chairman’s letter 06

A year of fulfilled promises

Annual Repor t 2018-2019

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Corporate Information 02

Corporate Profile 03

Board of Directors 04

Chairman’s Letter 06

CEO’s Letter 08

Executive Committee 10

Awards & Recognition 12

Key Performance Indicators 16

Customers Speak 19

CSR Initiatives 21

Marketing Initiatives 26

Risk Management Framework 29

Directors’ Report 32

Annual Report on CSR Activities 51

Secretarial Audit Report 58

Corporate Governance Report 62

Auditors’ Report 98

C&AG Report 109

Management Report 112

Financials 120

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Corporate

Information

Mr R A Sankara NarayananMr Mukesh Kumar JainMr Debashish MukherjeeMr Balakrishna Alse SMs A ManimekhalaiMr Alistair ChamberlainMr K V ShajiMr Ranjan BhattacharyaMr R KrishnamurthyMr B A PrabhakarDr T T Ram MohanMr Thomas Mathew TMr Anuj Mathur

STATUTORY AUDITORS FOR FY 2018-19M/s Batra Deepak & AssociatesM/s M Anandam & Co.

BANKERSCanara BankThe Hongkong and Shanghai Banking Corporation LimitedOriental Bank of CommerceDeutsche BankHDFC Bank LimitedKerala Gramin BankKarnataka Gramin BankDhanlaxmi Bank

COMPANY SECRETARYMs Vatsala Sameer

REGISTERED OFFICEUnit No. 208, 2nd Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001, India

CORPORATE OFFICE2nd Floor, Orchid Business Park, Sector – 48, Sohna Road, Gurugram – 122 018, Haryana, India

* as on 14th August, 2019

BOARD OF DIRECTORS *

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Corporate

Information

Canara HSBC Oriental Bank of Commerce Life Insurance, a customer centric organization, strongly believes in providing protection and creating value for the customers at every stage of their life cycle. A joint venture between Canara Bank (51%), Oriental Bank of Commerce (OBC) (23%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%), the Company has access to around 115 million customers with a pan-India network of over 10,000 branches of its partner banks/corporate agents.

The Company has been following a bancassurance led model since inception and it has been successful in growing the bancassurance business with active support from its partner banks. In recent times, the Company has also enhanced its focus on growing its digital business and business through direct sales channel.

During the year, the Company had launched many new products in line with the needs of its target customers. Its first health product ‘Health First Plan’ marks the Company’s foray into health space. The Company also launched ‘Invest 4G’, a highly cost-efficient online unit-linked plan with zero allocation and administration charges. Apart from this, Guaranteed Income Plan and Guaranteed Savings Plan were introduced to offer long term benefits with regular guaranteed income on the traditional platform. Further, the Company has aligned its distribution strategy to focus on the higher penetration through mass market products like POS Easy Bima and POS Easy Bachat (Point of Sale product).

The Company has introduced series of digitally enabled services to meet customers servicing needs in real time and ensure convenience at all stages. Servicing avenues introduced for customers are Chatbot, Video Calling and enhancement of IVR Self Servicing options. The Company has also improved its online mobile responsive customer portal for servicing on the go.

The Company continues to embrace newer technologies to drive efficiency and productivity in its processes, enabling process simplification and continued enhancement to customer experience and delight. One key initiative in this direction was the launch of webassurance. This is a significant step towards providing the bank’s customers a one-stop, convenient online solution empowering customers to address their financial needs through a completely digital and paperless process on the Insurance Self Network Platform (ISNP).

For the financial year 2018-19, the Company reported a net profit of ` 165 crores and successfully wiped off its accumulated losses. The Company’s new business premium income grew by 19% while the gross written premium increased by 26%. The Company’s overall (Individual plus group) claim settlement ratio is at 98% while Assets Under Management (AUM) stood at ` 14,854 crores as on March 31, 2019.

The bancassurance business model has enabled the Company to reach out to the financially vulnerable population spread across the various parts of the country. The Company has strong tie-ups with regional rural banks to increase penetration and make its products available to rural customers. For FY 2018-19, the Company has got over 25 lakh lives covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Through the distribution of its our partner banks, the Company is able to reach out to the customers in tier 2 & 3 and continues to expand business growth in these cities.

Corporate Profile

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R A Sankara Narayanan Managing Director &Chief Executive OfficerCanara Bank

Mukesh Kumar JainManaging Director &Chief Executive OfficerOriental Bank of Commerce

Alistair ChamberlainGlobal HeadProduct & Actuarial, HSBC

Debashish MukherjeeExecutive Director Canara Bank

Balakrishna Alse SExecutive DirectorOriental Bank of Commerce

A ManimekhalaiExecutive Director Canara Bank

Ranjan BhattacharyaHead - Strategy & Planning HSBC, India

R KrishnamurthyIndependent Director

B A PrabhakarIndependent Director

Thomas Mathew TIndependent Director

T T Ram MohanIndependent Director

Anuj MathurManaging Director &Chief Executive Officer

K V ShajiGeneral ManagerCanara Bank

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R A Sankara Narayanan

Chairman’sLetter

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Dear Shareholders,

The Indian economy remains one of the fastest and consistent growing economy and possibly the least affected by global factors, on account of a stable political environment, strong consumption story and strong macroeconomic fundamentals. The financial and insurance sector is also expected to be a key beneficiary, especially when we still have lot of headroom, because of under penetration of life insurance in India. We, in India, have a natural demographic advantage and the rising disposable income of the population is an added incentive. This will assure continuous demand for both protection and saving products.

Our Government policies and initiatives are also a huge support in the direction of increasing insurance penetration. Your company has been for the past two years actively participating in the Prime Minister’s call to provide safety net to vast under covered population of our country through PMJJBY and have extended the benefits to more than 25 lakh customers, in the last financial year.

We have always and are continuously working towards understanding customer needs and delivering products and services as per the needs and convenience of our customers. We are focused on leveraging technology to deliver our products and services in an efficient manner. The customer centricity of all our processes, strong distribution channels and our ability to provide competitive and innovative products are the key strengths of our Company. Recognizing how the Company has leveraged emerging and progressive technology for excellence in customer experience and enabling various sales and service solutions, the Financial Insights Innovation Awards 2019 has also recently conferred the ‘Best Insurer in Asia’ award on the Company. The year 2018-19 has been a year of sustained growth and the Company is going from strength to strength in all business parameters. We continue to outperform the industry in terms of our new business premium growth and the overall persistency of our business has also improved significantly. I am proud of the fact that your Company has achieved a big milestone in the last financial year, of achieving a cumulative break even. We’ve together built an organization to feel proud of and we’ll work together to take it to greater heights.

We have always believed in giving back to the society and this guiding principle drives our continuous effort and sustained CSR initiatives. Our CSR programmes cover vast range of positive initiatives in areas of environment management, cleanliness and hygiene, child education, women empowerment and skill development. Our citizen partnerships and social programmes have transformed the lives of many, and have impacted their quality of life positively. I am sure we will continue to make a difference to a larger number of people in future. I feel proud for having received accolades for our CSR initiatives, in the form of 8th Asia’s Best CSR Practice Award.

It’s also an opportunity for me to extend my gratitude to all the stakeholders. First and foremost I would like to thank all our customers who are at the centre of all our business decisions and my gratitude for the faith reposed in the Company’s ability to meet their expectations. I assure each of the policyholders of our continuous endeavour of adding value to their financial goals and be a partner in fulfilling them through our innovative solutions. I would like to thank all the shareholders for your confidence which has led us to deliver successful business performance year after year.

It’s imperative for me to extend our sincere gratitude to the honorable members of the Board, Statutory Authorities and Auditors for their support and valuable guidance which has helped us in scaling new heights. I would also like to compliment the leadership team and all our employees as well as channel partners for delivering a sustained business performance. I am sure that your Company will achieve greater heights from here onwards, and also exceed expectations of all our customers and stakeholders.

Best wishes,

R A Sankara Narayanan Chairman


Chairman’sLetter

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Anuj Mathur

CEO’s Letter

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Dear Shareholders,

Your Company has delivered yet another successful year, where the individual new business Weighted Premium Income (WPI) grew by 12 per cent over the previous year and superior performance was observed across key financial metrics.

The Company has grown at a CAGR of 27 per cent since FY 2015-16 and was ranked at 10th position as at 31st March, 2019, with a market share of 2.3 per cent, amongst 23 private life insurers on Individual Weight Premium Income (WPI). The business has only grown stronger over these years and is well poised for a promising future.

The last financial year was also a significant milestone for the Company, as we wiped off all our accumulated losses and are ready to pay dividends from this year onwards. The Company’s solvency ratio is at 393 per cent reflecting a sound financial position of the Company.

I am also delighted to share that we have attained newer heights with respect to retaining our customers, with 13-month persistency at 81 per cent, a significant improvement over last year. This reflects the level of trust and confidence that the policyholders repose in our Company and also the strong quality of sales.

Your Company has always believed in providing a best-in-class customer experience and all its decisions and processes are guided by customer centricity. The Company has focused on use of technology and process improvements – with the objective of bringing in more customer delight. Besides doing well on various business and operational parameters, your Company also took various strategic initiatives to further penetrate in its bancassurance business model through further integration with distributor banks for point-of-sale product and webassurance (based on Insurance Self Network Platform). The Company has also focused on growing digital business and also created a direct selling model through its staff.

Throughout the last year, your Company made its presence felt through various brand campaigns on television, with a specific focus on its brand essence - ‘promise’. These brand campaigns were launched through various mediums, including television, digital and social media and the radio. Your Company also introduced a social cause based marketing initiative for the first time “#Meformycity” and won an award for the same in experiential marketing category.

Asides, there were 14 accolades won last year, including ‘Best Insurer in Asia’ award at the Financial Insights Innovation Awards 2019, ‘Best Training Program for Customer Service’ at the TISS-Leapvault CLO Awards 2018, ‘Smart Insurer in the Life Insurance - Compact Category’ award at the Economic Times Insurance 5th Annual Summit 2018, to name a few.

We also believe in the principle of ‘giving back to the society’. Last year, we contributed towards holistic well-being of the community around us, through various CSR projects covering objectives including environment protection, education, financial literacy, sanitation, senior citizen care and healthcare.

I sincerely thank the shareholders and members of the Board, for their overwhelming support. I value their ongoing trust in the Company and we will continue to strive to better the Company’s performance each year. I express my gratitude to our policyholders for giving us the opportunity to protect their families and making all of our efforts worth it.

I am also grateful to our regulator, IRDAI, for their timely approvals and support in business.

I would also like to thank employees of the Company, for their hard work and commitment. The employees have demonstrated the Company’s core value behaviours of customer centricity, agility, collaboration, accountability, empowerment and respect, which has resulted in fostering right culture, good governance and customer-first approach.

I look forward to continued support of our shareholders, as we further embark on our growth journey and customer delight.

Yours sincerely,

Anuj MathurManaging Director & Chief Executive Officer

Anuj Mathur

CEO’s Letter

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Tarannum Hasib Chief Distribution Officer

Tarun RustagiChief Financial Officer

Sachin DuttaChief Operating Officer

Kiran YadavChief People Officer

Siddharth KaushikChief Risk Officer

Vikas AnandChief Compliance Officer

Anurag JainChief Investments Officer

Vatsala SameerCompany Secretary

Akshay DhandAppointed Actuary

Rishi MathurChief Digital & Strategy Officer

Ritesh RathodHead - Business PerformanceManagement


Exec

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Tarannum Hasib Chief Distribution Officer

Tarun RustagiChief Financial Officer

Sachin DuttaChief Operating Officer

Kiran YadavChief People Officer

Siddharth KaushikChief Risk Officer

Vikas AnandChief Compliance Officer

Anurag JainChief Investments Officer

Vatsala SameerCompany Secretary

Akshay DhandAppointed Actuary

Rishi MathurChief Digital & Strategy Officer

Ritesh RathodHead - Business PerformanceManagement


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TISS-Leapvault CLO Awards 2018 The Company won the 'Best Customer

Service Training Program' award

8th Asia Best CSR Practices Awards 2018 The Company won the award for

the Community Development category

Masters of Modern Marketing Awards 2018(mCube Awards) The Company has won the awardunder the category 'Best Marketing campaignthrough TVC's'

13th Employer Branding Awards The Company won the North IndiaBest Employer Brand Awards 2018

Stars of the Industry Awards(For Excellence in Branding and Marketing) meformycity Initiative won the awardfor Experiential & Brand Experience

Awards & Recognition

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TISS-Leapvault CLO Awards 2018 The Company won the 'Best Customer

Service Training Program' award

8th Asia Best CSR Practices Awards 2018 The Company won the award for

the Community Development category

Masters of Modern Marketing Awards 2018(mCube Awards) The Company has won the awardunder the category 'Best Marketing campaignthrough TVC's'

13th Employer Branding Awards The Company won the North IndiaBest Employer Brand Awards 2018

Stars of the Industry Awards(For Excellence in Branding and Marketing) meformycity Initiative won the awardfor Experiential & Brand Experience

Awards & Recognition

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The Economic Times Insurance5th Annual Summit 2018

The Company won the ‘Smart Insurerin the Life Insurance - Compact category’ award

The Economic Times: Most PromisingBusiness Leaders of Asia

Recognizes Anuj Mathur, MD & CEOas one of the ' Most Promising Business Leaders of Asia'

for his exemplary leadership qualities

2nd Edition CRO Leadership Summitand Awards 2019 Risk function wins ‘Risk ManagementTeam of the Year’ award

Financial Insights Innovation Awards 2019 The Company has been honoured with'Best Insurer in Asia' award

DivHERsity Awards The Company has been recognised forits Diversity Initiatives among two categories: • Top 20 Most Innovative Practices in Women L&D Programmes • Top 20 Most Innovative Practices in Women Leadership Development

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The Economic Times Insurance5th Annual Summit 2018

The Company won the ‘Smart Insurerin the Life Insurance - Compact category’ award

The Economic Times: Most PromisingBusiness Leaders of Asia

Recognizes Anuj Mathur, MD & CEOas one of the ' Most Promising Business Leaders of Asia'

for his exemplary leadership qualities

2nd Edition CRO Leadership Summitand Awards 2019 Risk function wins ‘Risk ManagementTeam of the Year’ award

Financial Insights Innovation Awards 2019 The Company has been honoured with'Best Insurer in Asia' award

DivHERsity Awards The Company has been recognised forits Diversity Initiatives among two categories: • Top 20 Most Innovative Practices in Women L&D Programmes • Top 20 Most Innovative Practices in Women Leadership Development

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FY17

FY18

FY19

1,947

2,213

2,575

Indian EmbeddedValue (in cr)

F Y 18 167.8111111111111F Y 17 111.311111111

F Y 19 165.2

Profits Profits (in cr)

Traditional60%

ULIPs40%

Traditional52%

ULIPs48%

Traditional23%

ULIPs77%

FY 17 FY 18 FY 19

Product Mix %Solvency

14,854

FY17 FY19FY18

12,68811,284

Assets under Management (in cr)

FY 18382%

FY 19393%

FY 17401%

New Business PremiumIndividual(WPI) (in cr)

F Y 17

F Y 18

F Y 19

915818

613

Gross Written Premium (in cr)

FY17 2,295

2,781

3,491

FY18

FY19

Key Performance

Indicators

17

FY17

FY18

FY19

1,947

2,213

2,575

Indian EmbeddedValue (in cr)

F Y 18 167.8111111111111F Y 17 111.311111111

F Y 19 165.2

Profits Profits (in cr)

Traditional60%

ULIPs40%

Traditional52%

ULIPs48%

Traditional23%

ULIPs77%

FY 17 FY 18 FY 19

Product Mix %Solvency

14,854

FY17 FY19FY18

12,68811,284

Assets under Management (in cr)

FY 18382%

FY 19393%

FY 17401%

New Business PremiumIndividual(WPI) (in cr)

F Y 17

F Y 18

F Y 19

915818

613

Gross Written Premium (in cr)

FY17 2,295

2,781

3,491

FY18

FY19

Key Performance

Indicators

18

FY19

FY18

11.8

13.3

FY17 13.8

Operating Expenses %

2,586,299

F Y19

1,364,905

F Y18

PMJJBY Lives

Persistency Ratio

FY 17 FY 18 FY 19

78.1%

42.2%

77.9%

43.3%

80.9%

46%

13th Month61st Month

104,873

129,068

91,111

NOP (in cr) FY 18

FY 19

FY 17

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Customers Speak

“With positive returns,Canara HSBC Oriental

Bank of Commerce Life Insurance has ensured a safety

net for me and my family.”

- Mohmad Husairam

“Promise is all about faith.My family has faith in me. Similarly,

I have faith that Canara HSBC Oriental Bank of Commerce Life Insurance will

help me protect my familyeven in my absence.”

- Mr. Piyush Kant

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“With Canara HSBC Oriental Bank of Commerce Life Insurance, I will not only meet the financial requirements for my daughter’s wedding but also for various

other life goals.”

-Mr. Shushanta Kumar Sengupta

“When this year I had a monetary problem in the family I

had to withdraw part payment, the customer service team told me it will

take 7 days but it only took 3 days. This made me really happy that I took

this policy.”

- Mrs. Renuka Shetty

“The customer service staff always gives a quick response.

Usually, we get a personal message within 5-10 minutes of the query.

Also, Canara HSBC Oriental Bank of Commerce Life Insurance has done

systematic management of investments, which helps

our money to grow.”

- Mr. Kataria

“A promise has to be fulfilled. We had promised our son to send him abroad for education. We sent him there and fulfilled

our promise. He also returned to India after completing his education as he had promised. Canara HSBC Oriental Bank of Commerce Life Insurance helped us fulfill

our promise with Child Future Plan.”

- Mr. & Mrs. Surve

“A promise is a thing of faith. With Canara

HSBC Oriental Bank of Commerce Life Insurance, we are confident that we will be able to keep our promises to

each other.”

- Mr. & Mrs. Manna

“Keeping my promises is a priority for

me. Canara HSBC Oriental Bank of Commerce Life

Insurance has ensured that my second innings will be as

beautiful as my first.”

- Mr. CY Ajgaonkar

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As a responsible organization, Canara HSBC Oriental Bank of Commerce Life Insurance Company conducted itself in a socially, environmentally and ethically prudent manner with an endeavour to make positive contributions towards the betterment of the society. 'Giving back' to the society is a core belief which each employee believes in and has been the guiding principle since the Company has been in existence. The Company takes a long term approach with respect to community/social investments for a better impact and sustainability of the initiatives. It follows a shared value approach and all projects are need based with focus on government’s priority areas as mentioned in the Schedule VII of the Companies Act, 2013 and are also guided by UN’s Sustainable Development Goals.

The Company has in place a very comprehensive and structured CSR programme. Last year, the CSR efforts were channelized in five broad areas of education, environment, sanitation, health and care for the aged.

To pursue its CSR objectives, Canara HSBC Oriental Bank of Commerce Life Insurance Company identified sixteen projects as per Schedule VII of the Companies Act, 2013 and partnered with like-minded trusts, societies and companies and also implemented programmes directly to generate value by adopting a long-term sustainability approach.

Through the various education related initiatives covering around 2,200 beneficiaries, the Company was able to support children from underserved communities, helping them integrate into mainstream education and as well as develop life skills. Efforts were also directed to ensure community education & adult literacy programme, as well as vocational employability training.

Corporate Social

Responsibility

FY 2018-19

Inclusionvia Education

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The Company also conducted various awareness workshops and sessions on career guidance, health and nutrition, sanitation and social issues for 4,000+ beneficiaries of the CSR projects as well as other community members.

Skilling forSelf Reliance

SwachhtaWorkshops

BeneficiaryConvocation

CreatingEntrepreneurs

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Greeningthe Planet

Conserving theEnvironment

With respect to environment related initiatives, rainwater-harvesting,

reducing man-animal conflict, agro-forestry, sustainable

management of forest resources, agricultural interventions,

integration of renewable energy etc along with livelihoods were some of

the interventions undertaken as part of the CSR projects that

impacted over 14,000 beneficiaries.

Under the 'Green Cover' programme, around 8,000 trees were planted at multiple locations on the occasion of World Environment Day through ‘Adopt a Tree’ initiative.

Greeningthe Planet

Conserving theEnvironment

With respect to environment related initiatives, rainwater-harvesting,

reducing man-animal conflict, agro-forestry, sustainable

management of forest resources, agricultural interventions,

integration of renewable energy etc along with livelihoods were some of

the interventions undertaken as part of the CSR projects that

impacted over 14,000 beneficiaries.

Under the 'Green Cover' programme, around 8,000 trees were planted at multiple locations on the occasion of World Environment Day through ‘Adopt a Tree’ initiative.

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Caring forElderlyAround 100 elderly persons living in slum clusters recieved care and material support.

Caring forElderlyAround 100 elderly persons living in slum clusters recieved care and material support.

Making IndiaFinancially Savvy

PromotingHealthcare

Around 2,000 man-hours of CSR employee volunteering were clocked in financial year 2018-19 with 75% employees participating in at least two initiatives.

Further details of the projects undertaken are included as part of the annual report on the CSR activities for the financial year 2018-19, annexed herewith as Annexure A.

Three Cancer Support units were set up in3 hospitals in Punjab where 32 children from rural

and underserved communities suffering from cancer received diagnostic support, medicine

support & intensive care treatment.

Around 5.3 lakh people were covered under the financial literacy programme

via community radio initiative in multiple locations, camps and face-to-face

workshops conducted by employees with a special focus on the underserved

and rural communities.

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Our CSR Partn

ers

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Brand Campaign 2018Promise Kiya! Ab Plan Karo.

The Company's brand campaign for the year ‘Promise Kiya! Ab Plan Karo’ was launched in later

half of the fiscal. The concept was a simple take on everyday promises that we make to our loved

ones and the importance of fulfilling them. The campaign, which was a 3 film series commercial

with humorous undertones & same characters, was aired on leading entertainment, movies,

regional and infotainment channels.

“I promise TO MAKE YOU ANASTRONAUT when YOU GROW UP.”

PROMISE KIYA! AB PLAN KARO.

“I promise TO MAKE YOU ANASTRONAUT when YOU GROW UP.”


“I promise YOU A WORLD TOUReven after RETIREMENT.”


“I promise I WILL BETHERE FOR YOU. Always.”


Marketing Initiatives

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#meformycity Initiative

#meformycity is a cause marketing initiative, which takes inspiration from clean India movement and the Company's brand essence of fulfilling promises and giving back to the society. The program aims to create a PAN India platform, wherein society at large would participate to make our cities clean and beautify it's walls through graffiti art.

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iNVEST4G Campaign

Canara HSBC Oriental Bank of Commerce Life Insurance

A U N I T - L I N K E D N O N - P A R T I C I P A T I N G L I F E I N S U R A N C E P L A N

Aligned with the launch of the Company's flagship online unit linked offering, a television campaign was launched to advertise the product. The campaign was aired on leading entertainment, movies and regional channels. It was amplified via presence on social media and popular digital platforms. The concept was derived from the brand essence "promise" where key product features were integrated to result in effective messaging.

iSelect Digital Series

A digital campaign, iSelect Digital Series consisted of 3 digital films depicting the importance of term plans in our financial planning. An unique concept which asked the question "if we always want better things for our loved ones, then why avoid a term insurance plan costing as low as Rs. 365/- per annum?". The concept which focussed on life insurance awareness along with advertising the flagship online term plan by the Company, was advertised on key digital video platformsin the country.

THE WAR AGAINSTFINANCIAL WORRIES BEGINS





The Zero Worry Plan

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Risk

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Canara HSBC OBC Life Insurance (“the Company”) is in the business of providing Life Insurance with prime focus on financial protection to its policyholders. Hence, it is imperative for the company’s success to have a robust risk management framework. As an organization, the Company firmly recognizes Risk Management as an integral building block to proactively manage risks and maximize opportunities related to achievement of its strategic objectives. The Risk Management framework within the Company acts as a feedback mechanism system to various stakeholders including Management and the Board of Directors. The Company has implemented a framework which has evolved over the period of time, which not only facilitates strong governance for overall functioning of the organization but also enables the functions through distributed controllership. Hence driving Risk Management is the responsibility of each employee in their day -to-day operating environment.

The Company’s overall approach to Risk Management is based on the belief that all types of risks must be considered, measured, understood and managed adequately in order to generate value for each of the stakeholders involved including customers. The Management has therefore, put in place processes aiming to ensure that the risks associated with significant decisions are understood and adequately measured in order that the risk exposure is appropriate for the returns anticipated, and is consistent with Company’s risk appetite, long-term goals and obligations to its stakeholders.

The key objectives of Risk Management are:

• Ensure protection of the interests of our policyholders, shareholders, joint-venture partners, employees, all relevant stakeholders and adherence to internally devised value framework

• Ensure complete adherence to applicable regulatory guidelines mandated by regulatory authorities are met unequivocally and maintaining an ethical & strong corporate governance culture

• Ensure proactive identification, assessment, measuring, monitoring, management and reporting of risks with unambiguous objective of minimizing risk and maximizing opportunities

• Provide a systematic, structured, clear, comprehensive and dynamic mechanism for taking informed decision making whilst addressing risk & uncertainty pragmatically

Under the overall ambit of corporate governance, the Company has established a Risk Management framework which is supported by a “Three lines of Defense” approach (depicted below) that helps in appropriately safeguarding the interests of Company’s customers as well as its shareholders.

Independent reportingto Risk Management Committee

Guide & Report Assist

01 - First line of Defense

Independent reportingto Audit Committee

02 - Second Line of Defense 03 - Third Line of Defense

• Risk Owner are accountable for setting risk appetite and identifying, owning and managing risks commensurate with the appetite

• Control Owner are accountable for controls, assessment and management of controls on a day to day basis

• Business Risk & Control Manager (BRCM) are accountable for execution of risk management activities within the department

• SME- define the taxonomy, formulate risk policies, define risk appetite and tolerance limits, and assess the adequacy of risk management activities in the 1st

line of defense

• Provide independent risk oversight and own the Risk Management Framework for the Company. Provide holistic risk reporting on exposure and appetite to support decision making by the senior management

• Internal Audit- Third Line of Defense and is responsible for independent audit review. Provides assurance on the effectiveness of internal controls

Collaborate to embedrisk management in day-to-day activities and accountable for

managing risks within the business

Collaborate to drive effective enterprise wide risk management and provide oversight, advice and

risk insightsInternal Audit

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The Company has in place a Risk Management team, which helps identify, take measures and mitigate risks. The team is guided by the Company’s Risk Management policy and risk appetite statement to develop and implement risk assurance practices at an organizational level.

The Company has implemented a Risk Management Framework which supports timely identification, assessment, monitoring and reporting of key risks to which the Company is exposed and this includes existing as well as emerging risks. Some of the tools used in the assessment and monitoring of risks are summarized below:

• Company Risk Profile: This includes the assessment of risks that the Company is exposed to which is reviewed by RMC on a quarterly basis. It helps the Company’s senior management as well as the Board to understand and evaluate key risks and the associated action plans to mitigate these risks.

• Loss and Incident Register: All significant incidents and losses (as per the defined criteria) are reported to the Risk Management Function. A formal root cause analysis is undertaken for all such issues reported and action plans agreed with the Management to fix any control gaps or control failures identified.

• Risk Appetite Statement (RAS): The Company has put in place, a Board approved RAS, which defines the amount of risk (volatility of expected results) which the Company is willing to accept basis its core values, long term financial objectives and risk management competencies in pursuit of desired financial performance and its business priorities. As part of the RAS, a set of measures and metrics have been identified that are monitored periodically and form basis of setting up the relevant risk appetite and tolerance limits.

• Risk & Control Assessments: As a part of the first line of activity, Business Risk Control Managers (BRCMs) are identified who are responsible for carrying out Risk & Control Self Assessments and testing of key controls as per the agreed plan. This self-assessment activity undertaken by the first line of defense is used to provide an assurance to Management on working of internal controls within the organization. The Risk Management Function maintains an oversight on this risk and control self-assessment carried out by the first line.

• Stress Testing: This is undertaken periodically with the objective of monitoring any potential impact on the profitability, liquidity and solvency position of the Company under a range of plausible and adverse scenarios. Corrective actions are considered by the Management based on the outcome of this testing.

STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

Your Company has in place adequate internal financial controls with reference to financial statements. During the year, your Company had engaged an external firm to review adequacy and working effectiveness of internal financial controls within your Company, based on the requirements of the Companies Act, 2013 and the guidance note issued in this regard by the Institute of Chartered Accountants of India.

As per the review conducted by the external firm, the internal financial controls in existence within your Company are adequate and commensurate with the size of business of your Company and such controls are operating effectively. The results of the review were also placed before the Audit Committee and the Board in their meetings held in May 2019.

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Dear members,

Your directors have pleasure in presenting the Twelfth Annual Report of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (the ‘Company’), together with the audited financial statements and the auditors’ report thereon for the year ended 31st March, 2019.

Financial Performance (In ̀ crores)

Particulars FY 2018-19 FY 2017-18Financial parametersPremium income 3,491 2,781- New business premium 1,460 1,228

Individual business 967 831Group business 493 397

- Renewal premium 2,030 1,553Profit after tax 165 168Sum assured (new business) 72,617 42,779Assets under management 14,854 12,688Net worth 1,083 916

Key Performance IndicatorsOperating expense ratio (As a percentage of premium income) 11.8% 13.3%Commission ratio (As a percentage of premium income) 5.3% 4.5%Solvency ratio 393% 382%Persistency ratio - 13th month (premium terms) 81% 78%Number of policies sold (in numbers) 129,068 104,873

Business Review and Outlook

Industry OutlookThe Indian economy is likely to continue on its growth path and the benefits of economic growth will provide a positive traction to the growth of household savings and protection in the country. The decisive mandate in the recent national elections and resulting continuity of strong political mandate is likely to lead to continuity of policies and thrust for economic reform measures. These will help in implementation of key growth initiatives for the country and is likely to provide conducive business environment. The new Government’s focus on reducing rural distress and RBI’s relatively benign stance on interest rates may fuel consumption in the economy.

The life insurance industry is expected to benefit from the increasing preference of household savings towards financial assets in the Indian economy and the positive customer outlook towards financial protection, savings and investment. Recent surveys from industry analysts* indicate that proportion of financial savings allocated to life insurance is second only to bank deposits and is increasing.

Life insurance industry growth over FY 2014–19 has been strong, premiums from new business of private life insurance companies in India have witnessed a compound annual growth of 12 per cent to reach ` 844 billion from ` 536 billion. In FY 2018-19, premium from new life insurance business increased 11 per cent year-on-year.

The key factors which indicate a significant growth potential for life insurance in India are:• Indian economy is growing at a faster rate as compared to other developing countries;

GDP expected to grow at 7 per cent in FY 2019-20.• Insurance reach is still low in India; overall insurance penetration (premiums as percentage

of GDP) in India was 2.76 per cent in 2017+, providing a huge underserved market.• Steady movement of savings from physical assets to financial assets. This has been further

aided by drive towards digitization and lower use of cash in the economy.

+ As per Swiss Re sigma3_2018 report* As per UBS report on India Life Insurance, June 2019

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• Growing awareness about insurance among a larger population, innovative and simplified products and new distribution channels, aiding growth.

• Strong growth potential for insurance penetration, especially in smaller towns and rural areas.• Government’s active initiatives to create awareness for life insurance, especially among the

mass market bank customers through schemes like PMJJBY, etc.

Company PerformanceThe key milestones for your Company in the last year has been the achievement of cumulative break-even. Your Company started operations in 2008 and achieved its discrete break-even in FY 2012-13 and since then has been consistently posting profits. In FY 2018-19 it wiped off all its accumulated losses and is ranked 3rd in bancassurance companies to achieve break-even in the 11th year of operations.

Your Company delivered a 12 per cent growth in individual new business Weighted Premium Income (WPI) in FY 2018-19 vis-à-vis previous financial year. It maintained its 10th rank amongst private life insurance companies on individual new business WPI and secured a market share of 2.3 per cent. Your Company was not only profitable but also cost efficient – the ratio of operating expenses to premium is 11.8 per cent, which is among top quartile of private life insurance companies. The continuing faith of customers in the Company is reflected in the healthy levels of 13th month persistency.

During the last financial year, your Company continued to deliver new initiatives to strengthen its position, including:

• Strengthened sales support structure: Your Company hired additional sales support staff during the year, to extend support to more number of branches of its distributor banks, thereby providing an impetus to further penetration of insurance.

• New addition to product suite: Your Company has forayed for the first time in health products with the launch of ‘Health First Plan’. In addition to Health First Plan, 6 new products were also introduced, including Point of Sale (POS) product, to cater to different life stages and segments of customers.

• Brand visibility: Your Company made its presence felt through various brand campaigns on television focusing on its brand essence of ‘Promise’. Digital and social outreach was also achieved through various initiatives. Your Company initiated a social cause based marketing initiative for the first time - #Meformycity and has won an award for this initiative in the experiential marketing category.

• Digitization: Your Company took various initiatives for process improvement and enhanced customer experience. Chatbot ‘MIA’ (My Insurance Agent) was launched to enable self-servicing for digitally oriented customers. Digital sales enablement on Integrated Self Network Platform (‘ISNP’) through distributor banks’ websites was launched. The ISNP initiative would help bank customers to have a seamless customer journey starting from the banks’ website and purchase a policy using your Company’s ISNP.

Your Company was awarded several industry recognitions during the year -- ‘Best Insurer in Asia’, ‘Most Promising Business Leaders of Asia’, ‘Best CSR Practices’, ‘Masters of Modern Marketing’ and ‘Award for Experimental & Brand Experience’.

Regulatory LandscapeDuring the FY 2018-19, the Ministry of Finance and IRDAI issued various circulars / regulations

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/ guidelines to further aid the growth of industry and encourage the cause of financial inclusion. Some of the key notifications include the following:

IRDAI has proposed to adopt ‘Risk Based Supervisory Framework’ (RBS), so that each regulated entity can be assessed basis its risk profile and the overall risk it carries. This will be a shift from the present method of supervising, which is primarily focused on compliance based approach. Post implementation, the RBS Framework shall facilitate in assessment of various risks that an insurer poses at an individual level and financial system at large. The risk profile of each entity shall facilitate in determining the supervisory action plan encompassing offsite monitoring, onsite inspections and regular meeting with the insurers in conjunction with a specific supervisory action plan. (IRDA/INSP/CIR/RBSF/166/10/2018, IRDAI)

IRDAI had issued an exposure draft on revised Product Regulations, in October 2018. Based on industry level discussions and suggestions, the final draft of the revised regulations is ready and expected to be released soon. The expected key themes of the new regulations include:

• Greater flexibility in product design and in particular, enhancement of pension products framework.

• Simplification of the regulatory framework for products.• Surrender value for traditional products introduced from Year 2 onwards.• Revival period increased from 2 to 3 years for linked products and 5 years for

non-linked products. • Higher flexibility to insurer on designing charging structure and changes in

discontinuance charges.

IRDAI notified Re-insurance Regulations, 2018, which provides relaxation on the placement criteria on reinsurance. However, it prescribes that insurers should endeavor to utilize the Indian domestic reinsurers before offering business to the cross border reinsurers. (IRDAI/Reg/4/151/2018, IRDAI)

To encourage eligible and potential account holders to join the Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) scheme at a later stage, i.e., enrolment post 31st August of any year, the Government issued notification allowing pro-rata payment of premium for PMJJBY enrollment. (F.No.H-12011/2/2015-Ins.II, Ministry of Finance, Department of Financial Services)

Financial Strength RatingDuring the year CARE has reaffirmed the rating of ‘CARE AAA (In)’ [Triple A] for your Company’s claim paying ability / financial strength. This is the 6th year in continuation, when your Company has maintained this rating. This signifies that your Company continues to have the highest financial strength to meet its policyholders’ obligations and impact of any adverse business and economic factors on the claim paying ability is minimal.

Rural And Social Sector ObligationsYour Company successfully met its rural and social sector obligations, as stipulated in the IRDAI (Obligations of Insurer to Rural or Social Sectors) Regulations, 2015. During the year, your Company covered 3,37,686 lives in the social sector which is 22.5 per cent against the target of 5 per cent of total lives insured in preceding financial year.

It also issued 37,172 policies (28.8 per cent) in the rural sector against the requirement of 25,814 policies, i.e. 20 per cent of total number of policies issued in FY 2018-19.

The Company has insured over 25 lakh lives under the PMJJBY scheme.

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Solvency Margin and Capital Structure

Your Company has maintained a healthy solvency margin on a continuous basis with solvency ratio of 393.5 per cent as at the end of the FY 2018-19. The available solvency margin was ` 1,261.3 crores against the required solvency margin of ` 320.5 crores as at 31st March, 2019.

The capital structure as at 31st March, 2019 stood as follows:

No. of shares issued 95 crores

Face value ` 10/- per share

Paid up capital ` 950 crores

As at 31st March 2019, your Company’s shares were held by the following shareholders:

Name of shareholders Percentage of holding (%)

Canara Bank* 51

HSBC Insurance (Asia-Pacific) Holdings Ltd. 26

Oriental Bank of Commerce 23

* Includes 1 share each held by 5 individuals jointly with Canara Bank, beneficial interest of which lies with Canara Bank.

Dematerialization of Shares

During the last financial year, the equity shares of your Company were admitted on the depository system and can now be held in dematerialized form. Your Company has signed a tripartite agreement with National Securities Depository Limited (NSDL) and Karvy Fintech Private Limited (Karvy) and has received International Securities Identification Number (ISIN) - INE01TY01017. Karvy has been appointed as the Registrar & Transfer Agent of the Company.

ISO 9001:2015 Certification

During the period under review, your Company has successfully cleared the surveillance audit of the ISO 9001:2015 certification. This further establishes your Company’s vision of keeping customer interest at its core with a constant endeavour to enhance the quality management system in its product design and development, customer service and operations.

Product Portfolio

Your Company is focused on offering products aligned to specific propositions, which are relevant to its target customer segments in the distributor banks, emerging channels and online customers. Product design and positioning is rooted in our understanding of the customers’ needs through close engagement with distributor banks, research / market intelligence and analytical insight. As a philosophy, your Company is committed to the principle of providing life insurance products with good value for money to customers which are benchmarked for their competitiveness.

Your Company added seven new products to its product portfolio in FY 2018-19, in line with its overall strategy of providing a comprehensive bouquet of solutions to its targeted customer segments.

The traditional product portfolio was enhanced with the launch of Guaranteed Savings Plan and Guaranteed Income Plan which are traditional non-participating savings plans offering guaranteed returns to customers in the form of lump sum maturity benefits, money back payments as well as regular income payments. Two new unit linked products, namely Titanium Plus Plan and Invest

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4G were launched with the former enhancing the Company’s suite of high income unit-linked plans and the latter marking the Company’s entry into the highly competitive online unit-linked products space.

Your Company also launched its first health insurance product, namely Health First Plan which is a comprehensive health plan providing a variety of benefits to choose from, such as specific illnesses covers as well as a multi illnesses option.

As part of your Company’s mass market strategy in order to offer simple products to address the needs of this segment, a retail low ticket simple endowment plan was also introduced during the year to compliment the existing term plan with return of premium being offered to this segment. The product portfolio now consists of 35 products - 13 unit-linked products, 13 traditional products and 1 health product offered on the individual platform, in addition to 8 products on group platform.

Distribution

The Company primarily follows successful bancassurance sales model, with a large proportion of business emanating from its distributor banks. In line with your Company’s strategy for growth and diversification, the key focus has been on increasing insurance penetration with across bank branches in all geographies, focus on mass market segment, tapping bank’s alternate channels, growing digital business, improving customer experiences and continued focus on persistency.

Your Company has deployed various technology enabled solutions to maximize reach to the customers and cater to their insurance needs as per their convenience and requirements, including focused integration with the distributor banks and to make the insurance purchase journey for the customer a pleasant one, thereby converting customer satisfaction into customer delight.

During the year, a number of training and coaching interventions were carried out to support and equip the frontline sales support staff with all the nuances necessary for guiding and helping the customers in fulfilling their requirements for protection and financial planning. The quality of the sales and the transparency of the processes deployed can be ascertained from the fact that your Company has achieved first year persistency of 81 per cent, a jump of 3 per cent from previous year.

Enhancements were also done in the sales process to improve on the online sales journey for the customer, thus making the entire sales process a transparent and enriching experience for the customer.

Marketing

In the FY 2018-19, your Company continued its focus on strengthening the brand recall in open market and for the customers of the distributor banks. With an imperative on increasing aided and unaided awareness, flagship initiatives comprising of television and digital campaigns and cause marketing were pursued.

Initiatives For Increasing Brand VisibilityAdvertising campaigns were pursued in strategic mass media platforms garnering reach and recall for the brand. Later half of the year saw a successful brand campaign ‘Promise Kiya! Ab Plan Karo’. A unique concept consisting of three film series integrated the brand with financial needs for key life stage propositions; protection, planning for the child’s future and for retirement. With a humour undertone, the messaging resulted in a strong call to action emanating out of our ‘promises’ to our loved ones. The FY 2018-19 also saw a television campaign for our flagship online unit linked offering Invest 4G. The campaigns were aired across leading television networks in the country in Hindi, English & regional languages and received much appreciation from the target audience.

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While the mass media campaigns addressed mindshare and recall for the brand, marketing initiatives comprising of point of sale branding in the branches and ATMs of distributor banks were too pursued. Tools in the form of conversational selling starters, customer contact programmes & customer meets were also implemented for enhancing customer engagement at the branches.

Digital marketing initiativesYour Company made rapid progress in using the digital and social media platforms as a key influencer for product purchase, customer engagement and making the brand reach the target audience. All marketing initiatives were amplified through social media, digital branding and use of various digital assets along with external associations. While promoting the flagship online term offering by the Company, an innovative digital series was launched in key video marketing platforms in digital and social media platforms. The series not only focused on highlighting the advantages of the product offering but also worked as an awareness campaign on highlighting the importance of buying term insurance. The campaign resulted in 50+ million impressions and with 6+ million views.

Cause Marketing Initiative, #meformycityYour Company strongly believes in communicating on consumer’s interest areas and implementing marketing initiatives to improve the world around us. This belief is the cornerstone of our brand essence ‘promise’. Taking a step towards realizing this essence, your Company launched #meformycity - a cause based marketing initiative. An intellectual property, the initiative aims at giving back to the cities we live in, through cleaning relevant surroundings and beautifying prominent walls in the city through graffiti art depicting the great Indian spirit. The initiative was launched across 10 key cities in the country. Your Company partnered with a leading radio channel for reaching out to the audience at large, which along with digital and social media platforms, helped us reach 17+ million people.

Consumer Awareness Initiatives Your Company pursued various marketing initiatives to impart awareness on financial planning and life insurance solutions through the year. Video marketing campaigns were executed to generate awareness and communicate the benefits to the customers of a continued life cover and the key benefits of staying invested in a life insurance policy.

Risk Management Framework

In line with the section 134(3)(n) of the Companies Act 2013, your Company has included a description of the Risk Management Framework in the notes to accounts forming part of the financial statement for the FY 2018-19, which forms part of the Annual Report.

Investments

Your Company’s Assets under Management (AUM) stood at `14,853 crores as on 31st March, 2019, recorded a growth of 17 per cent over last year. Your Company continues to offer customers a wide range of traditional and unit linked products with fund options depending on their risk appetite with varied asset allocation of equity, debt and money market investments. The traditional portfolios are managed in accordance with matching assets and liabilities, regulatory asset allocation requirements and earning market competitive returns. Your Company, through its prudent investment strategy, continues with well diversified and balanced portfoliosacross funds, which are well positioned for long term sustainable performance that would help achieving expectations and objectives of the policyholders. Unit linked fixed income funds and non-unit linked fixed income funds, both have done well this year, outperforming their respective benchmarks and peers.

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FY 2018-19 has been an eventful and volatile year for Indian financial markets. Equities generated a 14.9 per cent return (Nifty) in the year and Debt markets generated a 6.7 per cent return (CRISIL Composite Bond fund index). Broader markets, however, significantly underperformed large cap benchmarks and even in large cap benchmarks the entire return was delivered by select few stocks. Crude oil and currency caused lot of volatility in the financial markets globally, though ending the year on a positive note.

FY 2018-19 will be characterized as a year of huge volatility in which India’s macroeconomic situation went from strong to weak to strong again, within a span of one year.

Your Company remains committed to enhancement of policyholder wealth and security through consistent and steady long term performance of funds and prudence in investing and shall continue to focus on in depth research based investing and choosing investments which create wealth in short term as well as in the long run.

Policyholder Bonus

The Risk Management Committee and the Board of directors of your Company approved the following recommendations for distribution of policyholder bonus for participating policies, made by With-Profits Committee of the Company:

• Regular bonuses declared in line with those declared last year for all existing participating products.

• Interim bonus rate for in-force policyholder exits due to deaths over the coming year has been set to be the same as the regular bonus rate declared for FY 2018-19.

• Terminal bonuses on exits of policies participating in the surplus / losses of the with-profits fund such that the final payouts are aligned to their asset shares.

The total cost of regular bonus payable is estimated to be ` 51 crores, which represents an increase of ` 21 crore from last year. In addition, a payment of ` 53 lakhs was made towards interim and terminal bonus during FY 2018-19.

Policyholders’ Claim Payouts

In line with the TCF (Treating Customer Fairly) philosophy, your Company firmly believes that it is its responsibility to offer the best support in every possible manner at claims stage. Your Company’s sincere promise to all its policyholders is that the Company will support their family / dependents in their hour of need. A dedicated team of expert claim assessors works sincerely towards keeping this promise. The processes too are designed to provide customers with a hassle-free claims experience. During the FY 2018-19, 1,004 individual death claims were intimated; 946 death claims were settled and paid and 59 death claims were repudiated on grounds of material misrepresentation / fraud. The paid percentage for individual death claims as at 31st March, 2019 is 94.04 per cent. At an overall level, i.e. individual as well as group claims, 3,488 claims were intimated, of which 3,410 death claims were settled and paid, 77 death claims were repudiated on grounds of material misrepresentation / fraud and 1 death claim was rejected on grounds of terms and conditions not met. The overall claim paid percentage stood at 97.71 per cent. The average time taken for settlement of claims from date of last document received, for individual claims was around 9 days and cumulatively for individual as well as group claims was also 9 days.

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Following are the details of the number of benefit payouts received and paid during the year, and those remaining outstanding as at the end of the year:

Death Maturity Annuities / Pension

Survival Benefit

Surrenders -Retail and

Group

Others *Retail and

GroupClaims outstanding at the beginning of the period 2 5 134 - 129 487

Claims reported during the period 3,488 416 992 9,229 10,949 27,370

Claims settled during the period 3,410 248 953 9,229 10,789 27,149

Claims repudiated during the period 77 - - - - -

Claims rejected during the period 1 - - - - -

Claims transferred to unclaimed amount 0 7 - - - 2

Claims outstanding at end of the period 2 164 173 0 289 708

*Others include auto termination payouts and partial withdrawal cases.(Aside the above, 1 non-admissible claim was outstanding in the beginning of the period, 48 non-admissible claims were reported during the period, 47 were settled and 2 are outstanding at the end of the period.)

Customer Experience Initiatives

Pursuant to the Company’s core value of ‘Customer Centricity’ and its commitment to offer a delightful service experience to its customers across the life cycle of the policy, your Company undertook the following customer experience initiatives during FY 2018-19:

• Chatbot ‘MIA’: Today’s customer is inclined towards technology and prefers instant digital servicing avenues compared to conventional ways like telephone or emails. To leverage this, your Company launched a Chatbot ‘MIA’ with guided messaging options, with an intent to enhance customer convenience and provide 24x7 access to its customers for clarifications or queries regarding their policy and related services. Your Company will continue to further evolve on this new age technology platform to further enhance customer delight.

• Credit based underwriting and income segmentation: In its continued focus to simplify processes and build positive customer experience, credit rating based underwriting has been introduced by your Company to reduce physical documentation thereby offering a simple and seamless on-boarding experience to its customers.

• Enhanced tele servicing options: To provide a hassle free experience of servicing on calls to customers especially at an on-boarding stage, the existing tele-servicing option was further enhanced to offer new option of tele-underwriting and collection of information, where the customer can go through a medical enquiry on the call itself with a qualified medical practitioner.

• Customer awareness programmes: Your Company strongly believes in the famous philosophy that ‘A satisfied customer is the best business strategy of all’. Awareness is an important ingredient of customer satisfaction. In its continued endeavour towards customer awareness, your Company ran various initiatives like Benefits of staying insured, financial planning and campaigns on servicing avenues.

• Customer engagement campaigns: With an objective to create strong and lasting bonds with its customers by ensuring that they are heard, valued and privileged; your Company initiated various engagement campaigns through telephone and service camps at bank branches.

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• Digital payment options: As part of its commitment to enhance servicing and payment avenues, your Company undertook efforts to offer newer premium payment avenues in the digital space for its customers and successfully added payment wallets for renewal premium payment during the year. With substantial increase in usage of online services and customers preferring such options, this would go a long way in providing hassle free, speedy and always available payment alternative.

• Jet claims processing: Your Company introduced a ‘Jet’ claims process to ensure faster processing of claims that is in less than 5 days for specific segmented portfolio – non-early, non-investigated cases with sum assured less than ` 10 lakhs.

Your Company will continue to stay connected with its customers, in order to evolving itself basis the ever changing dynamics of customer requirements and needs. The Company is currently working on a robust digital servicing platform for the customers including a customer communication management system to further enhance the overall customer experience. We will continue to operate on the ‘Customer First’ principles, to ensure that customer interest is at the center of all initiatives undertaken.

Corporate Social Responsibility (CSR) and Sustainability

As a responsible organization, your Company conducted itself in a socially, environmentally and ethically prudent manner with an endeavour to make positive contributions towards the betterment of the society. ‘Giving back’ to the society is a core belief which each employee believes in and has been the guiding principle since the Company has been in existence. Your Company takes a long term approach with respect to community / social investments for a better impact and sustainability of the initiative. It follows a shared value approach and all projects are need based with focus on Government’s priority areas as mentioned in the Schedule VII of the Companies Act, 2013 and are also guided by UN’s Sustainable Development Goals.

The Company has in place a very comprehensive and structured CSR programme. Last year, the CSR efforts were channelized in five broad areas of education, environment, sanitation, health and care for the aged.

To pursue its CSR objectives, your Company identified sixteen projects as per Schedule VII of the Companies Act, 2013 and partnered with like-minded trusts, societies and companies and also implemented programmes directly to generate value by adopting a long-term sustainability approach.

Through the various education related initiatives covering around 2,200 beneficiaries, the Company was able to support children from underserved communities, helping them integrate into mainstream education and as well as develop life skills. Efforts were also directed to ensure community education and adult literacy programme, as well as vocational / employability training.

With respect to environment related initiatives, rainwater-harvesting, reducing man-animal conflict, agro-forestry, sustainable management of forest resources, agricultural interventions, integration of renewable energy etc. along with livelihoods were some of the interventions undertaken as part of the CSR projects that impacted over 14,000 beneficiaries. Under the ‘Green Cover’ programme, around 8,000 trees were planted at multiple locations on the occasion of World Environment Day through ‘Adopt a Tree’ initiative.

Around 5.3 lakh people were covered under the financial literacy programme via community radio initiative in multiple location, camps and face-to-face workshops conducted by employees with a special focus on the underserved and rural communities.

Three cancer support units were set up where children from rural and underserved communities suffering from cancer received diagnostic support, medicine support & intensive care treatment. Around 100 elderly persons living in slum clusters received care and material support.

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Your Company also conducted various awareness workshops and sessions on career guidance, health and nutrition, sanitation and social issues for 4,000+ beneficiaries of the CSR projects as well as other community members.

Around 2,000 man-hours of CSR employee volunteering were clocked in FY 2018-19 with 75 per cent employees participating in at least two initiatives.

Further details of the projects undertaken are included as part of the annual report on the CSR activities for the FY 2018-19, annexed herewith as Annexure A.

Human Resource And People Development

People are the cardinal element of any company in driving revenue and growth. Investing in people and human resource strategies impact employee connect to the vision, values and business strategy which enhances overall success of the Company.

To create your Company as a valuable abode for people to work, five key levers have been employed that form the pillars of people strategy:

EMPLOYEEBENEFITS &REWARDS

VALUEBEHAVIOURS

HIRINGTHE RIGHT TALENT

TALENTDEVELOPMENT

DIVERSITY &INCLUSION

Value BehavioursYour Company is growing rapidly and with changing environment and priorities, its Value Behaviors (Agility, Accountability, Empowerment & Respect, Collaboration and Customer Centricity) serve as foundation for all business and people initiatives.

Hiring The Right TalentHiring talented people and retaining them is fundamental to a company’s success. With a structured hiring process in place, your Company aims at hiring competitive people who can culturally fit to its environment and echo the value behaviours. As hiring and retention of talent in this competitive market is very intense, your Company has a set of robust people practices like career progression, internal job postings, engagement platforms, reward structure, recognition programmes etc. to ensure a unique advantage and edge in market.

Talent DevelopmentTalent management in your Company is committed to create an open, transparent, meritocracy based performance driven culture. This belief is reflected in people policies and demonstrated through practices like succession planning, investment in people, leadership development and in-house talent sourcing model. Your Company conducted various structured learning interventions to provide development opportunities to its employees.

Diversity & InclusionYour Company strongly believes that diverse employees bring a breadth of creativity, productivity, perspectives, and innovative solutions to everything it does. The Company has been recognized

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for its diversity initiatives at DivHERsity Awards among two categories – ‘Top 20 Most Innovative Practices in Women L&D Programmes’ and ‘Top 20 Most Innovative Practices in Women Leadership Development’.

Employee Benefits People are the most important asset of your Company. We believe in investing in employee benefits to attract and retain talent. For promoting healthier and fuller life, your Company has various policies and programmes which support employees to better integrate their work and family responsibilities.

Auditors

Auditors’ reportYour directors have examined the statutory auditors’ report on financial statements for FY 2018-19. The auditors’ report is self explanatory and does not call for any comments under section 134(3)(f) of the Companies Act, 2013 as the report carries no qualification/ adverse remarks/ reservations / disclaimer.

During the year, the Comptroller and Auditor General of India (C&AG) entrusted the supplementary audit of the annual accounts of your Company for the FY 2018-19 to the Principal Director of Commercial Audit & Ex-officio Member Audit Board – II, New Delhi (Principal Director, New Delhi). The Principal Director, New Delhi, conducted a supplementary audit of the annual accounts during the month of June 2019.

The report of the Principle Director, New Delhi, along with explanation to the comments therein is placed elsewhere in the Annual Report.

Appointment of Statutory AuditorsThe joint statutory auditors, M/s Batra Deepak & Associates and M/s M Anandam & Co., Chartered Accountants retire at the Twelfth Annual General Meeting (AGM).

The Comptroller and Auditor General of India (C&AG) has appointed M/s Batra Deepak & Associates and M/s M Anandam & Co., Chartered Accountants, as the joint statutory auditors of the Company for the FY 2019-20.

M/s Batra Deepak & Associates and M/s M Anandam & Co. shall hold office up to the conclusion of the thirteenth AGM.

Secretarial AuditorThe Board appointed M/s Chandrasekaran Associates, Company Secretaries in practice to undertake the secretarial audit of your Company for the FY 2018-19. The secretarial audit report is hereby annexed as Annexure B and forms part of this report. There are no qualifications / adverse remarks / reservations / disclaimer in the report.

Cost Records and Cost AuditMaintenance of cost records and requirement of cost audit as prescribed under the provisions of the Section 148(1) of the Companies Act, 2013 are not applicable on the business activities carried out by the Company.

Corporate Governance

The corporate governance philosophy of your Company is a reflection of core value system

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encompassing our culture, policies and relationships with all stakeholders. Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times.

Your Company has a Board approved Corporate Governance Policy which is in accordance with the IRDAI Corporate Governance Guidelines (CG Guidelines) and the requirements of the Companies Act, 2013, as well as the Shareholders’ Agreement.

The Corporate Governance Report containing disclosures required to be made under the Companies Act, 2013 as well as the CG Guidelines is hereby annexed as Annexure C and forms part of this report. A certificate from the Company Secretary, who is the Compliance Officer under the CG Guidelines certifying compliance with the guidelines is hereby annexed as Annexure D and forms part of this report.

Key Managerial Personnel

During the year, your Company had appointed Mr Tarun Rustagi as Chief Financial Officer with effect from 15th March, 2019 in place of Mr Gaurav Seth who had resigned with effect from 7th December, 2018.

Brief profile of Mr Tarun Rustagi is placed on Company’s website.

As required under the provisions of the Companies Act 2013, following are the Key Managerial Personnel of your Company as on 31st March, 2019:

• Mr Anuj Mathur - Managing Director & Chief Executive Officer• Mr Tarun Rustagi - Chief Financial Officer• Ms Vatsala Sameer - Company Secretary

Directors

As per the Articles of Association of the Company, the Company’s Board comprises of 13 directors, including 4 independent directors, 8 non-executive directors and 1 executive director. The Chairman of the Board holds a non-executive position and the Managing Director & Chief Executive Officer is the only executive director.

The details of the Board and Committee meetings and the attendance of directors thereat, form part of the Corporate Governance Report which is annexed as Annexure C.

Changes in DirectorshipsSince the last Annual General Meeting (AGM), the following additional directors were appointed on the Board of your Company, as additional directors:

Name Director Identification Number (DIN) Date of appointmentMr Alistair Chamberlain 08184995 24th July, 2018Mr Debashish Mukherjee 08193978 9th October, 2018

Dr S T Ramachandra 08337530 6th February, 2019Ms A Manimekhalai 08411575 24th April, 2019Mr Balakrishna Alse S 08438552 8th May, 2019Mr R A Sankara Narayanan 05230407 13th May, 2019Mr K V Shaji 07691350 10th August, 2019

All the above appointments were recommended by the Nomination and Remuneration Committee and approved by the Board.

These additional directors hold office up to the date of the twelfth AGM and being eligible, offer themselves for appointment as directors.

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In accordance with the provisions of Companies Act, 2013 and the Articles of Association, Mr Ranjan Bhattacharya (DIN – 07835117) retires by rotation at the twelfth AGM, and being eligible offers himself for re-appointment.

The Board of Directors feels that the appointment/ re-appointment of the above mentioned directors would be in the best interest of your Company. The Board recommends their appointment / re-appointment as directors of your Company.

Your Company has received requisite disclosures and undertakings from all the directors in compliance with the provisions of the Companies Act, 2013 and the IRDAI Corporate Governance Guidelines.

Since the last AGM, the following directors resigned from the Board of your Company:

Name Director Identification Number (DIN) Effective date of resignationMr Ravi Menon 00016302 24th July, 2018Mr Rakesh Sharma 06846594 31st July, 2018Mr S S Mishra 07911945 1st September, 2018Mr Himanshu Joshi 07214254 1st November, 2018Ms P V Bharathi 06519925 31st January, 2019Mr M V Rao 06930826 30th April, 2019Dr S T Ramachandra 08337530 1st July, 2019

The Board would like to place on record its sincere appreciation for the guidance and support provided by these directors during their tenure.

Independent DirectorsThe Company has four independent directors i.e. Mr R Krishnamurthy, Mr B A Prabhakar, Mr Thomas Mathew T and Dr T T Ram Mohan.

The independent directors met separately two times during the FY 2018-19 i.e. on 17th May, 2018 and 15th November, 2018.

The independent directors of your Company have given the confirmation that they meet the criteria of independence as provided under section 149(6) of the Companies Act, 2013 and said declaration was noted by the Board of Directors at its meeting held on 15th May, 2019.

Details of attendance by each independent director are given in Corporate Governance Report which is annexed as Annexure C.

Evaluation of Performance of the BoardUnder the Companies Act, 2013, the performance of the Board and its Committees as well as of individual directors is required to be evaluated annually. Accordingly, your Company has in place a Board and Directors’ Evaluation Policy, which was approved by the Board on the recommendation of the Nomination and Remuneration Committee (NRC). The Policy lays down a mix of self and peer evaluation criteria through a rated questionnaire, which addresses various facets of performance of the Board, its Committees and the individual directors, including the Chairman.

The questionnaire was circulated to all directors and based on the responses submitted by the directors, results of the evaluation exercise were presented in the meetings of the NRC and Board held in May 2019.

The independent directors also discussed the results of the evaluation in their separate meeting held on 14th May, 2019.

46

Directors’ and KMP PolicyIn terms of the requirements under the Companies Act, 2013, your Company has in place a Directors’ and KMP Policy.

The Policy has been formulated keeping in mind the requirements of the Companies Act, 2013, IRDAI Corporate Governance guidelines and the functional environment of your Company.

The purpose of this Policy is to:

a) describe the procedure and criteria on the basis of which Nomination & Remuneration Committee (NRC) will identify persons eligible to be appointed as directors, assess independence of directors;

b) lay down provisions with respect to term of appointment, criteria for re-appointment and remuneration of directors;

c) lay down provisions with respect to remuneration payable to the employees of the Company, including key management persons;

d) lay down the performance evaluation framework of directors, including independent directors;e) outline any other requirements with respect to appointment of directors, including independent

directors.

The aforesaid policy is placed on the Company’s website; the web link is as under:

https://www.canarahsbclife.com/lifeinsurance/PA_CHOPortal/DownloadPDF?f=/appdata/website/PublicDisclosures/Directors-and-KMP-Policy.pdf&t=0

Public DepositsDuring the year, your Company has not accepted any deposits under section 73 of the Companies Act, 2013.

DividendDuring the year, your Company has wiped off all its accumulated losses and is now eligible from FY 2019-20 to pay dividend to its shareholders, on the recommendation of the Board of Directors.

ReservesYour Company has made a profit of `165.2 crores during the FY 2018-19 and has wiped off all its accumulated losses. The accumulated profits (included under Reserves and Surplus) as on 31st March, 2019 stood at ` 5.4 crores.

Statement on Prevention, Prohibition and Redresssal of Sexual Harassment of Women at the WorkplaceThe Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 provides protection against sexual harassment of women at the workplace and for the prevention and redressal of complaints of sexual harassment.

Your Company has formulated the Policy on Prevention of Sexual Harassment at Workplace. The objective of the policy is to ensure a safe and comfortable working environment which is free from sexual harassment and where all female employees are treated with dignity, courtesy and respect.

With a view to protecting women employees from sexual harassment at their work place and for prevention and redressal of complaints related to sexual harassment, the Company constituted Internal Complaints Committee (ICC) for all offices across country.

47

Your Company ensures that the policy details are communicated to all employees through online training module.

One case of sexual harassment was reported during the FY 2018-19, which was resolved by ICC.

Particulars of Loans, Guarantees or Investments under Section 186 of the Companies Act 2013

In accordance with section 186(11)(a) of the Companies Act, 2013, read with clarification issued by the Ministry of Corporate Affairs on 13th February, 2015, Section 186 does not apply to insurance companies.

Material Changes and Commitment

There are no matters which have material impact on the financial position except those disclosed in the annual report.

Change in the Nature of Business, during the Last Financial Year

There was no change in the nature of business during the last financial year.

Holding Company and Names of Companies which have Become or Ceased to be the Company’s Subsidiaries, Joint Ventures or Associate Companies during the Year

Canara Bank holds 51 per cent equity shares of your Company and is accordingly, the holding company of the Company. Your Company does not have any subsidiary and joint venture and during the year, Company has not incorporated any subsidiary or entered into any joint venture.

Compliance of Secretarial Standards

During the year, your Company has duly complied with the provisions of applicable Secretarial Standards issued by Institute of Companies Secretaries of India.

Legal Update

During the FY 2018-19, no significant and material orders were passed by the Regulators, Courts or Tribunals that impacted the going concern status of the Company, or which can potentially impact the Company’s future operations.

Statement in Respect of Adequacy of Internal Financial Controls with Reference to the Financial Statements

Your Company has in place adequate internal financial controls with reference to financial statements. During the year, your Company had engaged an independent external firm to review adequacy and working effectiveness of internal financial controls within your Company, based on the requirements of the Companies Act, 2013 and the guidance note issued in this regard by the Institute of Chartered Accountants of India.

As per the review conducted, the internal financial controls in existence within your Company are adequate and commensurate with the size of business of your Company and such controls are operating effectively. The results of the review were also placed before the Audit Committee and the Board in their meetings held in May 2019.

48

Extract of Annual Return

Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of Companies (Management and Administration) Rules, 2014, extract of annual return (in the prescribed Form MGT- 9) is hereby annexed as Annexure E.

Related Party Transactions

All contracts / arrangements / transactions entered by your Company during the financial year 2018-19 with related parties were in the ordinary course of business and on an arm’s length basis. New related party transactions entered into during the FY 2018- 19 year were approved by the Audit Committee. The Audit Committee granted omnibus approval for transactions that were repetitive in nature.

A disclosure of the material related party transactions has been made in Form AOC-2, hereby annexed as Annexure F and forms part of this report.

The Company has in place a Related Party Transactions Policy and the same is reviewed annually by the Audit Committee and the Board.

Update on Status for Implementation of Indian Accounting Standards (IndAs)

The Ministry of Corporate Affairs (MCA) had earlier outlined the roadmap for implementation of Ind-AS for the insurance sector and issued a press release in January 2016 requiring insurance companies to prepare Ind-AS based standalone and consolidated financial statements for the FY 2018-19 and onwards with one year comparative.

International Accounting Standard Board (IASB) issued the new standard IFRS 17- Insurance Contracts in May 2017, effective from 1st January, 2021. Consequently, Insurance Regulatory and Development Authority of India (IRDAI) reviewed the Ind-AS implementation and noted that Ind-AS in its current form is likely to lead to a mismatch in assets & liabilities along with creating volatility in financial statements of insurance companies and hence deferred the implementation of Ind-AS by two years, with applicability for accounting periods beginning from 1st April, 2020.

During FY 2017-18, the IRDAI constituted a working group on new standard on Insurance contracts to review the new standard and to identify relevant areas/aspects which require suitable adoption in the Indian context and to identify changes arising out of new standard to be carried out in regulations / guidelines.

IASB has proposed a deferral of IFRS 17, Insurance Contracts on 14th November, 2018 to annual periods beginning on or after 1st January, 2022 considering the concerns and implementation challenges received from various stakeholders. Consequently, to review the manner of implementation of Ind-AS in insurance sector, IRDAI gathered inputs from insurance companies on the level of preparedness of Ind-AS. However, further direction from the Authority is awaited.

The Company has also prepared an internal roadmap for the Ind-AS implementation. The Audit Committee oversees the progress of the Ind-AS implementation process and quarterly reports to the Board.

49

Particulars of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information as required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is as under:

a. Conservation of EnergyDuring the year, a number of initiatives were undertaken and implemented involving adoption of technology leading to conservation of resources, higher efficiencies and a positive customer experience. In its continued focus on technology adoption, numerous initiatives were undertaken for creating a technology driven environment for various processes across the Company, thereby substantially reducing use of paper and leading to environment conservation.

During the year, your Company continues to leverage on the IPM+ technology (Intelligent Power Management) for fine-grained, non-intrusive power management across all hardware. This technology senses ‘applications’ and optimizes power according to needs of each application by intelligently managing power in components. It continues to be helpful in ensuring that power is automatically managed and saved without user intervention. This has reinforced your Company’s commitment about conservation of energy with sustainability through Green IT and helps in conservations of energy even when workstations are in use.

b. Technology AbsorptionDuring the period under review, technology function continued to enable efficient processes to run the business without disruption and enhanced user experience while enabling high degree of security posture.

Your Company also won an award in the ‘Best Insurer in Asia’ category at the Financial Insights Innovation Awards 2019. This award recognizes how the Company leveraged emerging and progressive technology for providing excellence in customer experience and enabling various sales and service solutions which helped in increasing operational efficiency at every stage of the customer life cycle.

The key initiatives undertaken by the Company during last year were:

• Enabled first of its kind, bank integration initiative by launching ISNP and POS products with one of its bancassurance partner.

• For efficiently running the business and increasing efficiency, technology team enhanced window of operations by optimizing runtime window, optimization of user interface for underwriter to improve their efficiencies, automation of sales confidential report to reduce cycle time reduction and various automation of processes and reducing technology run cost with the principle of ‘Do more for less’.

• Improved customer experience by higher system availability for buy online process, introduction of ChatBot ‘MIA’ as signature class client experience with ‘anytime, anywhere availability’, enhanced customer service portal, mobile responsive website.

• Various innovative technology initiatives like Robotic Process Automation, Image Enhancement Technology, WhatsApp based messaging, Cloud Enabled Services, Customer Relationship Management, Customer Communication Management; which would help provide a necessary impetus in your Company’s continued focus on customer experience enhancement and sustainable growth.

50

c. Details of Foreign Exchange Earnings and Outgo:(` In Crores)

Particulars FY 2018-19 FY 2017-18

Foreign exchange earnings and outgo- Earnings - Outgo

Nil6.9

Nil8.0

Directors’ Responsibility Statement

The directors confirm that:

a. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit of your Company for that period;

c. The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;

d. The directors have prepared the annual accounts on a going concern basis; ande. The directors have devised proper systems to ensure compliance with the provisions of

all applicable laws and that such systems were adequate and operating effectively.

Acknowledgement

The Board of Directors would like to thank the policyholders, distributors and business associates for reposing their trust in the Company. The directors take this opportunity to thank all employees for their continuous hard work, dedication and commitment.

The Board of Directors is also grateful to the shareholders viz. Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce for their contribution in supporting your Company’s strategies and business operations.

The Board of Directors thank the Insurance Regulatory and Development Authority of India, other Regulators & governmental authorities for their support, guidance and direction provided from time to time. On behalf of the Board of Directors

For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED

R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN: 05230407 DIN: 00584057

Date: 14th August 2019 Date: 14th August 2019Place: New Delhi Place: New Delhi

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Annu

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1. A brief outline of the Company’s CSR Policy, including overview of projects or programmes proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programmes.

Life insurance, our business is all about social security and protection aimed at the well-being of the society. The Company is committed to ‘giving back’ to the society and has a comprehensive structured CSR programme. As per the approach and philosophy of the CSR Policy, CSR efforts of the Company were channelized in five areas – (mentioned in Schedule VII of the Companies Act, 2013): Environment, Inclusive Growth through Education, Sanitation, Healthcare and Care for Senior Citizens. To pursue these objectives, the Company partnered with like-minded trusts, societies and companies. The Company delivered sixteen projects in the financial year 2018-19.

Web-link for the CSR Policy is stated herein below:

https://www.canarahsbclife.com/pdf/CSR_Policy_FY_2018_19.pdf

2. The Composition of the CSR Committee (as at 31st March, 2019)

Dr T T Ram Mohan – Chairman (Independent Director) Mr Mukesh Kumar Jain – Member (Non-executive Director) Mr Debashish Mukherjee – Member (Non-executive Director) Mr Alistair Chamberlain – Member (Non-executive Director) Mr B A Prabhakar – Member (Independent Director) Mr Anuj Mathur – Member (Managing Director & Chief Executive Officer)

3. Average net profit of the company for last three financial years ` 1,36,90,38,557 /-*

4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above) ` 2,73,80,771 /-*

* The calculation made at the start of the FY 2018-19, is as per Section 135 of the Companies Act, 2013, which refers to Section 198 for calculation of net profits, prior to the amendment in September 2018.

5. Details of CSR budget spent during the financial year

(a) Total amount to be spent for the financial year: The Board approved an amount of ` 2,74,29,919 /- for CSR projects during the financial year 2018-19

(b) Amount unspent, if any: Nil

Annexure A

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Manner in which the amount spent during the financial year is detailed below:

(1) (2) (3) (4) (5) (6) (7) (8)

S. No. CSR project or activity identified

Sector in which the project is covered

Projects or programs 1. Local areas or other2. Specify the state and district where project or programme was undertaken

Amount outlay (budget) project or programme wise(` lakhs)

Amount spent on the projects or programmes (` lakhs)

Sub-heads:1. Direct expenditure on projects or programmes2. Overheads

Cumulative expenditure up to the reporting period (` lakhs)

Amount spent: Direct or through implementing agency*(` lakhs)

1

Project Madhuvan–Focused on reducing man-animal conflict basis study, trainings & workshops and securing livelihood for traditional honey collectors along with establishment of standard operating manuals, formation of cooperatives and market linkages; the project benefitted around 2,000 people living in the remote villages of the Sundarbans

Environment Sustainability

Other than local area

West Bengal – 24 Parganas - North & South

(Sundarbans)

15.27

15.27

1 - 15.00

2 - 0.27

15.27 15.27

2

Project Saakaar– Provided employability training to 150 under-privileged youth to lead them towards self-reliance via placements

Vocational Skills

Local Area

Odisha - Ganjam

14.74

14.74

1 – 14.19

2 – 0.55

14.74 14.74

3

Project Ujjwal Bhawishya– Provided non-formal education to 140 children & women and vocational training to over 160 youth to ensure inclusion and self-reliance among the community via self employment and wage employment; Over 20 self-employed groups were formed and provided financial training & exposure to entrepreneurship opportunities

Education and Vocational Skills

Local Area

Delhi - East Delhi 16.68

16.70

1 - 16.00

2 - 0.70

16.70 16.70

54

4

Project Unnati– Provided vocational training (stitching & tailoring) to 114 women from rural background/ economically weaker sections of the society for self-employment and also entrepreneurship support including launch of an e-commerce website which is being managed by the beneficiaries

Vocational Skills

Local Area

Haryana – Gurugram

14.55

14.56

1 – 14.00

2 - 0.56

14.56 14.56

5

Project Pragati–Supported vocational training of 275 beneficiaries from rural areas/ economically weaker sections of the society to ensure inclusion and self-reliance via self-employment and wage employment

Vocational Skills

Local Area

Karnataka – Chikkaballapur

Karnataka –Bangaluru

Karnataka – Udupi

Karnataka – Harohally

Karnataka –Sonnahallipura

Kerala – Allepey

Kerala – Trivandrum

34.06

34.16

1 - 32.65

2 - 1.51

34.16 34.16

6

Project Shakti–Supportedskill training in beauty parlour management and dress designing for 250 girls/ women in rural areas/ economically weaker sections of the society to ensure inclusion and self-reliance via self-employment and wage employment

Vocational Skills

Local Area

Rajasthan– Jaipur (Chomu-Balekhan)

Punjab – Firozepur (Ratol Bet)

33.79

33.87

1 - 33.00

2 - 0.87

33.87 33.87

7

Project Jal Jeevan Aarohan– Focused on environment preservation and livelihoods with renewable energy/ solar installations and trainings to encourage entrepreneurship and livelihood enhancement, impacting over 3,000 beneficiaries in 8 villages


Local Area

Rajasthan – Jaipur (Phagi Tehsil)

18.34

18.35

1 - 18.00

2 - 0.35

18.35 18.35

55

8

Project Asha– Focused on educating & empowering over 530 vulnerable children from urban slums through education support and life skills training via mobile schools

Education

Local Area

Delhi – South & North

10.12

10.12

1 – 9.70

2 - 0.42

10.12 10.12

9

Project Samarth Vitya Vani– Conducted consumer/ financial education programme for over 5 lakh rural/ undeserved population via community radio and face- to- face interactions

Consumer Education

Local Area Haryana –Nuh

Uttar Pradesh – Gautam Budhh Nagar

Rajasthan –Alwar

7.04

7.04

1 - 6.74

2 – 0.30

7.04 7.04

10

Project Jal Dhara Se Jeevan Dhara– Focus on providing education on water conservation, promotion of dry land horticulture, provision of drinking water units, establishment of jaggery/food processing/ pickle units , impacting 4,000 individuals in the rural hinterland directly


Local Area

Maharashtra – Solapur

17.81

17.82

1 - 17.00 2 - 0.82

17.82 17.82

11

Project Sanskriti– Provided skill and vocational training in traditional arts of Odisha to 30 youth/ women from the village to help them become self reliant by starting their own sale units

Vocational Skills

Local Area

Odisha – Puri

13.76

13.76

1 – 13.19

2- 0.57

13.76 13.76

56

12

Project Utthan–Focused on environment and livelihood improvement of poor, small & marginal farmers via agro-forestry, agricultural interventions and linkages impacting around 4,000 villagers


Local Area

Madhya Pradesh –Chattarpur

15.56

15.57

1 - 15.00

2 - 0.5715.57 15.57

13

Project Sapney– Provided vocational training to 70 deaf individuals of domains suitable to their education level, interest and aspiration

Vocational Skills

Local Area

Delhi – South West Delhi

11.27

11.27

1 – 11.20

2- 0.07

11.27 11.27

14

Project Jalashay– Focused on conservation of water, low water cropping, community development and income generation for over 2,500 salt-pan workers and farmers in a rural, arid areas


Local Area

Gujarat –Patan (Santalpur) 19.79

19.80

1-19.00

2 - 0.80

19.80 19.80

15

Project Samman–Provided support equipment and care for over 700 neglected senior citizens in the urban slums along with awareness on old age issues and its care and management

Old Age Care

Local Area

Uttar Pradesh– Gautam Budhh Nagar

15.09

15.09

1-15.00

2 - 0.09

15.09 15.09

16

Project Umeed–Setting up 3 of medical support centres for around 50 children with cancer from rural/ economically backward communities to provide diagnostic help, treatment & care, reintegration with the society and support to the family

Promoting Healthcare

Punjab – Ludhiana

Punjab –Chandigarh

15.71

15.74

1-15.00

2 - 0.74

15.74 15.74

17 Capacity building – – 0.42 0.43 0.43 0.43

TOTAL 274.00 274.29 274.29 274.29

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Details of implementing agency:S. No. Project Implementing agency1 Madhuvan WWF India2 Saakaar Aide Et Action3 Ujjwal Bhawishya Amba Foundation4 Unnati Navjyoti India Foundation5 Pragati Canara Bank Centenary Rural Development Trust6 Shakti Oriental Bank of Commerce Rural Development Trust7 Jal Jeevan - Aarohan Advit Foundation8 Asha Butterflies9 Samarth Vitya Vani S M Sehgal Foundation10 Jal Dhara Se Jeevan Dhara Nehru Foundation for Development – Centre for Environment Education11 Sanskriti Parampara12 Utthan Haritika13 Sapney Centum Foundation14 Jalashay Ashray Social Welfare Foundation15 Samman Agewell Foundation16 Umeed CanKids…KidsCan

6. In case the Company has failed to spend the two per cent of the average net profit of the last three financial years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board report.

Not applicable

7. A responsibility statement of the CSR Committee

The implementation and monitoring of the CSR Policy is in compliance with the CSR objectives and Policy of the Company.

Anuj Mathur Dr T T Ram MohanManaging Director & Chief Executive Officer Chairman, CSR CommitteeDIN: 00584057 DIN: 00008651

Date: 14th August, 2019 Date: 14th August, 2019Place: New Delhi Place: New Delhi

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Annexure B

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019

The MembersCanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedUnit No. 208, 2nd Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi- 110001

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the Company has, during the audit period covering the financial year ended March 31, 2019 complied with the statutory provisions listed hereunder and also that the Company has proper Board - processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2019 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder; (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder; Not

Applicable(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to

the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’): Not Applicable

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;

(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and

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(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;

(vi) The other laws, as informed and certified by the management of the Company which are specifically applicable to the Company based on their sector / industry are:

1. Insurance Regulatory and Development Authority of India Act, 1999, 2. Insurance Act, 1938 and various Rules, Regulations & Guidelines issued thereunder,

including circulars issued from time to time

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.

(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Not Applicable

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. as mentioned above.

We further report that, the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors for the Board meetings, agenda and detailed notes on agenda were sent in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All decisions at Board meetings and Committee meetings are carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period the Company has no specific events / actions having major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.

For Chandrasekaran AssociatesCompany Secretaries

Rupesh AgarwalManaging Partner Membership No. A16302Certificate of Practice No. 5673

Date: 06.05.2019Place: New Delhi

Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

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Annexure A

The Members Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedUnit No. 208, 2nd Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi- 110001

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on the random test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on random test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Chandrasekaran AssociatesCompany Secretaries

Rupesh AgarwalManaging Partner Membership No. A16302Certificate of Practice No. 5673

Date: 06.05.2019Place: New Delhi

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Annexure C

Corporate Governance Philosophy

As a good corporate citizen, the Company is committed to sound corporate practices based on conscience, openness, fairness, transparency, professionalism, truthfulness and accountability in building confidence of its various stakeholders, thereby paving the way for long term success.

The Company defines Corporate Governance as a set of systems, processes and principles which ensure that a company is governed in the best interest of all its stakeholders, internal as well as external.

The Company’s corporate governance philosophy is based on the following key principles:

An efficient corporate governance framework ensures the following:

• Higher degree of trust and confidence from customers and shareholders

• Better performance levels- both operational and business

• Efficient and effective internal procedures and decision making

• Corporate success and economic growth

• Helps in brand formation and development

CORPORATE GOVERNANCE

Maintaining transparency and a

high degree of disclosure levels

Complying with regulatory and

legal requirements in true spirit

Effective manage-ment of conflicts

of interest

Tone at the top

Safeguarding the shareholders’

capitalFairness and accountability

64

The Company has put in place a Corporate Governance Policy (Policy) in line with IRDAI Corporate Governance Guidelines (CG Guidelines) and requirements under the Companies Act, 2013. The Policy ensures that the Board of Directors and the senior management of the Company fully recognize the expectations of all stakeholders, including policyholders, the Regulators.

The report on Corporate Governance, as required under the CG Guidelines and the Companies Act, 2013 is as follows:

I. BOARD OF DIRECTORS

As per the Articles of Association of the Company, the Company’s Board comprises 13 directors, including 4 independent directors, 8 non-executive directors and 1 executive director. The Chairman of the Board holds a non-executive position and the Managing Director & Chief Executive Officer is the only executive director.

The directors on the Board come from diverse backgrounds and possess a wide range of relevant experience and skills. None of the directors of the Company are related to each other.

Further details on the Board of Directors of the Company and its functioning are as follows:

a. Composition of Board as on 31st March, 2019

Name and position on the Board Qualifications, field of specialization and experience

No. of directorships in other companies ^

Mr Mukesh Kumar Jain

Non- Executive Director

DIN: 03275253

Qualifications :M.A. (Economics) from Delhi School of Economics, Chartered Accountant

Experience:Mr Jain is the Managing Director & CEO of Oriental Bank of Commerce.

He has more than 31 years of banking experience. His expertise lies in all facets of banking, both at operational and administrative levels and efficient business leadership.

Field of specialization:Banking

2

Mr M V Rao*

Non-Executive Director

DIN: 06930826

Qualifications :M.Sc. (Agri.)

Experience:Mr Rao is an Executive Director of Canara Bank.

He has more than 31 years of banking experience. His expertise lies in all facets of banking, including retail banking, credit monitoring etc.


Nil

65

Mr Debashish Mukherjee


DIN : 08193978

Qualifications :MBA (Finance) from University of Kolkata

Experience:Mr Mukherjee is an Executive Director of Canara Bank.

He has more than 25 years of banking experience. He has vast experience in Corporate Credit, Credit Monitoring and Recovery.


5

Mr Alistair Chamberlain


DIN: 08184995

Qualifications:MA (Hons) Economics, Fellow Institute & Faculty of Actuaries (UK), Fellow Singapore Actuarial Society, Fellow Actuarial Society of Hong Kong

Experience:

Mr Chamberlain is the Global Head of Product and Actuarial with HSBC.

He has around 20 years of experience in actuarial and life insurance management. Prior to joining HSBC, Mr Chamberlain has handled various insurance roles at AIA, Aviva and Standard Life in UK, Europe and Asia.

Field of specialization:Actuarial and life insurance business management

NIL

Dr S T Ramachandra**


DIN: 08337530

Qualification:Graduate in Business Management and Ph.D holder in arts, also a certified member of the Indian Institute of Bankers and Indian Institute of Banking & Finance.

Experience:Mr Ramachandra was the General Manager with the Marketing Wing at Head Office of Canara Bank.

He has more than 34 years of banking experience. His area of expertise includes strategic planning, staff training departments.


1

66

Mr Ranjan Bhattacharya


DIN: 07835117

Qualifications:PGDM (Finance), B.Com (Hons.)

Experience:

Mr Bhattacharya heads Strategy & Planning for HSBC India, and is a member of the HSBC India Executive Committee.

He has more than 18 years of banking experience. His area of expertise includes business strategy, corporate banking, transaction banking, product management, relationship management and business management.

Field of specialization:Strategy and banking

NIL

Mr B A Prabhakar

Independent Director

DIN : 02101808

Qualifications:Chartered Accountant

Experience:Mr Prabhakar is the former Chairman and Managing Director of Andhra Bank.

He retired with more than 35 years of experience in all facets of banking with specialisation in credit and investment functions. He serves as independent director on the Boards of few financial services companies.

Field of specialization:Banking and investments

4

Mr R Krishnamurthy


DIN : 00032894

Qualifications:M.Com, MBA, CAIIB, Diploma in Industrial Finance

Experience:

Mr Krishnamurthy is the former Managing Director and CEO of SBI Life Insurance Company and former Deputy Managing Director, State Bank of India.

He retired with more than 35 years of experience. He has extensive experience in retail and commercial banking as well as life insurance business in India and overseas. He was also closely involved in policymaking at Department of Economic Affairs, Ministry of Finance. Field of specialization:Business strategy, Product design and bancassurance distribution

NIL

67

Mr Thomas Mathew T


DIN : 00130282

Qualifications:M.A.(Economics), LL.B. (Hons.), P.G.D.M, A.I.I.I.

Experience:Mr Mathew has in the past held several leadership positions like Managing Director & Interim Chairman of LIC of India & Managing Director and CEO of RGA for India, Bangladesh and Sri Lanka.

He has more than 40 years of experience. His core expertise lies in strategic leadership and he has rich experience in life insurance and reinsurance industries.

Field of specialization:Insurance and Banking

4

Dr T T Ram Mohan


DIN : 00008651

Qualification:B.Tech (IIT Bombay), PGDM (IIM Calcutta), Ph.D. (Stern School, New York)

Experience:Dr Ram Mohan is a professor for Finance & Economics at Indian Institute of Management, Ahmedabad.

He has more than 32 years of experience and has held various strategic positions in Standard Chartered Bank, Bear Stearns Asia etc. before embarking on his academic career.

Field of specialization:Banking, investments, management consulting and academics.

3

Mr Anuj Mathur

Managing Director & Chief Executive Officer

DIN : 00584057

Qualifications:FCA, FCS, AICWA and B.Com

Experience:Mr Mathur is currently the Managing Director & Chief Executive Officer of the Company.

He has more than 25 years of experience. His expertise lies in strategic business management, finance, governance, risk and compliance. He has an intricate knowledge of the life insurance business with an insight into the working of the Board and its committees.

Field of specialization:Strategic management, financial management, and risk management spread across Insurance and automobile sectors.

NIL

^For the purpose of calculation of number of directorships, the directorships in section 8 companies, foreign companies and alternate directorships have been excluded.

* Ceased to be a director of the Company with effect from 30th April, 2019 ** Ceased to be a director of the Company with effect from 1st July, 2019

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b. Duties and responsibilities of the Board of DirectorsThe Company is a Board governed Company and the Board is the highest authority, under whose supervision, the management is responsible for the day-to-day operations.

The Board provides the necessary guidance and direction for the functioning of the operations of the Company, with a view to protect the best interest of all stakeholders. The Board regularly reviews the progress of various aspects of the business of the Company and studies the impact of changing regulatory and economic environment in order to provide the necessary advice and strategic path. The Board is also responsible for reviewing the risk strategy of the Company and evaluating the risks and related mitigants in place.

In line with the provisions of Companies Act, 2013 and IRDAI Corporate Governance Guidelines, the broad duties of Board of Directors include:

• acting in good faith and in the best interest of all stakeholders;• exercising duties with due care and diligence and apply independent judgment;• avoiding conflict of interest and not assign office;• acquiring proper understanding of the business of the insurance company;• direction, control and governance of the Company;• setting clear and transparent policy framework strategy;• ensuring sharing of information with and disclosures to various stakeholders; and• developing a corporate culture that recognizes and rewards adherence to ethical

standards.

c. Board MeetingsDuring FY 2018-19, Board meetings were held in accordance with the provisions of the Companies Act, 2013, CG Guidelines and Articles of Association of the Company. Four meetings were held, with an interval of not more than one hundred and twenty days, between two consecutive meetings.

The Board is provided with requisite information and detailed agenda papers for every meeting, together with necessary supporting papers, as required. The Board papers along with detailed agenda notes are circulated to the directors well in advance. As part of the information and agenda papers, following minimum information is provided to directors for each meeting:

• Minutes of the previous Board and Committee meetings• Financial performance review• Business performance against plan and strategic initiatives update• Regulatory updates / disclosures and compliance status

The Board regularly invites various officials of the Company to present updates on the different aspects of the business and operations. The Board also seeks advice and consultancy from external expert advisors.

Details of Board meetings

During the financial year 2018-19, the Board meetings were held on 18th May, 2018, 23rd July, 2018, 16th November, 2018 and 13th February, 2019.

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The details of attendance of the directors at the Board meetings held during the financial year 2018-19 are as follows:

Name of the Director

No. of meetings

Held during tenure Board meetings attended

Mr Mukesh Kumar Jain^ 4 4

Mr M V Rao 4 2

Mr Ranjan Bhattacharya 4 4

Mr R Krishnamurthy 4 4

Mr B A Prabhakar 4 4

Mr Thomas Mathew T 4 4

Dr T T Ram Mohan 4 4

Mr Anuj Mathur 4 4

Mr Ravi Menon(up to 24th July, 2018) 2 1

Mr Rakesh Sharma*(up to 31st July, 2018) 2 2

Mr S S Mishra(up to 1st September, 2018) 2 2

Mr Himanshu Joshi(up to 1st November, 2018) 2 0

Ms P V Bharathi(up to 31st January, 2019) 3 3

Mr Alistair Chamberlain(from 24th July, 2018) 2 2

Mr Debashish Mukherjee(from 9th October, 2018) 2 2

Dr S T Ramachandra(from 6th February, 2019) 1 1

* Mr Rakesh Sharma was the Chairman of the Board upto 31st July, 2018^ Mr Mukesh Kumar Jain chaired meetings held on 16th November, 2018 and 13th February, 2019 II. BOARD COMMITTEES

The Board has constituted the following committees to delegate various functions and has approved the roles and responsibilities of each of these Committees, with an objective to enable better and more focused attention on the affairs of the business.

a. Audit Committee

Composition

The Committee comprises majority of independent directors with the Chairman being an independent director as per the Companies Act, 2013 and CG Guidelines. The Chairman of the Audit Committee is a Chartered Accountant.

As on 31st March, 2019, the Audit Committee comprised the following members:

S. No. Name Position

1 Mr B A Prabhakar Chairman

2 Mr Mukesh Kumar Jain Member

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3 Mr M V Rao Member

4 Mr Alistair Chamberlain Member

5 Mr R Krishnamurthy Member

6 Mr Thomas Mathew T Member

7 Dr T T Ram Mohan Member

Key Terms of Reference

• Responsible for reviewing and examining the Company’s interim and annual financial statements to ensure that these are drawn in accordance with the principles of correctness and transparency;

• Review auditors’ independence, effectiveness of audit process, internal financial controls, risk management systems and various audit reports;

• Approve related party transactions;• Oversee financial reporting and disclosure process, procedures regarding maintenance of

books of accounts and other matters having bearing on the financial position of the Company;• Review Annual Report of appointed Actuary including review of valuation assumptions;• Review various compliance and finance related policies of the Company; and• Review the compliance framework of the Company and report significant compliance

breaches to the Board.

Meetings

The Committee meets at least four times a year with a gap of not more than one hundred and twenty days between two consecutive meetings.

During the year under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:

Name Position heldNo. of meetings

Held during tenure Attended

Mr B A Prabhakar Chairman 4 4

Mr M V Rao Member 4 1

Mr R Krishnamurthy Member 4 4

Dr T T Ram Mohan Member 4 4

Mr Thomas Mathew T Member 4 4

Mr Ravi Menon (up to 24th July, 2018)

Member 2 1

Mr Himanshu Joshi (up to 1st November, 2018)

Member 2 0

Mr Alistair Chamberlain (from 24th July, 2018)

Member 2 2

Mr Mukesh Kumar Jain (from 13th November, 2018)

Member 2 2

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Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Audit Committee meeting held on 18th May, 2018

1 1

Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Audit Committee meeting held on 18th May, 2018 and 23rd July, 2018

2 2

Mr S S Mishra

(up to 1st September 2018)

Member in place of Mr M V Rao for the Audit Committee meeting held on 23rd July, 2018

1 1

Mr Debashish Mukherjee Member in place of Mr M V Rao for the Audit Committee meeting held on 15th November, 2018

1 1

Dr S T Ramachandra Member in place of Mr M V Rao for the Audit Committee meeting held on 12th February, 2019

1 1

b. Risk Management Committee

Composition

The Committee comprises of seven members, including three independent directors and one ofthe independent directors is also the Chairman of the Committee.

As on 31st March, 2019, the Risk Management Committee comprised the following members:

S. No. Name Position1 Mr Thomas Mathew T Chairman2 Mr Mukesh Kumar Jain Member3 Mr M V Rao Member4 Mr Alistair Chamberlain Member5 Mr R Krishnamurthy Member6 Mr B A Prabhakar Member7 Mr Anuj Mathur Member


• Review the risk framework across the Company;• Lay down the Risk Management Framework and the risk and reward objectives in line with

shareholder and policyholder expectations;• Report details of risk exposure and mitigation actions taken thereon to Board and advise the

Board on the risk management decisions in relation to strategic matters;• Maintain a group-wide and aggregated view on the risk profile of the Company in addition to

the individual risk profile;• Review annually, various risk policies;• Regularly discuss various initiatives taken in the development of Company’s life insurance

products;• Reviewing the Asset Liability Management (ALM) strategy, monitoring of asset liability

mismatch and acceptable tolerance limits; and• Review the solvency position of the Company on a regular basis.

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Meetings

During the period under review, the Committee met on four occasions on 18th May, 2018, 23rd July, 2018, 15th November, 2018 and 12th February, 2019. The details of the membership of the Committee along with the attendance of the members in these meetings are given below:

Name Position held

No. of meetings


Mr Thomas Mathew T Chairman 4 4

Mr Mukesh Kumar Jain(from 13th November, 2018)

Member 2 2

Mr Alistair Chamberlain(from 24rd July, 2018) Member 2 2


Mr B A Prabhakar Member 4 4


Mr Anuj Mathur Member 4 4

Mr Ravi Menon(up to 24th July, 2018)

Member 2 1

Mr Himanshu Joshi(up to 1st November, 2018) Member 2 0


Member in place of Mr Ravi Menon for the Risk Management Committee meeting held on 18th May, 2018

1 1


Member in place of Mr Himanshu Joshi for the Risk Management Committee meeting held on 18th May, 2018 and 23rd July, 2018

2 2

Mr S S Mishra(up to 1st September, 2018)

Member in place of Mr M V Rao for the Risk Management Committee meeting held on 23rd July, 2018

1 1

Mr Debashish MukherjeeMember in place of Mr M V Rao for the Risk Management Committee meeting held on 15th November, 2018

1 1

Dr S T RamachandraMember in place of Mr M V Rao for the Risk Management Committee meeting held on 12th February, 2019

1 1

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c. Investment Committee

Composition

The Investment Committee has been constituted in compliance with the IRDAI Investment Regulations and comprises of two Independent directors, three non-executive directors, Chief Executive Officer, Chief Investment Officer, Chief Financial Officer, Appointed Actuary and Chief Risk Officer. The Investment Committee is chaired by an Independent Director.

As on 31st March, 2019, the Investment Committee comprised of the following members:


1 Mr R Krishnamurthy Chairman


3 Mr M V Rao Member


5 Mr B A Prabhakar Member

6 Mr Anuj Mathur Member

7 Mr Tarun Rustagi Member

8 Mr Anurag Jain Member

9 Mr Akshay Dhand Member

10 Mr Siddharth Kaushik Member


• Responsible for establishing a robust investment compliance and risk management framework to ensure that the returns are in line with the risk appetite of the funds offered by the Company;

• Review the implementation of the Investment Policy, Stewardship Policy and the Standard of Operating Procedures for the investment function; and

• Monitor the performance of various funds in line with benchmarks and industry performance.

Meetings


Name Position held

No. of meetings


Mr R Krishnamurthy Chairman 4 4


Member 2 2



Mr Alistair Chamberlain(from 24th July, 2018) Member 2 2


Mr Anurag Jain Member 4 4

Mr Akshay Dhand Member 4 4

Mr Siddharth Kaushik Member 4 4

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Mr Ravi Menon(up to 24th July, 2018) Member 2 1

Mr Himanshu Joshi(up to 1st November, 2018) Member 2 0

Mr Gaurav Seth(up to 7th December, 2018) Member 3 3


Member in place of Mr Himanshu Joshi for the Investment Committee meeting held on 18th May, 2018 and 23rd July, 2018

2 2


Member in place of Mr Ravi Menon for the Investment Committee meeting held on 18th May, 2018

1 1


Member in place of Mr M V Rao for the Investment Committee meeting held on 23rd July, 2018

1 1

Mr Debashish Mukherjee

Member in place of Mr M V Rao for the Investment Committee meeting held on 15th November, 2018

1 1

Dr S T Ramachandra

Member in place of Mr M V Rao for the Investment Committee meeting held on 12th February, 2019

1 1

d. Policyholder Protection Committee

Composition

The Policyholder Protection Committee comprises six members, including two independentdirectors. The Committee is also chaired by an Independent Director.

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As on 31st March, 2019, the Policyholder Protection Committee comprised of the followingmembers:


1 Mr Thomas Mathew T Chairman


3 Mr Debashish Mukherjee Member





• Responsible for making recommendations on the approach, policies, processes and mechanisms in place for upholding policyholder interests;

• Protect the interests of policyholders by following the philosophy of ‘Treating Customers Fairly’;• Review the policies and processes related to policyholder interests;• Ensure proper mechanisms in place for grievance redressal of policyholders’ complaints;• Ensure compliance with the statutory requirements as laid down in the regulatory framework;• Ensure adequacy of disclosure of ‘material information’ to the policyholders; and• Review the status of various policyholder litigation cases in various forums.

Meetings


Name Position held

No. of meetings


Mr Thomas Mathew T Chairman 4 4Dr T T Ram Mohan Member 4 4Mr Anuj Mathur Member 4 4Mr Ravi Menon(up to 24th July, 2018)

Member 2 1


Member 2 2

Mr Himanshu Joshi(up to 1st November, 2018)

Member 2 2

Mr Alistair Chamberlain(from 24th July, 2018)

Member 2 2

Mr Debashish Mukherjee(from 9th October, 2018)

Member 2 1


Member 2 2

Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Policyholder Protection Committee meeting held on 18th May, 2018

1 1

Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Policyholder Protection Committee meeting held on 18th May, 2018 and 23rd July, 2018

2 2

Dr S T Ramachandra(from 6th February, 2019)

Member in place of Mr Debashish Mukherjee for the Policyholder Protection Committee meeting held on 12th February, 2019

1 1

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e. Nomination and Remuneration Committee

Composition

The Committee comprises of majority of independent directors, in line with the requirements of the CG Guidelines and Companies Act, 2013. The Committee is also chaired by an Independent Director.

As on 31st March, 2019, the Nomination and Remuneration Committee comprised of the following members:


1 Mr B A Prabhakar Chairman


3 Mr M V Rao Member


5 Mr R Krishnamurthy Member

6 Mr Thomas Mathew T Member



• Responsible for reviewing and recommending to the Board, HR policies on talent, performance and rewards, incentive schemes and recommendation of CEO’s remuneration;

• Identify persons who are qualified to become directors, recommend their appointments or removal to the Board;

• Evaluate performance of the Board, its Committees and the individual directors;• Formulate criteria for determining qualifications, positive attributes and independence of a

director;• Identify persons who may be appointed in senior management and recommend their

appointments and removal to the Board; and• Review and approve broad HR policies on talent management, performance management

and rewards, from time to time, including remuneration to the Key Managerial Personnel, directors and other employees of the Company.

Meetings


Name Position held

No. of meetingsHeld during

tenureAttended

Mr B A Prabhakar Chairman 4 4



Dr T T Ram Mohan Member 4 4

Mr Thomas Mathew T Member 4 4

Mr Ravi Menon (up to 24th July, 2018)

Member 2 1

77


Member 2 0


Member 2 2

Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Nomination and Remuneration Committee meeting held on 18th May, 2018

1 1

Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Nomination and Remuneration Committee meeting held on 18th May, 2018 and 23rd July, 2018

2 2


Member in place of Mr M V Rao for the Nomination and Remuneration Committee meeting held on 23rd July, 2018

1 1

Mr Debashish Mukherjee Member in place of Mr M V Rao for the Nomination and Remuneration Committee meeting held on 16th November, 2018

1 1

Dr S T Ramachandra Member in place of Mr M V Rao for the Nomination and Remuneration Committee meeting held on 12th February, 2019

1 1

Mr Alistair Chamberlain (from 24th July, 2018)

Member 2 2

f. Corporate Social Responsibility Committee

Composition

The Committee comprises of six directors, including two independent directors and the Committee is also chaired by an independent director.

As on 31st March, 2019, the Corporate Social Responsibility (CSR) Committee comprised of the following members:


1 Dr T T Ram Mohan Chairman


3 Mr Debashish Mukherjee Member


5 Mr B A Prabhakar Member



• Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the CSR activities to be undertaken by the Company as specified in schedule VII of the Companies Act, 2013, with execution schedule and plans;

• Recommend the amount of expenditure to be incurred on CSR activities;• Institute a transparent monitoring process for implementation of the CSR activities or

programmes or projects;• Monitor and review the Corporate Social Responsibility Policy from time to time; and• Ensure compliance with various regulatory and legal requirements with respect to CSR

activities.

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Meetings



Held during tenure AttendedDr T T Ram Mohan Chairman 4 4

Mr Mukesh Kumar Jain (from 13th November, 2018)

Member 2 2



Member 2 2


Member 1 1



Member 2 1


Member 2 0


Member 2 2

Mr Ranjan Bhattacharya Member in place of Mr Ravi Menon for the Corporate Social Responsibility Committee meeting held on 18th May 2018

1 1

Mr Mukesh Kumar Jain Member in place of Mr Himanshu Joshi for the Corporate Social Responsibility Committee meeting held on 18th May, 2018 and 23rd July, 2018

2 2

Dr S T Ramachandra Member in place of Mr Debashish Mukherjee for the Corporate Social Responsibility Committee meeting held on 12th February, 2019

1 1

g. With-Profits Committee

The Committee was constituted in terms of IRDA (Non‐linked Insurance Products) Regulations, 2013 and comprises of one independent actuary, one independent director and the Appointed Actuary and Chief Executive Officer of the Company. The Committee is also chaired by the independent director.

Composition

As on 31st March, 2019, the With-Profits Committee comprised of the following members:


1 Mr R Krishnamurthy Chairman


3 Dr Rajesh Dalmia Member

4 Mr Akshay Dhand Member

79


• Approve the methodology for calculation of asset share for the with-profits business of the Company and subsequent changes to the same;

• Approve the bonus philosophy for the with-profits business of the Company and subsequent changes to the same;

• Approve detailed working of the asset share calculations at the financial year end prior to the declaration of the annual bonuses;

• Approve the bonus rates to be declared on with-profits policies for the financial year and recommend the same for approval of the Board;

• Review the appropriateness of the reinsurance arrangements for the with-profits business; and• Review the overall financial management and governance of the with-profits business of

the Company.

Meetings

During the period under review, the Committee met on 17th May, 2018 and 15th November, 2018. The details of the membership of the Committee along with the attendance of the members in the meeting are given below:



Mr R Krishnamurthy Chairman 2 2


Dr Rajesh Dalmia Member 2 2

Mr Akshay Dhand Member 2 2

III. MEETING OF INDEPENDENT DIRECTORS

The independent directors meet separately twice a year, without the presence of the management or other non-executive directors, to discuss the following:

• Review the performance of non-independent directors and the Board as a whole;• Review the performance of the Chairperson of the Company, taking into account the views of

executive directors and non-executive directors; and• Assess the quality, quantity and timeliness of flow of information between the Company

management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Meetings

During the FY 2018-19, the independent directors met on 17th May, 2018 and 15th November, 2018. The details of attendance of the members in the meeting are given below:

NameNo. of meetings


Mr R Krishnamurthy 2 2

Mr B A Prabhakar 2 2

Mr Thomas Mathew T 2 2

Dr T T Ram Mohan 2 2

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IV. DETAILS OF REMUNERATION PAID TO DIRECTORS

Of the 11 directors on the Board of the Company as at 31st March, 2019, only the Managing Director & Chief Executive Officer is an executive director.

The non-executive directors are not paid any remuneration and only the independent directors are paid sitting fee for attending the Board and Committee meetings.

The details of remuneration paid to the directors of the Company during the FY 2018-19 are as follows:

(in `)

Name of Directors Sitting fees Remuneration Others

Mr Mukesh Kumar Jain Nil Nil Nil

Mr M V Rao Nil Nil Nil

Mr Ranjan Bhattacharya Nil Nil Nil

Mr R Krishnamurthy 18,00,000 Nil Nil

Mr B A Prabhakar 19,50,000 Nil Nil

Mr Thomas Mathew T 16,50,000 Nil Nil

Dr T T Ram Mohan 16,50,000 Nil Nil

Mr Anuj Mathur Nil 3,10,08,561/- Nil


Nil Nil Nil

Mr Rakesh Sharma(up to 31st July, 2018)

Nil Nil Nil


Nil Nil Nil


Nil Nil Nil

Ms P V Bharathi(up to 31st January, 2019)

Nil Nil Nil


Nil Nil Nil


Nil Nil Nil

Dr S T Ramachandra(from 6th February, 2019)

Nil Nil Nil

The salary above includes an amount of ` 5,41,483/-, which was paid to the Managing Director & Chief Executive Officer, as deferred long term incentive pay for his previous role as the Chief Financial Officer of the Company. All the above amounts have been duly approved to be paid by the Nomination & Remuneration Committee, the Board, the shareholders and the Insurance Regulatory and Development Authority of India.

81

V. ELEMENTS OF REMUNERATION PACKAGES OF MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER AND KEY MANAGEMENT PERSONS AS PER CLAUSE 9 OF THE IRDAI CORPORATE GOVERNANCE GUIDELINES

(in `)Salary, taxable allowances, perquisites (where applicable),

company contribution to provident fund, pension fund Variable Remuneration

Key Management Persons (Incl ManagingDirector and CEO)

` 11,76,47,031/- ` 3,98,76,251/-

Note:

• Remuneration details of the Managing Director & Chief Executive Officer are provided in detail elsewhere in annexures to the Directors’ Report.

• Key Management Persons are as defined under IRDAI Corporate Governance Guidelines, i.e. all function heads reporting to the Managing Director & Chief Executive Officer: (i) Chief People Officer, (ii) Company Secretary, (iii) Chief Financial Officer, (iv) Chief Compliance Officer, (v) Chief Distribution Officer, (vi) Chief Risk Officer, (vii) Appointed Actuary, (viii) Chief Investment Officer, (ix) Chief Operating Officer (x) Chief Digital & Strategy Officer, (xi) Head - Business Performance Management and (xii) Chief of Internal Audit.

VI. DISCLOSURES UNDER GUIDELINES ON REMUNERATION OF NON-EXECUTIVE DIRECTORS AND MANAGING DIRECTOR / CHIEF EXECUTIVE OFFICER / WHOLE-TIME DIRECTORS OF INSURERS ISSUED BY IRDAI

Following are the disclosures required to be made in terms of the captioned guidelines with respect to remuneration paid to directors. No remuneration is paid to non-executive directors, except sitting fee paid to the independent directors for attending Board and Committee meetings. The Managing Director & Chief Executive Officer (MD & CEO) is the only executive director on the Board of the Company and following are the disclosures with respect to his remuneration:

a. Qualitative Disclosures

Information relating to the design and structure of remuneration processes and the key features and objective of Directors’ remuneration policy

The Company has a Board approved policy for defining framework for remuneration of the Directors of the Company, in terms of the relevant applicable provisions of the Companies Act, 2013, Insurance Act, 1938 and the IRDAI Guidelines. The policy also contains the framework of performance management and the details of compensation structure for the MD & CEO. The Company strives to provide remuneration to the MD & CEO, based on market benchmarks and performance of the Company, which drives the desired behaviour and promotes successful results, while recognizing individual performance against defined objectives. Remuneration structure is aligned with and reinforces the short and long term strategies, objectives of the Company and serves to align performance with the business goals of the Company. The remuneration structure of the MD & CEO of the Company includes salary, HRA, other allowances, perquisites, variable pay and other components.

Description of the ways in which current and future risks are taken into account in the remuneration processes

A variety of risk parameters have been mentioned in the Directors’ Remuneration Policy, which are used to determine the CEO remuneration framework. These risk parameters, are also included in CEO’s performance management framework and are a part of his goals, which are reviewed for his performance evaluation and payment of remuneration. These

82

risk parameters include but are not restricted to new business performance, persistency of policies, solvency, grievance redressal, expenses of management, claim settlements, compliance with laws, overall financial position such as net worth, profits, embedded value and value of new business.

Description of the ways in which the insurer seeks to link performance during a performance measurement period with levels of remuneration

Remuneration structure for the CEO is on the basis of defined performance management framework which is approved by the Nomination & Remuneration Committee (NRC) and the Board at the beginning of a performance year. The achievement of the goals is reviewed by the NRC and the Board at the end of the performance year. Remuneration for CEO is a balanced pay mix of fixed salary and variable pay. The variable pay is a function of defined performance parameters for the Company and the payout grid. Any payment of fixed salary and / or variable pay to CEO is subjected to the relevant approvals from the NRC, the Board and the IRDAI.

b. Quantitative disclosures

S.No. Particulars Remarks

1. Number of MD / CEO / WTDs having received a variable remuneration award during the financial year

One

2. Number and total amount of sign on awards made during the financial year

Nil

3. Details of Guaranteed Bonus, if any, paid as joining bonus Nil

4. Total amount of outstanding deferred remuneration, split into cash, shares and share linked instruments and other forms

- `12,00,000/- (LTIP) was outstanding as on 31st March, 2019 and was paid in April, 2019

- `12,00,000/- (LTIP) is outstanding as on 31st March, 2019 and will be paid in April, 2020

5. Total amount of deferred remuneration paid out in the financial year

`17,41,483/- (LTIP) [this amount is included in the point no. 6(a) below]

6. Breakup of amount of remuneration awarded for the financial year to show fixed and variable, deferred and non-deferred

(a) Salary as per provisionscontained in section 17(1) of the Income-tax Act, 1961 : ` 3,05,62,666/-

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 : ` 4,45,895/-

7. Others, please specify Nil

The salary above at point no. 6(a) includes an amount of ` 5,41,483/-, which was paid to the Managing Director & Chief Executive Officer, as deferred long term incentive pay for his previous role as the Chief Financial Officer of the Company. All the above amounts have been duly approved to be paid by the Nomination & Remuneration Committee, the Board, the shareholders and the Insurance Regulatory and Development Authority of India.

83

VII. OTHER GOVERNANCE MATTERS

a. Code of Conduct for Directors and Senior Management

The business of life insurance involves a fiduciary relationship between the insurance company and the life assured. An insurer and its officials are expected to carry out the responsibilities towards policyholders and other concerned stakeholders with the highest levels of integrity, transparency and commitment. Compliance with applicable laws and regulations in the true spirit is seen as a minimum standard for achieving this objective.

To this effect, the Company has in place a Standard of Business Conduct, which has been approved by the Board and which lays down a set of standards and guidelines in line with the corporate values. The directors on the Board and the senior management certify compliance with the standards on an annual basis.

b. Performance Evaluation and Meeting of Independent Directors

The Company has put in place a Board and Directors’ Evaluation Policy including a questionnaire for evaluation of Board’s functioning, strategy, leadership strengths and weakness, governance, compliance, quality/timeliness of information flow to the Board and performance of Committee members and Directors, including the Chairman. The questionnaire is circulated to the directors at the end of every financial year and the responses received, are reviewed at the meeting of Independent directors, Nomination and Remuneration Committee and the Board.

c. Investment Code of Conduct

As a best practice, the Company had in place an investment code of conduct since 2008, which was approved by the Investment Committee and the Board. The IRDAI Investment Regulations, 2016 as amended from time to time mandates the investment code of conduct to be based on the lines of SEBI (Prohibition of Insider Trading) Regulations. Accordingly, the Company has in place Investment code of conduct that ensures covered persons do not misuse the information available with them through regular disclosures and approval processes.

d. Compliance Framework

In accordance with the compliance procedures at the Company, Audit Committee and the Board are regularly provided with the following:

i. Certificate confirming compliance with the requirements of Companies Act 2013, along with various Rules, Circulars and Guidelines issued thereunder, IRDAI Corporate Governance Guidelines and secretarial standards.

ii. Certificate confirming appropriate processes to ensure compliance with the provisions of applicable laws.

iii. Certificate confirming compliance with various laws, regulations and internal policies and procedures for every month.

Issues, if any, are highlighted and steps taken for correction notified.

e. Whistle Blower Mechanism

The Company has in place ‘Whistle Blower Policy’ which provides employees / third party / vendors of the Company a mechanism to report their genuine concerns of unethical, non-compliant or other improper act, omission or conduct taking place within the Company, without fear of reprisal or retribution of any kind and to provide for investigation and

84

further action on such reports received. The identity of the whistleblower, who makes the complaint in good faith, is protected and kept confidential.

f. Other Board Approved Policies

The Company has put in place the following key Board approved policies, which are reviewed on an annual basis by the Board / Committees:

• Anti-Fraud Policy• Compliance Policy• Corporate Social Responsibility Policy• Corporate Governance Policy• Insurance Awareness Policy• Directors’ and KMP Policy• Anti - Money Laundering Policy• Asset Liability Management Policy• Performance Management Policy• Investment Policy• Procurement Policy• Investment Code of Conduct• Information and Cyber Security Policy• Board and Directors’ Evaluation Policy• Policy on Payment of Remuneration of Insurance Intermediaries• Stewardship Policy• Operational Risk Management Policy• Protection of Policyholders’ Interest Policy • Dividend Distribution Policy

VIII. DISCLOSURES REQUIRED UNDER IRDAI CORPORATE GOVERNANCE GUIDELINES

The following disclosures required in line with the clause 9 of CG Guidelines are disclosed elsewhere as part of the Annual Report: a. Quantitative and qualitative information on the financial and operating ratios, viz.

incurred claim, commission and expenses ratiosb. Actual solvency margin details vis-à-vis the required marginc. Persistency ratiod. Financial performance including growth rate and current financial positione. Description of the risk management architecturef. Details of number of claims intimated, disposed off and pending with details of durationg. Payments made to group entities from the Policyholders’ Fundsh. Any other matters, which have material impact on the Company’s financial position

On behalf of the Board of Directors


R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN: 05230407 DIN: 00584057


85

Annexure D

Certification for Compliance of the Corporate Governance Guidelines

I, Vatsala Sameer, hereby certify that during the financial year 2018-19, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited has complied with the IRDAI Corporate Governance Guidelines for insurance companies as amended from time to time and nothing has been concealed or suppressed. For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED

Vatsala SameerCompany Secretary(Membership no. : A14813)

Date: 25th June, 2019

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Annexure E

Form No. MGT-9EXTRACT OF ANNUAL RETURN

as on the financial year ended on 31st March, 2019[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies

(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

Particulars Details

CIN U66010DL2007PLC248825

Registration Date 25th September, 2007

Name of the Company Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Category / Sub-Category of the Company Public Company

Address of the Registered office and contact details Unit No. 208, 2nd Floor, Kanchenjunga Building,18 Barakhamba Road,New Delhi – 110 001

Tel: 011-49512300

Whether listed company Yes / No No

Name, Address and Contact details of Registrar and Transfer Agent, if any

Karvy Fintech Private Limited Karvy Selenium , Tower B, Plot No. 31-32 ,Gachibowli, Financial District, Nanakramguda, Serilingampally,Rangareddi,Hyderabad – 500 032 (Telangana)Ph: 040-67161520

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:

All the business activities contributing 10% or more of the total turnover of the company shall be stated:-

Sl. No. Name and Description ofmain products / services

NIC Code of theProduct / service

% to total turnover of theCompany

1 Life Insurance business 65110 100

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:

Sl. No.

NAME ANDADDRESS OFTHE COMPANY

CIN / GLN HOLDING/SUBSIDIARY/ASSOCIATE

% of sharesheld

Applicable Section

1. Canara Bank112, J C Road, Bengaluru – 560 002

NA Holding Company 51 Sec 2(46) of the Companies Act, 2013

87

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as Percentage of Total Equity)

i) Category-Wise Share Holding

Category ofShareholders

No. of Shares held at thebeginning of the year No. of Shares held at the end of the year

% Change during the

year

Demat Physical Total% ofTotal

SharesDemat Physical Total

% ofTotal

Shares

A. Promoters(1) Indian

Individual/HUF - - - - - - - - -

Central GovtState Govt (s)

- - - - - - - - -

Bodies Corp. - - - - - - - - -

Banks / FI - 70,30,00,000 70,30,00,000 74 70,30,00,000 - 70,30,00,000 74 -

Any Other

Sub-total (A) (1):- - 70,30,00,000 70,30,00,000 74 70,30,00,000 - 70,30,00,000 74 -

(2) Foreign

NRI - Individuals - - - - - - - - -

Other –Individuals

- - - - - - - - -

Bodies Corp. - 24,70,00,000 24,70,00,000 26 - 24,70,00,000 24,70,00,000 26 -

Banks / FI - - - - - - - - -

Any Other - - - - - - - - -

Sub-total (A) (2):- - 24,70,00,000 24,70,00,000 26 - 24,70,00,000 24,70,00,000 26 -

Total shareholdingof Promoter (A) =(A)(1)+(A)(2)

- 95,00,00,000 95,00,00,000 100 70,30,00,000 24,70,00,000 95,00,00,000 100 -

B. PublicShareholding1. Institutions

Mutual Funds - - - - - - - - -

Banks / FI - - - - - - - - -

Central Govt - - - - - - - - -

88

State Govt(s) - - - - - - - - -

Venture CapitalFunds

- - - - - - - - -

InsuranceCompanies

- - - - - - - - -

FIIs - - - - - - - - -

Foreign Venture Capital Funds

- - - - - - - - -

Others (specify) - - - - - - - - -

Sub-total (B)(1):- - - - - - - - - -

2. Non-Institutions - - - - - - - - -

Body Corp - - - - - - - - -

- Indian - - - - - - - - -

- Overseas - - - - - - - - -

Individuals - - - - - - - - -

(i) Individualshareholdersholding nominalshare capitalupto ` 1 lakh

- - - - - - - - -

(ii) Individualshareholdersholdingnominal sharecapital inexcess of` 1 lakh

- - - - - - - - -

(c) Others(specify)

- - - - - - - - -

Sub-total (B)(2):- - - - - - - - - -

Total PublicShareholding(B)=(B)(1)+(B)(2)

- - - - - - - - -

C. Shares held byCustodian forGDRs & ADRs

- - - - - - - - -

Grand Total(A+B+C)

- 95,00,00,000 95,00,00,000 100 70,30,00,000 24,70,00,000 95,00,00,000 100 -

89

(ii) Shareholding of Promoters

Sl. No.

Shareholder’sName

Shareholding at the beginning of the year Shareholding at the end of the year

No. ofshares

% oftotalsharesof thecompany

% of sharesPledged/encumberedto totalshares

No. ofshares

% oftotalsharesof thecompany

% of sharesPledged /encumberedto totalshares

%changeinshareholdingduringtheyear

1. Canara Bank* 48,45,00,000 51 - 48,45,00,000 51 - -

2. HSBC Insurance (Asia-Pacific) Holdings Limited

24,70,00,000 26 - 24,70,00,000 26 - -

3. Oriental Bank of Commerce

21,85,00,000 23 - 21,85,00,000 23 - -

Total 95,00,00,000 100 95,00,00,000 100

* Includes 1 share each held by 5 individuals jointly with Canara Bank, beneficial interest of which lies with Canara Bank.

(iii) Change in Promoters’ Shareholding: (Please Specify, if there is No Change)

There is no change in the promoters’ shareholding during the financial year 2018-19.

Sl.No.

Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares% of totalshares of thecompany

No. of shares% of total shares ofthe company

At thebeginning ofthe year

- - - -

Date wiseIncrease /decrease inpromotersshare holdingduring the yearspecifying thereasons forincrease /decrease (e.g. allotment /transfer /bonus / sweatequity etc):

- - - -

At the end ofthe year

- - - -

90

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)

Sl.No.

Shareholding at the beginning of the year

Cumulative Shareholding during the year

For each ofthe Top 10shareholders

No. of shares% of totalshares of thecompany

No. of shares % of total shares ofthe company

I At the beginning of the year

1. - - - - -

2. - - - - -

3. - - - - -

II Date wise Increase / decrease in share holding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus / sweat equity etc.):

1. - - - - -

2. - - - - -

3. - - - - -

III At the end of the year (or on the date of separation, if separated during the year)

1. - - - - -

2. - - - - -

3. - - - - -

91

(v) Shareholding of Directors and Key Managerial Personnel

None of the directors hold shares in their own name. As on 31st March, 2019, 1 director holds 1 share jointly with Canara Bank, beneficial interest of which lies with Canara Bank. None of the Key Managerial Personnel of the Company holds any shares in the Company.

Sl.No.

Shareholding at the beginning of the year Cumulative Shareholding during the year

For each ofthe Directorsand KMP

No. of shares % of totalshares of thecompany

No. of shares % of total shares ofthe company

At the beginning of the year : NIL

Date wise Increase / decrease in share holding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.) : NIL

V. INDEBTEDNESS:

Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loansexcludingdeposits

UnsecuredLoans Deposits Total

Indebtedness

Indebtedness at the beginning ofthe financial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not due

- - - -

Total (i+ii+iii) - - - -

Change in Indebtedness duringthe financial year• Addition• Reduction

- - - -

Net Change - - - -

Indebtedness at theend of the financial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not due

- - - -

Total (i+ii+iii) - - - -

92

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. Remuneration to Managing Director, Whole-time Directors and /or Manager: (in ̀ )

Sl.no.

Particulars of Remuneration Name of MD/ WTD/ Manager

TotalAmount

Mr Anuj Mathur(MD & CEO)

1. Gross salary(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,1961

(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) of the Income-tax Act, 1961

3,05,62,666/-

4,45,895/-

Nil

3,05,62,666/-

4,45,895/-

Nil

2. Stock Option Nil Nil

3. Sweat Equity Nil Nil

4. Commission- as % of profit- others, specify

Nil Nil

5. Others, please specify Nil Nil

Total (A) 3,10,08,561/- 3,10,08,561/-

Ceiling as per the Act The remuneration of Managing Director & Chief Executive Officer is governed by the provisions of the Insurance Act, 1938, and the same is in line with the approval of Insurance Regulatory and Development Authority of India (IRDAI) under the said Insurance Act.

The salary above includes an amount of ` 5,41,483/-, which was paid to the Managing Director & Chief Executive Officer, as deferred long term incentive pay for his previous role as the Chief Financial Officer of the Company. All the above amounts have been duly approved to be paid by the Nomination & Remuneration Committee, the Board, the shareholders and the Insurance Regulatory and Development Authority of India.

93

B. Remuneration to other directors: (in `)

Sl.no.

Particulars of Remuneration Name of Directors Total

Amount

Mr R Krishnamurthy

Mr B A Prabhakar

Mr Thomas Mathew T

Dr T T Ram Mohan

1.

Independent Directors• Fee for attending board / committeemeetings• Commission• Others, please specify

18,00,000

--

19,50,000

--

16,50,000

--

16,50,000

--

70,50,000

--

Total (1) 18,00,000 19,50,000 16,50,000 16,50,000 70,50,000

2.

Other Non-Executive Directors• Fee for attending board / committeemeetings• Commission• Others, please specify

- - - - -

Total (2) - - - - -

Total (B)=(1+2) 18,00,000 19,50,000 16,50,000 16,50,000 70,50,000

C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD: (in `)

Sl.no.

Particulars ofRemuneration Key Managerial Personnel

Ms Vatsala Sameer,

CompanySecretary

Mr Gaurav Seth, Chief Financial

Officer

(up to 7th December, 2018)

Mr Tarun Rustagi,Chief

Financial Officer

(from 15th March, 2019)

Total

1. Gross salary(a) Salary as per provisionscontained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) of the Income tax Act, 1961

52,04,758/-

32,400/-

NIL

98,09,918/-

21,600/-

NIL

29,65,795/-

NIL

NIL

1,79,80,471/-

54,000/-

NIL

2. Stock Option NIL NIL NIL NIL

94

3. Sweat Equity NIL NIL NIL NIL

4. Commission- as % of profit- others, specify

NIL NIL NIL NIL

5. Others, pleasespecify NIL NIL NIL NIL

Total 52,37,158/- 98,31,518/- 29,65,795/- 1,80,34,471/-

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Nil

Type

Section oftheCompaniesAct

BriefDescription

Details ofPenalty /Punishment/Compoundingfees imposed

Authority[RD /NCLT/COURT]

Appeal made, if any(give details)

Penalty - - - - -

Punishment - - - - -

Compounding - - - - -

OTHER OFFICERS IN DEFAULT

Penalty - - - - -

Punishment - - - - -

Compounding - - - - -



R A Sankara Narayanan Anuj MathurChairman Managing Director & Chief Executive OfficerDIN : 05230407 DIN : 00584057


95

Annexure F

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies(Accounts) Rules, 2014)

The details of material related party transactions at arms’ length principles for the year ended 31st March, 2019 on an aggregate basis is given below:

S.No.Nature of contracts/

transactions

Name of the related party

Nature of relationship

Duration of contracts

Salient term of contracts/transactions

(` ‘000)

1. Premium Income

Canara Bank Holding Company

As per the duration of the multiple policies issued

Premium income for group term policy for employees of the group company and for offering insurance to its customers. Premium income is as per the product features approved by IRDAI.

23,20,217

Oriental Bank of Commerce

Significant Shareholder 7,18,085

HSBC Software Development (India) Pvt. Ltd.

Significant Shareholder 4,30,953

2. Commission


16th June, 2018 to 15th June, 2023

Payment of commission under Corporate Agency agreement

9,51,153


Significant Shareholder

15th June, 2018 to 15th June, 2023

6,62,403

3. Interest income

Canfin Homes Limited

Associate of Holding Company

Not applicable

Interest earned on Non-convertible debentures issued

3,945

4.Purchase of Mutual fund units

HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)

Entity managed by Associate

Continuing At market price

1,77,38,724

Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)

Entity managed by Fellow Subsidiary

1,77,38,724

96

5. Sale of Mutual fund units


Entity managed by Associate


1,77,06,844



1,78,37,046

6. Purchase of Investments




50,901


Entity managed by Associate 1,00,090

7. Sale / Maturity of Investments




1,58,765


Entity managed by Associate 1,06,343

8. Benefits paid Canara Bank Holding Company

As per the duration of the multiple policies issued

Payment of benefits under group insurance policies issued to holding company

17,00,000

9.Rent and other expenses


Multiple and continuing

Payment of rent for two office premises and bank charges for day - to - day banking

23,890


Significant Shareholder

Bank charges for day - to - day banking transactions

3,254

97

10. Brokerage services

Canara Bank Securities Limited

Fellow subsidiary

Continuing

Broker for purchase/ sale of equity shares

12,263

HSBC Securities and Capital Markets (India) Private Limited

Common director 8,590





98

Independent Auditors’ Report

To

The Members of

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Report on the Audit of the Financial Statements

Opinion

1. We have audited the financial statements of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2019, the related Revenue Account (also called the “Policyholders’ Account or “Technical Account”), the Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the Receipts and Payments Account (also called “Cash Flow Statement”) for the year ended on that date and Notes to Accounts including summary of Significant Accounting Policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us:

a) the aforesaid financial statements are prepared in accordance with the requirements of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”), read with Insurance Regulatory and Development Act, 1999 (the “IRDA Act”), Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report Insurance Companies) Regulations, 2002 (“the Regulations”), orders/directions, circulars, guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) in this regard and in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016 to the extent applicable and in the manner so required, and give a true and fair view in conformity with the generally accepted accounting principles in India and the practices prevailing within the Insurance Industry in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2019;

ii. In the case of the Revenue Account, of the surplus for the year ended March 31, 2019;

iii. In the case of the Profit and Loss Account, of the profit for the year ended March 31, 2019; and

iv. In the case of the Receipts and Payments Account, of the receipts and payments for the year ended March 31, 2019.

M. Anandam & Co.Chartered Accountants7A, Surya Towers, Sardar Patel Road, Secunderabad - 500003

Batra Deepak & AssociatesChartered AccountantsS-517, II Floor, Shakarpur, Vikas Marg, Delhi - 110092

99

b) The Investments of the Company have been valued in accordance with the provisions of the Insurance Act, Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016, Investments – Master Circular issued by IRDAI in May 2017, the Regulations, Investment policy of the Company and various circulars and notifications issued by the IRDAI as amended from time to time, in this behalf;

c) In our opinion and to the best of our information and according to the explanations given to us, the accounting policies selected by the Company are appropriate and are in compliance with the Accounting Standards referred under the section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016, to the extent they are not inconsistent with the accounting principles prescribed in the provisions of Insurance Act, the IRDA Act, the regulations, various circulars/guidelines issued by IRDAI and amendments to these Acts, Regulations and Standards, from time to time;

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

4. The Company’s Board of Directors is responsible for the other information. The other information obtained at the date of this auditors’ report is management report but does not include the financial statements and our auditors’ report thereon.

5. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

6. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

7. If, based on the work we have performed on the other information obtained prior to the date of this auditors’ report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.



100

Emphasis of Matter

8. We draw attention to Schedule 16 (c) - Note No.12 of the financial statements, where provision of ` 550,757 thousands was made on investments and current assets due to downgrading of the credit rating and defaults in payment of dues by “Infrastructure Leasing and Financial Services” and “IL & FS Financial Services Limited”. Our opinion is not modified in respect of this matter.

Management’s Responsibility for the Financial Statements

9. The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the Regulations, the provisions of Insurance Act, the IRDA Act, various circulars/guidelines issued by IRDAI and the accounting principles generally accepted in India, including the accounting standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable and in the manner so required. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the applicable laws for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and a fair view and are free from material misstatement, whether due to fraud or error.

10. In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

11. The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Financial Statements

12. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.



101

13. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial control system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures as required under the regulations, the provisions of Insurance Act, the IRDA Act, various circulars / guidelines issued by IRDAI and accounting standards referred to under the Act, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

14. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

15. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

16. The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary (the Appointed Actuary). The actuarial valuation of these liabilities as at 31st March, 2019 for policies in force and policies in respect of which



102

premium has been discontinued but liability exists as at that date has been duly certified by the Appointed Actuary. The Appointed Actuary has certified to the Company that the assumptions for such valuations are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (IRDAI) and the Institute of Actuaries of India in concurrence with the IRDAI.

17. We have relied upon the Appointed Actuary’s certificate in this regard and our opinion in so far as it relates to the actuarial valuation is based solely on the certificate of the Appointed Actuary and is not modified in respect of this matter (Refer Note No. 7 of Schedule 16 (B) Significant Accounting Policies and Note 2 of Schedule 16 (C) Notes to Accounts).

Report on Other Legal and Regulatory Requirements

18. We have issued a separate Certificate, as required, certifying the matters specified in paragraph 3 and 4 of Schedule C (read with Regulation 3) of the regulations.

19. Further to our comments in the certificate referred to in para 18 above, and, as required by the IRDA Act, the regulations issued under Section 114A of the Insurance Act and read with section 143 (3) of “the Act” we report that: a) We have sought and obtained all the information and explanations which to the best

of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory;

b) In our opinion, and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company so far as it appears from our examination of those books;

c) The Company’s financial accounting system is centralized, accounting returns are not required to be submitted by the branches and other offices of the Company for the purposes of our audit;

d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt in this report are in agreement with the books of account;

e) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by this report comply with the Accounting Standards referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent they are not inconsistent with the accounting principles prescribed in the regulations and orders/directions issued by IRDAI in this regard; and

f) On the basis of written representations received from directors as on March, 31, 2019 and taken on record by the Board of Directors, none of the directors is disqualified as on March, 31, 2019, from being appointed as a director in terms of section 164 (2) of the Act.



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g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure 1”.

h) With respect to the other matters to be included in the Auditors’ Report in accordance with the requirements of section 197(16) of the Act, as amended:

• In our opinion and to the best of our information and according to the explanations given to us, pursuant to Section 34A of the Insurance Act, 1938, the provisions for Section 197 of the Act are not applicable for the remuneration paid to the Managing Director of the Company.

• The Company has paid sitting fees to the independent directors which is in accordance with the provisions for section 197(5) of the Act. The Company has not paid any other remuneration to non-executive directors and independent directors.

i) With respect to other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors’) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements (Refer Note 1 of the Schedule 16 (C) Notes to Accounts);

ii. The Company is in the life insurance business where in long term contracts are entered into with the policyholders and the liability estimated by the Appointed Actuary for the same has been provided for by the Company (Refer Para 16 above).

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

j) We annex our report in terms of section 143(5) of “the Act”, on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us in Annexure-2 on the directions and sub-directions issued by the Comptroller and Auditor General of India.

For Batra Deepak & Associates For M. Anandam & Co. Chartered Accountants Chartered Accountants (Registration No. 005408C) (Registration No. 000125S)

(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath) Partner Partner Membership Number: 095639 Membership Number: 028031

Place: New Delhi Date: 15th May, 2019



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Annexure 1 to the Independent Auditors’ Report of even date

(Refer paragraph 19(g) under the heading “Report on Other Legal and Regulatory Requirements”)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of “the Act”.

1. We have audited the internal financial controls over financial reporting in financial statements of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (“the Company”) as on March 31, 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s Board of Directors and management are responsible for establishing and maintaining internal financial controls based on “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under “the Act”.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting in financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (“Guidance Note”) and the Standards on Auditing, issued by the Institute of Chartered Accountants of India and deemed to be prescribed under section 143(10) of “the Act”, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls, over financial reporting in financial statements was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting in financial statements and their operating effectiveness.

5. Our audit of internal financial controls over financial reporting in financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material mis statement of the financial statements, whether due to fraud or error.

6. We believe that the audit evidence, we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls over financial reporting in financial statements.



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Meaning of Internal Financial Controls over Financial Reporting

7. A Company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

8. Because of the inherent limitations of internal financial controls over financial reporting in financial statements including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

9. In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting in financial statements and such internal financial controls were operating effectively as on March 31, 2019, based on “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India”.

Other Matter

10. We report that the actuarial valuation of liabilities for life policies in force and policies in respect of which premium has been discontinued but liability exists as on 31st March, 2019 has been duly certified by the Appointed Actuary as per the regulations, and has been relied upon by us as mentioned in Para 16 “Other Matter” of our Auditors’ Report on the financial statements for the year ended 31st March, 2019. Accordingly, our opinion on the internal financial controls over financial reporting does not include reporting on the operating effectiveness of the management’s internal controls over the valuation and accuracy of the aforesaid actuarial valuation. Our opinion is not modified in respect of above matter.


(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath) Partner Partner Membership Number: 095639 Membership Number: 028031

Date: 15th May, 2019 Place: New Delhi



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Annexure 2 to the Independent Auditors’ report of even date (Refer paragraph 19(j)):

S.No Directions / Sub-Directions Auditors Comments

Directions

1. Whether the Company has system in place to process all the accounting transactions through IT? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implication, if any, may be stated.

The Company has system in place to process all the accounting transactions through IT.

2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts / loans / interest etc. made by a lender to the company due to the company’s inability to repay the loan? If yes, the financial impact may be stated.

The Company has not borrowed any loans and therefore the question of waiver / write off of debts / loans / interest etc. made by a lender to the company due to the company’s inability to repay the loan does not arise.

3. Whether funds received / receivable for specific schemes from central/state agencies were properly accounted for / utilized as per its term and conditions? List the case of deviation.

The Company has not received any funds under any specific scheme from central/state government agencies.

Sub-Directions

1. Number of titles of ownership in respect of CGS/SGS/Bonds/Debentures etc. available in physical / demat form and out of these number of cases which are not in agreement with the respective amounts shown in the Company’s books of accounts may be verified and discrepancy found may be suitably reported.

Securities held in the CSGL / Demat account have been verified with the certificate/holding statement received from the Custodian. Investments in Liquid Mutual Funds have been verified with unit confirmations/statements received from the AMCs and the Fixed Deposit Holdings / Bank balances related to investment have been verified from the physical records/confirmations /statements received from the banks. The same in aggregate agree with the respective amounts shown in the company’s books of account. There are no discrepancies in the Holding as per Custody statement and as per books of account.

2. Whether stop loss limits have been prescribed in respect of the investments. If yes, whether or not the limit was adhered to. If no, details may be given.

Stop loss limits have been prescribed in the investment policy and it was adhered to and reviewed by appropriate authority as prescribed in investment policy in respect of stop loss limits.

3. Whether the Company has complied with IRDAI circular {No. IRDA/F&A/CIR/MISC/052/03/2018 dated 27 March 2018} regarding exemption of reinsurance schemes in respect of specified insurance schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojna (PMMJJBY), from the purview of GST and passed on to the insured / Government the benefit of reduction in premium?

The premium amount to be charged for Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) is fixed by the Government and the Company has accordingly charged the same from the insured. The Company has not collected any GST on PMJJBY from customers.


(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath) Partner Partner Membership Number: 095639 Membership Number: 028031 Place: New Delhi Date: 15th May, 2019



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Independent Auditors’ Certificate

(Referred to in paragraph 18 of our Independent Auditors’ Report of even date)

1. This certificate is issued to comply with the provisions of the paragraph 3 and 4 of Schedule C (read with Regulation 3) of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 and may not be suitable for any other purpose.

2. The Board of Directors and Management of the Company are responsible for complying with the provisions of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (“the Regulations”), the Insurance Act, 1938, as amended by the Insurance Laws (Amendment) Act, 2015, Insurance Regulatory and Development Authority Act, 1999, various circulars /guidelines / orders and directions issued by IRDAI and amendments to these Acts and Regulations from time to time. This includes collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as aforesaid.

3. Our responsibility, for the purpose of this certificate, is limited to certifying matters contained in paragraphs 3 and 4 of Schedule C of the Regulations. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (the ‘ICAI’).

4. In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (‘the Company’) for the year ended March 31, 2019, we certify that:

a) We have reviewed the Management Report attached to the financial statements for the year ended 31st March, 2019 and have found no apparent mistake or material inconsistencies with the financial statements;

b) Based on the information and explanations received during the normal course of our audit and management representations and the compliance certificate submitted by the officers of the Company charged with the compliance and noted by the Risk Management Committee, Audit Committee and the Board of Directors, nothing has come to our attention that causes us to believe that the Company has not complied with the terms and conditions of the registration as per sub section 4 of section 3 of the Insurance Act, 1938 as amended from time to time;



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c) We have verified the securities relating to the Company’s investments as at March 31 2019, by actual inspection or on the basis of certificates / confirmations received from the Custodian / Depository Participants appointed by the Company, as the case may be. The Company does not have any cash balances as at March 31, 2019 and also the Company does not have securities relating to the insurer’s loans, reversions and life interests as at March 31, 2019;

d) The Company is not a trustee of any trust; and

e) No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938 as amended from time to time, relating to the application and investments of the Policyholders’ funds.

For Batra Deepak & Associates For M. Anandam & Co.Chartered Accountants Chartered Accountants(Registration No. 005408C) (Registration No. 000125S)

(CA Kapil Kumar Bhagirath) (CA M.V.Ranganath)Partner PartnerMembership Number: 095639 Membership Number: 028031

Place: New Delhi Date: 15th May, 2019



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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143 (6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2019.

The preparation of Financial Statements of Canara HSBC Oriental Bank of Commerce Life Insurance Limited for the year ended 31 March 2019 in accordance with the financial reporting framework prescribed under the Insurance Act, 1938 read with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 and the Companies Act, 2013 is the responsibility of the management of the company. The statutory auditors appointed by the Comptroller and Auditor General of India under section 139(5) of the Act are responsible for expressing opinion on the financial statements under section 143 of the Act based on independent audit in accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit report dated 15 May 2019.

I, on the behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the Financial Statements of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited for the year 31 March 2019 under section 143(6)(a) of the Act. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records.

Based on my supplementary audit, I would like to highlight the following significant matter under section 143(6)(b) of the Act which have come to my attention and which in my view is necessary for enabling a better understanding of the financial statements and the related Audit Report:

A. Comments on Profitability

A1. Balance Sheet Investments- Shareholders (Schedule 8) - `909.54 crore Investments- Assets held to cover linked liabilities (Schedule 8B) - `9272.60 crore Advance & Other Assets (Schedule 12) - `336.81 crore

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (the Company) holds `125 crores in fixed income securities issued by IL&FS Limited and IL&FS Financial Services Limited, both in unit linked funds and non-unit linked funds with asset type as Non-Convertible Debenture (NCDs) and Commercial papers (CPs). IL&FS defaulted in payment of interest on NCDs in December 2018 and principal amount in respect of CPs in February and March 2019.

In view of the downgrading of the rating of IL&FS group and reconstitution of the Board by the Government of India in October 2018, the Investment Committee of the Company, decided (May 2019) to carry the investments at 50 per cent of the face value i.e. ` 62.50 crore after treating these investments as Non-Performing Assets (NPA).

However, as per proceeding before National Company Law Appellate Tribunal both these

C&AG Report

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companies of IL&FS group have been placed under the ‘Red’ category by the new Board of Directors appointed by the Union Government to manage the affairs of the IL&FS group of companies, which means that such entities cannot meet their payment obligations towards even senior secured financial creditors.

In view of above circumstances, Audit is of the view that full provision should have been made against diminution in value of the above investment in view of the fact that the investment rating has been downgraded to lowest level ‘D’ by ICRA and CARE which means that instruments with this rating are in default or are expected to be in default soon.

This has resulted in understatement of provision by `62.50 crore and consequent overstatement of Profit by the same extent.

For and on behalf of the Comptroller and Auditor General of India

(Prachi Pandey) Principal Director of Commercial Audit

& Ex-officio Member, Audit Board-II, New Delhi

Place: New Delhi Date: 14.08.2019

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Company’s response on the comment in the report of the Comptroller & Auditor General of India no. M.A.B. –II/Ins./Canara HSBC/A/Acs./38-14/19-20/49 dated 14th August 2019

We are of the view that the Company has made adequate provisions against the exposure in the IL&FS group, as at 31st March, 2019. We would like to state that as per IRDAI Master Circular on “IRDAI (Investment) Regulations, 2016”, Company classified these investments as sub-standard and was required to make a provision of only 25%, however, the Company on a prudence basis the circumstances in the subject case, has made a provision of 50%.

On behalf of the Board of Directors For CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED


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MANAGEMENT REPORT

In accordance with the Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Board of Directors presents its Management Report for the financial year ended March 31, 2019 and hereby confirms, certifies and declares that:

1. Certificate of Registration

The Certificate of Registration granted by the Insurance Regulatory and Development Authority of India (‘IRDAI’) to enable the Company to transact life insurance business was valid as at March 31, 2019 and is in force as on the date of this report;

2. Statutory Liabilities / Dues

All the dues payable to the statutory authorities have been duly paid except those under dispute or disclosed under Contingent liabilities;

3. Shareholding Pattern

The shareholding pattern and transfer of shares during the year are in accordance with the statutory and regulatory requirements;

4. Investments outside India

The Company has not directly or indirectly invested outside India the funds of the holders of policies issued in India;

5. Solvency Margin The required solvency margins have been maintained during the year;

6. Valuation of assets in the Balance Sheet

The values of all the assets have been reviewed as on March 31, 2019 and that in the management’s belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under the several headings – “loans”, “investments” (excluding fixed income securities held in the shareholders’ account and non-linked policyholders’ account which are carried at amortised cost), “agents balances”, “outstanding premiums”, “interest, dividends and rents outstanding”, “interest, dividends and rents accruing but not due”, “amounts due from other persons or bodies carrying on insurance business”, “sundry debtors”, “bills receivable”, “cash” and several items specified under “other accounts”;

7. Application and Investments of Life Insurance Funds

No part of the life insurance fund has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 (4 of 1938), as amended from time to time, relating to the application and investment of the life insurance funds;

8. Overall Risk Exposure and Strategy adopted to mitigate the same

The Company’s risk management framework, as governed by the Board approved Risk Policy mandates that each of the risks must be assessed against an appetite that the organization has established towards managing that risk.

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The Company has a strong corporate governance framework, which includes independent directors on the Board, constitution of a Risk Management Committee and an Audit Committee chaired by an Independent Director. The Risk Management Committee advises the Board with regard to risk management decisions in relation to strategic and operational matters. The risk management framework is based on the concept of ‘three lines of defense’ where business / function owners are a part of the first line and are responsible for day-to-day management of risks and implementation of controls to manage risks with agreed appetite levels along with their routine business activities. The role of second line is played by Risk & Compliance functions, who collaborate with the first line to drive effective enterprise-wide risk management and provide oversight, advice and risk insights. The role of third line is played by Internal Audit, responsible for independent audit review to provide assurance on effectiveness of internal controls.

The mitigation strategy with respect to various risks as covered under the current Risk Management Framework is:

8.1. Market Risk, Credit Risk and Liquidity Risk

Investment Risk includes the risk emanating from volatility of market prices of investment assets, including the risk arising from any mismatch between assets and liabilities, due to external market and economic factors. Investment Risk also includes within its ambit Credit Risk i.e risk of loss if another party fails to perform its obligations under a contract or fails to perform them in a timely fashion. The key mitigation approaches for this risk are as follows:

a) All investments are made within the board approved Investment Policy, to ensure that risk undertaken is commensurate to meet policyholder reasonable expectations (PRE) principles & underlying fiduciary risks / obligations towards policyholders.

b) As part of Asset Liability Management (ALM), Company’s endeavor is to match asset cash flows with liability outgoes to the extent possible and in order to ensure that the reinvestment risk is to the least possible.

c) In addition to the above, the Company also has a liquidity contingency plan in place.

8.2. Insurance risk

Insurance risk refers to the inherent uncertainties as to the occurrence, amount and timing of insurance liabilities arising through insurance risks and includes risks pertaining to adverse mortality experience, adverse persistency, risk of anti-selection. These risks are mitigated through:

a) The Company operates within the ambit of Board approved Underwriting Policy, to assess and manage mortality, morbidity and longevity risks

b) The Company maintains appropriate reinsurance cover to support its business. The retention limits are reviewed based on underwriting / claims experience, reinsurer feedback, maturity of business and Reinsurance program as approved by the Board and notified to the regulator.

c) Non-medical underwriting limits are designed based upon claims experience, market dynamics and to keep the underwriting cost at reasonable levels and in a way where it does not attract the risk of anti-selection.

d) The Company engages with reinsurers on a risk premium basis and ensures that treaties are entered with Reinsures adhere to the prescribed regulations and the ratings are monitored on a regular basis.

e) Product design and approval process being followed by the Company ensures that all the material and non-material risks and mitigants thereto identified and addressed at pre regulatory filing stage and are approved by internal governance forum.

f) The Company conducts, post launch experience analysis to ensure that corrective actions can be initiated and that assumptions used in product pricing, reserving etc. are in line with experience.

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8.3. Operational risk

Operational risk is the risk of loss arising through fraud, unauthorized activities, error, omission, inefficiency, systems failure, people risk, vendor/ outsourcing risk or from external events and also includes compliance risks including matters pertaining to financial crime compliance and anti-money laundering.Operational risk further covers conduct risk related matters pertaining to selling of insurance products, overall conduct of staff, culture within the organization and engagement with third party vendors

The Company uses the following approaches to manage the risk:

a) Risk assessment is under taken for all key projects, products and initiatives and risks identified are appropriately addressed

b) Automated controls are given priority and preference over the manual controls although this decision is a factor of the level of risk posed and the cost of controls that need to be deployed to mitigate the risk

c) Information risk controls are designed in a manner that it safeguards the personal and sensitive customer information in line with the board approved Information & Cyber Security Policy

d) The Company has put in place appropriate preventive & detective anti-fraud control mechanisms to protect the interest of its customers and shareholders and in line with regulatory requirements

e) The Company is guided by the principle of treating the customers fairly. Due consideration over conduct risk is given while designing products, establishing policies around distribution of products and monitoring of sales quality.

f) The Company has a governance structure in place that fosters a culture of ownership and accountability at all levels of management. It has adopted a set of values that ensure a culture where all employees understand the importance of these values and practice these values in their day to day working

g) Appropriate contingency and disaster recovery infrastructure has been established for systems and processes that are identified as critical to business;

9. Operations Abroad

The Company does not have any operations outside India;

10. Claims

Average claim settlement time for last five years along with ageing of outstanding claims as at balance sheet date is as follows:

Year Average claim settlement time* (in days) (Individual and group claims)------------------------------------------------------------------------------------------------------------------- 2014-15 12.15 days

2015-16 9.66 days

2016-17 7.55 days

2017-18 8.74 days

2018-19 9.10 days

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

*Average claim settlement time taken by the Company from the date of submission of the final requirement by the claimant to despatch of the claim payment

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Ageing of claims registered and not settled:

Death Claims (Individual & Group)

Period

FY 2018-19 FY 2017-18

No. of claims Amount involved(` in lacs) No. of claims Amount involved

(` in lacs)

Linked Traditional/ Non-Linked Linked Traditional/

Non-Linked Linked Traditional/ Non-Linked Linked Traditional/

Non-Linked

Up to 30 days - 1 - 0.09 - 2 - 62.00

30 days to6 months - 3 - 127.00 1 - 0.21 -

6 months to 1 year - - - - - - - -

1 year to5 years - - - - - - - -

5 years and above - - - - - - - -

Total - 4 - 127.09 1 2 0.21 62.00

Note: Out of 4 pending claims for FY 2018-19, 2 claims are pending for pre - existing ailment information / records and 2 claims are outstanding on account of pending requirements

11. Valuation of Investments

a) Shareholders’ and non-linked policyholders’ investments: Fixed income securities are considered as ‘held to maturity’ and are accordingly stated at historical cost subject to amortisation. Listed equity shares are valued at market value based on the closing price of the primary stock exchange [National Stock Exchange (NSE)]. In case the equity shares are not listed / not traded on the primary stock exchange, closing price of the secondary stock exchange [Bombay Stock Exchange (BSE)] shall be used. Mutual fund units are valued at the previous day net asset value. Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds) are valued at prices arrived from CRISIL Bond Valuer on yield to first call basis. The difference between the purchase price and market value for equity shares, mutual funds and AT1 bonds is shown under the ‘Fair Value Change Account’.

In respect of discounted instruments, difference between the face value and book value is accreted over the life of assets, on a straight line basis and accordingly these instruments are valued at accreted cost. Fixed deposits and reverse repo are valued at cost till maturity.

The market value of such investments for comparison purpose has been ascertained by applying the valuation norms as applicable to the Unit Linked Investments (as mentioned in para 11.b).

b) Unit Linked investments: All securities are valued on a ‘mark-to-market’ basis. Listed equity shares and exchange traded funds (ETFs) are valued at market value based on the closing price on the primary stock exchange [National Stock Exchange (NSE)]. In case these are not listed / not traded on the primary stock exchange, closing price of the secondary stock exchange [Bombay Stock Exchange (BSE)] shall be used.

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In case, the exchange traded funds are not traded, the real time NAV as published by the Asset Management Company is used. Mutual fund units are valued at the previous day net asset value. Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds) are valued at prices arrived from CRISIL Bond Valuer on yield to first call basis. Government securities are valued at prices obtained from CRISIL and other fixed income securities are valued at prices arrived from CRISIL Bond Valuer. In respect of discounted instruments, difference between the face value and book value is accreted over the life of assets, on a straight line basis and accordingly these instruments are valued at accreted cost. Fixed deposits and reverse repo are valued at cost till maturity. Equity shares lent under the Securities Lending and Borrowing scheme (SLB) continue to be recognized in the Balance Sheet as the Company retains all the associated risks and rewards of these securities.

The valuation basis is in accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 and other applicable regulations;

12. Review of asset quality and performance of Investments

The Company invests its funds in accordance with the regulatory norms prescribed by IRDAI and the investment policy as approved by the investment committee along with strong investment risk management system and processes. The Company has a well diversified portfolio and the investments are made after detailed research as well as due diligence. The investments in unit linked funds are made keeping in mind the fund objectives of maximizing returns while keeping the risks at the minimum. In Fixed Income segment, 95% (including Central Government Securities, State Government Securities and Other Approved Securities) of the rated debt investments are in Sovereign /AAA and equivalent rated fixed income securities, which indicates the safe & reliable asset quality. Assets amounting to ` 8,758 Lacs in Shareholders’ Fund and ` 3,000 Lacs in Unit Linked Funds have been classified as Non Performing Assets (NPA) during the year and appropriate provisions have been made thereon. The assets held are ` 1,485,365 Lacs as on March 31, 2019 and is having the following bifurcation:

( ` In lacs)

*Includes investment in additional Tier 1 (AT1) Bonds rated AA+ amounting ` 4,232 Lacs in shareholders fund and ` 4,803 Lacs in Non Unit Linked policyholders’ Funds.

Investment Category Shareholder Fund

Policyholder Funds

Non-Unit linked funds Unit linked funds

Government Securities 35,113 242,270 125,252

Corporate Bonds:

- AAA 42,838 199,331 96,106

- AA/AA+ 3,547 8,445 9,612

- AA- & Below 500 - 3,637

Equity Shares* 4,232 7,726 606,160

Money Market Instruments and others 4,725 9,379 86,493

Total 90,954 467,151 927,260

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Returns generated by Unit Linked Funds during the year are given below: (` In lacs)

Fund Name AUM Fund Return (FY 2018-19)

Benchmark Return

(FY 2018-19)

Balanced Fund (ULIF00316/06/08BLNCEDFUND136) 28,860 6.09% 10.01%

Debt Fund (ULIF00409/07/08INDEBTFUND136) 23,271 7.48% 5.47%

Equity Fund (ULIF00116/06/08EQUITYFUND136) 69,332 9.24% 14.93%

Growth Fund (ULIF00216/06/08GROWTHFUND136) 14,715 5.86% 12.92%

Liquid Fund (ULIF00514/07/08LIQUIDFUND136) 23,204 1.80% 6.62%

Equity-II Fund (ULIF00607/01/10EQUTYIIFND136) 248,506 8.32% 14.93%

Growth-II Fund (ULIF00707/01/10GROWTIIFND136) 13,821 6.29% 12.99%

Balanced-II Fund (ULIF00807/01/10BLNCDIIFND136) 34,180 5.95% 10.14%

Balanced Plus Fund (ULIF01013/09/10BLNCDPLFND136) 213,384 5.78% 9.98%

Growth Plus Fund (ULIF00913/09/10GROWTPLFND136) 48,374 5.34% 12.95%

Debt Plus Fund (ULIF01115/09/10DEBTPLFUND136) 51,947 6.41% 5.03%

NAV Guarantee Fund (ULIF01215/04/11NAVGFUNDSI136) 16,628 5.75% NA

Discontinued Policy Fund (ULIF01319/09/11POLDISCFND136) 54,706 6.13% NA

Pension growth Fund (ULIF01405/11/15PENSGROFND136) 2,275 3.97% 8.81%

India Multi-Cap Equity Fund (ULIF01816/08/16IMCAPEQFND136) 79,183 3.97% 12.51%

Pension Discontinued Policy Fund (ULIF01705/11/15PENSDISFND136) 185 6.35% NA

Emerging Leaders Equity Fund (ULIF02020/12/17EMLEDEQFND136) 4,690 -3.66% 2.06%

The Company does not have real estate and loan in investment portfolio.

118

13. Management Responsibility Statement

The management hereby certifies that:

a) in the preparation of financial statements, the applicable accounting standards, principles and policies have been followed along with proper explanations relating to material departures, if any;

b) the management has adopted accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the operating profit and of the profit of the Company for the year;

c) the management has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the applicable provisions of the Insurance Act, 1938 (4 of 1938) (amended by the Insurance Laws (Amendment) Act, 2015) / Companies Act, 2013 and Companies Act, 1956 to the extent applicable and as amended from time to time, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the management has prepared the financial statements on a going concern basis;

e) the management has ensured that an internal audit system commensurate with the size and nature of the business exists and is operating effectively;

14. Payments Made to Parties in which Directors are Interested

A schedule of payments which have been made to individuals, firms, companies and organisations in which directors of the Company are interested is annexed herewith.

For Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

R A Sankara NarayananChairman(DIN : 05230407)

Balakrishna Alse SDirector(DIN : 08438552)

Alistair ChamberlainDirector(DIN : 08184995)

Anuj Mathur Managing Director &Chief Executive Officer(DIN : 00584057)

Akshay Dhand Appointed ActuaryIAI : 244

Tarun RustagiChief Financial Officer ACA : 098275

Vatsala SameerCompany SecretaryACS : 14813

Place: GurugramDate: May 15, 2019

119

Annexure to Management Report

S. No. Name of the Director Entity in which Director is interested Interested as

Amount of payment during

the financial year (`in lacs)

1

Ms P V Bharathi

Canara Bank

Executive Director

26,767Mr M V Rao Executive Director

Mr Rakesh Sharma Managing Director & Chief Executive Officer

Mr Debashish Mukherjee Executive Director

2

Ms P V Bharathi

Canara Bank Securities Limited

Director & Vice Chairperson

123

Dr S T Ramachandra DirectorMr Debashish Mukherjee Director

Mr Rakesh Sharma Non-Executive Chairman & Director

Mr S S Mishra Director

3Mr Debashish Mukherjee Canara Robeco Asset

Management Company Limited

Director177,896

Mr Rakesh Sharma Non-Executive Chairman & Director

4 Mr Ravi Menon HSBC Asset Management (India) Private Limited CEO & WTD 178,388

5 Mr Mukesh Kumar Jain Oriental Bank of Commerce MD & CEO 6,657

Mr Ravi Menon ceased to be a director of the Company with effect from 24th July 2018Mr Rakesh Sharma ceased to be a director & Chairman of the Company with effect from 31st July 2018Mr Debashish Mukherjee appointed as a director of the Company with effect from 9th October 2018Ms P V Bharathi ceased to be a director of the Company with effect from 31st January 2019Dr S T Ramachandra appointed as a director of the Company with effect from 6th February 2019

120

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2019

Policyholders’ Account (Technical Account)

Particulars Schedule For the year ended March 31, 2019

For the year ended March 31, 2018

( '000) ( '000)

Premiums earned – net(a) Premium 1 34,907,448 27,810,569 (b) Reinsurance ceded (403,806) (287,495)(c) Reinsurance accepted - - Sub Total 34,503,642 27,523,074 Income from Investments(a) Interest, Dividends and Rent – Gross 6,002,631 5,157,633 (b) Profit on sale/redemption of investments 8,933,819 6,646,285 (c) (Loss on sale/ redemption of investments) (2,648,597) (1,377,921)(d) Transfer/Gain on revaluation/change in fair value* (1,744,049) (488,915)Sub Total 10,543,804 9,937,082 Other Income(a) Contribution from the Shareholders' A/c (Refer Schedule 16C - Note 20 & Note 41) 68,631 42,191 (b) Miscellaneous Income 100,548 83,284 Total (A) 45,216,625 37,585,631

Commission 2 1,850,047 1,264,009

Operating Expenses related to Insurance Business 3 4,074,133 3,653,319 GST / Service tax recovered on ULIP charges 538,512 485,235 Provision for Doubtful debts 175 673 Bad debts written off - - Provision for Taxation - - Provisions (other than taxation)(a) For diminution in the value of investments (Net) - - (b) Provision for non-standard assets (Refer Schedule 16C - Note 12) 125,000 - Total (B) 6,587,867 5,403,236

Benefits Paid (Net) 4 16,069,256 17,857,419 Interim & terminal bonus paid 5,393 3,107 Change in valuation of liability in respect of life policies(a) Gross** 20,282,347 13,162,990 (b) (Amount ceded in Reinsurance) (465,750) (68,375)(c) Amount accepted in Reinsurance - - Total (C) 35,891,246 30,955,141

Total (B+C) 42,479,113 36,358,377

Surplus/Deficit (D)=(A)-(B)-(C) 2,737,512 1,227,254

Appropriations

Transfer to Shareholders’ Account (Refer Schedule 16C - Note 20 & Note 41) 1,441,146 1,177,982 Transfer to Other Reserves - - Balance being Funds for Future Appropriations 1,296,366 49,272 Total (D) 2,737,512 1,227,254

* Represents the deemed realised gain as per norms specified by the Authority.**Represents Mathematical Reserves after allocation of bonus

The break up of total surplus is as under:

(a) Interim & terminal Bonus Paid: 5,393 3,107 (b) Allocation of Bonus to policyholders: 510,832 304,352 (c) Surplus shown in the Revenue Account: 2,737,512 1,227,254 (d) Total Surplus: ((a)+(b)+(c)): 3,253,737 1,534,713

Significant Accounting Policies and Notes to the Accounts 16

Schedules referred to herein form an integral part of the Policyholders' Revenue Account


CA Kapil Kumar Bhagirath CA M. V. Ranganath R A Sankara Narayanan Balakrishna Alse S Alistair ChamberlainPartner Partner Chairman Director DirectorMembership no. : 095639 Membership no. : 028031 DIN : 05230407 DIN : 08438552 DIN : 08184995

Place : New Delhi Place : New Delhi Anuj MathurDate : May 15, 2019 Date : May 15, 2019 Managing Director & Chief Executive Officer

DIN : 00584057

Akshay Dhand Tarun Rustagi Vatsala Sameer Chief Financial Officer Company Secretary

ACA : 098275 ACS : 14813

Place : New DelhiDate : May 15, 2019

Appointed ActuaryIAI : 244

Form A-RACanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008

For and on behalf of the Board of Directors

121

Form A-PLCanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2019

Shareholders’ Account (Non-technical Account)

Particulars Schedule For the year endedMarch 31, 2019

For the year endedMarch 31, 2018

( '000) ( '000)

Linked Non Participating - Life 702,724 814,201 Linked Non Participating - Pension 31,919 20,611 Non Linked Non Participating-Pension 8,151 10,024 Non Linked Non Participating-Life 627,156 273,307 Non Linked Variable -Life 4,000 1,255 Non Linked Variable -Pension 7,075 11,342 Non Linked Participating - Life 57,358 34,162 Non Linked Non Participating - Annuity - 13,080 Non Linked Non Participating - Health 2,763 -

Income From Investments(a) Interest, Dividends and Rent – Gross 673,901 561,888 (b) Profit on sale/redemption of investments 105,569 51,031 (c) (Loss on sale/ redemption of investments) - - Other Income - 756 TOTAL (A) 2,220,616 1,791,657

Expense other than those directly related to the insurance business 3A 87,163 67,557 Bad debts written off 2,128 251 Provisions (Other than taxation)(a) For diminution in the value of investments (net) - - (b) Provision for doubtful debts 168 3,210 (C) Provision for non-standard assets (Refer Schedule 16C - Note 12) 410,559 -

Linked Non Participating - Pension 25,863 42,191 Non Linked Non Participating - Annuity 29,428 - Non Linked Non Participating - Health 13,340 -

TOTAL (B) 568,649 113,209

Profit/ (Loss) before tax 1,651,967 1,678,448 Provision for Taxation - - Profit / (Loss) after tax 1,651,967 1,678,448

APPROPRIATIONS(a) Balance at the beginning of the year (1,597,759) (3,276,206)(b) Interim dividends paid during the year - - (c) Proposed final dividend - - (d) Dividend distribution tax - - (e) Transfer to reserves/ other accounts - - Profit/ (Loss) carried forward to the Balance Sheet 54,208 (1,597,758)

Earnings per equity shareWeighted average number of equity shares outstanding 950,000,000 950,000,000 Basic and diluted earnings per equity share (In absolute ) 1.74 1.77 Face value per equity share (In absolute ) 10.00 10.00

Significant Accounting Policies and Notes to the Accounts 16

Schedules referred to herein form an integral part of the shareholders' account




DIN : 00584057

Akshay Dhand Tarun Rustagi Vatsala SameerChief Financial Officer Company SecretaryACA : 098275 ACS : 14813


Amount transferred from Policyholders Account (Technical Account) (Refer Schedule 16C - Note 20 & Note 41)

Contribution to the Policyholders Account (Technical Account) (Refer Schedule 16C - Note 20 & Note 41)



122

FORM A-BSCanara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008

BALANCE SHEET AS AT MARCH 31, 2019

Particulars Schedule As at March 31, 2019 As at March 31, 2018( '000) ( '000)

SOURCES OF FUNDS

Share Capital 5 9,500,000 9,500,000 Reserves and Surplus 6 1,304,208 1,250,000 Credit/(Debit) Fair Value Change Account (Net) 23,244 5,299 Sub-Total 10,827,452 10,755,299

Borrowings 7 - -

Policyholders’ Funds:Credit/(Debit) Fair Value Change Account (Net) 29,294 9,641 Policy Liabilities

Linked Non Participating - Life 888,672 793,872 Linked Non Participating - Pension 12,450 25,007 Non Linked Non Participating - Pension 3,503,490 4,513,609 Non Linked Non Participating - Life 24,350,252 19,598,242 Non Linked Variable - Life 871,985 962,233 Non Linked Variable - Pension 1,995,683 1,658,427 Non Linked Participating - Life 12,723,616 7,602,849 Non Linked Non Participating - Annuity 1,125,565 652,407 Non Linked Non Participating - Health 8,236 -

Sub-Total (Policy Liabilities) 45,479,949 35,806,646

Insurance Reserves - -

Provision for Linked LiabilitiesLinked Non Participating - Life 77,222,673 66,265,839 Linked Non Participating - Pension 995,430 979,182 Add: Credit/(Debit) Fair Value Change Account (net) 9,018,855 10,766,407 Add: Funds for Discontinued Polices

(i) Discontinued on account of non-payment of premium 5,428,836 4,423,772 (ii) Others 60,227 147,528

Sub-Total (Provision for Linked Liabilities) 92,726,021 82,582,728

Sub-Total 138,235,264 118,399,015

Funds for Future Appropriation 1,840,147 543,781 TOTAL 150,902,863 129,698,095

InvestmentsShareholders’ 8 9,095,395 7,636,467 Policyholders’ 8A 46,715,053 36,656,638

Assets held to cover linked liabilites 8B 92,726,021 82,582,728

Loans 9 4,350 1,109

Fixed Assets 10 144,519 90,086

Current AssetsCash and Bank Balances 11 2,681,199 2,105,936 Advances and Other Assets 12 3,368,083 2,281,668

Sub-Total (A) 6,049,282 4,387,604

Current Liabilities 13 3,754,377 3,191,150 Provisions 14 77,380 63,145 Sub-Total (B) 3,831,757 3,254,295

Net Current Assets (C) = (A – B) 2,217,525 1,133,309

Miscellaneous Expenditure (To The Extent Not Written Off Or Adjusted) 15 - - Debit Balance In Profit And Loss Account (Shareholders’ Account) - 1,597,758 TOTAL 150,902,863 129,698,095

16

As per our report of even date




DIN : 00584057





Schedules referred to herein form an integral part of the Balance Sheet

APPLICATION OF FUNDS

Contingent Liabilities (Refer Schedule 16C - Note 1)Significant Accounting Policies and Notes to the Accounts

Shareholders’ Funds:

123

Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of the Financial Statements for the year ended March 31, 2019

SCHEDULE – 1

PREMIUM (NET OF GOODS AND SERVICES TAX / SERVICE TAX)

Particulars For the year endedMarch 31, 2019


( '000) ( '000)

First year premiums 9,162,899 8,217,280 Renewal premiums 20,302,572 15,533,121 Single premiums 5,441,977 4,060,168 Total Premium 34,907,448 27,810,569

Premium Income from business written :

In India 34,907,448 27,810,569 Outside India - - Total Premium 34,907,448 27,810,569

124


SCHEDULE- 2

COMMISSION EXPENSES

ParticularsFor the year ended

March 31, 2019For the year ended

March 31, 2018( '000) ( '000)

Commission paid Direct - First year premiums 1,400,069 1,066,603

- Renewal premiums 423,746 181,919 - Single premiums 26,232 15,487

Total (A) 1,850,047 1,264,009

Add : Commission on Re-insurance Accepted - - Less : Commission on Re-insurance Ceded - - Net Commission 1,850,047 1,264,009

Break Up of the expenses (Gross) incurred to procure business:

Agents - - Brokers 1,200 335 Corporate Agency 9,169 1,950 Bancassurance 1,839,634 1,261,724 Referral - - Web Aggregator 44 - Total (B) 1,850,047 1,264,009

125


SCHEDULE – 3

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS



( '000) ( '000)

Employees’ remuneration and welfare benefits 2,286,094 2,060,642 Travel, conveyance and vehicle running expenses 128,539 90,931 Training expenses 107,702 262,014 Rents, rates and taxes 224,546 206,541 Repairs 27,341 34,956 Printing and stationery 23,080 38,313 Communication expenses 170,400 110,923 Legal and professional charges 108,009 60,691 Medical fees 37,558 28,434 Auditors' fees, expenses etc

a) as auditor* 4,703 5,063 b) as adviser or in any other capacity, in respect of

(i) Taxation matters 306 325 (ii) Insurance matters - - (iii) Management services; and - -

c) in any other capacity 441 400 Advertisement and publicity 390,928 248,660 Interest and bank charges 46,748 39,574 Depreciation 66,120 57,681 Information technology and related expenses 287,405 268,014 Others 164,213 140,157 TOTAL 4,074,133 3,653,319

* Includes out of pocket reimbursements

126


SCHEDULE – 3A

EXPENSE OTHER THAN THOSE DIRECTLY RELATED TO THE INSURANCE BUSINESS



( '000) ( '000)

Employees’ remuneration and welfare benefits 19,538 18,726 Travel, conveyance and vehicle running expenses 60 39 Training expenses - 1 Repairs - 6 Communication expenses 2 3 Legal and professional charges 43 76 Interest and bank charges 635 667 Corporate Social Responsibility expenses 27,430 22,979 Others 39,455 25,060 TOTAL 87,163 67,557

127


SCHEDULE – 4

BENEFITS PAID [NET]



March 31, 2018( '000) ( '000)

Insurance Claims(a) Claims by Death 1,363,533 727,643 (b) Claims by Maturity 122,843 3,126 (c) Annuities/Pensions payment 50,424 41,239 (d) Other benefits

(i) Surrenders & others 8,838,540 12,434,672 (ii) Withdrawals 5,719,980 4,658,303 (iii) Survival 337,139 160,099 (Amount ceded in reinsurance):

(a) Claims by Death (363,203) (167,663)(b) Claims by Maturity - - (c) Annuities/Pensions payment - - (d) Other benefits - -

Amount accepted in reinsurance:(a) Claims by Death - - (b) Claims by Maturity - - (c) Annuities/Pensions payment - - (d) Other benefits - -

TOTAL 16,069,256 17,857,419

Benefits paid to claimants: In India 16,069,256 17,857,419 Outside India - - Total Benefits paid (Net) 16,069,256 17,857,419

128


SCHEDULE – 5

SHARE CAPITAL

Particulars As at March 31, 2019 As at March 31, 2018

( '000) ( '000)Authorised Capital

1,200,000,000 (Previous Year 1,200,000,000) Equity shares of 10 each 12,000,000 12,000,000

Issued Capital

950,000,000 (Previous Year 950,000,000) Equity shares of 10 each 9,500,000 9,500,000

Subscribed Capital


Called/Paid up Capital


Less: Calls unpaid - -

Add : 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 9,500,000 9,500,000 Note:

Of the above 484,500,000 equity shares (previous year 484,500,000 equity shares) of 10 each are held by Canara Bank and its nominees, being the holding Company.

129


SCHEDULE – 5A

PATTERN OF SHAREHOLDING [As certified by the Management]

ShareholderNumber of Shares % of Holding Number of Shares % of Holding

Promoters

- Indian 703,000,000 74% 703,000,000 74%

- Foreign 247,000,000 26% 247,000,000 26%

Others - - - -

TOTAL 950,000,000 100% 950,000,000 100%

As at March 31, 2019 As at March 31, 2018

130


SCHEDULE – 6

RESERVES AND SURPLUS


( '000) ( '000)

Capital Reserve - -

Capital Redemption Reserve - -

Share Premium 1,250,000 1,250,000

Revaluation Reserve - -

General Reserves - -

Less: Debit balance in Profit and Loss Account, if any - -

Less: Amount utilized for Buy-back - -

Catastrophe Reserve - -

Other Reserves - -

Balance of profit in Profit and Loss Account 54,208 -

TOTAL 1,304,208 1,250,000

131


SCHEDULE - 7

BORROWINGS

Particulars As at March 31, 2019 As at March 31, 2018( '000) ( '000)

Debentures/ Bonds - - Banks - - Financial Institutions - - Others - - TOTAL - -

132

SCHEDULE - 8

INVESTMENTS- SHAREHOLDERS'


LONG TERM INVESTMENTS

1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills 1,967,369 3,590,651

2. Other Approved Securities 1,543,897 1,111,300

3. Other Approved Investments (a) Shares

(aa) Equity (refer note 5) 423,175 155,137 (bb) Preference - -

(b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 1,901,660 206,340 (e) Other Securities - - (f) Subsidiaries - - (g) Investment Properties-Real Estate - -

4. Investments in Infrastructure and Social Sector (a) Debentures/Bonds 2,586,686 1,387,449

5. Other Investments (a) Debentures/Bonds (refer note 3) 50,000 - Sub Total 8,472,787 6,450,877

SHORT TERM INVESTMENTS

1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills - 41,850

2. Other Approved Securities - -


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

(b) Mutual Funds 76,730 140,845 (c) Derivative Instruments - - (d) Debentures / Bonds 50,000 - (e) Other Securities

(aa) Commercial Papers - 444,335 (bb) Fixed Deposits 70,000 68,900 (cc) Collateralized Borrowing and Lending Obligation (CBLO) - 159,344

(f) Subsidiaries - - (g) Investment Properties-Real Estate - -

4. Investments in Infrastructure and Social Sector (a) Debentures/ Bonds 100,121 50,023 (b) Commercial Papers - 280,293

5. Other Investments (a) Commercial Papers (refer note 3) 325,757 - Sub Total 622,608 1,185,590

Grand Total 9,095,395 7,636,467

Aggregate amount of Investments other than listed equity securities and derivative instruments 9,095,395 7,636,467 Aggregate market value of Investments other than listed equity securities and derivative instruments 9,266,101 7,747,080

Notes:Particulars As at March 31, 2019 As at March 31, 2018 1) Investments in Subsidiary, Holding Company, Joint Venture & Associates at cost

Investment in Units of Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) 38,330 130,000

Investment in Units of HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) 38,330 -

2) Investments made out of Catastrophe reserve is Nil (Previous Year Nil)

4) For accounting policy on investments, refer Schedule 16B - Note 85) Includes Investment in additional Tier 1 (AT1) Bonds rated AA+ amounting 423,175 (in '000) (Previous Year 155,137 (in '000))


3) Refer Schedule 16C - Note 12 for provision for non-standard assets

133

SCHEDULE - 8A

INVESTMENTS- POLICYHOLDERS'




2. Other Approved Securities 9,448,701 6,011,896


(aa) Equity (refer note 2) 772,598 265,179 (bb) Preference - -

(b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 6,439,928 4,553,799 (e) Other Securities - - (f) Subsidiaries - - (g) Investment Properties-Real Estate - -

4. Investments in Infrastructure and Social Sector (a) Debentures/Bonds 13,887,135 11,741,569

5. Other Investments - - Sub Total 45,326,658 34,325,611


1. Government Securities & Govt. Guaranteed Bonds including Treasury Bills - 4,884




(b) Mutual Funds 913,397 780,149 (c) Derivative Instruments - - (d) Debentures / Bonds 400,502 350,008 (e) Other Securities

(aa) Repo/Tri Party Repo Investments 24,496 - (bb) Collateralized Borrowing and Lending Obligation (CBLO) - 356,487



5. Other Investments - - Sub Total 1,388,395 2,331,027

Grand Total 46,715,053 36,656,638

Aggregate amount of Investments other than listed equity securities and derivative instruments 46,422,707 36,443,172 Aggregate market value of Investments other than listed equity securities and derivative instruments 47,158,825 37,015,441

Notes:1) Investments made out of Catastrophe reserve is Nil (Previous Year Nil)

3) For accounting policy on investments, refer Schedule 16B - Note 82) Includes Investment in additional Tier 1 (AT1) Bonds rated AA+ amounting 480,252 (in '000) (Previous Year 51,712 (in '000))


134


SCHEDULE - 8B

ASSETS HELD TO COVER LINKED LIABILITIES




2. Other Approved Securities 1,643,396 488,394


(aa) Equity 48,503,259 41,632,511 (bb) Preference - -

(b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 2,774,126 2,410,579 (e) Other Securities - - (f) Subsidiaries - - (g) Investment Properties-Real Estate - -

4. Investments in Infrastructure and Social Sector (a) Equity 36,018 1,260,054 (b) Debentures/Bonds 7,147,178 6,647,667

5. Other Investments (a) Equity 7,763,385 6,838,103 (b) Passively Managed Equity ETF 4,313,293 3,217,033 (c) Debentures/ Bonds (refer note 4) 363,736 - Sub Total 82,375,334 74,602,812






(b) Mutual Funds 1,465,757 - (c) Derivative Instruments - - (d) Debentures / Bonds - 100,212 (e) Other Securities

(aa) Repo/Tri Party Repo Investments 423,699 - (bb) Commercial Papers 390,841 246,956 (cc) Fixed Deposits - 44,700 (dd) Collateralized Borrowing and Lending Obligation (CBLO) - 1,888,037 (ee) Other Net Current Assets (refer note 4) 1,771,348 1,399,866



5. Other Investments (a) Commercial Papers (refer note 4) 37,500 - Sub Total 10,350,687 7,979,916

Grand Total 92,726,021 82,582,728

Aggregate amount of Investments other than listed equity securities and derivative instruments 36,423,359 33,421,818Aggregate market value of Investments other than listed equity securities and derivative instruments 36,423,359 33,421,818

Notes:Particulars As at March 31, 2019 As at March 31, 2018 1) Investments in Subsidiary, Holding Company, Joint Venture & Associates at cost

Investment in Non Convertible debentures of Can Fin Homes Limited 50,000 50,000

2) Investments made out of Catastrophe reserve is Nil (Previous Year Nil)3) For accounting policy on investments, refer Schedule 16B - Note 8

Schedules forming part of the Financial Statements for the year ended March 31, 2019

4) Refer Schedule 16C - Note 12 for provision for non-standard assets

135


SCHEDULE - 9

LOANS


SECURITY-WISE CLASSIFICATIONSecured(a) On mortgage of property

(aa) In India - - (bb) Outside India - -

(b) On Shares, Bonds, Govt. Securities - - (c) Loans against policies 4,350 1,109 (d) Others - - Unsecured - - TOTAL 4,350 1,109 BORROWER-WISE CLASSIFICATION(a) Central and State Governments - - (b) Banks and Financial Institutions - - (c) Subsidiaries - - (d) Companies - - (e) Loans against policies 4,350 1,109 (f) Others - - TOTAL 4,350 1,109 PERFORMANCE-WISE CLASSIFICATION(a) Loans classified as standard

(aa) In India 4,350 1,109 (bb) Outside India - -

(b) Non-performing loans less provisions(aa) In India - - (bb) Outside India - -

TOTAL 4,350 1,109 MATURITY-WISE CLASSIFICATION(a) Short Term - - (b) Long Term 4,350 1,109 TOTAL 4,350 1,109

Short term loans include those which have residual maturity within 12 months from the date of Balance Sheet. Long term loans are the loans other than short term loans


136

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137


SCHEDULE- 11

CASH AND BANK BALANCES


Cash (including cheques,drafts and stamps) 1,998 11,888 Bank Balances

(a) Deposit Accounts(aa) Short-term (due within 12 month of the date of balance sheet) - - (bb) Others - -

(b) Current Accounts 2,679,201 2,094,048 (c) Others - -

Money at Call and Short Notice(a) With Banks - - (b) With other Institutions - -

Others - - TOTAL 2,681,199 2,105,936

Balances with non-scheduled banks are Nil

CASH AND BANK BALANCESIn India 2,681,199 2,105,936 Outside India - - TOTAL 2,681,199 2,105,936


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SCHEDULE – 12

ADVANCES AND OTHER ASSETS

Particulars( '000) ( '000) ( '000) ( '000)

ADVANCESReserve deposits with ceding companies - - Application money for investments - - Prepayments 62,673 49,302 Advances to Directors/Officers - - Advance tax paid and taxes deducted at source (Net of provision for taxation) 52 -

Others (includes vendor and travel advances) - Gross 59,238 42,375 Less: Provision for Doubtful Balances (4,451) (6,135)Net 54,787 36,240 TOTAL (A) 117,512 85,542

OTHER ASSETSIncome accrued on investments 1,394,016 1,137,115 Outstanding Premiums 617,252 488,687 Agents’ Balances - - Foreign Agencies’ Balances - - Due from other entities carrying on insurance business (including reinsurers) 153,493 85,906

Due from subsidiaries/ holding company - - Deposit with Reserve Bank of India - - Others

Refundable Security Deposits (Gross) 56,773 55,890 Less: Provision for Doubtful Balances (3,988) (1,960)Net 52,785 53,930 GST / Service Tax Unutilised Credit 217,304 266,052 Redemption Receivable against investments (refer note 1) 500,000 - Less : Provision for non-standard assets (250,000) - Net 250,000 - Trade Receivable 431,913 - Asset held for Unclaimed Liabilities 119,102 149,375 Income accrued on Unclaimed fund 8,535 7,783 Total Unclaimed Assets 127,637 157,158 Others misc. 6,171 7,278

TOTAL (B) 3,250,571 2,196,126

TOTAL (A+B) 3,368,083 2,281,668

Notes:1) Refer Schedule 16C - Note 12 for provision for non-standard assets



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SCHEDULE – 13

CURRENT LIABILITIES

Particulars( '000) ( '000) ( '000) ( '000)

Agents’ Balances 203,666 113,977 Balances due to other insurance companies 77,022 53,254 Deposits held on re-insurance ceded - - Premium received in advance 23,172 20,696 Unallocated premium 162,369 341,821 Sundry creditors 514 1,005 Due to subsidiaries/ holding company - - Claims Outstanding 799,383 770,522 Annuities Due - - Due to Directors/Officers - - Others:

Due to policyholders' funds 815,882 550,198 Premium/ proposal deposits to be refunded 183,026 90,163 Payable for Investments Purchased 8 704 Unclaimed Amount of the Policyholders 119,102 149,375 Income accrued on Unclaimed fund 8,535 7,783 Total Unclaimed Liability 127,637 157,158 Accrual for expenses 825,744 860,495 GST payable 246,217 195,091 Others (includes statutory dues payable and payables to employees) 113,980 36,066 Provision for non-standard assets (refer note 1) 175,757 -

TOTAL 3,754,377 3,191,150

Notes:1) Refer Schedule 16C - Note 12 for provision for non-standard assets

SCHEDULE – 14

PROVISIONS

Particulars( '000) ( '000)

For taxation (less payments and taxes deducted at source) - - For proposed dividends - - For dividend distribution tax - - Others:

Provision for Gratuity 25,188 13,375 Provision for leave encashment 52,192 49,770

TOTAL 77,380 63,145




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SCHEDULE – 15

MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted)


Discount Allowed in issue of shares / debentures - - Others - - TOTAL - -


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Schedule 16: Significant Accounting Policies

A. COMPANY INFORMATION

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (‘the Company’), a joint venture between Canara Bank (51%), HSBC Insurance (Asia-Pacific) Holdings Limited (26%) and Oriental Bank of Commerce (23%) was incorporated on 25th September, 2007 as a Company under the Companies Act, 1956. The Company is licensed by the Insurance Regulatory and Development Authority of India (‘IRDAI’) for carrying on life insurance business in India. The Company commenced operations from 16th June 2008.

The Company carries on business in the areas of life insurance, pensions and health insurance. The business spans across individual and group platform, offering participating, non-participating, unit linked, annuity and variable insurance products.

The Company is covered under Sec 139 (5) of the Companies Act, 2013 (appointment of Statutory Auditors) since it is indirectly controlled by the Government of India through its shareholding in Canara Bank and Oriental Bank of Commerce.

B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Basis of preparation The accompanying financial statements have been prepared and presented under the historical cost convention unless otherwise stated, on the accrual basis of accounting, in accordance with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the provisions of Insurance Act, 1938 and Insurance Regulatory and Development Authority (IRDA) Act, 1999 as amended by the Insurance Laws (Amendment) Act, 2015, various circulars/guidelines issued by IRDAI and accounting standards referred to under the Companies Act, 2013 (section 133 read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016) to the extent applicable, as amended from time to time and in the manner so required as per the generally accepted accounting principles in India (GAAP) and the practices prevailing within the insurance industry in India. The significant accounting policies followed are consistent with those followed in the previous year, unless otherwise stated.

2. Use of EstimatesThe preparation of the financial statements in conformity with generally accepted accounting principles in India requires Company’s management (‘management’) to make estimates and assumptions that affect the reported amounts of revenues and expenses for the year, reported balances of assets and liabilities and disclosure relating to contingent liabilities as on the balance sheet date. The estimates and assumptions used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and circumstances up to and as on the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is recognized prospectively.

3. Revenue recognition

a) Premium Income

Premium of non-linked business is recognised as income (net of service tax / Goods and Services Tax (“GST”)) when due from policyholders, where the grace period (as per the

Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedSchedules forming part of Financial Statements for the year ended March 31, 2019

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product terms & conditions, as approved by IRDAI) has not expired. For unit linked business, premium is recognised as income when the associated units are created / allocated. In case of variable insurance products and other fund based group products, premium is recognised as income on the date of receipt of funds.

Premium on lapsed policies is recognised as income when such policies are reinstated.

Products having regular premium paying plans with limited premium payment term and / or pre-determined policy term are treated as regular business with due classification of premium into first year and renewal. Premium income on products other than aforesaid is classified as single premium.

Top-up premium paid by the unit linked policyholders’ is considered as single premium and recognized as income when the associated units are created / allocated.

b) Income from Linked Business

Fund management charges, administrative charges, mortality charges and other charges as per the product features are recovered from linked funds in accordance with the terms and conditions of policies and are recognised when due and recoverable. Allocation charges are recovered when associated units are created/allocated in accordance with the terms and conditions of policies.

GST / Service tax recovered on above Unit Linked charges are shown under “GST / Service tax recovered on ULIP charges” in the Revenue account as required by IRDAI guidelines.

c) Income from Investments

Interest income on investments is recognised on accrual basis. Dividend income is recognised on ‘ex-dividend’ date in case of listed equity shares and when the right to receive dividend is established in case of unlisted equity shares, if any.

Accretion of discount and amortisation of premium to the face value in respect of debt securities, for other than linked assets, is recognised over the holding / maturity period on a straight-line basis and is adjusted against interest income.

In case of discounted instruments, the difference between the face value and book value is accreted over the life of the instrument on a straight line basis and recognized as interest income.

The realised gain or loss on sale of linked assets is the difference between the sales consideration and weighted average book cost.

The realised gain or loss on sale of debt securities in case of non-linked assets is the difference between the sales consideration and the weighted average accreted / amortised cost.


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The realised gain or loss on sale of equity shares or redemption of mutual funds in case of non-linked assets is the difference between sales consideration and weighted average book cost. In respect of non-linked assets, the profit or loss includes the accumulated changes in the fair value previously recognised under “Fair Value Change Account”.

Sales consideration for the purpose of realised gain or loss is net of brokerage and taxes, if any.

The unrealised gains and losses on linked assets are recognised in the respective funds’ revenue account.

Lending Fee, net of brokerage, on Equity shares lent under Security Lending and Borrowing (SLB) transactions is recognised on accrual basis under the straight line method on the entire tenure of the contract in the respective funds. In case if the securities are re-called prior to the end of the contract term or if the SLB position is closed out in the exchange due to a corporate action, the unamortized lending fee, net of the fees to be paid on recall, is transferred to the funds’ revenue account.

d) Others

Policy reinstatement fee is recognised on receipt basis, in accordance with the terms and conditions of policies.

Interest on loans against policies is recognised on an accrual basis.

4. Reinsurance Premium

Re-insurance premium ceded is accounted on due basis in accordance with the treaty or in-principle arrangement with the re-insurer.

5. Benefits paid (including claims)

Claims costs consist of the policy benefit amount and claim settlement costs, where applicable. Death claims and rider claims are accounted for on receipt of intimation up to the balance sheet date.

Survival benefit claims and maturity claims are accounted when these become due.

Surrenders and withdrawals (net of charges) under unit linked policies are accounted for when associated units are cancelled. Under non linked policies, these are accounted for when the intimation for the surrender is received and accepted up to the balance sheet date.

In case of surrender of linked policy within the lock-in period, i.e. 5 years from the date of issue of policy, the surrender value of such policies is invested in a designated fund called “UL Discontinued Policy Fund” and is paid to the policyholder on the expiry of the lock-in / revival period along with minimum guaranteed return or actual return, whichever is higher.


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In case of Unit-Linked insurance products having the feature of waiver of the balance future premiums on the death of the life proposer, the entire future premiums waived are recognised as liability under the benefits paid on the occurrence of death of the life proposer. When the subsequent modal premium becomes due, the said premiums are funded by reducing the aforesaid liability and the premium income is recognized for the same.

Repudiated claims disputed before judicial authorities are provided for / disclosed as contingent liability, based on management prudence, considering the facts and evidences available in respect of such claims.

Re-insurance recoveries on claims are accounted for, in the same accounting period as the related claims.

6. Acquisition costs

Acquisition costs (such as commission, medical examination fees etc.) are costs which vary with and are primarily related to acquisition of insurance contracts and are expensed off in the period in which they are incurred. Recovery on account of clawback of the commission paid, if any, in future is accounted in the year in which its recovery is due.

7. a) Actuarial liability valuation

The value of liabilities, for policies in force and policies in respect of which premium has been discontinued but liability exists as on reporting date, is determined in accordance with Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016, Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 and other relevant regulations issued by IRDAI, as amended from time to time, the Actuarial Practice Standards (APS 2 and APS 7) issued by the Institute of Actuaries of India and generally accepted actuarial principles in India.

A brief methodology for calculating the actuarial liability is given below:

• The policy liabilities are valued on policy by policy basis, i.e. each policy is valued separately.

• The linked portion on unit-linked policies is determined by multiplying the number of units in various unit-linked funds with the Net Asset Value per unit as at the valuation date.

• The non-unit liability of unit-linked policies and liability for non-linked policies (other than fund based group products and one year renewable group term assurance plans) is determined using the prospective gross premium valuation methodology.

• For one year renewable group term assurance plans, the liability is determined using the unearned premium method or prospective gross premium valuation methodology, whichever leads to a higher reserve.

• In case of fund based group products, the liability is determined on the basis of scheme account value allowing appropriately for the interest declared or guaranteed.


145

• In case of variable group insurance products, the liability is calculated by projecting the account value of the relevant scheme till the end of the current quarter using the guaranteed interest rate declared at the beginning of the quarter and then discounting this value to the valuation date using the gross expected return after applying an appropriate margin for adverse deviation.

The Company also holds additional aggregate risk reserves (such as Incurred But Not Reported Reserves, Closure to New Business Reserves, Free-Look Reserve etc.) to allow for the risks that cannot be attributed to specific policies or lines of businesses. Significant assumptions relating to policyholders’ liability are disclosed in Note 2 of Part C of this schedule.

Change in actuarial liability is charged to the Revenue account.

b) Funds for future appropriations

The Funds for Future Appropriations represents the surplus which is yet to be appropriated to policyholders / shareholders, in the participating segment.

Transfers to and from the fund reflect the excess or deficit of income over expenses and appropriations in each accounting period arising in the participating policyholders’ fund. In respect of participating policies, any allocation to the policyholder would also give rise to a shareholder transfer in the required proportion.

8. Investments

Investments are made and accounted for in accordance with the Insurance Act, 1938, as amended by the Insurance Laws (Amendment) Act, 2015, Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016, Investments - Master Circular issued by IRDAI in May 2017 , Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, Investment Policy of the Company and various circulars and notifications issued by the IRDAI in this context, as amended from time to time.

Investments are recorded on trade date at cost, which includes brokerage and related taxes, if any and excludes pre-acquisition interest accrued, if any.

Broken period interest paid / received is debited / credited to interest receivable account.

Bonus entitlements are recognized as investments on the ‘ex-bonus date’. Rights entitlements are recognized as investments on the ‘ex-rights date’.

a) Classification

Investments maturing within twelve months from the balance sheet date and investments made with the specific intention to dispose off within twelve months from the balance sheet date are classified as short-term investments. All other Investments are classified as long-term investments.

Investments are specifically made for policyholders and shareholders and held in separately maintained accounts. The income relating to these investments is recognised in the respective policyholder and shareholder account.


146

b) Valuation – Linked Funds

Listed equity sharesThe Company has selected National Stock exchange (NSE) as the primary exchange and Bombay Stock exchange (BSE) as secondary exchange in line with the IRDAI guidelines for Equity valuation.

Listed equity shares are valued at market value based on the closing price of the primary stock exchange (National Stock Exchange, NSE). In case the equity shares are not listed / traded on the National Stock Exchange, they are valued on the closing price of the secondary stock exchange (Bombay Stock Exchange, BSE). Unrealised gains and losses are recognized in the respective funds’ revenue account.

Mutual fundsMutual Fund units are valued at the previous day net asset value. Unrealised gains and losses are recognized in the respective funds’ revenue account.

Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds)

AT-1 bonds are valued at prices arrived from the CRISIL Bond Valuer on yield to first call basis. Unrealised gains and losses are recognized in the respective funds’ revenue account.

Exchange Traded Funds (ETFs)Units of ETFs are valued in line with the equity shares and are valued at the closing NAV of the particular scheme on NSE. In case the scheme is not listed / traded on the National Stock Exchange, it is valued on the closing price of the secondary stock exchange (Bombay Stock Exchange, BSE). In case the ETF is not traded on any day, real time NAV as published by the Asset Management Company (AMC) is considered for valuation.

Debt securitiesCentral & State Government securities are valued as per CRISIL Gilt prices and other debt securities are valued at prices arrived from the CRISIL Bond Valuer. Unrealised gains and losses are recognized in the respective funds’ revenue account.

Discounted money market instruments (treasury bills, certificate of deposits, commercial paper, Collateral Borrowing and Lending Obligations-CBLO, etc) are valued at accreted cost. The difference between the face value and book value is accreted over the life of the asset, on a straight line basis.

Fixed deposits and Reverse repo are valued at cost till maturity.

c) Valuation – Non-Linked Policyholders’ Funds and Shareholders’ Fund

Equity shares

The Company has selected National Stock exchange (NSE) as the primary exchange and Bombay Stock exchange (BSE) as secondary exchange in line with the IRDAI guidelines for Equity valuation.

Listed equity shares are valued at market value based on the closing price at the primary stock exchange (National Stock Exchange, NSE). In case the equity shares are not listed / traded on the National Stock Exchange, they are valued on the closing price at the secondary stock exchange (Bombay Stock Exchange, BSE).


147

Mutual FundsMutual Fund units are valued at previous day net asset values.

Additional Tier 1 (Basel III compliant) Perpetual Bonds (AT1 bonds)

AT-1 bonds are valued at prices arrived from the CRISIL Bond Valuer on yield to first call basis.

Unrealised gains and losses on equity shares, mutual funds and AT1 bonds are taken to the “fair value change account” and carried forward in the balance sheet.

Debt securitiesAll debt securities, including Government securities are considered as ‘held to maturity’ and accordingly stated at cost, subject to accretion / amortisation of the discount / premium on a straight line basis over the period of maturity / holding.

Discounted money market instruments (treasury bills, certificate of deposits, commercial paper, Collateral Borrowing and Lending Obligations-CBLO etc) are valued at accreted cost. The difference between the face value and book value is accreted over the life of the asset, on a straight line basis.

Fixed deposits and Reverse repo are valued at cost till maturity.

d) Loans against policies

Loans against policies, if any, are stated at historical cost.

e) Impairment of investments

The Company assesses on each Balance Sheet date, whether impairment other than temporary has occurred in its investments based on its investment policy.

An impairment loss shall be recognized as an expense in Revenue / Profit and Loss Account to the extent of the difference between the re-measured fair value of the investment and its acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue / Profit and Loss Account. However, at the Balance Sheet date if there is any indication that a previously recognised impairment loss no longer exists, then such loss is reversed in Revenue / Profit and Loss Account and the investment is reinstated to that extent.

f) Provision for Non Performing Assets (NPA)

All assets where the interest and/or installment of principal repayment remains overdue for more than 90 days at the Balance Sheet date are classified as NPA in the manner required by the IRDAI regulations on this behalf and adequate provisions are made.

g) Transfer of investments

Transfer of debt securities from Shareholders’ to Non-Linked policyholders’ fund is transacted at the lower of net amortised cost or prevailing market value. Inter fund transfer of securities within the unit linked funds are carried at prevailing market value.


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9. Fixed assets, Intangibles and Impairmenta) Fixed assets and depreciation

Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. Cost includes the purchase price and any cost directly attributable to bring the asset to its working condition for its intended use. Subsequent expenditure incurred on existing fixed assets is expensed out except where such expenditure increases the future economic benefits from the existing assets. Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset.

Advances paid towards the acquisition of fixed assets outstanding at each balance sheet and the cost of fixed assets not ready for its intended use as on such date are disclosed under capital work-in-progress.

Depreciation is provided on straight-line method (SLM) basis, pro-rated from the date of being ready for its intended use. The Company uses depreciation rates higher than the rates prescribed under Schedule II of the Companies Act, 2013, based on management’s assessment of the estimated useful life for each class of asset as mentioned hereunder:

Nature of Assets Useful Life

Information Technology & Communication Equipment 3 Years

Furniture & Fittings 5 Years

Office Equipment 3 Years

Leasehold Improvements Over the period of lease of the premises subject to maximum of 5 Years

Vehicles 3 Years

Individual assets costing ` 5,000 or less are depreciated in full in the year of purchase.

b) Intangibles

Intangible assets are reported at acquisition cost with deductions for accumulated amortization and impairment losses, if any.

Cost relating to development of software are capitalised and amortised on a straight line basis over a period of three years or the period of the useful life, whichever is lower, from the date of being ready for its intended use. Significant improvements to software are capitalized and amortised over the remaining useful life of the original software if it is probable that such expenditure will enable the asset to generate future economic benefits in excess of its originally assessed standards of performance and such expenditure can be measured and attributed to the asset reliably.

c) Impairment of assets

The management assesses on an annual basis, whether there is any indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount, subject to a maximum of depreciable historical cost.


149

10. Foreign exchange transactions

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Monetary assets and liabilities in foreign currencies are translated at the year-end rates. Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction. Exchange gains or losses arising on settlement of transactions and on account of the year end translations are recognized either in the Revenue Account or Profit and loss account, as the case may be.

11. Taxation

a) Direct Taxes (Current tax and Deferred tax)Income tax expense comprises of current tax (i.e. amount of tax for the year determined in accordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the year).

Provision for current income tax is made based on the estimated tax liability computed as per the method prescribed under the Income Tax Act, 1961 for life insurance companies and is based on the surplus or deficit disclosed by the actuarial valuation made in accordance with the Insurance Act, 1938.

The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted by the balance sheet date. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted regulations.

A deferred tax asset is recognised only to the extent there is a reasonable certainty of realisation in future. However, where there is carried forward business loss under taxation laws, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Deferred tax assets are reviewed at each balance sheet date and written up / down to reflect the amount that is reasonably/ virtually certain (as the case may be) to be realised.

b) Indirect Taxes (Service Tax / GST)

The Company claims input tax credit of service tax / GST on the input goods and services, which is set off against service tax / GST on the output services. Unutilised credit, if any, is carried forward for utilization in the future periods to the extent there is reasonable certainty that the assets can be realised in future.

12. Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on the management’s estimate of the amount required to settle the obligation, at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.


150

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, but their existence or otherwise would be confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are neither accounted nor disclosed.

13. Operating Leases

Leases where the lessor effectively retains substantially all the risks and rewards of ownership over the leased term are classified as operating leases. Operating lease rentals are recognised as an expense over the lease period.

14. Employee Benefits

a) Short Term Employee Benefits

All employee benefits payable within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, performance bonus and incentives etc. are recognized in the period in which the employee renders the related service.

b) Post Employment Benefits

Defined Contribution Plan

Provident fund is a defined contribution scheme and the contributions as required by the statute to Government provident fund are charged off as an expense to Revenue account and Profit or Loss account when due.

Further the Company for certain employees contributes to National Pension Scheme which is managed and administered by pension fund management companies licensed by the Pension Funds Regulatory and Development Authority (’PFRDA’). Contribution made to National Pension Scheme is charged off as an expense to Revenue account and Profit or Loss account when due.

Defined Benefit Plan

Gratuity liability is a defined benefit scheme and is wholly funded. The Company accounts for the liability for future gratuity benefits based on an actuarial valuation using projected unit credit method. The Company makes contribution to a Gratuity Fund administered by trustees.

c) Other Employee BenefitsThe Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary using projected unit credit method.


151

Long term incentive plans, deferred bonuses and long term association rewards are other long term employee benefits and are accounted for based on actuarial valuations at the year end conducted by an independent actuary using projected unit credit method.

Gain or loss arising from change in actuarial assumptions / experience adjustments is recognised in the Revenue account and Profit or Loss account for the period in which they emerge, for all employee benefits.

15. Segmental Reporting

In accordance with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 as amended from time to time read with Accounting Standard 17 on ”Segmental Reporting” notified under section 133 of the Companies Act, 2013 and rules there under, the Company has classified and disclosed segmental information separately for Shareholders’ and Policyholders’. Within the Policyholders’, following primary business segments have been classified and disclosed:

• Linked Non Participating - Life• Linked Non Participating - Pension• Non Linked Non Participating - Pension• Non Linked Non Participating - Life• Non Linked Variable - Life• Non Linked Variable - Pension• Non Linked Participating – Life• Non Linked Non Participating – Annuity• Non Linked Non Participating - Health

The Company operates only in India, therefore the same is considered as one geographical segment.

The allocation of revenue, expenses, assets and liabilities to the business segments, for shareholders and policyholders’, is done on the following basis:

• Revenue and expenses, assets and liabilities, which are directly attributable and identifiable to the business segments, for shareholders and policyholders’, are allocated on actual basis.

• Assets and liabilities, which are not directly identifiable, are apportioned to the various business segments based on following main parameters:

Gross written premiumCommissionBenefits paidActuarial reserves

• Expenses, which are not directly identifiable, are apportioned to the various business segments, for shareholders and policyholders’, based on following methodology:

Identification of expenses at cost centre levelsSubsequent bifurcation of above expenses into individual and group businesses


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Individual and group business expenses are further bifurcated into acquisition, maintenance and investment related expenses

Acquisition, maintenance and investment related expenses are allocated amongst various segments based on following main parameters:

Weighted new business premium income Number of policies/lives in force Number of new policies/lives added Funds under management

16. Provision for doubtful debts

The need for provision is evaluated based on the recoverability of the dues. The Company regularly evaluates the probability of recovery against each class of asset and provides for doubtful deposits, advances and others receivables.

17. Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity share outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders is divided by the weighted average number of shares outstanding during the year adjusted for the effects of all dilutive potential equity shares.


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C. NOTES TO ACCOUNTS

1. Contingent Liabilities (` ‘000)

Note-1: Statutory demands / liabilities in dispute represents various service tax demands / show cause notices raised. The Company has appealed against a demand of ̀ 1,279,455 thousands (previous year ` 1,201,274 thousands) which includes interest and penalty.

Further, show cause notices have been raised for amounts aggregating to ` 77,069 thousands (previous year ` 77,069 thousands) for which demands are not yet raised and the cases are being pursued by the company.

The Company believes that these show cause notices / demand should get dropped in due course. Hence, the Company has disclosed the above as a contingent liability and has not created any provisions against the same.

Note -2: Represents claims made against insurance policies pending litigation.

2.(a) Actuarial Assumptions

Assumptions used in the valuation of the actuarial liabilities are determined as an estimate of the future based on past experience and judgment about their long term level at the date of valuation with margins for adverse deviations. A brief of the assumptions used in actuarial valuation is as below:

Interest Rate: The best estimate interest rate assumptions are based on a weighted average return of the actual locked in yields on the existing fund and the expected yields on the future net cash flows. The valuation rate of interest is subsequently derived by reducing these for margins for adverse deviations from 10% to 20% (previous year 15% to 23%).

Particulars As at March 31, 2019

As at March 31, 2018

1 Partly paid-up investments - -

2 Underwriting commitments outstanding - -

3 Claims, other than against policies, not acknowledged as debts by the company - -

4 Guarantees given by or on behalf of the Company 1,925 1,925

5 Statutory demands/ liabilities in dispute, not provided for (refer note 1) 1,356,524 1,278,343

6 Reinsurance obligation to the extent not provided for in accounts - -

7 Others

a) Claims against policies (refer note 2) 171,685 91,034

Total 1,530,134 1,371,302


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Mortality Rate: The mortality rates used for assurances are based on the published “Indian Assured Lives Mortality Table (2006-08) Ultimate” (IALM 2006-08) (previous year - IALM 2006-08). The best estimate rate for unit linked business ranges from 50% to 90% of IALM 2006-08 mortality tables (previous year - 70% to 175% of IALM 2006-08). For conventional business, it ranges from 17% to 125% of IALM 2006-08 (previous year - 17% to 180% of IALM 2006-08). The valuation mortality assumptions for life assurance products are based on increasing the best estimate rates by a margin for adverse deviation of 10% to 45% depending on the segment and product (previous year - 10% to 45%). The valuation mortality assumptions for health assurance products are based on decreasing the best estimate rates by a margin for adverse deviation of 20% (previous year - Not Applicable).

The mortality rates used for annuities are based on the published “Mortality for annuitants – LIC (a) (1996-98) ultimate” table (previous year - Mortality for annuitants – LIC (a) (1996-98) ultimate). The best estimate rates used for annuities are 70% of LIC (a) (1996-98) table (previous year – 70% of LIC (a) (1996-98) table). The valuation mortality assumptions for annuities are based on decreasing the best estimate rates by a margin for adverse deviation of 20% (previous year - 20%) in addition to applying some mortality improvement factors to the rates.

Morbidity Rates: The morbidity rates used for health assurance are based on the published CIBT93 “Critical Illness Basic Table 1993” (previous year – not applicable). The best estimate rates ranges from 3% to 100% of CIBT93 depending on age and cover chosen (previous year – not applicable). The valuation morbidity assumptions for health assurance products are based on increasing the best estimate rates by a margin for adverse deviation of 30% (previous year – not applicable).

Expenses: Best estimate maintenance expenses are derived at the levels such that when used for projecting expense recoveries based on the long term business plan, result in reasonable expense break-even year and minimize projected over-runs. The valuation expenses have been derived by increasing the best estimate assumptions by a margin for adverse deviation of 10% (previous year 10%).

The additional maintenance expenses expected to be incurred by the Company prior to reaching expense break-even have been reserved for explicitly as a “cost gap reserve” as part of the additional aggregate reserves.

Inflation: The valuation expense inflation assumption has been fixed at 5% (previous year 5%) for all the products.

Lapses/Paid-ups/Surrenders: The best estimate assumption for lapse / paid-up/surrenders ranges between 0% to 30% (previous year 0% to 30%) in first year; and from 0% to 45% in subsequent years (previous year 0% to 45%). The valuation lapse assumption has been further adjusted by a margin for adverse deviation which ranges between positive 30% to negative 100% (previous year positive 30% to negative 100%) depending on the product.

Revivals: The best estimate revival assumption ranges from 2.5% to 100% (previous year 1% to 100%), depending on the year in which the policy lapsed and the duration elapsed since the policy lapsed. The valuation revival assumption has been further adjusted by a margin for adverse deviation of positive 30% (previous year positive 30%).

(b) Freelook Reserves:

The Free look cancellation reserves are determined by multiplying the total new business premium corresponding to Unit Linked, Traditional as well as Group business (excluding


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the fund based products) received during the month corresponding to the reporting date by an appropriate free look percentage rate (based on a prudent value of the recent past experience).

The free look percentage rate used is 1.50% (previous year 1.15%) for individual business and 0.6% (previous year 0.5%) for Group business.

(c) Actuarial Liability Valuation:

The valuation of actuarial liabilities for policies in force and policies in respect of which premium has been discontinued but liability exists as on the reporting date has been duly certified by the Appointed Actuary.

For the current financial year, the amount ceded in reinsurance has been considered for all lines of businesses in the valuation of actuarial liabilities. In the previous year, the amount ceded in reinsurance was considered only for one product (PMJJBY) under Non-Linked Non-participating business.

(` ‘000)

Particulars As at March 31, 2019

As at March 31, 2018 Movement

Policy LiabilitiesLinked Non Participating – Life 888,672 793,872 94,800Linked Non Participating – Pension 12,450 25,007 (12,557)

Non Linked Non Participating – Pension 3,503,490 4,513,609 (1,010,119)

Non Linked Non Participating – Life 24,350,252 19,598,242 4,752,010

Non Linked Variable – Life 871,985 962,233 (90,248)Non Linked Variable – Pension 1,995,683 1,658,427 337,256Non Linked Participating – Life 12,723,616 7,602,849 5,120,767Non Linked Non Participating – Annuity 1,125,565 652,407 473,158

Non Linked Non Participating – Health 8,236 - 8,236

Total Policy Liabilities ( A ) 45,479,949 35,806,646 9,673,303

Provision for Linked LiabilitiesLinked Non Participating – Life 77,222,673 66,265,839 10,956,834Linked Non Participating – Pension 995,430 979,182 16,248

Add: Credit/(Debit) Fair Value Change Account (net) 9,018,855 10,766,407 (1,747,552)

Funds for Discontinued PolicesDiscontinued on account of non-payment of premium 5,428,836 4,423,772 1,005,064

Others 60,227 147,528 (87,301)Total Linked Liabilities ( B ) 92,726,021 82,582,728 10,143,293

Total ( A + B ) 138,205,970 118,389,374 19,816,596

The Bonus to participating policyholders, as recommended by the Appointed Actuary, has been included in the change in valuation of liabilities (Cost of Bonus for Current Year ` 510,832 thousands, Previous Year ` 304,352 thousands).


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(d) Funds for Future Appropriations (FFA):

Based on the recommendation of Appointed Actuary, un-appropriated profits are held in the Balance Sheet as Funds for Future Appropriations (FFA). The balance of FFA on participating business as at March 31, 2019 is ` 1,840,147 thousands, (March 31, 2018: ` 543,781 thousands).

3. Solvency Ratios

As at the end of March 31, 2019 the Company has a solvency ratio of 393% (previous year 382%) as against the required ratio of 150%.

4. Commitments made and outstanding for Loans, Investments and Fixed Assets

Estimated amount of capital commitments made and outstanding at year end for fixed assets (net of capital advances) to the extent not provided for amounts to ` 12,485 thousands (previous year ` 20,378 thousands).

Commitments made and outstanding for investments are ` 60,000 thousands (previous year ` 252,500 thousands) and for loans are ` Nil (previous year ` Nil).

5. Encumbrance of assets and assets deposited under Local Laws

The assets of the Company are free from all encumbrances except to the extent of assets or monies which are required to be deposited as margin contributions for investment trade obligations or as mandated by the courts of law. Details of such assets are given below:

a) Assets deposited with National Securities Clearing Corporation Limited (NSCCL) and Indian Clearing Corporation Limited (ICCL)

Fixed deposits amounting to ` 70,000 thousands (previous year ` 68,900 thousands) has been deposited with NSCCL and ICCL towards margin requirement for equity trade settlement.

b) Assets deposited with Clearing Corporation of India Limited (CCIL)

Details of amount / securities deposited under Tri-party Repo segment (TREPS) / Collateralized Borrowing and Lending Obligation segment (CBLO) are as below: (` ‘000)

Particulars

As atMarch 31, 2019

As atMarch 31, 2018

Market Value Amortised Cost

Market Value Amortised Cost

Cash 500 500 100 100

Government Securities 58,650 55,248 58,248 55,460


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c) Other Encumbrances

The Company has deposited ` 1,181 thousands (previous year ` 579 thousands) with various judicial forums/courts for 5 claim repudiation appeal cases (previous year 4 cases) which are subject to final decision of the judicial forums/courts.

There are no other assets required to be deposited under any local laws or otherwise encumbered in or outside India as at March 31, 2019.

6.Restructured Assets

There are no assets including loans subject to re-structuring (previous year- Nil).

7.Operating Lease Commitments

In accordance with the Accounting Standard 19 on Leases, the details of leasing arrangements entered into by the Company are mentioned below.

The Company has entered into agreements in the nature of lease or leave and licence with different lessors or licensors for office premises and motor vehicles. These are in the nature of operating lease. Some of these lease arrangements contain provisions for renewal and escalation. There are no restrictions imposed by lease arrangements nor are there any options given to the Company to purchase the properties and the rent is not determined based on any contingency.

The operating lease rentals charged to the Revenue Account during the year and future minimum lease payments under non – cancellable operating leases as at the Balance Sheet date are as follows:

(` ‘000)

Particulars For the year ended March 31, 2019


Lease rental charged to Revenue Account 143,120 133,446

(` ‘000)



Lease obligation for:

- Not Later than one year 77,792 92,577

- Later than one year but not later than five years 22,499 42,119

- Later than five years - -

8.Claims

There is no claim which is settled and remaining unpaid for a period of more than six months as on March 31, 2019 (previous year Nil).


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9. Value of Unsettled Contracts Relating to Investments

Value of contracts in relation to investments, for: (a) Purchases where deliveries are pending – ` 101,214 thousands (previous year

` 254,190 thousands).

(b) Sales where payments are overdue – Nil (previous year Nil).

10. Managerial Remuneration

The appointment and remuneration of managerial personnel is in accordance with the requirements of Section 34A of the Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act, 2015) and has been approved by the IRDAI. The details of the managerial remuneration are as follows: (` ‘000)

ParticularsMr. Anuj Mathur



Salary and Other Allowances 29,736 29,342

Contribution to Provident and other funds 1,818 1,675

Value of Perquisites 606 357

Total 32,160 31,374

Expenses towards the gratuity and leave encashment provisions are determined on the basis of an actuarial valuation for the Company as a whole and accordingly have not been considered in the above information.

Managerial remuneration in excess of the limits prescribed by IRDAI (` 15,000 thousands) is charged to the Shareholders’ account.

11. Segment Reporting

As per the requirements of Accounting Standard 17 “Segmental Reporting” read in conjunction with the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Company is required to prepare a segment wise financial statement. The same is detailed as Annexure 1.

12. Investments

All investments are made in accordance with the provisions of the Insurance Act, 1938 (as amended by the Insurance Laws (Amendment) Act, 2015), Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016, Investments - Master Circular issued by IRDAI in May 2017 (as amended from time to time).


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The Company did not hold any non-performing Investments during the year except as mentioned below:

(` ‘000)

Issuer name / Asset type


Gross Amount (Refer note-1)

Shareholders’ funds Policyholders’ funds

Schedule 8(Refer note-2)

Current Assets(Refer note-3)

Total(Refer note-4)

Schedule 8B(Refer note-5)

Infrastructure Leasing and Financial Services

Commercial Papers 93,154 500,000 593,154 150,000

Non Convertible Debentures - - - 75,000

IL & FS Financial Services Ltd

Commercial Papers 232,603 - 232,603 37,500

Non Convertible Debentures 50,000 - 50,000 37,500

Total Gross amount ( A ) 375,757 500,000 875,757 300,000Face Value of above Securities ( B ) 400,000 500,000 900,000 350,000

Net book value of Securities Considered as 50% of face value ( C = B X 50%)

200,000 250,000 450,000 175,000

NPA Provision created ( D = A – C ) 175,757 250,000 425,757 125,000

Note-1: In view of the downgrading of the credit rating of the said securities below investment grade and default in payments of the dues, the Company has classified its entire exposure in IL&FS group as non-performing in line with its accounting policy and regulatory guidelines and has created adequate provisions as shown above, by considering the value of securities at 50% of its face value based on prudence.

Note-2: Investments are disclosed under Schedule-8 (Investments – Shareholders’) and corresponding NPA provisions are disclosed under Schedule-13 (Current Liabilities).

Note-3: Redemption receivable and corresponding NPA provision is disclosed under Schedule-12 (Advances and Other Assets).

Note-4: NPA provision of ` 425,757 thousands includes `15,198 thousands provided through reversal of Investment Income (towards accretion of book value to face value on maturity of Commercial papers) and the balance amount of ` 410,559 thousands is reflected under Provision for non-standard assets in the Profit and Loss Account.

Note-5: Investments, redemption receivable and corresponding NPA provisions are disclosed under Schedule 8-B (Assets held to cover Linked Liabilities).

(` ‘000)

Issuer name / Asset type


Gross Amount

Shareholders' funds Policyholders’ funds

Schedule 8 Current Assets Total Schedule 8B

Nil Nil Nil Nil Nil


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13. Taxation

The taxable profits of a life insurance company are required to be computed in accordance with the provisions of Section 44 read with the rules contained in the First Schedule of the Income Tax Act, 1961. The Company has brought forward business losses from previous years amounting to ` 3,209,574 thousands (Previous Year ` 4,903,878 thousands) for setting off against current year profit. Hence, there is no tax liability for the year and thus no provision for current year tax is required. In the absence of virtual certainty of availability of future profits to realise the deferred tax assets arising on the unabsorbed business losses, deferred tax asset has not been recognized during the year.

14. Percentage of Business Sector-wise

Sector wise break-up of policies issued during the year is as follows:

Rural Sector

Particulars



Number of Policies

New Business Premium(` ‘000)

Number of Policies


Total business 129,068 14,602,651 104,873 12,274,581

Rural sector 37,172 1,737,657 27,772 1,305,523

As % of total business 28.8% 11.9% 26.5% 10.6%

The Company has issued 28.8% of its total new policies sold during the year in the rural sector (previous year 26.5%) (against a minimum requirement of 20% (previous year 20%)) as per IRDAI (Obligations of Insurers to Rural and Social sectors) Regulations, 2015.

Social Sector

Particulars



Number of Policies

Number of group lives


Number of Policies

Number of group lives


Total business 129,068 2,629,979 14,602,651 1,04,873 1,395,341 12,274,581

Social sector 2* 337,686 64,426 7 12,681 3,488

As a % of totalbusiness 0.002% 12.8% 0.4% 0.01% 0.91% 0.03%

* Group Master Policy contains both social and non social lives

The Company has covered 22.5% lives (previous year 11.1%) (number of lives covered under social sector during the current financial year divided by sum of total number of policies issued in case of individual insurance and number of lives covered in case of Group Insurance during last financial year) in the social sector (against a minimum regulatory requirement of 5% (previous year 5%)).


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15. Allocation of investments and Income thereon between Policyholders’ Account and Shareholders’ Account

The Company maintains separate funds for the shareholders and policyholders and the relevant records are also maintained accordingly. Since the actual funds, investments and income thereon is tracked separately from inception, the allocation of investments and income is not required.

16. Percentage of risks retained and risk reinsured (` ‘000)



March 31, 2018

Sum at Risk % Sum at Risk %

Individual Business

Sum at Risk Retained 272,378,795 56.80% 201,609,696 58.20%

Sum at Risk Reinsured 207,155,278 43.20% 144,783,651 41.80%

Total Individual Business 479,534,073 100.00% 346,393,347 100.00%

Group Business

Sum at Risk Retained 398,592,030 60.56% 226,968,993 59.55%

Sum at Risk Reinsured 259,571,222 39.44% 154,145,840 40.45%

Total Group Business 658,163,252 100.00% 381,114,833 100.00%

17. Auditors Details

The statutory auditors of the Company were engaged for providing few certifications that were required by various regulatory authorities and the Tax audit (under Income Tax Act, 1961). The Board of Directors of the Company have approved such engagements as required under ordinary course of business.

(` ‘000)

Name of Auditors Services renderedFor the year

ended March 31, 2019


M/s K K Soni & Co.(Statutory Auditors for FY 2017-18)

Certifications 220 200

Tax Audit 278 127

M/s Rasool Singhal & Co.(Statutory Auditors for FY 2017-18)

Certifications 220 200

Tax Audit - 127

18. Accounting Ratios

Key performance and accounting ratios are detailed as Annexure 2.


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19. Summary of Financial Statements

A summary of the financial statements is detailed in Annexure 3.

20. Transfer from / to Revenue Account

During the current year, the net surplus of ` 1,372,515 thousands (Previous year ` 1,135,791 thousands) is being transferred from policyholders’ account to shareholders account. The segment wise details are tabulated below: (` ‘000)



Linked Non Participating Life 702,724 814,201

Linked Non Participating Pension 6,056 (21,580)

Non Linked Non Participating Pension 8,151 10,024

Non Linked Non Participating Life 627,156 273,307

Non Linked Variable Life 4,000 1,255

Non Linked Variable Pension 7,075 11,342

Non Linked Participating Life 57,358 34,162

Non Linked Non Participating Annuity (29,428) 13,080

Non Linked Non Participating Health (10,577) -

Total 1,372,515 1,135,791

Negative figures represent Contribution to Policyholders’ account The Bonus to participating policyholders for current year, as recommended by the

Appointed Actuary based on the Company’s Bonus philosophy, approved by the With-Profits Committee and the Board, has been included in the change in valuation for policies in force.

21. Related Party Disclosures

During the financial year the Company had transactions with related parties as defined in the Accounting Standard 18. Lists of such transactions are disclosed as a part of the “Related party disclosures” and detailed in Annexure 4.

22. Computation of Earnings Per Share

In accordance with Accounting Standard 20 – Earnings per share, calculations for earning per share are as under:



Net profit / (loss) available for equity shareholders (in ` thousands) 1,651,967 1,678,448

Weighted average number of equity shares outstanding during the year 950,000,000 950,000,000

Basic and diluted earnings per equity share (amount in `) 1.74 1.77

Face value per equity share (amount in `) 10 10


163A

23. Micro, Small and Medium Enterprises Development Act, 2006

According to information available with the management, on the basis of intimation received from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the details of amounts due to Micro and Small Enterprises under the said Act are as follows:

(` ‘000)



a) (i) Principal amount remaining unpaid to supplier under MSMED Act - -

(ii) Interest on (a) (i) above - -

b) (i) Amount of principal paid beyond the appointed date - -

(ii) Amount of interest paid beyond the appointed date (as per Section 16) - -

c)Amount of interest due and payable for the period of delay in making payment, but without adding the interest specified under section 16 of the MSMED Act

- -

d) Amount of interest accrued and due - -

e) Amount of further interest remaining due and payable even in succeeding years - -

24. Disclosure of Certain Expenses

As required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI, expenses incurred under the following heads are as follows:

(` ‘000)



Marketing Support 371,412 236,951

Business development - -

Outsourcing expenses 103,815 87,766

25. Employee Benefits

A) Defined benefit plan

i) Gratuity:

The Company provides for gratuity benefits based on an actuarial valuation using projected unit credit method. The rules of the gratuity scheme are similar to those provided in “The Payment of Gratuity Act, 1972”. The gratuity benefit is provided to the employees through a fund administered by Trustees. Vesting happens only on completion of 5 years of continuous service with the company. However, in case of death of an employee during the course of an active employment, the gratuity is paid even if the employee has not completed 5 years of continuous service. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.


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Reconciliation of the opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is detailed in Annexure 5. This is based on an independent actuarial valuation as on March 31, 2019.

B) Defined contribution plan

i) Provident Fund:

The Company makes contribution towards employees’ provident fund scheme as well as employees’ pension scheme, a defined contribution plan. The Company’s contribution for the year amounts to ̀ 48,858 thousands (previous year ̀ 42,825 thousands) and ̀ 28,084 thousands (previous year ` 22,534 thousands) respectively. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.

ii) National Pension Scheme:

The Company makes contribution towards national pension scheme for the employees who had opted for the scheme. National pension scheme is a defined contribution plan which is managed and administered by pension fund management companies licensed by the Pension Funds Regulatory and Development Authority (’PFRDA’). The Company’s contribution for the year amounts to ̀ 5,442 thousands (previous year ̀ 4,774 thousands). The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.

C) Other employee benefits

i) Leave Encashment:

The Company accrues the liability for leave encashment based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”. The assumptions used for valuation are:


Discount rate (per annum) 6.60% 7.50%

Salary growth rate (per annum) 6% p.a. for first 2 years, 7% p.a. thereafter

5% p.a. for first 3 years, 7% p.a. thereafter

ii) Long Term Incentive Plan / Deferred Bonus and long term association rewards:The Company accrues for the liability for the long term incentive plan, deferred bonuses and long term association rewards based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”. The assumptions used for valuation are:


Discount Rate (per annum) 6.60% 7.50%


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iii) Accumulated Compensated Absences:The Company accrues for the liability on account of accumulated compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The related expenses have been recognized in Revenue and Profit & Loss account under “Employees’ remuneration and welfare benefits”.

Particulars As at March 31, 2019 As at March 31, 2018Discount rate (per annum) 6.60% 7.50%

Salary growth rate (per annum) 6% p.a. for first 2 years, 7% p.a. thereafter


26. Foreign exchange gain / (loss)

The net foreign exchange loss debited to Revenue Account and Profit & Loss Account for the year ended March 31, 2019 is ` 48 thousands (previous year gains ` 327 thousands).

27. Foreign currency exposure

The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are Nil (previous year Nil).

28. Details for person in charge of management of the business under Section 11(3) of the Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act, 2015)

Name Description Directorship held Occupation

Anuj Mathur Managing Director & Chief Executive Officer


Company LimitedService

29. Historical Cost of Investment

The historical costs of those investments whose reported value is based on fair value are: ( ` ‘000)

ParticularsAs at March 31, 2019 As at March 31, 2018

Reported value Historical Value Reported value Historical ValueInvestments - Shareholders (Schedule 8)* 499,905 476,660 295,982 290,683

Investments - Policyholders (Schedule 8A)* 1,685,996 1,656,702 1,045,328 1,035,688

Assets held to cover Linked Liabilities (Schedule 8B) 90,954,673 81,759,577 81,182,862 70,332,322

* Representing Equity, Liquid Mutual Funds and additional Tier 1 Bonds (AT1)

30. Additional Disclosures as per requirements of IRDAI

Unit linked disclosures as required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI is detailed as Annexure 6.


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31. Penal Actions against the Company by various Government Agencies

As required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI, a report on penal actions has been detailed under Annexure 7.

32. Controlled Fund

As required by Master Circular on Preparation of Financial Statements and Filing Returns of Life Insurance Business dated December 11, 2013 issued by IRDAI, the reconciliation statement is detailed as Annexure 8.

33. Treatment of Unclaimed Amount of Policyholders

As required by Master Circular (Unclaimed Amount of Policyholders) dated July 25, 2017 issued by IRDAI, a statement showing age-wise analysis of the unclaimed amount of the policyholders is detailed as Annexure 9A.

A statement showing details of unclaimed amounts and investment income thereon is detailed as Annexure 9B.

34. Disclosures regarding Repo/Reverse Repo transactions

As required by circular No. IRDA/F&I/CIR/INV/250/12/2012 dated 4th Dec 2012 issued by IRDAI, details on participation of insurers in Reverse Repo transactions are detailed as Annexure 10.

35. Disclosures regarding discontinued policies

As required by Insurance Regulatory and Development Authority (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010 relating to the treatment of discontinued linked insurance policies, the disclosures are detailed under Annexure 11.

36. Processing of Unit Linked Applications received on 31st March

The Company has complied with the guidelines under Point 5 of Schedule I to Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016 governing the applicability of the NAV for the processing of the Unit Linked applications received on the last business day of the Financial Year.

37. Revaluation of Investment Property

The Company does not have any Investment in real estate property and hence no revaluation is required.


167

38. Details of the Sale of Investment assets wherein the sale price was lower than the purchase value

In accordance with the Section 143(1)(c) of Companies Act, 2013, value of securities sold below the purchase cost is as under:

For the year ended March 31, 2019 (` ‘000)

Fund Group Purchase value / Amortised Cost Sale Value Loss on Sale

Shareholders - - -

Non-Linked Funds 970,801 947,212 (23,589)

Linked Funds 26,397,089 23,772,081 (2,625,008)Policyholders’ Unclaimed Monies Fund

49,211 49,131 (80)

Total 27,417,101 24,768,424 (2,648,677)

For the year ended March 31, 2018 (` ‘000)

Fund Group Purchase value / Amortised Cost Sale Value Loss on Sale

Shareholders - - -

Non-Linked Funds 53,591 49,895 (3,696)

Linked Funds 13,430,092 12,055,867 (1,374,225)

Policyholders’ Unclaimed Monies Fund

- - -

Total 13,483,683 12,105,762 (1,377,921)

39. Additional disclosure requirements as per Corporate Governance guidelines

A) Quantitative and qualitative information on the insurer’s financial and operating ratios, namely, incurred claim, commission and expenses ratios

Refer Key performance and accounting ratios (Annexure 2) and Summary of financial statements (Annexure 3).

B) Actual solvency margin details vis-á-vis the required solvency margin

Refer Schedule 16C – Note 3.

C) Persistency ratio

Refer Key performance and accounting ratios (Annexure 2).

D) Financial performance including growth rate and current financial position of the insurer

Refer Key performance and accounting ratios (Annexure 2) and Summary of financial statements (Annexure 3).


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E) Description of the risk management architecture

The Company relies on robust risk management practices and governance mechanism towards managing risks and recognizes that an effective risk management framework is fundamental to its success.

Management of risks, including its measurement, requires adopting a multi-faceted approach where each risk and its impact is analyzed from various aspects in order to build a holistic and forward looking view on that risk & assess its relevance for the Company & other relevant stakeholders. Management of risks is also integrated into business decision making both at a strategic and process level. A conducive Risk Management framework has been implemented to facilitate identification, assessment, mitigation and reporting of risks. This includes an assessment and periodic review of each category of risk.

Management oversight on relevant risks is ensured through separate executive risk management committees and internal governance forums; where all categories of risk including market, liquidity, credit, insurance, product & pricing, operational, information and cyber security, conduct risk including sales quality and business & strategic risks are reviewed. The Risk Management Group, comprising of Company’s Senior Management, performs the role of the overarching risk group to provide leadership and oversight to the functioning of other risk sub- groups within the organization. This ensures that the risk is managed within the stated appetite and the risk management activities adequately support Company’s objectives and long term strategies.

The risk governance structure further includes setting up of a Risk Management Committee (RMC) that has the ultimate responsibility of ensuring that an effective risk management framework, asset liability matching and internal control system are implemented. The RMC also reviews its effectiveness on an ongoing basis. The RMC assists the Board in effective operation of the Risk Management framework, advises the Board with regard to risk management decisions in relation to strategic and operational matters and also reports to the Board on the details of the risk exposures and the actions taken to manage the exposures. The RMC and Audit Committee are supported by Company’s risk management and the internal audit functions respectively and are responsible for assisting the Board in fulfilling these responsibilities and ensuring adequacy of the Company’s risk management and internal control structure.

F) Details of number of claims intimated, disposed off and pending with details of duration

Particulars As at March 31, 2019 As at March 31, 2018No. of claims outstanding at the beginning of the year 3 9Add: No. of claims reported during the year 3,536 1,830Less:

No. of claims settled during the year 3,457 1,788No. of claims repudiated during the year 77 46No. of claims rejected during the year 1 2No. of claims written back - -

No. of claims outstanding at the end of the year 4 3Details of duration of outstanding claims:

Less than 3 months 2 23 months to 6 months 2 16 months to 1 year 0 01 year and above 0 0


169

G) Payments made to group entities from Policyholders’ Funds

Refer Related party transactions (Annexure 4).

40. Corporate Social Responsibility

i) As per section 135 of Companies Act, 2013, the amount required to be spent by the Company on Corporate Social Responsibility (CSR) during year ended March 31, 2019 is ` 27,381 thousands (March 31, 2018: ` 22,898 thousands).

During the year, Company has spent ` 27,430 thousands (previous year ` 22,979 thousands) on various CSR initiatives mentioned in Schedule VII of the Companies Act, 2013.

(` ‘000)

Sector in which the project is covered For the year ended March 31, 2019


Promoting education, including consumer education and special education and employment enhancing vocation skills especially among children, women, elderly and the differently-abled and livelihood enhancement projects

15,067 17,750

Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforesty, conservation of natural resources and maintaining quality of soil, air and water

8,400 4,580

Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation and making available safe drinking water

1,500 -

Promoting gender equality, empowering women, setting up homes and hostels for women & orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups

1,500 -

Administrative expenditure 963 649

Total 27,430 22,979

ii) Amount spent during the year is as under: (` ‘000)

Particulars

Incurred and paid



Construction / Acquisition of any asset - -

On purposes other than above 27,430 22,979

Total 27,430 22,979


170

iii) Amounts of related party transactions pertaining to CSR related activities for the year ended March 31, 2019 is ` Nil (March 31, 2018: ` Nil).

41. Expenses of Management

The actual expenses are within the allowable limits at the overall Company level as well as business segment levels, as specified under Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2016 except in case of Unit Linked General Annuity and Pension segment, where there is an excess of ` 25,863 thousands (previous year ` 20,613) and Non-Linked Non-Participating health segment, where the excess is ` 2,764 thousands (previous year ` Nil). These excess amounts have been made good by a transfer to the respective segments in the Revenue Account from the Shareholders’ funds in accordance with clause 16 of the regulations.

42. Previous year figures

Previous year figures have been regrouped as and where required to confirm to the current year presentation. The explanations for the regroupings are as under:

(` ‘000)Previous year

scheduleAccount

HeadPrevious Year

Line ItemCurrent year

scheduleCurrent Year

Line Item Amount Explanation

Form A-RA

Change in valuation of

liability in respect of life

policies

(a) Gross Form A-RA(b) Amount

ceded in Rein-surance

(68,375)Reclassified in line with

current years’ presentation



Chairman

(DIN : 05230407)

Balakrishna Alse S

Director

(DIN : 08438552)

Alistair Chamberlain

Director

(DIN : 08184995)

Anuj Mathur

Managing Director & Chief Executive Officer

(DIN : 00584057)

Akshay Dhand

Appointed Actuary

IAI : 244

Tarun Rustagi

Chief Financial Officer

ACA : 098275

Vatsala Sameer

Company Secretary

ACS : 14813

Place: New Delhi

Date: May 15, 2019


171

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10

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,407

Add:

Fun

ds fo

r Dis

cont

inue

d Po

lices

(i) D

isco

ntin

ued

on a

ccou

nt o

f non

-pay

men

t of p

rem

ium

4,

422,

981

791

-

-

-

-

-

-

-

-

4,42

3,77

2 (ii

) Oth

ers

147,

528

-

-

-

-

-

-

-

-

-

1

47,5

28

Sub-

Tota

l (Pr

ovis

ion

for L

inke

d Li

abili

ties)

81,

421,

738

1,

160,

990

-

-

-

-

-

-

-

-

82,5

82,7

28

Sub-

Tota

l

8

2,21

6,01

4

1,18

5,99

9

4,51

3,62

7

1

9,59

8,42

5

96

2,24

1

1,65

8,43

7

7,61

1,86

1

65

2,41

1

-

-

1

18,3

99,0

15

Fund

s fo

r Fut

ure

Appr

opria

tion

-

-

-

-

-

-

54

3,78

1

-

-

-

5

43,7

81

TOTA

L

8

2,21

6,01

4

1,18

5,99

9

4,51

3,62

7

1

9,59

8,42

5

96

2,24

1

1,65

8,43

7

8,15

5,64

2

65

2,41

1

-

10,

755,

299

1

29,6

98,0

95

APPL

ICAT

ION

OF

FUN

DS

Inve

stm

ents

Shar

ehol

ders

’

-

-

-

-

-

-

-

-

-

7

,636

,467

7,63

6,46

7 Po

licyh

olde

rs’

1,

756,

894

31

,622

4,37

1,18

7

1

9,60

0,55

2

89

1,58

1

1,61

6,66

2

7,72

5,84

6

66

2,29

4

-

-

36,6

56,6

38

Asse

ts h

eld

to c

over

link

ed li

abili

tes

81,

421,

738

1,

160,

990

-

-

-

-

-

-

-

-

82,5

82,7

28

Loan

s

-

-

-

-

-

-

1

,109

-

-

-

1,

109

Fixe

d As

sets

*

62,5

60

902

3,4

35

14,

913

732

1,2

62

5

,786

4

96

-

-

9

0,08

6

Cur

rent

Ass

ets

Cas

h an

d Ba

nk B

alan

ces

1,

356,

481

23

,058

7

4,26

0

12

5,11

9

16,5

87

49,

953

457,

053

2

,898

-

52

7

2,10

5,93

6 Ad

vanc

es a

nd O

ther

Ass

ets

244,

006

3

,530

15

8,53

7

91

5,65

7

24,9

50

53,

479

681,

803

15

,528

-

184

,178

2,28

1,66

8 Su

b-To

tal (

A)

1,60

0,48

7

26,5

88

232,

797

1,

040,

776

41

,537

10

3,43

2

1,13

8,85

6

18,4

26

-

1

84,7

05

4,

387,

604

Cur

rent

Lia

bilit

ies

2,

595,

512

33

,644

9

3,68

0

1,05

2,84

0

(

28,4

24)

62

,877

68

8,59

7

28,7

93

-

(

1,33

6,36

9)

3,19

1,15

0 Pr

ovis

ions

30

,153

4

59

112

4,9

76

3

3

42

27

,358

12

-

-

6

3,14

5 Su

b-To

tal (

B)

2,62

5,66

5

34,1

03

93,

792

1,

057,

816

(28,

391)

62

,919

71

5,95

5

28,8

05

-

(1

,336

,369

)

3,25

4,29

5

Net

Cur

rent

Ass

ets

(C) =

(A –

B) *

(1,0

25,1

78)

(7

,515

)

13

9,00

5

(1

7,04

0)

69,9

28

40,

513

422,

901

(10,

379)

-

1,5

21,0

74

1,

133,

309

Mis

cella

neou

s Ex

pend

iture

(To

The

Exte

nt N

ot W

ritte

n O

ff O

r Adj

uste

d)

-

-

-

-

-

-

-

-

-

-

-

Debi

t Bal

ance

In P

rofit

And

Los

s Ac

coun

t (Sh

areh

olde

rs’ A

ccou

nt)

-

-

-

-

-

-

-

-

-

1,5

97,7

58

1,

597,

758

TOTA

L

8

2,21

6,01

4

1,18

5,99

9

4,51

3,62

7

1

9,59

8,42

5

96

2,24

1

1,65

8,43

7

8,15

5,64

2

65

2,41

1

-

10,

755,

299

1

29,6

98,0

95

* The

se b

alan

ces

have

bee

n re

clas

sifie

d in

line

with

Sch

edul

e 16

B - N

ote

15 (S

igni

fican

t Acc

ount

ing

Polic

ies)

FOR

M A

-BS

Can

ara

HSB

C O

rient

al B

ank

of C

omm

erce

Life

Insu

ranc

e C

ompa

ny L

imite

dR

egis

trat

ion

No.

136

; Dat

e of

Reg

istr

atio

n : M

ay 8

, 200

8An

nexu

res

to S

ched

ule

16 fo

r the

yea

r end

ed M

arch

31,

201

9

173

SEG

MEN

TAL

REV

ENU

E AC

CO

UN

T FO

R T

HE

YEAR

EN

DED

MAR

CH

31,

201

9Po

licyh

olde

rs’ A

ccou

nt (

Tech

nica

l Acc

ount

)An

nexu

re 1

Part

icul

ars

Sche

dule

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Non

Lin

ked

Varia

ble

- Life

Non

Lin

ked

Varia

ble

- Pen

sion

Non

Lin

ked

Part

icip

atin

g - L

ife

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- An

nuity

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- H

ealth

Tot

al

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00))

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

Prem

ium

s ea

rned

– n

et(a

) Pre

miu

m

17,

357,

620

210,

060

441,

500

7,

086,

295

511,

415

490,

070

8,

348,

692

455,

171

6

,625

34

,907

,448

(b

) Rei

nsur

ance

ced

ed

(

88,4

76)

-

(1

)

(30

9,85

3)

-

-

(5

,232

)

-

(24

4)

(40

3,80

6)(c

) Rei

nsur

ance

acc

epte

d

-

-

-

-

-

-

-

-

-

-

Sub

Tota

l17

,269

,144

210,

060

441,

499

6,77

6,44

2

511,

415

490,

070

8,34

3,46

0

455,

171

6,38

1

34

,503

,642

Inco

me

from

Inve

stm

ents

(a)I

nter

est,

Divi

dend

s an

d Re

nt –

Gro

ss

2,81

6,71

8

35,9

36

298,

143

1,

786,

204

65

,604

14

5,12

3

78

9,96

3

64,8

96

4

4

6,00

2,63

1 (b

)Pro

fit o

n sa

le/re

dem

ptio

n of

inve

stm

ents

8,

614,

441

138,

041

12

,806

8

9,41

5

5,9

24

11,

479

60

,563

1,1

03

4

7

8,93

3,81

9 (c

)(Lo

ss o

n sa

le/ r

edem

ptio

n of

inve

stm

ents

)

(

2,58

9,70

9)

(

37,5

92)

(2

,791

)

(

10,8

32)

(1

,037

)

(1,5

29)

(5

,107

)

-

-

(2,6

48,5

97)

(d) T

rans

fer/G

ain

on re

valu

atio

n/ch

ange

in fa

ir va

lue*

(1,

705,

417)

(38

,632

)

-

-

-

-

-

-

-

(

1,74

4,04

9)Su

b To

tal

7,

136,

033

97

,753

30

8,15

8

1,86

4,78

7

70,4

91

155,

073

845,

419

65

,999

91

10,

543,

804

Oth

er In

com

e(a

) Con

tribu

tion

from

the

Shar

ehol

ders

' A/c

(Ref

er S

ched

ule

16C

- N

ote

20 &

Not

e 41

)

-

2

5,86

3

-

-

-

-

-

2

9,42

8

13,3

40

68,

631

(b) M

isce

llane

ous

Inco

me

28

,051

5

01

2

,160

2

9,53

4

1,1

61

778

37,8

58

498

7

10

0,54

8 TO

TAL

(A)

24,

433,

228

334,

177

751,

817

8,

670,

763

583,

067

645,

921

9,

226,

737

551,

096

19

,819

45

,216

,625

Com

mis

sion

2-

A

40

1,00

3

7,1

11

-

5

03,2

75

515

-

927

,354

9,0

89

1

,700

1,85

0,04

7

Ope

ratin

g Ex

pens

es r

elat

ed to

Insu

ranc

e Bu

sine

ss3-

B

1,58

9,20

7

32,2

72

2

,336

1,13

3,73

6

1,3

00

1

,590

1,29

0,05

2

16,5

20

7

,120

4,07

4,13

3 G

ST /

Serv

ice

tax

reco

vere

d on

ULI

P ch

arge

s

53

3,51

6

4,9

96

-

-

-

-

-

-

-

538

,512

Pr

ovis

ion

for D

oubt

ful d

ebts

175

-

-

-

-

-

-

-

-

1

75

Bad

debt

s w

ritte

n of

f

-

-

-

-

-

-

-

-

-

-

Prov

isio

n fo

r Tax

atio

n

-

-

-

-

-

-

-

-

-

-

Prov

isio

ns (o

ther

than

taxa

tion)

(a) F

or d

imin

utio

n in

the

valu

e of

inve

stm

ents

(Net

)

-

-

-

-

-

-

-

-

-

-

(b) P

rovi

sion

for n

on-s

tand

ard

asse

ts (R

efer

Sch

edul

e 16

C -

Not

e 12

)

12

5,00

0

-

-

-

-

-

-

-

-

12

5,00

0

TOTA

L (B

)

2,64

8,90

1

44,3

79

2

,336

1,63

7,01

1

1,8

15

1

,590

2,21

7,40

6

25,6

09

8

,820

6,58

7,86

7

Bene

fits

Paid

(Net

)4-

A

1

0,81

4,90

3

29

9,04

3

1,75

1,45

0

1,65

4,58

5

66

7,49

9

30

0,00

0

52

9,44

7

52,3

29

-

1

6,06

9,25

6 In

terim

& te

rmin

al b

onus

pai

d

-

-

-

-

-

-

5

,393

-

-

5

,393

C

hang

e in

val

uatio

n of

liab

ility

in re

spec

t of l

ife p

olic

ies

(a) G

ross

**

1

0,26

6,73

1

(

41,1

64)

(1,0

10,1

20)

5,

192,

150

(90

,247

)

33

7,25

6

5,14

5,26

1

47

3,15

8

9,3

22

20,2

82,3

47

(b)(

Amou

nt c

eded

in R

eins

uran

ce)

(3

1)

-

-

(

440,

139)

-

-

(

24,4

94)

-

(1,

086)

(

465,

750)

(c)A

mou

nt a

ccep

ted

in R

eins

uran

ce

-

-

-

-

-

-

-

-

-

-

Tota

l (C

)

2

1,08

1,60

3

25

7,87

9

74

1,33

0

6,40

6,59

6

57

7,25

2

63

7,25

6

5,65

5,60

7

52

5,48

7

8,2

36

35,8

91,2

46

TOTA

L (B

+C)

23,

730,

504

302,

258

743,

666

8,

043,

607

579,

067

638,

846

7,

873,

013

551,

096

17

,056

42

,479

,113

Surp

lus/

Def

icit

(D)=

(A)-

(B)-

(C)

702,

724

31,9

19

8,15

1

62

7,15

6

4,

000

7,07

5

1,

353,

724

-

2,

763

2,73

7,51

2

Appr

opria

tions

Tran

sfer

to S

hare

hold

ers’

Acc

ount

(Ref

er S

ched

ule

16C

- N

ote

20

& N

ote

41)

702,

724

31

,919

8,1

51

627,

156

4

,000

7,0

75

57,

358

-

2

,763

1,44

1,14

6

Tran

sfer

to O

ther

Res

erve

s

-

-

-

-

-

-

-

-

-

-

Bala

nce

bein

g Fu

nds

for F

utur

e Ap

prop

riatio

ns

-

-

-

-

-

-

1,

296,

366

-

-

1,29

6,36

6 TO

TAL

(D)

702,

724

31,9

19

8,15

1

62

7,15

6

4,

000

7,07

5

1,

353,

724

-

2,

763

2,73

7,51

2

* Rep

rese

nts

the

deem

ed re

alis

ed g

ain

as p

er n

orm

s sp

ecifi

ed b

y th

e Au

thor

ity.

**Rep

rese

nts

Mat

hem

atic

al R

eser

ves

afte

r allo

catio

n of

bon

us

The

brea

k up

of t

otal

sur

plus

is a

s un

der:

(a)

Inte

rim &

term

inal

bon

us p

aid:

-

-

-

-

-

-

5

,393

-

-

5,39

3

(b

)Al

loca

tion

of B

onus

to p

olic

yhol

ders

:-

-

-

-

-

-

51

0,83

2

-

-

510,

832

(c)

Surp

lus

show

n in

the

Reve

nue

Acco

unt:

702,

724

31,9

19

8,15

1

62

7,15

6

4,

000

7,07

5

1,35

3,72

4

-

2,7

63

2,73

7,51

2

(d)

Tota

l Sur

plus

: ((a

)+(b

)+(c

)):70

2,72

4

31

,919

8,

151

627,

156

4,00

0

7,

075

1,86

9,94

9

-

2

,763

3,

253,

737

Form

A-R

AC

anar

a H

SBC

Orie

ntal

Ban

k of

Com

mer

ce L

ife In

sura

nce

Com

pany

Lim

ited

Reg

istr

atio

n N

o. 1

36; D

ate

of R

egis

trat

ion

: May

8, 2

008

Anne

xure

s to

Sch

edul

e 16

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

1-A

174

SEG

MEN

TAL

REV

ENU

E AC

CO

UN

T FO

R T

HE

YEAR

EN

DED

MAR

CH

31,

201

8Po

licyh

olde

rs’ A

ccou

nt (

Tech

nica

l Acc

ount

)An

nexu

re 1

Part

icul

ars

Sche

dule

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Non

Lin

ked

Varia

ble

- Life

Non

Lin

ked

Varia

ble

- Pen

sion

Non

Lin

ked

Part

icip

atin

g - L

ife

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- An

nuity

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- H

ealth

Tot

al

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

Prem

ium

s ea

rned

– n

et(a

) Pre

miu

m

15,7

63,8

41

156,

381

1,

520,

000

3,

081,

146

528,

504

530,

072

6,

228,

034

2

,591

-

27,

810,

569

(b) R

eins

uran

ce c

eded

(88,

389)

-

-

(196

,225

)

-

-

(2

,881

)

-

-

(2

87,4

95)

(c) R

eins

uran

ce a

ccep

ted

-

-

-

-

-

-

-

-

-

-

Su

b To

tal

15,6

75,4

52

15

6,38

1

1,

520,

000

2,

884,

921

52

8,50

4

53

0,07

2

6,

225,

153

2,

591

-

27,5

23,0

74

In

com

e fr

om In

vest

men

ts(a

)Int

eres

t, Di

vide

nds

and

Rent

– G

ross

2,6

76,0

92

34

,294

32

2,89

1

1,48

5,97

3

50,7

81

107,

264

427,

932

52

,406

-

5

,157

,633

(b

)Pro

fit o

n sa

le/re

dem

ptio

n of

inve

stm

ents

6,3

93,7

71

127,

793

23

,897

5

7,46

4

8,0

72

13,

847

20

,470

9

71

-

6,6

46,2

85

(c)(

Loss

on

sale

/ red

empt

ion

of in

vest

men

ts)

(1,3

52,0

81)

(22

,144

)

-

-

-

-

(3,6

96)

-

-

(1

,377

,921

)(d

) Tra

nsfe

r/Gai

n on

reva

luat

ion/

chan

ge in

fair

valu

e*

(471

,495

)

(

17,4

20)

-

-

-

-

-

-

-

(

488,

915)

Sub

Tota

l

7

,246

,287

12

2,52

3

34

6,78

8

1,54

3,43

7

58,8

53

121,

111

444,

706

53

,377

-

9

,937

,082

O

ther

Inco

me

(a) C

ontri

butio

n fro

m th

e Sh

areh

olde

rs' A

/c (R

efer

Sch

edul

e 16

C -

Not

e 20

& N

ote

41)

-

42,1

91

-

-

-

-

-

-

-

42

,191

(b

) Mis

cella

neou

s In

com

e

2

8,71

3

4

35

2

,154

2

8,93

6

5

59

1

,211

2

1,23

8

38

-

83,2

84

TOTA

L (A

)

22

,950

,452

32

1,53

0

1,86

8,94

2

4,45

7,29

4

58

7,91

6

65

2,39

4

6,69

1,09

7

56,0

06

-

3

7,58

5,63

1

Com

mis

sion

2-

A

339

,519

5,1

62

-

33,7

46

234

-

885

,299

49

-

1,2

64,0

09

Ope

ratin

g Ex

pens

es r

elat

ed to

Insu

ranc

e Bu

sine

ss3-

B

1

,703

,013

25,5

80

5

,136

36

1,02

9

1,5

12

1

,936

1,55

4,51

5

5

98

-

3,6

53,3

19

GST

/ Se

rvic

e ta

x re

cove

red

on U

LIP

char

ges

4

81,2

02

4

,033

-

-

-

-

-

-

-

4

85,2

35

Prov

isio

n fo

r Dou

btfu

l deb

ts

6

44

-

-

29

-

-

-

-

-

673

Bad

debt

s w

ritte

n of

f

-

-

-

-

-

-

-

-

-

-

Prov

isio

n fo

r Tax

atio

n

-

-

-

-

-

-

-

-

-

-

Prov

isio

ns (o

ther

than

taxa

tion)

-

(a) F

or d

imin

utio

n in

the

valu

e of

inve

stm

ents

(Net

)

-

-

-

-

-

-

-

-

-

-

(b) P

rovi

sion

for n

on-s

tand

ard

asse

ts (R

efer

Sch

edul

e 16

C -

Not

e 12

)

-

-

-

-

-

-

-

-

-

-

TOTA

L (B

)

2

,524

,378

34,7

75

5

,136

39

4,80

4

1,7

46

1

,936

2,43

9,81

4

6

47

-

5,4

03,2

36

Bene

fits

Paid

(Net

)4-

A

14

,657

,991

30

6,77

3

77

3,50

0

98

8,42

3

67,0

37

760,

000

257,

165

46

,530

-

17,

857,

419

Inte

rim &

term

inal

bon

us p

aid

-

-

-

-

-

-

3,10

7

-

-

3

,107

C

hang

e in

val

uatio

n of

liab

ility

in re

spec

t of l

ife p

olic

ies

(a) G

ross

**

4

,953

,882

(4

0,62

9)

1,08

0,28

2

2,86

9,13

5

51

7,87

8

(12

0,88

4)

3,90

7,57

7

(4,2

51)

-

1

3,16

2,99

0 (b

)(Am

ount

ced

ed in

Rei

nsur

ance

)

-

-

-

(6

8,37

5)

-

-

-

-

-

(68,

375)

(c)A

mou

nt a

ccep

ted

in R

eins

uran

ce

-

-

-

-

-

-

-

-

-

-

Tota

l (C

)

19

,611

,873

26

6,14

4

1,85

3,78

2

3,78

9,18

3

58

4,91

5

63

9,11

6

4,16

7,84

9

42,2

79

-

3

0,95

5,14

1

TOTA

L (B

+C)

22,1

36,2

51

300,

919

1,

858,

918

4,

183,

987

586,

661

641,

052

6,

607,

663

42

,926

-

36,

358,

377

Surp

lus/

Def

icit

(D)=

(A)-

(B)-

(C)

814,

201

20,6

11

10,0

24

273,

307

1,25

5

11

,342

83

,434

13

,080

-

1,

227,

254

Appr

opria

tions

Tran

sfer

to S

hare

hold

ers’

Acc

ount

(Ref

er S

ched

ule

16C

- N

ote

20 &

N

ote

41)

8

14,2

01

20

,611

1

0,02

4

27

3,30

7

1,2

55

11,

342

34

,162

1

3,08

0

-

1

,177

,982

Tr

ansf

er to

Oth

er R

eser

ves

-

-

-

-

-

-

-

-

-

-

Ba

lanc

e be

ing

Fund

s fo

r Fut

ure

Appr

opria

tions

-

-

-

-

-

-

49

,272

-

-

49,

272

TOTA

L (D

)81

4,20

1

20

,611

10

,024

27

3,30

7

1,

255

11,3

42

83,4

34

13,0

80

-

1,22

7,25

4

* Rep

rese

nts

the

deem

ed re

alis

ed g

ain

as p

er n

orm

s sp

ecifi

ed b

y th

e Au

thor

ity.

**Rep

rese

nts

Mat

hem

atic

al R

eser

ves

afte

r allo

catio

n of

bon

us

The

brea

k up

of t

otal

sur

plus

is a

s un

der:

(a)

Inte

rim &

term

inal

bon

us p

aid:

-

-

-

-

-

-

3

,107

-

-

3,10

7

(b

)Al

loca

tion

of B

onus

to p

olic

yhol

ders

:-

-

-

-

-

-

30

4,35

2

-

-

304,

352

(c)

Surp

lus

show

n in

the

Reve

nue

Acco

unt:

814,

201

20,6

11

10,0

24

273,

307

1,25

5

11

,342

83,4

34

13,

080

-

1,22

7,25

4

(d)

Tota

l Sur

plus

: ((a

)+(b

)+(c

)):81

4,20

1

20

,611

10

,024

27

3,30

7

1,

255

11,3

42

390,

893

13,0

80

-

1,53

4,71

3

Form

A-R

AC

anar

a H

SBC

Orie

ntal

Ban

k of

Com

mer

ce L

ife In

sura

nce

Com

pany

Lim

ited

Reg

istr

atio

n N

o. 1

36; D

ate

of R

egis

trat

ion

: May

8, 2

008

Anne

xure

s to

Sch

edul

e 16

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

1-A

175

Can

ara

HSB

C O

rient

al B

ank

of C

omm

erce

Life

Insu

ranc

e C

ompa

ny L

imite

dAn

nexu

re to

Sch

edul

e 16

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

Anne

xure

1Sc

hedu

les

form

ing

part

of S

egm

enta

l Rev

enue

Acc

ount

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

SCH

EDU

LE –

1-A

PREM

IUM

S (N

ET O

F G

ST /

SER

VIC

E TA

X)

Part

icul

ars

Link

ed N

on

Part

icip

atin

g - L

ife

Link

ed N

on

Part

icip

atin

g -

Pens

ion

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Non

Lin

ked

Varia

ble

- Life

Non

Lin

ked

Varia

ble

- Pen

sion

Non

Lin

ked

Part

icip

atin

g - L

ife

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- An

nuity

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- H

ealth

Tota

l

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

Firs

t yea

r pre

miu

ms

3,

761,

269

84

,585

-

2,

067,

695

-

-

3

,242

,725

-

6

,625

9

,162

,899

Re

new

al p

rem

ium

s

1

3,48

0,65

7

12

1,47

5

-

1,

594,

473

-

-

5

,105

,967

-

-

20,3

02,5

72

Sing

le p

rem

ium

s

11

5,69

4

4,0

00

441,

500

3,

424,

127

511,

415

490,

070

-

4

55,1

71

-

5,44

1,97

7 To

tal P

rem

ium

17,

357,

620

210,

060

441,

500

7,

086,

295

511,

415

490,

070

8,

348,

692

455,

171

6

,625

34

,907

,448

Prem

ium

Inco

me

from

bus

ines

s w

ritte

n :

In In

dia

17,

357,

620

210,

060

441,

500

7,

086,

295

511,

415

490,

070

8,

348,

692

455,

171

6

,625

34

,907

,448

O

utsi

de In

dia

-

-

-

-

-

-

-

-

-

-

To

tal P

rem

ium

17,

357,

620

210,

060

441,

500

7,

086,

295

511,

415

490,

070

8,

348,

692

455,

171

6

,625

34

,907

,448

Part

icul

ars

Link

ed N

on

Part

icip

atin

g - L

ife

Link

ed N

on

Part

icip

atin

g -

Pens

ion

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Non

Lin

ked

Varia

ble

- Life

Non

Lin

ked

Varia

ble

- Pen

sion

Non

Lin

ked

Part

icip

atin

g - L

ife

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- An

nuity

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- H

ealth

Tota

l

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

Firs

t yea

r pre

miu

ms

3,

963,

336

64

,326

-

127

,308

-

-

4,0

62,3

10

-

-

8

,217

,280

Re

new

al p

rem

ium

s

1

1,66

2,73

4

91,1

30

-

1,61

3,53

3

-

-

2,1

65,7

24

-

-

15

,533

,121

Si

ngle

pre

miu

ms

137,

771

925

1

,520

,000

1,34

0,30

5

52

8,50

4

53

0,07

2

-

2

,591

-

4,

060,

168

Tota

l Pre

miu

m

1

5,76

3,84

1

15

6,38

1

1,52

0,00

0

3,08

1,14

6

52

8,50

4

53

0,07

2

6,22

8,03

4

2,5

91

-

2

7,81

0,56

9

Prem

ium

Inco

me

from

bus

ines

s w

ritte

n :

In In

dia

15,

763,

841

156,

381

1,

520,

000

3,

081,

146

528,

504

530,

072

6,

228,

034

2

,591

-

27,

810,

569

Out

side

Indi

a

-

-

-

-

-

-

-

-

-

-

Tota

l Pre

miu

m

1

5,76

3,84

1

15

6,38

1

1,52

0,00

0

3,08

1,14

6

52

8,50

4

53

0,07

2

6,22

8,03

4

2,5

91

-

2

7,81

0,56

9

For

the

year

end

ed M

arch

31,

201

9

For

the

year

end

ed M

arch

31,

201

8

176

Can

ara

HSB

C O

rient

al B

ank

of C

omm

erce

Life

Insu

ranc

e C

ompa

ny L

imite

dAn

nexu

re to

Sch

edul

e 16

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

Anne

xure

1Sc

hedu

les

form

ing

part

of S

egm

enta

l Rev

enue

Acc

ount

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

SCH

EDU

LE- 2

-AC

OM

MIS

SIO

N E

XPEN

SES

Part

icul

ars

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

L

inke

d N

on

Part

icip

atin

g -

Pens

ion

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

N

on L

inke

d Va

riabl

e - L

ife

Non

Lin

ked

Varia

ble

- Pen

sion

N

on L

inke

d Pa

rtic

ipat

ing

- Life

N

on L

inke

d N

on

Part

icip

atin

g -

Annu

ity

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- H

ealth

Tot

al

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

Com

mis

sion

pai

d

20

9,04

1

6,1

05

-

4

78,8

73

-

-

70

4,35

0

-

1,70

0

1,40

0,06

9 Di

rect

- Fi

rst y

ear p

rem

ium

s

18

9,67

7

9

26

-

10,1

39

-

-

22

3,00

4

-

-

423,

746

-

Rene

wal

pre

miu

ms

2

,285

80

-

14,2

63

515

-

-

9

,089

-

26

,232

- Si

ngle

pre

miu

ms

401,

003

7

,111

-

503

,275

5

15

-

9

27,3

54

9

,089

1,7

00

1,

850,

047

Tota

l (A)

Add

: Com

mis

sion

on

Re-in

sura

nce

Acce

pted

-

-

-

-

-

-

-

-

-

-

Le

ss :

Com

mis

sion

on

Re-in

sura

nce

Ced

ed

-

-

-

-

-

-

-

-

-

-

Net

Com

mis

sion

401,

003

7

,111

-

503

,275

5

15

-

9

27,3

54

9

,089

1,7

00

1,

850,

047

Brea

k U

p of

the

expe

nses

(Gro

ss) i

ncur

red

to p

rocu

re b

usin

ess:

Agen

ts

-

-

-

-

-

-

-

-

-

-

Brok

ers

-

-

-

1,20

0

-

-

-

-

-

1,20

0 C

orpo

rate

Age

ncy

2

4

-

-

7

,594

-

-

1

,514

-

3

7

9,1

69

Banc

assu

ranc

e

40

0,93

5

7,1

11

-

4

94,4

81

515

-

925

,840

9,0

89

1

,663

1,83

9,63

4 W

eb A

ggre

gato

r

44

-

-

-

-

-

-

-

-

4

4 Re

ferra

l

-

-

-

-

-

-

-

-

-

-

Tota

l (B)

401,

003

7

,111

-

503

,275

5

15

-

9

27,3

54

9

,089

1,7

00

1,

850,

047

Part

icul

ars

Link

ed N

on

Part

icip

atin

g - L

ife

Link

ed N

on

Part

icip

atin

g -

Pens

ion

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Pe

nsio

n

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- Life

Non

Lin

ked

Varia

ble

- Life

Non

Lin

ked

Varia

ble

- Pen

sion

Non

Lin

ked

Part

icip

atin

g - L

ife

Non

Lin

ked

Non

Pa

rtic

ipat

ing

- An

nuity

Tota

l

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

( '0

00)

Com

mis

sion

pai

d Di

rect

- Fi

rst y

ear p

rem

ium

s

20

0,17

5

4,8

24

-

15,3

65

-

-

84

6,23

9

-

-

1,

066,

603

-

Rene

wal

pre

miu

ms

136,

623

320

-

5,91

6

-

-

39,

060

-

-

18

1,91

9

- Si

ngle

pre

miu

ms

2

,721

18

-

12,4

65

234

-

-

4

9

-

15

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182

Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to Schedule 16 for the year ended March 31, 2019

Annexure 4Related Party Transactions

Holding Company-Canara Bank

Fellow Subsidiaries-Canara Robeco Asset Management Company Limited-Canbank Venture Capital Fund Limited-Canbank Financial Services Limited-Canbank Factors Limited-Canbank Computer Services Limited-Canara Bank Securities Limited-Canbank Tanzania Limited

Substantial Interest-HSBC Insurance (Asia-Pacific) Holdings Limited-Oriental Bank of Commerce-The Hongkong and Shanghai Banking Corporation Limited-HSBC Software Development (India) Private Limited-HSBC Securities and Capital Markets (India) Private Limited

Entities managed by Fellow Subsidiaries/Associates-Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited)-HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited)

Associates of Holding Company-Pragathi Krishna Gramin Bank-Can Fin Homes Limited-Kerala Gramin Bank

Significant Influence-Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust

Key Management Personnel-Mr Anuj Mathur - Managing Director & Chief Executive Officer

Note: Refer Schedule 16C - Note 10 for details of managerial remuneration to the Managing Director

183



( '000)

Nature of Transaction Holding Company Substantial Interest

Fellow Subsidiaries Others

Transactions during the yearIncomePremium IncomeCanara Bank 2,320,217 - - - Oriental Bank of Commerce - 718,085 - - The Hongkong and Shanghai Banking Corporation Limited - 19,421 - - Pragathi Krishna Gramin Bank - - - - Canara Robeco Asset Management Company Limited - - 939 - Can Fin Homes Limited - - - 109,467 HSBC Software Development (India) Pvt. Ltd. - 430,953 - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 13,375

Interest and Investment IncomeCan Fin Homes Limited - - - 3,945

Profit/(Loss) on sale of Mutual Fund UnitsCanara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 6,651

HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 6,450

ExpensesReimbursement of ExpenditureCanara Bank 1,636 - - -

CommissionCanara Bank 951,153 - - Oriental Bank of Commerce - 662,403 - - The Hongkong and Shanghai Banking Corporation Limited - 153,032 - - Pragathi Krishna Gramin Bank - - - 37,612 Kerala Gramin Bank - - - 4,357 Can Fin Homes Limited - - - 7,968

Benefits PaidHSBC Software Development (India) Pvt. Ltd. - 77,814 - - Oriental Bank of Commerce - - - - Canara Bank 1,700,000 - - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 16,983

Contribution towards Gratuity PlanCanara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 13,375

Purchase/(Sale) of Mutual fund UnitsHSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 17,738,724 HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - (17,706,844) Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 17,738,724

Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - (17,837,046)

Purchase/(Sale/Maturity) of InvestmentsCan Fin Homes Limited - - - - Can Fin Homes Limited - - - - Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 50,901

Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - (158,765)

HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 100,090 HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - (106,343)

Estabishment, Consultancy and Other ExpensesCanara Bank 23,890 - - - Oriental Bank of Commerce - 3,254 - - The Hongkong and Shanghai Banking Corporation Limited - 788 - - Pragathi Krishna Gramin Bank - - - 231 Kerala Gramin Bank - - - 0

Brokerage ServicesCanara Bank Securities Limited - - 12,263 - HSBC Securities and Capital Markets (India) Private Limited - 8,590 - -


184



( '000)




Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexure to schedule 16 fornthe year ended March 31, 2019


( '000)



Balances as at year endOutstanding Payables/(Receivables) (including commission)Canara Bank 133,103 - - - Canara Bank Securities Limited - - 200 - The Hongkong and Shanghai Banking Corporation Limited - 21,617 - - Pragathi Krishna Gramin Bank - - - 5,705 Oriental Bank of Commerce - 37,036 - - Kerala Gramin Bank - - - 1,895 Can Fin Homes Limited - - - 1,160 HSBC Securities and Capital Markets (India) Private Limited - 164 - -

InvestmentsHSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 38,366 Can Fin Homes Limited - - - 50,374 Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 38,364

Bank BalancesCanara Bank 374,688 - - - Oriental Bank of Commerce - 164,941 - - The Hongkong and Shanghai Banking Corporation Limited - 817,760 - - Pragathi Krishna Gramin Bank - - - 1,834 Kerala Gramin Bank - - - 66,137


185



( '000)

Nature of Transaction Holding Company Substantial Interest Fellow Subsidiaries Others

Transactions during the yearIncomePremium IncomeCanara Bank 2,115,692 - - - Oriental Bank of Commerce - 176,742 - - The Hongkong and Shanghai Banking Corporation Limited - 19,474 - - Pragathi Krishna Gramin Bank - - - 40,000 Canara Robeco Asset Management Company Limited - - 774 - Can Fin Homes Limited - - - 79,920 HSBC Software Development (India) Pvt. Ltd. - 238,146 - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 1,182

Interest and Investment IncomeCan Fin Homes Limited - - - 7,132

Profit/(Loss) on sale of Mutual Fund UnitsCanara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 7,863

HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 8,029

ExpensesReimbursement of ExpenditureCanara Bank 2,217 - - -

CommissionCanara Bank 778,102 - - - Oriental Bank of Commerce - 332,934 - - The Hongkong and Shanghai Banking Corporation Limited - 108,097 - - Pragathi Krishna Gramin Bank - - - 21,185 Kerala Gramin Bank - - - 5,366 Can Fin Homes Limited - - - 1,949

Benefits PaidHSBC Software Development (India) Pvt. Ltd. - 121,308 - - Oriental Bank of Commerce - 30,000 - - Canara Bank 940,000 - - - Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 17,096

Contribution towards Gratuity PlanCanara HSBC Oriental Bank of Commerce Life Insurance Company Limited Group Gratuity Trust - - - 1,182

Purchase/(Sale) of Mutual fund UnitsHSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - 29,832,000 HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - (29,950,029) Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 30,242,000

Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - (30,229,863)

Purchase/(Sale/Maturity) of InvestmentsCan Fin Homes Limited - - - 50,054 Can Fin Homes Limited - - - (50,000) Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 106,565

HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - -

Estabishment, Consultancy and Other ExpensesCanara Bank 11,795 - - - Oriental Bank of Commerce - 2,347 - - The Hongkong and Shanghai Banking Corporation Limited - 884 - - Pragathi Krishna Gramin Bank - - - 169 Kerala Gramin Bank - - - 2

Brokerage ServicesCanara Bank Securities Limited - - 7,898 - HSBC Securities and Capital Markets (India) Private Limited - 4,407 - -


186



( '000)

Nature of Transaction Holding Company Substantial Interest Fellow Subsidiaries Others

Balances as at year endOutstanding Payables/(Receivables) (including commission)Canara Bank 60,014 - - - Canara Bank Securities Limited - - 72 - The Hongkong and Shanghai Banking Corporation Limited - 17,995 - - Pragathi Krishna Gramin Bank - - - 2,163 Oriental Bank of Commerce - 26,975 - - Kerala Gramin Bank - - - 2,942 Can Fin Homes Limited - - - 1,751 HSBC Securities and Capital Markets (India) Private Limited - - - -

Investments

HSBC Mutual Fund (Managed by HSBC Asset Management (India) Private Limited) - - - -

Can Fin Homes Limited - - - 50,154 Canara Robeco Mutual Fund (Managed by Canara Robeco Asset Management Company Limited) - - - 130,150

Bank BalancesCanara Bank 638,327 - - - Oriental Bank of Commerce - 294,538 - - The Hongkong and Shanghai Banking Corporation Limited - 570,467 - - Pragathi Krishna Gramin Bank - - - 5,795 Kerala Gramin Bank - - - 34,477


187

Annexures to Schedule 16 for the year ended March 31, 2019Annexure 5

Change in Defined Benefit Obligations-Gratuity( '000)

Change in benefit obligationPresent Value of obligation at the beginning of the yearInterest CostService CostPast Service CostBenefits PaidActuarial (gain) / loss on ObligationPresent Value of obligation at the end of the year

Change in plan assetsFair value of plan assets at the beginning of the periodExpected Return On plan assetsContributionsBenefits PaidActuarial gain / (Loss) on Plan AssetsFair value of plan assets at the end of the period

Total Actuarial gain / (loss) to be recognised

Balance Sheet RecognitionPresent Value Of obligationFair Value Of Plan AssetsLiability / (Assets)Unrecognised Past Service CostLiability/ (Asset) recognised in the Balance Sheet

Expenses recognised during the current yearCurrent Service CostInterest CostExpected Return on plan assetsNet Actuarial (gain) / loss recognised in the yearPast Service Cost

Actual return on Plan assets

Enterprise best estimate of contribution during next year

Investment details of plan assetsPlan assets invested in insurer managed fundsAsset allocation:Debentures and BondsGovernment SecuritiesMutual FundsMoney Market instrumentsAdditional Tier 1 bondsOthers

AssumptionsDiscount RateReturn On Plan AssetsMortality table

Future Salary Increases

March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015Present Value of obligation 106,765 92,271 89,193 96,575 77,325 Plan assets 81,577 78,896 88,012 96,575 51,459 (Surplus)/ deficit 25,188 13,375 1,182 - 25,866 Experience adjustments (gain)/loss : - - - - - - on plan liabilities 3,509 2,749 (5,143) 4,874 7,497 - on plan assets 376 202 - (2,694) 295

1.0%0.1%

6.5% 3.5%

1.0%0.4%

100% 100%

50.8%38.2% 40.7%

54.4%

3.4% -

92,271 89,193 6,915 6,061




(16,983) (17,096) 8,436 447

16,126 13,666 - -

78,896 88,012 5,913 6,596

106,765 92,271

376 202 81,577 78,896

13,375 1,182 (16,983) (17,096)

(8,060) (245)

25,188 13,375 - -

106,765 92,271 (81,577) (78,896)

16,126 13,666

25,188 13,375

8,060 245 - -

6,915 6,061 (5,913) (6,596)

Expenses recognised in Revenue account and Profit & Loss account under "Employees’ remuneration and welfare benefits"

25,188 13,375

39,240 28,325

6,289 6,798

Amounts of the present value of obligation, fair value of plan assets, surplus or deficit in the plan, experience adjustments arising on plan liabilities and plan assets forfive annual periods

ParticularsYear ended

8.0% p.a. 7.5% p.a.IALM (2006-08) IALM (2006-08)

6.6% p.a. 7.5% p.a.



188

Can

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Sche

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189

Can

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14,9

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2,

570,

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2,

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24.1

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135,

551

1,

812,

540

4,

570,

509

10

2,83

1

3,

184,

207

79

1

88

,979

82,5

82,7

28

Net

Ass

et V

alue

(NA

V) p

er U

nit:

24.4

395

22.4

652

23.8

637

24.4

213

20.6

493

19.6

572

20.6

861

19.6

750

17.2

821

17

.759

8

17

.242

2

17

.581

4

15

.878

4

10

.843

0

12

.869

5

10

.129

1

9.

8156

(a)

Net

Ass

et a

s pe

r Bal

ance

Sh

eet (

Tota

l Ass

ets

less

Cur

rent

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abilit

ies

and

Prov

isio

ns)

3,14

9,93

5

2,33

0,42

1

7,37

5,14

8

1,58

5,52

0

1,80

2,32

4

22,4

80,2

05

1,37

1,25

2

3,49

8,97

7

19,6

77,3

59

4,41

6,17

9

5,13

5,55

1

1,81

2,54

0

4,57

0,50

9

102,

831

3,18

4,20

7

791

88,9

79

82

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(b)

Num

ber o

f Uni

ts o

utst

andi

ng12

8,88

7,06

7

103,

734,

712

30

9,05

3,00

2

64,9

23,6

33

87

,282

,581

1,14

3,61

1,73

5

66,2

88,5

85

17

7,83

8,74

6

1,13

8,59

7,66

5

24

8,66

1,55

2

297,

847,

756

10

3,09

4,16

9

287,

844,

425

9,

483,

628

24

7,42

2,74

4

78,1

35

9,

065,

031

(c)

NAV

per

Uni

t (a)

/(b) (

)̀24

.439

5

22

.465

2

23

.863

7

24

.421

3

20

.649

3

19

.657

2

20

.686

1

19

.675

0

17

.282

1

17.7

598

17.2

422

17.5

814

15.8

784

10.8

430

12.8

695

10.1

291

9.81

56

195

Can

ara

HSB

C O

rient

al B

ank

of C

omm

erce

Life

Insu

ranc

e C

ompa

ny L

imite

dR

egis

trat

ion

No.

: 13

6; D

ate

of R

egis

trat

ion

: May

8, 2

008

Ann

exur

es to

Sch

edul

e 16

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

Ann

exur

e 6

Uni

t Lin

ked

Dis

clos

ures

- Fun

d R

even

ue A

ccou

ntFo

rm A

- R

A (U

L)R

even

ue A

ccou

nt fo

r the

yea

r end

ed M

arch

31,

201

8 (

'000

)

Fund

Nam

eSc

hed

ule

Bal

ance

d Fu

ndD

ebt F

und

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ty F

und

Gro

wth

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uity

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und

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ance

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ance

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wth

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lus

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d

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Cap

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ion

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cont

inue

d Po

licy

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ging

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ader

s Eq

uity

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ULI

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e fr

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tsIn

tere

st in

com

e12

0,43

3

19

1,65

2

5,

136

19

,684

102,

824

16,4

46

15,8

29

12

7,92

6

64

3,57

7

49,0

30

37

4,90

5

99

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333,

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2

3,03

3

8

31

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8

Div

iden

d in

com

e18

,180

-

76

,561

12,7

13

-

211,

518

10,9

56

19

,413

98,5

60

31

,983

-

6,

004

-

184

11,9

47

-

-

49

8,01

9

Pr

ofit

on s

ale

of in

vest

men

t33

3,48

3

18

,610

1,32

2,33

9

211,

757

8

2,55

6,83

7

168,

580

320,

450

958,

039

33

0,42

3

55

,827

146,

479

1,14

2

259

18,0

20

-

97

6,44

2,35

0

Loss

on

sale

of i

nves

tmen

t(4

7,71

4)

(2

2,74

2)

(1

93,3

64)

(3

4,18

7)

(5

,696

)

(536

,544

)

(2

8,60

7)

(5

0,05

6)

(2

69,2

52)

(8

6,36

4)

(4

8,83

8)

(1

1,56

1)

(1

4,51

3)

(3

70)

(24,

141)

-

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Pr

ofit

on in

ter f

und

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e of

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459

22

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-

51

7

11

-

4,

190

15

1

52

0

1,22

6

27,6

07

-

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-

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-

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60

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Lo

ss o

n in

ter f

und

trans

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e of

in

vest

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t-

(124

)

-

(64)

-

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(6

4)

-

(7)

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(1

1)

-

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(4

)

-

(1

)

-

(2

75)

Mis

cella

neou

s In

com

e-

-

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-

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-

-

-

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-

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Unr

ealis

ed G

ain/

loss

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5,25

7)

(7

7,28

2)

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34,4

26)

(1

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3)

(2

81)

21,0

03

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17)

(6

8,79

5)

12

1,02

0

150,

084

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)

(76,

626)

(13,

807)

132

61,6

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-

(32)

(488

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Pr

ovis

ions

for d

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the

valu

e of

inve

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ents

(incl

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ing

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)-

-

-

-

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-

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-

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Tota

l (A

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2,58

4

13

2,48

2

87

6,24

6

19

4,56

7

96

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2,26

9,26

0

169,

167

349,

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1,55

2,45

7

47

6,38

2

25

0,78

1

16

3,30

6

30

5,93

4

2,

223

70

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96

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6

Fund

man

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44,7

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24

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24,4

49

11

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291,

395

16,6

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40

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55

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67,1

67

33

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24,5

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73

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18

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1

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3,86

0

GST

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7,71

0

4,29

5

23,6

19

4,

219

1,

988

50

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2,

876

6,

961

43

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9,55

6

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5,

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4,

230

12

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18

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Fu

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dmin

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-

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-

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-

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-

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O

ther

Cha

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-

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To

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52,4

62

29

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160,

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68

13

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19,5

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47

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296,

799

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39

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0

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38

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7

Net

Inco

me

for t

he y

ear (

A-B

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0,12

2

10

3,22

9

71

5,57

6

16

5,89

9

83

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1,92

7,49

7

149,

634

301,

754

1,25

5,65

8

41

1,59

2

17

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12

3,66

5

27

7,17

7

1,

363

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6

58

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9

Add:

Fun

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t at t

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perio

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096,

035

1,

804,

731

7,

819,

545

1,

502,

448

28

2,58

4

9,

072,

679

95

7,62

0

2,

535,

874

4,

537,

200

1,25

5,78

5

1,09

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9

936,

889

1,64

8,52

1

158

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46

-

-

36

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3,37

6,15

7

1,90

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0

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1

1,66

8,34

7

366,

002

11,0

00,1

76

1,10

7,25

4

2,83

7,62

8

5,79

2,85

8

1,

667,

377

1,

264,

300

1,

060,

554

1,

925,

698

1,

521

77

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6

58

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88,1

43

* Net

cha

nge

in m

ark

to m

arke

t val

ue o

f inv

estm

ents

Fund

reve

nue

acco

unt a

t the

end

of t

he

year

Mar

31,

201

8

196

Can

ara

HSB

C O

rient

al B

ank

of C

omm

erce

Life

Insu

ranc

e C

ompa

ny L

imite

dR

egis

trat

ion

No.

: 13

6; D

ate

of R

egis

trat

ion

: May

8, 2

008

Anne

xure

s to

Sch

edul

e 16

for t

he y

ear e

nded

Mar

ch 3

1, 2

019

Anne

xure

6

Uni

t Lin

ked

Dis

clos

ures

- Sch

edul

es to

Fun

d R

even

ue &

Fun

d Ba

lanc

e Sh

eet f

or th

e ye

ar e

nded

Mar

ch 3

1, 2

019

Sche

dule

: F-1

Pol

icyh

olde

r Con

trib

utio

n (

'000

)

Fund

Nam

eBa

lanc

ed F

und

Deb

t Fun

dEq

uity

Fun

dG

row

th F

und

Liqu

id F

und

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ty-I

I Fun

dG

row

th-I

I Fun

dBa

lanc

ed-I

I Fun

dBa

lanc

ed P

lus

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wth

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s Fu

ndD

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NAV

Gua

rant

ee

Fund

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cont

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d Po

licy

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Pens

ion

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wth

Fu

ndIn

dia

Mul

ti-C

ap

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ty F

und

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ion

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cont

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d Po

licy

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ging

Lea

ders

Eq

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Fun

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tal

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ULI

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6/08

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SDIS

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LIF0

2020

/12/

17E

MLE

DEQ

FND1

36

Ope

ning

bal

ance

(2

26,2

22)

42

2,46

1

(1,1

59,9

73)

(8

2,82

7)

1,43

6,32

2

11

,480

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26

3,99

8

661,

349

13

,884

,500

2,

748,

802

3,87

1,25

1

75

1,98

6

2,64

4,81

1

10

1,31

0

3,10

7,08

2

78

5

88

,921

39,9

94,5

85

Add:

Add

ition

s du

ring

the

year

*35

,211

157,

637

39

,952

60,2

22

1,

224,

126

1,86

0,06

2

11

4,17

0

58,6

02

1,

921,

590

566,

004

36

1,58

1

372

2,11

5,02

4

12

8,66

6

4,49

3,43

4

17

,872

378,

975

13

,533

,499

Le

ss: D

educ

tions

dur

ing

the

year

*47

3,15

2

324,

232

1,

110,

772

261,

604

73

3,70

9

1,40

0,66

9

18

7,61

9

337,

833

1,

409,

189

386,

833

61

1,74

0

246,

463

1,

532,

632

11,5

54

30

,286

630

954

9,05

9,87

1

C

losi

ng b

alan

ce(6

64,1

63)

255,

866

(2

,230

,793

)

(284

,209

)

1,

926,

739

11,9

39,4

22

190,

549

38

2,11

8

14,3

96,9

01

2,92

7,97

3

3,

621,

092

505,

895

3,

227,

203

218,

422

7,

570,

230

18,0

27

466,

942

44

,468

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* Add

ition

s re

pres

ents

uni

ts c

reat

ion

and

dedu

ctio

ns re

pres

ent u

nit c

ance

llatio

ns

Sche

dule

: F-2

- In

vest

men

ts (

'000

)

Fund

Nam

eBa

lanc

ed F

und

Deb

t Fun

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uity

Fun

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row

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und

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und

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ty-I

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rant

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cont

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ti-C

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ty F

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cont

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ging

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ders

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tal

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SDIS

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LIF0

2020

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17E

MLE

DEQ

FND1

36

Appr

oved

Inve

stm

ents

Gov

ernm

ent B

onds

584,

967

75

3,73

5

-

13

8,17

8

897,

350

-

118,

558

72

0,17

1

4,98

1,74

6

48

1,66

6

1,69

4,47

1

1,

406,

619

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Fello

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men

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4C

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in H

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-

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Mut

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le /

Mat

urity

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ther

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Mut

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s on

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e of

Mut

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Uni

ts-

-

-

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-

-

-

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-

-

-

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11H

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Cor

pora

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tant

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rest

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of I

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12H

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tant

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rest

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atur

ity o

f Inv

estm

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Mon

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stru

men

ts-

-

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-

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-

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-

-

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13H

SBC

Sec

uriti

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Cap

ital M

arke

t Ind

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vt. L

td.

Subs

tant

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rest

Brok

erag

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and

serv

ice

tax)

266

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206

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3,

849

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320

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55

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6

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8

79

2

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51

8,

577

14H

SBC

Mut

ual F

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aged

by

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dia)

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of I

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rum

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15H

SBC

Mut

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aged

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dia)

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posi

ts, D

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men

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Oth

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hase

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utua

l fun

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nits

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17H

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it / L

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ure.

Dat

e: M

arch

31,

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ame

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stru

men

ts-

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13H

SBC

Sec

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16H

SBC

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rient

al B

ank

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Tota

l

Dat

e: M

arch

31,

201

8

S.N

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of th

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Des

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204

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arch

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3625

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723

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725

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725

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824

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bt F

und

ULI

F004

09/0

7/08

INDE

BTFU

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3624

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621

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121

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822

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uity

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dU

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0116

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08EQ

UIT

YFU

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3626

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row

th F

und

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F002

16/0

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GRO

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26.6

789

22.7

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id F

und

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LIQ

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20.6

560

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20.6

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19.4

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ty-II

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UTY

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932

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18.6

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20.6

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20.6

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NC

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row

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19.4

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1115

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NAV

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Disc

ontin

ued

Polic

y Fu

ndU

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1319

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11PO

LDIS

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11.2

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Cap

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ity F

und

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F018

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tinue

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licy

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ULI

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PEN

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110

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010

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1Em

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ng L

eade

rs E

quity

Fun

dU

LIF0

2020

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17EM

LEDE

QFN

D136

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172

8.27

419.

4567

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000

9.54

029.

8156

Not

e : A

s pe

r IRD

AI(In

vest

men

t) Re

gula

tions

, 201

6, P

olic

yhol

ders

Unc

laim

ed M

onie

s Fu

nd (S

FIN

- U

LIF0

1901

/04/

16U

NC

LAIM

FND1

36) i

s sh

own

as p

art o

f Cur

rent

Ass

ets

in th

e Ba

lanc

e Sh

eet,

henc

e no

t con

side

red

for a

bove

dis

clos

ure.

For t

he y

ear e

nded

Mar

ch 3

1, 2

018

For t

he y

ear e

nded

Mar

ch 3

1, 2

019

SFIN

Cod

eFu

nd N

ame

205

Can

ara

HSB

C O

rient

al B

ank

of C

omm

erce

Life

Insu

ranc

e C

ompa

ny L

imite

dAn

nexu

res

to S

ched

ule

16 fo

r the

yea

r end

ed M

arch

31,

201

9An

nexu

re 6

(F) E

xpen

ses

Cha

rges

to F

und

%An

nual

ized

Exp

ense

Rat

io to

Ave

rage

Dai

ly A

sset

s of

the

Fund

Fund

Nam

eSF

IN C

ode

Rat

ios

as a

t Mar

ch 3

1, 2

019

Rat

ios

as a

t Mar

ch 3

1, 2

018

Bala

nced

Fun

dU

LIF0

0316

/06/

08BL

NC

EDFU

ND1

361.

53%

1.52

%De

bt F

und

ULI

F004

09/0

7/08

INDE

BTFU

ND1

361.

18%

1.17

%Eq

uity

Fun

dU

LIF0

0116

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08EQ

UIT

YFU

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362.

02%

2.00

%G

row

th F

und

ULI

F002

16/0

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GRO

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FUN

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1.74

%1.

73%

Liqu

id F

und

ULI

F005

14/0

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LIQ

UID

FUN

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0.94

%0.

94%

Equi

ty-II

Fun

dU

LIF0

0607

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10EQ

UTY

IIFN

D136

1.55

%1.

53%

Gro

wth

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und

ULI

F007

07/0

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GRO

WTI

IFN

D136

1.39

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37%

Bala

nced

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und

ULI

F008

07/0

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BLN

CDI

IFN

D136

1.30

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29%

Bala

nced

Plu

s Fu

ndU

LIF0

1013

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10BL

NC

DPLF

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361.

59%

1.58

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row

th P

lus

Fund

ULI

F009

13/0

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GRO

WTP

LFN

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1.57

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55%

Debt

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s Fu

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LIF0

1115

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BTPL

FUN

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Gua

rant

ee F

und

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F012

15/0

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NAV

GFU

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Disc

ontin

ued

Polic

y Fu

ndU

LIF0

1319

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11PO

LDIS

CFN

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0.59

%0.

59%

Pens

ion

Gro

wth

Fun

dU

LIF0

1405

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NSG

ROFN

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1.88

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88%

Indi

a M

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Cap

Equ

ity F

und

ULI

F018

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IMC

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nsio

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tinue

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licy

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ULI

F017

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PEN

SDIS

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360.

59%

0.18

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ergi

ng L

eade

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quity

Fun

dU

LIF0

2020

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17EM

LEDE

QFN

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1.59

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* Abs

olut

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atio

of G

ross

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me

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real

ized

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ns) t

o Av

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aily

Net

Ass

ets

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ode

Rat

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as a

t Mar

ch 3

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ios

as a

t Mar

ch 3

1, 2

018

Bala

nced

Fun

dU

LIF0

0316

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08BL

NC

EDFU

ND1

367.

31%

9.66

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bt F

und

ULI

F004

09/0

7/08

INDE

BTFU

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368.

37%

5.31

%Eq

uity

Fun

dU

LIF0

0116

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08EQ

UIT

YFU

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3610

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0%G

row

th F

und

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F002

16/0

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GRO

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LIQ

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76%

Equi

ty-II

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LIF0

0607

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UTY

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ULI

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GRO

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7.53

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nced

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und

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7.11

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51%

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nced

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s Fu

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1013

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NC

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367.

40%

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row

th P

lus

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ULI

F009

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1115

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BTPL

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LIF0

1319

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LDIS

CFN

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1405

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NSG

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Equ

ity F

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IMC

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nsio

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tinue

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licy

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ULI

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PEN

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quity

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2020

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IL, P

revi

ous

Year

- N

IL

Not

e : A

s pe

r IRD

AI(In

vest

men

t) Re

gula

tions

, 201

6, P

olic

yhol

ders

Unc

laim

ed M

onie

s Fu

nd (S

FIN

- U

LIF0

1901

/04/

16U

NC

LAIM

FND1

36) i

s sh

own

as p

art o

f C

urre

nt A

sset

s in

the

Bala

nce

Shee

t, he

nce

not c

onsi

dere

d fo

r abo

ve d

iscl

osur

e.

Not

e : A

s pe

r IRD

AI(In

vest

men

t) Re

gula

tions

, 201

6, P

olic

yhol

ders

Unc

laim

ed M

onie

s Fu

nd (S

FIN

- U

LIF0

1901

/04/

16U

NC

LAIM

FND1

36) i

s sh

own

as p

art o

f C

urre

nt A

sset

s in

the

Bala

nce

Shee

t, he

nce

not c

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d fo

r abo

ve d

iscl

osur

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206

Cana

ra H

SBC

Orien

tal B

ank o

f Com

mer

ce Li

fe In

sura

nce C

ompa

ny Li

mite

dAn

nexu

res t

o Sch

edule

16 fo

r the

year

ende

d Mar

ch 31

, 201

9An

nexu

re 6

(I) Fu

nd-w

ise di

sclos

ure o

f app

recia

tion

and/

or (d

epre

ciatio

n) in

value

of in

vestm

ents

as at

Mar

ch 31

, 201

9 (

'000

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Fund

Nam

eBa

lance

d Fun

dDe

bt Fu

ndEq

uity F

und

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th Fu

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uid Fu

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lance

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ced P

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th P

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bt P

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V Gu

aran

tee

Fund

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ontin

ued

Polic

y Fun

dPe

nsion

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Fund

India

Mult

i-Cap

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und

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ion

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ontin

ued

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y Fun

d

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ging L

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rs

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y Fun

d

SFIN

ULIF0

0316

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08B

LNCE

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ULIF0

0409

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08I

NDEB

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08E

QUITY

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136

ULIF0

0216

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08G

ROW

THFU

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07/0

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07/0

1/10

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BLN

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13/0

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13/0

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GRO

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ULIF0

1115

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10D

EBTP

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ULIF0

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11N

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11P

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SCFN

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ULIF0

1405

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15P

ENSG

ROFN

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ULIF0

1816

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16I

MCAP

EQFN

D136

ULIF0

1705

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15P

ENSD

ISFN

D136

ULIF0

2020

/12/

17E

MLED

EQFN

D136

Equit

y Sha

res31

4,566

-

70

6,897

20

2,654

-

2,8

09,82

0

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37

9,439

1,9

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3

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8,877

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55

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5,786

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7,602

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al Fu

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99

34

2

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5

20

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9

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ssive

ly Ma

nage

d Equ

ity ET

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22

6,719

29

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0

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ities

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0

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31

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2,317

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3,518

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0

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5

Note

: As p

er IR

DAI(In

vestm

ent) R

egula

tions

, 201

6, Po

licyh

olders

Unc

laime

d Mon

ies Fu

nd (S

FIN -

ULIF0

1901

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CLAI

MFND

136)

is sh

own a

s part

of C

urren

t Ass

ets in

the B

alanc

e She

et, he

nce n

ot co

nside

red fo

r abo

ve di

sclos

ure.

(I) Fu

nd-w

ise di

sclos

ure o

f app

recia

tion

and/

or (d

epre

ciatio

n) in

value

of in

vestm

ents

as at

Mar

ch 31

, 201

8 (

'000

)

Fund

Nam

eBa

lance

d Fun

dDe

bt Fu

ndEq

uity F

und

Grow

th Fu

ndLiq

uid Fu

ndEq

uity-

II Fu

ndGr

owth

-II Fu

ndBa

lance

d-II

Fund

Balan

ced P

lus

Fund

Grow

th P

lus Fu

ndDe

bt P

lus Fu

ndNA

V Gu

aran

tee

Fund

Disc

ontin

ued

Polic

y Fun

dPe

nsion

Gro

wth

Fund

India

Mult

i-Cap

Eq

uity F

und

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ion

Disc

ontin

ued

Polic

y Fun

d

Emer

ging L

eade

rs

Equit

y Fun

d

SFIN

ULIF0

0316

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08B

LNCE

DFUN

D136

ULIF0

0409

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08I

NDEB

TFUN

D136

ULIF0

0116

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08E

QUITY

FUND

136

ULIF0

0216

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08G

ROW

THFU

ND13

6UL

IF005

14/0

7/08

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IDFU

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07/0

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1/10

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36UL

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07/0

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BLN

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6UL

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13/0

9/10

BLN

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36UL

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13/0

9/10

GRO

WTP

LFND

136

ULIF0

1115

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10D

EBTP

LFUN

D136

ULIF0

1215

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11N

AVGF

UNDS

I136

ULIF0

1319

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11P

OLDI

SCFN

D136

ULIF0

1405

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15P

ENSG

ROFN

D136

ULIF0

1816

/08/

16I

MCAP

EQFN

D136

ULIF0

1705

/11/

15P

ENSD

ISFN

D136

ULIF0

2020

/12/

17E

MLED

EQFN

D136

Equit

y Sha

res40

9,460

-

1,4

81,54

2

32

4,785

-

4,3

23,25

0

27

6,267

45

0,984

2,0

49,96

8

80

0,876

-

19

4,137

-

1,0

73

92

,700

-

(32)

10,40

5,010

Mutu

al Fu

nds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Pass

ively

Mana

ged E

quity

ETF

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D 30

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Cap

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Debt

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D (M

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04/0

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Debt

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D (M

D 19

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Debt

40,6

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D (M

D 09

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Infra

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D (M

D 24

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D (M

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D (M

D 11

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D (M

D 01

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D 03

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D (M

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Activ

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Can

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Kota

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Cap

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1Fi

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Activ

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Can

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Life

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S.N

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F Ba

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Hol

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Kota

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Kota

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Mut

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Bank

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D (M

D 11

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D (M

D 15

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Com

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Pow

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D (M

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Ban

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Infra

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D (M

D 23

/06/

2026

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P (M

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IC H

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D (M

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20/0

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14/0

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D (M

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D (M

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Relia

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44,6

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ICIC

I Ban

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Pow

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D (M

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Hol

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Kota

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Gen

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Dhan

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25/0

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Ele

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23/0

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08/0

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22)

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30/0

8/20

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1Fi

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Fund

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233

Can

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crip

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arch

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rant

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und

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136

( In

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)

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ank

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jaj F

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ce L

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22,4

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ICIC

I Ban

k Lt

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8,22

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2O

ther

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7,19

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%

1Fi

nanc

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sura

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Activ

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234

Can

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4,18

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235

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)

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1Fi

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Not

e : A

s pe

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AI(In

vest

men

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gula

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, 201

6, P

olic

yhol

ders

Unc

laim

ed M

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s Fu

nd (S

FIN

- U

LIF0

1901

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16U

NC

LAIM

FND1

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s sh

own

as p

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f Cur

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Ass

ets

in th

e Ba

lanc

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henc

e no

t co

nsid

ered

for a

bove

dis

clos

ure.

236

Can

ara

HSB

C O

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al B

ank

of C

omm

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Life

Insu

ranc

e C

ompa

ny L

imite

dAn

nexu

res

to S

ched

ule

16 fo

r the

yea

r end

ed M

arch

31,

201

9An

nexu

re 7

Det

ails

of P

enal

Act

ion

( '0

00)

Pena

lty

Awar

ded

Pena

lty P

aid

Pena

lty W

aive

d/

Red

uced

Pena

lty

Awar

ded

Pena

lty P

aid

Pena

lty W

aive

d/

Red

uced

1In

sura

nce

Regu

lato

ry a

nd D

evel

opm

ent A

utho

rity

of In

dia

NIL

NIL

NIL

NIL

NIL

NIL

NIL

2Se

rvic

e Ta

x Au

thor

ities

N

ILN

ILN

ILN

ILN

ILN

ILN

IL3

Inco

me

Tax

Auth

oriti

es

NIL

NIL

NIL

NIL

NIL

NIL

NIL

4An

y ot

her T

ax A

utho

ritie

s N

ILN

ILN

ILN

ILN

ILN

ILN

IL5

Enfo

rcem

ent D

irect

orat

e/ A

djud

icat

ing

Auth

ority

/ Trib

unal

or a

ny A

utho

rity

unde

r FEM

A N

ILN

ILN

ILN

ILN

ILN

ILN

IL

6Re

gist

rar o

f Com

pani

es/ N

CLT

/CLB

/ Dep

artm

ent o

f Cor

pora

te A

ffairs

or a

ny

Auth

ority

und

er C

ompa

nies

Act

, 195

6/20

13

NIL

NIL

NIL

NIL

NIL

NIL

NIL

7Pe

nalty

aw

arde

d by

any

Cou

rt/ T

ribun

al fo

r any

mat

ter i

nclu

ding

cla

im

settl

emen

t but

exc

ludi

ng c

ompe

nsat

ion

NIL

NIL

NIL

NIL

NIL

NIL

NIL

8Se

curit

ies

and

Exch

ange

Boa

rd o

f Ind

iaN

ILN

ILN

ILN

ILN

ILN

ILN

IL9

Com

petit

ion

Com

mis

sion

of I

ndia

N

ILN

ILN

ILN

ILN

ILN

ILN

IL10

Any

othe

r Cen

tral/S

tate

/Loc

al G

over

nmen

t / S

tatu

tory

Aut

horit

y N

ILN

ILN

ILN

ILN

ILN

ILN

IL

S. N

o.

Auth

ority

N

on-

Com

plia

nce/

Vi

olat

ion

For t

he y

ear e

nded

Mar

ch 3

1, 2

019

(Am

ount

)Fo

r the

yea

r end

ed M

arch

31,

201

8 (A

mou

nt)

237

Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedAnnexures to Schedule 16 for the year ended March 31, 2019

Annexure 8Controlled Fund

( '000)

S. No. Particulars For the year ended March 31, 2019


1 Computation of Controlled fund as per the Balance Sheet Policyholders' Fund (Life Fund)Non Linked Non ParticipatingIndividual Assurance 13,071,504 10,822,211 Group Assurance 11,278,748 8,776,031 Group Pension 3,503,490 4,513,609 Individual Annuity 1,125,565 652,407 Individual Health 8,236 - Linked Non ParticipatingIndividual Assurance 92,482,310 82,215,610 Individual Pension 1,144,833 1,185,997 Non Linked ParticipatingIndividual Assurance 12,723,616 7,602,849 Pension - - Non Linked VariableGroup Assurance 871,985 962,233 Group Pension 1,995,683 1,658,427 Funds for Future Appropriations 1,840,147 543,781 Total (A) 140,046,117 118,933,155 Shareholders FundPaid up Capital 9,500,000 9,500,000 Reserves & Surpluses 1,304,208 1,250,000 Fair Value Change 23,244 5,299 Total (B) 10,827,452 10,755,299 Misc. expenses not written offCredit / (Debit) from P&L A/c. - (1,597,758) Total (C ) - (1,597,758) Total shareholders' funds (B+C) 10,827,452 91,57,541Controlled Fund (Total (A+B+C)) 150,873,569 128,090,696

2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss AccountOpening Balance of Controlled Fund 128,090,696 113,271,642 Add: InflowIncomePremium Income 34,907,448 27,810,569 Less: Reinsurance ceded (403,806) (287,495) Net Premium 34,503,642 27,523,074 Investment Income 10,543,804 9,937,082 Other Income 100,548 83,284 Funds transferred from Shareholders' Accounts 68,631 42,191 Total Income 173,307,321 150,857,273 Less: Outgo(i) Benefits paid (Net) 16,069,256 17,857,419 (ii) Interim & Terminal Bonus Paid 5,393 3,107 (iii) Change in Valuation of Liability 19,816,597 13,094,615 (iv) Commission 1,850,047 1,264,009 (v) Operating Expenses 4,074,134 3,653,319 (vi) GST/Service tax recovered on ULIP charges 538,512 485,235 (a) Provision for Doubtful debts 175 673 (b) Bad debts written off - - (c) Provision for Non Standard Asset 125,000 - Total Outgo 42,479,114 36,358,377 Surplus of the Policyholders' FundLess: transferred to Shareholders' Account 1,441,146 1,177,982 Net Flow in Policyholders' account 129,387,061 113,320,914 Add: Net income in Shareholders' Fund 1,651,967 1,678,448 Net In Flow / OutflowAdd: change in valuation Liabilities 19,816,597 13,094,615 Add: Increase in Paid up Capital - - Fair Value Change 17,944 (3,281) Closing Balance of Controlled Fund 150,873,569 128,090,696 As Per Balance Sheet 150,873,569 128,090,696 Difference, if any - -

3 Reconciliation with Shareholders' and Policyholders' Fund3.1 Policyholders' Funds

3.1.1 Policyholders' Funds - Traditional-PAR, NON-PAR and VariableOpening Balance of the Policyholders' Fund 34,987,767 26,806,405 Add: Surplus of the Revenue AccountAdd: change in valuation Liabilities 9,591,060 8,181,362 Total 44,578,827 34,987,767 As per Balance Sheet 44,578,827 34,987,767 Difference, if any - -

3.1.2 Policyholders' Funds - LinkedOpening Balance of the Policyholders' Fund 83,401,607 78,488,354 Add: Surplus of the Revenue AccountAdd: change in valuation Liabilities 10,225,536 4,913,253 Total 93,627,143 83,401,607 As per Balance Sheet 93,627,143 83,401,607 Difference, if any - -

3.1.3 Funds for Future AppropriationsOpening Balance of Funds for Future Appropriations 543,781 494,509 Add / (Less): Movement during the year 1,296,366 49,272 Closing Balance of Funds for Future Appropriations 1,840,147 543,781 As per Balance Sheet 1,840,147 543,781 Difference, if any - -

3.2 Shareholders FundsOpening Balance of Shareholders' Fund 9,157,541 7,482,374 Add: net income of Shareholders' account (P&L) 1,651,967 1,678,448 Add: Infusion of Capital - - Fair Value Change 17,944 (3,281) Closing Balance of the Shareholders' fund 10,827,452 9,157,541 As per Balance Sheet 10,827,452 9,157,541 Difference, if any - -

238

Can

ara

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C O

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ank

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16 fo

r the

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arch

31,

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(A)

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am

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as

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9(

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Any

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239

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Mar

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018

241

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the

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For t

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arch

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9Fo

r the

yea

r end

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Mar

ch 3

1, 2

018

242

Canara HSBC Oriental Bank of Commerce Life Insurance Company LimitedRegistration No. 136; Date of Registration : May 8, 2008

RECEIPTS AND PAYMENTS ACCOUNT (CASH FLOW STATEMENT) FOR THE YEAR ENDED MARCH 31, 2019



( '000) ( '000) I Cash flows from operating activities

Cash receipts from customersGross collections received as Premium & Deposits 34,694,770 27,819,825 Other receipts 88,813 70,781 Cash paid towards operating activitiesReinsurance payments (84,422) (157,474) Expenses (4,039,749) (3,504,844) Benefits paid (16,438,512) (17,869,308) Commission paid (1,760,358) (1,226,616) GST /Service tax paid (437,456) (539,982) Advances and Deposits (31,169) 42,472 Net cash from operating activities 11,991,917 4,634,854

II Cash flows from investing activitiesPurchase of Fixed Assets (122,390) (70,001) Sale of Fixed Assets 1,188 1,233

InvestmentsPurchase of Investments (88,653,802) (50,057,523) Sale of Investments 71,286,129 43,856,556 Rents/Interests/Dividends received 6,055,393 5,255,307 Investments in money market instruments and in liquid mutual funds (Net)* 19,910 (2,732,599)

Loans against policies (3,082) (1,084) Net cash (used in) investing activities (11,416,654) (3,748,111)

III Cash flows from financing activities

Proceeds from issuance of share capital - - Net cash from financing activities - -

Net increase in cash and cash equivalents 575,263 886,743 Cash and cash equivalents at beginning of the year 2,105,936 1,219,193 Cash and cash equivalents at the end of the year 2,681,199 2,105,936

Break up as follows :Cash (Including Cheques, Drafts and Stamps) 1,998 11,888 Balances with Banks 2,679,201 2,094,048

* Net investment in money market instrument includes movement in net current assets




DIN : 00584057





A year of fulfilled promises

Annual Repor t 2018-2019

chairman’s letter 06

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