Annual Report 06

Bajaj Allianz Life Insurance Company Limited
AUDITORS
S.R. BATLIBOI & CO. Chartered Accountants KIRTANE & PANDIT Chartered Accountants
MAIN BANKERS
Standard Chartered Bank Syndicate Bank Deutsche Bank UTI Bank
REGISTERED OFFICE
Bajaj Allianz Life Insurance Company Limited, Ground Floor, G.E. Plaza, Airport Road, Yerawada, Pune - 411 006. Tel: (020) 6602 6777. Fax: (020) 6602 6789. email:life@bajajallianz.co.in Visit us at: www.bajajallianzlife.co.in
INDEX
Directors Report ..................................................................................... 2 Board of Directors ................................................................................... 4 CEO Speak ............................................................................................ 6 Management Team ................................................................................... 8 Management Report ................................................................................ 10 Auditors Report .................................................................................... 12 Revenue Account : Policyholders Account (Technical Account) ............................... 14 Profit & Loss Account : Shareholders Account (Non Technical Account) .................... 19 Balance Sheet ........................................................................................ 20 Schedule 1-15 ........................................................................................ 22 Annexure to Revenue Account ..................................................................... 38 Notes to Financial Statements .................................................................... 42 Cash Flow Statement ............................................................................... 88 Balance Sheet abstract & Companys general business profile ............................... 89
DIRECTORS REPORT
The Directors have pleasure in presenting their Sixth Annual Report & Audited Statements of Accounts for the year 2006- 2007
1. MARKET SCENARIO IN THE LIFE INSURANCE INDUSTRY: The life insurance market had an unbelievably high growth of 110% in the year under review measured in terms of new business. The industry as a whole wrote a first year premium of Rs. 754 billion in the year 2006-07 compared to Rs. 359 billion in the previous year; a growth of 110 percent. Unexpectedly LIC contributed the lions share to this growth. After losing market share during each of the last of 6 years, LIC bucked the past trend and during 2006-07, the new premium market share of LIC increased from 71% in 2005-06 to 74% in 2006-07. Accordingly market share of private players reduced from 29 to 26 percent. In the year forward, private players like your company are going to face even greater competition from each other, a resurgent LIC and many new entrants to the Life insurance business. Thus the market is growing by leaps and bounds but the competition is severe. Unit- linked products continue to be the fancy of the customers, largely on account of the booming stock market. Market structure is maturing towards higher allocation and moderate commissions. Insurance Regulatory and Development Authority (IRDA) enforced a 3-year lock-in period for unit-linked products as well as Anti Money Laundering/ KYC procedures in the market through the year.
The Agency channel largely contributed to the extra ordinary growth achieved by the Company. Strength of agents doubled in the year from 109,000 to 213,000. The Company has the largest distribution network in the private sector and has its presence in 876 offices across the country. Alternate channels have also picked up with a good performance of the corporate agents and other distribution networks. Our Bancassurance channel has also performed well and has tied up with pan-India financial institutions, various Co-Operative banks and Regional Rural Banks. The Company has successfully developed a comprehensive product range covering individual life and group business by introducing a number of products during the year. Your Company has been monitoring its solvency margins, which have been maintained in accordance with IRDA requirements. 2.1 Capital: The Shareholders contributed Rs. 2,007 million to the Companys capital during the year. With this, the total funds infused by shareholders in the Company amount to Rs. 7,005 million. 2.2.IRDA Registration: The Certificate of Registration from the IRDA to carry on the life insurance business has been renewed for the year 2007-08.
2. SUMMARY OF OPERATIONS FOR THE YEAR: Your Company continues to be at the second position amongst the private life insurers on the basis of new business premium and first position on the basis of the number of policies. It wrote new business of Rs. 42,698 million compared to Rs. 27,168 million in the previous year and registered a market share of 5.7% compared to 7.6% in the previous year. The gross premium written for the financial year 2006-07 was Rs.53,100 million, as compared to Rs. 31,336 million in the previous year. The Company has recorded a profit of Rs. 662 million during the financial year and is the highest profit making company in the private sector. 3. PARTICULARS REGARDING CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION: Since the Company does not carry out any manufacturing activity, the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules, 1988 are not applicable.
4. FOREIGN EXCHANGE EARNINGS AND EXPENDITURE: Earnings in foreign currency Expenditure in foreign currency NIL Rs. 30,135,414/-
5. PARTICULARS OF EMPLOYEES: As required by the provisions of sub-section 2A of Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) as amended, the names and other particulars of the employees are set out in the annexure to the Directors Report. However, as per the provisions of sub-section 1(b)(iv) of Section 219 of the Companies Act, 1956, the Report and Accounts are being sent to the shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.
(iv) that the annual accounts have been prepared on a going concern basis.
8. AUDIT COMMITTEE: The Audit Committee of Board of Directors constituted in accordance with the provisions of Section 292A of the Companies Act, 1956 held their meetings on 5th May 2006 and 27 th November 2006 and reviewed the operations and accounts of the Company.
9. AUDITORS: In accordance with the IRDA Regulations/Guidelines, the Company appointed M/s. Kirtane & Pandit, Chartered Accountants and M/s. S R Batliboi & Co, Chartered Accountants, as joint statutory auditors of the Company in the last Annual General Meeting. They hold office up to the conclusion of the Sixth Annual General Meeting of the Company. The shareholders are requested to appoint the auditors for the period from the conclusion of the ensuing Annual General Meeting till the conclusion of the next Annual General Meeting and to fix their remuneration.
6. DIRECTORS: Mr. Rahul Bajaj, Mr. Sanjiv Bajaj and Mr. Heinz Dollberg retire by rotation and being eligible, offer themselves for re-appointment as Directors.
7. DIRECTORS RESPONSIBILITY STATEMENT: In accordance with the requirements of sub-section 2AA of Section 217 of the Companies Act, 1956, the Board of Directors wish to confirm the following: (i) that in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; (ii) that such accounting policies have been selected and applied consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2007 and of the profit or loss of the Company for that period; (iii) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
10. APPRECIATION: The Board is grateful to the IRDA and other regulatory authorities for their continued support. The Board is also grateful to its Policyholders, Bankers, Intermediaries and Channel Partners for their continued support. The Directors take this opportunity to thank the concerned employees of Bajaj Auto Limited and Allianz SE for their invaluable contribution in guiding the working of the Company. The Directors also take this opportunity to thank the employees at all levels for their hard work, dedication and commitment.
On behalf of Board of Directors of Bajaj Allianz Life Insurance Company Ltd.
Pune 11th May 2007
Heinz Dollberg Director
Sanjiv Bajaj Director
BOARD OF DIRECTORS
Dr. Werner Zedelius

Director
Heinz Dollberg
Director
Rahul Bajaj
Chairman
Sanjay Asher
Director
Craig Ellis
Director
Sanjiv Bajaj
Director
Ranjit Gupta
Director
Manu Tandon
Additional Director
Suraj Mehta
Director
Bruce Bowers
(Alternate Director to Dr. Werner Zedelius)
S. H. Khan
Director
Dr. P. S. Palande
Director
CEO SPEAK
Dear friends, Financial year 2006-07 was very satisfying as we crossed many milestones and set few records. The year has been a rewarding one for us on profitability as well as growth. I am pleased to announce that the Company has emerged as one of the leading private life insurance companies with a strong brand name and mutli-channel pan-India distribution network. Some of the key performance indicators are: The Company posted a healthy profit of Rs. 662 million as compared to a loss of Rs. 367 million in the previous year. The Gross Written Premiums grew to Rs. 53 billion showing a growth of 70% over the previous year. The Company sold over 2 million individual policies during the current year. The Company is the largest private life insurer in the country in terms of number of policies sold during the year and is ranked 2nd among private life insurers in terms of new business premium. Among the Top 50 Service Brands in Brand Equity, as per survey conducted by AC Neilson ORG-MARG.
A significant portion of current years new business premium 72% came from regular premium policies as compared to 45% in the previous year. This change of strategy to concentrate on regular premium will result in a steady renewal premium stream and help in stabilizing the longterm future of the Company. Our strength lies in a wide distribution network comprising of 876 offices all across the country supported by one of the largest network of individual agents, corporate agents, brokers and bancasssurance partners. The Company plans to further develop its distribution network in the coming financial year and lay stress on product development so that new generation products can be launched on an ongoing basis. Continuous upgradation of information technology systems and back office processes will ensure maintaining and improving the quality of services to the customers. We see huge opportunities lying ahead and I am confident that my team is prepared to capture all this so that we maintain and increase the lead and create a stronger brand name across the country. I thank all our policyholders, business partners and employees for their continued support and look forward to further strengthen our relationship.
Warm regards Sam Ghosh
MANAGEMENT TEAM
Rajesh Viswanathan
Chief Financial Officer
Malay Ghosh
Head of Sales
Sam Ghosh
Chief Executive Officer
Anil Singh
Chief Actuary
Andrew Wakeling
Appointed Actuary
Niraj Kumar
Head Alternate Channels
G. B. Laddha
Chief Investment Officer
ECJ Augustine
Head Strategic Initiatives, Zonal Head Sales (South) & Head Product Lines
J. B. Bhaskar
Head Information Technology
Saji George
Head Operations & Administration
Sameer Bakshi
Company Secretary & Compliance Officer
A.S. Narayanan
Head Bancassurance
Neeraj Jain
Head Internal Audit
Sanjay Jain
Head Marketing
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MANAGEMENT REPORT
With respect to the operations of Bajaj Allianz Life Insurance Company Limited (the Company) for the financial year 1 April 2006 to 31 March 2007 and results thereof, the Management of the Company confirms and declares that: 1. The registration certificate granted by Insurance Regulatory and Development Authority (IRDA) is valid and the same has been renewed for the year 2007-2008. 2. All relevant statutory dues payable by the Company have been generally deposited on time. 3. There has been no transfer of shares during the year and the shareholding pattern is in accordance with the statutory and regulatory requirement. 4. The management has not directly or indirectly invested outside India, the funds of the holders of policies issued in India. 5. The required solvency margins have been maintained as required by the IRDA. 6. We certify that the values of all the assets have been reviewed on the date of Balance Sheet and in the managements belief, the assets set forth under each of the headings in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable or market value under their related headings - Loans, Investments, Agents balances, Outstanding Premiums, Income accrued on investments, Amounts due from other entities carrying on insurance business (including amounts due from reinsurers), Cash and the several items specified under Other Accounts. Market value of investment in debt securities (other than unit linked funds) which are valued at amortized cost as per IRDA regulations, is lower than their carrying amount. 7. We certify that, no part of the life insurance fund has been directly or indirectly applied in contravention of the Insurance Act, 1938 (4 of 1938) relating to the application and investment of the life insurance fund. 8. The Company recognizes the risks associated with the life insurance business and manages the risks by adopting prudent policies to counter the key risks of the Company namely underwriting and investment risks. The Company has established robust underwriting procedures to mitigate underwriting risks. Additionally the Company has entered into reinsurance arrangements wherein it reinsures risk in excess of its retention limits to mitigate its risk exposure. The investment risk is managed by laying down appropriate guidelines in the Investment Policy.
The Investment Policy is formulated by the Investment Committee and approved by the Board of Directors. The investment policy is reviewed at least once a year for alignment with the Companys latest business plan and other developments during the year. 9. The Company does not have operations in any other country. 10. Claim settlement time for the claims lodged has been around 7 days from the date of receipt of complete requirements. Ageing of claims indicating the trends in average claim settlement time is given below. Year 2006-07 2005-06 2004-05 2003-04 2002-03 Days 7 7 3 3 5
11. We certify that the values, as shown in the Balance Sheet, of the investments (other than unit linked investments), which consists of fixed income securities, equity shares and mutual fund units that have been valued as per accounting policies prescribed by IRDA. Market values have been ascertained for equities on the basis of lower of the closing prices as on the balance sheet date on The National Stock Exchange of India Ltd. and The Stock Exchange, Mumbai. For fixed income securities, valuation is based on procedure issued by Fixed Income and Money Market and Derivative Dealers Association (FIMMDA). The investments in the Mutual Funds are valued at the Net Asset Values (NAV) of these Mutual funds as on the Balance Sheet date. We certify that the unit linked investments have been valued on the basis as stated below: Equities have been valued at market values which have been ascertained on the basis of the last quoted closing price on the NSE. In case the equity shares are not listed on the NSE, then they are valued on the last quoted closing price on BSE. Government securities are valued at prices obtained from Credit Rating Information Services of India Ltd. (CRISIL). Corporate bonds and debentures are valued on the basis of CRISIL Bond Valuer. Treasury bills, certificate of deposits and commercial papers are valued at cost plus accretion at yield to maturity. Mutual fund units have been valued at the last available Net Asset Value declared by the respective mutual fund.
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12. The Company has invested (other than unit linked funds) mainly in approved Government securities and AAA or AA+ rated bonds. The primary aim while investing is to generate adequate return while minimizing risk. The emphasis is also on the liquidity of investments to ensure that the Company meets all outgoings related to claims and other operations. While most of the investments are in fixed income securities in the form of Government of India securities or Corporate Bonds with strong credit rating, a small portion is also invested in Equity shares. Based on the past track record, the Management is confident of the quality and performance of the investments. 13. The Management of Bajaj Allianz Life Insurance Company Limited certifies that: a) The financial statements of Bajaj Allianz Life Insurance Company Limited have been prepared in accordance with the applicable accounting standards and principles and policies with no departures; b) The management has adopted accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the operating profit as per Policyholders Account (Technical Account) and of the Loss as per
Shareholders Account (Non Technical Account) of the Company for the year; c) The management has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the applicable provisions of the Insurance Act, 1938 (4 of 1938) and Companies Act, 1956 (1 of 1956), for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) The financial statements have been prepared on a going concern basis; e) The Company has an internal audit system commensurate with the size of the Company and nature of the business. 14. The following are the payments made to individuals, firms, companies and organizations in which the directors of the insurer are interested: Name of the Company in which directors are interested Bajaj Auto Ltd. Bajaj Auto Finance Ltd. Amount of Payments (in Rs000) 359,073 138
For Bajaj Allianz Life Insurance Company Limited Heinz Dollberg Director Sam Ghosh Chief Executive Officer Place: Pune Date: 11th May 2007 Sanjiv Bajaj Director Rajesh Viswanathan Chief Financial Officer Craig Ellis Director Andrew Wakeling Appointed Actuary Ranjit Gupta Director Sameer Bakshi Company Secretary
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AUDITORS REPORT
To
The Members of Bajaj Allianz Life Insurance Company Limited
We have audited the attached Balance Sheet of Bajaj Allianz Life Insurance Company Limited (the Company) as at 31 March 2007, and the related Policyholders Revenue Account, the Shareholders Profit and Loss Account and the Receipts and Payments Account for the year ended on that date, annexed thereto. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The Balance Sheet, the Policyholders Revenue Account, the Shareholders Profit and Loss Account and the Receipts and Payments Account have been drawn up in accordance with the Insurance Act, 1938 (Act 4 of 1938), Insurance Regulatory and Development Act, 1999, Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2002 (the Regulations) read with Section 211 of the Companies Act, 1956. As required by the Regulations, we set out in the Annexure, a statement certifying the matters specified in paragraph 4 of Schedule C to the Regulations. Further to our comments in the Annexure referred to above, we report that: We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of the audit and have found them to be satisfactory; In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company so far as appears from our examination of those books; As the Companys accounting system is centralised at the head office, no returns for the purposes of our audit are prepared at the branches and other offices of the Company;
The Balance Sheet, the Policyholders Revenue Account, the Shareholders Profit and Loss Account and the Receipts and Payments Account referred to in this report are in agreement with the books of account; The actuarial valuation of liabilities for life policies in force is the responsibility of the Companys Appointed Actuary (the Appointed Actuary). The actuarial valuation of liabilities for policies in force as at 31 March 2007 has been duly certified by the Appointed Actuary. The Appointed Actuary has also certified that, in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms, if any, issued by the Insurance Regulatory and Development Authority (IRDA) and the Actuarial Society of India in concurrence with the authority. We have relied upon the Appointed Actuarys certificate in this regard in forming our opinion. On the basis of the written representations received from the Directors of the Company, as on 31 March 2007 and taken on record by the Board of Directors, no Director of the Company is disqualified as on 31 March 2007 from being appointed as Director under clause (g) of sub section (1) of Section 274 to the Companies Act, 1956.
In our opinion and to the best of our information and according to the explanations given to us, we further report that: Investments have been valued in accordance with the provisions of the Insurance Act, 1938 and the Regulations or orders / directions issued by IRDA in this behalf; The accounting policies selected by the Company are appropriate and are in compliance with applicable accounting standards and with accounting principles, as prescribed in the Regulations and orders or directions issued by IRDA in this behalf; The Balance Sheet, the Policyholders Revenue Account, the Shareholders Profit and Loss Account and the Receipts and Payments Account referred to in this report are in compliance with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956; and The Balance Sheet, the Policyholders Revenue Account, the Shareholders Profit and Loss Account and the Receipts and Payments Account together with the notes thereon and attached thereto are prepared in accordance with the requirements of the Regulations, the Insurance Act, 1938, the Insurance Regulatory and Development Act, 1999 and the Companies Act, 1956, to
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the extent applicable and in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India as applicable to insurance companies: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2007; (ii) in the case of the Policyholders Revenue Account, of the surplus for the year ended 31 March 2007; (iii) in the case of the Shareholders Profit and Loss Account, of the loss for the year ended 31 March 2007; and (iv) in the case of the Receipts and Payments Account, of the receipts and payments for the year ended 31 March 2007. Further, on the basis of examination of books and records of the Company and according to the information and
explanations given to us and to the best of our knowledge and belief, we certify that: We have reviewed the management report attached to the financial statements for the year ended 31st March 2007, and there is no apparent mistake or material inconsistencies with the financial statements; and Based on information and explanations received during the normal course of our audit, managements representations made to us and the compliance certificate submitted to the Board by the officers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions of registration as per subsection 4 of section 3 of the Insurance Act, 1938.
KIRTANE & PANDIT Chartered Accountants Suhas Deshpande Partner Membership No. 31787
S.R. BATLIBOI & CO. Chartered Accountants per Hemal Shah Partner Membership No. 42650
11th May 2007 Pune
Annexure to the Auditors Report

(Referred to in the Auditors Report to the members of Bajaj Allianz Life Insurance Company Limited (the Company) on the accounts for the year ended 31 March 2007)
Auditors Certificate To the Members of Bajaj Allianz Life Insurance Company Limited Based on the information and explanations given to us and to the best of our knowledge and belief, we certify that: We have verified the cash balances, to the extent considered necessary, securities relating to the Companys loans and investments by actual inspection or on the basis of certificates / confirmations received from custodians and / or Depository Participants appointed by the Company, as the case may be. At 31st March 2007, none of the Companys assets involve reversion or life interests; The Company is not the trustee of any trust; and No part of the assets of the policyholders funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938 relating to the application and investments of the policyholders funds. This certificate is issued to comply with the requirements of Schedule C of Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2002 (the Accounting Regulations) read with Regulation 3 of the Accounting Regulations and may not be suitable for any other purpose.
KIRTANE & PANDIT Chartered Accountants Suhas Deshpande Partner Membership No. 31787
S.R. BATLIBOI & CO. Chartered Accountants per Hemal Shah Partner Membership No. 42650
11th May 2007 Pune
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Revenue Account for the year ended 31st March 2007 Policyholders Account (Technical Account)
Particulars Schedule Current Year Total PREMIUMS EARNED - Net (a) Premium (b) Reinsurance ceded (Refer Schedule 16 Note 15) (c) Reinsurance accepted SUB-TOTAL INCOME FROM INVESTMENTS (a) Interest, Dividend & Rent - Gross (b) Profit on sale / redemption of investments (c) (Loss on sale / redemption of investments) (d) Transfer/Gain on revaluation/ change in fair value (e) Other investment income OTHER INCOME Interest on Overdue Premium Unit Linked Fund Administration / Management Charges, etc. (Refer Schedule 16 Note 23) Others Contribution from the Shareholders account (Refer Schedule 16 Note 14) SUB-TOTAL TOTAL (A) COMMISSION OPERATING EXPENSES RELATED TO INSURANCE BUSINESS Provision for doubtful debts Bad Debts written off Provision for Fringe Benefit Tax Provisions (other than taxation) (a) For diminution in the value of investments (net) (b) Others TOTAL (B) BENEFIT PAID (Net) Interim Bonuses Paid (Refer Schedule 16 Note 1(n)) Change in valuation of liability in respect of life policies in force (Refer Schedule 16 Note 1 (e) and Note 8 ) (a) Gross (b) Fund Reserve (Refer Schedule 16 Note 1(e)) (c) Amount ceded in Reinsurance (d) Amount accepted in Reinsurance TOTAL (C) SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) Balance of previous year APPROPRIATIONS Reserve for lapsed unit linked policies unlikely to be revived (Refer Schedule 16 Note 1(e) and Note 8) Transfer to Shareholders account Balance being funds for future appropriations DETAILS OF TOTAL SURPLUS Interim Bonuses Paid (a) Allocation of Bonus to policyholders (b) Surplus shown in the Revenue Account (c) Total Surplus [ (a) + (b) + (c) ] 4 2 3 Participating Individual Assurance 3,535,562 (36,049) 3,499,513 336,827 36,147 (23,282) 349,692 17,640 5,115 372,447 3,871,960 424,943 895,903 6,174 1,327,020 303,276 1,996 Individual Pension 67,680 (739) 66,941 12,774 12,774 225 114 13,113 80,054 1,472 10,855 75 12,402 1,338 -
53,099,971 (92,595) 53,007,376 1,153,316 3,714,626 (1,055,011) (1,036,646) 320,536 3,096,821 17,930 352,451 34,309 972,355 4,473,866 57,481,242 9,466,813 10,730,189 73,054 20,270,056 6,985,351 1,996
2,669,859 26,175,201 35,832,407 1,378,779 564,521 1,241,074 31,303 670,923 1,996 281,728 1,378,779 1,662,503
2,156,995 2,462,267 82,673 532,747 30,316 585,104 1,996 272,843 82,673 357,512
60,944 62,282 5,370 987 4,383 8,885 5,370 14,255
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(Amount in Rs. 000 ) Non Participating Individual Assurance 100,453 (1,707) 98,746 10,039 (143) 9,896 65 71 10,032 108,778 11,407 21,685 148 33,240 12,490 Individual Annuity 19,497 19,497 3,046 3,046 2 3,048 22,545 246 552 4 802 1,546 Group Assurance 313,098 (10,289) 302,809 15,552 63 (14) 15,601 26 15,627 318,436 14,733 8,930 61 23,724 203,496 Individual Assurance 46,923,250 (43,746) 46,879,504 734,278 3,489,836 (969,045) (1,003,416) 302,927 2,554,580 333,400 28,074 863,308 3,779,362 50,658,866 8,944,424 9,534,019 64,822 18,543,265 6,141,074 Linked Individual Pension 1,751,665 (65) 1,751,600 28,308 187,776 (56,819) (36,802) 16,087 138,550 19,031 874 101,265 259,720 2,011,320 69,526 246,486 1,690 317,702 286,140 Group Superannuation 68,134 68,134 2,502 153 (1,088) 681 290 2,538 4 6 1,007 3,555 71,689 24 2,110 13 2,147 14,100 Group Gratuity 320,632 320,632 9,990 651 (4,620) 2,891 1,232 10,144 16 27 6,775 16,962 337,594 38 9,649 67 9,754 21,891 -
39,524 52,014 23,524 27,437 50,961 23,524 23,524
13,178 14,724 7,019 7,019 7,019 7,019
71,425 274,921 19,791 3,665 23,456 19,791 19,791
310,562 24,422,891 30,874,527 1,241,074 1,241,074 1,241,074 1,241,074
17,432 1,390,046 1,693,618 -
(57) 56,171 70,214 (672) 672 (672) (672)
(144) 306,093 327,840 -
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Particulars Schedule Previous Year Total PREMIUMS EARNED - Net (a) Premium (b) Reinsurance ceded (Refer Schedule 16 Note 15) (c) Reinsurance accepted SUB-TOTAL INCOME FROM INVESTMENTS (a) Interest, Dividend & Rent - Gross (b) Profit on sale / redemption of investments (c) (Loss on sale / redemption of investments) (d) Transfer/Gain on revaluation/ change in fair value (e) Other investment income OTHER INCOME Interest on Overdue Premium Unit Linked Fund Administration / Management Charges, etc. (Refer Schedule 16 Note 23) Others Contribution from the Shareholders account (Refer Schedule 16 Note 14) SUB-TOTAL TOTAL (A) COMMISSION OPERATING EXPENSES RELATED TO INSURANCE BUSINESS Provision for doubtful debts Bad Debts written off Provision for Fringe Benefit Tax Provisions (other than taxation) (a) For diminution in the value of investments (net) (b) Others TOTAL (B) BENEFIT PAID (Net) Interim Bonuses Paid (Refer Schedule 16 Note 1(n)) Change in valuation of liability in respect of life policies in force (Refer Schedule 16 Note 1 (e) and Note 8 ) (a) Gross (b) Fund Reserve (Refer Schedule 16 Note 1(e)) (c) Amount ceded in Reinsurance (d) Amount accepted in Reinsurance TOTAL (C) SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) Balance of previous year APPROPRIATIONS Reserve for lapsed unit linked policies unlikely to be revived (Refer Schedule 16 Note 1(e) and Note 8) Transfer to Shareholders account Balance being funds for future appropriations DETAILS OF TOTAL SURPLUS Interim Bonuses Paid (a) Allocation of Bonus to policyholders (b) Surplus shown in the Revenue Account (c) Total Surplus [ (a) + (b) + (c) ] 4 2 3 Participating Individual Assurance 3,288,070 (27,773) 3,260,297 186,494 106,623 (5,307) 287,810 12,552 19,301 319,663 3,579,960 511,174 1,053,774 8,935 1,573,883 111,899 1,161 Individual Pension 67,521 (570) 66,951 6,225 6 6,231 30 533 2,748 9,542 76,493 1,635 11,965 103 13,703 716 49
31,335,778 (53,565) 31,282,213 211,084 106,640 (5,307) 312,417 12,808 218,070 59,354 1,085,539 1,688,188 32,970,401 3,418,670 4,868,110 41,020 8,327,800 6,534,838 1,210
1,912,292 15,576,070 24,024,410 618,191 64,069 117,739 564,521 1,210 217,860 618,191 837,261
1,405,336 1,518,396 487,681 45,066 532,747 1,161 210,140 487,681 698,982
62,506 63,271 (481) 481 49 7,720 (481) 7,288
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(Amount in Rs. 000 ) Non Participating Individual Assurance 115,793 (208) 115,585 4,467 11 4,478 60 149 4,687 120,272 14,496 21,407 180 36,083 4,865 Individual Annuity 18,143 (33) 18,110 803 803 166 4 8,584 9,557 27,667 197 485 4 686 515 Group Assurance 160,853 (3,243) 157,610 1,343 1,343 34 1,377 158,987 3,988 4,878 41 8,907 41,738 Individual Assurance 26,769,800 (21,463) 26,748,337 11,487 11,487 207,031 37,438 1,006,762 1,262,718 28,011,055 2,848,592 3,656,303 30,740 6,535,635 6,275,572 Linked Individual Pension 787,609 (275) 787,334 222 222 9,762 1,862 64,709 76,555 863,889 38,491 115,487 984 154,962 71,361 Group Superannuation 37,954 37,954 28 28 888 8 929 1,853 39,807 62 953 8 1,023 7,413 Group Gratuity 90,035 90,035 15 15 389 25 1,807 2,236 92,271 35 2,858 25 2,918 20,759 -
65,274 70,139 14,050 13,387 27,437 14,050 14,050
26,740 27,255 (274) 274 (274) (274)
109,538 151,276 (1,196) 4,861 3,665 (1,196) (1,196)
239,837 14,842,272 21,357,681 117,739 117,739 117,739 117,739
2,919 634,647 708,927 -
44 30,655 38,112 672 672 672 672
98 68,496 89,353 -
18
Notes to Financial statements 16
As required by Section 40-B of the Insurance Act, 1938, we certify that all expenses of Management in respect of Life Insurance business transacted in India by the Company have been fully debited to the Policyholders Revenue Account as expenses. The accompanying notes and schedules form an integral part of the financial statements. As per our report of even date attached
For Kirtane & Pandit Chartered Accountants Suhas Deshpande Partner Membership No. 31787
For S. R. Batliboi & Co. Chartered Accountants Hemal Shah Partner Membership No. 42650
For Bajaj Allianz Life Insurance Company Limited
Heinz Dollberg Director Craig Ellis Director Sam Ghosh Chief Executive Officer Andrew Wakeling Appointed Actuary
Sanjiv Bajaj Director Ranjit Gupta Director Rajesh Viswanathan Chief Financial Officer Sameer Bakshi Company Secretary
Place : Pune Date : 11th May 2007
19
Form A- PL
Profit & Loss account for the year ended 31st March 2007 Shareholders Account (Non Technical Account)
(Amount in Rs. 000) Particulars Current Year Current Year 31,303 Previous Year Previous Year -
Amounts transferred from the Policyholders Account (Technical Account) INCOME FROM INVESTMENTS (a) Interest, Dividends & Rent - Gross (b) Profit on sale / redemption of investments (c) (Loss on sale / redemption of investments) (d) Transfer/Gain on revaluation / change in fair value OTHER INCOME TOTAL(A) Expenses other than those directly related to the insurance business (Refer Schedule 16 Note 11) Preliminary Expenses written-off Others Provisions (Other than Taxation) Contribution to the Policyholders Fund (Refer Schedule 16 Note 14) Participating Individual Assurance Individual Pension Non Participating Individual Assurance Individual Annuity Group Assurance Linked Individual Assurance Individual Pension Group Superannuation Group Gratuity TOTAL(B) PROFIT / (LOSS) before Tax Provision for Taxation including Wealth Tax PROFIT / (LOSS) after Tax Balance at the beginning of the year PROFIT/(LOSS) CARRIED FORWARD TO BALANCE SHEET Earning Per Share (Basic & Diluted) (Refer Schedule 16 Note 17)
273,062 23,824 (19,763) 277,123
113,589 7,236 (13,946) 106,879
53,077 -
3,180 3,566 -
863,308 101,265 1,007 6,775
2,748 8,584 1,006,762 64,709 929 1,807
972,355 1,025,432 (717,006) 27 (717,033) (2,043,096) (2,760,129) (4.77)
1,085,539 1,092,285 (985,406) 36 (985,442) (1,057,654) (2,043,096) (6.56)
Notes to Financial statements As per our report of even date attached

For Kirtane & Pandit
Chartered Accountants
16
The accompanying notes and schedules form an integral part of the financial statements.
For S. R. Batliboi & Co. For Bajaj Allianz Life Insurance Company Limited
Suhas Deshpande
Partner Membership No. 31787
Hemal Shah
Heinz Dollberg
Director
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Appointed Actuary
Sameer Bakshi
Company Secretary
20
Form A- BS
Balance sheet as at 31st March 2007

(Amount in Rs. 000) Particulars Schedule Current Year Current Year Previous Year Previous Year
SOURCES OF FUNDS SHAREHOLDERS FUNDS Share Capital Reserves and Surplus Credit/(Debit) Fair Value Change Account SUB TOTAL BORROWINGS POLICYHOLDERS FUNDS Credit/(Debit) Fair Value Change Account Policy Liabilities (Refer Schedule 16 Note 8) Participating Individual Assurance Individual Pension Non Participating Individual Assurance Individual Annuity Group Assurance Linked Individual Assurance Individual Pension Group Superannuation Group Gratuity Insurance Reserves Provision For Linked Liabilities Linked Liabilities Fair Value Change SUB TOTAL FUNDS FOR FUTURE APPROPRIATIONS Participating Individual Assurance Individual Pension Non Participating Individual Assurance Individual Annuity Group Assurance Linked Individual Assurance Individual Pension Group Superannuation Group Gratuity Reserve for Lapsed unit linked policies unlikely to be revived TOTAL 7 5 6 1,503,680 5,501,600 85 7,005,365 1,502,338 3,495,310 711 4,998,359 -
15,443
12,988
5,493,958 211,463 154,036 43,243 198,175 591,016 21,015 -
3,336,963 150,520 114,511 30,065 126,751 280,453 3,583 57 144
6,712,906 -
4,043,047 -
48,845,768 3,022,633 51,868,401 58,596,750
25,693,200 29,749,235
585,104 4,383 50,961 7,019 23,456 670,923 1,358,813
532,747 27,437 3,665 672 564,521 117,739
2,029,736
682,260
67,631,851
35,429,854
21
Form A- BS
Balance sheet as at 31st March 2007

(Amount in Rs. 000) Particulars APPLICATION OF FUNDS INVESTMENTS Shareholders Policyholders Participating Individual Assurance Individual Pension Non Participating Individual Assurance Individual Annuity Group Assurance Linked Individual Assurance Individual Pension Group Superannuation Group Gratuity ASSETS HELD TO COVER LINKED LIABILITIES (Refer Schedule 16 Note 23) LOANS FIXED ASSETS Gross Block Less : Accumulated Depreciation Net Block Capital work in progress CURRENT ASSETS Cash and bank balances Advances and other Assets Sub-Total(A) LESS: CURRENT LIABILITIES AND PROVISIONS Current liabilities Provisions Sub-Total(B) NET CURRENT ASSETS (C) = (A-B) MISCELLANEOUS EXPENDITURE (To the extent not written off or adjusted ) DEBIT BALANCE IN PROFIT & LOSS ACCOUNT (Shareholders account ) Total Notes to Financial statements As per our report of even date attached
For Kirtane & Pandit
Schedule
Current Year
Current Year
Previous Year
Previous Year
8 8A 6,162,724 220,101 208,183 50,900 231,297 2,152,260 21,112 2,610 1,571
6,536,500
2,780,868
3,893,622 150,722 142,148 30,478 138,174 400,149 9,352 1,134 344 9,050,758 4,766,123 25,693,200 3,406 691,544 328,759 362,785 1,854 535,694 364,639 2,958,503 762,890 3,721,393 3,890,484 52,387 3,942,871 (221,478) 2,043,096 35,429,854 51,868,401 18,630
8B 9 10 1,043,272 510,127 533,145 2,549
11 12
4,198,042 854,477 5,052,519
13 14
8,093,047 97,733 8,190,780 (3,138,261)
15
2,760,129 67,631,851
16
The accompanying notes and schedules form an integral part of the financial statements.
For S. R. Batliboi & Co. For Bajaj Allianz Life Insurance Company Limited
Suhas Deshpande
Hemal Shah
Heinz Dollberg
Director
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan
Andrew Wakeling
Appointed Actuary
Sameer Bakshi
Company Secretary
22
Schedules forming part of financial statements for the year ended 31st March 2007
Schedule - 1 : Premium (Net of Service Tax)

(Amount in Rs. 000 ) Participating Individual Assurance 944,138 2,591,424 3,535,562 67,680 100,453 19,497 313,098 46,923,250 1,751,665 49,659 19,497 57,879 10,893,817 829,391 64,301 20,052 70,696 7,382,885 267,642 3,379 30,742 184,523 28,646,548 654,632 68,134 68,134 Individual Pension Individual Assurance Individual Annuity Group Assurance Individual Assurance Individual Pension Group Superannuation Non Participating Linked Group Gratuity 314,613 5,019 1,000 320,632
Particulars
Current Year
First Year Premium
30,846,709
Renewal Premium
10,402,019
Single Premium
11,851,243
Total Premium
53,099,971
Premium Income from Business written: 3,535,562 3,535,562 67,680 100,453 19,497 313,098 46,923,250 67,680 100,453 19,497 313,098 46,923,250 1,751,665 1,751,665 68,134 68,134 320,632 320,632
In India -
53,099,971
Outside India
Total Premium
53,099,971
Particulars Individual Assurance 1,352,966 1,935,104 3,288,070 67,521 115,793 76,688 61,897 8,025 5,624 31,080 18,143 18,143 Individual Pension Individual Assurance Individual Annuity
Previous Year
Participating
Non Participating Group Assurance 86,400 38,921 35,532 160,853 Individual Assurance 10,182,725 2,002,067 14,585,008 26,769,800
Linked Individual Pension 309,887 118,025 359,697 787,609 Group Superannuation 37,428 526 37,954 Group Gratuity 86,522 3,513 90,035
First Year Premium
12,092,632
Renewal Premium
4,168,078
Single Premium
15,075,068
Total Premium
31,335,778
Premium Income from Business written: 3,288,070 3,288,070 67,521 67,521 115,793 115,793 18,143 18,143 160,853 160,853 26,769,800 26,769,800 787,609 787,609 37,954 37,954 90,035 90,035
In India -
31,335,778
Outside India
Total Premium
31,335,778
Schedule - 2 : Commissions
(Amount in Rs. 000 ) Participating Individual Assurance 288,936 136,759 (752) 424,943 1,472 11,407 246 14,733 8,944,424 69,526 311 1,163 (2) 9,721 909 962 (185) 246 14,733 8,580,403 252,239 119,696 (7,914) 57,862 4,548 7,117 (1) 24 24 Individual Pension Individual Assurance Individual Annuity Group Assurance Individual Assurance Individual Pension Group Superannuation Non Participating Linked Group Gratuity 38 38
Particulars
Current Year
Commission Paid Direct - First year premium - Renewal Premium - Single Premium Add : Commission on Reinsurance Accepted Less : Commission on Reinsurance Ceded (Refer Schedule 16 Note 15)
8,952,028 395,618 128,021 (8,854)
Net Commission
9,466,813
Breakup of commission expenses ( Gross) incurred to procure business is furnished below (*)
Agents Brokers Corporate Agency Referral
5,876,357 2,976,808 622,502
Total
9,475,667
Note : Commission on First Year premium includes referral fees amounting to Rs. 622,502 (Previous year 156,666). Participating Individual Assurance 394,138 118,428 (1,392) 511,174 1,635 (29) (48) 14,496 576 1,088 12,678 398 1,468 205 (8) 197 Individual Pension Individual Assurance Individual Annuity Non Participating Group Assurance 3,988 3,988 Individual Assurance 2,585,463 96,548 171,517 (4,936) 2,848,592 Linked Individual Pension 32,342 2,620 3,592 (63) 38,491 Group Superannuation 62 62 Group Gratuity 35 35
* Information across line of business has not been disclosed as information is not readily available.
Particulars
Previous Year
Commission Paid Direct - First year premium - Renewal Premium - Single Premium
3,029,282 219,082 176,782
Add : Commission on Reinsurance Accepted Less : Commission on Reinsurance Ceded (Refer Schedule 16 Note 15)
(6,476)
Net Commission
3,418,670
Breakup of commission expenses ( Gross) incurred to procure business is furnished below (*)
Agents Brokers Corporate Agency Referral
2,276,816 132 991,532 156,666
Total
3,425,146
* Information across line of business has not been disclosed as information is not readily available.
23
24
Schedule - 3 : Operating Expenses Related To Insurance Business

(Refer Schedule 16 Note 10)
(Amount in Rs. 000 ) Participating Individual Assurance Individual Pension Individual Assurance Individual Annuity Group Assurance Individual Assurance Individual Pension Group Superannuation Non Participating Linked Group Gratuity
Particulars
Current Year
4,439,439 316,600 375,209 26,758 48,880 113,241 7,929 18,267 87,648 1,135 4,182 126 2 3 1 1,332 597 1,239 97 223 1,071 14 51 1,174 2,783 190 439 2,105 27 100 30 68 5 11 54 1 3 481 1,190 78 180 862 11 41 513,174 1,166,135 83,242 191,780 920,176 11,911 43,910 13,378 28,010 2,170 4,999 23,987 310 1,145 35 4,585 327 9,012 643 230 16 3,690 263 3,939,161 280,923 102,687 7,323
803 57 105 206 17 39 188 2 9 -
4,062 290 529 1,045 86 198 949 12 45 1
578,348 1,313,917 93,814 216,136 1,037,040 13,423 49,486
1,500
376 164,674 119,284 32 13,917 10,082 19,244 8,132 6,651 5,780 112,644 20,303 15,743 895,903 10,855 81 70 1,377 302 192 235 99 462 195 160 139 2,706 593 378 21,685 12 5 4 4 69 15 10 552 170 123 334 242 9 6
137 99 189 80 65 57 1,108 243 155 8,930
335 146,117 105,842 202,035 85,375 69,830 60,685 1,182,602 364,174 165,280 9,534,019
9 3,809 2,759 5,267 2,226 1,820 1,582 30,828 9,833 4,309 246,486
30 22 41 17 14 12 241 273 34 2,110
151 109 208 88 72 63 1,220 351 170 9,649
Employees remuneration, welfare benefits and other manpower costs Travel, conveyance and vehicle running expenses Training expenses Rents, rates and taxes Repairs Printing and Stationery Communication expenses Legal and professional charges Medical fees Auditors fees, expenses, etc. a) as auditor b) as advisor or in any other capacity, in respect of (i) Taxation Matters (ii) Insurance Matters (iii) Management Services; and c) in any other capacity d) out of pocket expenses Advertisement and publicity Interest and bank charges Others a) Information technology expenses b) Insurance, water and electricity charges c) Policy stamps d) Security and housekeeping e) Marketing expenses f) Miscellaneous expenses Depreciation (Refer Schedule 10)
227,693 96,217
78,697 68,392 1,332,795 396,087 186,271
Total
10,730,189
Schedule - 3 : Operating Expenses Related to Insurance Business

(Refer Schedule 16 Note 10)
Participating Individual Assurance Individual Pension Individual Assurance Individual Annuity Group Assurance Individual Assurance Individual Pension Group Superannuation Non Participating Linked Group Gratuity
(Amount in Rs. 000 )
Particulars
Previous Year
2,095,628 52,999 73,965 46,356 12,733 20,084 49,307 1,987 6,674 218 2 5 1 749 24 608 849 401 146 231 566 23 77 1,071 1,494 1,056 257 406 996 40 135 24 34 21 6 9 23 1 3 243 340 256 58 92 226 9 31 182,357 254,498 190,155 43,811 69,103 169,655 6,839 22,963 5,840 8,150 4,479 1,403 2,213 5,433 219 735
456,428
5,242
9,221
210
2,096
1,570,456
50,299
419 49 68 29 12 18 45 2 6 -
1,257 146 204 83 35 55 136 5 18 1
243,337 339,602 242,836 58,461 92,211 226,387 9,125 30,642
1,000
200 372 176,896 60,711 24,172 12,307 8,387 6,166 106,666 99,891 23,558 1,053,774 96 71 1,224 1,145 270 11,965 277 141 488 249 169 125 2,155 2,017 476 21,407 11 6 4 3 49 46 11 485
44 81 38,528 13,223
1 1 442 152
2 778 267
18 6
177 61 111 57 39 28 490 455 108 4,878
150 279 132,566 45,497 83,170 42,345 28,857 21,217 367,013 343,565 81,058 3,656,303
5 9 4,246 1,457 2,664 1,356 924 679 11,754 11,002 2,596 115,487
35 12 22 11 8 6 98 91 22 953
106 36 67 34 23 17 294 276 65 2,858
Employees remuneration, welfare benefits and other manpower costs Travel, conveyance and vehicle running expenses Training expenses Rents, rates and taxes Repairs Printing and Stationery Communication expenses Legal and professional charges Medical fees Auditors fees, expenses, etc. (a) as auditor (b) as advisor or in any other capacity, in respect of (i) Taxation Matters (ii) Insurance Matters (iii) Management Services; and (c) in any other capacity (d) Out of pocket expenses Advertisement and publicity Interest and Bank Charges Others a) Information technology expenses b) Insurance, water and electricity charges c) Policy stamps d) Security and housekeeping e) Marketing expenses f) Miscellaneous expenses Depreciation (Refer Schedule 10)
110,982 56,506
38,507 28,312 489,743 458,488 108,164 4,868,110
25
26
Schedule - 4 : Benefits paid (net)

Participating Individual Individual Assurance Pension Individual Assurance 192,466 5,951,946 (3,338) 6,141,074 6,141,074 6,141,074 286,140 286,140 286,140 223,967 62,173 1,649 12,451 14,100 14,100 14,100 120,750 183,935 7 22,122 (12,778) (10,760) 303,276 303,276 303,276 Participating Individual Individual Assurance Pension Individual Assurance 5,678 36 262 (530) (581) 716 716 716 4,865 4,865 4,865 515 515 515 515 48,752 59,969 12,319 (3,619) (5,522) 111,899 111,899 111,899 80 636 1,338 1,338 12,490 12,490 1,546 1,546 203,496 203,496 1,338 12,490 1,546 203,496 (320) (358) (564) (2,405) 480 2,805 1,216 10,067 219 283 1,546 205,901 Non Participating Individual Individual Group Assurance Annuity Assurance (Amount in Rs. 000 ) Linked Individual Group SuperGroup Pension annuation Gratuity 7,000 14,891 21,891 21,891 21,891
Particulars
Current Year
601,222 184,154 1,836
6,228,662
(19,443) -
(11,080) -
Insurance Claims: (a) Claims by Death (b) Claims by Maturity (c) Annuities/Pensions payment (d) UL Withdrawals/Surrenders & Other Benefits (Amount ceded in reinsurance): (a) Claims by Death (b) Claims by Maturity (c) Annuities/Pensions payment (d) UL Withdrawals/Surrenders & Other Benefits Amount accepted in reinsurance: (a) Claims by Death (b) Claims by Maturity (c) Annuities/Pensions payment, (d) UL Withdrawals/Surrenders & Other Benefits Total Benefits paid to claimants: In India Outside India Total Non Participating Individual Group Annuity Assurance 41,788 (50) 41,738 41,738 41,738
6,985,351
6,985,351 6,985,351
Particulars
Previous Year
Individual Assurance 64,735 6,222,881 (12,044) 6,275,572 6,275,572 6,275,572
Linked Individual Group SuperPension annuation 1,225 70,236 (100) 71,361 71,361 71,361 7,413 7,413 7,413 7,413
Group Gratuity 20,759 20,759 20,759 20,759
162,814 59,969 551
6,333,950
(16,343) -
(6,103) -
Insurance Claims: (a) Claims by Death (b) Claims by Maturity (c) Annuities/Pensions payment (d) UL Withdrawals/Surrenders & Other Benefits (Amount ceded in reinsurance): (a) Claims by Death (b) Claims by Maturity (c) Annuities/Pensions payment (d) UL Withdrawals/Surrenders & Other Benefits Amount accepted in reinsurance: (a) Claims by Death (b) Claims by Maturity (c) Annuities/Pensions payment (d) UL Withdrawals/Surrenders & Other Benefits Total Benefits paid to claimants: In India Outside India Total
6,534,838
6,534,838 6,534,838
27
Schedule - 5 : Share Capital

(Amount in Rs. 000 ) Particulars Authorised Capital 200,000,000 Equity Shares of Rs. 10/- Each Issued, Subscribed, Called and Paid up Capital Equity Shares of Rs. 10/- Each 150,368,000 (Previous Year 150,233,800) Equity Shares of Rs.10/- Each Less : Preliminary Expenses (to the extent not written off) Total Current Year Previous Year
2,000,000 1,503,680
2,000,000 1,502,338
1,503,680
1,502,338
Note : Of the above share capital as of 31st March 2007, 111,272,320 (Previous year: 111,173,012) equity shares are held by the holding company, Bajaj Auto Ltd.
Schedule - 5A : Pattern of Shareholding (As Certified by Management)

Shareholder Current Year Number of Shares PROMOTERS: Indian Bajaj Auto Limited Foreign Allianz SE TOTAL % of Holding Previous Year Number of Shares % of Holding
111,272,320
74
111,173,012
74
39,095,680 150,368,000
26 100
39,060,788 150,233,800
26 100
28
Schedule - 6 : Reserves and Surplus

(Amount in Rs. 000 ) Particulars Capital Reserve Capital Redemption Reserve Share Premium Opening balance Add: Share Premium received during the year Revaluation Reserve General Reserve Catastrophe Reserve Other Reserve Balance of Profit & Loss Account Total 3,495,310 2,006,290 5,501,600 5,501,600 Current Year Current Year 1,176,565 2,318,745 3,495,310 3,495,310 Previous Year Previous Year -
Schedule - 7 : Borrowings
(Amount in Rs. 000 ) Particulars Debentures/Bonds Banks Financial Institutions Others TOTAL Current Year Previous Year -
29
Schedule - 8 : Investments - Shareholders

(Amount in Rs. 000 ) Particulars LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills (Refer Note 1 below) Other Approved Securities Other Investments (a) Shares (aa) Equity (bb)Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (aa) Fixed Deposit with banks (f) Subsidiaries Investment Properties - Real Estate Investments in Infrastructure and Social Sector Bonds Other than Approved Investments SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb)Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (aa) Fixed Deposit with banks (f) Subsidiaries Investment Properties - Real Estate Investments in Infrastructure and Social Sector Bonds Other than Approved Investments Total INVESTMENTS In India Outside India Total Notes : 1. 2. 3. Includes Rs. 106,040 (Previous Year Rs. 108,576 ) deposited with Deutsche Bank AG, pursuant to Section 7 of the Insurance Act 1938 (Refer Schedule 16 Note 6 ) Market Value of the above total investments of Rs. 6,536,500 (Previous Year Rs.27,80,868 ) is Rs. 6,480,926 (Previous Year Rs. 2,762,263) Historical cost of investment valued on fair value basis is Rs. 235,817 ( Previous Year Rs. 155,242) 6,536,500 6,536,500 2,780,868 2,780,868 910,129 472,900 Current Year Previous Year
473,914 250,000 789,598 169,102 1,722,015 235,902 1,269,615 200,000 491,089 25,136 6,536,500
200,041 463,767 134,775 345,167 155,953 694,092 314,173 2,780,868
30
Schedule - 8A : Investments - Policyholders

(Amount in Rs. 000 ) Participating Individual Assurance 3,689,642 185,101 147,871 50,900 155,932 817,460 8,563 1,036 Individual Pension Individual Assurance Individual Annuity Group Assurance Individual Assurance Individual Pension Group Superannuation Non Participating Linked Group Gratuity 340
Particulars
Current Year
5,056,845
597,847 776,943 597,847 736,943 167,465 770,600 100,000 50,000 50,227 6,162,724 6,162,724 220,101 220,101 208,183 208,183 50,900 50,900 25,312 55,483 15,989 231,297 231,297 25,000 35,000 3,893 165,500 339,959 598,966 150,375 2,152,260 2,152,260 2,152,260 50,000 12,549 21,112 21,112 21,112 10,000 30,000 -
195 1,379 2,610 2,610 2,610
389 842 1,571 1,571 1,571
50,000 167,465
1,000,577
100,000 -
435,524 -
LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities (a) Shares (aa) Equity (bb) Preference (b) Mutual funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (aa) Fixed Deposits with Banks (f) Subsidiaries (g) Investment Properties - Real Estate Investments in Infrastructure & Social Sector Bonds Other than Approved Investments - Bonds - Equity SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (f) Subsidiaries (g) Investment Properties - Real Estate Investments in Infrastructure & Social Sector Bonds Other than Approved Investments
664,955 -
200,602 -
TOTAL In India Outside India
9,050,758 9,050,758 -
Total 9,050,758 6,162,724 220,101 208,183 50,900 231,297 Note: 1. Market Value of the above total investments of Rs. 9,050,758 (Previous year Rs. 4,766,123) is Rs. 8,751,312 (Previous year Rs. 4,671,956) 2. Historical cost of investment valued on fair value basis is Rs. 582,404 (Previous year Rs. 175,927)
Schedule - 8A : Investments - Policyholders

(Amount in Rs. 000 ) Participating Individual Assurance 2,897,957 150,722 133,409 30,478 30,382 170,774 8,849 1,034 Individual Pension Individual Assurance Individual Annuity Group Assurance Individual Assurance Individual Pension Group Superannuation Non Participating Linked Group Gratuity 244
Particulars
Previous Year
3,423,849
188,915 352,643 641,168
188,915 302,998 467,252
8,739
49,645 165,177
49,640
49,640
LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities (a) Shares (aa) Equity (bb) Preference (b) Mutual funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (f) Subsidiaries (g) Investment Properties - Real Estate Investments in Infrastructure & Social Sector Bonds Other than Approved Investments - Equity - Bonds SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (f) Subsidiaries (g) Investment Properties - Real Estate Investments in Infrastructure & Social Sector Bonds Other than Approved Investments 36,500 3,893,622 3,893,622 150,722 150,722 142,148 142,148 30,478 30,478 33,053 25,099 138,174 138,174 14,553 400,149 400,149 400,149 503 9,352 9,352 9,352 -
84,809 25,099
100 1,134 1,134 1,134
100 344 344 344
TOTAL In India Outside India
4,766,123 4,766,123 -
Total 4,766,123 3,893,622 150,722 142,148 30,478 138,174 Note: 1. Market Value of the above total investments of Rs. 9,050,758 (Previous year Rs. 4,766,123) is Rs. 8,751,312 (Previous year Rs. 4,671,956) 2. Historical cost of investment valued on fair value basis is Rs. 582,404 (Previous year Rs. 175,927)
31
32
Schedule - 8B : Assets held to cover linked liabilities

(Amount in Rs. 000 ) Particulars LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (aa) Fixed Deposit with banks (f) Subsidiaries Investment Properties - Real Estate Investments in Infrastructure and Social Sector Bonds Other than Approved Investments (a) Equity (b) Bonds SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures / Bonds (e) Other Securities (f) Subsidiaries Investment Properties - Real Estate Investments in Infrastructure and Social Sector Bonds Other than Approved Investments (aa) Bonds (bb) Mutual Fund Fixed Deposits with Banks Net Current Assets Total INVESTMENTS In India Outside India Total (Refer Schedule 16 Note 23) Historical Cost of above investments is Rs. 48,845,768 ( Previous Year Rs. 21,633,920) Current Year 35,552 Previous Year 257,226
28,337,065 1,067,044 600,000 623,991 7,540,102 -
14,986,363 646,879 242,358 2,296,551 48,777
204,994
1,042,356
7,606,662 491,534 73,924 44,183 1,081,000 4,162,350 51,868,401
2,517,332 485,031 210,950 350,000 2,609,377 25,693,200
51,868,401 51,868,401
25,693,200 25,693,200
33
Schedule - 9 : Loans
(Amount in Rs. 000 ) Particulars SECURITY-WISE CLASSIFICATION Secured (a) On mortgage of property (aa) In India (bb) Outside India (b) On Shares, Bonds, Government Securities, etc. (c) Loan against policies Total BORROWER-WISE CLASSIFICATION (a) Central and State Government (b) Bank and Financial Institutions (c) Subsidiaries (d) Companies (e) Loan against policies Total PERFORMANCE-WISE CLASSIFICATION (a) Loans classified as standard : (aa) In India (bb) Outside India Total MATURITY-WISE CLASSIFICATION (a) Short-Term (b) Long-Term Total Current Year Previous Year
18,630 18,630
3,406 3,406
18,630 18,630
3,406 3,406
18,630 18,630
3,406 3,406
18,630 18,630
3,406 3,406
34
Schedule - 10 : Fixed Assets

(Amount in Rs. 000 ) GROSS BLOCK Additions 7,705 83,624 73,852 7,767 141,226 14,016 5,336 29,992 363,518 168,514 15 691,544 220,610 108,164 11,790 1,043,272 328,759 186,271 72,349 29,826 26,678 6,543 7,266 5,831 1,531 4,691 4,903 15 92 57,317 10,581 6,456 20 1,962 390,041 149,016 96,559 94 463 64,165 26,156 4,368 78 4,136 1,173 262 1,435 30,446 245,481 17,017 2,671 56,504 510,127 328,759 186,602 10,147 2,255 12,402 2,730 227,567 73,065 44,803 20 117,848 33,829 22,964 3,359 26,323 7,506 109,719 174,200 2,701 33,719 144,560 40,300 4,595 15,845 533,145 362,785 Deductions Closing Upto last year For the year On Sales/ Adjustments To date As at Year End DEPRECIATION NET BLOCK Previous Year 3,160 73,608 102,603 2,963 30,705 101,761 32,812 2,642 12,531 362,785 -
Particulars
Opening
Intangible -Computer Software -
26,124
Land-Freehold
Leasehold Properties
146,673
Buildings
112,750
Electrical Fittings
4,136
Furniture & Fittings
56,861
Information Technology Equipment
250,777
Air Conditioner
43,393
Vehicles
8,473
Office Equipment
42,357
Total
691,544
Previous Year
523,045
Note: 1. Refer Note No.1 (h) of Schedule 16
35
Schedule - 11 : Cash and Bank Balances

(Amount in Rs. 000 ) Particulars 1. 2. Cash (including cheques, drafts and stamps) Bank Balances (a) Deposit Accounts (aa) Short-term (due within 12 months of the date of Balance Sheet ) (bb) Others (b) Current Accounts (c) Others Money at Call and Short Notice (a) With Banks (b) With Other Institutions Others Total Balances with non-scheduled banks included in 2 and 3 above Cash and Bank Balances 1. 2. In India Outside India Total 4,198,042 4,198,042 2,958,503 2,958,503 Current Year 1,006,433 Previous Year 195,948
3,191,609 -
267,631 2,494,924 -
3.
4,198,042
2,958,503
4.
36
Schedule - 12 : Advances and Other Assets

(Amount in Rs. 000 ) Particulars ADVANCES Reserve deposits with ceding companies Application money for investments Prepayments Advances to Directors/Officers Advance tax paid and taxes deducted at source Others : Travel advances Employee advances Advances to suppliers Miscellaneous advances Total (A) OTHER ASSETS Income accrued on investments Outstanding Premium Agents Balances Foreign Agencies Balance Due from other entities carrying on insurance business (Including amount due from Reinsurers) Due from subsidiaries/holding company Deposit with Reserve Bank of India [pursuant to section 7 of Insurance Act,1938] Deposits Others : Unsettled Investment contract receivable Others Total (B) Total (A + B) 248,188 310,762 2,933 131,762 52,143 1,640 747,428 854,477 148,571 243,855 50 15,516 71,603 175,437 655,032 762,890 10,221 63,414 314 960 3,391 28,749 107,049 61,287 250 1,147 3,262 41,743 169 107,858 Current Year Previous Year
37
Schedule - 13 : Current Liabilities

(Amount in Rs. 000 ) Particulars Agents Balances Balances due to other insurance companies Deposits held on reinsurance ceded Premium received in advance Premium & Other Deposits Sundry Creditors Due to Subsidiaries/holding company Claims Outstanding Annuities Due Due to Officers/Directors of the Company Others : Payable - unsettled investment contracts Temporary Overdraft as per the books of account TOTAL Current Year 1,817,710 81,844 111,184 1,552,322 4,359,434 110,639 6,249 53,665 8,093,047 Previous Year 710,607 25,093 16,928 1,058,086 1,671,612 82,131 1,814 47,874 276,339 3,890,484
Schedule - 14 : Provisions
(Amount in Rs. 000 ) Particulars ForTaxation (Less Payments and Taxes Deducted at Sources) Wealth Tax Service Tax Fringe Benefit Tax For Proposed dividends For dividend distribution tax Others: For Leave Encashment Total 87,697 97,733 48,847 52,387 10,000 36 10,036 3,500 40 3,540 Current Year Current Year Previous Year Previous Year
Schedule - 15 : Miscellaneous Expenditure

Particulars Discount allowed in issue of shares/debentures Others Total
(To the extent not written-off or adjusted)

(Amount in Rs. 000 ) Current Year Previous Year -
38
Annexure to Revenue Account-Break Up of Unit Linked Business (UL) for the year ended 31st March 2007
Particulars Schedule Non-Unit (1) PREMIUMS EARNED NET (a) Premium 17,632,616 (43,746) SUB-TOTAL INCOME FROM INVESTMENTS (a) Interest, Dividend & Rent - Gross 76,081 (745) 75,336 OTHER INCOME (a) Linked income UL1 1,568,137 863,308 28,074 TOTAL (A) COMMISSION OPERATING EXPENSES RELATED TO INSURANCE BUSINESS Provision For Taxation (Fringe Benefit Tax) TOTAL (B) BENEFITS PAID (NET) Interim Bonus Paid Change In Valuation of Liability In Respect of Life Policies Change In Valuation Liability TOTAL (C) SURPLUS / (DEFICIT) (D) =(A)-(B)-(C) APPROPRIATIONS Balance of Previous Year Reserve for lapsed unit linked policies unlikely to be revived (E) Transfer to Shareholders account Balance being funds for future appropriations (D) - (E) 1,241,074 1,241,074 UL2 20,123,725 8,944,424 9,534,019 64,822 18,543,265 28,824 310,562 339,386 1,241,074 (1,234,737) 30,535,141 6,112,250 24,422,891 30,535,141 333,400 863,308 28,074 50,658,866 8,944,424 9,534,019 64,822 18,543,265 6,141,074 310,562 24,422,891 30,874,527 1,241,074 (b) Contribution from Shareholders account (c) Others 658,197 3,489,836 (968,300) (1,003,416) 302,927 2,479,244 734,278 3,489,836 (969,045) (1,003,416) 302,927 2,554,580 (b) Profit on sale/redemption of investments (c) (Loss on sale/redemption of investments) (d) Unrealized gain/(loss) (e) Other investment income 17,588,870 29,290,634 29,290,634 46,923,250 (43,746) 46,879,504 (b) Reinsurance ceded Linked Life Unit (2) Total (3)=(1) + (2)
39
(Amount in Rs. 000 ) Linked Pension Non-Unit (4) Unit (5) Total (6)=(4) + (5) Non-Unit (7) Linked Group Unit (8) Total (9)= (7) + (8) (10)=(3)+ (6)+(9) Total Unit Linked
207,255 (65) 207,190
1,544,410 1,544,410
1,751,665 (65) 1,751,600
9,604 9,604
379,162 379,162
388,766 388,766
49,063,681 (43,811) 49,019,870
686 686
27,622 187,776 (56,819) (36,802) 16,087 137,864
28,308 187,776 (56,819) (36,802) 16,087 138,550
230 230
12,262 804 (5,708) 3,572 1,522 12,452
12,492 804 (5,708) 3,572 1,522 12,682
775,078 3,678,416 (1,031,572) (1,036,646) 320,536 2,705,812
44,221 101,265 874 354,236 69,526 246,486 1,690 317,702 19,102 17,432 36,534 -
(25,190) 1,657,084 267,038 1,390,046 1,657,084 -
19,031 101,265 874 2,011,320 69,526 246,486 1,690 317,702 286,140 17,432 1,390,046 1,693,618 -
2,028 7,782 33 19,677 62 11,759 80 11,901 8,649 (201) 8,448 (672)
(2,008) 389,606 27,342 362,264 389,606 -
20 7,782 33 409,283 62 11,759 80 11,901 35,991 (201) 362,264 398,054 (672)
352,451 972,355 28,981 53,079,469 9,014,012 9,792,264 66,592 18,872,868 6,463,205 327,793 26,175,201 32,966,199 1,240,402
(672) -
(672) -
(672) 1,241,074 -
40
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2007
Schedule - UL1 : Linked Income
(recovered from linked funds) (net of service tax)

(Amount in Rs. 000 )
Particulars Fund Administration charges Fund Management charges Policy Administration charges Surrender charges Switching charges Mortality charges Rider Premium charges Partial withdrawal charges Miscellaneous charges TOTAL (UL-1)
Life Linked Unit (1) 470,835 439,169 540,909 117,224 1,568,137
Pension Linked Unit (2) 19,288 20,768 3,544 621 44,221
Group Linked Unit (3) 44 1,984 2,028
Total (4)= (1)+(2)+(3) 490,167 461,921 544,453 117,845 1,614,386
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements for the year ended 31st March 2007
Schedule - UL2 : Benefits paid (net)

(Amount in Rs. 000 ) Linked Life Unit (2) Total (3)=(1)+(2) Total (6)=(4)+(5) Total (9)=(7)+(8) Linked Pension Non-Unit Unit (4) (5) Linked Group Non-Unit Unit (7) (8) Total Unit Linked (10)=(3)+(6)+(9)
Sl. No. Particulars
Non Unit (1)
1 160,304 5,951,946 6,112,250 6,144,412 19,102 267,038 286,140 8,649 27,342 5,951,946 223,967 223,967 27,342 192,466 19,102 43,071 62,173 8,649 8,649 27,342 35,991
Insurance Claims 263,288 6,203,255 6,466,543
(a) Claims by Death
32,162
(b) Claims by Maturity
(c) Annuities / Pensions payment
(d) Other benefits - Surrender - Survival
Sub Total (A)
32,162
2 6,112,250 6,141,074 19,102 267,038 (3,338) 286,140 (3,338) 8,649
Amount Ceded in reinsurance 27,342 35,991 (3,338) (3,338) 6,463,205
(a) Claims by Death
(3,338)
(b) Claims by Maturity
(c) Annuities / Pensions payment
(d) Other benefits - Surrender - Survival
Sub Total (B)
(3,338)
TOTAL (A) - (B)
28,824
Benefits paid to claimants: In India 6,112,250 6,112,250 6,141,074 19,102 6,141,074 19,102
28,824
267,038 267,038
286,140 286,140
8,649 8,649
27,342 27,342
35,991 35,991
6,463,205 6,463,205
Outside India
TOTAL (UL2)
28,824
41
42
Schedule - 16 : Notes to financial statements

Background Bajaj Allianz Life Insurance Company Limited (the Company) was incorporated on 12th March 2001 as a Company under the Companies Act, 1956. The Company obtained a license from the Insurance Regulatory and Development Authority (IRDA) for carrying on the business of life insurance on 3rd August 2001. The license has been renewed for the financial year ended 31 March 2007. The Company is a joint venture between Bajaj Auto Ltd. (74 percent) and Allianz SE (26 percent). The Company has a wide range of products in traditional and unit-linked insurance business. 1. Significant Accounting Policies followed by the Company Basis of Preparation The accompanying financial statements have been prepared and presented under the historical cost convention, on the accrual basis of accounting, in compliance with the accounting standards (AS) issued by the Institute of Chartered Accountants of India (ICAI), to the extent applicable, and in accordance with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 (the Regulations), Insurance Regulatory and Development Authority Act, 1999, various circulars issued by IRDA and the Companies Act, 1956 to the extent applicable and the practices prevailing in the insurance industry. The accounting policies have been consistently applied by the company and except for changes in accounting policy discussed in (j) below are consistent with those used in the previous year. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent liabilities as on the date of financial statements. The estimates and assumptions used in the accompanying financial statements are based upon managements evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future periods. a) Revenue Recognition Revenues are recognised as under. However recognition is postponed where ultimate collectibility lacks reasonable certainty. Premium Income Premium (net of service tax), is recognised as income when due. For linked business, premium is recognized when the associated units are allotted. Premium on lapsed policies is recognized as income when such policies are reinstated. In case of linked business, top up premiums paid by policyholders are entirely unitized and considered as single premium. This premium is recognised when associated units are allotted. Commission received on reinsurance ceded is recognized as income in the period in which reinsurance premium is ceded. Income earned on investments Interest income is recognised on an accrual basis. Dividend income is recognized when the right to receive dividend is established. Premium or discount on acquisition, as the case may be, in respect of fixed income securities, pertaining to non-linked investments is amortized on constant yield to maturity basis over the period of maturity/holding and offset against interest income. Profit/loss on sale/redemption of securities other than linked investments is recognized on trade/redemption date and includes effects of accumulated fair value changes, as applicable previously recognised, for specific investments sold/redeemed during the year. Cost of security is determined on first in first out cost basis. The realized gains or losses on the debt securities for other than linked business is the difference between the net sale consideration and the amortized cost in the books of the Company as on date of sale. The realized gains or loss on equity shares and mutual fund units for other than linked business is the difference between the net sale consideration and the cost in the books of the Company. The realized gains or losses on securities held for linked business is the difference between the net sale consideration and the weighted average cost as on the date of sale. Fund Management Charges, Fund Administration Charges and cost of Insurance are accounted for on accrual basis in accordance with terms and conditions described in the issued policies. b) Reinsurance premium Reinsurance premium ceded is accounted in accordance with the treaty with reinsurers. c) Benefits Paid (Including Claims) Death and surrender claims are accounted for on receipt of intimation. Maturity claims are accounted when due for payment. Reinsurance recoveries are accounted for in the same period as the related claims and netted off against the claim expense incurred. Repudiated claims disputed before judicial authorities are provided for based on the best judgment of the management
43
considering the facts and evidence in respect of each such claim. Withdrawals under unit linked policies are accounted in respective schemes when the associated units are cancelled. d) Acquisition Costs Acquisition costs such as commission, policy issue expenses etc. are costs that vary with and are primarily relatable to the acquisition of new and renewal insurance contracts. Such costs are expensed in the year in which they are incurred. Accounting for additional first year commission is done on an accrual basis, after considering estimated lapsation. Claw back of the first year commission paid, in future, if any, will be accounted for in the year in which it is recovered. e) Liability for life policies i) The Company provides for liabilities in respect of all in force policies and lapsed policies that are likely to be revived in future, based on actuarial valuation done by the Appointed Actuary as per gross premium method in accordance with accepted actuarial practices, requirements of IRDA and Actuarial Society of India. ii) Liabilities in respect of unit linked policies which have lapsed and are not likely to be revived, are shown as a separate item under the head funds for future appropriations, until expiry of the revival period. This is as per IRDA Circular No. 041/IRDA/ACTL/MAR-2006 dated 29 March 2006. iii) Linked liabilities comprise of unit liability representing the fund value of policies and non-unit liability for meeting insurance claims etc. which is based on actuarial valuation done by the Appointed Actuary. Actuarial policies and assumptions are given in Note 8 below. f) Investments Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment) Regulations, 2000, as amended and circulars / notifications issued by IRDA from time to time. Investments are recorded on trade date at cost, which includes brokerage and related taxes, if any and excludes pre-acquisition interest, if any. i) Classification Investments maturing within twelve months from the Balance Sheet date and investments made with the specific intention to dispose of within twelve months from Balance Sheet date are classified as short-term. Investments other than short term are classified as long-term investments. Investments are specifically procured and held for policyholders and shareholders independently. The income relating to these investments is recognized in the respective policyholders / shareholders account. ii) Valuation Shareholders investments and non-linked policyholders investments All debt securities are considered as held to maturity and accordingly stated at historical cost adjusted for amortization of premium or accretion of discount on
constant yield to maturity basis over the period held to maturity / sale. Listed equity shares and mutual fund units are stated at fair value, in accordance with IRDA Investment (Amendment) Regulations 2001. Fair value for listed equity shares is the lowest last quoted closing price on the National Stock Exchange (NSE) and The Stock Exchange, Mumbai (BSE). Fair value for mutual fund units is the net asset value on the Balance Sheet date. Unrealized gains/losses on changes in fair values of listed equity shares and mutual funds are taken to the Fair Value Change Account and carried forward in the Balance Sheet. Investment in real estate properties is valued at cost. iii) Valuation linked business Listed equity shares are valued at fair value, being the last quoted closing price on the NSE. In case the equity shares are not listed on the NSE, then they are valued on the last quoted closing price on BSE. Government securities are valued at prices obtained from Credit Rating Information Services of India Ltd. (CRISIL). Corporate bonds and debentures are valued on the basis of CRISIL Bond Valuer. Treasury bills, certificate of deposits and commercial papers are valued at cost plus accretion at constant yield to maturity. Mutual fund units have been valued at the last available Net Asset Value declared by the respective mutual fund. iv) Transfer of investments Transfer of investments from Shareholders Fund to the Policyholders Fund is at book value or market price; whichever is lower. Transfer of debt securities is at lower of amortized cost or market price. Inter fund transfer of Treasury Bills, Certificate of Deposits and Commercial Papers between unit linked funds is done at cost plus accretion. All other transfer of investments between unit linked funds is done at market price. g) Loans Loans are stated at historical cost, subject to provision for impairment, if any. h) Fixed Assets and Depreciation Fixed assets are stated at cost of acquisition less accumulated depreciation. Cost of acquisition includes incidental expenses relating to acquisition and installation. In respect of liabilities incurred in acquisition of fixed assets in foreign exchange, the net gain or loss arising on conversion/settlement is adjusted in the carrying value of the respective asset. Intangible assets comprising software are stated at cost less amortization. Depreciation / amortization is provided on Straight Line Method (SLM) with reference to the managements assessment of the estimated useful life of the assets or the rates and in the manner specified by the Schedule XIV of the Companies Act, 1956, whichever is higher.
44
Depreciation / amortisation is provided at the following rates: Asset Class Intangibles - Computer Software Leasehold Improvements Buildings Electrical Fittings Furniture & Fittings Information Technology Equipment Air Conditioner Vehicles Office Equipment Rate of Depreciation/ Amortisation 33.33% p.a. Over the balance period of Lease 2.00% p.a. 6.33% p.a. 6.33% p.a. 33.33% p.a. 10.00% p.a. 20.00% p.a. 25.00% p.a.
During the year, the Company has changed its accounting policy for accruing leave encashment from actual basis to actuarial basis. Such change has no material impact on the Revenue account. k) Transactions in Foreign Currency Transactions in foreign currency on account of revenue expenditure are accounted for at the rate prevailing at the date of the transactions. Current assets and liabilities are translated at the year-end closing rates. The resulting exchange gain or loss, if any, is reflected in the profit and loss account / revenue account. l) Taxation Income Tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law including Fringe Benefit Tax) and deferred tax charge or credit (reflecting the tax effects of timing differences between the accounting income and taxable income for the period). Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognised only if there is virtual certainty supported by convincing evidence that they can be realised against future taxable profits. At each balance sheet date the Company re-assesses unrecognised deferred tax assets. It recognises unrecognised deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient future taxable income will be available against which such deferred tax assets can be realised. m) Preliminary Expenses Preliminary expenses incurred are written off to the Profit and Loss account in five equal installments commencing from the year in which they were first incurred, the balance to the extent not written off is adjusted against share capital as required by the regulations. n) Interim Bonus Bonus paid on settlement of death claims are considered as interim bonus by the Management. o) Provisions and Contingent liabilities The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. p) Service Tax Service Tax liability on taxable premium is setoff against available service tax credits from service tax payments made
The Company provides pro rata depreciation from the month in which the asset is acquired / first put to use and upto the month in which the asset is sold/discarded. Assets costing individually less than Rs. 5,000 are charged off as revenue expenses. Assets costing Rs. 5,000 and above, upto Rs. 20,000, are fully depreciated in the year of acquisition. Impairment of Assets The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. An impairment loss is recognized if such recoverable amount of the asset is less than its carrying amount. After impairment, depreciation is provided on the revised carrying amount of the assets over its remaining useful life. i) Accounting for leases Operating leases Leases where the lessor effectively retains substantially all the risks and benefits of ownership over the leased term are classified as operating leases. Operating lease rentals are recognized as an expense in the profit and loss account/ revenue account on a straight-line basis over the lease term. j) Retirement and other staff benefits The Company makes a contribution to the Statutory Provident Fund, a defined contribution scheme at the prescribed rates. The Company makes a contribution to the Bajaj Auto Employee Superannuation Scheme, a defined contribution scheme, for its eligible employees at fixed rates. The Company makes a contribution towards Employees Group Gratuity cum Life Assurance (Cash Accumulation) scheme, a defined benefit scheme of LIC. The Company provides for Gratuity based on actuarial valuation done as at the year end by the Life Insurance Corporation of India (LIC). Provision for Leave Encashment is accrued and provided for on the basis of actuarial valuation made at the end of each accounting year.
45
for Insurance Auxiliary and other eligible services. Unutilised credits, if any, are carried forward under Advances and other Assets for adjustments / setoff in subsequent periods, after creating a provision based on estimated realization of the unutilised credit. q) Earnings per share Basic earnings per share is calculated by dividing the net profit or loss for the year attributed to equity shareholders by the weighted number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the equity weighted number of shares outstanding during the year are adjusted for effects of all dilutive equity shares. Statutory disclosures as required by the Regulations 2 Contingent Liabilities
(Rupees 000) Particulars Partly-paid up investments Underwriting commitments outstanding Claims, other than those under policies, not acknowledged as debts Guarantees given by or on behalf of the company Statutory demands/liabilities in dispute, not provided for * Reinsurance obligations to the extent not provided for in accounts Claims, under policies, not acknowledged as debts As at 31st As at 31st March 2007 March 2006 3,840 Nil 375 Nil 7,064 Nil 29,952 6,699 Nil 138 Nil 7,064 Nil 11,437
6. Investments as required to be maintained under Section 7 of the Insurance Act, 1938 are as follows:
(Rupees 000) 31 March 2007 7.55% Govt. of India Securities 2010* (Face Value Rs.50,000) 11.99% Govt. of India Securities 2009* (Face Value Rs.50,000) 51,034 55,006
st
31st March 2006 51,323 57,253
* This investment is in the custody of Deutsche Bank India Branches in the Constituent Subsidiary General Ledger (CSGL) account. All investments are performing investments. 7. Managerial remuneration The details of the managerial remuneration included in employee remuneration and welfare benefits are as follows: (Rupees 000) Particulars Salary Perquisites 31 March 2007 6,850 447
st
31 March 2006 6,850 488
st
The managerial remuneration is in accordance with the approval accorded by a resolution of the Board of Directors, a copy of which has been filed with the IRDA as required under Section 34A of the Insurance Act,1938. 8. Actuarial Valuation Liabilities for life policies are determined by the Appointed Actuary in accordance with IRDA regulations and relevant guidance notes of the Actuarial Society of India. Non-linked business is reserved using a prospective gross premium method of valuation. The non-linked business is predominantly participating and reserves are established having regard to assumptions as to future experience, including the interest that will be earned on premiums not yet received, together with associated bonus rates. Regular premium participating business is reserved using an interest rate of 7.50% per annum which compares with a rate of 7.25% per annum used at 31st March 2006. Single premium participating business is reserved using a rate of 6.25% per annum, which is same as used at 31st March 2006. The rate is determined after having regard to the yield being obtained on relevant matching assets. Assumptions as to future bonus rates are set to be consistent with the interest rate assumptions. Provision has been made for a bonus distribution in respect of business in force at the valuation date on a basis considered appropriate by the Appointed Actuary having taken into account the reasonable expectations of policyholders. Linked business is reserved using the per unit net asset value of units plus a non-unit reserve to allow for costs of insurance and any expenses and commissions in excess of future charges. Mortality assumptions are based on the published LIC (19941996) Ultimate Mortality Table with adjustment to reflect expected experience and with an allowance for adverse deviation.
* The Service Tax department has issued an order on the Company for Rs. 7,064 and applicable interest and penalty, pertaining to the period August 2002 to 31st December 2004. The Company has filed an appeal against the order with the Customs, Excise and Service Tax Appellate Tribunal. 3. The assets of the Company, as in the previous year, are free from all encumbrances. There are no assets subject to restructuring. 4. There are no commitments made and outstanding for loans and investments. The commitments made and outstanding for fixed assets amount to Rs. 13,163 (Previous Year Rs. 20,872) (net of advances). 5. Value of unsettled contracts relating to investments as at 31st March 2007 for:
(Rupees 000) Linked Business Non-linked Business
31st March 31st March 31st March 31st March 2007 2006 2007 2006 Purchases where deliveries are pending Sales where receipts are overdue 581,521 279,255 495,569 100,726 NIL 52,143 47,874 NIL
46
Assumptions for morbidity and for the incidence of accidental death are based on terms available from reinsurers and the standard morbidity rate table CIBT (9496). The reserve is sufficient to allow for any adverse lapse experience. The reserve is always sufficient to meet minimum statutory surrender values. Commission has been allowed for at the Companys table rates with an allowance for service tax. Maintenance expenses have been allowed for in accordance with business plan assumptions and product filings with the IRDA. An additional reserve has been included to allow for possible adverse deviations in experience in excess of offsetting adjustments in bonus rates and to allow for the contingency of closure to new business as is required by guidance notes (GN1) issued by the Actuarial Society of India. There is a small amount of Group Term business at the valuation date, reserves for which have been calculated having regard to the unearned gross premium and expenses already incurred. Provision has been made for the possible revival of policies which have lapsed before the valuation date, having regard to the experience of the Company. As per IRDA Circular No. 041/IRDA/ACTL/MAR-2006 dated 29th March 2006, a reserve for lapsed unit linked policies not likely to be revived is held as a separate item under the head Funds for future appropriations. The Appointed Actuary is satisfied that the nature and extent of reinsurance arrangements require no additional reserve to be set aside. All reserves have been calculated using gross exposure and gross office premiums. The Appointed Actuary confirms, as is required by the IRDA, that the reserve is sufficient to provide for adverse free look experience based on assumptions and experience. 9. Claims Claims settled and remaining unpaid for a period of more than six months at year-end amount to Rs. Nil (Previous Year: Rs. Nil.) 10.Allocation of expenses Operating expenses relating to insurance business are allocated to specific business segments as under: (a) Expenses, which are directly identifiable, are allocated on an actual basis (b) Other operating expenses, which are not directly identifiable are apportioned based on a combination of: New Business Regular Premium; New Business Single Premium; and Renewal Premium
12.Percentage of business sector-wise

Current Year Number of Policies Rural Urban 431,765 1,647,168 Percentage of policies 20.77% 79.23% Previous Year Number of Policies 133,068 648,416 Percentage of policies 17.03% 82.97%
Current Year No. of Lives Social 224,093 No of Policies 9
Previous Year No. of Lives 122,806 No of Policies 6
13.Percentage of risk retained and risks reinsured

(Rupees 000) Particulars Current Year Sum at risk Risk retained Risk reinsured 687,500,808 163,577,192 Percentage 80.78% 19.22% Previous Year Sum at risk 172,086,898 92,752,300 Percentage 64.98% 35.02%
14.During the year the shareholders transferred funds to Policyholders Account, to make good the deficit, which existed in the Policyholders Account and transfer to the statutory reserve. The transfer by the shareholders is irreversible in nature and shall not be recouped by the shareholders in the future. The necessary approvals of the shareholders for the said transfer has been taken at the Extra Ordinary General Meeting of the shareholders held on 11th May 2007. 15.Reinsurance is in place on lives where cover is in excess of the Companys retention limit and this has been reflected in the Accounts. 16.As per Accounting Standard 18 issued by the Institute of Chartered Accountants of India, disclosures of transactions with the related parties have been set out in a separate statement annexed to this schedule as Appendix I. The related parties, in respect of which the disclosures have been made, have been identified on the basis of disclosures made by the key managerial persons and taken on record by the Board of Directors. 17. In accordance with Accounting Standard (AS 20) on Earnings per Share (EPS), the following table reconciles the numerator and denominator used to calculate basic/ diluted earnings per share.
31 March 2007 Profit/(Loss) after tax (Rs.000) Basic earnings before extra-ordinary items [A] (Rs.000) Basic earnings after extra-ordinary items [B] (Rs. 000) Weighted average no. of equity shares (par value of Rs. 10 each) [C] Basic earnings per share [A/C] (Rs) Basic earnings per share excluding extraordinary items [B/C] (Rs) (717,033) (717,033) (717,033) 150,250,730 (4.77) (4.77)
st
31 March 2006 (985,442) (985,442) (985,442) 150,105,912 (6.56) (6.56)
st
11.Expenses directly attributable to shareholders are charged to the Shareholders Account.
47
As there were no dilutive equity shares issued, or potential equity shares, no reconciliation between the denominator used for computation of basic and diluted earnings per share is necessary. 18. Operating lease commitments The Company has entered into agreements in the nature of Lease/ Leave and Licence Agreements with different lessors / licensors for the purpose of establishment of office premises. These are generally in the nature of operating leases/ leave and licenses and disclosure required as per Accounting Standard 19 with regard to the above is as under:
(Rupees 000) 31 March 2007 Not later than one year Later than one year not later than five years Later than five years 209,576 238,375 6,511
st
i) There are no transactions in the nature of sub leases. ii) Payments recognized in the Revenue Account for the st year ended 31 March 2007, is Rs.215,236 (Previous Year Rs.117,695). iii) The period of agreement is generally for three years and renewable thereafter at the option of the lessee. 19.i) Previous years figures have been re-grouped / reclassified / re-cast wherever necessary to conform with current years presentation. ii) Vide Circular No. 054/IRDA/F & A/FEB-07 dated February 20th, 2007, IRDA issued instructions for Unit Linked Disclosure norms. Further vide Circular No. IRDA/F&A/001/Apr-07 dated April 16th, 2007, IRDA granted relaxation from the disclosure of figures of corresponding previous year while preparing the financial statements for the year ended 31st March 2007. In compliance of the same, figures of corresponding previous year for unit linked business are not disclosed as per the new format. All amounts disclosed in the notes and footnotes to the financial statements are in rupees in thousands.
31 March 2006 122,855 182,598 16,015
st
48
Schedules forming part of the financial statements for the year ended on 31st March 2007 (continued)
Schedule - 20 : Segment Reporting

The Companys reportable segments are business segments which have been identified in accordance with the regulations. The operating expenses, investments and other income attributable to the business segments are allocated as mentioned in Paragraph 10 above. Segment revenues and results have been disclosed in the Financial Statements itself. Segment assets and liabilities have been identified to the extent possible in the following table. There are no reportable geographical segments since the Company provides services to customers in the Indian market only and does not distinguish any reportable regions within India.
Current Year Particulars Total
Participating Policyholders Individual Assurance Individual Pension 211,463 4,383 3 220,101 -
Policy Liabilities Provision for linked liabilities Funds for Future Appropriations Reserve for lapsed unit linked policies unlikely to be revived Loans Investments Assets Held to Cover Linked Liabilities Advances & Other Assets Outstanding Premium Due from Other Entities carrying on Insurance business Income accrued on investments Other Assets Current Liabilities Agents Balance Balance due to other Insurance Companies Sundry Creditors Due to Officers of the Company Claims Outstanding Premium received in advance Premium & Other Deposits Temporary overdraft as per books of accounts
6,712,906 51,868,401 670,923 1,358,813 18,630 15,587,258 51,868,401
5,493,958 585,104 18,627 6,162,724 -
310,762 2,933 248,188 292,594
295,819 2,009 132,450 -
5,780 1,976 -
1,817,710 81,844 4,359,434 6,249 110,639 111,184 1,552,322 53,665
81,661 23,632 17,267 29,194 4,104 146,943 -
283 381 375 209 59 2,102 -
Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption that the use of assets is proportional to the basis referred to in Note 10(b) of Schedule 16.
49
(Amount in Rs. 000 ) Non-Participating Policyholders Individual Assurance 154,036 50,961 208,183 Individual Annuity 43,243 7,019 50,900 Group Assurance 198,175 23,456 231,297 Individual Assurance 591,016 48,951,610 1,358,813 2,152,260 48,951,610 Linked Linked Policyholders Individual Group SuperPension 21,015 2,408,838 21,112 2,408,838 annuation 96,819 2,610 96,819 Group Gratuity 411,134 1,571 411,134 6,536,500 Shareholders Unallocated
9,063 3,136 -
100 259 -
4,737 -
924 33,379 -
198 -
35 -
83 -
71,935 -
292,594
2,224 1,324 364 2,229 57 8,220 -
47 14 304 -
2,826 5,993 37,932 -
1,717,320 49,057 40,737 102,715 269,805 -
13,337 1,160 338 4,249 18,514 -
5 50 -
7 233 -
4,341,428 6,249 1,106,434 53,665
50
Schedules forming part of the financial statements for the year ended on 31st March 2007 (continued)
Schedule - 20 : Segment Reporting

The Companys reportable segments are business segments which have been identified in accordance with the regulations. The operating expenses, investments and other income attributable to the business segments are allocated as mentioned in Paragraph 10 above. Segment revenues and results have been disclosed in the Financial Statements itself. Segment assets and liabilities have been identified to the extent possible in the following table. There are no reportable geographical segments since the Company provides services to customers in the Indian market only and does not distinguish any reportable regions within India.
Previous Year Particulars Total
Participating Policyholders Individual Assurance Individual Pension 150,520 150,722 -
Policy Liabilities Provision for linked liabilities Funds for Future Appropriations Reserve for lapsed unit linked policies unlikely to be revived Loans Investments Assets Held to Cover Linked Liabilities Advances & Other Assets Outstanding Premium Due from Other Entities carrying on Insurance business Income accrued on investments Other Assets Current Liabilities Agents Balance Balance due to other Insurance Companies Payable Unsettled Investment Contracts Sundry Creditors Due to Officers of the Company Claims Outstanding Premium received in advance Premium & Other Deposits Temporary overdraft as per books of accounts
4,043,047 25,693,200 564,521 117,739 3,406 7,546,991 25,693,200
3,336,963 532,747 3,406 3,893,622 -
243,855 15,516 148,571 354,948
237,122 2,542 73,408 -
4,642 1,171 -
710,607 25,093 47,874 1,671,612 1,814 82,131 16,928 1,058,086 276,339
106,341 8,104 21,267 30,101 16,400 -
345 135 734 399 -
Fixed assets are not identifiable to any particular business segment. Depreciation has been allocated based on the assumption that the use of assets is proportional to the basis referred to in Note 10(b) of Schedule 16.
51
(Amount in Rs. 000 ) Non-Participating Policyholders Individual Assurance 114,511 27,437 142,148 Individual Annuity 30,065 30,478 Group Assurance 126,751 3,665 138,174 Individual Assurance 280,453 24,528,719 117,739 400,149 24,528,719 Linked Linked Policyholders Individual Group SuperPension 3,583 1,018,791 9,352 1,018,791 annuation 57 41,131 672 1,134 41,131 Group Gratuity 144 104,559 344 104,559 2,780,868 Shareholders Unallocated
1,991 460 1,410 -
100 118 -
2,242 -
12,514 7,934 -
182 -
4 -
58,225 -
3,877 354,948
3,017 432 32 3,377 129 -
43 -
827 1,613 8,306 -
592,015 14,767 40,347 -
7,999 42 -
13 -
7 -
47,874 -
1,649,579 1,814 1,058,086 276,339
52
Schedule - 21 : Summary of Financial Statements

(Amount in Rs. 000 ) Sr. Particulars Policyholders Account 1 2 3 4 5 6 7 8 9 10 11 12 13 Gross premium income Net premium income # Income from investments (Net) @ Other Income Total income Commissions (Net) Brokerage Operating Expenses related to insurance business Provisions for tax (Fringe Benefit Tax) Total Expenses Payment to policy holders* Increase in actuarial liability** Surplus / (Deficit) from operations Shareholders Account 14 15 16 17 18 19 Total income under Shareholders Account Profit / (loss) before tax Provisions for tax Profit / (loss) after tax Profit / loss carried to Balance Sheet Miscellaneous (A) Policyholders account: Total funds (including unit linked funds) Total investments (including unit linked investments) Yield on investments (%) (excluding unit linked investments) (B) Shareholders account: Total funds (net of debit balance in Profit & Loss A/C) Total investments Yield on investments (%) 20 21 22 23 24 25 # @ * ** *** **** Yield on total investments (excluding unit linked investments) Paid up equity capital Net worth Total Assets (net of debit balance in Profit & Loss A/C) Earning per share (Rs.) Book value per share (Rs.) Net of reinsurance Net of losses Inclusive of interim bonuses, if any Includes fund reserve since 2003-04 Figures are only for six months Refer Schedule 16 Note 19 4,245,236 6,536,500 7.36% 7.24% 1,503,680 4,245,236 2,955,263 2,780,868 5.80% 8.40% 1,502,338 2,955,263 1,616,518 1,636,972 5.60% 6.30% 1,500,787 1,616,518 9,353,337 (2.45) 10.77 1,790,826 1,407,573 9.68% 9.68% 1,500,660 1,790,826 2,935,543 (1.79) 11.93 1,562,173 1,287,859 12.01% 12.01% 1,500,330 1,562,173 1,912,285 (1.77) 10.40 1,330,843 1,098,542 12.07% 12.07% 1,500,000 1,330,843 1,366,558 (1.56) 8.87 60,626,486 30,431,495 60,919,159 30,459,323 7.17% 9.80% 7,736,819 7,736,825 7.20% 1,144,717 1,144,717 9.68% 350,112 350,112 12.01% 35,716 35,716 12.07% 277,123 (717,006) 27 (717,033) 106,879 (985,406) 36 (985,442) 88,271 (367,515) 44 (367,559) 135,934 (268,073) 57 (268,130) (690,095) 138,519 (265,486) 44 (265,530) (421,965) 104,034 (156,386) 50 (156,435) 53,099,971 31,335,778 10,016,752 53,007,376 31,282,213 3,096,821 1,377,045 9,466,813 10,730,189 73,054 20,270,056 6,987,345 1,378,779 312,417 1,375,771 3,418,670 4,868,110 41,020 8,327,800 6,536,048 618,191 9,980,307 84,409 504,221 1,458,351 2,154,636 3,612,987 565,451 6,416,858 (26,359) 2,207,985 2,192,521 45,178 413,529 2,651,229 504,424 1,323,717 1,828,141 27,917 745,854 49,317 691,749 686,197 14,916 408,345 1,109,458 124,227 667,177 791,404 3,658 274,887 39,509 71,389 70,255 310,312 23,517 251,079 274,596 34,113 1,603 2006-07 **** 2005-06 2004-05 2003-04 2002-03 2001-02 ***
57,481,242 32,970,401 10,568,937
28,845,062 17,488,362
(2,760,129) (2,043,096) (1,057,654)
64,871,722 33,386,758 (4.77) 28.23 (6.56) 19.67
53
Schedule - 22 : Ratios (Expressed in number of times)

2006-07 1 New business premium income growth (segment-wise) (New business premium for current year divided by new business premium for previous year) Participating Non Participating 2 3 Net retention ratio (Net premium divided by gross premium) Ratio of expenses of management (Expenses of management divided by the total gross direct premium with Single Premium) Ratio of expenses of management (Expenses of management divided by the total gross direct premium without Single Premium) Commission ratio (Gross Commission paid to Gross premium) Ratio of Policyholders liabilities to Shareholders funds Growth rate of Shareholders funds Ratio of surplus to Policyholders liability (*) Change in net worth Profit after tax/ Total income (Total Real Estate + Loans) / Cash & invested assets Total investments / (Capital + Surplus) Total affiliated investments / (Capital + Surplus) 0.70 1.62 0.998 0.20 1.23 3.45 0.998 0.16 2005-06
0.26
0.30
5 6 7 8 9 10 11 12 13
0.18 14.28 1.44 0.02 1.44 0.004 15.89 -
0.11 10.30 1.83 0.02 1.83 0.005 11.25 -
* Surplus includes Contribution from Shareholders Account
23.
The Revenue Account and Balance Sheet for unit linked business has been annexed to this schedule as Appendix II. Disclosure for ULIP Business as per Unit Linked Disclosure Norms has been annexed to this schedule as Appendix III.
54
Related Party Disclosures

Sr. Related Party No. Relationship Amount Current Year Nature of Transaction Balance Outstanding as at 31st March 2007 Receivable/ (Payable) -
Appendix I Refer Schedule 16 Note 16

(Amount in Rs. 000) Previous Year Amount Nature of Transaction Balance Outstanding as at 31st March 2006 Receivable / (Payable)
Bajaj Auto Ltd.
Holding Company
118 14
993 4,202
1,500 1,240 353,499 2 Bajaj Auto Finance Ltd. Group Company 118 20 832 3 Bajaj Allianz General Insurance Co. Ltd Group Company 3,164
Lease rent expense of premises Reimbursement made of Revenue expenditure Subscription to Equity Capital at par Deputation expenses of Chief Investment Officer Insurance Premium received Insurance Claims paid Purchase of Investments Lease rent expense of premises Society expenses reimbursed Insurance Premium received Reimbursement received of Revenue and Capital expenditure Reimbursement made of Revenue and Capital expenditure Insurance Premium payment Insurance Premium received Insurance claims received Sale of Investments Purchase of Investments Reimbursement received of Revenue expenditure Reimbursement made of Revenue expenditure Revenue expenditure for OPUS Subscription to equity capital Reinsurance premium payable Reinsurance claims receivable Reinsurance Commission receivable Remuneration
126 14
1,148 2,698
1,260 1,054 126 13 417 5,141
Lease rent expense of premises Reimbursement made of Revenue expenditure Subscription to Equity Capital at par Deputation expenses of Chief Investment Officer Insurance Premium received Insurance Claims paid Purchase of Investments Lease rent expense of premises Society expenses reimbursed Insurance Premium received Reimbursement received of Revenue and Capital expenditure Reimbursement made of Revenue and Capital expenditure Insurance Premium payment Insurance Premium received Insurance claims received Sale of Investments Purchase of Investments Reimbursement received of Revenue expenditure Reimbursement made of Revenue expenditure Revenue expenditure for OPUS Subscription to equity capital Reinsurance premium payable Reinsurance claims receivable Reinsurance commission receivable Remuneration
14,422
18,795
7,304 2,674 110 54,074 49,647 4 Allianz Insurance Group Management Company Asia Pacific Pte. Ltd. 2,108
(1,015)
4,143 1,209 297 308,495 447,312 446 -
(34,198) 17,430 5,906
Allianz SE
Shareholder
32,125 2,006,639
(31,326)
9,782
- 2,319,148 (40,932) 15,212 4,423 23,817 7,959 3,799
Allianz SE Reinsurance Branch Asia Pacific
Group Company
40,932 15,212 4,423
Sam Ghosh
Key Management Personnel Group Company
7,297
(6,249)
7,338
(1,814)
Hind Musafir Agency Ltd.
24
Commission on Travel Expenses
35
Commission on Travel Expenses
Appendix II Refer Schedule 16 Note 23
Form A-RA (UL)
Fund Revenue Account for the year ended 31st March 2007
(Amount in Rs. 000)
Particulars
Schedule
Acc Mid Cap Fund 211 1,918 2,111 4,492 1,976 (16,252) (5,544) 2,156 3,212 62 271 993 2,459 256 (1,885) 1,907 265 (420) (207) 384 1,283 -
Acc Mid Cap Pension Fund
Accelerated Fund
Balance Fund
Balance Plus Pension Fund
Balanced Plus Fund
Balancer Fund
Balancer Pension Fund
Bond Pension Fund 731 12 (88) 212 (91) 776
INCOME FROM INVESTMENTS Interest Income Dividend Income Profit/(Loss) excluding inter scheme Profit/(Loss) on inter fund transfer/sale of investment Miscellaneous Income Unrealised Gain/(Loss)
Total Income (A)
EXPENSES Fund Management Expenses Fund Administration Expenses Other charges F -5 2,676 (8,220) (8,220) 1,694 1,694 2,756 1,450 4,206 462 456 2,676 462 456 -
107 107 669 669
Total Expenses (B)
Net Income/(Loss) for the Year (A-B) Add: Revenue Account at the beginning of the year Fund Revenue Account at the end of the year
FORM A-BS (UL)
Fund Balance Sheet as at 31st March 2007

(Amount in Rs. 000)
Particulars
Schedule
Acc Mid Cap Fund
Acc Mid Cap Pension Fund
Accelerated Fund
Balance Fund
Balance Plus Pension Fund
Balanced Plus Fund
Balancer Fund
Balancer Pension Fund
Bond Pension Fund
SOURCES OF FUNDS Policy Holders Funds: Policy Holders Contribution Revenue Account F -1 726,008 F -2 F -3 F -4 726,008 726,008 59,477 12.207 75,473 75,473 6,361 11.865 599,233 148,302 21,527 126,775 64,937 11,124 588 10,536 75,473 68,078 64,726 3,372 20 3,352 68,078 68,078 5,602 12.153 734,228 (8,220) 73,779 1,694 63,872 4,206
1,453,288 1,453,288 1,453,217 71 71 1,453,288 1,453,288 105,264 13.806
100,612 100,612 100,610 2 2 100,612 100,612 6,933 14.512
1,025,948 1,025,948 1,025,939 9 9 1,025,948 1,025,948 66,677 15.387
35,054 35,054 35,054 35,054 35,054 3,131 11.195
6,586 6,586 6,586 6,586 6,586 592 11.130
34,571 669 35,240 22,547 12,695 2 12,693 35,240 35,240 3,368 10.463
Total
APPLICATION OF FUNDS Investments Current Assets Less : Current Liabilities and Provisions Net Current Assets
Total
(a) Net Assets as per Balance Sheet (Rs. in thousands) (b) Number of Units Outstanding (in thousands)
Net Asset Value per unit (a)/(b) (Rs.) *
*Note: The Net Asset Value per unit calculated above is before appropriation/ ex propriation charge.
55
56
Form A-RA (UL)
(Amount in Rs. 000)
Particulars
Schedule
Capital Guarantee Fund 2012 334 23 39 1 65 (472) (10) (72) (149) 61,843 157,942 8,988 56,916 47,705 17 2 11 (1) (101) 152 29 59 27 (416) 15,349 (908) (545) 46,601 1,346 47,311 (903) (738) 109,744 2,528 2,129 211 (102) 6,754 (4) 77,430 (12,010) (10,149) 6,073 (4,428) 62,362 (5,365) (6,347) 6,192 (9,137)
Capital Guarantee Fund 2014
Cash Fund
Cash Plus Fund
Cash Plus Pension Fund
Debt Fund
Debt Plus Fund
Debt Plus Pension Fund 5,822 (336) (391) 1,321 (571) 5,845
Total Income (A)
EXPENSES Fund Management Expenses Fund Administration Expenses Other charges F -5 84 (94) (94) (78) (78) (199) (199) 43,278 23,159 66,437 143,258 76,824 220,082 6 50 18,565 14,684 880 8,108 2,307 10,415 84 6 50 8,200 10,250 115 14,410 274 820 60
10,136 12,670 34 22,840 34,076 15,139 49,215
6,414 127 6,541 41,164 17,914 59,078
671 54 725 5,120 2,086 7,206
Total Expenses (B)
FORM A-BS (UL)

(Amount in Rs. 000)
Particulars
Schedule
Cash Fund
Cash Plus Fund
Debt Fund
Debt Plus Fund
Debt Plus Pension Fund
SOURCES OF FUNDS Policy Holders Funds: Policy Holders Contribution Revenue Account F -1 82,952 F -2 F -3 F -4 82,952 82,952 8,313 9.979 5,751 5,751 588 9.771 61,370 21,635 53 21,582 4,110 1,657 16 1,641 5,751 83,046 (94) 5,829 (78) 40,789 (199) 40,590 33,753 6,855 18 6,837 40,590 40,590 4,082 9.945
871,588 66,437 938,025 899,229 38,994 198 38,796 938,025 938,025 83,728 11.203
1,546,671 220,082 1,766,753 1,655,624 111,352 223 111,129 1,766,753 1,766,753 152,070 11.618
116,683 10,415 127,098 122,781 4,347 30 4,317 127,098 127,098 11,072 11.479
414,657 49,215 463,872 393,295 70,819 242 70,577 463,872 463,872 43,510 10.661
611,762 59,078 670,840 428,126 242,803 89 242,714 670,840 670,840 60,543 11.080
52,059 7,206 59,265 53,421 5,868 24 5,844 59,265 59,265 5,248 11.292
Total
Total
(a) Net Assets as per Balance Sheet (Rs. in thousands) (b) Number of Units Outstanding (in thousands) Net Asset Value per unit (a)/(b) (Rs.) *
Form A-RA (UL)
(Amount in Rs. 000)
Particulars
Schedule
Eq. Growth Fund 6,017 24,671 (42,346) 3,286 25,470 (61,518) (44,420) 89,134 53,505 8,703 416,732 418,159 2,287 193,241 8,468 26,073 271,778 81,381 7,418 (305,984) 2,258 11,815 150,924 22,540 6,159 (140,191) 206 1,663 17,894 7,215 762 (19,037) 13,965 60,169 484,184 100,645 25,997 (268,228) 215 51,563 137,294 76,850 714 151,523 274 1,947 1,829 (4,994) 2,144 1,087 251 26,770 25,376 54,322 606 85,916
Eq. Midcap Plus Fund
Eq. Midcap Fund
Eq.Midcap Pension Fund
Eq. Gain Fund
Eq. Fund
Eq. Growth Pension Fund
Eq. Index Fund
Eq. Index Pension Fund 13 2,258 4,446 7,317 57 4,027 18,118
Total Income (A)
EXPENSES Fund Management Expenses Fund Administration Expenses Other charges F -5 35,261 (79,681) (79,681) 62,464 457,855 520,319 29,877 214,556 244,433 6,941 28,007 34,948 285,050 958,246 1,243,296 26,670 23,628 1,762 131,682 68,749 349,410 914,673 1,264,083 35,261 26,354 316 12,872 10,726 30 1,699 63 71,369 59,475 838 30,346 37,932 471
3,179 3,179 (892) (892)
15,709 332 16,041 177,200 261,954 439,154
1,315 57 1,372 16,746 30,578 47,324
Total Expenses (B)
FORM A-BS (UL)

(Amount in Rs. 000)
Particulars
Schedule
Eq. Growth Fund
Eq. Midcap Plus Fund
Eq. Midcap Fund
Eq. Midcap Pension Fund
Eq. Gain Fund
Eq. Fund
Eq. Index Fund
Eq. Index Pension Fund
F -1
9,408,208 (79,681) 9,328,527 7,792,671 1,681,673 145,817 1,535,856 9,328,527 9,328,527 789,669 11.813 1,778,536 128,033 16,120 111,913 1,890,449 1,890,449 100,572 18.797
1,370,130 520,319 1,890,449
800,641 244,433 1,045,074 993,014 60,998 8,938 52,060 1,045,074 1,045,074 57,190 18.274
93,464 34,948 128,412 118,118 11,395 1,101 10,294 128,412 128,412 6,636 19.351 ** Eq. for Equity
5,020,356 1,243,296 6,263,652 5,975,776 320,309 32,433 287,876 6,263,652 6,263,652 257,458 24.329
1,786,199 1,264,083 3,050,282 3,028,089 116,068 93,875 22,193 3,050,282 3,050,282 168,298 18.124
642,291 (892) 641,399 527,515 123,455 9,571 113,884 641,399 641,399 54,197 11.835
890,746 439,154 1,329,900 1,404,363 1,544 76,007 (74,463) 1,329,900 1,329,900 58,930 22.567
71,478 47,324 118,802 112,035 11,230 4,463 6,767 118,802 118,802 5,957 19.942
SOURCES OF FUNDS Policy Holders Funds: Policy Holders Contribution Revenue Account Total APPLICATION OF FUNDS Investments Current Assets Less : Current Liabilities and Provisions Net Current Assets Total (a) Net Assets as per Balance Sheet (Rs. in thousands) (b) Number of Units Outstanding (in thousands) Net Asset Value per unit (a)/(b) (Rs.) * F -2 F -3 F -4
57
58
Form A-RA (UL)
(Amount in Rs. 000)
Particulars
Schedule
Eq. Plus Fund 24,968 120,636 962,604 132,690 49,216 (491,991) 798,123 87,189 3,795 6,242 4,567 2,067 373 (1,187) 1,343 10,221 78,726 15,031 4,529 (22,661) 41 634 272 468 46 2,334 8,213 63 (645) 2,068 (3,457) 5,466 (238) (394) 516 (783) 134 16 (27) 1,944 6 2 (8) 373 365 8,536 856 2,313 990 (14,247)
Eq. Plus Pension Fund
Eq. Index Pension Fund-2
Income Bond Fund
Life Long Gain Fund
Liquid Fund
Liquid Pension Fund
Nifty Index Fund
Premier Eq. Growth Fund 628 4,648 6,372 4,166 5,378 17,045 38,237
Total Income (A)
EXPENSES Fund Management Expenses Fund Administration Expenses Other charges F -5 146,125 651,998 1,579,994 2,231,992 74,836 115,105 189,941 3,287 3,287 5,073 5,073 2,834 397 3,231 12,353 508 1,169 1,733 235 1,832 1,832 144,106 2,019 12,219 134 508 1,169 748 935 50 235 -
44 44 329 329
6,315 6,315 (7,502) (7,502)
12,391 12,391 25,846 25,846
Total Expenses (B)
FORM A-BS (UL)

(Amount in Rs. 000)
Particulars
Schedule
Eq. Plus Fund
Eq. Plus Pension Fund
Eq. Index Pension Fund-2
Income Bond Fund
Life Long Gain Fund
Liquid Fund
Liquid Pension Fund
Nifty Index Fund
Premier Eq. Growth Fund
SOURCES OF FUNDS Policy Holders Funds: Policy Holders Contribution Revenue Account F -1 11,526,501 F -2 F -3 F -4 11,526,501 11,526,501 460,081 25.053 931,093 931,093 42,365 21.978 10,903,206 680,056 56,761 623,295 872,770 62,109 3,786 58,323 931,093 9,294,509 2,231,992 741,152 189,941 170,124 3,287 173,411 145,049 40,207 11,845 28,362 173,411 173,411 14,304 12.123
401,846 5,073 406,919 355,083 51,866 30 51,836 406,919 406,919 39,074 10.414 * Eq. for Equity
107,338 3,231 110,569 103,381 7,224 36 7,188 110,569 110,569 11,179 9.891
105,952 1,832 107,784 94,058 13,733 7 13,726 107,784 107,784 10,251 10.514
11,117 329 11,446 9,822 1,625 1 1,624 11,446 11,446 1,092 10.483
2,694,187 (7,502) 2,686,685 2,240,073 546,523 99,911 446,612 2,686,685 2,686,685 217,461 12.355
1,223,232 25,846 1,249,078 1,123,237 135,081 9,240 125,841 1,249,078 1,249,078 103,953 12.016
Total
Total
Form A-RA (UL)
(Amount in Rs. 000)
Particulars
Schedule
Premier Balanced Fund 14,230 70,745 74,307 2,590 15,018 16,823 (156) (1,334) 1,647 (2,750) 78 8,506 2,964 10,772 101 48,324 1,568 10,952 45,771 (671) 4,561 12,126 2,855 42 (288) 844 (863) 78 2,023 790 1,238 125 10,764 3,833 8,083 7,194 2,806 (8,797) 13,119
Premier Balancer Fund
Premier Debt Fund
Premier Eq. Fund
Premier Eq. Gain Fund
Premier Income Fund
Premier Nifty Index Fund
Pure Eq. Fund
Pure Stock Fund 516 1,274 2,098 565 (3,374) 1,079
Total Income (A)
EXPENSES Fund Management Expenses Fund Administration Expenses Other charges F -5 8,926 153 9,079 59,519 21,657 81,176 55,048 39,009 94,057 5,304 11,226 19,259 1,232 1,358 1,358 5,239 65 11,159 67 19,192 67 1,232 -
3,676 3,676 11,342 11,342
4,414 67 4,481 8,638 10,876 19,514
855 855 224 224
Total Expenses (B)
FORM A-BS (UL)

(Amount in Rs. 000)
Particulars
Schedule
Premier Balanced Fund
Premier Balancer Fund
Premier Debt Fund
Premier Eq. Fund
Premier Income Fund
Premier Nifty Index Fund
Pure Eq. Fund
Pure Stock Fund
SOURCES OF FUNDS Policy Holders Funds: Policy Holders Contribution Revenue Account F -1 85,965 F -2 F -3 F -4 85,965 85,965 7,370 11.664 18,632 18,632 1,712 10.886 85,965 18,632 18,632 85,965 18,632 157,546 9,079 166,625 165,894 4,568 3,837 731 166,625 166,625 15,796 10.549
430,309 81,176 511,485 511,344 5,386 5,245 141 511,485 511,485 38,423 13.312 * Eq. for Equity
873,551 94,057 967,608 960,988 14,121 7,501 6,620 967,608 967,608 73,001 13.255
97,902 1,358 99,260 93,698 5,586 24 5,562 99,260 99,260 9,641 10.296
366,910 11,342 378,252 358,205 35,300 15,253 20,047 378,252 378,252 30,981 12.209
371,812 19,514 391,326 360,013 32,952 1,639 31,313 391,326 391,326 32,142 12.175
127,735 224 127,959 115,591 12,897 529 12,368 127,959 127,959 11,292 11.332
Total
Total
59
60
Form A-RA (UL)
(Amount in Rs. 000)
Particulars 399 3 (30) 23 76 (24) 447 8,858 2,634,866 9,427 260 (964) (3,304) 1,126 2,313 317,876 380,205 2,141,320 506,268 325,843 (1,036,646)
Schedule
Secure Fund
Stable Fund
Total
Total Income (A)
EXPENSES Fund Management Expenses Fund Administration Expenses Other charges F -5 72 375 83 458 7,312 4,149 11,461 2,029,922 4,776,171 6,806,093 1,546 604,944 72 1,479 67 467,649 131,988 5,307
Total Expenses (B)
FORM A-BS (UL)

(Amount in Rs. 000)
Particulars
Schedule
Secure Fund
Stable Fund
Total
SOURCES OF FUNDS Policy Holders Funds: Policy Holders Contribution Revenue Account F -1 6,303 F -2 F -3 F -4 6,303 6,303 563 11.189 6,173 133 3 130 428,194 5,928 552 5,376 433,570 433,570 38,133 11.370 433,570 5,845 458 422,109 11,461
45,062,308 6,806,093 51,868,401 47,706,051 4,789,905 627,555 4,162,350 51,868,401 51,868,401
Total
Total
Schedules to Fund Revenue Account
SCHEDULE F1 : POLICYHOLDERS CONTRIBUTION

(Amount in Rs. 000)
As at 31st March 2007 Acc Mid Cap Pension Fund 75,955 2,176 73,779 63,872 1,453,288 100,612 1,025,948 35,054 6,586 7,798 604,225 54,469 572,644 9,021 3,254 35,808 1,187,217 87,297 866,227 44,075 9,840 56,751 22,180 34,571 35,862 870,296 67,784 732,365 Accelerated Fund Balance Fund Balance Plus Balanced Plus Pension Fund Fund Balancer Fund Balancer Pension Fund Bond Pension Fund
Particulars
Acc Mid Cap Fund -
Capital Guarantee Fund 2012 86,407 3,361 83,046
Opening Balance
Add : Addition during the year
776,099
Less : Deduction during the year
41,871
Closing Balance
734,228

(Amount in Rs. 000)
As at 31st March 2007 Capital Guarantee Fund 2017 43,018 2,229 40,789 871,588 1,546,671 116,683 1,303,771 5,956,416 346,244 1,507,729 5,721,227 401,174 667,630 1,781,860 61,753 349,416 1,176,930 1,111,689 414,657 Cash Fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund 356,675 1,810,128 1,555,041 611,762 Debt Plus Pension Fund 38,768 185,532 172,241 52,059
Particulars
Capital Guarantee Fund 2014 6,156 327 5,829
Eq. Growth Fund 9,950,843 542,635 9,408,208
Eq. Midcap Plus Fund 1,402,757 1,339,714 1,372,341 1,370,130
Opening Balance
Closing Balance

(Amount in Rs. 000)
As at 31 March 2007 Eq.Midcap Pension Fund 82,492 95,902 84,930 93,464 2,805,988 4,260,597 2,046,229 5,020,356 Eq. Gain Fund Eq. Fund 1,350,691 2,381,223 1,945,715 1,786,199 Eq. Growth Pension Fund 693,538 51,247 642,291 Eq. Index Fund 740,654 1,858,923 1,708,831 890,746 Eq. Index Pension Fund 56,795 147,285 132,602 71,478 Eq. Plus Fund 7,021,151 9,878,854 7,605,496 9,294,509
st
Particulars
Eq.Midcap Fund
Eq. Plus Pension Fund 533,115 964,483 756,446 741,152
Eq. Index Pension Fund-2 187,910 17,786 170,124
Opening Balance
548,339
704,296
451,994
Closing Balance
800,641
* Eq. for Equity
61
62

(Amount in Rs. 000)
As at 31st March 2007 Life Long Gain Fund 52,796 89,764 35,222 107,338 105,952 11,117 2,694,187 1,223,232 85,965 18,632 23,372 11,487 185,320 97,963 46,190 3,573 129,324 22,604 2,879,507 1,321,195 89,772 22,205 860,857 819,299 157,546 42,383 115,988 Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Eq. Growth Fund Premier Balanced Fund Premier Balancer Fund Premier Debt Fund
Particulars
Income Bond Fund -
Premier Eq. Fund 339,944 382,618 292,253 430,309
Opening Balance
528,088
126,242
Closing Balance
401,846

(Amount in Rs. 000)
As at 31st March 2007 Premier Income Fund 150,951 53,049 97,902 366,910 371,812 35,380 115,721 402,290 311,790 175,743 166,479 38,744 127,735 Premier Nifty Index Fund Pure Eq. Fund Pure Stock Fund Secure Fund 5,536 1,589 1,280 5,845
Particulars
Stable Fund 98,609 351,194 27,694 422,109
Total
Opening Balance
581,557
20,916,947 55,266,420 31,121,059 45,062,308
1,015,055
723,061
Closing Balance
873,551
* Eq. for Equity
SCHEDULE F2 : INVESTMENTS
(Amount in Rs. 000)
As at 31st March 2007 Acc Mid Cap Pension Fund Accelerated Fund Bond Pension Fund Capital Gurantee Fund 2012 Capital Gurantee Fund 2014 Capital Gurantee Fund 2017 Cash Fund Cash Plus Fund
Particulars
Acc Mid Cap Fund
APPROVED INVESTMENTS Government Bonds Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 2,363 2,948 568 43,129 2,976 51,984 59,243 22,316 59,136 3,931 28,457 899,229 12,490 2,405 13,764 30,584 4,490 17,826 22,684 26,713 9,739 483 2,563 885 9,510 9,533 9,414 71,136 16,032 812,061 -
16,834 395,046 63,671 -
58,208 44,533 1,552,883 1,655,624
533 119,496 120,029
Total
475,551
OTHER INVESTMENTS Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 12,953 12,953 64,937 80.05% 19.95% 91.53% 8.47% 85.20% 14.80% 96.36% 3.64% 64,726 26,194 61,370 5,483 3,878 2,234 179 4,110 95.64% 4.36% 2,831 2,652 3,878 1,984 250 179 1,918 3,378 5,296 33,753 84.31% 15.69%
123,682 -
899,229 100.00% 0.00%
1,655,624 100.00% 0.00%
2,752 2,752 122,781 97.76% 2.24%
Total
123,682
Grand Total
599,233
% of Approved to Total % of Other than Approved to Total
79.36% 20.64%
63
64
(Amount in Rs. 000)
As at 31st March 2007 Debt Plus Fund Debt Plus Pension Fund Eq. Growth Fund Eq. Midcap Plus Fund Eq.Midcap Fund Eq.Midcap Pension Fund Eq. Gain Fund Eq. Fund
Particulars
Debt Fund
APPROVED INVESTMENTS Government Bonds Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 3,143 365,735 217,298 352,254 938,430 94,453 6,365,863 1,423,631 793,819 93,644 4,855,446 48,726 29,073 16,654 98,039 104,776 30,526 5,030,362 1,102,160 108 95,389 8,282 1,182,679 137,173 307 150 6,462 659,908 126,992 167 1 872 78,408 14,196 221,452 57,818 3,888,359 687,817 1,888 25,460 12,905 3,046,948 56,286 3,143,487
4,173 419,828 305,039 349,257 -
18,663 2,416 340,747 68,441 430,267
Total
1,078,297
OTHER INVESTMENTS Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 24,771 1,876 26,647 965,077 97.24% 2.76% 89.99% 10.01% 81.69% 18.31% 80.05% 19.95% 104,958 7,792,671 1,778,536 10,505 1,426,808 354,905 199,195 993,014 79.94% 20.06% 24,474 118,118 79.28% 20.72% 4,876 5,629 1,425,608 1,200 354,905 197,944 1,251 23,536 938 -
20,236 6,380 -
1,119,330 1,000 1,120,330 5,975,776 81.25% 18.75%
626,077 125 626,202 3,769,689 83.39% 16.61%
97,248 97,248 527,515 81.56% 18.44%
Total
26,616
Grand Total
1,104,913
97.59% 2.41%
* Eq. for Equity
(Amount in Rs. 000)
As at 31st March 2007 Eq. Index Pension Fund Eq. Plus Fund Eq. Plus Pension Fund Eq. Index Pension Fund-2 Income Bond Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund
Particulars
Eq. Index Fund
Nifty Index Fund
APPROVED INVESTMENTS Government Bonds Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 1 129,904 4,273 134,178 8,859,325 708,211 124,876 373,409 102,756 93,270 19,368 271,720 246,629 7,088,414 1,233,194 23,550 10,945 567,193 106,523 750 112,948 11,178 106,145 50,366 216,898 43,160 11,536 48,060 499 854 91,917 -
3,643 2,499 150 1,531,599 37,958 -
9,822 9,822
98 16,853 1,746,045 135,135 1,898,131
Total
1,575,849
OTHER INVESTMENTS Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 26,679 250 26,929 161,107 83.29% 16.71% 81.23% 18.77% 81.15% 18.85% 84.38% 15.62% 10,906,035 872,770 147,989 2,046,710 164,559 23,113 1,439 374,848 99.62% 0.38% 2,044,710 2,000 163,909 650 23,113 1,439 625 625 103,381 99.40% 0.60%
314,672 -
788 788 94,058 99.16% 0.84%
9,822 100.00% 0.00%
357,231 357,231 2,255,362 84.16% 15.84%
Total
314,672
Grand Total
1,890,521
83.36% 16.64%
* Eq. for Equity
65
66
(Amount in Rs. 000)
As at 31st March 2007 Premier Debt Fund Premier Eq. Fund Premier Eq. Gain Fund Premier Income Fund Premier Nifty Index Fund Pure Eq. Fund Pure Stock Fund Secure Fund Stable Fund
Particulars
Premier Eq. Growth Fund
Total
APPROVED INVESTMENTS Government Bonds Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 70,397 34,297 109,369 214,063 456,299 779,249 97,617 306,518 304,861 97,796 5,898 450,827 5,472 6,700 1,001 3,035 627,404 141,109 34,567 6,840 56,210 1,899 291,071 13,548 49,997 1 254,863 15,564 82,232 492 1,743 683 433 2,547 -
9,143 485 727,283 177,552 -
1,477 82,340 5,410 27,461 281,726 398,414
240,204 2,161,830 1,115,525 28,337,065 8,193,218 40,047,842
Total
914,463
OTHER INVESTMENTS Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund 214,063 100.00% 0.00% 83.09% 16.91% 81.09% 18.91% 93.58% 6.42% 83.70% 16.30% 549,138 960,988 104,310 366,227 92,839 181,739 6,693 59,709 55,152 360,013 84.68% 15.32% 92,714 125 181,739 6,693 59,709 55,152 -
208,774 -
17,795 17,795 115,591 84.61% 15.39%
87 188 275 6,173 95.55% 4.45%
24,041 5,623 116 29,780 428,194 93.05% 6.95%
73,924 7,540,102 44,183 7,658,209 47,706,051 83.95% 16.05%
Total
208,774
Grand Total
1,123,237
81.41% 18.59%
* Eq. for Equity
SCHEDULE F3 : CURRENT ASSETS

(Amount in Rs. 000)
As at 31st March 2007 Acc Mid Cap Pension Fund 227 9,355 54 303 1,185 11,124 3,372 71 2 9 12 2,182 71 2 9 1,178 249 12,446 12,695 Accelerated Fund Balance Fund Balance Plus Pension Fund Balanced Plus Fund Balancer Fund Balancer Pension Fund Bond Pension Fund
Particulars
Acc Mid Cap Fund 1,506 428 2,626 -
Capital Guarantee Fund 2012 863 20,765 7 21,635
Accrued Interest
Cash and bank balance
133,421
Dividend Receivable
Receivables for Sale of Investments
Unit Collection A/c
Other Current Assets (For Investments) :
Application Money
10,321
Total
148,302

(Amount in Rs. 000)
As at 31st March 2007 Capital Guarantee Fund 2017 342 6,505 8 6,855 38,994 33,997 98,321 111,352 4,997 13,031 Cash Fund Cash Plus Fund Cash Plus Pension Fund 160 4,187 4,347 Debt Fund 28,898 41,921 70,819 Debt Plus Fund 23,662 219,141 242,803 Debt Plus Pension Fund 2,392 3,476 5,868
Particulars
Capital Guarantee Fund 2014 115 1,541 1 1,657
Eq. Growth Fund 11,971 1,610,968 6,483 52,251 1,681,673
Eq. Eq. Midcap Plus Fund 6,299 79,941 1,575 6,615 33,603 128,033
Accrued Interest
Dividend Receivable
Unit Collection A/c
Application Money
Total
* Eq. for Equity
67
68

(Amount in Rs. 000)
As at 31st March 2007 Eq. Midcap Pension Fund 4 8,582 105 476 2,228 11,395 320,309 116,068 123,455 1,544 11,230 680,056 64,006 3,807 115,484 5,765 2,622 447 1,325 111 10,379 234,707 112,143 118,216 11,113 526,112 15,831 1,303 985 219 6 28,081 1,829 49,588 858 9,834 62,109 Eq. Gain Fund Eq. Fund Eq. Growth Pension Fund Eq. Index Fund Eq. Index Pension Fund Eq. Plus Fund Eq. Plus Pension Fund
Particulars
Eq. Midcap Fund 243 829 3,943 -
Eq. Index Pension Fund-2 64 40,057 86 40,207
Accrued Interest
37,225
Dividend Receivable
Unit Collection A/c
Application Money
18,758
Total
60,998

(Amount in Rs. 000)
As at 31 March 2007 Life Long Gain Fund 2,097 5,127 7,224 13,733 1,625 13,582 1,621 151 4 1,376 543,750 1,397 546,523 Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Eq. Growth Fund 1,711 122,024 1,031 10,315 135,081 Premier Balanced Fund Premier Balancer Fund -
st
Particulars
Income Bond Fund 7,835 -
Premier Debt Fund 4,568 4,568
Premier Eq. Fund 5 4,985 396 5,386
Accrued Interest
44,031
Dividend Receivable
Unit Collection A/c
Application Money
Total
51,866
* Eq. for Equity

(Amount in Rs. 000)
As at 31st March 2007 Premier Income Fund 1,776 3,810 5,586 35,300 32,952 12,897 133 5,928 6,712 2,148 74,955 4,789,905 279,255 240 487 149 23 35,721 34,921 25,753 10,600 32 4,227,173 139 101 5,905 172,801 Premier Nifty Index Fund Pure Eq. Fund Pure Stock Fund Secure Fund Stable Fund Total
Particulars
Premier Eq. Gain Fund 2,678 945 903 9,595 -
Accrued Interest
Dividend Receivable
Unit Collection A/c
Application Money
Total
14,121
* Eq. for Equity
69
70
SCHEDULE F4 : CURRENT LIABILITIES

(Amount in Rs. 000)
As at 31st March 2007 Acc Mid Cap Pension Fund 579 9 588 20 6 2 2 14 Accelerated Fund Balance Fund Balance Plus Pension Fund Balanced Plus Fund Balancer Fund Balancer Pension Fund Bond Pension Fund
Particulars
Acc Mid Cap Fund
Capital Guarantee Fund 2012 47 6 53
Payable for purchase of Investments 83 -
21,444
Other Current Liabilities:
Unit Payable A/c
Total
21,527

(Amount in Rs. 000)
As at 31st March 2007 Capital Guarantee Fund 2017 Cash Fund 198 198 223 30 223 30 242 242 Cash Plus Fund Debt Fund 15 3 18 Cash Plus Pension Fund Debt Plus Fund 89 89 Debt Plus Pension Fund 24 24
Particulars
Capital Guarantee Fund 2014 16 16
Eq. Growth Fund 144,731 1,086 145,817
Eq. Midcap Plus Fund 15,785 335 16,120
Payable for purchase of Investments
Unit Payable A/c
Total

(Amount in Rs. 000)
As at 31st March 2007 Eq.Midcap Pension Fund 1,065 36 1,101 30,865 1,568 32,433 Eq. Gain Fund Eq. Fund 93,023 852 93,875 Eq. Growth Pension Fund 9,497 74 9,571 Eq. Index Fund 42,524 33,483 76,007 Eq. Index Pension Fund 4,422 41 4,463 Eq. Plus Fund 54,979 1,782 56,761
Particulars
Eq. Midcap Fund 8,644 294 8,938
Eq. Plus Pension Fund 3,642 144 3,786
Eq. Index Pension Fund-2 11,831 14 11,845
Unit Payable A/c
Total
Note : Eq for Equity

(Amount in Rs. 000)
As at 31st March 2007 Life Long Gain Fund 36 36 7 1 99,911 9,240 7 1 216 251 3,837 3,837 99,695 8,989 Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Eq. Growth Fund Premier Balanced Fund Premier Balancer Fund Premier Debt Fund
Particulars
Income Bond Fund 30 30
Premier Eq. Fund 5,123 122 5,245
Unit Payable A/c
Total

(Amount in Rs. 000)
As at 31st March 2007 Premier Income Fund 24 24 15,253 1,639 529 78 66 17 15,175 1,573 512 Premier Nifty Index Fund Pure Eq. Fund Pure Stock Fund Secure Fund 2 1 3
Particulars
Premier Eq. Gain Fund 7,301 200 7,501
Stable Fund 28 524 552
Total
581,521 46,035 627,556
Unit Payable A/c
Total
71
72
SCHEDULE F5 : OTHER EXPENSES

(Amount in Rs. 000)
For the year ended 31st March 2007 Acc Mid Cap Pension Fund Accelerated Fund Balance Fund Balance Plus Pension Fund Balanced Plus Fund Balancer Fund Balancer Pension Fund Bond Pension Fund
Particulars
Acc Mid Cap Fund -
Capital Guarantee Fund 2012 -
Policy Administration Charge
Surrender Charge
Switching Charge
Mortality Charge
Rider Premium Charge
Partial Withdrawal Charge
Miscellaneous Charge
Total

(Amount in Rs. 000)
For the year ended 31 March 2007 Capital Guarantee Fund 2017 Cash fund 115 115 274 274 Cash Plus Fund Cash Plus Pension Fund 60 60 Debt Fund 34 34 Debt Plus Fund 127 127 Debt Plus Pension Fund 54 54
st
Particulars
Capital Guarantee Fund 2014 -
Eq. Growth Fund -
Eq. Midcap Plus Fund 316 316
Surrender Charge
Switching Charge
Mortality Charge
Total
* Eq. for Equity

(Amount in Rs. 000)
For the year ended 31st March 2007 Eq.Midcap Pension Fund 63 63 838 471 332 57 838 471 332 57 2,019 2,019 134 134 Eq. Gain Fund Eq. Fund Eq. Growth Pension Fund Eq. Index Fund Eq. Index Pension Fund Eq. Plus Fund Eq. Plus Pension Fund
Particulars
Eq.Midcap Fund 30 30
Eq. Index Pension Fund-2 -
Surrender Charge
Switching Charge
Mortality Charge
Total

(Amount in Rs. 000)
For the year ended 31 March 2007 Life Long Gain Fund 50 50 Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Eq. Growth Fund Premier Balanced Fund Premier Balancer Fund -
st
Particulars
Income Bond Fund -
Premier Debt Fund 65 65
Premier Eq. Fund 67 67
Surrender Charge
Switching Charge
Mortality Charge
Total
Note : Eq for Equity
73
74

(Amount in Rs. 000)
For the year ended 31st March 2007 Premier Income fund 67 67 67 67 5,307 5,307 Premier Nifty Index Fund Pure Eq. Fund Pure Stock Fund Secure Fund Stable Fund Total
Particulars
Premier Eq. Gain Fund 67 67
Surrender Charge
Switching Charge
Mortality Charge
Total
* Eq. for Equity
Schedule Forming part of Financial Statement for the year ended 31st March 2007 Appendix II Refer Schedule 16 Note 23
(Amount in Rs. 000)
Revenue Account for Unit Linked Business for the year ended 31st March 2006
Cash 15,691 11,448 844 (1,462) 83 6,199 32,803 6,914 5,530 69 271 12,784 20,019 17,892 14,314 835 678 33,719 800,501 8,241 6,593 84 271 15,189 14,064 314 251 198 763 379 4,080 316 285 4,681 256,929 33,008 1,867 1,029 35,904 1,542,120 3,140 56 271 3,467 15,803 246 25,667 95 78,670 729,124 418 834,220 48,393 1,480 (8,841) (14,437) 2,658 29,253 1,281 260 84 (723) 240 1,142 334 5,914 106 61,268 193,712 276 261,610 1,136 20,337 6,465 146,476 1,395,038 8,572 1,578,024 29,751 3,091 (1,337) (13,959) 1,724 19,270 35,344 17,445 (96) (2,346) 34,352 84,699 10,401 125 729 11,255 73,444
(Amount in Rs. 000)
Balanced -
Eq.
Debt
Life Long Gain
Eq. Index
Eq. Plus
Balanced plus
Debt Plus
Cash Plus
INCOME Interest Income Dividend Income Write-up on T-Bills Realised Gain / (Loss) on Investments Unrealised Gains / (Loss) on Investments Transfer From Shareholders Write up on Corporate Bonds Total Income (A) EXPENSES Fund Administration Expenses Fund Management Expenses Bank Custody Charges Fund Accounting Charges Total Expenses (B) Net Profit/(Loss) for the Year (A-B)
Balance Sheet for Unit Linked Business as at 31st March 2006

Cash 667,630 20,019 3,140 690,789 199,007 357,222 556,229 42,306 82,085 11,567 135,958 1,274 124 1,398 134,560 36,051 4,393 665 41,109 50,076 90,571 608 6 91,185 27,510 12,000 35,633 75,143 1,573 132 1,705 73,438 328 42,622 2,520,457 (433,408) 2,129,999 152,563 660,731 (650,111) 163,183 7,305 26,547 33,852 8,718 10,000 779 19,497 90 66 156 19,341 37,325 1,160,363 (326,566) 871,122 132,970 306 7 133,283 34,216 986 215 35,417 97,866 1,698,810 (348,119) (85,289) 800,501 114,172 2,180,075 871,593 (522,177) (127,934) 14,064 1,075 236,621 52,796 379 18 53,193 1,033,600 (292,946) (33,620) 256,929 5,025 968,988 Eq. Debt Life Long Gain Eq. Index Eq. Plus 7,021,151 1,542,120 37,874 8,601,145 165,122 532,603 6,822,614 7,520,339 1,237,256 1,630 22 1,238,908 148,830 7,933 1,339 158,102 1,080,806 Balanced plus 732,365 84,051 9 816,425 816,416 816,416 9 9 9
Balanced
Debt Plus 796,094 (439,419) (50,431) 15,803 2,111 324,158 151,377 556,667 (489,850) 218,194 65,241 14,000 27,253 106,494 418 112 530 105,964
Cash Plus 1,781,860 73,444 3,380 1,858,684 318,393 1,134,796 1,453,189 184,828 197,580 24,520 406,928 1,038 395 1,433 405,495
LIABILITIES Policy Holders Contribution (Unit Reserve at Cost) Balanced Fund Contribution (Unit Reserve at Cost) 870,296 Appreciation in Balanced Funds Assets 213,223 Balanced Fund Contribution Not Yet Invested 71 Profit/(Loss) for Current Year (2005-06) Previous Years Profit Total 1,083,590 ASSETS Investments Government Securities (Market Value) Corporate Bonds (Market Value) Equity Shares (Market Value) Balanced Fund Investments (Market Value) 1,083,519 Total Investments (A) 1,083,519 Current Assets Cash and bank balances 71 Bank Fixed Deposits Dividend Receivable Interest Accrued on Investments Total Current Assets (B) 71 Current Liabilities UL Outstanding Contract Payable Fund Charges Payable Bank Charges Payable UL Brokerage Payable Total Current Liabilities (C) Net Current Assets (D) = (B-C) 71
Total Assets (A+D) 1,083,590 690,789 2,180,075 236,621 53,193 968,988 8,601,145 816,425 324,158 1,858,684 Balanced fund is a fund of funds. The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units of our Equity and Debt funds. * Eq. for Equity
75
76
(Amount in Rs. 000)
Eq. Plus Pension 87 1,948 275 23,096 90,498 655 116,559 2,594 161 252 3,007 113,552
st
Eq. Index Pension 14 970 4 6,374 24,423 19 31,804 558 78 198 834 30,970 1,842 2,121 933,302 1,354 58 378 27 198 603 297 20 198 515 17,637 21,164 1,064 662 40,527 219 219 34 34 1,018 221 1,239 3,650 3,298 311 (414) (952) 202 2,445 1,293 618 144 4 577 2,636 870 15,121 3,246 157,332 792,251 5,009 973,829 912 33 167 (42) 426 77 1,573 157 26 (71) (30) 10 92 5,519 85 340 766 (2,018) 197 4,889 214 4,068 396 18,979 199,119 1,629 224,405 4,182 5,019 410 250 9,861 214,544
Balance Plus Pension
Debt Plus Pension
Cash Plus Pension
Eq. Gain
Accelerated
Secure
Stable
Eq. Midcap Fund
INCOME Interest Income Dividend Income Write-up on T-Bills Realised Gain / (Loss) on Investments Unrealised Gains / (Loss) on Investments Transfer From Shareholders Write up on Corporate Bonds Total Income (A) EXPENSES Fund Administration Expenses Fund Management Expenses Bank Custody Charges Fund Accounting Charges Total Expenses (B)
Net Profit/(Loss) for the Year (A-B)
Balance Sheet for Unit Linked Business as at 31 March 2006

Eq. Plus Pension 533,115 113,552 1,553 648,220 22,796 56,344 464,386 543,526 132,678 99 5 132,782 27,448 496 144 28,088 104,694 648,220 1,213 73 98 1,384 16,447 82,780 2 79,269 17,808 23 17,831 2 2 9,866 4,000 2,073 15,939 39 70 109 15,830 33,964 1,439 96,601 (31,707) 66,333 79,267 79,267 11,506 54,188 (47,560) 18,134 4,743 33,067 37,810 5,363 20,335 657 26,355 35 70 105 26,250 64,060 83,909 (27,114) (4,593) 30,970 (392) 82,780 67,784 11,483 2 79,269 79,438 (40,670) (6,890) 1,842 244 33,964 61,753 2,121 186 64,060 2,805,988 933,302 24,944 3,764,234 94,742 129,703 3,230,182 3,454,627 327,827 830 834 329,491 11,924 7,242 718 19,884 309,607 3,764,234 Eq. Index Pension Balance Plus Pension Debt Plus Pension Cash Plus Pension Eq. Gain Accelerated Secure
(Amount in Rs. 000)
Stable
Eq. Midcap Fund 35,862 1,354 96 37,312 1,217 19,108 3,510 23,835 12,684 1 820 13,505 28 28 13,477 37,312 5,536 58 25 5,619 2,542 1,058 3,600 1,986 38 2,024 5 5 2,019 5,619 98,609 3,650 499 102,758 10,483 69,264 2,469 82,216 18,187 1 2,532 20,720 102 76 178 20,542 102,758 548,339 214,544 12 762,895 8,251 104,550 641,477 754,278 32,326 58 174 32,558 22,096 1,569 276 23,941 8,617 762,895
LIABILITIES Policy Holders Contribution (Unit Reserve at Cost) Balanced Fund Contribution (Unit Reserve at Cost) Appreciation in Balanced Funds Assets Balanced Fund Contribution Not Yet Invested Profit/(Loss) for Current Year (2005-06) Previous Years Profit Total ASSETS Investments Government Securities (Market Value) Corporate Bonds (Market Value) Equity Shares (Market Value) Balanced Fund Investments (Market Value) Total Investments (A) Current Assets Cash and bank balances Bank Fixed Deposits Dividend Receivable Interest Accrued on Investments Total Current Assets (B) Current Liabilities UL Outstanding Contract Payable Fund Charges Payable Bank Charges Payable UL Brokerage Payable Total Current Liabilities (C) Net Current Assets (D) = (B-C) Total Assets (A+D)
Balanced fund is a fund of funds. The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units of our Equity and Debt funds. Note : Eq for Equity
(Amount in Rs. 000)
Eq. Midcap Pension 14 589 44 3,815 24,259 192 28,913 675 55 188 918 27,995 10,876 21,657 39,009 153 4,582,130 214 51 265 558 58 616 893 62 955 131 41 172 55,180 121,442 5,905 6,468 188,995 2 80 133 88 10,838 11,141 63 156 116 21,845 93 22,273 133 199 43 8,337 30,972 280 39,964 353 74 40 (165) 23 325 146,580 82,813 46,830 531,993 3,896,374 83 66,452 4,771,125 Pure Eq. Premier Eq. Premier Eq. Gain Premier Debt Premier Balance Total
Eq. Midcap Plus 1,475 7,646 763 36,365 419,957 3,050 469,256 10,373 738 357 11,468 457,788
INCOME Interest Income Dividend Income Write-up on T-Bills Realised Gain / (Loss) on Investments Unrealised Gains / (Loss) on Investments Transfer From Shareholders Write up on Corporate Bonds Total Income (A) EXPENSES Fund Administration Expenses Fund Management Expenses Bank Custody Charges Fund Accounting Charges Total Expenses (B)
Net Profit/(Loss) for the Year (A-B)
Balance Sheet for Unit Linked Business as at 31st March 2006

Eq. Midcap Pension 82,492 27,995 12 110,499 2,645 15,395 80,594 98,634 15,084 13 15,097 3,043 107 82 3,232 11,865 110,499 7,710 132 51 7,893 37,236 186,619 45,053 76 45,129 116,066 57 41 116,164 12,040 349 58 12,447 103,717 361,014 31,264 118,119 149,383 905 12,667 261,265 (17,540) 257,297 10,153 85,885 420,516 516,554 142,833 71 8 142,912 38,251 587 62 38,900 104,012 620,566 17,790 12,377 (26,311) 3,856 100,284 10,000 1,230 111,514 69 41 110 111,404 115,260 175,743 10,876 186,619 356,897 (16,953) (587) 21,657 361,014 581,557 39,009 620,566 141,418 (25,430) (881) 153 115,260 Pure Eq. Premier Eq. Premier Eq. Gain Premier Debt
(Amount in Rs. 000)
Eq. Midcap Plus
Premier Balance 42,383 1,468 43,851 43,851 43,851 43,851
Total
1,402,757 457,788 67 1,860,612
20,916,947 82 4,582,130 194,041 25,693,200 1,299,582 4,151,327 17,282,913 22,733,821 2,924,251 350,000 4,021 111,666 3,389,938 394,842 30,513 5,204 430,559 2,959,379 25,693,200
77
86,450 207,769 1,460,359 1,754,578 156,724 248 3,467 160,439
LIABILITIES Policy Holders Contribution (Unit Reserve at Cost) Balanced Fund Contribution (Unit Reserve at Cost) Appreciation in Balanced Funds Assets Balanced Fund Contribution Not Yet Invested Profit/(Loss) for Current Year (2005-06) Previous Years Profit Total ASSETS Investments Government Securities (Market Value) Corporate Bonds (Market Value) Equity Shares (Market Value) Balanced Fund Investments (Market Value) Total Investments (A) Current Assets Cash and bank balances Bank Fixed Deposits Dividend Receivable Interest Accrued on Investments Total Current Assets (B) Current Liabilities UL Outstanding Contract Payable Fund Charges Payable Bank Charges Payable UL Brokerage Payable Total Current Liabilities (C) Net Current Assets (D) = (B-C) Total Assets (A+D)
52,020 1,975 410 54,405 106,034 1,860,612
Balanced fund is a fund of funds. The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units of our Equity and Debt funds. Note : Eq for Equity
78
Schedules forming part of financial statements for year ended 31st March 2007 Appendix III refer Schedule 16 Note 23
Disclosure for Unit Linked Business as per Unit Linked Disclosure Norms:
I. 1. Performance of Fund: Refer Enclosure A Investment Management i) ii) Activities outsourced: Fund Accounting. Fess paid for various activities charged to Policyholders account: Refer Enclosure B.
iii) Basis of Payment of Fees: Refer Enclosure B. 2. Related party transactions i) ii) 3. 4. 5. 6. During the year no brokerage, custodial fees and any other payments and receipts made to/from related parties (Previous year: NIL). Company wise details of investments held in the promoter group along with its percentage to funds under management: As on 31st March 07 no investments is held in the promoter group (Previous year NIL)
Industry wise Disclosure of Investment Refer Enclosure C. Unclaimed redemption of Units: As on 31st March 07 there is no unclaimed redemption of units. Highest, Lowest and Closing NAV at the end of the year: Refer Enclosure D. Expenses Charged to Fund (percentage basis) : i) Annualized expense ratio to average daily assets of the Fund: Refer Enclosure E
7. 8. 9.
Ratio of Gross income to average daily net assets: Refer Enclosure F There are no doubtful debts on assets as on 31st March 07. Disclosure of appreciation and/or depreciation in value of investments: Refer Enclosure G
79
Appendix III refer Schedule 16 Note 23
Enclosure A : Performance of Fund (Absolute Growth %)

Fund Names Acc Mid Cap Fund Acc Mid Cap Pension Fund Accelerated Fund Balance Fund Balance Plus Pension Fund Balanced Plus Fund Balancer Fund Balancer Pension Fund Bond Pension Fund Capital GuaranteeFund 2012 Capital GuaranteeFund 2014 Capital GuaranteeFund 2017 Cash Fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund Debt Plus Pension Fund Equity Fund Equity Gain Fund Equity Growth Fund Equity Growth Pension Fund Equity Index Fund Equity Index Pension Fund Equity Midcap Fund Equity Midcap Pension Fund Equity Midcap Plus Fund Equity Plus Fund Equity Plus Pension Fund Equity Index Pension Fund-2 Income Bond Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Balanced Fund Premier Balancer Fund Premier Debt Fund Premier Equity Fund Premier Equity Gain Fund Premier Equity Growth Fund Premier Income Fund Premier Nifty Index Fund Pure Equity Fund Pure Stock Fund Secure Fund Stable Fund Date Of Inception 24-Jul-06 24-Jul-06 18-Nov-04 15-Jan-04 18-Nov-04 23-Jul-04 24-Jul-06 24-Jul-06 24-Jul-06 11-Jan-07 11-Jan-07 11-Jan-07 15-Jan-04 23-Jul-04 18-Nov-04 15-Jan-04 23-Jul-04 18-Nov-04 15-Jan-04 23-Jul-04 24-Jul-06 24-Jul-06 23-Jul-04 18-Nov-04 9-Mar-05 9-Mar-05 9-Mar-05 23-Jul-04 18-Nov-04 24-Jul-06 10-Jul-06 23-Jul-04 10-Jul-06 24-Jul-06 24-Jul-06 17-Dec-05 24-Jul-06 17-Dec-05 17-Dec-05 17-Dec-05 24-Jul-06 21-Jul-06 24-Jul-06 17-Dec-05 21-Jul-06 15-Oct-04 15-Sept-04 Current Year 2006-07 (%) 22.39 18.99 6.78 7.56 9.10 8.36 11.99 11.34 4.46 (0.66) (10.39) (2.20) 5.39 6.99 7.18 3.60 5.06 5.61 11.67 4.95 18.45 18.66 12.47 13.08 4.20 6.80 5.11 6.11 7.08 21.58 4.15 4.30 5.15 4.84 23.87 7.25 10.60 4.11 11.34 5.20 20.51 2.79 22.42 (0.38) 13.66 6.31 4.46 2005-06 (%) 0.00 0.00 8.95 28.46 28.09 27.13 0.00 0.00 0.00 0.00 0.00 0.00 3.68 5.26 5.08 2.50 3.85 3.59 65.82 70.84 0.00 0.00 64.90 66.74 74.56 78.83 76.80 70.32 73.82 0.00 0.00 2.01 0.00 0.00 0.00 8.76 0.00 1.45 20.20 26.63 0.00 0.00 0.00 22.79 0.00 3.05 4.69 2004-05 (%) 0.00 0.00 4.62 3.49 3.86 11.97 0.00 0.00 0.00 0.00 0.00 0.00 2.53 3.26 2.02 (1.25) 0.28 2.63 11.26 36.34 0.00 0.00 23.13 6.86 0.95 1.79 1.63 39.33 18.64 0.00 0.00 (6.95) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.29 4.13 Since Inception (%) 22.39 18.99 21.71 38.06 45.13 54.25 11.99 11.34 4.46 (0.66) (10.39) (2.20) 12.14 16.29 14.90 5.83 9.41 12.27 82.61 144.46 18.45 18.66 128.36 101.49 83.62 94.41 88.87 151.79 120.82 21.58 4.15 (1.00) 5.15 4.84 23.87 16.65 10.60 5.62 33.83 33.21 20.51 2.79 22.42 22.32 13.66 12.06 13.87
80
Enclosure B : Fees Charged to Policyholders Account

(Amt. in Rs. 000) Particulars Fund Management Expenses 2,676 462 456 107 84 6 50 8,200 14,410 820 10,136 6,414 671 35,261 26,354 12,872 1,699 71,368 30,346 3,179 15,709 1,316 144,106 12,219 508 1,169 748 235 44 6,315 12,391 5,239 11,159 19,192 1,232 3,676 4,414 855 72 1,479 467,649 Fund Administration Expenses 10,250 12,670 10,726 59,476 37,932 935 131,988 Custody Charges 48 29 3 (33) 56 3 95 (37) 1 370 157 176 (7) 995 67 1,923 Fund Accounting Charges 67 245 57 67 71 51 221 67 62 468 315 157 64 1,024 67 50 65 67 67 67 67 3,384
Acc Mid Cap Fund Acc Mid Cap Pension Fund Accelerated Fund Balance Fund Balance Plus Pension Fund Balanced plus Fund Balancer Fund Balancer Pension Fund Bond Pension Fund Capital GuaranteeFund 2012 Capital GuaranteeFund 2014 Capital GuaranteeFund 2017 Cash fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund Debt Plus Pension Fund Eq Growth Fund Eq Midcap Plus Fund Eq.Midcap Fund Eq.Midcap Pension Fund Equity Gain Fund Equity Fund Equity Growth Pension Fund Equity Index Fund Equity Index Pension Fund Equity Plus Fund Equity Plus Pension Fund Equity Index Pension Fund-2 Income Bond Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Equity Growth Fund Premier Balance fund Premier Balancer Fund Premier Debt Fund Premier Equity Fund Premier Equity Gain Fund Premier Income fund Premier Nifty Index Fund Pure Equity Fund Pure Stock Fund Secure Fund Stable Fund Total Basis of Payment of Fees Fund Management Charges Fund Administration Charges Fund Accounting Charges Custody Charges
% of NAV % of NAV / Fixed Amount % of Asset Under Management % of Market Value of Investment
81
Enclosure C: Summary Of Industry Wise Disclosure Of Investments

Industry Banking Services Industry - Fixed Deposit Banking Services Industry - Other than Fixed Deposits Computer Software Industry Others Total Note - Industry exposure does not include cash element Amt in Rs. 000 1,681,000 8,567,601 5,407,527 32,049,923 47,706,051 Exposure (%) 3.52 17.96 11.34 67.18 100.00
Fundwise Industrywise Disclosure of Investments

Portfolio Name Acc Mid Cap Fund Acc Mid Cap Pension Fund Accelerated Fund Bond Pension Fund Capital GuaranteeFund 2012 Capital GuaranteeFund 2014 Capital GuaranteeFund 2017 Cash Fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund Debt Plus Pension Fund Eq Growth Fund Eq Midcap Plus Fund Eq.Midcap Fund Eq.Midcap Pension Fund Equity Gain Fund Equity Fund Equity Growth Pension Fund Equity Index Fund Equity Index Pension Fund Equity Plus Fund Equity Plus Pension Fund Equity Index Pension Fund-2 Income Bond Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Equity Growth Fund Premier Debt Fund Premier Equity Fund Premier Equity Gain Fund Premier Income Fund Premier Nifty Index Fund Pure Equity Fund Pure Stock Fund Secure Fund Stable Fund Grand Total Banking Services Industry Amt in Rs. 000 % 84,733 0.83 5,890 0.06 32,125 0.31 17,826 0.17 1,110 0.01 102 0.00 1,073 0.01 809,139 7.90 1,465,592 14.31 119,349 1.16 412,506 4.02 372,676 3.64 21,306 0.21 1,339,451 13.07 228,670 2.23 165,906 1.62 19,270 0.19 982,145 9.58 403,402 3.94 91,378 0.89 212,442 2.07 18,826 0.18 1,669,975 16.29 147,325 1.44 24,046 0.23 204,076 1.99 52,235 0.51 90,322 0.88 9,763 0.10 291,884 2.85 214,089 2.09 109,369 1.07 55,362 0.54 183,268 1.79 56,761 0.55 46,708 0.46 0.00 0.00 3,136 0.03 285,365 2.78 10,248,601 100.00 Computer Software Industry Amt in Rs. 000 % 78,607 1.45 8,631 0.16 3,210 0.06 0.00 2,271 0.04 206 0.00 2,195 0.04 0.00 0.00 0.00 0.00 0.00 0.00 858,238 15.87 236,631 4.38 132,047 2.44 15,689 0.29 670,553 12.40 710,485 13.14 58,198 1.08 357,136 6.60 30,291 0.56 1,222,437 22.61 97,890 1.81 26,336 0.49 0.00 0.00 0.00 0.00 407,141 7.53 125,253 2.32 0.00 105,125 1.94 108,110 2.00 0.00 67,871 1.26 57,814 1.07 18,655 0.34 102 0.00 6,405 0.12 5,407,527 100.00 Others Amt in Rs. 000 435,893 50,417 29,392 8,367 57,989 3,802 30,485 90,091 190,032 3,432 692,404 592,401 83,654 5,594,983 1,313,236 695,062 83,159 4,323,080 2,655,802 377,939 1,320,943 111,989 8,013,618 627,554 97,607 170,772 51,146 3,736 59 1,556,338 783,895 104,694 388,652 669,610 47,549 251,647 302,199 96,936 2,935 136,424 32,049,923
% 1.36 0.16 0.09 0.03 0.18 0.01 0.10 0.28 0.59 0.01 2.16 1.85 0.26 17.44 4.10 2.17 0.26 13.49 8.29 1.18 4.12 0.35 25.00 1.96 0.30 0.53 0.16 0.01 0.00 4.86 2.45 0.33 1.21 2.09 0.15 0.79 0.94 0.30 0.01 0.43 100.00
82
Banking Services - Exposure details - Scrip Wise

Instrument 10% SARASWATBANK - 06-May-2008 FD 10.95% ICICI BANK LTD - 03-Mar-2008 FD 11% IDBI - 12-May-2008 11.11% STATE BANK OF HYDERABAD - 03-Mar-2008 FD 11.25% CANARA BANK - 03-Mar-2009 FD 11.25% ICICI BANK LTD - 13-Mar-2009 FD 11.25% SYNDICATE BANK - 17-Mar-2008 FD 11.30% SYNDICATE BANK - 24-Mar-2009 FD 11.30% CANARA BANK - 13-Mar-2009 FD 11.30% CANARA BANK - 14-Mar-2008 FD 11.30% SYNDICATE BANK - 24-Mar-2009 FD (29/03/07) 11.50% PUNJAB NATIONAL BANK - 21-Mar-2008 FD 6.00% IDBI OMNI BONDS M - 16/01/2009 8.25% ICICI BANK LTD - 13-Aug-2007 FD 8.90% ICICI BANK LTD - 12-Apr-2007 FD 8.96% SYNDICATE BANK - 28-Dec-2007 FD 8.96% SYNDICATE BANK - 29-Dec-2007 FD Allahabad Bank CD 12 March 2008 Allahabad Bank CD 22 Feb 2008 ALLAHABAD BANK CD- 31-Oct-2007 ALLAHABAD CD 19 Sept 2007 Canara Bank CD 28 Feb 2008 FEDERAL BANK LTD - 29-Jun-2007 HDFC Bank CD 15 June 2007 HDFC Bank CD 28 June 2007 HDFC BANK LTD HSBC CD 11 July 2007 ICICI Bank CD 03 Jan 2008 ICICI Bank CD 21 May 2007 ICICI Bank CD 29 June 2007 ICICI Bank CD 31 Jul 2007 ICICI Bank CD 6 March 2008 ICICI BANK LTD ICICI BANK LTD - 04-Apr-2007 ICICI BANK LTD CD - 22-Jun-2007 ICICI Bank Ltd. CD 20 Feb 2008 IDBI Bank CD 05 March 2008 IDBI Bank CD 13 Nov 2007 INDIAN BANK CD - 09-Apr-2007 Indian Bank CD 05 Jun 07 Indian Bank CD 20 Jul 2007 ING Vysya Bank CD 06 Apr 2007 ING VYSYA BANK LTD KOTAK MAHINDRA BANK CD - 10-Jul-2007 KOTAK MAHINDRA BANK CD- 19-Jun-2007 Kotak Mahindra Bank CD 31 Jul 2007 ORIENTAL BANK OF COMMERCE PNB CD 28 June 2007 PUNJAB NATIONAL BANK STATE BANK MYSORE CD 19 March 2008 STATE BANK OF BIKANER & JAIPUR - 11-Jun-2007 STATE BANK OF HYDERABAD- CD 07 Jun 2007 Amt in Rs. 000 50,000 251,000 50,053 100,000 100,000 100,000 50,000 50,000 150,000 100,000 200,000 200,000 46,514 100,000 100,000 80,000 50,000 227,215 45,756 143,287 48,175 501,481 98,041 49,213 147,138 141,884 146,788 93,474 98,876 196,148 97,428 136,016 900,510 49,957 98,251 228,521 136,427 95,232 99,807 98,580 48,852 49,936 75,663 97,815 98,288 97,446 22,112 97,859 636,222 453,006 98,404 49,214 (%) 0.49 2.45 0.49 0.98 0.98 0.98 0.49 0.49 1.46 0.98 1.95 1.95 0.45 0.98 0.98 0.78 0.49 2.22 0.45 1.40 0.47 4.89 0.96 0.48 1.44 1.38 1.43 0.91 0.96 1.91 0.95 1.33 8.76 0.49 0.96 2.23 1.33 0.93 0.97 0.96 0.48 0.49 0.74 0.95 0.96 0.95 0.22 0.95 6.21 4.42 0.96 0.48
83
Banking Services - Exposure details - Scrip Wise

Instrument STATE BANK OF INDIA STATE BANK OF INDIA CD- 14-May-2007 STATE BANK OF INDORE CD - 14-May-2007 STATE BANK OF INDORE CD 30 Apr 2007 STATE BANK OF PATIALA - 29-Nov-2007 STATE Bank OF PATIALA -CD 06 Sep 07 STATE BANK OF TRAVANCORE CD- 07-Jan-2008 STATE BANK SAURASHTRA - 21-Jun-2007 UCO Bank CD 07 Feb 2008 UCO Bank CD 21 Apr 2007 UCO Bank CD 29 June 2007 UCOBANK CD - 12-Jul-2007 Union Bank CD 20 March 2008 UTI Bank CD 23 Aug 2007 UTI Bank CD 28 Aug 2007 UTI BANK LTD CD 15-Jun-2007 Yes Bank CD 12 Oct 2007 YESBANK -CD - 30-Oct-2007 Grand Total Amt in Rs. 000 917,072 49,541 49,557 49,656 47,445 48,365 93,395 98,281 230,781 49,779 49,047 244,555 452,868 48,211 145,289 98,418 47,992 47,760 10,248,601 (%) 8.95 0.48 0.48 0.48 0.46 0.47 0.91 0.96 2.25 0.49 0.48 2.39 4.42 0.47 1.42 0.96 0.47 0.47 100.00
Computer Software Industry- Exposure details - Scrip Wise

Instrument AZTEC SOFTWARE HCL TECHNOLOGIES LTD INFOSYS TECHNOLOGIES LTD INFOTECH ENTERPRISES LTD MASTEK LTD MPHASIS BFL LIMITED NIIT TECHNOLOGIES LIMITED SATYAM COMPUTER SERVICES LTD TATA CONSULTANCY SERVICES LTD TULIP IT SERVICES LIMITED WIPRO LTD Grand Total Amt in Rs. 000 45,143 89,219 1,500,563 26,573 92,923 823,201 92,188 866,937 1,340,287 61,599 468,894 5,407,527 (%) 0.83 1.65 27.76 0.49 1.72 15.22 1.70 16.03 24.79 1.14 8.67 100.00
84
Appendix III refer Schedule 16 Note 23.
Enclosure D : Highest, Lowest and Closing NAV for the year 2006-07
Fund Names Closing NAV 31-Mar-07 (Rs.) 12.171 11.898 12.238 14.512 13.806 15.425 11.198 11.133 10.414 10.446 9.986 9.778 9.952 11.215 11.628 11.490 10.583 10.940 11.227 18.262 24.447 11.845 11.865 22.835 20.148 12.157 18.362 19.440 18.886 25.178 22.082 9.901 10.483 10.514 12.387 11.664 11.060 10.279 10.562 13.320 13.383 12.050 12.241 12.231 11.366 11.206 11.387 Lowest NAV (Rs.) 10.689 10.000 10.000 11.970 11.408 12.825 9.933 10.000 10.000 10.000 9.837 9.635 9.732 10.654 10.888 10.738 10.247 10.448 10.668 12.608 17.242 9.564 10.000 15.649 13.798 10.000 13.522 13.977 13.518 17.454 15.303 9.517 10.000 10.000 9.788 9.882 10.000 10.000 10.158 9.332 9.238 10.000 10.000 9.445 10.000 10.562 10.839 Highest NAV (Rs.) 12.685 13.237 13.580 15.206 14.536 16.166 11.665 11.554 10.414 10.446 10.102 10.115 10.116 11.215 11.628 11.490 10.616 10.944 11.227 20.110 27.138 13.039 13.403 25.099 22.151 13.384 20.486 21.662 21.064 27.916 24.489 9.901 10.483 10.514 13.629 12.179 11.529 10.279 10.562 14.787 14.742 13.359 13.492 13.589 12.625 11.206 11.635
Accelerated Fund Accelerator M-C Pension Fund Accelerator Mid-Cap Fund Balance Plus Pension Fund Balanced Fund Balanced Plus Fund Balancer Fund Balancer Pension Fund Bond Fund Bond Pension Fund Capital Guarantee Fund- 2012 Capital Guarantee Fund- 2014 Capital Guarantee Fund- 2017 Cash Fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund Debt Plus Pension Fund Equity Fund Equity Gain Fund Equity Growth Fund Equity Growth Pension Fund Equity Index Fund Equity Index Pension Fund Equity Index Pension Fund 2 Equity Midcap Fund Equity Midcap Pension Fund Equity Midcap Plus Fund Equity Plus Fund Equity Plus Pension Fund Life Long Gain Fund Liquid Pension Fund Liquid Fund Nifty Index Fund Premier Bal Fund Premier Balancer Fund Premier Bond Fund Premier Debt Fund Premier Eq Gain Fund Premier Equity Fund Premier Equity Growth Fund Premier Equity Index Fund Pure Eq Fund Pure Stock Fund Secure Gain Fund Stable Gain Fund
85
Enclosure E : Annualised Expense Ratio to Average Daily Assets of the Fund

Fund Name Acc Mid Cap Fund Acc Mid Cap Pension Fund Accelerated Fund Bond Pension Fund Capital GuaranteeFund 2012 Capital GuaranteeFund 2014 Capital GuaranteeFund 2017 Cash fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund Debt Plus Pension Fund Eq Growth Fund Eq Midcap Plus Fund Eq.Midcap Fund Eq.Midcap Pension Fund Equity Gain Fund Equity Fund Equity Growth Pension Fund Equity Index Fund Equity Index Pension Fund Equity Plus Fund Equity Plus Pension Fund Equity Index Pension Fund-2 Income Bond Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Equity Growth Fund Premier Debt Fund Premier Equity Fund Premier Equity Gain Fund Premier Income fund Premier Nifty Index Fund Pure Equity Fund Pure Stock Fund Secure Fund Stable Fund Expense Ratio (%) 1.75 1.75 1.20 0.95 1.25 1.25 1.25 2.26 0.71 0.75 2.25 0.71 0.76 1.75 1.52 2.75 1.56 2.77 2.27 1.75 1.02 1.04 1.52 1.52 1.25 0.95 2.32 0.95 0.95 1.25 2.75 2.28 2.26 2.26 2.75 2.75 1.52 1.75 1.20 1.25
Enclosure F : Ratio of Gross Income to Average Daily Assets of the Fund

Fund Names Acc Mid Cap Fund Acc Mid Cap Pension Fund Accelerated Fund Bond Pension Fund Capital GuaranteeFund 2012 Capital GuaranteeFund 2014 Capital GuaranteeFund 2017 Cash fund Cash Plus Fund Cash Plus Pension Fund Debt Fund Debt Plus Fund Debt Plus Pension Fund Eq Growth Fund Eq Midcap Plus Fund Eq.Midcap Fund Eq.Midcap Pension Fund Equity Gain Fund Equity Fund Equity Growth Pension Fund Equity Index Fund Equity Index Pension Fund Equity Plus Fund Equity Plus Pension Fund Equity Index Pension Fund-2 Income Bond Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund Nifty Index Fund Premier Equity Growth Fund Premier Debt Fund Premier Equity Fund Premier Equity Gain Fund Premier Income fund Premier Nifty Index Fund Pure Equity Fund Pure Stock Fund Secure Fund Stable Fund Income Ratio (%) 7.00 15.32 8.45 7.70 6.84 5.80 6.63 7.54 7.67 7.68 6.05 6.20 6.69 0.85 22.49 22.57 24.50 14.40 13.78 1.26 12.30 13.77 13.43 13.49 9.34 7.88 7.16 8.36 8.02 2.59 8.49 7.29 14.26 8.71 7.71 11.24 7.45 9.12 7.81 7.19
86
Enclosure - G : Fundwise and Classwise Appreciation/(Depreciation) in value of investments

(Amt. in Rs. 000) Accelerator Mid Cap Fund 19 (14,827) (14,808) (1,445) (1,445) (16,253) (1,885) (91) (473) (103) (14) 7 2 32 (416) (14) 7 2 32 (1,871) (91) (480) (105) (448) (30) (30) (6) (6) 2 (1,873) (91) (120) (47) (313) (77) (28) (15) (178) (255) (29) (1) (1) (5) Accelerator Mid Cap Pension Fund Bond Pension Fund Capital Guarantee Fund 2012 Capital Guarantee Fund 2014 Capital Guarantee Fund 2017 Cash Fund Cash Plus Fund Cash Plus Pension Fund -
Particulars
Accelerated Gain Fund (212) (89) 1,259 958 807 807 1,765
Government Bonds Corporate Bonds Infrastructure Bonds Equity Money Market Mutual Fund
Total (A)
Corporate Bonds Infrastructure Bonds Equity Mutual Fund
Total(B)
Total (A+B)
Note: The above appreciation/depreciation is the difference between market value and book cost of the investment as at 31st March 2007.

(Amt. in Rs. 000) Debt Plus Fund (215) (13,341) (9,449) (23,005) (312) (312) (23,317) (124) (124) (1,581) (1,457) 752,590 232,402 232,402 984,992 (863) (594) 28 1 752,561 396 49 308,430 308,875 241,793 241,793 550,668 Debt Plus Pension Fund Eq. Fund Eq. Gain Fund Eq. Growth Fund (136) (104) 3 (118,770) (119,007) 57,489 57,489 (61,518) Eq. Growth Pension Fund 22 (5,745) (5,723) 6,811 6,811 1,088 Eq. Index Fund 2 187,821 187,823 95,890 95,890 283,713 * Eq. for Equity Eq. Index Pension Fund 19,921 19,921 8,152 8,152 28,073 Eq. Index Pension Fund - 2 (311) (311) 2,645 2,645 2,334
Particulars
Debt Fund
(725) (12,755) (16,476) -
Total (A) (197) (197)
(29,956)
Total(B)
Total (A+B)
(30,153)

(Amt. in Rs. 000) Eq. Mid Cap Plus Fund (13) 7 75,868 75,862 38,161 38,161 114,023 5,232 940,969 69,563 (3,457) 2,051 429,914 33,463 (1,519) * Eq. for Equity 2,051 429,914 33,463 3,181 511,055 36,100 (3,457) (1,519) 3,181 (67) 549 98 510,475 68 9 36,023 (2,342) (1,115) (908) (611) Eq. Mid Cap Plus Pension Fund Eq. Plus Fund Eq. Plus Pension Fund Income Fund Life Long Gain Fund Liquid Fund Liquid Pension Fund Nifty Index Fund 20 (41,303) (41,283) 27,036 27,036 (14,247)
Particulars
Eq. Mid Cap Fund
1 (12) 40,144 -
Total (A)
40,133
18,804 -
Total(B)
18,804
Total (A+B)
58,937

(Amt. in Rs. 000) Premier Eq. Fund 40,844 40,844 29,324 29,324 70,168 28,538 43,098 28,538 14,560 (3,787) 20,831 20,831 17,044 35 (1) 14,526 13 (3,800) (618) (246) (864) (864) Premier Eq. Gain Fund Premier Eq. Growth Fund Premier Income Fund Premier Nifty Index Fund 1 1,233 1,234 9,530 9,530 10,764
st
Particulars
Premier Debt Fund
Pure Eq. Fund 7,754 7,754 (5,713) (5,713) 2,041
Pure Stock Fund (1,734) (1,734) (1,640) (1,640) (3,374) * Eq. for Equity
Secure Fund (50) (27) 18 (59) 4 4 (55)
Stable Fund (1,166) (235) 949 (452) 30 840 870 418
Total
(1,807) (1,109) -
(1,243) (33,304) (29,980) 1,812,048 1,747,521 (603) 1,275,715 1,275,112 3,022,633
Total (A) -
(2,916)
Total(B)
Total (A+B)
(2,916)
Note: The above appreciation/depreciation is the difference between market value and book cost of the investment as at 31 March 2007.
87
88
Cash Flow Statement for the year ended 31st March 2007
(Amount in Rs. 000) Particulars Cash Flow from Operating Activities Receipts from customers Premium Income Premium & Other Deposits Other Income Interest on overdue premium Unit linked fund administration/management charges Others Cash generated from operations Cash paid towards Operating Activities Commission Claims Other Expenses Direct Taxes Paid Loans, Advances & Deposits Cash flow before extraordinary item Extraordinary Item Net cash from Operating Activities ( A ) Cash Flow from Investing Activities Purchase of Fixed Assets Purchase of Investments Interest & Dividend Received Proceeds from Sale of Investments Net cash from investing activities ( B ) Cash Flow from Financing activities Proceeds from Issuance of Share Capital Share Premium received on issuance of Share Capital Net cash from Financing Activities ( C ) Net increase in Cash & Cash Equivalents ( D = A + B + C ) Cash & Cash equivalents at the beginning of the Year Cash & Cash Equivalents at the end of the Year Components of cash & cash equivalents Cash and Bank Balances ( as per Sch 11) Temporary overdraft (as per Sch 13 ) 4,198,042 (53,665) 4,144,377 2,958,503 (276,339) 2,682,164 1,342 2,006,290 2,007,632 2,007,632 1,462,213 2,682,164 4,144,377 1,551 2,318,745 2,320,296 2,320,296 2,054,408 627,756 2,682,164 (319,404) (83,123,594) (83,442,998) 628,682 50,927,847 51,556,529 (31,886,469) 261,942 7,520,686 7,782,628 (19,086,704) (165,708) (26,703,624) (26,869,332) (8,328,257) (6,958,837) (10,515,387) (76,261) 2,661,253 (23,217,489) 31,341,050 31,341,050 (2,946,503) (6,483,901) (4,656,607) (37,560) 772,329 (13,352,242) 18,820,816 18,820,816 17,930 952,087 34,308 1,004,325 54,558,539 12,808 218,070 59,354 290,232 32,173,058 52,965,721 588,493 53,554,214 31,153,497 729,329 31,882,826 Current Year Previous Year
As per our report of even date attached For Kirtane & Pandit
For S. R. Batliboi & Co.

For Bajaj Allianz Life Insurance Company Limited Heinz Dollberg

Director
Suhas Deshpande
Hemal Shah
Sanjiv Bajaj
Director
Craig Ellis
Director
Ranjit Gupta
Director
Sam Ghosh
Rajesh Viswanathan Andrew Wakeling Sameer Bakshi

Chief Financial Officer Appointed Actuary Company Secretary
89
Balance sheet abstract and Companys general business profile

I. Registration Details Registration No. 15959 Balance Sheet Date 03 2007 Month Year State Code 11
31 Date II.
Capital raised during the year (Amount in Rs. 000) Public Issue Bonus Issue Rights Issue Private Placement 1,342
III.
Position of mobilisation and deployment of funds (Amount in Rs. 000) Total Liabilities 676,31,851 Total Assets 676,31,851
IV
Source of Funds (Amount in Rs. 000) Paid-up Capital 1,503,680 Secured Loans Policyholders funds 60,626,486 Reserves and Surplus (shareholders) 5,501,600 Unsecured Loans Others 85
Application of Funds (Amount in Rs. 000) Net Fixed Assets 535,694 Net Current Assets (3,138,261) Accumulated loss (Shareholders) 2,760,129 Investments 67,455,659 Miscellaneous Expenditure Others 18,630
VI. Performance of Company (Amount in Rs. 000) Turnover Profit/Loss before tax (717,006) Accumulated Profits Earnings per share (4.77) Note: Being a life insurance company there is no turnover. Dividend rate (%) Total Expenditure Profit/Loss after tax (717,033)
90
VII. Generic Names of Principal Products/Services of Company Item code no (ITC code) Product description Life Insurance Business
Note: The Company being a life insurance company, the accounts of the Company are not required to be made in accordance with Schedule VI. Further, the Insurance Act, 1938, requires the accounts of the Company to be split between Policyholders and Shareholders Account. In view of this, it is not possible to give all the information as required in Part III & Part IV of the Schedule.
Notes

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Bajaj Allianz Life Insurance Company Limited

On behalf of Board of Directors of Bajaj Allianz Life Insurance Company Ltd.

Pune 11th May 2007

Heinz Dollberg Director

Sanjiv Bajaj Director

Dr. Werner Zedelius

Warm regards Sam Ghosh

The Members of Bajaj Allianz Life Insurance Company Limited

11th May 2007 Pune

Annexure to the Auditors Report

11th May 2007 Pune

60,944 62,282 5,370 987 4,383 8,885 5,370 14,255

39,524 52,014 23,524 27,437 50,961 23,524 23,524

13,178 14,724 7,019 7,019 7,019 7,019

71,425 274,921 19,791 3,665 23,456 19,791 19,791

310,562 24,422,891 30,874,527 1,241,074 1,241,074 1,241,074 1,241,074

17,432 1,390,046 1,693,618 -

(57) 56,171 70,214 (672) 672 (672) (672)

(144) 306,093 327,840 -

1,405,336 1,518,396 487,681 45,066 532,747 1,161 210,140 487,681 698,982

62,506 63,271 (481) 481 49 7,720 (481) 7,288

65,274 70,139 14,050 13,387 27,437 14,050 14,050

26,740 27,255 (274) 274 (274) (274)

109,538 151,276 (1,196) 4,861 3,665 (1,196) (1,196)

239,837 14,842,272 21,357,681 117,739 117,739 117,739 117,739

2,919 634,647 708,927 -

44 30,655 38,112 672 672 672 672

For Bajaj Allianz Life Insurance Company Limited

Place : Pune Date : 11th May 2007

Place : Pune Date : 11th May 2007

273,062 23,824 (19,763) 277,123

113,589 7,236 (13,946) 106,879

863,308 101,265 1,007 6,775

2,748 8,584 1,006,762 64,709 929 1,807

972,355 1,025,432 (717,006) 27 (717,033) (2,043,096) (2,760,129) (4.77)

1,085,539 1,092,285 (985,406) 36 (985,442) (1,057,654) (2,043,096) (6.56)

Notes to Financial statements As per our report of even date attached

Place : Pune Date : 11th May 2007

Balance sheet as at 31st March 2007

5,493,958 211,463 154,036 43,243 198,175 591,016 21,015 -

3,336,963 150,520 114,511 30,065 126,751 280,453 3,583 57 144

48,845,768 3,022,633 51,868,401 58,596,750

585,104 4,383 50,961 7,019 23,456 670,923 1,358,813

532,747 27,437 3,665 672 564,521 117,739

Balance sheet as at 31st March 2007

8 8A 6,162,724 220,101 208,183 50,900 231,297 2,152,260 21,112 2,610 1,571

8B 9 10 1,043,272 510,127 533,145 2,549

4,198,042 854,477 5,052,519

8,093,047 97,733 8,190,780 (3,138,261)

Place : Pune Date : 11th May 2007

Schedule - 1 : Premium (Net of Service Tax)

First Year Premium

First Year Premium

8,952,028 395,618 128,021 (8,854)

Agents Brokers Corporate Agency Referral

5,876,357 2,976,808 622,502

3,029,282 219,082 176,782

Agents Brokers Corporate Agency Referral

2,276,816 132 991,532 156,666

Schedule - 3 : Operating Expenses Related To Insurance Business

803 57 105 206 17 39 188 2 9 -

4,062 290 529 1,045 86 198 949 12 45 1

578,348 1,313,917 93,814 216,136 1,037,040 13,423 49,486