Growing

with trust

ANNUAL REPORT 2021-22

BOARD OF DIRECTORS

Mr. K. Srinivasa Gowda Mr. Akira Harashima

Chairman Vice Chairman

Mr. Dileep Sanghani Dr. U.S. Awasthi Mr. Rakesh Kapur

Director Director Director

Dr. P.S. Gahlaut Mr. Kunihiko Higashi Mr. Allen Po Hsu Juang Mr. Masahito Hirai
Director Director Director Director

Mrs. Mira Mehrishi Mr. Sudhakar Rao Mr. Amar Sinha

Independent Director Independent Director Independent Director

Mr. H.O. Suri Mr. Shinjiro Hamada

Managing Director & CEO Director

1
BOARD OF Directors
Mr. K. Srinivasa Gowda Chairman
Mr. Noboru Yamagata Vice Chairman (till 31st March, 2022)
Mr. Akira Harashima Vice Chairman (w.e.f 29th April, 2022)
Mr. Balwinder Singh Nakai Director (upto 11th October, 2021)
Mr. Dileep Sanghani Director (w.e.f 13th October, 2021)
Dr. U.S. Awasthi Director
Mr. Rakesh Kapur Director
Dr. P.S. Gahlaut Director
Mrs. Mira Mehrishi Independent Director
Mr. Sudhakar Rao Independent Director
Mr. Amar Sinha Independent Director
Mr. Saloon Tham Director (till 8th July, 2021)
Mr. Chisato Kojima Director (till 30th September, 2021)
Mr. Kunihiko Higashi Director (w.e.f 8th October, 2021)
Mr. Yukio Arita Director (till 31st March, 2022)
Mr. Allen Po Hsu Juang Director (w.e.f 29th April, 2022)
Mr. Masahito Hirai Director (w.e.f. 15th February, 2022)
Mrs. Anamika Roy Rashtrawar Managing Director & CEO (till 1st October, 2021)
Mr. H.O. Suri Managing Director & CEO (w.e.f 13th October, 2021)
Mr. Shinjiro Hamada Director (Operations)

SENIOR EXECUTIVES
Mr. Ramesh Kumar Sr. Executive Director
Mrs. Seema Gaur Sr. Executive Director
Mr. Gunasekhar Boga Executive Director
Mr. Subrata Mondal Executive Vice President
Mr. Deepak Prinjha Executive Vice President
Mr. Rajeev Chawdhary Executive Vice President
Mr. P.R. Venugopal Executive Vice President
Mr. N Neelakantan Executive Vice President
Mr. Kenji Ino Executive Vice President & CRO
Mr. Raj Kr Bora Executive Vice President
Mr. Sanket Gupta Executive Vice President & CFO
Mr. Harsh Agrawal Executive Vice President
Mrs. Niharika Singh Executive Vice President
Mr. Neeraj Jain Executive Vice President
Mr. Koichi Okamoto Executive Vice President

COMPANY SECRETARY
Mr. Amit Jain Vice President

STATUTORY AUDITORS M/s ASC & Associates

Chartered Accountants
M/s S.K. Mehta & Co.
Chartered Accountants
MAIN BANKERS Deutsche Bank, New Delhi,
Standard Chartered Bank, Gurugram,
Axis Bank, Gurugram, City Bank, Gurugram

REGISTERED OFFICE IFFCO SADAN, C-1, District Centre Saket,

New Delhi- 110017, Phone No.: 011- 26542625

CORPORATE OFFICE IFFCO TOWER - II, Plot No. 3, Sector 29,

Gurugram- 122001 (Haryana), Phone No.: 0124-2850200

2
MANAGEMENT TEAM

Mr. H.O. Suri Mr. Shinjiro Hamada

Managing Director & CEO Director

Mr. Ramesh Kumar Mrs. Seema Gaur Mr. Gunashekhar Boga Mr. Subrata Mondal
Sr. Executive Director Sr. Executive Director Executive Director Executive Vice President

Mr. Deepak Prinjha Mr. Rajeev Chawdhary Mr. P.R. Venugopal Mr. N Neelakantan
Executive Vice President Executive Vice President Executive Vice President Executive Vice President

3
MANAGEMENT TEAM

Mr. Kenji Ino Mr. Raj Kr Bora Mr. Sanket Gupta Mr. Harsh Agrawal
Executive Vice President & CRO Executive Vice President Executive Vice President & CFO Executive Vice President

Mrs. Niharika Singh Mr. Neeraj Jain Mr. Koichi Okamoto Mr. Amit Jain
Executive Vice President Executive Vice President Executive Vice President VP & Company Secretary

Mrs. Isha Khera Mr. Abhishek Sharma Mr. Pankaj Dhingra

VP & Appointed Actuary VP & Chief Investment Officer VP & Financial Advisor
Head of Internal Audit & Legal

4
NOTICE OF THE TWENTY SECOND ANNUAL GENERAL MEETING
TO THE MEMBERS
NOTICE is hereby given that the TWENTY SECOND ANNUAL GENERAL MEETING of the Members of IFFCO TOKIO
General Insurance Company Limited will be held on Thursday, 28th July, 2022 at 11.00 AM (IST) at its Registered Office
at IFFCO Sadan, C-1, District Centre, Saket, New Delhi -110017 through Video Conferencing (“VC”) / other Audio
Visual Means (“OAVM”) to transact the following business:

ORDINARY BUSINESS
1. To receive, consider and adopt the Audited Financial Statements and Consolidated Financial Statements of the
Company as at 31st March, 2022 together with Auditors’ Report thereon and the Report of the Board of Directors
to the Members

2. To appoint Director in place of Dr. U.S. Awasthi (DIN 00026019) who retires by rotation and is eligible for
reappointment.

3. To appoint Director in place of Mr. Rakesh Kapur (DIN 00007230) who retires by rotation and is eligible for
reappointment.

4. To appoint Director in place of Mr. K Srinivasa Gowda (DIN 00059811) who retires by rotation and is eligible for
reappointment.

Registered Office
IFFCO Sadan, C1,
By Order of the Board,
District Centre, Saket
New Delhi 110017 (AMIT JAIN)
Dated: 21 June, 2022
st Company Secretary

5
NOTES:
1. In view of the continuing COVID -19 pandemic, the Ministry of Corporate Affairs (MCA) has vide its Circular dated
5th May, 2022 read with Circulars dated 8th April, 2020, 5th May, 2020, and 13th April, 2020 permitted the holding
of the Annual General Meeting (“AGM”) through VC / OAVM, without the physical presence of the Members at a
common venue. In compliance with the provisions of the Companies Act, 2013 and MCA Circulars, the AGM of the
Company is being held through VC / OAVM.
2. Pursuant to the provisions of the Act, a Member entitled to attend and vote at this AGM is entitled to appoint
a proxy to attend and vote on his /her behalf and the proxy need not be a member of the Company. Since this
AGM is in pursuant to the MCA Circulars through VC / OAVM, physical attendance of the Members has been
dispensed with. Accordingly, the facility for appointment of proxies by the Members will not be available for this
AGM and hence the Proxy Form and the Attendance Slip are not annexed to this Notice. However, in pursuance of
Section 112 and 113 of the Act, representatives of the Members may be appointed for the purpose of voting or for
participation in the Meeting held through VC or OAVM. The Board or Governing body resolution / Authorization
etc. authorizing its representative to attend the AGM through VC / OAVM on its behalf can be sent to Mr. Amit Jain
at his mail id amit.jain@iffcotokio.co.in.
3. In compliance with the aforesaid MCA Circulars, Notice of the AGM along with the Annual Report 2021-22
containing all the relevant annexures is being sent through electronic mode to all the Members at the email ids
registered with the Company.
4. Members attending the AGM through VC / OAVM shall be counted for the purpose of reckoning the quorum under
Section 103 of the Companies Act, 2013.
5. Though the Meeting is conducted through Video Conferencing (“VC”) / OAVM, in terms of Clarification issued by
the Institute of Company Secretaries of India (ICSI), on 15th April, 2020, the proceedings of AGM shall be deemed
to be made at Registered Office.
6. Since the AGM will be held through VC / OAVM, the Route Map is not annexed in this notice.
7. Instructions of joining the AGM are as follows:
• Members will be able to attend the AGM through VC / OAVM for which the link will be circulated separately
through email.
• Facility of joining the AGM through VC / OAVM shall open 15 minutes before the time scheduled for the Meeting
and shall not be closed till the expiry of 15 minutes after the scheduled time.
• Keep all your other Electronic devices on mute/ silent/ switched off mode so as to avoid interference of any
type.
• All the participants will be Muted at the start of the Meeting. You may switch on your Cameras.
• Roll Call will be done soon after, Members can raise their hands to confirm their participation.
• After the Meeting has started, Members are expected to raise their hands if they wish to say something. The
speaker would be unmuted.
• After each Agenda Item, Chairman would speak to conclude the point.
8. Participants / Members who need any assistance before or during the AGM, can contact Mr. Amit Jain, Vice
President and Company Secretary at +91 9810735897. In case of poll, members can cast their vote by sending
email at amit.jain@iffcotokio.co.in.

6
7
 DIRECTORS’
REPORT

8
Honourable Members,
Your Directors have the pleasure to present the Twenty Second Annual Report and Audited Financial Statements of
the Company, for the Financial Year 2021-22.

GENERAL INSURANCE INDUSTRY SCENARIO:

The non-life insurance industry reported a 11 per cent growth in premiums to Rs. 2,20,772 Crore in 2021-22, after
dismal growth in the year 2020-21, wherein Rs. 1,98,735 Crore worth of premiums were collected.

25 General insurers collected premiums to the tune of Rs. 1,84,775 Crore in 2021-22, up 8.79 per cent as compared
to last year; with private insurers growing at 12 per cent and state-owned insurers registering a growth of just 4.55
per cent.

Standalone health insurers, collectively, reported a premium growth of 32.53 per cent in Financial Year 2021-22 to
Rs. 20,880.08 Crore in Financial Year 2021-22, their premium collections stood at Rs. 15,755.18 Crore.

Specialised PSU insurers reported a premium growth of 14 per cent to Rs. 14,979 crore.

Post COVID-19, Health has become the largest line of business in the non-life insurance industry. The health
segment premiums have grown by 25.58 per cent while motor segment premiums have grown by 3.28 per cent. The
general and health insurers have also paid heavily on account of COVID-19 related health claims, which has eroded
their profitability.

Market Share of Private Players IFFCO-Tokio’s Share Among Private Insurers

PSUs - 36.51%
Private Players - 63.49% IFFCO-TOKIO - 6.47%
Other Private Players - 93.53%

9
FINANCIAL PERFORMANCE:
The Key Performance Indicators of the Company for the Financial Year 2021-22 are highlighted below:

S No. Particulars 2021-22 2020-21 Growth %

1 Gross Written Premium (Rs. in Crore) 8,618 8,524 1%
2 Profit Before Tax (Rs. in Crore) 65 411 (84%)
3 No. of Policies Issued (No. in lakhs) 97.12 88.34 10%
4 No. of Claims Settled (No. in lakhs) 10.74 11.48 (6%)

Your Company has underwritten Premium of Rs. 8,618 Crore during the year 2021-22 with growth of 1% which is
affected due to decrease in premium of Crop and Mass Health business. However, the growth in the Company’s Core
Business (i.e. Excluding Crop and Mass Health lines) is registered at 10% against Industry Growth of 13%. There is a
significant increase in the net premium from Rs. 5,287 Crore in 20-21 to Rs. 5,897 Crore in Financial Year 2021-22.

The Profit Before Tax (PBT) for the year is Rs. 65 Crore as compared to Rs. 411 Crore of PBT earned in the previous year
and The Profit After Tax (PAT) for the year is Rs. 58 Crore against Rs. 319 Crore in the previous financial year. There is
a decrease of Rs. 261 Crore of PAT in 21-22 as compared to last year.

The highlights of the financial performance of the Company are summarized as under: (Rs. in Crore)

Particulars 2021-22 2020-21

Gross Written Premium 8,618 8,524
Less: Reinsurance Premium 2,721 3,237
Net premium 5,897 5,287
Less: Adjustment for changes in Reserve for Unexpired Risk 332 388
Earned Premium (A) 5,565 4,899
Net Commission Expense / (Income) 376 213
Net Incurred Claims 5,237 4,169
Expenses of Management 945 782
Other Underwriting Expense / (Income) 4 2
Total Underwriting Expenses (B) 6,562 5,166
Underwriting Profit/ (Loss) (A) – (B) (997) (267)
Investment Income allocated to Revenue Accounts 798 611
Operating Profit/ (Loss) (199) 344
Investment Income allocated to P & L A/C 266 197
Investment Write Back/ (Provision) 2 (130)
OtheRs Income / (Expense) (4) -
Profit /(Loss) before Tax 65 411
Profit /(Loss) after Tax 58 319

The Company has received settlement value of Rs. 11.93 Crore against an investment of Rs. 25 Crore in the debt
securities of Dewan Housing Finance Limited (DHFL) as per the approved Resolution Plan of M/s Piramal Capital &

10
Housing Finance Limited. Accordingly, the unrecoverable amount of Rs. 13.07 Crore is written off and the provision
made in previous year against this investment amounting to Rs. 15.15 Crore is written back.

Gross Written Premium (GWP)

9000
8617.97
8524.4
8500
8070.5
8000

7500
7069.8
7000

6500

6000
5707.2
5500
5635.7
5000
` in crore

4500

4000 3762.4

3500 3398.7

3000
2991.9

2500 2649.40

2000 2248.60
1988.85
1500 1639.56
1515.52
1235.83
1000 1152.21
896.04
500

0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

Profit Before Tax (PBT) Performance

700
619.6
600
500
411
` in crore

400
322.5
302.1
267.8
300 239.9 257.7
235.2
196.3
200
100 24.1 42.46 11.86 6.92 38.61 65.20

0
100 -49.36 -46.63

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

11
 Class-wise GWP Breakup

8524.4
8500
8,070.5
8000
7500
7000
6500
2021-22
6000
2020-21
5500
5000
` in Crore

4500
4000 3721.1
3,526.7
3500
3000
2500 2,329.8

2,066.1
2000
1562.5
1500 1,320.4
910.7
1000
626.4
89.6 104.8
500 177.5 159.2

0
Fire Marine Motor Engineering Health Others Total

Number of Claims Intimated & Settled

(Information as per Public Disclosure)

Settled
Intimated

1300000
1,220,334
1200000 1,185,859
1,147,104
1100000 1,097,565
1,082,533 1,074,068

1000000
906,624
900000 861,337
857,929 838,194
831,351
800000 769,509

700000
636,053 649,163
600000

500000 489,113 484,870

400000 370,749 377,817

300000

200000
101,889
100000 90,349

0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

12
SOLVENCY AND SHAREHOLDERS FUND: IFFCO-TOKIO INSURANCE SERVICES LIMITED –
The Solvency ratio of the Company as on 31st March, 2022 A WHOLLY OWNED SUBSIDIARY:
was 1.68 as against Regulatory requirement of 1.50. As required under section 129 (3) of the Companies
Act, 2013, a separate Statement in prescribed form
The Shareholder’s Fund as on 31st March 2022 was
AOC-1 containing the salient features of the Financial
Rs. 3,236.11 Crore as compared to Rs. 2,777.70 Crore
Statements of IFFCO TOKIO Insurance Services Ltd., a
as on 31st March 2021. The shareholder’s fund has
Wholly Owned Subsidiary of the Company, is enclosed as
increased by Rs. 458.40 Crore at the end of 2021-22
Annexure to the Financial Statements of the Company.
as compared to the fund status as on 31st March 2021.
MARKETING:
During the year, the promoters - Indian Farmers Fertiliser
Amidst intense competition & increased discounts in
Cooperative Ltd. and Tokio Marine Asia Pte. Ltd. had
premium rates, your Company continued its cautious
infused the funds of Rs. 400 Crore by subscribing
approach in business selection and underwriting. The
60,36,062 equity shares of Rs. 10 each at a premium
severe competition was visible both in commercial as
of Rs. 652.76 per share in the existing proportion of
well as in retail segments. Year 2021-22 was a challenging
51% & 49%, respectively. The shareholding pattern of
period for the Company.
the Company during the year is in accordance with the
statutory and regulatory provisions. In order to implement and achieve Business Plan Targets
approved by the Board of Directors of the Company for
DIVIDEND: the Financial Year 2022-23, and with the primary focus
Board of Directors proposed to retain the generated on growth of core business, the management has taken
profit of Rs. 58 Crore in the Company to meet the various measures/ initiatives in all the functions of
capital requirements for the future business growth and the Company. One such initiative was to bifurcate the
hence have not proposed any dividend for the financial marketing team into two zones with their respective
year 2021-22. verticals. While, Zone-I comprises of Eastern & Northern
States; the Zone- II consist of Western & Southern
INVESTMENTS AND INVESTMENT INCOME:
States. Both Marketing zones will be headed by a Senior
Investment Assets Under Management (AUM) as at Marketing Personnel. Company has also strengthened
31st March, 2022 are Rs. 13,446 Crore vis-a-vis Rs. 12,083 its Digital Marketing with in-house call center and Banca
Crore as at 31st March 2021 registering a growth of 11% on Channel.
YoY basis. The distribution of AUM is in compliance with
With a motive to expand in the rural geographies and tier
the limits prescribed in IRDAI (Investment) Regulations
II, III & IV cities, Company had earlier created Emerging
and the Board approved Investment Policy. Investment
Bima Kendra (EBKs). These EBKs have further consolidated
portfolio comprises of 90% investments in debt securities
their position and are now showing better growth
of which 98% is in sovereign or AAA rated instruments.
results. Our growth drivers will remain development of
Investment portfolio is regularly monitored in line
business supported by enhanced focus on Retail Health
with the duration of liabilities through Assets Liability
policies along with Value Added Services and distribution
Management Policy to ensure availability of funds for of Micro Insurance products for our Rural customers via
settlement of obligations towards policyholdeRs and our EBK network.
other creditors.
BUSINESS PLAN:
Investment income for the Financial Year 2022 is Rs. 1,065
The Company projects a GWP of Rs. 10,010 Crore for
Crore with an average investment yield of 8.20% as against
2022-23 with 16% growth in profitable segments and
Rs. 808 Crore with a yield of 7.15% in Financial Year 2021.
geographies. The Company continues its endeavor

13
to strengthen the business development in tier II, III capabilities required for a giant leap in business.
& IV cities. With an objective to attain sustainable
ANNUAL RETURN:
business growth, the Company aims to further expand
in Cooperative Banca channel and to have national level Pursuant to the Provisions of Section 92(3) of the
Banca tie up. Companies Act, 2013 read with Rule 11 of the Companies
(Management and Administration) Rules, 2014, Annual
HUMAN RESOURCE DEVELOPMENT: Return in the prescribed Form MGT-7 is available on the
Employees are an asset of the organization. In 2021- Company’s website.1
22, the employee safety continued to be our priority.
CORPORATE GOVERNANCE:
Post Pandemic, the work force started full-fledged
operations from office premises spread all over the Your Company believes that good Corporate Governance
country with necessary precautions. Despite challenges, strikes a balance between social and commercial goals. It
the Company released the Incentives and Increments to instils essential vision and structures to make decisions
all its employees on time. All HR activities like training, that ensure long term sustainability. Your Company
promotions, engagement were conducted on time. has endeavoured to adopt systems and procedures
which would strengthen good corporate governance,
Besides organizing several Vaccination camps, as a safety transparency, accountability and full disclosure of
measure, for the employees and their families across the information to its shareholders and other stakeholders.
country, the Company, as per its benevolent policy, also
took care of the families of its deceased employees by The Guidelines on Corporate Governance issued by
offering them opportunities to serve our Company in IRDAI for the Insurance sector were implemented by
accordance to their qualification and abilities. the Company in letter and spirit. IRDAI has outlined in
general terms, corporate governance responsibilities of
The Company has about 4265 employees spread across the Board in the management of the insurance functions
the country in various profile of our business and under various Regulations notified by it covering different
their contribution was duly recognized at various forum operational areas. IRDAI has also issued comprehensive
for their initiatives and professional competencies Corporate Governance Guidelines for adoption by the
throughout the year. insurer. In light of the changes brought in by Companies
Act, 2013 and amendments thereto, your Company
INFORMATION TECHNOLOGY:
had also streamlined its structure, responsibilities and
The Insurance Industry is riding high on technology
functions of Board of Directors and management in
usage for the past few years. Our Company is also at the
accordance with the revised guidelines.
forefront of digital innovation in the general insurance
business. In 21-22, we have ensured uninterrupted A Report on Corporate Governance pursuant to IRDAI
Business Operations by providing secure remote access Guidelines is placed at Annexure ‘A’.
to Business Users during wave 2 of the Pandemic. Usage
ENTERPRISE RISK MANAGEMENT AND RISK
of RPA (Robotic Process Automation) and AI have been
MANAGEMENT POLICY:
enhanced. RPA has been extended to Health, MIS and
Finance for automation of Processes. Machine Learning Your Company has a comprehensive Risk Management
and AI based Fraud Analytics have been rolled out in Policy & Framework in place to ensure that all the material
Motor and Health Line of Business resulting in Crore of risk(s) that may affect the Company are identified,
savings for the Company. Use of AI has been extended assessed and monitored periodically and the same are
to generate Renewal Propensity for Motor Line of reported to the Management in a structured manner.
Business resulting in increase of Renewal ratio of Digital In addition to normal Enterprise Risks, your Company,
channel. The Company has progressed in its journey of being in general insurance industry, is exposed to various
replacement of legacy core system to enhance the digital other risks including the risk of loss due to inadequate

14 1-Form MGT-7 can be accessed at www.iffcotokio.co.in and

https://www.iffcotokio.co.in/content/dam/iffcotokio/iffco-pdf/sites/default/files/MGT-7-annual-return-ITGI-2021-22.pdf
pricing, reserving or inadequate reinsurance protection. SECRETARIAL STANDARDS:
The revised Corporate Governance Guidelines has During the year 2021-22, the Company has complied
widened the scope and responsibilities of the Risk with the applicable secretarial standards issued by the
Management Committee and to effectively mitigate Institute of Company Secretaries of India for Board and
these risks, the Company has laid down the following General Meetings.
controls and mitigation measures:
BOARD OF DIRECTORS:
• Risks are underwritten based on underwriting
guidelines after thorough analysis to enable that the MEETINGS:
proper price is charged from the proposer. During the year 2021-22, Seven (7) Meetings of Board
of Directors of the Company were held on 20th May,
• The Reinsurance program is designed to ensure 2021, 11th August, 2021, 16th August, 2021, 8th October,
optimal protection from financially sound reinsurers. 2021, 13th October, 2021, 30th November, 2021, and
15th February, 2022 respectively.
• Risk Management Committee comprising of Chief Risk
Officer and other Senior Executives of the Company CHANGES IN THE COMPOSITION OF THE BOARD
meet regularly to identify and assess various Business & KMPS:
and other Enterprise risks as well as to suggest During the year 2021-22, Tokio Marine Nominee Non-
and monitor the mitigation measures taken up by Executive Directors, Mr. Saloon Tham and Mr. Chisato
the Management. Kojima resigned from the directorship of the Company
• The Risk Management Committee also continuously with effect from 8th July, 2021 and 30th September,
reviews the investments, reinsurance securities, 2021 respectively; and Mr. Yukio Arita and Mr. Kunihiko
loss reserving and solvency ratio to ensure financial Higashi were appointed as Tokio Marine Nominee Non-
stability of the Company. Gap analysis is conducted Executive Directors of the Company, with effect from
with reference to practices being followed globally to 11th August, 2021 and 8th October, 2021 respectively. Mr.
identify areas of updation and improvement. Masahito Hirai was appointed as Tokio Marine Nominee,
Non-Executive Director of the Company w.e.f. 15th
• Business Continuity Plan is being reviewed from February, 2022.
time to time and mock drills for measuring the
effectiveness of the same are being conducted Further, due to change of nominations from Tokio
regularly. Marine, Mr. Noboru Yamagata, Vice Chairman & Non-
Executive Director and Mr. Yukio Arita, Nominee Non-
• Formulated a Fraud Monitoring Policy for effective Executive Director, resigned from the directorship of the
deterrence, prevention, detection and mitigation Company with effect from 31st March, 2022. Later, Mr.
of frauds. Akira Harashima and Mr. Allen Ps Hsu Juang, both Tokio
Marine Nominees were appointed as Non-Executive
ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
Directors on the Board of the Company with effect from
The Company has robust internal controls to mitigate
29th April, 2022. Mr. Akira Harashima was also appointed
any financial and operational risk. During the year,
as Vice Chairman of the Board of the Company.
the Internal Audit Team had assured adequacy and
effectiveness of controls encompassing Company’s During the year, Company has lost one of its mentor and
governance, operations and information systems. patron Late Shri B. S. Nakai on 11th October, 2021. Late
Shri Nakai had served the Board of IFFCO TOKIO as IFFCO
The Internal Audit Team executed internal audit plan and
Nominee Non-Executive Director for more than 10 years
periodically reported Internal Audit findings to the Audit
since 10th March, 2011. Your Directors wish to place their
Committee of the Board and to the Management of
heartfelt condolences and homage to the departed soul.
the Company.

15
Mr. Dileepbhai Sanghani, Chairman, IFFCO was and applicable relevant provisions of the Companies Act,
appointed as IFFCO Nominee Non-Executive Director of 2013, Dr. U. S. Awasthi (DIN -00026019), Mr. Rakesh Kapur
the Company w.e.f. 13th October, 2021. (DIN-00007230) and Mr. K. Srinivasa Gowda (DIN- 00059811)
will retire by rotation at the ensuing Annual General Meeting
During the year, Mrs. Anamika Roy Rashtrawar, MD & CEO
and are eligible for reappointment. The Board recommends
of the Company, resigned from the office of MD & CEO
the reappointment of the retiring directors at the ensuing
w.e.f. 1st October, 2021 and Mr. H.O. Suri was appointed
Annual General Meeting.
as MD & CEO of the Company w.e.f. 13th October, 2021.

Your Directors placed on record their appreciation for

AUDIT COMMITTEE:
The Audit Committee comprises of Mr. Sudhakar Rao,
the valuable services rendered by Late Shri B.S. Nakai,
Mrs. Mira Mehrishi and Mr. Amar Sinha, Independent
Mr. Saloon Tham, Mr. Chisato Kojima, Mrs. Anamika Roy
Directors; Mr. Rakesh Kapur and Mr. Kunihiko Higashi,
Rashtrawar, Mr. Noboru Yamagata and Mr. Yukio Arita
Non-Executive Directors Mr. Sudhakar Rao, Independent
during their tenure as Directors of the Company.
Director is the Chairman of the Committee. During the
Consequent to the resignation of Mr. Sanjeev Chopra, Sr. year, Mr. Kunihiko Higashi was co-opted as a Tokio Marine
ED & CFO w.e.f. 28th February, 2022, Mr. Sanket Gupta, Nominee member of the Audit Committee in place of
EVP (F&A) was appointed as Acting CFO of the Company Mr. Chisato Kojima, who resigned from the directorship
and later on the Board of Directors in its meeting of the Company w.e.f. 30th September, 2021. All the
held on 29th April, 2022, approved his appointment members of the Committee have adequate qualifications
as Chief Financial Officer (CFO) of the Company w.e.f. to fulfil their duties stipulated under the Companies Act,
29th April, 2022. 2013. The Members of the Audit Committee met four (4)
times during the Financial Year 2021-22.
DECLARATION BY THE DIRECTORS:
Your Company has received declarations from all the STATUTORY AUDITORS & THEIR REPORT:
Directors confirming that they are not disqualified from The Shareholders of the Company appointed M/s ASC
being appointed as directors under the provisions of & Co., Chartered Accountants (FRN 011863N) (Formerly
Section 164 of the Companies Act, 2013. All Directors of M/s Arun Singh & Co. Chartered Accountants) at its 18th
the Company have submitted their KYC on MCA portal as Annual General Meeting (AGM) held on 24th July, 2018
required under Rule 12A of the Companies (Appointment as one of the Joint Statutory Auditor of your Company
and Qualification of Directors) Rules, 2014 for the to hold office from the conclusion of 18th Annual General
Meeting (AGM) until the conclusion of 23rd AGM.
Financial Year 2021-22.
Similarly, M/s S.K. Mehta & Co., Chartered Accountants
Your Company has also received declarations from all the (FRN 000478N) was appointed as another Joint Statutory
Independent Directors that they are meeting the criteria Auditor of the Company at its 21st AGM held on 22nd June,
of independence as provided under Section 149(6) of 2021 for the period of 5 years to hold the office from the
the Companies Act, 2013. Independent Directors also conclusion of 21st AGM until the conclusion of 26th AGM.
confirmed that their names have been included in the The Report of the Joint Statutory Auditors to the
data bank maintained by the Indian Institute of Corporate Shareholders of the Company is annexed to the financial
Affairs in compliance of sub rule (1) and (2) of Rule 6 of statements for the year ended 31st March, 2022. There
Companies (Appointment and Qualification of Directors) is no qualification, reservation or adverse remarks
Rules, 2014. in the Report of the Joint Statutory Auditors, which
require clarification.
ROTATIONAL RETIREMENT OF DIRECTORS:
In accordance with the provisions contained in Articles 102,
103 and 104 of the Articles of Association of your Company

16
SECRETARIAL AUDITOR’S REPORT: QUALITATIVE AND QUANTITATIVE DISCLOSURES ON
In accordance with the provisions of Section 204 of REMUNERATION OF MANAGING DIRECTOR / CHIEF
the Companies Act, 2013 read with Section134(3) of EXECUTIVE DIRECTOR / WHOLE – TIME DIRECTOR OF
the Companies Act, 2013, Board had appointed Mr. INSURERS PURSUANT TO IRDAI GUIDELINES DATED
PSR Murthy as Secretarial Auditor of the Company to AUGUST 5, 2016:
conduct the Secretarial Audit for the financial year 2021- i. QUALITATIVE DISCLOSURES
22. Secretarial Audit Report in the prescribed form MR-3
(a) Information relating to the design and structure
is enclosed at Annexure ‘B’. Secretarial Audit Report is of remuneration processes and key features and
self-explanatory and there is no specific qualification, objectives of the Remuneration Policy
reservation or adverse remarks in the Report, which
require clarification. The Remuneration Policy ensures that there is
reasonableness and fairness in the remuneration
POLICY ON DIRECTOR’S APPOINTMENT AND structure which ensures that the long term and
REMUNERATION: short term goals of the Company are achieved by
The Company has in place a Board approved Policy on retaining and rewarding employees at all levels
‘Appointment and Selection of Directors and members reflecting short and long term performance
of Senior Management and criteria for determining objectives appropriate to the working of the
Directors’ Independence (Appointment & Selection Company and its goals.
Policy)’ and ‘Policy on Remuneration of Directors, (b) Description of the ways in which current and
Key Managerial Personnel and other Employees future risks are taken into account in the
(Remuneration Policy)’. Brief extracts containing the remuneration processes
features of the above mentioned Policies are available
The process of determination of remuneration of
on the website of our Company.2
Whole Time Directors and Managing Director &
ANNUAL EVALUATION OF BOARD, COMMITTEES CEO includes evaluation of performance against
AND DIRECTORS’ PERFORMANCE: their Key Performance Indicators (KPIs) as defined
by Nomination & Remuneration Committee and
Pursuant to the provisions of the Companies Act, 2013 the Board of Directors of the Company.
evaluation of performance of the Board, its Committees
and Individual Directors of the Company is carried out at (c) Description of the ways in which the Company
two levels i.e. by the Independent Directors as required seeks to link performance during the performance
measurement period with levels of remuneration
under Schedule IV to the Companies Act, 2013 and
by the Nomination & Remuneration Committee with The level of remuneration of Whole Time Directors
participation of all the Directors on the Board. The including Managing Director & CEO is inter-alia
evaluation of performance of the Board, its Committees linked to the performance objectives set by NRC
and Directors etc. is carried out on the basis of various which includes the achievement of the Annual
parameters including qualification, experience, quality, Target of GWP, COR & PBT.
personal attributes, participation, contribution to the
ii QUANTITATIVE DISCLOSURES:
Board, preparedness, strengths etc.
The following table sets forth the details of quantitative
disclosure of remuneration of Whole Time Directors
including Managing Director & CEO:

2-Policy on director’s appointment and remuneration can be accessed at www.iffcotokio.co.in and 17

https://www.iffcotokio.co.in/content/dam/iffcotokio/iffco-pdf/sites/default/files/Remuneration-Policy-for-Directors-KMP-and-other-employees.pdf
 Year ended INFORMATION UNDER RULE 5 (2) OF
Particulars THE COMPANIES (APPOINTMENT AND
March, 2022
Number of MD & CEO/ WTDs having REMUNERATION OF MANAGERIAL PERSONNEL)
received a variable remuneration 3 RULES, 2014, IRDAI CORPORATE GOVERNANCE
reward during the financial year GUIDELINES AND IRDAI GUIDELINES ON
Number and total amount of sign-on REMUNERATION OF NON-EXECUTIVE
NA
awards made during the Financial Year
DIRECTORS AND MD/ CEO/ WTD DATED 5TH
Details of guaranteed bonus, if any,
NA AUGUST, 2016:
paid as joining/sign on bonus
Breakdown of amount of Pursuant to the provisions of Section 197 read with Rule
remuneration awards for the Financial 5(2) of the Companies (Appointment and Remuneration
Year of Managerial Personnel) Rules, 2014, IRDAI Corporate
Fixed 2,42,74,779 Governance Guideline and IRDAI Guidelines on
Variable * 31,25,000 Remuneration of Non-Executive Directors and MD/ CEO/
WTD dated 5th August, 2016, the statement of particulars
(*) Since the proportion of Variable Pay (incentive) in of the top ten employees in terms of remuneration drawn
total remuneration does not constitute a substantial along with elements of remuneration package(including
portion, therefore, requirement of deferment of Variable incentives) of MD & CEO and all other directors and Key
Pay does not applicable. Management Persons is placed at Annexure ‘D’.
CORPORATE SOCIAL RESPONSIBILITY (CSR): CONSERVATION OF ENERGY, TECHNOLOGY
The Company is carrying out several CSR Projects/ ABSORPTION:
Activities to fulfill the CSR obligation under the As your Company does not carry out any manufacturing
Companies Act, 2013. During the year, the Company had activity, the provisions with regard to disclosure of
spent a sum of Rs. 5,87,87,404/- towards CSR project/ particulars regarding Conservation of Energy and
activities, against the total available CSR amount of Rs.
Technology absorption are not applicable to the
8,91,20,230/- [i.e. CSR obligation of Financial Year 2021-22
Company.
(Rs. 6,22,84,869) & Amount carried forward for ongoing
projects of Financial Year 2020-21 (Rs. 2,68,35,361)]. Out FOREIGN EXCHANGE EARNINGS AND OUTGO:
of unspent amount of Rs. 3,03,32,826/-an amount of Rs. The particulars of Foreign Exchange earnings/outgo
3,02,93,278/- pertains to long term ongoing CSR projects during the year 2021-22 as required under the Companies
of Financial Year 2021-22 which are in progress and to be Act, 2013 are given below:
completed in subsequent year(s); whereas Rs. 39,548/-
has been transferred to Prime Minister’s National Relief Earnings: Rs. 42.22 Crore
Fund, which could not be allocated to any CSR project/ (Previous year Rs. 137.18 Crore)
activities due to the unavailability of suitable CSR Project.
Outgo: Rs. 227.24 Crore
As required under the Companies Act, 2013 and CSR (Previous year Rs. 259.32 Crore)
Rules, 2014, CSR Annual Report of the Company is
PUBLIC DEPOSITS:
enclosed in prescribed format as per Annexure ‘C’.
The Company has not accepted any Public Deposits
during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR

INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013:
In terms of provisions of Section 186(11) of the Companies

18
Act, 2013, as amended by the Companies (Removal of DIRECTORS’ RESPONSIBILITY STATEMENT:
Difficulties) Order, 2015 dated 13th February, 2015, the The Board of Directors of the Company confirms that:
provisions of Section 186 except sub section (1) are not
applicable to the Company. i. in the preparation of the annual accounts, the
applicable accounting standards has been followed
PARTICULARS OF CONTRACTS OR along with proper explanation relating to material
ARRANGEMENTS UNDER SECTION 188(1) OF departures;
THE COMPANIES ACT, 2013:
ii. the Directors had selected such accounting policies
During the year under review, the Company did not enter
and applied them consistently and made judgments
into any transaction or arrangements with its related
and estimates that are reasonable and prudent so as
parties which were material or not at arm’s length. The
to give a true and fair view of the state of affairs of
Company undertook various transactions with related
the Company at the end of the financial year and of
parties at Arm’s length in the ordinary course of business
the profit and loss of the Company for that period;
as per Policy on Related Party Transactions. The Audit
Committee of Directors has given its approval to different iii. the Directors had taken proper and sufficient
types of related party transactions which are in ordinary care for the maintenance of adequate accounting
course of business. records in accordance with the provisions of this
Act for safeguarding the assets of the Company
The details of related party transactions entered into
and for preventing and detecting fraud and other
by the Company are included in the Notes to Financial
irregularities;
Accounts for Financial Year 2021-22.
iv. the Directors had prepared the annual accounts on a
SIGNIFICANT AND MATERIAL ORDERS PASSED
going concern basis; and
BY THE REGULATORS/ COURTS/ TRIBUNALS:
In a matter pertaining to onsite inspection of the v. the Directors had devised proper systems to ensure
Company made by IRDAI during 2018-19, the IRDAI vide compliance with the provisions of all applicable laws
its order dated 22nd April, 2021 issued an Advisory and and that such systems were adequate and operating
imposed a penalty of Rs5.00 lakhs for violation of MISP effectively.
Guidelines. In another matter pertaining to a thematic
ACKNOWLEDGEMENTS:
onsite inspection of the Company conducted by IRDAI
in 2020-21, the Authority vide its order dated 22nd April Your Directors express their gratitude to all employees,
2021 issued caution and directions to the Company. customers, agents & intermediaries and partners of the
Company. We are also thankful to our Shareholders,
During the year 2021-22, no other significant or material the Insurance Regulatory & Development Authority of
orders passed by the regulators, courts or tribunals. India, General Insurance Council, General Insurance
MATERIAL CHANGES AND COMMITMENTS Corporation of India and other statutory authorities for
AFFECTING THE FINANCIAL POSITION: their continued support and guidance.

There were no material changes and commitments,

affecting the financial position of the Company between
31st March, 2022 and the date of this report.

For and on behalf of the Board

Place: New Delhi K. SRINIVASA GOWDA

Date: 27th May, 2022 CHAIRMAN

19
 ANNEXURE ‘A’

REPORT ON CORPORATE GOVERNANCE

IFFCO TOKIO’s Corporate Governance Philosophy harmonizes the best governance principles and procedures.
We follow the Corporate Governance guidelines as specified by IRDAI, which are as under:

1.0 Corporate Governance Practices

The Company believes that Corporate Governance is a commitment to conduct business in a fair, transparent
and in compliance of applicable laws, rules, regulations, circulars etc. The corporate governance philosophy of
IFFCO TOKIO has been strengthened with the formulation of Code of Conduct for Management, Whistle Blower
Policy, Online Grievance Redressal system and implementation of Public Disclosure Guidelines. The Company has
also set up mandatory committees as prescribed in the Corporate Governance Guidelines. The Company, through
its Board and Committees, endeavors to strike and deliver the highest governing standards for the benefit of
its stakeholders.

2.0 Composition of the Board of Directors

The Board has Independent Directors and consists of both Executive and Non-Executive Directors. The Company
has two functional Directors including the Managing Director. All the Members of the Board have executed Deed
of Covenants as prescribed in the Guidelines.

3.0 Committees of the Board

The Company has set up mandatory Committees of the Board which meet as per guidelines prescribed in the
Companies Act. The Company Secretary ensures that the meetings of the Shareholders, Board of Directors and
Committees of the Board are held as per the time frame and the minutes of such meetings are properly recorded.

4.0 Board of Directors Meetings

During the year 2021-22, the Board met seven (7) times on 20th May, 2021, 11th August, 2021, 16th August, 2021,
8th October, 2021, 13th October, 2021, 30th November, 2021, and 15th February, 2022 respectively and time gap
between two meetings did not exceed 120 days.

Names, qualification, specialization and status of the Directors and their attendance at the Board Meetings held
during the financial year 2021-22 are as under:

20
 S. Name of Nature of Designation Qualification Field of 20th 11th 16th 8th Oct, 13th 30th 15th No. of No. of
No Director Directorship in the Specialization May, Aug, Aug, 2021 Oct, Nov, Feb, Meetings Meetings
(Independent/ Committee/ 2021 2021 2021 2021 2021 2022 held attended
ED/ Non-ED) Board during
the
tenure

1 Mr. K. Non- Executive Chairman B.Sc. Agriculture Present Present Present Present Present Present Present 7 7
Srinivasa Director
Gowda

2 Mr. Noboru Non- Executive Vice Bachelor of Insurance / Present Present Present Present Present Present Present 7 7
Yamagata Director Chairman Economics Automobile
(Upto 31st
March, 2022)

3 Mr. Non- Executive Member Graduate Agriculture Present Present Present Absent NA NA NA 4 3
Balwinder Director
Singh Nakai (upto 11th
Oct. 21)

4 Mr. Dileep Non- Executive Member Law Graduate Agriculture NA NA NA NA NA Absent Present 2 1
Sanghani Director
(w.e.f. 13th
Oct. 21)

5 Dr. U.S. Non- Executive Member Ph.D. and Graduate Management Present Present Present Present Present Present Absent 7 6
Awasthi Director in Chemical
Engineering

6 Mr. Rakesh Non- Executive Member B. Tech Finance Present Present Absent Present Present Present Present 7 6
Kapur Director (Mechanical)

7 Dr. P.S. Non- Executive Member Ph.D., B.Sc. (Hons.) Business Present Present Present Present Present Present Present 7 7
Gahlaut Director Management

8 Mrs. Mira Independent Member Master’s degree Management Present Present Present Present Present Present Present 7 7
Mehrishi Director in Business &
Administration Administration

9 Mr. Independent Member M.A. (Economics) Management, Present Present Present Present Present Present Present 7 7
Sudhakar Director Administration
Rao & Public Affairs

10 Mr. Amar Independent Member Economics Graduate Economic Present Present Present Present Present Present Present 7 7
Sinha Director Relations,
Trade &
Investment
Promotion

21
22
11 Mr. Saloon Non- Executive Member Fellow of Societies Actuary Present NA NA NA NA NA NA 1 1
Tham Director of Actuaries and
(upto 8th July FCAI and member
21) of American
Academy of
Actuaries.

12 Mr. Yukio Non- Executive Member Bachelor of Business NA NA Present Present Present Present Present 5 5
Arita Director Economics, Kansai Management
(from 11th University and Insurance
Aug 21 to 31st
March 22)

13 Mr. Chisato Non- Executive Member MBA from MIT Business Present Present Present NA NA NA NA 3 3
Kojima Director Sloan, Management Management
(upto 30th Sept School and BA of and Insurance
21) Economics

14 Mr. Kunihiko Non- Executive Member BA of Law, Kobe Finance and NA NA NA NA Present Present Present 3 3
Higashi Director University and Accounts
(w.e.f. 8th Oct. MBA from Wharton
21) School of Business,
University of
Pennsylvania.

15 Mr. Non- Executive Member Law Graduate from Corporate NA NA NA NA NA NA NA 0 0

Masahito Director KONAN University, Planning
Hirai (w.e.f. 15th Feb. Japan and
22) Economics ELS

16 Mrs. MD & CEO Member M.A, English Insurance Present Present Present NA NA NA NA 3 3
Anamika (Upto 1st Oct (Hons.), CPCU from
Roy 21) The Institutes,
Rashtrawar USA and FIII from
Insurance Institute
of India.

17 Mr. H. O MD & CEO Member FCA (Chartered Insurance NA NA NA NA Present Present Present 3 3
Suri (w.e.f. 13th Oct. Accountant
21) from Institute
of Chartered
Accountants, New
Delhi) and B.Com
(Hons.) from Delhi
University.

18 Mr. Shinjiro Whole Time Member Bachelor of Arts Insurance Present Present Present Present Present Present Present 7 7
Hamada Director
5.0 COMMITTEE MEETINGS OF THE BOARD OF DIRECTORS
The details of the Committee Meetings of the Board of Directors held during the financial year 2021-22 are as under.

A. Investment Committee

During the year 2021-22, the Investment Committee of the Board met four (4) times. The details of Meetings,
Composition of Investment Committee and attendance of the members at the Meetings of the Investment
Committee held during the year are as under:

S. Name Nature of Designation 19th 10th 29th 14th No. of No. of

No of the Directorship in the May, Aug, Nov, Feb, Meetings Meetings
Member(s) (Independent/ Committee 2021 2021 2021 2022 held attended
ED/ Non-ED) (Chairman/ during the
Member) tenure
1 Dr. U.S. Non-Executive Chairman Present Present Present Present 4 4
Awasthi Director
2 Mr. Rakesh Non-Executive Member Present Present Present Present 4 4
Kapur Director
3 Dr. P.S. Non-Executive Member Absent Present Present Present 4 3
Gahlaut Director
4 Mrs. MD & CEO Member Present Present NA NA 2 2
Anamika (Up to 1st Oct
Roy 21)
Rashtrawar
5 Mr. Shinjiro Whole Time Member Present Present Present Present 4 4
Hamada Director
6 Mr. H. O. Financial Member Present Present Present Present 4 4
Suri (*) Advisor / MD
& CEO
7 Mr. Sanjeev Chief Financial Member Present Present Present Absent 4 3
Chopra Officer
8 Mrs. Isha Appointed Member Present Present Present Present 4 4
Khera Actuary
9 Mr. Kenji Chief Risk Member Present Present Present Present 4 4
Ino Officer
10 Mr. Chief Member Present Present Present Present 4 4
Abhishek Investment
Sharma Officer

Note- (*)Mr. H. O. Suri, attended the meetings of the Committee as Financial Advisor upto 13th October, 2021 and
thereafter he attended the meetings as MD & CEO.

B. Audit Committee

During the year 2021-22, the Audit Committee of the Board met four (4) times. The details of Meetings,
Composition of Audit Committee and attendance of the members at the Meetings of the Audit Committee held
during the year are as under:

23
 S. Name of the Nature of Designation 18th 5th Aug, 24th 14th No. of No. of
No Member(s) Directorship in the May, 2021 Nov, Feb, Meetings Meetings
(Independent/ Committee 2021 2021 2022 held attended
ED/ Non-ED) (Chairman/ during the
Member) tenure
1 Mr. Independent Chairman Present Present Present Present 4 4
Sudhakar Director
Rao
2 Mrs. Mira Independent Member Present Present Present Present 4 4
Mehrishi Director
3 Mr. Amar Independent Member Present Present Present Present 4 4
Sinha Director
4 Mr. Rakesh Non-Executive Member Present Present Present Present 4 4
Kapur Director
5 Mr. Chisato Non-Executive Member Present Present NA NA 2 2
Kojima (*) Director
6 Mr. Kuniko Non-Executive Member NA NA Present Present 2 2
Higashi (*) Director

Note: (*) Consequent to the resignation of Mr. Chisato Kojima as Nominee Non-Executive Director w.e.f. 30th
September, 2021, Mr. Kunihiko Higashi was co-opted as Member of the Audit Committee.

C. Risk Management Committee

During the year 2021-22, the Risk Management Committee of the Board met five (5) times. The details of
Meetings, composition of Risk Management Committee and attendance of the members at the Meetings of the
Risk Management Committee held during the year are as under:

S. Name of the Nature of Designa- 13th 11th 28th Sep, 23rd Dec, 16th No. of No. of
No Member(s) Directorship tion in the May, June, 2021 2021 March, Meetings Meetings
(Independ- Commit- 2021 2021 2022 held dur- attended
ent/ ED/ tee (Chair- ing the
Non-ED) man/ tenure
Member)
1 Mr. Shinjiro Whole Time Chairman Present Present Present Present Present 5 5
Hamada Director
2 Mrs. Anamika MD & CEO Member Present Present Present NA NA 3 3
Roy Rashtrawar (Up to 1st Oct
21)
3 Mr. H.O. Suri Financial Ad- Member Present Present Present Present Present 5 5
visor / MD
& CEO
4 Mr. Sanjeev CFO Member Present Present Present Present NA 4 4
Chopra (Upto 28th
Feb 22)
5 Mr. Ramesh Sr. ED (HR, Member Present Present Present Present Present 5 5
Kumar Admin &
CSR)

24
 6 Mrs. Seema Sr. ED (IT) Member Present Present Present Present Present 5 5
Gaur
7 Mr. Abhijit ED (Claims) Member Present Present Present NA NA 3 3
Chatterjee (Upto 30th
Nov 21)
8 Mr. Kenji Ino CRO Member Present Present Present Present Present 5 5
9 Mr. Sanjay EVP & Head Member Present Present NA NA NA 2 2
Seth Claims
(Upto 30th
June 21)
10 Mr. Deepak EVP & Head Member NA NA NA Present Present 2 2
Prinjha Claims
(w.e.f 1st Dec
21)
11 Mr. Subrata EVP (UW) Member Absent Present Present Present Present 5 4
Mondal
12 Mr. Amit Jain VP, CS & Member Present Present Present Present Present 5 5
CCO
13 Mr. Abhishek CIO Member Present Present Present Present Present 5 5
Sharma
14 Mrs. Isha Appointed Member Present Present Present Present Present 5 5
Khera Actuary
15 Mr. Sanket Acting CFO Member NA NA NA NA Present 1 1
Gupta (w.e.f.28th
Feb 22)

Note- (*) Mr. H. O. Suri, attended the meetings of the Committee as Financial Advisor upto 13th October, 2021, and
thereafter he attended the meetings as MD & CEO.

D. Policyholders Protection Committee Meeting

During the year 2021-22, the Policyholders’ Protection Committee of the Board met four (4) times. The details
of Meetings, Composition of Committee and attendance of the members at the Meetings of the Policyholders’
Protection Committee held during the year are as under:

S. Name of the Nature of Designa- 10th 20th 15th 14th No. of No. of
No Member(s) Directorship tion in the May, Jul, Nov, Mar, Meetings Meetings
(Independent/ Committee 2021 2021 2021 2022 held dur- attended
ED/ Non-ED) (Chairman/ ing the
Member) tenure

1 Mr. Sudhakar Independent Chairman Present Present Present Present 4 4

Rao Director
2 Mrs. Anamika MD & CEO Member Present Present NA NA 2 2
Roy Rash- (Up to 1st Oct
trawar 21)
3 Mr. H.O. Suri MD & CEO Member NA NA Present Present 2 2
(w.e.f. 13th Oct
21)

25
 4 Mr. Shinjiro Whole Time Member Present Present Present Absent 4 3
Hamada Director
5 Mr. Rajesh Customer Rep- Member Present Present Present Present 4 4
Singh Yadav resentative

6 Mr. Ramesh Sr. ED (HR, Ad- Member Present Present Present Present 4 4
Kumar min & CSR)
7 Mr. Abhay ED (Retail Mar- Member Present Present NA NA 2 2
Kumar keting)
(Up to 9th Sept
21)
8 Mr. V Rajara- ED (Govt. & Member Present Present Present Present 4 4
man Inst. Business)
9 Mr. Abhijit ED (Claims) Member Present Present Present NA 3 3
Chatterjee (Up to 30th Nov
21)
10 Mr. Deepak EVP & Head Member NA NA NA Present 1 1
Prinjha Claims
(w.e.f. 1st Dec
21)
11 Mr. Arun VP & CGO Member Absent Present NA NA 2 1
Pandey (Up to 5th Sept
21)
12 Mrs. Preeti VP & CGO Member NA NA Present Present 2 2
Bali (w.e.f.6th Sept
21)

E. CSR Committee

During the year 2021-22, the CSR Committee of the Board met two (2) times. The details of Meeting, Composition
of CSR Committee and attendance of the members at the Meetings of the CSR Committee held during the year
are as under:

S. No Name of the Nature of Designation in 11th May, 13th Jan, No. of No. of
Member(s) Directorship the Committee 2021 2022 Meetings Meetings
(Independent/ (Chairman/ held during attended
ED/ Non-ED) Member) the tenure

1 Mrs. Mira Independent Chairperson Present Present 2 2

Mehrishi Director
2 Mrs. Anamika Roy MD & CEO Member Present NA 1 1
Rashtrawar (Up to 1st Oct 21)
3 Mr. H. O. Suri (*) Financial Advisor Member Present Absent 2 1
/ MD & CEO
4 Mr. Shinjiro Whole Time Member Present Present 2 2
Hamada Director

Note- (*) Mr. H. O. Suri, attended the meetings of the Committee as Financial Advisor upto 13th October, 2021, and
thereafter he was appointed as MD & CEO.

26
 F. Nomination and Remuneration Committee
During the year 2021-22, the Nomination & Remuneration Committee of the Board met Six (6) times. The
details of Meeting, Composition of Nomination & Remuneration Committee and attendance of the members at
the Meetings of the Nomination & Remuneration Committee held during the year are as under:

Designation
Nature of No. of
Name in the 20th 11th 8th 13th 30th 14th No. of
Directorship Meetings
S. No of the Committee May, Aug, Oct, Oct, Nov, Feb, Meetings
(Independent/ held during
Member(s) (Chairman/ 2021 2021 2021 2021 2021 2022 attended
ED/ Non-ED) the tenure
Member)
Mr. Amar Independent
1 Chairman Present Present Present Present Present Present 6 6
Sinha Director
Mr.
Independent
2 Sudhakar Member Present Present Present Present Present Present 6 6
Director
Rao
Mrs. Mira Independent
3 Member Present Present Present Present Present Present 6 6
Mehrishi Director
Mr. K. S. Non-Executive
4 Member Present Present Present Present Present Absent 6 5
Gowda Director
Mr. Noboru Non-Executive
5 Member Present Present Present Present Present Present 6 6
Yamagata Director
Dr. U. S. Non-Executive
6 Member Present Present Present Present Present Present 6 6
Awasthi Director

G. Executive Committee

In accordance with the provisions contained in the Articles of Association of the Company, the Company had
constituted an Executive Committee which is in operation since the inception of the Company. The Committee
is primarily responsible for preparation/ monitoring of Business Plan, Annual Budgets, Key initiatives, review
of operations, review of human resource related matters and performance of personnel below the Board level
and other than KMPs etc. Nine (9) Meetings of the Executive Committee were held during the financial year
2021 -22.

6.0 Separate Meeting of Independent Directors

During the Financial Year 2021-22, a separate meeting of Independent Directors was held on 6th August, 2021,
which was attended by Mrs. Mira Mehrishi, Mr. Sudhakar Rao and Mr. Amar Sinha, Independent Directors During
the meeting, Independent Directors evaluated the performance of Executive Directors, Non-Executive Directors
and Chairman. Independent Directors also evaluated the performance of the Committees and the Board as a
whole and assessed the quality, quantity and timeliness of the flow of information to the Board.

7.0 Code of Business Conduct and Ethics

The Company promotes ethical behavior in all its business activities. The Company has a Board approved “Code
of Business conduct and Ethics for Board Members and Senior Management personnel of the Company”. The
code of Business conduct and ethics provides prevention of insider trading, access to confidential information,
protection of Company’s properties, conflict of interests, information to be placed before Board etc. The Code
also provides the role of Compliance officer and other senior management.

27
8.0 Whistle Blower Policy
The Whistle Blower Policy formulated by the Company provides an opportunity to employees to have access, in
good faith, to the Chairman and other Designated Officers of the Company in case they observe any unethical
and improper practices or wrongful conduct in the Company. The Board of Directors formulated the whistle
blower policy wherein the employees are free to report violations of laws, rules, regulations or unethical conduct.
The Policy provides maintenance of confidentiality of data, procedure for reporting improper and unethical
practices etc.

9.0 Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013
The Company has in place Prevention of Sexual Harassment (POSH) Policy in line with the requirements of
The Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal
Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All
employees (permanent, contractual, temporary and trainees) are covered under this policy. During the year
under review, the Company has not received any complaint.

10.0 Compliance certificate of the Company Secretary.

Certificate from the Company Secretary confirming compliances as stipulated under the Guidelines is attached to
the Directors Report forming part of the Annual Report as per Annexure I.

Annexure I of ‘A’

Certification for compliance of the Corporate Governance Guidelines

I, Amit Jain, Company Secretary & Chief Compliance Officer hereby certify that the Company has complied with the
Corporate Governance guidelines for Insurance Companies as amended from time to time and nothing has been
concealed or suppressed during the period under report.

Place: New Delhi (Amit Jain)

Date: 27th May, 2022 Vice President, Co. Secretary
& Chief Compliance Officer

28
 ANNEXURE ‘B’

FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st March 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]

The Members,
IFFCO-Tokio General Insurance Company Limited,
New Delhi – 110 017

Dear Sirs,

I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by IFFCO-TOKIO General Insurance Company Limited (hereinafter called “the Company”)
CIN U74899DL2000PLC107621. The Company is an unlisted Public Limited Company under the Companies Act 2013.
Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate
conducts, statutory compliances and expressing my opinion thereon.
I have conducted on line verification and physical examination of records, as facilitated by the Company due to Covid
19 for the purpose of issuing the Audit Report.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, and authorized
representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during
the audit period covering the financial year ended on 31st March 2022 generally complied with the statutory provisions
listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
I have examined the relevant books, papers, minute books, forms and returns filed and other records maintained by
the Company for the financial year ended on 31st March 2022 according to the provisions of the following Act/Rules.
1. The Companies Act 2013 and various Rules made thereunder;
2. Foreign Exchange Management Act 1999 and the rules and regulations made there under to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings (Applicable only to the extent
of Foreign Direct Investment);
3. The Depositories Act 1996 and the Regulations and Bye-Laws framed thereunder
4. Insurance Regulatory & Development Authority Act 1999;
5. Insurance Act 1938

I have also examined compliance with the applicable clauses of the Secretarial Standards issued by The Institute of
Company Secretaries of India and Corporate Governance Guidelines 2016 issued by the IRDAI.

During the period under review and based on the replies, assurances, the Company has complied with the provisions
of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the following observations:
1. The Company reported allocation of a sum of Rs. 6,22,84,869 towards CSR for the Financial Year 2021-22. The
Company also reported unspent carried forward amount of Rs. 2,68,35,361 pertaining to ongoing projects. Thus,

29
 the total funds available for CSR in 2021-22 are Rs. 89,120,230. Out of the total available funds, the Company had
spent a sum of Rs. 58,787,404 including carried forward amount of Rs. 26,835,361 as on 31st March 2022 and
carried forward Rs. 30,293,278 being unspent and pertaining to ongoing projects. A sum of Rs. 30,253,730 was
deposited in Unspent CSR Account for 2021-22 on 21st April 2022 and unallocated sum of Rs. 39,548 transferred
towards Prime Minister’s National Relief Fund on 19th April 2022 and 09th May, 2022.
2. In a matter pertaining to onsite inspection of the Company made by IRDAI during 2018-19, the IRDAI vide its
order dated 22nd April, 2021 issued Advisory for violation of Guideline 9 of MISP Guidelines (non-submission of
information etc.) and imposed penalty of Rs. 5.00 lakhs for violation of Guideline 15 of MISP Guidelines (Indirect
Payments). The Board took note of the Advisory in its 101st Meeting held on 20th May 2021 and Company paid the
penalty on 10th May 2021.
3. In another matter pertaining to a thematic onsite inspection of the Company covering regulatory compliance of
matters pertaining to Anti Money Laundering, Underwriting, Grievance & Fraud Monitoring made by IRDAI in
2020-21, the Authority vide its order dated 22nd April 2021 issued caution and directions to the Company. The
Board took note of the same in its 101st Meeting held on 20th May 2021 for compliance.
I further report that
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda
were generally sent seven days in advance, and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting. As per the
Minutes, all decisions of Board Meetings and Committee Meetings were unanimous.
I further report that based on the review of compliance mechanism established by the Company and on the basis of
the compliance certificate taken on record by the Board of Directors at their meeting(s) read with the other applicable
Reports placed before the Board, I am of the opinion that broadly there are systems and processes in the Company
commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines. As regards standalone compliance report, the Management assured to better the
compliance reporting system specific to the Acts/ Laws that are applicable from time to time.
I further report that during the audit period, there were no specific events/actions having a major bearing on the
Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines standards etc. excepting
as under:
During the year, due to covid impact, the solvency ratio of the Company had declined and the Company decided to
infuse additional capital to strengthen its solvency ratio. Pursuant to the decision, the Company made a Rights Issue
of 6,036,062 equity shares of Rs. 10 each at a premium of Rs. 652.76 per share thereby enhancing its Paid-up Capital
from Rs. 2,742,183,000 to Rs. 2,802,543,620. Both the Promoters had subscribed to the issue as per the Offer Letter
and the equity shares were allotted on 08th November 2021. Post issue, the share-holding between the Indian and
foreign promoters remained at 51:49 respectively.

(P.S.R. Murthy)
Place: New Delhi Practicing Company Secretary
Date: 20th May 2022 UDIN A005880D000351720

This Report is to be read with our letter of even date which is annexed as Annexure A and forms integral part of
this Report.

30
 ANNEXURE-A

The Members
IFFCO-Tokio General Insurance Company Limited
New Delhi – 110 017

My Report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. My responsibility is to
express an opinion on these secretarial records based on my audit.

2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. I believe that the processes and practices, I followed, provide a
reasonable basis for my opinion.

3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, I have obtained the management representation about the compliance of laws, rules and
regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management. My examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

(P.S.R. Murthy)
Place: New Delhi Practicing Company Secretary
Date: 20th May 2022 UDIN A005880D000351720

31
 ANNEXURE ‘C’

Annual Report on CSR activities

Rule 8(1) of Companies (Corporate Social Responsibility Policy) Rules, 2014

1. Brief outline on CSR Policy of the Company

CSR Policy encompasses the Company’s philosophy on its responsibility as a corporate social citizen and lays down
the guidelines and mechanism for undertaking socially useful programs for the welfare & sustainability development
of the community at large.

Key CSR areas adopted by the Company are Rural Development, Health Care & Safe Drinking Water, Education, Disaster
Response /Assistance and Women Empowerment etc.

2. Composition of CSR Committee:

S. No. Name of Director Designation / Number of meetings of CSR Number of meetings of CSR
Nature of Committee held during the year Committee attended during
Directorship the year
1. Mrs. Mira Mehrishi Independent 2 2
Director,
Chairperson
2. Mrs. Anamika Roy Managing Director 2 1
Rashtrawar & CEO, Member*
3. Mr. H.O. Suri Managing Director 2 1
& CEO, Member **
4. Mr. Shinjiro Director 2 2
Hamada (Operations),
Member
*Mrs. Anamika Roy Rashtrawar resigned w.e.f 1st October, 2021 and ceased to be member of the CSR Committee w.e.f.
1st October, 2021.

**As Managing Director & CEO w.e.f.13th October, 2021. Before this date, Mr. H.O. Suri was member of the Committee
as Financial Advisor.

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board
are disclosed on the website of the company: https://www.iffcotokio.co.in/about-us/csr

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report): Not Applicable

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any: Not Applicable

32
 (Amount in Rs.)

6. Average net profit of the company as per section 135(5). : 3,11,42,43,469/-

7. (a) Two percent of average net profit of the company as per section 135(5): 6,22,84,869/-
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NIL
(c) Amount required to be set off for the financial year, if any: NIL
(d) Total CSR obligation for the financial year (7a+7b-7c). : 6,22,84,869/-

8. (a) CSR amount spent or unspent for the financial year: As under

Total Amount Amount Unspent (in Rs)

Spent for Total Amount transferred Amount transferred to any fund specified under Schedule VII as per
the Financial to Unspent CSR Account second provison to section 135(5).
Year. (in Rs) as per section 135(6).
Amount Date of Name of Fund Amount Date of transfer
Transfer
3,19,52,043/- 3,02,93,278/- 21st April, Prime Minister’s 39,548/- 19th April, 2022 and 9th May, 2022
2022 National Relief Fund
(b) Details of CSR Amount spent against ongoing projects for the financial year: As per Annexure-I

(c) Details of CSR amount spent against other than ongoing projects for the financial year: As per Annexure-II
(d) Amount spent in Administrative Overheads: Rs. 15,21,526/-
(e) Amount spent on Impact Assessment, if applicable: N/A
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs. 3,19,52,043/-
(g) Excess amount for set off, if any: Not Applicable

9. (a) Details of Unspent CSR amount for the preceding three financial years:

S. No. Preceding Amount transferred Amount spent Amount transferred to Amount remaining
Financial to Unspent CSR in the reporting any fund specified under to be spent in
Year Account under Financial Year Schedule VII as per section succeeding
section 135 (6) (in Rs.) 135(6), if any Financial years
(in Rs.) (in Rs.)

Name Amount Date of

of the (in Rs.) transfer
Fund
1. 2020-21 2,68,35,361 2,68,35,361 N.A. N.A. N.A. NIL

2. 2019-20 N.A. N.A. N.A. N.A. N.A. N.A.

3. 2018-19 N.A. N.A. N.A. N.A. N.A. N.A.

Total 2,68,35,361 2,68,35,361 N.A. N.A. N.A. N.A.

33
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

As per Annexure-III

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year (asset-wise details) - Not Applicable

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as
per section 135(5).

During the year, the Company had spent a sum of Rs. 5,87,87,404/- towards CSR project/ activities, against the
total available CSR amount of Rs. 8,91,20,230/- [i.e. CSR obligation of Financial Year 2021-22 (Rs. 6,22,84,869)
& Amount carried forward for ongoing projects of Financial Year 2020-21 (Rs. 2,68,35,361)]. Out of unspent
amount of Rs. 3,03,32,826/-, an amount of Rs. 3,02,93,278/- pertains to long term ongoing CSR projects of
Financial Year 2021-22 which are in progress and to be completed in subsequent year(s); whereas Rs. 39,548/-
has been transferred to Prime Minister’s National Relief Fund, which could not be allocated to any CSR project/
activities due to the unavailability of suitable CSR Project.

(H.O Suri) (Mira Mehrishi)

Chief Executive Officer & Managing Director (Chairperson CSR Committee)

Date: 27th May, 2022 Date: 27th May, 2022

Place: New Delhi Place: New Delhi

34
 Annexure-I
Details of CSR Amount spent against ongoing projects for the financial year
[Under Para 8(b)]
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
S. Name of the Project Item from Local Location of the Project Project Amount Allo- Amount Amount Mode of Mode of Implementation -
No the list of Area Duration cated for the spent in transferred Implemen- Through Implementing
activities (Yes/No) project the current to tation Agency
in Sched- (in Rs.) financial Unspent CSR Direct
ule VII of State District Year (in Account for (Yes/No) Name CSR Registra-
the Act Rs.) the project as tion No.
per Section
135(6)
(in Rs.)

IFFCO-Tokio Integrated Rural (x)

1. Yes Bihar Muzaffarpur 34 1,12,38,394 13,92,683 98,45,711 Yes Direct N.A.
Development Project
months
IFFCO-Tokio Integrated Rural (x) 34
2. Yes Chattisgarh Gariaband 1,44,84,600 15,42,320 1,29,42,280 Yes Direct N.A.
Development Project months
IFFCO-TOKIO Education Assis- Kalinga Insti-
4
3 tance Program for underprivi- (ii) Yes Odisha Bhubneshwar 5,00,000 2,50,000 2,50,000 No tute of Social CSR00000319
Months
leged and Tribal Students Science
Paralympic
IFFCO-TOKIO Project to support
4. (vii) Yes Delhi Central Delhi 1 Year 15,00,000 10,00,000 5,00,000 No Committee of CSR00009842
Paralympic Sports in India
India
IFFCO-TOKIO Livelihood Project Samarthan-
5. for underprivileged persons with (ii) Yes Karnataka Bangalore 1 Year 33,36,900 16,68,450 16,68,450 No am Trust for CSR00000063
disabilities Disabled
IFFCO-TOKIO Health Awareness ROKO Cancer
Haryana & Gurugram &
6. Project by organizing Checkup (i) Yes 3 Month 5,00,000 2,50,000 2,50,000 No Charitable CSR00004223
Delhi Delhi
Camps Trust
IFFCO-TOKIO Livelihood Project Uttara- Rudraprayag & 10 Sewa Interna-
7. (ii) & (iv) Yes 10,00,000 5,00,000 5,00,000 No CSR00000559
for agriculture development khand Chamoli Months tional
IFFCO-TOKIO Vocational Training
Disha Foun-
8. program for Children with Disa- (ii) Yes Rajasthan Jaipur 1 Year 27,88,600 13,94,300 1,394,300 No CSR00005628
dation
bilities
Kailash
IFFCO-TOKIO CSR Project for Satyarthi
9. (ii) Yes Rajasthan Alwar 1 Year 10,00,000 5,00,000 5,00,000 No CSR00000883
Children Welfare Children’s
Foundation
IFFCO-TOKIO CSR Project
Sri Shiv Kaly-
towards Preventive Healthcare
10. (i) Yes Haryana Gurugram 1 Year 5,00,000 2,50,000 2,50,000 No an Kendra CSR00022478
Services for the Poor and Under-
Trust
privileged Community
IFFCO-TOKIO CSR Project for 9 Saraswati
11. (ii) Yes Punjab Patiala 15,00,000 7,50,000 7,50,000 No CSR00015455
Promoting Education Months Vidyak Trust

35
Total 3,83,48,494 94,97,753 2,88,50,741
36
Annexure-II
Details of CSR amount spent against other than ongoing projects for the financial year
[Under Para 8(c)]
(1) (2) (3) (4) (5) (6) (7) (8)
S. Name of the Project Item from Local Location of the Project Amount Mode of Mode of Implementation -
No the list of Area Spent for the Implementation Through Implementing
activities in (Yes/No) project (in - Agency
Schedule VII Rs.) Direct
of the Act
(Yes/No)
CSR
State District Name Registration
number.
IFFCO-TOKIO support to Disaster Management (xii) Yes Haryana Gurugram 61,79,438 Yes Direct N.A.
1. Project provide Medical Oxygen Plant & Oxygen &
ConcentratoRs to Municipal Authority Gurugram Panchkula
IFFCO-TOKIO support to Disaster Management (xii) Yes Haryana Gurugram 16,79,438 Yes Direct N.A.
2. Project provide Oxygen Concentrator to Gurugram
Police
IFFCO-TOKIO support to Disaster Management (xii) Yes M.P. Sheopur 47,73,888 Yes Direct N.A.
3.
Project provide Medical Oxygen Plant to Collector,
IFFCO-TOKIO Promoting Rural Sport for (vii) Yes Manipur Imphal 25,00,000 No M/s Mary CSR00013707
underprivileged Kom
4. Regional
Boxing
Foundation
IFFCO-TOKIO Road Safety Awareness & Livelihood (ii) Yes Maharashtra Mumbai 5,50,000 No M/s Yashlok CSR00004634
5. Enhancement Program – Rain coat sets for Welfare
Mumbai Police Foundation
IFFCO-TOKIO old age homes and day care centres, (i) & (iii) Yes Rajasthan Alwar & 20,00,000 No M/s Sapna CSR00000235
6.
Project & UP Noida
IFFCO-TOKIO CSR Project towards Animal Health (iv) & (ix) b Yes U.P. Meerut 3,00,000 Yes Direct N.A.
7. Checkup Camps (Sardar Vallabhbhai Patel
UniveRsity of Agriculture & Technology)
IFFCO-TOKIO Animal Welfare Project at Gurugram (iv) Yes Haryana Gurugram 29,50,000 Yes Direct N.A.
8.
(Kamdhenu Dham Gaushala)
Total 2,09,32,764
 Annexure-III
Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s)
[Under Para 9(b)]

(1) (2) (3) (4) (5) (6) (7) (8) (9)

S. Project Name of the Project Financial Year in Project Total amount Amount spent Cumulative amount spent Status of the
No. ID. which the project duration Allocated for on the project at the end of reporting project -
was commenced the in the Reporting Financial Year (in Rs.) Completed
Project (in Rs.) Financial Year /Ongoing
(in Rs.)

1. NA IFFCO TOKIO Project for promoting 2019-20 19 1,99,500 1,99,500 1,99,500 Completed
education and skill development, months
Uttam Nagar, Delhi

2. NA IFFCO-TOKIO Integrated Rural 2020-21 19 2,89,73,037 2,29,73,037 2,89,73,037 Completed

Development Project Phase - IV at months
Bundelkhand (MP) and Sundarban
(WB) (Livelihood Projects)

3. NA IFFCO TOKIO Livelihood Project 2020-21 14 16,51,160 6,51,160 16,51,160 Completed

collaboration with Gurugram months
Municipal Authority (Pedal Cycle
Rickshaw)

4. NA IFFCO TOKIO Education Assistance & 2020-21 13 32,33,790 17,33,790 32,33,790 Completed
Skill Development Project to promote months
education in Govt. School At Ajmer
District in Rajasthan

5 Administrative Exp. 2020-21 NA 17,02,874 12,77,874 17,02,874

Total 3,57,60,361 2,68,35,361 3,57,60,361

37
 ANNEXURE D
Statement under Rule 5(2) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014
and IRDAI CG Guidelines and Guidelines on Remuneration of Non-Executive Directors and MD/ CEO/ WTD dated 5th
August, 2016 for the year ended 31st March 2022

Designation Remuneration Date of Particulars

S. Emp. Name of Age Qualification % of equity
& Nature of Received Commencement of Previous
No. Code Employee (Years) & Experience shares held
Employment (Rs. in Lakhs) of employment Employment
Statement under Rule 5(2) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014
for the year ended 31st March 2022
B. Com. (H),
1 10206 H.O Suri 68 MD & CEO 127.99 C.A. Exp. 42 NIL 01-04-2001 IFFCO
Years
Sr. ED. (HR,
Admin,
Post Graduate
Training,
in Personnel
Ramesh Branding Galpha Labs
2. 10916 62 82.29 Management NIL 28-02-2008
Kumar & CSR & Ltd.
&IR Exp. 40
Principal
Years
Coordinator
for EBKs
B. Sc. (H),
PGDIM,
Fellow from
Khushwant
Institute of
Pahwa
Appointed Actuaries
3 15710 Isha Khera 36 82.24 NIL 25-04-2019 Actuarial
Actuary (IOA),UK and
Consultancy
Institute of
(KPAC)
Actuaries of
India(IAI)
Exp. 13 Years
EVP -
Underwriting B. Tech.,
Subrata National Ins.
4. 10110 57 & Technical 69.35 Licentiate NIL 04-07-2001
Mondal Co. Ltd.
Risk Exp. 34 Years
Management
EVP –
Gunasekhar B. Tech., AIII Oriental Ins.
5. 10123 57 Marketing, 67.19 NIL 01-08-2001
Boga Exp. 37 Years Co.
Zone – II #
EVP -
B.A. (H), C.A.
Finance &
6. 10157 Sanket Gupta 49 64.82 Licentiate, FIII NIL 01-04-2001 IFFCO
Accounts &
Exp., 24 Years
Acting CFO
C.A., M.B.A,
Harsh EVP & Head
7 10159 47 64.71 Licentiate NIL 01-04-2001 IFFCO
Agrawal National EBK
Exp.24 years
EVP – State B. Sc., M. Sc.,
N Oriental Ins.
8. 10097 54 Head - TN & 64.19 AIII NIL 15-06-2001
Neelakantan Co.
Kerala Exp. 32 Years
B. Sc, M.
EVP. - Sc., PGDBM,
Rajeev United India
9. 10154 59 Marketing 62.91 Licentiate, NIL 01-01-2002
Chawdhary Ins. Co.
Zone - I AIII, FIII, ACII
Exp. 35 Years
B.E., B. Sc., New India
Deepak
10. 10215 53 EVP - Claims 59.61 MBA, FIII NIL 03-03-2003 Assurance
Prinjha
Exp. 31 Years Co. Ltd.

38
 Details of Remuneration of KMPs not covered under Rule 5(2) of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014
Bachelor of
Shinjiro Director - Tokio Marine
1. 30041 51 55.77 Law Exp. 26 NIL 14-04-2021
Hamada Operations Asia Pte. Ltd.
Years
Sr. ED -
Seema Information M. Tech.
2. 40077 57 89.60 NIL 22-05-2015 IFFCO
Gaur * Technology & Exp. 35 Years
MIS
EVP - Motor
Underwriting B.A., MBA Tokio Marine
3 30036 Kenji Ino 55 29.79 NIL 12-10-2020
& Chief Risk Exp. 32 Years Asia Pte. Ltd.
Officer
VP –
Company
B. Com., LLB, IFFCO
Secretary
4 11910 Amit Jain 45 50.42 FCS, AIII NIL 01-08-2013 Chhattisgarh
& Chief
Exp. 24 Years Power Limited
Compliance
Officer
VP - Legal,
B. Com., LLB,
Internal
Pankaj LLM, MBA, BSES Yamuna
5. 11939 48 Audit & 49.45 NIL 11-09-2013
Dhingra AIII Power Ltd.
Financial
Exp. 24 Years
Advisor
VP - Chief B. Com., CA,
Abhishek
6. 40079 44 Investment 39.55 CFA NIL 10-04-2017 IFFCO
Sharma *
Officer Exp. 16 Years

# ED - Marketing – Zone II, wef 1st April, 2022

* On deputation from IFFCO

39
40
AUDITORS’
REPORT

41
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF IFFCO TOKIO GENERAL to the Marine Insurance Revenue Account and
INSURANCE COMPANY LIMITED Miscellaneous Insurance Revenue Account for the
Report on the Audit of the Standalone Financial year ended on that date;
Statements (iii) In case of Profit and Loss Account, of the profit for
Opinion the year ended on that date; and

We have audited the accompanying Standalone Financial (iv) In case of Receipts and Payments Account, of
Statements of IFFCO TOKIO General Insurance Company the receipts and payments for the year ended on
Limited (“the Company”), which comprise the Balance that date.
Sheet as at March 31, 2022, the Revenue Accounts of Basis for Opinion
Fire, Marine and Miscellaneous (Collectively known as
the “Revenue Accounts”), the Profit and Loss Account We conducted our audit in accordance with the Standards
and the Receipts and Payments Account for the year then on Auditing (SAs) specified under section 143(10) of
ended, the Schedules annexed thereto and a summary of the Companies Act, 2013. Our responsibilities under
the significant accounting policies and other explanatory those Standards are further described in the Auditors’
notes thereon. Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent
In our opinion and to the best of our information and of the Company in accordance with the Code of Ethics
according to the explanations given to us the aforesaid issued by the Institute of Chartered Accountants of
standalone financial statements give the information India (“ICAI”) together with the ethical requirements
required by the provisions of Insurance Act, 1938 as that are relevant to our audit of the standalone financial
amended by the Insurance Laws (Amendment) Act, statements under the provisions of the Companies Act,
2015 (the “Insurance Act”), The Insurance Regulatory 2013 and the Rules thereunder, the Insurance Act, the
and Development Authority Act, 1999 (the “IRDA Act”), IRDAI Act, the IRDAI Financial Statements Regulations
Insurance Regulatory and Development Authority and other regulations orders/directions issued by IRDAI,
(Preparation of Financial Statements and Auditor’s and we have fulfilled our other ethical responsibilities in
Report of Insurance Companies) Regulations, 2002 (the accordance with these requirements and the ICAI’s Code
“IRDA Financial Statements Regulations”), Circulars/ of Ethics. We believe that the audit evidence we have
Orders/ Directions issued by the Insurance Regulatory obtained is sufficient and appropriate to provide a basis
and Development Authority of India (the “IRDAI”) in this for our opinion.
regard and Accounting Standards specified under Section
133 of the Companies Act, 2013 (the “Act”) to the extent Information Other than the Standalone Financial
applicable and in the manner so required and give a Statements and Auditors’ Report Thereon
true and fair view in conformity with the accounting The Company’s Board of Directors is responsible for
principles generally accepted in India, as applicable to the preparation of the other information. The other
Insurance Companies: information comprises the information included in the
(i) In case of Balance Sheet, of the state of affairs of the Annual Report but does not include the standalone
Company as at March 31, 2022; financial statements and our auditors’ report thereon.

(ii) In case of Revenue Accounts, of the operating profit Our opinion on the standalone financial statements does
in so far as it relates to the Fire Insurance Revenue not cover the other information and we do not express
Account and the operating loss in so far as it relates any form of assurance conclusion thereon.

42
In connection with our audit of the standalone financial as applicable, matters related to going concern and
statements, our responsibility is to read the other using the going concern basis of accounting unless the
information identified above and, in doing so, consider management either intends to liquidate the Company or
whether the other information is materially inconsistent to cease operations, or has no realistic alternative but to
with the standalone financial statements or our do so.
knowledge obtained in the audit, or otherwise appears
The Board of Directors are also responsible for overseeing
to be materially misstated.
the Company’s financial reporting process.
If, based on the work we have performed, we conclude
Auditors’ Responsibilities for the Audit of the Standalone
that there is a material misstatement therein, we are
Financial Statements
required to report that fact. We have nothing to report
in this regard. Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
Responsibilities of Management and Those Charged with
are free from material misstatement, whether due
Governance for the Standalone Financial Statements
to fraud or error, and to issue an auditors’ report that
The Company’s Board of Directors is responsible for the includes our opinion. Reasonable assurance is a high
matters stated in section 134(5) of the Act with respect to level of assurance, but is not a guarantee that an audit
the preparation of these standalone financial statements, conducted in accordance with SAs will always detect a
that give a true and fair view of the financial position, material misstatement when it exists. Misstatements
financial performance and receipts and payment of the can arise from fraud or error and are considered
Company in accordance with the accounting principles material if, individually or in the aggregate, they could
generally accepted in India, including the provisions of reasonably be expected to influence the economic
the Insurance Act, IRDAI Act, IRDAI Financial Statements decisions of users taken on the basis of these standalone
Regulations, Orders/Directions issued by IRDAI /Authority financial statements.
in this regard and the Accounting Standards specified
As part of an audit in accordance with SAs, we exercise
under Section 133 of the Act to the extent applicable
professional judgment and maintain professional
and in the manner so required. This responsibility
skepticism throughout the audit. We also:
also includes maintenance of adequate accounting
records in accordance with the provisions of the Act • Identify and assess the risks of material misstatement
for safeguarding of the assets of the Company and for of the standalone financial statements, whether due
preventing and detecting frauds and other irregularities; to fraud or error, design and perform audit procedures
selection and application of appropriate accounting responsive to those risks, and obtain audit evidence
policies; making judgments and estimates that are that is sufficient and appropriate to provide a basis
reasonable and prudent; and design, implementation for our opinion. The risk of not detecting a material
and maintenance of adequate internal financial controls, misstatement resulting from fraud is higher than for
that were operating effectively for ensuring the accuracy one resulting from error, as fraud may involve collusion,
and completeness of the accounting records, relevant forgery, intentional omissions, misrepresentations, or
to the preparation and presentation of the standalone the override of internal control.
financial statements that give a true and fair view and are
• Obtain an understanding of internal financial
free from material misstatement, whether due to fraud
controls relevant to the audit in order to design audit
or error.
procedures that are appropriate in the circumstances.
In preparing the standalone financial statements, the Under section 143(3)(i) of the Act we are also
management is responsible for assessing the Company’s responsible for expressing our opinion on whether
ability to continue as a going concern, disclosing, the Company has adequate internal financial controls

43
 system in place and the operating effectiveness of Not Enough Reported (IBNER) is the responsibility of the
such controls. Company’s Appointed Actuary. The actuarial valuation
of these liabilities as at March 31, 2022, has been duly
• Evaluate the appropriateness of accounting policies
certified by the Appointed Actuary of the Company. The
used and the reasonableness of accounting estimates
Appointed Actuary has also certified that the assumptions
and related disclosures made by management.
considered for such valuation are in accordance with the
• Conclude on the appropriateness of management’s guidelines and norms prescribed by the IRDAI and the
use of the going concern basis of accounting and, Institute of Actuaries of India (formerly known as the
based on the audit evidence obtained, whether Actuarial Society of India) in concurrence with the IRDAI.
a material uncertainty exists related to events or We have relied upon the Company’s Appointed Actuary’s
conditions that may cast significant doubt on the certificate in this regard for forming our opinion on the
ability of the Company to continue as a going concern. financial statements of the Company.
If we conclude that a material uncertainty exists, we
Report on Other Legal and Regulatory Requirements
are required to draw attention in our auditors’ report
to the related disclosures in the standalone financial 1. This report does not include a statement on the
statements or, if such disclosures are inadequate, to matters specified in paragraphs 3 and 4 of the
modify our opinion. Our conclusions are based on Companies (Auditors’ Report) Order, 2020 (the
the audit evidence obtained up to the date of our Order) issued by the Central Government of India in
auditors’ report. However, future events or conditions terms of sub-section (11) of section 143 of the Act,
may cause the Company to cease to continue as a since in our opinion and according to the information
going concern. and explanations given to us, the said Order is not
applicable to the Company.
• Evaluate the overall presentation, structure and
content of the standalone financial statements, 2. As required by the IRDA Financial Statements
including the disclosures, and whether the standalone Regulations, we have issued a separate certificate
financial statements represent the underlying dated May 27, 2022, certifying the matters specified in
transactions and events in a manner that achieves Paragraph 3 and 4 of Schedule C to the IRDA Financial
fair presentation. Statements Regulations.

We communicate with those charged with governance 3. As required by IRDA Financial Statements Regulations,
regarding, among other matters, the planned scope read with Section 143(3) of the Act, in our opinion
and timing of the audit and significant audit findings, and according to the information and explanations
including any significant deficiencies in internal control given to us, we report that:
that we identify during our audit.
a) We have sought and obtained all the information
We also provide those charged with governance with and explanations which to the best of our
a statement that we have complied with relevant knowledge and belief were necessary for the
ethical requirements regarding independence, and to purposes of our audit;
communicate with them all relationships and other
b) As the Company’s accounts are centralised and
matters that may reasonably be thought to bear on our
maintained at the corporate office, no returns
independence, and where applicable, related safeguards.
for the purpose of an audit are prepared at the
Other Matter branches and other offices of the Company as
required under section 143(8) of the Act;
The actuarial valuation of liabilities in respect of claims
Incurred but Not Reported (IBNR) and those Incurred but c) Proper books of account as required by law have

44
 been kept by the Company so far as it appears as amended, in our opinion and to the best of our
from our examination of those books; information and according to the explanations
given to us:
d) The Balance Sheet, the Revenue Accounts, the
Profit and Loss Account, and the Receipts and i) 
The Company has disclosed the impact of
Payments Account dealt with by this report are in pending litigations on its financial position in its
agreement with the books of account; standalone financial statements (Refer Note-
16(B)(c)(7));
e) The aforesaid standalone financial statements
comply with the Accounting Standards specified ii)  The Company did not have any long-term
under Section 133 of the Act read with Rule 7 of the contracts including derivative contracts
Companies (Accounts) Rules, 2016 to the extent for which there were any material
they are not inconsistent with the accounting foreseeable losses;
policies prescribed by IRDAI Financial Statements
iii) There were no amounts which were required
Regulations and orders / directions issued by the
to be transferred to the Investor Education and
IRDAI in this regard;
Protection Fund by the Company.
f) Investments have been valued in accordance
iv)  (a) 
The Management has represented that,
with the provisions of the Insurance Act, the
to the best of its knowledge and belief, no
regulations and orders /directions issued by IRDA in
funds (which are material either individually
this regard;
or in the aggregate) have been advanced or
g) The accounting policies selected by the Company loaned or invested (either from borrowed
are appropriate and are in compliance with the funds or share premium or any other
applicable Accounting Standards referred to under sources or kind of funds) by the Company
Section 133 of the Act, to the extent they are not to or in any other person or entity, including
inconsistent with accounting principles prescribed foreign entity (“Intermediaries”), with the
in the IRDA Financial Statements Regulations and understanding, whether recorded in writing
Circulars / Orders / Directions issued by IRDAI in or otherwise, that the Intermediary shall,
this regard; whether, directly or indirectly lend or invest
in other persons or entities identified in
h) On the basis of the written representations
any manner whatsoever by or on behalf of
received from the directors as on 31st March, 2022
the Company (“Ultimate Beneficiaries”) or
taken on record by the Board of Directors, none
provide any guarantee, security or the like
of the directors is disqualified as on 31st March,
on behalf of the Ultimate Beneficiaries;
2022 from being appointed as a director in terms
of Section 164 (2) of the Act; (b) 
The Management has represented, that,
to the best of its knowledge and belief, no
i) With respect to the adequacy of the internal
funds (which are material either individually
financial controls with reference to the standalone
or in the aggregate) have been received by
financial statements of the Company and the
the Company from any person or entity,
operating effectiveness of such controls, refer to
including foreign entity (“Funding Parties”),
our separate report in Annexure-A;
with the understanding, whether recorded
j) With respect to the other matters to be included in writing or otherwise, that the Company
in the Auditors’ Report in accordance with Rule 11 shall, whether, directly or indirectly, lend or
of the Companies (Audit and Auditors) Rules, 2014 invest in other persons or entities identified

45
 in any manner whatsoever by or on behalf of k) With respect to the other matters to be included
the Funding Party (“Ultimate Beneficiaries”) in the Auditors’ Report in accordance with the
or provide any guarantee, security or the requirements of section 197(16) of the Act, as
like on behalf of the Ultimate Beneficiaries; amended. In our opinion and to the best of our
information and according to the explanations
(c) 
Based on the audit procedures that
given to us, the Company being an insurance
have been considered reasonable and
company, we are informed that the managerial
appropriate in the circumstances, nothing
remuneration is governed by the provisions
has come to our notice that has caused us
of Section 34A of the Insurance Act and the
to believe that the representations under
approval of the IRDAI authority and therefore the
sub-clause (i) and (ii) of Rule 11(e), as
requirements of section 197(16) of the Act are
provided under (a) and (b) above, contain
not applicable.
any material misstatement.

v) Company has not declared or paid any dividend

for the FY 2021-22, hence compliance under
section 123 of the Companies Act, 2013 is not
applicable to the Company.

For ASC & Associates For S. K. Mehta & Co

Chartered Accountants Chartered Accountants
Firm’s Regn. No.- 011863N Firm’s Regn. No.- 000478N

Vishal Singh Rohit Mehta

(Partner) (Partner)
Membership No - 511451 Membership No - 091382
UDIN- 22511451AJSDTF6864 UDIN- 22091382AJSJSQ3978

Place: New Delhi Place: New Delhi

Date: 27th May, 2022 Date: 27th May, 2022

46
 Annexure - A To The Independent Auditors’ Report
Report on the Internal Financial Controls with reference audit of internal financial controls, both applicable to an
to the standalone financial statements under Clause (i) audit of Internal Financial Controls and, both issued by
of Sub-section 3 of Section 143 of the Companies Act, the Institute of Chartered Accountants of India. Those
2013 (“the Act”) Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform
We have audited the internal financial controls with
the audit to obtain reasonable assurance about whether
reference to standalone financial statements of IFFCO
adequate internal financial controls with reference to
TOKIO General Insurance Company Limited (“the
the standalone financial statements was established and
Company”) as of March 31, 2022, in conjunction with
maintained and if such controls operated effectively in all
our audit of the standalone financial statements of the
material respects.
Company for the year ended on that date.
Our audit involves performing procedures to obtain audit
Management’s Responsibility for Internal Financial
evidence about the adequacy of the internal financial
Controls
controls system with reference to standalone financial
The Company’s management is responsible for statements and their operating effectiveness. Our audit
establishing and maintaining internal financial controls of internal financial controls with reference to standalone
based on the internal control with reference to financial statements included obtaining an understanding
standalone financial statements criteria established by of internal financial controls with reference to the
the Company considering the essential components of standalone financial statements, assessing the risk that a
internal control stated in the Guidance Note on Audit material weakness exists, and testing and evaluating the
of Internal Financial Controls with reference to the design and operating effectiveness of internal control
financial statements issued by the Institute of Chartered based on the assessed risk. The procedures selected
Accountants of India (‘ICAI’). These responsibilities depend on the auditors’ judgment, including the
include the design, implementation and maintenance of assessment of the risks of material misstatement of the
adequate internal financial controls that were operating standalone financial statements, whether due to fraud
effectively for ensuring the orderly and efficient conduct or error.
of its business, including adherence to company’s
We believe that the audit evidence we have obtained
policies, the safeguarding of its assets, the prevention
is sufficient and appropriate to provide a basis for
and detection of frauds and errors, the accuracy and
our audit opinion on the Company’s internal financial
completeness of the accounting records, and the timely
controls system with reference to standalone
preparation of reliable financial information, as required
financial statements.
under the Companies Act, 2013.
Meaning of Internal Financial Controls with reference
Auditors’ Responsibility
to standalone financial statements
Our responsibility is to express an opinion on the
A company’s internal financial control with reference to
Company’s internal financial controls with reference to
standalone financial statements is a process designed to
standalone financial statements based on our audit. We
provide reasonable assurance regarding the reliability
conducted our audit in accordance with the Guidance
of financial reporting and the preparation of standalone
Note on Audit of Internal Financial Controls with
financial statements for external purposes in accordance
reference to the financial statements (the “Guidance
with generally accepted accounting principles.
Note”) and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of A Company’s internal financial control with reference to
the Companies Act, 2013, to the extent applicable to an standalone financial statements includes those policies

47
and procedures that (1) pertain to the maintenance of risk that the internal financial control with reference to
records that, in reasonable detail, accurately and fairly standalone financial statements may become inadequate
reflect the transactions and dispositions of the assets because of changes in conditions, or that the degree
of the company; (2) provide reasonable assurance of compliance with the policies or procedures may
that transactions are recorded as necessary to permit deteriorate.
preparation of standalone financial statements in
Opinion
accordance with generally accepted accounting
principles, and that receipts and expenditures of the In our opinion, the Company has, in all material respects,
company are being made only in accordance with an adequate internal financial controls system with
authorisations of management and directors of the reference to the standalone financial statements
company; and (3) provide reasonable assurance and such internal financial controls with reference to
regarding prevention or timely detection of unauthorised the standalone financial statements were operating
acquisition, use, or disposition of the company’s assets effectively as at March 31, 2022, based on the internal
that could have a material effect on the standalone control with reference to the standalone financial
financial statements. statements criteria established by the Company
considering the essential components of internal control
Inherent Limitations of Internal Financial Controls with
stated in the Guidance Note on Audit of Internal Financial
reference to standalone financial statements
Controls with reference to the financial statements
Because of the inherent limitations of internal financial issued by the Institute of Chartered Accountants of India.
controls with reference to the standalone financial
statements, including the possibility of collusion or
improper management override of controls, material
misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the
internal financial controls with reference to standalone
financial statements to future periods are subject to the

For ASC & Associates For S. K. Mehta & Co

Chartered Accountants Chartered Accountants
Firm’s Regn. No.- 011863N Firm’s Regn. No.- 000478N

Vishal Singh Rohit Mehta

(Partner) (Partner)
Membership No - 511451 Membership No - 091382
UDIN- 22511451AJSDTF6864 UDIN- 22091382AJSJSQ3978

Place: New Delhi Place: New Delhi

Date: 27th May, 2022 Date: 27th May, 2022

48
 INDEPENDENT AUDITORS’ CERTIFICATE

(Referred to in paragraph 2 of our Report on Other concepts of test checks and materiality. The Guidance
Legal and Regulatory Requirements forming part of the Note requires that we comply with the independence
Independent Auditors’ Report dated) and other ethical requirements of the Code of ethics
issued by the ICAI.
a) This certificate is issued to comply with the provisions
of paragraph 3 and 4 of Schedule C of the Insurance e) We have complied with the relevant applicable
Regulatory and Development Authority (Preparation requirements of the Standard on Quality Control
of Financial Statements and Auditors’ Report of (‘SQC’) 1, Quality Control for Firms that Perform Audits
Insurance Companies) Regulations 2002, (“the and Reviews of Historical Financial Information, and
IRDAI Financial Statements Regulations”) read with Other Assurance and Related Services engagements.
Regulation 3 of the IRDAI Financial Statements
Opinion
Regulations and may not be suitable for any other
purpose. f) In accordance with the information and explanations
given to us and to the best of our knowledge and
Management’s Responsibility
belief and based on our examination of the books of
b) The Company’s Board of Directors is responsible for account and other records maintained of IFFCO TOKIO
complying with the provisions of Insurance Act, 1938 General Insurance Company Limited (“the Company”)
(the “Insurance Act”) as amended by the Insurance for the year ended March 31, 2022, we certify that:
Laws (Amendment) Act, 2015, The Insurance
g) We have reviewed the Management Report attached
Regulatory and Development Authority Act, 1999 (the
to the standalone financial statements for the year
“IRDA Act”), Insurance Regulatory and Development
ended March 31, 2022, and on the basis of our
Authority (Preparation of Financial Statements
review, there is no apparent mistake or material
and Auditors’ Report of Insurance Companies)
inconsistencies with the standalone financial
Regulations, 2002 (the “IRDA Financial Statements
statements;
Regulations”), Circulars / Orders / Directions issued
by the Insurance Regulatory and Development h) Based on the management representations and
Authority of India (the “IRDAI”) which includes the compliance certificates submitted to the Board of
preparation of the Management Report. This includes Directors by the officers of the Company charged with
collecting, collating and validating data and designing, compliance and the same being noted by the Board,
implementing and monitoring of internal controls we certify that the Company has complied with
suitable for ensuring compliance as aforesaid the terms and conditions of registration stipulated
by IRDAI;
Independent Auditors’ Responsibility
i) We have verified the cash balances, and securities
c) Our responsibility for the purpose of this certificate is
relating to the Company’s investments as at March
limited to certifying matters contained in paragraphs
31, 2022, by actual inspection or on the basis
3 and 4 of Schedule C of the IRDA Financial Statement
of certificates/ confirmations received from the
Regulations read with Regulation 3 of the IRDA
Custodian and/ or Depository Participants appointed
Financial Statements Regulations.
by the Company/management, as the case may
d) We conducted our examination in accordance with the be. As at March 31, 2022, the Company had no
Guidance Note on Audit Reports and Certificates for secured loans;
Special Purposes issued by the Institute of Chartered
j) The Company is not a trustee of any trust; and
Accountants of India (the ‘ICAI’), which include the

49
k) No part of the assets of the Policyholders’ Funds has the IRDAI Financial Statements Regulations read
been directly or indirectly applied in contravention with Regulation 3 of the IRDA Financial Statements
to the provisions of the Insurance Act, relating to the Regulations and is not intended to be and should
application and investments of the Policyholders’ not be used for any other purpose without our prior
Funds. consent. Accordingly, we do not accept or assume any
liability or any duty of care for any other purpose or
Restriction on Use
to any other person to whom this Certificate is shown
1. This certificate is issued at the request of the or into whose hands it may come without our prior
Company solely for use of the Company for inclusion consent in writing.
in the annual accounts in order to comply with the
provisions of paragraph 3 and 4 of Schedule C of

For ASC & Associates For S. K. Mehta & Co

Chartered Accountants Chartered Accountants
Firm’s Regn. No.- 011863N Firm’s Regn. No.- 000478N

Vishal Singh Rohit Mehta

(Partner) (Partner)
Membership No - 511451 Membership No - 091382
UDIN- 22511451AJSYIQ6651 UDIN- 22091382AJSKPO8887

Place: New Delhi Place: New Delhi

Date: 27th May, 2022 Date: 27th May, 2022

50
FINANCIAL
STATEMENTS

51
 REGISTRATION NO. 106 DATED 4.12.2000

BALANCE SHEET AS AT 31ST MARCH, 2022

(` in ‘000)
S. No. Particulars Schedule As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4) (5)

SOURCES OF FUNDS
1 SHARE CAPITAL 5 2,802,544 2,742,183
2 RESERVES AND SURPLUS 6 29,558,514 25,034,866
3 FAIR VALUE CHANGE ACCOUNT
- Shareholders 2,522 (1,436)
- Policyholders 10,763 (5,587)
4 BORROWINGS 7 - -
TOTAL 32,374,343 27,770,026
APPLICATION OF FUNDS
5 INVESTMENTS
Investments - Shareholders 8 25,526,021 24,700,842
Investments - Policyholders 8A 108,935,984 96,131,828
6 LOANS 9 - -
7 FIXED ASSETS 10 1,532,394 897,996
8 DEFERRED TAX ASSET (NET) 225,800 268,943
9 CURRENT ASSETS :
Cash and Bank Balances 11 2,777,506 1,296,077
Advances and Other Assets 12 20,936,679 19,847,702
Sub-Total (A) 23,714,185 21,143,779
10 CURRENT LIABILITIES 13 98,266,233 89,391,343
11 PROVISIONS 14 29,293,808 25,982,019
Sub-Total (B) 127,560,041 115,373,362
12 NET CURRENT ASSETS (C) = (A-B) (103,845,856) (94,229,583)
13 MISCELLANEOUS EXPENDITURE (To the extent not - -
15
written off or adjusted)
14 DEBIT BALANCE IN PROFIT & LOSS ACCOUNT - -
(Shareholders’ Account)
TOTAL 32,374,343 27,770,026

Notes to Accounts 16
Schedule No. 1 to 16 form an integral part of the financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Shinjiro
Vishal Singh Rohit Mehta Hamada
Director
Partner Partner (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

52
REGISTRATION NO. 106 DATED 4.12.2000

FIRE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in ‘000)
Year Ended Year Ended
S. No. Particulars Schedule
31st March, 2022 31st March, 2021
(1) (2) (3) (4) (5)
1 Premiums earned (Net) 1 1,247,112 831,674
2 Profit / (Loss) on sale / Redemption of Investments 35,968 7,612
3 Others: Exchange Gain / (Loss) (14) (278)
Handling Charges (20,031) (13,094)
Contribution from Shareholders Funds towards Excess EoM - -
4 Interest, Dividend & Rent - Gross 126,479 103,708
TOTAL (A) 1,389,514 929,622
1 Claims Incurred (Net) 2 793,238 518,692
2 Commission 3 (655,124) (372,800)
3 Operating expenses related to Insurance Business 4 288,567 109,316
4 Premium Deficiency - -
TOTAL (B) 426,681 255,208
Operating Profit / (Loss) from Fire Business C = (A-B) 962,833 674,414
APPROPRIATIONS
Transfer to Shareholders’ Account 962,833 674,414
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
TOTAL (C) 962,833 674,414

Schedule No. 1 to 16 form an integral part of the financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Shinjiro
Vishal Singh Rohit Mehta Hamada
Director
Partner Partner (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

53
 REGISTRATION NO. 106 DATED 4.12.2000

MARINE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in ‘000)
Year Ended Year Ended
S. NO. Particulars Schedule
31st March, 2022 31st March, 2021
(1) (2) (3) (4) (5)
1 Premiums earned (Net) 1 1,149,565 755,364
2 Profit / (Loss) on sale / Redemption of Investments 18,844 4,272
3 Others: Exchange Gain / (Loss) - (10)
Handling Charges (1,101) (962)
Contribution from Shareholders Funds towards Excess EoM - -
4 Interest, Dividend & Rent - Gross 66,265 58,206
TOTAL (A) 1,233,573 816,870
1 Claims Incurred (Net) 2 1,202,700 514,533
2 Commission 3 74,763 60,893
3 Operating expenses related to Insurance Business 4 197,038 116,322
4 Premium Deficiency - -
TOTAL (B) 1,474,501 691,748
Operating Profit / (Loss) from Marine Business C = (A-B) (240,928) 125,122
APPROPRIATIONS
Transfer to Shareholders’ Account (240,928) 125,122
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
TOTAL (C) (240,928) 125,122

Schedule No. 1 to 16 form an integral part of the financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Shinjiro
Vishal Singh Rohit Mehta Hamada
Director
Partner Partner (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

54
REGISTRATION NO. 106 DATED 4.12.2000

MISCELLANEOUS INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in ‘000)
Year Ended Year Ended
S. No. Particulars Schedule
31st March, 2022 31st March, 2021
(1) (2) (3) (4) (5)
1 Premiums earned (Net) 1 53,255,829 47,400,555
2 Profit / (Loss) on sale / Redemption of Investments 1,711,926 405,787
3 Others: Transfer & Duplicate Fee 4,463 3,985
Exchange Gain / (Loss) (883) (704)
Handling Charges (17,783) (5,143)
Contribution from Shareholders Funds towards Excess EoM - -
4 Interest, Dividend & Rent - Gross 6,019,949 5,528,704
TOTAL (A) 60,973,501 53,333,184
1 Claims Incurred (Net) 2 50,373,061 40,656,387
2 Commission 3 4,347,147 2,443,540
3 Operating expenses related to Insurance Business 4 8,967,025 7,598,146
4 Premium Deficiency - -
TOTAL (B) 63,687,233 50,698,073
Operating Profit / (Loss) from Miscellaneous Business C = (A-B) (2,713,732) 2,635,111
APPROPRIATIONS
Transfer to Shareholders’ Account (2,713,732) 2,635,111
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
TOTAL (C) (2,713,732) 2,635,111

Schedule No. 1 to 16 form an integral part of the financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Shinjiro
Vishal Singh Rohit Mehta Hamada
Director
Partner Partner (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

55
 REGISTRATION NO. 106 DATED 4.12.2000

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in ‘000)
S. No. Particulars Schedule Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

(1) (2) (3) (4) (5)

1 OPERATING PROFIT / (LOSS)
(a) Fire Insurance 962,833 674,414
(b) Marine Insurance (240,928) 125,122
(c) Miscellaneous Insurance (2,713,732) 2,635,111
(1,991,827) 3,434,647
2 INCOME FROM INVESTMENTS
(a) Interest, Dividend & Rent - Gross
(b) Profit on sale of Investments 2,076,928 1,837,001
Less : Loss on sale of Investments 590,627 134,830
- -
3 OTHER INCOME 2,667,555 1,971,831
a) Miscellaneous Income
28,576 59,125
b) Profit on sale of Fixed Assets
- 15
TOTAL (A) 704,304 5,465,618
4 PROVISIONS (Other than taxation)
(a) For diminution in the value of investments (151,500) (698,500)
(b) For doubtful debts - -
(c) For Others - -

5 OTHER EXPENSES
(a) Expenses other than those related to Insurance business
(i) Employees Remuneration Excess transferred from Policyholders’ funds 6,823 1,745
(ii) Expenses on Corporate Social Responsibility (CSR) 62,284 52,107
(b) Fines & penalties 500 -
(c) Bad Debts/ Advances written off - -
(d) Investment Write Off 130,686 2,000,000
(e) Loss on Sale of Fixed Assets 3,478 -
(f) Contribution to Policyholders’ funds towards Excess EoM - -
TOTAL (B) 52,271 1,355,352
Profit Before Tax (A-B) 652,033 4,110,266
Less: Provision for Taxation
Current Tax 27,500 740,000
Deferred Tax 41,471 165,300
Less: Short / (Excess) provision for taxation for earlier years
Current Tax (2,158) 10,903
Deferred Tax 1,672 (443)
Profit After Tax 583,548 3,194,506
Appropriations
(a) Interim dividends paid during the year - -
(b) Final dividend paid - -
(c) Transfer to any Reserves or other Accounts - -
Balance of Profit brought forward from last year 20,513,879 17,319,373
Balance carried forward to Balance sheet 21,097,427 20,513,879
Basic & Diluted Earnings per share
2.11 11.65
(Equity shares of face value of ` 10 each)

Schedule No. 1 to 16 form an integral part of the financial statements 16 For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Shinjiro
Vishal Singh Rohit Mehta Hamada
Director
Partner Partner (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

56
REGISTRATION NO. 106 DATED 4.12.2000

RECEIPTS AND PAYMENTS ACCOUNT (DIRECT BASIS) FOR THE YEAR ENDED 31ST MARCH, 2022
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:

Premium received from policyholders, including advance receipts 101,249,074 113,519,864

Other receipts 28,576 59,125
Payment to the re-insurers, net of commissions and claims (8,715,472) (8,606,397)
Payments to co-insurers, net of claims recovery (293,912) (12,192,788)
Payments of claims (65,255,596) (55,775,318)
Payments of commission and brokerage (7,577,879) (7,002,113)
Payments of other operating expenses (10,062,524) (8,078,878)
Preliminary and pre-operative expenses - -
Deposits, advances and staff loans (599,164) 75,587
Income taxes paid (Net) (404,885) (773,354)
Goods and Service Tax paid (6,047,628) (5,624,058)
Other payments - -
Cash Flows before extraordinary items 2,320,590 15,601,670
Cash Flows from extraordinary operations - -
Net Cash Flows from operating activities 2,320,590 15,601,670

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed assets (1,101,382) (558,262)
Proceeds from sale of fixed assets 2,796 483
Purchases of investments (115,527,970) (88,094,687)
Loans disbursed - -
Sales of investments 106,201,793 62,912,277
Repayments received - -
Rent/Interest/Dividend received 6,431,530 6,988,827
Investments in money market instruments and in liquid mutual funds (Net) (846,388) 746,172
Expenses related to investments - -
Net Cash Flows from investing activities (4,839,621) (18,005,190)

CASH FLOWS FROM FINANCING ACTIVITIES -

Proceeds from issuance of share capital 4,000,460 -
Proceeds from borrowing - -
Repayments of borrowing - -
Interest/dividend paid - -
Net Cash Flows from financing activities 4,000,460 -
Effect of foreign exchange rates on cash and cash equivalents (Net) - -
Net Increase /(Decrease) in Cash & Cash equivalents 1,481,429 (2,403,520)
Cash equivalents at beginning of Year 1,296,077 3,699,597
Cash equivalents at end of Year 2,777,506 1,296,077

Schedule No. 1 to 16 form an integral part of the financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh
Shinjiro Rohit Mehta Hamada
Partner
Director Partner (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

57
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 1
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total

Premium from direct business written 9,247,178 2,521,881 72,760,034 84,529,093 8,149,581 1,560,124 74,399,129 84,108,834

Add : Premium on reinsurance accepted 981,604 23,218 645,825 1,650,647 956,948 31,806 146,379 1,135,133

10,228,782 2,545,099 73,405,859 86,179,740 9,106,529 1,591,930 74,545,508 85,243,967

Less : Premium on reinsurance ceded 8,428,016 1,315,295 17,467,920 27,211,231 8,367,666 805,400 23,202,100 32,375,166

Net Premium 1,800,766 1,229,804 55,937,939 58,968,509 738,863 786,530 51,343,408 52,868,801

Adjustments for changes in Reserve for Unexpired 553,654 80,239 2,682,110 3,316,003 (92,811) 31,166 3,942,853 3,881,208
Risks

Total Premium Earned (Net) 1,247,112 1,149,565 53,255,829 55,652,506 831,674 755,364 47,400,555 48,987,593

* For analysis of the segment of Marine business, refer Schedule 1A.

** For analysis of the segment of Miscellaneous business, refer Schedule 1B

SCHEDULE - 1A
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total

Premium from direct business written 2,322,869 199,012 2,521,881 1,430,073 130,051 1,560,124

Add : Premium on reinsurance accepted (984) 24,202 23,218 23,739 8,067 31,806

2,321,885 223,214 2,545,099 1,453,812 138,118 1,591,930

Less : Premium on reinsurance ceded 1,097,979 217,316 1,315,295 683,584 121,816 805,400

Net Premium 1,223,906 5,898 1,229,804 770,228 16,302 786,530

Adjustments for changes in Reserve for 90,644 (10,405) 80,239 35,056 (3,890) 31,166
Unexpired Risks

Total Premium Earned (Net) 1,133,262 16,303 1,149,565 735,172 20,192 755,364

58
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 1B
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31st March, 2022

Particulars Public /
Motor- Workmen Personal Other Total
Motor - OD Motor -TP Engineering Aviation Product Health Crop
Total Compensation Accident Miscellaneous Miscellaneous
Liability

Premium from
direct business 16,499,242 20,527,213 37,026,455 12,00,988 - 447,440 1,056,311 569,378 17,539,338 9,404,755 5,515,369 72,760,034
written

Add : Premium
on reinsurance - - - 56,570 - - 181,688 16,515 294,962 - 96,090 645,825
accepted

16,499,242 20,527,213 37,026,455 1,257,558 - 447,440 1,237,999 585,893 17,834,300 9,404,755 5,611,459 73,405,859

Less : Premium
on reinsurance 2,491,200 1,096,153 3,587,353 1,039,409 - 22,392 86,512 195,618 2,979,717 7,358,132 2,198,787 17,467,920
ceded

Net Premium 14,008,042 19,431,060 33,439,102 218,149 - 425,048 1,151,487 390,275 14,854,583 2,046,623 3,412,672 55,937,939

Adjustments
for changes in
342,478 120,010 462,488 9,685 - 29,315 111,825 24,405 1,107,924 (70,452) 1,006,920 2,682,110
Reserve for Un-
expired Risks

Total Premium
13,665,564 19,311,050 32,976,614 208,464 - 395,733 1,039,662 365,870 13,746,659 2,117,075 2,405,752 53,255,829
Earned (Net)

SCHEDULE - 1B
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31st March, 2021

Particulars Public /
Motor- Workmen Personal Other Total
Motor - OD Motor -TP Engineering Aviation Product Health Crop
Total Compensation Accident Miscellaneous Miscellaneous
Liability
Premium from
direct business 17,230,950 19,980,392 37,211,342 1,007,907 849 370,971 1,016,932 517,596 15,625,488 15,412,859 3,235,185 74,399,129
written
Add : Premium
on reinsurance - - - 39,988 (4,738) - - 33,189 - - 77,940 146,379
accepted

17,230,950 19,980,392 37,211,342 1,047,895 (3,889) 370,971 1,016,932 550,785 15,625,488 15,412,859 3,313,125 74,545,508

Less : Premium
on reinsurance 4,319,791 1,077,316 5,397,107 875,810 (86) 18,626 131,818 239,909 2,430,446 12,171,912 1,936,558 23,202,100
ceded

Net Premium 12,911,159 18,903,076 31,814,235 172,085 (3,803) 352,345 885,114 310,876 13,195,042 3,240,947 1,376,567 51,343,408

Adjustments
for changes in
1,740,690 1,393,608 3,134,298 (1,121) (164) 30,176 38,761 38,609 540,367 29,390 132,537 3,942,853
Reserve for Un-
expired Risks
Total Premium
11,170,469 17,509,468 28,679,937 173,206 (3,639) 322,169 846,353 272,267 12,654,675 3,211,557 1,244,030 47,400,555
Earned (Net)

59
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 2
CLAIMS INCURRED (NET)
(` in ‘000)
Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total

Claims Paid

Direct 3,939,089 1,419,178 56,025,991 61,384,258 1,461,664 634,196 50,951,121 53,046,981

Add: Reinsurance accepted 257,041 17,867 210,953 485,861 162,499 54,949 24,102 241,550

Less: Reinsurance ceded 3,700,827 640,399 14,459,465 18,800,691 1,285,456 3,178 20,603,955 21,892,589

Net Claims Paid 495,303 796,646 41,777,479 43,069,428 338,707 685,967 30,371,268 31,395,942

Add: Claims Outstanding at the end of the year 1,146,265 818,723 70,811,679 72,776,667 848,330 412,669 62,216,097 63,477,096

Less: Claims Outstanding at the beginning of

848,330 412,669 62,216,097 63,477,096 668,345 584,103 51,930,978 53,183,426
the year

Total Claims Incurred 793,238 1,202,700 50,373,061 52,368,999 518,692 514,533 40,656,387 41,689,612

* For analysis of the segment of Marine business, refer Schedule 2A.

** For analysis of the segment of Miscellaneous business, refer Schedule 2B

SCHEDULE - 2A
CLAIMS INCURRED (NET)
(` in ‘000)
Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total

Claims Paid

Direct 1,385,977 33,201 1,419,178 566,893 67,303 634,196

Add: Reinsurance accepted 17,764 103 17,867 54,829 120 54,949

Less: Reinsurance ceded 623,555 16,844 640,399 (22,268) 25,446 3,178

Net Claims Paid 780,186 16,460 796,646 643,990 41,977 685,967

Add: Claims Outstanding at the end of the year 756,349 62,374 818,723 362,304 50,365 412,669
Less: Claims Outstanding at the beginning of the year 362,304 50,365 412,669 494,332 89,771 584,103

Total Claims Incurred 1,174,231 28,469 1,202,700 511,962 2,571 514,533

60
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 2B
CLAIMS INCURRED (NET)
(` in ‘000)
Year Ended 31 March, 2022
st

Particulars Public /
Motor- Workmen Personal Other Total
Motor - OD Motor -TP Engineering Aviation Product Health Crop
Total Compensation Accident Miscellaneous Miscellaneous
Liability

Claims Paid

Direct 13,789,196 8,960,873 22,750,069 368,193 - 190,569 703,774 138,237 19,994,765 10,360,810 1,519,574 56,025,991
Add: Reinsurance
- - - 8,336 - - 9,691 - 192,926 - - 210,953
accepted
Less: Reinsurance
2,992,379 947,687 3,940,066 273,519 - 9,712 88,836 37,633 1,945,938 7,776,721 387,040 14,459,465
ceded

Net Claims Paid 10,796,817 8,013,186 18,810,003 103,010 - 180,857 624,629 100,604 18,241,753 2,584,089 1,132,534 41,777,479

Add: Claims
Outstanding at the 2,076,277 62,944,739 65,021,016 165,293 - 237,644 606,749 267,987 2,336,232 1,243,759 932,999 70,811,679
end of the year
Less: Claims
Outstanding at the
1,521,178 54,569,281 56,090,459 171,741 - 94,172 392,158 276,737 2,099,582 2,461,608 629,640 62,216,097
beginning of the
year
Total Claims
11,351,916 16,388,644 27,740,560 96,562 - 324,329 839,220 91,854 18,478,403 1,366,240 1,435,893 50,373,061
Incurred

SCHEDULE - 2B
CLAIMS INCURRED (NET)
(` in ‘000)
Year Ended 31 March, 2021
st

Particulars Public /
Motor- Workmen Personal Other Total
Motor - OD Motor -TP Engineering Aviation Product Health Crop
Total Compensation Accident Miscellaneous Miscellaneous
Liability

Claims Paid

Direct 12,290,256 4,523,927 16,814,183 389,750 - 108,776 628,183 40,078 15,516,884 16,166,650 1,286,617 50,951,121
Add: Reinsurance
- - - 9,849 728 - 5,988 91 7,446 - - 24,102
accepted
Less: Reinsurance
3,611,749 612,069 4,223,818 274,923 - 5,439 171,818 4,535 3,196,821 12,113,533 613,068 20,603,955
ceded

Net Claims Paid 8,678,507 3,911,858 12,590,365 124,676 728 103,337 462,353 35,634 12,327,509 4,053,117 673,549 30,371,268

Add: Claims
Outstanding at the 1,521,178 54,569,281 56,090,459 171,741 - 94,172 392,158 276,737 2,099,582 2,461,608 629,640 62,216,097
end of the year
Less: Claims
Outstanding at the
1,831,350 42,746,328 44,577,678 216,850 799 148,295 355,544 191,339 1,494,294 4,264,428 681,751 51,930,978
beginning of the
year
Total Claims
8,368,335 15,734,811 24,103,146 79,567 (71) 49,214 498,967 121,032 12,932,797 2,250,297 621,438 40,656,387
Incurred

61
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 3
COMMISSION
(` in ‘000)
Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total

Commission Paid

Direct 871,311 271,127 5,771,569 6,914,007 908,654 163,969 5,359,518 6,432,141

TOTAL (A) 871,311 271,127 5,771,569 6,914,007 908,654 163,969 5,359,518 6,432,141

Add : Commission on Re-insurance Accepted 85,877 1,342 71,247 158,466 47,667 1,150 15,693 64,510

Less : Commission on Re-insurance ceded 1,612,312 197,706 1,495,669 3,305,687 1,329,121 104,226 2,931,671 4,365,018

Net Commission (655,124) 74,763 4,347,147 3,766,786 (372,800) 60,893 2,443,540 2,131,633

Breakup of the expenses (Gross) incurred to procure business:

Agents 206,932 83,053 1,966,554 2,256,539 240,271 56,200 1,770,079 2,066,550

Brokers 639,807 187,697 3,582,282 4,409,786 641,538 107,396 3,296,198 4,045,132

Corporate Agency 23,330 24 71,994 95,348 25,698 83 72,307 98,088

Others (Web Aggregator, CSC, IMF and MISP) 1,242 353 150,739 152,334 1,147 290 220,934 222,371

TOTAL (B) 871,311 271,127 5,771,569 6,914,007 908,654 163,969 5,359,518 6,432,141

* For analysis of the segment of Marine business, refer Schedule 3A.

** For analysis of the segment of Miscellaneous business, refer Schedule 3B

SCHEDULE - 3A
COMMISSION
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total

Commission Paid

Direct 270,180 947 271,127 161,282 2,687 163,969

TOTAL (A) 270,180 947 271,127 161,282 2,687 163,969

Add : Commission on Re-insurance Accepted 616 726 1,342 908 242 1,150

Less : Commission on Re-insurance ceded 185,811 11,895 197,706 98,688 5,538 104,226

Net Commission 84,985 (10,222) 74,763 63,502 (2,609) 60,893

Breakup of the expenses (Gross) incurred to procure business :

Agents 82,465 588 83,053 54,783 1,417 56,200

Brokers 187,338 359 187,697 106,126 1,270 107,396

Corporate Agency 24 - 24 83 - 83

Others (Web Aggregator, CSC, IMF and MISP) 353 - 353 290 - 290

TOTAL (B) 270,180 947 271,127 161,282 2,687 163,969

62
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 3B
COMMISSION
(` in ‘000)
Year Ended 31st March, 2022

Particulars Public /
Workmen Personal Other
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop Total Miscellaneous
Compensation Accident Miscellaneous
Liability

Commission Paid

Direct 2,995,108 383,347 3,378,455 173,992 - 95,960 119,125 133,185 902,824 - 968,028 5,771,569

Total (A) 2,995,108 383,347 3,378,455 173,992 - 95,960 119,125 133,185 902,824 - 968,028 5,771,569

Add : Commission
on Re-insurance - - - 4,948 - - 30,269 245 21,541 - 14,244 71,247
Accepted

Less : Commission on
526,598 51,234 577,832 98,658 - 3,353 8,516 19,237 134,172 379,228 274,673 1,495,669
Re-insurance ceded

Net Commission 2,468,510 332,113 2,800,623 80,282 - 92,607 140,878 114,193 790,193 (379,228) 707,599 4,347,147

Breakup of the expenses (Gross) incurred to procure business:

Agents 677,908 221,781 899,689 64,314 - 60,980 43,954 16,545 347,718 - 533,354 1,966,554

Brokers 2,159,935 147,801 2,307,736 109,001 - 34,418 67,103 116,465 548,507 - 399,052 3,582,282

Corporate Agency 18,119 6,492 24,611 278 - 167 7,365 22 5,565 - 33,986 71,994

Others (Web
Aggregator, CSC, IMF 139,146 7,273 146,419 399 - 395 703 153 1,034 - 1,636 150,739
and MISP)

TOTAL (B) 2,995,108 383,347 3,378,455 173,992 - 95,960 119,125 133,185 902,824 - 968,028 5,771,569

SCHEDULE - 3B
COMMISSION
(` in ‘000)
Year Ended 31 March, 2021
st

Particulars Public /
Workmen Personal Other
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop Total Miscellaneous
Compensation Accident Miscellaneous
Liability

Commission Paid

Direct 3,287,265 417,815 3,705,080 132,969 20 69,127 110,975 102,721 837,483 - 401,143 5,359,518

Total (A) 3,287,265 417,815 3,705,080 132,969 20 69,127 110,975 102,721 837,483 - 401,143 5,359,518

Add : Commission
on Re-insurance - - - 5,245 (511) - - 139 - - 10,820 15,693
Accepted

Less : Commission on
1,070,404 77,875 1,148,279 256,648 10 2,782 15,464 21,045 148,832 1,057,373 281,238 2,931,671
Re-insurance ceded

Net Commission 2,216,861 339,940 2,556,801 (118,434) (501) 66,345 95,511 81,815 688,651 (1,057,373) 130,725 2,443,540

Breakup of the expenses (Gross) incurred to procure business:

Agents 839,030 266,653 1,105,683 56,136 - 43,162 39,480 14,079 347,448 - 164,091 1,770,079

Brokers 2,228,564 127,027 2,355,591 76,403 20 25,403 64,042 88,446 478,231 - 208,062 3,296,198

Corporate Agency 20,524 7,538 28,062 345 - 111 6,900 24 8,858 - 28,007 72,307

Others (Web
Aggregator, CSC, IMF 199,147 16,597 215,744 85 - 451 553 172 2,946 - 983 220,934
and MISP)

TOTAL (B) 3,287,265 417,815 3,705,080 132,969 20 69,127 110,975 102,721 837,483 - 401,143 5,359,518

63
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 4
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
S. Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
No. Fire * Marine **Miscellaneous Total Fire * Marine **Miscellaneous Total
1 Employees remuneration and welfare benefits 119,452 81,578 3,710,574 3,911,604 51,502 54,825 3,578,881 3,685,208
2 Travel, Conveyance and vehicle running expenses 3,968 2,710 123,250 129,928 1,189 1,266 82,645 85,100
3 Training expenses 248 169 7,706 8,123 62 66 4,308 4,436
4 Rent, rates and taxes 14,474 9,885 449,606 473,965 6,338 6,747 440,406 453,491
5 Repairs 9,033 6,169 280,605 295,807 2,472 2,631 171,752 176,855
6 Printing and Stationery 1,881 1,284 58,425 61,590 824 877 57,238 58,939
7 Communication 3,875 2,646 120,372 126,893 1,198 1,275 83,259 85,732
8 Legal and professional charges 23,261 15,886 722,579 761,726 10,441 11,114 725,535 747,090
9 Auditor’s fees, expenses etc.
(a) As Auditor 107 73 3,320 3,500 49 52 3,399 3,500
(b) As advisor or in any other capacity in respect of
(i) Taxation matters - - - - - - - -
(ii) Insurance matters - - - - - - - -
(iii) Management services - - - - - - - -
(c) in any other capacity (Tax Audit Fees) 27 19 854 900 13 13 874 900
10 Advertisement and publicity 70,465 48,123 2,188,882 2,307,470 19,530 20,790 1,357,158 1,397,478
11 Interest and Bank charges 8,064 5,507 250,499 264,070 3,286 3,499 228,397 235,182
12 Others :
Policy Stamps 50 - 4,693 4,743 44 - 4,833 4,877
Information & Technology Expenses 10,688 7,299 332,002 349,989 3,795 4,039 263,681 271,515
Electricity & Water Charges 1,892 1,292 58,784 61,968 678 721 47,089 48,488
Courtesies & Entertainment 1,630 1,113 50,620 53,363 562 598 39,031 40,191
Others 6,713 4,584 208,526 219,823 2,974 3,168 206,707 212,849
13 Depreciation 11,565 7,899 359,268 378,732 3,970 4,226 275,886 284,082
14 Goods and Service Tax Expense 1,174 802 36,460 38,436 389 415 27,067 27,871
TOTAL 288,567 197,038 8,967,025 9,452,630 109,316 116,322 7,598,146 7,823,784
* For analysis of the segment of Marine business, refer Schedule 4A.
** For analysis of the segment of Miscellaneous business, refer Schedule 4B

SCHEDULE - 4A
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
S. Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
No. Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total
1 Employees remuneration and welfare benefits 81,186 392 81,578 53,689 1,136 54,825
2 Travel, Conveyance and vehicle running expenses 2,697 13 2,710 1,240 26 1,266
3 Training expenses 168 1 169 65 1 66
4 Rent, rates and taxes 9,837 48 9,885 6,607 140 6,747
5 Repairs 6,139 30 6,169 2,576 55 2,631
6 Printing and Stationery 1,278 6 1,284 859 18 877
7 Communication 2,634 12 2,646 1,249 26 1,275
8 Legal and professional charges 15,810 76 15,886 10,884 230 11,114
9 Auditor’s fees, expenses etc.
(a) As Auditor 73 - 73 51 1 52
(b) As advisor or in any other capacity in respect of
(i) Taxation matters - - - - - -
(ii) Insurance matters - - - - - -
(iii) Management Services - - - - - -
(c) in any other capacity (Tax Audit Fees) 19 - 19 13 - 13
10 Advertisement and publicity 47,892 231 48,123 20,359 431 20,790
11 Interest and Bank charges 5,481 26 5,507 3,426 73 3,499
12 Others:
Policy Stamps - - - - - -
Information & Technology Expenses 7,264 35 7,299 3,955 84 4,039
Electricity & Water Charges 1,286 6 1,292 706 15 721
Courtesies & Entertainment 1,108 5 1,113 586 12 598
Others 4,562 22 4,584 3,102 66 3,168
13 Depreciation 7,861 38 7,899 4,138 88 4,226
14 Goods and Service Tax Expense 798 4 802 406 9 415
Total 196,093 945 197,038 113,911 2,411 116,322

64
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
SCHEDULE - 4B
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
Year Ended 31st March, 2022
S. No. Particulars Public /
Motor- Workmen Personal Other Total
Motor - OD Motor -TP Engineering Aviation Product Health Crop
Total Compensation Accident Miscellaneous Miscellaneous
Liability
1 Employees remuneration and 929,206 1,288,936 2,218,142 14,471 - 28,195 76,382 25,888 985,361 135,760 226,375 3,710,574
welfare benefits
2 Travel, Conveyance and 30,864 42,813 73,677 481 - 937 2,537 860 32,730 4,509 7,519 123,250
vehicle running expenses
3 Training expenses 1,930 2,676 4,606 30 - 59 159 54 2,046 282 470 7,706
4 Rent, rates and taxes 112,591 156,179 268,770 1,753 - 3,416 9,255 3,137 119,395 16,450 27,430 449,606
5 Repairs 70,270 97,473 167,743 1,094 - 2,132 5,776 1,958 74,516 10,267 17,119 280,605
6 Printing and Stationery 14,631 20,295 34,926 227 - 444 1,203 408 15,515 2,138 3,564 58,425
7 Communication 30,144 41,813 71,957 469 - 915 2,478 840 31,965 4,404 7,344 120,372
8 Legal and professional 180,949 251,001 431,950 2,818 - 5,491 14,874 5,041 191,884 26,437 44,084 722,579
charges
9 Auditor’s fees, expenses etc.
(a) As Auditor 832 1,153 1,985 13 - 25 68 23 882 121 203 3,320
(b) As advisor or in any other
capacity in respect of
(i) Taxation matters - - - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - - - -
(iii) Management Services - - - - - - - - - - - -
(c) In any other capacity 213 297 510 3 - 6 18 6 227 31 53 854
(Tax Audit Fees)
10 Advertisement and publicity 548,142 760,348 1,308,490 8,536 - 16,632 45,058 15,272 581,268 80,085 133,541 2,188,882
11 Interest and Bank charges 62,731 87,015 149,746 977 - 1,903 5,157 1,748 66,521 9,165 15,282 250,499
12 Others:
Policy Stamps 1,535 2,130 3,665 8 - 236 103 1 47 - 633 4,693
Information & Technology 83,140 115,327 198,467 1,295 - 2,523 6,834 2,316 88,165 12,147 20,255 332,002
Expenses
Electricity & Water Charges 14,720 20,420 35,140 229 - 447 1,210 410 15,610 2,152 3,586 58,784
Courtesies & Entertainment 12,676 17,584 30,260 197 - 385 1,042 353 13,443 1,852 3,088 50,620
Others 52,220 72,435 124,655 813 - 1,584 4,293 1,455 55,375 7,629 12,722 208,526
13 Depreciation 89,968 124,798 214,766 1,401 - 2,730 7,396 2,507 95,405 13,145 21,918 359,268
14 Goods and Service Tax 9,130 12,665 21,795 142 - 277 751 254 9,682 1,334 2,225 36,460
Expense
Total 2,245,892 3,115,358 5,361,250 34,957 - 68,337 184,594 62,531 2,380,037 327,908 547,411 8,967,025

SCHEDULE - 4B
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
Year Ended 31st March, 2021

S. No. Particulars Public /

Motor- Workmen Personal Other Total
Motor-OD Motor-TP Engineering Aviation Product Health Crop
Total Compensation Accident Miscellaneous Miscellaneous
Liability
1 Employees remuneration and
899,970 1,317,635 2,217,605 11,995 - 24,560 61,697 21,670 919,758 225,908 95,688 3,578,881
welfare benefits
2 Travel, Conveyance and vehicle
20,783 30,427 51,210 277 - 567 1,425 500 21,239 5,217 2,210 82,645
running expenses
3 Training expenses 1,084 1,586 2,670 14 - 30 74 26 1,107 272 115 4,308
4 Rent, rates and taxes 110,747 162,144 272,891 1,476 - 3,022 7,592 2,667 113,183 27,800 11,775 440,406
5 Repairs 43,190 63,234 106,424 576 - 1,179 2,961 1,040 44,140 10,841 4,591 171,752
6 Printing and Stationery 14,393 21,074 35,467 192 - 393 987 347 14,709 3,613 1,530 57,238
7 Communication 20,937 30,653 51,590 279 - 571 1,435 504 21,397 5,256 2,227 83,259
8 Legal and professional charges 182,448 267,120 449,568 2,432 - 4,979 12,508 4,393 186,459 45,798 19,398 725,535
9 Auditor's fees, expenses etc.
(a) As Auditor 855 1,251 2,106 11 - 23 59 20 874 215 91 3,399
(b) As advisor or in any
other capacity in respect of
(i) Taxation matters - - - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - - - -
(iii) Management Services - - - - - - - - - - - -
(c) In any other capacity
220 322 542 3 - 6 15 5 225 55 23 874
(Tax Audit Fees)
10 Advertisement and publicity 341,280 499,664 840,944 4,549 - 9,314 23,396 8,217 348,784 85,668 36,286 1,357,158
11 Interest and Bank charges 57,434 84,089 141,523 766 - 1,567 3,937 1,383 58,697 14,417 6,107 228,397
12 Others:
Policy Stamps 1,518 2,223 3,741 7 - 197 17 1 111 - 759 4,833
Information & Technology
66,307 97,079 163,386 883 - 1,810 4,546 1,597 67,765 16,644 7,050 263,681
Expenses
Electricity & Water Charges 11,841 17,337 29,178 158 - 323 812 285 12,102 2,972 1,259 47,089
Courtesies & Entertainment 9,815 14,370 24,185 131 - 268 673 236 10,030 2,464 1,044 39,031
Others 51,980 76,103 128,083 693 - 1,418 3,563 1,252 53,122 13,048 5,528 206,707
13 Depreciation 69,376 101,573 170,949 925 - 1,893 4,756 1,670 70,902 17,415 7,376 275,886
14 Goods and Service Tax Expense 6,806 9,965 16,771 91 - 186 466 164 6,956 1,709 724 27,067
Total 1,910,984 2,797,849 4,708,833 25,458 - 52,306 130,919 45,977 1,951,560 479,312 203,781 7,598,146

65
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

SCHEDULE - 5
SHARE CAPITAL
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

Authorised Capital
1 400000000 Equity Shares of ` 10 each 4,000,000 4,000,000
(Previous Year 400000000 Equity Shares of ` 10 each)
Issued Capital
2 280254362 Equity Shares of ` 10 each 2,802,544 2,742,183
(Previous Year 274218300 Equity Shares of ` 10 each)
Subscribed Capital
3 280254362 Equity Shares of ` 10 each 2,802,544 2,742,183
(Previous Year 274218300 Equity Shares of ` 10 each)
Called up Capital
4 280254362 Equity Shares of ` 10 each 2,802,544 2,742,183
(Previous Year 274218300 Equity Shares of ` 10 each)
Less: Calls unpaid
Add: Equity Shares forfeited (amount orginally paid up) - -
Less: Par Value of Equity Shares bought back - -
Less: Preliminary Expenses - -
Expenses including commission or brokerage on underwriting or - -
subscription of shares

TOTAL 2,802,544 2,742,183

SCHEDULE - 5A
SHARE CAPITAL
PATTERN OF SHAREHOLDING
(As certified by the Management)

As At 31st March, 2022 As At 31st March, 2021

Shareholders
Number of Shares % of Holding Number of Shares % of Holding

Promoters
a) Indian 142,929,725 51 139,851,333 51
b) Foreign 137,324,637 49 134,366,967 49
Others - - - -

TOTAL 280,254,362 100 274,218,300 100

SCHEDULE - 6
RESERVES AND SURPLUS
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021

(1) (2) (3) (4)

1 Capital Reserve - -

2 Capital Redemption Reserve - -

3 Share Premium

Opening Balance 4,519,821 4,519,821

Additions during the year 3,940,100 -

Closing Balance 8,459,921 4,519,821

4 General Reserve - -

5 Catastrophe Reserve 1,166 1,166

6 Other Reserves - -

7 Balance of Profit in Profit and Loss Account 21,097,427 20,513,879

TOTAL 29,558,514 25,034,866

66
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

SCHEDULE - 7
BORROWINGS
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
1 Debentures/Bonds - -

2 Banks - -

3 Financial Institutions - -

4 Others - -

TOTAL - -

SCHEDULE - 8 & 8A
INVESTMENTS
(` in ‘000)
S. No. Particulars Shareholders Policyholders Total
As At 31st March, 2022 As At 31st March, 2021 As At 31st March, 2022 As At 31st March, 2021 As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4) (5) (6) (7) (8)
LONG TERM INVESTMENTS
1 Govt Securities and Govt guaranteed 10,266,977 9,412,321 43,815,807 36,631,286 54,082,784 46,043,607
Bonds incl Treasury Bills
2 Other Approved Securities 121,117 655,745 516,883 2,552,055 638,000 3,207,800
3 Approved Investments
(a) Shares
(i) Equity Shares 15,809 5,372 67,469 20,906 83,278 26,278
(ii) Preference Shares - - - - - -
(b) Mutual Funds - - - - - -
(c) Debenture/ Bonds 866,652 585,802 3,698,563 2,279,849 4,565,215 2,865,651
(d) Investment Property - Real Estate - - - - - -
(e) Subsidiaries 949 1,022 4,051 3,978 5,000 5,000
(f) Other Securities - - - - - -
4 Investments in Infrastructure & Housing 8,386,546 9,026,488 35,790,797 35,129,686 44,177,343 44,156,174
5 Other Investments -
Mutual Funds 5,350 4,793 22,830 18,652 28,180 23,445
Equity Shares 668 - 2,851 - 3,519 -
Non Convertible Debenture - - - - - -
SHORT TERM INVESTMENTS
1 Govt Securities and Govt guaranteed 212,640 273,542 907,474 1,064,583 1,120,114 1,338,125
Bonds incl Treasury Bills
2 Other Approved Securities 2,173,913 2,935,907 9,277,487 11,426,093 11,451,400 14,362,000
3 Approved Investments
(a) Shares
(i) Equity Shares - - - - - -
(ii) Preference Shares - - - - - -
(b) Mutual Funds 85,617 460,227 365,385 1,791,132 451,002 2,251,359
(c) Debenture/ Bonds 1,046,505 153,436 4,466,110 597,150 5,512,615 750,586
(d) Investment Property - Real Estate - - - - - -
(e) Subsidiaries - - - - - -
(f) Other Securities
Certificate of Deposit 47,409 - 202,326 - 249,735 -
Commercial Paper 189,375 - 808,185 - 997,560 -
4 Investments in Infrastructure & Housing 2,106,494 1,166,052 8,989,766 4,538,093 11,096,260 5,704,145
5 Other Investments
Mutual Funds - - - - - -
Non Convertible Debenture - 51,105 - 198,895 - 250,000
Less: Provision for diminution in the - (30,970) - (120,530) - (151,500)
value of investments
TOTAL 25,526,021 24,700,842 108,935,984 96,131,828 134,462,005 120,832,670

67
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
Aggregate value of Investments other than Listed Equity Securities and Derivative Instruments
(` in ‘000)
Shareholders Policyholders Total
S. No. Particulars As At 31st March, As At 31st March, As At 31st March, As At 31st March, As At 31st March, As At 31st March,
2022 2021 2022 2021 2022 2021
(1) (2) (3) (4) (5) (6) (7) (8)
1 Long Term Investments
Book Value 19,647,591 19,686,171 83,848,931 76,615,506 103,496,522 96,301,677
Market Value 19,583,830 20,227,961 83,576,823 78,724,070 103,160,653 98,952,031
2 Short Term Investments
Book Value 5,861,953 5,009,299 25,016,733 19,495,416 30,878,686 24,504,715
Market Value 5,867,275 5,022,712 25,039,443 19,547,615 30,906,718 24,570,327

SCHEDULE - 9
LOANS
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

1 Security wise Classification
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside india - -
(b) On shares, Bonds, Govt Securities - -
(c ) Others - -
Unsecured - -
Total - -
2 Borrower wise Classification
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c ) Subsidiaries - -
(d) Industrial Undertakings - -
(e) Others - -
Total - -
3 Performance wise Classification
(a) Loans classified as standard
(aa) in India - -
(bb) outside India - -
(b) Non performing loans less provisions
(aa) in India - -
(bb) outside India - -
Total - -
4 Maturity wise Classification
(a) Short Term - -
(b) Long Term - -
TOTAL - -

68
 SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

SCHEDULE - 10
FIXED ASSETS
(` in ‘000)

Gross Block Depreciation Net Block

Particulars
Sales/
As at Additions during As at Upto On sales / Upto As at As at
Adjustments For the Year
1st April, 2021 the Year 31st March, 2022 31st March, 2021 adjustments 31st March, 2022 31st March, 2022 31st March, 2021
during the Year

Goodwill - - - - - - - - - -

Intangibles:

- Computer Software 749,849 145,483 116,086 779,246 549,583 135,437 116,086 568,934 210,312 200,266

Land - Freehold 37,849 - - 37,849 - - - - 37,849 37,849

Leasehold Property - - - - - - - - - -

Buildings 12,251 - - 12,251 2,215 202 - 2,417 9,834 10,036

Furniture & Fittings 638,761 261,421 98,631 801,551 347,682 64,860 97,241 315,301 486,250 291,079

Information Technology
1,033,483 216,834 350,509 899,808 861,954 147,014 350,405 658,563 241,245 171,529
Equipment

Vehicles 29,579 1,814 7,220 24,173 10,833 3,277 2,751 11,359 12,814 18,746

Office Equipment 160,464 117,138 23,875 253,727 113,756 27,942 23,565 118,133 135,594 46,708

Others - - - - - - - - - -

TOTAL 2,662,236 742,690 596,321 2,808,605 1,886,023 378,732 590,048 1,674,707 1,133,898 776,213

Capital Work In Progress 121,783 303,675 26,962 398,496 - - - - 398,496 121,783

Grand Total 2,784,019 1,046,365 623,283 3,207,101 1,886,023 378,732 590,048 1,674,707 1,532,394 897,996

Previous Year Total 2,269,737 593,410 79,128 2,784,019 1,609,280 284,082 7,339 1,886,023 897,996

69
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

SCHEDULE - 11
CASH AND BANK BALANCES
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
1 Cash (including cheques, drafts and stamps) 11,524 15,891
2 Bank Balances
(a) Deposit Accounts
(aa) Short term (due within 12 months) - -
(bb) Others - -
(b) Current Accounts 2,765,982 1,280,186
(c ) Others - -
3 Money at call & short notice
With Banks - -
With Other Institutions - -
4 Others - -
TOTAL 2,777,506 1,296,077
Balances with non -scheduled banks included in 2 and 3 above - -

Note: 1) B
 alance with Banks in current accounts above, includes liquid flexi term deposit of `2,719,400 thousand (Previous year `916,100
thousand)

2) Balance with Banks in current accounts above, includes Earmarked amount of NIL (Previous year NIL) towards CSR activities.

SCHEDULE - 12
ADVANCES AND OTHER ASSETS
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
ADVANCES
1 Reserve Deposit with ceding Companies 3,552,374 2,977,633
2 Application Money for Investments - -
3 Prepayments 170,679 132,711
4 Advance to Directors / Officers - -
Advance Tax Paid and Tax Deducted at source
5 675,356 295,812
(Net of provision for taxation)
6 Deposit towards Rent 107,845 101,885
7 Goods & Service Tax Recoverable - -
8 Deposit towards Claim 500,000 -
9 Others 298,677 181,216
TOTAL (A) 5,304,931 3,689,257
OTHER ASSETS
1 Income accrued on Investments / FDRs 3,639,556 3,492,613
2 Outstanding Premiums 9,034,741 10,243,599
3 Agents’ balances 7,082 7,047
4 Foreign Agencies Balances - -
Due from entities carrying on insurance business (including
5 2,740,328 2,179,763
reinsurers)
6 Due from Subsidiaries/ Holdings - -
7 Assets held for Unclaimed amount of Policyholders 167,976 188,350
Add: Investment Income accruing on unclaimed amount 42,065 47,073
TOTAL (B) 15,631,748 16,158,445
TOTAL (A+B) 20,936,679 19,847,702

70
SCHEDULES FORMING PART OF FINANCIAL STATEMENTS

SCHEDULE - 13
CURRENT LIABILITIES
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

1 Agents Balances 691,218 669,898

Balances due to other insurance companies
2 10,697,455 11,746,120
(including reinsurers)
3 Deposits held on reinsurances ceded 338,033 215,711

4 Premiums received in advance 9,249,050 9,537,678

5 Unallocated premium 158,900 196,868

6 Sundry Creditors 951,901 990,648

7 Due to subsidiaries/holding company 1,488 2,615

8 Claims outstanding 72,776,667 63,477,096

9 Due to Officers / Directors - -

10 Unclaimed Amount of Policyholders 167,065 182,247

11 Income accrued on Unclaimed amounts 42,065 47,073

12 Statutory Dues 372,105 357,710

13 Goods & Service Tax Payable 468,838 479,716

14 Deposit towards Claim Settlement 1,474,414 -

15 Deposit Premium 877,034 988,672

16 Unsettled Investment contract payable - 499,291

TOTAL 98,266,233 89,391,343

SCHEDULE - 14
PROVISIONS
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

1 Reserve for Unexpired Risk 28,691,619 25,375,615

2 Reserve for Premium Deficiency - -

Provision or Taxation (less advance tax paid and taxes deducted
3 - -
at source)
4 Provision for Employee Benefits 602,189 606,404

5 Provision for Proposed Dividends - -

6 Provision for Dividend Distribution Tax - -

7 Others - -

TOTAL 29,293,808 25,982,019

SCHEDULE - 15
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021

(1) (2) (3) (4)

1 Discount allowed in issue of shares/debentures - -

2 Others - -

TOTAL - -

71
72
ACCOUNTING POLICIES
& NOTES TO ACCOUNTS

73
 SCHEDULE 16: Significant Accounting Policies and Notes to Accounts forming part of
financial statements for the year ending 31st March 2022

A. BACKGROUND 3. Revenue Recognition

IFFCO - TOKIO General Insurance Company Limited 3.1 Premium and cession thereof are recognized
(the Company) was incorporated on, as a Company over the contract period or the period of the
under the Companies Act 1956. The Company risk in respective revenue account following
is registered with Insurance Regulatory and 1/365 method.
Development Authority of India (IRDAI) and is in the
business of underwriting general insurance policies Reserve for unexpired risk representing premium
relating to Fire, Marine and Miscellaneous classes and attributable to the succeeding accounting period is
holds a valid certificate of registration. maintained based on the above method except in
Marine Hull business and reinsurance acceptances
B. SIGNIFICANT ACCOUNTING POLICIES under the Pool arrangements. Unexpired Risk
Reserve for Marine Hull business and reinsurance
1. Basis of Preparation of Financial Statements
acceptances in respect of Terrorism Pool is
The financial statements have been prepared on going maintained at hundred percent of net premium
concern basis under the historical cost convention and and in respect of all other reinsurance acceptances
on the accrual basis of accounting in accordance with under pool arrangements same is maintained
the generally accepted accounting principles followed at fifty percent of the net premium during the
in India and conform to the statutory requirements preceding twelve months.
prescribed under the Insurance Act, 1938 and
Insurance Regulatory and Development Authority 3.2 Any subsequent revision to the premium under
(Preparation of Financial Statements and Auditor’s the policies is accounted for in the period in which
Report of Insurance Companies) Regulations, they occur.
2002 including directions and orders thereon,
the provisions of Companies Act, 2013 including 3.3 Reinsurance Inward acceptances are accounted
notified Accounting Standards there under except for on the basis of returns, to the extent received,
otherwise stated. from the insurers.

2. Use of Estimates 3.4 

Commission on reinsurance cessions are
recognized as income in the period in which
The presentation of the financial statements in
the premium is ceded. Profit commission under
conformity with the generally accepted accounting
reinsurance treaties, wherever applicable, is
principles requires the management to make
estimates and assumptions that affect the reported recognized on the determination of profit for
amount of assets and liabilities as of the Balance the period.
Sheet date, revenues and expenses for the year 3.5 Interest Income is recognized on accrual basis.
ended and disclosure of contingent liabilities as of the
Balance Sheet date. Such estimates and assumptions 3.6 Dividend income is recognized when the right to
are based on the management’s evaluation of the receive dividend is established.
relevant facts and circumstances as on the date of
financial statements. Any revision to the accounting 3.7 Profit or Loss on sale / redemption of investments
estimates is recognized prospectively in the period in which is the difference between sale consideration
which the results are known/ materialized. and carrying value is recognized on trade date

74
 and includes effects of accumulated fair value 7. Allocation of Operating Expenses
changes, previously recognized, for specific
Operating expenses other than policy stamps are
investments sold / redeemed during the year. In
apportioned to respective revenue accounts on
determining realized gain / loss, cost of securities
the basis of net premium in each class of business
is arrived at on ‘Weighted average cost’ basis and
at the end of financial year. Expenses relating to
sale consideration for the purpose of realized gain
policy stamps are directly taken to the respective
/ loss is net of Brokerage and taxes, if any.
revenue accounts.
4. Premium Deficiency
8. Acquisition Cost of insurance contracts
Premium deficiency is recognized whenever expected
Cost relating to acquisition of new / renewal of
claim costs, related expenses and maintenance
insurance contracts are expensed in the period in
costs exceeds related reserve for unexpired risks at
which they are incurred.
Segmental Revenue Account level.
9. Investments
5. Allocation of Investment Income between Revenue
Accounts and Profit and Loss Account Investments are recorded on the trade date at the
acquisition cost.
Investment income is apportioned to Profit and
Loss Account and Revenue Accounts in the ratio of Classification
average of Shareholders Funds and Policyholders
Investment maturing within twelve months from
Funds standing in each class of business at the end of
the Balance Sheet date and investments made with
each month.
specific intention to dispose of within twelve months
6. Claims Incurred from the Balance Sheet date are classified as Short
Term Investments. Other investments are classified as
6.1 Liability in respect of claims is provided for the
Long Term Investments.
intimations received up to the year-end based
on the surveyor’s assessment, information Valuation
provided by the insured, judgment based on
i) Debt securities including Government securities
past experience and other applicable laws and
are considered as held to maturity and are valued
practices. However, in respect of claims under
at cost subject to amortization by charging off /
re-insurance acceptances, the claim liability is
crediting investment income with the difference
provided based on the returns / advices, to the
of acquisition cost and maturity value over
extent received, from the Reinsurers.
the unexpired period of maturity on straight
6.2 
Liability in respect of “Claims incurred but line method.
not reported” (IBNR) and “Claims incurred
ii) Investments in units of mutual funds are valued at
but not enough reported” (IBNER) is provided
Net Asset Value (NAV)
for on actuarial estimates as certified by the
“Appointed Actuary”. iii) Equity securities listed and actively traded are
stated at fair value, being the last quoted closing
6.3 Salvage / Recoveries under claims are netted off
price on the National Stock Exchange (NSE).
against “Claims Incurred” and are accounted for
However, in case of any stock not being listed at
on realization.
NSE, the same is valued based on the last quoted
closing price on Bombay Stock Exchange (BSE).

75
 iv) Any unrealized gain / loss arising due to change in iii) Fixed Assets having value up to ` 5000 are fully
fair value of mutual fund investments and listed depreciated in the year of acquisition.
equity shares is accounted in ‘Fair Value Change
11.2 Intangible Asset (Software) is amortized over its
Account’ and carried forward in the Balance Sheet
useful life of three years on straight line method.
and is not available for distribution.
12. Operating Lease
v) Investment in equity share of the subsidiary
company is valued at cost less permanent Leases, where the lessor effectively retains
diminution, if any. substantially retains all the risks and rewards of
ownership of the leased assets are classified as
vi) Impairment of Investments:
operating lease. Payments made towards assets /
The company assess at each Balance Sheet date premises taken on operating lease are recognized
whether there is any evidence of impairment of as an expense in the revenue accounts and profit
any investment. In case of impairment, carrying and loss account over the lease term on straight-line
value of such investments is reduced to its fair value basis.
and the impairment loss is recognised in the Profit
13. Pre-Paid Expenses
& Loss Account after adjusting it with previously
recognised impairment provision. However, at Expenditure up to ` 25,000 in each case is accounted
the Balance Sheet if there is any indication that a for in the year in which the same is incurred.
previously recognised impairment no longer exists
14. Foreign Currency Transactions
then such loss is reversed and the investment is
restated to that extent. Transactions in foreign currency are accounted at
the exchange rate prevailing on the date of the
10. Fixed Assets
transaction.
Fixed Assets including Intangible Assets are stated
The monetary items remaining outstanding as on the
at their cost of acquisition less accumulated
date of Balance Sheet are translated at the exchange
depreciation / amortization.
rate as on that date.
Capital Work in Progress includes assets not ready
Exchange Gain / Loss on settlement / translation
for the intended use and carried at cost.
of foreign currency transactions is recognized as
11. Depreciation / Amortization income / expense.

 11.1 Depreciation on Fixed Assets is provided on 15. Income Tax

straight line method based on useful life as
Income tax comprises of Current Tax and Deferred
provided in Schedule II of the Companies Act,
Tax. Deferred tax, resulting from ‘timing differences’
2013 except
between book and taxable profits, is accounted for
i) Fixtures in rented premises are depreciated using the tax rates and laws that have been enacted
proportionately over the residual lease period or substantively enacted. The deferred tax asset is
wherever the lease period is less than the useful recognized and carried only to the extent that there
life specified in Schedule II. is a reasonable / virtual certainty that the asset will
be realized in future.
ii) Information Technology Equipments – Servers
& Networks are depreciated over their useful 16. Employee Benefits
life of three years on straight line method.
16.1 The Liability for Gratuity is covered by the ‘Group

76
 Gratuity Cash Accumulation Scheme” with an based on internal / external factors. An impairment
Insurance Company. The liability is accounted for loss is recognized wherever the carrying amount of
based on actuarial valuation as on the date of the asset exceeds its recoverable amount. Any such
Balance Sheet. impairment loss is recognized by charging it to the
profit and loss account. A previously recognized
16.2 Liability for leave encashment is provided for on
impairment loss is reversed where it no longer exists
the basis of actuarial valuation as on the date of
and the asset is restated to that effect.
Balance Sheet.
18. Provisions & Contingencies
16.3 Provident Fund and Family Pension Scheme
contributions and liability towards Leave Travel A provision, other than those relating to contract with
Assistance (LTA) are accounted for on accrual policyholders, is recognized when there is present
basis. obligation arising out of past events and it is probable
that an outflow of resources will be required to settle
16.4 
Gains / losses arising out of the actuarial
the obligation and the amount can be reasonably
valuation are recognized immediately in the
estimated. Wherever there is a possible obligation or
accounts.
present obligations that may, but probably will not
17. Impairment of Assets require an outflow of resources, the same is disclosed
by way of contingent liability.
The carrying amounts of assets are reviewed at each
balance sheet date for indications of any impairment

77
C. NOTES FORMING PART OF ACCOUNTS
I. Statutory disclosures as required by IRDAI
1. All the assets of the company are free from all encumbrances and are within India.

2. a) Commitments made and outstanding for loans and investments are Nil (Previous Year-Nil).

b) The company has committed ` 880,555 Thousand (net of advances) (Previous Year ` 723,228 Thousand) for
the purchase of fixed assets.

3. Claims, less reinsurance, paid to claimants in/outside India during the year under various class of business are
as under:
(` in ’000)
In India Outside India
Class of Business Year ended Year ended Year ended Year ended
31 March, 2022
st
31 March, 2021
st
31 March, 2022
st
31 March, 2021
st

Fire 494,855 330,478 448 8,229

Marine 796,543 685,847 103 121
Miscellaneous 41,777,070 30,371,241 409 26

4. Age-wise breakup of claims outstanding on Gross basis under various class of business as at 31st March, 2022 is
as under:
(` in ’000)
Outstanding for more than 6 months Other Claims
Class of Business Year ended Year ended Year ended Year ended
31st March, 2022 31st March, 2021 31st March, 2022 31st March, 2021
Fire 10,961,246 8,839,103 1,322,356 3,429,610

Marine 793,592 592,728 243,227 176,824

Miscellaneous 31,323,234 30,343,146 4,831,275 4,963,118

5. Claims settled and remaining unpaid for a period of more than six months as at 31st March, 2022 is Nil
(Previous Year Nil).

6. (a) Gross Direct Premium during the year under various classes of business is as under:

(` in ’000)
In India Outside India
Class of Business Year ended Year ended Year ended Year ended
31st March, 2022 31st March, 2021 31st March, 2022 31st March, 2021
Fire 9,247,178 8,149,581 - -

Marine 2,521,881 1,560,124 - -

Miscellaneous 72,760,034 74,399,129 - -

78
 (b) Premium less reinsurances written during the year under various classes of business is as under:
(` in ’000)

In India Outside India

Class of Business Year ended Year ended Year ended Year ended
31 March, 2022
st
31 March, 2021
st
31 March, 2022
st
31 March, 2021
st

Fire 1,800,766 738,864 - -

Marine 1,229,804 786,530 - -

Miscellaneous 55,937,939 51,343,407 - -

(c) No premium income is recognized on “varying risk pattern” basis.

(d) Extent of risk retained and reinsured is as under:

Risk Retained Risk Reinsured

Class of Business Year ended Year ended Year ended Year ended
31 March, 2022
st
31 March, 2021
st
31 March, 2022
st
31 March, 2021
st

Fire 17.60% 8.11% 82.40% 91.89%

Marine 48.32% 49.41% 51.68% 50.59%

Miscellaneous 76.20% 68.88% 23.80% 31.12%

(e) There are no insurance contracts where the claim payment period exceeds four years.

7. As per the approved Resolution Plan of M/s Piramal Capital & Housing Finance Limited, the Company has received
settlement value of ` 119,314 thousand against an Investment of ` 250,000 thousand in the debt securities
of Dewan Housing Finance Limited (DHFL). Accordingly, the unrecoverable amount of ` 130,686 thousand is
written off and the provision made in previous year against this investment amounting to ` 151,500 thousand is
written back.

8. All the investments held by the company as shown in Sch 8 & Sch 8A as at 31st March, 2022 are performing
investments.

9. Value of Contracts in relation to Investments for

(` in ’000)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
Purchases where deliveries are pending NIL 499,291
Sales where payments are overdue Nil Nil

10. Fair value of Investments in Mutual Fund & listed Equity shares as at 31st March, 2022 is ` 565,980 Thousand
(previous year ` 2,301,081 Thousand) and historical cost of the same is ` 552,695 Thousand (Previous year
` 2,308,105 Thousand).

11. Pursuant to IRDAI Circular no. IRDAI/F&A/CIR/CPM/010/01/2017 dated 12th Jan. 2017, Investments have
been bifurcated into the policyholders’ and shareholders’ fund on notional basis. Accordingly, Investments
are bifurcated in Schedule 8 “Investments-Shareholders” and in Schedule 8A “Investments-Policyholders”.

79
 12. Sector wise business executed by the company is as follows:
(` in ’000)

Year ended 31st March, 2022 Year ended 31st March, 2021
Number Number
No. of of lives No. of of lives
Gross % of Gross Gross % of Gross
Policies covered Policies covered
Sector Direct Direct Direct Direct
Issued (In (Estimated) Issued (In (Estimated)
Premium Premium Premium Premium
thousand) (In thousand) (In
thousand) thousand)
Rural 19,349,449 2,396 - 22.89% 24,660,021 1,974 - 29.32%

Social 4,019,439 11 4,382 4.76% 1,470,395 1 5,631 1.75%

Urban 61,160,205 7,305 - 72.35% 57,978,418 6,859 - 68.93%

Total 84,529,093 9,712 4,382 100.00% 84,108,834 8,834 5,536 100.00%

13. Managerial remuneration paid during the year is as under:

(` in ’000)

Year ended 31st March, 2022 Year ended 31st March, 2021
Particulars Managing Whole-time Managing Whole-time
Director Directors Director Directors
Salaries and Allowances 21,271 5,335 16,220 5,290

Contribution to Provident 552 242 525 210

Fund
Total 21,823 5,577 16,745 5,500

Note:-

a. The above excludes provision for leave encashment and the gratuity contributions which are determined
actuarially on an overall basis and accordingly have not been considered in the above information. The same
are considered at the time of actual settlement.

b. Managerial remuneration in excess of ` 15,000 thousand, for each Managerial personnel has been charged
to profit and loss account.

c. The remuneration as above has been approved by the IRDAI.

80
 14. Summary of Financial Statements

(` in Lacs)
S. No. Particulars 2021-22 2020-21 2019-20 2018-19 2017-18
OPERATING RESULTS
1 Gross Direct Premium 845,290.93 841,088.34 796,104.04 700,184.38 563,189.16
2 Net Premium 589,685.10 528,688.02 474,123.90 418,763.47 365,339.93
3 Income from Investments 79,794.31 61,082.88 53,854.06 43,882.57 39,715.03
4 Other Income (353.47) (162.06) (133.74) (42.20) 100.78

5 Total Income 669,125.94 589,608.84 527,844.22 462,603.84 405,155.74

6 Commission (Net) Including Brokerage 37,667.86 21,316.33 16,536.75 21,368.86 11,307.67
7 Operating Expenses 94,526.31 78,237.84 74,420.60 55,692.89 71,371.69
8 Net Incurred Claims 523,689.99 416,896.12 409,837.64 355,822.29 268,270.79
9 Increase in Unexpired Risk Reserve 33,160.04 38,812.08 11,591.77 15,731.65 41,709.08

Total Expenses 689,044.20 555,262.37 512,386.76 448,615.69 392,659.23

10 Operating Profit/(Loss) (19,918.26) 34,346.47 15,457.47 13,988.15 12,496.51
NON OPERATING RESULT
11 Total Income under shareholders account 26,438.59 6,756.18 11,317.75 9,535.75 13,281.85
12 Profit /(Loss) before tax 6,520.33 41,102.65 26,775.22 23,523.90 25,778.36
13 Provision for tax 684.84 9,157.60 6,305.53 5,661.70 6,849.46
14 Profit/(Loss) after tax 5,835.49 31,945.05 20,469.69 17,862.20 18,928.90
MISCELLANEOUS
15 Policy Holder Account:
Total Funds 1,089,359.84 961,318.28 780,886.12 692,358.52 563,371.87
Total Investments 1,089,359.84 961,318.28 780,886.12 692,358.52 563,371.87
Yield on Investments 8.20% 7.15% 7.42% 7.27% 7.76%

16 Shareholder Account:
Total Funds 255,260.21 247,008.42 186,866 198,599 151,476
Total Investment 255,260.21 247,008.42 186,866 198,599 151,476
Yield on Investments 8.20% 7.15% 7.42% 7.27% 7.76%
17 Paid up Equity Capital 28,025.44 27,421.83 27,421.83 27,421.83 26,932.15
18 Net Worth 323,610.58 277,770.49 245,825.44 225,355.74 187,493.55
19 Total assets 1,599,343.84 1,430,357.52 1,246,169.40 1,006,987.76 855,772.10
20 Yield on total investments 8.20% 7.15% 7.42% 7.27% 7.76%
21 Earnings per share (In `) 2.11 11.65 7.46 6.54 7.03
22 Book value per share (In `) 115.47 101.30 89.65 82.18 69.62
23 Total dividend - - - - -
24 Dividend per share (In `) - - - - -

81
 15.Performance Ratios:

Year ended Year ended

S. No. Particulars
31 March, 2022
st
31 March, 2021
st

1 Gross Direct Premium Growth Rate* 0.50% 5.65%

2 Gross Direct Premium to Net Worth Ratio 2.61 3.03
3 Growth Rate of Net Worth 16.50% 13.00%
4 Net Retention Ratio 68.43% 62.02%
5 Net Commission Ratio* 6.39% 4.03%
6 Expense of Management to Gross Direct Premium Ratio* 19.36% 16.95%
7 Expense of Management to Net Written Premium Ratio* 22.42% 18.83%
8 Net Incurred Claims to Net Earned Premium* 94.10% 85.10%
9 Claims Paid to Claims Provisions* 22.12% 22.56%
10 Combined Ratio* 116.52% 103.93%
11 Investment Income Ratio 8.19% 7.26%
12 Technical Reserves to Net Premium Ratio* 1.72 1.68
13 Underwriting Balance Ratio* (17.85)% (5.42)%
14 Operating Profit Ratio (3.52)% 7.04%
15 Liquid Assets to Liabilities Ratio 0.31 0.27
16 Net Earning Ratio 0.99% 6.04%
17 Return on Net Worth Ratio 1.80% 11.50%
Available Solvency Margin (ASM) to Required Solvency
18 1.68 1.73
Margin (RSM) (In Times)
19 NPA Ratio
Gross NPA Ratio 0.00% 0.21%
Net NPA Ratio 0.00% 0.08%
20 Debt Equity Ratio N.A. N.A.
21 Debt Service Coverage Ratio N.A. N.A.
22 Interest Service Coverage Ratio N.A. N.A.
23 Earnings Per Share 2.11 11.65
24 Book Value Per Share 115.47 101.30

* Line of Business-wise Ratio are given in Annexure 1.

# All ratios are related to Indian operations as Company does not have any foreign operations.

# All ratios are calculated w.r.t IRDAI Circular No. IRDAI/F&A/CIR/MISC/256/09/2021 dated 30th September, 2021.

82
 16. Details of certain expenses as required by IRDAI are as under:

(` in ’000)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021

Outsourcing Expenses (Manpower) 276,635 284,320

Business Development - -

17. No depreciation is allocable to the Profit and Loss Account based on the ‘use’ of the asset.

18. Details of penal actions by various Government Authorities during the year are as under:

(` in ’000)
Non- Penalty
Penalty Penalty
S. No. Authority compliance/ waived/
Awarded Paid
violation Reduced
Guideline 15
Insurance Regulatory and Development
1 (5) (d) of MISP 500 500 Nil
Authority
Guidelines

2 Goods & Service Tax Authorities None Nil Nil Nil

3 Income Tax Authorities None Nil Nil Nil

4 Any other Authorities None Nil Nil Nil

Enforcement Directorate/ Adjudicating

5 Authority/ Tribunal or any Authority None Nil Nil Nil
under FEMA
Registrar of Companies/NCLT/ CLB/
6 Department of Corporate Affairs or any None Nil Nil Nil
Authority under Companies Act, 1956.
Penalty awarded by any Court/ Tribunal
7 for any matter including claim settlement None Nil Nil Nil
but excluding compensation.

8 Securities and Exchange Board of India None Nil Nil Nil

9 Competition Commission of India None Nil Nil Nil

Any other Central State/Local

10 None Nil Nil Nil
Government/ Statutory Authority.

Penalties in all sub headings were “Nil” during FY 2020-21.

83
 19. Analysis of the Unclaimed Amount of Policyholders.

a) Age wise analysis of unclaimed amount.

(` in ’000)
Statement showing the Age-wise Analysis of the Unclaimed Amount of the Policyholders as on
31st March, 2022
AGE-WISE ANALYSIS
S. Total More
Particulars 0-6 7-12 13-18 19–24 25–30 31-36 37-120
No Amount than 120
months months months months months months months
months
A Claims settled
but not
paid to the
policyholders
/ beneficiaries
due to any - - - - - - - - -
reasons except
under litigation
from the
policyholders /
beneficiaries
B Sum due to the
policyholders
/ beneficiaries - - - - - - - - -
on maturity or
otherwise
C Any excess
collection of
the premium/
tax or any other
charges which
is refundable
to the
policyholders
either as terms 9,710 307 7,354 2,014 - - - - 35
of conditions
of the policy
or as per law
or as may be
directed by the
Authority but
not refunded
so far
D Cheques
issued but not
encashed by the 199,420 17,047 4,375 6,443 7,529 7,410 4,106 130,699 21,811
policyholders /
beneficiaries
Total 209,130 17,354 11,729 8,457 7,529 7,410 4,106 130,699 21,846

84
 b) Reconciliation statement of unclaimed amount and Investment Income.

(` in ’000)
Year ended Year ended
31 March, 2022
st
31 March, 2021
st

Particulars
Income
Policy Dues Policy Dues Income Accrued
Accrued

Opening balance of unclaimed amount 182,247 47,073 213,483 51,068

Add: Amount transferred to unclaimed amount. 40,495 - 70,712 -

Add: Cheque issued out of the unclaimed amount

but non encashed by the policyholders. (To be - - - -
included only when the cheques are stale)

Add: Investment Income - 8,029 - 10,619

Less: Amount of Claims paid during the year 28,433 2,886 81,732 7,966

Less: Amount transferred to SCWF (net of claims

27,244 10,151 20,216 6,648
paid in respect of amounts transferred earlier)

Closing balance of unclaimed amount 167,065 42,065 182,247 47,073

20. M
 anagement expenses are apportioned to Revenue Accounts on the basis of Net Premium as per Accounting
Policy on ‘Allocation of Operating Expenses’ (Schedule 16 A (6)). Detail of apportioned expenses is furnished in
Schedule 4 (Operating Expenses relating to Insurance business).

21. A
 s certified by Appointed Actuary, no premium deficiency has been provided in the current year (previous years
` Nil) in the accounts.

22. The Provision of Free Look period of ` 40 Thousand (Previous Year ` 42 Thousand) is duly certified by the
Appointed Actuary.

23. In accordance with the requirements of the IRDAI circular dated March 18, 2003 and based on recommendations
made at General Insurance Council meeting held on February 4, 2005 and as per letter no. HO/MTD/Solatium
Fund/2010/482 dated July 26, 2010, from The New India Assurance Co. Ltd. (Scheme administrator), the
Company has provided 0.1% of the total Motor TP premium of the Company towards solatium fund.

24. Direct commission paid under schedule 3 includes rewards paid to insurance agent and insurance intermediaries
as per IRDAI (Payment of commission or remuneration or rewards to insurance agents and insurance
intermediaries) Regulations, 2016 dated 14th December, 2016 and IRDAI Guidelines on Motor Insurance
Service providers dated 31st August, 2017.

85
 25. Previous year figures have been regrouped/ reclassified in the respective Schedules and Notes to Accounts
wherever necessary to conform with the current year groupings. The details of regrouping are as under:

(` in ’000)
Sr No. Regrouped from Regrouped to Amount Reason
Prepayments is regrouped
Schedule 13: Schedule 12: under “Others” under Advances
1 Prepayments from Prepayments to Others 32,786 for appropriate presentation
Sundry Creditors under Advances and to be in conformity with the
Industry practice.
Employee benefit is regrouped
Schedule 13: Employee Schedule 14: Employee under “Provisions” for
2 Benefit from Current Benefit under 606,404 appropriate presentation and
Liabilities Provisions to be in conformity with the
Industry practice.
Debentures/ Bonds (Housing)
Schedule 8 & 8A: is Clubbed with Investment in
Schedule 8 & 8A:
Investment in Infrastructure to comply with
3 Debentures/ Bonds 15,354,687
Infrastructure and IRDAI Circular No. IRDA/F&A/
(Housing)
Housing Sector CIR/CPM/010/01/2017 dated
12th January, 2017.
Agent Balances Recoverable
is regrouped under “Agent
Schedule 13: Agent Schedule 12: Agent
balances” for appropriate
4 Balances from Current Balances under Other 7,047
presentation and to be in
Liabilities Assets
conformity with the Industry
practice.
Schedule 13: Current Amount receivable from
Schedule 12: Advances
Liabilities: “Balances Nuclear Pool is regrouped under
& Other Assets
5 due to other insurance 67,802 Reserve Deposit with Ceding
“Reserve Deposit with
companies (including Companies to be in conformity
ceding Companies”
reinsurers)” with the new agreement.
Schedule 13: Current Deposits held on Reinsurance
Schedule 13: Current
Liabilities: “Balances Ceded is regrouped for
Liabilities: “Deposit
6 due to other insurance 215,711 appropriate presentation and
held on Reinsurance
companies (including to be in conformity with the
Ceded”
reinsurers)” Industry practice.
Statutory Dues is reclassified
Schedule 13: Statutory Schedule 13: Statutory under “Current Liabilities” for
7 Dues from Sundry Dues under Current 357,710 appropriate presentation and
Creditors Liabilities to be in conformity with the
Industry practice.

86
II. Disclosures required under Accounting Standards
1. Accounting Standard-15 “Employee Benefits”

a. General description of the defined benefit scheme:

Gratuity The Company provides for gratuity, a defined benefit plan (the “Gratuity Plan”
covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The
Gratuity Plan provides a lump sum payment to vested employees at retirement, death,
incapacitation or termination of employment, of an amount based on the respective
employee’s salary and the tenure of employment. The Company’s liability is actuarially
determined (using the Projected Unit Credit method) at the end of each year. Actuarial
losses/ gains are recognized in the Statement of Profit and Loss in the year in which
they arise.
Leave Encashment Accumulated compensated absences, which are expected to be availed or encashed are
treated as employee benefits. The Company’s liability is actuarially determined (using
the Projected Unit Credit method) at the end of each year. Actuarial losses/ gains are
recognized in the Statement of Profit and Loss in the year in which they arise.
Provident Fund Provident Fund contributions are made to a Trust administered by the Company. The
contributions made to the trust are recognized as plan assets. The defined benefit
obligation recognized in the balance sheet represents the present value of the defined
benefit obligation as reduced by fair value of plan assets. The contribution for ` 159,095
thousand (previous year ` 142,664 thousand) has been recognized as expense in the
accounts. Further the provision of ` 32,787 thousand (previous year ` 17,329 thousand)
has been made towards shortfall between fair value of Trust Assets and present obligation
of Trust.

b. Other disclosures as required under AS-15 (Revised 2005) on “Employee Benefits” in respect of defined benefit
obligations are as under:

i. Expenses recognized in Profit & Loss Account

(` in ’000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Current
46,677 40,194 31,883 19,887 19,253 141,302 130,932 107,217 50,053 39,291
Service Cost
Interest cost
on benefit 21,844 15,849 13,691 10,952 9,336 32,620 24,457 21,268 17,168 14,752
obligation
Expected
return on (20,526) (15,611) (11,742) (10,181) (8,255) - - - - -
plan assets
Net actuarial
(Gain)/loss
(793) 40,811 27,277 21,759 (3,268) (32,472) 23,587 8,917 33,856 2,488
recognized in
the year
Expenses
recognized in
47,202 81,243 61,109 42,417 17,066 141,450 178,976 137,402 101,077 56,531
the Profit &
Loss Account

87
 ii. The amount recognized in the Balance Sheet

(` in ’000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Present Value
of obligation at 356,073 335,466 241,640 187,663 150,992 554,987 525,162 390,458 304,427 248,413
end of year (i)
Fair Value of
Plan assets at 308,871 254,223 180,560 145,246 133,926 - - - - -
end of year (ii)
Difference
(ii-i) i.e. Assets/ (47,202) (81,243) (61,080) (42,417) (17,066) (554,987) (525,162) (390,458) (304,427) (248,413)
(Liabilities)
Net Asset/
(liability)
recognized in (47,202) (81,243) (61,080) (42,417) (17,066) (554,987) (525,162) (390,458) (304,427) (248,413)
the Balance
Sheet

iii. Changes in the present value of the Defined Benefit Obligations:

(` in ’000)
Gratuity Leave Encashment
Particulars 2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18

Present Value
of obligation
335,466 241,640 187,664 150,992 131,251 525,162 390,458 304,427 248,413 215,072
at beginning
of year
Interest Cost 21,844 15,849 13,691 10,952 9,336 32,620 24,457 21,268 17,168 14,752
Current
46,677 40,194 31,883 19,887 19,253 141,302 130,932 107,217 50,053 39,291
Service Cost
Benefit Paid (42,319) (5,912) (16,442) (13,779) (4,968) (111,625) (44,272) (51,370) (45,063) (23,190)
Net actuarial
(Gain)/Loss (5,595) 43,695 24,844 19,612 (3,880) (32,472) 23,587 8,916 33,856 2,488
on obligation
Present value
of the defined
356,073 335,466 241,640 187,664 150,992 554,987 525,162 390,458 304,427 248,413
benefit as at
end of year

88
 iv) Changes in the fair value of plan assets:

(` in ’000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Fair value of
plan assets
254,223 180,560 145,246 133,926 87,425 - - - - -
at beginning
of year
Expected
return on 20,526 15,611 11,742 10,181 8,255 - - - - -
plan assets
Contributions
81,243 61,080 42,445 17,065 43,826 - - - - -
by employer
Benefits Paid (42,319) (5,912) (16,442) (13,779) (4,968) - - - - -
Actuarial
Gain/(Loss)
(4,802) 2,884 (2,431) (2,147) (612) - - - - -
on plan
assets
Fair value of
plan assets
308,871 254,223 180,560 145,246 133,926 - - - - -
at end of
year *

*Gratuity Fund is managed by Life Insurance Corporation of India (LIC). Individual investment wise details of the plan
assets are not being provided by LIC.

v. Actuarial Assumptions

Principal assumptions used for actuarial valuation are:

Gratuity (Funded) Leave Encashment (Non Funded)

Particulars 2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18

Method used Projected Unit Credit Method

Discount rate 7.345% 6.95% 6.64% 7.63% 7.60% 7.35% 6.95% 6.64% 7.63% 7.60%
Future Salary
6.00% 6.00% 6.00% 6.50% 6.00% 6.00% 6.00% 6.00% 6.50% 6.00%
Escalation
IALM IALM
Mortality rate IALM (2012-14) IALM (2012-14)
(2006-08) (2006-08)
Withdrawal
4% 4% 4% 4% 1 to 3% 4% 4% 4% 4% 1 to 3%
rate
Expected
Rate of
7.50% 7.50% 7.44% 7.42% 7.51% - - - - -
return on
plan assets

The estimate of future salary increase considered in actuarial valuation, take into account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

89
2. Accounting Standard-17 “Segment Reporting”

The Company’s primary reportable segments are business segments, which have been identified in accordance
with the Regulations. Disclosure as required is provided as under:

a) Business Segments
(` in ’000)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
SEGMENT REVENUE
Fire Insurance 10,391,230 9,217,849
Marine Insurance 2,630,207 1,654,408
Motor Insurance-OD 17,239,287 17,814,820
Motor Insurance-TP 26,331,135 24,264,817
Engineering Insurance 1,279,875 1,071,171
Workmen Compensation Insurance 473,706 392,827
Personal Accident Insurance 1,326,676 1,079,871
Product Liability Insurance 624,043 579,578
Health Insurance 18,450,804 16,142,523
Crop 9,598,246 15,711,394
Other Insurance 5,813,961 3,422,997
Investment 2,667,555 1,971,830
Total 96,826,725 93,324,085
SEGMENT RESULT: Profit / (Loss)
Fire Insurance 962,833 674,414
Marine Insurance (240,928) 125,122
Motor Insurance-OD (1,656,246) (737,857)
Motor Insurance-TP 5,278,857 2,921,293
Engineering Insurance 1,195 204,749
Workmen Compensation Insurance (63,275) 176,160
Personal Accident Insurance (36,353) 183,895
Product Liability Insurance 135,443 52,236
Health Insurance (7,285,469) (2,401,297)
Crop 995,646 1,837,856
Other Insurance (83,529) 398,077
Investments 2,688,369 670,330
Unallocable (44,509) 5,288
Total Profit before Tax 652,033 4,110,265
Less: Provision for Taxation 68,485 915,760
Profit After Tax 583,548 3,194,505

90
SEGMENT ASSETS As at 31st March, 2022 As at 31st March, 2021
Fire Insurance - -
Marine Insurance - -
Motor Insurance - -
Engineering Insurance - -
Workmen Compensation Insurance - -
Personal Accident Insurance - -
Product Liability Insurance - -
Health Insurance - -
Crop - -
Other Insurance - -
Investments 138,101,561 124,325,283
Total 138,101,561 124,325,283
Add: Unallocable Assets 21,832,823 18,710,469
Total 159,934,384 143,035,752
SEGMENT LIABILITIES As at 31st March, 2022 As at 31st March, 2021
Fire Insurance 2,255,026 1,403,437
Marine Insurance 1,195,665 709,372
Motor Insurance-OD 9,664,341 8,766,764
Motor Insurance-TP 74,131,209 65,635,741
Engineering Insurance 282,500 279,263
Workmen Compensation Insurance 424,322 251,533
Personal Accident Insurance 1,149,863 823,448
Product Liability Insurance 431,208 415,554
Health Insurance 7,705,088 6,360,514
Crop 1,366,567 2,654,869
Other Insurance 2,862,496 1,552,217
Investments - 499,291
Total 101,468,285 89,352,001
Add: Unallocable Liabilities 26,091,756 25,913,725
Total 127,560,041 115,265,727

91
 Cost incurred to acquire segment assets ( Fixed Assets)
Fire Insurance - -
Marine Insurance - -
Motor Insurance - -
Engineering Insurance - -
Workmen Compensation Insurance - -
Personal Accident Insurance - -
Product Liability Insurance - -
Health Insurance - -
Crop - -
Other Insurance - -
Investments - -
Total - -
Add: Unallocable Fixed assets 1,019,404 522,089
Total 1,019,404 522,089
Amount of expenses included in segment result for Year Ended Year Ended
depreciation and amortization in respect of assets: 31st March, 2022 31st March, 2021
Fire Insurance 11,566 3,970
Marine Insurance 7,899 4,226
Motor Insurance-OD 89,968 69,376
Motor Insurance-TP 124,798 101,573
Engineering Insurance 1,401 925
Workmen Compensation Insurance 2,730 1,893
Personal Accident Insurance 7,396 4,756
Product Liability Insurance 2,507 1,670
Health Insurance 95,405 70,902
Crop 13,145 17,415
Other Insurance 21,918 7,376
Investments - -
Total 378,731 284,082
Add: Unallocable Expenses - -
Total 378,731 284,082

Assets and Liabilities of the Company, which are not identifiable with any of the segment, have been classified as
Unallocable.

b) Geographical Segment

Since the Company’s entire business is conducted within India, there is no reportable Geographical Segmentation
for the year.

92
3. Accounting Standard- 18 “Related Party Disclosures”

The transactions between the company and its related parties during the year are as under:

(` in ’000)
Name of the Nature of Related Year ended Year ended
Description of Nature of Transactions
Related Parties Party Relationship 31st March, 2022 31st March, 2021

Premium accounted from direct business 816,059 728,535

Claims paid on direct basis 174,195 117,973

Indian Farmers Promoters with
Fertiliser more than 20% Payment of Rent and other expenses 253,789 247,609
Cooperative. Ltd Voting rights
Deposit of Insurance Premium 2,500 2,500

Amount Payable / (Receivable) at the Balance

5,111 39,926
Sheet Date

Premium accounted from direct business 184,455 73,841

Claim paid on direct basis 22,471 12,989

Associate of
Indian Potash Promoters with
Deposit of Insurance Premium 100 100
Limited more than 20%
Voting rights
Payment of Rent and other expenses 1,836 13,599

Amount Payable / (Receivable) at the Balance

(509) (509)
Sheet Date
Tokio Marine Asia Promoters with
Pte Ltd (formerly more than 20% Payment of Fee 186 2,173
Millea Asia Pte Ltd) Voting rights

Premium on Cession of Re-insurance Premium 543,167 459,537

Associate of Commission Earned on Premium Ceded 139,519 122,038

Tokio Marine
Promoters with
& Nichido Fire
more than 20% Losses Recovered from
Insurance Co Ltd 498,031 192,927
Voting rights Re-insurer
Amount Payable / (Receivable) at the Balance
107,339 77,343
Sheet Date

Associate of Losses Recovered from Re-insurer - (26,239)

Tokio Marine Kiln Promoters with
Singapore Pte Ltd more than 20%
Amount Payable / (Receivable) at the Balance
Voting rights 26,075 26,075
Sheet Date

93
 Premium on Cession of Re-insurance Premium 600,398 633,426

Commission Earned on Premium Ceded 151,063 102,593

Associate of Losses Recovered from Re-insurer 204,219 108,113

Tokio Marine
Promoters with
Insurance Singapore
more than 20%
Ltd Claim/Reimbursement of Expenses 67 -
Voting rights

Payment of Fees 545 148

Amount Payable / (Receivable) at the Balance

19,263 156,835
Sheet Date
Associate of
Tokio Marine Europe Promoters with Amount Payable / (Receivable) at the Balance
116 116
Insurance Ltd. more than 20% Sheet Date
Voting rights

Premium on Cession of Re-insurance Premium 7,465 4,013

Associate of Commission Earned on Premium Ceded 486 242

Tokio Marine Kiln Promoters with
Syndicate more than 20%
Voting rights Losses Recovered from Re-insurer 3 -

Amount Payable / (Receivable) at the Balance

1,750 1,778
Sheet Date

Premium on Cession of Re-insurance Premium 47,951 38,630

Associate of Commission Earned on Premium Ceded 8,443 4,522

Promoters with
Tokio Marine HCC
more than 20%
Voting rights Losses Recovered from Re-insurer 333 -

Amount Payable / (Receivable) at the Balance

30,512 14,195
Sheet Date

Associate of Claim/Reimbursement of Expenses - 131

Tokio Marine
Promoters with
Insurance (Malaysia)
more than 20%
Behard Payment of Fee 306 118
Voting rights

Associate of
The Tokio Marine
Promoters with
and Fire Insurance Payment of Fee - 47
more than 20%
Co (Hongkong) Ltd
Voting rights

Associate of Claim/Reimbursement of Expenses 3,821 6,677

TM Claim Services Promoters with
Inc. more than 20%
Voting rights Payment of Fee 4,241 3,371

Associate of
Tokio Marine
Promoters with
Management Payment of Fee 251 -
more than 20%
Australasia Pty Ltd.
Voting rights

94
 Associate of
TM Claim Service Promoters with
Payment of Fee 385 -
Asia PTE Ltd. more than 20%
Voting rights
Associate of
Tokio Marine Promoters with
Payment of Fees - 1,900
Holdings INC more than 20%
Voting rights

Associate of Payment of Fees 251 118

Tokio Marine Safety
Promoters with
Insurance (Thailand)
more than 20%
Public Co. Ltd
Voting rights Claim/Reimbursement of Expenses 3,221 154

Associate of
Tokio Marine Newa Promoters with
Payment of Fees - 51
Insurance Co Ltd more than 20%
Voting rights

Associate of Payment of Fees 42 326

PT Asuransi Tokio Promoters with
Marine Indonesia more than 20%
Voting rights Claim/Reimbursement of Expenses 25 805

Associate of Payment of Fees 97 -

Tokio Marine Claim
Promoters with
Service
more than 20%
Co Ltd
Voting rights Claim/Reimbursement of Expenses 51 -

Associate of
Tokio Marine
Promoters with
Insurance Vietnam Payment of Fees 1,870 -
more than 20%
Co Ltd
Voting rights
Baoviet Tokio Associate of
Marine Insurance Promoters with
Payment of Fees - 428
Company Limited- more than 20%
Ho Chi Minh Branch Voting rights

Premium accounted from direct business 3,973 3,451

Claims paid on direct basis 4,999 6,039

Associate of
IFFCO Ebazar Ltd Promoters with
Commission paid on direct business 52 39
more than 20%
Voting rights

Payment of Rent and other expenses 10 238

Amount Payable / (Receivable) at the Balance

1 2
Sheet Date

95
 Premium accounted from direct business 7,299 4,499

Associate of Claims paid on direct basis 6,592 4,441

IFFCO Kisan Sanchar Promoters with
Ltd. more than 20%
Voting rights Payment of Rent and other expenses 11,601 10,070

Amount Payable / (Receivable) at the Balance

3,058 -
Sheet Date

Payment of Rent on office Building 8,585 10,452

K. Srinivasa Gowda Chairman Honorarium Charges 1,800 1,800

Amount Payable / (Receivable) at the Balance

(11,040) (11,040)
Sheet Date
IFFCO-TOKIO Subsidiary of the
Amount Payable / (Receivable) at the Balance
Insurance Services Company with 1,488 2,615
Sheet Date
Ltd 100% Voting Rights
Associate of
IFFCO Kisan Logistics Promoters with
Premium accounted from direct business 1,140 1,100
Ltd. more than 20%
Voting rights

Associate of Premium accounted from direct business 7,219 9,124

IFFCO MC Crop Promoters with
Science Ltd. more than 20%
Voting rights Claims paid on direct basis 4,808 3,117

Associate of Premium accounted from direct business 13,889 6,548

IFFCO Kisan Finance Promoters with
Limited more than 20%
Voting rights Claims paid on direct basis 16,531 3,938

Associate of Premium accounted from direct business 683 784

Promoters with
IFFCO Kisan SEZ Ltd.
more than 20%
Voting rights Claims paid on direct basis - 54

Associate of Premium accounted from direct business 2,606 2,494

Indian Farm Forestry
Promoters with
Development
more than 20%
Cooperative Ltd. Payment for CSR activity- IFFDC being
Voting rights 27,642 17,604
implementation agency

Associate of Premium accounted from direct business 844 936

Cooperative Rural Promoters with
Development Trust more than 20%
Voting rights Claims paid on direct basis 288 507

Associate of Premium accounted from direct business 329 956

CN IFFCO Private Promoters with
Limited more than 20%
Voting rights Claims paid on direct basis 50 1

96
 Associate of
Triumph Offshore Promoters with
Premium accounted from direct business 19,197 8,724
Private Limited more than 20%
Voting rights
Managing Director
& Chief Executive
H.O. Suri 6,940 -
Officer
(w.e.f 13.10.2021)
Managing Director
Anamika Roy & Chief Executive
14,883 16,745
Rashtrawar Officer
(upto 01.10.2021)
Director-Operations Remuneration-Key Management Personnel
Mitsutaka Sato - 5,500
(upto 31.03.2021)
Director-Operations
Shinijiro Hamada 5,577 -
(w.e.f 01.04.2021)
Chief Financial
Sanjeev Chopra Officer (upto 14,800 7,280
28.02.2022)

Amit Jain Company Secretary 5,043 4,506

4. Accounting Standard-19 “Leases”

In respect of premises taken on operating lease,

(i) Amount recovered/recoverable and appearing in the revenue account in regard to sub leases is Nil. (Previous
year Nil).

(ii) In respect of premises taken on operating lease, total of future minimum lease payments under non-cancellable
operating lease and amount recognized in Revenue account is as under:-

(` in ’000)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
Not later than one year 421,396 307,493

Later than one year and not later than five years 925,158 723,607

Later than five years 294,230 299,093

Lease payment recognized in Revenue account 473,965 453,491

97
5. Accounting Standard - 20 “Earnings Per Share”

Year ended Year ended

Sr. No. Particulars
31st March, 2022 31st March, 2021

a) Net Profit available for Equity Shareholders (` ‘000) 583,548 3,194,505

Weighted Average number of Equity Shares outstanding

b) 276,600 274,218
during the year (No. of Units in Thousand)
Basic and Diluted Earning per Share (Equity Share of Face
c) 2.11 11.65
Value of ` 10/- each)

6. Accounting Standard - 22 “Accounting for taxes on income”

The break-up of deferred tax assets and liabilities into major components at the year-end is as below:

(` in ’000)
Year ended 31st March, 2022 Year ended 31st March, 2021
Particulars
Liabilities Assets Liabilities Assets

Depreciation - 36,300 - 31,700

Expenditure accrued but not deductible
for tax purposes, allowable on deduction - 12,800 - 18,900
on TDS
Expenditure accrued but not deductible
for tax purposes, allowable on actual - 176,700 - 157,443
payment
Provision for Doubtful Debts/
- - - 38,100
Diminution in Value of Investments
Unexpired Risk reserve provided in
excess of limit specified in Income Tax - - - 22,800
Act.
Total - 225,800 - 268,943

Net Deferred tax asset - 225,800 - 268,943

Net decrease in Deferred Tax asset for the year is ` 43,143 thousand has been provided in the Profit & Loss Account
(previous year ` 164,857 Thousand).

98
7. Accounting Standard - 29 “Contingent Liabilities”
(` in ’000)
Year Ended Year Ended
Particulars
31 st March, 2022 31 st March, 2021
Partly paid up Investments - -
Claims, other than against policies, not acknowledged as debt by
- -
the company
Underwriting commitments outstanding (in respect of shares and
- -
securities)
Guarantees given by or on behalf of the company - -

Statutory demands / liabilities in dispute, not provided for 2,534,712 1,796,301

Reinsurance obligations to the extent not provided for in the
- -
accounts
Others - -

Total 2,534,712 1,796,301

Contingent liability of ` 2,534,712 thousand (Previous Year ` 1,796,301 thousand) includes Service Tax demands of
` 2,069,304 thousand (Previous Year ` 1,333,142 thousand) and Income Tax demands of ` 465,408 (Previous Year
` 463,159 thousand) raised by Tax Authorities. These demands are being contested before the appropriate Appellate
Authorities. Based on the various pronouncements and legal opinions, the Management believes that these demands
shall not result in any significant economic outflow.

III. Other Notes

1. The Company has participated in Prime Minister Fasal Bima Yojna Scheme (PMFBY) for the State of Maharashtra for
the seasons (Kharif 2020, Rabi 2020-21, Kharif 2021 and Rabi 2021-22). Despite various reminders and requests,
there is delay in the payment of premium subsidy for the business written by the Company.

During the current financial year, Company has filed a Writ Petition in Hon’ble Bombay High Court requesting the
Hon’ble Court to issue directions to State Government for releasing premium subsidy and to quash the orders/
directions issued by State Government against the Company, related to payment of claims.

High Court in its Interim Order directed the State Government not to take any coercive action against the Company
subject to Company depositing a sum of ` 500,000 Thousand in the Court against the outstanding claims. Company
has deposited the amount with the Court in compliance of above Order. During the Current financial year, Company
has received premium subsidy of ` 7,624,977 Thousand against various schemes of State of Maharashtra.
Pending adjudication of the matter, same has been apportioned towards subsidy of earlier seasons amounting to
` 3,453,650 Thousand and the management believe that the entire amount of outstanding premium subsidy would
be recovered for all the seasons.

99
2. Disclosure for CSR

a. Gross amount required to be spent by the Company during the year

(` in ’000)
Particulars Amount

Amount Carried forward from CSR Obligation of FY 2020-21 26,835

CSR Obligation for FY 2021-22 62,285

Total 89,120

b. Amount approved by the Board to be spent during the year

(` in ’000)
Particulars Amount

Amount Carried forward from CSR Obligation of FY 2020-21 26,835

Amount approved against CSR Obligation for FY 2021-22 62,285

Total 89,120

c. Amount spend during the year

(` in ’000)
Sr.
Particulars Paid Yet to be paid Total
No.
(i) Construction/acquisition of any asset - - -

(ii) On purchases other than (i) above 58,787 - 58,787*

*Amount of ` 26,835 thousand carried forward from CSR Obligation of FY 2020-21 and ` 31,952 thousand from
CSR obligation of FY 2021-22.

d. Details of related party transactions in relation to CSR expenditure as per Accounting Standard (AS) 18, Related
Party Disclosures are made in Note 3 under Section B(II) of Notes to Accounts.

e. Disclosure under Section 135(5) and 135(6)

(` in ’000)
In Case of S. 135(5) unspent amount

Opening Amount Deposited in Specified Fund Amount Required to be Amount Spent Closing
Balance of Sch VII within 6 months spend during the year during the year Balance

26,835 - 62,285 58,787* 30,333#

100
 * Amount of ` 26,835 thousand carried forward from CSR Obligation of FY 2020-21 and ` 31,952 thousand from
CSR obligation of FY 2021-22.

#Out of total closing balance, an amount of ` 30,293 thousand pertains to ongoing CSR Projects which has been
transferred in separate unspent CSR Bank Account on 21st April, 2022 and balance ` 40 thousand could not be
allocated to any CSR Project due to unavailability of any suitable CSR Project, which has been transferred to
the Fund specified in Schedule VII of the Companies Act on 19th April, 2022.

(` in ’000)
In Case of S. 135(5) Excess amount spent
Amount Required to be spend Closing
Opening Balance Amount spend during the year
during the year Balance
NIL NIL NIL NIL

Details of ongoing projects*:

(` in ’000)
In Case of S. 135(6) Ongoing Project
Amount spend during
Opening Balance Closing Balance
Projects the year
Amount
Pertaining From From In
Required to be
to CSR In Separate Comp Separate Separate
With spend during With
Obligation CSR Unspent Any’s bank CSR CSR
Company the year Company
for A/C A/C Unspent Unspent
A/C A/C
FY 20-21 - 26,835 26,835 - 26,835 - -

FY 21-22 - - 62,285 31,952 - - 30,293@

Total - 26,835 89,120 31,952 26,835 - 30,293

@Amount of ` 30,293 thousand pertains to ongoing CSR Projects has been transferred to unspent CSR Bank
Account for FY 2021-22 on 21st April, 2022 and balance of ` 40 thousand which is unallocated / unspent
amount for the FY 2021-22 has been transferred to Fund specified in Schedule VII of the Companies Act, on
19th April, 2022.

$For Detailed Project wise Breakup, please refer Annual Report on CSR Activities as per Rule 8(1) of The
Companies (Corporate Social Responsibility Policy) Rules, 2014.

101
3. Repo and Reverse Repo Transaction

(` in ’000)
Maximum Daily average
Minimum Outstanding
outstanding outstanding
Particulars outstanding as on 31st
during the during the
during the year March
year year
Securities Sold under repo (At cost)

1. Government Securities FY2022 - - - -

FY2021 - - - -

2. Corporate Debt Securities FY2022 - - - -

FY2021 - - - -

Securities purchased under reverse repo (At cost)

1. Government Securities FY2022 9,999 2,498,933 606,537

-
FY2021 - - - -

2. Corporate Debt Securities FY2022 - - - -

FY2021 - - - -

4. On the basis of information received from ‘enterprises’ regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006 there is no Micro, Small and Medium Enterprises to which the Company owes
dues, which are outstanding for more than 45 days during the year ended 31.03.2022/31.03.2021 and hence
disclosure relating to amounts unpaid as at the year-end together with interest paid/payable as required under the
said Act have not been given.
For and on behalf of Board of Directors

K. Srinivasa Gowda
Chairman (DIN 00059811)

H.O. Suri
Managing Director (DIN 06416615)

Shinjiro Hamada
Director (DIN 07855559)

Sanket Gupta
Chief Financial Officer

Place: New Delhi Amit Jain
Dated: 27 May, 2022
th
Company Secretary

102
 Annexure 1
* Line of Business wise Analytical Ratio

Expense of Expense of
Technical
Management Management Net Incurred
Gross Direct Net Claims paid Reserves to
Net Retention to Gross to Net Claims to Combined Underwriting
Particulars Premium Commission to Claims Net Premium
Ratio Direct Written Net Earned Ratio Balance Ratio
Growth Rate Ratio Provisions Ratio (In
Premium Premium Premium
Times)
Ratio Ratio

Fire

FY 21-22 13.47% 17.60% (36.38)% 12.54% (20.36)% 63.61% 37.23% 43.25% 1.25 65.79%

FY 20-21 53.50% 8.11% (50.46)% 12.49% (35.66)% 62.37% 28.60% 26.71% 1.90 69.31%

Marine

FY 21-22 61.65% 48.32% 6.08% 18.56% 22.10% 104.62% 67.40% 126.72% 0.97 (28.27)%

FY 20-21 (11.75)% 49.41% 7.74% 17.97% 22.53% 68.12% 47.03% 90.65% 0.90 8.42%

Miscellaneous

FY 21-22 (2.20)% 76.20% 7.77% 20.26% 23.80% 94.59% 21.61% 118.39% 1.75 (19.59)%

FY 20-21 2.57% 68.88% 4.76% 17.42% 19.56% 85.77% 22.21% 105.33% 1.69 (6.96)%

Total

FY 21-22 0.50% 68.43% 6.39% 19.36% 22.42% 94.10% 22.12% 116.52% 1.72 (17.85)%

FY 20-21 5.65% 62.02% 4.03% 16.95% 18.83% 85.10% 22.56% 103.93% 1.68 (5.42)%

Marine Cargo

FY 21-22 62.43% 52.71% 6.94% 20.07% 22.97% 103.62% 72.64% 126.58% 0.92 (28.42)%

FY 20-21 (17.07)% 52.98% 8.24% 19.24% 23.03% 69.64% 47.28% 92.67% 0.83 6.23%

Marine Hull

FY 21-22 53.03% 2.64% (173.31)% 0.95% (157.92)% 174.63% 29.74% 17.33% 11.57 (17.72)%

FY 20-21 199.14% 11.80% (16.01)% 3.92% (1.22)% 12.73% 45.67% 11.51% 4.09 88.25%

103
 Marine Total

104
FY 21-22 61.65% 48.32% 6.08% 18.56% 22.10% 104.62% 67.40% 126.72% 0.97 (28.27)%

FY 20-21 (11.75)% 49.41% 7.74% 17.97% 22.53% 68.12% 47.03% 90.65% 0.90 8.42%

Motor OD

FY 21-22 (4.25)% 84.90% 17.62% 31.77% 33.65% 83.07% 101.75% 116.72% 0.69 (17.57)%

FY 20-21 4.79% 74.93% 17.17% 30.17% 31.97% 74.91% 89.47% 106.89% 0.68 (11.87)%

Motor TP

FY 21-22 2.74% 94.66% 1.71% 17.04% 17.74% 84.87% 13.87% 102.61% 3.82 (2.72)%

FY 20-21 6.15% 94.61% 1.80% 16.09% 16.60% 89.86% 8.80% 106.46% 3.47 (7.79)%

Motor Total

FY 21-22 (0.50)% 90.31% 8.38% 23.60% 24.41% 84.12% 16.26% 108.53% 2.51 (8.87)%

FY 20-21 5.51% 85.50% 8.04% 22.61% 22.84% 84.04% 12.12% 106.88% 2.34 (9.38)%

Engineering

FY 21-22 19.16% 17.35% 36.80% 17.40% 52.83% 46.32% 38.26% 99.15% 1.29 (1.60)%

FY 20-21 18.94% 16.42% (68.82)% 15.72% (54.03)% 45.94% 42.61% (8.09)% 1.62 107.74%

Aviation

FY 21-22 (100.00)% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00 0.00%

FY 20-21 (72.95)% 97.79% 13.19% 2.30% 13.19% 1.95% 91.10% 15.14% 0.00 84.26%

Workmen
Compensation

FY 21-22 20.61% 95.00% 21.79% 36.72% 37.86% 81.96% 108.36% 119.82% 1.00 (22.63)%

FY 20-21 15.88% 94.98% 18.83% 32.73% 33.67% 15.28% 34.92% 48.95% 0.71 47.90
 Public & Product
Liability

FY 21-22 10.00% 66.61% 29.26% 34.37% 45.28% 25.11% 37.99% 70.39% 1.10 26.59%

FY 20-21 45.04% 56.44% 26.32% 28.73% 41.11% 44.45% 14.12% 85.56% 1.34 8.61%

Personal
Accident

FY 21-22 3.87% 93.01% 12.23% 28.75% 28.27% 80.72% 70.29% 108.99% 1.00 (12.03)%

FY 20-21 12.69% 87.04% 10.79% 23.79% 25.58% 58.95% 61.82% 84.54% 0.93 14.29%

Health

FY 21-22 12.25% 83.29% 5.32% 18.72% 21.34% 134.42% 111.82% 155.76% 0.52 (57.48)%

FY 20-21 18.42% 84.45% 5.22% 17.85% 20.01% 102.20% 111.34% 122.21% 0.48 (23.06)%

Crop

FY 21-22 (38.98)% 21.76% (18.53)% 3.49 (2.51)% 64.53% 45.83% 62.03% 0.67 37.89%

FY 20-21 (18.16)% 21.03% (32.63)% 3.11 (17.84)% 70.07% 87.55% 52.23% 0.82 47.93%

Other
Miscellaneous

FY 21-22 70.48% 60.82% 20.73% 27.48% 36.77% 59.69% 50.07% 96.46% 0.84 (11.85)%

FY 20-21 15.19% 41.55% 9.50% 18.70% 24.30% 49.95% 54.62% 74.25% 1.13 23.16%

Miscellaneous
Total

FY 21-22 (2.20)% 76.20% 7.77% 20.26% 23.80% 94.59% 21.61% 118.39% 1.75 (19.59)%

FY 20-21 2.57% 68.88% 4.76% 17.42% 19.56% 85.77% 22.21% 105.33% 1.69 (6.96)%
`

105
106
MANAGEMENT
REPORT

107
As required by the IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies)
Regulations’ 2002, the following Management Report for the year ended 31st March, 2022 is submitted.

1. The Company received regulatory approval for carrying general insurance business in India vide Registration
Number 106 dated 04th December, 2000. It is confirmed that the registration granted to the Company by the
IRDAI is valid.

2. It is confirmed that all the dues payable to the statutory authorities’ up to 31st March, 2022 were duly paid.

3. The shareholding pattern as on 31st March, 2022 was as under which is in accordance with the statutory
requirements:

Year ended 31st March, 2022 Year ended 31st March, 2021

Shareholders ` in ‘000 % ` in ‘000 %

Indian:
Indian Farmers Fertiliser Cooperative Ltd. 1,429,297 51.00 1,398,513 51.00
Sub-Total 1,429,297 51.00 1,398,513 51.00
Foreign:
Tokio Marine Asia Pte. Ltd. 1,373,247 49.00 1,343,670 49.00
Total 2,802,544 100.00 2,742,183 100.00

During the year, the promoters - Indian Farmers Fertiliser Cooperative Ltd. and Tokio Marine Asia Pte. Ltd. had introduced
the share capital of ` 60,361 thousand in the existing proportion of 51% & 49% respectively. The shareholding pattern
of the company during the year are in accordance with the statutory and regulatory provisions.

4. It is confirmed that no part of funds of the Policyholders were directly or indirectly invested outside India during
the year.

5. It is confirmed that solvency margin, as required under the Insurance Act’1938, IRDAI Act’1999 and Regulations
made there under, has been maintained.

6. It is certified that the value of the assets has been reviewed on the date of the Balance Sheet and that in the
opinion of the management, the assets set forth in the Balance Sheet as on 31st March, 2022 are shown in the
aggregate at amounts not exceeding their realizable or market value except investment in subsidiary and debt
securities which are measured at cost / amortized cost.

7. The Company has varied risk exposure in different classes of business depending upon the risk hazard and
retention capacity of the Company. On overall basis Company is exposed to catastrophe risks. The Company
has a strategy to have an effective control on overall risk exposure by working out accumulations per vessel in
marine class of business and on geographical basis for property business. The Company has filed its reinsurance
program with IRDAI as required by its regulations. The Company also has Excess of Loss and Catastrophic Cover
in accordance with the program filed with IRDAI.

8. It is certified that there were no operations of the company in any other country during the year ended
31st March, 2022.

9. The details required under the IRDAI Regulations are annexed to this report as below: -

(a) Ageing analysis of claims outstanding during the preceding five years, please refer Annexure 1.

108
 (b) Average claims settlement time during the preceding five years, please refer Annexure 2.

(c) Details of claims intimated, please refer Annexure 3.

10. The investments of the Company are mainly in debt securities including Government Securities. As per accounting
policy adopted for valuation, debt securities including Government Securities are considered as held to maturity
investments and valued at cost subject to amortization. The other investments are measured as below: -

(a) Investments in units of mutual funds are valued at Net Asset Value (NAV).

(b) Equity securities listed and actively traded are stated at fair value, being the last quoted closing price on the
National Stock Exchange (NSE). However, in case of any stock not being listed at NSE, the same is valued
based on the last quoted closing price on Bombay Stock Exchange (BSE).

(c) Any unrealized gain/loss arising due to change in fair value of mutual fund investments and listed equity
shares is accounted in ‘Fair Value Change Account’ and carried forward in the Balance Sheet and is not
available for distribution.

The market value of the investments has been ascertained on the basis of the guidelines issued by IRDAI and the
same is given hereunder:
(` in ‘000)
Sr. No. Particulars Government Bonds Mutual Equity Fixed Deposit
Securities Funds

1. Acquisition Cost of Securities held 54,980,201 67,094,528 465,591 92,104 12,089,400

2. Amortized value of securities as at 31.03.2022 55,202,898 66,598,728 479,182 91,798 12,089,400

3. Market Value of securities as at 31.03.2022 54,595,379 66,898,411 479,182 91,798 12,089,400

4 Value as appearing in the balance sheet 55,202,898 66,598,728 479,182 91,798 12,089,400

11. The investments held by the Company carry sufficient liquidity since these are normally traded in the secondary
market and have adequate security in terms of recovery of principal and interest. During the year, the Company
earned an Investment income of ` 10,646,985 thousand (Previous year ` 8,080,117 thousand).

12. The management of the Company certifies that: -

(a) In preparation of financial statements, the applicable accounting standards, principles and policies have
been followed and there is no material departure as compared to previous year.

(b) The Management has adopted accounting policies and followed 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 affairs of the
Company at the end of financial year and of the operating profit of the revenue accounts and of profit for
the year ended on that date.

(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, the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(d) The Management has prepared the Financial Statement on a going concern basis.

(e) The Management has an Internal Audit system commensurate with the size and nature of its business, which
is in effective operation during the year.

109
13. Payments made to companies and organizations in which directors are interested are as under:
(` in ‘000)
S.No Entity in which Director is Name of the Director Interested as Year ended Year ended
Interested 31st March, 2022 31st March, 2021
1 Indian Farmers Fertilizers Dileepbhai Nanubhai Chairman
Cooperative Limited
Sanghani
Dr. U.S. Awasthi Managing Director 427,984 365,582
Mr. Rakesh Kapur Joint Managing Director
Mr. K. Srinivasa Gowda Director
2 Indian Potash Limited Dr. P.S. Gahlaut Managing Director
Dr. U.S. Awasthi Director
24,307 26,588
Dileepbhai Nanubhai Nominee Director
Sanghani
3 IFFCO Kisan Sanchar Ltd. Dr. U.S. Awasthi Chairman
18,193 14,511
Rakesh Kapur Nominee Director
4 IFFCO Kisan SEZ Limited Dr. U.S. Awasthi Chairman
- 54
Mr. Rakesh Kapur Managing Director
5 IFFCO-MC Crop Science Pvt. Ltd. Mr. Rakesh Kapur Chairman 4,808 3,117
6 IFFCO eBazar Ltd. Dr. U.S. Awasthi Chairman 5,061 6,316
7 IFFCO Kisan Finance Limited Dr. U.S. Awasthi Chairman
16,531 3,938
Mr. Rakesh Kapur Director
8 TOKIO Marine Asia Pte. Ltd. Mr. Chisato Kojima Director
Mr.Noboru Yamagata Director
186 2,173
Mashito Hirai Director & CEO
Yukio Arita DCEO & COO
9 TOKIO Marine HCC Mr. Chisato Kojima Director 47,951 38,630

For and on behalf of Board of Directors

K. Srinivasa Gowda
Chairman (DIN 00059811)

H.O. Suri
Managing Director (DIN 06416615)

Shinjiro Hamada
Director (DIN 07855559)

Sanket Gupta
Chief Financial Officer

Place: New Delhi Amit Jain

Dated: 27th May, 2022 Company Secretary

110
Annexure 1
Ageing of Claims Outstanding during the Preceding Five Years

Year Ending 31st March 2022

Claim Outstanding (` in 000) No. of Claims Outstanding

Segment
Less 1 Year
Less than 30 Days to 6 Months to 1 Year to 5 5 Years 30 Days to 6 Months 5 Years
Total than 30 to Total
30 days 6 months 1 year years and above 6 months to 1 year and above
days 5 years

Fire 54,869 1,267,487 1,635,238 9,225,917 100,091 12,283,602 49 251 419 323 9 1,051

Marine Cargo 41,833 199,514 136,422 329,335 21,522 728,626 418 1,082 463 207 22 2,192

Marine Hull - 1,880 117,941 161,343 27,029 308,193 - 3 12 8 3 26

Motor – OD 465,396 644,611 179,119 24,159 10,170 1,323,455 12,500 12,089 1,864 163 7 26,623

Motor – TP 4,866 683,693 1,930,509 16,560,905 7,931,495 27,111,468 7 1,134 3,133 25,575 11,487 41,336

Engineering 29,117 226,364 395,317 322,309 13,642 986,749 109 334 213 122 10 788

Aviation - - - - - - - - - - - -

Workmen Compensation 12,655 68,057 42,416 19,790 1,503 144,421 89 460 253 50 4 856

Personal Accident 26,954 215,996 130,572 38,711 307 412,540 290 1,337 578 133 4 2,342

Product/Public Liability 1 17,393 8,945 219,619 1,960 247,918 1 19 17 47 2 86

Health 317,313 253,216 30,989 11,083 588 613,189 2,710 2,034 415 185 3 5,347

Crop 1 1,489,304 813,294 1,206,699 577,433 4,086,731 6 38 151 423 85 703

Other Misc. 44,901 331,437 562,462 264,943 24,295 1,228,038 492 1,633 667 399 25 3,216

Total 997,906 5,398,952 5,983,224 28,384,813 8,710,035 49,474,930 16,671 20,414 8,185 27,635 11,661 84,566

Year Ending 31st March 2021

Claim Outstanding (` in 000) No. of Claims Outstanding

Segment
Less 30 Days 5 Years
Less than 30 30 Days to 6 Months 1 Year to 5 5 Years and 6 Months 1 Year to
Total than 30 to 6 and Total
days 6 months to 1 year years above to 1 year 5 years
days months above

Fire 470,328 2,959,282 2,097,193 6,652,387 89,523 12,268,713 46 267 178 257 30 778

Marine Cargo 25,316 150,118 153,224 188,561 7,245 524,464 180 640 77 128 41 1,066

Marine Hull - 1,390 7,216 173,218 63,264 245,088 - 3 5 5 4 17

Motor – OD 311,627 551,288 21,966 27,582 9,815 922,278 9,579 8,342 104 114 11 18,150

Motor – TP 9,338 949,910 1,126,891 16,595,174 6,717,935 25,399,248 11 1,497 1,902 25,910 10,239 39,559

Engineering 52,295 166,632 294,247 145,874 57,420 716,468 108 382 70 75 15 650

Aviation - - - - - - - - - - - -

Workmen Compensation 8,532 23,603 2,619 8,116 122 42,992 84 161 15 18 1 279

Personal Accident 19,295 123,515 21,110 18,920 251 183,091 244 694 66 57 3 1,064

Product/Public Liability 350 49,302 142,170 119,622 1,960 313,404 2 23 9 88 2 124

Health 133,070 207,496 2,182 4,155 378 347,281 1,753 2,518 28 50 4 4,353

Crop - 2,020,279 100,695 3,974,913 569,334 6,665,221 - 75 56 412 76 619

Other Misc. 34,639 301,947 83,493 273,641 22,561 716,281 300 1,121 229 233 18 1,901

Total 1,064,790 7,504,762 4,053,006 28,182,163 7,539,808 48,344,529 12,307 15,723 2,739 27,347 10,444 68,560

111
 Year Ending 31st March 2020

Claim Outstanding (` in 000) No. of Claims Outstanding

Segment
5 Years 30 Days 5 Years
Less than 30 Days to 6 Months to 1 Year to 5 Less than 6 Months 1 Year to
and Total to 6 and Total
30 days 6 months 1 year years 30 days to 1 year 5 years
above months above

Fire 45,051 599,974 664,155 5,890,057 322,201 7,521,438 22 186 208 355 440 1,211

Marine Cargo 35,519 163,158 120,949 235,477 37,912 593,015 119 637 293 245 133 1,427

Marine Hull - 1,666 81,300 159,789 67,890 310,645 - 5 8 5 16 34

Motor – OD 354,426 923,441 165,126 35,771 13,657 1,492,421 11,104 13,042 1,178 234 93 25,651

Motor – TP 7,366 521,491 1,773,591 12,205,031 18,461,947 16 1,003 3,675 22,702 7,796 35,192
3,954,468

Engineering 10,464 76,122 224,701 107,727 160,089 579,103 31 174 95 134 395 829

Aviation - - - - 230,111 230,111 - - - - 7 7

Workmen Compensation 3,601 19,095 8,189 16,552 5,930 53,367 43 129 39 43 38 292

Personal Accident 9,428 109,841 36,525 56,815 2,112 214,721 148 737 274 163 8 1,330

Product/Public Liability - 18,648 24,133 106,367 10,515 159,663 - 14 33 77 14 138

Health 145,463 365,646 119,369 21,852 353 652,683 2,624 12,073 3,369 489 3 18,558

Crop - 16,189 924,721 569,334 16,161,483 - 65 57 379 76 577

14,651,239

Other Misc. 13,749 312,301 350,500 415,323 86,854 1,178,727 191 1,251 459 431 166 2,498

Total 625,067 17,762,622 3,584,727 20,175,482 5,461,426 47,609,324 14,298 29,316 9,688 25,257 9,185 87,744

Year Ending 31st March 2019

Claim Outstanding (` in 000) No. of Claims Outstanding

Segment
Less 30 Days
30 Days to 6 Months 1 Year to 5 5 Years and Less than 6 Months 1 Year to 5 Years
than 30 Total to 6 Total
6 months to 1 year years above 30 days to 1 year 5 years and above
days months

Fire 36,526 886,962 919,482 5,948,966 431,714 8,223,650 22 134 176 372 390 1,094

Marine Cargo 28,723 272,772 113,225 219,300 32,500 666,520 146 601 219 264 86 1,316

Marine Hull 1,060 11,865 4,145 223,875 68,360 309,305 2 4 2 5 16 29

Motor – OD 399,161 883,709 147,427 102,498 21,229 1,554,024 8,625 7,508 1,064 553 144 17,894

Motor – TP 604 203,098 953,807 8,197,995 2,375,899 11,731,403 3 760 3,052 21,943 5,735 31,493

Engineering 14,035 81,872 69,875 252,389 144,600 562,771 40 143 122 293 371 969

Aviation - - - 100 233,270 233,370 - - - 1 9 10

Workmen Compensation 3,603 21,808 13,778 18,823 4,578 62,590 36 121 49 75 35 316

Personal Accident 12,012 339,840 167,009 64,269 2,354 585,484 145 700 425 261 9 1,540

Product/Public Liability 196 9,437 67,013 42,825 11,362 130,833 2 19 14 23 14 72

Health 107,116 422,768 91,144 36,939 340 658,307 2,201 7,817 2,131 290 1 12,440

Crop - 6,136,758 1,103,262 609,668 537,021 8,386,709 - 190 99 350 61 700

Other Misc. 21,439 254,158 243,793 532,160 79,119 1,130,669 120 1,315 618 444 113 2,610

Total 624,475 9,525,047 3,893,960 16,249,807 3,942,346 34,235,635 11,342 19,312 7,971 24,874 6,984 70,483

112
 Year Ending 31st March 2018

Claim Outstanding (` in 000) No. of Claims Outstanding

Segment
5 Years
Less than 30 30 Days to 6 6 Months to 1 Year to 5 5 Years and Less than 30 Days to 6 Months 1 Year to
Total and Total
days months 1 year years above 30 days 6 months to 1 year 5 years
above

Fire 44,823 5,517,550 1,096,036 1,327,401 281,974 8,267,783 20 93 173 481 636 1,403

Marine Cargo 28,953 157,686 94,562 275,495 70,336 627,032 124 517 259 360 252 1,512

Marine Hull 3,930 590,110 2,724 32,570 87,714 717,047 4 3 5 3 48 63

Motor – OD 403,757 792,902 320,261 292,098 17,408 1,826,427 6,436 6,845 2,246 1,286 255 17,068

Motor – TP 74,984 191,052 919,559 7,280,744 2,015,030 10,481,369 4 778 3,541 23,716 9,212 37,251

Engineering 16,913 129,727 140,063 319,937 175,548 782,187 33 225 105 295 639 1,297

Aviation - - - 1,230 237,730 238,960 - - - 3 17 20

Workmen Compensation 8,466 15,864 7,678 15,615 5,259 52,883 66 159 48 67 38 378

Personal Accident 18,529 146,324 28,207 22,090 2,369 217,520 167 698 299 267 85 1,516

Product/Public Liability 100 16,477 22,409 41,956 14,047 94,990 4 23 27 85 41 180

Health 195,708 276,309 28,329 202,808 2,401 705,555 6,172 7,608 966 12,560 21 27,327

Crop - 11,809,481 - 924,099 54,047 12,787,626 - 24 - 336 1 361

Other Misc. 52,800 437,296 239,320 380,033 98,577 1,208,026 144 963 673 453 125 2,358

Total 848,964 20,080,777 2,899,147 11,116,076 3,062,440 38,007,405 13,174 17,936 8,342 39,912 11,370 90,734

Annexure 2
Details of Average Claim Settlement Time for the Preceding Five Years
For the year ended For the year ended For the year ended For the year ended For the year ended
Period
31st March, 2022 31st March, 2021 31st March, 2020 31st March, 2019 31st March, 2018

No. of Average No. of Average No. of Average Average Average

No. of claims No. of claims
Product claims Settlement claims Settlement claims Settlement Settlement time Settlement time
settled settled
settled time (Days) settled time (Days) settled time (Days) (Days) (Days)

Fire 2,541 217 2,268 305 1,697 194 1,271 326 1,020 225

Marine Cargo 24,317 41 19,133 50 18,557 40 19,541 55 17,692 62

Marine Hull 23 446 21 658 61 207 33 1,433 16 519

Motor - OD 501,689 28 450,095 36 494,452 49 426,433 33 404,295 44

Motor TP 16,606 1,005 8,176 1,167 18,645 957 21,195 840 18,323 779

Engineering 1,937 165 1,383 253 1,022 229 1,153 263 1,470 144

Aviation - - 13 2,132 0 0 6 1,415 10 2,243

Workmen Compensation 683 282 623 364 559 278 565 298 562 274

Personal Accident 5,067 127 4,902 143 5,244 145 5,320 176 4,968 171

Product/Public Liability 47 467 69 946 48 432 55 743 51 1,306

Health 496,776 58 645,505 56 446,683 46 293,104 60 290,793 83

Crop 1,088 124 1,492 116 2,134 170 5,596 30 2,071 46

Other Misc 23,294 60 14,418 98 18,016 70 21,876 59 12,624 67

Note: 1) Settlement delay is calculated from date of reporting.

113
Annexure 3
Details of Claims Intimated (Net basis) for Preceding Five Years (` in ‘000)
For the year ended For the year ended For the year ended For the year ended For the year ended
Period
31st March, 2022 31st March, 2021 31st March, 2020 31st March, 2019 31st March, 2018

Claims Claims Claims Claims Claims

Product Amount Amount Amount Amount Amount
Intimated Intimated Intimated Intimated Intimated

Fire 3,161 672,358 2,495 754,764 1,933 508,678 1,334 498,738 1,203 341,351

Marine Cargo 29,493 1,272,571 20,224 927,034 20,299 689,855 20,186 655,755 18,424 548,221

Marine Hull 32 31,350 15 9,110 67 60,046 16 6,624 19 8,966

Motor – OD 534,166 11,040,556 455,740 7,999,062 525,889 9,724,198 446,359 8,900,278 415,828 6,259,841

Motor TP 17,470 9,327,380 11,168 5,808,782 18,161 5,737,982 17,843 2,987,431 19,182 3,156,926

Engineering 2,139 176,721 1,688 193,695 1,069 202,935 1,442 252,642 1,790 164,446

Aviation - - 5 498 - - 2 77 - -

Workmen Compensation 1,506 156,367 1,279 134,174 1,090 89,846 1,107 99,513 1,247 89,499

Personal Accident 7,415 847,260 6,547 649,290 6,929 752,921 7,210 1,509,220 6,164 480,073

Product/Public Liability 122 43,036 157 66,071 186 54,527 117 70,986 107 42,313

Health 512,525 19,058,600 669,140 13,817,979 490,251 11,062,850 309,859 8,149,800 287,777 5,256,513

Crop 1,160 4,775,985 1,866 4,918,102 1,953 6,191,339 6,290 5,716,018 2,394 4,437,638

Other Misc 27,701 1,677,566 15,536 984,714 21,641 1,157,349 26,187 938,813 15,102 751,221

114
115
 AUDITORS’ REPORT
CONSOLIDATED

116
INDEPENDENT AUDITORS’ REPORT (iv) in case of Receipts and Payments Account, of the
consolidated receipts and payments for the year
TO THE MEMBERS OF IFFCO TOKIO GENERAL
ended on that date.
INSURANCE COMPANY LIMITED
Basis for Opinion
Report on the Consolidated Financial Statements
We conducted our audit of the consolidated financial
Opinion statements in accordance with the Standards on
We have audited the accompanying consolidated Auditing specified under section 143(10) of the Act (SAs).
financial statements of IFFCO TOKIO GENERAL Our responsibilities under those Standards are further
INSURANCE COMPANY LIMITED (hereinafter referred to described in the Auditor’s Responsibilities for the Audit
as “the Holding Company”) and its subsidiary (the Holding of the Consolidated Financial Statements section of our
Company and its subsidiary together referred to as “the report. We are independent of the Group in accordance
Group”) which comprise the Balance Sheet as at March 31, with the Code of Ethics issued by the Institute of
2022, the consolidated Revenue Accounts of Fire, Marine Chartered Accountants of India (ICAI) together with the
and Miscellaneous Insurance (collectively known as the independence requirements that are relevant to our
‘Consolidated Revenue Accounts’), the Consolidated audit of the consolidated financial statements under the
Profit and Loss Account and the Consolidated Receipts provisions of the Act and the Rules made thereunder,
and Payments Account for the year then ended, and a and we have fulfilled our other ethical responsibilities
summary of the significant accounting policies and other in accordance with these requirements and the ICAI’s
explanatory information (hereinafter referred to as “the Code of Ethics. We believe that the audit evidence we
consolidated financial statements”). have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the consolidated
In our opinion and to the best of our information and financial statements.
according to the explanations given to us, the aforesaid
Information Other than the Consolidated Financial
consolidated financial statements give the information
Statements and Auditor’s Report Thereon
required by The Insurance Act, 1938, the Insurance
Regulatory and Development Act, 1999 and Companies The Holding Company’s Board of Directors is responsible
Act, 2013 (“the Act”) in the manner so required and give for the preparation of the other information. The other
a true and fair view in conformity with the accounting information comprises the information included in
principles generally accepted in India as applicable to the Board’s Report including Annexures to Board’s
the Group. Report, but does not include the consolidated financial
statements and our auditor’s report thereon.
(i) in case of Balance Sheet, of the consolidated state
of affairs as at March 31, 2022; Our opinion on the consolidated financial statements
does not cover the other information and we do not
(ii) in case of Revenue Accounts, of the consolidated
express any form of assurance conclusion thereon.
operating profit in so far as it relates to the Fire
Insurance Revenue Account and the consolidated In connection with our audit of the consolidated
operating loss in so far as it relates to the Marine financial statements, our responsibility is to read the
Insurance Revenue Account and Miscellaneous other information and, in doing so, consider whether
Insurance Revenue Account for the year ended on the other information is materially inconsistent with
that date; the consolidated financial statements or our knowledge
obtained during the course of our audit or otherwise
(iii) in case of Profit and Loss Account, of the
appears to be materially misstated.
consolidated profit for the year ended on that
date; and If, based on the work we have performed, we conclude

117
that there is a material misstatement of this other of Directors either intends to liquidate the Group or
information, we are required to report that fact. We to cease operations, or has no realistic alternative but
have nothing to report in this regard. to do so.

Management’s Responsibility and Those Charged with The respective Board of Directors of the companies
Governance for the Consolidated Financial Statements included in the Group are responsible for overseeing the
financial reporting process of the Group.
The Holding Company’s Board of Directors is
responsible for the preparation and presentation of Auditors’ Responsibilities for the Audit of the
these consolidated financial statements in term of Consolidated Financial Statements
the requirements of the Companies Act, 2013 (the
Our objectives are to obtain reasonable assurance about
Act) that give a true and fair view of the consolidated
whether the consolidated financial statements as a
financial position, consolidated financial performance
whole are free from material misstatement, whether
and consolidated receipt and payments of the Group
due to fraud or error, and to issue an auditors’ report
in accordance with the accounting principles generally
that includes our opinion. Reasonable assurance is a high
accepted in India, Insurance Act, 1938, Insurance
level of assurance, but is not a guarantee that an audit
Regulatory and Development Authority (Preparation of
conducted in accordance with SAs will always detect a
Financial Statements and Auditor’s Report of Insurance
material misstatement when it exists. Misstatements can
Companies) Regulations, 2002 (the Regulations’)
arise from fraud or error and are considered material if,
including the Accounting Standards specified under
individually or in the aggregate, they could reasonably
Section 133 of the Act, read with Rule 7 of the
be expected to influence the economic decisions of
Companies (Accounts) Rules, 2016. The respective
users taken on the basis of these consolidated financial
Board of Directors of the companies included in the
statements.
Group are responsible for maintenance of adequate
accounting records in accordance with the provisions As part of an audit in accordance with SAs, we exercise
of the Act for safeguarding the assets of the Group professional judgment and maintain professional
and for preventing and detecting frauds and other skepticism throughout the audit. We also:
irregularities; selection and application of appropriate
• Identify and assess the risks of material
accounting policies; making judgments and estimates
misstatement of the consolidated financial
that are reasonable and prudent; and the design,
statements, whether due to fraud or error,
implementation and maintenance of adequate internal
design and perform audit procedures responsive
financial controls, that were operating effectively for
to those risks, and obtain audit evidence that is
ensuring accuracy and completeness of the accounting
sufficient and appropriate to provide a basis for
records, relevant to the preparation and presentation of
our opinion. The risk of not detecting a material
the financial statements that give a true and fair view
misstatement resulting from fraud is higher
and are free from material misstatement, whether due
than for one resulting from error, as fraud may
to fraud or error, which have been used for the purpose
involve collusion, forgery, intentional omissions,
of preparation of the consolidated financial statements
misrepresentations, or the override of internal
by the Directors of the Holding Company, as aforesaid.
control.
In preparing the consolidated financial statements, the
• Obtain an understanding of internal control
respective Board of Directors of the companies included
relevant to the audit in order to design
in the Group are responsible for assessing the ability of
audit procedures that are appropriate in the
the Group to continue as a going concern, disclosing, as
circumstances. Under section 143(3)(i) of the
applicable, matters related to going concern and using
Companies Act, 2013, we are also responsible for
the going concern basis of accounting unless the Board

118
 expressing our opinion on whether the company supervision and performance of the audits carried out
has adequate internal financial controls system by them. We remain solely responsible for our audit
in place and the operating effectiveness of opinion.
such controls.
We communicate with those charged with governance
• Evaluate the appropriateness of accounting of the Holding Company and such other entity included
policies used and the reasonableness of in the consolidated financial statements of which we
accounting estimates and related disclosures are the independent auditors regarding, among other
made by management. matters, the planned scope and timing of the audit
and significant audit findings, including any significant
• Conclude on the appropriateness of
deficiencies in internal control that we identify during
management’s use of the going concern basis
our audit.
of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists We also provide those charged with governance with
related to events or conditions that may cast a statement that we have complied with relevant
significant doubt on the ability of the Group to ethical requirements regarding independence, and to
continue as a going concern. If we conclude that communicate with them all relationships and other
a material uncertainty exists, we are required matters that may reasonably be thought to bear on
to draw attention in our auditor’s report to the our independence, and where applicable, related
related disclosures in the consolidated financial safeguards.
statements or, if such disclosures are inadequate,
Other Matters
to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date i) The actuarial valuation of liabilities in respect
of our auditor’s report. However, future events of claims Incurred but Not Reported
or conditions may cause the Group to cease to (IBNR) and those Incurred but Not Enough
continue as a going concern. Reported (IBNER) is the responsibility of the
Holding Company’s appointed Actuary. The
• Evaluate the overall presentation, structure and
actuarial valuation of these liabilities as at
content of the consolidated financial statements,
March 31, 2022, has been duly certified by the
including the disclosures, and whether the
Appointed Actuary of the Holding Company.
consolidated financial statements represent the
The Appointed Actuary has also certified that
underlying transactions and events in a manner
the assumptions considered for such valuation
that achieves fair presentation.
are in accordance with the guidelines and
• Obtain sufficient appropriate audit evidence norms prescribed by the IRDAI and the Institute
regarding the financial information of the of Actuaries of India (formerly known as the
entities or business activities within the Group Actuarial Society of India) in concurrence with
to express an opinion on the consolidated the IRDAI. We have relied upon the Holding
financial statements. Company’s Appointed Actuary’s certificate in this
regard for forming our opinion on the financial
We are responsible for the direction, supervision and
statements of the Group.
performance of the audit of the financial statements
of such entity included in the consolidated financial ii) We did not audit the financial statements/
statements of which we are the independent auditors. financial information of subsidiary, whose
For the other entity included in the consolidated financial financial statements/ financial information reflect
statements, which have been audited by other auditors, total assets of ` 44,052 thousand as at 31st
such other auditors remain responsible for the direction, March, 2022, total income of ` 5,248 thousand

119
 and net cash inflow/(outflow) amounting to ` Standards specified under Section 133 of the Act,
(1,137) thousand for the year ended on that read with Rule 7 of the Companies (Accounts)
date, as considered in the consolidated financial Rules, 2016 to the extent applicable.
statements. These financial statements have
e) On the basis of the written representations
been audited by other auditor whose report
received from the directors of the Holding
has been furnished to us by the Management
Company as on 31st March, 2022 taken on record
and our opinion on the consolidated financial
by the Board of Directors of the Holding Company
statements, in so far as it relates to the amounts
and the report of the statutory auditor of its
and disclosures included in respect of subsidiary
subsidiary company, none of the directors of the
and our report in terms of sub-sections (3) and
Group companies is disqualified as on 31st March,
(11) of Section 143 of the Act, insofar as it relates
2022 from being appointed as a director in terms
to the aforesaid subsidiary, is based solely on the
of Section 164 (2) of the Act.
report of the other auditor.
f) With respect to the adequacy of the internal
Our opinion on the consolidated financial statements,
financial controls with reference to consolidated
and our report on Other Legal and Regulatory
financial statements of the Company (‘the Group”)
Requirements below, is not modified in respect of the
and the operating effectiveness of such controls,
above matters with respect to our reliance on the work
refer to our separate report in Annexure-A.
done and the report of the other auditor.
g) With respect to the other matters to be included
Report on Other Legal and Regulatory Requirements
in the Auditor’s Report in accordance with Rule
1. As required by Section 143(3) of the Act, based 11 of the Companies (Audit and Auditor’s) Rules,
on our audit and on the consideration of report 2014, in our opinion and to the best of our
of other auditor on separate financial statement / information and according to the explanations
other financial information of Subsidiary as noted given to us:
in ‘Other Matter Paragraph’, we report that:
i) The consolidated financial statements disclose
a) We have sought and obtained all the information the impact of pending litigations on the notes to
and explanations which to the best of our consolidated financial position of the Group.
knowledge and belief were necessary for the
ii) The Group did not have any material foreseeable
purposes of our audit of the aforesaid consolidated
losses on long-term contracts including derivative
financial statements.
contracts.
b) In our opinion, proper books of account as required
iii) 
There were no amounts which were required
by law relating to preparation of the aforesaid
to be transferred to the Investor Education and
consolidated financial statements have been kept
Protection Fund by the Holding Company, and its
so far as it appears from our examination of those
subsidiary company.
books and the report of the other auditor.
c) The Consolidated Balance Sheet, the Consolidated iv) a) The respective Managements of the Holding
Revenue Accounts, the Consolidated Profit Company and its subsidiary have represented to
and Loss Account and the Consolidated us that, to the best of their knowledge and belief,
Receipts and Payments Account dealt with no funds (which are material either individually
by this Report are in agreement with the or in the aggregate) have been advanced or
relevant books of account maintained for the loaned or invested (either from borrowed
purpose of preparation of the consolidated funds or share premium or any other sources
financial statements. or kind of funds) by the Holding Company or its
subsidiary to or in any other person or entity,
d) In our opinion, the aforesaid consolidated including foreign entity (“Intermediaries”),
financial statements comply with the Accounting

120
 with the understanding, whether recorded in v) 
Holding Company and its subsidiary has not
writing or otherwise, that the Intermediary declared or paid any dividend for the FY 2021-
shall, whether, directly or indirectly lend or 22, hence compliance under section 123 of the
invest in other persons or entities identified in Companies Act, 2013 is not applicable to the
any manner whatsoever by or on behalf of the Company and its subsidiary.
Holding Company and its subsidiary (“Ultimate
vi) With respect to the other matters to be included
Beneficiaries”) or provide any guarantee,
in the Auditors’ Report in accordance with the
security or the like on behalf of the Ultimate
requirements of section 197(16) of the Act, as
Beneficiaries;
amended. In our opinion and to the best of our
b) The respective Managements of the Holding information and according to the explanations
Company and its subsidiary have represented, given to us, the Holding Company being an
that, to the best of its knowledge and belief, insurance company, we are informed that the
no funds (which are material either individually managerial remuneration is governed by the
or in the aggregate) have been received by provisions of Section 34A of the Insurance Act
the Holding Company or subsidiary from and the approval of the IRDAI authority and
any person or entity, including foreign entity therefore the requirements of section 197(16)
(“Funding Parties”), with the understanding, of the Act are not applicable to the Holding
whether recorded in writing or otherwise, that Company. Further on the basis of the report of
the Holding Company or its subsidiary shall, the auditor of subsidiary Company, we report that
whether, directly or indirectly, lend or invest no managerial remuneration is paid by subsidiary
in other persons or entities identified in any Company during the year.
manner whatsoever by or on behalf of the
vii. This report does not include a statement on the
Funding Party (“Ultimate Beneficiaries”) or
matters specified in paragraphs 3 and 4 of the
provide any guarantee, security or the like on
Companies (Auditors’ Report) Order, 2020 (the
behalf of the Ultimate Beneficiaries;
Order) issued by the Central Government of India
c) Based on the audit procedures that have been in terms of sub-section (11) of section 143 of the
considered reasonable and appropriate in the Act, since in our opinion and according to the
circumstances performed by us on the Holding information and explanations given to us, the said
Company and its subsidiary whose financial Order is not applicable to the Group as Holding
statements have been audited under the Act, Company being an Insurance Company.
nothing has come to our notice that has caused
us to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material
misstatement.
For ASC & Associates For S. K. Mehta & Co
Chartered Accountants Chartered Accountants
Firm’s Regn. No.- 011863N Firm’s Regn. No.- 000478N

Vishal Singh Rohit Mehta

(Partner) (Partner)
Membership No - 511451 Membership No - 091382
UDIN - 22511451AJSGGS2784 UDIN - 22091382AJSKJX6726

Place: New Delhi Place: New Delhi

Date: 27th May, 2022 Date: 27th May, 2022
121
 ANNEXURE-A reference to consolidated financial statements based
on our audit. We conducted our audit in accordance
The Annexure referred to in paragraph 1 (f) of Report
with the Guidance Note on Audit of Internal Financial
on Other Legal and Regulatory Requirements of our
Controls over Financial Reporting and the Standards on
Report of even date to the members of IFFCO TOKIO
Auditing, issued by ICAI and deemed to be prescribed
General Insurance Company Limited on the Internal
under section 143(10) of the Companies Act, 2013, to
Financial Controls with reference to consolidated
the extent applicable to an audit of internal financial
financial statements required under Clause (i) of Sub-
controls, both applicable to an audit of Internal Financial
section 3 of Section 143 of the Companies Act, 2013.
Controls and, both issued by the ICAI. Those Standards
We have audited the internal financial controls with and the Guidance Note require that we comply with
reference to consolidated financial statements of IFFCO ethical requirements and plan and perform the audit to
TOKIO General Insurance Company Limited (hereinafter obtain reasonable assurance about whether adequate
referred to as Holding Company) and its subsidiary (the internal financial controls with reference to consolidated
Holding Company and its subsidiary together referred financial statements was established and maintained
to as “the Group”) as of March 31, 2022 in conjunction and if such controls operated effectively in all material
with our audit of the consolidated financial statements respects.
of the Company for the year ended on that date.
Our audit involves performing procedures to obtain
Management’s Responsibility for Internal Financial audit evidence about the adequacy of the internal
Controls financial controls system with reference to consolidated
financial statements and their operating effectiveness.
The respective Board of Directors of the Holding
Our audit of internal financial controls with reference
Company and its subsidiary are responsible for
to consolidated financial statements included obtaining
establishing and maintaining internal financial controls
an understanding of internal financial controls with
based on the internal control with reference to
reference to consolidated financial statements,
consolidated financial statements criteria established
assessing the risk that material weakness exists,
by the Company (“the Group”) considering the essential
and testing and evaluating the design and operating
components of internal control stated in the Guidance
effectiveness of internal control based on the assessed
Note on Audit of Internal Financial Controls with
risk. The procedures selected depend on the auditor’s
reference to consolidated financial statements issued
judgment, including the assessment of the risks of
by the Institute of Chartered Accountants of India (ICAI).
material misstatement of the financial statements,
These responsibilities include the design, implementation
whether due to fraud or error.
and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly We believe that the audit evidence we have obtained
and efficient conduct of its business, including adherence is sufficient and appropriate to provide basis for our
to company’s (“the Group”) policies, the safeguarding of audit opinion on the Company’s (the “Group”) internal
its assets, the prevention and detection of frauds and financial controls system with reference to consolidated
errors, the accuracy and completeness of the accounting financial statements.
records, and the timely preparation of reliable financial
Meaning of Internal Financial Controls with reference
information, as required under the Companies
to consolidated financial statements
Act, 2013.
A company’s (“the Group”) internal financial control
Auditors’ Responsibility
with reference to consolidated financial statements is
Our responsibility is to express an opinion on the a process designed to provide reasonable assurance
Company’s (“the Group”) internal financial controls with regarding the reliability of financial reporting and

122
the preparation of financial statements for external misstatements due to error or fraud may occur and
purposes in accordance with generally accepted not be detected. Also, projections of any evaluation
accounting principles. of the internal financial controls with reference to
consolidated financial statements to future periods are
A company’s (“the Group) internal financial control with
subject to the risk that the internal financial control with
reference to consolidated financial statements includes
reference to consolidated financial statements may
those policies and procedures that:
become inadequate because of changes in conditions,
1) Pertain to the maintenance of records that, in or that the degree of compliance with the policies or
reasonable detail, accurately and fairly reflect the procedures may deteriorate.
transactions and dispositions of the assets of the
Opinion
company (“the Group”);
In our opinion, the Company (“the Group”) has, in
2) Provide reasonable assurance that transactions
all material respects, an adequate internal financial
are recorded as necessary to permit preparation
controls system with reference to consolidated financial
of financial statements in accordance with
statements and such internal financial controls with
generally accepted accounting principles, and that
reference to consolidated financial statements were
receipts and expenditures of the company (“the
operating effectively as at March 31, 2022, based on the
Group”) are being made only in accordance with
internal control with reference to consolidated financial
authorizations of management and directors of
statements criteria established by the Company (“the
the company (“the Group”); and
Group”) considering the essential components of internal
3) 
Provide reasonable assurance regarding control stated in the Guidance Note on Audit of Internal
prevention or timely detection of unauthorized Financial Controls Over Financial Reporting issued by
acquisition, use, or disposition of the company’s the ICAI.
(“the Group”) assets that could have a material
Other Matters
effect on the financial statements.
Our aforesaid reports under Section 143(3)(i) of the
Inherent Limitations of Internal Financial Controls with
Act on the adequacy and operating effectiveness of the
reference to consolidated financial statements
internal financial controls with reference to consolidated
Because of the inherent limitations of internal financial financial statements insofar as it relates to subsidiary
controls with reference to consolidated financial company is based on the corresponding report of the
statements, including the possibility of collusion or auditor of such company incorporated in India.
improper management override of controls, material

For ASC & Associates For S. K. Mehta & Co

Chartered Accountants Chartered Accountants
Firm’s Regn. No.- 011863N Firm’s Regn. No.- 000478N

Vishal Singh Rohit Mehta

(Partner) (Partner)
Membership No - 511451 Membership No - 091382
UDIN - 22511451AJSGGS2784 UDIN - 22091382AJSKJX6726

Place: New Delhi Place: New Delhi

Date: 27th May, 2022 Date: 27th May, 2022

123
 FINANCIAL STATEMENTS
CONSOLIDATED

124
 CONSOLIDATED BALANCE SHEET AS AT 31st MARCH, 2022
(` in ‘000)
S. No. Particulars Schedule As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4) (5)
SOURCES OF FUNDS
1 SHARE CAPITAL 5 2,802,544 2,742,183
2 RESERVES AND SURPLUS 6 29,596,755 25,069,007
3 FAIR VALUE CHANGE ACCOUNT
- Shareholders 2,522 (1,436)
- Policyholders 10,763 (5,587)
4 BORROWINGS 7 - -
TOTAL 32,412,584 27,804,167
APPLICATION OF FUNDS
5 INVESTMENTS
Investments - Shareholders 8 25,525,072 24,699,820
Investments - Policyholders 8A 108,931,933 96,127,850
6 LOANS 9 - -
7 FIXED ASSETS 10 1,532,394 897,996
8 DEFERRED TAX ASSET (NET) 225,800 268,943
9 CURRENT ASSETS :
Cash and Bank Balances 11 2,809,824 1,297,531
Advances and Other Assets 12 20,946,165 19,882,935
Sub-Total (A) 23,755,989 21,180,466
10 CURRENT LIABILITIES 13 98,264,796 89,388,889
11 PROVISIONS 14 29,293,808 25,982,019
Sub-Total (B) 127,558,604 115,370,908
12 NET CURRENT ASSETS (C) = (A-B) (103,802,615) (94,190,442)
13 MISCELLANEOUS EXPENDITURE (To the extent not 15 - -
written off or adjusted)
14 DEBIT BALANCE IN PROFIT & LOSS ACCOUNT - -
(Shareholders' Account)
TOTAL 32,412,584 27,804,167

Notes to Accounts 16
Schedule No. 1 to 16 form an integral part of the consolidated
financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh
Rohit Mehta Shinjiro Hamada
Partner
Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

125
 CONSOLIDATED FIRE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2022
(` in ‘000)
Year Ended Year Ended
S. No. Particulars Schedule
31st March, 2022 31st March, 2021
(1) (2) (3) (4) (5)
1 Premiums earned (Net) 1 1,247,112 831,674
2 Profit / (Loss) on sale / Redemption of Investments 35,968 7,612
3 Others: Exchange Gain / (Loss) (14) (278)
Handling Charges (20,031) (13,094)
Contribution from Shareholders Funds towards Excess EoM - -
4 Interest, Dividend & Rent - Gross 126,479 103,708
TOTAL (A) 1,389,514 929,622
1 Claims Incurred (Net) 2 793,238 518,692
2 Commission 3 (655,124) (372,800)
3 Operating expenses related to Insurance Business 4 288,579 109,321
4 Premium Deficiency - -
TOTAL (B) 426,693 255,213
Operating Profit / (Loss) from Fire Business C = (A-B) 962,821 674,409
APPROPRIATIONS
Transfer to Shareholders' Account 962,821 674,409
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
TOTAL (C) 962,821 674,409

Schedule No. 1 to 16 form an integral part of the consolidated financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh Rohit Mehta Shinjiro Hamada

Partner Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

126
 CONSOLIDATED MARINE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2022
(` in ‘000)
Year Ended Year Ended
S. NO. Particulars Schedule
31st March, 2022 31st March, 2021
(1) (2) (3) (4) (5)
1 Premiums earned (Net) 1 1,149,565 755,364
2 Profit / (Loss) on sale / Redemption of Investments 18,844 4,272
3 Others: Exchange Gain / (Loss) - (10)
Handling Charges (1,101) (962)
Contribution from Shareholders Funds towards Excess EoM - -
4 Interest, Dividend & Rent - Gross 66,265 58,206
TOTAL (A) 1,233,573 816,870
1 Claims Incurred (Net) 2 1,202,700 514,533
2 Commission 3 74,763 60,893
3 Operating expenses related to Insurance Business 4 197,047 116,327
4 Premium Deficiency - -
TOTAL (B) 1,474,510 691,753
Operating Profit / (Loss) from Marine Business C = (A-B) (240,937) 125,117
APPROPRIATIONS
Transfer to Shareholders' Account (240,937) 125,117
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
TOTAL (C) (240,937) 125,117

Schedule No. 1 to 16 form an integral part of the consolidated financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh
Rohit Mehta Shinjiro Hamada
Partner
Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

127
 CONSOLIDATED MISCELLANEOUS INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2022
(` in ‘000)
Year Ended Year Ended
S. No. Particulars Schedule
31st March, 2022 31st March, 2021
(1) (2) (3) (4) (5)
1 Premiums earned (Net) 1 53,255,829 47,400,555
2 Profit / (Loss) on sale / Redemption of Investments 1,711,926 405,787
3 Others: Transfer & Duplicate Fee 4,463 3,985
Exchange Gain / (Loss) (883) (704)
Handling Charges (17,783) (5,143)
Contribution from Shareholders Funds towards Excess EoM - -
4 Interest, Dividend & Rent - Gross 6,019,949 5,528,704
TOTAL (A) 60,973,501 53,333,184
1 Claims Incurred (Net) 2 50,373,061 40,656,387
2 Commission 3 4,347,147 2,443,540
3 Operating expenses related to Insurance Business 4 8,967,392 7,598,485
4 Premium Deficiency - -
TOTAL (B) 63,687,600 50,698,412
Operating Profit / (Loss) from Miscellaneous Business C = (A-B) (2,714,099) 2,634,772
APPROPRIATIONS
Transfer to Shareholders' Account (2,714,099) 2,634,772
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
TOTAL (C) (2,714,099) 2,634,772

Schedule No. 1 to 16 form an integral part of the consolidated financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh
Rohit Mehta Shinjiro Hamada
Partner
Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

128
 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2022
(` in ‘000)
S. No. Particulars Schedule Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

(1) (2) (3) (4) (5)

1 OPERATING PROFIT / (LOSS) 674,409

962,821
(a) Fire Insurance 125,117
(240,937)
(b) Marine Insurance 2,634,772
(2,714,099)
(c) Miscellaneous Insurance
(1,992,215) 3,434,298
2 INCOME FROM INVESTMENTS
(a) Interest, Dividend & Rent - Gross
2,076,928 1,837,001
(b) Profit on sale of Investments
590,627 134,830
Less : Loss on sale of Investments
- -
3 OTHERS 2,667,555 1,971,831
(a) Miscellaneous Income
(b) Profit on sale of Fixed Assets 33,824 64,290
- 15
TOTAL (A) 709,164 5,470,434
4 PROVISIONS (Other than taxation)
(a) For diminution in the value of investments (151,500) (698,500)
(b) For doubtful debts - -
(c) For Others - -
5
OTHER EXPENSES
(a) Expenses other than those related to Insurance business
(i) Employees Remuneration Excess transferred from Policyholders' funds 6,823 1,745
(ii) Expenses on Corporate Social Responsibility (CSR) 62,284 52,107
(b) Fines & penalties 500 -
(c) Bad Debts/ Advances written off - -
(d) Investment Write Off 130,686 2,000,000
(e) Loss on Sale of Fixed Assets 3,478 -
(f) Contribution to Policyholders' funds towards Excess EoM - -
TOTAL (B) 52,271 1,355,352
Profit Before Tax 656,893 4,115,082
Less: Provision for Taxation
Current Tax 28,260 740,751
Deferred Tax 41,471 165,300
Less: Short / (Excess) provision for taxation for earlier years
Current Tax (2,158) 10,899
Deferred Tax 1,672 (443)
Profit After Tax 587,648 3,198,575
APPROPRIATIONS
(a) Interim dividends paid during the year - -
(b) Final dividend paid - -
(c) Transfer to any Reserves or other Accounts - -
Balance of Profit brought forward from last year 20,548,020 17,349,445
Balance carried forward to Balance sheet 21,135,668 20,548,020
Basic & Diluted Earnings per share
(Equity shares of face value of Rs. 10 each) 2.12 11.66
Notes to Accounts 16
Schedule No. 1 to 16 form an integral part of the consolidated financial statements For and on behalf of Board of Directors
As per our Report of even date attached.

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh
Rohit Mehta Shinjiro Hamada
Partner
Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

129
 CONSOLIDATED RECEIPTS AND PAYMENTS ACCOUNT (DIRECT BASIS) FOR THE YEAR ENDED 31st MARCH, 2022
(` In ‘000)
Particulars Year Ended 31st March, 2022 Year Ended 31st March, 2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Premium received from policyholders, including advance receipts 101,249,074 113,519,863
Other receipts 33,824 64,291
Payment to the re-insurers, net of commissions and claims (8,715,472) (8,606,397)
Payments to co-insurers, net of claims recovery (293,912) (12,192,788)
Payments of claims (65,255,596) (55,775,318)
Payments of commission and brokerage (7,577,878) (7,002,115)
Payments of other operating expenses (10,063,021) (8,079,765)
Preliminary and pre-operative expenses - -
Deposits, advances and staff loans (598,002) 27,149
Income taxes paid (Net) (379,489) (728,130)
Goods and Service Tax paid (6,047,627) (5,624,046)
Other payments - -
Cash Flows before extraordinary items 2,351,901 15,602,744
Cash Flows from extraordinary operations - -
Net Cash Flows from operating activities 2,351,901 15,602,744

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed assets (1,101,382) (558,262)
Proceeds from sale of fixed assets 2,795 483
Purchases of investments (115,527,970) (88,094,687)
Loans disbursed - -
Sales of investments 106,201,793 62,912,277
Repayments received - -
Rent/Interest/Dividend received 6,431,083 6,988,827
Investments in money market instruments and in liquid mutual funds (Net) (846,388) 746,172
Expenses related to investments - -
Net Cash Flow from investing activities (4,840,069) (18,005,190)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital 4,000,461 -
Proceeds from borrowing - -
Repayments of borrowing - -
Interest/dividend paid - -
Net Cash Flows from financing activities 4,000,461 -

Effect of foreign exchange rates on cash and cash equivalents (Net) - -

Net Increase /(Decrease) in Cash & Cash equivalents 1,512,293 (2,402,446)

Cash equivalents at beginning of Year 1,297,531 3,699,977
Cash equivalents at end of Year 2,809,824 1,297,531

As per our Report of even date attached. For and on behalf of Board of Directors

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh
Rohit Mehta Shinjiro Hamada
Partner
Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

130
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 1
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total

Premium from direct business

9,247,178 2,521,881 72,760,034 84,529,093 8,149,581 1,560,124 74,399,129 84,108,834
written

Add : Premium on reinsurance

981,604 23,218 645,825 1,650,647 956,948 31,806 146,379 1,135,133
accepted

10,228,782 2,545,099 73,405,859 86,179,740 9,106,529 1,591,930 74,545,508 85,243,967

Less : Premium on reinsurance

8,428,016 1,315,295 17,467,920 27,211,231 8,367,666 805,400 23,202,100 32,375,166
ceded

Net Premium 1,800,766 1,229,804 55,937,939 58,968,509 738,863 786,530 51,343,408 52,868,801

Adjustments for changes in

553,654 80,239 2,682,110 3,316,003 (92,811) 31,166 3,942,853 3,881,208
Reserve for Unexpired Risks

Total Premium Earned (Net) 1,247,112 1,149,565 53,255,829 55,652,506 831,674 755,364 47,400,555 48,987,593

* For analysis of the segment of Marine business, refer Schedule 1A.

** For analysis of the segment of Miscellaneous business, refer Schedule 1B

SCHEDULE - 1A
PREMIUM EARNED (NET)
(` in ‘000)

Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total

Premium from direct business written 2,322,869 199,012 2,521,881 1,430,073 130,051 1,560,124

Add : Premium on reinsurance accepted (984) 24,202 23,218 23,739 8,067 31,806

2,321,885 223,214 2,545,099 1,453,812 138,118 1,591,930

Less : Premium on reinsurance ceded 1,097,979 217,316 1,315,295 683,584 121,816 805,400

Net Premium 1,223,906 5,898 1,229,804 770,228 16,302 786,530

Adjustments for changes in Reserve for

90,644 (10,405) 80,239 35,056 (3,890) 31,166
Unexpired Risks

Total Premium Earned (Net) 1,133,262 16,303 1,149,565 735,172 20,192 755,364

131
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 1B
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31st March, 2022

Particulars
Public /
Workmen Personal Other Total
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop
Compensation Accident Miscellaneous Miscellaneous
Liability

Premium from direct

16,499,242 20,527,213 37,026,455 1,200,988 - 447,440 1,056,311 569,378 17,539,338 9,404,755 5,515,369 72,760,034
business written

Add : Premium on
- - - 56,570 - - 181,688 16,515 294,962 - 96,090 645,825
reinsurance accepted

16,499,242 20,527,213 37,026,455 1,257,558 - 447,440 1,237,999 585,893 17,834,300 9,404,755 5,611,459 73,405,859

Less : Premium on
2,491,200 1,096,153 3,587,353 1,039,409 - 22,392 86,512 195,618 2,979,717 7,358,132 2,198,787 17,467,920
reinsurance ceded

Net Premium 14,008,042 19,431,060 33,439,102 218,149 - 425,048 151,487 390,275 14,854,583 2,046,623 3,412,672 55,937,939

Adjustments for
changes in Reserve 342,478 120,010 462,488 9,685 - 29,315 111,825 24,405 1,107,924 (70,452) 1,006,920 2,682,110
for Unexpired Risks

Total Premium
13,665,564 19,311,050 32,976,614 208,464 - 395,733 1,039,662 365,870 13,746,659 2,117,075 2,405,752 53,255,829
Earned (Net)

SCHEDULE - 1B
PREMIUM EARNED (NET)
(` in ‘000)
Year Ended 31st March, 2021

Particulars
Public /
Workmen Personal Other Total
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop
Compensation Accident Miscellaneous Miscellaneous
Liability

Premium from direct

17,230,950 19,980,392 37,211,342 1,007,907 849 370,971 1,016,932 517,596 15,625,488 15,412,859 3,235,185 74,399,129
business written

Add : Premium on
- - - 39,988 (4,738) - - 33,189 - - 77,940 146,379
reinsurance accepted

17,230,950 19,980,392 37,211,342 1,047,895 (3,889) 370,971 1,016,932 550,785 15,625,488 15,412,859 3,313,125 74,545,508

Less : Premium on
4,319,791 1,077,316 5,397,107 875,810 (86) 18,626 131,818 239,909 2,430,446 12,171,912 1,936,558 23,202,100
reinsurance ceded

Net Premium 12,911,159 18,903,076 31,814,235 172,085 (3,803) 352,345 885,114 310,876 13,195,042 3,240,947 1,376,567 51,343,408

Adjustments for
changes in Reserve 1,740,690 1,393,608 3,134,298 (1,121) (164) 30,176 38,761 38,609 540,367 29,390 132,537 3,942,853
for Unexpired Risks

Total Premium
11,170,469 17,509,468 28,679,937 173,206 (3,639) 322,169 846,353 272,267 12,654,675 3,211,557 1,244,030 47,400,555
Earned (Net)

132
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 2
CLAIMS INCURRED (NET)
(` in ‘000)

Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total

Claims Paid

Direct 3,939,089 1,419,178 56,025,991 61,384,258 1,461,664 634,196 50,951,121 53,046,981

Add: Reinsurance accepted 257,041 17,867 210,953 485,861 162,499 54,949 24,102 241,550

Less: Reinsurance ceded 3,700,827 640,399 14,459,465 18,800,691 1,285,456 3,178 20,603,955 21,892,589

Net Claims Paid 495,303 796,646 41,777,479 43,069,428 338,707 685,967 30,371,268 31,395,942

Add: Claims Outstanding at the

1,146,265 818,723 70,811,679 72,776,667 848,330 412,669 62,216,097 63,477,096
end of the year

Less: Claims Outstanding at the

848,330 412,669 62,216,097 63,477,096 668,345 584,103 51,930,978 53,183,426
beginning of the year

Total Claims Incurred 793,238 1,202,700 50,373,061 52,368,999 518,692 514,533 40,656,387 41,689,612

* For analysis of the segment of Marine business, refer Schedule 2A.

** For analysis of the segment of Miscellaneous business, refer Schedule 2B

SCHEDULE - 2A
CLAIMS INCURRED (NET)
(` in ‘000)

Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total

Claims Paid

Direct 1,385,977 33,201 1,419,178 566,893 67,303 634,196

Add: Reinsurance accepted 17,764 103 17,867 54,829 120 54,949

Less: Reinsurance ceded 623,555 16,844 640,399 (22,268) 25,446 3,178

Net Claims Paid 780,186 16,460 796,646 643,990 41,977 685,967

Add: Claims Outstanding at the end of

756,349 62,374 818,723 362,304 50,365 412,669
the year

Less: Claims Outstanding at the beginning

362,304 50,365 412,669 494,332 89,771 584,103
of the year

Total Claims Incurred 1,174,231 28,469 1,202,700 511,962 2,571 514,533

133
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 2B
CLAIMS INCURRED (NET)
(` in ‘000)

Year Ended 31st March, 2022

Particulars
Public /
Workmen Personal Other Total
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop
Compensation Accident Miscellaneous Miscellaneous
Liability

Claims Paid

Direct 13,789,196 8,960,873 22,750,069 368,193 - 190,569 703,774 138,237 19,994,765 10,360,810 1,519,574 56,025,991

Add: Reinsurance
- - - 8,336 - - 9,691 - 192,926 - - 210,953
accepted

Less: Reinsurance
2,992,379 947,687 3,940,066 273,519 - 9,712 88,836 37,633 1,945,938 7,776,721 387,040 14,459,465
ceded

Net Claims Paid 10,796,817 8,013,186 18,810,003 103,010 - 180,857 624,629 100,604 18,241,753 2,584,089 1,132,534 41,777,479

Add: Claims
Outstanding at the 2,076,277 62,944,739 65,021,016 165,293 - 237,644 606,749 267,987 2,336,232 1,243,759 932,999 70,811,679
end of the year

Less: Claims
Outstanding at the 1,521,178 54,569,281 56,090,459 171,741 - 94,172 392,158 276,737 2,099,582 2,461,608 629,640 62,216,097
beginning of the year

Total Claims Incurred 11,351,916 16,388,644 27,740,560 96,562 - 324,329 839,220 91,854 18,478,403 1,366,240 1,435,893 50,373,061

SCHEDULE - 2B
CLAIMS INCURRED (NET)
(` in ‘000)

Year Ended 31st March, 2021

Particulars
Public /
Workmen Personal Other Total
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop
Compensation Accident Miscellaneous Miscellaneous
Liability

Claims Paid

Direct 12,290,256 4,523,927 16,814,183 389,750 - 108,776 628,183 40,078 15,516,884 16,166,650 1,286,617 50,951,121

Add: Reinsurance
- - - 9,849 728 - 5,988 91 7,446 - - 24,102
accepted

Less: Reinsurance
3,611,749 612,069 4,223,818 274,923 - 5,439 171,818 4,535 3,196,821 12,113,533 613,068 20,603,955
ceded

Net Claims Paid 8,678,507 3,911,858 12,590,365 124,676 728 103,337 462,353 35,634 12,327,509 4,053,117 673,549 30,371,268

Add: Claims
Outstanding at the 1,521,178 54,569,281 56,090,459 171,741 - 94,172 392,158 276,737 2,099,582 2,461,608 629,640 62,216,097
end of the year

Less: Claims
Outstanding at the 1,831,350 42,746,328 44,577,678 216,850 799 148,295 355,544 191,339 1,494,294 4,264,428 681,751 51,930,978
beginning of the year

Total Claims Incurred 8,368,335 15,734,811 24,103,146 79,567 (71) 49,214 498,967 121,032 12,932,797 2,250,297 621,438 40,656,387

134
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 3
COMMISSION
(` in ‘000)
Year Ended 31 March, 2022
st
Year Ended 31 March, 2021
st

Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total

Commission Paid

Direct 871,311 271,127 5,771,569 6,914,007 908,654 163,969 5,359,518 6,432,141

TOTAL (A) 871,311 271,127 5,771,569 6,914,007 908,654 163,969 5,359,518 6,432,141

Add : Commission on
85,877 1,342 71,247 158,466 47,667 1,150 15,693 64,510
Re-insurance Accepted
Less : Commission on Re-insurance
1,612,312 197,706 1,495,669 3,305,687 1,329,121 104,226 2,931,671 4,365,018
ceded

Net Commission (655,124) 74,763 4,347,147 3,766,786 (372,800) 60,893 2,443,540 2,131,633

Breakup of the expenses (Gross) incurred to procure business:

Agents 206,932 83,053 1,966,554 2,256,539 240,271 56,200 1,770,079 2,066,550

Brokers 639,807 187,697 3,582,282 4,409,786 641,538 107,396 3,296,198 4,045,132

Corporate Agency 23,330 24 71,994 95,348 25,698 83 72,307 98,088

Others (Web Aggregator, CSC, IMF

1,242 353 150,739 152,334 1,147 290 220,934 222,371
and MISP)

TOTAL (B) 871,311 271,127 5,771,569 6,914,007 908,654 163,969 5,359,518 6,432,141

* For analysis of the segment of Marine business, refer Schedule 3A.

** For analysis of the segment of Miscellaneous business, refer Schedule 3B.

SCHEDULE - 3A
COMMISSION
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total

Commission Paid

Direct 270,180 947 271,127 161,282 2,687 163,969

TOTAL (A) 270,180 947 271,127 161,282 2,687 163,969

Add : Commission on Re-insurance

616 726 1,342 908 242 1,150
Accepted

Less : Commission on Re-insurance ceded 185,811 11,895 197,706 98,688 5,538 104,226

Net Commission 84,985 (10,222) 74,763 63,502 (2,609) 60,893

Breakup of the expenses (Gross) incurred to procure business :

Agents 82,465 588 83,053 54,783 1,417 56,200

Brokers 187,338 359 187,697 106,126 1,270 107,396

Corporate Agency 24 - 24 83 - 83

Others (Web Aggregator, CSC,

353 - 353 290 - 290
IMF and MISP)

TOTAL (B) 270,180 947 271,127 161,282 2,687 163,969

135
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 3B
COMMISSION
(` in ‘000)
Year Ended 31st March, 2022

Particulars Public /
Workmen Personal Other Total
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop
Compensation Accident Miscellaneous Miscellaneous
Liability

Commission Paid

Direct 2,995,108 383,347 3,378,455 173,992 - 95,960 119,125 133,185 902,824 - 968,028 5,771,569

Total (A) 2,995,108 383,347 3,378,455 173,992 - 95,960 119,125 133,185 902,824 - 968,028 5,771,569

Add : Commission
on Re-insurance - - - 4,948 - - 30,269 245 21,541 - 14,244 71,247
Accepted

Less : Commission on
526,598 51,234 577,832 98,658 - 3,353 8,516 19,237 134,172 379,228 274,673 1,495,669
Re-insurance ceded

Net Commission 2,468,510 332,113 2,800,623 80,282 - 92,607 140,878 114,193 790,193 (379,228) 707,599 4,347,147

Breakup of the expenses (Gross) incurred to procure business:

Agents 677,908 221,781 899,689 64,314 - 60,980 43,954 16,545 347,718 - 533,354 1,966,554

Brokers 2,159,935 147,801 2,307,736 109,001 - 34,418 67,103 116,465 548,507 - 399,052 3,582,282

Corporate Agency 18,119 6,492 24,611 278 - 167 7,365 22 5,565 - 33,986 71,994

Others (Web
Aggregator, CSC, IMF 139,146 7,273 146,419 399 - 395 703 153 1,034 - 1,636 150,739
and MISP)

TOTAL (B) 2,995,108 383,347 3,378,455 173,992 - 95,960 119,125 133,185 902,824 - 968,028 5,771,569

SCHEDULE - 3B
COMMISSION
(` in ‘000)
Year Ended 31st March, 2021

Particulars Public /
Workmen Personal Other Total
Motor - OD Motor -TP Motor-Total Engineering Aviation Product Health Crop
Compensation Accident Miscellaneous Miscellaneous
Liability

Commission Paid

Direct 3,287,265 417,815 3,705,080 132,969 20 69,127 110,975 102,721 837,483 - 401,143 5,359,518

Total (A) 3,287,265 417,815 3,705,080 132,969 20 69,127 110,975 102,721 837,483 - 401,143 5,359,518

Add : Commission
on Re-insurance - - - 5,245 (511) - - 139 - - 10,820 15,693
Accepted

Less : Commission on
1,070,404 77,875 1,148,279 256,648 10 2,782 15,464 21,045 148,832 1,057,373 281,238 2,931,671
Re-insurance ceded

Net Commission 2,216,861 339,940 2,556,801 (118,434) (501) 66,345 95,511 81,815 688,651 (1,057,373) 130,725 2,443,540

Breakup of the expenses (Gross) incurred to procure business:

Agents 839,030 266,653 1,105,683 56,136 - 43,162 39,480 14,079 347,448 - 164,091 1,770,079

Brokers 2,228,564 127,027 2,355,591 76,403 20 25,403 64,042 88,446 478,231 - 208,062 3,296,198

Corporate Agency 20,524 7,538 28,062 345 - 111 6,900 24 8,858 - 28,007 72,307

Others (Web
Aggregator, CSC, IMF 199,147 16,597 215,744 85 - 451 553 172 2,946 - 983 220,934
and MISP)

TOTAL (B) 3,287,265 417,815 3,705,080 132,969 20 69,127 110,975 102,721 837,483 - 401,143 5,359,518

136
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 4
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
S. No. Particulars
Fire *Marine **Miscellaneous Total Fire *Marine **Miscellaneous Total
1 Employees remuneration and welfare benefits 119,452 81,578 3,710,574 3,911,604 51,502 54,825 3,578,881 3,685,208
2 Travel, Conveyance and vehicle running expenses 3,968 2,710 123,250 129,928 1,189 1,266 82,645 85,100
3 Training expenses 248 169 7,706 8,123 62 66 4,308 4,436
4 Rent, rates and taxes 14,474 9,885 449,606 473,965 6,338 6,747 440,407 453,491
5 Repairs 9,033 6,169 280,605 295,807 2,472 2,631 171,752 176,855
6 Printing and Stationery 1,881 1,284 58,425 61,590 824 877 57,238 58,939
7 Communication 3,875 2,646 120,372 126,893 1,198 1,275 83,258 85,732
8 Legal and professional charges 23,271 15,893 722,883 762,047 10,445 11,119 725,845 747,410
9 Auditor's fees, expenses etc.
(a) As Auditor 108 74 3,349 3,530 49 53 3,428 3,530
(b) As advisor or in any other capacity in respect of
(i) Taxation matters - - - - - - - -
(ii) Insurance matters - - - - - - - -
(iii) Management services - - - - - - - -
(c) in any other capacity (Tax Audit Fees) 27 19 854 900 13 13 874 900
10 Advertisement and publicity 70,465 48,123 2,188,882 2,307,470 19,530 20,790 1,357,157 1,397,478
11 Interest and Bank charges 8,064 5,507 250,499 264,070 3,287 3,499 228,396 235,182
12 Others :
Policy Stamps 50 - 4,693 4,743 44 - 4,833 4,877
Information & Technology Expenses 10,688 7,299 332,002 349,989 3,795 4,039 263,681 271,515
Electricity & Water Charges 1,892 1,292 58,784 61,968 678 721 47,089 48,488
Courtesies & Entertainment 1,630 1,113 50,620 53,363 562 598 39,031 40,191
Others 6,714 4,585 208,561 219,860 2,975 3,167 206,708 212,849
13 Depreciation 11,565 7,899 359,268 378,732 3,970 4,226 275,886 284,082
14 Goods and Service Tax Expense 1,174 802 36,460 38,436 390 415 27,067 27,871
TOTAL 288,579 197,047 8,967,392 9,453,018 109,321 116,327 7,598,485 7,824,134
* For analysis of the segment of Marine business, refer Schedule 4A.
** For analysis of the segment of Miscellaneous business, refer Schedule 4B

SCHEDULE - 4A
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
Year Ended 31st March, 2022 Year Ended 31st March, 2021
S. No. Particulars
Marine Cargo Marine Hull Total Marine Cargo Marine Hull Total
1 Employees remuneration and welfare benefits 81,186 392 81,578 53,689 1,136 54,825
2 Travel, Conveyance and vehicle running expenses 2,697 13 2,710 1,240 26 1,266
3 Training expenses 168 1 169 65 1 66
4 Rent, rates and taxes 9,837 48 9,885 6,607 140 6,747
5 Repairs 6,139 30 6,169 2,577 55 2,631
6 Printing and Stationery 1,278 6 1,284 859 18 877
7 Communication 2,634 12 2,646 1,249 26 1,275
8 Legal and professional charges 15,816 76 15,893 10,889 230 11,119
9 Auditor's fees, expenses etc.
(a) As Auditor 73 0 74 51 1 53
(b) As advisor or in any other capacity in respect of - - - - - -
(i) Taxation matters - - - - - -
(ii) Insurance matters - - - - - -
(iii) Management Services - - - - - -
(c) in any other capacity (Tax Audit Fees) 19 - 19 13 0 13
10 Advertisement and publicity 47,892 231 48,123 20,359 431 20,790
11 Interest and Bank charges 5,481 26 5,507 3,426 73 3,499
12 Others:
Policy Stamps - - - - - -
Information & Technology Expenses 7,264 35 7,299 3,956 84 4,039
Electricity & Water Charges 1,286 6 1,292 706 15 721
Courtesies & Entertainment 1,108 5 1,113 586 12 598
Others 4,563 22 4,585 3,101 66 3,167
13 Depreciation 7,861 38 7,899 4,139 88 4,226
14 Goods and Service Tax Expense 798 4 802 406 9 415
Total 196,101 946 197,047 113,916 2,411 116,327

137
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 4B
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
Year Ended 31st March, 2022
S. Public /
Particulars Motor - Motor - Motor- Workmen Personal Other Total
No. Engineering Aviation Product Health Crop
OD TP Total Compensation Accident Miscellaneous Miscellaneous
Liability
1 Employees remuneration and
929,206 1,288,936 2,218,142 14,471 - 28,195 76,382 25,888 985,361 135,760 226,375 3,710,574
welfare benefits
2 Travel, Conveyance and vehicle
30,864 42,813 73,677 481 - 937 2,537 860 32,730 4,509 7,519 123,250
running expenses
3 Training expenses 1,930 2,676 4,606 30 - 59 159 54 2,046 282 470 7,706
4 Rent, rates and taxes 112,591 156,179 268,770 1,753 - 3,416 9,255 3,137 119,395 16,450 27,430 449,606
5 Repairs 70,270 97,473 167,743 1,094 - 2,132 5,776 1,958 74,516 10,267 17,119 280,605
6 Printing and Stationery 14,631 20,295 34,926 227 - 444 1,203 408 15,515 2,138 3,564 58,425
7 Communication 30,144 41,813 71,957 469 - 915 2,478 840 31,965 4,404 7,344 120,372
8 Legal and professional charges 181,025 251,107 432,132 2,819 - 5,493 14,881 5,044 191,965 26,448 44,102 722,883
9 Auditor's fees, expenses etc.
(a) As Auditor 839 1,163 2,002 13 - 25 69 23 889 123 204 3,349
(b) As advisor or in any other
capacity in respect of
(i) Taxation matters - - - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - - - -
(iii) Management Services - - - - - - - - - - - -
(c) In any other capacity
213 297 510 3 - 6 18 6 227 31 53 854
(Tax Audit Fees)
10 Advertisement and publicity 548,142 760,348 1,308,490 8,536 - 16,632 45,058 15,272 581,268 80,085 133,541 2,188,882
11 Interest and Bank charges 62,731 87,015 149,746 977 - 1,903 5,157 1,748 66,521 9,165 15,282 250,499
12 Others:
Policy Stamps 1,535 2,130 3,665 8 - 236 103 1 47 - 633 4,693
Information & Technology
83,140 115,327 198,467 1,295 - 2,523 6,834 2,316 88,165 12,147 20,255 332,002
Expenses
Electricity & Water Charges 14,720 20,420 35,140 229 - 447 1,210 410 15,610 2,152 3,586 58,784
Courtesies & Entertainment 12,676 17,584 30,260 197 - 385 1,042 353 13,443 1,852 3,088 50,620
Others 52,228 72,447 124,675 813 - 1,585 4,293 1,455 55,384 7,631 12,724 208,561
13 Depreciation 89,968 124,798 214,766 1,401 - 2,730 7,396 2,507 95,405 13,145 21,918 359,268
14 Goods and Service Tax Expense 9,130 12,665 21,795 142 - 277 751 254 9,682 1,334 2,225 36,460
Total 2,245,983 3,115,486 5,361,469 34,959 - 68,340 184,602 62,534 2,380,135 327,923 547,432 8,967,392

SCHEDULE - 4B
OPERATING EXPENSES RELATING TO INSURANCE BUSINESS
(` in ‘000)
Year Ended 31st March, 2021
S. Public /
Particulars Motor - Motor- Workmen Personal Other Total
No. Motor -TP Engineering Aviation Product Health Crop
OD Total Compensation Accident Miscellaneous Miscellaneous
Liability
Employees remuneration and
1 899,969 1,317,635 2,217,604 11,995 - 24,560 61,697 21,670 919,757 225,909 95,688 3,578,881
welfare benefits
Travel, Conveyance and vehicle
2 20,782 30,427 51,210 277 - 567 1,425 500 21,239 5,217 2,210 82,645
running expenses
3 Training expenses 1,083 1,586 2,669 14 - 30 74 26 1,107 272 115 4,308
4 Rent, rates and taxes 110,748 162,144 272,892 1,476 - 3,022 7,592 2,667 113,183 27,800 11,775 440,407
5 Repairs 43,190 63,234 106,424 576 - 1,179 2,961 1,040 44,140 10,842 4,592 171,752
6 Printing and Stationery 14,394 21,073 35,467 192 - 393 987 347 14,710 3,613 1,530 57,238
7 Communication 20,937 30,653 51,590 279 - 571 1,435 504 21,397 5,256 2,226 83,258
8 Legal and professional charges 182,526 267,234 449,760 2,433 - 4,981 12,513 4,395 186,539 45,817 19,407 725,845
9 Auditor's fees, expenses etc.
(a) As Auditor 862 1,262 2,124 11 - 24 59 21 881 216 92 3,428
(b) As advisor or in any other
-
capacity in respect of
(i) Taxation matters - - - - - - - - - - - -
(ii) Insurance matters - - - - - - - - - - - -
(iii) Management Services - - - - - - - - - - - -
(c) In any other capacity
220 322 542 3 - 6 15 5 225 55 23 874
(Tax Audit Fees)
10 Advertisement and publicity 341,280 499,664 840,944 4,549 - 9,314 23,396 8,217 3,48,784 85,668 36,286 1,357,157
11 Interest and Bank charges 57,434 84,089 141,523 766 - 1,567 3,937 1,383 58,697 14,417 6,107 228,396
12 Others:
Policy Stamps 1,518 2,223 3,741 7 - 197 17 1 111 - 759 4,833
Information & Technology
66,307 97,079 163,386 884 - 1,810 4,546 1,597 67,765 16,644 7,050 263,681
Expenses
Electricity & Water Charges 11,841 17,337 29,178 158 - 323 812 285 12,102 2,972 1,259 47,089
Courtesies & Entertainment 9,815 14,370 24,185 131 - 268 673 236 10,031 2,464 1,044 39,031
Others 51,980 76,104 128,084 693 - 1,419 3,563 1,252 53,123 13,048 5,527 206,708
13 Depreciation 69,376 101,573 170,949 925 - 1,893 4,756 1,670 70,901 17,415 7,376 275,886
14 Goods and Service Tax Expense 6,806 9,965 16,772 91 - 186 467 164 6,956 1,709 724 27,067
Total 1,911,069 2,797,974 4,709,043 25,458 - 52,309 130,925 45,979 1,951,648 479,334 203,790 7,598,485

138
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 5
SHARE CAPITAL
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

Authorised Capital
1 400000000 Equity Shares of ` 10 each 4,000,000 4,000,000
(Previous Year 400000000 Equity Shares of ` 10 each)
Issued Capital
2 280254362 Equity Shares of ` 10 each 2,802,544 2,742,183
(Previous Year 274218300 Equity Shares of ` 10 each)
Subscribed Capital
3 280254362 Equity Shares of ` 10 each 2,802,544 2,742,183
(Previous Year 274218300 Equity Shares of ` 10 each)
Called up Capital
4 280254362 Equity Shares of ` 10 each
(Previous Year 274218300 Equity Shares of ` 10 each) 2,802,544 2,742,183
Less: Calls unpaid
Add: Equity Shares forfeited (amount orginally paid up) - -
Less: Par Value of Equity Shares bought back - -
Less: Preliminary Expenses - -
Expenses including commission or brokerage on
underwriting or subscription of shares - -
TOTAL 2,802,544 2,742,183

SCHEDULE - 5A
SHARE CAPITAL
PATTERN OF SHAREHOLDING
(As certified by the Management)

As At 31st March, 2022 As At 31st March, 2021

Shareholders
Number of Shares % of Holding Number of Shares % of Holding
Promoters
a) Indian 142,929,725 51 139,851,333 51
b) Foreign 137,324,637 49 134,366,967 49
Others - - - -
TOTAL 280,254,362 100 274,218,300 100

SCHEDULE - 6
RESERVES AND SURPLUS
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

1 Capital Reserve - -
2 Capital Redemption Reserve - -
3 Share Premium -
Opening Balance 4,519,821 4,519,821
Additions during the year 3,940,100 -
Closing Balance 8,459,921 4,519,821
4 General Reserve - -
5 Catastrophe Reserve 1,166 1,166
6 Other Reserves - -
7 Balance of Profit in Profit and Loss Account 21,135,668 20,548,020
TOTAL 29,596,755 25,069,007

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SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 7
BORROWINGS

S. No. Particulars As At 31st March, 2022 As At 31st March, 2021

(1) (2) (3) (4)
1 Debentures/Bonds - -
2 Banks - -
3 Financial Institutions - -
4 Others - -
TOTAL - -

SCHEDULE - 8 & 8A
INVESTMENTS
(` in ‘000)
Shareholders Policyholders Total
S. No. Particulars As At 31st March, As At 31st March, As At 31st March, As At 31st March, As At 31st March, As At 31st March,
2022 2021 2022 2021 2022 2021
(1) (2) (3) (4) (5) (6) (7) (8)
LONG TERM INVESTMENTS
Govt Securities and Govt guaranteed
1 10,266,977 9,412,321 43,815,807 36,631,286 54,082,784 46,043,607
Bonds incl Treasury Bills
2 Other Approved Securities 121,117 655,745 516,883 2,552,055 638,000 3,207,800
3 Approved Investments
(a) Shares
(i) Equity Shares 15,809 5,372 67,469 20,906 83,278 26,278
(ii) Preference Shares - - - - - -
(b) Mutual Funds - - - - - -
(c) Debenture/ Bonds 866,652 585,802 3,698,563 2,279,849 4,565,215 2,865,651
(d) Investment Property - Real Estate - - - - - -
(e) Subsidiaries - - - - - -
(f) Other Securities - - - - - -
4 Investments in Infrastructure & Housing 8,386,546 9,026,488 35,790,797 35,129,686 44,177,343 44,156,174
5 Other Investments
Mutual Funds 5,350 4,793 22,830 18,652 28,180 23,445
Equity Shares 668 - 2,851 - 3,519 -
Non Convertible Debenture - - - - - -
Less: Provision for diminution in the
- - - - - -
value of investments
SHORT TERM INVESTMENTS
Govt Securities and Govt guaranteed
1 212,640 273,542 907,474 1,064,583 1,120,114 1,338,125
Bonds incl Treasury Bills
2 Other Approved Securities 2,173,913 2,935,907 9,277,487 11,426,093 11,451,400 14,362,000
3 Approved Investments
(a) Shares
(i) Equity Shares - - - - - -
(ii) Preference Shares - - - - - -
(b) Mutual Funds 85,617 460,227 365,385 1,791,132 451,002 2,251,359
(c) Debenture/ Bonds 1,046,505 153,436 4,466,110 597,150 5,512,615 750,586
(d) Investment Property - Real Estate - - - - - -
(e) Subsidiaries - - - - - -
(f) Other Securities
Certificate of Deposit 47,409 - 202,326 - 249,735 -
Commercial Paper 189,375 - 808,185 - 997,560 -
4 Investments in Infrastructure & Housing 2,106,494 1,166,052 8,989,766 4,538,093 11,096,260 5,704,145
5 Other Investments
Mutual Funds - - - - - -
Non Convertible Debenture - 51,105 - 198,895 - 250,000
Less: Provision for diminution in the
- (30,970) - (120,530) - (151,500)
value of investments
TOTAL 25,525,072 24,699,820 108,931,933 96,127,850 134,457,005 120,827,670

140
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

Aggregate value of Investments other than Listed Equity Securities and Derivative Instruments
(` in ‘000)
Shareholders Policyholders Total
S.No. Particulars As At 31st March, As At 31st March, As At 31st March, As At 31st March, As At 31st March, As At 31st March,
2022 2021 2022 2021 2022 2021
(1) (2) (3) (4) (5) (6) (7) (8)
1 Long Term Investments
Book Value 19,646,642 19,685,149 83,844,880 76,611,528 103,491,522 96,296,677
Market Value 19,582,881 20,226,939 83,572,772 78,720,092 103,155,653 98,947,031

2 Short Term Investments

Book Value 5,861,953 5,009,299 25,016,733 19,495,416 30,878,686 24,504,715
Market Value 5,867,275 5,022,712 25,039,443 19,547,615 30,906,718 24,570,327

SCHEDULE - 9
LOANS
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
1 Security wise Classification
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside india - -
(b) On shares, Bonds, Govt Securities - -
(c ) Others - -
Unsecured - -
Total - -
2 Borrower wise Classification
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c ) Subsidiaries - -
(d) Industrial Undertakings - -
(e) Others - -
Total - -
3 Performance wise Classification
(a) Loans classified as standard
(aa) in India - -
(bb) outside India - -
(b) Non performing loans less provisions
(aa) in India - -
(bb) outside India - -
Total - -
4 Maturity wise Classification
(a) Short Term - -
(b) Long Term - -
TOTAL - -

141
142
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 10
FIXED ASSETS
(` in ‘000)

Gross Block Depreciation Net Block

Particulars Sales/
Additions
As at 1st Adjustments As at 31st Upto 31st On sales / Upto 31st As at 31st As at 31st
during the For the Year
April, 2021 during the March, 2022 March 2021 adjustments March, 2022 March, 2022 March, 2021
Year
Year
Goodwill - - - - - - - - - -
Intangibles:
- Computer Software 749,849 145,483 116,086 779,246 549,583 135,437 116,086 568,934 210,312 200,266
Land - Freehold 37,849 - - 37,849 - - - - 37,849 37,849
Leasehold Property - - - - - - - - - -
Buildings 12,251 - - 12,251 2,215 202 - 2,417 9,834 10,036
Furniture & Fittings 638,761 261,421 98,631 801,551 347,682 64,860 97,241 315,301 486,250 291,079
Information Technology
1,033,483 216,834 350,509 899,808 861,954 147,014 350,405 658,563 241,245 171,529
Equipment
Vehicles 29,579 1,814 7,220 24,173 10,833 3,277 2,751 11,359 12,814 18,746
Office Equipment 160,464 117,138 23,875 253,727 113,756 27,942 23,565 118,133 135,594 46,708
Others - - - - - - - - - -
TOTAL 2,662,236 742,690 596,321 2,808,605 1,886,023 378,732 590,048 1,674,707 1,133,898 776,213

Capital Work In Progress 121,783 303,675 26,962 398,496 - - - - 398,496 121,783

Grand Total 2,784,019 1,046,365 623,283 3,207,101 1,886,023 378,732 590,048 1,674,707 1,532,394 897,996

Previous Year Total 2,269,736 593,410 79,128 2,784,019 1,609,280 284,082 7,339 1,886,023 897,996
SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 11
CASH AND BANK BALANCES
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
1 Cash (including cheques, drafts and stamps) 11,524 15,891
2 Bank Balances
(a) Deposit Accounts
(aa) Short term (due within 12 months) 32,000 -
(bb) Others - -
(b) Current Accounts 2,766,300 1,281,640
(c) Others - -
3 Money at call & short notice
With Banks - -
With Other Institutions - -
4 Others - -
TOTAL 2,809,824 1,297,531
Balances with non -scheduled banks included in 2 and 3 above - -

Note: 1. Balance with Banks in current accounts above, includes liquid flexi term deposit of ` 2,719,400 thousand
(Previous year ` 916,100 thousand)

2. Balance with Banks in current accounts above, includes Earmarked amount of ` NIL (Previous year NIL)
towards CSR activities.

SCHEDULE - 12
ADVANCES AND OTHER ASSETS
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
ADVANCES
1 Reserve Deposit with ceding Companies 3,552,374 2,977,633
2 Application Money for Investments - -
3 Prepayments 170,679 132,711
4 Advance to Directors / Officers - -
5 Advance Tax Paid and Tax Deducted at source (Net of provision for taxation) 684,385 330,998
6 Deposit towards Rent 107,845 101,920
7 Goods & Service Tax Revoverable - -
8 Deposit towards Claim 500,000 -
9 Others 298,687 181,228
TOTAL (A) 5,313,970 3,724,490
OTHER ASSETS
1 Income accrued on Investments / FDRs 3,640,003 3,492,613
2 Outstanding Premiums 9,034,741 10,243,599
3 Agents' balances 7,082 7,047
4 Foreign Agencies Balances - -
5 Due from entities carrying on insurance business (including reinsurers) 2,740,328 2,179,763
6 Due from Subsidiaries/ Holdings - -
7 Assets held for Unclaimed amount of Policyholders 167,976 188,350
Add: Investment Income accruing on unclaimed amount 42,065 47,073
TOTAL (B) 15,632,195 16,158,445
TOTAL (A+B) 20,946,165 19,882,935

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SCHEDULES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE - 13
CURRENT LIABILITIES
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

1 Agents Balances 691,218 669,898
2 Balances due to other insurance companies (including reinsurers) 10,697,455 11,746,120
3 Deposits held on reinsurances ceded 338,033 215,711
4 Premiums received in advance 9,249,050 9,537,678
5 Unallocated premium 158,900 196,868
6 Sundry Creditors 951,931 990,780
7 Due to subsidiaries/holding company - -
8 Claims outstanding 72,776,667 63,477,096
9 Due to Officers / Directors - -
10 Unclaimed Amount of Policyholders 167,065 182,247
11 Add: Investment Income accruing on Unclaimed amount 42,065 47,073
12 Statutory Dues 372,114 357,728
13 Goods & Service Tax Payable 468,850 479,727
14 Deposit towards Claim Settlement 1,474,414 -
15 Deposit Premium 877,034 988,672
16 Unsettled Investment contract payable - 499,291
TOTAL 98,264,796 89,388,889

SCHEDULE - 14
PROVISIONS
(` in ‘000)
S. No. Particulars As At 31 March, 2022
st
As At 31 March, 2021
st

(1) (2) (3) (4)

1 Reserve for Unexpired Risk 28,691,619 25,375,615
2 Reserve for Premium Deficiency - -
Provision or Taxation (less advance tax paid and taxes deducted at
3 - -
source)
4 Provision for Employee Benefits 602,189 606,404
5 Provision for Proposed Dividends - -
6 Provision for Dividend Distribution Tax - -
7 Others - -
TOTAL 29,293,808 25,982,019

SCHEDULE - 15
MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
(` in ‘000)
S. No. Particulars As At 31st March, 2022 As At 31st March, 2021
(1) (2) (3) (4)
1 Discount allowed in issue of shares/debentures - -
2 Others - -
TOTAL - -

144
145
 ACCOUNTING POLICIES
& NOTES TO ACCOUNTS
CONSOLIDATED

146
 SCHEDULE 16: Significant Accounting Policies and Notes to Accounts forming part of
Consolidated Financial Statements for the year ending 31st March 2022

A. BACKGROUND 3. Revenue Recognition

IFFCO - TOKIO General Insurance Company Limited 3.1 Premium and cession thereof are recognized
(the Company) was incorporated on, as a Company over the contract period or the period of the
under the Companies Act 1956. The Company risk in respective revenue account following
is registered with Insurance Regulatory and 1/365 method.
Development Authority of India (IRDAI) and is in the
business of underwriting general insurance policies Reserve for unexpired risk representing
relating to Fire, Marine and Miscellaneous classes and premium attributable to the succeeding
holds a valid certificate of registration. accounting period is maintained based on the
above method except in Marine Hull business
B. SIGNIFICANT ACCOUNTING POLICIES ON and reinsurance acceptances under the
CONSOLIDATED ACCOUNTS Pool arrangements. Unexpired Risk Reserve
for Marine Hull business and reinsurance
1. Basis of Preparation of Financial Statements
acceptances in respect of Terrorism Pool
The financial statements have been prepared on going is maintained at hundred percent of net
concern basis under the historical cost convention and premium and in respect of all other reinsurance
on the accrual basis of accounting in accordance with acceptances under pool arrangements, same is
the generally accepted accounting principles followed maintained at fifty percent of the net premium
in India and conform to the statutory requirements
during the preceding twelve months.
prescribed under the Insurance Act, 1938 and
Insurance Regulatory and Development Authority 3.2 Any subsequent revision to the premium under
(Preparation of Financial Statements and Auditor’s the policies is accounted for in the period in
Report of Insurance Companies) Regulations, which they occur.
2002 including directions and orders thereon,
the provisions of Companies Act, 2013 including 3.3 Reinsurance Inward acceptances are accounted
notified Accounting Standards there under except for on the basis of returns, to the extent
otherwise stated. received, from the insurers.

2. Use of Estimates 3.4 Commission on reinsurance cessions are

recognized as income in the period in which
The presentation of the financial statements in
the premium is ceded. Profit commission under
conformity with the generally accepted accounting
principles requires the management to make reinsurance treaties, wherever applicable, is
estimates and assumptions that affect the reported recognized on the determination of profit for
amount of assets and liabilities as of the Balance the period.
Sheet date, revenues and expenses for the year
3.5 Interest Income is recognized on accrual basis.
ended and disclosure of contingent liabilities as of the
Balance Sheet date. Such estimates and assumptions 3.6 Dividend income is recognized when the right to
are based on the management’s evaluation of the receive dividend is established.
relevant facts and circumstances as on the date of
financial statements. Any revision to the accounting 3.7 Profit or Loss on sale / redemption of
estimates is recognized prospectively in the period in investments which is the difference between
which the results are known / materialized. sale consideration and carrying value is

147
 recognized on trade date and includes effects 7. Allocation of Operating Expenses
of accumulated fair value changes, previously
Operating expenses other than policy stamps are
recognized, for specific investments sold /
apportioned to respective revenue accounts on
redeemed during the year. In determining
the basis of net premium in each class of business
realized gain / loss, cost of securities is arrived at the end of financial year. Expenses relating to
at on ‘Weighted average cost’ basis and sale policy stamps are directly taken to the respective
consideration for the purpose of realized gain / revenue accounts.
loss is net of Brokerage and taxes, if any.
8. Acquisition Cost of insurance contracts
4. Premium Deficiency
Cost relating to acquisition of new / renewal of
Premium deficiency is recognized whenever expected insurance contracts are expensed in the period in
claim costs, related expenses and maintenance which they are incurred.
costs exceeds related reserve for unexpired risks at
Segmental Revenue Account level. 9. Investments

5. Allocation of Investment Income between Revenue Investments are recorded on the trade date at the
Accounts and Profit and Loss Account acquisition cost.

Investment income is apportioned to Profit and Classification

Loss Account and Revenue Accounts in the ratio of
Investment maturing within twelve months from
average of Shareholders Funds and Policyholders
the Balance Sheet date and investments made with
Funds standing in each class of business at the end of
specific intention to dispose of within twelve months
each month.
from the Balance Sheet date are classified as Short
6. Claims Incurred Term Investments. Other investments are classified
as Long Term Investments.
6.1 Liability in respect of claims is provided for the
intimations received up to the year-end based Valuation
on the surveyor’s assessment, information (i) Debt securities including Government securities
provided by the insured, judgment based on are considered as held to maturity and are valued
past experience and other applicable laws and at cost subject to amortization by charging off /
practices. However, in respect of claims under crediting investment income with the difference
re-insurance acceptances, the claim liability is of acquisition cost and maturity value over
provided based on the returns / advices, to the the unexpired period of maturity on straight
extent received, from the Reinsurers. line method.
6.2 Liability in respect of “Claims incurred but (ii) Investments in units of mutual funds are valued
not reported” (IBNR) and “Claims incurred at Net Asset Value (NAV)
but not enough reported” (IBNER) is provided
for on actuarial estimates as certified by the (iii) Equity securities listed and actively traded are
“Appointed Actuary”. stated at fair value, being the last quoted closing
price on the National Stock Exchange (NSE).
6.3 Salvage / Recoveries under claims are netted off However, in case of any stock not being listed
against “Claims Incurred” and are accounted for at NSE, the same is valued based on the last
on realization. quoted closing price on Bombay Stock Exchange
(BSE).

148
 (iv) Any unrealized gain / loss arising due to change in iii.  Fixed Assets having value up to ` 5000 are fully
fair value of mutual fund investments and listed depreciated in the year of acquisition.
equity shares is accounted in ‘Fair Value Change
11.2 Intangible Asset (Software) is amortized over its
Account’ and carried forward in the Balance
useful life of three years on straight line method.
Sheet and is not available for distribution.
12. Operating Lease
(v) Investment in equity share of the subsidiary
company is valued at cost less permanent Leases, where the lessor effectively retains
diminution, if any. substantially retains all the risks and rewards of
ownership of the leased assets are classified as
(vi) Impairment of Investments
operating lease. Payments made towards assets /
The company assess at each Balance Sheet date
premises taken on operating lease are recognized as
whether there is any evidence of impairment of
an expense in the revenue accounts and profit and
any investment. In case of impairment, carrying
loss account over the lease term on straight-line basis.
value of such investments is reduced to its fair
value and the impairment loss is recognised in 13. Pre-Paid Expenses
the Profit & Loss Account after adjusting it with
Expenditure up to ` 25,000 in each case is accounted
previously recognised impairment provision.
for in the year in which the same is incurred.
However, at the Balance Sheet if there is
any indication that a previously recognised 14. Foreign Currency Transactions
impairment no longer exists then such loss is
Transactions in foreign currency are accounted
reversed and the investment is restated to that
at the exchange rate prevailing on the date of
extent.
the transaction.
10. Fixed Assets
The monetary items remaining outstanding as on the
Fixed Assets including Intangible Assets are stated date of Balance Sheet are translated at the exchange
at their cost of acquisition less accumulated rate as on that date.
depreciation / amortization.
Exchange Gain / Loss on settlement / translation
Capital Work in Progress includes assets not ready for of foreign currency transactions is recognized as
the intended use and carried at cost. income / expense.
11. Depreciation / Amortization 15. Income Tax
11.1 Depreciation on Fixed Assets is provided on Income tax comprises of Current Tax and Deferred
straight line method based on useful life as Tax. Deferred tax, resulting from ‘timing differences’
provided in Schedule II of the Companies Act, between book and taxable profits, is accounted for
2013 except using the tax rates and laws that have been enacted
i. Fixtures in rented premises are depreciated or substantively enacted. The deferred tax asset is
proportionately over the residual lease period recognized and carried only to the extent that there
wherever the lease period is less than the useful is a reasonable / virtual certainty that the asset will
life specified in Schedule II. be realized in future.

ii.  Information Technology Equipments – Servers 16. Employee Benefits

& Networks are depreciated over their useful 16.1 The Liability for Gratuity is covered by the ‘Group
life of three years on straight line method. Gratuity Cash Accumulation Scheme” with an

149
 Insurance Company. The liability is accounted based on internal / external factors. An impairment
for based on actuarial valuation as on the date loss is recognized wherever the carrying amount of
of Balance Sheet. the asset exceeds its recoverable amount. Any such
impairment loss is recognized by charging it to the
16.2 Liability for leave encashment is provided for on
profit and loss account. A previously recognized
the basis of actuarial valuation as on the date of
impairment loss is reversed where it no longer exists
Balance Sheet.
and the asset is restated to that effect.
16.3 Provident Fund and Family Pension Scheme
18. Provisions & Contingencies
contributions and liability towards Leave Travel
Assistance (LTA) are accounted for on accrual A
 provision, other than those relating to contract with
basis. policyholders, is recognized when there is present
obligation arising out of past events and it is probable
16.4 Gains / losses arising out of the actuarial
that an outflow of resources will be required to settle
valuation are recognized immediately in the
the obligation and the amount can be reasonably
accounts.
estimated. Wherever there is a possible obligation or
17. Impairment of Assets present obligations that may, but probably will not
require an outflow of resources, the same is disclosed
T he carrying amounts of assets are reviewed at each
by way of contingent liability.
balance sheet date for indications of any impairment

150
C. NOTES FORMING PART OF ACCOUNTS

I. BASIS OF CONSOLIDATION
The Consolidated financial statements relate to IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED (hereinafter
referred to as “the Holding Company”) and its wholly-owned subsidiary IFFCO TOKIO INSURANCE SERVICES LIMITED
(the Holding Company and its Subsidiary together referred to as “the Group”).

a) Basis of Accounting:

i. The financial statements of the subsidiary company in the consolidation are drawn up to the same reporting
date as of the company.

ii. The Consolidated financial statements have been prepared in accordance with Accounting Standard (AS)
21- ‘Consolidated Financial Statements’ notified under the Companies Act, 2013 and generally accepted
accounting principles.

b) Principles of Consolidation:

The consolidated financial statements have been prepared as per following principles:

i. The financial statements of the Group are combined on a line by line basis by adding together the book value
of like items of assets, liabilities, income and expenses after eliminating intra- group balances, intra- group
transactions, unrealized profits or losses.

ii. The consolidated financial statements are prepared using uniform accounting policies for like transactions and
other events in similar circumstances and are presented to the extent possible, in the same manner as the
company’s separate financial statements except as otherwise stated in the notes to accounts.

iii. IFFCO TOKIO INSURANCE SERVICES LIMITED, the subsidiary company filed an application with IRDAI for
surrender of the Corporate Agency Registration Certificate w.e.f. 01st August 2018 on 31st July 2018. IRDAI has
accepted the application vide its letter dated 20th March 2019. Current assets and loans & advances of the
subsidiary company have value on realisation in the ordinary course of business at least equal to the amount
at which they are stated and all known liabilities have been adequately provided for. The financial statements
of the subsidiary Company for the Financial Year ending 31st March, 2022 and Financial Year ending 31st March,
2021 have been prepared on Net realizable value basis (refer note III (1)).

c) Additional Information required under part II of schedule III to the Companies Act, 2013 is as under:

(` in ‘000)
Net Assets (Total assets minus Total liability) Share in Profit or Loss (Profit after tax)
Name of Entity % of consolidated net % of consolidated
Amount Amount
assets profit or loss
IFFCO TOKIO INSURANCE
0.13% 43,241 0.70% 4,100
SERVICES LIMITED

151
II. DISCLOSURES REQUIRED UNDER ACCOUNTING STANDARDS
1. Accounting Standard-15 “Employee Benefits”

a. No employee was employed in IFFCO TOKIO Insurance Services Limited during Financial Year 2021-22.

b. General description of the defined benefit scheme:

Gratuity The Group provides for gratuity, a defined benefit plan (the “Gratuity Plan”) covering eligible
employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides
a lump sum payment to vested employees at retirement, death, incapacitation or termination
of employment, of an amount based on the respective employee’s salary and the tenure of
employment. The Group’s liability is actuarially determined (using the Projected Unit Credit
method) at the end of each year. Actuarial losses/ gains are recognized in the Statement of
Profit and Loss in the year in which they arise.
Leave Encashment Accumulated compensated absences, which are expected to be availed or encashed are
treated as employee benefits. The Group’s liability is actuarially determined (using the
Projected Unit Credit method) at the end of each year. Actuarial losses/ gains are recognized
in the Statement of Profit and Loss in the year in which they arise.
Provident Fund Provident Fund contributions are made to a Trust administered by the Holding Company. The
contributions made to the trust are recognized as plan assets. The defined benefit obligation
recognized in the balance sheet represents the present value of the defined benefit obligation
as reduced by fair value of plan assets. The contribution for ` 159,095 thousand (previous year
` 142,664 thousand) has been recognized as expense in the accounts. Further the provision
of ` 32,787 thousand (previous year ` 17,329 thousand) has been made towards shortfall
between fair value of Trust Assets and present obligation of Trust.

c. O
 ther disclosures as required under AS-15 (Revised 2005) on “Employee Benefits” in respect of defined
benefit obligations are as under:

i. Expenses recognized in Profit & Loss Account

(` in ‘000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Current Service Cost 46,677 40,194 31,883 19,887 26,498 141,302 130,932 107,217 50,053 57,356
Interest cost on benefit
obligation 21,844 15,849 13,691 10,952 12,442 32,620 24,457 21,268 17,168 18,054

Expected return on plan assets (20,526) (15,611) (11,742) (10,181) (10,881) - - - - -

Net actuarial (Gain)/loss
(793) 40,811 27,277 21,759 (1,755) (32,472) 23,587 8,917 33,856 (6,943)
recognized in the year
Expenses recognized in the
47,202 81,243 61,109 42,417 26,304 141,450 178,976 137,402 101,077 68,467
Profit & Loss Account

152
ii. The amount recognized in the Balance Sheet

(` in ‘000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Present Value of
obligation at end of 356,073 335,466 241,640 187,663 204,641 554,987 525,162 390,458 304,427 305,193
year (i)
Fair Value of Plan
assets at end of year 308,871 254,223 180,560 145,246 178,337 - - - - -
(ii)
Difference (ii-i) i.e.
(47,202) (81,243) (61,080) (42,417) (26,304) (554,987) (525,162) (390,458) (304,427) (305,193)
Assets/(Liabilities)
Net Asset/ (liability)
recognized in the (47,202) (81,243) (61,080) (42,417) (26,304) (554,987) (525,162) (390,458) (304,427) (305,193)
Balance Sheet

iii. Changes in the present value of the Defined Benefit Obligations:

(` in ‘000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Present Value
of obligation at 335,466 241,640 187,664 150,992 177,853 525,162 390,458 304,427 248,413 264,578
beginning of year
Interest Cost 21,844 15,849 13,691 10,952 12,442 32,620 24,457 21,268 17,168 18,054
Current Service Cost 46,677 40,194 31,883 19,887 26,498 141,302 130,932 107,217 50,053 57,356
Benefit Paid (42,319) (5,912) (16,442) (13,779) (9,418) (111,625) (44,272) (51,370) 45,063 (27,852)
Net actuarial (Gain)/
(5,595) 43,695 24,844 19,612 (2,734) (32,472) 23,587 8,916 33,856 (6,943)
Loss on obligation
Present value of the
defined benefit as at 356,073 335,466 241,640 187,664 204,641 554,987 525,162 390,458 304,427 305,193
end of year

iv. Changes in the fair value of plan assets:

(` in ‘000)
Gratuity Leave Encashment
Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Fair value of plan assets at
254,223 180,560 145,246 133,926 105,824 - - - - -
beginning of year
Expected return on plan
20,526 15,611 11,742 10,181 10,881 - - - - -
assets
Contributions by employer 81,243 61,080 42,445 17,065 72,029 - - - - -
Benefits Paid (42,319) (5,912) (16,442) (13,779) (9,418) - - - - -
Actuarial Gain/(Loss) on
(4,802) 2,884 (2,431) (2,147) (979) - - - - -
plan assets
Fair value of plan assets at
308,871 254,223 180,560 145,246 178,337 - - - - -
end of year *

* Gratuity Fund is managed by Life Insurance Corporation of India (LIC). Individual investment wise details of the plan
assets are not being provided by LIC.

153
v. Actuarial Assumptions

Principal assumptions used for actuarial valuation of the Holding Company are:

Gratuity (Funded) Leave Encashment (Non Funded)

Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Method used Projected Unit Credit Method
Discount rate 7.345% 6.95% 6.64% 7.63% 7.60% 7.35% 6.95% 6.64% 7.63% 7.60%
Salary Escalation 6.00% 6.00% 6.00% 6.50% 6.00% 6.00% 6.00% 6.00% 6.50% 6.00%
IALM IALM
Mortality rate IALM (2012-14) IALM (2012-14)
(2006-08) (2006-08)
Withdrawal rate 4% 4% 4% 4% 1 to 3% 4% 4% 4% 4% 1 to 3%
Rate of return on
7.50% 7.50% 7.44% 7.42% 7.51% - - - - -
plan assets

Principal assumptions used for actuarial valuation of the Subsidiary company are:

Gratuity (Funded) Leave Encashment (Non Funded)

Particulars
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Discount rate - - - - 7.30% - - - - 7.30%
Salary Escalation - - - - 10.00% - - - - 10.00%

The estimate of future salary increase considered in actuarial valuation, take into account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

2. Accounting Standard-17 “Segment Reporting”

T he Group’s primary reportable segments are business segments, which have been identified in accordance with
the Regulations. Disclosure as required is provided as under:

a) Business Segments

(` in ‘000)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
SEGMENT REVENUE:
Fire Insurance 10,391,230 9,217,849
Marine Insurance 2,630,207 1,654,408
Motor Insurance-OD 17,239,287 17,814,820
Motor Insurance-TP 26,331,135 24,264,817
Engineering Insurance 1,279,875 1,071,171
Workmen Compensation Insurance 473,706 392,827
Personal Accident Insurance 1,326,676 1,079,871
Product Liability Insurance 624,043 579,578
Health Insurance 18,450,804 16,142,523
Crop 9,598,246 15,711,394
Other Insurance 5,813,961 3,422,997
Investment 2,667,555 1,971,830
Total 96,826,725 93,324,085

154
SEGMENT RESULT: Profit / (Loss)
Fire Insurance 962,822 674,409
Marine Insurance (240,937) 125,117
Motor Insurance-OD (1,656,337) (737,941)
Motor Insurance-TP 5,278,730 2,921,168
Engineering Insurance 1,195 204,748
Workmen Compensation Insurance (63,278) 176,157
Personal Accident Insurance (36,361) 183,889
Product Liability Insurance 135,439 52,234
Health Insurance (7,285,566) (2,401,385)
Crop 995,631 1,837,834
Other Insurance (83,553) 398,067
Investments 2,688,369 670,331
Unallocable (39,261) 10,454
Total Profit before Tax 656,893 4,115,082
Less: Provision for Taxation 69,245 916,507
Profit After Tax 587,648 3,198,575
SEGMENT ASSETS: As at 31st March, 2022 As at 31st March, 2021
Fire Insurance - -
Marine Insurance - -
Motor Insurance - -
Engineering Insurance - -
Workmen Compensation Insurance - -
Personal Accident Insurance - -
Product Liability Insurance - -
Health Insurance - -
Crop - -
Other Insurance - -
Investments 138,129,008 124,320,283
Total 138,129,008 124,320,283
Add: Unallocable Assets 21,842,180 18,747,157
Total 159,971,188 143,067,440
SEGMENT LIABILITIES: As at 31st March, 2022 As at 31st March, 2021
Fire Insurance 2,255,026 1,403,437
Marine Insurance 1,195,665 709,372
Motor Insurance-OD 9,664,341 8,766,764
Motor Insurance-TP 74,131,209 65,635,741
Engineering Insurance 282,500 279,263
Workmen Compensation Insurance 424,322 251,534
Personal Accident Insurance 1,149,863 823,448
Product Liability Insurance 431,208 415,554
Health Insurance 7,705,088 6,360,513
Crop 1,366,567 2,654,868
Other Insurance 2,862,496 1,552,217
Investments - 499,291
Total 101,468,285 89,352,002
Add: Unallocable Liabilities 26,090,318 25,911,271
Total 127,558,603 115,263,273

155
Cost incurred to acquire segment assets ( Fixed Assets)
Fire Insurance - -
Marine Insurance - -
Motor Insurance - -
Engineering Insurance - -
Workmen Compensation Insurance - -
Personal Accident Insurance - -
Product Liability Insurance - -
Health Insurance - -
Crop - -
Other Insurance - -
Investments - -
Total - -
Add: Unallocable Fixed assets 1,019,404 522,089
Total 1,019,404 522,089
Amount of expenses included in segment result for depreciation and Year Ended Year Ended
amortization in respect of assets 31st March, 2022 31st March, 2021
Fire Insurance 11,565 3,970
Marine Insurance 7,899 4,226
Motor Insurance-OD 89,968 69,376
Motor Insurance-TP 124,798 101,573
Engineering Insurance 1,401 925
Workmen Compensation Insurance 2,730 1,893
Personal Accident Insurance 7,396 4,756
Product Liability Insurance 2,507 1,670
Health Insurance 95,405 70,901
Crop 13,145 17,415
Other Insurance 21,918 7,376
Investments - -
Total 378,732 284,082
Add: Unallocable Expenses - -
Total 378,732 284,082

Assets and Liabilities of the Group, which are not identifiable with any of the segments, have been classified as
unallocable.

b) Geographical Segment

S ince the Group’s entire business is conducted within India, there is no reportable Geographical Segmentation
for the year.

156
 3. Accounting Standard- 18 “Related Party Disclosures”

The transactions between the Group and its related parties during the year are as under:

(` in ‘000)
Name of the Related Nature of Related Year ended Year ended
Description of Nature of Transactions
Parties Party Relationship 31st March, 2022 31st March, 2021

Premium accounted from direct business 816,059 728,535

Claims paid on direct basis 174,195 117,973
Promoters with
Indian Farmers Fertiliser Payment of Rent and other expenses 253,789 247,609
more than 20%
Cooperative Limited
Voting rights Deposit of Insurance Premium 2,500 2,500
Amount Payable / (Receivable) at the
5,111 39,926
Balance Sheet Date
Premium accounted from direct business 184,455 73,841
Claim paid on direct basis 22,471 12,989
Associate of
Promoters with Deposit of Insurance Premium 100 100
Indian Potash Limited
more than 20%
Payment of Rent and other expenses 1,836 13,599
Voting rights
Amount Payable / (Receivable) at the
(509) (509)
Balance Sheet Date
Tokio Marine Asia Pte Promoters with
Ltd. (formerly Millea more than 20% Payment of Fee 186 2,173
Asia Pte Ltd.) Voting rights
Premium on Cession of Re-insurance
543,167 459,537
Premium
Associate of
Commission Earned on Premium Ceded 139,519 122,038
Tokio Marine & Nichido Promoters with
Fire Insurance Co. Ltd. more than 20% Losses Recovered from Re-insurer 498,031 192,927
Voting rights
Amount Payable / (Receivable) at the
107,339 77,343
Balance Sheet Date

Associate of Losses Recovered from Re-insurer - (26,239)

Tokio Marine Kiln Promoters with
Singapore Pte Ltd. more than 20% Amount Payable / (Receivable) at the
Voting rights 26,075 26,075
Balance Sheet Date
Premium on Cession of Re-insurance
600,398 633,426
Premium
Commission Earned on Premium Ceded 151,063 102,593
Associate of Losses Recovered from Re-insurer 204,219 108,113
Tokio Marine Insurance Promoters with
Singapore Ltd. more than 20% Claim/Reimbursement of Expenses 67 -
Voting rights
Payment of Fee 545 148
Amount Payable / (Receivable) at the
19,263 156,835
Balance Sheet Date
Associate of
Tokio Marine Europe Promoters with Amount Payable / (Receivable) at the
116 116
Insurance Ltd. more than 20% Balance Sheet Date
Voting rights

157
 Premium on Cession of Re-insurance
7,465 4,013
Premium
Associate of
Tokio Marine Kiln Promoters with Commission Earned on Premium Ceded 486 242
Syndicate more than 20% Losses Recovered from Re-insurer 3 -
Voting rights
Amount Payable / (Receivable) at the
1,750 1,778
Balance Sheet Date
Premium on Cession of Re-insurance
47,951 38,630
Premium
Associate of Commission Earned on Premium Ceded 8,443 4,522
Promoters with
Tokio Marine HCC
more than 20% Losses Recovered from Re-insurer 333 -
Voting rights
Amount Payable / (Receivable) at the
30,512 14,195
Balance Sheet Date

Associate of Claim/Reimbursement of Expenses - 131

Tokio Marine Insurance Promoters with
(Malaysia) Behard more than 20%
Voting rights Payment of Fee 306 118

Associate of
The Tokio Marine and
Promoters with
Fire Insurance Co. Payment of Fee - 47
more than 20%
(Hongkong) Ltd.
Voting rights

Associate of Claim/Reimbursement of Expenses 3,821 6,677

Promoters with
TM Claim Services Inc.
more than 20%
Voting rights Payment of Fee 4,241 3,371

Associate of
Tokio Marine
Promoters with
Management Payment of Fee 251 -
more than 20%
Australasia Pty Ltd.
Voting rights
Associate of
TM Claim Service Asia Promoters with
Payment of Fee 385 -
PTE Ltd. more than 20%
Voting rights
Associate of
Tokio Marine Holdings Promoters with
Payment of Fees - 1,900
INC more than 20%
Voting rights
Associate of Payment of Fees 251 118
Tokio Marine Safety
Promoters with
Insurance (Thailand)
more than 20%
Public Co. Ltd. Claim/Reimbursement of Expenses 3,221 154
Voting rights
Associate of
Tokio Marine Newa Promoters with
Payment of Fees - 51
Insurance Co. Ltd. more than 20%
Voting rights
Associate of Payment of Fees 42 326
PT Asuransi Tokio Promoters with
Marine Indonesia more than 20%
Voting rights Claim/Reimbursement of Expenses 25 805

Associate of Payment of Fees 97 -

Tokio Marine Claim Promoters with
Service Co. Ltd. more than 20%
Voting rights Claim/Reimbursement of Expenses 51 -

158
 Associate of
Tokio Marine Insurance Promoters with
Payment of Fees 1,870 -
Vietnam Co. Ltd. more than 20%
Voting rights
Baoviet Tokio Marine Associate of
Insurance Company Promoters with
Payment of Fees - 428
Limited-Ho Chi Minh more than 20%
Branch Voting rights

Premium accounted from direct business 3,973 3,451

Claims paid on direct basis 4,999 6,039

Associate of
IFFCO Ebazar Ltd. Promoters with
Commission paid on direct business 52 39
more than 20%
Voting rights
Payment of Rent and other expenses 10 238

Amount Payable / (Receivable) at the

1 2
Balance Sheet Date

Premium accounted from direct business 7,299 4,499

Associate of
Promoters with Claims paid on direct basis 6,592 4,441
IFFCO Kisan Sanchar Ltd.
more than 20%
Voting rights Payment of Rent and other expenses 11,601 10,070

Payment of Rent and other expenses 3,058 -

Payment of Rent on office Building 8,585 10,452

K. Srinivasa Gowda Chairman Honorarium Charges 1,800 1,800

Amount Payable / (Receivable) at the
(11,040) (11,040)
Balance Sheet Date
Associate of
IFFCO Kisan Logistics Promoters with
Premium accounted from direct business 1,140 1,100
Ltd. more than 20%
Voting rights
Associate of Premium accounted from direct business 7,219 9,124
IFFCO MC Crop Science Promoters with
Ltd. more than 20%
Claims paid on direct basis 4,808 3,117
Voting rights
Associate of Premium accounted from direct business 13,889 6,548
IFFCO Kisan Finance Promoters with
Limited more than 20%
Voting rights Claims paid on direct basis 16,531 3,938

Associate of Premium accounted from direct business 683 784

Promoters with
IFFCO Kisan SEZ Ltd.
more than 20%
Voting rights Claims paid on direct basis - 54

Associate of Premium accounted from direct business 2,606 2,494

Indian Farm Forestry
Promoters with
Development
more than 20% Payment for CSR activity- IFFDC being
Cooperative Ltd. 27,642 17,604
Voting rights implementation agency

Associate of Premium accounted from direct business 844 936

Cooperative Rural Promoters with
Development Trust more than 20%
Voting rights Claims paid on direct basis 288 507

159
 Associate of Premium accounted from direct business 329 956
CN IFFCO Private Promoters with
Limited more than 20%
Voting rights Claims paid on direct basis 50 1

Associate of
Triumph Offshore Promoters with
Premium accounted from direct business 19,197 8,724
Private Limited more than 20%
Voting rights
Managing Director
& Chief Executive
H.O. Suri 6,940 -
Officer
(w.e.f 13.10.2021)

Managing Director
Anamika Roy & Chief Executive
14,883 16,745
Rashtrawar Officer
(upto 01.10.2021)

Director-Operations
Mitsutaka Sato - 5,500
(upto 31.03.2021)
Remuneration-Key Management Personnel
Director-Operations
Shinijiro Hamada 5,577 -
(w.e.f 01.04.2021)

Chief Financial
Sanjeev Chopra Officer (upto 14,800 7,280
28.02.2022)

Amit Jain Company Secretary 5,043 4,506

4. Accounting Standard-19 “Leases”

In respect of premises taken on operating lease,

(i) In respect of premises taken on operating lease, the lease arrangements are generally mutually renewable /
cancellable by the lessor/ lessee.

(ii) In respect of premises taken on operating lease, total of future minimum lease payments under
non-cancellable operating lease and amount recognized in Revenue account is as under:-

(` in ‘000)
Particulars Year ended 31 March, 2022
st
Year ended 31 March, 2021
st

Not later than one year 421,396 307,493

Later than one year and not later than five years 925,158 723,607
Later than five years 294,230 299,093
Lease payment recognized in Revenue account 473,965 453,491

160
 5. Accounting Standard - 20 “Earnings Per Share”
(` in ‘000)
Year ended Year ended
S. No Particulars
31st March, 2022 31st March, 2021
a) Net Profit /(Loss) available for Equity Shareholders (` ‘000) 587,648 3,198,575
Weighted Average number of Equity Shares outstanding during the year (No. of Units
b) 276,600 274,218
in Thousand)
c) Basic and Diluted Earning per Share (Equity Share of Face Value of ` 10/- each) 2.12 11.66

6. Accounting Standard - 22 “Accounting for taxes on income”

The breakup of deferred tax assets and liabilities into major components at the year end is as below:

(` in ‘000)
As at 31 March, 2022
st
As at 31 March, 2021
st
Particulars
Liabilities Assets Liabilities Assets
Depreciation - 36,300 - 31,700
Expenditure accrued but not deductible
for tax purposes, allowable on deduction - 12,800 - 18,900
on TDS
Expenditure accrued but not deductible
for tax purposes, allowable on actual - 176,700 - 157,443
payment
Provision for Doubtful Debts/ Diminution
- - - 38,100
in Value of Investments
Unexpired Risk reserve provided in excess
- - - 22,800
of limit specified in Income Tax Act.
Total - 225,800 - 268,943
Net Deferred tax asset - 225,800 - 268,943

Net decrease in Deferred Tax asset for the year ` 43,143 thousand has been provided in the Profit & Loss Account
(previous year ` 164,857 thousand).

7. Accounting Standard - 29 “Contingent Liabilities”

(` in ‘000)
Year Ended Year Ended
Particulars
31st March, 2022 31st March, 2021
Partly paid up Investments - -
Claims, other than against policies, not acknowledged as debt by the company - -
Underwriting commitments outstanding (in respect of shares and securities) - -
Guarantees given by or on behalf of the company - -
Statutory demands / liabilities in dispute, not provided for 2,551,732 1,813,321
Reinsurance obligations to the extent not provided for in the accounts - -
Others - -
Total 2,551,732 1,813,321

Contingent liability of ` 2,551,732 thousand (Previous Year ` 1,813,321 thousand) includes Service Tax demands of
` 2,086,324 thousand (Previous Year ` 1,350,162 thousand) and Income Tax demands of ` 465,408 (Previous Year
` 463,159 thousand) raised by Tax Authorities. These demands are being contested before the appropriate Appellate
Authorities. Based on the various pronouncements and legal opinions, the Management believes that these demands
shall not result in any significant economic outflow.

161
III. OTHER NOTES
1. The financial statements of the Subsidiary company are prepared based on the assumption that the Company is
not a going concern due to the following reasons:

a) The Company’s revenue from operations is solely from the revenue earned under Corporate Agency and Service
Agreement with IFFCO-TOKIO General Insurance Company Limited (hereinafter referred to as ITGI). On 29th
June, 2018, the Company had received a notice from ITGI for the termination of both Corporate Agency and
Service agreements with effect from 01st August, 2018 which was accepted by the Company vide its letter dated
02nd July, 2018.

b) The Company filed an application with IRDAI for surrender of the Corporate Agency Registration
Certificate w.e.f. 01st August, 2018 on 31st July, 2018. IRDAI has accepted the application vide its letter dated
20th March, 2019.

2. The Group has committed ` 880,555 Thousand (Net of Advances) (Previous Year ` 723,228 Thousand) for the
purchase of fixed assets.

3. Managerial remuneration paid during the year is as under:

(` in ‘000)
Year ended 31 March, 2022
st
Year ended 31 March, 2021
st

Particulars Managing Whole-time Managing Whole-time

Director Directors Director Directors
Salaries and Allowances 21,271 5,335 16,220 5,290
Contribution to Provident Fund 552 242 525 210
Total 21,823 5,577 16,745 5,500

Note:-
a)  The above excludes provision for leave encashment and the gratuity contributions which are determined
actuarially on an overall basis and accordingly have not been considered in the above information. The same
are considered at the time of actual settlement.

b) Managerial remuneration in excess of ` 15,000 thousand, for each Managerial personnel has been charged to
profit and loss account.

c) The remuneration as above has been approved by the IRDAI.

4. The Company has participated in Prime Minister Fasal Bima Yojna Scheme (PMFBY) for the State of Maharashtra for
the seasons (Kharif 2020, Rabi 2020-21, Kharif 2021 and Rabi 2021-22). Despite various reminders and requests,
there is delay in the payment of premium subsidy for the business written by the Company.

During the current financial year, Company has filed a Writ Petition in Hon’ble Bombay High Court requesting the
Hon’ble Court to issue directions to State Government for releasing premium subsidy and to quash the orders/
directions issued by State Government against the Company, related to payment of claims.

High Court in its Interim Order directed the State Government not to take any coercive action against the Company
subject to Company depositing a sum of ` 500,000 Thousand in the Court against the outstanding claims. Company
has deposited the amount with the Court in compliance of above Order. During the Current financial year, Company
has received premium subsidy of ` 7,624,977 Thousand against various schemes of State of Maharashtra.

162
 Pending adjudication of the matter, same has been apportioned towards subsidy of earlier seasons amounting to
` 3,453,650 Thousand and the management believe that the entire amount of outstanding premium subsidy would
be recovered for all the seasons.

5. Disclosure for CSR

a) Gross amount required to be spent by the Company during the year

(` in ‘000)
Particulars Amount
Amount Carried forward from CSR Obligation of FY 2020-21 26,835
CSR Obligation for FY 2021-22 62,285
Total 89,120

b) Amount approved by the Board to be spent during the year

(` in ‘000)
Particulars Amount
Amount Carried forward from CSR Obligation of FY 2020-21 26,835
Amount approved against CSR Obligation for FY 2021-22 62,285
Total 89,120

c) Amount spend during the year

(` in ‘000)
Sr. No. Particulars Paid Yet to be paid Total
(i) Construction/acquisition of any asset - - -
(ii) On purchases other than (i) above 58,787 - 58,787*

*Amount of ` 26,835 thousand carried forward from CSR Obligation of FY 2020-21 and ` 31,952 thousand from CSR
obligation of FY 2021-22.

d) Details of related party transactions in relation to CSR expenditure as per Accounting Standard (AS) 18, Related
Party Disclosures are made in Note 3 under Section B(II) of Notes to Accounts.

e) Disclosure under Section 135(5) and 135(6)

(` in ‘000)
In Case of S. 135(5) unspent amount
Opening Amount Deposited in Specified Fund of Sch VII Amount Required to be spend Amount Spent Closing
Balance within 6 months during the year during the year Balance
26,835 - 62,285 58,787* 30,333#

* Amount of ` 26,835 thousand carried forward from CSR Obligation of FY 2020-21 and ` 31,952 thousand from CSR
obligation of FY 2021-22.
#Out of total closing balance, an amount of ` 30,293 thousand pertains to ongoing CSR Projects which has been
transferred in separate unspent CSR Bank Account on 21st April, 2022 and balance ` 40 thousand could not be
allocated to any CSR Project due to unavailability of any suitable CSR Project, which has been transferred to the Fund
specified in Schedule VII of the Companies Act on 19th April, 2022.

(` in ‘000)
In Case of S. 135(5) Excess amount spent
Opening Balance Amount Required to be spend during Amount spend during the year Closing Balance
the year
NIL NIL NIL NIL

163
Details of ongoing projects*:
(` in ‘000)
In Case of S. 135(6) Ongoing Project
Opening Balance Amount spend during the year Closing Balance
Projects
Amount Required to From
Pertaining to From In Separate
With In Separate CSR be spend during the Comp With
CSR Obligation Separate CSR CSR Unspent
Company Unspent A/C year Any’s bank A/C Company
for Unspent A/C A/C

FY 20-21 - 26,835 26,835 - 26,835 - -

FY 21-22 - - 62,285 31,952 - - 30,293@
Total - 26,835 89,120 31,952 26,835 - 30,293

@ Amount of ` 30,293 thousand pertains to ongoing CSR Projects has been transferred to unspent CSR Bank
Account for FY 2021-22 on 21st April, 2022 and balance of ` 40 thousand which is unallocated / unspent
amount for the FY 2021-22 has been transferred to Fund specified in Schedule VII of the Companies Act, on
19th April, 2022.

$ For Detailed Project wise Breakup, please refer Annual Report on CSR Activities as per Rule 8(1) of The Companies
(Corporate Social Responsibility Policy) Rules, 2014.

6. As per the approved Resolution Plan of M/s Piramal Capital & Housing Finance Limited, the Group has received
settlement value of ` 119,314 thousand against an Investment of ` 250,000 thousand in the debt securities
of Dewan Housing Finance Limited (DHFL). Accordingly, the unrecoverable amount of ` 130,686 thousand is
written off and the provision made in previous year against this investment amounting to ` 151,500 thousand is
written back.

7. Pursuant to IRDAI Circular no. IRDA/F&A/CIR/CPM/010/01/2017 dated 12th Jan. 2017, Investments have been
bifurcated on the policyholders’ and shareholders’ fund on notional basis. Accordingly, investments are bifurcated
in Schedule 8 “Investments-Shareholders” and in Schedule 8A “Investments-Policyholders”.

8. No depreciation is allocable to the Profit and Loss Account based on the ‘use’ of the asset.

9. Management expenses are apportioned to Revenue Accounts on the basis of Net Premium as per Accounting
Policy on ‘Allocation of Operating Expenses’ (Schedule 16 A (6)). Detail of apportioned expenses is furnished in
Schedule 4 (Operating Expenses relating to Insurance business).

10. As certified by Appointed Actuary, no premium deficiency has been provided in the current year (previous years
` Nil) in the accounts.

11. The Provision of Free Look period of ` 40 Thousand (Previous Year ` 42 Thousand) is duly certified by the
Appointed Actuary.

12.  In accordance with the requirements of the IRDAI circular dated March 18, 2003 and based on recommendations
made at General Insurance Council meeting held on February 4, 2005 and as per letter no. HO/MTD/Solatium
Fund/2010/482 dated July 26, 2010, from The New India Assurance Co. Ltd. (Scheme administrator), the Holding
Company has provided 0.1% of the total Motor TP premium of the Company towards solatium fund.

13. D
 irect commission paid under schedule 3 includes rewards paid to insurance agent and insurance intermediaries as
per IRDAI (Payment of commission or remuneration or rewards to insurance agents and insurance intermediaries)

164
 Regulations, 2016 dated 14th December, 2016 and IRDAI Guidelines on Motor Insurance Service providers dated
31st August, 2017.

14. O
 n the basis of information received from ‘enterprises’ regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006 there is no Micro, Small and Medium Enterprises to which the Group owes
dues, which are outstanding for more than 45 days during the year ended 31.03.2022/ 31.03.2021 and hence
disclosure relating to amounts unpaid as at the year-end together with interest paid/payable as required under
the said Act have not been given.

15. A
 dditional statutory information disclosed in the separate financial statements of the Insurance company and
its subsidiary having no material bearing on the true and fair view of consolidated financial statements and
the information pertaining to the items which are not material have not been disclosed in the consolidated
financial statements.

For and on behalf of Board of Directors

K. Srinivasa Gowda
Chairman (DIN 00059811)

H.O. Suri
Managing Director (DIN 06416615)

Shinjiro Hamada
Director (DIN 07855559)

Sanket Gupta
Chief Financial Officer

Amit Jain
Company Secretary
Place : New Delhi
Dated : 27th May, 2022

165
 FORM AOC – 1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures

Part “A”: Subsidiaries

Amount in `

1 Name of the subsidiary IFFCO TOKIO INSURANCE SERVICE LIMITED

Reporting period for the subsidiary concerned, if different
2 N.A.
from the holding company’s reporting period
Reporting currency and Exchange rate as on the last date of
3 N.A.
the relevant financial year in the case of foreign subsidiaries.
4 Share Capital 5,000,000
5 Reserve & Surplus 38,241,408
6 Total Assets 44,052,088
7 Total Liabilities 810,680
8 Investments -
9 Turnover -
10 Profit before taxation 4,860,384
11 Provision for taxation 760,325
12 Profit after taxation 4,100,059
13 Proposed Dividend -
14 % of shareholding 100%

Note: Company has only one subsidiary, information of which is given above.

PART “B” ASSOCIATES AND JOINT VENTURES

N.A

For and on behalf of Board of Directors

A S C & Associates S. K. Mehta & Co. K. Srinivasa Gowda

Chartered Accountants Chartered Accountants Chairman (DIN 00059811)
Firm’s Regn No. 011863N Firm Regn. No. 000478N
H.O. Suri
Managing Director (DIN 06416615)

Vishal Singh Rohit Mehta Shinjiro Hamada
Partner
Partner Director (DIN 07855559)
M.No. 511451 M.No. 091382
Sanket Gupta
Chief Financial Officer

Place : New Delhi Amit Jain

Dated : 27th May, 2022 Company Secretary

166
167
 ACCOUNTS OF
SUBSIDIARY COMPANY
IFFCO-TOKIO INSURANCE SERVICES LIMITED

168
BOARD OF DIRECTORS

Mr. Nand Kishore Kedia Chairman

Mr. Veer Pratap Singh Vice Chairman

Mr. Santimoy Dey Director

Mr. Sunil Khatri Director

Mr. P. Periasamy Director

Mr. Kotha Somashekar Rao Director

SENIOR EXECUTIVES

Mr. Ramesh Kumar Chief Executive Officer

AUDITORS M/s. Raghu Nath Rai & Co.

(Chartered Accountants)

BANKERS Deutsche Bank, New Delhi

HDFC Bank, New Delhi

REGISTERED OFFICE IFFCO SADAN, C-1, District Centre,

Saket, New Delhi - 110017
Phone No. - 011 - 26542625

CORPORATE OFFICE IFFCO TOWER - II , Plot No. 3, Sector-29,

Gurugram - 122001, (Haryana)
Phone No. - 0124 - 2850100

169
NOTICE OF NINETEENTH ANNUAL GENERAL MEETING

NOTICE is hereby given that the Nineteenth Annual General Meeting of the Members of M/s IFFCO-TOKIO Insurance
Services Limited will be held on Thursday, 28th July, 2022 at 10.00 AM (IST) at its Registered Office at IFFCO Sadan, C-1,
District Centre, Saket, New Delhi -110017 through Video Conferencing (“VC”) / other Audio Visual Means (“OAVM”)
to transact the following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt the audited Balance Sheet of the Company as on 31st March, 2022 and the
Profit & Loss Account for the period from 1st April, 2021 to 31st March, 2022 and the Reports of the Board of
Directors and the Statutory Auditors thereon.

2. To appoint a Director in Place of Mr. Nand Kishore Kedia (DIN-00050917) who retires by rotation and being
eligible, offers himself for re-appointment.

3. To appoint a Director in place of Mr. Veer Pratap Singh (DIN-00051787) who retires by rotation and being
eligible, offers himself for re-appointment.

Regd. Office:
IFFCO Sadan, C-1 By order of the Board
District Centre, Saket, (Ramesh Kumar)
New Delhi- 110017. Chief Executive Officer
Dated: 21st June, 2022

170
NOTES:
1. In view of the continuing COVID -19 pandemic, the Ministry of Corporate Affairs (MCA) has vide its Circular dated 5th
May, 2022 read with Circulars dated 8th April, 2020, 5th May, 2020, and 13th April, 2020 permitted the holding of the
Annual General Meeting (“AGM”) through VC / OAVM, without the physical presence of the Members at a common
venue. In compliance with the provisions of the Companies Act, 2013 and MCA Circulars, the AGM of the Company
is being held through VC / OAVM.
2. Pursuant to the provisions of the Act, a Member entitled to attend and vote at this AGM is entitled to appoint a
proxy to attend and vote on his /her behalf and the proxy need not be a member of the Company. Since this AGM is
in pursuant to the MCA Circulars through VC / OAVM, physical attendance of the Members has been dispensed with.
Accordingly, the facility for appointment of proxies by the Members will not be available for this AGM and hence
the Proxy Form and the Attendance Slip are not annexed to this Notice. However, in pursuance of Section 112 and
113 of the Act, representatives of the Members may be appointed for the purpose of voting or for participation in
the Meeting held through VC or OAVM. The Board or Governing body resolution / Authorization etc. authorizing its
representative to attend the AGM through VC / OAVM on its behalf can be sent to Mr. Ramesh Kumar at his mail id
ramesh.kumar@iffcotokio.co.in.
3. In compliance with the aforesaid MCA Circulars, Notice of the AGM along with the Annual Report 2021-22 contain-
ing all the relevant annexures is being sent through electronic mode to all the Members at the email ids registered
with the Company.
4. Members attending the AGM through VC / OAVM shall be counted for the purpose of reckoning the quorum under
Section 103 of the Companies Act, 2013.
5. Though the Meeting is conducted through Video Conferencing (“VC”) / OAVM, in terms of Clarification issued by the
Institute of Company Secretaries of India (ICSI), on 15th April, 2020, the proceedings of AGM shall be deemed to be
made at Registered Office.
6. Since the AGM will be held through VC / OAVM, the Route Map is not annexed in this notice.
7. Instructions of joining the AGM are as follows:
• Members will be able to attend the AGM through VC / OAVM for which the link will be circulated separately
through email.
• Facility of joining the AGM through VC / OAVM shall open 15 minutes before the time scheduled for the Meeting
and shall not be closed till the expiry of 15 minutes after the scheduled time.
• Keep all your other electronic devices on mute/ silent/ switched off mode so as to avoid interference of any type.
• All the participants will be muted at the start of the Meeting. You may switch on your Cameras.
• Roll Call will be done soon after, Members can raise their hands to confirm their participation.
• After the Meeting has started, Members are expected to raise their hands if they wish to say something. The
speaker would be unmuted.
• After each Agenda Item, Chairman would speak to conclude the point.
8. Participants / Members who need any assistance before or during the AGM, can contact Mr. Ramesh Kumar, CEO, at
0124-2850456. In case of poll, members can cast their vote by sending email at ramesh.kumar@iffcotokio.co.in.

171
IFFCO TOKIO INSURANCE SERVICES LIMITED May, 2021, 2nd September, 2021, 23rd December, 2021
and 14th March, 2022.
DIRECTOR’S REPORT
Auditor’s Observations
To the Members,
The Report of the auditors to the shareholders of the
Your Directors have pleasure in presenting to you the
Company is annexed to the financial statements for
Nineteenth Annual Report together with the Audited
the period 1st April 2021 to 31st March 2022. There are
Financial Statements of your Company for the year
no specific observations in the report of the Auditors
ended 31st March 2022 along with the Auditors’ Re-
which require clarification.
port thereon.
Information under Rule 5(2) of the Companies (Ap-
Your Company worked as the Corporate Agent of IFF-
pointment and Remuneration of Managerial Person-
CO-TOKIO General Insurance Co. Ltd. (“IFFCO-TOKIO”)
nel) Rules, 2014
for marketing and distribution of its General Insurance
products and also provided service to customers and Information as per the provisions contained under
intermediaries of IFFCO-TOKIO in the market through Rule 5(2) of the Companies (Appointment and Remu-
its network of employees till the closing working neration of Managerial Personnel) Rules, 2014 is NIL.
hours of 31st July, 2018 and surrendered the Corpo- Directors’ Responsibility Statement
rate Agency Registration Certificate Number CA0207
w.e.f. 1st August, 2018 and IRDAI vide its letter dated The Board of Directors of your Company confirms
20.03.2019 accepted the application for surrender of that:
Corporate Agency Registration. a) in the preparation of the annual accounts, the ap-
Financial Highlights plicable accounting standards have been followed
along with proper explanation relating to material
Since, your Company’s revenue from operations was departures;
solely dependent on the Corporate Agency and Ser-
vice Agreements with IFFCO TOKIO which have been b. the directors had selected such accounting poli-
terminated, the financial statements have been pre- cies and applied them consistently and made judg-
pared on the assumption that the Company is not a go- ments and estimates that are reasonable and pru-
ing concern. Company has not generated any revenue dent so as to give a true and fair view of the state
from operations during the year under review. Com- of affairs of the Company at the end of financial
pany has generated Other Income (interest and oth- year and of the profit and loss of the Company for
er misc.) of Rs.52,47,999/- as against Rs. 51,65,756/- the period.
during the same period last year. Your Company has c. the directors had taken proper and sufficient care
earned a profit before tax of Rs. 48,60,384/- as against for the maintenance of adequate accounting re-
Rs. 48,16,180/- during the same period last year. Your cords in accordance with the provisions of this Act
company proposes not to transfer any amount to the for safeguarding the assets of the Company and
reserves. for preventing and detecting fraud and other ir-
Dividend regularities;

In order to conserve the resources of your Company, d. the directors had devised proper systems to en-
your Directors do not recommend any dividend for sure compliance with the provisions of all applica-
the year under review. ble laws and that such systems were adequate and
operating effectively.
Corporate Governance
Auditors Remuneration
The Management is responsible for finalization of
business plan, annual budgets, review of operations, Shareholders of Company in its 17th Annual General
review of performance of personnel and HR matters. Meeting appointed M/s Raghunath Rai & Co., Char-
During the period, four meetings of the Board of Di- tered Accountants, as Auditors of the Company to
rectors were held which were well attended by the hold Office from the conclusion of 17th Annual General
Directors. During the FY 2021-22, four meetings of Meeting till the conclusion of the 22nd Annual General
Board of Directors of the Company were held on 11th Meeting of the Company.

172
 Further, Shareholders at the 18th Annual General Conservation of Energy, Technology Absorption
Meeting of the Company held on 20th June, 2021 au-
As your Company does not carry out any manufacturing
thorized the Board of Directors to fix the remunera-
activity, the provisions with regard to disclosure of par-
tion payable to Auditors for four succeeding financial
ticulars regarding Conservation of Energy and Technology
years of terms of appointment of Statutory Auditors
absorption are not applicable to the Company.
i.e. FY 2021-22, 2022-23, 2023-24 and FY 2024-25.
Acknowledgement
Board of Directors & Key Managerial Personnel
Your Directors express gratitude to the shareholders,
The Board was duly constituted during the year. Pur-
IRDA, Members of the Board of Directors, Other Govt.
suant to article 78 of the Article of Association of your
agencies and customers of your Company for their
Company, Mr. Nand Kishore Kedia (DIN-00050917)
valuable patronage and support and guidance. Your
and Mr. Veer Pratap Singh (DIN-00051787), directors
Directors also place on record the deep appreciation
will retire by rotation at this Annual General Meeting
of the dedicated services rendered by the CEO, em-
and being eligible, offer themselves for re-appoint-
ployees, trainees and other out sourced personnel of
ment.
your Company at all levels.
Annual Return
In pursuance to Section 134(3) (a) of the Companies
Act, 2013, Annual Return of the Company is available
on website of the Company.1
Related Party Transactions For and on behalf of the Board of Directors

During the Year Company has entered transactions

with its holding Company M/s IFFCO TOKIO General
Insurance Company Limited in the ordinary course
Place: Gurugram (Nand Kishore Kedia)
of business and on arm’s length basis. Details of the
same are enclosed in Form AOC -2 as Annexure A to Date: 27 May, 2022
th
Chairman
the Directors’ Report.
Particulars of Loans, Guarantees or Investments
made under section 186 of Companies Act, 2013
There were no loans, guarantees or investment made
by the company under section 186 of the Companies
Act, 2013 during the year under review and hence the
said provision is not applicable.
Deposits
The Company has neither accepted nor renewed any
deposit during the year under review.
Subsidiary, Joint Ventures and Associate Companies
The Company does not have any Subsidiary, Joint Ven-
ture and Associate Company.

1-Form MGT-7 (Annual Return 2021-22) can be accessed at www.iffcotokio.co.in and 173
https://www.iffcotokio.co.in/content/dam/iffcotokio/iffco-pdf/sites/default/files/MGT-7-annual-return-ITIS-2021-22.pdf
 Annexure “A”

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts)
Rules, 2014)

Form for disclosure of particulars of contracts/ arrangements entered into by the company with related parties
referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions
under third proviso thereto.

• Details of contracts or arrangements or transactions not at arm’s length basis – NIL

• Details of material contracts or arrangement or transactions at arm’s length basis:

(a) Name of the related party and nature of relationship: As per Table below

(b) Nature of contracts/arrangements/transactions: As per Table below

(c) Duration of the contracts / arrangements/transactions: 2021-22

(d) Salient terms of the contracts or arrangements or transactions including the value, if any: As under:

(Amount in Rs.)

Nature of related party Year ended

Name of Related Party Description of transaction
relationship 31 March, 2022
st

IFFCO-TOKIO General Holding Company Amount payable / (recoverable) at

14,88,465/-
Insurance Company Ltd. the balance sheet date

(e) Date(s) of approval by the Board, if any: Not Applicable, Arm’s Length Transactions

(f) Amount paid as advances, if any: NIL

For IFFCO TOKIO Insurance Services Ltd

(Nand Kishore Kedia)

Chairman

174
INDEPENDENT AUDITORS’ REPORT other information. The other information comprises the
information included in the Annual report, but does not
TO THE MEMBERS OF IFFCO TOKIO INSURANCE include the financial statements and our auditor’s report
SERVICES LIMITED
thereon. Our opinion on the financial statements does
Report on the Audit of the Standalone Financial not cover the other information and we do not express
Statements any form of assurance conclusion thereon.

Opinion In connection with our audit of the financial statements,

We have audited the accompanying financial statements our responsibility is to read the other information and,
of IFFCO TOKIO INSURANCE SERVICES LIMITED, which in doing so, consider whether the other information is
comprise the Balance Sheet as at 31st March 2022, materially inconsistent with the financial statements
the Statement of Profit and Loss and Statement of or our knowledge obtained in the audit or otherwise
Cash Flows for the year then ended, and notes to the appears to be materially misstated.
financial statements, including a summary of significant If, based on the work we have performed on the other
accounting policies and other explanatory information. information obtained prior to the date of this auditor’s
In our opinion and to the best of our information and report, we conclude that there is a material misstatement
according to the explanations given to us, the afore said of this other information, we are required to report that
Financial Statements give the information required by fact. We have nothing to report in this regard.
the Act in the manner so required and give a true and Responsibility of Management for Standalone
fair view in conformity with the accounting principles Financial Statements
generally accepted in India, of the state of affairs of the
The Company’s Board of Directors is responsible for the
Company as at 31st March, 2022 and its profit and its
matters stated in section 134(5) of the Companies Act,
cash flows for the year ended on that date.
2013 (“the Act”) with respect to the preparation of these
Basis for Opinion standalone financial statements that give a true and fair
We conducted our audit in accordance with the Standards view of the financial position, financial performance,
on Auditing (SAs) specified under section 143(10) of (changes in equity) and cash flows of the Company in
the Companies Act, 2013. Our responsibilities under accordance with the accounting principles generally
those Standards are further described in the Auditor’s accepted in India, including the accounting Standards
Responsibilities for the Audit of the Financial Statements specified under section 133 of the Act. This responsibility
section of our report. We are independent of the also includes maintenance of adequate accounting
Company in accordance with the Code of Ethics issued by records in accordance with the provisions of the Act
the Institute of Chartered Accountants of India together for safeguarding of the assets of the Company and for
with the ethical requirements that are relevant to our preventing and detecting frauds and other irregularities;
audit of the financial statements under the provisions selection and application of appropriate accounting
of the Companies Act, 2013 and the Rules thereunder, policies; making judgments and estimates that are
and we have fulfilled our other ethical responsibilities reasonable and prudent; and design, implementation
in accordance with these requirements and the Code and maintenance of adequate internal financial controls,
of Ethics. We believe that the audit evidence we have that were operating effectively for ensuring the accuracy
obtained is sufficient and appropriate to provide a basis and completeness of the accounting records, relevant
for our opinion. to the preparation and presentation of the financial
statement that give a true and fair view and are free from
Information Other than the Financial Statements
material misstatement, whether due to fraud or error.
and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the In preparing the financial statements, management

175
is responsible for assessing the Company’s ability to system in place and the operating effectiveness of
continue as a going concern, disclosing, as applicable, such controls.
matters related to going concern and using the going
• Evaluate the appropriateness of accounting policies
concern basis of accounting unless management either
used and the reasonableness of accounting estimates
intends to liquidate the Company or to cease operations,
and related disclosures made by management.
or has no realistic alternative but to do so.
• Conclude on the appropriateness of management’s
Those Board of Directors are also responsible for
use of the going concern basis of accounting and,
overseeing the company’s financial reporting process.
based on the audit evidence obtained, whether
Auditor’s Responsibilities for the Audit of the a material uncertainty exists related to events or
Financial Statements conditions that may cast significant doubt on the
Our objectives are to obtain reasonable assurance Company’s ability to continue as a going concern. If
about whether the financial statements as a whole we conclude that a material uncertainty exists, we
are free from material misstatement, whether due are required to draw attention in our auditor’s report
to fraud or error, and to issue an auditor’s report that to the related disclosures in the financial statements
includes our opinion. Reasonable assurance is a high or, if such disclosures are inadequate, to modify
level of assurance, but is not a guarantee that an audit our opinion. However based on the audit evidence
conducted in accordance with SAs will always detect a obtained up to the date of our auditor’s report the
material misstatement when it exists. Misstatements can Company is not a going concern and this fact has
arise from fraud or error and are considered material if, been adequately disclosed in Note-17.1.A to the
individually or in the aggregate, they could reasonably financial statements.
be expected to influence the economic decisions of users
• Evaluate the overall presentation, structure and
taken on the basis of these financial statements.
content of the financial statements, including the
As part of an audit in accordance with SAs, we exercise disclosures, and whether the financial statements
professional judgment and maintain professional represent the underlying transactions and events in a
skepticism throughout the audit. We also: manner that achieves fair presentation.

• Identify and assess the risks of material misstatement We communicate with those charged with governance
of the financial statements, whether due to fraud regarding, among other matters, the planned scope
or error, design and perform audit procedures and timing of the audit and significant audit findings,
responsive to those risks, and obtain audit evidence including any significant deficiencies in internal control
that is sufficient and appropriate to provide a basis that we identify during our audit.
for our opinion. The risk of not detecting a material
We also provide those charged with governance with
misstatement resulting from fraud is higher than for
a statement that we have complied with relevant
one resulting from error, as fraud may involve collusion,
ethical requirements regarding independence, and to
forgery, intentional omissions, misrepresentations, or
communicate with them all relationships and other
the override of internal control.
matters that may reasonably be thought to bear on our
• Obtain an understanding of internal control relevant independence, and where applicable, related safeguards.
to the audit in order to design audit procedures that
Emphasis of Matter
are appropriate in the circumstances. Under section
Without qualifying our opinion, we draw attention to the
143(3)(i) of the Companies Act, 2013, we are also
Note-17.1.A to the Financial Statements, stating that the
responsible for expressing our opinion on whether
Company’s application filed with Insurance Regulatory
the company has adequate internal financial controls
and Development Authority of India on 31-July-2018 for

176
surrender of the Corporate Agency License Certificate our opinion and to the best of our information and
with effect from 1-Aug-2018 has been duly accepted by according to the explanations given to us:
the IRDAI letter dated 20-Mar-2019. Accordingly, these
i. The Company has disclosed the impact of pending
financial statements have been prepared based on the
litigations on its financial position in its financial
assumption that the Company is not a going concern.
statements - Refer Note-17.2.C to the financial
Report on Other Legal and Regulatory Requirements statements.
As required by the Companies (Auditor’s Report) Order,
ii. The Company did not have any long-term contracts
2020 (“the Order”), issued by the Central Government
including derivative contracts for which there
of India in terms of sub-section (11) of section 143 of
were any material foreseeable losses.
the Companies Act, 2013, we give in the Annexure-I a
statement on the matters specified in paragraphs 3 and 4 iii. There were no amounts which were required
of the Order, to the extent applicable. to be transferred to the Investor Education and
Protection Fund by the Company.
As required by Section 143(3) of the Act, we report that:
iv. a) T he Management has represented that,
a) We have sought and obtained all the information and
to the best of its knowledge and belief, no
explanations which to the best of our knowledge and
funds (which are material either individually
belief were necessary for the purposes of our audit.
or in the aggregate) have been advanced or
b) In our opinion, proper books of account as required loaned or invested (either from borrowed
by law have been kept by the Company so far as it funds or share premium or any other
appears from our examination of those books. sources or kind of funds) by the Company
to or in any other person or entity, including
c) The Balance Sheet, the Statement of Profit and Loss, foreign entity (“Intermediaries”), with the
and the Cash Flow Statement dealt with by this understanding, whether recorded in writing
Report are in agreement with the books of account. or otherwise, that the Intermediary shall,
d) In our opinion, the aforesaid standalone financial whether, directly or indirectly lend or invest
statements comply with the Accounting Standards in other persons or entities identified in
specified under Section 133 of the Act, read with Rule any manner whatsoever by or on behalf of
7 of the Companies (Accounts) Rules, 2014. the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
e) On the basis of the written representations received on behalf of the Ultimate Beneficiaries;
from the directors as on 31st March, 2022 taken
on record by the Board of Directors, none of the b) The Management has represented, that,
directors is disqualified as on 31st March, 2022 from to the best of its knowledge and belief, no
being appointed as a director in terms of Section 164 funds (which are material either individually
(2) of the Act. or in the aggregate) have been received by
the Company from any person or entity,
f) With respect to the existence of the internal financial including foreign entity (“Funding Parties”),
controls with reference to financial statement of the with the understanding, whether recorded
Company and the operating effectiveness of such in writing or otherwise, that the Company
controls, refer to our separate Report in Annexure-II. shall, whether, directly or indirectly, lend
g) With respect to the other matters to be included in or invest in other persons or entities
the Auditor’s Report in accordance with Rule 11 of identified in any manner whatsoever by or
the Companies (Audit and Auditors) Rules, 2014, in on behalf of the Funding Party (“Ultimate

177
 Beneficiaries”) or provide any guarantee, v. Company has not declared or paid any dividend for
security or the like on behalf of the Ultimate the FY 2021-22, hence compliance under section
Beneficiaries; 123 of the Companies Act, 2013 is not applicable
to the Company.
c) 
Based on the audit procedures that
have been considered reasonable and h) The Company has not paid any remuneration to its
appropriate in the circumstances, nothing Directors, hence disclosure under section 197(16)
has come to our notice that has caused us of the Companies Act, 2013 is not applicable to the
to believe that the representations under Company.
sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

For RAGHU NATH RAI & CO.

Chartered Accountants
Firm Regn. No. 000451N

Place: New Delhi (ARJUN MEHTA)

Dated: 25th May, 2022 Partner
UDIN: 22097685AJPVUG5727 M. No. 097685

178
 ANNEXURE-I Company is not engaged in production of such goods
and providing such services as prescribed by Central
The Annexure referred to in paragraph 1 of Report
on Other Legal and Regulatory Requirements of our Government for maintenance of cost records.
Report of even date to the members of IFFCO TOKIO
7. (a) According to the information and explanations
Insurance Services Limited on the accounts of the
given to us and on the basis of our examination
Company for the year ended 31st March, 2022.
of the books of account, generally the Company
is regular in depositing the undisputed statutory
On the basis of such checks as we considered appropriate
dues including Provident Fund, Employees’
and according to the information and explanation given
State Insurance, Income-tax, Sales-tax, Wealth
to us during the course of our audit, we report that:
Tax, Goods & Service Tax, duty of customs,
1. The Company did not have any fixed assets (Property, duty of excise, value added tax, cess and any
Plant & Equipment, other immovable properties, other statutory dues, as applicable, with the
etc) during the FY 2021-22, therefore the clause 3 (i) appropriate authorities. According to the
of the Order is not applicable to the Company. information and explanations given to us there
were no outstanding statutory dues as on 31st
2. (a) The Company did not hold any inventory during
of March, 2022 for a period of more than six
the financial year ended on 31st March, 2022,
months from the date they became payable.
therefore, the clause 3(ii)(a) of the Order is not
applicable to the Company. (b) According to the information and explanations
given to us, there is no amount payable in
(b) No working capital limit has been taken by the
respect of income tax, wealth tax, service tax,
company during the FY 2021-22, therefore the
duty of customs, duty of excise, value added tax,
clause 3(ii)(b) of the Order is not applicable to
cess and any other statutory dues which have
the Company.
not been deposited on account of any disputes
3. According to the information and explanations except:
given to us and on the basis of our examination of
• Demand of Rs.8,743,885 for the period from
the books of account, the Company has not made
Apr, 2006 to Mar, 2012 raised by Service tax
any investments, not provided guarantee or security
department. The Company has filed appeal
and not granted any loans, secured or unsecured,
against the said order on 29-May-2017.
to companies, firms, Limited Liability Partnerships
or other parties covered in the register maintained • Demand of Rs.8,276,419 for the period from
under Section 189 of the Companies Act, 2013. Apr, 2014 to Jun, 2017 raised by Service tax
Consequently, the provisions of clauses (iii)(a), (iii) department. The Company has filed appeal
(b), (iii)(c) (iii)(d), (iii)(e) and (iii) (f) of the CARO are against the said order on 02-Apr-2019.
not applicable to the Company. 8. There were no transactions which was not recorded
4. There were no transactions of the nature as covered in the books of accounts and disclosed as income
under section 185 and 186 of the Companies Act, during the year in the tax assessments under Income
2013; hence Clause (iv) of the CARO is not applicable. Tax Act, 1961.

5. The Company has not accepted any deposit. 9. Clause (ix) of the CARO is not applicable as the
Therefore, the clause 3(v) of CARO is not applicable Company did not have any loan or borrowing from
to the Company. a financial institution, bank, Government or dues to
debenture holders during the financial year ended
6. Clause 3(vi) of CARO is not applicable as the on 31st March, 2022.

179
10. Based on our audit procedures and on the non-cash transactions with directors or persons
information given by the management, we report connected with him
that the company has not raised any money by way
16. Clause (xvi) of the Order is not applicable as the
of initial public offer, further public offer or by way
company is not required to be registered under
of term loans during the year. Therefore, the clause
section 45-IA of the Reserve Bank of India Act, 1934.
3(x) of CARO is not applicable to the Company.
17. The company has not incurred cash loss during the
11. Based on the audit procedures performed and
current financial year as well as the immediately
the information and explanations given to us, we
preceding financial year.
report that no fraud on or by the Company has been
noticed or reported during the year. 18. There was no resignation of the Statutory Auditors
during the year.
12. The Company is not a Nidhi Company; hence clause
(xii) of the CARO is not applicable. 19. On the basis of the financial ratios, ageing and
expected dates of realisation of financial assets and
13. Based on the audit procedures performed and
payment of financial liabilities, other information
the information and explanations given to us,
accompanying the financial statements, the
all transactions with the related parties are in
auditor’s knowledge of the Board of Directors and
compliance with 188 of Companies Act, 2013 and
management plans, we are of the opinion that no
the details have been disclosed in the Financial
material uncertainty exists as on the date of the
Statements, as required by the applicable accounting
audit report that company is not capable of meeting
standards. Section 177 of the Companies Act, 2013
its liabilities existing at the date of balance sheet as
is not applicable as the Company is not a listed
and when they fall due within a period of one year
Company.
from the balance sheet date.
14. According to section 138 of the Companies Act,
20. Section 138 of the Companies Act, 2013 is not
2013, the company does not have the requirement
applicable on the company, therefore reporting
of appointment of Internal Auditors, therefore
under clause (xiv) of the CARO is not required.
reporting under clause (xiv) of the CARO is not
required. 21. The Company is not required to prepare consolidated
financial statements as it does not have any
15. According to the information and explanations
subsidiary or associate.
given to us, the company has not entered into any

For RAGHU NATH RAI & CO.

Chartered Accountants
Firm Regn. No. 000451N

Place: New Delhi (ARJUN MEHTA)

Dated: 25th May, 2022 Partner
UDIN: 22097685AJPVUG5727 M. No. 097685

180
 ANNEXURE-II Chartered Accountants of India. Those Standards and
the Guidance Note require that we comply with ethical
The Annexure referred to in paragraph 2 of Report
requirements and plan and perform the audit to obtain
on Other Legal and Regulatory Requirements of our
reasonable assurance about whether adequate internal
Report of even date to the members of IFFCO TOKIO
financial controls over financial reporting was established
Insurance Services Limited on the Internal Financial
Controls required under Clause (i) of Sub-section 3 of and maintained and if such controls operated effectively
Section 143 of the Companies Act, 2013. in all material respects.

We have audited the internal financial controls over Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal
financial reporting of IFFCO TOKIO INSURANCE SERVICES
financial controls system over financial reporting and
LIMITED as of March 31, 2022 in conjunction with our their operating effectiveness. Our audit of internal
audit of the standalone financial statements of the financial controls over financial reporting included
Company for the year ended on that date. obtaining an understanding of internal financial controls
Management’s Responsibility for Internal Financial over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design
Controls
and operating effectiveness of internal control based
The Company’s management is responsible for
on the assessed risk. The procedures selected depend
establishing and maintaining internal financial controls
on the auditor’s judgment, including the assessment
based on the internal control over financial reporting
of the risks of material misstatement of the financial
criteria established by the Company considering the
statements, whether due to fraud or error.
essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls We believe that the audit evidence we have obtained is
over Financial Reporting issued by the Institute of sufficient and appropriate to provide a basis for our audit
Chartered Accountants of India. These responsibilities opinion on the Company’s internal financial controls
include the design, implementation and maintenance of system over financial reporting.
adequate internal financial controls that were operating
Meaning of Internal Financial Controls over
effectively for ensuring the orderly and efficient conduct
Financial Reporting
of its business, including adherence to company’s
A company’s internal financial control over financial
policies, the safeguarding of its assets, the prevention
reporting is a process designed to provide reasonable
and detection of frauds and errors, the accuracy and
assurance regarding the reliability of financial reporting
completeness of the accounting records, and the timely
and the preparation of financial statements for external
preparation of reliable financial information, as required
purposes in accordance with generally accepted
under the Companies Act, 2013.
accounting principles.
Auditors’ Responsibility
A company’s internal financial control over financial
Our responsibility is to express an opinion on the
reporting includes those policies and procedures that
Company’s internal financial controls over financial
reporting based on our audit. We conducted our audit 1. Pertain to the maintenance of records that, in
in accordance with the Guidance Note on Audit of reasonable detail, accurately and fairly reflect the
Internal Financial Controls over Financial Reporting and transactions and dispositions of the assets of the
the Standards on Auditing, issued by ICAI and deemed to company;
be prescribed under section 143(10) of the Companies
2. Provide reasonable assurance that transactions
Act, 2013, to the extent applicable to an audit of internal
are recorded as necessary to permit preparation of
financial controls, both applicable to an audit of Internal
financial statements in accordance with generally
Financial Controls and, both issued by the Institute of

181
 accepted accounting principles, and that receipts and Also, projections of any evaluation of the internal financial
expenditures of the company are being made only in controls over financial reporting to future periods are
accordance with authorizations of management and subject to the risk that the internal financial control over
directors of the company; and financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance
3. Provide reasonable assurance regarding prevention
with the policies or procedures may deteriorate.
or timely detection of unauthorized acquisition, use,
or disposition of the company’s assets that could have Opinion
a material effect on the financial statements. In our opinion, the Company has, in all material respects,
an adequate internal financial controls system over
Inherent Limitations of Internal Financial Controls
financial reporting and such internal financial controls
over Financial Reporting
over financial reporting were operating effectively as
Because of the inherent limitations of internal financial
at March 31, 2022, based on the internal control over
controls over financial reporting, including the possibility
financial reporting criteria established by the Company
of collusion or improper management override of
considering the essential components of internal control
controls, material misstatements due to error or fraud
stated in the Guidance Note on Audit of Internal Financial
may occur and not be detected.
Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India.

For RAGHU NATH RAI & CO.

Chartered Accountants
Firm Regn. No. 000451N

Place: New Delhi (ARJUN MEHTA)

Dated: 25th May, 2022 Partner
UDIN: 22097685AJPVUG5727 M. No. 097685

182
 IFFCO TOKIO INSURANCE SERVICES LIMITED
C - 1, IFFCO SADAN, DISTRICT CENTRE SAKET, NEW DELHI - 110017
CIN - U65999DL2003PLC121571

BALANCE SHEET AS AT 31ST MARCH 2022

(Amounts in `)
As at As at
S. No. Particulars Note No.
March 31, 2022 March 31, 2021
I. EQUITY AND LIABILITIES
(1) Shareholder's funds
a) Share capital 1 5,000,000 5,000,000
b) Reserves and Surplus 2 38,241,408 34,141,348
c) Money received against share warrants - -
(2) Share application money pending allotment - -
(3) Non current liabilities
a) Long-term borrowings - -
b) Deferred tax liabilities ( Net) - -
c) Other long term liabilities - -
d) Long-term provisions - -
(4) Current liabilities
a) Short-term borrowings - -
b) Trade payables - -
c) Other current liabilities 3 50,680 161,412
d) Short term provisions 4 760,000 751,000
TOTAL 44,052,088 40,053,760
II. ASSETS
(1) Non current assets
a) Property, Plant and Equipment
Gross block - -
Less : Accumulated depreciation - -
Net block - -
b) Non current investments - -
c) Deferred tax assets (Net) - -
d) Long term loans & advances 5 9,788,790 35,937,523
e) Other non current assets 6 10,000 10,000
(2) Current assets
a) Trade receivables 7 1,488,465 2,614,650
b) Cash and Bank balances 8 32,317,746 1,454,713
c) Short term loans and advances 9 - 11,874
d) Other current assets 10 447,087 25,000
TOTAL 44,052,088 40,053,760

Notes to Accounts 17

Notes 1 to 17 form an Integral part of Financial Statements For IFFCO TOKIO Insurance Services Limited
As per our report of even date attached

For Raghu Nath Rai & Co. Nand Kishore Kedia
Chartered Accountants Chairman (DIN: 00050917)
FRN No. 000451N

Arjun Mehta Sunil Kumar
Partner Director (DIN: 06903603)
M.No. 097685

Place: New Delhi Ramesh Kumar

Dated: 25th May, 2022 Chief Executive Officer

183
 IFFCO TOKIO INSURANCE SERVICES LIMITED
C - 1, IFFCO SADAN, DISTRICT CENTRE SAKET, NEW DELHI - 110017
CIN - U65999DL2003PLC121571

STATEMENT OF PROFIT AND LOSS FOR THE PERIOD ENDED 31st MARCH 2022
(Amounts in `)

Period Ended Period Ended

S. No. Particulars Note No.
March 31, 2022 March 31, 2021
Revenue:
I Income from operations 11 - -
Other income 12 5,247,999 5,165,756
Total Income 5,247,999 5,165,756
II Expenses:
Employees benefits expenses 13 - -
Finance costs 14 - -
Other expenses 15 387,614 349,576
Total Expenses 387,614 349,576
Profit before exceptional and extraordinary
III 4,860,384 4,816,180
items and tax
IV. Exceptional items - -
V Profit before extraordinary items and tax 4,860,384 4,816,180
VI Extraordinary items - -
VII Profit before tax 4,860,384 4,816,180
VIII Tax expense:
(1) Current tax 760,000 751,000
(2) Deferred tax - -
(3) Tax adjustments for earlier years 325 (3,794)
IX. Profit/(Loss) for the period 4,100,059 4,068,974
X. Earning per equity share: 16
(1) Basic (Face value of ` 10 each) 8.20 8.14
(2) Diluted (Face value of ` 10 each) 8.20 8.14

Notes to Accounts 17

Notes 1 to 17 form an Integral part of Financial Statements For IFFCO TOKIO Insurance Services Limited
As per our report of even date attached

For Raghu Nath Rai & Co. Nand Kishore Kedia
Chartered Accountants Chairman (DIN: 00050917)
FRN No. 000451N

Arjun Mehta Sunil Kumar
Partner Director (DIN: 06903603)
M.No. 097685

Place: New Delhi Ramesh Kumar

Dated: 25th May, 2022 Chief Executive Officer

184
 IFFCO TOKIO INSURANCE SERVICES LIMITED
C - 1, IFFCO SADAN, DISTRICT CENTRE SAKET, NEW DELHI - 110017
CIN - U65999DL2003PLC121571

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2022
(Amounts in `)

As at As at
S. No. Particulars
March 31, 2022 March 31, 2021
A Cash flows from operating activities
Cash receipts from customers - -
Cash paid to suppliers and employees - -
Cash generated from operations - -
Other Income 75,344 552,696
Other Payments 664,713 (49,315,179)
Dividends paid - -
740,057 (48,762,483)
Income taxes (paid)/refund 29,451,480 49,837,525
Net cash from operating activities 30,191,537 1,075,042
B Cash flows from investing activities
Fixed deposit created (62,000,000) -
Fixed deposit matured 30,000,000 -
Interest income 671,496 -
Net cash from investing activities (31,328,504) -
C Cash flows from financing activities
Proceeds from issue of share capital - -
Proceeds from long-term borrowings - -
Net cash from financing activities - -
Net increase/(decrease) in cash and cash equivalents (A+B+C) (1,136,967) 1,075,042
Cash and cash equivalents at beginning of period 1,454,713 379,671
Cash and cash equivalents at end of period 317,746 1,454,713
Cash and cash equivalents at the end of the year comprises:
(a) Balances with banks 317,746 1,454,713
317,746 1,454,713

As per our report of even date attached For IFFCO TOKIO Insurance Services Limited

For Raghu Nath Rai & Co. Nand Kishore Kedia

Chartered Accountants Chairman (DIN: 00050917)
FRN No. 000451N

Arjun Mehta Sunil Kumar
Partner Director (DIN: 06903603)
M.No. 097685

Place: New Delhi Ramesh Kumar

Dated: 25th May, 2022 Chief Executive Officer

185
 IFFCO TOKIO INSURANCE SERVICES LIMITED
C - 1, IFFCO SADAN, DISTRICT CENTRE SAKET, NEW DELHI - 110017
CIN - U65999DL2003PLC121571
NOTES TO BALANCE SHEET (Amounts in `)
As at As at
Note No. Particulars
March 31, 2022 March 31, 2021
1 SHARE CAPITAL
(a) Equity share capital
Authorised :
20,00,000 Equity Shares of Rs.10 each 20,000,000 20,000,000
(b) Issued, Subscribed & Paid up:
5,00,000 Equity Shares of Rs.10 each fully paid up 5,000,000 5,000,000
(100% shares held by IFFCO Tokio General Insurance Co. Ltd.)
(c) Reconciliation of number of shares outstanding at the beginning &
at the end of the reporting period
Equity Shares
Number of Shares at the beginning 500,000 500,000
Add: Shares issued during the period - -
Number of Shares at the end 500,000 500,000
(d) Shares in the Company held by each Shareholder holding more
than 5% shares
Name of the Shareholder
IFFCO Tokio General Insurance Co. Ltd.
No. of Shares 500,000 500,000
% Shareholding 100 100
2 RESERVES AND SURPLUS
Surplus in the Statement of Profit & Loss
Balance as per Last Finacial Statements 34,141,348 30,072,374
Profit for the year 4,100,059 4,068,974
Total 38,241,408 34,141,348
3 OTHER CURRENT LIABILITIES
Statutory dues 20,440 17,943
Amount payable for services 30,240 68,125
Other liabilities - 75,344
Total 50,680 1,61,412
4 PROVISIONS
Long-term Provisions
Provision for leave encashment - -
- -
Short-term Provisions
Provision for income tax 760,000 751,000
760,000 751,000

186
 (Amounts in `)
As at As at
Note No. Particulars
March 31, 2022 March 31, 2021
5 LONG TERM LOANS & ADVANCES
Balance with Statutory Authorities 9,788,790 35,937,523
Total 9,788,790 35,937,523
6 OTHER NON CURRENT ASSETS
Security Deposits 10,000 10,000
Total 10,000 10,000
7 TRADE RECEIVABLES
Unsecured, considered good unless stated otherwise
- Outstanding for a period exceeding six months* 1,488,465 2,614,650
- Other Receivables - -
* Note:
a) Includes due from related parties Rs. 14,88,465/-
(Previous Year: Rs. 2,614,650/-)
b) The dues are outstanding for more than 3 years.
Total 1,488,465 2,614,650
8 CASH AND BANK BALANCES
Cash and Cash Equivalents
Balance with scheduled banks
- In current accounts 317,746 1,454,713
Other Bank balances
Fixed deposits (maturity less than 12 months) 32,000,000 -
Total 32,317,746 1,454,713
9 SHORT TERM LOANS & ADVANCES
Unsecured, considered good
Advances recoverable in cash or kind - 11,874
Total - 11,874
10 OTHER CURRENT ASSETS
Rent, Electricity & Other Deposits - 25,000
Interest accrued but not due on deposits 447,087 -
Total 447,087 25,000

187
 IFFCO TOKIO INSURANCE SERVICES LIMITED
C - 1, IFFCO SADAN, DISTRICT CENTRE SAKET, NEW DELHI - 110017
CIN - U65999DL2003PLC121571

NOTES TO STATEMENT OF PROFIT AND LOSS

(Amounts in `)

Period Ended Period Ended

Note No. Particulars
March 31, 2022 March 31, 2021
11 REVENUE FROM OPERATIONS
Agency commission - -
Fees for services provided to ITGI - -
Total - -
12 OTHER INCOME
Interest income 5,172,655 4,613,060
Miscellaneous income 75,344 552,696
Total 5,247,999 5,165,756
13 EMPLOYEES BENEFITS EXPENSES
Salaries & Other allowances - -
Total - -
14 FINANCE COST
Bank charges - -
Total - -
15 OTHER EXPENSES
Directors Sitting & travelling fees 297,360 297,360
Legal & Professional 23,440 22,716
Advances Written Off 36,874 -
Payment to Auditors
- Audit fee 29,500 29,500
Other Expenses 440 -
Total 387,614 349,576
16 EARNING PER SHARE
I) N
 et Profit as per Profit and Loss account available for Equity
4,100,059 4,068,974
Shareholders
II) W
 eighted average number of equity share for Earning Per Share
computation
(a) For Basic Earning Per Share of Rs. 10 each (No's) 500,000 500,000
(b) For Diluted Earnings Per Share of Rs. 10 each (No's) 500,000 500,000
III) EPS (Weighted Average)
Basic (Rupees) 8.20 8.14
Diluted (Rupees) 8.20 8.14

188
IFFCO TOKIO INSURANCE SERVICES LIMITED
NOTES FORMING PART OF ACCOUNTS
NOTE – 17
17.1 SIGNIFICANT ACCOUNTING POLICIES
A) Basis of Preparation
The financial statements are prepared based on the assumption that the Company is not a going concern due to
the following reasons:

1) The Company’s revenue from operations is solely from the revenue earned under Corporate Agency and Service
Agreement with IFFCO-TOKIO General Insurance Company Limited (hereinafter referred to as ITGI). On 29-Jun-
2018, the Company had received a notice from ITGI for the termination of both Corporate Agency and Service
Agreements with effect from 1-Aug-2018 which was accepted by the Company vide its letter dated 2-Jul-2018.

2) The Company filed an application with IRDAI for surrender of the Corporate Agency Registration Certificate
w.e.f. 01-Aug-2018 on 31-Jul-2018. IRDAI has accepted the application vide its letter dated 20-Mar-2019.

Current assets and loans & advances have value on realisation in the ordinary course of business at least equal to
the amount at which they are stated and all known liabilities have been adequately provided for.

B) Use of Estimates and Judgements

The presentation of the financial statements in conformity with the Generally Accepted Accounting Principles
requires the management to make estimates and assumptions that affects the reported amount of assets and
liabilities, revenue and expenses and disclosure of contingent assets and liabilities. Such estimates and assumptions
are based on the management’s evaluation of the relevant facts and circumstances as on the date of financial
statements. Difference between the actual results and estimates are recognized in the period in which the results
materialize.

C) Revenue Recognition
i. Income from services is recognized when the services are rendered.

ii. Interest Income is recognized on the time basis determined by the amount outstanding and the rate applicable.

D) Fixed Assets and Depreciation

Fixed Assets are stated at cost less accumulated depreciation. Depreciation on Fixed Assets is provided on straight
Line Method at the rates and in the manner specified in Schedule II of the Companies Act, 2013.

E) Taxation
Income Tax expense comprises Current Tax and Deferred Tax charge or credit. Deferred tax resulting from ‘timing
differences’ between book and taxable profits is accounted for using the tax rates and laws that have been
enacted or substantively enacted. The deferred tax asset is recognized and carried only to the extent that there is
a reasonable / virtual certainty that the asset will be realized in future.

F) Provisions and Contingent Liabilities

A provision is recognized where the company has a present obligation as a result of a past event and it is probable

189
 that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can
be made. A disclosure of contingent liability is made when there is possible obligation or present obligation that
will probably not require outflow of resources or where reliable estimate of the obligation cannot be made.

G) Employees Benefits
1) Defined Contribution Plan: Company contribution paid/payable for the year to defined contribution employee
benefit schemes are charged to Profit & Loss account.

2) Defined Benefit Plan: Company liabilities toward defined benefit schemes are determined using the Projected
Unit Credit Method. Actuarial valuation under the Projected Unit Credit Method is carried out at Balance Sheet
date. Actuarial gains and losses are recognized in the Profit & Loss account in the period of occurrence of such
gains and losses. Past services cost is recognized immediately to the extent of benefit are vested; otherwise it is
amortized on straight line basis over the remaining average period until the benefit becomes vested.

3) The retirement benefit obligation recognized in the balance sheet represents the present value of the defined
benefit obligation as adjusted for unrecognized past service cost.

17.2 NOTES TO ACCOUNTS

A) Employees Benefits
The Company has no employee during the FY 2021-22.

B) The company has not recognised deferred tax asset as there is no virtual certainty with convincing evidence that
there will be sufficient future income against which deferred tax asset can be adjusted. Net Decrease of deferred
tax amounting Rs. NIL (Previous Year Rs. NIL) is recognized in the accounts.

C) Contingent Liabilities: (Amount in `)

As at March 31, 2022 As at March 31, 2021

Statutory demands/ liabilities in dispute, not provided for 17,020,304/- 17,020,304/-

D) Related Party Disclosures

Related party disclosures as required as per Accounting Standard-18 on “Related Parties Disclosures” are given
below:

Name of the Related Party

IFFCO Tokio General Insurance Co Ltd Holding Company

Indian Farmers Fertilizers Cooperative Ltd Promoter of Holding Co

Sh. Ramesh Kumar (W.e.f. 01st November 2018) Key Management Personnel

190
 (Amount in `)
Nature of Relation Holding Company
Description of transaction Current Year Previous Year
1. Amount payable / (recoverable) at the balance sheet date (1,488,465) (2,614,650)
2. Repayment of Advance - 49,300,000
3. Payment of Taxes on behalf of the Company 1,126,185 861,206

E) In terms of notification dated September 4, 2015 issued by the Central Government of India, the disclosure related
to trade payables as at March 31st, 2022 are as follows:
(Amount in `)
As at As at
March 31, 2022 March 31, 2021
(i) Principal amount remaining unpaid to any supplier as at the end of
- -
the accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at the end
- -
of the accounting year
(iii) The amount of interest paid along with the amounts of the payment
- -
made to the supplier beyond the appointed day

(iv) The amount of interest due and payable for the year - -

(v) The amount of interest accrued and remaining unpaid at the end of
- -
the accounting year
(vi) The amount of further interest due and payable even in the
succeeding year, until such date when the interest dues as above are - -
actually paid

F) Analytical Ratios
Period Ended Period Ended
S. No. Particulars
March 31, 2022 March 31, 2021
1 Current Ratio 42.25 4.50

2 Debt-Equity Ratio N.A. N.A.

3 Debt Service Coverage Ratio N.A. N.A.

4 Return on Equity Ratio 0.09 0.10

5 Inventory Turnover Ratio N.A. N.A.

6 Trade Receivable Turnover Ratio N.A. N.A.

7 Trade Payables Turnover Ratio N.A. N.A.

8 Net Capital Turnover Ratio N.A. N.A.

9 Net Profit Ratio N.A. N.A.

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 10 Return on Capital Employed 0.11 0.12

11 Return on Investment N.A. N.A.

G) Earning and expenditure in foreign currency – Nil

H) Previous period figures have been regrouped and rearranged, wherever necessary.

For and on the behalf of board of directors

As per our report of even date attached.

For Raghu Nath Rai & Co. Nand Kishore Kedia

Chartered Accountants Chairman (DIN: 00050917)
FRN No. 000451N

Arjun Mehta Sunil Kumar

Partner Director (DIN: 06903603)
M. No. 097685

Place: New Delhi Ramesh Kumar

Dated: 25th May, 2022 Chief Executive Officer
UDIN: 22097685AJPVUG5727

192
 IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED
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Ph: +91-124-2850100, Fax: +91-124-2577923/24, Email: corpcomm@iffcotokio.co.in
Regd. Office: IFFCO SADAN, C-1, District Center, Saket, New Delhi-110017
Website: www.iffcotokio.co.in
IRDAI Regd. No. - 106 | CIN: U74899DL2000PLC107621