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Listed life insurance companies must present quarterly financial results, segment reports, limited review reports, audit reports, and newspaper disclosures in specified formats. The Insurance Regulatory and Development Authority of India prescribes these formats to meet disclosure rules of the Securities and Exchange Board of India under the Listing Obligations and Disclosure Requirements Regulations. These requirements do not change the preparation of financial statements under the Insurance Act or the Insurance Regulatory and Development Authority Act.
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[Image omitted. See the official document.]
INSURANCE REGULATORY AND 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.
"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 III 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."
(a) The insurance companies (life and non-life) shall submit the following disclosures for quarters ending 30th September, 2016 and 31st December, 2016 in the format as specified by IRDAI:
(i) Format for quarterly financial results
(ii) 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.
(i) The quarterly financial results shall be presented in the format prescribed at Annexure I
(ii) 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 III
(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.
Yours faithfully,
Member (F&I)
ANNEXURE I
(Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI Circular reference: IRDA /F&I / REG/CIR/ 208 / 10/ 2016 dated 25th 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)
| Sl. No. | Particulars | 3 months ended | Preceding 3 months ended | Corresponding 3 months ended in the previous year | Year to date for current period ended | Year to date for the previous year ended | Previous year ended |
|---|---|---|---|---|---|---|---|
| (dd/mm/yyyy) | (dd/mm/yyyy) | (dd/mm/yyyy) | (dd/mm/yyyy) | (dd/mm/yyyy) | (dd/mm/yyyy) | ||
| Audited/ unaudited1 | Audited/ unaudited1 | Audited/ unaudited1 | Audited/ unaudited1 | Audited/ unaudited1 | Audited/ unaudited1 | ||
| POLICYHOLDERS' A/C | |||||||
| 1 | Gross premium income | ||||||
| (a) First Year Premium | |||||||
| (b) Renewal Premium | |||||||
| (c) Single Premium | |||||||
| 2 | Net premium income2 | ||||||
| 3 | Income from investments (Net)3 | ||||||
| 4 | Other income4 | ||||||
| 5 | Transfer of funds from Shareholders' A/c | ||||||
| 6 | Total (2 to 5) | ||||||
| 7 | Commission on | ||||||
| (a) First Year Premium | |||||||
| (b) Renewal Premium | |||||||
| (c) Single Premium | |||||||
| 8. | Net Commission2 | ||||||
| 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 | ||||||
| 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 A/c | |||||||
| (b) Funds for Future Appropriations | |||||||
| 20 | Details of Surplus / Deficit | ||||||
| (a) Interim bonus paid | |||||||
| (b) Allocation of bonus to policyholders | |||||||
| (c) Surplus shown in the Revenue Account | |||||||
| Total Surplus | |||||||
| SHAREHOLDERS' A/C | |||||||
| 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 | ||||||
| 24 | Transfer of funds to Policyholders' A/c | ||||||
| 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 / (loss) after tax and before Extraordinary Items | ||||||
| 30 | Extraordinary Items (Net of tax expenses) (if applicable) | ||||||
| 31 | Profit/ (loss) after tax and Extraordinary 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' | |||||||
| - Policyholders Fund excluding Linked Assets | |||||||
| - Assets held to cover Linked Liabilities | |||||||
| (b) Other Assets (Net of current liabilities and provisions) | |||||||
| 38 | Analytical Ratios7: | ||||||
| (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 | |||||||
| (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) | |||||||
