I. INDUSTRY AND BUSINESS REPORT
1.1 Macroeconomic environment and outlook
1.1.1 Growth and Inflation
The ongoing geopolitical conflict in the Middle East has had a significant impact on global economies. Geopolitical tensions, elevated inflation, and higher interest rates exerted pressure on the cost of living in various economies, including the advanced economies. However, the Indian economy has continued to display resilience, largely due to robust domestic demand, stronger manufacturing, and healthy investments.
Inflation rates across the globe have been subject to fluctuations in recent years. As of March FY2024, inflation1 in the United States had decreased to 3.5%, a notable drop from the peak of 9.1% witnessed in June 2022. Similarly, the European Union experienced a decline in inflation2 to 2.6% compared to the peak of 10.6% observed in October 2022. Meanwhile, inflation3 in India had surged to 7.4% in July 2023, before easing to 4.9% in March 2024. Throughout the year, inflation has been persistent. Even though inflation has decreased globally from its CY2022 highs, it is still higher above the comfort level set by central banks. As a result, central banks, including the RBI, continue to hold a tight position and postpone reduction of interest rates. In addition, they have implemented measures to tighten liquidity to control inflation.
The average price of brent crude oil4 decreased to USD 82 per barrel in FY2024, as compared to USD 95 per barrel in FY2023, despite OPEC+(Organisation of the Petroleum Exporting Countries and allies led by Russia) supply cuts, geopolitical tensions, and the Red Sea crisis. The combination of increased oil output in the United States and weaker global demand contributed to maintaining crude prices largely stable. However, the geopolitical situation in the Middle East remains a cause for concern and could result in a rapid escalation in oil prices in the event of supply disruptions.
During the period of July-August 2023, inflation5 in India surpassed the tolerance band range of 6.0%. This was followed by a decline to an average of 5.2% until March 2024. The increase in vegetable prices during this time, a seasonal phenomenon, contributed to the upward pressure on headline inflation. On a positive note, core inflation (excluding food & fuel) price index6 remained consistently below 5.3% throughout the financial year and even decreased to as low as 3.2% in March 2024. Given the persistent elevation of global inflation, the Reserve Bank of India opted to maintain the repo rate7 at a high of 6.5% since February 2023. Moving forward, the RBIs monetary policy decisions are likely to be influenced by domestic inflation and growth trends, as well as the stance of major central banks such as Federal Bank.
In the recent years, Central Government of India has introduced several reforms aimed at expanding the manufacturing sector, including the Production-Linked Incentive (PLI) scheme and a recent initiative to promote Electric Vehicle (EV) manufacturing in the country. India has also been actively pursuing new Free Trade Agreements (FTAs) and has recently signed one with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. These measures are expected to create a favourable business environment for manufacturers, promote innovation and technology transfer, and enhance Indias competitiveness in the global market.
The Governments efforts in developing robust infrastructure in the country have been notable. The capital expenditure8 has recorded an average annual growth rate of 30.6% during FY2021-FY2024, and the Government has proposed an additional 17.0% growth in FY2025. The allocation of capital expenditure is significantly high in the most productive sectors, including roads, railways, defence, telecom and housing. The Government aims to bring the fiscal deficit9 under control and has set a target of 5.1% and 4.5% for FY2025 and FY2026 respectively.
The Gross Domestic Product (GDP)10 reported a strong growth of 8.2% in Q1-FY2024, accompanied by an 8.5% growth in Gross Fixed Capital Formation (GFCF)11. Economic growth in Q2-FY2024 remained robust at 8.1% year-on-year, as GFCF increased by 11.6% year-on-year driving the overall economic growth higher. In Q3-FY2024, growth in GFCF further surged to 10.6%, which increased GDP growth rate to 8.4%, while private consumption showed modest growth in all quarters. Advanced estimates suggest that GDP12 is expected to attain a robust growth rate of 7.6% in FY2024, up from 7.0% in FY2023. Analyzing the trends in different sectors, the manufacturing industry witnessed a strong upturn in Q2-FY2024 and Q3-FY2024, while the service sector displayed resilience. However, the agricultural sector was relatively weak due to below-normal monsoons and discrepancies in spatial distribution.
The resilience of the Indian economy was also evidenced by the growth in credit. As of March 22, 2024, bank credit13 growth stood at 16.3% year-on-year, indicating a stable economic activity. Industrial credit13, as of February 2024, recorded a growth of 9.1%, with micro and small13 industries growing by 14.7%, medium-scale13 industries by 12.5%, and large industries13 by 7.1%. The India Purchasing Managers Index (PMI)14 index has exhibited a similar robustness and remained in the expansionary zone throughout FY2024. Both the manufacturing and services sectors contributed to this growth.
1.1.2 Financial markets
Central banks have signalled an end to rate hikes and are now contemplating a shift towards rate cuts, as concerns about inflation continue to wane. The Indian rupee has demonstrated remarkable resilience, emerging as one of the best performing currencies in recent times, with only a marginal depreciation of 1.4% from Rs 82.2 in April 2023 to Rs 83.4 in April 2024 against dollar.
The foreign exchange reserves15 have registered a notable increase of 11.7%, rising from USD 578 billion in March 2023 to USD 646 billion as of March 2024. The inclusion of Indias sovereign bond in JP Morgan and Bloomberg Bond index, coupled with the emphasis on fiscal consolidation in the FY2025 interim budget, provides a compelling argument for a stronger rupee.
The average 10-year Government of India bond yield16 eased to 7.1% in March 2024 from 7.4% in March 2023, supported by the Governments fiscal consolidation efforts, the Reserve Bank of Indias liquidity management, and foreign portfolio investment inflows. In FY2024, major global equity markets witnessed a surge due to a decline in global inflation, coupled with optimism regarding anticipated rate cuts in the upcoming year. In the Indian equity market, the NIFTY 50 index17 gained 28.6% during the same period, primarily due to robust domestic economic growth and strong earnings in Q1-FY2024. The market consolidated in Q2-FY2024 and again rallied in Q3-FY2024 to achieve an all-time high, fuelled by strong domestic growth expectations, continued earnings momentum, and greater domestic and foreign participation. However, the market remained volatile in Q4-FY2024 due to budget and concerns raised by the Securities and Exchange Board of India (SEBI) over mid and small cap stock valuations, but ultimately ended close to an all-time high. During the period, Foreign Institutional Investors (FIIs)18 and Foreign Portfolio Investors (FPIs)18 injected around Rs 2.1 trillion into the Indian equity market, while Domestic Institutional Investors (DIIs)18 invested around Rs 2.1 trillion. Net Foreign Direct Investment (FDI)19 into India in FY2024 till February stood at Rs 1.3 trillion, a decline from Rs 2.1 trillion during the same period in FY2023.
1.1.3 Financial savings
According to recent data, domestic savings20 in the Indian household sector demonstrated a 5.1% increase in FY2023, similar to the previous year, while its contribution to GDP declined to 18.4%. Moreover, gross financial savings21, expressed as a percentage of household savings, grew to 59.9% in FY2023.
| Particulars | FY2022 | FY2023 |
| Nominal GDP ( trillion) | 235.97 | 269.50 |
| Household savings as % of GDP | 20.1% | 18.4% |
| Gross financial savings as % of household savings | 55.0% | 59.9% |
| Share of insurance in financial savings | 17.0% | 18.0% |
1.1.4 Macroeconomic outlook
As per the Reserve Bank of Indias projections, the Indian economy is anticipated to record a GDP growth of 7.0% in FY2025, supported by robust domestic demand, manufacturing, and investment. Furthermore, the RBI foresees inflation to decelerate and stabilize at an average of 4.5% in FY2025. The growth of exports may remain subdued due to the global economic slowdown. The services sector is expected to continue contributing to the countrys economic growth, while the agricultural sectors output is expected to improve, assuming normal monsoon conditions and the emergence of La-Nina. A shift in the current bullish stance by the RBI and other central banks of advanced economies will bode well for economic growth.
1.2 Insurance industry structure and developments The total life insurance premiums22 grew from Rs 500.94 billion in FY2002 to Rs 7,825.04 billion in FY2023 (14.0% CAGR). Additionally, new business premiums (retail weighted received premium)23 grew from 116.00 billion in FY2002 to Rs 1,089.75 billion in FY2024 (10.7% CAGR). As per Swiss Re, over CY2024-CY2028, total insurance premiums will grow by 7.1% in real terms, well above the global (2.4%), emerging (5.1%) and advanced (1.7%) market averages. At this rate, India will have the fastest growing insurance sector of the G20 countries.
The Indian life insurance industry has 26 companies including the Life Insurance Corporation of India (LIC). LIC contributes to 32.2% of the market share & the top five private sector companies together have 46.1% of the market share.
1.2.2 Product Mix
The share of non-linked products increased strongly from 60% in FY2022 to 68% in FY2023 for the private sector and increased from 78% in FY2022 to 81% in FY2023 for the industry.
1.2.3 Distribution Trends
The bancassurance channel continues to be the predominant channel for the private industry. For the industry, agency channel dominates primarily driven by LIC. However, direct sales channel through proprietary sales force and the online sales channel are gaining traction.
1.2.4 Contribution of the life insurance industry
Life insurance is a critical societal requirement in India, particularly given the current social security structure available in the country. It is a one-of-a-kind financial planning tool that offers families a financial safety net while also allowing them to achieve their long-term financial objectives and protect their family in the event of unforeseen circumstances. The life insurance sector provides a wide range of products for long term wealth creation. It also provides annuities for retirement planning and protection plans to safeguard one from any unforeseen event. Thus, the life insurance sector serves as a risk manager by providing coverage for investment, longevity, mortality, and morbidity risks.
The industry has covered 247.7 million lives through individual policies and 467.7 million lives through group policies, providing a total insurance cover of Rs 295.4 trillion at March 31, 2023. The total death benefit paid to policyholders in FY2023 stood at Rs 440.19 billion for the industry.
The Indian life insurance industry plays a key role in channelising household savings to the financial markets. The industry has been able to leverage its extensive
distribution network throughout the country to provide long term funds to both debt and equity markets. The life insurance industry also provides long term capital that is needed for infrastructure projects. The details of investments made in the infrastructure sector by the industry are as below:
| billion | March 31, 2021 | March 31, 2022 | March 31, 2023 |
| Infrastructure / | 4,514.75 | 4,586.14 | 4,975.94 |
| Housing investments |
Source: Life Insurance Council
The insurance industry in India is also a significant source of part-time and full-time employment to professionals with varied skill levels.
| Numbers in ‘000s | March 31, 2021 | March 31, 2022 | March 31, 2023 |
| No. of agents (individual) | 2,455 | 2,443 | 2,629 |
| No. of direct employees | 318 | 355 | 387 |
| Total | 2,773 | 2,798 | 3,016 |
1.2.5 Regulatory updates and developments for FY2024
a) Policyholder
The IRDAI notified a consolidated regulation on policyholder protection covering aspects pertaining to advertisement, issuance of insurance policies, servicing of policies, claim settlement, grievance, outsourcing activities, places of doing business etc. The regulation aims at reducing the processing time taken by insurers for issuance of policy and claim settlement. Additionally, the regulation mandates electronic issuance of policies. The IRDAI has also made amendments to the Master Circular on unclaimed amounts and requires a separate Board approved policy for the same. Further, the detailed operating guidelines on protection of policyholders interest are yet to be notified.
b) Product
The IRDAI has extended the use-and-file approach to group life unit-linked, health, combi-insurance products and fund additions in unit-linked life insurance products. Additionally, modifications to withdrawn products including addition of riders, premium payment modes, payment frequencies for income benefit, reduction in interest rate for revivals/ policy loans have also been permitted under this approach. This has effectively enhanced speed-to- market enabling insurers to offer products to address the evolving needs of customers.
A new regulation on insurance products has also been notified consolidating six existing regulations including regulations pertaining to unit-linked insurance products, non-linked insurance products, health insurance, micro insurance, minimum limits for annuities and other benefits, and acquisition of surrender and paid-up values. Further, the requirement of filing of advertisements have been done away with and a board approved advertisement committee has been made responsible to oversee all the advertisements utilized by the insurers and its distribution channels. Additionally, insurers are also now permitted to offer index unit-linked and index linked annuity products.
With respect to health insurance products, the requirement of minimum policy tenure of one year and a maximum tenure of three years has been omitted. Further, the flexibility to review and modify the premium subject to the premium being unchanged for at least a period of every block of three years has also been omitted.
Master circular on products providing further operational guidelines is awaited.
c) Corporate Governance
The new Corporate Governance Regulations have been notified which require prior approval of the IRDAI for appointment of the Chairperson of the Board. Further, it also requires the Board to ensure that a Key Management Persons does not simultaneously hold more than one position that
could lead to conflict of interest such as ‘business and control function or ‘two control functions. The regulations further require the insurers to put in place a board approved Succession Plan and establish a comprehensive Climate Risk Management framework. Details with respect to operational aspects are expected to be notified.
d) Distribution
On the distribution front, IRDAI has increased the flexibility that the insurers have in managing their expenses of management including commissions paid to their agents and intermediaries vide board policies. While the expenses of management are required to be managed at an overall participating and non-participating product category level, the quantum of commissions paid may be decided subject to the overall allowable expenses of management limits.
Further, in line with the vision of increasing insurance penetration in the country, IRDAI has notified the introduction of Bima Vahaks, a women centric dedicated distribution channel that is focused on enhancing insurance inclusion and creating awareness in every Gram Panchayat. These Bima Vahaks are permitted to sell Bima Vistaar product, a comprehensive insurance product with life, health and non-life benefits expected to be notified soon.
The IRDAI has also notified the revised obligations under rural and social sector based on the number of lives covered. This change is made, keeping in mind the objective of reaching the last mile and making insurance products accessible to every citizen.
With respect to the annuity service business, the Pension Fund Regulatory and Development Authority ("PFRDA") has issued a circular restricting Annuity Service Providers from deploying insurance agents/ intermediaries for sale of annuity products to National Pension System ("NPS") subscribers and mandated to utilise only direct channel.
e) Digital ecosystem
In order to fully and efficiently utilise the digital ecosystems available, the IRDAI has initiated work on Bima Sugam, a common end-to-end platform for all insurance needs of the customer, wide range of participation from customers, insurers, agents, intermediaries, repositories and external databases/ ecosystem life payment interface, account aggregator, Central Registry of Securitisation Asset Reconstruction and Security Interest ("CERSAI"), Unique Identification Authority of India ("UIDAI"), government databases etc. This platform is aimed at being used for sales, servicing and claims settlement of insurance products which will be a welcome change in the distribution architecture. The incorporation of a non-profit company for this purpose is under process. It will have 11 founding members and ICICI Prudential Life is one of them.
Further, the IRDAI has also guided insurers to actively participate in the Account Aggregator Framework as Financial Information User. In addition to this, insurers have also been advised to capture ABHA number of proposers created by the National Health Authority, if already existing or help customers to create them for both new and existing customers. This ecosystem when utilised fully would help both during the underwriting and claims settlement stage.
Further, the Central Government has also notified the Digital Personal Data Protection ("DPDP") Act to provide for processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes. The Government further notified Prevention and Regulation of Dark Patterns to ensure protection of consumers interest.
f) Capital
As a first step towards moving to a Risk Based Capital regime, the IRDAI had directed insurers to undertake a Quantitative Impact Study to assess the impact of the proposed framework for quantification of capital and solvency requirements following a Risk based approach. IRDAI is expected to undertake the next steps for further studies in this regard. Further, with the objective of aligning India with the global accounting standards, the Regulator has notified the phased implementation of IFRS/ Ind AS in the insurance sector. The Company has already implemented IFRS accounting for its foreign promoter and is ready to implement the same for India reporting whenever applicable.
g) Anti-Money Laundering (AML)
The Central Government notified amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further, IRDAI amended the Master Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), 2022. These amendments reduced the percentage of ownership of entitlement for a natural person to qualify as a beneficial owner for a partnership from fifteen to ten and provided for group-wide policies for sharing of information purposes of Customer Due Diligence (CDD) and AML/CFT risk management.
1.3 Opportunities and Threats 1.3.1 Insurance under-penetration
The life insurance penetration, measured as a percentage of GDP, has increased from 2.1% in FY200224 to 3.0% in FY202325. At USD 70 in FY2023, the insurance density26 (premium per capita) in India remains very low as compared to global average of USD 354. The macroeconomic factors such as growth in GDP and rise in per capita income, coupled with Indias young and working population, higher financial saving as a percentage of GDP, increasing urbanisation, increase in digitalisation and regulatory developments would continue to aid the growth of the Indian life insurance sector
Source: Swiss Re sigma No 3/2023 1.3.2 Favourable demographics
According to the United Nations estimates, the working population is expected to increase by 14% by the year 2030. With a median age of 28 years, India has a very young population. Both these factors are likely to fuel demand for life insurance products.
1.3.3 Increasing urbanisation
According to United Nations population division estimates, Indias urban population is expected to increase by 25.7% by the year 2030. Increased urbanisation is likely to lead to an improvement in the standard of living and provide better access to financial products such as life insurance.
1.3.4 Financial savings
India has a large pool of household savings and in FY2023, the ratio of household savings to GDP stood at 18.2%. The share of gross financial savings as a proportion of household savings was 59.9% in FY2023. The share of life insurance as a proportion of financial savings (including currency) in India was 18.0% in FY2023, aided by the improving customer value proposition of insurance products.
1.3.5 High protection gap
According to Swiss Re, the mortality protection gap for India is at USD 16.5 trillion which is relatively higher compared to the rest of the world. Protection coverage ratio which is the ratio between protection gap and protection needs is also very high for India. Sum assured to GDP ratio is significantly lower in India compared to the rest of the world. This provides a significant opportunity for Indian life insurance companies to address this gap and expand their protection business.
Retail credit has been growing at a CAGR of 16.8% from FY2014 to FY2023. This provides an additional opportunity for the insurance industry for the credit life business by providing mortality and morbidity cover to borrowers.
*Total sum assured
**Retail protection sum assured (Company estimates)
As of FY2020 (for USA & Japan as of FY2018); Source:
McKinsey estimates
FY2023 for India; Source: NSO & Company estimates
1.3.6 Pension opportunity
Indias pension market is one of the lowest in the world with pension assets to GDP ratio at 6.5% in FY2023. There has been an increase in life expectancy27 for Indians from 70 years in FY2020 to 74 years in FY2040.
According to the NSO report 2021, Indias elderly population (aged 60 and above) is projected to touch 194 million in FY2031 from 138 million in FY2021, a 41.0% increase over a decade. Only 23% of this population are either saving or planning to save for their retirement. This leaves 77% of Indians primarily dependent on their children instead of their own wealth, which is likely to create a significant deficit with the joint family system giving way to the nuclear family system. Additionally, with an increase in life expectancy, the post-retirement period for males has increased from 17 years during FY2000-FY2005 to 19 years in FY2012 and is further expected to increase to 20 years in FY2030. Given that the annuity product can be offered only by life insurance companies, it offers a significant business opportunity for the life insurance industry. While people may look at alternative ways to save for retirement, only an annuity product can provide a guaranteed income for life and hence should take priority in an individuals retirement planning process.
Average post retirement period
Survey by NSSO, Ministry of statistics and Programme implementation, Crisil, PFR Reserve Bank of India Report (2017), World Economic Forum Study (2019);DA, Census of India, UN Population Estimate; The Global Human Capital Report 2017
1.4 Strategy and performance of the Company
In the context of this overall opportunity detailed above, the Companys primary focus continues to be growth of absolute Value of New Business (VNB) through the 4P strategy of Premium growth, Protection business growth, Persistency improvement and Productivity enhancement, while ensuring focus on customer-centricity and imbibing sustainable practices within the business processes. The Company believes that the 4P strategy is appropriate in the context of the large life insurance opportunity in the country, coupled with the objective to grow the VNB. The Company has a 4D framework which drives the 4P strategy in order to make sure the Company stays true to the philosophy and improves performance across all 4P strategic elements.
The elements of the 4D frameworks are Data analytics, Diversified propositions, Digitalisation and Depth in Partnerships, with focus on quality business in a risk calibrated manner. This framework will ensure products are aligned with the customer needs, are designed to meet those needs most effectively, are developed with the highest quality standards and are delivered through the most appropriate channels. Also, this framework will help the Company provide simplified and hassle-free processes to the customers across the product lifecycle.
1.4.1 4P Strategy: Premium growth, Protection business growth, Persistency improvement and Productivity enhancement
a) Premium Growth
The Company endeavours to grow premium through: •
• Enhancing distribution: The Company has been continuously investing in building distribution capacity especially in the proprietary channel, continuous product & process innovation, digitalisation & data analytics geared to simplify
the business operations, aimed at enhancing customer experience. The Company is also focused on expanding the distribution network through the acquisition of new partners as well investing in creation of new sourcing channels. The Company will look to strengthen its distribution network through a closer mapping of distribution segments with customer segments and products.
• Growing annuity line of business: The Company would continue to cater to the retirement savings need of customers while managing the investment risk appropriately.
• Deepening penetration in under-served customer segments: The Company will continue to focus on broadening the customer base through initiatives spanning across both distribution and products.
Progress: Annualised Premium Equivalent (APE) grew by 4.7% from Rs 86.40 billion in FY2023 to Rs 90.46 billion in FY2024. Within channel segments, agency APE grew by 15.6%, direct business APE grew by 20.0%, bancassurance APE grew by 2.3%, partnership distribution APE declined by 8.1%, and group APE declined by 8.0% in FY2024. On the products side, the strategy of continuous product innovation with the objective of delivering superior value propositions to the customers has resulted in strong growth across most product segments. Annuity business APE grew by 88.0%, linked business APE grew by 26.1%, retail protection APE grew by 46.6% & group funds APE grew by 4.6% in FY2024.
Channels
| APE ( billion | FY2023 | FY2024 |
| Agency | 22.81 | 26.37 |
| Direct | 10.64 | 12.77 |
| Bancassurance | 25.35 | 25.93 |
| Partnership Distribution | 12.76 | 11.73 |
| Retail APE | 71.55 | 76.80 |
| Group | 14.85 | 13.66 |
| Total | 86.40 | 90.46 |
| APE (Rs billion) | FY2023 | FY2024 |
| Savings | 71.36 | 75.21 |
| Linked | 31.02 | 39.11 |
| Non-linked | 32.21 | 23.38 |
| Annuity | 5.07 | 9.53 |
| Group | 3.06 | 3.20 |
| Protection | 15.04 | 15.25 |
| Total | 86.40 | 90.46 |
b) Protection Business Growth
The Company has been focused on expanding the protection business & believes it offers strong growth opportunities. This would be done by offering protection products across channels, penetrating the online term insurance market and partnering with loan providers to offer coverage against loans. Given the current levels of under-penetration, retail protection business growth presents a multi-decadal opportunity, while credit life and group term business also offer significant opportunities as the Company witness growth in credit and the economy.
Progress: The overall protection APE stood at Rs 15.25 billion in FY2024 with contribution from credit life business at 39.4%, retail protection at 31.4% and group term at 29.2%. The retail protection business has registered a strong year-on-year growth of 46.6% in FY2024 Credit life business has also grown by 25.2% year-on-year in FY2024 in line with the strong credit growth in the economy while the group term business has declined in FY2024.
APE (Rs billion) |
FY2023 |
FY2024 |
Retail protection |
3.26 |
4.78 |
Credit Life |
4.81 |
6.02 |
Group term |
6.97 |
4.45 |
Total |
15.04 |
15.25 |
c) Persistency Improvement
The Company believes persistency is probably the most effective indicator of the quality of sale and is a barometer of customer experience. This parameter tracks the percentage of customers renewing their policies. The Company has developed AI models which predict future persistency behaviour of the customer at various stages, and these enable them to take appropriate interventions. The Company will continue to invest in data science & customer-centric analytics engines to further improve the persistency.
Progress: The 13th month persistency ratio improved by 240 basis points to 89.0% in FY2024. Similarly, the 49th month persistency ratio also improved by 430 basis points to 68.5% in FY2024.
| Particulars | FY2023 | FY2024 |
| 13th month | 86.6% | 89.0% |
| 25th month | 77.8% | 80.5% |
| 37th month | 71.3% | 72.3% |
| 49th month | 64.2% | 68.5% |
| 61th month | 65.7% | 64.4% |
Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers dated September 30, 2021; 12 month rolling persistency for March to February measured at March 31
d) Productivity Enhancement
The productivity improvement initiatives are targeted at improving cost ratios. Technology and process
re-engineering have been at the centre of the efforts to drive productivity improvement. The Company would continue to leverage the digital platform to improve customer experience and efficiency of the service operations.
Progress: The total expenses grew by 21.6% for FY2024. The increase in new business commission is attributed to the redesign of commission structure pursuant to the flexibility provided in IRDAI (Payment of Commission) Regulations. Additionally, the Company has been investing in capacity creation to support future growth. The investments made, though front ended, are necessary to deliver long-term sustainable growth for the Company.
The overall cost to Total Weighted Received Premium (TWRP) stood at 24.0% and the cost to TWRP ratio for the savings business at 15.8% for FY2024. The Company monitors cost ratios for the savings line of business separately. The objective is to bring efficiency in the savings line of business while the Company continues to focus on growth in the protection business. The cost to average assets under management has been stable at 2.7% for FY2024.
Particulars |
FY2023 |
FY2024 |
Cost/TWRP |
21.5% |
24.0% |
Cost/Average AUM |
2.6% |
2.7% |
Cost/TWRP (Savings Line of Business) |
14.2% |
15.8% |
1.4.2 Value of New Business (VNB)
For FY2024, Value of New Business (VNB) was Rs 22.27 billion and with an APE of Rs 90.46 billion, VNB margin stood at 24.6%. The decline in VNB margin is primarily on account of the shift in underlying product mix towards unit-linked and participating business from non-participating business, decline in group term business and higher expense ratio for the current year. The contribution of FY2024 VNB from protection products is at 51.4%, non-linked saving products is at 36.9% and unit-linked products is at 11.7%.
1.4.3 Embedded Value
Embedded Value (EV) is a measure of the consolidated value of the Shareholders interest in the life insurance business. It is calculated as the sum of the Companys adjusted net worth (ANW) and the value of in-force business (VIF). The VIF includes the present value of future profits attributable to Shareholders from the in-force business of the Company (which includes the new business written during the previous year). The calculation of VIF also reflects adjustments for various risks within the business. The Companys EV grew by 18.8% year-on- year from Rs 356.34 billion at March 31, 2023 to Rs 423.37 billion at March 31, 2024. Value of Inforce (VIF) business grew by 14.5% year-on-year.
Embedded Value Operating Profit (EVOP) for FY2024 was Rs 50.17 billion in FY2024. Operating assumption change is a small positive Rs 0.70 billion. Persistency variance is a negative Rs 0.56 billion which is largely due to increase in later duration surrenders in the unit-linked portfolio because of equity market buoyancy. Total economic and investment variance is positive Rs 16.91 billion due to shift in the yield curve and equity market movement.
1.5 Solvency
The Companys solvency ratio at March 31, 2024 was 191.8%, well above the regulatory minimum required level of 150%.
1.6 Company outlook
The life insurance industry has experienced significant growth over the past two decades, yet there remains substantial potential for further expansion and increased market penetration. The robust economic progress, rising disposable income, and favorable demographic trends in India, characterized by a burgeoning middle class, a youthful insurable population, and heightened awareness regarding the necessity for protection and retirement planning, are poised to underpin the advancement of the Indian insurance sector.
The large protection gap in India coupled with a low sum assured to GDP ratio suggests significant opportunities for the protection business. Retail credit growth provides further opportunity for the credit protect business. The Company expects to leverage both these trends to grow protection business at a rate higher than the savings business growth rate over a medium term.
Customer centricity continues to be at the core of the strategy. The Company has worked on various building blocks of business with the efforts pivoted towards balancing growth, risk & prudence and profitability. The Company currently has the capability to provide the right product to the right customer and deliver it through the most appropriate channel. Going ahead, the Company will capitalise on the same to target untapped markets to expand the customer segments.
Through various customer awareness initiatives, the Company expects to drive continued improvement in persistency and quality parameters that will ultimately help customers get the intended benefits from their policies. Additionally, data sciences, analytics and innovation have enabled the Company to leverage data and information, which helps in improving various processes such as distribution, operations, etc. and to identify new growth opportunity. The Company expects these initiatives to result in improving productivity. The Company will continue to invest in organisational capabilities such as People, Process, Technology & Analytics, Distribution & Product to ensure it delivers sustainable growth and profitability along with managing risk & prudence.
1.7 Risks and concerns
Indian life insurance industry is highly competitive with 26 companies operating in the market. Indian consumer demands are changing continuously which requires companies to modify their offerings in alignment with customer needs. This poses an opportunity as well as risk to the industry as inability to meet the consumer demand would hamper the growth.
Some of the macroeconomic and policy factors which could be risks for the industry are:
1) Higher interest rate creating stress on the global financial system
2) Slowdown in GDP and GDP per capita growth rates
3) Geo-political conflict worsening global economic and financial environment, exacerbating inflationary pressures globally
4) Global slowdown of the financial market and economies contributing to weakness in the Indian financial and economic environment
5) Weak credit environment and economic challenges leading to increased credit risk within fixed income portfolio
6) Superior return on physical savings
7) I nferior fund performance in comparison to other savings instruments
8) Changes in tax rate structure for the industry and its products
9) Possibility of tax demands from the revenue authorities based on their interpretation of their findings during investigation / assessments on the Insurance companies
10) Highly coordinated cyber-attacks leading to loss of confidentiality and thereby causing adverse impact
The Company recognises that risk is an integral element of the business and controlled administration of risk is essential for generation of Shareholder value. The Company has instituted an enterprise risk management framework which details the governance and management of all aspects of risks. A detailed review of the Companys risk exposures to market, credit, liquidity, insurance, operational, reputation and other emerging risks, as well as the key control processes is set out in the ‘Enterprise Risk Management section of this Report in page 184.
II. DISCUSSION ON FINANCIAL PERFORMANCE AND ANALYSIS OF FINANCIAL STATEMENTS A. Overview of Lines of Business (LOB)
The Company operates in various lines of business in retail and group segment. A brief description of the products under each line of business is given below:
1. Participating (Par) products - These are products where the policyholder is entitled to 90% share of the surplus emerging in the participating funds and the balance 10% share of surplus belongs to the shareholders. The participating fund is managed by the Company and the surplus emerging in the fund is added back to the policies in the form of bonuses. The shareholders profits arising from the participating business depend on the total bonuses declared to policyholders on an annual basis. Currently, shareholders share of profit is one-ninth of the bonus declared to the policyholders. Any balance surplus in this segment is accumulated under the head ‘Funds for future appropriation in the Balance sheet, to be distributed to policyholders and shareholders in the future. The amount of bonuses declared to policyholders is influenced by the actual returns on investments and the expectation of future rates of return. The Company has participating life and participating pension lines of business.
2. Non-participating (non-par) non-linked products
- These products provide pre-defined benefits at the policys inception for specified events and the policyholder is not entitled to any share in
the surplus that arises from the investment fund. Any surplus that emerges in the non-participating business is transferred to shareholders accounts based on the Appointed Actuarys recommendation. Non-participating non-linked products include non-participating life (savings and protection), non-participating pension, non-participating variable (life and pension), annuity, health, etc.
a. Non-participating life:
Non-participating savings - Non-participating savings plans are endowment assurance contracts that pay a benefit upon the life assured surviving the stipulated date or on the life assureds death before maturity. These plans meet the long-term savings needs of customers and the life cover component ensures that the customers family is financially secure.
Non-participating protection - Non-participating protection plans are contracts that pay a specified amount on the occurrence of certain events such as death, disability or critical illness during the policys term. These cost-effective protection plans provide a 360-degree financial safety net to customers and
their families by paying a lump sum amount when an event covered under the product occurs.
b. Non-participating pension - These products help customers build a retirement corpus and pay a specified benefit or interest from time to time.
c. Non-participating variable (Life & Pension) - These products offer benefits that are partially or wholly dependent on the performance of an approved external index or benchmark.
d. Annuity - Annuities provide a series of guaranteed payouts to the annuitant at regular intervals in return for a certain sum paid upfront or the option to pay premiums for a certain period. A deferred annuity is a contract to pay out regular amounts of benefit to the annuity holder at the end of the deferred period (the vesting date) when annuity payment commences for a specified period such as number of years or for life. An immediate annuity is a contract to pay out regular amounts of benefit wherein the contract commences payments immediately after commencement of the contract.
e. Health - These products provide a fixed benefit on specified health events such as the diagnosis of a specified illness.
Of the above, protection business includes term assurance and health line of business for both retail and group. 3
3. Non-participating (non-par) linked products - These products provide returns that are directly linked to the performance of an approved index or the value of the underlying assets. The investment risk in these products is borne by the policyholder. The products have a transparent charge structure, including the charge for either life cover or health cover. Any surplus that arises in the case of non-participating linked business is transferred to shareholders accounts based on the recommendation of the Appointed Actuary. The Company has linked life, pension, health, and group line of business.
B. Standalone financial statements
a. Results from operations:
The Companys financial statements comprise two primary accounts - the Revenue account (also known as the policyholders account) and the Profit and loss account (also known as the shareholders account). The Revenue account contains the income and expenses related to policyholders, and the surplus generated in this account is appropriated to the Profit and loss account based on the recommendation of the Appointed Actuary. A deficit in any line of business in the Revenue account is funded from the Profit and loss account. Other than the transfers to and from the Revenue account, the Profit and loss account contains the income and expenses pertaining to shareholders. The surplus remaining in the Revenue account, which has not been appropriated to the Profit and loss account, is held as Funds for future appropriations (FFA) and is reflected in the Balance Sheet. Funds for Future Appropriation represent funds that have not been explicitly allocated to either policyholders or shareholders at the balance sheet date.
The various lines of business disclosed in the Revenue account are as per the requirements of IRDAI regulations. However, for analysis of our Revenue account, it can be viewed from three broad lines of business as given above i.e., participating, non-participating (including non-participating life (savings and protection), non-participating pension, non-participating variable life, non-participating variable pension, annuity, health) and linked. Shareholders profits in participating lines of business depend on the total annual bonuses declared to policyholders. Currently, one-ninth of the bonus declared to policyholders is transferred to shareholders. In the non-participating line of business, profits arise primarily from premium and investment income net of expenses, claims, and policyholders liabilities. In the linked business, profits primarily arise from charges levied on the policyholders fund net of expenses, claims, and policyholders liabilities.
Segment-wise performance of Companys Revenue and Profit and loss account:
Revenue account (Policyholders account)
(Rs billion)
| FY2023 | FY2024 | |||||||
| Par | Non-par1 | Linked | Total | Par | Non-par1 | Linked | Total | |
| Income | ||||||||
| Gross premium (net of Goods and service tax) | 47.40 | 165.58 | 186.35 | 399.33 | 52.91 | 183.53 | 195.92 | 432.36 |
| Reinsurance ceded | (0.06) | (12.92) | (0.78) | (13.76) | (0.10) | (13.91) | (0.75) | (14.76) |
| Reinsurance accepted | - | 0.03 | - | 0.03 | - | - | - | - |
| Net earned premium | 47.34 | 152.69 | 185.57 | 385.60 | 52.81 | 169.62 | 195.17 | 417.60 |
| Income from investments2 * | 18.65 | 37.42 | 43.03 | 99.10 | 29.60 | 53.15 | 383.23 | 465.98 |
| Other income (including fees and charges) | 0.55 | 0.44 | 0.53 | 1.51 | 0.81 | 0.57 | 0.67 | 2.05 |
| Contribution from the shareholders account (A) | - | 18.02 | - | 18.02 | - | 17.93 | - | 17.93 |
| Total income (B) | 66.54 | 208.57 | 229.13 | 504.23 | 83.22 | 241.27 | 579.07 | 903.56 |
| Outgo | ||||||||
| Commission3 | 3.89 | 9.86 | 4.89 | 18.64 | 8.61 | 23.13 | 5.48 | 37.22 |
| Operating expenses relating to insurance business4 | 4.47 | 31.68 | 9.76 | 45.91 | 6.32 | 24.70 | 10.29 | 41.31 |
| Goods and service tax charge on linked charges | - | - | 6.61 | 6.61 | - | - | 6.60 | 6.60 |
| Benefits paid (net) and interim bonus paid | 22.06 | 28.43 | 259.55 | 310.04 | 28.14 | 38.40 | 333.52 | 400.06 |
| Change in valuation of policy liabilities | 30.41 | 135.85 | (68.09) | 98.17 | 41.81 | 155.04 | 209.54 | 406.39 |
| Total outgo (C) | 60.83 | 205.82 | 212.72 | 479.37 | 84.88 | 241.27 | 565.43 | 891.58 |
| Surplus/(deficit) before Tax (D=B-C) | 5.71 | 2.75 | 16.41 | 24.86 | (166) | - | 13.63 | 11.97 |
| Provision for taxation (E) | 1.84 | - | - | 1.84 | 1.08 | - | - | 1.08 |
| Surplus after tax(F=D-E) | 3.87 | 2.75 | 16.41 | 23.02 | (2.74) | - | 13.63 | 10.89 |
| Transfer to shareholders account (F) | 1.01 | 2.74 | 16.41 | 20.16 | 1.10 | - | 13.63 | 14.72 |
| Balance being funds for future appropriations | 2.86 | - | - | 2.86 | (3.83) | - | - | (3.83) |
| Net transfer to shareholders account (G=F-A) | 1.01 | (15.28) | 16.41 | 2.14 | 1.10 | (17.93) | 13.63 | (3.21) |
1 Includes balance of variable insurance products.
2 Net for any impairment in investments, which is shown as provision for diminution in the value of investments in the Revenue account.
3 Commission also includes rewards and/or remuneration to agents, brokers, or other intermediaries
4 Including provision for doubtful debt and bad debts written off.
Profit and Loss account (Shareholders account)
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Amounts transferred from Policyholders account (Net of contribution from shareholders) | 2.14 | (3.21) |
| Investment income1 | 7.84 | 13.33 |
| Other income | 0.01 | 0.14 |
| Expenses other than those directly related to insurance business2 | (1.02) | (1.04) |
| Profit before tax (A) | 8.97 | 9.22 |
| Provision for taxation (B) | (0.86) | (0.71) |
| Profit after tax (C=A-B) | 8.11 | 8.51 |
1. Netted for any impairment in investments, which is shown as provision/(reversal) for diminution in the value of investments in Profit and loss account. and excluding other income
2. Including Managerial Remuneration in excess of the allowable limits - refer note 3.22 of Schedule 16: significant accounting
policies and notes forming part of the financial statements.
Element-wise analysis of the Revenue account and Profit and Loss account is given below:
1. Gross premium (Revenue account)
The following table sets forth, for the periods indicated, the summary of gross premium income:
(Rs billion)
| FY2023 | FY2024 | |||||||
| Line of business | First year | Renewal | Single | Total | First
year |
Renewal | Single | Total |
| Retail | ||||||||
| Par | 9.52 | 37.83 | - | 47.35 | 12.77 | 40.14 | - | 52.91 |
| Non-par | 27.07 | 43.63 | 22.04 | 92.74 | 22.26 | 65.61 | 15.10 | 102.97 |
| Linked | 28.35 | 142.31 | 2.42 | 173.08 | 35.29 | 138.21 | 3.10 | 176.60 |
| Total retail | 64.94 | 223.77 | 24.46 | 313.17 | 70.32 | 243.96 | 18.20 | 332.48 |
| Group1 | - | 1.43 | 84.72 | 86.16 | - | 1.61 | 98.27 | 99.88 |
| Gross total premium | 64.94 | 225.20 | 109.18 | 399.33 | 70.32 | 245.57 | 116.47 | 432.36 |
1 Group includes policy sourced to group customers under par, non-par, and linked line of business.
The gross premium increased by 8.3% from Rs 399.33 billion in FY2023 to Rs 432.36 billion in FY2024 primarily on account of an increase in group single premium and retail initial and renewal premium in the non-participating segment.
The total retail premium increased from Rs 313.17 billion in FY2023 to Rs 332.47 billion in FY2024 primarily on account of higher premiums in retail savings (non-participating and participating segments), retail protection and ULIP segments.
The total group premium increased from Rs 86.16 billion in FY2023 to Rs 99.88 billion in FY2024 primarily on account of an increase in group micro insurance, superannuation, and credit life businesses.
2. Reinsurance (Revenue account)
Reinsurance premium ceded increased by 7.3% from Rs 13.76 billion in FY2023 to Rs 14.76 billion in FY2024 primarily on account of an increase in group protection business, in line with new business growth. No reinsurance premium was accepted in FY2024.
3. Investment income (Revenue account)
The following table sets forth, for the periods indicated, summary of income from investments:
(Rs billion)
| FY2023 | FY2024 | |||||
| Particulars | Non-
linked1 |
Linked | Total | Non-
linked1 |
Linked | Total |
| Interest, dividend, and rent | 51.53 | 35.75 | 87.28 | 64.94 | 37.08 | 102.02 |
| Profit/(loss) on sale of investments | 4.92 | 73.62 | 78.54 | 16.31 | 122.73 | 139.04 |
| Accretion of discount/ (amortisation of premium) | 0.98 | 6.40 | 7.38 | 0.96 | 6.68 | 7.64 |
| Unrealised gains/(loss) | (0.82) | (72.74) | (73.56) | 0.05 | 216.75 | 216.80 |
| Provision for diminution in the value of investments | (0.54) | - |
(0.54) | 0.48 | - | 0.48 |
| Investment income (net) | 56.07 | 43.03 | 99.10 | 82.74 | 383.24 | 465.98 |
1 Includes participating and non-participating line of business
Non-linked: The investment income of the non-linked line of business increased from Rs 56.07 billion in FY2023 to Rs 82.76 billion in FY2024 primarily on account of an increase in the interest income corresponding to an increase in interest-earning assets, and an increase in the net profit on sale of investments.
Linked: The investment income of the linked line of business increased from Rs 43.03 billion in FY2023 to Rs 383.23 billion in FY2024. The investment income for the linked line of business includes income on the unit-linked portfolio which has increased from Rs 42.03 billion in FY2023 to Rs 382.03 billion in FY2024 and is directly passed on to the policyholders with the corresponding changes in the fund reserve. The unrealised gain/(loss) of the linked line of business increased from a loss of Rs 72.74 billion in FY2023 to a gain of Rs 216.75 billion in FY2024.
4. Other Income (Revenue account)
Other income includes fees and charges, income on unclaimed amount of policyholders and other miscellaneous income. The other income increased from Rs 1.51 billion in FY2023 to Rs 2.04 billion in FY2024 primarily on account of an increase in interest income on policy loans in line with the increase in the loans given to policyholders against policies.
5. Contribution from shareholders account (Revenue account):
Contribution from Shareholders account represents the funding from the Profit and loss account (Shareholders account) to various lines of business in case of a deficit in any line of business and also includes expense of management in excess of allowable limit in Participating and Non-Participating (including linked) business segment (Refer note 3.51 of schedule 16).
Contributions towards excess of expenses of management reduced from Rs 2.66 billion in FY2023 to NIL in FY2024. Contributions from Shareholders towards deficit funding increased from Rs 15.37 billion in FY2023 to Rs 17.93 billion in FY2024. This is primarily on account of higher new business strain30 in the annuity segment.
6. Commission expense (Revenue account)
The following table sets forth, for the periods indicated, summary of commission expense:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| First year commission | 11.66 | 15.42 |
| Single commission | 1.58 | 10.97 |
| New business commission | 13.24 | 26.39 |
| Renewal commission | 4.28 | 4.65 |
| Total commission | 17.52 | 31.04 |
| Rewards1 | 1.12 | 6.18 |
| Total Commission | ||
| including Rewards | 18.64 | 37.22 |
| Commission rate2 | 5.8% | 9.5% |
1 Represents rewards as defined under IRDAI (Payment of commission or remuneration or reward to Insurance agents and Insurance intermediaries) regulations, 2016.
2 Commission/(total premium- 90% of single premium). The total commission, including rewards expenses, increased from Rs 18.64 billion in FY2023 to Rs 37.22 billion in FY2024 on account of changes in the commission structure pursuant to the Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations, 2024.
The new business commission increased from Rs 13.24 billion in FY2023 to Rs 26.40 billion in FY2024. Renewal commission increased from Rs 4.28 billion in FY2023 to Rs 4.65 billion in FY2024 in line with increase in renewal premium. Rewards expenses increased from Rs 1.12 billion in FY2023 to 6.18 billion in FY2024.
7. Operating expenses related to insurance business (Revenue account)
The following table sets forth, for the periods indicated, summary of operating expenses relating to insurance business:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Employee related expenses | 14.46 | 16.24 |
| Advertisement & sales | ||
| related expenses | 18.71 | 12.92 |
| Other expenses | 12.74 | 12.14 |
| Total operating expenses | 45.91 | |
| 41.31 |
The total operating expenses relating to insurance business decreased from Rs 45.91 billion in FY2023 to Rs 41.31 billion in FY2024.
Employee related expenses increased from Rs 14.46 billion in FY2023 to Rs 16.24 billion in FY2024. This was due to an increase in employee headcount, which increased from 17,825 at March 31, 2023 to 18,907 at March 31, 2024 coupled with an overall rise in wages.
Advertisement and sales related expenses decreased from Rs 18.71 billion in FY2023 to Rs 12.92 billion in FY2024 primarily on account of a decrease in the advertisement and publicity related activities during FY2024.
The other expenses decreased from Rs 12.74 billion in FY2023 to Rs 12.14 billion in FY2023 primarily on account of a decrease in professional charges to support business.
8. Goods and service tax charge on linked charges (Revenue account)
The Goods and service tax (GST) charge on linked charges represents the tax payable on the charges collected on linked products, which is collected from policyholders. The GST charge on linked charges decreased from Rs 6.61 billion in FY2023 to Rs 6.60 billion in FY2024.
9. Benefits paid (net) and interim bonus paid (Revenue account)
The following table sets forth, for the periods indicated, summary of benefits paid:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Surrender claims | 235.52 | 299.75 |
| Maturity and annuity claims | 42.44 | 58.01 |
| Mortality (death) claims | 34.62 | 44.00 |
| Survival benefits and other claims1 | 9.24 | 12.13 |
| Amount recovered from reinsurers | (11.78) | (13.83) |
| Total | 310.04 | 400.06 |
includes interim bonus paid.
Benefits paid (net of reinsurance) and interim bonus paid increased from Rs 310.04 billion in FY2023 to Rs 400.06 billion in FY2024. The increase was primarily on account of an increase in surrender claims in the linked business coupled with an increase in other benefits as guaranteed to the policyholders.
10. Change in valuation of policy liabilities (Revenue account)
The following table sets forth, for the periods indicated, summary of the changes in valuation of liabilities:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Gross: Policy liabilities (non-unit/ mathematical reserves) | 155.23 | 196.31 |
| Amount ceded in reinsurance | 11.01 | 2.25 |
| Amount accepted in reinsurance1 | 0.01 | (0.01) |
| Change in non-unit/ mathematical reserves (net) (A) | 166.25 | 198.55 |
| Fund reserve | (53.09) | 226.85 |
| Funds for discontinued policies | (14.99) | (19.01) |
| Change in fund reserve (B) | (68.08) | 207.84 |
| Total change in the valuation of policy liabilities (A+B) | 98.17 | 406.39 |
1 Change in valuation of policy liabilities in respect of reinsurance accepted in non-participating line of business amounts to (5,959) thousand for the year ended March 31, 2024 (Rs 5,436 thousand for FY2023)
Change in non-unit/mathematical reserves (net of amount ceded in reinsurance) increased from Rs 166.25 billion in FY2023 to Rs 198.55 billion in FY2024 reflecting the new business written and change in valuation assumptions.
Change in fund reserve (including discontinued policies), which represents liability carried on account of units held by unit-linked policyholders, increased from (68.08) billion in FY2023 to Rs 207.84 billion in FY2024 primarily due to higher investment income.
11. Provision for taxation (Revenue account)
The provision for taxation shown in the Revenue accounts represents tax charged on the total surplus (grossed up for bonus) of the participating line of business in the Revenue account, in line with the Companys accounting policy and the directions issued by the IRDAI. The provision for taxation decreased from Rs 1.84 billion in FY2023 to Rs 1.08 billion in FY2024 primarily on account of higher tax exemptions availed.
12. Surplus after tax (Revenue account) and Net transfer to shareholders account
As a result of the above changes in income and expenses, surplus after tax in the Revenue account decreased from Rs 23.02 billion in FY2023 to Rs 10.90 billion in FY2024.
The surplus generated in the Revenue account after setting aside funds for future appropriation is transferred to Profit and loss account (Shareholders account) based on the recommendation of the Appointed Actuary. The net transfer to/(from) shareholders account decreased from Rs 2.14 billion in FY2023 to (3.21) billion in FY2024.
Segment-wise net transfer to shareholders account is as under:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Participating business | 1.01 | 1.09 |
| Non-participating business | (15.28) | (17.93) |
| Linked business | 16.41 | 13.63 |
| Net transfer to/(from) shareholders account | 2.14 | (3.21) |
Participating business: The surplus in the Revenue account for the participating line of business is net of bonus and interim bonus. The surplus (grossed up for bonus) decreased from Rs 12.97 billion in FY2023 to Rs 7.04 billion in FY2024. The shareholders profits in participating business depend on the total bonuses declared to the policyholders. Currently, one-ninth of the bonus declared to policyholders is transferred to shareholders. The transfer to shareholders for the participating line of business increased marginally from Rs 1.01 billion for FY2023 to Rs 1.09 billion for FY2024.
Non-participating business: The surplus in the Revenue account for non-participating line of business arises primarily from premium and investment income net of expenses, claims, and policyholders liabilities. The deficit in the non-participating line of business before contribution from shareholders increased from Rs 15.28 billion in FY2023 to Rs 17.93 billion in FY2024 primarily on account of higher new business strain in annuity business.
Linked business: The surplus in the Revenue account for the linked lines of business arises primarily from charges levied on the policyholders fund net of expenses, claims and policyholders liabilities. The surplus in linked line of business before contribution from shareholders decreased from Rs 16.41 billion in FY2023 to Rs 13.63 billion in FY2024 primarily on account of higher non-unit reserves and lower incomes from linked policies.
13. Investment and other income (Profit and loss account)
The following table sets forth, for the periods indicated, summary of income from investments:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Interest, dividend and rent | 6.07 | 6.49 |
| Profit/(loss) on sale of investments | 2.82 | 7.24 |
| Accretion of discount/ (amortisation of premium) | (0.12) | (0.03) |
| Provision for diminution in the value of investments | (0.92) | (0.36) |
| Investment income (net) | 7.85 | 13.34 |
| Other income | 0.01 | 0.14 |
| Total income | 7.86 | 13.48 |
Investment income (net) increased from Rs 7.86 billion in FY2023 to Rs 13.48 billion in FY2024 primarily on account of increase in profit on the sale of investments. Interest, dividend, and rent increased from Rs 6.07 billion in FY2023 to Rs 6.49 billion in FY2024 primarily on account of an increase in interest income due to an increase in the interest-earning assets. Profits and losses are recognized as the portfolio is realigned based on the market conditions and expected attractiveness of securities and sectors. During FY2024, the profit on the sale on investments (net of loss on the sale of investments and provision for diminution in value of investments) increased from Rs 1.90 billion in FY2023 to Rs 6.88 billion in FY2024.
Other income increased from Rs 0.01 billion in FY2023 to Rs 0.14 billion in FY2024.
14. Expenses other than those directly related to insurance business (Profit and loss account)
Expenses other than those directly related to the insurance business increased from Rs 1.02 billion in FY2023 to Rs 1.04 billion in FY2024 on account of increase in managerial remuneration offset by decrease in other expenses. Corporate social responsibility expenses (CSR expenses) are charged to Profit and loss account and decreased from Rs 0.04 billion in FY2023 to Rs 0.03 billion in FY2024.
15. Provision for tax (Profit and loss account)
Tax on other than participating line of business and shareholders income is shown in Profit and loss account. Provision for tax has decreased from Rs 0.86 billion in FY2023 to Rs 0.71 billion in FY2024 on account of decrease in taxable surplus computed as per Income tax Act, 1961.
16. Profit after tax (Profit and loss account)
Profit after tax increased from Rs 8.11 billion in FY2023 to Rs 8.52 billion in FY2024 primarily due to increase in investment incomes.
b. Financial position
The following table sets forth, for the periods indicated, the financial position of the Company:
(Rs billion)
| Particulars | March 31, 2023 | March 31, 2024 |
| Sources of funds Shareholders funds |
100.92 | 110.09 |
| Borrowings | 12.00 | 12.00 |
| Policyholders funds Fair value change account and revaluation reserve - investment property |
28.33 | 50.27 |
| Policy liabilities | 2,343.65 | 2,750.04 |
| Funds for future appropriations | 16.69 | 12.87 |
| Total | 2,501.59 | 2,935.27 |
| Application of funds Investments |
2,482.20 | 2,897.36 |
| Loans | 13.14 | 17.61 |
| Fixed assets | 5.96 | 7.18 |
| Current assets (A) | 57.17 | 67.85 |
| Current liabilities and provisions (B) | 56.88 | 54.73 |
| Net current assets (A-B) | 0.29 | 13.12 |
| Total | 2,501.59 | 2,935.27 |
| Contingent liabilities | 6.98 | 10.96 |
1. Shareholders fund & capital position
The following table sets forth, for the periods indicated, the details of shareholders fund of the Company:
(Rs billion)
| Particulars | March 31, | March 31, |
| 2023 | 2024 | |
| Equity share capital | 14.39 | 14.41 |
| Share premium | 35.30 | 36.09 |
| Balance of profit in profit and loss account | 48.09 | 55.75 |
| Fair value change account | 2.80 | 3.45 |
| Revaluation reserve | 0.34 | 0.39 |
| Shareholders fund (net-worth) | 100.92 | 110.09 |
| Solvency ratio | 208.9% | 191.8% |
During FY2024, there were no capital infusions except for the exercise of stock options to employees under the Employee Stock Option Scheme.
The net worth of the Company increased from Rs 100.92 billion at March 31, 2023 to Rs 110.08 billion at March 31, 2024 primarily on account of an increase in balance of profit in profit and loss account.
The balance of profit in profit & loss account increased from Rs 48.09 billion in FY2023 to Rs 55.75 billion in FY2024 on account of profit for the year.
The Company had performed an independent valuation of its investment property, which resulted in an increase in revaluation reserve from Rs 0.34 billion (Historical cost: Rs 3.65 billion; revalued amount: Rs 3.99 billion) at March 31, 2023 to Rs 0.38 billion (Historical cost: Rs 3.65 billion; revalued amount: Rs 4.04 billion) at March 31, 2024.
Fair value change account represents the unrealised gains/loss on equity securities and mutual funds and it increased from Rs 2.80 billion at March 31, 2023 to Rs 3.45 billion at March 31, 2024. The movement in the fair value change account is a function of the performance of the equity markets and the mix of equity and mutual funds in the portfolio.
The Company had a solvency ratio of 191.8% at March 31, 2024, compared to the regulatory minimum required level of 150%.
2. Borrowings
The Company had issued non-convertible debentures of Rs 12.00 billion in FY2021 with coupon rate of 6.85% per annum payable annually. The outstanding balance at March 31, 2024 was Rs 12.00 billion. Further, the Company has been identified as a Large Corporate as per the criteria under the SEBI circular SEBI/HO/DDHS/DDHS-RACPOD1/P/ CIR/2023/172, whereby the Company shall raise not less than 25% of its incremental borrowings by way of issuance of debt securities. There were no incremental borrowings during the year. (Refer note 3.24 of schedule 16)
3. Policyholders fund
Fair value change account and revaluation reserve - investment property
Fair value change account increased from Rs 27.96 billion at March 31, 2023 to Rs 49.87 billion at March 31, 2024. The movement in the fair value change account is a function of the performance of the equity markets and the mix of equity and mutual funds in the portfolio. The same also includes movement in cash flow hedge reserve (market movement) on account of FRA contracts.
The Company had performed an independent valuation of the investment property and consequently investment property was valued at Rs 0.95 billion at March 31, 2024 (Rs 0.90 billion at March 31, 2023).
Policy liabilities
The following table sets forth, for the periods indicated, summary of policy liabilities:
(Rs billion)
| Particulars | March 31, 2023 | March 31, 2024 |
| Non-unit liabilities (mathematical reserves) | 903.07 | 1,101.62 |
| Provision for linked liabilities (fund reserves) | 1,352.32 | 1,579.17 |
| Funds for discontinued policies | 88.26 | 69.25 |
| Policy liabilities | 2,343.65 | 2,750.04 |
The movement in policy liabilities is explained in the element-wise analysis of the Revenue account.
Funds for future appropriation (FFA)
The following table sets forth, for the periods indicated, summary of funds for future appropriation:
(Rs billion)
| Particulars | March 31, 2023 | March 31, 2024 |
| Non-linked | 16.69 | 12.87 |
| Total | 16.69 | 12.87 |
FFA decreased from Rs 16.69 billion in FY2023 to Rs 12.87 billion in FY2024 on account of decrease in the undistributed surplus of participating line of business.
4. Investments
The following table sets forth, for the periods indicated, summary of investments:
(Rs billion)
| Particulars | March 31, 2023 | March 31, 2024 |
| Shareholders investments | 98.51 | 105.76 |
| Policyholders investments (non-linked) | 943.11 | 1,143.18 |
| Asset held to cover linked liabilities | 1,440.58 | 1,648.42 |
| Total Investments | 2,482.20 | 2,897.36 |
Total investments increased from Rs 2,482.20 billion at March 31, 2023 to Rs 2,897.36 billion at March 31, 2024. The shareholders investments increased from Rs 98.51 billion at March 31, 2023 to Rs 105.76 billion at March 31, 2024.
The increase in policyholders non-linked investments is largely attributable to net inflows into the fund. In case of Asset held to cover linked liabilities, the increase is primarily attributable to unrealised gains due to equity market performance during the year.
The investment held in unit linked funds (Asset held to cover linked liabilities) at March 31, 2024 was 56.89% of the total investment assets as against 58.04% at March 31, 2023. Further, of the total investment assets at March 31, 2024, 47.1% of the assets were held as equity at March 31, 2024 as against 44.9% at March 31, 2023.
5. Loans
The Company has seen a growth in loan against policies from Rs 13.14 billion at March 31, 2023 to Rs 17.61 billion at March 31, 2024 primarily on account of the higher number of policyholders availing this facility. The Company has performed an assessment towards impairment and no impairment has been recognized based on this assessment.
6. Fixed assets
Fixed assets increased from Rs 5.96 billion at March 31, 2023 to Rs 7.18 billion at March 31, 2024 primarily on account of capitalisation of refurbishment cost pertaining to the Companys registered office.
7. Net current assets
(i) Details of current assets
The following table sets forth, for the periods indicated, summary of current assets:
(Rs billion)
| Particulars | March 31, 2023 | March 31, 2024 |
| Income accrued on investments | 19.01 | 24.11 |
| Assets held for unclaimed amount of policyholders1 | 9.86 | 7.68 |
| Cash and bank balances | 7.71 | 8.37 |
| Balance due from reinsurers | 2.54 | 3.32 |
| Outstanding premium | 3.60 | 6.70 |
| GST unutilised credit | 2.66 | 3.29 |
| Advance taxes and tax deducted at source | 1.57 | 2.04 |
| Sundry debtors (Investments)2 | 1.57 | 0.51 |
| Prepayments | 0.38 | 0.45 |
| Deposits | 2.35 | 2.67 |
| Other advances and receivables3 | 5.92 | 8.71 |
| Total | 57.17 | 67.85 |
1 Including income on unclaimed amount of policyholders 2- Represents receivables towards investments sold
3 Includes other advances net of provision for doubtful advance, other receivables net of provision for doubtful receivables, agents balance net of provision for doubtful agent balances, due from subsidiary and advances to employees.
The explanation for key elements is as mentioned below:
Income accrued on investments increased from Rs 19.01 billion at March 31, 2023 to Rs 24.11 billion at March 31, 2024.
Assets held for the unclaimed amount of policyholders decreased from Rs 9.86 billion at March 31, 2023 to Rs 7.68 billion at March 31, 2024. The Company continues to take efforts to connect with customers and disburse amount out of the unclaimed fund.
Cash and bank balances increased from Rs 7.71 billion at March 31, 2023 to Rs 8.37 billion at March 31, 2024.
Balance due from reinsurers represents the amount receivable from reinsurers for claims, net of reinsurance premium payable for reinsurance ceded. It also includes reinsurance premium receivable, net of claims under reinsurance accepted business. The balance due from reinsurers increased from Rs 2.54 billion at March 31, 2023 to Rs 3.32 billion at March 31, 2024, on account of increase in death claim and consequent increase in recovery from reinsurers.
Outstanding premium represents the premium due but not received on participating & non-participating, non-linked products at March 31 and which are within the grace period. It increased from Rs 3.60 billion at March 31, 2023 to Rs 6.70 billion at March 31, 2024.
GST unutilised credit represents GST input tax credit which will be utilised in the future for set-off against payment of GST liabilities. It increased from Rs 2.66 billion at March 31, 2023 to Rs 3.29 billion at March 31, 2024.
Advance taxes and tax deducted at source increased from Rs 1.57 billion at March 31, 2023 to Rs 2.04 billion at March 31, 2024.
Sundry debtors (investments) represent the sales proceeds pending to be received (but not overdue) on sale of investment securities. It decreased from Rs 1.57 billion at March 31, 2023 to Rs 0.51 billion at March 31, 2024.
Deposits increased from Rs 2.35 billion at March 31, 2023 to Rs 2.67 billion at March 31, 2024 primarily on account of tax deposits.
(ii) Details of current liabilities
The following table sets forth, for the periods indicated, summary of current liabilities:
(Rs billion)
| Particulars | March 31, 2023 | March 31, 2024 |
| Policyholders claims payable | 8.00 | 10.36 |
| Sundry creditors1 | 19.97 | 10.72 |
| Unclaimed amount | 9.86 | 7.68 |
| of policyholders2 | ||
| Unallocated premium (including | ||
| premium received in advance) | 6.80 | 6.25 |
| Goods and Service tax/ | ||
| Service tax payable | 3.84 | 4.05 |
| Payable to unit fund3 | 2.31 | 2.10 |
| Payable to agents | 3.43 | 6.99 |
| (agents balances) | ||
| Provision for leave | 0.26 | 0.33 |
| encashment and gratuity | ||
| Balance due to other reinsurers Other liabilities3 | 0.16
2.25 |
0.51
5.74 |
| Total | 56.88 | 54.73 |
1 Including due to holding company, expenses payable and payable towards investments purchased.
2. Including interest on unclaimed amount of policyholders.
3. Including TDS payable and other deposits.
The explanation for key elements is as mentioned below:
Policyholders claims payable represents amounts payable to the policyholders for all claims (death, maturity, survival, surrender, foreclosure, annuity, etc.) that are intimated to the Company and are outstanding due to pending investigation as a part of the normal claims process or pending due to incomplete documentation from the policyholders. The increase in claims payable from Rs 8.00 billion at March 31, 2023 to Rs 10.36 billion at March 31, 2024 is primarily on account of increase in death claims payable and reinstatement of claims back to original liability accounts from unclaimed fund pursuant to IRDAI circular IRDA/Life/CIR/Misc/41/2/2024 dated February 16, 2024 on unclaimed fund.
Sundry creditors representing creditors for expenses and investment decreased from Rs 19.97 billion at March 31, 2023 to Rs 10.72 billion at March 31, 2024 primarily on account of an decrease in expenses payable from Rs 1.47 billion at March 31, 2023 to Rs 0.99 billion at March 31, 2024 and decrease in payable towards investments purchased from Rs 4.24 billion at March 31, 2023 to Rs 0.00 billion (Rs 576 thousands) at March 31, 2024.
Unallocated premium including premium received in advance primarily represents premium received from customers where policy issuance is in progress or pending due to requirements awaited from customers. It decreased from Rs 6.80 billion at March 31, 2023 to Rs 6.25 billion at March 31, 2024.
Goods and Service tax/Service tax payable primarily represents goods and service tax payable in respect of services rendered by the Company.
Payable to unit fund decreased from Rs 2.31 billion at March 31, 2023 to Rs 2.10 billion at March 31, 2024. The amount represents payable to unit-linked policyholders account from shareholders account, which is transferred to the unit-linked policyholders account immediately on the next banking day and hence held as a current liability.
Payable to agents represents the amount payable to insurance agents, brokers, insurance marketing firms and web aggregators towards commission. The amount outstanding is primarily attributable to the business sourced during the last month of the financial year.
8. Contingent liability
The contingent liability increased from Rs 6.98 billion at March 31, 2023 to Rs 10.96 billion at March 31, 2024. The contingent liability increased primarily on account of increase in demands/ liabilities pertaining to taxation matters from Rs 0.01 billion to Rs 4.93 billion.
c. Cash flow statement
The following table sets forth, for the periods indicated, a summary of the cash flows:
(Rs billion)
| Particulars | FY2023 | FY2024 |
| Net cash generated from/(used in) operating activities | 0.88 | (73.05) |
| Net cash generated from/(used in) investing activities | (11.47) | 74.14 |
| Net cash generated from/(used in) financing activities | (1.12) | (0.88) |
Cash flows from operating activities:
Net cash flows used in operating activities were Rs 73.05 billion in FY2024 (compared to net cash flows generated from operating activities of Rs 0.88 billion in FY2023) primarily on account of an increase in policy benefits paid from Rs 328.09 billion in FY2023 to Rs 413.55 billion in FY2024 and increase in commission and brokerage payment from Rs 16.42 billion in FY2023 to Rs 31.12 billion in FY2024, partly offset by decrease in deposits and advances from Rs 1.99 billion at March 31, 2023 to Rs 0.30 billion at March 31, 2024.
Cash flows from investing activities:
Net cash flows generated from investing activities increased from (11.47) billion in FY2023 to Rs 74.14 billion in FY2024 primarily on account of increase in proceeds from sale of investments.
Cash flows from financing activities:
Net cash flows used in financing activities decreased from Rs 1.12 billion in FY2023 to Rs 0.88 billion in FY2024 primarily due to increase in proceeds from issuance of share capital offset by increase in dividend payout during the year.
d. Key financial ratios
The following table sets forth, for the periods indicated, the key financial ratios excluding the ratios that are mentioned in the above sections:
| Particulars | FY2023 | FY2024 |
| Persistency ratio1 | ||
| - 13th month | 86.6% | 89.0% |
| - 49th month | 64.2% | 68.5% |
| Expense ratio2 | 21.5% | 24.0% |
| Solvency ratio | 208.9% | 191.8% |
1 Calculations are in accordance with the IRDAI circular IRDA/ACT/CIR/GEN/21/02/2010 dated February 11, 2010. 12 month rolling persistency for March to February measured at March 31
2 Total cost including commission excluding interest on sub debt/ (total premium-90% of Single premium).
Persistency ratio: The Company has a strong focus on improving the quality of business and customer retention, which is reflected in our best-in-class 13th month and 49th month persistency ratios. Our 13th month persistency ratio stood at 89.0% for FY2024. The 49th month persistency ratio stood at 68.5%.
Expense ratio: The cost to total weighted received premium (TWRP) ratio stood at 24.0% in FY2024 compared to 21.5% in FY2023 primarily on account of increase in expenses relating to commission.
Solvency ratio: The Company had a solvency ratio of 191.8% at March 31, 2024, compared to the regulatory minimum required level of 150%.
Consolidated financial results and subsidiary performance
The Company has a wholly owned subsidiary, ICICI Prudential Pension Funds Management Company Limited (PFM). The PFM is licensed by the Pension Funds Regulatory and Development Authority as a Pension Fund Manager under the National Pension System (NPS). The PFM had also obtained registration as a Point of Presence (PoP) for NPS distribution and servicing.
Pension fund industry
The total assets under management (AUM) of the pension fund industry has grown from Rs 8,988.65 billion at March 31, 2023 to Rs 11,726.51 billion at March 31, 2024,
a growth of 30% in FY2024. Inflows largely comprise funds from the government sector, however, private sector grew at a faster pace as compared to overall industry. The AUM from the government sector, private sector, Atal Pension Yojana and National Pension System lite segments was Rs 9,538.64 billion, Rs 1,775.80 billion, Rs 356.48 billion and Rs 55.60 billion respectively.
Business
The subscribers funds managed by the PFM increased from Rs 164.66 billion at March 31, 2023 to Rs 284.19 billion at March 31, 2024, an increase of 72.6% during the year.
The PFM has a market share of 16.0% in the private sector AUM at March 31, 2024.
The net worth of PFM at March 31, 2024 stands at Rs 0.56 billion (at March 31, 2023 Rs 0.58 billion) on account of loss incurred during the period.
For the year ended March 31, 2024, the PFM registered a loss primarily on account of increase in employee benefit expenses and other operating expenses reflecting the building up of capacity as part of the overall growth plan. The subsidiary is committed towards increasing its presence in the industry and is focused on scaling up the business and revenue.
Basis of consolidation
The consolidated financial statements are prepared in accordance with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014, section 129(4) of the Companies Act, 2013. The financials are consolidated on a line-by-line basis in accordance with AS 21 on ‘Consolidated Financial Statements. These consolidated financial statements for the Group are prepared in accordance with the principles and procedures for preparation and presentation of consolidated financial statements as laid down under the Accounting Standard (AS) 21, "Consolidated Financial Statements" and are presented in the same format as that of the Holding Company. The financial statements of the Holding Company and its subsidiary have been combined on a line-by-line basis by adding together similar items of assets, liabilities, income and expenses in respective components of financial statements after eliminating intra-group balances, transactions and resulting unrealized profits/ losses. The Policyholders account specifically dealing with direct insurance business governed by IRDAI regulations has retained its distinct independent form in these consolidated financial statements.
The consolidated profit after tax for the Company increased from Rs 8.13 billion in FY2023 to Rs 8.51 billion in FY2024.
III. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The internal controls of the Company are commensurate with the business requirements, its scale of operation and applicable statutes to ensure orderly and efficient conduct of business. These controls have been designed to provide a reasonable assurance with regard to maintaining proper accounting controls, safeguarding of assets, prevention, and detection of frauds and errors, ensuring operating effectiveness, reliability of financial reporting, and compliance with applicable regulations.
The Company has a mechanism of testing the controls at regular intervals for design and operating effectiveness. Further, the auditors opine on the adequacy and operating effectiveness of internal financial controls over financial reporting.
The key components of the internal financial control framework implemented by the Company include:
I. Entity Level Controls (ELCs) that operate at an organization level on which the control environment of the company relies on
II. Controls operating at process level with the objective of providing assurance at a transaction recording stage, in most aspects of operations and processes, the Company has deployed automation for control and efficiency
III. Robust IT control environment with adequate controls focused on reconciliation between systems, auto checks to avoid any duplicate data upload, reconciliation of all jobs run at the beginning and end of day, matching of trial balance and ensuring no unposted entries in the system monthly
IV. Control over third parties providing services focusing on due diligence, risk assessment, document review and periodic assessment to ensure controls over third-party service providers relevant from a financial reporting perspective. Further, the Board Risk Management Committee has oversight on the implementation of controls and monitors the performance of the outsourced vendors
V. Controls over safeguarding of assets (comprising of investment assets, IT assets and other assets). These controls are based on value and custody of assets
VI. Review controls which comprise of multiple levels of oversight over financial reporting by way of a strong reporting and review framework. There are senior management controls comprising of high-level controls (HLC) and management review controls (MRC) to monitor and identify any material misstatement
VII. Fraud control framework which consists of preventive measures, incident management and awareness activities.
These controls are covered under the IFC framework which is aligned with Internal Control Framework 2013 given by the Committee of Sponsoring Organisations (COSO) of the Treadway Commission and tested at regular intervals for design and operating effectiveness.
There had been no material changes in the process level controls or activities conducted in the financial statement closing process of the Company. The Company had tested all material controls over financial reporting at March 31, 2024 and found them to be operating effectively. Further the Company has been compliant with the requirements, prescribed under amendments in the Companies (Account) Rules, 2014, of using accounting software which has a feature of recording audit trail and creating an edit log of each change made in the books of account.
In addition, internal audits are undertaken to review significant operational areas regularly. The Audit Reports, submitted by the Internal Auditors, are reviewed by the Audit Committee and corrective action is initiated to strengthen the controls and enhance the effectiveness of the existing systems. Statutory and Internal Auditors are also invited to the Audit Committee meetings to ascertain their views on the adequacy of internal control systems. The management believes that strengthening internal controls is a continuous process and it will, therefore, continue its efforts to keep pace with changing business needs and environment.
IIFL Customer Care Number
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1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
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