| Insurance services |
Separate accounts assets and liabilities: Separate account assets consist of investment accounts established and maintained by the Bank. The investment objectives of these assets are directed by the contract holder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities. The following information about the separate account liabilities includes disaggregated rollforwards. 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. The separate account liabilities are primarily comprised of the following Unit-Linked Life, Unit-Linked Pension and Group Linked contracts. The balances of and changes in separate account liabilities for the fiscal years ended March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Particulars |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Balance, April 1, 2024 |
|
Rs. |
790,711.5 |
|
|
Rs. |
55,596.3 |
|
|
Rs. |
109,108.5 |
|
|
Rs. |
955,416.3 |
|
| Premiums and deposits |
|
|
144,941.9 |
|
|
|
7,515.3 |
|
|
|
38,092.2 |
|
|
|
190,549.4 |
|
| Policy charges |
|
|
(18,978.4 |
) |
|
|
(789.3 |
) |
|
|
(1,289.6 |
) |
|
|
(21,057.3 |
) |
| Surrenders and withdrawals |
|
|
(93,686.8 |
) |
|
|
(7,853.0 |
) |
|
|
(16,508.7 |
) |
|
|
(118,048.5 |
) |
| Benefit payments |
|
|
(68,275.4 |
) |
|
|
(4,180.8 |
) |
|
|
— |
|
|
|
(72,456.2 |
) |
| Investment performance |
|
|
71,320.8 |
|
|
|
4,643.4 |
|
|
|
10,821.3 |
|
|
|
86,785.5 |
|
| Other charges |
|
|
(4,473.8 |
) |
|
|
(193.9 |
) |
|
|
(240.1 |
) |
|
|
(4,907.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2025 |
|
Rs. |
821,559.8 |
|
|
Rs. |
54,738.0 |
|
|
Rs. |
139,983.6 |
|
|
Rs. |
1,016,281.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Balance, April 1, 2025 |
|
Rs. |
821,559.8 |
|
|
Rs. |
54,738.0 |
|
|
Rs. |
139,983.6 |
|
|
Rs. |
1,016,281.4 |
|
|
US$ |
10,831.2 |
|
| Premiums and deposits |
|
|
174,060.2 |
|
|
|
10,699.2 |
|
|
|
45,756.6 |
|
|
|
230,516.0 |
|
|
|
2,456.7 |
|
| Policy charges |
|
|
(20,826.3 |
) |
|
|
(804.8 |
) |
|
|
(1,713.3 |
) |
|
|
(23,344.4 |
) |
|
|
(248.8 |
) |
| Surrenders and withdrawals |
|
|
(86,181.1 |
) |
|
|
(6,105.5 |
) |
|
|
(11,704.7 |
) |
|
|
(103,991.3 |
) |
|
|
(1,108.3 |
) |
| Benefit payments |
|
|
(65,691.7 |
) |
|
|
(4,658.2 |
) |
|
|
— |
|
|
|
(70,349.9 |
) |
|
|
(749.8 |
) |
| Investment performance |
|
|
4,031.7 |
|
|
|
(320.3 |
) |
|
|
1,668.1 |
|
|
|
5,379.5 |
|
|
|
57.3 |
|
| Other charges |
|
|
(2,163.4 |
) |
|
|
(112.7 |
) |
|
|
(299.1 |
) |
|
|
(2,575.2 |
) |
|
|
(27.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2026 |
|
Rs. |
824,789.2 |
|
|
Rs. |
53,435.7 |
|
|
Rs. |
173,691.2 |
|
|
Rs. |
1,051,916.1 |
|
|
US$ |
11,210.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The Bank’s aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities as of March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Particulars |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Government of India securities |
|
Rs. |
30,908.6 |
|
|
Rs. |
5,813.3 |
|
|
Rs. |
60,989.7 |
|
|
Rs. |
97,711.6 |
|
| Other corporate/financial institution securities |
|
|
88,265.9 |
|
|
|
8,133.3 |
|
|
|
44,030.8 |
|
|
|
140,430.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total debt securities |
|
|
119,174.5 |
|
|
|
13,946.6 |
|
|
|
105,020.5 |
|
|
|
238,141.6 |
|
| Other securities (including mutual fund units) |
|
|
697,104.6 |
|
|
|
40,158.2 |
|
|
|
29,029.6 |
|
|
|
766,292.4 |
|
| Other net current assets |
|
|
5,280.7 |
|
|
|
633.2 |
|
|
|
5,933.5 |
|
|
|
11,847.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
821,559.8 |
|
|
Rs. |
54,738.0 |
|
|
Rs. |
139,983.6 |
|
|
Rs. |
1,016,281.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government of India securities |
|
Rs. |
45,981.6 |
|
|
Rs. |
3,699.8 |
|
|
Rs. |
32,784.6 |
|
|
Rs. |
82,466.0 |
|
|
US$ |
878.9 |
|
| Other corporate/financial institution securities |
|
|
68,702.0 |
|
|
|
9,754.3 |
|
|
|
96,514.4 |
|
|
|
174,970.7 |
|
|
|
1,864.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total debt securities |
|
|
114,683.6 |
|
|
|
13,454.1 |
|
|
|
129,299.0 |
|
|
|
257,436.7 |
|
|
|
2,743.7 |
|
| Other securities (including mutual fund units) |
|
|
704,189.2 |
|
|
|
39,107.5 |
|
|
|
35,915.1 |
|
|
|
779,211.8 |
|
|
|
8,304.5 |
|
| Other net current assets |
|
|
5,916.4 |
|
|
|
874.1 |
|
|
|
8,477.1 |
|
|
|
15,267.6 |
|
|
|
162.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
824,789.2 |
|
|
Rs. |
53,435.7 |
|
|
Rs. |
173,691.2 |
|
|
Rs. |
1,051,916.1 |
|
|
US$ |
11,210.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities on policies in force: The Bank’s liabilities on policies in force on the consolidated balance sheets as of March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Liability for Future Policy Benefits |
|
Rs. |
2,087,603.8 |
|
|
Rs. |
2,277,581.6 |
|
|
US$ |
24,273.4 |
|
| Policyholder Account Balances |
|
|
81,652.8 |
|
|
|
71,862.0 |
|
|
|
765.9 |
|
| Other Policy Liabilities |
|
|
11,707.7 |
|
|
|
18,440.0 |
|
|
|
196.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
2,180,964.3 |
|
|
Rs. |
2,367,883.6 |
|
|
US$ |
25,235.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability for future policy benefits: The Bank’s liability for future policy benefits on the consolidated balance sheets as of March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Non Par Protection |
|
Rs. |
197,562.8 |
|
|
Rs. |
194,915.5 |
|
|
US$ |
2,077.3 |
|
| Non Par Riders |
|
|
89.7 |
|
|
|
54.7 |
|
|
|
0.6 |
|
| Non Par Savings |
|
|
740,769.5 |
|
|
|
813,450.3 |
|
|
|
8,669.3 |
|
| Non Par Pension |
|
|
17,986.6 |
|
|
|
18,348.7 |
|
|
|
195.6 |
|
| Individual Annuity |
|
|
319,760.4 |
|
|
|
349,830.1 |
|
|
|
3,728.3 |
|
| Individual Health |
|
|
275.4 |
|
|
|
461.6 |
|
|
|
4.9 |
|
| Par Life |
|
|
654,173.3 |
|
|
|
704,829.8 |
|
|
|
7,511.8 |
|
| Par Pension |
|
|
15,878.0 |
|
|
|
20,832.1 |
|
|
|
222.0 |
|
| Group Non Par Life |
|
|
141,108.1 |
|
|
|
174,858.8 |
|
|
|
1,863.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
2,087,603.8 |
|
|
Rs. |
2,277,581.6 |
|
|
US$ |
24,273.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, 2025 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(Rs. In million, other than weighted average) |
|
| 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 |
|
| 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 |
|
| 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 |
) |
| 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 |
) |
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
) |
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
) |
| 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 |
) |
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
) |
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| Less: Reinsurance recoverables |
|
|
84,794.7 |
|
|
|
(69.9 |
) |
|
|
38.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(20.0 |
) |
|
|
14,114.1 |
|
|
|
— |
|
|
|
5,342.1 |
|
|
|
104,199.1 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
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 |
|
| 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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended March 31, 2026 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(Rs. In million, other than weighted average) |
|
|
|
|
| Present value of Expected Net Premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at April 01, 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 |
|
|
|
5,483.1 |
|
| Balance at April 01, 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 |
|
|
|
5,433.0 |
|
| Effect of changes in cash flow assumptions |
|
|
(9,625.2 |
) |
|
|
— |
|
|
|
(16,206.4 |
) |
|
|
(10.2 |
) |
|
|
(2,505.7 |
) |
|
|
— |
|
|
|
(4,635.0 |
) |
|
|
259.7 |
|
|
|
1,773.2 |
|
|
|
(30,949.6 |
) |
|
|
(329.8 |
) |
| Effect of actuarial variances from expected experience |
|
|
(1,157.4 |
) |
|
|
2,181.9 |
|
|
|
7,936.5 |
|
|
|
1,701.1 |
|
|
|
846.1 |
|
|
|
270.8 |
|
|
|
1,417.2 |
|
|
|
28.2 |
|
|
|
(5,071.8 |
) |
|
|
8,152.6 |
|
|
|
86.9 |
|
| Adjusted Balance |
|
|
80,739.6 |
|
|
|
3,860.1 |
|
|
|
346,394.9 |
|
|
|
4,644.6 |
|
|
|
12,395.7 |
|
|
|
628.2 |
|
|
|
38,674.1 |
|
|
|
4,712.9 |
|
|
|
(5,071.9 |
) |
|
|
486,978.2 |
|
|
|
5,190.1 |
|
| Issuances |
|
|
37,750.1 |
|
|
|
249.8 |
|
|
|
78,207.3 |
|
|
|
3,815.8 |
|
|
|
49,854.3 |
|
|
|
14.9 |
|
|
|
34,021.1 |
|
|
|
10,115.3 |
|
|
|
35,570.5 |
|
|
|
249,599.1 |
|
|
|
2,660.1 |
|
| Interest accrual |
|
|
8,275.2 |
|
|
|
290.7 |
|
|
|
28,146.3 |
|
|
|
576.0 |
|
|
|
2,708.5 |
|
|
|
42.0 |
|
|
|
4,925.3 |
|
|
|
831.5 |
|
|
|
994.9 |
|
|
|
46,790.4 |
|
|
|
498.7 |
|
| Net premium collected |
|
|
(16,939.2 |
) |
|
|
(484.1 |
) |
|
|
(107,928.1 |
) |
|
|
(1,772.9 |
) |
|
|
(49,811.8 |
) |
|
|
(152.9 |
) |
|
|
(15,892.3 |
) |
|
|
(6,182.5 |
) |
|
|
(33,623.1 |
) |
|
|
(232,786.9 |
) |
|
|
(2,480.9 |
) |
| Balance at March 31, 2026 at original discount rate |
|
|
109,825.7 |
|
|
|
3,916.5 |
|
|
|
344,820.4 |
|
|
|
7,263.5 |
|
|
|
15,146.7 |
|
|
|
532.2 |
|
|
|
61,728.2 |
|
|
|
9,477.2 |
|
|
|
(2,129.6 |
) |
|
|
550,580.8 |
|
|
|
5,868.0 |
|
| Effect of changes in discount rate assumptions |
|
|
(2,211.4 |
) |
|
|
(52.5 |
) |
|
|
(2,055.7 |
) |
|
|
(59.0 |
) |
|
|
(64.3 |
) |
|
|
(2.6 |
) |
|
|
(645.3 |
) |
|
|
(47.4 |
) |
|
|
23.9 |
|
|
|
(5,114.3 |
) |
|
|
(54.5 |
) |
| Balance at March 31, 2026 at current discount rate at balance sheet date |
|
|
107,614.3 |
|
|
|
3,864.0 |
|
|
|
342,764.7 |
|
|
|
7,204.5 |
|
|
|
15,082.4 |
|
|
|
529.6 |
|
|
|
61,082.9 |
|
|
|
9,429.8 |
|
|
|
(2,105.7 |
) |
|
|
545,466.5 |
|
|
|
5,813.5 |
|
| Present value of Expected Future Policy Benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at April 01, 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 |
|
|
|
24,414.7 |
|
| Balance at April 01, 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 |
|
|
|
23,324.3 |
|
| Effect of changes in cash flow assumptions |
|
|
(10,944.5 |
) |
|
|
— |
|
|
|
(15,972.7 |
) |
|
|
(11.1 |
) |
|
|
(3,521.3 |
) |
|
|
— |
|
|
|
(8,725.1 |
) |
|
|
432.8 |
|
|
|
2,576.1 |
|
|
|
(36,165.8 |
) |
|
|
(385.4 |
) |
| Effect of actuarial variances from expected experience |
|
|
(1,620.3 |
) |
|
|
2,142.2 |
|
|
|
7,957.2 |
|
|
|
1,693.4 |
|
|
|
877.1 |
|
|
|
396.6 |
|
|
|
2,213.9 |
|
|
|
133.8 |
|
|
|
(7,892.7 |
) |
|
|
5,901.2 |
|
|
|
62.9 |
|
| Adjusted Balance |
|
|
245,786.1 |
|
|
|
4,106.8 |
|
|
|
965,832.6 |
|
|
|
16,169.7 |
|
|
|
298,582.0 |
|
|
|
970.8 |
|
|
|
532,251.3 |
|
|
|
20,090.9 |
|
|
|
74,460.5 |
|
|
|
2,158,250.7 |
|
|
|
23,001.8 |
|
| Issuances |
|
|
37,915.2 |
|
|
|
251.5 |
|
|
|
78,158.7 |
|
|
|
3,815.0 |
|
|
|
50,295.8 |
|
|
|
14.9 |
|
|
|
33,940.4 |
|
|
|
10,112.4 |
|
|
|
35,570.5 |
|
|
|
250,074.4 |
|
|
|
2,665.2 |
|
| Interest accrual |
|
|
20,892.9 |
|
|
|
318.5 |
|
|
|
77,108.6 |
|
|
|
1,445.5 |
|
|
|
25,894.1 |
|
|
|
69.5 |
|
|
|
40,992.4 |
|
|
|
2,161.4 |
|
|
|
7,187.1 |
|
|
|
176,070.0 |
|
|
|
1,876.5 |
|
| Benefits Payments |
|
|
(8,293.1 |
) |
|
|
(277.4 |
) |
|
|
(24,513.7 |
) |
|
|
(1,923.6 |
) |
|
|
(24,291.0 |
) |
|
|
(111.6 |
) |
|
|
(41,945.1 |
) |
|
|
(3,801.9 |
) |
|
|
(29,394.2 |
) |
|
|
(134,551.6 |
) |
|
|
(1,434.0 |
) |
| Balance at March 31, 2026 at original discount rate |
|
|
296,301.1 |
|
|
|
4,399.4 |
|
|
|
1,096,586.2 |
|
|
|
19,506.6 |
|
|
|
350,480.9 |
|
|
|
943.6 |
|
|
|
565,239.0 |
|
|
|
28,562.8 |
|
|
|
87,823.9 |
|
|
|
2,449,843.5 |
|
|
|
26,109.5 |
|
| Effect of changes in discount rate assumptions |
|
|
(20,259.4 |
) |
|
|
(150.7 |
) |
|
|
(45,486.2 |
) |
|
|
(586.3 |
) |
|
|
(13,013.5 |
) |
|
|
(7.1 |
) |
|
|
(16,721.5 |
) |
|
|
(758.0 |
) |
|
|
(615.1 |
) |
|
|
(97,597.8 |
) |
|
|
(1,040.2 |
) |
| Balance at March 31, 2026 at current discount rate at balance sheet date |
|
|
276,041.7 |
|
|
|
4,248.7 |
|
|
|
1,051,100.0 |
|
|
|
18,920.3 |
|
|
|
337,467.4 |
|
|
|
936.5 |
|
|
|
548,517.5 |
|
|
|
27,804.8 |
|
|
|
87,208.8 |
|
|
|
2,352,245.7 |
|
|
|
25,069.3 |
|
| Present value of expected claims expenses |
|
|
294.7 |
|
|
|
52.2 |
|
|
|
320.5 |
|
|
|
3.8 |
|
|
|
40.5 |
|
|
|
0.1 |
|
|
|
812.2 |
|
|
|
7.5 |
|
|
|
— |
|
|
|
1,531.5 |
|
|
|
16.3 |
|
| Net liability for future policy benefits |
|
|
168,722.1 |
|
|
|
436.9 |
|
|
|
708,655.8 |
|
|
|
11,719.6 |
|
|
|
322,425.5 |
|
|
|
407.0 |
|
|
|
488,246.8 |
|
|
|
18,382.5 |
|
|
|
89,314.5 |
|
|
|
1,808,310.7 |
|
|
|
19,272.1 |
|
| Deferred Profit Liability |
|
|
23,580.5 |
|
|
|
91.6 |
|
|
|
99,049.2 |
|
|
|
707.8 |
|
|
|
24,094.9 |
|
|
|
0.2 |
|
|
|
210,326.8 |
|
|
|
2,293.0 |
|
|
|
70,286.5 |
|
|
|
430,430.5 |
|
|
|
4,587.4 |
|
| Other global reserves |
|
|
2,612.9 |
|
|
|
(473.8 |
) |
|
|
5,745.3 |
|
|
|
5,921.3 |
|
|
|
3,309.7 |
|
|
|
54.4 |
|
|
|
6,256.2 |
|
|
|
156.6 |
|
|
|
15,257.8 |
|
|
|
38,840.4 |
|
|
|
413.9 |
|
| Total liability for future policy benefits and DPL for March 31, 2026 |
|
|
194,915.5 |
|
|
|
54.7 |
|
|
|
813,450.3 |
|
|
|
18,348.7 |
|
|
|
349,830.1 |
|
|
|
461.6 |
|
|
|
704,829.8 |
|
|
|
20,832.1 |
|
|
|
174,858.8 |
|
|
|
2,277,581.6 |
|
|
|
24,273.4 |
|
| Less: Reinsurance recoverables |
|
|
76,403.2 |
|
|
|
(48.3 |
) |
|
|
134.3 |
|
|
|
— |
|
|
|
— |
|
|
|
89.8 |
|
|
|
10,155.9 |
|
|
|
— |
|
|
|
6,542.8 |
|
|
|
93,277.7 |
|
|
|
994.1 |
|
| Net liability for future policy benefits, net of reinsurance |
|
|
118,512.3 |
|
|
|
103.0 |
|
|
|
813,316.0 |
|
|
|
18,348.7 |
|
|
|
349,830.1 |
|
|
|
371.8 |
|
|
|
694,673.9 |
|
|
|
20,832.1 |
|
|
|
168,316.0 |
|
|
|
2,184,303.9 |
|
|
|
23,279.3 |
|
| Undiscounted- Expected future benefit payments |
|
|
1,473,783.9 |
|
|
|
8,103.4 |
|
|
|
3,481,453.3 |
|
|
|
38,397.9 |
|
|
|
1,016,758.6 |
|
|
|
1,485.9 |
|
|
|
1,486,940.0 |
|
|
|
47,631.2 |
|
|
|
112,285.9 |
|
|
|
7,666,840.1 |
|
|
|
81,709.9 |
|
| Discounted- Expected future benefit payments (at current discount rate at balance sheet date) |
|
|
276,041.7 |
|
|
|
4,248.7 |
|
|
|
1,051,100.0 |
|
|
|
18,920.3 |
|
|
|
337,467.4 |
|
|
|
936.5 |
|
|
|
548,517.5 |
|
|
|
27,804.8 |
|
|
|
87,208.8 |
|
|
|
2,352,245.7 |
|
|
|
25,069.3 |
|
| Undiscounted-Expected future gross premiums |
|
|
403,841.9 |
|
|
|
15,415.2 |
|
|
|
651,730.8 |
|
|
|
12,028.1 |
|
|
|
25,006.9 |
|
|
|
1,495.9 |
|
|
|
516,679.6 |
|
|
|
16,439.7 |
|
|
|
237.4 |
|
|
|
1,642,875.5 |
|
|
|
17,509.1 |
|
| Discounted-Expected future gross premiums |
|
|
231,111.4 |
|
|
|
11,693.3 |
|
|
|
527,939.7 |
|
|
|
9,739.3 |
|
|
|
22,171.3 |
|
|
|
1,100.0 |
|
|
|
414,913.8 |
|
|
|
14,418.6 |
|
|
|
129.5 |
|
|
|
1,233,216.9 |
|
|
|
13,143.1 |
|
| Weighted-average duration of the liability (in years) |
|
|
12.70 |
|
|
|
8.40 |
|
|
|
9.30 |
|
|
|
7.20 |
|
|
|
8.90 |
|
|
|
5.30 |
|
|
|
8.50 |
|
|
|
5.00 |
|
|
|
3.50 |
|
|
|
8.50 |
|
|
|
|
|
Weighted-average interest accretion (original locked-in)rate |
|
|
7.4 |
% |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
7.4 |
% |
|
|
7.4 |
% |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
|
|
| Weighted-average current discount rate at balance sheet date |
|
|
7.7 |
% |
|
|
7.8 |
% |
|
|
7.5 |
% |
|
|
7.7 |
% |
|
|
7.5 |
% |
|
|
7.4 |
% |
|
|
7.5 |
% |
|
|
7.4 |
% |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
|
| The principal inputs used in the establishment of the LFPB for the Traditional and Limited-Payment products include premiums, guaranteed benefits, and claim-related expense projected on the best estimate assumptions basis. The cash flows are discounted using upper-medium grade discount rate at the balance sheet date. The best estimate assumptions include mortality, persistency, morbidity and expenses. For each of the periods ended March 31, 2025 and March 31, 2026, the net effect of changes in cash flow assumptions was primarily driven by updates in best estimate assumptions. For each of the periods ended March 31, 2025 and March 31, 2026, the net effect of actual variances from expected experience was primarily driven by the difference between actual cash flows for premiums and benefits and those assumed in the calculation of LFPB. The Bank’s gross premiums and interest accretion recognized in the consolidated statements of income and comprehensive income (loss) for Traditional and Limited-Payment contracts, as of March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Traditional and Limited-Payment Contracts: |
|
|
|
|
|
|
| |
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Traditional and Limited-Payment Contracts: |
|
|
|
|
|
|
| |
|
|
|
| Non Par Protection |
|
Rs. |
40,699.9 |
|
|
Rs. |
8,256.6 |
|
| Non Par Riders |
|
|
165.4 |
|
|
|
38.3 |
|
| Non Par Savings |
|
|
169,181.9 |
|
|
|
54,269.8 |
|
| Non Par Pension |
|
|
3,547.2 |
|
|
|
902.7 |
|
| Individual Annuity |
|
|
61,484.2 |
|
|
|
24,516.3 |
|
| Individual Health |
|
|
448.7 |
|
|
|
20.8 |
|
| Par Life |
|
|
152,895.6 |
|
|
|
47,746.8 |
|
| Par Pension |
|
|
784.6 |
|
|
|
1,418.1 |
|
| Group Non Par Life |
|
|
98,988.3 |
|
|
|
9,913.6 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
US$ |
5,629.3 |
|
|
US$ |
1,567.5 |
|
|
|
|
|
|
|
|
|
| Policyholder Account Balances: The Bank establishes liabilities for policyholder account balances that are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender. The Bank’s policyholder account balances on the consolidated balance sheets as of March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Group traditional life |
|
Rs. |
26,771.0 |
|
|
|
Rs. 23,464.7 |
|
|
US$ |
250.1 |
|
| Group traditional pension |
|
|
12,824.8 |
|
|
|
6,841.0 |
|
|
|
72.9 |
|
| Group variable life |
|
|
20,051.5 |
|
|
|
20,764.6 |
|
|
|
221.3 |
|
| Group variable pension |
|
|
13,296.2 |
|
|
|
12,255.1 |
|
|
|
130.6 |
|
| Individual VIP pension |
|
|
7,543.8 |
|
|
|
6,467.4 |
|
|
|
68.9 |
|
| Statutory reserves |
|
|
1,165.5 |
|
|
|
2,069.2 |
|
|
|
22.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
81,652.8 |
|
|
|
Rs. 71,862.0 |
|
|
US$ |
765.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unearned Revenue Reserve: URR is calculated for all long duration universal-life type or investment contracts, including single premium contracts. Amortization of URR is recorded in Premium and other operating income from insurance business in the consolidated statements of income. URR for universal-life type or investment contracts, including single premium contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis). Changes in future assumptions are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization of URR (i.e., Premium and other operating income from insurance business) each period. The following table presents a roll forward of URR:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Particulars |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Balance, beginning of the year |
|
Rs. |
945.2 |
|
|
Rs. |
43.6 |
|
|
Rs. |
988.8 |
|
| Capitalizations |
|
|
2,772.3 |
|
|
|
121.6 |
|
|
|
2,893.9 |
|
| Amortization |
|
|
(303.5 |
) |
|
|
(12.5 |
) |
|
|
(316.0 |
) |
| Experience Adjustment |
|
|
(132.2 |
) |
|
|
(6.4 |
) |
|
|
(138.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of the year |
|
|
3,281.8 |
|
|
|
146.3 |
|
|
|
3,428.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Particulars |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Balance, beginning of the year |
|
|
Rs. 3,281.8 |
|
|
|
Rs. 146.3 |
|
|
|
Rs. 3,428.1 |
|
|
US$ |
36.5 |
|
| Capitalizations |
|
|
4,149.4 |
|
|
|
321.4 |
|
|
|
4,470.8 |
|
|
|
47.6 |
|
| Amortization |
|
|
(759.9 |
) |
|
|
(51.1 |
) |
|
|
(811.0 |
) |
|
|
(8.6 |
) |
| Experience Adjustment |
|
|
(332.6 |
) |
|
|
(13.1 |
) |
|
|
(345.7 |
) |
|
|
(3.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of the year |
|
|
6,338.7 |
|
|
|
403.5 |
|
|
|
6,742.2 |
|
|
|
71.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 balance sheets as of March 31, 2025 and March 31, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct |
|
Rs. |
2,179,868.1 |
|
|
Rs. |
2,366,382.2 |
|
|
US$ |
25,219.9 |
|
| Assumed |
|
|
1,096.2 |
|
|
|
1,501.4 |
|
|
|
16.0 |
|
| Total liabilities on policies in force |
|
|
2,180,964.3 |
|
|
|
2,367,883.6 |
|
|
|
25,235.9 |
|
| Ceded(*) |
|
|
104,321.2 |
|
|
|
93,391.5 |
|
|
|
995.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net liabilities on policies in force |
|
Rs. |
2,076,643.1 |
|
|
Rs. |
2,274,492.1 |
|
|
US$ |
24,240.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) Reinsurance asset reported within other assets The effects of reinsurance on the consolidated statements of income are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
Premium and other operating income from insurance business: |
|
|
|
| Direct |
|
Rs. |
510,646.9 |
|
|
|
Rs. 563,319.8 |
|
|
US$ |
6,003.6 |
|
| Assumed |
|
|
2,581.4 |
|
|
|
3,826.5 |
|
|
|
40.8 |
|
| Ceded |
|
|
(14,963.1 |
) |
|
|
(21,155.9 |
) |
|
|
(225.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
498,265.2 |
|
|
|
Rs. 545,990.4 |
|
|
US$ |
5,818.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
Claims and benefits paid pertaining to insurance business: |
|
|
|
| Direct |
|
Rs. |
537,887.7 |
|
|
Rs. |
573,888.5 |
|
|
US$ |
6,116.3 |
|
| Assumed |
|
|
1,558.9 |
|
|
|
2,954.7 |
|
|
|
31.5 |
|
| Ceded |
|
|
(6,579.5 |
) |
|
|
(6,893.5 |
) |
|
|
(73.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
Rs. |
532,867.1 |
|
|
Rs. |
569,949.7 |
|
|
US$ |
6,074.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred policy acquisition costs: Information regarding total DAC by l ine of business as of March 31, 2025 and March 31, 2026 are as foll o ws:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended March 31, 2025 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 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 |
|
| 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 |
|
| 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 |
) |
| Experience Adjustment |
|
|
(228.5 |
) |
|
|
(885.4 |
) |
|
|
(2.3 |
) |
|
|
(2.6 |
) |
|
|
— |
|
|
|
(754.7 |
) |
|
|
(6.5 |
) |
|
|
(1,183.2 |
) |
|
|
(41.8 |
) |
|
|
(591.3 |
) |
|
|
(3,696.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended March 31, 2026 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 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 |
|
|
|
1,579.1 |
|
| Capitalizations |
|
|
8,088.8 |
|
|
|
20,184.7 |
|
|
|
732.2 |
|
|
|
3,346.0 |
|
|
|
— |
|
|
|
23,060.0 |
|
|
|
2,345.8 |
|
|
|
32,936.8 |
|
|
|
2,664.5 |
|
|
|
34,931.9 |
|
|
|
128,290.7 |
|
|
|
1,367.3 |
|
| Amortization |
|
|
(512.7 |
) |
|
|
(3,573.5 |
) |
|
|
(63.9 |
) |
|
|
(244.1 |
) |
|
|
— |
|
|
|
(2,287.4 |
) |
|
|
(235.5 |
) |
|
|
(6,223.8 |
) |
|
|
(467.8 |
) |
|
|
(11,456.1 |
) |
|
|
(25,064.8 |
) |
|
|
(267.1 |
) |
| Experience Adjustment |
|
|
(805.9 |
) |
|
|
(4,775.3 |
) |
|
|
(25.4 |
) |
|
|
(181.0 |
) |
|
|
— |
|
|
|
(230.8 |
) |
|
|
(39.6 |
) |
|
|
(2,158.0 |
) |
|
|
(150.8 |
) |
|
|
(1,362.5 |
) |
|
|
(9,729.3 |
) |
|
|
(103.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Value of Business Acquired (VOBA): VOBA, an intangible asset, has been valued as the difference between the estimated Fair Value of liabilities (“FVL”) and the carrying value of those same insurance contract liabilities. The FVL for the acquired business is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”) calculated using the same best estimate assumptions as those used in deriving the Bank’s Indian embedded value (“IEV”) as at June 30, 2023. The carrying value of those same insurance contract liabilities is derived as the LFPB plus other liability items (reserves for unmodelled products, sales inducement liability, time value of options and guarantees, and additional reserves) less reinsurance recoverable. The LFPB is determined using actuarial methodologies as the present value of expected future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Bank’s insurance contracts. Future policy benefits including bonuses paid to participating policyholders are calculated using actuarial assumptions and estimates such as mortality, morbidity, persistency and discount rates. Cash flow assumptions (mortality, morbidity and persistency) are established at the policy inception and are evaluated annually to determine if an update is needed. Discount rates used to calculate net premiums are locked in at the policy inception and represent the basis to recognize interest expense in the consolidated statements of income. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheets are updated at each reporting period, and the difference between the liability balances calculated using the locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income / (loss). The Bank applies significant judgment in determining these assumptions and estimates. Information regarding movement of total VOBA contracts for the year ended March 31, 2025 is as follows:
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| Balance, April 1, 2024 |
|
Rs. |
204,395.7 |
|
| Amortization |
|
|
(16,669.1 |
) |
| Experience Adjustment |
|
|
(3,447.2 |
) |
|
|
|
|
|
| Balance, March 31, 2025 |
|
Rs. |
184,279.4 |
|
|
|
|
|
| Information regarding movement of total VOBA contracts for the year ended March 31, 2026 is as follows:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| Balance, April 1, 2025 |
|
|
Rs. 184,279.4 |
|
|
US$ |
1,964.0 |
|
| Amortization |
|
|
(14,527.3 |
) |
|
|
(154.8 |
) |
| Experience Adjustment |
|
|
(1,033.5 |
) |
|
|
(11.0 |
) |
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2026 |
|
|
Rs. 168,718.6 |
|
|
US$ |
1,798.2 |
|
|
|
|
|
|
|
|
|
| VOBA is amortized on a constant level basis that approximates straight line amortization using the following amortization basis. This is the same as the basis of amortization used for DAC.
| |
i) |
Traditional life insurance contracts and traditional life insurance limited payment contracts (other than annuity products)—Sum assured in force, as it provides a reasonable, stable, approximation to a straight-line amortization and is reflection of insurance in force. |
| |
ii) |
Annuity products—Number of policies in force, as it ensures straight line amortization. |
| |
iii) |
Universal life type contracts—Number of policies in force, as it ensures straight line amortization. | Information regarding the estimated future amortization of VOBA intangibles over the next five years is as follows:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Year |
|
|
|
| 2027 |
|
|
Rs. 12,539.0 |
|
|
US$ |
133.6 |
|
| 2028 |
|
|
10,804.5 |
|
|
|
115.1 |
|
| 2029 |
|
|
9,247.9 |
|
|
|
98.6 |
|
| 2030 |
|
|
8,350.6 |
|
|
|
89.0 |
|
| 2031 |
|
|
7,610.7 |
|
|
|
81.1 |
| The Bank amortizes DAC and VOBA on a ‘constant-level basis’ that approximates straight-line amortization on an individual contract basis sum assured for traditional products and number of policies in-force for universal life type, investment products and annuity products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a half-yearly basis, using an amortization rate that includes current period reporting experience and end of period persistency and longevity assumptions that are consistent with those used to measure the corresponding liabilities. |