Insurance services (Tables)

12 Months Ended

Mar. 31, 2025

Separate Accounts Disclosure [Abstract]

Summary of Balances of and Changes in Separate Account Liabilities

The balances of and changes in separate account liabilities for the fiscal years ended March 31, 2024 and March 31, 2025 are as follows:


	As of March 31, 2024
Particulars	Unit-Linked Life			Unit-Linked Pension			Group Linked			Total
	(In millions)
Balance, July 1, 2023	Rs.	709,215.4		Rs.	55,986.3		Rs.	92,327.0		Rs.	857,528.7
Premiums and deposits		97,196.3			3,556.3			16,103.6			116,856.2
Policy Charges		(12,754.4	)		(594.4	)		(762.9	)		(14,111.7	)
Surrenders and withdrawals		(104,102.3	)		(8,432.7	)		(6,882.6	)		(119,417.6	)
Benefit Payments		(37,926.8	)		(2,504.9	)		—			(40,431.7	)
Investment Performance		141,987.6			7,709.9			8,454.5			158,152.0
Other Charges		(2,904.3	)		(124.2	)		(131.1	)		(3,159.6	)

Balance, March 31, 2024	Rs.	790,711.5		Rs.	55,596.3		Rs.	109,108.5		Rs.	955,416.3


	As of March 31, 2025
Particulars	Unit-Linked Life			Unit-Linked Pension			Group Linked			Total			Total
	(In millions)
Balance, April 1, 202 4	Rs.	790,711.5		Rs.	55,596.3		Rs.	109,108.5		Rs.	955,416.3		US$	11,183.7
Premiums and deposits		144,941.9			7,515.3			38,092.2			190,549.4			2,230.4
Policy Charges		(18,978.4	)		(789.3	)		(1,289.6	)		(21,057.3	)		(246.5	)
Surrenders and withdrawals		(93,686.8	)		(7,853.0	)		(16,508.7	)		(118,048.5	)		(1,381.8	)
Benefit Payments		(68,275.4	)		(4,180.8	)		—			(72,456.2	)		(848.1	)
Investment Performance		71,320.8			4,643.4			10,821.3			86,785.5			1,015.8
Other Charges		(4,473.8	)		(193.9	)		(240.1	)		(4,907.8	)		(57.4	)

Balance, March 31, 2025	Rs.	821,559.8		Rs.	54,738.0		Rs.	139,983.6		Rs.	1,016,281.4		US$	11,896.1

Summary of Bank's Aggregate Fair Value of Assets, by Major Investment Asset Category, Supporting Separate Accounts Liabilities

The Bank’s aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities as of March 31, 2024 and March 31, 2025 are as follows:


	As of March 31, 2024
Particulars	Unit-Linked Life		Unit-Linked Pension		Group Linked		Total
	(In millions)
Government of India securities	Rs.	39,549.7	Rs.	7,114.1	Rs.	46,433.5	Rs.	93,097.3
Other corporate/financial institution securities		74,622.2		8,253.7		34,739.2		117,615.1

Total debt securities		114,171.9		15,367.8		81,172.7		210,712.4
Other securities (including mutual fund units)		671,814.6		39,955.9		25,036.5		736,807.0
Other net current assets		4,725.0		272.6		2,899.3		7,896.9

Total	Rs.	790,711.5	Rs.	55,596.3	Rs.	109,108.5	Rs.	955,416.3


	As of March 31, 2025
Particulars	Unit-Linked Life		Unit-Linked Pension		Group Linked		Total		Total
	(In millions)
Government of India securities	Rs.	30,908.6	Rs.	5,813.3	Rs.	60,989.7	Rs.	97,711.6	US$	1,143.8
Other corporate/financial institution securities		88,265.9		8,133.3		44,030.8		140,430.0		1,643.8

Total debt securities		119,174.5		13,946.6		105,020.5		238,141.6		2,787.6
Other securities (including mutual fund units)		697,104.6		40,158.2		29,029.6		766,292.4		8,969.8
Other net current assets		5,280.7		633.2		5,933.5		11,847.4		138.7

Total	Rs.	821,559.8	Rs.	54,738.0	Rs.	139,983.6	Rs.	1,016,281.4	US$	11,896.1

Summary of Bank's Liabilities on Policies

Liabilities on policies in force

The Bank’s Liabilities on policies in force on the consolidated balance sheets as of March 31, 2024 and March 31, 2025 are as follows:


	As of,
Description	March 31, 2024		March 31, 2025		March 31, 2025
	(In millions)
Liability for Future Policy Benefits	Rs.	1,671,384.1	Rs.	2,087,603.8	US$	24,436.3
Policyholder Account Balances		85,430.1		81,652.8		955.8
Other Policy Liabilities		7,164.9		11,707.7		137.1

Total	Rs.	1,763,979.1	Rs.	2,180,964.3	US$	25,529.2

Summary of Bank's Liability for Future Policy Benefits on the Consolidated Balance Sheets

The Bank’s liability for future policy benefits on the consolidated balance sheets as of March 31, 2024 and March 31, 2025 are as follows:


	As of,
Description	March 31, 2024		March 31, 2025		March 31, 2025
	(In millions)
Non Par Protection	Rs.	166,649.2	Rs.	197,562.8	US$	2,312.5
Non Par Riders		207.0		89.7		1.0
Non Par Savings		551,186.3		740,769.5		8,671.1
Non Par Pension		17,609.5		17,986.6		210.5
Individual Annuity		255,858.7		319,760.4		3,743.0
Individual health		410.4		275.4		3.2
Par life		561,076.4		654,173.3		7,657.4
Par Pension		16,294.1		15,878.0		185.9
Group Non Par Life		102,092.5		141,108.1		1,651.7

Total	Rs.	1,671,384.1	Rs.	2,087,603.8	US$	24,436.3

Summary of Information About the Liability for Future Policy Benefits

The following information about the liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable.


	Year Ended March 31, 202 4
	Non Par Protection			Non Par Riders			Non Par Savings			Non Par Pension			Individual Annuity			Individual Health			Par Life			Par Pension			Group Non Par Life			Total
	(Rs. In million, other than weighted average)
Present value of Expected Net Premium
Balance at July 01, 2023 at current discount rate at b a lance sheet date		40,899.8			429.3			251,372.4			97.1			2,472.3			791.6			44.0			—			—			296,106.5
Balance at July 01, 2023 at original discount rate		40,899.8			429.3			251,372.4			97.1			2,472.3			791.6			44.0			—			—			296,106.5
Effect of changes in cash flow assumptions		4,429.1			—			(42.8	)		0.3			6.4			—			619.0			—			—			5,012.0
Effect of actuarial variances from expected experience		(1,277.3	)		15.6			2,649.0			0.8			395.8			43.6			2,640.7			(0.7	)		9,298.2			13,765.7
Adjusted Balance		44,051.6			444.9			253,978.6			98.2			2,874.5			835.2			3,303.7			(0.7	)		9,298.2			314,884.2
Issuances		18,075.3			891.5			93,550.6			1,918.4			36,417.8			33.8			27,308.5			2,081.3			16,873.7			197,150.9
Interest accrual		3,343.2			69.4			17,926.3			98.4			1,272.8			44.5			1,539.5			102.3			436.2			24,832.6
Net premium collected		(7,081.9	)		(256.7	)		(72,133.2	)		(537.5	)		(32,412.7	)		(171.1	)		(6,418.9	)		(562.6	)		(26,601.3	)		(146,175.9	)
Balance at March 31, 2024 at original discount rate		58,388.2			1,149.1			293,322.3			1,577.5			8,152.4			742.4			25,732.8			1,620.3			6.8			390,691.8
Effect of changes in discount rate assumptions		174.0			(2.6	)		(1,182.0	)		(6.3	)		4.3			(1.8	)		(97.2	)		(7.0	)		0.1			(1,118.5	)
Balance at March 31, 2024 at current discount rate at balance sheet date		58,562.2			1,146.5			292,140.3			1,571.2			8,156.7			740.6			25,635.6			1,613.3			6.9			389,573.3
Present value of Expected Future Policy Benefits
Balance at July 01, 202 3 at current discount rate at balance sheet date		180,285.0			413.9			658,883.0			13,185.7			212,888.9			1,088.2			504,494.2			16,744.8			66,264.0			1,654,247.7
Balance at July 01, 202 3 at original discount rate		180,285.0			413.9			658,883.0			13,185.7			212,888.9			1,088.2			504,494.2			16,744.8			66,264.0			1,654,247.7
Effect of changes in cash flow assumptions		7,429.2			—			3,429.0			35.1			75.7			—			(1,377.7	)		326.1			1,498.4			11,415.8
Effect of actuarial variances from expected experience		(1,526.0	)		15.9			2,653.6			(187.0	)		(136.9	)		43.7			2,250.6			539.3			7,379.6			11,032.8
Adjusted Balance		186,188.2			429.8			664,965.6			13,033.8			212,827.7			1,131.9			505,367.1			17,610.2			75,142.0			1,676,696.3
Issuances		18,051.0			882.1			93,520.0			1,918.4			36,417.8			33.8			27,264.0			2,080.8			16,873.7			197,041.6
Interest accrual		11,529.5			73.3			43,134.7			798.0			14,141.1			63.1			29,361.4			1,063.9			4,700.4			104,865.4
Benefits Payments		(5,294.9	)		(81.5	)		(8,918.6	)		(2,530.3	)		(12,654.0	)		(137.5	)		(45,730.7	)		(2,959.8	)		(20,373.2	)		(98,680.5	)
Balance at March 31, 2024 at original discount rate		210,473.8			1,303.7			792,701.7			13,219.9			250,732.6			1,091.3			516,261.8			17,795.1			76,342.9			1,879,922.8
Effect of changes in discount rate assumptions		6,215.7			4.7			17,990.2			(28.9	)		6,399.5			0.1			3,658.3			(37.5	)		(188.4	)		34,013.7
Balance at March 31, 2024 at current discount rate at balance sheet date		216,689.5			1,308.4			810,691.9			13,191.0			257,132.1			1,091.4			519,920.1			17,757.6			76,154.5			1,913,936.5
Present value of expected claims expenses		242.0			26.8			142.2			2.8			32.9			0.1			547.5			4.3			—			998.6
Net liability for future policy benefits		158,369.3			188.7			518,693.8			11,622.6			249,008.3			350.9			494,832.0			16,148.6			76,147.6			1,525,361.8
Deferred Profit Liability		6,568.5			18.3			29,891.5			175.2			6,543.2			—			63,225.0			95.9			6,602.0			113,119.6
Other global reserves		1,711.4			—			2,601.0			5,811.7			307.2			59.5			3,019.4			49.6			19,342.9			32,902.7
Total liability for future policy benefits and DPL for March 31, 2024		166,649.2			207.0			551,186.3			17,609.5			255,858.7			410.4			561,076.4			16,294.1			102,092.5			1,671,384.1
Less: Reinsurance recoverables		83,420.6			28.0			(17.4	)		—			—			125.2			18,249.9			—			3,786.3			105,592.6
Net liability for future policy benefits, net of reinsurance		83,228.6			179.0			551,203.7			17,609.5			255,858.7			285.2			542,826.5			16,294.1			98,306.2			1,565,791.5
Undiscounted- Expected future benefit payments		1,120,561.7			2,580.3			2,875,101.5			19,433.2			864,912.6			1,758.2			1,302,045.2			25,927.9			96,029.6			6,308,350.2
Discounted- Expected future benefit payments (at current discount rate at balance sheet date)		216,689.5			1,308.4			810,691.9			13,191.0			257,132.1			1,091.4			519,920.1			17,757.6			76,154.5			1,913,936.5
Undiscounted-Expected future gross premiums		296,828.1			3,359.9			611,779.3			3,502.2			21,253.0			1,769.6			507,662.9			7,523.1			220.7			1,453,898.8
Discounted-Expected future gross premiums		172,175.3			2,461.1			489,752.0			2,869.1			18,427.5			1,289.9			409,535.4			6,057.0			124.3			1,102,691.6
Weighted-average duration of the liability (in years)		13.50			10.57			10.39			4.25			10.30			5.96			8.39			4.06			3.23
Weighted-average interest accretion (original locked-in) rate		7.69	%		7.69	%		7.69	%		7.69	%		7.69	%		7.69	%		7.69	%		7.69	%		7.69	%
Weighted-average current discount rate at balance sheet date		7.40	%		7.40	%		7.42	%		7.66	%		7.42	%		7.50	%		7.48	%		7.66	%		7.68	%


	Year Ended March 31, 2025
	Non Par Protection			Non Par Riders			Non Par Savings			Non Par Pension			Individual Annuity			Individual Health			Par Life			Par Pension			Group Non Par Life			Total			Total
	(Rs. In million, other than weighted average)																														(US$ in million)
Present value of Expected Net Premium
Balance at April 01, 2024, at current discount rate at balance sheet date		58,562.2			1,146.5			292,140.3			1,571.2			8,156.7			740.6			25,635.6			1,613.3			6.9			389,573.3			4,560.1
Balance at April 01, 2024, at original discount rate		58,388.2			1,149.1			293,322.3			1,577.5			8,152.4			742.4			25,732.8			1,620.3			6.8			390,691.8			4,573.2
Effect of changes in cash flow assumptions		11,055.5			—			(7,969.2	)		(48.7	)		(100.7	)		—			(6,439.3	)		1,103.9			15.7			(2,382.8	)		(27.9	)
Effect of actuarial variances from expected experience		(2,165.2	)		(307.1	)		2,724.7			108.9			(508.6	)		(331.1	)		1,137.5			145.3			(4,556.3	)		(3,751.9	)		(43.9	)
Adjusted Balance		67,278.5			842.0			288,077.8			1,637.7			7,543.1			411.3			20,431.0			2,869.5			(4,533.8	)		384,557.1			4,501.4
Issuances		30,918.5			1,126.3			141,305.7			1,952.9			48,569.1			29.3			29,265.9			2,824.1			32,774.8			288,766.6			3,380.2
Interest accrual		6,994.8			137.7			29,187.9			247.7			2,602.7			29.0			3,450.6			376.8			956.8			43,984.0			514.9
Net premium collected		(13,669.6	)		(427.8	)		(103,906.6	)		(884.6	)		(44,659.6	)		(112.2	)		(11,255.6	)		(1,645.4	)		(30,971.1	)		(207,532.5	)		(2,429.3	)
Balance at March 31, 2025 at original discount rate		91,522.2			1,678.2			354,664.8			2,953.7			14,055.3			357.4			41,891.9			4,425.0			(1,773.3	)		509,775.2			5,967.2
Effect of changes in discount rate assumptions		1,993.5			17.0			2,272.7			19.6			73.4			3.9			344.1			22.1			(40.5	)		4,705.8			55.1
Balance at March 31, 2025 at current discount rate at balance sheet date		93,515.7			1,695.2			356,937.5			2,973.3			14,128.7			361.3			42,236.0			4,447.1			(1,813.8	)		514,481.0			6,022.3
Present value of Expected Future Policy Benefits
Balance at April 01, 2024, at current discount rate at balance sheet date		216,689.5			1,308.4			810,691.9			13,191.0			257,132.1			1,091.4			519,920.1			17,757.6			76,154.5			1,913,936.5			22,403.6
Balance at April 01, 2024, at original discount rate		210,473.8			1,303.7			792,701.7			13,219.9			250,732.6			1,091.3			516,261.8			17,795.1			76,342.9			1,879,922.8			22,005.4
Effect of changes in cash flow assumptions		9,381.8			—			(8,475.8	)		79.3			224.4			—			(5,378.3	)		525.1			688.2			(2,955.3	)		(34.6	)
Effect of actuarial variances from expected experience		(2,309.1	)		(372.2	)		3,149.9			110.8			(1,014.0	)		(411.6	)		1,701.0			201.6			(6,432.7	)		(5,376.3	)		(62.9	)
Adjusted Balance		217,546.5			931.5			787,375.8			13,410.0			249,943.0			679.7			512,584.5			18,521.8			70,598.4			1,871,591.2			21,907.9
Issuances		30,874.5			1,111.9			141,235.0			1,952.4			48,565.1			29.2			29,209.7			2,823.3			32,774.7			288,575.8			3,377.9
Interest accrual		18,482.6			150.4			69,530.5			1,098.8			22,540.7			47.2			39,452.0			1,517.1			6,812.5			159,631.8			1,868.6
Benefits Payments		(8,552.7	)		(229.2	)		(24,293.2	)		(1,973.8	)		(19,822.6	)		(181.9	)		(42,483.7	)		(3,337.9	)		(30,408.5	)		(131,283.5	)		(1,536.7	)
Balance at March 31, 2025 at original discount rate		258,350.9			1,964.6			973,848.1			14,487.4			301,226.2			574.2			538,762.5			19,524.3			79,777.1			2,188,515.3			25,617.6
Effect of changes in discount rate assumptions		15,775.0			41.9			54,366.2			233.2			14,370.5			10.8			16,604.5			277.0			638.9			102,318.0			1,197.7
Balance at March 31, 2025 at current discount rate at balance sheet date		274,125.9			2,006.5			1,028,214.3			14,720.6			315,596.7			585.0			555,367.0			19,801.3			80,416.0			2,290,833.3			26,815.3
Present value of expected claims expenses		324.4			43.0			224.8			2.9			37.7			0.1			647.3			4.7			—			1,284.9			15.0
Net liability for future policy benefits		180,934.6			354.3			671,501.6			11,750.2			301,505.7			223.8			513,778.3			15,358.9			82,229.8			1,777,637.2			20,808.0
Deferred Profit Liability		14,053.0			59.0			66,070.8			394.3			16,012.0			0.2			136,074.4			388.8			39,561.5			272,614.0			3,191.1
Other global reserves		2,575.2			(323.6	)		3,197.1			5,842.1			2,242.7			51.4			4,320.6			130.3			19,316.8			37,352.6			437.2
Total liability for future policy benefits and DPL for March 31, 2025		197,562.8			89.7			740,769.5			17,986.6			319,760.4			275.4			654,173.3			15,878.0			141,108.1			2,087,603.8			24,436.3
Less: Reinsurance recoverables		84,794.7			(69.9	)		38.1			—			—			(20.0	)		14,114.1			—			5,342.1			104,199.1			1,219.7
Net liability for future policy benefits, net of reinsurance		112,768.1			159.6			740,731.4			17,986.6			319,760.4			295.4			640,059.2			15,878.0			135,766.0			1,983,404.7			23,216.6
Undiscounted- Expected future benefit payments		1,357,592.1			3,683.8			3,307,089.8			22,662.1			899,460.7			908.7			1,375,202.6			28,880.6			101,483.5			7,096,963.9			83,073.4
Discounted- Expected future benefit payments (at current discount rate at balance sheet date)		274,125.9			2,006.5			1,028,214.3			14,720.6			315,596.7			585.0			555,367.0			19,801.3			80,416.0			2,290,833.3			26,815.3
Undiscounted-Expected future gross premiums		350,474.6			6,702.3			696,236.3			5,904.9			27,679.8			1,639.8			487,422.0			9,472.3			220.6			1,585,752.6			18,562.0
Discounted-Expected future gross premiums		205,841.6			5,043.1			564,231.6			4,830.4			24,273.8			1,214.1			398,173.3			7,912.5			125.6			1,211,646.0			14,182.9
Weighted-average duration of the liability (in years)		13.60			9.70			10.10			5.10			9.50			5.80			8.80			4.40			3.50			9.18
Weighted-average interest accretion (original locked-in) rate		7.7	%		7.8	%		7.7	%		7.7	%		7.7	%		7.7	%		7.7	%		7.7	%		7.8	%		7.7	%
Weighted-average current discount rate at balance sheet date		7.0	%		7.1	%		7.1	%		7.1	%		7.0	%		7.0	%		7.0	%		7.2	%		7.3	%		7.0	%

Summary of Bank's Gross Premiums or Assessments and Interest Expense Recognised

The Bank’s gross premiums and interest accretion recognised in the consolidated statements of income and comprehensive income (loss) for Traditional and Limited-Payment contracts, as of March 31, 2024 and March 31, 2025 are as follows:


	As of March 31, 2024
Traditional and Limited-Payment Contracts:	Gross premiums		Interest accretion
	(in millions)
Non Par Protection	Rs.	120,828.1	Rs.	8,357.9
Non Par Riders		—		4.4

Non Par Savings		23,560.0		25,621.0

Non Par Pension		1,020.9		704.0
Individual Annuity		39,984.9		12,926.3
Individual health		419.0		17.6
Par life		111,036.4		29,795.5
Par Pension		1,846.5		962.1
Group Non Par Life		71,156.2		4,371.4

Total	Rs.	369,852.0	Rs.	82,760.2


	As of March 31, 2025
Traditional and Limited-Payment Contracts:	Gross premiums		Interest accretion
	(in millions)
Non Par Protection	Rs.	34,038.8	Rs.	6,225.7
Non Par Riders		185.9		18.5

Non Par Savings		167,044.3		43,233.8

Non Par Pension		2,270.0		870.2
Individual Annuity		53,613.4		20,632.5
Individual health		470.1		15.2
Par life		137,161.4		42,018.3
Par Pension		3,009.7		1,149.7
Group Non Par Life		85,169.7		7,329.9

Total	Rs.	482,963.3	Rs.	121,493.8

Total	US$	5,653.3	US$	1,422.1

Summary of the Bank's Policyholder Account Balances on the Consolidated Balance

The Bank’s policyholder account balances on the consolidated balance sheets as of March 31, 2024 and March 31, 2025 are as follows:


	As of,
Description	March 31, 2024		March 31, 2025		March 31, 2025
	(In millions)
Group traditional life	Rs.	23,718.6	Rs.	26,771.0	US$	313.5
Group traditional pension		8,824.2		12,824.8		150.1
Group variable life		22,764.1		20,051.5		234.7
Group variable pension		19,200.9		13,296.2		155.6
Individual VIP pension		9,613.9		7,543.8		88.3
Statutory reserves		1,308.4		1,165.5		13.6

Total	Rs.	85,430.1	Rs.	81,652.8	US$	955.8

Summary of Bank's Primarily two types of Reinsurance Treaties, Auto and Facultative Reinsurance with Third Parties

The Bank has primarily two types of reinsurance treaties, auto and facultative reinsurance. The primary reason is to diversify the pool of risk covered by the insurance company, and to limit the liability along with ensuring solvency of the Bank. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk.

The effect of all reinsurance agreements on the consolidated statements of financial income as of March 31, 2024 and March 31, 2025 are as follows:


	As of,
Description	March 31, 2024		March 31, 2025		March 31, 2025
	(In millions)
Direct	Rs.	1,763,024.4	Rs.	2,179,868.1	US$	25,516.4
Assumed		954.7		1,096.2		12.8
Total liabilities on policies in force		1,763,979.1		2,180,964.3		25,529.2
Ceded (*)		105,661.6		104,321.2		1,221.1

Net liabilities on policies in force	Rs.	1,658,317.5	Rs.	2,076,643.1	US$	24,308.1

(*)	Reinsurance asset reported within other asset

Summary of Effect of Reinsurance

The effects of reinsurance on the consolidated statements of income are as follows:


	As of March 31,
	2024			2025			2025
Premium and other operating income from insurance business:	(In millions)
Direct	Rs.	389,925.5		Rs.	510,646.9		US$	5,977.4
Assumed		1,588.5			2,581.4			30.2
Ceded		(9,634.5	)		(14,963.1	)		(175.2	)

Total	Rs.	381,879.5		Rs.	498,265.2		US$	5,832.4


	As of March 31,
Claims and benefits paid pertaining to insurance business:	2024			2025			2025
	(In millions)
Direct		Rs. 383,194.5			Rs. 537,887.7		US$	6,296.3
Assumed		1,029.4			1,558.9			18.2
Ceded		(2,258.1	)		(6,579.5	)		(77.0	)

Total		Rs. 381,965.8			Rs. 532,867.1		US$	6,237.5

Summary of Information Regarding Total DAC by Line of Business

Information regarding total DAC by Line of business as of March 31, 2024 and March 31, 2025 are as follows:


	Year Ended March 31, 2024
	Non Par Protection			Non Par Savings			Non Par Pension			Individual Annuity			Par Life			Par Pension			UL Life			UL Pension			Group Non par Life			Total
	(Rs. in million)
Balance at July 1, 2023		—			—			—			—			—			—			—			—			—			—
Capitalizations		4,808.8			16,176.8			236.5			1,818.0			13,035.1			162.0			12,940.6			207.2			15,005.0			64,390.0
Amortization		(62.0	)		(277.3	)		(10.6	)		(19.9	)		(253.0	)		(9.6	)		(608.8	)		(6.1	)		(1,724.0	)		(2,971.3	)
Experience Adjustment		(29.5	)		(13.5	)		—			—			—			—			(112.8	)		(0.5	)		(730.5	)		(886.8	)

Balance at March 31, 2024		4,717.3			15,886.0			225.9			1,798.1			12,782.1			152.4			12,219.0			200.6			12,550.5			60,531.9


	Year Ended March 31, 2025
	Non Par Protection			Non Par Savings			Non Par Pension			Individual Annuity			Par Health		Par Life			Par Pension			UL Life			UL Pension			Group Non par Life			Total			Total
	(Rs. in million)																																(US$. in million)
Balance at March 31, 2024		4,717.3			15,886.0			225.9			1,798.1			—		12,782.1			152.4			12,219.0			200.6			12,550.5			60,531.9			708.6
Capitalizations		5,956.9			34,826.9			218.9			2,828.1			0.1		20,087.6			390.7			21,425.5			1,483.8			17,584.5			104,803.0			1,226.8
Amortization		(259.1	)		(1,911.8	)		(40.0	)		(106.9	)		—		(1,088.1	)		(49.2	)		(3,229.4	)		(110.9	)		(6,667.6	)		(13,463.0	)		(157.6	)
Experience Adjustment		(228.5	)		(885.4	)		(2.3	)		(2.6	)		—		(754.7	)		(6.5	)		(1,183.2	)		(41.8	)		(591.3	)		(3,696.3	)		(43.3	)

Balance at March 31, 2025		10,186.6			47,915.7			402.5			4,516.7			0.1		31,026.9			487.4			29,231.9			1,531.7			22,876.1			148,175.6			1,734.5

Summary of Information Regarding Movement of Total VOBA Contracts

Information regarding movement of total VOBA contracts from July 1, 2023 (acquisition date) to March 31, 2024 are as follows:


	As of March 31, 2024
	(In millions)
Balance at July 1 2023	Rs.	221,738.5
Amortization		(16,707.7	)
Experience Adjustment		(635.1	)

Balance at March 31 2024	Rs.	204,395.7

Information regarding movement of total VOBA contracts for the year ended March 31, 2025 are as follows:


	As of March 31, 2025
	(In millions)
Balance, April 1, 2024	Rs.	204,395.7		US$	2,392.6
Amortization		(16,669.1	)		(195.1	)
Experience Adjustment		(3,447.2	)		(40.4	)

Balance, March 31, 2025	Rs.	184,279.4		US$	2,157.1

Summary of Information Regarding the Estimated Future Amortisation of VOBA Intangibles Over the Next Five Years

Information regarding the estimated future amortization of VOBA intangibles over the next five years is as follows:


	As of March 31, 2025
Year	(In millions)
2026	Rs.	14,566.4	US$	170.5
2027		12,862.3		150.6
2028		11,031.8		129.1
2029		9,383.1		109.8
2030		8,421.0		98.6

Summary of a Roll Forward of URR

The following table presents a roll forward of URR:


	As of March 31, 202 4
Particulars	Unit-Linked Life			Unit-Linked Pension			Total
	(In millions)
Balance, beginning of the year	Rs.	—		Rs.	—		Rs.	—
Capitalizations		991.8			44.7			1,036.5
Amortization		(37.9	)		(1.0	)		(38.9	)
Experience Adjustment		(8.7	)		(0.1	)		(8.8	)

Balance, end of the year		945.2			43.6			988.8


	As of March 31, 2025
Particulars	Unit-Linked Life			Unit-Linked Pension			Total			Total
	(In millions)
Balance, beginning of the year	Rs.	945.2		Rs.	43.6		Rs.	988.8		US$	11.6
Capitalizations		2,772.3			121.6			2,893.9			33.9
Amortization		(303.5	)		(12.5	)		(316.0	)		(3.7	)
Experience Adjustment		(132.2	)		(6.4	)		(138.6	)		(1.7	)

Balance, end of the year		3,281.8			146.3			3,428.1			40.1