|
|
|
MIRA
INFORM REPORT
|
Report No. : |
494628 |
|
Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Lodha Excelus, 13th Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi,
Mumbai - 400011, Maharashtra |
|
Tel. No.: |
91-22-67516680 / 39107365 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128245 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR
19984.753 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65110MH2000PLC128245 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
|
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GSTIN : |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged into carrying on the business of
life insurance. [Registered Activity] |
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|
|
|
No. of Employees
: |
14800 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
HDFC Standard Life Insurance Company Limited is a subsidiary of Housing Development Finance Corporation Limited (HDFC). The company was incorporated in the year 2000. HDFC Life is positioned as a leading life insurer in India, offering a range of individual and group insurance solutions. Its portfolio comprises various insurance and investment products such as Protection, Pension, Savings, Income and Health. As on June 30, 2017, the Company offered 31 individual and 10 group products, along with 8 optional rider benefits catering to specific needs of customers during each stage of their lives. HDFC Life has about 398 branches and presence in more than 980 cities and towns in India. HDFC Life distributes its products through a multi-channel network consisting of Insurance agents, Ban assurance partners (HDFC Bank, Saraswat Bank, RBL Bank), direct channel, Insurance Brokers and Online Insurance Platform. For the financial year 2017, the company has achieved decent sales turnover which has improved as compared to previous year marked by satisfactory profit margin. Rating derives strength from significant capital structure, managerial and operational support from its parent company. The company has its share price trading at around INR 468.15 against the face value (FV) of INR 10 on BSE as 26th February, 2018. However, rating is constrained on account of low reserve position as compared to its capital along with intense competition and challenge to be faced by the company in insurance sector. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 28.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Lodha Excelus, 13th Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi,
Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-67516680 / 39107365 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
12th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Road, Mahalaxmi, Maharashtra, Mumbai - 400 011, Maharashtra, India |
|
Tel. No.: |
91-22-67516666 |
|
|
|
|
Customer Service Centre : |
11th Floor, Lodha Excelus Apollo Mills Compound, N. M. Joshi Road, Mahalaxmi, Mumbai- 400011, Maharashtra, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ketan Arvind Dalal |
|
Designation : |
Additional Director |
|
Address : |
9A Residences, 9th Floor, Bomanji Petit Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
17.07.2017 |
|
DIN No.: |
00003236 |
|
|
|
|
Name : |
Ms. Renu Sud Karnad |
|
Designation : |
Director |
|
Address : |
BB-14, Greater Kailash, Enclave-II, New Delhi-110048, India |
|
Qualification : |
Graduate in Law, and Master’s degree in Economics from Delhi University |
|
Date of Appointment : |
25.01.2006 |
|
DIN No.: |
00008064 |
|
|
|
|
Name : |
Mr. Keki Minoo Mistry |
|
Designation : |
Director |
|
Address : |
Flat No. 2603, 26th Floor Vivarea, B-Wing, S G Marg, Mahalaxmi (East), Mumbai-400011, Maharashtra, India |
|
Qualification : |
Fellow of Institute of Chartered Accountants of India |
|
Date of Appointment : |
12.12.2000 |
|
DIN No.: |
00008886 |
|
|
|
|
Name : |
Mr. Deepak Shantilal Parekh |
|
Designation : |
Director |
|
Address : |
Flat No. 4607, The Imperial Tower, North 46th Floor, B B Nakashe Marg (Tardeo Roa D), Tardeo, Mumbai-400034, Maharashtra, India |
|
Qualification : |
Fellow of Institute of Chartered Accountants (England and Wales) |
|
Date of Appointment : |
17.08.2000 |
|
DIN No.: |
00009078 |
|
|
|
|
Name : |
Mr. Norman Keith Skeoch |
|
Designation : |
Director |
|
Address : |
19, Lennox Street Edinburgh Eh41py GB |
|
Qualification : |
Fellow of the Chartered Institute for Securities and Investment, Fellow of the Society of Business Economists, Fellow of the Royal Society for the Encouragement of the Arts, Manufacture and Commerce, BA, MA, DBA (Doctor of Business Administration) and Honorary degrees from University of Sussex and Teesside University |
|
Date of Appointment : |
02.11.2005 |
|
DIN No.: |
00165850 |
|
|
|
|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Director |
|
Address : |
16-B, Darbhanga Mansion, Carmichael Road, Mumbai-400026, Maharashtra, India |
|
Qualification : |
Chemistry (Hons) from Bombay University, MBA from University Business School, Chandigarh |
|
Date of Appointment : |
25.04.2014 |
|
DIN No.: |
00200379 |
|
|
|
|
Name : |
Mr. Amitabh Chaudhry |
|
Designation : |
Managing Director |
|
Address : |
Flat 4301, 43rd Floor, Tower III, Electra Planet Godrej Near Jacob Circle, Saat Rasta, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
Qualification : |
Engineering, Birla Institute of Technology and Science, Pilani; PGDBA - IIM, Ahmedabad |
|
Date of Appointment : |
04.12.2009 |
|
DIN No.: |
00531120 |
|
|
|
|
Name : |
Ms. Vibha Umesh Padalkar |
|
Designation : |
Director |
|
Address : |
6A and 7, Tarang, Plot No. 224 Tamil Sangham Marg, Sion (East), Mumbai-400022, Maharashtra, India |
|
Date of Birth/ Age : |
05.05.1968 |
|
Qualification : |
Chartered Accountant from The Institute of Chartered Accountants in England and Wales Member of the Institute of Chartered Accountants in India |
|
Date of Appointment : |
14.08.2012 |
|
DIN No.: |
01682810 |
|
|
|
|
Name : |
Mr. Vegulaparanan Kasi Viswanathan |
|
Designation : |
Director |
|
Address : |
F 01, 1st Floor, Legacy Caldera 56 SRT Road, Cunningham Cross Road, Bangalore-560052, Karnataka, India |
|
Qualification : |
Commerce Graduate, and Chartered Accountant from the Institute of Chartered Accountants of India |
|
Date of Appointment : |
25.04.2014 |
|
DIN No.: |
01782934 |
|
|
|
|
Name : |
Mr. Gerald Edgar Grimstone |
|
Designation : |
Director |
|
Address : |
34, Boscobel Place London Swiw9pe GB |
|
Qualification : |
Master of Arts, Master of Science in Chemistry, Merton College, Oxford University and NATO-CCMS Fellowship Wolfson College, Oxford University |
|
Date of Appointment : |
10.11.2012 |
|
DIN No.: |
01910890 |
|
|
|
|
Name : |
Mr. Sumit Bose |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 902,Tower 21, Common Wealth Games Village, Near Akshardham, Laxmi Nagar, East Delhi-110092, India |
|
Qualification : |
Master of Arts (History), St. Stephen's College, University of Delhi; Master of Science (Social Policy and planning), London School of Economics |
|
Date of Appointment : |
19.07.2016 |
|
DIN No.: |
03340616 |
|
|
|
|
Name : |
Mr. Ranjan Mathai |
|
Designation : |
Additional Director |
|
Address : |
60, National Media Center, DLF Phase 3 Nathupur(67) DLF QE , Farrukhnagar, Gurugram - 122002, Haryana, India |
|
Qualification : |
M.A (Political Science), University of Pune; Alumnus of the National Defence College, Delhi (1987) |
|
Date of Appointment : |
22.07.2016 |
|
DIN No.: |
07572976 |
|
|
|
|
Name : |
Mr. Jamshed Jiji Irani |
|
Designation : |
Additional Director |
|
Address : |
H No. 3 C Road (East), Northern Town, Bistupur East, Singhbhum, Jamshedpur – 831001, Jharkhand, India |
|
Date of Appointment : |
11.08.2017 |
|
DIN No.: |
00311104 |
|
|
|
|
Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari |
|
Designation : |
Additional Director |
|
Address : |
181-A, Twin Towers, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
04.08.2017 |
|
DIN No.: |
00746153 |
|
|
|
|
Name : |
Rushad Abadan |
|
Designation : |
Alternate Director |
|
Address : |
12/5 Church Hill, Edinburgh EH10 4BG, United Kingdom |
|
Date of Appointment : |
02.02.2018 |
|
DIN No.: |
08035538 |
|
|
|
|
Name : |
James Baird Aird |
|
Designation : |
Alternate Director |
|
Address : |
8 Rattray Way, Edinburgh EH10 5TU, United Kingdom |
|
Date of Appointment : |
02.02.2018 |
|
DIN No.: |
01057384 |
KEY EXECUTIVES
|
Name : |
Mr. Narendra Yeshwant Gangan |
|
Designation : |
Company Secretary |
|
Address : |
601, Shimmering Heights, Bhagoji Keer Marg, Near Paradise Cinema, Mahim, Mumbai – 400016, Maharashtra, India |
|
Date of Appointment : |
18.07.2017 |
|
PAN No.: |
AASPG3438N |
|
|
|
|
Name : |
Mr. Manish Ghiya |
|
Designation : |
Company Secretary and Head - Compliance and Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
1628140340 |
81.04 |
|
|
Public |
380052675 |
18.92 |
|
|
Shares held by Employee Trust |
780207 |
0.04 |
|
|
Grand Total |
2008973222 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
A1) Indian |
0.00 |
||
|
Any Other (specify) |
1038514075 |
51.69 |
|
|
Housing Development Finance Corporation Limited |
1038514075 |
51.69 |
|
|
Sub Total A1 |
1038514075 |
51.69 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
589626265 |
29.35 |
|
|
Standard Life (Mauritius Holdings) 2006 Limited |
589626265 |
29.35 |
|
|
Sub Total A2 |
589626265 |
29.35 |
|
|
A=A1+A2 |
1628140340 |
81.04 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
55601647 |
2.77 |
|
|
Alternate Investment Funds |
5719846 |
0.28 |
|
|
Foreign Portfolio Investors |
162101501 |
8.07 |
|
|
NOMURA INDIA INVESTMENT FUND MOTHER FUND |
23147801 |
1.15 |
|
|
Financial Institutions/ Banks |
40000 |
0.00 |
|
|
Insurance Companies |
4277835 |
0.21 |
|
|
Sub Total B1 |
227740829 |
11.34 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
58579842 |
2.92 |
|
|
Individual share capital in excess of INR 0.200 Million |
44569067 |
2.22 |
|
|
NBFCs registered with RBI |
7227282 |
0.36 |
|
|
Any Other (specify) |
41935655 |
2.09 |
|
|
Clearing Members |
1073032 |
0.05 |
|
|
Director or Director's Relatives |
8454511 |
0.42 |
|
|
Foreign Individuals |
525 |
0.00 |
|
|
Bodies Corporate |
11289933 |
0.56 |
|
|
NRI – Repat |
1108395 |
0.06 |
|
|
NRI – Non- Repat |
653244 |
0.03 |
|
|
Trusts |
19356015 |
0.96 |
|
|
Sub Total B3 |
152311846 |
7.58 |
|
|
B=B1+B2+B3 |
380052675 |
18.92 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into carrying on the business of
life insurance. [Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
14800 (Approximately) |
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Bankers : |
|
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Auditors 1 : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
|
Address : |
7th Floor, Tower A - Wing 1, Business Bay, Airport, Road, Yerwada, Pune-411006,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFP3698A |
|
|
|
|
Auditors 2 : |
|
|
Name : |
G M Kapadia and Company Chartered Accountants |
|
Address : |
36B Tamarind House, Tamarind Lane, Fort, Mumbai - 400001, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFG4713G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
L70100MH1977PLC019916 |
|
|
|
|
Investing Company : |
|
|
|
|
|
Wholly Owned
Subsidiaries : |
U66020MH2011PLC218824
|
|
|
|
|
Fellow Subsidiaries
: |
|
|
|
|
|
Entities over which
control is exercised : |
|
CAPITAL STRUCTURE
After 17.07.2017
Authorised Capital: INR 30000.000
Million
Issued, Subscribed & Paid-up Capital: INR 20105.462
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
INR 10/- each |
INR 30000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1998475283 |
Equity Shares |
INR 10/- each |
INR 19984.753
Million |
|
|
|
|
|
Of the above, Share Capital amounting to INR 12297.601 Million (Previous year : INR 12297.601 Million) is held by Housing Development Finance Corporation Limited, the holding company.
FINANCIAL DATA
[all figures are
in Indian Rupees Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
SHAREHOLDERS' FUNDS: |
|
|
|
|
Share Capital |
19984.753 |
19952.881 |
19948.801 |
|
Reserves and Surplus |
18078.976 |
12045.851 |
5990.122 |
|
Credit / (Debit) Fair Value Change Account |
0.323 |
(412.372) |
(20.048) |
|
SUB-TOTAL |
38386.793 |
31586.360 |
25918.875 |
|
BORROWINGS |
-- |
-- |
-- |
|
POLICYHOLDERS' FUNDS: |
|
|
|
|
Credit / (Debit) Fair Value Change Account |
3981.437 |
536.093 |
512.610 |
|
Policy Liabilities |
323819.326 |
244006.434 |
192791.956 |
|
Insurance Reserves |
-- |
-- |
-- |
|
Provision for
Linked Liabilities |
430289.670 |
385599.845 |
334744.129 |
|
Add: Fair value change |
77774.939 |
41938.350 |
86657.481 |
|
Provision for Linked Liabilities |
508064.609 |
427538.195 |
421401.610 |
|
Funds for
discontinued policies |
|
|
|
|
i) Discontinued on account of non-payment of premium |
29791.549 |
29528.368 |
27525.648 |
|
ii) Others |
148.651 |
203.592 |
276.151 |
|
Total Provision for
Linked & Discontinued Policyholders Liabilities |
538004.809 |
457270.155 |
449203.409 |
|
SUB-TOTAL |
865805.572 |
701812.682 |
642607.975 |
|
Funds for Future Appropriations |
8667.828 |
7054.766 |
4154.639 |
|
Funds for future appropriation - Provision for lapsed policies unlikely to be revived |
-- |
-- |
486.811 |
|
TOTAL |
912860.193 |
740453.808 |
673168.300 |
|
|
|
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS INVESTMENTS: |
|
|
|
|
Shareholders |
32455.805 |
26401.505 |
21962.064 |
|
Policyholders' |
346915.391 |
258628.745 |
199084.811 |
|
Assets held to cover Linked Liabilities |
538004.809 |
457270.155 |
449203.409 |
|
Loans |
478.516 |
930.694 |
1256.327 |
|
Fixed Assets |
3529.158 |
3963.745 |
4019.633 |
|
CURRENT ASSETS: |
|
|
|
|
Cash and Bank Balances |
7964.970 |
6466.032 |
5723.708 |
|
Advances and Other Assets |
21712.520 |
12804.066 |
12599.252 |
|
SUB-TOTAL(A) |
29677.490 |
19270.098 |
18322.960 |
|
Current Liabilities |
37735.448 |
25597.006 |
20349.895 |
|
Provisions |
465.531 |
414.128 |
331.009 |
|
SUB-TOTAL |
38200.979 |
26011.134 |
20680.904 |
|
NET CURRENT ASSETS |
(8523.489) |
(6741.036) |
(2357.944) |
|
Miscellaneous Expenditure (to the extent not written off or adjusted) |
-- |
-- |
-- |
|
Debit Balance in Profit and Loss Account (Shareholders' Account) |
-- |
-- |
-- |
|
TOTAL |
912860.193 |
740453.808 |
673168.300 |
PROFIT
& LOSS ACCOUNT
REVENUE ACCOUNT FOR THE YEAR
ENDED MARCH 31, 2017
POLICYHOLDERS' ACCOUNT (TECHNICAL
ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
|
PREMIUMS EARNED
- NET |
|
|
|
|
|
(a) Premium |
194454.858 |
163129.776 |
148298.977 |
|
|
(b) Reinsurance ceded |
(1706.214) |
(1341.980) |
(674.462) |
|
|
(c) Re-insurance accepted |
|
-- |
- |
|
|
SUB-TOTAL |
192748.644 |
161787.796 |
147624.515 |
|
|
|
|
|
|
|
|
INCOME FROM
INVESTMENTS |
|
|
|
|
|
(a) Interest, Dividends and Rent - Gross |
40676.129 |
34725.222 |
28606.779 |
|
|
(b) Profit on sale / redemption of investments |
38940.647 |
37552.531 |
38074.438 |
|
|
(c) (Loss on sale / redemption of investments) |
(3900.126) |
(9849.434) |
(5920.834) |
|
|
(d) Transfer /Gain on revaluation / change in Fair value |
35836.588 |
(44710.459) |
61402.654 |
|
|
(f) Amortisation of (premium)/ discount on investments |
(146.848) |
187.874 |
329.636 |
|
|
SUB-TOTAL |
11406.390 |
17905.735 |
122492.673 |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
353.890 |
380.041 |
466.935 |
|
|
(b) Income on Unclaimed amount of Policyholders |
616.270 |
0.000 |
0.000 |
|
|
(b) Other income |
419.001 |
591.131 |
322.062 |
|
|
SUB-TOTAL |
1389.161 |
971.172 |
788.997 |
|
|
|
|
|
|
|
|
Total (A) |
305544.195 |
180664.702 |
270906.185 |
|
|
|
|
|
|
|
|
Commission |
7920.249 |
7018.436 |
6234.742 |
|
|
Operating Expenses related to Insurance Business |
23852.810 |
18718.307 |
14887.858 |
|
|
Provision For Doubtful Debts |
-- |
-- |
-- |
|
|
Bad Debts Written Off |
-- |
-- |
-- |
|
|
Provision for Tax |
1519.776 |
1745.512 |
1193.381 |
|
|
Provisions (other than taxation) |
|
|
|
|
|
(a) For diminution in the value of investments (Net) |
122.439 |
(20.437) |
(71.572) |
|
|
(b) Others |
(59.697) |
52.223 |
46.469 |
|
|
Service Tax linked charges |
2160.735 |
1853.865 |
1531.765 |
|
|
Total (B) |
35516.312 |
29367.906 |
23822.643 |
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
98421.708 |
81769.061 |
81623.927 |
|
|
Interim Bonuses Paid |
152.348 |
78.084 |
98.466 |
|
|
Terminal Bonuses Paid |
1429.825 |
572.636 |
615.585 |
|
|
Change in
valuation of liability in respect of life policies |
|
|
|
|
|
(a) Gross |
80311.953 |
48638.158 |
51191.398 |
|
|
(b) Amount ceded in Reinsurance |
(499.061) |
2576.320 |
(1796.114) |
|
|
(c) Amount accepted in Reinsurance |
-- |
-- |
-- |
|
|
(d) Unit Reserve |
80526.414 |
6136.585 |
94044.527 |
|
|
(e) Funds for Discontinued Policies |
208.240 |
1930.161 |
13085.185 |
|
|
Total (C) |
260551.427 |
141701.005 |
238862.974 |
|
|
|
|
|
|
|
|
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) |
9476.456 |
9595.791 |
8220.568 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to Shareholders' Account |
7863.394 |
7182.475 |
6708.617 |
|
|
Transfer to Other Reserve |
-- |
-- |
-- |
|
|
Funds of Future Appropriation – Provision for lapsed policies unlikely to be revived |
-- |
(486.811) |
(384.057) |
|
|
Balance being Funds for Future Appropriations |
1613.062 |
2900.127 |
1896.008 |
|
Total (D) |
9476.456 |
9595.791 |
8220.568 |
|
|
Notes: |
|
|
|
|
|
* Represents the deemed realised gain as per norms specified by the Authority |
|
|
|
|
|
** Represents Mathematical Reserves after allocation of bonus |
|
|
|
|
|
The total surplus as mentioned below : |
|
|
|
|
|
(a) Interim Bonuses Paid |
152.348 |
78.084 |
98.466 |
|
|
(b) Terminal Bonuses Paid |
1429.825 |
572.636 |
615.585 |
|
|
(c) Allocation of Bonus to policyholders |
5918.023 |
5570.774 |
4681.591 |
|
|
(d) Surplus shown in the Revenue Account |
9476.456 |
9595.791 |
8220.568 |
|
|
Total Surplus :[(a)+(b)+(c)+(d)] |
16976.652 |
15817.285 |
13616.210 |
|
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH
31, 2017
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
Amounts transferred from the Policyholders' Account (Technical Account) |
7863.394 |
7182.475 |
6708.617 |
|
|
Income from Investments |
|
|
|
|
|
a) Interest, Dividends & Rent - Gross |
1833.107 |
1639.411 |
1486.338 |
|
|
b) (Profit on sale / redemption of investments) |
619.789 |
136.260 |
545.697 |
|
|
c) (Loss on sale/redemption of investments) |
(153.091) |
(85.198) |
(29.345) |
|
|
d) Amortization of (premium) /discount on investments |
(31.202) |
(2.162) |
6.553 |
|
|
SUB-TOTAL |
2268.600 |
1688.311 |
2009.243 |
|
|
Other Income |
|
-- |
105.516 |
0004 |
|
TOTAL |
|
10131.997 |
8976.302 |
8794.771 |
|
Expenses other than those directly related to the insurance business |
680.170 |
213.586 |
206.215 |
|
|
Bad debts written off |
-- |
-- |
-- |
|
|
Provisions (Other
than taxation) |
|
|
|
|
|
For diminution in the value of investments (net) |
(43.499) |
32.633 |
(0.466) |
|
|
Provision for doubtful debts |
-- |
-- |
-- |
|
|
Others - Provision for standard and non-standard assets |
0.000 |
0.081 |
(0.533) |
|
|
Contribution to the Policyholders' Fund |
353.890 |
380.041 |
466.935 |
|
|
TOTAL |
990.564 |
626.341 |
672.151 |
|
|
Profit / (Loss) before tax |
9141.433 |
8349.961 |
8045.713 |
|
|
Provision for Taxation |
220.097 |
165.928 |
190.660 |
|
|
Profit / (Loss)
after tax |
8921.336 |
8184.033 |
7855.053 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Balance at the beginning of the year |
9858.344 |
3835.258 |
(2344.178) |
|
|
Interim dividends paid during the year |
(2197.413) |
(1795.403) |
(1396.416) |
|
|
Proposed final dividend |
-- |
-- |
-- |
|
|
Dividend distribution tax |
(447.349) |
(364.544) |
(279.201) |
|
|
Transfer to reserves/ other accounts |
-- |
-- |
-- |
|
|
Profit / (Loss)
carried forward to the Balance Sheet |
16134.918 |
9858.344 |
3835.258 |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
Basic |
4.47 |
4.10 |
3.94 |
|
|
Diluted |
4.44 |
4.10 |
3.93 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flow from (used in) Operations |
62388.746 |
56903.483 |
44613.451 |
QUARTERLY RESULTS
|
Particulars |
|
30.12.2017 |
|
Audited / Unaudited |
|
Unaudited |
|
|
|
1st Quarter |
|
Net Sales |
|
54199.90 |
|
Total Expenditure |
|
95156.80 |
|
PBIDT (Excl OI) |
|
(40956.90) |
|
Other Income |
|
43262.40 |
|
Operating Profit |
|
2305.50 |
|
Interest |
|
NA |
|
Exceptional Items |
|
NA |
|
PBDT |
|
2305.50 |
|
Depreciation |
|
NA |
|
Profit Before Tax |
|
2305.50 |
|
Tax |
|
232.30 |
|
Provisions and contingencies |
|
NA |
|
Profit After Tax |
|
2073.20 |
|
Extraordinary Items |
|
NA |
|
Prior Period Expenses |
|
NA |
|
Other Adjustments |
|
NA |
|
Net Profit |
|
2073.20 |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
SHAREHOLDERS' FUNDS: |
|
|
|
|
Share Capital |
|
19984.753 |
199952.881 |
|
Reserves and Surplus |
|
17955.334 |
11995.001 |
|
Credit / (Debit) Fair Value Change Account |
|
323.064 |
(412.372) |
|
SUB-TOTAL |
|
38263.151 |
31535.510 |
|
BORROWINGS |
|
-- |
-- |
|
POLICYHOLDERS' FUNDS: |
|
|
|
|
Credit / (Debit) Fair Value Change Account |
|
3981.437 |
536.093 |
|
Policy Liabilities |
|
|
|
|
relating to Life insurance business |
|
323819.326 |
244006.434 |
|
relating to Reinsurance business |
|
7717.000 |
-- |
|
Insurance Reserves |
|
-- |
-- |
|
Provision for
Linked Liabilities |
|
430289.670 |
385599.845 |
|
Add: Fair value change |
|
77774.939 |
41938.350 |
|
Provision for Linked Liabilities |
|
508064.609 |
427538.195 |
|
Funds for
discontinued policies |
|
|
|
|
i) Discontinued on account of non-payment of premium |
|
29791.549 |
29528.368 |
|
ii) Others |
|
148.651 |
203.592 |
|
Total Provision for
Linked & Discontinued Policyholders Liabilities |
|
538004.809 |
457270.155 |
|
SUB-TOTAL |
|
865813.289 |
701812.682 |
|
Funds for Future Appropriations |
|
8667.828 |
7054.766 |
|
Funds for future appropriation - Provision for lapsed policies unlikely to be revived |
|
-- |
-- |
|
TOTAL |
|
912744.268 |
740402.958 |
|
|
|
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS INVESTMENTS: |
|
|
|
|
Shareholders |
|
32314.060 |
25537.780 |
|
Policyholders' |
|
346915.361 |
258628.745 |
|
Assets held to cover Linked Liabilities |
|
538004.809 |
457270.155 |
|
Loans |
|
478.516 |
930.694 |
|
Fixed Assets |
|
3534.652 |
3973.954 |
|
CURRENT ASSETS: |
|
|
|
|
Cash and Bank Balances |
|
7973.800 |
7273.970 |
|
Advances and Other Assets |
|
21744.401 |
12328.719 |
|
SUB-TOTAL(A) |
|
29718.201 |
19602.689 |
|
Current Assets |
|
37754.302 |
25125.085 |
|
Provisions |
|
467.059 |
415.974 |
|
SUB-TOTAL |
|
38221.361 |
25541.059 |
|
NET CURRENT ASSETS |
|
(8503.160) |
(5938.370) |
|
Miscellaneous Expenditure (to the extent not written off or adjusted) |
|
-- |
-- |
|
Debit Balance in Profit and Loss Account (Shareholders' Account) |
|
-- |
-- |
|
TOTAL |
|
912744.268 |
740402.958 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
Amounts transferred from the Policyholders' Account (Technical Account) |
|
7863.394 |
7182.475 |
|
|
Income from
Investments |
|
|
|
|
|
a) Interest, Dividends & Rent - Gross |
|
1867.503 |
1662.174 |
|
|
b) (Profit on sale / redemption of investments) |
|
620.505 |
137.121 |
|
|
c) (Loss on sale/redemption of investments) |
|
(153.091) |
(85.198) |
|
|
d) Amortization of (premium) /discount on investments |
|
(31.964) |
(1.966) |
|
|
SUB-TOTAL |
|
2303.053 |
1712.131 |
|
|
Other Income |
|
|
0.729 |
105.651 |
|
TOTAL |
|
|
10167.176 |
9000.257 |
|
Expenses other than those directly related to the insurance business |
|
767.528 |
253.678 |
|
|
Bad debts written off |
|
-- |
-- |
|
|
Provisions (Other
than taxation) |
|
|
|
|
|
For diminution in the value of investments (net) |
|
(43.499) |
32.633 |
|
|
Provision for doubtful debts |
|
-- |
-- |
|
|
Others - Provision for standard and non-standard assets |
|
0.000 |
0.081 |
|
|
Contribution to the Policyholders' Fund |
|
353.890 |
380.041 |
|
|
TOTAL |
|
1077.922 |
666.433 |
|
|
Profit / (Loss) before tax |
|
9089.254 |
8333.824 |
|
|
Provision for Taxation |
|
220.097 |
165.956 |
|
|
Profit / (Loss)
after tax |
|
8869.157 |
8167.868 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Balance at the beginning of the year |
|
9836.782 |
3829.861 |
|
|
Interim dividends paid during the year |
|
(2197.413) |
(1795.403) |
|
|
Proposed final dividend |
|
-- |
-- |
|
|
Dividend distribution tax |
|
(447.349) |
(365.544) |
|
|
Profit / (Loss)
carried forward to the Balance Sheet |
|
16061.177 |
9836.782 |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
Basic |
|
4.44 |
4.09 |
|
|
Diluted |
|
4.42 |
4.09 |
|
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 468.18/- each |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from Ramon House. 169, Backbay Reclamation, Churchgate, Mumbai – 400020, Maharashtra, India to the present address w.e.f. 23.10.2013.
CORPORATE INFORMATION
The Company is formed as a joint venture between Housing
Development Finance Corporation Limited ('HDFC Limited'), India’s leading
housing finance institution and Standard Life plc, the leading provider of
financial services in the United Kingdom. The Company obtained a Certificate of
Registration from the Insurance Regulatory and Development Authority of India
('IRDAI') on October 23, 2000 for carrying on the business of life insurance.
The Company’s Certificate of Renewal of Registration dated January 31, 2014 was
valid till March 31, 2015. Pursuant to Section 3 read with Section 3A as
amended by Insurance Laws (Amendment) Act, 2015, the process of annual renewal
of the Certificate of Registration issued to insurers under Section 3 of the Insurance
Act, 1938, was deleted. Consequently, the said certificate continues to be in force.
The Company offers a range of individual and group insurance solutions. The
portfolio comprises of various insurance and investment products such as
Protection, Pension,
Savings, Investment and Health.
The Company has two wholly owned Subsidiaries, HDFC Pension Management Company Limited (‘HDFC Pension’) and HDFC International Life and Re Company Limited. HDFC Pension (‘the Indian Subsidiary’) is a public limited company domiciled in India and was incorporated under the provisions of the erstwhile Companies Act, 1956 on June 20, 2011 with the purpose of managing pension fund business. HDFC International Life and Re Company Limited (‘the Foreign Subsidiary’) incorporated in Dubai on January 10, 2016 under the DIFC (Dubai International Finance Centre) Companies Law No. 2 of 2009 under registration number 2067. HDFC International Life and Re Company Limited is regulated by the Dubai Financial Services Authority ("DFSA") and is licensed to undertake life reinsurance business in the UAE. In future, the Company intends to undertake life insurance business in other jurisdictions, with necessary regulatory permissions and approvals.
These financial statements comprise the consolidated financial statements of HDFC Standard Life Insurance Company Limited, the parent company and its wholly owned subsidiaries ‘HDFC Pension Management Company Limited’ and ‘HDFC International Life and Re Company Limited’ (together referred to as “the Group”)
BUSINESS REVIEW AND
OUTLOOK
Industry Outlook
The FY 2017 was a critical year for life insurance industry in India. The macro-economic factors and demographic profile continue to support growth for financial services. Players continue to adapt to the changing macro landscape, while competing to hold their turf.
Within the life insurance industry, private life insurers continued to grow at relatively faster rate and gained higher market share within Individual segment. Even under the Group segment, private players continue to gain traction and have delivered healthy growth.
Improving macro trends with India outperforming other emerging markets, increasing traction in equity markets and higher focus on financial inclusion and penetration to increase the financial savings was reflected in 26% growth in Individual New Business Weighted Received Premia (WRP) and 20% growth in Group premia for the private players during FY 2017. At an industry level, the sector witnessed growth of 21% in Individual New Business WRP and 21% in Group premia during the year.
Demonetisation drive launched by Government of India in November 2016 also triggered growth for select players
in individual segment, leveraging the spurt in the bank deposits which is reflected in above industry trends.
There also has been steady increase in proportion of business generated through corporate agents comprising
banks and other financial services players amongst private players during past 5 years. This channel contributed 52% of total individual reported new business in 9M FY 2017 across all private players (Source: Public disclosures)
On the product segments, reduced allowable charges to distributors’ within ULIP segment and higher expense structures led many players to move towards traditional products. However, since 2014 market performance and transparent product structures have helped increase pull for ULIP products. There is increasing demand for protection products and its implicit higher new business margins (NBMs) has resulted in recent focus on the term
segment across players.
COMPANY PERFORMANCE
Individual Business
Performance
HDFC Life ranked #3 among private players in terms of Individual WRP with a market share of 12.7% in FY 2017,
versus 14.7% in FY 2016. During the year under review, the Company issued 10.82 lac policies in the Individual segment. The Company continues to offer diversified product suite across Linked, Participating and Non Participating segments.
The Company also continued its focus on pure protection segment including mortality and morbidity coverage, reflected through increase in overall new business sum assured by 43%. Overall, traditional Non Participating products contributed 13% of Individual APE, versus 14% in FY 2016 and Participating products contributed 35% versus 30% in FY 2016. The Linked business continued to dominate the product portfolio of the Company contributing 52% versus 56% last year.
In line with its strategy, the Company has been working to ensure diversification and strengthening its distribution
mix across Corporate agents, Individual agents, Brokers and Direct channels, including Online. Digital remains a key thrust area and the Company has built a robust technology platform for its distributors and customers to leverage its digital capabilities.
The Company has an efficient technology platform, which ensures ease of purchase for consumers, while enabling rapid integration with distributors. Digital procurement, fulfillment and customer servicing continue to be the key focus areas. In FY 2017, over 98% of the proposal forms were submitted through digital medium and 70% of renewal business was received through online modes. The Company has various process and system controls, delivery assurance and internal and concurrent audits, that leads to lower dependency risks, scalability and ability to anticipate any issues or concerns.
AWARDS
The Company received more than 40 awards and accolades during the year under review across financial disclosures, customer service, technology, digital solutions, products, human resources, marketing, etc. The Company received the National Quality Excellence Award 2017 for being the most innovative Company. The Company also received Golden Shield award for Excellence in Financial Reporting for their Annual Report FY 2016 from ICAI (The Institute of Chartered Accountants of India).
AWARDS AND ACCOLADES
- DL Shah Award - Platinum Award for Enterprise Mobility Project
- IDC Insights Awards for Mobility
- Intelligent Enterprise Awards for Mobility
- BFSI Tech Maestros Award for Mobility
- DMA Asia Echo Awards for ‘memories.hdfclife.com’ and its campaign
- Marketing Campaign of the Year for Memories for Life Campaign
- Bronze Award for Memories for Life Campaign in the Direct Campaign for Retention / Loyalty category
- LACP Gold Vision Awards (2016) for the Annual Report FY 2016
- Gold shield for Excellence in Financial Reporting (Annual Report FY 2016) by ICAI
- Best Innovative Product – Life and Health Insurance
- 7th Asia’s Best Employer Brand Awards under 5 different categories
- Global Awards for Excellence in Quality Management & Leadership
- Asia BFSI Awards for Best Customer Service Organisation
- Best Quality Circle Award for Faster Claims Payout, Promoting Go Green Concept and Supporting Digitisation
- Won Best Loyalty Program Award for the Memories for Life Campaign
- Award for One of the Most Effective Marketing Communication Ideas
- Awards for Best Creative Advertising Campaign – BFSI
- Got recognition under Customer Value Leadership category in the Service sector
- AOTS Outstanding Workplace Excellence Practices
- National Quality Excellence Awards 2017 for most innovative Company
- Award for Best Practices Benchmarking Women’s Workforce and Raising the Bar on Gender Diversity
- Best Digital Customer Experience Initiative
- SAP ACE Award for Technology Adoption in BFSI
FINANCIALS AND
BUSINESS OUTLOOK
the first Financial year, HDFC International earned a Gross Income of US$ 354,192 while its expenses stood at US$ 1,327,218. The period under review ended with a loss of US$ 973,027. The financial performance numbers are for the period from January 10, 2016 to March 31, 2017.
During the period under review, HDFC International signed reinsurance treaties for two distinct lines of individual life business, with one of the largest local insurers in the UAE. It also offered reinsurance capacity for two group life schemes, also with the same ceding insurer.
HDFC International also returned a modest Underwriting Income (Technical Profit), which is testimony to the strength of its underlying underwriting and risk assessment processes.
In the years to come, HDFC International intends to expand its footprints by offering reinsurance capacity to ceding life insurers in other markets. By combining an aggressive outreach into other markets with its ever improving underwriting experience, it expects to significantly improve its revenue streams in FY 2018.
MANAGEMENT DISCUSSION
AND ANALYSIS
A. Macro Economic
Trends
The last year under consideration has been marked by several developments in India and worldwide. Globally, the large economies saw a pull back from the pessimism of deflation and slow growth. The IMF (International Monetary Fund) projected global growth at 3.1% for 2016, accelerating to 3.4% and 3.6% for 2017 and 2018 respectively. The improved outlook on growth helped commodities recover from the lows seen at the beginning of 2016. Among the developed markets, US led the way with a 1.6% growth for 2016, a modest expansion, which helped the economy to chip away the unemployment rate steadily to below 5% levels. Growth expectations for the US were raised higher after the surprise election win for Donald Trump, who had espoused an expansionary fiscal
policy and tax and regulatory reform in the course of his campaign. The Euro area suffered a jolt, in the middle of the year, as Britain voted to break away from the European Union. The impact, however, was short-lived as the improving growth prospects in the rest of the world, and a pick up in Germany, the bloc's largest economy, turned sentiments around. The Chinese economy expanded 6.7% in 2016, in line with the expectations. However, continued stimulus and pick up in global trade growth were the key positives for Chinese growth.
On the domestic side, the economy benefitted from a near normal monsoon, which helped alleviate some stress in the agrarian and rural economy caused by poor rainfallover the previous two years. The improvement in the
agriculture output helped rein in inflation and provided room for RBI to ease monetary policy. In November, the sudden demonetisation of large currency notes signaled an escalation in the policy actions to curb and penalize illicit activities.
The demonetisation move has the potential to generate long-term benefits for the overall economy with specific impact on the financial services sector. It should potentially reflect in form of lower ‘black money’, higher digitalisation and transparency and increasing shift of household saving towards financial assets. All of these could eventually lead to higher GDP growth, better tax compliance and greater tax revenues.
The Government was also successful in getting constitutional amendment passed through the legislatures, to pave the way for the long awaited Goods and Services Tax (GST) regime. This is a significant tax reform and augurs well for improving the tax to GDP ratio in India. GST will create a common Indian market and further aid in increasing tax compliance, boost investment and growth and improve governance.
Lower interest rates have been favorable for life insurance industry, as investors are scouting for other investment
alternatives than the traditional FDs which are offering lower returns on the investment.
Numerous other initiatives have been undertaken by the Government, to increase financial inclusion and penetration across the country and build a resilient and resurgent Indian economy. The impact of above initiatives is reflected in form of 35% increase in average AUM of mutual funds (Source: AMFI) and 26% increase in new business (individual and group) insurance premium (Source: Life council data) during FY 2017.
In FY 2017, real GDP is projected to grow at 6.5%, as per the current Economic survey, versus 7.6% growth registered in FY 2016. The marginal decline is attributed to multiple reasons including demonetisation, movement in oil prices and stressed infrastructure assets position, etc. Despite the short term growth slowdown, India remains one of the fastest growing emerging market economies and the continued reforms shall play a key role to deliver stronger growth in future. IMF has also raised India’s growth estimate for FY 2018 to 7.7%.
INDEX OF CHARGES: NO CHARGES EXIST FOR THE
COMPANY
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Partly paid-up investments |
5650.000 |
-- |
|
Claims, other than against policies, not acknowledged as debts by the Company |
7.766 |
7.709 |
|
Underwriting commitments outstanding |
-- |
-- |
|
Guarantees given by or on behalf of the Company |
0.917 |
0.937 |
|
Statutory demands and liabilities in dispute, not provided for |
997.270 |
992.812 |
|
Reinsurance obligations |
-- |
-- |
|
Others |
-- |
-- |
FIXED ASSETS
- Goodwill
- Intangible Assets (Computer Software)
- Land-Freehold
- Leasehold Improvements
- Buildings
- Furniture and Fittings
- Information Technology
- Equipment
- Vehicles
- Office Equipment
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER, 2017
(INR
in Million)
|
PARTICULARS |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
POLICYHOLDER’S A/C |
|
|
|
|
Gross Premium
Income |
|
|
|
|
First Year Premium |
12.024 |
10.837 |
30.029 |
|
Renewal Premium |
28.052 |
26.525 |
75.426 |
|
Single Premium |
14.601 |
17.004 |
40.625 |
|
Net Premium Income |
54.200 |
53.894 |
144.709 |
|
Income from investment (Net) |
42.531 |
25.061 |
95.314 |
|
Other Income |
0.162 |
0.271 |
0.945 |
|
Transfer of funds from Shareholders A/c |
(0.049) |
50.100 |
25.700 |
|
Total |
96.845 |
79.276 |
240.994 |
|
Commission on |
|
|
|
|
First Year Premium |
2.126 |
2.032 |
5.449 |
|
Renewal Premium |
0.361 |
0.394 |
0.962 |
|
Single Premium |
0.138 |
9.350 |
0.252 |
|
Net Commission |
2.625 |
2.475 |
6.663 |
|
|
|
|
|
|
Operating expense
related to insurance business |
|
|
|
|
Employees remuneration and welfare expense |
3.300 |
3.040 |
8.924 |
|
Other Operating expense |
4.469 |
4.149 |
11.662 |
|
Expense of
Management |
10.394 |
9.663 |
2.257 |
|
Provision for doubtful debts (including bas debts written off) |
0.000 |
0.000 |
0.000 |
|
Provision for distribution in value of Investment |
(0.147) |
(64.300) |
(0.212) |
|
Goods and Service Tax/Service tax charge on linked charges |
0.784 |
0.753 |
2.101 |
|
Provision for taxes |
0.144 |
3.670 |
0.367 |
|
Benefits Paid (Net) |
31.201 |
29.649 |
87.000 |
|
Change in actual liability |
52.673 |
37.070 |
117.498 |
|
|
|
|
|
|
TOTAL |
95.047 |
77.107 |
234.016 |
|
Super Deficit |
1.797 |
2.169 |
8.979 |
|
|
|
|
|
|
Appropriation |
|
|
|
|
Transferred to Shareholder’s A/c |
1.499 |
2.012 |
6.057 |
|
Funds for Future Appropriation |
0.298 |
0.158 |
0.922 |
|
|
|
|
|
|
Details for Surplus
/ Deficit |
|
|
|
|
Interim bonus paid |
0.000 |
0.000 |
0.115 |
|
Terminal bonus paid |
0.395 |
0.482 |
1.266 |
|
Allocation of bonus to policyholders |
0.000 |
0.000 |
0.000 |
|
Surplus shown in the Revenue Account |
1.797 |
2.169 |
6.979 |
|
Total Surplus |
2.231 |
2.679 |
8.360 |
|
|
|
|
|
|
SHAREHOLDER’S
ACCOUNT |
|
|
|
|
Transfer for Policyholder’s Account |
1.499 |
2.012 |
6.059 |
|
Total Income under
Shareholder’s Account |
|
|
|
|
Investment Income |
0.618 |
0.537 |
1.829 |
|
Other Income |
0.000 |
0.000 |
0.130 |
|
Expenses other than those related to insurance business |
7.200 |
49.700 |
0.119 |
|
Transfer of funds to policyholder’s Account |
(48.500) |
50.100 |
25.700 |
|
Provisions to doubtful debts (including written off) |
0.000 |
0.000 |
0.000 |
|
Provision for distribution in value of Investment |
(4.000) |
(0.900) |
(6.600) |
|
|
|
|
|
|
Profit before tax |
2.162 |
2.448 |
7.878 |
|
Provision for tax |
88.600 |
64.800 |
0.256 |
|
Profit after tax
and before Extraordinary items |
2.073 |
2.385 |
7.622 |
|
Dividend per share
(INR) (Nominal value INR 10 per Share) |
|
|
|
|
Interim Dividend |
0.136 |
0.000 |
0.136 |
|
Final Dividend |
0.000 |
0.000 |
0.000 |
|
Profit Carried to Balance sheet |
20.468 |
21.683 |
20.468 |
|
Paidup equity share capital |
20.090 |
20.056 |
20.090 |
|
Reserve and Surplus (excluding revaluation reserve) |
23.373 |
24.204 |
23.373 |
|
Fair value change account and revaluation reserve (Shareholders) |
1.135 |
0.491 |
1.135 |
|
Total Assets |
|
|
|
|
Investments |
|
|
|
|
Shareholders |
36.268 |
37.169 |
36.248 |
|
Policyholder Fund excluding Linked Assets |
418.499 |
396.882 |
418.499 |
|
Assets held to cover Linked Liabilities (Linked Assets) |
589.529 |
561.309 |
589.529 |
|
Other Assets (Net current liabilities and provisions) |
(2.271) |
(8.968) |
(2.271) |
PRESS RELEASE
HDFC LIFE SAYS OPEN TO ACQUISITION OF SMALL, BIG
PLAYERS
NEW DELHI: HDFC Standard Life Insurance today said it is open to any kind of acquisition, including of Max Life if the "structural issues" that hampered its earlier deal are resolved.
"That problem was more to do with the structural issue and obviously, Max has to solve that. So, if they can solve their problem, which is not easy, and they are ready for this (merger) sometime in future then we will look at it," HDFC Life MD and CEO Amitabh Chaudhry told reporters at a roadshow here for the insurer's upcoming IPO next week.
HDFC Standard Life Insurance's IPO will hit the capital market next week fetching promoters about INR 87000.000 Million.
The IPO that opens on November 7, has a price band of INR 2750.000-2900.000 per equity share, in which promoters HDFC LtdBSE 0.50 % and Standard Life will dilute 9.52 per cent and 5.4 per cent respectively in their joint venture HDFC Life.
Currently, HDFC owns 61.21 per cent stake in the joint venture which will come down to 51.69 per cent, while Standard Life's 34.75
"We believe that this IPO does a number of things for us. One of which is obviously it gives us the currency to go and seek for acquisitions for the future, as there are as many as 24 players in the industry," Chaudhry said. On the pricing band of the IPO, Chaudhry said it leaves an ample room at the hands of retail investors.
On the pricing band of the IPO, Chaudhry said it leaves an ample room at the hands of retail investors.
He said the brand value of HDFC has created a lot of demand among investors for HDFC Life's IPO.
On mergers, Chaudhry said that the company is open to any kind of transaction that comes along its way including the Max Life if the structural issues are resolved.
"There are a number of small players out there whose size of the business is very-very small and sub-optimal. A number of these companies are also promoted by some of the banks and these banks need capital so it do believe if the right kind of business comes along then we will definitely look at it," he said.
He said the company will look at any acquisition that makes sense be it a small player or big.
"We will look at any transaction that comes along. We are not saying that we will look to gobble up only small players. The thing is that for small players the chances to be taken up is higher. There could be some large players also which could come to the table," he said further.
Last year in August, HDFC Life, Max Life Insurance Company (Max Life), Max Financial Services and Max India BSE -1.95 % had entered into amalgamation agreements as part of which the life insurance business of Max Financial Services (held in Max Life) was to merge with HDFC Life.
However, the business proposition hit a road block with the Irdai disapproving to the proposal as it involved merging a life insurance business with a financial entity.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHAL |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.