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Bajaj Allianz Life Insurance Company Limited

Annual Report 2007-2008

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

Management Report ..................................................................................................... 4

Auditors’ Report ............................................................................................................. 6

Revenue Account : Policyholders’ Account (Technical Account) ................................ 8

Profit & Loss Account : Shareholders’ Account (Non Technical Account) ............... 13

Balance Sheet ............................................................................................................. 14

Schedule 1-15 ............................................................................................................ 16

Annexure to Revenue Account .................................................................................. 32

Notes to Financial Statements .................................................................................... 38

Cash Flow Statement ................................................................................................ 104

Balance Sheet abstract & Company’s general business profile ............................... 105

INDEX


IRDA Registration No. 116 dated 3rd August, 2001

2

DIRECTORS’ REPORT

1. Market scenario in the life insurance industry:

Economic growth in emerging markets, including India, continuesto outpace that of the industrialized countries. The economicgrowth for the fiscal year 2007-08 is estimated to be between 8.5to 9%. However, turbulence in the financial markets, inflation andpressure on industrial growth have added to the difficulties ofsustained high growth.

Economic growth propels the growth of the insurance sector asthe proportion of GDP allocated towards insurance rises with risein GDP per capita. One of the key vectors that continue to propelthe growth of the Indian insurance industry is the presence of alarge young population, who are present and potential buyers oflife insurance policies. In terms of total premium, India is Asia’sfourth largest emerging insurance market after South Korea,China and Taiwan; and India is growing the fastest among themall. The Indian insurance market has grown rapidly since 2000 withthe insurance penetration rising from 1.8% in 1997 to 4.8% in 2007.(Source: Report by HSBC Global Research on The InsuranceMarkets of India)

Opening up of the insurance market to private and foreign players,and a consequent conversion of a monopolistic market to aliberalized one, has transformed the insurance industry in India.In the past few years, life premiums have been growing at a fastpace. In Financial Year (FY) 2007-08, the life industry grew at 23%,garnering new business premium of Rs. 930 billion, compared toRs. 754 billion in FY 2006-07. However private sector returned ahigh growth of 74% in the financial year 2007-08. Market share ofprivate players increased from 26 % in 2006-07 to 36 % in 2007-08.On a rated basis, private market share grew to 51.9 %.

Recently Insurance Regulatory and Development Authority (IRDA)has stipulated greater transparency and uniformity to be adoptedin the product brochures for ULIPs. The disclosure includes aspectssuch as listing out all the charges to be paid by the buyer, benefitsto the policyholder and also the effective amount available forinvestment in each policy year for a given product. Thiscommunication initiative should enhance the transparency andenable prospective buyers to make an informed judgement.During the last fiscal, IRDA came to a view that transparency ofactuarially funded products was a concern and accordingly askedthe companies to stop the sale of all actuarially funded products.

2. Summary of operations for the year:

Business Performance

Your Company continues to be at the second position amongstthe private life insurers on the basis of new business premiumand first position on the basis of the number of policies. It wrotenew business of Rs. 66,745 million compared to Rs. 43,027 millionin the previous year and registered a market share of 7.0%compared to 5.7% in the previous year. Your Company is at firstposition among the private life insurers on total new businesspolicy basis with 3,744,742 policies issued for the year 2007-08 ascompared to 2,079,217 policies in the previous year. The grosspremium written for the financial year 2007-08 was Rs. 97,253million, as compared to Rs. 53,452 million in the previous year.The annualized new business premium (considering singlepremium @ 10% and first year premium @ 100%) registered a

growth of 85% from Rs. 32,330 million in the previous year toRs. 59,953 million in the current year. The Company’s market shareon an annualized new business premium basis grew from 7.4% to10.3% in the year 2007-08. However business incurred a loss ofRs. 159 million during 2007-08, compared to a profit of Rs. 662million in the previous year.

The Assets under Management as on 31st March 2008 includeshareholder funds Rs. 11,459 million; traditional policyholderfunds Rs. 14,687 million and Unit linked funds of Rs. 109,542 million.The unit-linked funds have increased by 111.2% from Rs. 51,868million in the previous year.

Chief Executive Officer

Mr. Kamesh Goyal has been appointed as the Chief ExecutiveOfficer of the Company with effect from 1st October 2007, in placeof Mr. Sam Ghosh, on approval from IRDA. Mr. Goyal has richexperience in the Insurance Industry and was earlier the ChiefExecutive Officer of Bajaj Allianz General Insurance CompanyLimited.

Products

Your Company has 32 individual products and 8 Group Products,which cater to various strata of the society. Your Companylaunched an array of new products in the financial year for cateringto various segments of the industry viz for pension, women,children etc. Your Company has also launched a couple of groupproducts in the current fiscal. Pursuant to the IRDA circularstopping the sale of actuarially funded products, the Company haswithdrawn its Capital Unit Gain product which was based onactuarially funded platform. Your Company has launched a basketof twelve new products in the current year, with a view to providingadditional products to our customers.

Corporate Communication

Your Company has initiated new strategies for corporatecommunications in the last fiscal. It has implemented TVCampaign and had focus of its presence on general entertainment,news and niche channels and radio campaigns. Your Companyhas entered into Indian Premier League, one of the most keenlywatched and talked about event in the country by sponsoringRajasthan Royals, which is one of the most promising team forT20 cricket.

3.1 Capital:

The Shareholders’ contributed Rs. 5.10 billion to the Company’scapital during the year. With this, the total funds infused by theshareholders in the Company amount to Rs. 12.10 billion.

3.2 IRDA Registration:

The Certificate of Registration from the IRDA to carry on lifeinsurance business has been renewed for the year 2008-09.

4. Particulars regarding conservation of energy and technologyabsorption:

Since the Company does not carry out any manufacturing activity,the Companies (Disclosure of Particulars in the report of the Boardof Directors) Rules, 1988 are not applicable.

The Directors have pleasure in presenting their Seventh Annual Report & Audited Statements of Accounts for the year 2007- 08



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5. Foreign exchange earnings and expenditure:

Earnings in foreign currency NIL

Expenditure in foreign currency Rs. 233 million

6. Particulars of employees:

As required by the provisions of sub-section 2A of Section 217 ofthe Companies Act, 1956 read with the Companies (Particularsof Employees) Rules, 1975 as amended, the names and otherparticulars of the employees are set out in the annexure to theDirectors’ Report. However, as per the provisions of sub-section1(b)(iv) of Section 219 of the Companies Act, 1956, the Reportand Accounts are being sent to the shareholders of the Companyexcluding the aforesaid information. Any shareholder interestedin obtaining such particulars may write to the Company Secretaryat the Registered Office of the Company.

7. Directors:

1. Dr. P. S. Palande, Director of the Company passed away on13th February 2008 at Pune due to cardiac arrest. The membersof the Board placed on record the appreciation for theexcellent services rendered by him during his association withthe Company since its early years. Mr. Niraj Bajaj wasappointed as the Director of the Company to fill the causalvacancy arising out of the sad demise of Dr. Palande.

2. Mr. Dietmar Raich was appointed as a Director of theCompany to fill the casual vacancy arising out of theresignation of Mr. Craig Ellis.

3. Dr. Werner Zedelius and Mr. Ranjit Gupta retire by rotation atthe ensuing Annual General Meeting and being eligible, offerthemselves for re-appointment as Directors.

8. Directors’ responsibility statement:

In accordance with the requirements of sub-section 2AA of Section217 of the Companies Act, 1956, the Board of Directors wish toconfirm the following:

i) that in preparation of the annual accounts, the applicableaccounting standards have been followed along with properexplanation relating to material departures;

ii) that such accounting policies have been selected and appliedconsistently, (except the change in policy as necessitated bythe introduction of Accounting Standard 15 issued by the

Institute of Chartered Accountants of India) and madejudgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of theCompany as on 31st March 2008 and of the profit or loss of theCompany for that period;

iii) that proper and sufficient care has been taken for themaintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets ofthe Company and for preventing and detecting fraud and otherirregularities;

iv) that the annual accounts have been prepared on a goingconcern basis.

9. Audit Committee:

The Audit Committee of Board of Directors constituted inaccordance with the provisions of Section 292A of the CompaniesAct, 1956 held their meetings on 11th May 2007 and 3rd December2007 and reviewed the operations and accounts of the Company.

10. Auditors:

In accordance with the IRDA Regulations/Guidelines, theCompany appointed M/s. Kirtane & Pandit, CharteredAccountants and M/s. S R Batliboi & Co, Chartered Accountants,as joint statutory auditors of the Company in the last AnnualGeneral meeting. They hold office up to the conclusion of theSeventh Annual General meeting of the Company.

The shareholders are requested to appoint the auditors for theperiod from the conclusion of the ensuing annual general meetingtill the conclusion of the next annual general meeting and to fixtheir remuneration.

11. Appreciation:

The Board is grateful to the IRDA and other regulatory authoritiesfor their continued support. The Board is also grateful to itsPolicyholders’, Bankers’, Intermediaries’ and Channel Partners fortheir continued support.

The Directors take this opportunity to thank the concernedemployees of Bajaj Auto Limited and Allianz SE for their invaluablecontribution in guiding the working of the Company.

The Directors also take this opportunity to thank the employeesat all levels for their hard work, dedication and commitment.

On behalf of Board of Directors ofBajaj Allianz Life Insurance Company Ltd.

Pune Rahul Bajaj12th May 2008 Chairman



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With respect to the operations of Bajaj Allianz Life Insurance CompanyLimited (‘the Company’) for the financial year 1st April 2007 to 31st

March 2008 and results thereof, the Management of the Companyconfirms and declares that:

1. The registration certificate granted by Insurance Regulatory andDevelopment Authority (IRDA) is valid and the same has beenrenewed for the year 2008 - 2009.

2. All relevant statutory dues payable by the Company have beengenerally deposited on time.

3. During the current year, the Company has received the copy of theHigh Court of Judicature Mumbai vide order dated 18th December2007 granting approval to the scheme of arrangement wherebythe investment in the equity of the company held by erstwhileBajaj Auto Ltd. is demerged and vests with Bajaj Finserv Ltd. witheffect from 1st April 2007, which transfer has also been approvedby the Insurance Regulatory and Development Authority (‘IRDA’).As at 31st March 2008, actual transfer of shares are pendingcompletion of formalities.

4. The management has not directly or indirectly invested outsideIndia, the funds of the holders of policies issued in India.

5. The required solvency margins have been maintained as requiredby the IRDA.

6. We certify that the values of all the assets have been reviewed onthe date of Balance Sheet and in the management’s belief, theassets set forth under each of the headings in the Balance Sheetare shown in the aggregate at amounts not exceeding theirrealizable or market value under their related headings - “Loans”,“Investments”, “Outstanding Premiums”, “Income accrued oninvestments”, “Amounts due from other entities carrying oninsurance business (including amounts due from reinsurers)”,“Cash” and the several items specified under “Advances” and“Other Accounts”.

Market value of investment in debt securities (other than unitlinked funds) which are valued at amortised cost as per IRDAregulations, is lower than their carrying amount.

7. We certify that, no part of the life insurance fund has been directlyor indirectly applied in contravention of the Insurance Act, 1938(4 of 1938) relating to the application and investment of the lifeinsurance fund.

8. The Company recognizes the risks associated with the lifeinsurance business and manages the risks by adopting prudentpolicies to counter the key risks of the Company – namelyunderwriting and investment risks.

The Company has established robust underwriting procedures tomitigate underwriting risks. Additionally the Company hasentered into reinsurance arrangements wherein it reinsures riskin excess of its retention limits to mitigate its risk exposure.

The investment risk is managed by laying down appropriateguidelines in the Investment Policy. The Investment Policy is

formulated by the Investment Committee and approved by theBoard of Directors. The investment policy is reviewed at least oncea year for alignment with the Company’s latest business plan andother developments during the year.

9. The Company does not have operations in any other country.

10. Claim settlement time for the claims lodged has been around 7days from the date of receipt of complete requirements. Ageingof claims registered and not settled is given below.

For Linked Business(Rs. In lakh)

Period No. of Claims Amount Involved

30 days 442 893.92

30 days to 6 months 296 555.96

6 months to 1 year 70 102.10

1 year to 5 years 47 81.01

5 years and above Nil Nil

For Traditional Business(Rs. In lakh)

Period No. of Claims Amount Involved

30 days 206 122.96

30 days to 6 months 343 132.67

6 months to 1 year 104 88.42

1 year to 5 years 161 205.21

5 years and above 1 4.32

11. We certify that the values, as shown in the Balance Sheet, of theinvestments (other than unit linked investments), which consistsof fixed income securities, equity shares and mutual fund unitsthat have been valued as per accounting policies prescribed byIRDA. Market values have been ascertained for equities on thebasis of lower of the closing prices as on the balance sheet date onThe National Stock Exchange of India Ltd. (NSE) and The BombayStock Exchange Ltd, Mumbai (BSE). For fixed income securities,valuation is based on procedure issued by Fixed Income andMoney Market and Derivative Dealers Association of India(FIMMDA). The investments in the Mutual Funds are valued atthe Net Asset Values (NAV) of these Mutual funds as on theBalance Sheet date.

We certify that the unit linked investments have been valued onthe basis as stated below:

Equities have been valued at market values which have beenascertained on the basis of the last quoted closing price on theNSE. In case the equity shares are not listed on the NSE, then theyare valued on the last quoted closing price on BSE. Governmentsecurities are valued at prices obtained from Credit Rating

MANAGEMENT REPORT



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Information Services of India Ltd. (CRISIL). Corporate bonds anddebentures are valued on the basis of CRISIL Bond Valuer. Treasurybills, certificate of deposits and commercial papers are valued atcost plus accretion at yield to maturity. Mutual fund units havebeen valued at the last available Net Asset Value declared by therespective mutual fund.

12. The Company has invested (other than unit linked funds) mainlyin approved Government securities and AAA or AA+ rated bonds.The primary aim while investing is to generate adequate returnwhile minimizing risk. The emphasis is also on the liquidity ofinvestments to ensure that the Company meets all outgoingsrelated to claims and other operations. While most of theinvestments are in fixed income securities in the form ofGovernment of India securities or Corporate Bonds with strongcredit rating, a small portion is also invested in Equity shares.Based on the past track record, the Management is confident ofthe quality and performance of the investments.

13. The Management of Bajaj Allianz Life Insurance Company Limitedcertifies that:

a) The financial statements of Bajaj Allianz Life InsuranceCompany Limited have been prepared in accordance with the

applicable accounting standards and principles and policieswith no departures;

b) The management has adopted accounting policies andapplied them consistently except for change in accountingpolicy as discussed in the notes to financial statements andmade judgments and estimates that are reasonable andprudent so as to give a true and fair view of the state of theaffairs of the Company at the end of the financial year and ofthe operating profit as per Policyholders’ Account (TechnicalAccount) and of the Loss as per Shareholders’ Account (NonTechnical Account) of the Company for the year;

c) The management has taken proper and sufficient care for themaintenance of adequate accounting records in accordancewith the applicable provisions of the Insurance Act, 1938 (4 of1938) and Companies Act, 1956 (1 of 1956), for safeguardingthe assets of the Company and for preventing and detectingfraud and other irregularities;

d) The financial statements have been prepared on a goingconcern basis;

e) The Company has an internal audit system commensuratewith the size of the Company and nature of the business.

For Bajaj Allianz Life Insurance Company Limited

Rahul Bajaj Kamesh Goyal Ranjit GuptaChairman Alternate Director & Chief Executive Officer Director

Rajesh Viswanathan Anil Singh Sameer BakshiChief Financial Officer Appointed Actuary Company Secretary

Place : PuneDate : 12th May 2008

14. The following are the payments made to individuals, firms, companies and organizations in which the directors of the insurer are interested:

Sl. Name of the Director Entity in which Director is interested Interest as Amount of Payment duringNo. Relative Director the financial year (Rs. In lakh)

1 Mr. Rahul Bajaj, Bajaj Auto Ltd (now known as Director 42.55Mr. Sanjiv Bajaj and Bajaj Holdings and Investment Ltd.) DirectorMr. Niraj Bajaj Director

2 Mr. Rahul Bajaj, Bajaj Auto Finance Ltd. Director 18.53Mr. Sanjiv Bajaj and DirectorMr. Niraj Bajaj Director

3 Mr. Rahul Bajaj, Bajaj Allianz General Insurance Director 470.38Mr. Sanjiv Bajaj, Company Ltd. DirectorMr. Niraj Bajaj and DirectorRanjit Gupta Director

4 Mr. Rahul Bajaj, Hind Musafir Agency Ltd. Shareholder 0.20Mr. Sanjiv Bajaj and ShareholderMr. Niraj Bajaj Shareholder

5 Dr. Werner Zedelius Allianz Insurance Management Director 7.09Mr. Craig Ellis Asia Pacific Pte Limited Director



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AUDITORS’ REPORT

We have audited the attached Balance Sheet of Bajaj Allianz LifeInsurance Company Limited (‘the Company’) as at 31 March 2008,and the related Policyholders’ Revenue Account, the Shareholders’Profit and Loss Account and the Receipts and Payments Account forthe year ended on that date, annexed thereto.

These financial statements are the responsibility of the managementof the Company. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

We conducted our audit in accordance with auditing standardsgenerally accepted in India. These standards require that we plan andperform the audit to obtain reasonable assurance as to whether thefinancial statements are free of material misstatement. An auditincludes examining on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides areasonable basis for our opinion.

The Balance Sheet, the Policyholders’ Revenue Account, theShareholders’ Profit and Loss Account and the Receipts and PaymentsAccount have been drawn up in accordance with the Insurance Act,1938 (Act 4 of 1938), Insurance Regulatory and Development Act,1999, Insurance Regulatory and Development Authority (Preparationof Financial Statements and Auditor’s Report of Insurance Companies)Regulations 2002 (‘the Regulations’) read with Section 211 of theCompanies Act, 1956.

As required by the Regulations, we set out in the Annexure, astatement certifying the matters specified in paragraph 4 of ScheduleC to the Regulations.

Further to our comments in the Annexure referred to above, we reportthat:

• We have obtained all the information and explanations which, tothe best of our knowledge and belief were necessary for thepurposes of the audit and have found them to be satisfactory;

• In our opinion and to the best of our information and according tothe explanations given to us, proper books of account as requiredby law have been maintained by the Company so far as appearsfrom our examination of those books;

• As the Company’s accounting system is centralised at the headoffice, no returns for the purposes of our audit are prepared at thebranches and other offices of the Company;

• The Balance Sheet, the Policyholders’ Revenue Account, theShareholders’ Profit and Loss Account and the Receipts andPayments Account referred to in this report are in agreement withthe books of account;

• The actuarial valuation of liabilities for life policies in force is theresponsibility of the Company’s Appointed Actuary (‘theAppointed Actuary’). The actuarial valuation of liabilities forpolicies in force as at 31 March 2008 has been duly certified by the

Appointed Actuary. The Appointed Actuary has also certified that,in his opinion, the assumptions for such valuation are in accordancewith the guidelines and norms, if any, issued by the InsuranceRegulatory and Development Authority (‘IRDA’) and the Instituteof Actuaries of India in concurrence with the authority. We haverelied upon the Appointed Actuary’s certificate in this regard informing our opinion.

• On the basis of the written representations received from theDirectors of the Company, as on 31 March 2008 and taken on recordby the Board of Directors, no Director of the Company is disqualifiedas on 31 March 2008 from being appointed as Director underclause (g) of sub section (1) of Section 274 to the Companies Act,1956.

In our opinion and to the best of our information and according tothe explanations given to us, we further report that:

• Investments have been valued in accordance with the provisionsof the Insurance Act, 1938 and the Regulations or orders /directions issued by IRDA in this behalf;

• The accounting policies selected by the Company are appropriateand are in compliance with applicable accounting standards andwith accounting principles, as prescribed in the Regulations andorders or directions issued by IRDA in this behalf;

• The Balance Sheet, the Policyholders’ Revenue Account, theShareholders’ Profit and Loss Account and the Receipts andPayments Account referred to in this report are in compliance withthe accounting standards referred to in Section 211 (3C) of theCompanies Act, 1956; and

• The Balance Sheet, the Policyholders’ Revenue Account, theShareholders’ Profit and Loss Account and the Receipts andPayments Account together with the notes thereon and attachedthereto are prepared in accordance with the requirements of theRegulations, the Insurance Act, 1938, the Insurance Regulatory andDevelopment Act, 1999 and the Companies Act, 1956, to theextent applicable and in the manner so required and give a trueand fair view in conformity with accounting principles generallyaccepted in India as applicable to insurance companies:

i) in the case of the Balance Sheet, of the state of affairs of theCompany as at 31 March 2008;

ii) in the case of the Policyholders’ Revenue Account, of thesurplus for the year ended 31 March 2008;

iii) in the case of the Shareholders’ Profit and Loss Account, of theloss for the year ended 31 March 2008; and

iv) in the case of the Receipts and Payments Account, of thereceipts and payments for the year ended 31 March 2008.

Further, on the basis of examination of books and records of theCompany and according to the information and explanationsgiven to us and to the best of our knowledge and belief, we certifythat:

To

The Members of Bajaj Allianz Life Insurance Company Limited



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• We have reviewed the management report attached to thefinancial statements for the year ended 31 March 2008 and thereis no apparent mistake or material inconsistencies with thefinancial statements; and

• Based on information and explanations received during thenormal course of our audit, management’s representations made

Annexure to the Auditors Report(Referred to in the Auditors’ Report to the members of Bajaj Allianz Life Insurance Company Limited (‘the Company’) on the accounts for the yearended 31 March 2008)

Auditor’s Certificate

To the Members of Bajaj Allianz Life Insurance Company Limited

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

• We have verified the cash balances, to the extent considered necessary, securities relating to the Company’s loans and investments by actualinspection or on the basis of certificates / confirmations received from custodians and / or Depository Participants appointed by the Company,as the case may be. At 31 March 2008, none of the Company’s assets involve reversion or life interests;

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

• No part of the assets of the policyholders’ funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act,1938 relating to the application and investments of the policyholders’ funds.

• This certificate is issued to comply with the requirements of Schedule C of Insurance Regulatory and Development Authority (Preparation ofFinancial Statements and Auditor’s Report of Insurance Companies) Regulations 2002 (‘the Accounting Regulations’) read with Regulation 3of the Accounting Regulations and may not be suitable for any other purpose.

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

Suhas Deshpande per Hemal ShahPartner PartnerMembership No. 31787 Membership No. 42650

Place : Pune Place : MumbaiDate : 12th May 2008 Date : 12th May 2008

to us and the compliance certificate submitted to the Board by theofficers of the Company charged with compliance and the samebeing noted by the Board, nothing has come to our attention whichcauses us to believe that the Company has not complied with theterms and conditions of registration as per subsection 4 of section3 of the Insurance Act, 1938.

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

Suhas Deshpande per Hemal ShahPartner PartnerMembership No. 31787 Membership No. 42650

Place : Pune Place : MumbaiDate : 12th May 2008 Date : 12th May 2008



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Revenue Account for the year ended 31st March 2008Policyholders’ Account (Technical Account)

Particulars Schedule Current Year Participating

Individual Individual Individual IndivAssurance Pension Assurance He

PREMIUMS EARNED - Net(a) Premium 1 97,253,110 3,431,785 65,575 36,589 115(b) Reinsurance ceded (Refer Schedule 16 Note 16) (132,718) (33,189) (585) (2,505) (17,(c) Reinsurance accepted - - - -

SUB-TOTAL 97,120,392 3,398,596 64,990 34,084 98

INCOME FROM INVESTMENTS(a) Interest, Dividend & Rent - Gross 1,958,552 532,794 19,315 15,283 1(b) Profit on sale / redemption of investments 9,000,892 136,390 - 116(c) (Loss on sale / redemption of investments) (1,552,580) (24,332) (44) (52)(d) Transfer/Gain on revaluation/ change in fair value (3,008,441) - - -(e) Other investment income 603,495 - - -

7,001,918 644,852 19,271 15,347 1

OTHER INCOME 117,643 32,258 389 152Contribution from the Shareholders’ account 2,951,827 - - -(Refer Schedule 16 Note 15)

SUB-TOTAL 10,071,388 677,110 19,660 15,499 1

TOTAL (A) 107,191,780 4,075,706 84,650 49,583 99

COMMISSION 2 14,968,622 297,591 1,280 2,520 25

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 3 20,043,360 660,996 9,559 8,118 21Provision for doubtful debts - - - -Bad Debts written off - - - -Provision for Fringe Benefit Tax 93,313 3,082 45 38Provisions (other than taxation)(a) For diminution in the value of investments (net) - - - -(b) Others - - - -

TOTAL (B) 35,105,295 961,669 10,884 10,676 47

BENEFIT PAID (Net) 4 8,514,005 318,654 2,258 19,070 7Interim Bonuses Paid 2,728 2,728 - -Change in valuation of liability in respect of life policiesin force (Refer Schedule 16 Note 1 (e) and Note 8 )(a) Gross 3,916,140 2,462,954 72,401 24,284 25(b) Fund Reserve (Refer Schedule 16 Note 1(e)) 57,673,296 - - -(c) Amount ceded in Re-insurance(d) Amount accepted in Re-insurance

TOTAL (C) 70,106,169 2,784,336 74,659 43,354 32

SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) 1,980,316 329,701 (893) (4,447) 19

Balance of previous year 670,923 585,104 4,383 39,757 11Transitional Adjustments on revision to Valuation of employees benefit (67,505) (5,705) (70) (137)(Refer Schedule 16 Note 1)

APPROPRIATIONSReserve for lapsed unit linked policies unlikely to be revived (1,601,620) - - -(Refer Schedule 16 Note 1(e) and Note 8)Transfer to Shareholders’ account (32,706) (31,678) (1,028) -

Balance being funds for future appropriations 949,408 877,422 2,392 35,173 30

DETAILS OF TOTAL SURPLUSInterim Bonuses Paid (a) 2,728 2,728 - -Allocation of Bonus to policyholders (b) 294,355 285,105 9,250 -Surplus shown in the Revenue Account (c) 1,980,316 329,701 (893) (4,447) 19

Total Surplus [ (a)+ (b)+ (c) ] 2,277,399 617,534 8,357 (4,447) 19



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(Amount in Rs. ‘000 )

Participating Non Participating Linked

dual Individual Individual Individual Individual Group Individual Individual Group Groupnce Pension Assurance Health Annuity Assurance Assurance Pension Superannuation Gratuity

785 65,575 36,589 115,838 16,729 491,576 88,217,832 3,262,864 220,891 1,393,43189) (585) (2,505) (17,346) - (16,019) (63,026) (48) - -

- - - - - - - - - -

596 64,990 34,084 98,492 16,729 475,557 88,154,806 3,262,816 220,891 1,393,431

794 19,315 15,283 1,220 4,307 22,978 1,273,737 47,849 6,368 34,701390 - 116 - - 583 8,265,445 533,232 9,883 55,24332) (44) (52) - (46) (114) (1,441,220) (79,330) (1,137) (6,305)

- - - - - - (2,661,741) (309,353) (5,667) (31,680)- - - - - - 569,556 27,662 953 5,324

852 19,271 15,347 1,220 4,261 23,447 6,005,777 220,060 10,400 57,283

258 389 152 112 2 58 81,850 2,623 26 173- - - - - 11,257 2,539,007 365,506 4,391 31,666

110 19,660 15,499 1,332 4,263 34,762 8,626,634 588,189 14,817 89,122

706 84,650 49,583 99,824 20,992 510,319 96,781,440 3,851,005 235,708 1,482,553

591 1,280 2,520 25,812 160 13,431 14,464,765 163,063 - -

996 9,559 8,118 21,999 455 13,310 18,684,689 598,873 5,982 39,379- - - - - - - - - -- - - - - - - - - -

082 45 38 58 2 62 87,025 2,789 28 184

- - - - - - - - - -- - - - - - - - - -

669 10,884 10,676 47,869 617 26,803 33,236,479 764,725 6,010 39,563

654 2,258 19,070 7,245 4,468 390,430 7,259,390 465,314 2,766 44,410728 - - - - - - - - -

954 72,401 24,284 25,302 19,114 116,486 1,137,626 53,873 - 4,100- - - - - - 53,486,426 2,565,532 226,920 1,394,418

336 74,659 43,354 32,547 23,582 506,916 61,883,442 3,084,719 229,686 1,442,928

701 (893) (4,447) 19,408 (3,207) (23,400) 1,661,519 1,561 12 62

104 4,383 39,757 11,204 7,019 23,456 - - - -05) (70) (137) - (3) (56) (59,899) (1,561) (12) (62)

- - - - - - (1,601,620) - - -

78) (1,028) - - - - - - - -

422 2,392 35,173 30,612 3,809 - - - - -

728 - - - - - - - - -105 9,250 - - - - - - - -701 (893) (4,447) 19,408 (3,207) (23,400) 1,661,519 1,561 12 62

534 8,357 (4,447) 19,408 (3,207) (23,400) 1,661,519 1,561 12 62



10


Particulars Schedule Previous Year Participating

Individual Individual Individual IndivAssurance Pension Assurance He

PREMIUMS EARNED - Net(a) Premium 1 53,452,422 3,535,562 67,680 68,279 32(b) Reinsurance ceded (Refer Schedule 16 Note 16) (92,595) (36,049) (739) (1,703)(c) Reinsurance accepted - - - -

SUB-TOTAL 53,359,827 3,499,513 66,941 66,576 32

INCOME FROM INVESTMENTS(a) Interest, Dividend & Rent - Gross 1,153,316 336,827 12,774 10,039(b) Profit on sale / redemption of investments 3,714,626 36,147 - -(c) (Loss on sale / redemption of investments) (1,055,011) (23,282) - (143)(d) Transfer/Gain on revaluation/ change in fair value (1,036,646) - - -(e) Other investment income 320,536 - - -

3,096,821 349,692 12,774 9,896

OTHER INCOME 52,239 22,755 339 136Contribution from the Shareholders’ account 972,355 - - -(Refer Schedule 16 Note 15)

SUB-TOTAL 4,121,415 372,447 13,113 10,032

TOTAL (A) 57,481,242 3,871,960 80,054 76,608 32

COMMISSION 2 9,466,813 424,943 1,472 4,896 6

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 3 10,730,189 895,903 10,855 18,488 3Provision for doubtful debts - - - -Bad Debts written off - - - -Provision for Fringe Benefit Tax 73,054 6,174 75 126Provisions (other than taxation) - - - -(a) For diminution in the value of investments (net) - - - -(b) Others - - - -

TOTAL (B) 20,270,056 1,327,020 12,402 23,510 9

BENEFIT PAID (Net) 4 6,985,351 303,276 1,338 9,596 2Interim Bonuses Paid 1,996 1,996 - -Change in valuation of liability in respect of life policiesin force (Refer Schedule 16 Note 1 (e) and Note 8 )(a) Gross 2,669,859 2,156,995 60,944 31,181 8(b) Fund Reserve (Refer Schedule 16 Note 1(e)) 26,175,201 - - -(c) Amount ceded in Re-insurance - - - -(d) Amount accepted in Re-insurance - - - -

TOTAL (C) 35,832,407 2,462,267 62,282 40,777 11

SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) 1,378,779 82,673 5,370 12,321 11

Balance of previous year 564,521 532,747 - 27,437

APPROPRIATIONSReserve for lapsed unit linked policies unlikely to be revived (1,241,074) - - -(Refer Schedule 16 Note 1(e) and Note 8)Transfer to Shareholders’ account (31,303) (30,316) (987) -

Balance being funds for future appropriations 670,923 585,104 4,383 39,757 11

DETAILS OF TOTAL SURPLUSInterim Bonuses Paid (a) 1,996 1,996 - -Allocation of Bonus to policyholders (b) 281,728 272,843 8,885 -Surplus shown in the Revenue Account (c) 1,378,779 82,673 5,370 12,320 11

Total Surplus [ (a)+ (b)+ (c) ] 1,662,503 357,512 14,255 12,320 11



11


Participating Non Participating Linked

dual Individual Individual Individual Individual Group Individual Individual Group Groupnce Pension Assurance Health Annuity Assurance Assurance Pension Superannuation Gratuity

562 67,680 68,279 32,174 19,497 313,098 47,256,650 1,770,696 68,134 320,65249) (739) (1,703) (4) - (10,289) (43,746) (65) - -

- - - - - - - - - -

513 66,941 66,576 32,170 19,497 302,809 47,212,904 1,770,631 68,134 320,652

827 12,774 10,039 - 3,046 15,552 734,278 28,308 2,502 9,990147 - - - - 63 3,489,836 187,776 153 65182) - (143) - - (14) (969,045) (56,819) (1,088) (4,620)

- - - - - - (1,003,416) (36,802) 681 2,891- - - - - - 302,927 16,087 290 1,232

692 12,774 9,896 - 3,046 15,601 2,554,580 138,550 2,538 10,144

755 339 136 - 2 26 28,074 874 10 23- - - - - - 863,308 101,265 1,007 6,775

447 13,113 10,032 - 3,048 15,627 3,445,962 240,689 3,555 16,942

960 80,054 76,608 32,170 22,545 318,436 50,658,866 2,011,320 71,689 337,594

943 1,472 4,896 6,511 246 14,733 8,944,424 69,526 24 38

903 10,855 18,488 3,197 552 8,930 9,534,019 246,486 2,110 9,649- - - - - - - - - -- - - - - - - - - -

174 75 126 22 4 61 64,822 1,690 13 67- - - - - - - - - -- - - - - - - - - -- - - - - - - - - -

020 12,402 23,510 9,730 802 23,724 18,543,265 317,702 2,147 9,754

276 1,338 9,596 2,894 1,546 203,496 6,141,074 286,140 14,100 21,891996 - - - - - - - - -

995 60,944 31,181 8,343 13,178 71,425 310,562 17,432 (57) (144)- - - - - - 24,422,891 1,390,046 56,171 306,093- - - - - - - - - -- - - - - - - - - -

267 62,282 40,777 11,237 14,724 274,921 30,874,527 1,693,618 70,214 327,840

673 5,370 12,321 11,203 7,019 19,791 1,241,074 - (672) -

747 - 27,437 - - 3,665 - - 672 -

- - - - - - (1,241,074) - - -

16) (987) - - - - - - - -

104 4,383 39,757 11,204 7,019 23,456 - - - -

996 - - - - - - - - -843 8,885 - - - - - - - -673 5,370 12,320 11,204 7,019 19,791 1,241,074 - (672) -

512 14,255 12,320 11,204 7,019 19,791 1,241,074 - (672) -



12


Notes to Financial statements 16

As required by Section 40-B of the Insurance Act, 1938, we certify that all expenses of Management in respect of Life Insurance business transactedin India by the Company have been fully debited to the Policyholders’ Revenue Account as expenses.

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

As per our report of even date attached

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

Suhas Deshpande Hemal Shah Rahul Bajaj Kamesh GoyalPartner Partner Chairman Alternate Director andMembership No. 31787 Membership No. 42650 Chief Executive Officer

Ranjit Gupta Rajesh ViswanathanDirector Chief Financial Officer

Anil Singh Sameer BakshiAppointed Actuary Company Secretary

Place : Pune Place : Mumbai Place : PuneDate : 12th May 2008 Date : 12th May 2008 Date : 12th May 2008



13

Form A- PL

Profit & Loss account for the year ended 31st March 2008Shareholders’ Account (Non Technical Account)

(Amount in Rs. ‘000)

Particulars Current Current Previous Previous Year Year Year Year

Amounts transferred from the 32,706 31,303Policyholders’ Account (Technical Account)

INCOME FROM INVESTMENTS(a) Interest, Dividends & Rent - Gross 764,027 273,062(b) Profit on sale / redemption of investments 53,980 23,824(c) (Loss on sale / redemption of investments) (22,971) (19,763)(d) Transfer/Gain on revaluation / change in fair value - -

OTHER INCOME - -

TOTAL(A) 795,036 277,123

Expenses other than those directly related to theinsurance business (Refer Schedule 16 Note 11)Others 14,740 53,077Provisions (Other than Taxation) - -Contribution to the Policyholder’s Fund(Refer Schedule 16 Note 15)

ParticipatingIndividual Assurance - -Individual Pension - -

Non ParticipatingIndividual Assurance - -Individual Health - -Individual Annuity - -Group Assurance 11,257 -

LinkedIndividual Assurance 2,539,007 863,308Individual Pension 365,506 101,265Group Superannuation 4,391 1,007Group Gratuity 31,666 2,951,827 6,775 972,355

TOTAL(B) 2,966,567 1,025,432

PROFIT / (LOSS) before Tax (2,138,825) (717,006)

Provision for Taxation including Wealth Tax 80 27

PROFIT / (LOSS) after Tax (2,138,905) (717,033)

Balance at the beginning of the year (2,760,129) (2,043,096)

PROFIT/(LOSS) CARRIED FORWARD TO BALANCE SHEET (4,899,034) (2,760,129)

Earning Per Share (Basic & Diluted) (Refer Schedule 16 Note 18) (14.22) (4.77)


The accompanying notes and schedules form an integral part of the financial statements. As per our report of even date attached


Suhas Deshpande Hemal Shah Rahul Bajaj Kamesh Goyal Ranjit GuptaPartner Partner Chairman Alternate Director and DirectorMembership No. 31787 Membership No. 42650 Chief Executive Officer





14

Form A- BS

Balance sheet as at 31st March 2008(Amount in Rs. ‘000)

Particulars Schedule Current Current Previous PreviousYear Year Year Year

SOURCES OF FUNDS

SHAREHOLDERS’ FUNDSShare Capital 5 1,507,090 1,503,680Reserves and Surplus 6 10,599,550 5,501,600Credit/(Debit) Fair Value Change Account 102 85

SUB TOTAL 12,106,742 7,005,365

BORROWINGS 7 - -

POLICYHOLDERS’ FUNDSCredit/(Debit) Fair Value Change Account 99,460 15,443

Policy Liabilities (Refer Schedule 16 Note 8)Participating

Individual Assurance 7,956,912 5,493,958Individual Pension 283,864 211,463

Non ParticipatingIndividual Assurance 169,977 145,693Individual Health 33,645 8,343Individual Annuity 62,357 43,243Group Assurance 314,661 198,175

LinkedIndividual Assurance 1,728,642 591,016Individual Pension 74,888 21,015Group Superannuation - -Group Gratuity 4,100 10,629,046 - 6,712,906

Insurance Reserves - -

Provision For Linked LiabilitiesLinked Liabilites 109,527,505 48,845,768Fair Value Change 14,192 109,541,697 3,022,633 51,868,401

SUB TOTAL 120,270,203 58,596,750

FUNDS FOR FUTURE APPROPRIATIONSParticipating

Individual Assurance 877,422 585,104Individual Pension 2,392 4,383

Non ParticipatingIndividual Assurance 35,173 39,757Individual Health 30,612 11,204Individual Annuity 3,809 7,019Group Assurance - 23,456

LinkedIndividual Assurance - -Individual Pension - -Group Superannuation - -Group Gratuity - -

949,408 670,923Reserve for Lapsed unit linked policies 2,960,433 3,909,841 1,358,813 2,029,736unlikely to be revived

TOTAL 136,286,786 67,631,851



15

Form A- BS

Balance sheet as at 31st March 2008(Amount in Rs. ‘000)

Particulars Schedule Current Current Previous PreviousYear Year Year Year

APPLICATION OF FUNDS

INVESTMENTSShareholders’ 8 11,458,855 6,536,500Policyholders’ 8A

ParticipatingIndividual Assurance 8,974,379 6,162,724Individual Pension 287,815 220,101

Non ParticipatingIndividual Assurance 205,672 188,525Individual Health 64,511 19,658Individual Annuity 66,586 50,900Group Assurance 314,840 231,297

LinkedIndividual Assurance 4,690,975 2,152,260Individual Pension 75,066 21,112Group Superannuation 2,244 2,610Group Gratuity 4,880 1,571

14,686,968 9,050,758

ASSETS HELD TO COVER LINKED LIABILITIES 8B 109,541,697 51,868,401(Refer Schedule 16 Note 24)

LOANS 9 30,937 18,630

FIXED ASSETS 10Gross Block 1,644,267 1,043,272Less : Accumulated Depreciation 734,645 510,127

Net Block 10 909,622 533,145

Capital work in progress 181,056 2,549

1,090,678 535,694

CURRENT ASSETSCash and bank balances 11 3,785,262 4,198,042Advances and other Assets 12 1,310,069 854,477

Sub-Total(A) 5,095,331 5,052,519

LESS: CURRENT LIABILITES AND PROVISIONSCurrent liabilities 13 10,298,224 8,093,047Provisions 14 218,490 97,733

Sub-Total(B) 10,516,714 8,190,780

NET CURRENT ASSETS (C) = (A-B) (5,421,383) (3,138,261)

MISCELLANEOUS EXPENDITURE 15 - -(To the extent not written off or adjusted )

DEBIT BALANCE IN PROFIT & LOSS ACCOUNT 4,899,034 2,760,129(Shareholders’ account )

Total 136,286,786 67,631,851


The accompanying notes and schedules form an integral part of the financial statements. As per our report of even date attached


Suhas Deshpande Hemal Shah Rahul Bajaj Kamesh Goyal Ranjit GuptaPartner Partner Chairman Alternate Director and DirectorMembership No. 31787 Membership No. 42650 Chief Executive Officer





16

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17

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18

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atin

gN

on P

artic

ipat

ing

Link

ed

Indi

vidu

alIn

divi

dual

Indi

vidu

alIn

divi

dual

Indi

vidu

alG

roup

Indi

vidu

alIn

divi

dual

Gro

up S

uper

-G

roup

Assu

ranc

ePe

nsio

nAs

sura

nce

Hea

lthAn

nuity

Assu

ranc

eAs

sura

nce

Pens

ion

annu

atio

nG

ratu

ity

Empl

oyee

s’ re

mun

erat

ion,

wel

fare

ben

efits

and

othe

r man

pow

er co

sts (

*)6,

898,

081

227,

776

3,29

52,

798

4,32

315

64,

586

6,43

3,34

420

6,17

72,

061

13,5

65

Trav

el, c

onve

yanc

e an

d ve

hicl

e ru

nnin

gex

pens

es42

1,87

313

,930

201

171

264

1028

039

3,45

212

,609

126

830

Trai

ning

exp

ense

s51

1,31

416

,884

244

207

320

1234

047

6,86

615

,283

153

1,00

5

Rent

s, ra

tes a

nd ta

xes

2,24

1,98

874

,031

1,07

190

91,

405

511,

491

2,09

0,94

067

,011

670

4,40

9

Repa

irs13

2,61

34,

379

6354

833

8812

3,67

83,

964

4026

1

Prin

ting

and

stat

ione

ry34

5,94

311

,423

165

140

217

823

032

2,63

710

,340

103

680

Com

mun

icat

ion

expe

nses

3,87

2,97

412

7,88

01,

857

1,56

92,

418

802,

587

3,61

2,03

511

5,76

31,

157

7,62

8

Lega

l and

pro

fess

iona

l cha

rges

38,9

7797

514

129,

473

120

27,5

3388

29

58

Med

ical

fees

73,8

502,

439

3530

462

4968

,875

2,20

722

145

Audi

tors

’ fee

s, ex

pens

es,e

tc.

a)as

aud

itor

2,50

081

11

2-

22,

332

751

5b)

as a

dvis

er o

r in

any o

ther

capa

city

,in

resp

ect o

f-

--

--

--

--

--

i)Ta

xatio

n M

atte

rs-

--

--

--

--

--

ii)In

sura

nce

Mat

ters

--

--

--

--

--

-iii

)M

anag

emen

t Ser

vice

s; a

nd-

--

--

--

--

--

c)in

any

oth

er ca

paci

ty-

--

--

--

--

--

d)ou

t of p

ocke

t exp

ense

s10

55

--

--

-97

3-

-

Adve

rtis

emen

t and

pub

licity

368,

309

12,1

6217

614

923

18

245

343,

496

11,0

0811

072

4

Inte

rest

and

ban

k cha

rges

199,

879

6,60

095

8112

55

133

186,

413

5,97

460

393

Oth

ers

a)In

form

atio

n te

chno

logy

exp

ense

s53

2,77

217

,592

254

216

334

1235

449

6,87

915

,924

159

1,04

8b)

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ranc

e, w

ater

and

ele

ctric

ity ch

arge

s16

1,33

65,

327

7765

101

410

715

0,46

84,

822

4831

7c)

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y sta

mps

146,

830

4,84

870

6092

398

136,

937

4,38

944

289

d)Se

curit

y and

hou

seke

epin

g14

8,00

64,

887

7160

933

9813

8,03

54,

424

4429

1e)

Mar

ketin

g ex

pens

es3,

298,

178

108,

896

1,58

71,

335

2,05

363

2,21

23,

075,

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98,5

8598

66,

504

f)M

isce

llane

ous e

xpen

ses

421,

382

13,4

0417

516

927

729

239

393,

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12,6

6512

178

2

Dep

reci

atio

n (R

efer

Sch

edul

e 10

)22

6,45

07,

477

108

9214

25

151

211,

194

6,76

868

445

Tota

l20

,043

,360

660,

996

9,55

98,

118

21,9

9945

513

,310

18,6

84,6

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8,87

35,

982

39,3

79

* inc

lude

s out

sour

ced

pers

onal

cost

of R

s. 5

,56,

534



19

Sche

dule

s for

min

g pa

rt o

f fin

anci

al st

atem

ents

for t

he y

ear e

nded

31st

Mar

ch 2

008

Sche

dule

- 3

: Ope

ratin

g Ex

pens

es R

elat

ed T

o In

sura

nce

Busin

ess

(Ref

er S

ched

ule

16 N

ote

10)

(Am

ount

in R

s. ‘0

00 )

Part

icul

ars

Prev

ious

Yea

rPa

rtic

ipat

ing

Non

Par

ticip

atin

gLi

nked

Indi

vidu

alIn

divi

dual

Indi

vidu

alIn

divi

dual

Indi

vidu

alG

roup

Indi

vidu

alIn

divi

dual

Gro

up S

uper

-G

roup

Assu

ranc

ePe

nsio

nAs

sura

nce

Hea

lthAn

nuity

Assu

ranc

eAs

sura

nce

Pens

ion

annu

atio

nG

ratu

ity

Empl

oyee

s’ re

mun

erat

ion,

wel

fare

ben

efits

and

othe

r man

pow

er co

sts (

*)4,

439,

439

375,

209

4,58

57,

680

1,33

223

03,

690

3,93

9,16

110

2,68

780

34,

062

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el, c

onve

yanc

e an

d ve

hicl

e ru

nnin

gex

pens

es31

6,60

026

,758

327

548

9516

263

280,

923

7,32

357

290

Trai

ning

exp

ense

s57

8,34

848

,880

597

1,00

017

430

481

513,

174

13,3

7810

552

9

Rent

s, ra

tes a

nd ta

xes

1,31

3,91

711

3,24

11,

239

2,38

040

368

1,19

01,

166,

135

28,0

1020

61,

045

Repa

irs93

,814

7,92

997

162

285

7883

,242

2,17

017

86

Prin

ting

and

stat

ione

ry21

6,13

618

,267

223

374

6511

180

191,

780

4,99

939

198

Com

mun

icat

ion

expe

nses

1,03

7,04

087

,648

1,07

11,

794

311

5486

292

0,17

623

,987

188

949

Lega

l and

pro

fess

iona

l cha

rges

13,4

231,

135

1423

41

1111

,911

310

212

Med

ical

fees

49,4

864,

182

5185

153

4143

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1,14

59

45

Audi

tors

’ fee

s, ex

pens

es,e

tc.

a)as

aud

itor

1,50

012

62

3-

-1

1,33

235

-1

b)as

adv

isor

or i

n an

y ot

her c

apac

ity,

in re

spec

t of

i)Ta

xatio

n M

atte

rs-

--

--

--

--

--

ii)In

sura

nce

Mat

ters

--

--

--

--

--

-iii

)M

anag

emen

t Ser

vice

s; a

nd-

--

--

--

--

--

c)in

any

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er ca

paci

ty-

--

--

--

--

--

d)ou

t of p

ocke

t exp

ense

s37

632

--

--

-33

59

--

Adve

rtis

emen

t and

pub

licity

164,

674

13,9

1717

028

549

913

714

6,11

73,

809

3015

1In

tere

st a

nd b

ank c

harg

es11

9,28

410

,082

123

206

366

9910

5,84

22,

759

2210

9O

ther

sa)

Info

rmat

ion

tech

nolo

gy e

xpen

ses

227,

693

19,2

4423

539

468

1218

920

2,03

55,

267

4120

8b)

Insu

ranc

e, w

ater

and

ele

ctric

ity ch

arge

s96

,217

8,13

299

166

295

8085

,375

2,22

617

88c)

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y sta

mps

78,6

976,

651

8113

624

465

69,8

301,

820

1472

d)Se

curit

y and

hou

seke

epin

g68

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5,78

070

118

214

5760

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1,58

212

63e)

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ketin

g ex

pens

es1,

332,

795

112,

644

1,37

72,

306

400

691,

108

1,18

2,60

230

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241

1,22

0f)

Mis

cella

neou

s exp

ense

s39

6,08

720

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302

506

8715

243

364,

174

9,83

327

335

1

Dep

reci

atio

n (R

efer

Sch

edul

e 10

)18

6,27

115

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192

322

5610

155

165,

280

4,30

934

170

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l10

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,189

895,

903

10,8

5518

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3,19

755

28,

930

9,53

4,01

924

6,48

62,

110

9,64

9

* inc

lude

s out

sour

ced

pers

onal

cos

t of R

s. 5

38,6

19 /-



20

Sche

dule

s for

min

g pa

rt o

f fin

anci

al st

atem

ents

for t

he y

ear e

nded

31st

Mar

ch 2

008

Sche

dule

- 4

: Ben

efits

pai

d (n

et)

(Am

ount

in R

s. ‘0

00 )

Part

icul

ars

Curr

ent Y

ear

Part

icip

atin

gN

on P

artic

ipat

ing

Link

edIn

divi

dual

Indi

vidu

alIn

divi

dual

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vidu

alIn

divi

dual

Gro

upIn

divi

dual

Indi

vidu

alG

roup

Sup

er-

Gro

upAs

sura

nce

Pens

ion

Assu

ranc

eH

ealth

Annu

ityAs

sura

nce

Assu

ranc

ePe

nsio

nan

nuat

ion

Grat

uity

Insu

ranc

e Cl

aim

s:a)

Clai

ms b

y Dea

th1,

333,

944

85,1

181,

161

17,4

665,

056

1,51

139

1,34

980

4,95

527

,328

--

b)Cl

aim

s by M

atur

ity21

7,03

921

5,72

0-

1,31

6-

3-

--

--

c)An

nuiti

es/P

ensio

ns p

aym

ent

2,95

4-

--

-2,

954

--

--

-d)

UL W

ithdr

awal

s/Su

rren

ders

& O

ther

Ben

efits

6,99

7,17

341

,012

1,62

458

85,

633

--

6,46

3,15

443

7,98

62,

766

44,4

10(A

mou

nt ce

ded

in re

insu

ranc

e) :

a)Cl

aim

s by D

eath

(32,

441)

(19,

514)

(527

)(3

00)

(2,4

63)

-(9

19)

(8,7

18)

--

-b)

Clai

ms b

y Mat

urity

--

--

--

--

--

-c)

Annu

ities

/Pen

sions

pay

men

t-

--

--

--

--

--

d)U

L With

draw

als/

Surr

ende

rs &

Oth

er B

enef

its(4

,664

)(3

,682

)-

-(9

81)

--

(1)

--

-A

mou

nt a

ccep

ted

in re

insu

ranc

e:a)

Clai

ms b

y Dea

th-

--

--

--

--

--

b)Cl

aim

s by M

atur

ity-

--

--

--

--

--

c)An

nuiti

es/P

ensio

ns p

aym

ent,

--

--

--

--

--

-d)

UL W

ithdr

awal

s/Su

rren

ders

& O

ther

Ben

efits

--

--

--

--

--

-

Tota

l8,

514,

005

318,

654

2,25

819

,070

7,24

54,

468

390,

430

7,25

9,39

046

5,31

42,

766

44,4

10Be

nefit

s pa

id to

cla

iman

ts:

In In

dia

8,51

4,00

531

8,65

42,

258

19,0

707,

245

4,46

839

0,43

07,

259,

390

465,

314

2,76

644

,410

Out

side

Indi

a-

--

--

--

--

--

Tota

l8,

514,

005

318,

654

2,25

819

,070

7,24

54,

468

390,

430

7,25

9,39

046

5,31

42,

766

44,4

10

Part

icul

ars

Prev

ious

Yea

rPa

rtic

ipat

ing

Non

Par

ticip

atin

gLi

nked

Indi

vidu

alIn

divi

dual

Indi

vidu

alIn

divi

dual

Indi

vidu

alG

roup

Indi

vidu

alIn

divi

dual

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up S

uper

-G

roup

Assu

ranc

ePe

nsio

nAs

sura

nce

Hea

lthAn

nuity

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ranc

eAs

sura

nce

Pens

ion

annu

atio

nGr

atui

tyIn

sura

nce

Clai

ms:

a)Cl

aim

s by D

eath

601,

222

120,

750

1,21

69,

407

660

-20

5,90

119

2,46

662

,173

1,64

97,

000

b)Cl

aim

s by M

atur

ity18

4,15

418

3,93

5-

219

--

--

--

-c)

Annu

ities

/Pen

sions

pay

men

t1,

836

7-

283

-1,

546

--

--

-d)

UL W

ithdr

awal

s/Su

rren

ders

& O

ther

Ben

efits

6,22

8,66

222

,122

480

571

2,23

4-

-5,

951,

946

223,

967

12,4

5114

,891

(Am

ount

cede

d in

rein

sura

nce)

:a)

Clai

ms b

y Dea

th(1

9,44

3)(1

2,77

8)(3

58)

(564

)-

-(2

,405

)(3

,338

)-

--

b)Cl

aim

s by M

atur

ity-

--

--

--

--

--

c)An

nuiti

es/P

ensio

ns p

aym

ent

--

--

--

--

--

-d)

Clai

ms b

y Sur

rend

ers

--

--

--

--

--

-e)

UL W

ithdr

awal

s/Su

rren

ders

& O

ther

Ben

efits

(11,

080)

(10,

760)

-(3

20)

--

--

--

-A

mou

nt a

ccep

ted

in re

insu

ranc

e:a)

Clai

ms b

y Dea

th-

--

--

--

--

--

b)Cl

aim

s by M

atur

ity-

--

--

--

--

--

c)An

nuiti

es/P

ensio

ns p

aym

ent,

--

--

--

--

--

-d)

UL W

ithdr

awal

s/Su

rren

ders

& O

ther

Ben

efits

--

--

--

--

--

-

Tota

l6,

985,

351

303,

276

1,33

89,

596

2,89

41,

546

203,

496

6,14

1,07

428

6,14

014

,100

21,8

91Be

nefit

s pa

id to

cla

iman

ts:

In In

dia

6,98

5,35

130

3,27

61,

338

9,59

62,

894

1,54

620

3,49

66,

141,

074

286,

140

14,1

0021

,891

Out

side

Indi

a-

--

--

--

--

-

Tota

l6,

985,

351

303,

276

1,33

89,

596

2,89

41,

546

203,

496

6,14

1,07

428

6,14

014

,100

21,8

91



21

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

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

Shareholder Current Year Previous Year

Number of % of Number of % ofShares Holding Shares Holding

PROMOTERS:

Indian

Bajaj Auto Limited 111,358,900 73.89 111,272,320 74

Bajaj Finserv Limited 165,760 0.11 - -

Foreign

Allianz SE 39,184,340 26 39,095,680 26

TOTAL 150,709,000 100 150,368,000 100

Note : Share certificates in respect of 111,358,900 shares issued in the name of the erstwhile Bajaj Auto Limited are to be transferred to Bajaj FinservLimited under a scheme of arrangement approved by the High Court of the Judicature of Mumbai and by the Insurance Regulatory and DevelopmentAuthority (IRDA).

During the current year, the Company has received the copy of the High Court of Judicature Mumbai vide order date 18/12/2007 granting approvalto the scheme of arrangement whereby the investment in the equity of the company held by erstwhile Bajaj Auto Ltd. is demerged and vests withBajaj Finserv Ltd. with effect from April 1, 2007, which transfer has also been approved by the Insurance Regulatory and Development Authority(‘IRDA’) . As at March 31, 2008, actual transfer of shares are pending completion of formalities.


Schedule - 5 : Share Capital


Particulars Current Year Previous Year

Authorised Capital

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

Issued , Subscribed, Called and Paid up Capital

Equity Shares of Rs. 10/- Each 1,507,090 1,503,680

150,709,000 (Previous Year 150,368,000) Equity Shares of Rs.10/- Each

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

Total 1,507,090 1,503,680

Note : Of the above share capital as of 31st March 2008, 111,358,900 (Previous year: 111,272,320) equity shares are held by the holding Companyerstwhile Bajaj Auto Limited, and to be transferred in favour of Bajaj Finserv Limited under a scheme of arrangement approved by the High Courtof the Judicature Mumbai and by the Insurance Regulatory and Development Authority (IRDA).



22


Schedule - 7 : Borrowings



Debentures/Bonds - -

Banks - -

Financial Institutions - -

Others - -

TOTAL - -


Schedule - 6 : Reserves and Surplus


Particulars Current Year Current Year Previous Year Previous Year

Capital Reserve - -

Capital Redemption Reserve - -

Share Premium

Opening balance 5,501,600 3,495,310

Add: Share Premium received during the year 5,097,950 10,599,550 2,006,290 5,501,600

Revaluation Reserve - -

General Reserve - -

Catastrophe Reserve - -

Other Reserve - -

Balance of Profit & Loss Account - -

Total 10,599,550 5,501,600



23


Schedule - 8 : Investments - Shareholders’



LONG TERM INVESTMENTS

Government securities and Government 4,549,343 910,129

guaranteed bonds including Treasury Bills(Refer Note 1 below)

Other Approved Securities - -

Other Investmentsa) Shares

aa) Equity - -bb) Preference - -

b) Mutual Funds - -c) Derivative Instruments - -d) Debentures / Bonds 1,123,342 473,914e) Other Securities

aa) Fixed Deposit with banks - 250,000f) Subsidiaries - -

Investment Properties - Real Estate - -

Investments in Infrastructure and Social Sector Bonds 1,505,834 789,598

Other than Approved Investments 100,000 169,102

SHORT TERM INVESTMENTS

Government securities and Government 283,509 1,722,015guaranteed bonds including Treasury Bills

Other Approved Securities - -

Other Investmentsa) Shares

aa) Equity - -bb) Preference - -

b) Mutual Funds - -c) Derivative Instruments - -d) Debentures / Bonds 2,024,033 1,269,615e) Other Securities

aa) Fixed Deposit with banks 1,079,900 200,000f) Subsidiaries - -


Investments in Infrastructure and Social Sector Bonds 346,395 491,089

Other than Approved Investmentsaa) Bonds 54,397 25,136bb) Mutual Funds 392,102 235,902

Total 11,458,855 6,536,500

INVESTMENTS

In India 11,458,855 6,536,500

Outside India - -

Total 11,458,855 6,536,500

Notes :1. Includes Rs. 103,333 (Previous Year Rs. 106,040 ) deposited with Deutsche Bank AG, persuant to Section 7 of the Insurance Act 1938 (Refer

Schedule 16 Note 6 )2. Market Value of the above total investments of Rs. 11,458,855 (Previous Year Rs. 6,536,500 ) is Rs. 11,367,648 (Previous Year Rs. 6,480,926 )3. Historical cost of investment valued on fair value basis is Rs. 392,000 (Previous Year Rs. 235,817)



24

Sche

dule

s for

min

g pa

rt o

f fin

anci

al st

atem

ents

for t

he y

ear e

nded

31st

Mar

ch 2

008

Sche

dule

- 8A

: In

vest

men

ts -

Polic

yhol

ders

’(A

mou

nt in

Rs.

‘000

)Pa

rtic

ular

sCu

rren

t Yea

rPa

rtic

ipat

ing

Non

Par

ticip

atin

gLi

nked

Indi

vidu

alIn

divi

dual

Indi

vidu

alIn

divi

dual

Indi

vidu

alG

roup

Indi

vidu

alIn

divi

dual

Gro

up S

uper

-G

roup

Assu

ranc

ePe

nsio

nAs

sura

nce

Hea

lthAn

nuity

Assu

ranc

eAs

sura

nce

Pens

ion

annu

atio

nGr

atui

tyLO

NG

TERM

INVE

STM

ENTS

Gov

ernm

ent s

ecur

ities

and

Gov

ernm

ent

8,59

1,97

55,

189,

707

201,

241

166,

798

19,5

1154

,120

142,

141

2,74

2,28

170

,066

1,73

14,

379

guar

ante

ed b

onds

incl

udin

g Tr

easu

ry B

ills

Oth

er A

ppro

ved

Secu

ritie

s(a

)Sh

ares

(aa)

Equi

ty61

2,83

061

2,83

0-

--

--

--

--

(bb)

Pre

fere

nce

--

--

--

--

--

-(b

)M

utua

l fun

ds-

--

--

--

--

--

(c)

Der

ivat

ive

Inst

rum

ents

--

--

--

--

--

-(d

)D

eben

ture

s / B

onds

1,98

7,14

21,

252,

312

10,0

0077

2-

745

61,4

4065

6,87

35,

000

--

(e)

Oth

er Se

curit

ies

(aa)

Fixe

d D

epos

its w

ith B

anks

--

--

--

--

--

-(f)

Subs

idia

ries

--

--

--

--

--

-(g

)In

vest

men

t Pro

pert

ies -

Rea

l Est

ate

244,

943

244,

943

--

--

--

--

-In

vest

men

ts in

Infr

astr

uctu

re &

Soci

al S

ecto

r Bon

ds2,

133,

134

1,23

7,57

976

,574

38,1

0245

,000

11,7

2132

,916

691,

242

--

-O

ther

than

App

rove

d In

vest

men

ts- B

onds

100,

000

100,

000

--

--

--

--

-- E

quity

116,

548

116,

548

--

--

--

--

-SH

ORT

TER

M IN

VEST

MEN

TSG

over

nmen

t sec

uriti

es a

nd G

over

nmen

t53

9,52

343

,947

--

--

49,6

5144

5,51

1-

313

101

guar

ante

ed b

onds

incl

udin

g Tr

easu

ry B

ills

Oth

er A

ppro

ved

Secu

ritie

s(a

)Sh

ares

(aa)

Equi

ty-

--

--

--

--

--

(bb)

Pre

fere

nce

--

--

--

--

--

-(b

)M

utua

l Fun

ds-

--

--

--

--

--

(c)

Der

ivat

ive

Inst

rum

ents

--

--

--

--

--

-(d

)D

eben

ture

s / B

onds

100,

344

50,3

44-

--

--

50,0

00-

--

(e)

Oth

er Se

curit

ies

50,0

00-

--

--

-50

,000

--

-(f)

Subs

idia

ries

--

--

--

--

--

-(g

)In

vest

men

t Pro

pert

ies -

Rea

l Est

ate

--

--

--

--

--

-In

vest

men

ts in

Infr

astr

uctu

re &

Soci

al S

ecto

r Bon

ds21

0,52

912

6,16

9-

--

-28

,692

55,0

68-

200

400

Oth

er th

an A

ppro

ved

Inve

stm

ents

--

--

--

--

--

-

TOTA

L14

,686

,968

8,97

4,37

928

7,81

520

5,67

264

,511

66,5

8631

4,84

04,

690,

975

75,0

662,

244

4,88

0

In In

dia

14,6

86,9

688,

974,

379

287,

815

205,

672

64,5

1166

,586

314,

840

4,69

0,97

575

,066

2,24

44,

880

Out

side

Indi

a-

--

--

--

--

--

Tota

l14

,686

,968

8,97

4,37

928

7,81

520

5,67

264

,511

66,5

8631

4,84

04,

690,

975

75,0

662,

244

4,88

0

Not

e:1.

Mar

ket V

alue

of t

he a

bove

tota

l inv

estm

ents

of R

s. 1

4,68

6,96

8 (P

revi

ous y

ear R

s. 9

,050

,758

) is R

s. 1

4,50

0,50

5 (P

revi

ous y

ear R

s. 8

,751

,312

).2.

His

toric

al co

st o

f inv

estm

ent v

alue

d on

fair

valu

e ba

sis i

s Rs.

629

,918

(Pre

viou

s yea

r Rs.

582,

404)

.



25

Sche

dule

s for

min

g pa

rt o

f fin

anci

al st

atem

ents

for t

he y

ear e

nded

31st

Mar

ch 2

008

Sche

dule

- 8A

: In

vest

men

ts -

Polic

yhol

ders

’(A

mou

nt in

Rs.

‘000

)Pa

rtic

ular

sPr

evio

us Y

ear

Part

icip

atin

gN

on P

artic

ipat

ing

Link

edIn

divi

dual

Indi

vidu

alIn

divi

dual

Indi

vidu

alIn

divi

dual

Gro

upIn

divi

dual

Indi

vidu

alG

roup

Sup

er-

Gro

upAs

sura

nce

Pens

ion

Assu

ranc

eH

ealth

Annu

ityAs

sura

nce

Assu

ranc

ePe

nsio

nan

nuat

ion

Grat

uity

LON

G T

ERM

INVE

STM

ENTS

Gov

ernm

ent s

ecur

ities

and

Gov

ernm

ent

5,05

6,84

53,

689,

642

185,

101

128,

213

19,6

5850

,900

155,

932

817,

460

8,56

31,

036

340

guar

ante

ed b

onds

incl

udin

g Tr

easu

ry B

ills

Oth

er A

ppro

ved

Secu

ritie

s(a

)Sh

ares

(aa)

Equi

ty59

7,84

759

7,84

7-

--

--

--

--

(bb)

Pre

fere

nce

--

--

--

--

--

-(b

)M

utua

l fun

ds-

--

--

--

--

--

(c)

Der

ivat

ive

Inst

rum

ents

--

--

--

--

--

-(d

)D

eben

ture

s / B

onds

776,

943

736,

943

10,0

00-

--

-30

,000

--

-(e

)O

ther

Secu

ritie

s(a

a) Fi

xed

Dep

osits

with

Ban

ks50

,000

--

--

--

50,0

00-

--

(f)Su

bsid

iarie

s-

--

--

--

--

--

(g)

Inve

stm

ent P

rope

rtie

s - R

eal E

stat

e16

7,46

516

7,46

5-

--

--

--

--

Inve

stm

ents

in In

fras

truc

ture

&So

cial

Sec

tor B

onds

1,00

0,57

777

0,60

025

,000

35,0

00-

-3,

893

165,

500

-19

538

9O

ther

than

App

rove

d In

vest

men

ts- B

onds

100,

000

100,

000

--

--

--

--

-- E

quity

--

--

--

--

--

-SH

ORT

TER

M IN

VEST

MEN

TSG

over

nmen

t sec

uriti

es a

nd G

over

nmen

t43

5,52

4-

-25

,312

--

55,4

8333

9,95

912

,549

1,37

984

2gu

aran

teed

bon

ds in

clud

ing

Trea

sury

Bill

sO

ther

App

rove

d Se

curit

ies

(a)

Shar

es(a

a) Eq

uity

--

--

--

--

--

-(b

b) P

refe

renc

e-

--

--

--

--

--

(b)

Mut

ual F

unds

--

--

--

--

--

-(c

)D

eriv

ativ

e In

stru

men

ts-

--

--

--

--

--

(d)

Deb

entu

res /

Bon

ds66

4,95

550

,000

--

--

15,9

8959

8,96

6-

--

(e)

Oth

er Se

curit

ies

--

--

--

--

--

-(f)

Subs

idia

ries

--

--

--

--

--

-(g

)In

vest

men

t Pro

pert

ies -

Rea

l Est

ate

--

--

--

--

--

-In

vest

men

ts in

Infr

astr

uctu

re &

Soci

al S

ecto

r Bon

ds20

0,60

250

,227

--

--

-15

0,37

5-

--

Oth

er th

an A

ppro

ved

Inve

stm

ents

--

--

--

--

--

-

TOTA

L9,

050,

758

6,16

2,72

422

0,10

118

8,52

519

,658

50,9

0023

1,29

72,

152,

260

21,1

122,

610

1,57

1

In In

dia

9,05

0,75

86,

162,

724

220,

101

188,

525

19,6

5850

,900

231,

297

2,15

2,26

021

,112

2,61

01,

571

Out

side

Indi

a-

--

--

--

--

--

Tota

l9,

050,

758

6,16

2,72

422

0,10

118

8,52

519

,658

50,9

0023

1,29

72,

152,

260

21,1

122,

610

1,57

1

Not

e:1.

Mar

ket V

alue

of t

he a

bove

tota

l inv

estm

ents

of R

s. 9

,050

,758

(Pre

viou

s yea

r Rs.

4,7

66,1

23) i

s Rs.

8,7

51,3

12 (P

revi

ous y

ear R

s. 4

,671

,956

).2.

His

toric

al co

st o

f inv

estm

ent v

alue

d on

fair

valu

e ba

sis i

s Rs.

582

,404

(Pre

viou

s yea

r Rs.

175

,927

).



26


Schedule - 8B : Assets held to cover linked liabilities



LONG TERM INVESTMENTS

Government securities and Government 685,714 35,552guaranteed bonds including Treasury Bills

Other Approved Securities(a) Shares

(aa)Equity 68,712,146 28,337,065(bb)Preference - -

(b) Mutual Funds - -(c) Derivative Instruments - -(d) Debentures / Bonds 2,267,232 1,067,044(e) Other Securities

(aa)Fixed Deposit with banks - 600,000(f) Subsidiaries - -


Investments in Infrastructure and Social Sector Bonds 4,254,556 623,991

Other than Approved Investments(a) Equity 12,464,060 7,540,102(b) Bonds - -

SHORT TERM INVESTMENTS

Government securities and Government 220,783 204,994guaranteed bonds including Treasury Bills

Other Approved Securities(a) Shares

(aa) Equity - -(bb) Preference - -

(b) Mutual Funds - -(c) Derivative Instruments - -(d) Debentures / Bonds 11,142,937 7,606,662(e) Other Securities - -(f) Subsidiaries - -


Investments in Infrastructure and Social Sector Bonds 126,869 491,534

Other than Approved Investments(aa)Bonds - 73,924(bb)Mutual Fund 1,091,843 44,183

Fixed Deposits with Banks 1,699,800 1,081,000

Net Current Assets 6,875,757 4,162,350

Total 109,541,697 51,868,401

INVESTMENTS

In India 109,541,697 51,868,401Outside India - -

Total 109,541,697 51,868,401

(Refer schedule 16 note 24)

Historical Cost of above investments is Rs. 109,527,505 ( Previous Year Rs. 48,845,768)



27


Schedule - 9 : Loans



SECURITY-WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India - -

(bb) Outside India - -

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

(c) Loan against policies 30,937 18,630

Total 30,937 18,630

BORROWER-WISE CLASSIFICATION

(a) Central and State Government - -

(b) Bank and Financial Institutions - -

(c) Subsidiaries - -

(d) Companies - -

(e) Loan against policies 30,937 18,630

Total 30,937 18,630

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard :

(aa) In India 30,937 18,630

(bb) Outside India - -

Total 30,937 18,630

MATURITY-WISE CLASSIFICATION

(a) Short-Term - -

(b) Long-Term 30,937 18,630

Total 30,937 18,630



28

Sche

dule

s for

min

g pa

rt o

f fin

anci

al st

atem

ents

for t

he y

ear e

nded

31st

Mar

ch 2

008

Sche

dule

- 10

: Fi

xed

Asse

ts(A

mou

nt in

Rs.

‘000

)

Part

icul

ars

GRO

SS B

LOCK

DEP

RECI

ATIO

NN

ET B

LOCK

Ope

ning

Addi

tions

Ded

uctio

nsCl

osin

gU

pto

last

For t

heO

n Sa

les/

To d

ate

Curr

ent

Prev

ious

year

year

Adju

stm

ents

Year

Year

Inta

ngib

le -C

ompu

ter S

oftw

are

33,8

2932

,524

-66

,353

26,3

2310

,946

-37

,269

29,0

847,

506

Land

-Fre

ehol

d-

--

--

--

--

-

Leas

ehol

d Pr

oper

ties

227,

567

94,5

55-

322,

122

117,

848

59,3

67-

177,

215

144,

907

109,

719

Build

ings

186,

602

--

186,

602

12,4

023,

855

-16

,257

170,

345

174,

200

Elec

tric

al F

ittin

gs4,

136

593

74,

722

1,43

542

47

1,85

22,

870

2,70

1

Furn

iture

& Fi

ttin

gs64

,165

18,1

817

82,3

3930

,446

5,90

47

36,3

4345

,996

33,7

19

Info

rmat

ion

Tech

nolo

gy E

quip

men

t39

0,04

137

4,59

846

276

4,17

724

5,48

112

3,02

237

736

8,12

639

6,05

114

4,56

0

Air C

ondi

tione

r57

,317

30,5

95-

87,9

1217

,017

8,49

7-

25,5

1462

,398

40,3

00

Vehi

cles

7,26

67,

241

1,52

712

,980

2,67

12,

042

1,52

73,

186

9,79

44,

595

Offi

ce E

quip

men

t72

,349

44,7

7463

117,

060

56,5

0412

,393

1468

,883

48,1

7715

,845

Tota

l1,

043,

272

603,

061

2,06

61,

644,

267

510,

127

226,

450

1,93

273

4,64

590

9,62

253

3,14

5

Prev

ious

Yea

r69

1,54

436

3,51

811

,790

1,04

3,27

232

8,75

918

6,27

14,

903

510,

127

533,

145

-

Not

e: 1

. Ref

er N

ote

No.

1 (h

) of S

ched

ule

16



29


Schedule - 11 : Cash and Bank Balances



1. Cash (including cheques, drafts and stamps) 798,551 1,006,433

2. Bank Balances

(a) Deposit Accounts

(aa) Short-term (due within 12 months of the date of Balance Sheet ) 200 -

(bb) Others - -

(b) Current Accounts 2,986,511 3,191,609

(c) Others - -

3. Money at Call and Short Notice

(a) With Banks - -

(b) With Other Institutions - -

4 . Others - -

Total 3,785,262 4,198,042

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

Cash and Bank Balances

1. In India 3,785,262 4,198,042

2. Outside India - -

Total 3,785,262 4,198,042



30


Schedule - 12 : Advances and Other Assets



ADVANCES

Reserve deposits with ceding companies - -

Application money for investments - 10,221

Prepayments 129,358 63,414

Advances to Directors/Officers - -

Advance Tax paid and taxes deducted at source 1,066 314

Others :

Travel Advances 1,768 960

Employee Advances 4,108 3,391

Advances to Suppliers 129,756 28,749

Miscellaneous Advances - -

Total (A) 266,056 107,049

OTHER ASSETS

Income accrued on investments 550,108 248,188

Outstanding Premiums 233,726 310,762

Agents’ Balances - -

Foreign Agencies Balance - -

Due from other entities carrying on insurance business 3,779 2,933

(Including amount due from Reinsurers)

Due from subsidiaries/holding company - -

Deposit with Reserve Bank of India - -

[pursuant to section 7 of Insurance Act,1938]

Deposits 254,686 131,762

Others :

Unsettled Investment contract receivable - 52,143

Others 1,714 1,640

Total (B) 1,044,013 747,428

Total (A + B) 1,310,069 854,477



31


Schedule - 13 : Current Liabilities(Amount in Rs. ‘000)


Agents’ Balances 1,774,831 1,817,710

Balances due to other insurance companies 18,869 81,844

Deposits held on reinsurance ceded - -

Premium received in advance 170,855 111,184

Premium & Other Deposits 1,739,853 1,552,322

Sundry Creditors 5,964,059 4,359,434

Due to Subsidaries/holding company 1,211 -

Claims Outstanding 218,655 110,639

Annuities Due - -

Due to Officers/Directors of the Company - 6,249

Others :

Payable - unsettled investment contracts - -

Temporary Overdraft as per the books of accounts 409,891 53,665

TOTAL 10,298,224 8,093,047

Schedule - 14 : Provisions(Amount in Rs. ‘000)

Particulars Current Year Current Year Previous Year Previous Year

For Taxation

(Less Payments and Taxes deducted at Sources)

Wealth Tax 80 36

Service Tax - -

Fringe Benefit Tax 4,310 4,390 10,000 10,036

For Proposed dividends - -

For dividend distribution tax - -

Others:

For Leave Encashment 214,100 87,697

Total 218,490 97,733

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



Discount allowed in issue of shares/debentures - -

Others - -

Total - -



32

Annexure to Revenue Account-Break Up of Unit Linked Business (UL) for the year ended 31st March 2008


Particulars Schedule Linked Life Linked Pe

Non-Unit Unit Total Non-Unit

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

PREMIUMS EARNED – NET

(a) Premium 28,370,793 59,847,039 88,217,832 365,760 2

(b) Reinsurance ceded (Refer Schedule 16 Note 16) (63,026) - (63,026) (48)

SUB-TOTAL 28,307,767 59,847,039 88,154,806 365,712 2

INCOME FROM INVESTMENTS

(a) Interest, dividend & rent - gross 286,715 987,022 1,273,737 3,920

(b) Profit on sale/redemption of investments 4,526 8,260,919 8,265,445 21

(c) Loss on sale/redemption of investments (5,308) (1,435,912) (1,441,220) -

(d) Unrealised gain/(loss) - (2,661,741) (2,661,741) - (

(e) Other investment income - 569,556 569,556 -

285,933 5,719,844 6,005,777 3,941

OTHER INCOME:

(a) Linked income UL1 5,350,476 (5,350,476) - 82,377

(b) Contribution from Shareholders’ account 2,539,007 - 2,539,007 365,506

(Refer Schedule 16 Note 15)

(c) Others 81,850 - 81,850 2,623

Total (A) 36,565,033 60,216,407 96,781,440 820,159 3

COMMISSION 14,464,765 - 14,464,765 163,063

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 18,684,689 - 18,684,689 598,873

Provision For Taxation 87,025 - 87,025 2,789

TOTAL (B) 33,236,479 - 33,236,479 764,725

BENEFITS PAID (NET) UL2 529,409 6,729,981 7,259,390 -

Interim Bonuses Paid - - - -

Change In Valuation of Liability In Respect Of Life Policies 1,137,626 - 1,137,626 53,873

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

Change In Valuation Liability - 53,486,426 53,486,426 - 2

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

TOTAL (C) 1,667,035 60,216,407 61,883,442 53,873 3

SURPLUS / (DEFICIT) (D) =(A)-(B)-(C) 1,661,519 - 1,661,519 1,561

Balance of previous year - - - -

Transitional Adjustments on revision to Valuation of employees benefit (59,899) - (59,899) (1,561)

(Refer Schedule 16 Note 1)

APPROPRIATIONS

Reserve for lapsed unit linked policies unlikely to be revived (1,601,620) - (1,601,620) -

Transfer To Shareholders’ a/c - - -

Balance being funds for future appropriations - - - -



33


fe Linked Pension Linked Group

it Total Non-Unit Unit Total Non-Unit Unit Total Current Year

) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)= (7) + (8) (10)=(3)+ (6)+(9)

9 88,217,832 365,760 2,897,104 3,262,864 5,406 1,608,916 1,614,322 93,095,018

- (63,026) (48) - (48) - - - (63,074)

9 88,154,806 365,712 2,897,104 3,262,816 5,406 1,608,916 1,614,322 93,031,944

2 1,273,737 3,920 43,929 47,849 300 40,769 41,069 1,362,655

9 8,265,445 21 533,211 533,232 - 65,126 65,126 8,863,803

2) (1,441,220) - (79,330) (79,330) (9) (7,433) (7,442) (1,527,992)

) (2,661,741) - (309,353) (309,353) - (37,347) (37,347) (3,008,441)

6 569,556 - 27,662 27,662 - 6,277 6,277 603,495

4 6,005,777 3,941 216,119 220,060 291 67,392 67,683 6,293,520

6) - 82,377 (82,377) - 7,848 (7,848) - -

- 2,539,007 365,506 - 365,506 36,057 - 36,057 2,940,570

- 81,850 2,623 - 2,623 199 - 199 84,672

7 96,781,440 820,159 3,030,846 3,851,005 49,801 1,668,460 1,718,261 102,350,706

- 14,464,765 163,063 - 163,063 - - - 14,627,828

- 18,684,689 598,873 - 598,873 45,361 - 45,361 19,328,923

- 87,025 2,789 - 2,789 212 - 212 90,026

- 33,236,479 764,725 - 764,725 45,573 - 45,573 34,046,777

1 7,259,390 - 465,314 465,314 54 47,122 47,176 7,771,880

- - - - - - -

- 1,137,626 53,873 - 53,873 4,100 - 4,100 1,195,599

6 53,486,426 - 2,565,532 2,565,532 - 1,621,338 1,621,338 57,673,296

7 61,883,442 53,873 3,030,846 3,084,719 4,154 1,668,460 1,672,614 66,640,775

- 1,661,519 1,561 - 1,561 74 - 74 1,663,154

- - - - - - - - -

- (59,899) (1,561) - (1,561) (74) - (74) (61,534)

- (1,601,620) - - - - - - (1,601,620)

- - - - - - - - -

- - - - - - - - -



34

Annexure to Revenue Account-Break Up of Unit Linked Business (UL) for the year ended 31st March 2008


Particulars Schedule Linked Life Linked Pe

Non-Unit Unit Total Non-Unit

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

PREMIUMS EARNED – NET

(a) Premium 17,632,616 29,624,034 47,256,650 207,255 1

(b) Reinsurance ceded (43,746) - (43,746) (65)

SUB-TOTAL 17,588,870 29,624,034 47,212,904 207,190 1

INCOME FROM INVESTMENTS

(a) Interest, dividend & rent - gross 76,081 658,197 734,278 686

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

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

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

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

75,336 2,479,244 2,554,580 686

OTHER INCOME:

(a) Linked income UL1 1,568,137 (1,568,137) - 44,221

(b) Contribution from Shareholders’ account 863,308 - 863,308 101,265

(c) Others 28,074 - 28,074 874

Total (A) 20,123,725 30,535,141 50,658,866 354,236 1

COMMISSION 8,944,424 - 8,944,424 69,526

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 9,534,019 - 9,534,019 246,486

Provision For Taxation (Fringe Benefit Tax) 64,822 - 64,822 1,690

TOTAL (B) 18,543,265 - 18,543,265 317,702

BENEFITS PAID (NET) UL2 28,824 6,112,250 6,141,074 19,102

Interim Bonus Paid - - - -

Change In Valuation of Liability In Respect of Life Policies 310,562 - 310,562 17,432

Change In Valuation Liability - 24,422,891 24,422,891 - 1

TOTAL (C) 339,386 30,535,141 30,874,527 36,534 1

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

APPROPRIATIONS

Balance of Previous Year - - - -

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

Transfer To Shareholders’ a/c - - - -

Balance being funds for future appropriations - - - -



35


fe Linked Pension Linked Group

it Total Non-Unit Unit Total Non-Unit Unit Total Previous Year

) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)= (7) + (8) (10)=(3)+ (6)+(9)

4 47,256,650 207,255 1,563,441 1,770,696 9,604 379,182 388,786 49,416,132

- (43,746) (65) - (65) - - - (43,811)

4 47,212,904 207,190 1,563,441 1,770,631 9,604 379,182 388,786 49,372,321

7 734,278 686 27,622 28,308 230 12,262 12,492 775,078

6 3,489,836 - 187,776 187,776 - 804 804 3,678,416

0) (969,045) - (56,819) (56,819) - (5,708) (5,708) (1,031,572)

6) (1,003,416) - (36,802) (36,802) - 3,572 3,572 (1,036,646)

7 302,927 - 16,087 16,087 - 1,522 1,522 320,536

4 2,554,580 686 137,864 138,550 230 12,452 12,682 2,705,812

7) - 44,221 (44,221) - 2,028 (2,028) - -

- 863,308 101,265 - 101,265 7,782 - 7,782 972,355

- 28,074 874 - 874 33 - 33 28,981

1 50,658,866 354,236 1,657,084 2,011,320 19,677 389,606 409,283 53,079,469

- 8,944,424 69,526 - 69,526 62 - 62 9,014,012

- 9,534,019 246,486 - 246,486 11,759 - 11,759 9,792,264

- 64,822 1,690 - 1,690 80 - 80 66,592

- 18,543,265 317,702 - 317,702 11,901 - 11,901 18,872,868

0 6,141,074 19,102 267,038 286,140 8,649 27,342 35,991 6,463,205

- - - - - - - - -

- 310,562 17,432 - 17,432 (201) - (201) 327,793

1 24,422,891 - 1,390,046 1,390,046 - 362,264 362,264 26,175,201

1 30,874,527 36,534 1,657,084 1,693,618 8,448 389,606 398,054 32,966,199

- 1,241,074 - - - (672) - (672) 1,240,402

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

- (1,241,074) - - - - - - (1,241,074)

- - - - - - - - -

- - - - - - - - -



36

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2008

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


Particulars Life Linked Unit Pension Linked Unit Linked Group Unit Current Year

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

Fund Administration charges 214,789 - - 214,789

Fund Management charges 1,080,521 48,528 7,848 1,136,897

Policy Administration charges 2,094,442 29,255 - 2,123,697

Surrender charges - - - -

Switching charges 8,063 597 - 8,660

Mortality charges 1,632,240 3,401 - 1,635,641

Rider Premium charges 320,421 596 - 321,017

Partial withdrawal charges - - - -

Miscellaneous charges - - - -

TOTAL (UL-1) 5,350,476 82,377 7,848 5,440,701

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2008

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


Particulars Life Linked Unit Pension Linked Unit Linked Group Unit Previous Year

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

Fund Administration charges 137,435 257 24 137,716

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

Policy Administration charges 333,400 19,031 20 352,451

Surrender charges - - - -

Switching charges - - - -

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

Rider Premium charges 117,224 621 - 117,845

Partial withdrawal charges - - - -

Miscellaneous charges - - - -

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



37

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38

Schedules forming part of financial statements for the year ended 31st March 2008 (continued)

Schedule - 16 : Notes to financial statements

Background

Bajaj Allianz Life Insurance Company Limited (“the Company”) wasincorporated on 12th March 2001 as a Company under the CompaniesAct, 1956. The Company obtained a license from the InsuranceRegulatory and Development Authority (“IRDA”) for carrying on thebusiness of life insurance on 3rd August 2001. The registrationcertificate granted by IRDA is valid and the same has been renewedfor the year 2008 - 2009. The Company has a wide range of products intraditional and unit-linked insurance business.

1. Significant Accounting Policies followed by the Company

Basis of Preparation

The accompanying financial statements have been prepared andpresented under the historical cost convention, on the accrual basis ofaccounting, in compliance with the accounting standards (‘AS’) issuedby the Institute of Chartered Accountants of India (‘ICAI’), to the extentapplicable, and in accordance with the provisions of the Insurance Act,1938, the Insurance Regulatory and Development Authority(Preparation of Financial Statements and Auditor’s Report of InsuranceCompanies) Regulations, 2002 (‘the Regulations’), InsuranceRegulatory and Development Authority Act, 1999, various circularsissued by IRDA and the Companies Act, 1956 to the extent applicableand the practices prevailing in the insurance industry. The accountingpolicies have been consistently applied by the company and exceptfor changes in accounting policy discussed below are consistent withthose used in the previous year.

Use of Estimates

The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to makeestimates and assumptions that affect the reported amounts of assets,liabilities, revenue and expenses and disclosure of contingentliabilities as on the date of financial statements. The estimates andassumptions used in the accompanying financial statements arebased upon management’s evaluation of the relevant facts andcircumstances as of the date of the financial statements. Actual resultscould differ from those estimates. Any revision to accountingestimates is recognized prospectively in current and future periods.

Change in Accounting Policies

Adoption of Accounting Standard AS15 (Revised) EmployeeBenefits

Till 31st March 2007, the Company was providing for gratuity based onactuarial valuation as per Life Insurance Corporation of India (LIC)certificate and leave encashment based on an independent actuarialvaluation. In the current year, the Company has adopted the AccountingStandard 15 (Revised) on Employee Benefits issued by the Institute ofChartered Accountants of India, which is mandatory from accountingperiods commencing on or after from 7th December 2006. Accordingly,the Company has provided for gratuity and leave encashment basedon actuarial valuation done as per projected unit credit method.Further, in accordance with the transitional provision in the revisedaccounting standard, the opening impact of Rs.67,505 thousand hasbeen adjusted to the opening Funds for Future Appropriations. Theopening balance of Fund for Future Appropriations of Rs.603,418thousand is after adjustment of this opening impact of Rs. 67,505thousand.

a) Revenue Recognition

Revenues are recognised as under. However recognition is postponedwhere ultimate collectibility lacks reasonable certainty.

Premium Income

Premium (net of service tax), is recognised as income when due. Forlinked business, premium is recognized when the associated unitsare allotted.

Premium on lapsed policies is recognized as income when suchpolicies are reinstated.

In case of linked business, top up premiums paid by policyholders areunitized and considered as single premium. This premium isrecognised when associated units are allotted.

Commission received on reinsurance ceded is recognized as incomein the period in which reinsurance premium is ceded.

Income earned on investments

Interest income is recognised on an accrual basis.

Dividend income is recognized when the right to receive dividend isestablished.

Premium or discount on acquisition, as the case may be, in respect offixed income securities, pertaining to non-linked investments isamortized on constant yield to maturity basis over the period ofmaturity/holding and offset against interest income.

Profit/loss on sale/redemption of securities other than linkedinvestments is recognized on trade/redemption date and includeseffects of accumulated fair value changes, as applicable previouslyrecognised, for specific investments sold/redeemed during the year.Cost of security is determined on first in first out cost basis.

The realized gains or losses on the debt securities for other than linkedbusiness is the difference between the net sale consideration and theamortized cost in the books of the Company as on date of sale.

The realized gains or loss on equity shares and mutual fund units forother than linked business is the difference between the net saleconsideration and the cost in the books of the Company.

The realized gains or losses on securities held for linked business isthe difference between the net sale consideration and the weightedaverage cost as on the date of sale.

Fund Management Charges, Fund Administration Charges and Costof Insurance are accounted for on accrual basis in accordance withterms and conditions described in the issued policies.

Rent income earned from real estate is recognized on an accrual basis.

b) Reinsurance premium

Reinsurance premium ceded is accounted in accordance with thetreaty with reinsurers.

c) Benefits Paid (Including Claims)

Death and surrender claims are accounted for on receipt of intimation.Maturity claims are accounted when due for payment. Reinsurancerecoveries are accounted for in the same period as the related claimsand netted off against the claim expense incurred.

Repudiated claims disputed before judicial authorities are provided



39

for based on the best judgment of the management considering thefacts and evidence in respect of each such claim.

Withdrawals under unit linked policies are accounted in respectiveschemes when the associated units are cancelled.

d) Acquisition Costs

Acquisition costs such as commission, policy issue expenses etc arecosts that vary with and are primarily relatable to the acquisition ofnew and renewal insurance contracts. Such costs are expensed in theyear in which they are incurred. Accounting for additional first yearcommission is done on an accrual basis, after considering estimatedlapsations. Claw back of the first year commission paid, in future, ifany, will be accounted for in the year in which it is recovered.

e) Liability for life policies

(i) The Company provides for liabilities in respect of all “in force”policies and “lapsed policies” that are likely to be revived in future,based on actuarial valuation done by the Appointed Actuary asper gross premium method in accordance with accepted actuarialpractices, requirements of IRDA and Actuarial Society of India.

(ii) Liabilities in respect of unit linked policies which have lapsed andare not likely to be revived, are shown as a separate item underthe head “funds for future appropriations”, until expiry of the revivalperiod. This is as per IRDA Circular No. 041/IRDA/ACTL/MAR-2006dated 29th March 2006.

(iii) Linked liabilities comprise of unit liability representing the fundvalue of policies and non-unit liability for meeting insurance claimsetc. which is based on actuarial valuation done by the AppointedActuary.

Actuarial policies and assumptions are given in Note 8 below.

f) Investments

Investments are made in accordance with the Insurance Act, 1938,the Insurance Regulatory and Development Authority (Investment)Regulations, 2000, as amended and circulars / notifications issued byIRDA from time to time.

Investments are recorded on trade date at cost, which includesbrokerage and related taxes, if any and excludes pre-acquisitioninterest, if any.

i) Classification

Investments maturing within twelve months from the BalanceSheet date and investments made with the specific intention todispose of within twelve months from Balance Sheet date areclassified as short-term. Investments other than short term areclassified as long-term investments.

Investments are specifically procured and held for policyholdersand shareholders independently and the income relating to theseinvestments is recognized in the Revenue Account and Profit andLoss Account respectively.

ii) Valuation – Shareholders’ investments and non-linkedpolicyholders’ investments

All debt securities are considered as ‘held to maturity’ andaccordingly stated at historical cost adjusted for amortization ofpremium or accretion of discount on constant yield to maturitybasis over the period held to maturity / sale.

Listed equity shares and mutual fund units are stated at fair value,in accordance with IRDA Investment (Amendment) Regulations2001. Fair value for listed equity shares is the lowest last quotedclosing price on the National Stock Exchange (NSE) and The StockExchange, Mumbai (BSE). Fair value for mutual fund units is thenet asset value on the Balance Sheet date. Unrealized gains/losseson changes in fair values of listed equity shares and mutual fundsare taken to the Fair Value Change Account and carried forward inthe Balance Sheet.

Investment in real estate properties is valued at cost, subject torevaluation once in three years.

iii) Valuation – linked business

Listed equity shares are valued at fair value, being the last quotedclosing price on the NSE. In case the equity shares are not listed onthe NSE, then they are valued on the last quoted closing price onBSE.

Government securities are valued at prices obtained from CreditRating Information Services of India Ltd. (CRISIL).

Corporate bonds and debentures are valued on the basis of CRISILBond Valuer.

Treasury bills, certificate of deposits and commercial papers arevalued at cost plus accretion at constant yield to maturity.

Mutual fund units have been valued at the last available Net AssetValue declared by the respective mutual fund.

iv) Transfer of investments

Transfer of investments from Shareholders’ Fund to thePolicyholders’ Fund is at book value or market price; whichever islower.

Transfer of debt securities is at lower of amortised cost or marketprice.

Inter fund transfer of Treasury Bills, Certificate of Deposits andCommercial Papers between unit linked funds is done at cost plusaccretion. All other transfer of investments between unit linkedfunds is done at market price.

g) Loans

Loans are stated at historical cost, subject to provision for impairment,if any.

h) Fixed Assets and Depreciation

Fixed assets are stated at cost of acquisition less accumulateddepreciation. Cost of acquisition includes incidental expenses relatingto acquisition and installation. In respect of liabilities incurred inacquisition of fixed assets in foreign exchange, the net gain or lossarising on conversion/settlement is charged to Revenue Account.

Intangible assets comprising software are stated at cost lessamortization.

Depreciation / amortisation is provided on Straight Line Method(SLM) with reference to the management’s assessment of theestimated useful life of the assets or the rates and in the mannerspecified by the Schedule XIV of the Companies Act, 1956, whicheveris higher.



40

Depreciation / amortisation is provided at the following rates:

Asset Class Rate of Depreciation /amortisation

Intangibles - Computer Software 33.33% p.a.

Leasehold Improvements Over the balanceperiod of Lease

Buildings 2.00% p.a.

Electrical Fittings 6.33% p.a.

Furniture & Fittings 6.33% p.a.

Information Technology Equipment 33.33% p.a.

Air Conditioner 10.00% p.a.

Vehicles 20.00% p.a.

Office Equipment 25.00% p.a.

The Company provides pro rata depreciation from the month in whichthe asset is acquired / first put to use and upto the month in which theasset is sold/discarded.

Assets costing individually less than Rs. 5,000 are charged off asrevenue expenses. Assets costing Rs. 5,000 and above, upto Rs. 20,000,are fully depreciated in the year of acquisition.

Impairment of Assets

The Company assesses at each Balance Sheet date whether there isany indication that an asset may be impaired. If any such indicationexists, the Company estimates the recoverable amount of the asset.An impairment loss is recognized if such recoverable amount of theasset is less than its carrying amount. After impairment, depreciationis provided on the revised carrying amount of the assets over itsremaining useful life.

i) Accounting for leases

Operating leases

Leases where the lessor effectively retains substantially all the risksand benefits of ownership over the leased term are classified asoperating leases. Operating lease rentals are recognized as anexpense in the profit and loss account/revenue account on a straight-line basis over the lease term.

j) Employee Benefits:

The Company makes a contribution to the Statutory Provident Fund,Employee Labour Welfare Fund, Employees’ State InsuranceCorporation and Employee Deposit Link Insurance Scheme definedcontribution schemes at the prescribed rates. Contributions arecharged to the Revenue Account of the year when the contributions tothe funds are due.

The Company makes a contribution to the Bajaj Auto EmployeeSuperannuation Scheme, a defined contribution scheme, for itseligible employees at fixed rates.

The Company’s liability towards gratuity, leave encashment and LongTerm Incentive Plan being defined benefit plans is accounted for onthe basis of an independent actuarial valuation done at the year endand actuarial gains / losses are charged to the Revenue Account. Theactuarial method used for measuring the liability is ‘Projected UnitCredit Method’.

k) Transactions in Foreign Currency

Transactions in foreign currency on account of revenue expenditureare accounted for at the rate prevailing at the date of the transactions.Current assets and liabilities are translated at the year-end closingrates. The resulting exchange gain or loss, if any, is reflected in theprofit and loss account / revenue account.

l) Taxation

Income Tax expense comprises current tax (i.e. amount of tax for theperiod determined in accordance with the income-tax law includingFringe Benefit Tax) and deferred tax charge or credit (reflecting thetax effects of timing differences between the accounting income andtaxable income for the period).

Deferred tax is measured based on the tax rates and the tax lawsenacted or substantively enacted at the balance sheet date. Deferredtax assets are recognised only to the extent that there is reasonablecertainty that sufficient future taxable income will be available againstwhich such deferred tax assets can be realised. In situations wherethe Company has unabsorbed depreciation or carry forward tax losses,all deferred tax assets are recognised only if there is virtual certaintysupported by convincing evidence that they can be realised againstfuture taxable profits.

At each balance sheet date the Company re-assesses unrecogniseddeferred tax assets. It recognises unrecognised deferred tax assetsto the extent that it has become reasonably certain or virtually certain,as the case may be that sufficient future taxable income will beavailable against which such deferred tax assets can be realised.

m) Provisions and Contingent liabilities

The Company creates a provision when there is present obligation asa result of a past event that probably requires an outflow of resourcesand a reliable estimate can be made of the amount of the obligation.A disclosure for a contingent liability is made when there is a possibleobligation or a present obligation that may, but probably will not,require an outflow of resources. When there is a possible obligationor a present obligation in respect of which the likelihood of outflow ofresources is remote, no provision or disclosure is made.

n) Service Tax

Service Tax liability on taxable premium is setoff against availableservice tax credits from service tax payments made for InsuranceAuxiliary and other eligible services. Unutilised credits, if any, arecarried forward under “Advances and other Assets” for adjustments/ setoff in subsequent periods, after creating a provision based onestimated realization of the unutilised credit.

o) Earnings per share

Basic earnings per share is calculated by dividing the net profit or lossfor the year attributed to equity shareholders by the weighted numberof equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profitor loss for the year attributable to equity shareholders and the equityweighted number of shares outstanding during the year are adjustedfor effects of all dilutive equity shares.

Statutory disclosures as required by the Regulations



41

2. Contingent Liabilities

(Rupees ‘000)

Particulars As at 31st As at 31st

March 2008 March 2007

Partly-paid up investments Nil 3,840

Underwriting commitmentsoutstanding Nil Nil

Claims, other than those underpolicies, not acknowledged as debts 1,070 375

Guarantees given by or on behalf ofthe company Nil Nil

Statutory demands/liabilities indispute, not provided for * 7,064 7,064

Reinsurance obligations to theextent not provided for in accounts Nil Nil

Claims, under policies, notacknowledged as debts 70,728 29,952

* The Service Tax department has issued an order on the Company forRs. 7,064 thousand (excluding interest), pertaining to the periodAugust 2002 to 31st December 2004. The Company has filed an appealagainst the order with the Customs, Excise and Service Tax AppellateTribunal.

3. There are no assets required to be deposited by the Companyunder any local law or otherwise encumbered in or outside Indiaexcept investments to be held under Section 7 of the InsuranceAct, 1938 as discussed under Note 6. There are no assets subjectto restructuring.

4. There are no commitments made and outstanding for loans andinvestments. The commitments made and outstanding for fixedassets amount to Rs. 342,754 thousand (Previous Year Rs. 13,163thousand) (net of advances).

5. Value of unsettled contracts relating to investments as at 31st

March 2008 for:(Rupees ‘000)

Linked Business Non-linked Business

31st March 31st March 31st March 31st March2008 2007 2008 2007

Purchases where deliveries 1,120,876 581,521 NIL NILare pending

Sales where receipts are 163,959 279,255 NIL 52,143overdue

6. Investments as required to be maintained under Section 7 of theInsurance Act, 1938 are as follows:

(Rupees ‘000)

31st March 31st March 2008 2007

7.55% Govt. of India Securities 2010* 50,724 51,034(Face Value Rs.50,000)

11.99% Govt. of India Securities 2009* 52,609 55,006(Face Value Rs.50,000)

* This investment is in the custody of Deutsche Bank India Branches inthe Constituent Subsidiary General Ledger (‘CSGL’) account.

All investments are performing investments.

7. Managerial remuneration *

The details of the managerial remuneration included in employeeremuneration and welfare benefits are as follows:

(Rupees ‘000)

Particulars 31st March 2008 31st March 2007

Salary 8,696 6,850

Perquisites 618 447

The managerial remuneration is in accordance with the approvalaccorded by a resolution of the Board of Directors and IRDA as requiredunder Section 34A of the Insurance Act,1938.

Expenses towards gratuity are determined actuarially on an overallCompany basis annually and accordingly have not been considered inabove information.

* Mr. Sam Gosh (till 30th September 2007) and Mr. Kamesh Goyal(w.e.f. 1st October 2007).

8. Actuarial Valuation

Liabilities for life insurance policies are determined by the AppointedActuary in accordance with IRDA regulations and relevant guidancenotes of Institute of Actuaries of India.

Non-linked business is reserved using a prospective gross premiummethod of valuation. The non-linked business is predominantlyparticipating and reserves are established having regard toassumptions as to future experience, including the interest that willbe earned on premiums not yet received, together with associatedbonus rates. Regular premium participating business is reserved usingan interest rate of 7.50% per annum that is same as that used invaluation as at 31st March 2007.

Single premium participating business is reserved using a rate of 6.25%per annum which is same as used in valuation as at 31st March 2007.The rate is determined after having regard to the yield being obtainedon relevant matching assets.

Assumptions as to future bonus rates are set to be consistent with theinterest rate assumptions. Provision has been made for a bonusdistribution in respect of business inforce at the valuation date on abasis considered appropriate by the appointed actuary having takeninto account the reasonable expectations of policyholders.

Linked business is reserved using the per unit net asset value of unitsplus a non unit reserve to allow for costs of insurance and any expensesand commissions in excess of future charges.

Mortality assumptions are based on the published IALM (1994-1996)Ultimate Mortality Table with adjustment to reflect expectedexperience and with an allowance for adverse deviation.

Assumptions for morbidity and for the incidence of accidental deathare based on terms available from reinsures and the standardmorbidity rate table CIBT(94-96).

The reserve is sufficient to allow for any adverse lapse experience.The reserve is always sufficient to meet minimum statutory surrendervalue.

Commission has been allowed for at the Company’s table rates withan allowance for service tax. Maintenance expenses have beenallowed for in accordance with business plan assumptions and productfiling with the IRDA. An additional reserve has been included to allowfor possible adverse deviations in experience in excess of offsettingadjustments in bonus rates and to allow for the contingency of closure



42

to new business as is required by guidance notes(GN1) issued by theInstitute of Actuaries of India.

There is a small amount of Group Term Business at the valuation date,reserves for which have been calculated having regard to the unearnedgross premium and expenses already incurred.

Provision has been made for the possible revival of policies, which havelapsed before the valuation date, having regard to the experience ofthe Company. As per IRDA circular No: 041/IRDA/ACTL/MAR-2006dated 29th March 2006, a reserve for lapsed unit linked policies notlikely to be revived is held as a separate item under the head “Fundsfor Future Appropriations”.

The Appointed Actuary is satisfied that the nature and extent ofreinsurance arrangements require no additional reserve to be setaside. All reserves have been calculated using gross exposure andgross office premiums.

The Appointed Actuary confirms, as is required by the IRDA, that thereserve is sufficient to provide for adverse “free look” experiencebased on assumptions and experience.

9. Claims

Claims settled and remaining unpaid for a period of more than sixmonths at year-end amount to Rs. Nil (Previous Year: Rs. Nil.)

10. Allocation of expenses

Operating expenses relating to insurance business are allocated tospecific business segments as under:

(a) Expenses, which are directly identifiable, are allocated on an actualbasis.

(b) Other operating expenses, which are not directly identifiable areapportioned based on a combination of:

• New Business Regular Premium;

• New Business Single Premium; and

• Renewal Premium

11. Expenses directly attributable to shareholders are charged to theShareholders’ Account.

12. Adoption of Accounting Standard AS15 (Revised) EmployeeBenefits

i. Defined Contribution Plans

The Company has recognized following amounts in the RevenueAccount for the year –

(Rs.’000)

Particulars Amount (Rs.)

Contribution to Employees Provident Fund 184,208

Contribution to Superannuation Fund 1,936

Contribution to Labour Welfare Fund, EDLI 3,376

Contribution to ESIC 18,918

ii. Defined Benefit Plans / Compensated absences – as per ActuarialValuation on March 31, 2008

a) Reconciliation of opening and closing balances of the present valueof the Defined Benefit Obligation (DBO):

(Rs.’000)

Particulars Gratuity

Present value of Defined Benefit 64,026Obligation at the beginning of the year

Interest cost 7,701

Current service cost 39,200

Actuarial Losses / ( Gains) 14,045

Benefits paid (36,378)

Present value of Defined Benefit 88,594Obligation at the close of the year

b) A reconciliation of the opening and closing balances of the fairvalue of plan assets:

(Rs.’000)


Fair value of Plan Assets at the beginning ofthe year 37,413

Add : Expected return on Plan Assets 1,859

Add / (Less) : Actuarial Gains / (Losses) 3,633

Add : Contributions 82,066

Less: Benefits Paid (36,377)

Fair value of Plan Assets at the close of the year 88,594

Actual Return on Plan Assets 5,492

c) Net Assets / (Liabilities) recognized in the Balance Sheet as onMarch 31, 2008:

(Rs.’000)


Present value of Defined Benefit obligation 88,594

Less: Fair value of Plan Assets 88,594

Present value of unfunded obligation Nil

Net Liability / ( Asset) recognized in theBalance sheet Nil

d) Total expenses recognized in the Revenue Account:

(Rs.’000)


Current Service Cost 39,200

Interest Cost 7,701

Expected return on Plan Assets (1,859)

Actuarial (Losses) / Gains 10,412

Past service costs -

Effect of curtailment / settlement -

Adjustments for earlier years -

Recognized in the Revenue Account 55,454

The above have been included under the line item “Employees’remuneration, welfare benefits and other manpower costs” inSchedule 3.

e) Major categories of plan assets as a percentage of total planassets:



43

(Rs.’000)


Insurer Managed Funds 88,594

f) Actuarial Assumptions:


Discount Rate 8.25%

Expected rate of return on Plan Assets 7.50%

Salary Escalation rate - Management Staff 6.00%

Attrition rate 1% to 15%

g) Future salary increases considered in actuarial valuation take intoaccount inflation, seniority, promotion and other relevant factors,such as supply and demand in the employment market.

h) Expected rate of return on plan assets is on the basis of averagelong term rate of return expected on investments of the fundduring the estimated term of obligation.

i) Para 132 of AS 15 does not require any specific disclosures exceptwhere expense resulting from Compensated Absence is of suchsize, nature or incidence that its disclosure is relevant underAccounting Standard 5 or Accounting Standard 18. In the opinionof management the expense resulting from CompensatedAbsence is not significant and hence no disclosures are preparedunder various paragraphs of AS15.

13. Percentage of business sector-wise

Current Year Previous Year

Number Percentage Number Percentageof Policies of policies of Policies of policies

Rural 961,196 25.67% 431,765 20.77%

Urban 2,783,150 74.32% 1,647,168 79.23%

Current Year Previous Year

No. of No of No. of No ofLives Policies Lives Policies

Social 1,608,948 21 224,093 9

14. Percentage of risk retained and risks reinsured

(Rupees ‘000)


Sum at risk Percentage Sum at risk Percentage

Risk retained 1107,972,936 91.03% 687,500,808 80.78%

Risk reinsured 109,237,887 8.97% 163,577,192 19.22%

15. During the year the shareholders transferred funds toPolicyholders’ Account, to make good the deficit, which existed inthe Policyholders’ Account and transfer to reserve. The transferby the shareholders is irreversible in nature and shall not berecouped by the shareholders in the future. The necessaryapprovals of the shareholders for the said transfer has been takenat the Extra Ordinary General Meeting of the shareholders heldon 12th May 2008.

16. Reinsurance is in place on lives where cover is in excess of theCompany’s retention limit and this has been reflected in theAccounts.

17. As per Accounting Standard 18 issued by the Institute of CharteredAccountants of India, disclosures of transactions with the relatedparties have been set out in a separate statement annexed to thisschedule as Appendix I. The related parties, in respect of whichthe disclosures have been made, have been identified on the basisof disclosures made by the key managerial persons and taken onrecord by the Board of Directors.

18. In accordance with Accounting Standard (AS 20) – on Earningsper Share (EPS), the following table reconciles the numerator anddenominator used to calculate basic/diluted earnings per share.

31st March 31st March2008 2007

Profit/(Loss) after tax (Rs.‘000) (2,138,905) (717,033)

Basic earnings before extra-ordinary items [A] (Rs.‘000) (2,138,905) (717,033)

Basic earnings after extra-ordinary items [B] (Rs. ‘000) (2,138,905) (717,033)

Weighted average no. of equityshares (par value of Rs. 10 each) [C] 150,401,109 150,250,730

Basic earnings per share [A/C] (Rs) (14.22) (4.77)

Basic earnings per share excludingextraordinary items [B/C] (Rs) (14.22) (4.77)

As there were no dilutive equity shares issued, or potential equityshares, no reconciliation between the denominator used forcomputation of basic and diluted earnings per share is necessary.

19. Operating lease commitments

The Company has entered into agreements in the nature of Lease/Leave and Licence Agreements with different lessors / licensorsfor the purpose of establishment of office premises. These aregenerally in the nature of operating leases/ leave and licensesand disclosure required as per Accounting Standard 19 with regardto the above is as under:

(Rupees ‘000)

31st March 31st March2008 2007

Not later than one year 234,595 209,576

Later than one year not laterthan five years 224,021 238,375

Later than five years 25,209 6,511

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

ii) Payments recognized in the Revenue account for the year ended31st March 2008, is Rs. 311,331 thousand (Previous Year Rs. 215,236thousand).

iii) The period of agreement is generally for three years andrenewable thereafter at the option of the lessee.

20. (i) Policy administration charges amounting to Rs. 352,451thousand recovered through cancellation of units had beenclassified as Other Income in previous year, now reclassifiedwith Gross Written Premium.

(ii) Income, Expense, Asset and Liability of Health business, whichwere part of Non Participating Individual Assurance inprevious year, are shown separately.



44

Schedules forming part of the financial statements for the year ended on 31st March 2008 (continued)

Schedule - 21 : Segment ReportingThe Company’s reportable segments are business segments which have been identified in accordance with the regulations. The operating expenses,

investments and other income attributable to the business segments are allocated as mentioned in Paragraph 10 above. Segment revenues and

results have been disclosed in the Financial Statements itself. Segment assets and liabilities have been identified to the extent possible in the

following table. There are no reportable geographical segments since the company provides services to customers in the Indian market only and

does not distinguish any reportable regions within India.

Current Year Participating Policyholders’ Non-Participati

Particulars Total Individual Individual Individual Individual

Assurance Pension Assurance Health

Policy Liabilities 10,629,046 7,956,912 283,864 169,977 33,645

Provision for linked liabilities 109,541,697 - - - -

Funds for Future Appropriations 949,408 877,422 2,392 35,173 30,612

Reserve for unit linked policies not likely to be revived 2,960,433 - - - -

Loans 30,937 30,934 3 - -

Investments 26,145,823 8,974,379 287,815 205,672 64,511

Assets Held to Cover Linked Liabilities 109,541,697 - - - -

Advances & Other Assets

Outstanding Premium 233,726 221,989 4,833 6,904 -

Due from Other Entities carrying on Insurance business 3,779 2,927 - 772 -

Income accrued on investments 550,108 222,140 4,078 2,707 -

Other Assets 522,456 - - - -

Current Liabilities

Agents Balance 1,774,831 35,325 152 327 3,559

Balance due to other Insurance Companies 18,869 4,061 239 903 2,508

Sundry Creditors 5,964,059 9,708 355 150 -

Due to Offficers of the Company - - - - -

Claims Outstanding 218,655 26,265 57 637 89

Premium received in advance 170,855 923 3 24 8

Premium & Other Deposits 1,739,853 - - - -

Payable - unsettled investment contracts 1,211 - - - -

Temporary overdraft as per books of accounts 409,891 - - - -

Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption that the use of assets is proportional

to the basis referred to in Note 10(b) of Schedule 16.



45

The operating expenses,

Segment revenues and

e extent possible in the

Indian market only and


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

vidual Individual Individual Individual Individual Group Individual Individual Group Super- Group

urance Pension Assurance Health Annuity Assurance Assurance Pension annuation Gratuity

56,912 283,864 169,977 33,645 62,357 314,661 1,728,642 74,888 - 4,100 - -

- - - - - - 102,438,036 4,974,370 324,221 1,805,070 - -

77,422 2,392 35,173 30,612 3,809 - - - - - - -

- - - - - - 2,960,433 - - - - -

30,934 3 - - - - - - - - - -

74,379 287,815 205,672 64,511 66,586 314,840 4,690,975 75,066 2,244 4,880 11,458,855 -

- - - - - - 102,438,036 4,974,370 324,221 1,805,070 - -

21,989 4,833 6,904 - - - - - - - - -

2,927 - 772 - - - 80 - - - - -

22,140 4,078 2,707 - 714 6,569 88,938 1,661 22 32 223,247 -

- - - - - - - - - - - 522,456

35,325 152 327 3,559 19 1,590 1,714,550 19,309 - - - -

4,061 239 903 2,508 - - 11,139 19 - - - -

9,708 355 150 - - - - - - - - 5,953,846

- - - - - - - - - - - -

26,265 57 637 89 - 21,544 169,976 87 - - - -

923 3 24 8 - - 169,897 - - - - -

- - - - - - - - - - - 1,739,853

- - - - - - - - - - - 1,211

- - - - - - - - - - - 409,891

se of assets is proportional



46

Schedules forming part of the financial statements for the year ended on 31st March 2008 (continued)

Schedule - 21 : Segment ReportingThe Company’s reportable segments are business segments which have been identified in accordance with the regulations. The operating expenses,

investments and other income attributable to the business segments are allocated as mentioned in Paragraph 10 above. Segment revenues and

results have been disclosed in the Financial Statements itself. Segment assets and liabilities have been identified to the extent possible in the

following table. There are no reportable geographical segments since the company provides services to customers in the Indian market only and

does not distinguish any reportable regions within India.

Previous Year Participating Policyholders’ Non-Participati

Particulars Total Individual Individual Individual Individual

Assurance Pension Assurance Health

Policy Liabilities 6,712,906 5,493,958 211,463 145,693 8,343

Provision for linked liabilities 51,868,401 - - - -

Funds for Future Appropriations 670,923 585,104 4,383 39,757 11,204

Reserve for unit linked policies not likely to be revived 1,358,813 - - - -

Loans 18,630 18,627 3 - -

Investments 15,587,258 6,162,724 220,101 188,525 19,658

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

Advances & Other Assets

Outstanding Premium 310,762 295,819 5,780 1,447 7,616

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

Income accrued on investments 248,188 132,452 1,976 3,136 -

Other Assets 292,594 - - - -

Current Liabilities

Agents Balance 1,817,710 81,661 283 975 1,249

Balance due to other Insurance Companies 81,844 23,631 381 1,324 -

Sundry Creditors 4,359,434 17,267 375 28 336

Due to Offficers of the Company 6,249 - - - -

Claims Outstanding 110,639 29,194 209 2,229 -

Premium received in advance 111,184 4,104 59 57 -

Premium & Other Deposits 1,552,322 146,943 2,102 8,220 -

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

Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption that the use of assets is proportional

to the basis referred to in Note 10(b) of Schedule 16.



47

The operating expenses,

Segment revenues and

e extent possible in the

Indian market only and


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

vidual Individual Individual Individual Individual Group Individual Individual Group Super- Group

urance Pension Assurance Health Annuity Assurance Assurance Pension annuation Gratuity

93,958 211,463 145,693 8,343 43,243 198,175 591,016 21,015 - - - -

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

85,104 4,383 39,757 11,204 7,019 23,456 - - - - - -

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

8,627 3 - - - - - - - - - -

62,724 220,101 188,525 19,658 50,900 231,297 2,152,260 21,112 2,610 1,571 6,536,500 -

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

95,819 5,780 1,447 7,616 100 - - - - - - -

2,009 - - - - - 924 - - - - -

32,452 1,976 3,136 - 259 4,737 33,379 198 35 83 71,935 -

- - - - - - - - - - - 292,594

81,661 283 975 1,249 47 2,826 1,717,320 13,337 5 7 - -

23,631 381 1,324 - 14 5,993 49,057 1,160 50 233 - -

7,267 375 28 336 - - - - - - - 4,341,428

- - - - - - - - - - - 6,249

29,194 209 2,229 - - 37,932 40,737 338 - - - -

4,104 59 57 - - - 102,715 4,249 - - - -

46,943 2,102 8,220 - 304 - 269,805 18,514 - - - 1,106,434

- - - - - - - - - - - 53,665

se of assets is proportional



48


Schedule - 22 : Summary of Financial Statements(Amount in Rs. ‘000)

Sr. Particulars 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03

Policyholders’ Account

1 Gross premium income 97,253,110 53,452,422 31,335,778 10,016,752 2,207,985 691,749

2 Net premium income # 97,120,392 53,359,827 31,282,213 9,980,307 2,192,521 686,197

3 Income from investments (Net) @ 7,001,918 3,096,821 312,417 84,409 45,178 14,916

4 Other Income 3,069,470 1,024,594 1,375,771 504,221 413,529 408,345

5 Total income 107,191,780 57,481,242 32,970,401 10,568,937 2,651,229 1,109,458

6 Commissions (Net) 14,968,622 9,466,813 3,418,670 1,458,351 504,424 124,227

7 Brokerage - - - - - -

8 Operating Expenses related to insurance business 20,043,360 10,730,189 4,868,110 2,154,636 1,323,717 667,177

9 Provisions for tax (Fringe Benefit Tax) 93,313 73,054 41,020 - - -

10 Total Expenses 35,105,295 20,270,056 8,327,800 3,612,987 1,828,141 791,404

11 Payment to policy holders* 8,516,733 6,987,347 6,536,048 565,451 27,917 3,658

12 Increase in actuarial liability** 61,589,436 28,845,060 17,488,362 6,416,858 745,854 274,887

13 Surplus/ Deficit from operations 1,980,316 1,378,779 618,191 (26,359) 49,317 39,509

Shareholders’ Account

14 Total income under Shareholders’ Account 795,036 277,123 106,879 88,271 135,934 138,519

15 Profit/ (loss) before tax (2,138,825) (717,006) (985,406) (367,515) (268,073) (265,486)

16 Provisions for tax 80 27 36 44 57 44

17 Profit/ (loss) after tax (2,138,905) (717,033) (985,442) (367,559) (268,130) (265,530)

18 Profit/ loss carried to Balance Sheet (4,899,034) (2,760,129) (2,043,096) (1,057,654) (690,095) (421,965)

19 Miscellaneous

(A) Policyholders’ account:

Total funds (including unit linked funds) 124,180,044 60,626,486 30,431,495 7,736,819 1,144,717 350,112

Total investments(including unit linked investments) 124,228,665 60,919,159 30,459,323 7,736,825 1,144,717 350,112

Yield on investments (%)(excluding unit linked investments) 8.77% 7.17% 9.80% 7.20% 9.68% 12.01%

(B) Shareholders’ account:

Total funds(net of debit balance in Profit & Loss A/C) 7,207,708 4,245,236 2,955,263 1,616,518 1,790,826 1,562,173

Total investments 11,458,855 6,536,500 2,780,868 1,636,972 1,407,573 1,287,859

Yield on investments (%) 8.66% 7.36% 5.80% 5.60% 9.68% 12.01%

20 Yield on total investments(excluding unit linked investments) 8.72% 7.24% 8.40% 6.30% 9.68% 12.01%

21 Paid up equity capital 1,507,090 1,503,680 1,502,338 1,500,787 1,500,660 1,500,330

22 Net worth 7,207,708 4,245,236 2,955,263 1,616,518 1,790,826 1,562,173

23 Total Assets(net of debit balance in Profit & Loss A/C) 131,387,754 64,871,722 33,386,758 9,353,337 2,935,543 1,912,285

24 Earning per share (Rs.) (14.22) (4.77) (6.56) (2.45) (1.79) (1.77)

25 Book value per share (Rs.) 47.83 28.23 19.67 10.77 11.93 10.40Capital + Surplus/Loss divided by nos. of shares

# Net of reinsurance@ Net of losses* Inclusive of interim bonuses, if any** Includes fund reserve since 2003-04



49


Schedule - 23 : Ratios (Expressed in number of times)

2007-08 2006-07

1 New business premium income growth (segment-wise)(New business premium for current year divided by new businesspremium for previous year)

Participating 0.51 0.70

Non Participating 1.27 1.38

Unit Linked 1.58 1.63

2 Net retention ratio 0.999 0.998(Net premium divided by gross premium)

3 Ratio of expenses of management 0.36 0.38

(Expenses of management including commission divided bythe total gross direct premium with Single Premium)

4 Ratio of expenses of management 0.39 0.49

(Expenses of management including commission expenses divided bythe total gross direct premium without Single Premium)

5 Commission ratio 0.15 0.18(Gross Commission paid to Gross premium)

6 Ratio of policy holders’ liabilities to shareholders’ funds 17.23 14.28

7 Growth rate of share holders’ funds 1.70 1.44

8 Ratio of surplus to policy holders’ liability (*) 0.02 0.02

9 Change in net worth 1.70 1.44

10 Profit after tax/ Total income 0.00 0.00

11 (Total Real Estate + Loans) / Cash & invested assets 0.002 0.004

12 Total investments / (Capital + Surplus) 18.83 15.89

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

* Surplus including Contribution from Shareholders’ account

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

Disclosure for ULIP Business as per Unit Linked Disclosure Norms issued vide Circular No. 054/IRDA/F & A/FEB-07 dated February 20, 2007,has been annexed to this schedule as Appendix III.







50


Related Party Disclosures Appendix I Refer Schedule 16 Note 17


Sr. Related Party Relationship Current Year Previous YearNo. Amount Nature of Balance Amount Nature of Balance

Transaction Outstanding Transaction Outstandingas at 31st as at 31st

March 2008 March 2007Receivable/ Receivable / (Payable) (Payable)

1 Bajaj Auto Ltd. Holding 4,722 Deputation expenses of (1,211) 4,202 Deputation expenses of(now known as Company Advisor -Investments Advisor -Investments -Bajaj Holdings 1,546 Insurance premium - 1,500 Insurance premium -and Investment 744 Insurance claims paid - 1,240 Insurance claims paid -Limited) 866 Amount contributed - 993 Amount contributed -

towards capital towards capital- Lease rent expense of - 118 Lease rent expense of -

premises premises- Reimbursement made of - 14 Reimbursement made of -

Revenue expenditure Revenue expenditure- Purchase of Investments - 353,499 Purchase of Investments -

2 Bajaj Finserv Ltd. Shareholder 1,658 Amount contributed - - Amount contributed -towards capital towards capital

3 Bajaj Auto Group 1,751 Insurance premium - 832 Insurance premium -Finance Ltd. Company received received

1,853 Insurance claims paid - - Insurance claims paid -- Lease rent expense of - 118 Lease rent expense of -

premises premises- Society expenses - 20 Society expenses -

reimbursed reimbursed

4 Bajaj Allianz Group 3,887 Insurance Premium - 2,674 Insurance Premium -General Company Received ReceivedInsurance 7,435 Insurance Premium - 7,304 Insurance Premium -Co. Ltd. payment payment

4,938 Reimbursement received - 3,164 Reimbursement received -of Revenue and Capital of Revenue and Capitalexpenditure expenditure

37,023 Reimbursement made - 14,422 Reimbursement made -of Revenue and Capital of Revenue and Capitalexpenditure expenditure

236 Insurance Claim Received - 110 Insurance Claim Received -2,581 Insurance Claims Paid - - Insurance Claims Paid -

- Sale of Investments - 54,074 Sale of Investments -- Purchase of Investments - 49,647 Purchase of Investments -

5 Bajaj Allianz Group 3,394 Reimbursement received 3,088 - Reimbursement received -Financial Company of Revenue Expenditure of Revenue ExpenditureDistributors Ltd.

6 Allianz SE Shareholder 97,257 Revenue expenditure for 1,172 32,125 Revenue expenditure for (31,326)OPUS OPUS

5,098,837 Amount contributed - 2,006,639 Amount contributed -towards capital towards capital

7 Allianz Insurance Group 2,677 Reimbursement received 953 - Reimbursement received -Management Asia Company of Revenue Expenditure of Revenue ExpenditurePacific Pte. Ltd. 709 Reimbursement made of - 2,108 Reimbursement made of (1,015)

Revenue Expenditure Revenue Expenditure

8 Allianz SE Group 47,097 Reinsurance Premium (14,071) 40,932 Reinsurance Premium (40,932)Reinsurance Company Payable PayableBranch Asia 8,226 Reinsurance Commission 2,984 4,423 Reinsurance Commission 4,423Pacific. Receivable Receivable

11,943 Reinsurance Claims 7,068 15,212 Reinsurance Claims 15,212Receivable Receivable

9 Allianz Life Group 121 Reimbursement made of (121) - Reimbursement made of -Insurance Company Revenue Expenditure Revenue ExpenditureMalaysia Berhad

10 Hind Musafir Group 12 Commission on Travel - 24 Commission on Travel -Agency Ltd. Company Expenses Expenses

23 Charges for Domestic (15) Charges for Domestic -Services Services

11 Sam Ghosh Key 3,681 Remuneration - 7,297 Remuneration (6,249)(upto 30/09/07) Management

Personnel

12 Kamesh Goyal Key 5,633 Remuneration - - Remuneration -(from 01/10/07) Management

Personnel



51

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Acce

lera

ted

Acc

Mid

Cap

Acc

Mid

Cap

Asse

tAs

set

Bala

nced

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nced

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nced

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ncer

Fund

Pen

sion

Fun

d F

und

Allo

catio

nAl

loca

tion

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Plus

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dPl

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und

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Inte

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2,63

227

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63,8

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--

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ivid

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me

130

1,43

114

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6,54

322

--

--

Prof

it/(L

oss)

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ng in

ter s

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29,4

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919

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5-

--

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ofit/

(Los

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n in

ter f

und

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sfer

/sal

e of

inve

stm

ent

(163

)(1

6)(2

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(4,5

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736

10,2

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n/(L

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)-

--

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Tota

l Inc

ome

(A)

13,9

6921

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155,

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(424

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)(1

,441

)-

--

-

EXPE

NSE

SFu

nd M

anag

emen

t Exp

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s85

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285

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4923

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--

--

Fund

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trat

ion

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nses

--

--

--

--

-O

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F -5

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4,15

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0,51

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-

Tota

l Exp

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853

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819

8,90

427

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745

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-

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)13

,116

18,1

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3,28

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98,6

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(1,8

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--

--

Add:

Rev

enue

Acc

ount

at t

he b

egin

ning

of t

he ye

ar4,

207

1,69

2(8

,220

)-

--

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even

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nt a

t the

end

of t

he ye

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19,8

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1,50

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98,6

32)

(1,8

99)

--

--

FORM

A-B

S (U

L)Fu

nd B

alan

ce S

heet

as

at 3

1st M

arch

200

8

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ars

Sche

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Acc

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Cap

Acc

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Asse

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d F

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licy

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ders

Con

trib

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-150

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183,

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2,56

3,25

010

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288,

258

1,50

3,10

392

3,23

111

9,98

0-

Reve

nue

Acco

unt

17,3

2319

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(51,

507)

(698

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)(1

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)-

--

-

Tota

l67

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203,

577

2,51

1,74

310

,144

,144

286,

359

1,50

3,10

392

3,23

111

9,98

0-

APP

LICA

TIO

N O

F FU

ND

SIn

vest

men

tsF

-264

,031

196,

587

2,34

1,32

18,

887,

638

200,

248

1,50

3,03

292

3,22

211

9,97

8-

Curr

ent A

sset

sF

-33,

461

15,9

8721

1,33

71,

489,

418

93,8

3871

92

-Le

ss : C

urre

nt L

iabi

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s and

Pro

visi

ons

F -4

668,

997

40,9

1523

2,91

27,

727

--

--

Net

Cur

rent

Ass

ets

3,39

56,

990

170,

422

1,25

6,50

686

,111

719

2-

Tota

l67

,426

203,

577

2,51

1,74

310

,144

,144

286,

359

1,50

3,10

392

3,23

111

9,98

0-

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

67,4

2620

3,57

72,

511,

743

10,1

44,1

4428

6,35

91,

503,

103

923,

231

119,

980

-(b

)N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)4,

635

13,4

5116

6,93

01,

016,

869

29,7

2494

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51,9

247,

109

-N

et A

sset

Val

ue p

er u

nit (

a)/(

b) (R

s.) *

14.5

4715

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15.0

479.

976

9.63

415

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-

*Not

e: T

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alcu

late

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efor

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prop

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n/ e

xpro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00 )

(Am

ount

in R

s. ‘0

00 )



52

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Bala

ncer

Bond

Bond

Capi

tal

Capi

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tal

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sCa

sh P

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Pens

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ion

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ante

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n F

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Fun

d F

und-

201

2 F

und-

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4 F

und-

201

7 F

und

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

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,954

4,93

36,

245

424

2,25

617

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ludi

ng in

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4,83

581

81,

382

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Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t-

525

335

(311

)(8

0)(3

)(9

18)

(1,3

68)

(160

)M

isce

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ous I

ncom

e-

16,0

891,

429

234

1530

580

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150,

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12,1

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n/(L

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23,

230

307

-

Tota

l Inc

ome

(A)

-74

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7,60

210

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6,77

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5,95

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6,26

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EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s-

7,31

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81,

334

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49,

971

13,0

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Fund

Adm

inis

trat

ion

Expe

nses

--

--

--

12,5

33-

-O

ther

char

ges

F -5

-13

5,33

890

12,

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206

1,31

623

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20,1

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412

Tota

l Exp

ense

s (B)

-14

2,65

51,

539

4,24

730

11,

970

46,0

5833

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2,50

3

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)-

(68,

175)

6,06

36,

207

593

4,80

459

,892

163,

004

15,1

20Ad

d: R

even

ue A

ccou

nt a

t the

beg

inni

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f the

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074

670

(96)

(79)

(200

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082

10,4

15Fu

nd R

even

ue A

ccou

nt a

t the

end

of t

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6,32

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3,08

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alan

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as

at 3

1st M

arch

200

8

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ars

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Bala

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sh P

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111,

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7,79

650

,383

856,

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1,37

6,69

586

,216

Reve

nue

Acco

unt

-(6

3,10

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733

6,11

151

44,

604

126,

329

383,

086

25,5

35

Tota

l-

1,19

0,71

798

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117,

331

8,31

054

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982,

688

1,75

9,78

111

1,75

1

APP

LICA

TIO

N O

F FU

ND

SIn

vest

men

tsF

-2-

1,08

3,65

092

,157

114,

922

8,12

654

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956,

968

1,71

1,48

310

7,38

6Cu

rren

t Ass

ets

F -3

-11

5,04

911

,471

2,53

419

31,

039

27,5

7849

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4,43

1Le

ss : C

urre

nt L

iabi

litie

s and

Pro

visi

ons

F -4

-7,

982

5,15

012

59

591,

858

1,02

366

Net

Cur

rent

Ass

ets

-10

7,06

76,

321

2,40

918

498

025

,720

48,2

984,

365

Tota

l-

1,19

0,71

798

,478

117,

331

8,31

054

,987

982,

688

1,75

9,78

111

1,75

1

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

-1,

190,

717

98,4

7811

7,33

18,

310

54,9

8798

2,68

81,

759,

781

111,

751

(b)

Num

ber o

f Uni

ts O

utst

andi

ng (i

n th

ousa

nds)

-10

4,38

08,

529

10,6

8775

24,

858

80,7

4413

7,47

68,

781

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.

) *-

11.4

0811

.546

10.9

7911

.051

11.3

1912

.170

12.8

0112

.726

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is b

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e ap

prop

riatio

n/ e

xpro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00 )

(Am

ount

in R

s. ‘0

00 )



53

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Deb

tD

ebt P

lus

Deb

t Plu

sEq

uity

Equi

tyEq

uity

Equi

ty G

row

thEq

uity

Equi

tyFu

nd F

und

Pen

sion

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Gai

nG

row

thPe

nsio

n In

dex

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xFu

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nd F

und

Fund

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d - I

I

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

94,5

4010

7,27

08,

929

363

4,55

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333

279

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ivid

end

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me

--

-48

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65,8

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it/(L

oss)

exc

ludi

ng in

ter s

chem

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5,98

178

850

1,26

594

8,21

51,

623,

882

171,

375

235,

418

123,

354

Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t(1

0,74

9)(5

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)(1

62)

(10)

(1,1

92)

(2,8

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(263

)(7

)(1

32)

Mis

cella

neou

s Inc

ome

20,5

8631

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2,21

81,

781

35,7

6610

8,14

65,

917

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18,

332

Unr

ealis

ed G

ain/

(Los

s)23

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13,7

831,

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428,

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(86,

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(1,3

74,3

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(175

,291

)17

2,94

9(4

55,7

41)

Tota

l Inc

ome

(A)

130,

838

153,

389

12,7

8398

1,26

496

6,69

748

6,37

09,

123

432,

681

(263

,327

)

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s12

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10,2

4284

948

,255

129,

715

297,

704

17,7

3423

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83,7

75Fu

nd A

dmin

istr

atio

n Ex

pens

es15

,182

--

60,6

0210

8,47

5-

--

-O

ther

char

ges

F -5

19,1

8423

,445

2,00

853

,431

94,5

161,

869,

886

10,8

7637

,234

877,

858

Tota

l Exp

ense

s (B)

46,4

4233

,687

2,85

716

2,28

833

2,70

62,

167,

590

28,6

1060

,516

961,

633

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)84

,396

119,

702

9,92

681

8,97

663

3,99

1(1

,681

,220

)(1

9,48

7)37

2,16

5(1

,224

,960

)Ad

d: R

even

ue A

ccou

nt a

t the

beg

inni

ng o

f the

year

49,2

1659

,078

7,20

81,

264,

084

1,24

3,29

5(7

9,68

1)(8

93)

439,

152

(7,5

02)

Fund

Rev

enue

Acc

ount

at t

he e

nd o

f the

year

133,

612

178,

780

17,1

342,

083,

060

1,87

7,28

6(1

,760

,901

)(2

0,38

0)81

1,31

7(1

,232

,462

)

FORM

A-B

S (U

L)Fu

nd B

alan

ce S

heet

as

at 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Deb

tD

ebt P

lus

Deb

t Plu

sEq

uity

Equi

tyEq

uity

Equi

ty G

row

thEq

uity

Equi

tyFu

nd F

und

Pen

sion

Fund

Gai

nG

row

thPe

nsio

n In

dex

Inde

xFu

ndFu

nd F

und

Fund

Fund

Fun

d - I

I

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-140

7,53

51,

111,

369

65,7

001,

851,

492

7,24

9,01

128

,020

,683

1,49

9,41

41,

217,

355

16,7

50,3

58Re

venu

e Ac

coun

t13

3,61

217

8,78

017

,134

2,08

3,06

01,

877,

286

(1,7

60,9

01)

(20,

380)

811,

317

(1,2

32,4

62)

Tota

l54

1,14

71,

290,

149

82,8

343,

934,

552

9,12

6,29

726

,259

,782

1,47

9,03

42,

028,

672

15,5

17,8

96

APP

LICA

TIO

N O

F FU

ND

SIn

vest

men

tsF

-248

2,00

31,

143,

620

76,2

683,

868,

996

8,90

2,31

824

,507

,702

1,35

1,47

31,

961,

908

13,9

11,4

35Cu

rren

t Ass

ets

F -3

69,5

2115

7,63

36,

647

82,1

1424

4,85

12,

036,

366

129,

501

76,9

131,

913,

486

Less

: Cur

rent

Lia

bilit

ies a

nd P

rovi

sion

sF

-410

,377

11,1

0481

16,5

5820

,872

284,

286

1,94

010

,149

307,

025

Net

Cur

rent

Ass

ets

59,1

4414

6,52

96,

566

65,5

5622

3,97

91,

752,

080

127,

561

66,7

641,

606,

461

Tota

l54

1,14

71,

290,

149

82,8

343,

934,

552

9,12

6,29

726

,259

,782

1,47

9,03

42,

028,

672

15,5

17,8

96

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

541,

147

1,29

0,14

982

,834

3,93

4,55

29,

126,

297

26,2

59,7

821,

479,

034

2,02

8,67

215

,517

,896

(b)

Num

ber o

f Uni

ts O

utst

andi

ng (i

n th

ousa

nds)

46,9

1610

6,62

06,

672

177,

975

332,

307

1,94

4,71

311

1,42

172

,515

1,02

2,06

2N

et A

sset

Val

ue p

er u

nit (

a)/(

b) (R

s.) *

11.5

3412

.100

12.4

1522

.107

27.4

6313

.503

13.2

7427

.976

15.1

83

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is b

efor

e ap

prop

riatio

n/ e

xpro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00 )

(Am

ount

in R

s. ‘0

00 )



54

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Equi

ty In

dex

Equi

ty In

dex

Equi

ty M

idca

pEq

uity

Mid

cap

Equi

tyEq

uity

Equi

ty P

lus

Gro

upLi

fe L

ong

Pen

sion

Pens

ion

Fund

Pens

ion

Mid

cap

Plus

Pens

ion

Deb

tG

ain

Fun

d F

und

- II

Fun

d P

lus F

und

Fun

d F

und

Fun

d F

und

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

-2

151

21,

933

6,87

052

57

10,0

93D

ivid

end

Inco

me

1,98

14,

205

14,6

671,

847

26,3

1810

4,49

87,

875

--

Prof

it/(L

oss)

exc

ludi

ng in

ter s

chem

e30

,536

17,9

4625

1,46

337

,922

458,

734

1,75

4,94

416

3,18

014

831

Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t6

12(2

15)

4(1

72)

(1,8

18)

(153

)-

(144

)M

isce

llane

ous I

ncom

e86

720

7,43

393

411

,421

54,0

163,

165

-2,

779

Unr

ealis

ed G

ain/

(Los

s)6,

092

(78,

811)

(83,

303)

(10,

195)

(109

,652

)(3

79,2

92)

(39,

791)

-51

4

Tota

l Inc

ome

(A)

38,7

01(5

5,92

6)19

0,19

630

,514

388,

582

1,53

9,21

813

4,80

121

14,0

73

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s1,

962

5,93

019

,453

2,34

233

,334

212,

979

15,2

7621

1,37

9Fu

nd A

dmin

istr

atio

n Ex

pens

es-

-16

,274

--

--

-1,

723

Oth

er ch

arge

sF

-51,

963

7,37

417

,956

1,10

524

,358

136,

331

7,39

8-

2,09

8

Tota

l Exp

ense

s (B)

3,92

513

,304

53,6

833,

447

57,6

9234

9,31

022

,674

215,

200

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)34

,776

(69,

230)

136,

513

27,0

6733

0,89

01,

189,

908

112,

127

-8,

873

Add:

Rev

enue

Acc

ount

at t

he b

egin

ning

of t

he ye

ar47

,323

3,28

724

4,43

334

,949

520,

320

2,23

1,99

218

9,94

2-

3,23

2Fu

nd R

even

ue A

ccou

nt a

t the

end

of t

he ye

ar82

,099

(65,

943)

380,

946

62,0

1685

1,21

03,

421,

900

302,

069

-12

,105

FORM

A-B

S (U

L)Fu

nd B

alan

ce S

heet

as

at 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Equi

ty In

dex

Equi

ty In

dex

Equi

ty M

idca

pEq

uity

Mid

cap

Equi

tyEq

uity

Equi

ty P

lus

Gro

upLi

fe L

ong

Pen

sion

Pens

ion

Fund

Pens

ion

Mid

cap

Plus

Pens

ion

Deb

tG

ain

Fun

d F

und

- II

Fun

d P

lus F

und

Fun

d F

und

Fun

d F

und

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-154

,786

1,36

6,63

497

3,78

887

,721

1,36

4,05

111

,072

,463

675,

071

46,1

5716

7,02

8Re

venu

e Ac

coun

t82

,099

(65,

943)

380,

946

62,0

1685

1,21

03,

421,

900

302,

069

-12

,105

Tota

l13

6,88

51,

300,

691

1,35

4,73

414

9,73

72,

215,

261

14,4

94,3

6397

7,14

046

,157

179,

133

APP

LICA

TIO

N O

F FU

ND

SIn

vest

men

tsF

-213

4,13

81,

130,

984

1,33

0,02

814

2,17

62,

133,

680

14,0

51,8

8196

6,98

2-

167,

699

Curr

ent A

sset

sF

-33,

254

201,

683

56,1

9211

,192

106,

131

480,

073

11,4

3146

,157

11,7

57Le

ss : C

urre

nt L

iabi

litie

s and

Pro

visi

ons

F -4

507

31,9

7631

,486

3,63

124

,550

37,5

911,

273

-32

3N

et C

urre

nt A

sset

s2,

747

169,

707

24,7

067,

561

81,5

8144

2,48

210

,158

46,1

5711

,434

Tota

l13

6,88

51,

300,

691

1,35

4,73

414

9,73

72,

215,

261

14,4

94,3

6397

7,14

046

,157

179,

133

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

136,

885

1,30

0,69

11,

354,

734

149,

737

2,21

5,26

114

,494

,363

977,

140

46,1

5717

9,13

3(b

)N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)5,

564

87,3

4464

,292

6,34

599

,500

512,

035

39,1

784,

616

16,6

92N

et A

sset

Val

ue p

er u

nit (

a)/(

b) (R

s.) *

24.6

0114

.892

21.0

7223

.599

22.2

6428

.307

24.9

419.

999

10.7

32

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is b

efor

e ap

prop

riatio

n/ e

xpro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00 )

(Am

ount

in R

s. ‘0

00 )



55

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Liqu

idLi

quid

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Pen

sion

Fund

Bala

nced

Bala

ncer

Bond

Deb

tEq

uity

Equi

ty G

ain

Equi

ty G

row

th F

und

Fun

d F

und

Fun

d F

und

Fun

d F

und

Fun

d

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

577

4,15

8-

-12

,844

18,2

22-

1,18

758

2D

ivid

end

Inco

me

--

--

--

6,12

87,

890

13,0

86Pr

ofit/

(Los

s) e

xclu

ding

inte

r sch

eme

147

1,16

3-

-1,

540

2,16

995

,626

170,

635

273,

701

Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t(2

5)(1

69)

--

436

(284

)4

(135

)(3

13)

Mis

cella

neou

s Inc

ome

1,85

416

,190

--

3,53

05,

303

184

3,03

67,

932

Unr

ealis

ed G

ain/

(Los

s)-

--

-49

21,

678

30,1

64(5

7,65

7)(1

90,9

68)

Tota

l Inc

ome

(A)

2,55

321

,342

--

18,8

4227

,088

132,

106

124,

956

104,

020

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s23

31,

956

--

4,92

65,

624

13,4

5822

,118

47,7

79Fu

nd A

dmin

istr

atio

n Ex

pens

es-

--

--

--

--

Oth

er ch

arge

sF

-51,

228

35,5

40-

-2,

194

5,44

012

,416

20,5

4821

,036

Tota

l Exp

ense

s (B)

1,46

137

,496

--

7,12

011

,064

25,8

7442

,666

68,8

15

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)1,

092

(16,

154)

--

11,7

2216

,024

106,

232

82,2

9035

,205

Add:

Rev

enue

Acc

ount

at t

he b

egin

ning

of t

he ye

ar32

81,

832

--

1,35

79,

080

81,1

7794

,057

25,8

44Fu

nd R

even

ue A

ccou

nt a

t the

end

of t

he ye

ar1,

420

(14,

322)

--

13,0

7925

,104

187,

409

176,

347

61,0

49

FORM

A-B

S (U

L)Fu

nd B

alan

ce S

heet

as

at 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Liqu

idLi

quid

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Pen

sion

Fund

Bala

nced

Bala

ncer

Bond

Deb

tEq

uity

Equi

ty G

ain

Equi

ty G

row

th F

und

Fun

d F

und

Fun

d F

und

Fun

d F

und

Fun

d

SOU

RCES

OF F

UN

DS

Polic

y H

olde

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unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-126

,486

344,

378

77,1

14-

163,

761

134,

655

315,

804

647,

812

1,85

2,47

6Re

venu

e Ac

coun

t1,

420

(14,

322)

--

13,0

7925

,104

187,

409

176,

347

61,0

49

Tota

l27

,906

330,

056

77,1

14-

176,

840

159,

759

503,

213

824,

159

1,91

3,52

5

APP

LICA

TIO

N O

F FU

ND

SIn

vest

men

tsF

-224

,894

308,

451

77,1

14-

169,

260

154,

350

503,

655

837,

409

1,91

1,96

4Cu

rren

t Ass

ets

F -3

3,03

121

,845

--

7,98

26,

646

614

680

54,0

43Le

ss : C

urre

nt L

iabi

litie

s and

Pro

visi

ons

F -4

1924

0-

-40

21,

237

1,05

613

,930

52,4

82N

et C

urre

nt A

sset

s3,

012

21,6

05-

-7,

580

5,40

9(4

42)

(13,

250)

1,56

1

Tota

l27

,906

330,

056

77,1

14-

176,

840

159,

759

503,

213

824,

159

1,91

3,52

5

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

27,9

0633

0,05

677

,114

-17

6,84

015

9,75

950

3,21

382

4,15

91,

913,

525

(b)

Num

ber o

f Uni

ts O

utst

andi

ng (i

n th

ousa

nds)

2,42

128

,547

5,79

9-

15,9

4113

,968

30,9

9156

,970

145,

581

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.

) *11

.527

11.5

6213

.298

-11

.093

11.4

3816

.237

14.4

6713

.144

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is b

efor

e ap

prop

riatio

n/ e

xpro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00 )

(Am

ount

in R

s. ‘0

00 )



56

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Prem

ier

Pure

Pure

Secu

reSt

able

Tota

l E

quity

Equi

ty S

tock

Fun

d F

und

Inde

x Fu

nd F

und

Fun

d

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

--

-1,

778

35,6

6851

4,69

6D

ivid

end

Inco

me

6,30

56,

735

3,01

74

549

557,

070

Prof

it/(L

oss)

exc

ludi

ng in

ter s

chem

e29

,830

75,9

4721

,473

234

46,5

877,

367,

902

Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t(4

)(5

0)(4

2)(4

06)

(3)

(31,

320)

Mis

cella

neou

s Inc

ome

477

3,88

72,

523

168

5,09

063

1,37

8U

nrea

lised

Gai

n/(L

oss)

22,7

986,

205

(7,0

08)

(1,3

76)

(34,

893)

(3,0

08,4

41)

Tota

l Inc

ome

(A)

59,4

0692

,724

19,9

6340

252

,998

6,03

1,28

5

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s17

,970

8,38

75,

482

300

6,67

61,

136,

895

Fund

Adm

inis

trat

ion

Expe

nses

--

--

-21

4,78

9O

ther

char

ges

F -5

7,47

955

,070

157,

290

--

4,11

6,94

7

Tota

l Exp

ense

s (B)

25,4

4963

,457

162,

772

300

6,67

65,

468,

631

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)33

,957

29,2

67(1

42,8

09)

102

46,3

2256

2,65

4Ad

d: R

even

ue A

ccou

nt a

t the

beg

inni

ng o

f the

year

11,3

4219

,514

225

458

11,4

626,

806,

093

Fund

Rev

enue

Acc

ount

at t

he e

nd o

f the

year

45,2

9948

,781

(142

,584

)56

057

,784

7,36

8,74

7

FORM

A-B

S (U

L)Fu

nd B

alan

ce S

heet

as

at 3

1st M

arch

200

8

Part

icul

ars

Sche

dule

Prem

ier

Pure

Pure

Secu

reSt

able

Tota

l E

quity

Equi

ty S

tock

Fun

d F

und

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und

Fun

d

SOU

RCES

OF F

UN

DS

Polic

y H

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1,73

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615,

633

102,

172,

950

Reve

nue

Acco

unt

45,2

9948

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)56

057

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7,36

8,74

7

Tota

l98

7,03

766

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541,

697

APP

LICA

TIO

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F FU

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vest

men

tsF

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3,76

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Curr

ent A

sset

sF

-358

,423

35,5

3544

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189,

578

44,3

108,

138,

046

Less

: Cur

rent

Lia

bilit

ies a

nd P

rovi

sion

sF

-412

,423

1,76

33,

355

20,4

6654

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1,26

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9N

et C

urre

nt A

sset

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33,7

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169,

112

(9,9

88)

6,87

5,75

7

Tota

l98

7,03

766

3,18

666

5,12

534

2,29

01,

673,

417

109,

541,

697

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

987,

037

663,

186

665,

125

342,

290

1,67

3,41

7(b

)N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)66

,708

45,6

3247

,150

26,1

6612

8,39

6N

et A

sset

Val

ue p

er u

nit (

a)/(

b) (R

s.) *

14.7

9614

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14.1

0713

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13.0

33

*Not

e: T

he N

et A

sset

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er u

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alcu

late

d ab

ove

is b

efor

e ap

prop

riatio

n/ e

xpro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00 )

(Am

ount

in R

s. ‘0

00 )



57

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

Not

e 24

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

8(A

mou

nt in

Rs.

‘000

)

Part

icul

ars

Acce

lera

ted

Acc

Mid

Cap

Acc

Mid

Cap

Asse

tAs

set

Bala

nced

Bala

nced

Bala

nced

Bala

ncer

Fun

d P

ensi

onFu

nd A

lloca

tion

Allo

catio

n F

und

Plus

Fun

dPl

us P

ensi

onFu

nd F

und

Fun

d P

ensi

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und

Fun

d

Ope

ning

Bal

ance

63,8

7273

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734,

229

--

1,45

3,28

71,

025,

949

100,

613

35,0

54

Add

: Add

ition

dur

ing

the

year

9,95

716

0,61

32,

139,

363

11,1

81,6

9129

6,39

288

0,13

690

2,01

667

,258

-

Less

: Ded

uctio

n du

ring

the

year

23,7

2650

,693

310,

342

338,

915

8,13

483

0,32

01,

004,

734

47,8

9135

,054

Clos

ing

Bala

nce

50,1

0318

3,70

02,

563,

250

10,8

42,7

7628

8,25

81,

503,

103

923,

231

119,

980

-

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

Not

e 24

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

8(A

mou

nt in

Rs.

‘000

)

Part

icul

ars

Bala

ncer

Bond

Bond

Capi

tal

Capi

tal

Capi

tal

Cash

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s P

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ante

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Fun

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n F

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d F

und-

201

2 F

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201

4 F

und-

201

7 F

und

Fun

d

Ope

ning

Bal

ance

6,58

640

1,84

634

,571

83,0

475,

829

40,7

8987

1,58

71,

546,

672

116,

682

Add

: Add

ition

dur

ing

the

year

-1,

620,

749

241,

944

32,6

472,

279

11,4

401,

123,

205

2,81

1,42

320

3,60

6

Less

: Ded

uctio

n du

ring

the

year

6,58

676

8,77

718

4,77

04,

474

312

1,84

61,

138,

433

2,98

1,40

023

4,07

2

Clos

ing

Bala

nce

-1,

253,

818

91,7

4511

1,22

07,

796

50,3

8385

6,35

91,

376,

695

86,2

16

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

Not

e 24

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

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arch

200

8(A

mou

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Rs.

‘000

)

Part

icul

ars

Deb

tD

ebt

Deb

t Plu

sEq

uity

Equi

tyEq

uity

Equi

ty G

row

thEq

uity

Equi

tyFu

nd P

lus

Pens

ion

Fund

Gai

nG

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n In

dex

Inde

xFu

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und

Fun

d F

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Fun

d F

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Fun

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I

Ope

ning

Bal

ance

414,

657

611,

762

52,0

581,

786,

198

5,02

0,35

59,

408,

208

642,

292

890,

746

2,69

4,18

6

Add

: Add

ition

dur

ing

the

year

594,

019

2,05

0,45

295

,359

1,79

6,61

45,

258,

235

22,2

84,5

701,

232,

553

1,11

7,48

515

,352

,662

Less

: Ded

uctio

n du

ring

the

year

601,

141

1,55

0,84

581

,717

1,73

1,32

03,

029,

579

3,67

2,09

537

5,43

179

0,87

61,

296,

490

Clos

ing

Bala

nce

407,

535

1,11

1,36

965

,700

1,85

1,49

27,

249,

011

28,0

20,6

831,

499,

414

1,21

7,35

516

,750

,358



58

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

Not

e 24

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

8(A

mou

nt in

Rs.

‘000

)

Part

icul

ars

Equi

ty In

dex

Equi

ty In

dex

Equi

tyEq

uity

Mid

cap

Equi

tyEq

uity

Equi

ty P

lus

Gro

upLi

fe L

ong

Pen

sion

Pens

ion

Mid

cap

Pens

ion

Mid

cap

Plus

Plus

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Deb

tG

ain

Fun

d F

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Fun

d F

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Fun

d F

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Fun

d F

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d

Ope

ning

Bal

ance

71,4

7917

0,12

480

0,64

193

,463

1,37

0,13

09,

294,

510

741,

150

-10

7,33

8

Add

: Add

ition

dur

ing

the

year

52,5

201,

353,

020

771,

464

104,

532

1,17

4,20

49,

343,

712

440,

043

46,1

5712

0,11

5

Less

: Ded

uctio

n du

ring

the

year

69,2

1315

6,51

059

8,31

711

0,27

41,

180,

283

7,56

5,75

950

6,12

2-

60,4

25

Clos

ing

Bala

nce

54,7

861,

366,

634

973,

788

87,7

211,

364,

051

11,0

72,4

6367

5,07

146

,157

167,

028

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

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SCH

EDU

LE F

1 : P

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CYH

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CO

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at 3

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)

Par

ticul

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Liqu

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quid

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Pen

sion

Fund

Bal

ance

dBa

lanc

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nd D

ebt

Equ

ityEq

uity

Gai

nEq

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wth

Fun

d F

und

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Ope

ning

Bal

ance

11,1

1810

5,95

285

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18,8

9497

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157,

545

430,

308

873,

552

1,22

3,23

2

Add

: Add

ition

dur

ing

the

year

52,0

0438

6,24

735

,075

-30

4,52

440

2,31

315

0,34

427

7,95

387

7,41

4

Less

: Ded

uctio

n du

ring

the

year

36,6

3614

7,82

143

,663

18,8

9423

8,66

642

5,20

326

4,84

850

3,69

324

8,17

0

Clos

ing

Bala

nce

26,4

8634

4,37

877

,114

-16

3,76

113

4,65

531

5,80

464

7,81

21,

852,

476

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

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e 24

SCH

EDU

LE F

1 : P

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CYH

OLD

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CO

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NAs

at 3

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8(A

mou

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Par

ticul

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371,

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127,

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5,84

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Add

: Add

ition

dur

ing

the

year

673,

399

400,

551

785,

641

337,

747

1,24

6,57

190

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Less

: Ded

uctio

n du

ring

the

year

98,5

7115

7,95

810

5,66

71,

863

53,0

4733

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Clos

ing

Bala

nce

941,

738

614,

405

807,

709

341,

730

1,61

5,63

310

2,17

2,95

0



59

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

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Not

e 24

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EDU

LE F

2 : I

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STM

ENTS

As a

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ch 2

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(Am

ount

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00)

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icul

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ted

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Cap

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tal

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tion

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APPR

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VEST

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TS

Gov

ernm

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947

--

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onds

5,06

8-

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45,4

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8,85

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36,0

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OTH

ER IN

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ved

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0.00

%



60

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

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efer

Sch

edul

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Not

e 24

SCH

EDU

LE F

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STM

ENTS

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ount

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OTH

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0.00

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0%



61

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

Not

e 24

SCH

EDU

LE F

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STM

ENTS

As a

t 31st

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ount

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00)

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icul

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ty In

dex

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APPR

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f App

rove

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62

Sche

dule

s to

Fund

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enue

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x II R

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edul

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LE F

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ityEq

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OTH

ER IN

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63

Sche

dule

s to

Fund

Rev

enue

Acc

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A

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dix

II Re

fer S

ched

ule

16 N

ote

24

SCH

EDU

LE F

3 : C

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ENT

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TSAs

at 3

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200

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mou

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)

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ted

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Sche

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64

Sche

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s to

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Rev

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24

SCH

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Sche

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65

Sche

dule

s to

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Acc

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A

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dix

II Re

fer S

ched

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16 N

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24

SCH

EDU

LE F

3 : C

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ENT

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at 3

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200

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66

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46,

754

6,07

36,

192

1,32

1U

nrea

lised

Gai

n/(L

oss)

(472

)(1

01)

(416

)1,

346

2,52

8(4

)(4

,428

)(9

,137

)(5

71)

Tota

l Inco

me

(A)

(10)

(72)

(149

)61

,843

157,

942

8,98

856

,916

47,7

055,

845

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s84

650

8,20

014

,410

820

10,1

366,

414

671

Fund

Adm

inist

ratio

n Ex

pens

es-

--

10,2

50-

-12

,670

--

Oth

er ch

arge

sF

-5-

--

115

274

6034

127

54

Tota

l Exp

ense

s (B)

846

5018

,565

14,6

8488

022

,840

6,54

172

5

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)(9

4)(7

8)(1

99)

43,2

7814

3,25

88,

108

34,0

7641

,164

5,12

0Ad

d: R

even

ue A

ccou

nt at

the

begi

nnin

g of

the

year

--

-23

,159

76,8

242,

307

15,1

3917

,914

2,08

6Fu

nd R

even

ue A

ccou

nt at

the

end

of th

e ye

ar(9

4)(7

8)(1

99)

66,4

3722

0,08

210

,415

49,2

1559

,078

7,20

6

FORM

A-B

S (U

L)

Fund

Bal

ance

She

et a

s at

31st

Mar

ch 2

007

Part

icul

ars

Sche

dule

Capi

tal

Capi

tal

Capi

tal

Cash

Cash

Plu

sCa

sh P

lus

Deb

tD

ebt P

lus

Deb

t Plu

s G

uara

ntee

Gua

rant

ee G

uara

ntee

Fund

Fund

Pens

ion

Fund

Fund

Pens

ion

Fund

201

2 F

und

2014

Fund

201

7 F

und

Fun

d

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-183

,046

5,82

940

,789

871,

588

1,54

6,67

111

6,68

341

4,65

761

1,76

252

,059

Reve

nue A

ccou

nt(9

4)(7

8)(1

99)

66,4

3722

0,08

210

,415

49,2

1559

,078

7,20

6

Tota

l82

,952

5,75

140

,590

938,

025

1,76

6,75

312

7,09

846

3,87

267

0,84

059

,265

APPL

ICAT

ION

OF F

UN

DS

Inve

stm

ents

F -2

61,3

704,

110

33,7

5389

9,22

91,

655,

624

122,

781

393,

295

428,

126

53,4

21Cu

rren

t Ass

ets

F -3

21,6

351,

657

6,85

538

,994

111,

352

4,34

770

,819

242,

803

5,86

8Le

ss : C

urre

nt Li

abili

ties a

nd P

rovi

sion

sF

-453

1618

198

223

3024

289

24N

et C

urre

nt A

sset

s21

,582

1,64

16,

837

38,7

9611

1,12

94,

317

70,5

7724

2,71

45,

844

Tota

l82

,952

5,75

140

,590

938,

025

1,76

6,75

312

7,09

846

3,87

267

0,84

059

,265

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

82,9

525,

751

40,5

9093

8,02

51,

766,

753

127,

098

463,

872

670,

840

59,2

65(b

)N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)8,

313

588

4,08

283

,728

152,

070

11,0

7243

,510

60,5

435,

248

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.)

*9.

979

9.77

19.

945

11.2

0311

.618

11.4

7910

.661

11.0

8011

.292

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is be

fore

app

ropr

iatio

n/ e

x pro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



73

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

7

Part

icul

ars

Sche

dule

Equi

ty G

row

thEq

uity

Mid

cap

Equi

ty M

idca

pEq

uity

Mid

cap

Equi

ty G

ain

Equi

tyEq

uity

Gro

wth

Equi

ty In

dex

Equi

ty In

dex

Fun

d P

lus F

und

Fun

d P

ensio

n Fu

nd F

und

Fund

Pen

sion

Fun

dFu

nd P

ensi

on F

und

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

6,01

78,

468

2,25

820

613

,965

215

274

251

13D

ivid

end

Inco

me

24,6

7126

,073

11,8

151,

663

60,1

6951

,563

1,94

726

,770

2,25

8Pr

ofit/

(Los

s) e

xclu

ding

inte

r sch

eme

(42,

346)

271,

778

150,

924

17,8

9448

4,18

413

7,29

41,

829

25,3

764,

446

Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t3,

286

81,3

8122

,540

7,21

510

0,64

576

,850

(4,9

94)

54,3

227,

317

Mis

cella

neou

s Inc

ome

25,4

707,

418

6,15

976

225

,997

714

2,14

460

657

Unr

ealis

ed G

ain/

(Los

s)(6

1,51

8)(3

05,9

84)

(140

,191

)(1

9,03

7)(2

68,2

28)

151,

523

1,08

785

,916

4,02

7

Tota

l Inco

me

(A)

(44,

420)

89,1

3453

,505

8,70

341

6,73

241

8,15

92,

287

193,

241

18,1

18

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s35

,261

26,3

5412

,872

1,69

971

,369

30,3

463,

179

15,7

091,

315

Fund

Adm

inist

ratio

n Ex

pens

es-

-10

,726

-59

,475

37,9

32-

--

Oth

er ch

arge

sF

-5-

316

3063

838

471

-33

257

Tota

l Exp

ense

s (B)

35,2

6126

,670

23,6

281,

762

131,

682

68,7

493,

179

16,0

411,

372

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)(7

9,68

1)62

,464

29,8

776,

941

285,

050

349,

410

(892

)17

7,20

016

,746

Add:

Rev

enue

Acc

ount

at th

e be

ginn

ing

of th

e ye

ar-

457,

855

214,

556

28,0

0795

8,24

691

4,67

3-

261,

954

30,5

78Fu

nd R

even

ue A

ccou

nt at

the

end

of th

e ye

ar(7

9,68

1)52

0,31

924

4,43

334

,948

1,24

3,29

61,

264,

083

(892

)43

9,15

447

,324

FORM

A-B

S (U

L)

Fund

Bal

ance

She

et a

s at

31st

Mar

ch 2

007

Part

icul

ars

Sche

dule

Equi

ty G

row

thEq

uity

Mid

cap

Equi

ty M

idca

pEq

uity

Mid

cap

Equi

ty G

ain

Equi

tyEq

uity

Gro

wth

Equi

ty In

dex

Equi

ty In

dex

Fun

d P

lus F

und

Fun

d P

ensio

n Fu

nd F

und

Fund

Pen

sion

Fun

dFu

nd P

ensi

on F

und

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-19,

408,

208

1,37

0,13

080

0,64

193

,464

5,02

0,35

61,

786,

199

642,

291

890,

746

71,4

78Re

venu

e Acc

ount

(79,

681)

520,

319

244,

433

34,9

481,

243,

296

1,26

4,08

3(8

92)

439,

154

47,3

24To

tal

9,32

8,52

71,

890,

449

1,04

5,07

412

8,41

26,

263,

652

3,05

0,28

264

1,39

91,

329,

900

118,

802

APPL

ICAT

ION

OF F

UN

DS

Inve

stm

ents

F -2

7,79

2,67

11,

778,

536

993,

014

118,

118

5,97

5,77

63,

028,

089

527,

515

1,40

4,36

311

2,03

5Cu

rren

t Ass

ets

F -3

1,68

1,67

312

8,03

360

,998

11,3

9532

0,30

911

6,06

812

3,45

51,

544

11,2

30Le

ss : C

urre

nt Li

abili

ties a

nd P

rovi

sion

sF

-414

5,81

716

,120

8,93

81,

101

32,4

3393

,875

9,57

176

,007

4,46

3N

et C

urre

nt A

sset

s1,

535,

856

111,

913

52,0

6010

,294

287,

876

22,1

9311

3,88

4(7

4,46

3)6,

767

Tota

l9,

328,

527

1,89

0,44

91,

045,

074

128,

412

6,26

3,65

23,

050,

282

641,

399

1,32

9,90

011

8,80

2(a

)N

et A

sset

s as p

er B

alan

ce Sh

eet (

Rs. in

thou

sand

s)9,

328,

527

1,89

0,44

91,

045,

074

128,

412

6,26

3,65

23,

050,

282

641,

399

1,32

9,90

011

8,80

2(b

)N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)78

9,66

910

0,57

257

,190

6,63

625

7,45

816

8,29

854

,197

58,9

305,

957

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.)

*11

.813

18.7

9718

.274

19.3

5124

.329

18.1

2411

.835

22.5

6719

.942

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is be

fore

app

ropr

iatio

n/ e

x pro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



74

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

7

Part

icul

ars

Sche

dule

Equi

tyEq

uity

Plu

sEq

uity

Inde

xIn

com

eLi

fe L

ong

Liqu

idLi

quid

Nift

yPr

emie

r P

lus

Pen

sion

Pen

sion

Bon

d G

ain

Fund

Pen

sion

Inde

x Eq

uity

Gro

wth

Fund

Fun

dFu

nd-2

Fund

Fun

d F

und

Fun

dFu

nd

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

24,9

681,

343

418,

213

5,46

613

46

365

628

Div

iden

d In

com

e12

0,63

610

,221

634

--

--

8,53

64,

648

Prof

it/(L

oss)

exc

ludi

ng in

ter s

chem

e96

2,60

478

,726

272

63(2

38)

162

856

6,37

2Pr

ofit/

(Los

s) o

n in

ter f

und

tran

sfer

/sal

e of

inve

stm

ent

132,

690

15,0

3146

8(6

45)

(394

)(2

7)(8

)2,

313

4,16

6M

isce

llane

ous I

ncom

e49

,216

4,52

946

2,06

851

61,

944

373

990

5,37

8U

nrea

lised

Gai

n/(L

oss)

(491

,991

)(2

2,66

1)2,

334

(3,4

57)

(783

)-

-(1

4,24

7)17

,045

Tota

l Inco

me

(A)

798,

123

87,1

893,

795

6,24

24,

567

2,06

737

3(1

,187

)38

,237

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s14

4,10

612

,219

508

1,16

974

823

544

6,31

512

,391

Fund

Adm

inist

ratio

n Ex

pens

es-

--

-93

5-

--

-O

ther

char

ges

F -5

2,01

913

4-

-50

--

--

Tota

l Exp

ense

s (B)

146,

125

12,3

5350

81,

169

1,73

323

544

6,31

512

,391

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)65

1,99

874

,836

3,28

75,

073

2,83

41,

832

329

(7,5

02)

25,8

46Ad

d: R

even

ue A

ccou

nt at

the

begi

nnin

g of

the

year

1,57

9,99

411

5,10

5-

-39

7-

--

-Fu

nd R

even

ue A

ccou

nt at

the

end

of th

e ye

ar2,

231,

992

189,

941

3,28

75,

073

3,23

11,

832

329

(7,5

02)

25,8

46

FORM

A-B

S (U

L)

Fund

Bal

ance

She

et a

s at

31st

Mar

ch 2

007

Part

icul

ars

Sche

dule

Equi

tyEq

uity

Plu

sEq

uity

Inde

xIn

com

eLi

fe L

ong

Liqu

idLi

quid

Nift

yPr

emie

r P

lus

Pen

sion

Pen

sion

Bon

d G

ain

Fund

Pen

sion

Inde

x Eq

uity

Gro

wth

Fund

Fun

dFu

nd-2

Fund

Fun

d F

und

Fun

dFu

nd

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-19,

294,

509

741,

152

170,

124

401,

846

107,

338

105,

952

11,1

172,

694,

187

1,22

3,23

2Re

venu

e Acc

ount

2,23

1,99

218

9,94

13,

287

5,07

33,

231

1,83

232

9(7

,502

)25

,846

Tota

l11

,526

,501

931,

093

173,

411

406,

919

110,

569

107,

784

11,4

462,

686,

685

1,24

9,07

8

APPL

ICAT

ION

OF F

UN

DS

Inve

stm

ents

F -2

10,9

03,2

0687

2,77

014

5,04

935

5,08

310

3,38

194

,058

9,82

22,

240,

073

1,12

3,23

7Cu

rren

t Ass

ets

F -3

680,

056

62,1

0940

,207

51,8

667,

224

13,7

331,

625

546,

523

135,

081

Less

: Cur

rent

Liab

ilitie

s and

Pro

visi

ons

F -4

56,7

613,

786

11,8

4530

367

199

,911

9,24

0N

et C

urre

nt A

sset

s62

3,29

558

,323

28,3

6251

,836

7,18

813

,726

1,62

444

6,61

212

5,84

1

Tota

l11

,526

,501

931,

093

173,

411

406,

919

110,

569

107,

784

11,4

462,

686,

685

1,24

9,07

8

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

11,5

26,5

0193

1,09

317

3,41

140

6,91

911

0,56

910

7,78

411

,446

2,68

6,68

51,

249,

078

(b)

Num

ber o

f Uni

ts O

utst

andi

ng (i

n th

ousa

nds)

460,

081

42,3

6514

,304

39,0

7411

,179

10,2

511,

092

217,

461

103,

953

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.)

*25

.053

21.9

7812

.123

10.4

149.

891

10.5

1410

.483

12.3

5512

.016

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is be

fore

app

ropr

iatio

n/ e

x pro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



75

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for

the

year

end

ed 3

1st M

arch

200

7

Part

icul

ars

Sche

dule

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Pure

Pure

Bal

ance

d B

alan

cer

Deb

t E

quity

Equ

ity G

ain

Inco

me

Nift

y Ind

ex E

quity

Stoc

kFu

ndFu

ndFu

ndFu

ndFu

ndFu

nd F

und

Fund

Fund

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

--

16,8

2378

1,56

82,

855

78-

-D

ivid

end

Inco

me

--

-8,

506

10,9

52-

2,02

33,

833

516

Prof

it/(L

oss)

exc

ludi

ng in

ter s

chem

e-

-(1

56)

2,96

445

,771

4279

08,

083

1,27

4Pr

ofit/

(Los

s) o

n in

ter f

und

tran

sfer

/sal

e of

inve

stm

ent

--

(1,3

34)

10,7

72(6

71)

(288

)1,

238

7,19

42,

098

Mis

cella

neou

s Inc

ome

--

1,64

710

14,

561

844

125

2,80

656

5U

nrea

lised

Gai

n/(L

oss)

--

(2,7

50)

48,3

2412

,126

(863

)10

,764

(8,7

97)

(3,3

74)

Tota

l Inco

me

(A)

--

14,2

3070

,745

74,3

072,

590

15,0

1813

,119

1,07

9

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s-

-5,

239

11,1

5919

,192

1,23

23,

676

4,41

485

5Fu

nd A

dmin

istra

tion

Expe

nses

--

--

--

--

-O

ther

char

ges

F -5

--

6567

67-

-67

-

Tota

l Exp

ense

s (B)

--

5,30

411

,226

19,2

591,

232

3,67

64,

481

855

Net

Inco

me/

(Los

s) fo

r the

Year

(A-B

)-

-8,

926

59,5

1955

,048

1,35

811

,342

8,63

822

4Ad

d: R

even

ue A

ccou

nt at

the

begi

nnin

g of

the

year

--

153

21,6

5739

,009

--

10,8

76-

Fund

Rev

enue

Acc

ount

at th

e en

d of

the

year

--

9,07

981

,176

94,0

571,

358

11,3

4219

,514

224

FORM

A-B

S (U

L)

Fund

Bal

ance

She

et a

s at

31st

Mar

ch 2

007

Part

icul

ars

Sche

dule

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Pure

Pure

Bal

ance

d B

alan

cer

Deb

t E

quity

Equ

ity G

ain

Inco

me

Nift

y Ind

ex E

quity

Stoc

kFu

ndFu

ndFu

ndFu

ndFu

ndFu

nd F

und

Fund

Fund

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-185

,965

18,6

3215

7,54

643

0,30

987

3,55

197

,902

366,

910

371,

812

127,

735

Reve

nue A

ccou

nt-

-9,

079

81,1

7694

,057

1,35

811

,342

19,5

1422

4

Tota

l85

,965

18,6

3216

6,62

551

1,48

596

7,60

899

,260

378,

252

391,

326

127,

959

APPL

ICAT

ION

OF F

UN

DS

Inve

stm

ents

F -2

85,9

6518

,632

165,

894

511,

344

960,

988

93,6

9835

8,20

536

0,01

311

5,59

1Cu

rren

t Ass

ets

F -3

--

4,56

85,

386

14,1

215,

586

35,3

0032

,952

12,8

97Le

ss : C

urre

nt Li

abili

ties a

nd P

rovi

sion

sF

-4-

-3,

837

5,24

57,

501

2415

,253

1,63

952

9N

et C

urre

nt A

sset

s-

-73

114

16,

620

5,56

220

,047

31,3

1312

,368

Tota

l85

,965

18,6

3216

6,62

551

1,48

596

7,60

899

,260

378,

252

391,

326

127,

959

(a) N

et A

sset

s as p

er B

alan

ce Sh

eet (

Rs. in

thou

sand

s)85

,965

18,6

3216

6,62

551

1,48

596

7,60

899

,260

378,

252

391,

326

127,

959

(b) N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)7,

370

1,71

215

,796

38,4

2373

,001

9,64

130

,981

32,1

4211

,292

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.)

*11

.664

10.8

8610

.549

13.3

1213

.255

10.2

9612

.209

12.1

7511

.332

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is be

fore

app

ropr

iatio

n/ e

x pro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



76

Appe

ndix

II R

efer

Sch

edul

e 16

Not

e 24

Fo

rm A

-RA

(UL)

Fund

Rev

enue

Acc

ount

for t

he y

ear e

nded

31st

Mar

ch 2

007

Part

icul

ars

Sche

dule

Secu

re Fu

ndSt

able

Fund

Tota

l

INCO

ME F

ROM

INVE

STM

ENTS

Inte

rest

Inco

me

399

9,42

731

7,87

6D

ivid

end

Inco

me

326

038

0,20

5Pr

ofit/

(Los

s) e

xclu

ding

inte

r sch

eme

(30)

(964

)2,

141,

320

Prof

it/(L

oss)

on

inte

r fun

d tr

ansf

er/s

ale

of in

vest

men

t23

(3,3

04)

506,

268

Mis

cella

neou

s Inc

ome

761,

126

325,

843

Unr

ealis

ed G

ain/

(Los

s)(2

4)2,

313

(1,0

36,6

46)

Tota

l Inco

me

(A)

447

8,85

82,

634,

866

EXPE

NSE

SFu

nd M

anag

emen

t Exp

ense

s72

1,47

946

7,64

9Fu

nd A

dmin

istra

tion

Expe

nses

--

131,

988

Oth

er ch

arge

sF

-5-

675,

307

Tota

l Exp

ense

s (B)

721,

546

604,

944

Net

Inco

me/

(Los

s) fo

r the

Yea

r (A

-B)

375

7,31

22,

029,

922

Add:

Rev

enue

Acc

ount

at th

e be

ginn

ing

of th

e ye

ar83

4,14

94,

776,

171

Fund

Rev

enue

Acc

ount

at t

he e

nd o

f the

yea

r45

811

,461

6,80

6,09

3

FORM

A-B

S (U

L)

Fund

Bal

ance

She

et a

s at

31st

Mar

ch 2

007

Part

icul

ars

Sche

dule

Secu

re Fu

ndSt

able

Fund

Tota

l

SOU

RCES

OF F

UN

DS

Polic

y H

olde

rs’ F

unds

:Po

licy

Hol

ders

’ Con

trib

utio

nF

-15,

845

422,

109

45,0

62,3

08Re

venu

e Acc

ount

458

11,4

616,

806,

093

Tota

l6,

303

433,

570

51,8

68,4

01

APPL

ICAT

ION

OF F

UN

DS

Inve

stm

ents

F -2

6,17

342

8,19

447

,706

,051

Curr

ent A

sset

sF

-313

35,

928

4,78

9,90

5Le

ss : C

urre

nt Li

abili

ties a

nd P

rovi

sion

sF

-43

552

627,

555

Net

Cur

rent

Ass

ets

130

5,37

64,

162,

350

Tota

l6,

303

433,

570

51,8

68,4

01

(a)

Net

Ass

ets a

s per

Bal

ance

Shee

t (Rs

. in th

ousa

nds)

6,30

343

3,57

0(b

)N

umbe

r of U

nits

Out

stan

ding

(in

thou

sand

s)56

338

,133

Net

Ass

et V

alue

per

uni

t (a)

/(b)

(Rs.)

*11

.189

11.3

70

*Not

e: T

he N

et A

sset

Val

ue p

er u

nit c

alcu

late

d ab

ove

is be

fore

app

ropr

iatio

n/ e

x pro

pria

tion

char

ge.

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



77

Sche

dule

s to

Fund

Rev

enue

Acc

ount

App

endi

x II R

efer

Sch

edul

e 16

Not

e 24

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

7

Part

icul

ars

Acc M

id C

apAc

c Mid

Cap

Acce

lera

ted

Bala

nce

Bala

nce

Plus

Bala

nced

Plu

sBa

lanc

erBa

lanc

erBo

ndCa

pita

lFu

nd P

ensio

n F

und

Fun

d P

ensio

n F

und

Fun

d P

ensio

nPe

nsio

nGu

aran

tee

Fun

d F

und

Fun

d F

und

Fund

201

2

Ope

ning

Bal

ance

--

35,8

6287

0,29

667

,784

732,

365

--

--

Add

: Add

ition

dur

ing

the

year

776,

099

75,9

5535

,808

1,18

7,21

787

,297

866,

227

44,0

759,

840

56,7

5186

,407

Less

: Ded

uctio

n du

ring

the

year

41,8

712,

176

7,79

860

4,22

554

,469

572,

644

9,02

13,

254

22,1

803,

361

Clos

ing

Bala

nce

734,

228

73,7

7963

,872

1,45

3,28

810

0,61

21,

025,

948

35,0

546,

586

34,5

7183

,046

Sche

dule

s to

Fund

Rev

enue

Acc

ount

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

7

Part

icul

ars

Capi

tal

Capi

tal

Cash

Cash

Cash

Plu

sD

ebt

Deb

tD

ebt P

lus

Equi

tyEq

uity

Guar

ante

e G

uara

ntee

Fund

Plus

Pen

sion

Fund

Plus

Pen

sion

Grow

thM

idca

p Pl

usFu

nd 2

014

Fund

201

7Fu

ndFu

ndFu

ndFu

ndFu

ndFu

nd

Ope

ning

Bal

ance

--

667,

630

1,78

1,86

061

,753

349,

416

356,

675

38,7

68-

1,40

2,75

7

Add

: Add

ition

dur

ing

the

year

6,15

643

,018

1,50

7,72

95,

721,

227

401,

174

1,17

6,93

01,

810,

128

185,

532

9,95

0,84

31,

339,

714

Less

: Ded

uctio

n du

ring

the

year

327

2,22

91,

303,

771

5,95

6,41

634

6,24

41,

111,

689

1,55

5,04

117

2,24

154

2,63

51,

372,

341

Clos

ing

Bala

nce

5,82

940

,789

871,

588

1,54

6,67

111

6,68

341

4,65

761

1,76

252

,059

9,40

8,20

81,

370,

130

Sche

dule

s to

Fund

Rev

enue

Acc

ount

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

7

Part

icul

ars

Equi

tyM

idca

pEq

uity

Mid

cap

Equi

ty G

ain

Equi

tyEq

uity

Gro

wth

Equi

tyEq

uity

Inde

xEq

uity

Equi

ty P

lus

Equi

ty In

dex

Fund

Pen

sion

Fun

d F

und

Pen

sion

Inde

x P

ensi

on P

lus

Pen

sion

Pen

sion

Fun

d F

und

Fun

d F

und

Fun

d F

und

Fund

-2

Ope

ning

Bal

ance

548,

339

82,4

922,

805,

988

1,35

0,69

1-

740,

654

56,7

957,

021,

151

533,

115

-

Add

: Add

ition

dur

ing

the

year

704,

296

95,9

024,

260,

597

2,38

1,22

369

3,53

81,

858,

923

147,

285

9,87

8,85

496

4,48

318

7,91

0

Less

: Ded

uctio

n du

ring

the

year

451,

994

84,9

302,

046,

229

1,94

5,71

551

,247

1,70

8,83

113

2,60

27,

605,

496

756,

446

17,7

86

Clos

ing

Bala

nce

800,

641

93,4

645,

020,

356

1,78

6,19

964

2,29

189

0,74

671

,478

9,29

4,50

974

1,15

217

0,12

4

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



78

Sche

dule

s to

Fund

Rev

enue

Acc

ount

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

7

Part

icul

ars

Prem

ier

Prem

ier

Prem

ier

Pure

Pure

Secu

reSt

able

Tota

lEq

uity

Gai

n In

com

e N

ifty I

ndex

Equ

ity St

ock

Fund

Fund

Fun

dFu

nd F

und

Fun

d F

und

Ope

ning

Bal

ance

581,

557

--

175,

743

-5,

536

98,6

0920

,916

,947

Add

: Add

ition

dur

ing

the

year

1,01

5,05

515

0,95

140

2,29

031

1,79

016

6,47

91,

589

351,

194

55,2

66,4

20

Less

: Ded

uctio

n du

ring

the

year

723,

061

53,0

4935

,380

115,

721

38,7

441,

280

27,6

9431

,121

,059

Clos

ing

Bala

nce

873,

551

97,9

0236

6,91

037

1,81

212

7,73

55,

845

422,

109

45,0

62,3

08

Sche

dule

s to

Fund

Rev

enue

Acc

ount

Appe

ndix

II Re

fer S

ched

ule

16 N

ote

24

SCH

EDU

LE F

1 : P

OLI

CYH

OLD

ERS’

CO

NTR

IBU

TIO

NAs

at 3

1st M

arch

200

7

Part

icul

ars

Inco

me

Life

Lon

gLi

quid

Liqu

idN

ifty

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Bond

Gai

n Fu

nd F

und

Pen

sion

Inde

x E

q. G

row

th B

alan

ced

Bal

ance

r D

ebt F

und

Eq.

Fun

d F

und

Fun

d F

und

Fun

d F

und

Fun

d

Ope

ning

Bal

ance

-52

,796

--

--

42,3

83-

115,

988

339,

944

Add

: Add

ition

dur

ing

the

year

528,

088

89,7

6412

9,32

422

,604

2,87

9,50

71,

321,

195

89,7

7222

,205

860,

857

382,

618

Less

: Ded

uctio

n du

ring

the

year

126,

242

35,2

2223

,372

11,4

8718

5,32

097

,963

46,1

903,

573

819,

299

292,

253

Clos

ing

Bala

nce

401,

846

107,

338

105,

952

11,1

172,

694,

187

1,22

3,23

285

,965

18,6

3215

7,54

643

0,30

9

(Am

ount

in R

s. ‘0

00)

(Am

ount

in R

s. ‘0

00)



79

Sche

dule

s to

Fund

Rev

enue

Acc

ount

A

ppen

dix I

I Ref

er Sc

hedu

le 1

6 N

ote

24

SCH

EDU

LE F

2 : I

NVE

STM

ENTS

As a

t 31st

Mar

ch 2

007

Part

icul

ars

Acc

Acc M

id C

apAc

cele

rate

dBo

ndCa

pita

lCa

pita

lCa

pita

lCa

shCa

shCa

sh P

lus

Mid

Cap

Pen

sion

Fund

Pen

sion

Gur

ante

e G

uran

tee

Gur

ante

eFu

nd P

lus

Pens

ion

Fun

d F

und

Fun

d F

und

2012

Fun

d 20

14 F

und

2017

Fun

d F

und

APPR

OVE

D IN

VEST

MEN

TSG

over

nmen

t Bon

ds-

2,36

3-

-22

,684

483

9,51

0-

--

Corp

orat

e Bo

nds

16,8

342,

948

12,4

904,

490

26,7

132,

563

-71

,136

58,2

08-

Infr

astr

uctu

re B

onds

-56

82,

405

--

-9,

533

16,0

3244

,533

533

Equi

ty39

5,04

643

,129

13,7

64-

9,73

988

59,

414

--

-M

oney

Mar

ket

63,6

712,

976

30,5

8417

,826

--

-81

2,06

11,

552,

883

119,

496

Mut

ual F

und

--

--

--

--

--

Tota

l47

5,55

151

,984

59,2

4322

,316

59,1

363,

931

28,4

5789

9,22

91,

655,

624

120,

029

OTH

ER IN

VEST

MEN

TSCo

rpor

ate

Bond

s-

--

--

--

--

-In

fras

truc

ture

Bon

ds-

--

--

--

--

-Eq

uity

123,

682

12,9

532,

831

-1,

984

179

1,91

8-

--

Mon

ey M

arke

t-

-2,

652

3,87

825

0-

3,37

8-

-2,

752

Mut

ual F

und

--

--

--

--

--

Tota

l12

3,68

212

,953

5,48

33,

878

2,23

417

95,

296

--

2,75

2

Gra

nd T

otal

599,

233

64,9

3764

,726

26,1

9461

,370

4,11

033

,753

899,

229

1,65

5,62

412

2,78

1

% o

f App

rove

d to

Tota

l79

.36%

80.0

5%91

.53%

85.2

0%96

.36%

95.6

4%84

.31%

100.

00%

100.

00%

97.7

6%%

of O

ther

than

App

rove

d to

Tota

l20

.64%

19.9

5%8.

47%

14.8

0%3.

64%

4.36

%15

.69%

0.00

%0.

00%

2.24

%

(Am

ount

in R

s. ‘0

00)



80

Sche

dule

s to

Fund

Rev

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ote

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f App

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ther

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81

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EDU

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2 : I

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As a

t 31st

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ch 2

007

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ty In

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82

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f App

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83

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SCH

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Cash

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ount

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86

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ENT

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91

Schedules forming part of financial statements for year ended 31st March 2008

Appendix III refer Schedule 16 Note 24

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

1. Performance of Fund: Refer Enclosure “A”

I. Investment Management

i) Activities outsourced: Fund Accounting.

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

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

II. Related party transactions

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

ii) Company wise details of investments held in the promoter group along with its percentage to funds under management: As on 31st March08 no investments is held in the promoter group (Previous year NIL)

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

IV. Unclaimed redemption of Units: As on 31st March 08 there is no unclaimed redemption of units.

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

VI. Expenses Charged to Fund (percentage basis) :

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

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

VIII. There are no doubtful debts on assets as on 31st March 08.

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



92


Enclosure A : Performance of Fund (Absolute Growth %)

Fund Names Date of Current Year SinceInception 2007-08 (%) 2006-07 (%) 2005-06(%) Inception (%)

Acc Mid Cap Fund 24-Jul-06 23.31 22.39 NA 50.92

Acc Mid Cap Pension Fund 24-Jul-06 27.58 18.99 NA 51.81

Accelerated Fund 18-Nov-04 19.43 6.78 8.95 45.71

Asset Allocation Fund 28-Sep-07 0.04 NA NA 0.04

Asset Allocation Pension Fund 28-Jan-08 -3.44 NA NA -3.44

Balanced Fund 15-Jan-04 15.44 7.56 28.46 59.37

Balanced Plus Fund 23-Jul-04 15.63 8.36 27.13 78.36

Balanced Plus Pension Fund 18-Nov-04 16.30 9.10 28.09 68.78

Balancer Fund 24-Jul-06 NA 11.99 NA NA

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

Bond Fund 10-Jul-06 9.54 4.15 NA 14.09

Bond Pension Fund 24-Jul-06 10.55 4.46 NA 15.48

Capital Guarantee Fund- 2012 11-Jan-07 9.90 -0.66 NA 9.90



Cash Fund 15-Jan-04 8.63 5.39 3.68 21.82

Cash Plus Fund 23-Jul-04 10.19 6.99 5.26 28.14

Cash Plus Pension Fund 18-Nov-04 10.87 7.18 5.08 27.39

Debt Fund 15-Jan-04 8.77 3.60 2.50 15.11

Debt Plus Fund 23-Jul-04 10.21 5.06 3.85 20.58

Debt Plus Pension Fund 18-Nov-04 10.40 5.61 3.59 23.95

Equity Fund 15-Jan-04 21.85 11.67 65.82 122.51

Equity Gain Fund 23-Jul-04 12.89 4.95 70.84 175.97

Equity Growth Fund 24-Jul-06 14.34 18.45 NA 35.44

Equity Growth Pension Fund 24-Jul-06 12.20 18.66 NA 33.14

Equity Index Fund 23-Jul-04 23.62 12.47 64.90 182.30

Equity Index Fund - II 24-Jul-06 22.93 23.87 NA 52.27

Equity Index Pension Fund 18-Nov-04 23.21 13.08 66.74 148.26

Equity Index Pension Fund - II 24-Jul-06 22.82 21.58 NA 49.33

Equity Midcap Fund 9-Mar-05 15.31 4.20 74.56 111.74

Equity Midcap Pension Fund 9-Mar-05 21.96 6.80 78.83 137.10

Equity Midcap Plus Fund 9-Mar-05 18.45 5.11 76.80 123.72

Equity Plus Fund 23-Jul-04 12.97 6.11 70.32 184.45

Equity Plus Pension Fund 18-Nov-04 13.51 7.08 73.82 150.65

Group Debt Fund 26-Mar-08 0.00 NA NA NA

Life Long Gain Fund 23-Jul-04 8.49 4.30 2.01 7.41

Liquid Fund 10-Jul-06 9.97 5.15 NA 15.63

Liquid Pension Fund 24-Jul-06 9.96 4.84 NA 15.28

Premier Balanced Fund 17-Dec-05 13.99 7.25 8.76 32.97

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

Premier Bond Fund 21-Jul-06 7.94 2.79 NA 10.95

Premier Debt Fund 17-Dec-05 8.43 4.11 1.45 14.52

Premier Equity Fund 17-Dec-05 21.99 11.34 20.20 63.26

Premier Equity Gain Fund 17-Dec-05 9.14 5.20 26.63 45.39

Premier Equity Growth Fund 24-Jul-06 9.42 20.51 NA 31.86

Premier Equity Index Fund 24-Jul-06 21.24 22.42 NA 48.42

Pure Equity Fund 17-Dec-05 19.38 -0.38 22.79 46.03

Pure Stock Fund 21-Jul-06 24.49 13.66 NA 41.50

Secure Fund 15-Oct-04 16.47 6.31 3.05 30.92

Stable Fund 15-Sep-04 14.25 4.46 4.69 30.53



93


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

Particulars F.Y. 2007-08 F.Y. 2006-07Fund Fund Misc. Policy Switching Mortality Rider Fund Fund Misc.

Manage- Admini- Charges Admin Charge Charge Premium Manage- Admini- Chargesment stration Charge Charge ment stration

Expenses Expenses Expenses ExpensesAcc Mid Cap Fund 24,749 - 182 86,755 2 74,532 12,684 2,676 - -Acc Mid Cap Pension Fund 2,285 - 15 897 1 9 1 462 - -Accelerated Fund 853 - - - - - - 456 - -Asset Allocation Fund 23,419 - - 186,999 - 59,044 4,475 - - -Asset Allocation Pension Fund 186 - - - - 255 17 - - -Balanced Fund - - - - - - - - - -Balanced Plus Fund - - - - - - - - - -Balanced Plus Pension Fund - - - - - - - - - -Balancer Fund - - - - - - - - - -Balancer Pension Fund - - - - - - - - - -Bond Fund 7,317 - 87 64,016 32 48,713 22,490 1,169 - -Bond Pension Fund 638 - 8 879 12 2 - 107 - -Capital Guarantee Fund-2012 1,334 - 13 1,602 - 1,298 - 84 - -Capital Guarantee Fund-2014 95 - 1 104 - 101 - 6 - -Capital Guarantee Fund-2017 654 - 6 759 - 551 - 50 - -Cash Fund 9,971 12,533 555 - 318 15,940 6,741 8,200 10,250 115Cash Plus Fund 13,086 - 957 4,263 2,035 11,172 1,750 14,410 - 274Cash Plus Pension Fund 1,091 - 200 712 110 348 42 820 - 60Debt Fund 12,076 15,182 673 - 107 14,418 3,986 10,136 12,670 34Debt Plus Fund 10,242 - 770 6,799 983 12,827 2,066 6,414 - 127Debt Plus Pension Fund 849 - 221 962 194 545 86 671 - 54Equity Fund 48,255 60,602 2,606 - 88 38,890 11,847 30,346 37,932 472Equity Gain Fund 129,715 108,475 4,726 - 444 70,879 18,467 71,368 59,476 838Equity Growth Fund 297,704 - 2,273 978,013 16 754,681 134,903 35,261 - -Equity Growth Pension Fund 17,734 - 140 10,648 6 77 5 3,179 - -Equity Index Fund 23,282 - 1,224 13,995 609 17,992 3,414 15,709 - 333Equity Index Fund-II 83,775 - 739 500,668 21 320,266 56,164 6,315 - -Equity Index Pension Fund 1,962 - 246 1,069 41 482 125 1,316 - 57Equity Index Pension Fund-II 5,930 - 49 7,119 5 190 11 508 - -Equity Midcap Fund 19,453 16,274 728 - 25 13,296 3,907 12,872 10,726 30Equity Midcap Pension Fund 2,342 - 235 668 2 172 28 1,699 - 63Equity Midcap Plus Fund 33,334 - 1,162 7,134 94 12,790 3,178 26,354 - 316Equity Plus Fund 212,979 - 7,496 33,746 3,227 73,627 18,235 144,106 - 2,019Equity Plus Pension Fund 15,276 - 492 5,077 226 1,322 281 12,219 - 134Group Debt Fund 21 - - - - - - - - -Life Long Gain Fund 1,379 1,723 220 - - 1,878 - 748 935 50Liquid Fund 1,956 - 23 16,568 6 13,055 5,888 235 - -Liquid Pension Fund 233 - 3 1,224 - 1 - 44 - -Premier Balanced Fund - - - - - - - - - -Premier Balancer Fund - - - - - - - - - -Premier Bond Fund 4,926 - 22 1,283 11 878 - 1,232 - -Premier Debt Fund 5,624 - 319 4,378 16 727 - 5,239 - 65Premier Equity Fund 13,458 - 307 10,175 12 1,921 - 11,159 - 67Premier Equity Gain Fund 22,115 - 532 16,485 5 3,526 - 19,192 - 67Premier Equity Growth Fund 47,783 - 293 12,584 8 8,151 - 12,391 - -Premier Equity Index Fund 17,970 - 100 4,627 4 2,748 - 3,676 - -Pure Equity Fund 8,387 - 279 36,235 - 16,507 2,049 4,414 - 67Pure Stock Fund 5,482 - 30 107,254 - 41,830 8,177 855 - -Secure Fund 300 - - - - - - 72 - -Stable Fund 6,675 - - - - - - 1,479 - 67Total 1,136,895 214,789 27,932 2,123,697 8,660 1,635,641 321,017 467,649 131,989 5,309

Basis of Payment of FeesFund Managemenent Charges % of NAVFund Adminstration Charges % of Nav/Fixed AmountMisc. Charges % of Asset Under ManagementPolicy Admin Charge Charges applicable p.a.Switching Charge Expense per switchMortality Charge As per mortality tableRider Premium Charge As per rider charges in the policy documents



94


Enclosure C: Summary Of Industry Wise Disclosure Of InvestmentsIndustry F.Y.2007-08 F.Y.2006-07

Amt in Rs. ‘000 Exposure (%) Amt in Rs. ‘000 Exposure (%)

Banking Service Industry - Fixed Deposit 1,699,800 1.66 1,681,000 3.52

Banking Service Industry - Other than Fixed Deposits 17,140,807 16.70 8,567,601 17.96

Computer Software Industry 7,404,976 7.21 5,407,527 11.34

Others 76,420,357 74.43 32,049,923 67.18

Total 102,665,940 100.00 47,706,051 100.00

Fundwise Industrywise Disclosure of InvestmentsPortolio Name F.Y.2007-08 F.Y.2006-07

Banking Services Computer Software Others Banking Services Computer Software Others Industry Industry Industry Industry

Amt. in Exposure Amt. in Exposure Amt. in Exposure Amt. in Exposure Amt. in Exposure Amt. in ExposureRs. ‘000 (%) Rs. ‘000 (%) Rs. ‘000 (%) Rs. ‘000 (%) Rs. ‘000 (%) Rs. ‘000 (%)

Acc Mid Cap Fund 551,818 2.93 98,562 1.33 1,690,941 2.21 84,733 0.83 78,607 1.45 435,893 1.36

Acc Mid Cap Pension Fund 45,427 0.24 8,626 0.12 142,534 0.19 5,890 0.06 8,631 0.16 50,417 0.16

Accelerated Fund 24,555 0.13 2,639 0.04 36,838 0.05 32,125 0.31 3,210 0.06 29,392 0.09

Asset Allocation Fund 1,529,470 8.12 448,363 6.05 6,909,806 9.04 - - - - - -

Asset Allocation Pension Fund 35,962 0.19 12,468 0.17 151,817 0.2 - - - - - -

Bond Fund 424,551 2.25 - - 659,099 0.86 204,076 1.99 - - 170,772 0.53

Bond Pension Fund 42,391 0.22 - - 49,767 0.07 17,826 0.17 - - 8,367 0.03

Capital Guarantee Fund 2012 3,220 0.02 2,781 0.04 108,921 0.14 1,110 0.01 2,271 0.04 57,989 0.18

Capital Guarantee Fund 2014 413 - 235 - 7,478 0.01 102 - 206 - 3,802 0.01

Capital Guarantee Fund 2017 2,148 0.01 2,317 0.03 49,542 0.06 1,073 0.01 2,195 0.04 30,485 0.10

Cash Fund 866,788 4.6 - - 90,180 0.12 809,139 7.90 - - 90,091 0.28

Cash Plus Fund 1,608,112 8.54 - - 103,371 0.14 1,465,592 14.31 - - 190,032 0.59

Cash Plus Pension Fund 96,920 0.51 - - 10,467 0.01 119,349 1.16 - - 3,432 0.01

Debt Fund 372,015 1.97 - - 775,063 1.01 412,506 4.02 - - 692,404 2.16

Debt Plus Fund 579,312 3.07 - - 988,415 1.29 372,676 3.64 - - 592,401 1.85

Debt Plus Pension Fund 57,746 0.31 - - 76,814 0.1 21,306 0.21 - - 83,654 0.26

Equity Fund 424,393 2.25 440,848 5.95 3,841,713 5.03 403,402 3.94 710,485 13.14 2,655,802 8.29

Equity Gain Fund 1,036,647 5.5 786,134 10.62 7,079,538 9.26 982,145 9.58 670,553 12.40 4,323,080 13.49

Equity Growth Fund 5,102,943 27.08 1,804,407 24.37 17,600,352 23.04 1,339,451 13.07 858,238 15.87 5,594,983 17.44

Equity Growth Pension Fund 247,758 1.32 116,687 1.58 987,028 1.29 91,378 0.89 58,198 1.08 377,939 1.18

Equity Index Fund 224,645 1.19 230,164 3.11 2,006,215 2.64 212,442 2.07 357,136 6.60 1,320,943 4.12

Equity Index Fund - II 1,476,620 7.84 1,278,853 17.27 11,155,952 14.6 291,884 2.85 407,141 7.53 1,556,338 4.86

Equity Index Pension Fund 17,673 0.09 18,339 0.25 159,810 0.21 18,826 0.18 30,291 0.56 111,989 0.35

Equity Index Pension Fund - II 127,169 0.67 103,333 1.4 900,483 1.18 24,046 0.23 26,336 0.49 97,607 0.30

Equity Midcap Fund 298,869 1.59 59,344 0.8 971,814 1.27 165,906 1.62 132,047 2.44 695,062 2.17

Equity Midcap Pension Fund 31,253 0.17 7,913 0.11 103,010 0.13 19,270 0.19 15,689 0.29 83,159 0.26

Equity Midcap Plus Fund 489,209 2.6 113,456 1.53 1,531,015 2 228,670 2.23 236,631 4.38 1,313,236 4.10

Equity Plus Fund 1,300,673 6.90 1,286,238 17.36 11,464,970 15 1,669,975 16.29 1,222,437 22.61 8,013,618 25.00

Equity Plus Pension Fund 157,895 0.85 86,929 1.17 722,159 0.94 147,325 1.44 97,890 1.81 627,554 1.96

Life Long Gain Fund 48,386 0.26 - - 119,313 0.16 52,235 0.51 - - 51,146 0.16

Liquid Fund 294,665 1.56 - - 13,786 0.02 90,322 0.88 - - 3,736 0.01

Liquid Pension Fund 21,772 0.12 - - 3,121 - 9,763 0.10 - - 59 -

Premier Bond Fund 84,410 0.45 - - 84,851 0.11 56,761 0.55 - - 47,549 0.15

Premier Debt Fund 71,068 0.38 - - 122,290 0.16 109,369 1.07 - - 104,694 0.33

Premier Equity Fund 48,244 0.26 50,821 0.69 442,699 0.58 55,362 0.54 105,125 1.94 388,652 1.21

Premier Equity Gain Fund 94,405 0.5 76,427 1.03 666,577 0.88 183,268 1.79 108,110 2.00 669,610 2.09

Premier Equity Growth Fund 260,461 1.38 135,696 1.83 1,515,806 1.98 214,089 2.09 125,253 2.32 783,895 2.45

Premier Equity Index Fund 89,782 0.48 87,376 1.18 763,879 1 46,708 0.46 67,871 1.26 251,647 0.79

Pure Equity Fund - - 62,475 0.84 566,940 0.74 - - 57,814 1.07 302,199 0.94

Pure Stock Fund - - 66,311 0.9 557,452 0.73 - - 18,655 0.34 96,936 0.30

Secure Fund 30,594 0.16 1,315 0.02 141,270 0.18 3,136 0.03 102 - 2,935 0.01

Stable Fund 620,225 3.29 15,919 0.21 1,047,261 1.37 285,365 2.78 6,405 0.12 136,424 0.43

Total 18,840,607 100.00 7,404,976 100.00 76,420,357 100.00 10,248,601 100.00 5,407,527 100 32,049,923 100.00



95

Instrument F.Y. 2007-08 F.Y. 2006-07

Amt in Rs. ‘000 (%) Amt in Rs. ‘000 (%)

10% Punjab National Bank - 13-Mar-2009 FD 100,000 0.53 - -

10% Saraswat Bank - 06-May-2008 FD 50,000 0.27 50,000 0.49

10.10% PNB 12 March 2009 300,000 1.59 - -

10.10% SBI Upper Tier II 12 SEP 2022 Call 12 SEP 2017 312,641 1.66 - -

10.20% Syndicate Bank - 17-Mar-2009 FD 150,000 0.80 - -

10.25% HDFC Bank Ltd - 08-Jul-2008 FD 49,900 0.26 - -

10.5% Saraswat Bank - 24-Mar-2010 FD 50,000 0.27 - -

10.50% HDFC Bank Ltd - 03-Jul-2008 FD 49,900 0.26 - -

10.50% Saraswat Bank 24 March 2010 50,000 0.27 - -

10.95% ICICI Bank Ltd - 03-Mar-2008 FD - - 251,000 2.45

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

11.11% State Bank of Hyderabad - 03-Mar-2008 FD - - 100,000 0.98

11.15% YES Bank - 10-Jun-2008 FD 100,000 0.53 - -

11.25% Canara Bank - 03-Mar-2009 FD 100,000 0.53 100,000 0.98

11.25% ICICI Bank Ltd - 13-Mar-2009 FD 100,000 0.53 100,000 0.98

11.25% Syndicate Bank - 17-Mar-2008 FD - - 50,000 0.49

11.30% Syndicate Bank - 24-Mar-2009 FD 50,000 0.27 50,000 0.49

11.30% Canara Bank - 13-Mar-2009 FD 150,000 0.80 150,000 1.46

11.30% Canara Bank - 14-Mar-2008 FD - - 100,000 0.98

11.30% Syndicate Bank - 24-Mar-2009 FD (29/03/07) 200,000 1.06 200,000 1.95

11.5% Punjab National Bank - 21-Mar-2008 FD - - 200,000 1.95

6.00% IDBI OMNI Bonds M - 16/01/2009 48,713 0.26 46,514 0.45

8.25% ICICI Bank Ltd - 13-Aug-2007 FD - - 100,000 0.98

8.90% ICICI Bank Ltd - 12-Apr-2007 FD - - 100,000 0.98

8.96% Syndicate Bank - 28-Dec-2007 FD - - 80,000 0.78

8.96% Syndicate Bank - 29-Dec-2007 FD - - 50,000 0.49

9.30% Bank of Baroda - U Tier II 28-Dec-2022 C 28-Dec-2017 148,225 0.79 - -

9.30% State Bank of Patiala Upper Tier II 20 Dec 2022 Call 20 Dec 2017 49,410 0.26 - -

9.35% PNB Upper Tier II 12 Dec 2022 Call 12 Dec 2017 99,441 0.53 - -

9.35% Punjab National Bank - 05-Mar-2023 05-Mar-2018 C 49,751 0.26 - -

9.85% Canara Bank - 28-Mar-2009 FD 200,000 1.06 - -

9.90% State Bank of Patiala Upper Tier II 28 SEP 2022 Call 28 SEP 2017 51,255 0.27 - -

9.98% ICICI Bank perpetual call 13 Sept 2016 50,574 0.27 - -

Allahabad Bank CD 03 Mar 09 137,412 0.73 - -

Allahabad Bank CD 12 March 2008 - - 227,215 2.22

Allahabad Bank CD 22 Feb 2008 - - 45,756 0.45

Allahabad Bank CD 27 Feb 2009 229,672 1.22 - -

Allahabad Bank CD- 31-Oct-2007 - - 143,287 1.40

Allahabad Bank CD 19 Sept 2007 - - 48,175 0.47

AXIS Bank CD 01 Oct 2008 239,519 1.27 - -

AXIS Bank CD 19 Feb 2009 275,846 1.46 - -

AXIS Bank CD 24 Nov 08 235,898 1.25 - -

AXIS Bank CD - 09-May-2008 49,596 0.26 - -

Canara Bank CD 04 Feb 2009 92,969 0.49 - -

Canara Bank CD 07 Oct 2008 143,640 0.76 - -

Canara Bank CD 28 Feb 2008 - - 501,481 4.89

Citi Bank CD 7 July 2008 244,794 1.30 - -

Corporation Bank CD 12 Feb 09 138,590 0.74 - -

Corporation Bank CD 20 May 08 345,688 1.83 - -

Federal Bank Ltd - 29-Jun-2007 - - 98,041 0.96

HDFC Bank CD 15 June 2007 - - 49,213 0.48

HDFC Bank CD 28 June 2007 - - 147,138 1.44


Banking Services - Exposure details - Scrip Wise



96

HDFC Bank Ltd 389,586 2.07 141,884 1.38

HSBC CD 11 July 2007 - - 146,788 1.43

ICICI Bank CD 03 Jan 2008 - - 93,474 0.91

ICICI Bank CD 10 Mar 09 456,463 2.42 - -

ICICI Bank CD 21 May 2007 - - 98,876 0.96

ICICI Bank CD 27 Aug 08 241,063 1.28 - -

ICICI Bank CD 27 Feb 2009 458,620 2.43 - -

ICICI Bank CD 29 June 2007 - - 196,148 1.91

ICICI Bank CD 31 Jul 2007 - - 97,428 0.95

ICICI Bank CD 6 March 2008 - - 136,016 1.33

ICICI Bank Ltd 2,229,417 11.83 900,510 8.76

ICICI Bank Ltd - 04-Apr-2007 - - 49,957 0.49

ICICI Bank Ltd CD - 22-Jun-2007 - - 98,251 0.96

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

IDBI Bank CD 05 March 2008 - - 136,427 1.33

IDBI Bank CD 12 Mar 09 228,039 1.21 - -

IDBI Bank CD 13 Nov 2007 - - 95,232 0.93

IDBI Bank CD 19 May 08 98,747 0.52 - -

IDBI Ltd 302,940 1.61 - -

Indian Bank CD - 09-Apr-2007 - - 99,807 0.97

Indian Bank CD 05 Jun 07 - - 98,580 0.96

Indian Bank CD 20 Jul 2007 - - 48,852 0.48

Indian Bank CD 4 April 08 199,829 1.06 - -

ING Vysya Bank CD 06 Apr 2007 - - 49,936 0.49

ING Vysya Bank Ltd 355,080 1.88 75,663 0.74

Kotak Bank CD 4 July 2008 244,480 1.30 - -

Kothak Mahindra Bank CD - 10-Jul-2007 - - 97,815 0.95

Kothak Mahindra Bank CD- 19-Jun-2007 - - 98,288 0.96

Kotak Mahindra Bank CD 30 May 2008 147,750 0.78 - -

Kotak Mahindra Bank CD 31 Jul 2007 - - 97,446 0.95

Oriental Bank of Commerce 172,679 0.92 22,112 0.22

Oriental Bank of Commerce CD 15 Sep 08 239,251 1.27 - -

Oriental Bank of Commerce CD 24 Dec 08 93,741 0.50 - -

PNB CD 12 Jan 2009 233,600 1.24 - -

PNB CD 28 June 2007 - - 97,859 0.95

Punjab National Bank 787,690 4.18 636,222 6.21

Punjab National Bank-CD - 24-Feb-2009 367,820 1.95 - -

SBBJ CD 20 Jan 2009 233,521 1.24 - -

State Bank Mysore CD 19 March 2008 - - 453,006 4.42

State Bank of Bikaner & Jaipur - 11-Jun-2007 - - 98,404 0.96

State Bank of Bikaner and Jaipur CD 04 Dec 08 141,458 0.75 - -

State Bank of Bikaner and Jaipur CD 13 June 08 245,762 1.30 - -

State Bank of Hyderabad- CD 07 Jun 2007 - - 49,214 0.48

State Bank of Hyderabad CD 12 June 2008 246,017 1.31 - -

State Bank of Hyderabad CD 28 May 08 197,064 1.05 - -

State Bank of Hyderabad CD 30 June 2008 243,890 1.29 - -

State Bank of India 1,981,609 10.52 917,072 8.95

State Bank of India CD- 14-May-2007 - - 49,541 0.48

State Bank of India CD 29 May 2008 888,309 4.71 - -

State Bank of Indore CD - 14-May-2007 - - 49,557 0.48

State Bank of Indore CD 12 May 2008 99,065 0.53 - -

State Bank of Indore CD 30 Apr 2007 - - 49,656 0.48



Instrument F.Y. 2007-08 F.Y. 2006-07

Amt in Rs. ‘000 (%) Amt in Rs. ‘000 (%)



97

State Bank of Mysore CD 01 Sep 08 240,061 1.27 - -

State Bank of Mysore CD 10 Feb 2009 369,947 1.96 - -

State Bank of Mysore CD 11 June 08 245,895 1.31 - -

State Bank of Patiala - 29-Nov-2007 - - 47,445 0.46

State Bank of Patiala -CD 06 Sep 07 - - 48,365 0.47

State Bank of Patiala CD 10 March 2009 228,822 1.21 - -

State Bank of Patiala CD 28 Oct 08 95,181 0.51 - -

State Bank of Patiala CD 29 Aug 2008 240,904 1.28 - -

State Bank of Travancore CD- 07-Jan-2008 - - 93,395 0.91

State Bank of Saurashtra - 21-Jun-2007 - - 98,281 0.96

UCO Bank CD 07 Feb 2008 - - 230,781 2.25

UCO Bank CD 20 Nov 08 141,843 0.75 - -

UCO Bank CD 21 Apr 2007 - - 49,779 0.49

UCO Bank CD 26 March 2009 136,816 0.73 - -

UCO Bank CD 29 June 2007 - - 49,047 0.48

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

Union Bank 30 May 2008 246,263 1.31 - -

Union Bank CD 18 July 2008 244,280 1.30 - -

Union Bank CD 20 March 2008 - - 452,868 4.42

Union Bank CD 23 Oct 2008 238,991 1.27 - -

Union Bank CD 24 June 2008 244,680 1.30 - -

UTI Bank CD 23 Aug 2007 - - 48,211 0.47

UTI Bank CD 28 Aug 2007 - - 145,289 1.42

UTI Bank Ltd CD 15-Jun-2007 - - 98,418 0.96

Yes Bank CD 12 Oct 2007 - - 47,992 0.47

Yes Bank CD - 30-Oct-2007 - - 47,760 0.47

Grand Total 18,840,607 100.00 10,248,601 100.00

Computer Software Industry - Exposure details - Scrip WiseInstrument F.Y. 2007-08 F.Y. 2006-07

Amt in Rs. ‘000 (%) Amt in Rs. ‘000 (%)

ALLIED DIGITAL SERVICES LTD 37,999 0.51 - 0.00

AZTEC SOFTWARE - - 45,143 0.83

HCL TECHNOLOGIES LTD 140,342 1.90 89,219 1.65

INFOSYS TECHNOLOGIES LTD 2,336,303 31.55 1,500,563 27.76

INFOTECH ENTERPRISES LTD - - 26,573 0.49

MASTEK LTD 377,302 5.10 92,923 1.72

MPHASIS BFL LIMITED 582,332 7.86 823,201 15.22

NIIT TECHNOLOGIES LIMITED - - 92,188 1.70

ONMOBILE GLOBAL LIMITED 6,707 0.09 - 0.00

SATYAM COMPUTER SERVICES LTD 1,310,511 17.70 866,937 16.03

TATA CONSULTANCY SERVICES LTD 1,554,074 20.99 1,340,287 24.79

TULIP IT SERVICES LIMITED 75,960 1.03 61,599 1.14

WIPRO LTD 983,448 13.28 468,894 8.67

Grand Total 7,404,976 100.00 5,407,527 100.00



Instrument F.Y. 2007-08 F.Y. 2006-07

Amt in Rs. ‘000 (%) Amt in Rs. ‘000 (%)



98


Enclosure D : Highest, Lowest and Closing NAV for the year 2007-08

F.Y.2007-08 F.Y.2006-07

Fund Names Closing NAV Lowest NAV Highest NAV Closing NAV Lowest NAV Highest NAV31-Mar-08 (Rs.) (Rs.) (Rs.) 31-Mar-07 (Rs.) (Rs.) (Rs.)

Acc Mid Cap Fund 15.092 12.308 19.420 12.238 10.000 13.580

Acc Mid Cap Pension Fund 15.181 11.946 19.217 11.898 10.000 13.237

Accelerated Fund 14.571 12.200 16.694 12.171 10.689 12.685

Asset Allocation Fund 10.004 9.714 11.331 NA NA NA

Asset Allocation Pension Fund 9.656 9.311 10.112 NA NA NA

Balanced Fund 15.937 13.832 18.851 13.806 11.408 14.536

Balanced Plus Fund 17.836 15.460 20.964 15.425 12.825 16.166

Balanced Plus Pension Fund 16.878 14.548 19.733 14.512 11.970 15.206

Balancer Fund NA 11.231 11.675 11.198 9.933 11.665

Balancer Pension Fund NA 11.160 11.603 11.133 10.000 11.554

Bond Fund 11.409 10.449 11.458 10.414 10.000 10.414

Bond Pension Fund 11.548 10.475 11.548 10.446 10.000 10.446

Capital Guarantee Fund- 2012 10.990 9.999 11.920 9.986 9.837 10.102



Cash Fund 12.182 11.247 12.182 11.215 10.654 11.215

Cash Plus Fund 12.814 11.668 12.814 11.628 10.888 11.628

Cash Plus Pension Fund 12.739 11.529 12.739 11.490 10.738 11.490

Debt Fund 11.511 10.617 11.540 10.583 10.247 10.616

Debt Plus Fund 12.058 10.982 12.058 10.940 10.448 10.944

Debt Plus Pension Fund 12.395 11.270 12.414 11.227 10.668 11.227

Equity Fund 22.251 18.271 29.747 18.262 12.608 20.110

Equity Gain Fund 27.597 24.562 36.915 24.447 17.242 27.138

Equity Growth Fund 13.544 11.904 18.135 11.845 9.564 13.039

Equity Growth Pension Fund 13.314 11.924 18.509 11.865 10.000 13.403

Equity Index Fund 28.230 22.848 37.578 22.835 15.649 25.099

Equity Index Fund - II 15.227 12.416 20.320 12.387 9.788 13.629

Equity Index Pension Fund 24.826 20.169 33.109 20.148 13.798 22.151

Equity Index Pension Fund - II 14.933 12.180 19.917 12.157 10.000 13.384

Equity Midcap Fund 21.174 18.430 28.182 18.362 13.522 20.486

Equity Midcap Pension Fund 23.710 19.523 29.914 19.440 13.977 21.662

Equity Midcap Plus Fund 22.372 18.967 29.307 18.886 13.518 21.064

Equity Plus Fund 28.445 25.309 38.523 25.178 17.454 27.916

Equity Plus Pension Fund 25.065 22.195 33.741 22.082 15.303 24.489

Group Debt Fund 10.000 10.000 10.017 NA NA NA

Life Long Gain Fund 10.741 9.931 10.778 9.901 9.517 9.901

Liquid Fund 11.563 10.546 11.563 10.514 10.000 10.514

Liquid Pension Fund 11.528 10.515 11.528 10.483 10.000 10.483

Premier Balance Fund 13.297 11.685 15.446 11.664 9.882 12.179

Premier Balancer Fund NA 11.080 11.508 11.060 10.000 11.529

Premier Bond Fund 11.095 10.308 11.163 10.279 10.000 10.279

Premier Debt Fund 11.452 10.594 11.518 10.562 10.158 10.562

Premier Equity Fund 16.326 13.384 21.762 13.383 9.238 14.742

Premier Equity Gain Fund 14.539 13.385 21.744 13.320 9.332 14.787

Premier Equity Growth Fund 13.186 12.105 18.330 12.050 10.000 13.359

Premier Equity Index Fund 14.842 12.247 19.853 12.241 10.000 13.492

Pure Equity Fund 14.603 12.179 17.925 12.231 9.445 13.589

Pure Stock Fund 14.150 11.317 17.106 11.366 10.000 12.625

Secure Fund 13.092 11.241 13.239 11.206 10.562 11.206

Stable Fund 13.053 11.425 14.504 11.387 10.839 11.635



99

Fund Names Expense Ratio (%)

F.Y.2007-08 F.Y.2006-07

Acc Mid Cap Fund 1.76 1.75

Acc Mid Cap Pension Fund 1.76 1.75

Accelerated Fund 1.20 1.20

Asset Allocation Fund 1.24 NA

Asset Allocation Pension Fund 1.25 NA

Bond Fund 0.96 0.95

Bond Pension Fund 0.96 0.95

Capital Guarantee Fund- 2012 1.25 1.25



Cash Fund 2.31 2.26

Cash Plus Fund 0.75 0.71

Cash Plus Pension Fund 0.83 0.75

Debt Fund 2.31 2.25

Debt Plus Fund 0.75 0.71

Debt Plus Pension Fund 0.88 0.76

Equity Fund 2.31 2.27

Equity Gain Fund 2.81 2.77

Equity Growth Fund 1.76 1.75

Equity Growth Pension Fund 1.76 1.75

Equity Index Fund 1.05 1.02

Equity Index Fund - II 1.26 1.25

Equity Index Pension Fund 1.13 1.04

Equity Index Pension Fund - II 1.26 1.25

Equity Midcap Fund 2.81 2.75

Equity Midcap Pension Fund 1.65 1.56

Equity Midcap Plus Fund 1.55 1.52

Equity Plus Fund 1.55 1.52

Equity Plus Pension Fund 1.55 1.52

Group Debt Fund 1.00 NA

Life Long Gain Fund 2.42 2.32

Liqiud Pension Fund 0.96 0.95

Liquid Fund 0.96 0.95

Premier Bond Fund 2.77 2.75

Premier Debt Fund 2.38 2.28

Premier Equity Fund 2.30 2.26

Premier Equity Gain Fund 2.31 2.26

Premier Equity Growth Fund 2.77 2.75

Premier Equity Index Fund 2.77 2.75

Pure Equity Fund 1.55 1.52

Pure Stock Fund 1.76 1.75

Secure Fund 1.20 1.20

Stable Fund 1.20 1.25

Note: The above percenatage of charges exclude charges deducted by wayof cancellation of units


Enclosure E : Annualised Expense Ratio to AverageDaily Assets of the Fund

Fund Names Income Ratio (%)

F.Y.2007-08 F.Y.2006-07

Acc Mid Cap Fund 11.01 7.00

Acc Mid Cap Pension Fund 16.41 15.32

Accelerated Fund 19.72 8.45

Asset Allocation Fund -22.55 NA

Asset Allocation Pension Fund -9.69 NA

Bond Fund 9.68 7.88

Bond Pension Fund 11.33 7.70




Cash Fund 10.60 7.54

Cash Plus Fund 10.34 7.67

Cash Plus Pension Fund 11.30 7.68

Debt Fund 10.80 6.05

Debt Plus Fund 10.69 6.20

Debt Plus Pension Fund 10.54 6.69

Equity Fund 20.30 13.78

Equity Gain Fund 11.16 14.40

Equity Growth Fund 2.86 0.85

Equity Growth Pension Fund 0.90 1.26

Equity Index Fund 18.59 12.30

Equity Index Fund II -3.93 2.59

Equity Index Pension Fund 19.73 13.77

Equity Index Pension Fund II -11.79 9.34

Equity Midcap Fund 14.65 22.57

Equity Midcap Pension Fund 19.59 24.50

Equity Midcap Plus Fund 17.49 22.49

Equity Plus Fund 10.84 13.43

Equity Plus Pension Fund 13.24 13.49

Group Debt Fund 1.00 NA

Life Long Gain Fund 10.23 7.16

Liquid Fund 10.38 8.36

Liquid Pension Fund 10.43 8.02

Premier Bond Fund 10.54 7.71

Premier Debt Fund 10.86 7.29

Premier Equity Gain Fund 12.72 8.71

Premier Equity Fund 22.10 14.26

Premier Equity Growth Fund 5.99 8.49

Premier Equity Index Fund 9.09 11.24

Pure Equity Fund 16.62 7.45

Pure Stock Fund 6.38 9.12

Secure Fund 1.61 7.81

Stable Fund 9.55 7.19


Enclosure F : Ratio of Gross Income toAverage Daily Assets of the Fund



100

Appe

ndix

III r

efer

Sch

edul

e 16

Not

e 24

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Acc M

id C

apAc

c Mid

Cap

Acce

lera

ted

Asse

tAs

sets

Bond

Bond

Capi

tal

Capi

tal

Capi

tal

Cash

Fun

d P

ensio

n F

und

Allo

catio

nAl

loca

tion

Fund

Pens

ion

Guar

ante

eGu

aran

tee

Guar

ante

eFu

nd F

und

Fun

d P

ensi

on F

und

Fun

d F

und-

2012

Fun

d-20

14 F

und-

2017

Gov

ernm

ent B

onds

--

8(9

,772

)(3

58)

(1,5

81)

(3)

(88)

822

8-

Corp

orat

e Bo

nds

235

35(9

,019

)(8

7)(3

,693

)(1

54)

1,11

1(4

)(2

6)-

Infr

astr

uctu

re B

onds

--

(35)

(16,

228)

(264

)(2

,106

)15

2(1

1)77

317

-Eq

uity

(107

,822

)(1

2,83

3)72

6(4

16,5

46)

(1,4

47)

--

821

184

1,72

9-

Mon

ey M

arke

t-

--

--

--

--

--

Mut

ual F

und

--

--

--

--

--

-D

epos

it w

ith B

anks

--

--

--

--

--

-

Tota

l(A)

(107

,799

)(1

2,82

8)73

4(4

51,5

65)

(2,1

56)

(7,3

80)

(5)

1,83

326

52,

248

-

Corp

orat

e Bo

nds

--

--

--

--

--

-In

fras

truc

ture

Bon

ds-

--

--

--

--

--

Equi

ty(7

,884

)66

9(4

6)(7

0,14

3)(2

5)-

-33

056

566

-M

utua

l Fun

d61

--

209

--

--

--

-

Tota

l(B)

(7,8

23)

669

(46)

(69,

934)

(25)

--

330

5656

6-

Tota

l(A+

B)(1

15,6

22)

(12,

159)

688

(521

,499

)(2

,181

)(7

,380

)(5

)2,

163

321

2,81

4-

Not

e: T

he ab

ove

appr

ecia

tion

/ dep

reci

atio

n is

the

diffe

renc

e be

twee

n m

arke

t val

ue an

d th

e bo

ok co

st o

f the

inve

stm

ent a

s at 3

1st M

arch

200

8

Appe

ndix

III r

efer

Sch

edul

e 16

Not

e 24

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Cash

Cash

Plu

sD

ebt

Deb

t Plu

sD

ebt P

lus

Equi

tyEq

uity

Equi

tyEq

uity

Equi

tyEq

uity

Plu

sPe

nsio

n F

und

Fund

Pens

ion

Fund

Gai

nGr

owth

Gro

wth

Inde

xIn

dex

Fun

d F

und

Fun

d F

und

Fun

d P

ensi

on F

und

Fun

d F

und

II

Gov

ernm

ent B

onds

--

56(1

,987

)(4

83)

--

--

--

Corp

orat

e Bo

nds

--

(1,5

23)

(5,1

03)

(173

)-

--

--

-In

fras

truc

ture

Bon

ds-

-(4

,896

)(2

,444

)86

--

--

--

Equi

ty-

--

--

1,10

0,18

751

8,88

4(9

63,6

58)

(122

,059

)33

7,45

7(3

72,9

09)

Mon

ey M

arke

t-

--

--

--

--

--

Mut

ual F

und

--

--

--

--

--

-D

epos

it w

ith B

anks

--

--

--

--

--

-

Tota

l(A)

--

(6,3

63)

(9,5

34)

(570

)1,

100,

187

518,

884

(963

,658

)(1

22,0

59)

337,

457

(372

,909

)

Corp

orat

e Bo

nds

--

--

--

--

--

-In

fras

truc

ture

Bon

ds-

--

--

--

--

--

Equi

ty-

--

--

313,

689

(54,

768)

(472

,490

)(5

2,15

1)11

9,20

6(9

7,07

9)M

utua

l Fun

d-

--

--

-24

249

7-

-

Tota

l(B)

--

--

-31

3,68

9(5

4,74

4)(4

72,2

41)

(52,

144)

119,

206

(97,

079)

Tota

l(A+

B)-

-(6

,363

)(9

,534

)(5

70)

1,41

3,87

646

4,14

0(1

,435

,899

)(1

74,2

03)

456,

663

(469

,988

)

Not

e: T

he ab

ove

appr

ecia

tion

/ dep

reci

atio

n is

the

diffe

renc

e be

twee

n m

arke

t val

ue an

d th

e bo

ok co

st o

f the

inve

stm

ent a

s at 3

1st M

arch

200

8



101

Appe

ndix

III r

efer

Sch

edul

e 16

Not

e 24

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Equi

tyEq

uity

Equi

tyEq

uity

Gro

upLi

fe L

ong

Liqu

idLi

quid

Mid

Cap

Mid

Cap

Mid

Cap

Inde

x Pe

nsio

nIn

dex

Pens

ion

Plu

sPl

us D

ebt

Gai

n F

und

Pens

ion

Fun

dPe

nsio

n P

lus

Fun

d F

und

II F

und

Pen

sion

Fun

d F

und

Fun

d F

und

Fun

d F

und

Gov

ernm

ent B

onds

--

--

-(6

)-

--

--

Corp

orat

e Bo

nds

--

--

-(1

37)

--

173

29In

fras

truc

ture

Bon

ds-

--

--

(862

)-

--

--

Equi

ty25

,573

(61,

359)

785,

192

20,9

41-

--

-(3

0,06

4)(6

,877

)(1

2,90

8)M

oney

Mar

ket

--

--

--

--

--

-M

utua

l Fun

d-

--

--

--

--

--

Dep

osit

with

Ban

ks-

--

--

--

--

--

Tota

l(A)

25,5

73(6

1,35

9)78

5,19

220

,941

-(1

,005

)-

-(3

0,04

7)(6

,874

)(1

2,87

9)

Corp

orat

e Bo

nds

--

--

--

--

--

-In

fras

truc

ture

Bon

ds-

--

--

--

--

--

Equi

ty8,

592

(15,

118)

(223

,725

)8,

831

--

--

5,66

21,

911

17,1

92M

utua

l Fun

d-

-21

1-

--

--

17-

55

Tota

l(B)

8,59

2(1

5,11

8)(2

23,5

14)

8,83

1-

--

-5,

679

1,91

117

,247

Tota

l(A+

B)34

,165

(76,

477)

561,

678

29,7

72-

(1,0

05)

--

(24,

368)

(4,9

63)

4,36

8

Not

e: T

he ab

ove

appr

ecia

tion

/ dep

reci

atio

n is

the

diffe

renc

e be

twee

n m

arke

t val

ue an

d th

e bo

ok co

st o

f the

inve

stm

ent a

s at 3

1st M

arch

200

8

Appe

ndix

III r

efer

Sch

edul

e 16

Not

e 24

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Prem

ier

Pure

Pure

Secu

reSt

able

Tota

l B

ond

Deb

t Eq

uity

Equi

tyEq

uity

Equi

ty Eq

uity

Stoc

k F

und

Fun

d F

und

Fun

d F

und

Gai

n Fu

nd G

row

th Fu

nd In

dex

Fund

Fun

d F

und

Gov

ernm

ent B

onds

388

--

--

--

(254

)93

(14,

093)

Corp

orat

e Bo

nds

(65)

(718

)-

--

--

-42

(496

)(1

9,93

3)In

fras

truc

ture

Bon

ds(3

44)

(527

)-

--

--

-(4

34)

(401

)(2

7,92

0)Eq

uity

--

5,75

520

,179

(150

,746

)19

,978

71,2

03(1

1,12

7)(6

72)

(30,

030)

607,

752

Mon

ey M

arke

t-

--

--

--

--

--

Mut

ual F

und

--

--

--

--

--

-D

epos

it w

ith B

anks

--

--

--

--

--

-

Tota

l(A)

(371

)(1

,237

)5,

755

20,1

79(1

50,7

46)

19,9

7871

,203

(11,

127)

(1,3

18)

(30,

834)

545,

806

Corp

orat

e Bo

nds

--

--

--

--

--

-In

fras

truc

ture

Bon

ds-

--

--

--

--

--

Equi

ty-

-2,

492

(34,

738)

(23,

182)

13,5

8529

,129

745

(112

)(3

,644

)(5

32,4

50)

Mut

ual F

und

--

--

3-

--

--

836

Tota

l(B)

--

2,49

2(3

4,73

8)(2

3,17

9)13

,585

29,1

2974

5(1

12)

(3,6

44)

(531

,614

)

Tota

l(A+

B)(3

71)

(1,2

37)

8,24

7(1

4,55

9)(1

73,9

25)

33,5

6310

0,33

2(1

0,38

2)(1

,430

)(3

4,47

8)14

,192

Not

e: T

he ab

ove

appr

ecia

tion

/ dep

reci

atio

n is

the

diffe

renc

e be

twee

n m

arke

t val

ue an

d th

e bo

ok co

st o

f the

inve

stm

ent a

s at 3

1st M

arch

200

8



102

Appe

ndix

III r

efer

Sch

edul

e 16

Not

e 23

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Acce

lera

ted

Acce

lera

tor

Acce

lera

tor

Bond

Capi

tal

Capi

tal

Capi

tal

Cash

Cash

Cash

Plu

sG

ain

Fund

Mid

Cap

Mid

Cap

Pens

ion

Gua

rant

ee G

uara

ntee

Gua

rant

eeFu

ndPl

usPe

nsio

nFu

ndPe

nsio

n Fu

nd F

und

Fun

d 20

12 F

und

2014

Fun

d 20

17 F

und

Fun

d

Gov

ernm

ent B

onds

--

--

(120

)-

(15)

--

-Co

rpor

ate

Bond

s(2

12)

192

(91)

(47)

(77)

-(2

9)(1

)-

Infr

astr

uctu

re B

onds

(89)

--

--

-(1

78)

(1)

(5)

-Eq

uity

1,25

9(1

4,82

7)(1

,873

)-

(313

)(2

8)(2

55)

--

-M

oney

Mar

ket

--

--

--

--

--

Mut

ual F

und

--

--

--

--

--

Tota

l (A)

958

(14,

808)

(1,8

71)

(91)

(480

)(1

05)

(448

)(3

0)(6

)-

Corp

orat

e Bo

nds

--

--

--

--

--

Infr

astr

uctu

re B

onds

--

--

--

--

--

Equi

ty80

7(1

,445

)(1

4)-

72

32-

--

Mut

ual F

und

--

--

--

--

--

Tota

l(B)

807

(1,4

45)

(14)

-7

232

--

-

Tota

l (A+

B)1,

765

(16,

253)

(1,8

85)

(91)

(473

)(1

03)

(416

)(3

0)(6

)-

Not

e: T

he ab

ove

appr

ecia

tion/

depr

ecia

tion

is th

e di

ffere

nce

betw

een

mar

ket v

alue

and

book

cost

of t

he in

vest

men

t as a

t 31st

Mar

ch 2

007.

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Deb

t Fun

dD

ebt P

lus

Deb

t Plu

sEq

uity

Equi

tyEq

uity

Equi

ty G

row

thEq

uity

Equi

ty In

dex

Equi

ty In

dex

Fun

d P

ensio

nFu

ndG

ain

Grow

th P

ensi

onIn

dex

Pen

sion

Pen

sion

Fun

d F

und

Fun

d F

und

Fun

d F

und

Fund

- 2

Gov

ernm

ent B

onds

(725

)(2

15)

--

-(1

36)

--

--

Corp

orat

e Bo

nds

(12,

755)

(13,

341)

(863

)28

396

(104

)22

2-

-In

fras

truc

ture

Bon

ds(1

6,47

6)(9

,449

)(5

94)

149

3-

--

-Eq

uity

--

-75

2,56

130

8,43

0(1

18,7

70)

(5,7

45)

187,

821

19,9

21(3

11)

Mon

ey M

arke

t-

--

--

--

--

-M

utua

l Fun

d-

--

--

--

--

-

Tota

l (A)

(29,

956)

(23,

005)

(1,4

57)

752,

590

308,

875

(119

,007

)(5

,723

)18

7,82

319

,921

(311

)

Corp

orat

e Bo

nds

(197

)(3

12)

(124

)-

--

--

--

Infr

astr

uctu

re B

onds

--

--

--

--

--

Equi

ty-

--

232,

402

241,

793

57,4

896,

811

95,8

908,

152

2,64

5M

utua

l Fun

d-

--

--

--

--

-

Tota

l(B)

(197

)(3

12)

(124

)23

2,40

224

1,79

357

,489

6,81

195

,890

8,15

22,

645

Tota

l (A+

B)(3

0,15

3)(2

3,31

7)(1

,581

)98

4,99

255

0,66

8(6

1,51

8)1,

088

283,

713

28,0

732,

334

Not

e: T

he ab

ove

appr

ecia

tion/

depr

ecia

tion

is th

e di

ffere

nce

betw

een

mar

ket v

alue

and

book

cost

of t

he in

vest

men

t as a

t 31st

Mar

ch 2

007.



103

Encl

osur

e - G

: Fu

ndw

ise

and

Clas

swis

e Ap

prec

iatio

n/(D

epre

ciat

ion)

in v

alue

of i

nves

tmen

ts(A

mt.

in R

s. ‘0

00)

Part

icul

ars

Equi

tyEq

uity

Equi

tyEq

uity

Equi

ty P

lus

Inco

me

Life

Lon

gLi

quid

Liqu

idN

ifty

Mid

Cap

Mid

Cap

Mid

Cap

Plu

s P

lus

Pens

ion

Fund

Gai

nFu

ndPe

nsio

n In

dex

Fund

Plu

s Fun

d P

ensi

on F

und

Fund

Fun

d F

und

Fun

dFu

nd

Gov

ernm

ent B

onds

--

-(6

7)-

--

--

-Co

rpor

ate

Bond

s1

(13)

-54

968

(2,3

42)

(908

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104

Cash Flow Statement for the year ended 31st March 2008(Amount in Rs. ‘000)


Cash Flow from Operating Activities

Receipts from customers

- Premium Income 97,167,145 52,965,721

- Premium & Other Deposits 247,202 588,493

97,414,347 53,554,214

Other Income

Interest on overdue premium 29,879 17,930

Unit linked fund administration / management charges 3,475,382 952,087

Others 87,763 34,308

3,593,024 1,004,325

Cash generated from operations 101,007,371 54,558,539

Cash paid towards Operating Activities

Commission (15,057,592) (8,328,257)

Claims (8,408,714) (6,958,837)

Other Expenses (19,795,497) (10,515,387)

Direct Taxes Paid (100,075) (76,261)

Change in Working Capital 1,329,449 2,661,253

(42,032,429) (23,217,489)

Cash flow before extraordinary item 58,974,942 31,341,050

Extraordinary Item - -

Net cash from Operating Activities ( A ) 58,974,942 31,341,050

Cash Flow from Investing Activities

Purchase of Fixed Assets (781,566) (319,404)

Purchase of Investments (159,729,950) (83,123,594)

(160,511,516) (83,442,998)

Interest & Dividend Received 4,019,655 628,682

Sale of Investment 91,644,486 50,927,847

Sale of Fixed Assets 2,067 -

95,666,208 51,556,529

Net cash from investing activities ( B ) (64,845,308) (31,886,469)

Cash Flow from Financing activities

Proceeds from Issuance of Share Capital 3,410 1,342

Share Premium received on issuance of Share Capital 5,097,950 2,006,290

5,101,360 2,007,632

Net cash from Financing Activities ( C ) 5,101,360 2,007,632

Net (decrease) / increase in Cash & Cash Equivalents (D = A + B + C ) (769,006) 1,462,213

Cash & Cash equivalents at the beginning of the Year 4,144,377 2,682,164

Cash & Cash Equivalents at the end of the Year 3,375,371 4,144,377

Components of cash & cash equivalents

Cash and Bank Balances ( as per Sch 11) 3,785,262 4,198,042

Temporary overdraft (as per Sch 13 ) (409,891) (53,665)

3,375,371 4,144,377

As per our report of even date attachedFor Kirtane & Pandit For S R Batliboi & Co. For Bajaj Allianz Life Insurance Company LimitedChartered Accountants Chartered AccountantsSuhas Deshpande Hemal Shah Rahul Bajaj Kamesh Goyal Ranjit GuptaPartner Partner Chairman Alternate Director and DirectorMembership No. 31787 Membership No. 42650 Chief Executive Officer





105

Balance sheet abstract and Company’s general business profile

I. Registration Details

Registration No. State Code15959 25

Balance Sheet Date 31 03 2008

Date Month Year

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

Public Issue Rights Issue- -

Bonus Issue Private Placement- 3,410

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

Total Liabilities Total Assets136,286,786 136,286,786

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

Paid-up Capital Reserves and Surplus (Shareholders)1,507,090 10,599,550

Secured Loans Unsecured Loans- -

Policyholders’ funds Others124,180,044 102

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

Net Fixed Assets Investments1,090,680 135,687,520

Net Current Assets Miscellaneous Expenditure(5,421,383) -

Accumulated loss (Shareholders) Others4,899,032 30,937

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

Turnover Total Expenditure- -

Profit/Loss before tax Profit/Loss after tax(2,138,825) (2,138,905)

Accumulated Profits-

Earnings per share Dividend rate (%)(14.22) -

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



106

VII. Generic Names of Principal Products/Services of Company

Item code no (ITC code) -

Product description Life Insurance Business

Note:

The Company being a life insurance company, the accounts of the Company are not required to be made in accordance with Schedule VI. Further,the Insurance Act, 1938, requires the accounts of the Company to be split between Policyholders’ and Shareholders’ Account. In view of this, it is notpossible to give all the information as required in Part III & Part IV of the Schedule.





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