Insurance services (Tables)

12 Months Ended

Mar. 31, 2026

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, 2025 and March 31, 2026 are as follows:


	As of March 31, 2025
Particulars	Unit-Linked Life			Unit-Linked Pension			Group Linked			Total
	(In millions)
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


	As of March 31, 2026
Particulars	Unit-Linked Life			Unit-Linked Pension			Group Linked			Total			Total
	(In millions)
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

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, 2025 and March 31, 2026 are as follows:


	As of March 31, 2025
Particulars	Unit-Linked Life		Unit-Linked Pension		Group Linked		Total
	(In millions)
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


	As of March 31, 2026
Particulars	Unit-Linked Life		Unit-Linked Pension		Group Linked		Total		Total
	(In millions)
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

Summary of Bank's liabilities on Policies

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:


	As of,
Description	March 31, 2025		March 31, 2026		March 31, 2026
	(In millions)
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

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, 2025 and March 31, 2026 are as follows:


	As of,
Description	March 31, 2025		March 31, 2026		March 31, 2026
	(In millions)
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

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, 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
	(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
	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, 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	%

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

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:


	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


	As of March 31, 2026
Traditional and Limited-Payment Contracts:	Gross premiums		Interest accretion
	(in millions)
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	Rs.	528,195.8	Rs.	147,083.0

Total	US$	5,629.3	US$	1,567.5

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, 2025 and March 31, 2026 are as follows:


	As of,
Description	March 31, 2025		March 31, 2026		March 31, 2026
	(In millions)
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

Summary of a Roll Forward of URR

The following table presents a roll forward of URR:


	As of March 31, 2025
Particulars	Unit-Linked Life			Unit-Linked Pension			Total
	(In millions)
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


	As of March 31, 2026
Particulars	Unit-Linked Life			Unit-Linked Pension			Total			Total
	(In millions)
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

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

The effect of all reinsurance agreements on the consolidated balance sheets as of March 31, 2025 and March 31, 2026 are as follows:


	As of,
Description	March 31, 2025		March 31, 2026		March 31, 2026
	(In millions)
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

Summary of Effect of Reinsurance

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


	As of March 31,
	2025			2026			2026
Premium and other operating income from insurance business:	(In millions)
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


	As of March 31,
	2025			2026			2026
Claims and benefits paid pertaining to insurance business:	(In millions)
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

Summary of Information Regarding Total DAC by Line of Business

Information regarding total DAC by

ine of business as of March 31, 2025 and March 31, 2026 are as foll

ws:


	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
	(Rs. 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
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		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


	Year Ended March 31, 2026
	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, 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		16,956.8			59,751.6			1,045.4			7,437.6			0.1		51,568.7			2,558.1			53,786.9			3,577.6			44,989.4			241,672.2			2,575.6

Summary of Information Regarding Movement of Total VOBA Contracts

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


	As of March 31, 2025
	(In millions)
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:


	As of March 31, 2026
	(In millions)
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

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, 2026
Year	(In millions)
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