Shriram Life Insurance Shares Annual Reports

Shriram Life Insurance Shares

Shriram Life Insurance Company Limited's 19th Annual Report for FY 2023-24 highlights its financial and operational performance, its adherence to regulatory guidelines, and its commitment to corporate social responsibility. **About Shriram Group & Sanlam Group:** * The Shriram Group, established in 1974, is a major Indian financial services player focused on reaching the common man, with assets under management of around INR 2,848 billion. Shriram Capital Private Limited (SCPL) serves as the holding arm for the group's financial services businesses, including life insurance. * Sanlam Group, a leading African financial services company established in 1918, partners with Shriram Group in its insurance ventures, providing technical support and strategic guidance. Sanlam holds an effective 62% of Santam's shares. Sanlam Group consists of Sanlam Life and Savings (SLS), Sanlam Emerging Markets (SEM), Sanlam Investment Group (SIG), and Santam. **Financial & Operational Review (FY 2023-24):** * The company reports significant growth in new policies (446,793 compared to 290,156) and premium income (Rs. 3507.54 Crores compared to Rs. 2546.40 Crores). New business premium grew by 38%. * Sum Assured in force reached Rs. 180525 Crores, and Funds under Management (including Share holders' Funds) reached Rs. 11282.05 Crores. * The expense ratio increased to 31.6, from 28.6 in the previous year. * Profit Before Tax was Rs. 166.06 Crores, and Profit After Tax was Rs. 157.96 Crores. Cumulative Profits reached Rs. 696.18 Crores. * The company achieved a surplus of Rs 213.52 Crores after tax in the Non-Linked business. **Business Performance:** * The domestic life insurance industry registered 2% growth for new business premium, while private insurers saw 12% growth and LIC saw 4% de-growth. * Shriram Life Insurance Company saw 38% growth in Individual New Business, compared to 7% growth for private industry and 2% de-growth for LIC. **Rural and Social Sector Obligations:** * The company met regulatory requirements for Rural and Social Sector obligations. Achieved 41% rural business versus a 20% requirement. Insured 7847450 social lives compared to 253369. **Solvency, Dividend, and Share Capital:** * The company's Solvency Ratio was 206% as of March 31, 2024, exceeding the IRDAI minimum requirement of 150%. * A final dividend of Rs. 3.00 per equity share was approved for the year ended 31st March, 2023, and an interim dividend of Rs. 0.84 per equity share was declared for FY 2023-24. Total dividend payout for FY 2023-24 is Rs 68.88 crores. * The company's paid-up equity share capital stood at Rs. 179,37,50,000 during the year. **Products and Operations:** * The company has 403 branches and 3003 active agents, with 41 POSPs, as of March 31, 2024. * 10 new products were launched and 9 were withdrawn during the year. **Governance and Compliance:** * There were no public issues, rights issues, or preferential issues during the year. No loans were taken from banks. * The company has an Internal Control System commensurate with its size and complexity. * The company has complied with Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI). * The company has not accepted deposits within the meaning of Section 73 of the Companies Act, 2013. **Directorate Changes:** * Duruvasan Ramachandra and Stephanus Phillipus Mostert retire by rotation. * V. Manickam and Venkatakrishna Narayana were appointed as Additional Directors. * Thian Joost Fick was appointed as a Nominee Director. * Brahmaiah Telaprolu resigned as Chief Finance Officer. * Anand Soni was appointed as the Chief Finance Officer. * Daniel Hermanus Gryffenberg resigned from the directorship. **Remuneration & Evaluation:** * The Board has approved a remuneration policy as per IRDAI guidelines. * Bibhu Prasad Kanungo is paid Rs. 36,00,000 per annum. * Board performance evaluations are conducted annually. **Meetings:** * Six Board Meetings and twenty-six Committee Meetings were convened during the year. **Other Disclosures:** * No material changes or commitments have affected the financial position of the company. * No significant orders were passed by regulators or courts that impact the going concern status. **Directors' Responsibility Statement:** * The directors confirm adherence to accounting standards, maintenance of records, preparation on a going concern basis, and adequate internal financial controls. **Related Party Transactions:** * All related party transactions were on arm's length basis. **Corporate Social Responsibility (CSR):** * The Company has a CSR Committee. No Subsidiary, Joint Venture or Associate Company. Details of CSR Policy are included. **Auditors:** * M/s. GD Apte & Co. and M/s. CNGSN & Associates, LLP are the Joint Statutory Auditors. **Risk Management:** * The company has a risk-based internal audit framework. **Corporate Governance:** * The company adheres to Corporate Governance Regulations prescribed by IRDAI. **Indian Accounting Standards (Ind AS):** * The company is likely to fall under Phase 3 for Ind AS implementation. **Sexual Harassment:** * The company has zero tolerance for sexual harassment. No cases were filed pursuant to the Act. **Technology Absorption:** * The company aims to improve technology for customer service. Its foreign partner influences its technology plan. **Foreign Exchange:** * Foreign exchange earnings were Rs. 6.71 crores, and outgo was Rs. 4.78 crores. **Appreciation & Acknowledgements:** * The Board acknowledges faith and support from Policyholders, Shareholders, Banks, Financial institutions, Sanlam, IRDAI, and employees.

Shriram Life Insurance Shares

The following is a detailed summary of the PDF document "Shriram Life Insurance Company Limited 18th Annual Report FY 2022-23". **I. Corporate Overview:** * Shriram Life Insurance Company Limited (SLIC), established in 2005, is part of the Shriram Group. The Shriram Group was established in 1974 and focuses on providing financial services to a broad population. * SLIC commenced operations in 2006 with the aim of providing affordable life insurance solutions. * Sanlam Group, a leading financial services group from South Africa, partners with Shriram Group in its insurance ventures. Sanlam holds an effective 62% of Santam's shares. * The Registered Office is located at 5th Floor, Ramky Selenium, Plot No. 31 & 32, Financial District, Gachibowli, Hyderabad - 500032 and the IRDAI Regn No: 128. **II. Board of Directors and Key Personnel:** * The Board of Directors includes key individuals such as: Mr. Bibhu Prasad Kanungo (Chairman), Mr. Casparus Jacobus Hendrik Kromhout (Managing Director & CEO), Mr. Manoj Kumar Jain, and Mr. Karanam Ramachandra Sekhar as Managing Directors. * Key Management Persons include: Mr. Casparus J.H Kromhout, Mr. Manoj Kumar Jain, Mr. Karanam Ramachandra Sekhar, Mr Johannes Gilliam Van Helsdingen, Mr Brahmaiah, Telaprolu, Ms. Samatha Kondapally, and Mr. Ajit Banerjee. * Statutory Auditors are M/s GD Apte & Co., and M/s Bhaskara Rao & Co, Chartered Accountants. * The company has re-appointed M/s D V Rao & Associates, Practicing Company Secretaries, Hyderabad as its Secretarial Auditors to conduct the secretarial audit of the Company for the FY 2023–24. **III. Financial and Operational Review (FY 2022-23):** * The company's financial results for FY 2022-23 were summarized, with a comparison to FY 2021-22. * The number of new policies increased from 273,058 to 290,156. * Premium income increased from Rs. 2,350 Crores to Rs. 2,546 Crores. * Sum Assured in force increased from Rs. 128,302 Crores to Rs. 133,838 Crores. * Funds under Management increased from Rs. 7,683 Crores to Rs. 9,012 Crores. * The expense ratio increased from 27.3 to 28.6. * Profit Before Tax significantly increased from Rs. 13.0 Crores to Rs. 163.3 Crores. * Profit After Tax increased substantially from Rs. 2.54 Crores to Rs. 156.0 Crores. * Cumulative Profits increased from Rs. 504.9 Crores to Rs. 607.1 Crores. * Share Capital increased from Rs. 177.65 Crores to Rs. 177.84 Crores. * The company has a branch network of 423 branches. The number of insurance agents decreased from 3,784 to 3,327. * Interim dividend of Rs. 3.00 per equity share declared. * The total dividend payout for FY 2022-23 will be Rs 107.63 crores. **IV. Business Performance and Rural/Social Sector Obligations:** * The domestic life insurance industry registered 18% growth, while Shriram Life saw a 17% growth in individual new business. * The company's APE grew by 24%. * The company met its rural and social sector obligations for the financial year. * Rural Business: Achieved 45% versus prescribed requirement of 20%. * Social Business: Insured 2,262,135 social lives versus prescribed 325,972 (5%) social lives. **V. Solvency and Share Capital:** * The company's solvency ratio was 210% as of March 31, 2023, exceeding the regulatory requirement of 150%. * The paid-up equity share capital of the company stood at Rs. 179,37,50,000. * Details pertaining to Employee Stock Option Scheme (ESOP) are provided in the notes to accounts. **VI. Insurance Agents and Products:** * The company has a branch network of 423. * There were 3,327 active advisor force and POSPs of 124. * The company has obtained approval from IRDAI for 160 products/riders, of which 45 are available for procuring new business. * During the year, 7 products compliant with IRDA regulations were launched, and 4 products were withdrawn. * No new riders were launched during FY 2022-23. **VII. Other Disclosures:** * The company has not made any application under the Insolvency and Bankruptcy Code, 2016. * No loans were taken from banks or financial institutions, nor were any settlements done with them during FY 2023. * The total policyholders' funds under management as on 31st March, 2023 are Rs. 8281.94 Crores. * The company maintains an internal control system commensurate with the size, scale, and complexity of its operations. * Investments of insurance companies are regulated under the IRDAI (Investment) Regulations, 2016 as amended from time to time. * All the Directors have confirmed compliance with the ‘fit and proper' criteria prescribed under the Corporate Governance Guidelines issued by the IRDAI. **VIII. Directors and Remuneration Policy:** * Mrs. Akhila Srinivasan and Mr. Sanjeev Mehra retire by rotation at the Annual General Meeting (AGM) and offer themselves for re-appointment. * Independent directors have given declarations meeting independence criteria. * Mr. Manoj Kumar Jain was re-appointed as MD for a further five years. * Mr. Karnam Ramachandra Sekhar was appointed as Managing Director. * Mr. Taruvai Subbayya Krishnamurthy and Mr. Lakshminarayanan Subramanian ceased to be Independent Directors due to resignation. * Mr. Bibhu Prasad Kanungo and Mr. Anand Raghavan were appointed as Additional Directors. * Ms. Subhasri Sriram was appointed as an Additional Director. * Mr. Bibhu Prasad Kanungo has been appointed as the Chairman of the Company. **IX. Board/Committee Meetings:** * Six Board meetings and 28 Committee meetings were convened during the year. **X. Material Changes and Director's Responsibility Statement:** * Claims experience has normalized after Covid-related issues. * Solvency remained resilient. * The Directors confirm compliance with Section 134 of the Companies Act, including adherence to accounting standards, maintenance of records, safeguarding of assets, and preparation of accounts on a going concern basis. **XI. Related Party Transactions and CSR Initiatives:** * All related party transactions were conducted on an arm's length basis and were in the ordinary course of business. * The company has implemented Corporate Social Responsibility (CSR) initiatives per Section 135 of the Companies Act 2013. * Average net profits of the Company for the past three financial years, prescribed CSR expenditure and details of amount spent on CSR activities during the financial year have been disclosed in Annexure 5 to this report, as mandated under the said Rules. **XII. Subsidiaries, Joint Ventures, Auditors and Vigil Mechanism:** * The Company does not have any subsidiary, Joint Venture or Associate Company. * A "Whistle Blowing" policy is in place. * M/s. G.D. Apte & Co., Chartered Accountants and M/s M Bhaskara Rao & Co, Chartered Accountants are the Joint Statutory Auditors of the Company. * The company proposes the appointment of M/s. CNGSN & Associates, LLP, Chartered Accountants, Chennai for a term of five (5) years, to hold office from the conclusion of 18th Annual General Meeting until the conclusion of the 23rd Annual General Meeting of the Company. **XIII. Secretarial Standards and Other Compliances:** * The Company has complied with Secretarial Standards (SS-1 and SS-2) issued by ICSI. * Maintenance of cost records and cost audit are not applicable. * No instances of fraud were reported by auditors. * The Company is exposed to risks and has a risk-based internal audit framework. * The Company follows Corporate Governance Guidelines prescribed by IRDAI, Companies Act, and other applicable laws. **XIV. Indian Accounting Standards (Ind AS):** * The company has constituted a Steering Committee, headed by Mr. Brahmaiah Telaprolu to oversee IND AS implementation. * Work is in progress towards implementation of IFRS. **XV. Other Points:** * The company has zero tolerance for Sexual Harassment. * The disclosure relating to conservation of energy does not apply to companies in Life Insurance sector and hence the Company is exempted therefrom. * Foreign exchange earnings for the year 2022-23 are Nil and the foreign exchange outgo during the year has been Rs 2.95 Crores net of TDS. **XVI. Annexures:** * The report includes several annexures containing details related to related party transactions, CSR activities, secretarial audit report, extract of annual return, and more. This summary provides a detailed overview of the financial performance, governance, and compliance aspects of Shriram Life Insurance Company Limited for FY 2022-23 as described in the 18th Annual Report.

Shriram Life Insurance Shares

Shriram Life Insurance Company Limited's 17th Annual Report for FY 2021-22 provides a detailed overview of the company's performance, financial position, and corporate governance practices. **About Shriram Life Insurance** Shriram Group, established in 1974, is a major player in the Indian financial services sector, focusing on serving common people. Shriram Capital Limited (SCL) is the holding arm. Shriram Group has presence in financial services including Commercial Vehicle Finance, Retail Finance, Enterprise Finance, Housing Finance, Equipment Finance, Life Insurance, General Insurance, Retail Stock Broking, Distribution of Financial Products and Wealth Advisory Services. Assets managed by these companies total around INR 2,150 billion. Sanlam, a South African financial services group, has partnered with Shriram Group in its insurance ventures and holds 62% of Santam's shares. The Sanlam Group consists of four operating business clusters: Sanlam Life and Savings (SLS), Sanlam Emerging Markets (SEM), Sanlam Investment Group (SIG), and Santam. **Financial and Operational Review:** The company's financial results for the year ended March 31, 2022, compared to the previous year, are summarized as follows: * Number of new policies: 273,058 (vs. 295,985) * Premium Income: Rs. 2350 Crores (vs. Rs. 2018 Crores) * New Business Premium: Rs. 1070 Crores (vs. Rs. 880 Crores) * Renewal Premium: Rs. 1280 Crores (vs. Rs. 1138 Crores) * Sum Assured in force: Rs. 128302 Crores (vs. Rs. 122866 Crores) * Funds under Management: Rs. 7683 Crores (vs. Rs. 6261 Crores) * Expense ratio: 27% (vs. 30%) * Geographical Spread: 423 offices (vs. 455) * Number of Insurance Agents: 3784 (same) * Profit Before Tax: Rs. 13 Crores (vs. Rs. 111 Crores) * Profit After Tax: Rs. 3 Crores (vs. Rs. 106 Crores) * Cumulative Profits: Rs. 509 Crores (vs. Rs. 549 Crores) * Share Capital: Rs. 179 Crores (same) Non-Linked business surplus after tax was Rs 76.60 Crores (vs. Rs 70.30 Crores); Linked business surplus after tax was Rs. 5.46 Crores (vs. Rs. 10.78 Crores). The Profit & Loss Account (Shareholders' account) showed a profit of Rs.2.54 Crores after tax, including transfer from Policyholders' Account of Rs. 22.57 Crores (vs. Rs. 106.19 Crores after transfer of Rs.79.60 Crores). **Business Performance:** The domestic life insurance industry registered 13% growth for new business premium, while private insurers grew at 23% and LIC at 8%. Shriram Life saw ~3% growth compared to 23% for private industry and -3% for LIC. Individual APE grew 1%. Company income was Rs. 2350 Crores. Operating expenses were Rs. 513 Crores. **Rural and Social Sector Obligations:** The Company met its regulatory requirements for rural and social sector obligations. 41% of the overall business was in the rural sector, against a requirement of 20%. Insured 3,851,942 social lives, compared to prescribed 308,838. **Solvency:** The Company's Solvency Ratio as of March 31, 2022, was 205%, exceeding the minimum requirement of 150%. **Dividend and Reserves:** A final dividend of Rs. 1.67 per share was recommended. An interim dividend of Rs. 2.47 per share was also approved. No amount was carried forward to reserves for FY 2021-22. **Share Capital:** The paid-up equity share capital stood at Rs. 179,37,50,000. **Insurance Agents:** The certificate of license system was replaced with a letter of appointment. The company has 423 branches, 3784 active advisors, and 110 POSPs as of March 31, 2022. **Status of Products:** The company has 152 approved products/riders, with 43 available for new business. 10 new products compliant with IRDA (Linked and Non-linked) Products Regulations 2019 were launched. 9 products were withdrawn. **Other Disclosures:** The Company did not accept any public deposits, nor was any loan taken from any bank or financial institution. There was no public issue, rights issue, bonus issue, or preferential issue. There was no Issue of shares with differential rights. The Company has assessed the overall impact of the COVID-19 pandemic on its business, and taken measures such as reviewing underwriting, repricing products, and setting aside a reserve of Rs 14.6 crores. **Internal Control Systems and Adequacy:** The Company has an Internal Control System. The Internal Audit Department monitors and evaluates the internal control system, and reports to the Audit Committee of the Board. The Chief Risk Officer presents a risk report to the Risk Committee and the Board. **Directors and Key Managerial Personnel:** The Board comprises eleven directors: six Non-Executive, three Independent, and two Executive Directors. Mr. Daniel Hermanus Gryffenberg and Mr. Umesh Govind Revankar retire by rotation and are eligible for re-appointment. Remuneration policy is recommended by the Nomination and remuneration committee and approved by the Board of Directors. The Company has a Board Appointment and Performance Evaluation Policy. Five Board Meetings and thirty Committee Meetings were held during the year. **Other Compliances:** The company has zero tolerance on sexual harassment at workplace, complying with relevant provisions. The foreign exchange earnings for the year 2021-22 are Rs.20.54 crores and outgo Rs 25.34 Crores net of TDS. **Corporate Social Responsibility (CSR) Initiatives:** The company has a CSR Committee consisting of three directors, including an independent director. The CSR policy is approved by the Board and is available on the company website. The company’s CSR will cover key focus areas as notified under Section 135, which includes education, health, environmental sustainability, and rural development. **Auditors:** M/s. G.D. Apte & Co. and M/s M Bhaskara Rao & Co are the Joint Statutory Auditors of the Company. The Board has recommended re-appointment of M/s. G.D. Apte & Co. as Joint Statutory Auditors of the Company, for a second term. **Secretarial Auditors:** M/s D V Rao & Associates are the Secretarial Auditors. **Risk Management and Internal Audit Framework:** The Company has an internal audit framework with a risk-based audit approach. The Company was able to manage COVID-19 pandemic-related risks through timely execution of the Business Continuity Management (BCM) framework. **Corporate Governance:** The Company adheres to the Corporate Governance Guidelines issued by IRDAI, as well as the provisions of the Companies Act, Insurance Act, and other applicable laws. **Committees:** The Company has several committees, including the Audit and Actuarial Committee, Investment Committee, Risk including ALM Committee, Policyholders' Protection Committee, Compensation Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, With Profits Committee, Management Committee, and Outsourcing Committee. Details of the composition and attendance records of each committee are provided. **Shareholding Pattern:** The promoter shareholding is 97.56%, with Shriram Capital Limited holding 74.56% and Sanlam Emerging Markets (Mauritius) Limited holding 23%. The top ten shareholders include the Shriram Life Insurance Employees Welfare Trust and G Vaidyanathan. **Financial Information (Extracted from Independent Auditors’ Report and Financial Statements):** * Auditors' opinion: The standalone financial statements present a true and fair view in accordance with applicable accounting standards and IRDAI regulations. * Emphasis of Matter: Note 26 highlights uncertainty related to the COVID-19 pandemic. * Key Financial Ratios: Claims Ratio, Conservation Ratio, Lapse Ratio and Solvency Ratio are presented with comparisons between FY22 and FY21. * Form AOC -2 Annexure 1 detailing particulars of contracts/arrangements made with related parties is furnished in the report.

Shriram Life Insurance Shares

The document is the 16th Annual Report of Shriram Life Insurance Company Limited for FY 2020-21. **About Shriram Life Insurance:** * Shriram Group, established in 1974, focuses on financial services that reach a large number of common people. * Shriram Capital Limited (SCL) is the overarching holding arm of the financial services entities of the Group. * The Sanlam Group, a leading financial services group and one of the largest insurers in South Africa, is a partner of the Shriram Group. * Branch Network over 3,950, Manpower strength over 74,500 and Customer base around 218 lacs. **Financial and Operational Review:** * Number of new policies (Including Group): 295,985 in FY 2020-21 compared to 274,750 in FY 2019-20. * Premium Income: Rs. 2018 Crores in FY 2020-21 compared to Rs. 1729 Crores in FY 2019-20. * Funds under Management: Rs. 6261 Crores in FY 2020-21 compared to Rs. 4801 Crores in FY 2019-20. * Expense ratio was 30% for FY 2020-21 compared to 36% in FY 2019-20. * Profit Before Tax: Rs. 111 Crores in FY 2020-21 compared to Rs. 26 Crores in FY 2019-20. * Profit After Tax: Rs. 106 Crores in FY 2020-21 compared to Rs. 35 Crores in FY 2019-20. * The Solvency Ratio was 180% as at 31st March, 2021. * The Board has declared a final dividend of Rs. 1.67 per share. **Business Performance:** * The domestic life insurance industry registered 7% growth for new business premium in FY 2020-21. Shriram Life Insurance saw around 15% growth for individual new business. The company's total premium income was Rs. 2019 Crores. **Rural and Social Sector Obligations:** * The Company has met its Rural and Social Sector obligations for FY 2020-21. Rural business achieved 45% versus a prescribed requirement of 20% of overall business. Social business insured 3,237,341 social lives versus prescribed 199,170 (5%) social lives. **Other Key Highlights:** * The company has a branch network of 455 branches with 3784 active advisors and POSPs. * IRDAI has approved 144 products/riders, with 42 available for procuring new business. 7 new products were launched, and 3 were withdrawn in FY 2020-21. * The Company has an Internal Control System commensurate with its operations. * Mr. Gaurav Trehan resigned as Director. Mr. Casparus Jacobus Hendrik Kromhout and Mr. Manoj Jain were re-appointed as MD & CEO and MD, respectively. Mr. Ganesh Vaidyanathan resigned and Mr. Brahmaiah Telaprolu was appointed as Chief Financial Officer. * The company has a policy on Board Appointment and Performance Evaluation. The Board of Directors has carried out an annual evaluation of its own performance, Board committees, and individual directors. * Four Board Meetings and twenty-eight Committee Meetings were convened and held during the year. * The Directors confirm that the annual accounts follow applicable accounting standards and present a true and fair view. * The Company has constituted a CSR Committee and has uploaded its CSR policy on its website. * M/s. G.D. Apte & Co. and M/s M Bhaskara Rao & Co are the Joint Statutory Auditors of the Company. * The Company's Corporate Governance Framework includes several Board Committees: Audit and Actuarial Committee, Investment Committee, Risk including ALM Committee, Policyholders' Protection Committee, Compensation Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, With Profits Committee, Management Committee, Outsourcing Committee. * The 16th Annual General Meeting (AGM) will be held on July 23, 2021, via Video Conferencing (VC). * The company has a Whistle Blowing Policy in place. * The company's foreign partner has influenced its technology plan, and company personnel have undergone orientation at the partner company. Foreign exchange earnings were Rs.5.89 crores, while foreign exchange outgo was Rs.4.05 Crores net of TDS. **Appendices:** * Annexure 1 details contracts with related parties. * Annexure 2 presents the Secretarial Audit Report. * Annexure 3 extracts the Annual Return. * Annexure 4 provides the Report on Corporate Governance. * Annexure 5 is the Annual Report on CSR activities.