Formats for publishing financial results as required by the SEBI

~IUt"tll itift ~f.-l41qr.fi 3ffi ~r.filtl ~ INSURANCE REGULATORY AND intai DEVELOPMENT AUTHORITY OF INDIA CIRCULAR IRDA /F&I / REG/CIR/ 208 / 10/ 2016 October 25, 2016 To All Listed Life Insurance Companies Madam/ Sir, Formats for publishing financial results as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations. 2015) SEBI circular No. CIR/CFD/CMD/15/2015 dated Nov 30, 2015 provides for formats for publishing financial results by listed companies. 2. It was further specified by SEBI vide circular No. CIR/CFD/FAC/62/2016 dated July 05, 2016 as under: "For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results to be submitted by the Listed Entities, with the stock exchanges, shall be as prescribed in Schedule Ill to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators." 3. Further vide circular reference CIR/CFD/DIL/115/2016 dated October 24, 2016, it has been clarified in the context of Para 2 above that a) The insurance companies (life and non-life) shall submit the following disclosures for quarters ending 30th September, 2016 and 31 st December, 2016 in the format as specified by IRDAI: -qft~~. mB"U<R1, ~ . ~-500004. ,mo (() : 91-040-2338 1100, ~: 91-040-6682 3334 {-~: irda@irda.gov.in ~ : www.irda.gov.in 1 Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderab~ OO 004. India. Ph.: 91-040-23381100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in i. Format for quarterly financial results 11. Format for Reporting of Segment wise Revenue, Results and Capital Employed along with the quarterly results b) With respect to the format for Newspaper Publishing Purpose (Standalone/Consolidated), the insurance companies shall continue to follow the format as specified under the aforesaid circulars issued by SEBI. Additional disclosures may also be made as prescribed by IRDAI. 5. Accordingly, the following formats are prescribed herewith to ensure compliance with the requirements of SEBI under LODR Regulations, 2015: i. The quarterly financial results shall be presented in the format prescribed at Annexure I 11. Reporting of Segment wise Revenue, Results and Capital Employed along with the quarterly results shall be presented in the format prescribed at Annexure II iii. Limited review reports shall be given by auditors in the format prescribed in Annexure Ill Iv. In case of audited financial reports, the audit report shall be given by the auditors in the format given in Annexure IV v. The financial results published in the newspapers in terms of Regulation 47(1 )(b) of LODR Regulations, 2015 shall be in the format prescribed in Annexure V The other requirements specified under the aforesaid SEBI circulars shall continue to apply to insurance companies. 6. This circular is issued with the limited purpose of enabling listed life insurance companies to meet the disclosure requirements of SEBI under LODR Regulations, 2015. These requirements do not in any manner, modify the disclosure requirements or the manner of preparation of financial statements as required under the Insurance Act, 1938; the IRDAI Act, 1999 and the Regulations framed thereunder. Yours faithfully, 0~ ~ber(F&I) 2 ANNEXUREI (Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disffilosure Requirements) Regulations, 2015 read with rRDAI Circular reference: IRDA /F&I / REG/CIR/ 208 / 10/ 2016 dated 25t October 2016) Format for submission of Unaudited/ Audited financial results by Life Insurance Companies to be filed with Stock Exchanges Statement of Standalone/ Consolidated Unaudited/ Audited Results for the Quarter and _ months ended (dd/mm/yyyy) OR for the Year Ended (dd/mm/yyyy) (Rs. in Lakhs) Preceding Corresponding Year to date Year to date 3 months 3 months for current for the Previous ended 3 months ended in the period previous year ended ended SI. Particulars previous year ended year ended No. (dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy) Audited/ Audited/ Audited/ Audited/ Audited/ Audited/ unaudited 1 unaudited 1 unaudited1 unaudited1 unaudited 1 unaudited 1 POLICYHOLDERS' A/C 1 Gross premium income (a) First Year Premium (b) Renewal Premium (c) Single Premium 3 2 Net premium incomeL 3 Income from investments (Net) j 4 Other income 4 5 Transfer of funds from Shareholders' Ale 6 Total (2 to 5) 7 Commission on (a) First Year Premium (b) Renewal Premium (c) Single Premium 8. Net CommissionL 9 Operating Expenses related to insurance business (a+ b)5: (a) Employees remuneration and welfare expenses (b) Other operating expenses 10 Expenses of Management (8+9) 11 Provisions for doubtful debts (including bad debts written off) 12 Provisions for diminution in value of investments 13 Service tax charge on linked charges 14 Provision for taxes 4 15 Benefits Paid 6 (Net)2 16 Change in actuarial liability 17 Total (10+11 +12+13+14+15+16) 18 Surplus/Deficit (6-17) 19 Appropriations (a) Transferred to Shareholders Ale (b) Funds for Future Appropriations 20 Details of Surplus/ Deficit (a) Interim bonus paid Allocation of bonus to (b) policyholders Surplus shown in the Revenue (c) Account Total Surplus SHAREHOLDERS' AIC 21 Transfer from Policyholders' Account 22 Total income under Shareholders' Account (a) Investment Income (b) Other income 4 23 Expenses other than those related to insurance business 5 24 Transfer of funds to Policyholders' Ale 25 Provisions for doubtful debts (including write off) 26 Provisions for diminution in value of investments 27 Profit/ (loss) before tax 28 Provisions for tax 29 Profit I (loss) after tax and before Extraordinary Items 30 Extraordinary Items (Net of tax expenses) (if applicable) 31 Profit/ (loss) after tax and Extraordinarv Items 32 Dividend per share (Rs.): (a) Interim Dividend (b) Final Dividend 33 Profit/(Loss) carried to Balance Sheet 34 Paid up equity share capital 35 Reserve & Surplus (excluding Revaluation Reserve) 36 Fair Value Change Account and Revaluation Reserve (Shareholders) 37 Total Assets: (a) Investments: - Shareholders' 6 - Policyholders Fund excluding Linked Assets - Assets held to cover Linked Liabilities (b) Other Assets (Net of current liabilities and provisions) 38 Analytical Ratios 7 : (i) Solvency Ratio (ii) Expenses of Management Ratio (iii) Policyholder's liabilities to shareholders' fund (iv) Earnings per share (Rs.): a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period (not to be annualized) b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period (not to be annualized) (v) NPA ratios: (for policyholders' fund) a) Gross & Net NPAs b) % of Gross & Net NPAs (vi) Yield on Investments (on policyholders' fund) A. Without unrealised gains B. With unrealised gains 7 (vii) NPA ratios: (for shareholders' fund) a) Gross & Net NPAs b) % of Gross & Net NPAs (viii) Yield on Investments (on shareholders' fund) A. Without unrealised gains B. With unrealised gains (ix) Persistency Ratio (x) Conservation Ratio (xi) Percentage of shares held by Government of India (in case of public sector insurance companies) Foot Note: 1. Strike out whichever is not applicable 2. Net of reinsurance 3. Net of amortisation and losses (including capital gains) 4. Note specifying nature of other income to be given if the amount of other income exceeds 10% of total premium income 5. Any expense contributing more than 10% of the expense of management needs to be shown separately 6. Inclusive of interim bonus, if any 7. Analytical ratios have to be calculated as per definition given in IRDAI Analytical ratios disclosures 8