30 june 2011 - hdfc gi · financial disclosures 30 june 2011 insurance is the subject matter of...
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Financial Disclosures 30 June 2011
Insurance is the subject matter of solicitation. IRDA Reg. No. 146
Corporate Office: 601-602, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai - 400051.
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010 (Rs. '000)
Particulars Schedule Fire Marine Misc. Total
Premiums earned (Net) NL4 95 4,839 41,869 46,803 -
Profit/ (Loss) on sale/redemption of Investments (14) (2) (80) (96) -
Others (Miscellaneous income) - - - - -
Interest Income 273 47 1,591 1,911 -
TOTAL (A) 354 4,884 43,380 48,618 -
Claims Incurred (Net) NL5 754 7,733 43,814 52,300 -
Commission NL6 (6,623) 861 (1,818) (7,579) -
Operating Expenses related to Insurance
Business
NL7 38,528 12,999 1,68,699 2,20,226 -
Premium Deficiency 4,629 2,180 16,859 23,668 -
TOTAL (B) 37,288 23,773 2,27,554 2,88,615 -
Operating Profit/(Loss) (A - B) (36,934) (18,889) (1,84,174) (2,39,997) -
APPROPRIATIONS
Transfer to Shareholders’ Account (36,934) (18,889) (1,84,174) (2,39,997) -
Transfer to Catastrophe Reserve - - - - -
Transfer to Other Reserves (to be specified) - - - - -
TOTAL (C) (36,934) (18,889) (1,84,174) (2,39,997) -
For the quarter ended June 30, 2011For the
quarter
ended June
30, 2010
FORM NL-1-B-RA
The Company commenced its commercial operations as a General Insurance Company on October 1, 2010 . Hence no figures applicable for previous year.
REVENUE ACCOUNT
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010 (Rs. '000)
ParticularsFor the quarter
ended June 30, 2011
For the quarter
ended June 30, 2010
OPERATING PROFIT/(LOSS)
(a) Fire Insurance (36,934) -
(b) Marine Insurance (18,889) -
(c) Miscellaneous Insurance (1,84,174) -
(2,39,997) -
INCOME FROM INVESTMENTS
(a) Interest, Dividend & Rent – Gross 12,206
(b) Profit on sale of investments 718 -
Less: Loss on sale of investments (1,324) -
OTHER INCOME 7
TOTAL (A) (2,28,390) -
PROVISIONS (Other than taxation)
(a) For diminution in the value of investments - -
(b) For doubtful debts - -
(c) Others (to be specified) - -
OTHER EXPENSES
(a) Expenses other than those related
to Insurance Business
- 2,36,690
(b) Bad debts written off - -
(c) Directors fees 80 -
TOTAL (B) 80 2,36,690
Profit/ (Loss) Before Tax (2,28,470) (2,36,690)
Provision for Taxation - -
APPROPRIATIONS
(a) Interim dividends paid during the year - -
(b) Proposed final dividend - -
(c) Dividend distribution tax - -
(d) Transfer to any Reserves or Other Accounts - -
Balance of profit/ (loss) brought forward from last year (6,74,069) (80,865)
Balance carried forward to Balance Sheet (9,02,540) (3,17,555)
PROFIT AND LOSS ACCOUNT
FORM NL-2-B-PL
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010 (000's)
Particulars ScheduleAs at June 30,
2011
As at June 30,
2010
SOURCES OF FUNDS :
Share Capital NL 8 20,00,000 17,51,400
Reserves and Surplus NL 10 - -
Fair Value Change Account 541 -
Borrowings NL 11 -
TOTAL 20,00,541 17,51,400
APPLICATION OF FUNDS :
Investments NL 12 7,10,158 5,28,650
Loans NL 13 - -
Fixed Assets (Net) including Capital work in progress NL 14 7,47,087 2,16,206
Current Assets:
Cash and Bank Balances NL 15 21,039 6,81,347
Advances and Other Assets NL 16 1,69,937 52,064
Sub Total [A] 1,90,976 7,33,411
Current Liabilities NL 17 3,37,116 41,633
Provisions NL 18 2,13,104 2,789
Sub Total [B] 5,50,219 44,421
Net Current Assets [C] = [ A - B] (3,59,243) 6,88,989
Miscellaneous Expenditure (to the extent not written off or
adjusted)NL 19 -
Debit balance in Profit and Loss Account 9,02,540 3,17,555
TOTAL 20,00,541 17,51,400
BALANCE SHEET
FORM NL-3-B-BS
Balance Sheet as at June 30, 2011
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
(Rs. '000)
Particulars
Fire Marine Miscellaneous Total
Premium from direct business written 47,804 16,129 2,09,311 2,73,244
Add: Premium on reinsurance accepted 262 - - 262
Less : Premium on reinsurance ceded (40,421) (6,675) (85,817) (1,32,913)
Net Premium 7,645 9,454 1,23,494 1,40,593
Adjustment for change in reserve for unexpired risks (7,550) (4,615) (81,625) (93,790)
Premium Earned (Net) 95 4,839 41,869 46,803
Particulars
Fire Marine Miscellaneous Total
Premium from direct business written - - - -
Add: Premium on reinsurance accepted - - - -
Less : Premium on reinsurance ceded - - - -
- - - -
Net Premium - - - -
Adjustment for change in reserve for unexpired risks
Premium Earned (Net)
All premium written, less reinsurance, is from business in India.
PREMIUM EARNED (NET)
For the quarter ended June 30, 2011
For the quarter ended June 30, 2010
FORM NL-4-PREMIUM SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars
Fire Marine Miscellaneous Total
Claims paid Direct 350 785 8,187 9,322
Add: Re-insurance accepted to direct claims - -
Less: Re-insurance Ceded to claims paid (311) (316) (853) (1,480)
Net Claims Paid 39 469 7,334 7,842
Add: Claims Outstanding at the end of the year 2,069 7,897 56,920 66,885
Less: Claims Outstanding at the beginning of the year 1,354 633 20,440 22,427
Total Claims Incurred 754 7,733 43,814 52,300
Particulars
Fire Marine Miscellaneous Total
Claims paid Direct - - - -
Add: Re-insurance accepted to direct claims - - - -
Less: Re-insurance Ceded to claims paid - - - -
Net Claims Paid - - - -
Add: Claims Outstanding at the end of the year - - - -
Less: Claims Outstanding at the beginning of the year - - - -
Total Claims Incurred - - - -
(Rs. '000)
CLAIMS INCURRED [NET]
For the quarter ended June 30, 2011
For the quarter ended June 30, 2010
FORM NL-5-CLAIMS SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars
Fire Marine Miscellaneous Total
Commission paid:
Direct 1,643 2,103 5,093 8,839
Add: Re-insurance Accepted - -
Less: Commission on Re-insurance Ceded (8,266) (1,242) (6,911) (16,418)
Net Commission (6,623) 861 (1,818) (7,579)
Break-up of the expenses (Gross) incurred to procure business to be
Agents 302 453 2,095 2,850
Brokers 1,341 1,650 2,998 5,989
Corporate Agency - -
Referral - -
Others - - TOTAL 1,643 2,103 5,093 8,839
Particulars
Fire Marine Miscellaneous Total
Commission paid: - - - -
Direct - - - -
Add: Re-insurance Accepted - - - -
Less: Commission on Re-insurance Ceded - - - -
Net Commission - - - -
Break-up of the expenses (Gross) incurred to procure business to be
Agents
Brokers
Corporate Agency
Referral
Others TOTAL
(Rs. '000)
For the quarter ended June 30, 2011
COMMISSION
For the quarter ended June 30, 2010
FORM NL-6-COMMISSION SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars
Fire Marine Misc. Total
1 Employees’ remuneration & welfare benefits 11,252 3,796 49,265 64,313
2 Travel, conveyance and vehicle running expenses 900 304 3,941 5,145
3 Training expenses 111 37 484 632
4 Rents, rates & taxes 4,961 1,674 21,722 28,357
5 General Repairs and Office Management 929 313 4,069 5,311
6 Printing & stationery 310 105 1,359 1,774
7 Communication 484 163 2,120 2,767
8 Legal & professional charges 4,818 1,626 21,097 27,541
9 Auditors' fees, expenses etc.
(a) as auditor 35 12 153 200
(b) as adviser or in any other capacity, in respect of - - - -
(i) Taxation matters - - - -
(ii) Insurance matters - - - -
(iii) Management services; and - - - -
c) in any other capacity 17 6 77 100
10 Advertisement and publicity 939 317 4,109 5,365
11 Interest & Bank Charges 45 15 196 256
12 IT Operating Expenses 5,880 1,984 25,748 33,612
13 Membership fees 995 336 4,359 5,690
14 Insurance 239 81 1,045 1,365
15 Depreciation 6,285 2,119 27,519 35,923
16 Others 328 111 1,436 1,875
TOTAL 38,528 12,999 1,68,699 2,20,226
Note: The Company commenced its commercial operations as a General Insurance Company on October 1, 2010
and accordingly, there were no operating expenses related to insurance business in the previous period.
FORM NL-7-OPERATING EXPENSES SCHEDULE
For the quarter ended June 30, 2011
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30, 2011 As at June 30, 2010
(Rs. '000) (Rs. '000)
1 Authorised Capital
Equity Shares of Rs10/- each 40,00,000 20,00,000
2 Issued, Subscribed and Paid up Capital
Equity Shares of Rs.10/-each 20,00,000 2,90,000 CAPITAL
3 Called-up Capital
Equity Shares of Rs10/-each - 14,61,400
Less : Calls unpaid - -
Add : Equity Shares forfeited (Amount originally paid up) - -
Less : Par Value of Equity Shares bought back - -
Less : Preliminary Expenses - -
Expenses including commission or brokerage on - -
Underwriting or subscription of shares - -
TOTAL 20,00,000 17,51,400
Shareholder No of Shares % of holding No of Shares % of holdingPromoters
Indian 20,00,00,000 100% 2,90,00,000 100%
Foreign - - - -
Total 20,00,00,000 100% 2,90,00,000 100%
FORM NL-8-SHARE CAPITAL SCHEDULE
FORM-NL-9 PATTERN OF SHAREHOLDING
Pattern of Shareholding
(As certified by the Management)
As at June 30, 2010
SHARE CAPITAL
As at June 30, 2011
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30, 2011 As at June 30, 2010
(Rs. '000) (Rs. '000)1 Capital Reserve - -
2 Capital Redemption Reserve - -
3 Share Premium - -
General Reserves -
Less: Debit balance in Profit and Loss Account - -
Less: Amount utilized for Buy-back - -
5 Catastrophe Reserve - -
6 Other Reserves - -
7 Balance of Profit in Profit & Loss Account - -
TOTAL - -
RESERVE AND SURPLUS
4
FORM NL-10-RESERVE AND SURPLUS SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30, 2011 As at June 30, 2010
(Rs. '000) (Rs. '000)
1 Debentures/ Bonds - -
2 Banks - -
3 Financial Institutions - -
4 Others - -
TOTAL - -
BORROWINGS
FORM NL-11-BORROWINGS SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30, 2011 As at June 30, 2010
(Rs. '000) (Rs. '000)LONG TERM INVESTMENTS
1 Government securities and Government guaranteed bonds
including Treasury Bills
4,04,947 5,28,650
2 Other Approved Securities 1,02,385 -
3 Other Investments -
( a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/ Bonds - -
(e) Other Securities (to be specified) - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector 1,40,819 -
5 Other than Approved Investments -
SHORT TERM INVESTMENTS
1 Government securities and Government guaranteed bonds
including Treasury Bills - -
2 Other Approved Securities - -
3 Other Investments - -
(a) Shares - -
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds 62,007 -
(c) Derivative Instruments - -
(d) Debentures/ Bonds - -
(e) Other Securities (to be specified) - -
(f) Subsidiaries - -
(g) Investment Properties-Real Estate - -
4 Investments in Infrastructure and Social Sector - -
5 Other than Approved Investments - -
TOTAL 7,10,158 5,28,650
Note:-Rs 20,165 ('000) of Deposit with RBI[Pursuant to section 7 of
Insurance Act, 1938] has been excluded from the above
schedule and shown separately in Schedule 12 under
"Advances and other Assets".
All Investments are made in India
INVESTMENTS
FORM NL-12-INVESTMENTS SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30,
2011As at June 30, 2010
(Rs. '000) (Rs. '000)1 SECURITY-WISE CLASSIFICATION
Secured - -
(a) On mortgage of property - -
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities - -
(c) Others (to be specified) - -
Unsecured - -
TOTAL - -
2 BORROWER-WISE CLASSIFICATION
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Industrial Undertakings - -
(e)Others (to be specified) - -
TOTAL - -
3 PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard - -
(aa) In India - -
(bb) Outside India - -
(b) Non-performing loans less provisions - -
(aa) In India - -
(bb) Outside India - -
TOTAL - -
4 MATURITY-WISE CLASSIFICATION
(a) Short Term - -
(b) Long Term - -
TOTAL - -
LOANS
FORM NL-13-LOANS SCHEDULE
(Rs. '000)
Particulars
On Sales/
Adjustments
Goodwill - - - - - - - - - -
Intangibles - softwares 5,74,843 64,714 - 6,39,557 35,103 25,130 - 60,233 5,79,324 -
Land-Freehold - - - - - - - - - -
Leasehold Property - - - - - - - - - -
Buildings - - - - - - - - - -
Furniture & Fittings 44,868 3,325 - 48,193 12,822 3,586 - 16,409 31,784 -
Information Technology Equipment 1,40,908 569 - 1,41,477 10,144 6,817 - 16,962 1,24,515 19,187
Vehicles - - - - - - - - - -
Office Equipment 6,787 439 - 7,226 2,093 391 - 2,483 4,743 3,892
Others - - - - - - - - - -
TOTAL 7,67,407 69,046 - 8,36,453 60,162 35,924 - 96,086 7,40,366 23,078
Capital Work in progress 6,721 1,93,128
Grand Total 7,67,407 69,046 - 8,36,453 60,162 35,924 - 96,086 7,47,087 2,16,206
PREVIOUS YEAR
As at 30.06.2010
NL-14-FIXED ASSETS
Cost/ Gross Block Depreciation Net Block
As at 01.04.2011 Additions DeductionsAs at
30.06.2011Upto 31.03.2011 For The period
Upto
30.06.2011As at 30.06.2011
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
ParticularsAs at June 30,
2011
As at June 30,
2010
(Rs. '000) (Rs. '000)
1 Cash (including cheques, drafts and stamps) 2,024 16
2 Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months) - 4,49,800
(bb) Others -
(b) Current Accounts 19,015 2,31,531
(c) Others - -
3 Money at Call and Short Notice
(a) With Banks - -
(b) With other Institutions - -
4 Others
TOTAL 21,039 6,81,347
Balances with non-scheduled banks included in 2 and 3 above - -
CASH AND BANK BALANCES
FORM NL-15-CASH AND BANK SCHEDULE
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30, 2011 As at June 30, 2010
(Rs. '000) (Rs. '000)
ADVANCES
1 Reserve deposits with ceding companies - -
2 Application money for investments - -
3 Prepayments 161 -
4 Advances to Directors/Officers - -
5 Advance tax paid and taxes deducted at source 561 52
6 Rental Deposits 56,896 21,554
7 Advances- Others 4,887
8 Unutilised service tax- Carried forward 5,830 30,458
TOTAL (A) 68,335 52,064
OTHER ASSETS
1 Income accrued on investments 21,671 -
2 Outstanding Premiums - -
3 Agents’ Balances - -
4 Foreign Agencies Balances - -
5Due from other entities carrying on insurance business including
reinsurers 53,496 -
6 Due from subsidiaries/ holding - -
7Deposit with Reserve Bank of India [Pursuant to section 7 of
Insurance Act, 1938] 20,165 -
8 Others- Other accrued income - -
8a Others including Sundry Debtors and advances to Vendors 1,702 -
8b Others 4,568 -
TOTAL (B) 1,01,602 -
TOTAL (A+B) 1,69,937 52,064
ADVANCES AND OTHER ASSETS
FORM NL-16-ADVANCES AND OTHER ASSETS
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
Particulars As at June 30, 2011 As at June 30, 2010
(Rs. '000) (Rs. '000)
1 Agents’ Balances 1,744 -
2 Balances due to other insurance companies 1,24,298 -
3 Deposits held on re-insurance ceded - -
4 Premiums received in advance 3,601 -
5 Unallocated Premium 9,447 -
6 Sundry creditors 1,30,825 22,618
7 Due to subsidiaries/ holding company 19,015
8 Claims Outstanding 66,885 -
9 Due to Officers/ Directors - -
10 Others:-
Solatium fund 316 -
TOTAL 3,37,116 41,633
CURRENT LIABILITIES
FORM NL-17-CURRENT LIABILITIES
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
ParticularsAs at June 30,
2011As at June 30, 2010
1 Reserve for Unexpired Risk 1,81,543 -
2For taxation (less advance tax paid and taxes deducted at
source) - -
3 For proposed dividends - -
4 For dividend distribution tax - -
5 Others :
a) Leave Encashment 2,325
b) Gratuity 4,441 2,789
6 Reserve for Premium Deficiency 24,794
TOTAL 2,13,104 2,789
PROVISIONS
FORM NL-18-PROVISIONS
L&T General Insurance Co. Ltd.
Registration No. 146
Date of Registration with IRDA - 9th July 2010
ParticularsAs at June 30,
2011As at June 30, 2010
Miscellaneous Expenditure ( to the extent not written off or
adjusted) - -
TOTAL - -
FORM NL-19-MISCELLANEOUS EXPENDITURE
MISCELLANEOUS EXPENDITURE
Insurer: L&T General Insurance Co. Ltd.
As at June 30, 2011
(Rs. in Lakhs)
Item No Description
Reserves for
unexpired
risks
Reserve for
Outstanding
Claims
IBNR
Reserves
Premium
deficiency
reserve
Total Reserves
1 Fire 115.73 17.95 2.74 46.29 182.71
2 Marine - - - - -
a Marine Cargo 62.28 60.01 18.96 21.80 163.05
b Marine Hull - - - - -
3 Miscellaneous
a Motor 1,273.83 279.35 98.80 - 1,651.97
b Engineering 93.22 32.94 5.00 116.52 247.68
c Aviation - - - - -
d Liabilities 55.18 18.04 2.22 - 75.43
e Others 26.69 0.38 16.62 6.78 50.46
4 Health Insurance 188.50 2.86 113.00 56.55 360.91
5 Total Liabilities 1,815.43 411.52 257.33 247.94 2,732.22
PERIODIC DISCLOSURES
FORM NL-21 Statement of Liabilities
*The Company commenced its commercial operations as a General Insurance Company on October 1, 2010 . Hence no figures are
shown for the previous year.
(Rs in Lakhs)
STATES Fire Marine (Cargo) Marine (Hull) EngineeringMotor Own
DamageMotor Third Party Liability insurance Personal Accident Medical Insurance
Overseas medical
InsuranceCrop Insurance
All Other
MiscellaneousGrand Total
Andhra Pradesh 44.66 21.39 22.51 62.64 29.54 2.47 150.51 221.58 2.17 557.48
Arunachal Pradesh - - - - - - - - -
Assam - 0.02 - 4.15 2.24 - - - - 6.41
Bihar - 0.04 0.29 21.95 9.57 - - - - 31.86
Chandigarh - 0.08 0.52 0.42 0.13 0.08 - - - 1.24
Chattisgarh - 0.37 2.45 10.89 3.19 - - - - 16.90
Dadra & nagar haveli - - - 0.14 0.13 - - - 0.27
Daman & Diu - - - 0.16 0.02 - - - - 0.17
Delhi 8.31 2.89 12.97 47.47 25.15 18.03 - 4.70 1.21 120.73
Goa - - - - - - - - - -
Gujarat 25.94 3.53 5.55 84.73 48.58 20.24 - - 0.30 188.86
Haryana 1.93 0.46 4.15 70.27 36.92 1.18 - - 0.73 115.64
Himachal Pradesh 0.24 0.15 0.83 6.65 4.90 - - - 0.07 12.84
Jammu & Kashmir - 0.03 - - - - - - - 0.03
Jharkhand 2.09 0.23 1.35 28.36 12.54 0.03 - - 0.11 44.71
Karnataka 21.75 1.42 5.41 24.89 14.51 4.45 0.23 - 1.45 74.11
Kerala - 0.08 0.33 1.13 0.74 - - - - 2.27
Lakshadweep - - - - - - - - -
Madhya Pradesh 13.30 0.16 2.97 85.61 25.99 - - - 3.78 131.81
Maharashtra 232.54 90.90 20.69 114.30 64.35 18.42 0.77 32.38 3.83 578.19
Manipur - - - - - - - - -
Meghalaya - - - 0.11 0.01 - - - 0.12
Mizoram - - - 0.16 0.01 - - - - 0.18
Nagaland - - - 0.16 0.01 - - - - 0.17
Orissa 36.29 0.60 4.22 56.46 28.75 0.70 - - 0.11 127.13
Pondicherry 0.93 2.10 - 0.20 0.03 - - - - 3.26
Punjab 0.14 0.08 2.42 24.79 7.56 - - - 0.01 34.99
Rajasthan - 0.38 2.83 64.60 27.18 - - - - 94.99
Sikkim - - - 0.97 0.55 - - - - 1.52
Tamil Nadu 65.27 32.20 35.49 109.44 48.68 9.67 0.75 5.70 53.43 360.65
Tripura - - - 0.73 0.07 - - - - 0.80
Uttar Pradesh 1.56 3.44 4.40 26.37 16.96 1.10 - - 0.18 54.02
Uttarkhand 4.85 0.18 0.86 0.61 0.34 - - - 0.07 6.92
West Bengal 18.23 0.55 4.29 94.67 44.13 1.82 - - 0.50 164.19
Total 478.04 161.29 - 134.54 943.02 452.79 78.20 152.26 264.36 - - 67.96 2,732.44
PERIODIC DISCLOSURES
FORM NL-22 Geographical Distribution of Business
GROSS DIRECT PREMIUM UNDERWRITTEN FOR THE QUARTER ENDED JUNE 30,2011
L & T General Insurance Co Ltd.
(Rs in Lakhs)
S.No. Reinsurance Placements
ProportionalNon-
ProportionalFacultative
1 No. of Reinsurers with rating of AAA and above 1 11 8 - 7
2 No. of Reinsurers with rating AA but less than AAA - - - - -
3 No. of Reinsurers with rating A but less than AA 5 19 11 5 12
4 No. of Reinsurers with rating BBB but less than A 12 121 64 52 81
5 No. of Reinsurres with rating less than BBB - - - -
No. of Indian insures - - - - -
6 Total 18 151 83 57 100
PERIODIC DISCLOSURES
FORM NL-23 Reinsurance Risk Concentration
Insurer: L & T General Insurance Co. Ltd. Dated 30th June 2011
No. of reinsurers
Premium ceded to reinsurersPremium ceded to
reinsurers / Total
reinsurance premium ceded
(%)
Reinsurance Risk Concentration
(Rs in Lakhs)
Line of BusinessTotal No. of claims
paid
Total amount of
claims paid
1 month 1 - 3 months 3 - 6 months 6 months - 1 year > 1 year
1 Fire 4 8 1 13 3.5
2 Marine Cargo 6 20 26 7.86
3 Marine Hull
4 Engineering 3 3 8.18
5 Motor OD 185 55 6 246 71.24
6 Motor TP -
7 Health 150 32 182 1.92
8 Overseas Travel
9 Personal Accident
10 Liability 18 27 45 0.53
11 Crop
12 Miscellaneous
AGEING OF CLAIMS
Sl.No.No. of claims paid
PERIODIC DISCLOSURESFORM NL-24 Ageing of Claims
Insurer: L & T General Insurance Co. Ltd.Date 30th June 2011
No. of claims only
Sl. No. Claims Experience FireMarine
CargoMarine Hull Engineering Motor OD Motor TP Health
Overseas
Travel
Personal
AccidentLiability Crop Credit
Miscellaneo
usTotal
1 Claims O/S at the beginning of the period 8 3 4 62 1 0 2 0 80
2 Claims reported during the period 38 328 27 422 5 186 56 2 1064
3 Claims Settled during the period 15 26 4 246 0 182 45 518
4 Claims Repudiated during the period 5 1 11 0 0 17
5 Claims closed during the period 25 0 0 25
6 Claims O/S at End of the period 31 300 26 202 6 4 13 2 584
Less than 3months 30 299 0 24 195 5 4 0 0 11 0 0 2 570
3 months to 6 months 1 1 0 2 7 1 0 0 0 2 0 0 0 14
6months to 1 year 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1year and above 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PERIODIC DISCLOSURESFORM NL-25 Annual data for claims - Non Life
Insurer: L & T General Insurance Co. Ltd.
1 Fire 724.11 133.58 44.23 6.31 72.41 6.63 72.41
2 Marine (Marine Cargo) 203.85 117.06 110.75 93.69 28.54 28.11 28.11
3 Marine Hull - - - - - - -
4 Motor 2,490.59 1,711.40 447.57 372.31 423.40 114.13 423.40
5 Engineering 308.16 229.00 69.92 30.46 45.80 10.49 45.80
6 Aviation - - - - - - -
7 Liabilities 159.94 107.31 23.97 11.32 27.19 6.11 27.19
8 Others 245.51 33.09 1.32 12.81 34.37 3.84 34.37
9 Group Health 324.10 291.69 5.77 100.51 58.34 30.15 58.34
Total 4,456.27 2,623.13 703.53 627.41 689.62
RSM
FORM NL-26 - CLAIMS INFORMATION - KG Table I
Insurer: L & T General Insurance Co Ltd.
Required Solvency margin based on net premium and Net Incurred Claims (Rs. in Lakhs)
Item
No.Description
PREMIUM CLAIMS
Gross Premium Net PremiumGross incurred
claim
Net incurred
ClaimRSM-1 RSM-2
Sl. No.
1
2
3 Out of approvals of previous year
4 Out of approvals of this year
5
6
7
8
9 No. of urban branches 10
No. of branches at the end of the year 10
No. of branches approved but not opened 0
No. of rural branches 0
PERIODIC DISCLOSURESFORM NL-27: Offices information for Non-Life
OFFICE INFORMATION Number
No. of offices at the beginning of the year 10
Insurer: L&T General Insurance Co. Ltd.
Office Information as on June 30,2011
0
No. of branches opened during the year10
0
No. of branches closed during the year 0
No. of branches approved during the year
Company Name & Code: L&T General Insurance Co. Ltd.
Statement as on: June 30, 2011
Statement of Investment Assets (General Insurer, Re-insurers)
(Business within India)
Periodicity of Submission: Annual
Rs. In Lakhs
No PARTICULARS SCH AMOUNT
1 Investments* NL 12 7,303.17 -
2 Loans NL 13
3 Fixed Assets NL 14 7,470.88
4 Current Assets
a. Cash & Bank Balance NL 15 210.39
b. Advances & Other Assets NL 16 1,699.37
5 Current Liabilities
a. Current Liabilities NL 17 (3,340.61)
b. Provisions NL 18 (2,127.52)
c. Misc. Exp not Written Off NL 19
d. Debit Balance of P&L A/c 8,991.32
Application of Funds as per Balance Sheet (A) 20,207.00
Less: Other Assets SCH Amount
1 Loans (if any) NL 13 -
2 Fixed Assets (if any) NL 14 7,470.88
3 Cash & Bank Balance (if any) NL 15 210.39
4 Advances & Other Assets (if any) NL 16 1,699.37
5 Current Liabilities NL 17 (3,340.61)
6 Provisions NL 18 (2,127.52)
7 Misc. Exp not Written Off -
8 Debit Balance of P&L A/c 8,991.32
TOTAL (B) 12,903.83
'Investment Assets' As per FORM 3B (A-B) 7,303.17 87.34%
Balance FRSM
(a) (b) ( c ) D=b+c (e) (d+e)
1 Central Government Securities Not less than 20% - 2,682.13 1,569.00 4,251.13 58.25% - 4,251.13 4,106.45
2
Government Securities or Other Guaranteed
Securities (including the 1 above) Not less than 30% - 2,682.13 1,569.00 4,251.13 58.25% - 4,251.13 4,106.45
3
Housing and Loans to SG for Housing and Fire
Fighting Equipments Not less than 5% - 372.61 218.00 590.61 8.09% - 590.61 568.12
4 ` - - - - - - -
Infra Structure and Social Sector - - - - - - -
(i) Infra Structure - 515.58 302.00 817.58 11.20% - 817.58 791.56
(ii) Social Sector - - - - - - -
- - - - - - -
(i) Others governed by Exposure Norms - 645.85 378.00 1,023.85 14.03% 1,023.85 1,010.12 (ii) Out of above 55% Amount Invested in
Other investment shall not exceed 25% - 388.65 226.00 614.65 8.42% 5.42 620.07 620.07
TOTAL INVESTMENT ASSETS 100% - 4,604.82 2,693.00 7,297.82 100.00% 5.42 7,303.24 7,096.32
*201.65Lacs of of Deposit with RBI[Pursuant to section 7 of Insurance Act, 1938] has been included above
FORM NL-28-STATEMENT OF ASSETS - 3B
No. TotalMARKET
VALUE
a. Not less than 10%
b. Not exceeding 55%
PH % ACTUALFVC
AmountInvestment Represented as %
SH TOTAL
(SH+PH)
Insurer: L&T General Insurance Co. Ltd.
(Rs in Lakhs)
As at 30th
June 2011
As % of total
for this class
As at 30th
June 2010
As % of
total for this
class
As at 30th
June 2011
As % of
total for this
class
As at 30th
June 2010
As % of total
for this class
Break down by credit rating
AAA rated 2,086.87 33.21% NA NA 2,145.70 33.11% NA NA
AA or better 90.07 1.43% NA NA 92.99 1.43% NA NA
Rated below AA but above A 193.14 3.07% NA NA 193.20 2.98% NA NA
Rated below A but above B - - NA NA - - NA NA
Any other 3,913.17 62.28% NA NA 4,049.47 62.48% NA NA
Breakdown by Residual Maturity -
Up to 1 year 99.28 1.58% NA NA 99.97 1.54% NA NA
more than 1 yearand upto 3years 691.02 11.00% NA NA 695.15 10.73% NA NA
More than 3years and up to 7years 90.09 1.43% NA NA 92.99 1.43% NA NA
More than 7 years and up to 10 years 2,942.85 46.83% NA NA 3,064.30 47.28% NA NA
above 10 years 2,460.01 39.15% NA NA 2,528.96 39.02% NA NA
Breakdown by type of the issuer -
a. Central Government 3,913.17 62.28% NA NA 4,049.47 62.48% NA NA
b. State Government - - NA NA - - NA NA
c. Corporate Securities 2,370.08 37.71% NA NA 2,431.89 37.52% NA NA
PERIODIC DISCLOSURESFORM NL-29 Detail regarding Debt Securities
Date : As on 30th June 2011
Detail Regarding debt securitiesMarket Value Book Value
Sl.No. ParticularFor the quarter ended
30th June 2011
1 Gross Premium Growth Rate NA
2 Gross Premium to shareholders' fund ratio 25%
3 Growth rate of shareholders'fund -23%
4 Net Retention Ratio 51%
5 Gross Commission Ratio 3%
6 Expense of Management to Gross Direct Premium Ratio 84%
7 Combined Ratio 87%
8 Technical Reserves to net premium ratio 194%
9 Underwriting balance ratio -172%
10 Operating Profit Ratio -162%
11 Liquid Assets to liabilities ratio 30%
12 Net earning ratio -163%
13 Return on net worth ratio -21%
14 Available Solvency Margin Ratio to Required Solvency Margin Ratio 1.55
15 NPA Ratio
Gross NPA Ratio NA
Net NPA Ratio NA
1 (a) No. of shares
2 (b) Percentage of shareholding (Indian / Foreign)
Indian 100%
Foreign 0%
3 ( c) %of Government holding (in case of public sector insurance companies) NA
4 (a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period
(not annualized) (1.14)
5 (b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period
(not annualized) (1.14)
6 (iv) Book value per share (Rs) 5.49
PERIODIC DISCLOSURES
FORM NL-30 Analytical Ratios
Insurer: L & T General Insurance Co Ltd
Analytical Ratios for Non-Life companies
Equity Holding Pattern for Non-Life Insurers
*The Company commenced its commercial operations as a General Insurance Company
on October 1, 2010 . Hence no figures are shown for the previous year.
Insurer:L&T General Insurance Co. Ltd. Date : As on 30th June 2011
in lakhs
Consideration
paid / received
Quarter ended
30th June 2011
1 Larsen & Toubro Limited Holding Company Premium Income 590.68
Claims Paid 0.67
Issue of Share Capital 0
Purchase of services -
Reimbusement of expenses 3.29
2 L&T Finance Limited Fellow Subsidiary Premium Income 0.18
Share Application Money -
Inter Corporate Deposits -Interest on Inter-Corporate
Deposits -
Claims paid 2.05
Reimbusement of expenses -
3 L&T Infotech Limited Fellow Subsidiary Purchase of services -
Purchase of services-software 27.94
Expenses recovery 2.29
4 L&T Devihalli Hassan Tollway Private Ltd Fellow Subsidiary Premium Income 0.00
5 L&T Krishnagiri Thopur Tollroad Limited Fellow Subsidiary Premium Income 0.47
Claims Paid 2.68
6 L&T Krishnagiri Walahjpet Tollway Fellow Subsidiary Premium Income 0.18
7 L&T-MHI Boilers Limited Fellow Subsidiary Premium Income -
8 L & T Valdel Engineering Limited Fellow Subsidiary Premium Income 4.45
9 L & T Urban Infrastructure Limited Fellow Subsidiary Premium Income -
10 L&T Infrastructure Development Pvt Ltd Fellow Subsidiary Premium Income 6.67
11 L&T Arun Excello IT SEZ Pvt Ltd Fellow Subsidiary Premium Income 0.57
12 L&T Demag Plastics Machinery Ltd Fellow Subsidiary Premium Income 0.39
13 L&T Plastics Machinery Ltd Fellow Subsidiary Premium Income 2.83
14 L&T Howden Private Limited Fellow Subsidiary Premium Income 2.91
15 L&T South City Projects Limited Fellow Subsidiary Premium Income 0.09
16 L&T Tech Park Ltd Fellow Subsidiary Premium Income 5.66
17 L&T Komatsu Ltd Fellow Subsidiary Premium Income 0.03
*The Company commenced its commercial operations as a General
Insurance Company on October 1, 2010 . Hence, no figures are shown for
the quarter of previous year.
PERIODIC DISCLOSURESFORM NL-31 Related Party Transactions
Related Party Transactions
Sl.No. Name of the Related PartyNature of Relationship
with the Company
Description of
Transactions / Categories
Insurer: L&T General Insurance Co. Ltd.
List below the products and/or add-ons introduced during the period
Sl. No. Name of Product Co. Ref. No. IRDA Ref.no. Class of Business* Category of productDate of filing of
Product
Date IRDA confirmed
filing/ approval
Date : As on 30th June 2011
Products Information
FORM NL-32 Products InformationPERIODIC DISCLOSURES
NIL
Insurer: L & T General Insurance Co. Ltd.
Solvency for the Quarter ended 30th June 2011
Available Solvency Margin and Solvency Ratio
ITEM Notes No. AMOUNT
(1) (3) (4)
01 2,443.09
Deduct:
02 2,732.22
03 1,403.14
-1,692.26
04 -1,692.26
05 10,638.34
06 1,191.34
9,447
07 9,447
08 7,755
09 5,000
10 1.55Solvency Ratio (Total ASM/Total RSM)
FORM NL-33 - SOLVENCY MARGIN - KGII
Transfer to Policyholder's Assets
Excess in Shareholders' funds
Total ASM (04)+(07)
Total RSM
Excess In Policyholders' funds
Available Assets in Shareholders Funds
Deduct:
Other Liabilities
Excess in Shareholders' funds (05-06)
Available Assets in Policyholders' Funds
Liabilities
Other LiabilitiesExcess/(shortfall) In Policyholders' funds (01)-(02)-
(03)
Transfer from Shareholder's Assets
(2)
L & T General Insurance Co Ltd
TABLE II - FORM KG II
AVAILABLE SOLVENCY MARGIN (ASM) AND SOLVENCY RATIO AS AT 30th JUNE, 2011
(Rs. In Lakhs)
DESCRIPTION
Insurer: L & T General Insurance Co Ltd
Sl. No. Name of person Role/designation Date of Appointment
1 Mr. Y.M Deosthalee Director Since incorporation
2 Mr. N Sivaraman Director Since incorporation
3 Mr. R Shankar Raman Director Since incorporation
4 Mr. Mukund Manohar Chitale Director 26-May-10
5 Mr. Haris Ansari Director 26-May-10
6 Mr. Joydeep Kumar Roy CEO and Whole-time Director 26-May-10
FORM NL-34 : Board of Directors and Key PersonPERIODIC DISCLOSURES
Date : As on 30th June 2011
Board of Directors and Key Person Information
Company Name & Code: L&T General Insurance Co. Ltd.
Statement as on: June 30, 2011 Name of the Fund: Total Investment
Periodicity of Submission : Quarterly
%
Has there
been
revision?
Amount
Board
Approval
Ref
NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL
FORM NL-35-NON PERFORMING ASSETS-7A
Details of Investment Portfolio
COICompany
Name
Instrume
nt Type
Interest Rate Total
O/s
(Book
Value)
Default
Principal
(Book
Value)
Default
Interest
(Book
Value)
Principal
Due from
Provision
(%)
Provision
(Rs)
Interest
Due from
Deferred
Principal
Deferred
Interest
Rolled
Over?
Has there been any
Principal Waiver?Classific
ation
Company Name & Code: L&T General Insurance Co. Ltd.
Statement as on: 30th June 2011
Periodicity of Submission: Quarterly
Rs. Lakhs
Book Value Market Value
A1 Central Government Securities CGSB 4,049.47 3,913.17 80.57
A3 Deposit under Section 7 of Insurance act, 1938 CDSS 201.65 193.28 4.14
A4 Treasury Bills CDSS - - 0.78
C03 Term Loan - Hudco/ NHB/ Institutions accredited by NHB HTLH 590.54 568.12 12.66 8.57% 8.57%
D07 Infrastructure/Social sector- PSU -Debentures/Bonds IPTD 693.69 667.13 15.92
D09 Infrastructure - Other Corporate Securities Debentures ICTD 123.89 124.43 2.91
E05 Corporate Sec - Bonds - Taxable EPBT 1,023.85 1,010.12 24.19 9.45% 9.45%
E29 MF - Promoters group EMPG 301.05 301.05 8.65% 8.65%
E28 Mutual Funds - GILT/G Sec/Liquid Schemes OMGS 319.03 319.03 8.65% 8.65%
TOTAL 7,303.17 7,096.33 141.17
*The Company commenced its commercial operations as a General Insurance Company on October 1, 2010 . Hence no figures are shown for the previous year.
7.97% 7.97%
8.56% 8.56%
FORM NL-36-YIELD ON INVESTMENTS
Statement of Investment and Income on Investment
Category Code
Upto the quarter ended 30th June 2011
Investment (Rs.)Net Yield (%)
No. Category of Investment Income on
Investment
(Rs.)
Gross Yield
(%)*
Company Name & Code: L&T General Insurance Co. Ltd.
Statement as on:June 30th 2011 Name of the Fund:Total Investment
Periodicity of Submission: Quarterly
Rs. Lakhs
No Name of the Security COI AmountDate of
Purchase
Rating
Agency
Original
Grade
Current
Grade
Date of
Downgrad
e
Remarks
A. During the Quarter ¹
No downgrades during the quarter
NIL NIL NIL NIL NIL NIL
B. As on Date ²
NIL NIL NIL NIL NIL NIL
FORM NL-37-DOWN GRADING OF INVESTMENT- 2
Statement of Down Graded Investments
Insurer: L & T General Insurance Co. Ltd.
(Rs. in Lakhs)
Line of Business
Premium No. of Policies
Fire 478.04 376
Cargo & Hull 161.29 350
Motor OD 943.02 11028
Motor TP 452.79 -
Engineering 134.54 362
Workmen's Compensation 60.90 273
Product Liability
Employer's Liability
Aviation
Personal Accident 152.26 4
Health 264.36 4
Others* 85.24 407
Quarter ended June 30,2011
PERIODIC DISCLOSURESFORM NL-38 Annual Business Returns across line of Business
Insurer: L & T General Insurance Co. Ltd. Date : As on 30th June 2011
(Rs in lakhs)
Sl.No. Line of Business Particular No. of Policies Issued Premium Collected
Rural 33 3.92
Social
Rural 9 0.82
Social
Rural - 42.81
Social
Rural 1400 108.71
Social
Rural 24 6.71
Social
Rural 4 1.34
Social
Rural
Social
Rural
Social
Rural
Social
Rural
Social
Rural 15 0.31
Social
10 Health
11 Others*
7 Employer's Liability
8 Aviation
9 Personal Accident
2 Cargo & Hull
PERIODIC DISCLOSURESFORM NL-39 Rural & Social Obligations (Quarterly Returns)
Rural & Social Obligations (Quarterly returns)
1 Fire
3 Motor TP
4 Motor OD
5 Engineering
6 Workmen's Compensation
Insurer: L & T General Insurance Co. Ltd. Date: 30th June, 2011
1 Individual agents 2,510 359.30
2 Corporate Agents-Banks
3 Corporate Agents -Others
4 Brokers 2,520 727.82
5 Micro Agents
6 Direct Business 7,774 1,645.32
Total (A) 12,804 2,732.44
1 Referral (B) - -
Grand Total (A+B) 12,804 2,732.44
Note:
* Premium means amount of premium received from business acquired by the source
**No of Policies stand for no. of policies sold
PERIODIC DISCLOSURESFORM NL- 40 Business Acquisition through different channels
Business Acquisition through different channels
Premium(Rs in
lakhs)
***The Company commenced its commercial operations as a General Insurance Company on October 1,
2010 . Hence no figures are shown for the previous year.
Sl.No.No. of Policies
Upto 30th June, 2011
Insurer: L & T General Insurance Co. Ltd.
Fully Accepted Partial Accepted Rejected
1 Complaints made by customers - 34 34 - - -
a) Sales Related - - - - - -
b) Policy Administration Related - 31 31 - - -
c) Insurance Policy Coverage related - - - - - -
d) Claims related - 3 3 - - -
e) others - - - - - -
d) Total Number - 34 - - - -
2 Duration wise Pending StatusComplaints made by
customers
Complaints made by
IntermediariesTotal
a) Less than 15 days 34 - 34
b) Greater than 15 days - - -
Total Number - - 34
PERIODIC DISCLOSURESFORM NL-41 GRIEVANCE DISPOSAL
Date : As on 30th June 2011
GRIEVANCE DISPOSAL
Sl No. Particulars Opening Balance * Additions Complaints Resolved
Complaints Pending