - - - - - - - 3,111
Change in valuation of liability against life policies in force:
(a) Gross* 15,866,985 (222) 3,570,905 632,092 6,280 64,544 18,897,786 687,641 23,968 39,749,979
(b) Discontinued Fund - - - - - - 2,172,750 299,964 - 2,472,714
(c) Amount ceded in Reinsurance 8,862 - (387,306) - (5,315) (15,695) - - - (399,454)
(d) Amount accepted in Reinsurance - - - - - - - - - -
Total ( C ) 20,314,207 7,293 3,834,242 670,268 (2,552) 368,115 24,604,600 1,808,615 50,940 51,655,728
SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) (4,568,733) 14,058 (282,835) (31,199) 1,072 532,250 543,626 53,575 610 (3,737,576)
Contribution from the Shareholders' Account ** - - 282,835 31,199 - - - - - 314,034
APPROPRIATIONS:
Transfer to Shareholders’ Account - - - - 1,072 532,250 543,626 53,575 610 1,131,133
Transfer to Other Reserves - - - - - - - - - -
Funds available for Future Appropriations (4,568,733) 14,058 - - - - - - - (4,554,675)
Details of Surplus
(a) Interim Bonus Paid 3,111 - - - - - - - - 3,111
(b) Allocation of Bonus to Policyholders 12,952,931 13,476 - - - - - - - 12,966,407
(c) Surplus Shown in the Revenue Account 25,944,001 463,625 - - 1,072 532,250 543,626 53,575 610 27,538,759
(d) Total Surplus : [(a)+(b)+(c)] 38,900,043 477,101 - - 1,072 532,250 543,626 53,575 610 40,508,277
* Represents Mathematical Reserve considering allocation of Bonus.
** Contribution represents quarter numbers only, transferred to Policyholders Account
Note: Numbers have been regrouped in line with format specified by IRDAI regulation, wherever applicable
Particulars Sch Period ended June 30, 2020
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 2 of 21
PERIODIC DISCLOSURES
L-1-A-RA
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
Policyholders’ Account (Technical Account)
(All Amounts in Thousands of Indian Rupees)
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Premiums earned - net
Premiums L 4 13,028,554 2,466 3,231,636 141,166 74,718 1,201,467 8,298,668 516,222 13,243 26,508,140
Less : Reinsurance Ceded (54,596) - (224,612) - (16,535) (188,011) (25,145) (78) - (508,977)
Add : Reinsurance Accepted - - - - - - - - - -
12,973,958 2,466 3,007,024 141,166 58,183 1,013,456 8,273,523 516,144 13,243 25,999,163
Income from Investments
(a) Interest, Dividends & Rent - Gross 5,858,304 18,866 1,014,574 31,486 3,121 194,992 1,685,527 231,408 13,277 9,051,555
(b) Profit on sale/ redemption of investments 1,904,954 - 7,173 849 - 3,326 3,310,385 357,165 8,253 5,592,105
(c) (Loss) on sale/ redemption of investments (251,267) - (2,357) (56) - (1,395) (878,625) (82,932) (2,863) (1,219,495)
(d) Transfer/ Gain on revaluation/change in fair value - - - - - - (41,925) 1,653 7,146 (33,126)
Other Income -
Contribution from Shareholder ' account towards excess EOM - - - - - - - - - -
Miscellaneous Income 96,901 1 2,961 1 34 119 83 67 - 100,167
Total (A) 20,582,850 21,333 4,029,375 173,446 61,338 1,210,498 12,348,968 1,023,505 39,056 39,490,369
Commission L 5 928,989 11 317,072 1,164 14,883 37,578 273,897 11,601 - 1,585,195
Operating Expenses related to Insurance Business L 6 2,699,731 461 1,153,399 2,120 37,544 167,657 834,373 51,937 296 4,947,518
Provision for doubtful debts 1,361 - 696 (1) (9) (32) 572 (12) - 2,575
Bad debts written off 894 - 356 1 14 47 258 18 - 1,588
Provision for Tax - - - - - - - - - -
Goods and Services Tax - - - - - - 312,570 17,738 174 330,482
Provision (other than taxation)
(a) For diminution in the value of investments( Net) - - - - - - 530,329 37,126 2,392 569,847
(b) Others - - - - - - - - - -
Total (B) 3,630,975 472 1,471,523 3,284 52,432 205,250 1,951,999 118,408 2,862 7,437,205
Benefits Paid (Net) L 7 5,241,024 9,185 999,796 25,519 4,900 426,810 8,928,359 837,487 27,553 16,500,633
Interim Bonuses Paid 3,489 - - - - - - - - 3,489
Change in valuation of liability against life policies in force:
(a) Gross* 10,903,273 (1,534) 2,478,579 151,249 7,418 345,514 (212,863) (224,730) 8,050 13,454,956
(b) Discontinued Fund - - - - - - 1,365,865 245,073 - 1,610,938
(c) Amount ceded in Reinsurance (5,194) - (666,770) - (2,489) 12,975 - - - (661,478)
(d) Amount accepted in Reinsurance - - - - - - - - - -
Total ( C ) 16,142,592 7,651 2,811,605 176,768 9,829 785,299 10,081,361 857,830 35,603 30,908,538
SURPLUS/ (DEFICIT) ( D ) = ( A ) - ( B ) - ( C ) 809,283 13,210 (253,753) (6,606) (923) 219,949 315,608 47,267 591 1,144,626
Contribution from the Shareholders' Account ** - - 253,753 6,606 923 - - - - 261,282
APPROPRIATIONS:
Transfer to Shareholders’ Account - - - - - 219,949 315,608 47,267 591 583,415
Transfer to Other Reserves - - - - - - - - - -
Funds available for Future Appropriations 809,283 13,210 - - - - - - - 822,493
Details of Surplus
(a) Interim Bonus Paid 3,489 - - - - - - - - 3,489
(b) Allocation of Bonus to Policyholders 12,274,744 13,803 - - - - - - - 12,288,547
(c) Surplus Shown in the Revenue Account 22,890,897 429,298 - - - 219,949 315,608 47,267 591 23,903,610
(d) Total Surplus : [(a)+(b)+(c)] 35,169,130 443,101 - - - 219,949 315,608 47,267 591 36,195,646
* Represents Mathematical Reserve considering allocation of Bonus.
** Contribution represents quarter numbers only, transferred to Policyholders Account
Note: Numbers have been regrouped in line with format specified by IRDAI regulation, wherever applicable
Particulars Sch Period ended June 30, 2019
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 3 of 21
PERIODIC DISCLOSURES
L-2-A- P & L ACCOUNT
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
Shareholders’ Account (Non-technical Account)
(All Amounts in Thousands of Indian Rupees)
Rs in '000
Particulars Schedule Period ended June 30, 2020 Period ended June 30, 2019
Transfer from the Policyholders' Account (Technical Account) 1,131,133 583,415
Income From Investments
(a) Interest, Dividends & Rent - Gross 493,784 433,262
(b) Profit on sale/redemption of investments 48,051 107,726
(c) (Loss) on sale/ redemption of investments (3,906) (10,672)
Other income
- Miscellaneous income 122,661 225
Total ( A ) 1,791,723 1,113,956
Employees remuneration and welfare benefits 46,843 5,296 Expenses other than those directly related to the insurance business : 42,797 44,848
Contribution to the Policyholders Account (Technical Account) 314,034 261,282
Contribution to Policyholders ' account towards excess EOM - -
Provisions (other than taxation)
(a) For diminution in the value of investments( Net) 8,001 37,500
(c) Others - -
Total ( B ) 411,675 348,926
Profit/(Loss) before tax (C)=( A )-( B ) 1,380,048 765,030
Provision for Taxation (331,044) 83,253
Profit/ (loss) after tax 1,711,092 681,777
Appropriations
(a) Balance at the beginning of the period 5,182,919 7,538,521
(b) Interim Dividend Paid - -
(c) Final Dividend Paid - 2,647,962 (d) Dividend Distribution Tax - 544,296
(e) Transfer to reserves/ other accounts - -
Profit/(Loss) carried forward to the Balance Sheet 6,894,011 5,028,040
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 4 of 21
PERIODIC DISCLOSURESL-3-A- BS
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
BALANCE SHEET AS AT JUNE 30, 2020(All Amounts in Thousands of Indian Rupees)
Particulars Sch As At June 30, 2020 As At March 31, 2020
Sources Of FundsShareholders’ Funds:
Share Capital L 8 19,188,129 19,188,129
19,188,129 19,188,129
Reserves And Surplus L 10 8,705,457 6,805,838 Credit/(Debit) Fair Value Change Account (79,555) (255,072)
Sub-Total 27,814,031 25,738,895
BORROWINGS L 11 - -
POLICYHOLDERS' FUNDS:Credit/ (Debit) Fair Value Change Account 1,647,495 (5,724,369)
Revaluation Reserve - Investment Property 22,248 22,248
Policy Liabilities 474,446,168 454,807,482
Provision For Linked Liabilities 193,922,323 174,210,481
Fund For Discontinued Policies 19,903,807 17,431,093
Surplus In The Revenue Account (Policyholders' Account) (4,554,675) -
Sub-Total 685,387,366 640,746,935
Funds For Future Appropriations- Non Linked 30,962,301 30,962,301
TOTAL 744,163,698 697,448,131
Application Of FundsInvestments
Shareholders’ Investments L 12 32,731,285 32,581,186
Policyholders’ Investments L 13 485,831,425 460,484,108 Assets Held To Cover Linked Liabilities L 14 213,826,130 191,641,577 Loans L 15 4,474,405 4,264,484 Fixed Assets L 16 2,209,172 2,187,050 Current Assets :
Cash And Bank Balances L 17 3,330,643 4,059,852
Advances And Other Assets L 18 18,776,916 22,505,996
Sub-Total (A) 22,107,559 26,565,848
Current Liabilities L 19 16,222,012 19,638,740 Provisions L 20 794,266 637,382
Sub-Total (B) 17,016,278 20,276,122
Net Current Assets (C) = (A) – (B) 5,091,281 6,289,726
Miscellaneous Expenditure (To The Extent Not Written Off Or Adjusted) L 21 - - Debit Balance In Profit And Loss Account (Shareholders’ Account) - -
TOTAL 744,163,698 697,448,131
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 5 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-4-PREMIUM SCHEDULE
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
First year premiums 1,455,448 - 2,023,827 - 68,124 271,393 2,270,636 125,488 (13) 6,214,903
Renewal premiums 8,182,598 965 2,609,550 - 41,852 536,574 6,759,130 386,327 - 18,516,996
Single premiums 1,872,027 1,026 2,860 612,547 - 125,962 154,964 10,332 - 2,779,718
Total premium 11,510,073 1,991 4,636,237 612,547 109,976 933,929 9,184,730 522,147 (13) 27,511,617
Total premium in India 11,510,073 1,991 4,636,237 612,547 109,976 933,929 9,184,730 522,147 (13) 27,511,617
Total Premium outside India - - - - - - - - -
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
First year premiums 2,229,880 - 1,458,556 - 39,089 193,331 2,442,349 84,153 13,243 6,460,601
Renewal premiums 9,016,816 1,481 1,772,878 - 35,629 364,449 5,784,261 424,742 - 17,400,256
Single premiums 1,781,858 985 202 141,166 - 643,687 72,058 7,327 - 2,647,283
Total premium 13,028,554 2,466 3,231,636 141,166 74,718 1,201,467 8,298,668 516,222 13,243 26,508,140
Total premium in India 13,028,554 2,466 3,231,636 141,166 74,718 1,201,467 8,298,668 516,222 13,243 26,508,140
Total Premium outside India - - - - - - - - - -
Period ended June 30, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Period ended June 30, 2020
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 6 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-5-COMMISSION SCHEDULE
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Commission paid
Direct first year premiums 337,646 - 429,851 - 26,011 7,313 228,478 8,381 - 1,037,680
Direct renewal premiums 315,108 7 48,113 - 1,675 10,271 45,532 5,577 - 426,283
Direct single premiums 48 - 100 8,201 - 5,708 2,891 135 - 17,083
Total (A) 652,802 7 478,064 8,201 27,686 23,292 276,901 14,093 - 1,481,046
Add : Commission on Re-insurance Accepted - - - - - - - - - -
Less : Commission on Re-insurance Ceded - - - - - - - - - -
Net Commission 652,802 7 478,064 8,201 27,686 23,292 276,901 14,093 - 1,481,046
-Rewards 25,688 - 32,705 - 1,979 557 17,382 638 - 78,949
Net Commission & Rewards 678,490 7 510,769 8,201 29,665 23,849 294,283 14,731 - 1,559,995
Break-up of commission expenses (gross) incurred to procure business is as per details below:
Agents 280,591 7 169,813 2,560 5,592 2,297 40,182 4,083 - 505,125
Brokers 473 0 908 0 14 15,521 141 5 - 17,062
Corporate Agency 16,429 0 6,652 0 331 134 3,034 94 - 26,674
Bancassurance 380,997 0 333,396 5,641 23,728 5,897 250,926 10,549 - 1,011,134
Total (B) 678,490 7 510,769 8,201 29,665 23,849 294,283 14,731 - 1,559,995
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Commission paid
Direct first year premiums 572,021 - 273,692 - 12,693 4,257 217,303 4,984 - 1,084,950
Direct renewal premiums 323,291 11 28,423 - 1,392 4,502 42,912 6,243 - 406,774
Direct single premiums 66 - 16 1,163 - 28,514 1,301 58 - 31,118
Total (A) 895,378 11 302,131 1,163 14,085 37,273 261,516 11,285 - 1,522,842
Add : Commission on Re-insurance Accepted - - - - - - - - - -
Less : Commission on Re-insurance Ceded - - - - - - - - - -
Net Commission 895,378 11 302,131 1,163 14,085 37,273 261,516 11,285 - 1,522,842
-Rewards 33,611 - 14,941 1 798 305 12,381 316 - 62,353
Net Commission & Rewards 928,989 11 317,072 1,164 14,883 37,578 273,897 11,601 - 1,585,195
Break-up of commission expenses (gross) incurred to procure business is as per details below:
Agents 413,737 11 108,657 696 3,514 471 37,318 3,114 - 567,518
Brokers (67) - - - - 8,840 15 (3) - 8,785
Corporate Agency 31,020 0 2,815 - 60 164 3,106 66 - 37,231
Bancassurance 484,299 - 205,600 468 11,309 28,103 233,458 8,424 - 971,661
Total (B) 928,989 11 317,072 1,164 14,883 37,578 273,897 11,601 - 1,585,195
Period ended June 30, 2019
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Period ended June 30, 2020
Particulars Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 7 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-6-OPERATING EXPENSES SCHEDULE
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Employees remuneration and welfare benefits* 1,186,660 234 961,587 12,235 40,225 44,175 495,539 34,672 180 2,775,507
Travel, conveyance and vehicle running expenses 17,377 1 16,389 262 600 689 6,526 446 1 42,291
Training expenses 58,577 - 65,274 1,061 2,339 2,336 21,505 1,286 - 152,378
Rent, rates & taxes 90,578 15 77,496 1,221 2,874 3,567 34,400 2,495 11 212,657
Repairs 34,536 5 28,976 457 1,076 1,336 12,906 938 4 80,234
Printing and stationery 6,231 - 5,328 84 199 246 2,367 171 - 14,626
Communication expenses 80,179 33 37,336 520 1,555 3,101 31,982 2,882 23 157,611
Legal and professional charges 29,088 6 23,329 363 875 1,147 11,167 840 4 66,819
Medical fees 2,018 - 55,972 - 16 - 1,675 - - 59,681
Auditors' fees, expenses etc :
(a) as auditor 984 - 789 13 30 39 376 29 - 2,260
(b) as advisor or in any other capacity, in respect of :
(i) Taxation matters 44 - 35 1 2 2 16 1 - 101
(ii) Insurance matters - - - - - - - - - -
(iii) Management services; and - - - - - - - - - -
(c) in any other capacity
- Certification 490 - 393 6 15 19 188 14 - 1,125
- Out of pocket expenses 256 - 205 3 8 10 98 7 - 587
Advertisement and publicity 61,420 - 68,442 1,111 2,455 2,451 22,546 1,348 - 159,773
Interest and bank charges 21,200 16 9,309 127 390 819 9,168 846 14 41,889
Others:
Rates and taxes 6,934 2 7,626 121 283 359 3,501 255 1 19,082
Goods and Service Tax 2,863 1 2,103 33 79 103 - - - 5,182
Information technology maintenance expenses 84,238 28 48,124 705 1,916 3,274 33,166 2,837 22 174,310
Board Meetings expenses 965 - 774 12 29 38 370 28 - 2,216
Recruitment (including Agent advisors) 10,760 1 9,891 158 363 425 4,052 283 1 25,934
Electricity ,water and utilities 7,701 1 6,417 100 239 302 2,933 215 1 17,909
Insurance 7,538 2 5,962 93 224 297 2,887 218 1 17,222
Policy issuance and servicing costs 39,011 11 99,360 330 3,754 71,773 18,304 1,125 9 233,677
(Profit)/Loss on fluctuation in foreign exchange 702 - 149 1 8 27 289 29 - 1,205
Other miscellaneous expenses 1,064 - 788 13 29 43 410 31 - 2,378
Depreciation (Refer to Schedule 10) 94,415 28 58,623 875 2,295 3,678 36,943 3,077 22 199,956
Total 1,845,829 384 1,590,677 19,905 61,878 140,256 753,314 54,073 294 4,466,610
*Includes outsourced employees cost of Rs.123,233
Particulars
Period ended June 30, 2020
Total Non-Participating Policies (Non-Linked) Participating Policies (Non-Linked) Linked Policies
Page 8 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-6-OPERATING EXPENSES SCHEDULE
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Employees remuneration and welfare benefits* 1,673,365 297 651,739 1,252 20,907 70,825 526,101 31,763 190 2,976,439
Travel, conveyance and vehicle running expenses 68,972 10 27,389 59 1,065 3,604 19,950 1,378 6 122,433
Training expenses 140,059 - 67,353 111 2,468 8,399 33,960 1,564 - 253,914
Rent, rates & taxes 114,844 15 48,096 98 1,836 6,233 31,827 2,034 9 204,992
Repairs 56,527 6 23,637 46 901 3,063 15,685 1,005 3 100,873
Printing and stationery 13,507 1 5,619 12 215 731 3,764 243 - 24,092
Communication expenses 54,717 7 17,970 28 609 2,659 23,168 1,620 3 100,781
Legal and professional charges 62,881 10 25,047 55 971 3,294 18,145 1,248 6 111,657
Medical fees 4,259 - 52,076 - 17 - 5,079 1 - 61,432
Auditors' fees, expenses etc :
(a) as auditor 1,271 - 506 1 20 67 367 25 - 2,257
(b) as advisor or in any other capacity, in respect of :
(i) Taxation matters - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - -
(iii) Management services; and - - - - - - - - - -
(c) in any other capacity
- Certification 634 - 252 1 10 33 183 13 - 1,126
- Out of pocket expenses 190 - 76 - 2 10 55 4 - 337
Advertisement and publicity 105,544 - 50,766 82 1,861 6,328 25,583 1,178 - 191,342
Interest and bank charges 15,200 16 4,135 14 180 648 7,062 421 14 27,690
Others:
Rates and taxes 11,644 - 1,360 2 47 160 883 62 - 14,158
Goods and Service Tax 6,967 1 2,865 6 103 350 - - - 10,292
Information technology maintenance expenses 88,459 28 27,907 83 1,175 3,963 29,618 2,527 20 153,780
Board Meetings expenses 2,177 - 867 2 33 114 628 43 - 3,864
Recruitment (including Agent advisors) 45,960 4 20,138 38 759 2,576 12,238 720 2 82,435
Electricity ,water and utilities 30,074 4 12,588 25 481 1,631 8,339 534 2 53,678
Insurance 17,675 3 7,010 15 273 923 5,117 354 2 31,372
Policy issuance and servicing costs 72,113 28 68,256 85 2,055 46,784 30,343 2,227 18 221,909
(Profit)/Loss on fluctuation in foreign exchange 171 - 28 - 2 5 72 8 - 286
Other miscellaneous expenses 3,332 - 1,260 4 53 183 768 57 - 5,657
Depreciation (Refer to Schedule 10) 109,189 31 36,459 101 1,501 5,074 35,438 2,908 21 190,722
Total 2,699,731 461 1,153,399 2,120 37,544 167,657 834,373 51,937 296 4,947,518
* Includes outsourced employees cost of Rs. 627,178
Particulars
Period ended June 30, 2019
Participating Policies (Non-Linked) Total Linked Policies Non-Participating Policies (Non-Linked)
Page 9 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-7-BENEFITS PAID SCHEDULE
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Insurance Claims *
(a) Claims by death, 553,310 249 463,329 6,006 3,055 459,599 252,015 13,447 2 1,751,012
(b) Claims by Maturity, 263,644 3,053 4,279 - - - 1,357,864 250,794 26,970 1,906,604
(c) Annuities/ Pension payment, - - - 31,910 - - - - - 31,910
(d) Other benefits
Surrenders 1,383,908 3,092 230,579 260 - 14,843 1,925,881 556,768 - 4,115,331
Health - - 1,203 - 12,153 6,241 - - - 19,597
Survival Benefit 108,901 - 216,028 - - - - - - 324,929
Bonus to Policyholders 2,144,431 1,121 - - - - - - - 2,145,552
Others 19,948 - 3,907 - - 50 16,903 1 - 40,809
Total paid 4,474,142 7,515 919,325 38,176 15,208 480,733 3,552,663 821,010 26,972 10,335,744
(Amount ceded in re-insurance) :
(a) Claims by death, (38,793) - (267,982) - - (161,467) (18,599) - - (486,841)
(b) Claims by Maturity, - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits - Health (100) - (700) - (18,725) - - - - (19,525)
Total ceded (38,893) - (268,682) - (18,725) (161,467) (18,599) - - (506,366)
Amount accepted in re-insurance :
(a) Claims by death, - - - - - - - - - -
(b) Claims by Maturity, - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits - - - - - - - - - -
Total accepted - - - - - - - - - -
Net Paid 4,435,249 7,515 650,643 38,176 (3,517) 319,266 3,534,064 821,010 26,972 9,829,378
Benefits paid in India 4,435,249 7,515 650,643 38,176 (3,517) 319,266 3,534,064 821,010 26,972 9,829,378
Benefits paid Outside India - - - - - - - - - -
* Including claim investigation expenses amounting to Rs.2,976
Particulars
Period ended June 30, 2020
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 10 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-7-BENEFITS PAID SCHEDULE
Individual Life Pension Individual Life Annuity Health Group Individual Life Pension Group
Insurance Claims *
(a) Claims by death, 732,984 36 589,694 6,163 5,859 513,248 293,985 21,229 2 2,163,200
(b) Claims by Maturity, 418,781 1,140 70,251 - - - 2,615,571 75,746 27,496 3,208,985
(c) Annuities/ Pension payment, - - - 19,342 - - - - - 19,342
(d) Other benefits
Surrenders 1,919,767 6,976 289,647 - - 45,868 6,010,971 740,499 55 9,013,783
Health 141 - 1,800 - 6,513 1,900 - - - 10,354
Survival Benefit 117,715 - 157,728 - - - - - - 275,443
Bonus to Policyholders 2,045,442 1,033 - - - - - - - 2,046,475
Others 21,859 - 4,587 14 - 71 24,441 13 - 50,985
Total paid 5,256,689 9,185 1,113,707 25,519 12,372 561,087 8,944,968 837,487 27,553 16,788,567
(Amount ceded in re-insurance) :
(a) Claims by death, (14,915) - (113,761) - - (134,277) (16,434) - - (279,387)
(b) Claims by Maturity, - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits - Health (750) - (150) - (7,472) - (175) - - (8,547)
Total ceded (15,665) - (113,911) - (7,472) (134,277) (16,609) - - (287,934)
Amount accepted in re-insurance :
(a) Claims by death, - - - - - - - - - -
(b) Claims by Maturity, - - - - - - - - - -
(c) Annuities/ Pension payment, - - - - - - - - - -
(d) Other benefits - - - - - - - - - -
Total accepted - - - - - - - - - -
Net Paid 5,241,024 9,185 999,796 25,519 4,900 426,810 8,928,359 837,487 27,553 16,500,633
Benefits paid in India 5,241,024 9,185 999,796 25,519 4,900 426,810 8,928,359 837,487 27,553 16,500,633
Benefits paid Outside India - - - - - - - - - -
* Including claim investigation expenses amounting to Rs.8,895
Particulars Period ended June 30, 2019
Participating Policies (Non-Linked) Non-Participating Policies (Non-Linked) Linked Policies Total
Page 11 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-8-SHARE CAPITAL SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020
Authorised Capital
3,000,000,000 ( March 31, 2020: 3,000,000,000) Equity Shares of Rs 10 each 30,000,000 30,000,000
Issued and Subscribed Capital
1,918,812,856 (March 31, 2020: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129
Subscribed Capital
1,918,812,856 (March31, 2020: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129
Called up Capital
1,918,812,856 (March 31, 2020: 1,918,812,856) Equity Shares of Rs 10 each 19,188,129 19,188,129
Less: Calls unpaid - -
Add : Shares forfeited (Amount originally paid up) - -
Add : Shares application money pending allotment - -
Less: Par value of Equity Shares bought back - -
Less: Preliminary Expenses - -
Expenses including commission or brokerage on
Underwriting or subscription of shares Total 19,188,129 19,188,129
L-9-PATTERN OF SHAREHOLDING SCHEDULE
Particulars
Shareholder Number of Shares of Rs 10
each fully paid up
% of Holding Number of Shares of Rs 10
each fully paid up
% of Holding
Promoters
-Indian 1,391,579,381 72.52% 1,391,579,381 72.52%
-Foreign - - - -
Others
-Indian 38,300,006 2.00% 38,300,006 2.00%
-Foreign 488,933,469 25.48% 488,933,469 25.48%
Total 1,918,812,856 100% 1,918,812,856 100%
As At June 30, 2020 As At March 31, 2020
Of the above 13,91,579,381 (March 31, 2020: 1,391,579,381 ) equity shares of Rs 10 each fully paid up are held by Max Financial Services Limited
(the holding company) and its nominees.
Page 12 of 21
(All Amounts in Thousands of Indian Rupees)
L-10-RESERVE AND SURPLUS SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020
Capital Reserve - -
Capital Redemption Reserve 258,784 258,784
Share Premium 680,913 680,913
Revaluation Reserve - -
General Reserve : -
Opening Balance - -
Add: Transfer from / (to) Profit and Loss Appropriations - -
Closing Balance of General Reserve - -
Catastrophe Reserve - -
Other Reserves - Realised Hedge Reserves PH A/C 871,749 683,222
Balance of profit/ (loss) in Profit and Loss Account 6,894,011 5,182,919
Total 8,705,457 6,805,838
L-11-BORROWINGS SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020 Debentures/ Bonds - - Banks - - Financial Institutions - - Others - -
Total - -
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
PERIODIC DISCLOSURES
Page 13 of 21
PERIODIC DISCLOSURES
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
Particulars As At June 30, 2020 As At March 31, 2020
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 1,566,209 1,570,439
Other Approved Securities 2,657,586 2,694,749
Other Approved investments
(a) Shares
(aa) Equity Shares 857,400 834,368
(bb) Preference Shares - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds 705,808 704,155
(e) Other Securities
Deposits with Bank - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate 913,913 913,913
Investments in Infrastructure and Social Sector 5,505,854 6,106,799
Other Investments
Debentures/ Bonds 10,200,000 10,200,000
Equity Shares 31,272 29,808
Preference Shares - -
Investments in Infrastructure and Social Sector - -
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 13,045 11,302
Other Approved Securities 76,874 35,148
Other Approved investments
(a) Shares
(aa) Equity Shares - -
(bb) Preference Shares - -
(b) Mutual Funds 600,000 4,199,521
(c) Derivative Instruments - -
(d) Debentures/ Bonds 347,785 358,324
(e) Other Securities
Commercial Paper 467,630 1,758,485
Certificate of Deposits - -
Deposits with Bank 472,653 1,022,653
TREPS/ Reverse Repo 6,256,924 612,125
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector 2,058,332 1,529,397
Other Investments
Mutual Fund - -
Debentures/ Bonds - -
Investments in Infrastructure and Social Sector - -
Total 32,731,285 32,581,186
In India 32,731,285 32,581,186
Outside India - -
Total 32,731,285 32,581,186
Aggregate Amount of Investments other than listed equity
securities. 31,670,348 31,583,035
Aggregate Market Value of Investments other than listed
equity securities. 31,597,389 31,226,619
L-12-INVESTMENT SHAREHOLDERS SCHEDULE
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 14 of 21
PERIODIC DISCLOSURES
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Particulars As At June 30, 2020 As At March 31, 2020
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 277,219,816 269,618,626
Other Approved Securities 39,825,797 39,370,321
Other Approved Investments
(a) Shares
(aa) Equity Shares 32,905,549 27,235,861
(bb) Preference Shares - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds 7,369,056 7,230,547
(e) Other Securities
Commercial Paper - -
Deposits with Bank - -
Policy Loans - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate 4,319,832 4,319,832
Investments in Infrastructure and Social Sector 86,901,284 85,164,020
Other Investments
Debentures/ Bonds 5,000,000 5,000,000
Equity Shares 4,876,380 3,982,504
Alternate Investment Funds 499,362 508,615
Investments in Infrastructure and Social Sector - -
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 2,237,987 858,551
Other Approved Securities 474,352 383,576
Other Approved Investments
(a) Shares
(aa) Equity Shares - -
(bb) Preference Shares - -
(b) Mutual Funds 7,050,000 6,114,297
(c) Derivative Instruments - -
(d) Debentures/ Bonds 673,500 877,746
(e) Other Securities
Commercial Paper - 2,089,887
Certificate of Deposits - -
Deposits with Bank 90,000 1,890,000
TREPS/ Reverse Repo 12,973,860 3,135,377
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector 3,414,650 2,704,348
Other Investments
Debentures/ Bonds - -
Investments in Infrastructure and Social Sector - -
Mutual Fund - -
Total 485,831,425 460,484,108
In India 485,831,425 460,484,108
Outside India - -
Total 485,831,425 460,484,108
Aggregate Amount of Investments other than listed equity
securities. 442,177,087 425,528,980
Aggregate Market Value of Investments other than listed
equity securities. 490,225,796 461,404,131
L-13-INVESTMENT POLICYHOLDERS SCHEDULE
Page 15 of 21
PERIODIC DISCLOSURES
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : 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
Particulars As At June 30, 2020 As At March 31, 2020
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 43,500,880 40,361,506
Other Approved Securities 1,475,659 2,667,826
Other Approved Investments
(a) Shares
(aa) Equity 83,647,781 67,504,497
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds 3,827,604 5,687,156
(e) Other Securities
Deposits with Bank - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
Investments in Infrastructure and Social Sector 30,351,424 26,335,872
Other Investments
Debentures/ Bonds 4,712,041 4,712,041
Equity Shares 5,882,908 3,541,223
Preference - -
Investments in Infrastructure and Social Sector 289,987 577,753
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds
including Treasury Bills 14,345,892 14,043,013
Other Approved Securities 1,850,023 183,680
Other Approved Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 1,100,000 5,450,105
(c) Derivative Instruments - -
(d) Debentures/ Bonds 460,137 333,886
(e) Other Securities
Commercial Paper 439,864 1,499,877
Certificate of Deposits 240,637 -
Deposits with Bank 100,000 750,000
TREPS/ Reverse Repo 9,298,563 5,282,513
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
(h) Exchange Traded Funds - -
Investments in Infrastructure and Social Sector 890,845 1,953,929
Other Investments
Debentures/ Bonds - 50,058
Mutual Funds - -
Investments in Infrastructure and Social Sector 102,953 -
Exchange Traded Funds 5,892,527 5,388,793
Net Current Assets 5,416,405 5,317,849
Total 213,826,130 191,641,577
In India 213,826,130 191,641,577
Outside India - -
Total 213,826,130 191,641,577
Page 16 of 21
PERIODIC DISCLOSURES
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-15-LOANS SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020
SECURITY -WISE CLASSIFICATION
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities, etc. - -
(c) Loans against policies 4,474,405 4,264,484
(d) Others - -
Unsecured - -
Total 4,474,405 4,264,484
BORROWER-WISE CLASSIFICATION
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 4,474,405 4,264,484
(f) Others - -
Total 4,474,405 4,264,484
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard
(aa) In India 4,474,405 4,264,484
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total 4,474,405 4,264,484
MATURITY- WISE CLASSIFICATION
(a) Short Term 57,184 50,753
(b) Long Term 4,417,221 4,213,731
Total 4,474,405 4,264,484
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 17 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-16-FIXED ASSETS SCHEDULE
Goodwill - - - - - - - - - - Intangibles - Software 4,663,449 96,039 - 4,759,488 3,488,725 128,545 - 3,617,270 1,142,218 1,174,724 Buildings - - - - - - - - - - Furniture and fixtures 438,841 3,883 280 442,444 321,312 5,608 244 326,676 115,768 117,529 Information Technology equipment
(Including communication networks and
servers )
1,451,431 29,081 45 1,480,467 1,232,151 32,752 32 1,264,871 215,596 219,280
Vehicles 28,239 - - 28,239 23,173 542 - 23,715 4,524 5,066 Office equipment 604,915 8,978 627 613,266 455,916 12,942 627 468,231 145,035 148,999 Others - Leasehold improvements 1,494,647 32,876 - 1,527,523 1,093,020 19,565 - 1,112,585 414,938 401,627
Total 8,681,522 170,857 953 8,851,426 6,614,297 199,956 905 6,813,348 2,038,079 2,067,225
Capital Work in Progress (including
Capital advances) 171,093 119,825
Grand Total 8,681,522 170,857 953 8,851,426 6,614,297 199,956 905 6,813,348 2,209,172 2,187,050
Previous year (FY 19-20) 7,472,580 1,235,069 26,127 8,681,522 5,806,614 832,188 24,505 6,614,297 2,187,050
Note:
1. Internally generated Intangibles is Rs. NIL. (Mar 31, 2020 - Rs. NIL)
2.Assets disclosed above excludes investment properties as defined in note (g) to Schedule 13.
As At June 30, 2020 As At March 31, 2020
Depreciation Net Block
As At June 30, 2020 On Sales
/Adjustments As At April 1, 2020 For The PeriodAs At April 1, 2020 Additions Deductions
Particulars
Gross Block
As At June 30, 2020
Page 18 of 21
PERIODIC DISCLOSURES
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000(All Amounts in Thousands of Indian Rupees)
L-17-CASH AND BANK BALANCE SCHEDULE
Particulars
Cash [Including Insurance Stamp Rs. 15,550 (March 31, 2019: Rs. 25,145 ) and
Cheques in hand of Rs. 4,27,927 (March 31, 2019 : Rs. 895,682]
270,783 448,960
Bank Balances* (a) Deposit accounts (aa) Short-term fixed deposit (i.e. maturing in 12 months) - - (bb) Others - - (b) Current accounts 3,059,860 3,610,892
(c) Others - - Money at call and short notice (a) With Banks - - (b) With other Institutions - - Others - -
Total 3,330,643 4,059,852 Cash & Bank Balance
In India 3,330,643 4,059,852
Outside India - -
Total 3,330,643 4,059,852
*Bank Balances with non-scheduled bank included in (b) above is Rs Nil (March 31, 2020 Rs Nil)
L-18-ADVANCES AND OTHER ASSETS SCHEDULE
Particulars
ADVANCES
Reserve deposit with ceding companies - -
Application money for investments - -
Prepayments 272,590 316,344
Advances to Directors / Officers - -
Advance tax paid and taxes deducted at source (Net of provision for taxation) 175,410 222,018
Others
Advances to suppliers 628,863 379,717
Less : Provision for doubtful advances 31,985 596,878 31,150 348,567
Advances to employees for imprest, travel, etc. 29,932 31,743
Less : Provision for doubtful advances 21,285 8,647 21,453 10,290
Total (A) 1,053,525 897,219
OTHER ASSETS
Income accrued on investments 9,167,886 9,924,599
Outstanding Premiums 3,557,889 8,201,089
Agents' Balances 126,761 - 66,388
Less : Provision for doubtful expenses 54,638 72,123 53,596 12,792
Foreign Agencies Balances - -
Due from other entities carrying on insurance business (including reinsurers) 994,658 1,082,375
Due from subsidiaries / holding company - -
Deposits with Reserve Bank of India - -
Others:
- Security and other deposits 472,673 475,241
- Outstanding Trades - Investment 379,980 29,524 - Receivable from Unit Linked Fund 512,957 279,499 - Derivative Assets 889,439 331,760 - Derivative margin money investment 616,486 228,960 - Asset held for unclaimed amount 514,139 404,398 - Income on unclaimed fund 181,376 174,755 - Service Tax Deposits 44,527 44,527 - Income Tax Deposits 319,258 419,258
Total (B) 17,723,391 21,608,777
Total (C) = (A) + (B) 18,776,916 22,505,996
As At June 30, 2020 As At March 31, 2020
As At June 30, 2020 As At March 31, 2020
Page 19 of 21
PERIODIC DISCLOSURES
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
(All Amounts in Thousands of Indian Rupees)
L-19-CURRENT LIABILITIES SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020
Agents balances 859,740 1,479,268
Balance due to other insurance companies 759,257 576,968
Deposits held on reinsurance ceded - -
Premium received in advance 224,918 102,393
Unallocated premium 1,524,467 1,714,381
Sundry creditors 4,943,201 6,326,185
Due to holding company 186,715 149,460
Claims outstanding (includes pending investigation) 3,698,380 3,850,610
Annuities due - -
Due to Officers/ Directors - -
Unclaimed amount- Policyholders 514,139 404,398
Income on unclaimed fund 181,376 174,755
Others:
-Proposal / Policyholder deposits 1,645,789 2,465,404
-Payable to Policyholder - -
-Withholding tax deducted at source 180,061 314,445
-GST liability 170,495 424,657
-Other statutory liabilities 81,541 85,100
-Derivative Liability 187,540 380,222
- Payable for purchase of investments 450,728 1,126,101
-Derivative margin money 613,665 64,393
Total 16,222,012 19,638,740
L-20-PROVISIONS SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020
For taxation (less payments and taxes deducted at source) 101,111 -
For proposed dividends - -
For dividend distribution tax - -
Bonus payable to Policyholders - -
Others :
- Gratuity 404,834 364,326
- Compensated Absences 288,321 273,056
Total 794,266 637,382
L-21-MISC EXPENDITURE SCHEDULE
Particulars As At June 30, 2020 As At March 31, 2020
Discount Allowed in issue of shares/ debentures - -
Others
- Deferred Employee Compensation - -
Total - -
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
Page 20 of 21
PERIODIC DISCLOSURES
FORM L-22 ANALYTICAL RATIOS
NAME OF THE INSURER: MAX LIFE INSURANCE COMPANY LIMITED
REGISTRATION NO: 104; DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000
S.No. ParticularsQuarter ended June
30, 2020
Period ended June
30, 2020
Quarter ended June
30, 2019
Period ended June
30, 2019
1 New business premium income growth rate
(Current Period New Business Premium as a % of Previous Period New Business
Premium)
Individual Life - Participating 83% 83% 111% 111%
Pension - Participating 104% 104% 101% 101%
Individual Life - Non Participating 139% 139% 241% 241%
Annuity 434% 434% 552% 552%
Health Insurance 174% 174% 115% 115%
Group 47% 47% 95% 95%
Individual Linked 96% 96% 110% 110%
Linked Pension 148% 148% 50% 50%
Linked Group 0% 0% 76% 76%
2 Net Retention Ratio 97% 97% 98% 98%
3 Expense of Management to Gross Direct Premium Ratio 22% 22% 25% 25%
4 Commission Ratio (Gross commission paid to Gross Premium) 6% 6% 6% 6%
5 Ratio of policy holder's liabilities to shareholder's funds 2662% 2662% 2473% 2473%
6 Growth rate of shareholders' fund 8% 8% -9% -9%
7 Ratio of surplus to policyholders' liability -1% -1% 0% 0%
8 Change in net worth 1,886,609 1,886,609 (2,410,318) (2,410,318)
9 Profit after tax/Total Income 3% 3% 2% 2%
10 (Total real estate + loans)/(Cash & invested assets) 1% 1% 1% 1%
11 Total investments/(Capital + Surplus) 2642% 2642% 2553% 2553%
12 Total affiliated investments/(Capital+ Surplus) NA NA NA NA
13 Investment Yield (Gross and Net)
Without unrealized gains
Policyholders’ Funds:
Par - Non Linked 7% 7% 9% 9%
Non Par - Non Linked 9% 9% 8% 8%
Non Par - Linked -1% -1% 9% 9%
Grand Total 5% 5% 9% 9%
Shareholders’ Funds 7% 7% 7% 7%
With unealized Gains
Policyholders’ Funds:
Par - Non Linked 22% 22% 23% 23%
Non Par - Non Linked 18% 18% 17% 17%
Non Par - Linked 38% 38% 7% 7%
Grand Total 26% 26% 17% 17%
Shareholders’ Funds 13% 13% 9% 9%
14 Conservation Ratio
Individual Life - Participating 75% 75% 91% 91%
Pension - Participating 66% 66% 94% 94%
Individual Life - Non Participating 81% 81% 102% 102%
Health Insurance 56% 56% 62% 62%
Individual Linked 87% 87% 89% 89%
Linked Pension 81% 81% 84% 84%
15 Persistency Ratio*
By Premium
For 13th month 83% 82% 86% 85%
For 25th month 69% 68% 72% 72%
For 37th month 61% 61% 65% 64%
For 49th Month 58% 58% 60% 60%
for 61st month 53% 53% 54% 53%
By Count
For 13th month 78% 77% 81% 80%
For 25th month 67% 66% 69% 68%
For 37th month 58% 58% 62% 61%
For 49th Month 55% 54% 56% 55%
for 61st month 50% 49% 50% 50%
16 NPA Ratio
Gross NPA Ratio NA NA NA NA
Net NPA Ratio NA NA NA NA
1 (a) No. of shares 1,918,812,856 1,918,812,856 1,918,812,856 1,918,812,856
2 (b) Percentage of shareholding (Indian / Foreign)
- Indian 74.52% 74.52% 74.78% 74.78%
- Foreign 25.48% 25.48% 25.22% 25.22%
3 ( c) %of Government holding (in case of public sector insurance companies) NA NA NA NA
4(a) Basic and diluted EPS before extraordinary items (net of tax expense) for the
period (not to be annualized) 0.89 0.89 0.36 0.36
5(b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period
(not to be annualized) 0.89 0.89 0.36 0.36
6 (iv) Book value per share (Rs) 14.04 14.04 13.13 13.13
Note:
Equity Holding Pattern for Life Insurers
1) *Persistency for the period ended June 30, 2020 for policies issued from Jun'19 to May'20 on Premium of the relevant years are 13M: 82.95%; 25M: 68.99%; 37M:
61.09% ; 49M: 57.87%; 61M: 52.80%
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