SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements

eport 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Revenue Account Revenue Account

for the year ended March 31, 2024 for the year ended March 31, 2024

FORM A-RA FORM A-RA

Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED
Registration Number: 111 dated March 29, 2001 with the IRDAI Registration Number: 111 dated March 29, 2001 with the IRDAI

Policyholders’ Account (Technical Account) Policyholders’ Account (Technical Account)

(` in ‘000) (` in ‘000)
Particulars Schedule Year ended Year ended Particulars Schedule Year ended Year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Premiums earned - Net APPROPRIATIONS
(a) Premium 1 814,306,386 673,156,046 Transfer to Shareholders' account 25,976,494 27,071,495
(b) (Reinsurance ceded) (Refer note (c) of Schedule 16 (B)) (8,435,372) (7,346,063) Transfer to other reserves - -
(c) Reinsurance accepted - - Balance being funds for future appropriations 1,938,234 1,490,971
805,871,014 665,809,983 Total (D) 27,914,728 28,562,466
Income from Investments Details of Total Surplus :-
(a) Interest, Dividends & Rent - Net of Amortisation & Accretion 170,391,982 139,842,264 a) Interim & Terminal Bonuses Paid 3,830,700 1,972,801
(Gross for the year ended March 31, 2024 ` 159,345,763 thousands, Previous b) Allocation of bonus to policyholders 18,431,032 17,148,511
year ended March 31, 2023 `135,101,381 thousands) c) Surplus shown in the revenue account 27,914,728 28,562,466
(b) Profit on sale / redemption of investments 96,364,083 63,102,721 Total Surplus: [(a) + (b) + (c)] 50,176,460 47,683,779
(c) (Loss on sale / redemption of investments) (11,135,164) (28,023,091) Funds for Future Appropriation
(d) Transfer / Gain on revaluation / Change in fair value* 248,045,365 (42,320,458) Opening balance 11,427,394 9,936,423
(including for derivative contracts - Refer note no. 23 (A) (vi) of Schedule 16 (C)) Add: Current Period Appropriation 1,938,234 1,490,971
Other Income Balance carried forward to Balance sheet 13,365,628 11,427,394
(a) Contribution from the Shareholders' A/c (Refer note no. 28 of Schedule 16 (C)) 16,275,815 17,074,883 Significant Accounting Policies & Notes to Accounts 16
(b) Others
* Represents the deemed realised gain as per norms specified by the Authority
- Income on unclaimed amount of policyholders 194,178 148,355
** Represents Mathematical Reserves after allocation of bonus
- Miscellaneous income 306,852 350,169
520,443,111 150,174,843 As required by erstwhile Section 40-B(4) of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 read with
Total (A) 1,326,314,125 815,984,826 IRDAI (Expenses of Management of Insurers transacting life insurance business) Regulations, 2023, we certify that allowable expenses of
management in respect of life insurance business in India by the company have been debited to the Policyholders’ Revenue Account.
Commission 2 32,553,136 30,624,884
Operating Expenses related to Insurance Business 3 39,818,988 34,094,719 Schedules referred to above form an integral part of the Revenue Account.
Provision for Doubtful Debts 964 (13,481) This is the Revenue Account referred to in our report of even date.
Bad Debts written off 24,465 22,809
Provision for Tax For and on behalf of the Board of Directors
- Income Tax (Refer note no. 15 of Schedule 16 (C)) 1,356,825 1,474,046
Provisions (other than taxation)
For S. K. Patodia & Associates LLP For M/S S A R C & Associates Dinesh Kumar Khara Narayan K. Seshadri
(a) For diminution in the value of investments (Net) (Refer note no. 20 of (214,992) 122,024
Schedule 16 (C)) Chartered Accountants Chartered Accountants Chairman Director
(b) For standard assets and non-standard assets (Refer note no. 21 of Schedule (3,367) (2,367) (F.R. No. 112723W/W100962) (F.R. No. 006085N) (DIN :06737041) (DIN :00053563)
16 (C))
Goods and Service Tax on charges 9,475,830 8,194,173 Ankush Goyal Kamal Aggarwal Amit Jhingran Sangramjit Sarangi
Total (B) 83,011,849 74,516,807 Partner Partner MD & CEO President & CFO
Benefits Paid (Net) 4 427,243,532 300,901,795 Membership No. 146017 Membership No. 090129 (DIN :10255903)
Interim & Terminal Bonuses Paid 3,830,700 1,972,801
Change in valuation of liability in respect of life policies
Place: Mumbai Prithesh Chaubey Girish Manik
(a) Gross ** 258,455,618 207,098,563
Date: April 26, 2024 Appointed Actuary Company Secretary
(b) (Amount ceded in Re-insurance) (230,627) (2,043,048)
(c) Amount accepted in Re-insurance - -
(d) Fund reserve 509,820,205 191,395,233
(e) Funds for discontinued policies 16,268,120 13,580,209
Total (C) 1,215,387,548 712,905,553
SURPLUS/ (DEFICIT) (D) = (A) - (B) - (C) 27,914,728 28,562,466

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Profit and Loss Account Profit and Loss Account

for the year ended March 31, 2024 for the year ended March 31, 2024

Form A-PL Form A -PL

Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED
Registration Number: 111 dated March 29, 2001 with the IRDAI Registration Number: 111 dated March 29, 2001 with the IRDAI

Shareholders' Account (Non-technical Account) Policyholders’ Account (Technical Account)

(` in ‘000) (` in ‘000)
Particulars Schedule Year ended Year ended Particulars Schedule Year ended Year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Amount transferred from Policyholder Account (Technical Account) 25,976,494 27,071,495 EARNINGS PER EQUITY SHARE (in `)
Income from Investments (Refer note no. 17 of Schedule 16 (C))
(a) Interest, Dividend & Rent - Net of Amortisation & Accretion 7,942,502 6,907,237 (Face Value ` 10/- per share)
(Gross for the period ended March 31, 2024 ` 8,062,933 thousands, Previous Basic 18.92 17.19
year ended March 31, 2023 ` 6,822,050 thousands) Diluted 18.90 17.18
(b) Profit on sale / redemption of investments 2,705,473 1,068,877 Significant accounting policies & Notes to accounts 16
(c) (Loss on sale / redemption of investments) (307,421) (31,098) Schedule referred to above forms an integral part of the Profit and Loss Account
Other Income 1 7,494
^ Remuneration of KMPs in excess of specified limit of IRDAI (Remuneration of Key Managerial Persons of Insurers) Guidelines, 2023
Total (A) 36,317,049 35,024,005
Remuneration of KMPs over specifed limits^ 8,425 - This is the Profit and Loss Account referred to in our report of even date
Expenses other than those directly related to the insurance business
(a) Rates and Taxes - - For and on behalf of the Board of Directors
(b) Directors' sitting fees 13,550 13,825
(c) Board meeting related expenses 286 124
(d) Depreciation - - For S. K. Patodia & Associates LLP For M/S S A R C & Associates Dinesh Kumar Khara Narayan K. Seshadri
(e) Other Expenses 286,794 132,118 Chartered Accountants Chartered Accountants Chairman Director
(f) Corporate Social Responsibility expenses 205,408 226,210 (F.R. No. 112723W/W100962) (F.R. No. 006085N) (DIN :06737041) (DIN :00053563)
Bad debts written off - -
Contribution to the Policyholders' Account (Refer note no. 28 of Schedule 16 (C)) 16,275,815 17,074,883 Ankush Goyal Kamal Aggarwal Amit Jhingran Sangramjit Sarangi
Provisions (Other than taxation) Partner Partner MD & CEO President & CFO
(a) For diminution in the value of Investment (Net) 105,718 (7,626) Membership No. 146017 Membership No. 090129 (DIN :10255903)
(Refer note no. 20 of Schedule 16 (C))
(b) Provision for doubtful debts - -
Total (B) 16,895,996 17,439,535 Place: Mumbai Prithesh Chaubey Girish Manik
Profit / (Loss) Before Tax 19,421,053 17,584,470 Date: April 26, 2024 Appointed Actuary Company Secretary
Provision for Taxation
- Income Tax (Refer note no. 15 of Schedule 16 (C)) 483,272 378,746
Profit / (Loss) After Tax 18,937,781 17,205,724
APPROPRIATIONS
(a) Balance at the beginning of the year 118,644,349 103,940,822
(b) Interim dividends during the year 2,703,717 2,502,197
(c) Proposed final dividend - -
(d) Transfer to reserves/ other accounts - -
Profit / (Loss) carried to the Balance Sheet 134,878,413 118,644,349

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Balance Sheet Balance Sheet

As at March 31, 2024 As at March 31, 2024

Form A-BS Form A-BS

Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED
Registration Number: 111 dated March 29, 2001 with the IRDAI Registration Number: 111 dated March 29, 2001 with the IRDAI

(` in ‘000) (` in ‘000)
Particulars Schedule As at As at Particulars Schedule As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
SOURCES OF FUNDS Current Liabilities 13 51,952,154 46,444,730
Shareholders' Funds Provisions 14 3,206,052 3,681,399
Share Capital 5 10,014,655 10,008,948 Sub-Total (B) 55,158,206 50,126,129
Share application money pending allotment 1,514 - Net Current Assets (C) = (A - B) 62,469,657 43,416,479
Reserves and Surplus 6 135,900,119 119,236,577 Miscellaneous Expenditure (to the extent not written off or adjusted) 15 - -
Credit / (Debit) Fair Value Change Account 3,169,318 929,296 Debit Balance in Profit and Loss Account (Shareholders' Account) - -
Sub-Total 149,085,606 130,174,821 TOTAL 3,927,829,888 3,095,865,567
Borrowings 7 - - Movement in funds for discontinued policies (Linked):
Policyholders' Funds Amount refunded to the Policyholders 37,105,809 30,086,785
Credit / (Debit) Fair Value Change Account (including for derivative contracts- 47,190,926 20,388,940 Amount transferred to the "Funds for Discontinued Policies" (Net of revival) 47,869,384 41,662,485
Refer note no.23A (vi) of Schedule 16 (C)) Contingent Liabilities (Refer note no.1 of Schedule 16 (C))
Policy Liabilities (Refer note no. 7 of Schedule 16 (C)) 1,558,085,023 1,301,319,007 Significant Accounting Policies & Notes to Accounts 16
Insurance Reserves - - Schedules referred to above form an integral part of Balance Sheet
Provision for Linked Liabilities 1,667,407,451 1,407,213,737
Add: Fair value change (Linked) 378,338,301 128,711,810 This is the Balance Sheet referred to in our report of even date
Add: Funds for Discontinued Policies
(i) Discontinued on account of non-payment of premium 111,828,926 94,516,345 For and on behalf of the Board of Directors
(ii) Others 2,528,027 2,113,514
Total Linked Liabilities (Refer note no. 6 of Schedule 16 (C)) 2,160,102,705 1,632,555,405
For S. K. Patodia & Associates LLP For M/S S A R C & Associates Dinesh Kumar Khara Narayan K. Seshadri
Sub-Total 3,765,378,654 2,954,263,352
Chartered Accountants Chartered Accountants Chairman Director
Funds for Future Appropriation - Linked (Refer note no. 5 of Schedule 16 (C)) - -
(F.R. No. 112723W/W100962) (F.R. No. 006085N) (DIN :06737041) (DIN :00053563)
Funds for Future Appropriation - Other (Refer note no. 5 of Schedule 16 (C)) 13,365,628 11,427,394
TOTAL 3,927,829,888 3,095,865,567
APPLICATION OF FUNDS Ankush Goyal Kamal Aggarwal Amit Jhingran Sangramjit Sarangi
Investments Partner Partner MD & CEO President & CFO
- Shareholders' 8 130,363,700 112,087,007 Membership No. 146017 Membership No. 090129 (DIN :10255903)
- Policyholders' 8A 1,565,436,327 1,298,702,378
Assets held to cover Linked Liabilities 8B 2,160,102,705 1,632,555,405
Place: Mumbai Prithesh Chaubey Girish Manik
Loans 9 3,887,906 3,889,171
Date: April 26, 2024 Appointed Actuary Company Secretary
Fixed assets 10 5,569,593 5,215,127
Current Assets
Cash and Bank Balances 11 47,458,924 41,649,219
Advances and Other Assets 12 70,168,939 51,893,389
Sub-Total (A) 117,627,863 93,542,608

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Cash Flow Statement Cash Flow Statement

for the year ended March 31, 2024 for the year ended March 31, 2024

Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED Name of the Insurer: SBI LIFE INSURANCE COMPANY LIMITED
Registration Number: 111 dated March 29, 2001 with the IRDAI Registration Number: 111 dated March 29, 2001 with the IRDAI

Receipts and Payments Account (Cash Flow Statement) for the year ended March 31, 2024 Receipts and Payments Account (Cash Flow Statement) for the year ended March 31, 2024

(` in ‘000) (` in ‘000)
Particulars Schedule Year ended Year ended Particulars Schedule Year ended Year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance (Schedule 11)
Premium Collection (including Goods and Service Tax collected) 811,305,062 673,429,183 Add:- Fixed deposit more than 3 months - Shareholder & Policyholder3 29,491,360 26,205,760
Other receipts - - Less:- Fixed deposit less than 3 months - Schedule 8B - Unit Linked Policyholder - (1,250,000)
Payments to or receipts from the re-insures, net of claims/benefits (3,915,233) (3,804,147) Add:- Stamps / franking on hand 302,136 370,860
Cash paid to suppliers and employees1 (30,461,754) (30,883,537) Less:- Money Market instruments (48,292,307) (72,903,066)
Cash paid towards Income Tax (8,775,678) (7,993,725) Cash & Bank Balances as per Schedule 11 47,458,924 41,649,219
Cash paid towards Goods and Service Tax (15,590,572) (13,905,794) Significant Accounting Policies & Notes to Accounts 16
Commission Paid (32,798,055) (29,478,332)
Benefits Paid (422,605,931) (300,752,183)
1
Includes cash paid towards Corporate Social Responsibility expenditure ` 205,408 thousand (previous year ended March 31, 2023:
` 226,210 thousand)
Security deposit (5,939,208) (51,003)
Net cash from / (for) Operating activities (A) 291,218,631 286,560,462
2
Includes balance in dividend account which is unclaimed amounting to ` 1,475 thousand (` 1,217 thousand at March 31, 2023)
CASH FLOW FROM INVESTING ACTIVITIES
3
Includes fixed deposits kept with bank for issuance of bank guarantees
Cost of purchase of investments (2,697,054,885) (2,443,235,897)
Proceeds from sale of investments 2,223,996,630 2,005,871,122 (` in ‘000)
Investments in money market instruments and in liquid mutual funds (net) 6,714,978 5,620,225 Particulars Year ended Year ended
Interest received 135,733,114 120,573,093 March 31, 2024 March 31, 2023
Dividend received 13,694,102 10,019,974 Fixed Deposits less than 3 months - -
Purchase of fixed assets (1,143,896) (632,015) Fixed Deposits more than 3 months 51,160 45,660
Proceeds from sale of fixed assets 1,910 5,777
Expenses related to investments (143,594) (125,757) The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development
Security deposit 5,983,688 133,387 Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 under
Loan against Policies (net) (837,036) (851,581) the "Direct Method" laid out in Accounting Standard-3 on Cash Flow Statements issued by the Institute of Chartered
Loans disbursed - - Accountants of India.
Loan repayment received 841,667 591,667
Net cash from / (for) Investing activities (B) (312,213,323) (302,030,006) This is the Receipts and Payments account referred to in our report of even date
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital (net) 430,510 351,491
Proceeds from short term borrowing - - For and on behalf of the Board of Directors
Repayment of short term borrowing - -
Interim dividend paid (Gross of TDS on Dividend) (2,703,748) (4,502,441)
For S. K. Patodia & Associates LLP For M/S S A R C & Associates Dinesh Kumar Khara Narayan K. Seshadri
Net cash from / (for) Financing activities (C) (2,273,238) (4,150,950)
Chartered Accountants Chartered Accountants Chairman Director
Effect of foreign exchange rates on cash and cash equivalents (net) (D) - -
(F.R. No. 112723W/W100962) (F.R. No. 006085N) (DIN :06737041) (DIN :00053563)
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) (23,267,929) (19,620,493)
Cash and cash equivalents at beginning of the year 89,225,664 108,846,158
Cash and cash equivalents at end of the year (Refer note no. (t) of Schedule 16 (B)) 65,957,735 89,225,664 Ankush Goyal Kamal Aggarwal Amit Jhingran Sangramjit Sarangi
Cash (including cheques, drafts) 716,817 611,397 Partner Partner MD & CEO President & CFO
Bank Balances (includes bank balances in unit linked funds)2 16,948,610 14,461,202 Membership No. 146017 Membership No. 090129 (DIN :10255903)
Fixed Deposits(Less than 3 months)3 - 1,250,000
Money Market instruments 48,292,307 72,903,066
Place: Mumbai Prithesh Chaubey Girish Manik
Total 65,957,735 89,225,664
Date: April 26, 2024 Appointed Actuary Company Secretary

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

SCHEDULE - 1 PREMIUM SCHEDULE - 3 OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

(` in ‘000) (` in ‘000)
Sr. Particulars Year ended Year ended Sr. Particulars Year ended Year ended
No. March 31, 2024 March 31, 2023 No. March 31, 2024 March 31, 2023
1 First year premiums 174,757,434 151,970,680 1 Employees' remuneration & welfare benefits (Refer note no. 12 & 19 of Schedule 16 (C)) 23,982,911 20,463,559
2 Renewal premiums 431,923,252 377,270,052 2 Travel, conveyance and vehicle running expenses 1,415,876 986,356
3 Single premiums 207,625,700 143,915,315 3 Training expenses 1,339,331 1,285,698
Total Premium 814,306,386 673,156,046 4 Rent, rates & taxes 1,036,348 964,292
Notes: 5 Repairs 962,323 900,956
1. All the premium income relates to business in India. 6 Printing & stationery 178,671 125,437
2. For accounting policy on Premium refer note (b) (i) of Schedule 16 (B)) 7 Communication expenses 671,980 617,672
8 Legal & professional charges 2,238,626 1,825,512
SCHEDULE - 2 COMMISSION EXPENSES 9 Medical fees 493,443 569,615
(` in ‘000) 10 Auditors' fees,expenses,etc.
Particulars Year ended Year ended (a) as auditor 8,800 7,300
March 31, 2024 March 31, 2023 (b) as adviser or in any other capacity,in respect of
Commission paid (i) Taxation matters - -
Direct - First year premiums 18,473,372 18,061,641 (ii) Insurance matters - -
- Renewal premiums 10,406,413 9,253,766
(iii) Management services; and - -
- Single premiums 2,171,270 2,044,233
(c) in any other capacity 1,475 2,258
Total (A) 31,051,055 29,359,640
(d) Out of pocket expenses 189 139
Add: Commission on re-insurance accepted - -
11 Advertisement, Publicity and marketing 1,314,340 956,970
Less: Commission on re-insurance ceded - -
12 Interest & bank charges 91,323 100,832
Net commission 31,051,055 29,359,640
13 Recruitment expenses 68,316 33,282
Rewards 1,502,081 1,265,244
14 Information technology expenses 1,473,422 1,206,432
Break-up of the commission expenses (Gross) incurred to procure business:
15 Goods and Service Tax 303,005 276,310
Agents 9,884,730 9,716,694
16 Stamp duty on policies 861,799 1,337,070
Brokers 188,277 58,518
Corporate agency 1,209,332 1,359,483 17 Depreciation 762,274 677,910

Bancassurance 19,756,435 18,220,221 18 Other expenses 2,614,536 1,757,119

Micro Insurance Agent 3,748 8 Total 39,818,988 34,094,719
CSC 1 -
IMF 377 431
Web Aggregator - 88
Point of Sales 8,156 4,198
Referral - -
Total (B) 31,051,055 29,359,640
For accounting policy on commission refer note (g) of Schedule 16 (B))

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

SCHEDULE - 4 BENEFITS PAID (NET) SCHEDULE - 5 SHARE CAPITAL

(` in ‘000) (` in ‘000)
Sr. Particulars Year ended Year ended Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023 No. March 31, 2024 March 31, 2023
1 Insurance claims 1 Authorised Capital
(a) Claims by death 36,969,500 32,127,695 2,000,000,000 (Previous year - 2,000,000,000) Equity Shares of ` 10/- each 20,000,000 20,000,000
(b) Claims by maturity 99,354,801 71,693,700 2 Issued Capital
(c) Annuities / Pension payment 10,983,117 7,522,181 1,001,465,465 (Previous year - 1,000,894,759) Equity Shares of ` 10/- each 10,014,655 10,008,948
(d) Other benefits 3 Subscribed Capital
- Survival 14,711,491 12,562,961 1,001,465,465 (Previous year - 1,000,894,759) Equity Shares of ` 10/- each 10,014,655 10,008,948
- Surrender 137,595,280 90,665,273 4 Called-up Capital
- Discontinuance / Lapsed termination 41,501,067 36,077,941 1,001,465,465 (Previous year - 1,000,894,759) Equity Shares of ` 10/- each 10,014,655 10,008,948
- Withdrawals 90,685,946 51,834,009 Less : Calls unpaid - -
- Rider 129,731 102,862 Add : Shares forfeited (Amount originally paid up) - -
- Health 314,891 1,438,218 Less : Par value of Equity shares bought back - -
- Interest on unclaimed amounts 192,883 147,537 Less : Preliminary expenses - -
- Others 51,647 34,430 Expenses including commission or brokerage on underwriting or - -
2 (Amount ceded in reinsurance) subscription of shares
(a) Claims by death (5,228,921) (3,294,376) Total 10,014,655 10,008,948
(b) Claims by maturity - -
Note :
(c) Annuities / Pension payment - -
Out of the total share capital, 555,000,000 shares (Previous year March 31, 2023 - 555,000,000 shares) of `10 each are held by the
(d) Other benefits
holding company State Bank of India (SBI).
- Health (17,901) (10,635) Refer note no. 19 (i) of Schedule 16 (C) for increase in Share Capital.
3 Amount accepted in reinsurance
(a) Claims by death - - SCHEDULE - 5A PATTERN OF SHAREHOLDING
(b) Claims by maturity - - [As certified by the Management]
(c) Annuities / Pension payment - -
Shareholder As at March 31, 2024 As at March 31, 2023
(d) Other benefits
Number of Shares % of Holding Number of Shares % of Holding
- Health - -
Promoters
Total 427,243,532 300,901,795
Indian - State Bank of India (Holding Company) 555,000,000 55.42 555,000,000 55.45
Notes : Others (Refer note no.1 below) 446,465,465 44.58 445,894,759 44.55
a) Claims include claims settlement costs, wherever applicable.
Total 1,001,465,465 100 1,000,894,759 100
b) Legal, other fees and expenses also form part of the claims cost, wherever applicable.
c) All the claims are paid or payable in India. Note 1:
d) For accounting policy on benefits paid refer note (f) of Schedule 16 (B)) Number of shares under "Others" category includes 1,465,465 equity shares exercised and allotted under ESOPs Scheme.
(Previous years - 894,759 shares)

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

SCHEDULE - 6 RESERVES AND SURPLUS SCHEDULE - 8 INVESTMENTS - SHAREHOLDERS'

(` in ‘000) (` in ‘000)
Sr. Particulars As at March 31, 2024 As at March 31, 2023 Sr. Particulars As at As at
No. No. March 31, 2024 March 31, 2023
1 Capital reserve - - LONG TERM INVESTMENTS
2 Capital redemption reserve - - 1 Government securities and Government guaranteed bonds including Treasury Bills 32,281,794 22,942,565
3 Share premium (Refer note no. 19 (i) of 2 Other Approved Securities 21,541,053 18,199,795
Schedule 16 (C)) 3 Other Investments (Other Approved Investments)
Opening Balance 575,263 227,932 (a) Shares
Add : Additions during the period/ year 425,665 347,331 (aa) Equity 12,797,386 11,145,168
Less : Deductions during the period/ year - 1,000,928 - 575,263 (bb) Preference - -
4 Revaluation reserve - - (b) Mutual fund - -
5 General reserves - - (c) Derivative instruments - -
Less : Debit balance in Profit and Loss account, - - (d) Debentures / Bonds 20,377,113 17,386,536
if any (e) Other Securities - -
Less : Amount utilized for buy-back - - - - (f) Subsidiaries - -
6 Catastrophe reserve - - (g) Investment Properties - Real Estate (Refer note no. 22 of Schedule 16 (C)) 1,126,738 322,821
7 Employee Stock Options Outstanding Account 4 Investment in Infrastructure and Social Sector 32,634,424 29,327,592
(Refer note no. 19 (i) of Schedule 16 (C))
5 Other than Approved Investments (Other Investments) 3,568,442 3,618,313
Opening Balance 16,965 11,992
124,326,950 102,942,791
Add : Additions during the period/ year 6,189 6,055
SHORT TERM INVESTMENTS
Less : Deductions during the period/ year 2,376 20,778 1,082 16,965
1 Government securities and Government guaranteed bonds including Treasury Bills - 2,263,027
8 Balance of profit in Profit and Loss account 134,878,413 118,644,349
2 Other Approved Securities - 1,296,877
Total 135,900,119 119,236,577
3 Other Investments (Other Approved Investments)
(a) Shares
SCHEDULE - 7 BORROWINGS
(aa) Equity - -
(` in ‘000) (bb) Preference - -
Sr. Particulars As at As at (b) Mutual Funds - -
No. March 31, 2024 March 31, 2023
(c) Derivative instruments - -
1 Debentures / bonds - - (d) Debenture / Bonds 4,926,226 3,746,356
2 Banks - - (e) Other Securities
3 Financial institutions - - (aa) Fixed Deposit - -
4 Others - - (bb) Certificate of Deposit - -
Total - - (cc) Commercial Paper - -
(dd) Repo / TREP Investments 534,135 1,447,763
(f) Subsidiaries - -
(g) Investment Properties - Real Estate - -
4 Investment in Infrastructure and Social Sector 576,389 390,193
5 Other than Approved Investments (Other Investments) - -
6,036,750 9,144,216
Total 130,363,700 112,087,007

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Notes : SCHEDULE - 8A INVESTMENTS - POLICYHOLDERS'

(` in ‘000) (` in ‘000)
Sr. Particulars As at As at Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023 No. March 31, 2024 March 31, 2023
1 Aggregate cost of Investments in Fixed Deposits reclassified to Schedule 11 LONG TERM INVESTMENTS
Fixed Deposit - Long Term - - 1 Government securities and Government guaranteed bonds including Treasury Bills 814,036,437 638,286,015
Fixed Deposit - Short Term - - 2 Other Approved Securities 210,817,548 176,707,148
Total - - 3 Other Investments (Other Approved Investments)
2 Aggregate cost of Investments in State Bank of India (Holding Company) - - (a) Shares
3 Investments made out of Catastrophe reserve at cost - - (aa) Equity 115,601,438 88,731,831
4 Particulars of Investment other than listed equity shares (bb) Preference - -
Amortised cost 115,485,415 98,432,194 (b) Mutual fund - -
Market value 115,082,451 96,697,556 (c) Derivative Instruments - -
5 Break-up of Infrastructure and Social Sector Investment (d) Debentures / Bonds 103,213,052 76,389,243
Long Term Investments (e) Other Securities - -
a) Other Approved Investments - Equity 641,178 511,455 (f) Subsidiaries - -
b) Other Approved Investments - Bonds & Debentures 31,993,246 28,369,056 (g) Investment Properties - Real Estate (Refer note no. 22 of Schedule 16 (C)) 5,345,906 3,141,435
c) Other Approved Investments -Infrastructure Investment Trust - 96,626 4 Investments in Infrastructure and Social Sector 221,539,837 199,468,152
d) Other Investments - Equity - - 5 Other than Approved Investments (Other Investments) 25,945,003 21,437,207
e) Other Investments - Bonds & Debentures - 350,456 1,496,499,221 1,204,161,032
f) Other Investments - Infrastructure Investment Trust - - SHORT TERM INVESTMENTS
Short Term Investments 1 Government securities and Government guaranteed bonds including Treasury Bills 23,553,370 22,926,202
a) Other Approved Investments - Equity - - 2 Other Approved Securities 903,568 6,225,124
b) Other Approved Investments - Bonds & Debentures 376,401 390,193 3 Other Investments (Other Approved Investments)
c) Other Approved Investments -Infrastructure Investment Trust - - (a) Shares
d) Other Investments - Equity - - (aa) Equity - 298,488
e) Other Investments - Bonds & Debentures 199,989 - (bb) Preference - -
f) Other Investments - Infrastructure Investment Trust - - (b) Mutual Funds 4,058,773 5,552,244
6 Break-up of Other than Approved Investments (Other Investments) (c) Derivative Instruments - -
Bonds & Debentures 749,567 899,551 (d) Debenture / Bonds 9,124,055 11,389,612
Equity 2,818,874 2,718,762 (e) Other Securities
Mutual Funds & Alternative Investment Funds - - (aa) Fixed Deposit - -
7 Securities deposited (other than cash) towards margin requirement for equity and (bb) Certificate of Deposit 7,586,184 2,830,853
Government securities trade:
(cc) Commercial Paper 709,819 -
a) Fixed Deposit with National Securities Clearing Corporation Limited (NSCCL) - -
(dd) Repo / TREP Investments 17,295,739 33,690,820
b) Fixed Deposit with Indian Clearing Corporation Limited (ICCL) - -
(f) Subsidiaries - -
c) Government Securities with Clearing Corporation of India Ltd.- TREP Segment
(g) Investment Properties - Real Estate - -
Amortised Cost 822,178 976,208
4 Investments in Infrastructure and Social Sector 5,705,598 11,628,003
Market value 809,887 793,637
5 Other than Approved Investments (Other Investments) - -
d) Government Securities with Clearing Corporation of India Ltd.- Securities Segment
68,937,106 94,541,346
Amortised Cost 5,315,817 5,349,883
Total 1,565,436,327 1,298,702,378
Market value 5,293,858 5,331,533
8 Impairment / NPA provision on debt investments (Refer note no. 20 (C) of Schedule 16 (C)) 149,966 -
9 For accounting policy on investments, refer note (k) of Schedule 16 (B)
10 Investment under "Long Term - Other Investments (Other Approved Investments) - (g) Investment Properties - Real Estate"
represents investment in units of Real Estate Investment Trusts (REIT).

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Notes : SCHEDULE - 8B ASSETS HELD TO COVER LINKED LIABILITIES

(` in ‘000) (` in ‘000)
Sr. Particulars As at As at Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023 No. March 31, 2024 March 31, 2023
1 Aggregate cost of Investments in Fixed Deposits reclassified to Schedule 11 LONG TERM INVESTMENTS
Fixed Deposit - Long Term - 25,690,100 1 Government securities and Government guaranteed bonds including Treasury Bills 314,470,392 218,318,869
Fixed Deposit - Short Term 29,440,200 470,000 2 Other Approved Securities 112,394,666 124,194,726
Total 29,440,200 26,160,100 3 Other Investments (Other Approved Investments)
2 Aggregate cost of Investments in State Bank of India (Holding Company) 3,498,163 - (a) Shares
3 Investments made out of Catastrophe reserve at cost - - (aa) Equity 1,043,674,448 683,813,019
4 Particulars of Investment other than listed equity shares (bb) Preference - -
Amortised cost 1,429,051,774 1,190,415,740 (b) Mutual fund 37 1,017,556
Market value 1,447,881,772 1,179,639,465 (c) Derivative Instruments - -
5 Break-up of Infrastructure and Social Sector Investment (d) Debentures / Bonds 124,380,865 84,700,120
Long Term Investments (e) Other Securities (represents Fixed Deposit with a Scheduled Bank) - 9,355,500
a) Other Approved Investments - Equity 8,678,254 4,917,020 (f) Subsidiaries - -
b) Other Approved Investments - Bonds & Debentures 210,162,016 193,100,307 (g) Investment Properties - Real Estate - -
c) Other Approved Investments -Infrastructure Investment Trust 2,699,567 1,100,825 4 Investments in Infrastructure and Social Sector 247,657,729 202,077,799
d) Other Investments - Equity - - 5 Other than Approved Investments (Other Investments) 156,852,760 120,244,499
e) Other Investments - Bonds & Debentures - 350,000 1,999,430,897 1,443,722,089
f) Other Investments - Infrastructure Investment Trust - - SHORT TERM INVESTMENTS
Short Term Investments 1 Government securities and Government guaranteed bonds including Treasury Bills 44,683,566 81,289,829
a) Other Approved Investments - Equity - - 2 Other Approved Securities 9,162,814 3,737,985
b) Other Approved Investments - Bonds & Debentures 5,355,598 11,628,003 3 Other Investments (Other Approved Investments)
c) Other Approved Investments -Infrastructure Investment Trust - - (a) Shares
d) Other Investments - Equity - - (aa) Equity - -
e) Other Investments - Bonds & Debentures 350,000 - (bb) Preference - -
f) Other Investments - Infrastructure Investment Trust - - (b) Mutual fund 12,940,661 6,236,574
6 Break-up of Other than Approved Investments (Other Investments) (c) Derivative Instruments - -
Bonds & Debentures - 450,000 (d) Debentures / Bonds 21,762,208 14,070,502
Equity 14,589,553 12,437,386 (e) Other Securities
Mutual Funds & Alternative Investment Funds 11,355,450 8,549,821 (aa) Fixed Deposit 9,825,500 2,420,000
7 Securities deposited (other than cash) towards margin requirement for equity and (bb) Certificate of Deposit 2,327,047 7,469,663
Government securities trade :
(cc) Commercial Paper 5,352,083 5,039,600
a) Fixed Deposit with National Securities Clearing Corporation Limited (NSCCL) - -
(dd) Repo / TREP Investments 29,638,685 37,147,566
b) Fixed Deposit with Indian Clearing Corporation Limited (ICCL) - -
(f) Subsidiaries - -
c) Government Securities with Clearing Corporation of India Ltd.- TREP Segment
(g) Investment Properties - Real Estate - -
Amortised Cost - -
4 Investments in Infrastructure and Social Sector 2,122,002 16,871,396
Market value - -
5 Other than Approved Investments (Other Investments) - -
d) Government Securities with Clearing Corporation of India Ltd:- Securities Segment
6 Net Current Assets [Refer Note below] 22,857,242 14,550,201
Amortised Cost - -
160,671,808 188,833,317
Market value - -
Total 2,160,102,705 1,632,555,405
8 Impairment / NPA provision on AIF investments (Refer note no. 20(B) of Schedule 16 (C)) 82,689 65,859
9 For accounting policy on investments, refer note (k) of Schedule 16 (B)
10 Investment under "Long Term - Other Investments (Other Approved Investments) - (g) Investment Properties - Real Estate" represents
investment in units of Real Estate Investment Trusts (REIT).

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Notes : SCHEDULE - 9 LOANS

(` in ‘000) (` in ‘000)
Sr. Particulars As at As at Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023 No. March 31, 2024 March 31, 2023
1 Aggregate cost of Investments in State Bank of India (Holding Company) - - 1 SECURITY WISE CLASSIFICATION
2 Investments made out of Catastrophe reserve at cost - - Secured
3 Particulars of Investment other than listed equity shares (a) On mortgage of property
Amortised cost 879,951,725 836,786,994 (aa) In India - -
Market value 901,505,063 836,160,695 (bb) Outside India - -
4 Break-up of Net Current Assets - “Assets Held To Cover Linked Liabilities” (b) On Shares, Bonds, Govt Securities etc - -
a) Interest accrued and not due 19,300,327 15,177,540 (c) Loans against policies 3,377,456 2,540,421
b) Net receivable to Unit linked Funds 3,856,131 4,673,790 (d) Others (On Book Debts and Current Assets) 510,450 1,348,750
c) Investment sold - pending for settlement 5,491,898 7,968,592 Unsecured - -
d) Investment purchased - pending for settlement (6,529,224) (13,228,876) Total 3,887,906 3,889,171
(e) Other receivable / (payable) 738,110 (40,845) 2 BORROWER - WISE CLASSIFICATION
f) Application money for Investment - - (a) Central and State Governments - -
Total 22,857,242 14,550,201 (b) Banks and Financial institutions 510,450 1,348,750
5 Break-up of Infrastructure and Social Sector Investment (c) Subsidiaries - -
Long Term Investments (d) Companies - -
a) Other Approved Investments - Equity 98,374,140 38,446,854 (e) Loans against policies 3,377,456 2,540,421
b) Other Approved Investments - Bonds & Debentures 146,741,437 163,630,946 (f) Others - -
c) Other Approved Investments -Infrastructure Investment Trust - - Total 3,887,906 3,889,171
d) Other Investments - Equity 2,542,152 - 3 PERFORMANCE - WISE CLASSIFICATION
e) Other Investments - Bonds & Debentures - - (a) Loans classified as standard less provisions
f) Other Investments - Infrastructure Investment Trust - - (aa) In India 3,887,906 3,889,171
Short Term Investments (bb) Outside India - -
a) Other Approved Investments - Equity - - (b) Non - standard loans less provisions
b) Other Approved Investments - Bonds & Debentures 2,122,002 16,871,396 (aa) In India - -
c) Other Approved Investments -Infrastructure Investment Trust - - (bb) Outside India - -
d) Other Investments - Equity - - Total 3,887,906 3,889,171
e) Other Investments - Bonds & Debentures - - 4 MATURITY - WISE CLASSIFICATION
f) Other Investments - Infrastructure Investment Trust - - (a) Short Term 181,040 166,462
6 Break-up of Other than Approved Investments (Other Investments) (b) Long Term 3,706,866 3,722,708
Bonds & Debentures 966,132 1,462,623 Total 3,887,906 3,889,171
Equity 91,149,660 59,584,637
Mutual Funds & Alternative Investment Funds 64,736,969 59,197,239 Notes :
7 Impairment / NPA provision on debt investments - - (` in ‘000)
8 For accounting policy on investments, refer note (k) of Schedule 16 (B) Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023
1 Aggregate cost of principal receivable within 12 months from the Balance Sheet date 175,000 258,333
out of Long Term Loans
2 Provision towards Standard Asset (Refer note no. 21(A) of Schedule 16 (C)) 2,050 5,417
3 Loans considered doubtful and the amount of provision (Other than standard provision) - -
created against such loans
4  S
 hort-term loans include those where the principal is repayable within 12 months from Balance Sheet date. Long term loans are
the loans other than short-term loans.
5  For accounting policy on loans, refer note (l) of Schedule 16 (B) and 20 of Schedule 16 (C))

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 SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

SCHEDULE - 11 CASH AND BANK BALANCES

-
5,215,127
10,667
5,204,460
103,867
718,580
197,334
1,014
247,055
210,615
1,278,539
550,213
-
1,762,522
134,723
-
As at
March 31,
2023
(` in ‘000)

(` in ‘000)
Net block

Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023

5,215,127
5,569,593
57,445
5,512,148
210,882
764,807
262,696
702
445,617
170,554
1,255,940
539,400
-
1,762,522
99,028
-
As at
March 31,
2024

1 Cash (including cheques, drafts and stamps) 1,018,953 982,257

2 Bank balances
(a) Deposit accounts
(aa) Short-term (due within 12 months of the date of balance sheet) 29,440,200 470,000

7,162,661
7,133,808
-
7,133,808
318,199
964,962
840,628
1,793
1,252,239
877,757
171,377
138,470
-
-
2,568,382
-
As at
March 31,
2024

(bb) Others - 25,690,100

(b) Current accounts* 16,947,136 14,459,984
(c) Others# 51,160 45,660
(d) Unclaimed Dividend Accounts 1,475 1,217

208,382
791,128
-
791,128
110,838
26,922
42,016
-
448,843
32,657
-
-
-
-
129,854
-
On Sales

3 Money at call and short notice

(a) With banks - -
(b) With other institutions - -
Depreciation

-
-
4 Others - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
On
year Adjustments

Total 47,458,924 41,649,219

Balances with non-scheduled banks included in 2 and 3 above - -
Cash and bank balances
1 In India 47,458,924 41,649,219
677,910
762,274
-
762,274
39,431
169,449
115,958
312
229,119
92,335
22,599
10,813
-
-
82,257
-
For the

2 Outside India - -
Total 47,458,924 41,649,219
For accounting policies on fixed assets and depreciation refer note (h) of Schedule 16 (B)

* Includes debit and credit balances of bank accounts.

6,693,134
7,162,661
-
7,162,661
389,605
822,434
766,686
1,482
1,471,962
818,078
148,778
127,657
-
-
2,615,979
-
As at
April 01,
2023

 ther bank balances comprise of ` 51,160 thousand (Previous year ended March 31, 2023 : ` 45,660 thousand) kept with bank for
O
#

issuance of bank guarantees. Fixed deposits having maturity more than three months amounts to ` 51,160 thousand and maturity less
than three months amounts to ` Nil thousands.
378,989 12,377,789
1,110,919 12,703,401
57,445
796,909 12,645,956
529,081
1,729,769
1,103,324
2,495
1,697,856
1,048,311
1,427,317

Note:
677,870
-
1,762,522
2,667,410
-
As at
March 31,
2024

Break-up of cash (including cheques,drafts and stamps) :

(` in ‘000)
*All intangible assets - software are other than those generated internally.

Sr. Particulars As at As at
314,010
110,838
28,385
44,781
-
449,420
33,626
-
-
-
-
129,859
-
Deductions

No. March 31, 2024 March 31, 2023

Cost / Gross block

1 Cash in hand 3 15
2 Postal franking & Revenue Stamps 302,136 370,860
3 Cheques in hand 716,814 611,382
795,918
1,436,531
360,788
1,075,743
146,447
217,140
184,085
-
428,259
53,245
-
-
-
-
46,567
-
Additions

Total 1,018,953 982,257

SCHEDULE - 12 ADVANCES AND OTHER ASSETS

(` in ‘000)
11,960,859
12,377,789
10,667
12,367,122
493,472
1,541,014
964,020
2,495
1,719,017
1,028,693
1,427,317
677,870
-
1,762,522
2,750,702
-
As at
April 01,
2023

Sr. Particulars As at As at
SCHEDULE - 10 FIXED ASSETS

No. March 31, 2024 March 31, 2023

ADVANCES
1 Reserve deposits with ceding companies - -
Capital work in progress and
Building on Leasehold Land

Previous year ended March

2 Application money for investments - -

Leasehold improvements
Building on freehold land

Information technology
Intangibles - software *

3 Prepayments 874,368 713,422

Servers & Networks
Leasehold property

4 Advances to Directors / Officers - -

Furniture & fittings

Office equipment

capital advances

5 Advance tax paid and taxes deducted at source (Net of provision for taxation) - -
Land-freehold

Grand Total

6 Advances to suppliers 234,639 193,795

equipment
Particulars

Goodwill

31, 2023

7 Advances to employees 8,852 8,831

Vehicles

Total

Total (A) 1,117,859 916,047

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

(` in ‘000) Note:
Sr. Particulars As at As at ‘Others’ under current liabilities (Schedule 13) comprise of:
No. March 31, 2024 March 31, 2023
(` in ‘000)
OTHER ASSETS
Sr. Particulars As at As at
1 Income accrued on investments No. March 31, 2024 March 31, 2023
a) Shareholders' 2,826,292 2,185,859 1 Brokerage payable 1,056 926
b) Policyholders' 36,387,029 30,006,538 2 Outstanding payables for investments 36,875 2,138,416
2 Outstanding Premiums 5,884,426 4,342,671 3 Payable to Unit linked Fund / Unclaimed Fund 10,602,277 7,709,571
3 Agents' Balances 17,351 15,125 4 TDS Payable 890,957 679,281
Less:- Provision for doubtful receivables (216) (550) 5 Goods and Service Tax Payable 2,951,142 2,675,371
Net Agent Balances 17,135 14,575 6 Other Statutory liabilities 192,647 179,914
4 Foreign Agents' Balances - - 7 Derivative Liability 203,898 2,286,679
5 Due from other entities carrying on insurance business (including reinsurers) 589,990 371,976 8 Margin money for derivative contracts 5,840,460
6 Due from subsidiaries / holding company - - 9 Others* 4,095,463 3,938,541
7 Deposit with Reserve Bank of India - - Total 24,814,775 19,608,699
8 Security deposit (including margin money for derivative contracts) 3,158,280 3,202,760
*Includes unclaimed dividend amounting to ` 1,475 thousands (Previous year ended March 31, 2023 : ` 1,217 thousand)
9 Receivables (Refer Note-1 below) 16,124,831 6,110,911
10 Goods and Service Tax and Service tax advance and unutilized credit 2,030,765 1,725,418
SCHEDULE - 14 PROVISIONS
11 Assets held for unclaimed amount of policyholders 1,671,970 2,658,959
12 Income accrued on unclaimed fund 360,362 357,676
(` in ‘000)
Sr. Particulars As at As at
Total (B) 69,051,080 50,977,342
No. March 31, 2024 March 31, 2023
Total (A + B) 70,168,939 51,893,389
1 For taxation (Net of Advance tax. Refer Note below) 1,663,293 2,170,859
Note: 1 2 For proposed dividends - -
3 For employee benefits 1,542,757 1,510,250
‘Receivables’ under Advances and other assets (Schedule 12) comprise of:
4 For interim dividend 2 290
(` in ‘000) Total 3,206,052 3,681,399
Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023
Provision for taxation (Net of advance tax)
1 Proceeds from sale / Maturity of investments 1,111,926 1,049,301
2 Receivable from Unit linked /Non Unit Linked funds 6,757,921 3,003,049 (` in ‘000)
3 Derivative Asset 7,600,955 1,612,065 Sr. Particulars As at As at
4 Others 654,029 446,496 No. March 31, 2024 March 31, 2023
Total 16,124,831 6,110,911 1 Provision for tax (24,238,374) (22,398,276)
2 Advance tax and taxes deducted at source 22,575,081 20,227,417
SCHEDULE - 13 CURRENT LIABILITIES Total (1,663,293) (2,170,859)
(` in ‘000)
Sr. Particulars As at As at SCHEDULE - 15 MISCELLANEOUS EXPENDITURE
No. March 31, 2024 March 31, 2023
(To the extent not written off or adjusted)
1 Agents' balances 1,331,936 1,694,588
2 Balances due to other insurance companies (including reinsurers) 244,517 219,542 (` in ‘000)
3 Deposits held on re-insurance ceded - - Sr. Particulars As at As at
4 Premium received in advance 449,613 421,462 No. March 31, 2024 March 31, 2023
5 Unallocated premium and other deposits 3,418,524 3,751,914 1 Discount allowed in issue of shares / debentures - -
6 Sundry creditors 15,045,723 12,499,282 2 Others - -
7 Due to subsidiaries / holding companies 315,865 393,968 Total - -
8 Claims outstanding 4,113,692 4,754,363
9 Annuities due 185,180 84,277
10 Due to Officers / Directors - -
11 Unclaimed amount - policyholders 1,671,970 2,658,959
12 Income accrued on unclaimed fund 360,362 357,676
13 Others [Refer note below] 24,814,775 19,608,699
Total 51,952,154 46,444,730

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Schedule 16 Use of estimates Interest income is recognised on accrual basis. assumptions having regard to current and future
The preparation of the financial statements in Pre-acquisition interest paid/received to/from experience e.g. interest rates, mortality and expenses.
Significant accounting policies and notes forming
conformity with generally accepted accounting counterparty on purchase/sale transaction
part of the accounts for the year ended March 31, For participating products, appropriate future bonus
principles in India (Indian GAAP) requires the is debited/credited to interest accrued and
2024 assumptions have been made.
management to make estimates and assumptions not due account. Accretion of discount and
A. Corporate Information and Nature of Operations that affect the reported amount of assets, liabilities, amortisation of premium in respect of debt For Group-Par-Pension, the reserve is the Accumulated
SBI Life Insurance Company Limited (‘the Company’) revenues and expenses and disclosure of contingent securities are effected over the remaining term Fund Value.
incorporated on October 11, 2000 as a Company liabilities as of the date of the financial statements. of such instruments on the basis of the related
For Non-Linked – Individual fund-based products and
under the Companies Act, 1956 as amended. The reliance upon estimates and assumptions Yield–to-Maturity.
Non-Linked – Group fund-based products, the policy
The Company is registered with the Insurance used in the accompanying financial statements Realised gains and losses in respect of equity liability in respect of savings portion is equal to the
Regulatory and Development Authority of India (‘the are based on management’s evaluation of the securities and units of mutual funds, Equity fund value as on the date of valuation.
Authority’ or ‘IRDAI’) vide registration no. 111 dated relevant facts and circumstances as of the date Exchange Traded funds (ETFs), Infrastructure
of the financial statements. Actual results may The unit liability in respect of Individual – Linked and
March 29, 2001 and is carrying on the business of Investment Trusts (InvITs) and Real Estate
differ from the estimates and assumptions used in Group – Linked business has been considered as the
life insurance. The Company’s life insurance business Investments Trusts (REITs) are calculated as the
preparing the accompanying financial statements. value of the units standing to the credit of the policy
comprises of individual life and group business, difference between the net sales proceeds and
Difference between the actual and estimates are holders, using the net asset value (NAV) as on the
including participating, non-participating, pension, their cost. In respect of debt securities, the realised
valuation date.
group gratuity, group leave encashment, group recognised in the period in which the actual results gains and losses are calculated as difference
superannuation, group immediate annuity, unit-linked materialise or are known. Any revision to accounting between net sales proceeds or redemption The adequacy of charges under individual unit linked
insurance products, variable insurance products, estimates is recognised prospectively in current and proceeds and weighted average amortised policies to meet future expenses has been tested and
health and micro insurance. Some of these policies future periods. cost. Cost in respect of equity shares and units provision made as appropriate. Provision has also
have riders such as accident and disability benefit, of mutual funds, Equity Exchange Traded funds been made for the cost of guarantee under unit linked
b. Revenue recognition
level term and critical illness. The equity shares of the (ETFs), Infrastructure Investment Trusts (InvITs) products offered with guarantee.
i. Premium Income
Company are listed on the National Stock Exchange and Real Estate Investments Trusts (REITs) are
Premium of non-linked business is recognised as Variable Insurance Policies (VIPs) have also been
(NSE) and BSE Limited (formerly known as Bombay computed using the weighted average method.
income (net of Goods and Service Tax) when due valued in a manner similar to the ULIP business by
Stock Exchange).
from policyholders. In respect of linked business, Fees received on lending of equity shares under considering liability as the policy account standing
B. Basis of Preparation and Significant premium income is recognised when the Securities lending and borrowing scheme (SLB) to the credit of the policyholders plus additional
Accounting Policies associated units are allotted. In case of variable is recognised as income over the period of the provisions for adequacy of charges to meet
insurance products (VIPs), premium income is lending on straight-line basis. expenses.
a. Basis of preparation and presentation
recognised on the date when the Policy Account e. Funds for future appropriation
The Financial Statements are prepared under the iv. Income from loans
Value is credited. Uncollected premium from For non-linked participating business, the balance
historical cost convention, on accrual basis in Interest income on loans is recognised on an
lapsed policies is not recognised as income until in the funds for future appropriation (FFA) account
accordance with the generally accepted accounting accrual basis. Loan processing fee is recognised
such policies are revived. on receipt basis. represents funds, the allocation of which, either to
principles in India (Indian GAAP) and in compliance
with the Accounting Standards notified under Section Top up premiums are considered as participating policyholders’ or to shareholders’, has
v. Rental Income
133 of the Companies Act, 2013, read together with single premium. not been determined at the Balance Sheet date.
Rental income is recognised in the income
Rule 7 of the Company (Accounts) Rules, 2014, further Transfers to and from the fund reflect the excess or
ii. Income from Linked funds statement on the straight line basis over
amended by Companies (Accounting Standards) deficit of income over expenses and appropriations
Income from linked funds which includes fund the lease period.
Amendment Rules, 2016, to the extent applicable, the in each accounting period arising in the Company’s
management charges, policy administration c. Reinsurance premium ceded policyholders’ fund. In respect of participating
provisions of the Insurance Act, 1938, as amended
charges, mortality charges, etc. are recovered Premium ceded on reinsurance is accounted in policies any allocation to the policyholder would
by the Insurance Laws (Amendment) Act, 2015 and
from linked fund in accordance with terms accordance with the terms of the reinsurance treaty also give rise to a shareholder transfer in the
Insurance (Amendment) Act, 2021, the Insurance
and conditions of policy and recognised or in-principle arrangement with the re-insurer. required proportion.
Regulatory and Development Act, 1999, the Insurance
when recovered.
Regulatory and Development Authority (Preparation of d. Liability for life policies (Policy liabilities) f. Benefits paid
Financial Statements and Auditors’ Report of Insurance iii. Investment Income The actuarial liability of all the life insurance policies i. Claims cost consist of the policy benefit amounts
Companies) Regulations, 2002 (the Accounting Dividend income for quoted shares is recognised has been calculated by the Appointed Actuary in and claims settlement costs, where applicable.
Regulations), the Master Circular on Preparation of on ex-dividend date, for non-quoted shares the accordance with the Insurance Act 1938, and as per
Financial Statements and Filing of Returns of Life dividend is recognised when the right to receive ii. Claims by death and rider are accounted when
the rules & regulations and circulars issued by IRDAI
intimated. Intimations up to the end of the period
Insurance Business dated December 11, 2013 and dividend is established. from time to time and the relevant Guidance Notes
are considered for accounting of such claims.
various other applicable circulars and notifications (GN) and / or Actuarial Practice Standards (APS) issued
Investment income on Alternate Investment
issued by the IRDAI thereafter. by the Institute of Actuaries of India. iii. Claims by maturity are accounted on the
Funds (AIFs), Real Estate Investment Trusts
policy maturity date.
The accounting policies used in preparation of (REITs) Infrastructure Investment Trusts (InvITs), Non-linked business is reserved using a
the financial statements are consistent with those are recognized as and when declared by prospective gross premium valuation method. iv. Survival and annuity benefit claims are
followed in the previous year. respective Fund/Trust. Mathematical reserves are calculated based on future accounted when due.

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v. Surrenders and withdrawals are accounted Depreciation/ amortisation Non-monetary items like fixed assets which are If NSE closing price is not available for any security,
as and when intimated. Benefits paid also The Company is following straight line method of recorded at historical cost are reported using the then BSE closing price is used for valuation.
includes amount payable on lapsed policies depreciation provided on pro rata (monthly) basis for exchange rate at the date of transaction.
Unlisted equity shares, equity related instruments &
which are accounted for as and when due. period of use for the following type of assets based on
Non-monetary items other than fixed assets, which preference shares are measured at historical cost.
Surrenders, withdrawals and lapsation are useful life as prescribed under Part “C” of Schedule II
are recognised at fair value or other similar valuation
disclosed at net of charges recoverable. to the Companies Act, 2013: In case of Security Lending & Borrowing (‘SLB’), Equity
are reported using exchange rate at the date when Shares lent are valued as per valuation policy for equity
vi. Repudiated claims disputed before judicial Nature of Asset Useful life such value was determined. shares as mentioned above.
authorities are provided for based on Furniture & fittings 10 Years
Exchange differences either on settlement or on Bonus entitlements are recognised as investments
management prudence considering the facts Office equipments 5 Years
translation are recognised in the Revenue Account or on the ‘ex-bonus date’. Rights entitlements are
and evidences available in respect of such claims. Vehicles 8 Years
Profit and Loss Account, as the case may be. recognised as investments on the ‘ex-rights date’.
Building 60 Years
vii. Amount recoverable from re-insurers are
Information technology equipment 3 Years k. Investments
accounted for in the same period as the related Additional Tier 1 (Basel III Compliant) Perpetual
Servers & networks 6 Years Investments are made and accounted in accordance
claim are intimated and are reduced from Bonds classified under “Equity” as specified by IRDAI,
Software expenses are amortised over a maximum with the Insurance Act, 1938, Insurance Regulatory are valued at prices obtained from Credit Rating
claims.
period of 3 years. and Development Authority of India (Investment) Information Services of India Limited (‘CRISIL’).
g. Acquisition costs Regulations, 2016, and Insurance Regulatory and
Acquisition costs such as commission, medical Leasehold improvements are amortised equally over Development Authority (Preparation of Financial Unrealised gains or losses arising due to change in
fees, etc. are costs that are primarily related to the the period of lease. Capital expenditure on individual the fair value of equity shares are recognised in the
Statements and Auditor’s Report of Insurance
acquisition of new and renewal insurance contracts. assets up to ` 1,000 are not capitalized and expensed Balance Sheet under “Fair value change account”.
Companies) Regulations, 2002, Investment Policy of
The same are expensed in the period in which out as revenue expenditure. the Company and various other circulars/ notifications On each balance sheet date, the Company assess
they are incurred. Assets individually costing more than ` 1,000 and as issued by IRDAI from time to time. whether impairment of listed equity securities has
h. Fixed assets, intangibles and depreciation up to ` 20,000 are fully depreciated in the month occurred. Any impairment loss is recognised as an
Investments are recorded on the trade date at cost,
Fixed assets of acquisition. expense in the Revenue or Profit and Loss Account to
which includes brokerage, security transaction tax,
Fixed assets are stated at cost, less accumulated the extent of the difference between the re-measured
Depreciation is charged to Revenue and Profit & Loss education cess and stamp duty, wherever applicable
depreciation and impairment, if any. Cost includes fair value of the security or investment and its weighted
Account based on the “put to use” criteria. and excludes interest paid, if any, on purchase.
the purchase price and any other cost which can be average cost as reduced by any previous impairment
directly attributed to bringing the asset to its working i. Impairment of fixed assets i. Classification of Investments loss recognised as an expense in the Revenue or
condition for its intended use. Subsequent expenditure The carrying values of assets at each Balance Sheet Investments maturing within twelve months Profit and Loss Account. Any reversal of impairment
incurred on existing fixed assets is expensed out date are reviewed for impairment. If any indication from balance sheet date and investments made loss, earlier recognised in Revenue or Profit and
except where such expenditure increases the future of such impairment exists, the recoverable amounts with the specific intention to dispose-off within Loss Account, is recognised in the Revenue or Profit
economic benefits from the existing assets. of those assets are estimated and impairment is twelve months from balance sheet date shall be and Loss Account.
recognised, if the carrying amount of those assets classified as short-term investments. Mutual funds
Intangibles
exceeds their recoverable amount. The recoverable Investments in mutual funds are valued at the previous
Intangible assets are stated at cost, less Investments other than Short-term investments
amount is the greater of the net selling price and their day’s Net Asset Value (NAV). Unrealised gains or losses
accumulated amortisation and impairment, if any. are classified as “Long-term investments”.
value in use. Value in use is arrived by discounting arising due to change in the fair value of mutual fund
Expenditure incurred on major application software ii. Valuation – shareholders’ investments and non-
the estimated future cash flows to their present units are recognised in the Balance Sheet under “Fair
and their customisation or further development linked policyholders’ investments
value based on an appropriate discount factor. If at value change account”.
is recognised as an intangible asset. The same is Debt securities
the Balance sheet date, there is an indication that an
capitalised under fixed assets if such expenditure Alternative Investment Funds (AIFs)
impairment loss recognised for an asset in earlier Debt securities, including Government securities
results in a benefit of enduring nature. Other software Investments in Alternative Investment Funds (AIFs)
accounting periods is no longer required or has and money market securities are stated at
expenses are expensed in the period in which they are valued at latest available NAV. Unrealised gains
decreased; reversal of impairment loss is recognised. historical cost subject to amortisation of premium
are incurred. Subsequent expenditure incurred on or losses arising due to change in the fair value of
The recoverable amount is reassessed and the asset or accretion of discount over a period of holding/
existing assets is expensed out except where such Alternative Investment Funds (AIFs) are recognised in
is reflected at recoverable amount, subject to a maturity on yield to maturity basis.
expenditure increases the future economic benefits the Balance Sheet under “Fair value change account”.
maximum of depreciable historical cost.
from the existing assets, in which case the expenditure Investments in Fixed Deposits with banks and
Interest Rate Derivatives (IRDs)
is amortised over the remaining useful life of the j. Foreign currency transactions Reverse Repo are valued at cost.
Interest Rate Derivative (IRD) contracts for hedging
original asset. As per AS 11 on The Effects of Changes in Foreign
Equity, equity related instruments & preference of highly probable forecasted transactions on
Exchange Rates, transactions denominated in foreign
Capital work in progress shares insurance contracts and investment cash flows in life,
currencies are recorded in INR at the exchange rate
Costs of assets as at the Balance sheet date not ready Listed equity shares, equity related instruments pension and annuity business, are accounted for in
prevailing on the date of transaction.
for its intended use are disclosed as capital work-in- & preference shares are measured at fair value the manner specified in accordance with ‘Guidance
progress. Advances paid towards the acquisition of Monetary assets and liabilities denominated in foreign on the Balance Sheet date. For the purpose Note on Accounting for Derivative Contracts’ issued
fixed assets and intangibles at the Balance Sheet date currency as at the Balance Sheet date are converted at of determining fair value, the closing price at by the Institute of Chartered Accountants of India
are disclosed as capital work-in-progress. the exchange rates prevailing on that date. primary exchange i.e. NSE is considered. (ICAI) in June 2015 effective from FY 2016-17, IRDAI

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circular no. IRDA/F&I/INV/CIR/138/06/2014 dated Hedging instruments are initially recognised at fair Debt securities including government securities with more than 6 months old) of the units published by the
June 11, 2014 (‘the IRDAI circular on Interest Rate value and are re-measured at fair value at subsequent remaining maturity of less than one year are valued trust. Unrealised gains or losses arising due to change
Derivatives’) and IRDAI Investment Master Circular reporting dates. The effective portion of fair value gain on yield to maturity basis, where yield is derived in the fair value of REITs units are recognised in the
issued in October 2022. / loss on the interest rate derivative that is determined using market price provided by CRISIL on the day Revenue Account.
to be an effective hedge is recognised in equity account when security is classified as short term. If security
The Company has well defined Board approved iv. Transfer of investments
i.e. “Hedge Fluctuation Reserve” or “HFR” under the is purchased during its short term tenor, it is valued
interest rate risk hedging Policy and Process document a. Transfer of investments from Shareholders’
head ‘Credit/(Debit) Fair Value Change Account’’ in at amortized cost using yield to maturity method.
covering various aspects related to functioning of fund to Policyholders’ fund
the Balance Sheet and the ineffective portion of the In case of securities with options, earliest Call Option
the derivative transactions undertaken to mitigate In the case of deficit in Revenue Account, transfer
change in fair value of such derivative instruments / Put Option date will be taken as maturity date
interest rate risk as per the Interest rate risk hedging of securities from shareholders to policyholders
is recognised in the Revenue Account or Profit and for this purpose.
strategy. At the inception of the hedge, the Company is done as below:
Loss account in the period in which they arise. The fair
designates and documents the relationship between Money market securities are valued at historical cost
value gain / loss on the interest rate derivative that is (i) Debt securities are transferred at lower of
the hedging instrument and the hedged item, the risk subject to amortisation of premium or accretion of
determined to be an ineffective hedge is recognised in net amortised cost or market value on the
management objective, strategy for undertaking the discount on yield to maturity basis.
the revenue account or profit and loss account in the date of transfer;
hedge and the methods used to assess the hedge
period in which they arise. Investments in Fixed Deposits with banks and Reverse
effectiveness. Hedge effectiveness is the degree to (ii) Equity securities are transferred at lower of
The accumulated gains or losses that were recognised Repo are valued at cost.
which changes in the fair value or cash flows of the cost or market value on the date of transfer.
hedged item that are attributable to a hedged risk in the Hedge Fluctuation Reserve are reclassified Equity, equity related instruments & preference
into Revenue Account or profit and loss account, b. Transfer of investments from Policyholders’
are offset by changes in the fair value or cash flows shares
in the same period during which the income from fund to Shareholders’ fund
of the hedging instrument. Hedge effectiveness is Listed equity shares, equity related instruments &
investments acquired from underlying forecasted cash In the case of surplus in Revenue Account,
ascertained at the time of inception of the hedge and preference shares are measured at fair value on the
flow is recognized in the Revenue Account or profit and transfer of securities from policyholders’ to
periodically thereafter at Balance Sheet date. Balance Sheet date. For the purpose of determining
loss account. Hedge accounting is discontinued when shareholders’ is done as below:
fair value, closing price at primary exchange i.e.
Forward Rate Agreement (“FRA”) is a forward the hedging instrument is terminated or it becomes NSE is considered. (i) Debt securities are transferred at net
contract to hedge the risk of movements in interest probable that the expected forecast transaction will amortised cost;
rates. In a FRA contract, the Company fixes the no longer occur or the risk management objective is If NSE closing price is not available for any security,
yield on the government bond for the period till changed or no longer expected to be met. On such then BSE closing price is used for valuation. (ii) Equity securities are transferred at market
the maturity of the contract. The Company enters termination, accumulated gains or losses that were value on the date of transfer.
Unlisted equity shares, equity related instruments &
into FRA to hedge interest rate risk on forecasted recognised in the Hedge Fluctuation Reserve are preference shares are measured at historical cost. c. Transfer of investments between non-linked
transactions: a) Reinvestment of maturity proceeds reclassified into Revenue Account or Profit and Loss Policyholders’ funds
of existing fixed income investments; b) Investment account. Costs associated with derivative contracts In case of Security Lending & Borrowing (SLB), Equity
No transfer of investments is carried out between
of interest income receivable; and c) Expected are considered as at a point in time cost. Shares lent are valued as per valuation policy for equity
non-linked policyholders’ funds.
policy premium income receivable on insurance shares as mentioned above.
contracts which are already underwritten in Life, Real Estate Investment Trusts (REITs)/ Infrastructure d. Transfer of investments between unit-linked
Investments Trusts (InvITs) Additional Tier 1 (Basel III Compliant) Perpetual Bonds
Pension & Annuity business. funds
The Investment in Units of REITs / InvITs are valued classified under “Equity” as specified by IRDAI, are
In case of unit linked fund, inter schemes
The Company follows “hedge accounting” for at Market Value (last quoted price should not be later valued at prices obtained from CRISIL.
transfers of equity, preference shares, ETFs and
accounting of all Interest rate derivative financial than 30 days). For the purpose of determining market Unrealised gains or losses arising due to change in the Government Securities are made at prevailing
instruments as per Guidance Note on Accounting for value, the closing price at primary exchange i.e. NSE is fair value are recognised in the Revenue Account. market price at the time of transfer. In case,
Derivative Contracts issued by Institute of Chartered considered. If NSE closing price is not available for any if the trade has not taken place on the day of
Accountants of India (ICAI). security, then BSE closing price is used for valuation. Mutual funds
transfer, the transfer of investments is accounted
Where market quote is not available for the last 30 Investments in mutual funds are valued at the previous
The Forward Rate Agreement (FRA) contract is at previous day valuation price as per IRDAI
days, the units are valued as per the latest NAV (not day’s Net Asset Value (NAV). Unrealised gains or losses
valued at the difference between the market value of (Investment) Regulations.
more than 6 months old) of the units published by arising due to change in the fair value of mutual fund
underlying bond at the spot reference yield taken from
the trust. Unrealised gains or losses arising due to units are recognised in the Revenue Account. For all other securities, transfer of investments is
the SEBI approved rating agency and present value of
change in the fair value of Real Estate Investment accounted at previous day valuation price as per
contracted forward price of underlying bond including Real Estate Investment Trusts (REITs)/ Infrastructure
Trust (REITs)/Infrastructure Investments Trusts (InvITs) IRDAI (Investment) Regulations.
present value of intermediate coupon inflows from Investments Trusts (lnvIT)
are recognised in the Balance Sheet under “Fair value
valuation date till FRA contract settlement date, at The Investment in Units of REITs / InvITs are valued v. Impairment of Investments
change account”.
applicable INR-OIS rate curve. The fair valuation or at Market Value (last quoted price should not be later On each balance sheet date, the Company assesses
mark-to-market valuation of the derivative financial iii. Valuation – Linked business than 30 days). For the purpose of determining market whether there is any indication of impairment of
instruments is done independently by both the parties Debt securities value, the closing price at primary exchange i.e. NSE is investments or reversal of impairment loss recognised
i.e. the Company and the counter party. The counter Debt securities including Government securities with considered. If NSE closing price is not available for any in prior periods. Any impairment loss is recognised
party (bank) valuation is considered for margin remaining maturity of more than one year are valued security, then BSE closing price is used for valuation. as an expense in the Revenue or Profit and Loss
settlement as the counter party (bank) is the valuation at prices obtained from Credit Rating Information Where market quote is not available for the last 30 Account to the extent of the difference between the
agent as per forward rate agreement. Services of India Limited (‘CRISIL’). days, the units are valued as per the latest NAV (not re-measured fair value of the security or investment

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and its weighted average cost as reduced by any employee’s salary and the years of employment (iv) Employee share based payments statements and the recognition for tax purposes.
previous impairment loss recognised as an expense in with the Company. The Company follows the intrinsic value method The effect of deferred tax asset or liability of a change
the Revenue or Profit and Loss Account. Any reversal to account for its share-based employee in the tax rates are recognised using the tax rates
The Company accounts for the liability for future
of impairment loss, earlier recognised in Revenue or compensation plans in accordance with the and tax laws that have been enacted or substantively
gratuity benefits in accordance with Accounting
Profit and Loss Account, is recognised in the Revenue Guidance Note on Accounting for Employee enacted by the Balance Sheet date. Deferred tax assets
Standard – 15 (Revised). The net present value
or Profit and Loss Account. Share based Payments, issued by the Institute are recognised only to the extent that there is a virtual
of the Company’s obligation towards the same
of Chartered Accountants of India (ICAI). certainty that sufficient future taxable income will be
vi. Provision for Non-Performing Assets (NPAs) is actuarially determined based on the projected The intrinsic value is measured as the excess, if available against which such deferred tax assets can be
All assets where the interest and/or principal unit credit method as at the Balance Sheet date. any, of the fair market price of the underlying realised. Deferred tax assets or liabilities are reviewed
repayment remain overdue for more than 90 days Actuarial gains and losses are recognised in the stock over the exercise price on the grant date. as at each Balance Sheet date and written down or
at the Balance Sheet date are classified as NPA and Revenue Account. The intrinsic value of options, if any, at the written up to reflect the amount that is reasonably or
provided for in accordance with the requirement of grant date is amortised over the vesting period. virtually certain to be realised.
COVID Ex-gratia
applicable IRDAI Regulations/circulars. The fair market price is the latest closing price,
The Company accrues liability for Employees Indirect Taxes
l. Loans COVID Ex-gratia Scheme in accordance with immediately prior to the grant date, on the stock
Goods and Service Tax (GST) liability on output service
Investments in Loans are stated at historical cost, Accounting Standard – 15 (Revised) ‘Employee exchange on which the shares of the Company
is set-off against the input tax credits available from
less repayments, subject to provision for impairment Benefits’ issued by ICAI and notified under section are listed. If the shares are listed on more than one
GST paid on input services. Unutilised credits, if any,
losses & non-performing asset (NPA) provision, if any. stock exchange, then, the stock exchange which
133 of the Companies Act, 2013. The Net Present are carried forward under “Advances and other assets”
records the highest trading volume on the date,
m. Provision for Standard Assets Value (NPV) of the Company’s obligation towards for future set off and are deferred for recognition to
immediately prior to the grant date is considered.
In accordance with the IRDAI guidelines on ‘Prudential the Employees COVID Ex-gratia Scheme, which the extent there is reasonable certainty that the assets
norms for income recognition, asset classification, is a defined benefit plan, is actuarially determined [Link] for Leases can be realised in future.
provisioning and other related matters in respect based on the Projected Unit Credit Method (i) Operating Lease
q. Segmental reporting
of debt portfolio’ vide the Master circular, adequate (PUCM) as at the Balance Sheet date. Where the Company is the lessee
As per Accounting Standard 17 on “Segmental
provisions are made for estimated loss arising on Leases where the lessor effectively retains
(ii) Other long-term employee benefits Reporting” read with IRDA (Preparation of Financial
account from/under recovery of loans and advances substantially all the risks and benefits of
Compensated Absences and Long Term Service Statements and Auditor’s Report of Insurance
ownership over the lease term are classified as
(other than loans and advances granted against Awards Companies) Regulations, 2002, the Company has
operating leases. Operating lease rentals are
insurance policies issued by the insurer) outstanding Compensated absences which are not expected classified and disclosed segmental information in to
recognised as an expense over the lease period
at the balance sheet date in respect of standard assets. to occur within twelve months after the end of participating, non-participating and linked businesses,
on a straight line basis.
the period in which the employee renders the which are further segmented into Individual life,
[Link] benefits
related services are recognised as a liability at the Where the Company is the lessor group, health, pension, variable and annuity.
(i) Post-employment benefit
present value of the defined benefit obligation at Assets subject to operating leases are included
Defined benefit plans r. Provisions and contingent liabilities
the Balance Sheet date. in fixed assets. Lease income is recognised in
Provident Fund The Company recognises a provision when there is
the Profit and Loss Account on a straight-line
The Company makes contribution towards a present obligation as a result of a past event that
Long Term Service Awards are recognised as a basis over the lease term. Costs, including
provident fund, a defined benefit retirement probably requires an outflow of resources and a
liability at the present value of the defined benefit depreciation are recognised as expense in the
plan. The provident fund is administered by reliable estimate can be made of the amount of the
obligation at the Balance Sheet date. Profit and Loss Account.
the trustees of the SBI Life Insurance Company obligation. A disclosure for a contingent liability is
Limited Employees PF Trust. The contribution The Company accrues the liability for (ii) Finance Lease made when there is a possible obligation or a present
paid or payable under the schemes is charged compensated absences and long term service Leases under which the Company assumes obligation that may, but probably will not, require
to the Revenue Account during the period in awards in accordance with Accounting Standard substantially all the risk and rewards of ownership an outflow of resources. Where there is a possible
which the employee renders the related service. – 15 (Revised). The net present value of the of the asset are classified as finance leases. obligation or a present obligation that the likelihood
Further, an actuarial valuation is conducted Company’s obligation is determined based Such leased asset acquired are capitalised at of outflow of resources is remote, no provision or
annually by an independent actuary to recognise on the projected unit credit method as at the fair value of the asset or present value of the disclosure is made. Loss contingencies arising from
the deficiency, if any, in the interest payable on Balance Sheet date. minimum lease rental payments at the inception litigation etc. are recorded when it is probable that
the contributions as compared to the interest of the lease, whichever is lower. a liability has been incurred and the amount can be
(iii) Short-term employee benefits reasonably estimated.
liability as per the statutory rate. p. Taxation
The undiscounted amount of short-term
Gratuity employee benefits expected to be paid for the Direct Taxes Contingent assets are neither recognised nor
The Company has incorporated a gratuity trust. services rendered by employees is recognised Provision for current income tax, if any, is made disclosed.
The Company makes contribution to a Gratuity during the period when the employees on an accrual basis after taking credit for all
s. Earnings per Share
Fund administered by trustees of SBI Life renders the service. These benefits include allowances and exemptions in accordance with the
As per AS 20 on Earnings Per Share, basic earnings
salaries and bonuses, short term compensated Income Tax Act, 1961.
Insurance Company Limited Employees Gratuity per share are calculated by dividing the net profit
Fund. The plan provides a lump sum payment to absences, premium for staff medical insurance Deferred income tax is recognised for future tax or loss for the period in the shareholders’ account
vested employees at retirement or termination (hospitalization), premium for employee group consequences attributable to timing differences by the weighted average number of equity shares
of employment based on the respective term insurance scheme etc. between income as determined by the financial outstanding during the period.

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For the purpose of calculating diluted earnings per banks and other short-term highly liquid investments dated April 7, 2021 has dismissed the appeal filed by 2. Pending Litigation
share, the net profit or loss for the year attributable with original maturities of three months or less. the Company against the IRDAI order. Subsequently, The Company’s pending litigations comprise of
to shareholders and the weighted average number of Receipts and Payments Account is prepared and the Hon’ble Supreme Court vide its order dated claims against the Company primarily by customers
shares outstanding during the period are adjusted for reported using the Direct Method in accordance with September 22, 2021 has dismissed petition filed by and proceedings pending with tax authorities.
the effects of all dilutive potential equity shares. Accounting Standard (AS) 3, Cash Flow Statements” the Company against the SAT order. Accordingly, in FY The Company has reviewed all its pending litigations
as per requirements of IRDAI Master Circular on 2022, the Company has made provision in the Profit and proceedings and has adequately provided for
t. Cash and Cash Equivalents
Preparation of Financial Statements and IRDA and Loss Account (Shareholders’ Account) for refund where provisions are required and disclosed the
Cash and cash equivalents for the purpose of
(Preparation of Financial Statements and Auditors’ of administrative charges paid to group master policy contingent liability (refer note 1 of Schedule 16
Receipts and Payments Account comprises of cash
holders amounting to ` 843,174 thousands plus (C)) where applicable, in its financial statements.
and cheques in hand, bank balances, deposits with Report of Insurance Companies) regulations.
applicable interest as per IRDAI order dated January 11, The Company does not expect the outcome of these
2017. As at March 31, 2024, out of the total provision
proceedings to have a material adverse effect on its
C. Notes to Accounts amount, the Company has refunded administrative
financial results as at March 31, 2024.
1. Contingent Liabilities fees of ` 558,721 thousands and interest of ` 224,878
(` in ‘000) thousands (As at March 31, 2023 administrative fees 3. Encumbrances on assets
Sr. Particulars As at As at of ` 524,227 thousands and interest of ` 205,792 The Assets of the Company are free from any
No. March 31, 2024 March 31, 2023 thousands) to the members of group insurance policy. encumbrances as at March 31, 2024 except for:
1 Partly paid – up investments 5,247,750 5,750,000
2 Claims, other than against policies, not acknowledged as debts by the Company 17,786 11,636
a. Securities or cash deposited as margin for investment trade obligations of the Company:
(Refer Note 3)
3 Underwriting commitments outstanding (in respect of shares and securities) - - (` in ‘000)
4 Guarantees given by or on behalf of the Company - - Particulars As at March 31, 2024 As at March 31, 2023
5 Statutory demands or liabilities in dispute, not provided (Refer Note 1) - - Book Value Market Value Book Value Market Value
6 Reinsurance obligations to the extent not provided for in accounts - - 1) Clearing Corporation of India
7 Others: Ltd.- Securities Segment
– Insurance claims disputed by the Company, to the extent not provided or 2,889,138 2,259,814 i) Government Securities 5,315,817 5,293,858 5,349,883 5,331,533
reserved (Refer Note 3) ii) Cash 568,900 568,900 565,100 565,100
– Directions issued by IRDAI under section 34(1) of Insurance Act, 1938 (Refer 2,752,948 2,752,948 Sub Total 5,884,717 5,862,758 5,914,983 5,896,633
Note 2) 2) Clearing Corporation of India
Total 10,907,622 10,774,398 Ltd.- TREP Segment
i) Government Securities 822,178 809,887 976,208 793,637
Notes: and SBI Life both, have challenged SAT order dated 29 ii) Cash 55,100 55,100 5,100 5,100
January 2020 before the Hon’ble Supreme Court of Sub Total 877,278 864,987 981,308 798,737
Note 1:
India in Civil Appeal Nos. 254-255 of 2021 and Civil 3) National Securities Clearing
Show-cause notices issued by various Government
Appeal No. 2497-2498 of 2021 respectively, which is Corporation Limited NSCCL –
Authorities are not considered as an obligation.
yet to be adjudicated upon. Capital Market Segment
When any order or notice is raised by the authorities
for which the Company is in appeal under Note 3: i) Fixed Deposit - - - -
adjudication, these are disclosed as contingent liability These cases pertain to litigation arising in the ordinary ii) Cash 1,355,568 1,355,568 1,000,877 1,000,877
except in cases where the probability of any financial course of business and pending at various appellate Sub Total 1,355,568 1,355,568 1,000,877 1,000,877
outflow is remote. forums/courts. The Company has made a provision 4) Indian Clearing Corporation
Limited ICCL - Capital Market
of ` 428,845 thousand at March 31, 2024 (Previous
Note 2: Segment
year ended March 31, 2023 ` 347,199 thousand)
The IRDAI directions issued under section 34 (1) of i) Fixed Deposit - - - -
where the management assessment of a financial
the Insurance Act, 1938 to refund allegedly excess ii) Cash - - - -
outflow is probable.
commission paid to corporate agents to the members Sub Total - - - -
or the beneficiaries amounting to ` 2,752,948 Note 4: 5) Margin for FRA MTM
thousands (previous year ended March 31, 2023: IRDAI has issued directions under section 34(1) i) Cash 20,670 20,670 721,940 721,940
` 2,752,948 thousands) vide order no. IRDA/Life/ORD/ of the Insurance Act, 1938 to distribute the Sub Total 20,670 20,670 721,940 721,940
Misc/083/03/2014 dated March 11, 2014 has been administrative charges paid to master policyholders Grand Total 8,138,233 8,103,983 8,619,108 8,418,187
set aside by Securities Appellate Tribunal (SAT) vide its amounting to ` 843,174 thousands vide its order
Notes:
order dated 29 January 2020. The SAT has remitted the no. IRDA/Life/ORD/MISC/228/10/2012 dated
i. Physical custody of the securities is with respective clearing houses; however, Company has a right on the contractual
matter to IRDAI to recalculate the interest earned on October 5, 2012 and subsequent order no. IRDA/Life/ cash flows of these investments. These investments can be invoked by the clearing houses in case of any default by the
advance premium collected. The IRDAI recalculation, if ORD/ MISC/009/01/2017 dated January 11, 2017. Company in settlement of trades.
any, has not been received by the Company. The IRDAI The Securities Appellate Tribunal (SAT) vide its order ii. No Securities or cash deposited as margin for investment trade obligations are issued outside India.
iii. Margin money is paid to respective counterparties toward negative mark-to-market (MTM losses) on FRA transactions.

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

b. Other assets Segment / Product Fixed Expense Assumptions

(` in ‘000) (Amounts in `)
Sr. Particulars As at As at Regular Premium Single Premium
No. March 31, 2024 March 31, 2023 Participating - Individual Life, Individual Pension, Individual VIP Ranging from 109 Ranging from 82 to
1) Sales Tax Department – Jammu as security deposit for registration Non-Participating - Individual Life, Individual Pension, Annuity (Individual and to 654 based on the 542 based on the
Fixed Deposit 250 250 Group), Health (Individual), Individual VIP nature of product nature of product
2) Bank guarantee issued to Post office department and UIDAI
Linked - Individual Life, Individual Pension 710 532
Fixed Deposit 51,160 45,660
Non-Participating - Group Other, Group Savings –Swarnaganga, OYRGTA Ranging from 5 to Ranging from 16 to
Total 51,410 45,910
Linked - Group 290 based on the 290 based on the
4. Capital commitments (Per life basis) nature of product nature of product
(` in ‘000)
For fully paid-up and reduced paid-up policies, fixed expenses are considered same as for single premium policies.
Particulars As at As at
March 31, 2024 March 31, 2023
Commitments made and outstanding for loans and investment 6,111,747 5,296,761 An inflation rate of 5.50% per annum (previous year The Surplus emerged from Non-participating
Estimated amount of contracts remaining to be executed on capital account, to the 238,353 540,903 ended March 31, 2023: 5.50% per annum) has been segment has been transferred to Profit & Loss
extent not provided for (net of advances) assumed while estimating future expenses. Account for the year ended March 31, 2024
5. Actuarial assumptions – Non-Participating (Individual and Group), and based on the recommendation of the Appointed
For participating products, the vested bonuses are those
The assumptions used in valuation of liabilities are VIP – Non-Participating (Individual and Group). Actuary and the necessary fund transfer will be
which were distributed by the Company consequent
in accordance with the guidelines and norms issued ‘Linked’ segment is further classified in to the made after the year end on the basis of Audited
to the actuarial valuations carried out annually at
by the IRDAI and the Institute of Actuaries of India in following LoBs: Individual – Life – Linked, Group financials with required recommendations by the
the end of each financial year dated March 31, 2002
concurrence with IRDAI. – Linked and Individual – Pension – Linked. Appointed Actuary.
to March 31, 2024. Regarding bonus provisions for
The actuarial assumptions certified by the Appointed b. For policies which are likely to get cancelled during the current financial year and bonus provision for Appointed Actuary is satisfied that the nature
Actuary are as under: their “free look period”, premium less stamp duty future years, the bonus rates have been assessed by and extent of reinsurance arrangements require
a. In the actuarial valuation all the policies, which and medical expenses as per the policy contract carrying out Bonus Earning Capacity (BEC) / asset no additional reserve to be set aside apart from
need to be refunded. Adequate provision is share investigations and taking into consideration the reinsurance reserves set aside based on Unearned
were in the books of the Company and where
provided for such policies. policyholder’s reasonable expectations. Premium Reserve (UPR) methodology.
there is a liability as at March 31, 2024, have been
taken into account. c. The following parametric values are used to carry Prevailing tax rate as applicable has been duly allowed Considering the prudence of the valuation basis and
out the actuarial valuation: for in valuation of policy liabilities.
The portfolio consists of Participating, the margins in the assumptions, our assessment
Non-Participating and Linked segments. For mortality assumption under life business is that, the reserve set aside is sufficient to meet all
For participating pension products, special one-time
‘Indian Assured Lives (2012-2014) Ultimate future policy outgoes under adverse conditions.
‘Participating’ segment is further classified in bonus declared during financial year 2003-04
Mortality table’ and under general annuity
to the following Lines of Businesses (LoBs): and 2004-05 have been taken into account. Funds for Future Appropriation
business ‘Indian Individual Annuitant’s Mortality
Individual – Life – Participating, Individual – Table (2012-15)’ has been used. For Morbidity Appropriate future bonus assumptions have been made. As at March 31, 2024, the Funds for Future
Pension – Participating, Group – Pension – assumption, the Morbidity Tables provided Margin for Adverse Deviation (MAD) has been provided, Appropriation (FFA) in non-linked participating
Participating and Individual – VIP – Participating. by re-insurers has been used with suitable wherever applicable and required. segments is ` 13,365,628 thousands (previous year
‘Non-Participating’ segment is further adjustment. ended March 31, 2023 ` 11,427,394 thousands).
In addition to this, Incurred but Not Reported (IBNR)
classified in to the following LoBs: Individual Withdrawal assumptions range from 0% to 22.50% claims reserve is also provided wherever required. There is no FFA under any other segment.
– Life – Non-Participating, Individual for valuation as at March 31, 2024 as compared
– Pension – Non-Participating, Group to 0% to 21.75% for valuation as March 31, 2023. The above parameters and the MAD provision 6. Cost of guarantee
Savings – Non-Participating, Group One have been observed to ensure prudence and are in Provision of ` 3,249,275 thousands (previous year
The interest rate for valuation lies in the range
Year Renewable Group Term Assurance accordance with the GN / APS issued by the Institute ended March 31, 2023 ` 2,048,495 thousands) has also
of 5.50% to 6.20% per annum as shown in the
(OYRGTA) – Non-Participating, Group table below. While allocating expenses for the of Actuaries of India and in concurrence with the been made for the cost of guarantee under Individual
Other – Non-Participating, Annuity – current year, the entire policyholders’ expenses Regulations and circulars of IRDAI. unit linked policies with guarantee.
Non-Participating (Individual and Group), Health have been allocated product-wise.
(` in ‘000)
Line of Business Valuation basis as Valuation basis as
on March 31, 2024 on March 31, 2023
Participating 6.15% 6.10%
Non-Participating 5.50% to 6.00% 5.50% to 6.00%
Unit Linked 5.50% 5.50%
Annuity 6.10% to 6.20% 6.00% to 6.10%
Health 5.50% 5.50%
As regard for future expenses, on the basis of experience available, fixed expenses are considered separately for
single premium products and regular premium products.

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

7. Policy liabilities iii. Value of contracts in relation to investments for:

The non-linked policy liability after reinsurance of ` 1,558,085,023 thousands as on March 31, 2024 (previous year
(` in ‘000)
ended March 31, 2023: ` 1,301,319,007 thousands) includes the following non-unit reserve held for linked liabilities:
Particulars As at March 31, 2024 As at March 31, 2023
(` in ‘000) Shareholder Non Linked Linked Shareholder Non Linked Linked
Particulars As at As at Policyholder Policyholder Policyholder Policyholder
March 31, 2024 March 31, 2023 Purchases where payment is not - - 6,529,224 51,338 2,086,931 13,228,876
ULIP – Individual 8,995,202 7,499,234 made and deliveries are pending
ULIP – Group 45,857 41,756 Purchases where payment is made - - - - - -
ULIP – Pension 4,658,862 3,186,947 and deliveries are pending
Total 13,699,921 10,727,937 Sales where receivables are - 1,414,938 5,491,898 103,695 945,607 7,968,592
pending*
The total linked liabilities (excluding non-unit reserve) stands at ` 2,160,102,705 thousands as at March 31, 2024
*No payments are overdue.
(previous year ended March 31, 2023: ` 1,632,555,405 thousands).
8. Reinsurance or Risk retention iv. Equity shares lent under the Securities Lending and Borrowing scheme (SLB) continue to be recognised in the
In the normal course of its business, the Company seeks to reduce risk exposure by reinsuring certain levels of risk in Balance Sheet as the Company retains all the associated risk and rewards of these securities. The Fair value of
various areas of exposure with reinsurers. An asset or liability is recorded in the Balance Sheet representing premiums equity shares lent by the Company under SLB and outstanding as at March 31, 2024 is ` Nil (March 31, 2023: ` Nil).
due to or payments due from reinsurers and share of claims recoverable from re- insurers. Extent of risk retained and
v. Aggregate cost and market value of investments, which are valued at fair value:
reinsured is given below:
(` in ‘000)
(` in ‘000)
Particulars As at March 31, 2024 As at March 31, 2023
Particulars Year ended March 31, 2024 Year ended March 31, 2023
Book Value Market Value Book Value Market Value
Sum Assured % of Holding Sum Assured % of Holding
(A) Linked Investments
` (‘000) ` (‘000)
- Bonds & Debentures 302,530,313 303,579,281 291,672,058 289,952,652
Individual Business
- Equity 878,955,437 1,235,740,400 652,506,399 781,844,509
Risk Retained 6,798,053,055 82.22% 5,743,625,821 81.17%
- Gilts 437,337,992 442,515,445 382,763,163 381,265,845
Risk Reinsured 1,470,445,559 17.78% 1,332,286,075 18.83%
- Mutual Funds 62,350,751 77,677,667 63,860,946 66,451,369
Group Business
(B) Non- Linked Investments (Including
Risk Retained 10,553,291,446 63.87% 8,622,395,736 67.82%
Shareholder Investments)
Risk Reinsured 5,970,404,192 36.13% 4,092,156,860 32.18%
- Bonds & Debentures 199,955 49,989 - -
Total
- Equity 117,227,454 150,915,989 103,728,360 119,267,612
Risk Retained 17,351,344,500 69.99% 14,366,021,558 72.59%
- Gilts - - - -
Risk Reinsured 7,440,849,751 30.01% 5,424,442,935 27.41%
- Mutual Funds 19,842,247 24,586,434 15,040,106 18,763,772
9. Benefits payable Total 1,818,444,149 2,235,065,205 1,509,571,032 1,657,545,759
The claims settled and remaining unpaid for a period of more than 6 months on the Balance Sheet date Historical Cost- Unlisted Equity & Equity related Investments
(` in ‘000) (` in ‘000)
Particulars As at March 31, 2024 As at March 31, 2023 Particulars As at March 31, 2024 As at March 31, 2023
Count Amount Count Amount Linked Non-Linked Linked Non-Linked
Claims 24,284 260,570 2 10,494 Investments Investments Investments Investments
Unlisted Equity Shares Valued at Cost - 4,210,694 - 1,492,499
All the claims are payable in India. Equity Shares awaiting listing including - - - -
10. Investments REIT Units
i. Investments have been made in accordance with the Insurance Act, 1938, and Insurance Regulatory and
Development Authority of India (Investment) Regulations, 2016, as amended from time to time.
ii. All investments of the Company are performing investments except as disclosed in Note no. 21(B) of
Schedule 16 (C).

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

11. Disclosure on Repo / Reverse Repo transactions and Non-Executive), Key Managerial Persons and risk and the mix of cash, equity and other forms of
Disclosures pursuant to IRDAI notification IRDA/F&I/CIR/INV/250/12/2012 dated December 04, 2012 are detailed below: other employees of the Company. remuneration are consistent with risk alignment.
As at March 31, 2024 • To ensure that level and composition of The remuneration policy ensures that there is a
(` in ‘000) remuneration is reasonable and sufficient, proper balance between fixed pay and variable
Particulars Minimum Maximum Daily average Outstanding relationship of remuneration to performance is pay. Variable Pay is in the form of “pay at risk” and
outstanding outstanding outstanding as at March 31, clear and meets performance benchmarks. depending on performance and risk outcomes at
during the year during the year during the year 2024 individual and company-wide level, the quantum of
ended March 31, ended ended March 31, • To provide to Key Management Persons, Senior
Variable Pay changes.
2024 March 31, 2024 2024 Management and other employees rewards
Securities Sold under Repo: linked directly to their effort, performance, Also, for Key Managerial Persons, at least 50% of
i. Government Securities Nil Nil Nil Nil dedication and achievement relating to the the total variable pay is under deferral arrangement
ii. Corporate Debt Securities Nil Nil Nil Nil Company’s operations and shall not encourage and the deferral is spread over at least three years.
Securities Purchased under Reverse Repo: Key Managerial Persons to take inappropriate The deferred variable pay is also subject to Malus and
i. Government Securities - 33,864,360 22,575,958 24,861,643 or excessive risks for their performance based Claw-Back clauses as detailed in the Remuneration
ii. Corporate Debt Securities Nil Nil Nil Nil variable remuneration. Policy of the Company.
As at March 31, 2023 The Company has an annual increment and variable
• To retain, motivate and promote talent
(` in ‘000) and to ensure long term sustainability of pay policy which is based on merit pay philosophy.
Particulars Minimum Maximum Daily average Outstanding talented managerial persons and create The performance linked incentive is based on both
outstanding outstanding outstanding as at March individual as well as Company’s performance.
competitive advantage.
during the year during the year during the year 31, 2023
ended March 31, ended March 31, ended March 31, • To ensure alignment of compensation with Various performance parameters for the Company
2023 2023 2023 are reviewed by NRC and approved by the Board
prudent risk taking.
Securities Sold under Repo: every year. Based on the predefined parameters the
i. Government Securities Nil Nil Nil Nil The policy is reviewed by NRC at least annually or as actual performance of the Company is reviewed by
ii. Corporate Debt Securities Nil Nil Nil Nil and when required. NRC to award a performance rating. The Company
Securities Purchased under Reverse Repo: performance rating is approved by the Board based
The remuneration policy promotes sound and
i. Government Securities 18,380,854 37,183,187 29,996,325 22,766,866 on the recommendations of NRC after the end of
prudent risk management. Remuneration structure is
ii. Corporate Debt Securities Nil Nil Nil Nil every financial year.
well aligned with the long-term growth, health and
12. Managerial remuneration The Composition of the Board Nomination & objectives of the company. Compensation outcomes The framework of annual increment and performance
Insurance Regulatory and Development Authority Remuneration Committee is as below: are symmetric with risk outcomes and pay-outs linked Variable Pay for all employees is also reviewed
(‘IRDAI’ or ‘the Authority’) has issued IRDAI thereof are sensitive to the time horizon of the by the NRC and approved by the Board every year.
Board Nomination & Remuneration Committee
(Remuneration of Key Managerial Persons of Insurers)
Name of the Committee Member Designation
Guidelines, 2023 which replace and supersede the
Mr. Narayan K. Seshadri Chairman,
erstwhile guidelines issued on 5” August, 2016.
Independent Director
These guidelines shall be applicable for remuneration Mr. Ashwini Kumar Tewari Member, Nominee
payable to Key Managerial Persons (KMPs) of private Director
sector insurers, from Financial Year 2023-24. Ms. Usha Sangwan Member,
Independent Director
The Managing Director and CEO have been deputed
Mr. Shobinder Duggal Member,
from State Bank of India and his remuneration is
Independent Director
included under “Employees remuneration and welfare
benefits” under “Operating expenses related to We follow contribution-oriented philosophy and our
insurance business.” compensation is performance-driven, emphasizing
and recognizing the contributions that individual
Qualitative Disclosures
employees make to the organization. It accentuates
The Board Nomination and Remuneration Committee
performance-based pay, incentives, and shared
(NRC) oversees and governs the compensation
responsibility for benefits. The remuneration structure
practices of the Company. The Company’s
comprises of Fixed Pay (including monetary and
Remuneration Policy is guided by a reward framework
non-monetary perquisites) and Variable Pay. The key
and set of principles and objectives as more fully and
objectives of the remuneration policy are:
particularly envisaged under section 178 of Companies
Act 2013, IRDAI Guidelines on Remuneration of • To define and implement overall remuneration
Directors and Key Managerial Persons of Insurers philosophy and framework for payment of
dated June 30, 2023 and SEBI Listing Regulations. remuneration payable to Directors (Executive

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 SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

13. Percentage of business sector wise

(` in Lakhs)
Amount of
deferred
(Gratuity remuneration
Pension) of earlier year
paid/settled
the year during the year
(Note 4)
-
-
Sector Particulars Year ended Year ended
March 31, 2024 March 31, 2023
Rural Number of New Policies 696,067 700,344
% of rural sector policies to total policies 30.78% 31.87%
Value Retirement
of Benefits like

paid during

(Note 5)
4.75
3.82

1. The appointment and remuneration of managerial personnel is in accordance with the requirements of section 34A of the Insurance Act, 1938 and has been
Premium Underwritten ` (‘000) 44,509,972 44,718,854
Social Number of New Policies (including group business) 293 356
Number of New Lives 15,045,944 1,099,727
joining
bonus

-
-

Premium Underwritten ` (‘000) 3,320,724 202,715

Social sector lives as a % of total lives 39.66% 5.33%

The IRDAI (Remuneration of Key Managerial Persons of Insurers) Guidelines, 2023 is not applicable to the MD & CEO on deputation from SBI.
Social sector lives as a % of total lives of preceding financial year 72.92% 7.04%
Amount Amount
debited debited
to to P&L

-
-

Total Number of New Policies 2,261,679 2,197,656

Number of New Lives 37,935,205 20,634,136
Revenue
A/c

83.02
64.55

Note:
IRDAI (Obligations of insurers to rural and social sectors) Regulations, 2015 mandates the Company to cover 5% of the total
As per ESOP Scheme 2018, the Company has not granted any ESOPs to MD & CEO being employee on deputation from SBI.

business procured in the preceding financial year (in terms of lives) under the social sector and 20% of the policies written in the
Total
of fixed
and
variable
pay (c)
+ (f)

83.02
64.55

respective year under rural sector.

Mr. Amit Jhingran has been deputed from State Bank of India as the MD & CEO of the Company w.e.f October 1, 2023.

14. Investments of funds and assets pertaining to policyholders’ liabilities

Paid/ Deferred

-
-
Total (f) = (d)+ (e)

a. Allocation of investments between policyholders’ funds and shareholders’ funds

The fixed pay and allowance includes retirement benefits such Gratuity, Pension and PF paid during the year.

Investments made out of the shareholders’ and policyholders’ funds are tracked from inception and income
Settled

11.49
10.57

accordingly accounted for on the basis of records maintained. As and when necessary, transfers have been made
from shareholders’ investments to policyholders’ investments. In respect of such transfers, the investment income is
allocated from the date of transfer.
Paid Deferred Settled Deferred

-
-
components (e)
Variable Pay

(Note 3 & 4)
Non Cash
The details of Remuneration and other payments made during the year to MD & CEO

b. Policyholders’ liabilities adequately backed by assets

-
-

` (‘000)
Particulars As at March 31, 2024 As at March 31, 2023
Non-Linked Linked Total Non-Linked Linked Total
-
-
(c) = components (d)

Policyholders’ Liabilities* 1,618,641,577 2,160,102,705 3,778,744,282 1,333,135,341 1,632,555,405 2,965,690,747

Cash

Policyholders’ Assets
Investments 1,565,436,327 2,137,245,463 3,702,681,790 1,298,702,378 1,618,005,204 2,916,707,582
71.53 11.49
53.98 10.57

Loans 3,887,906 - 3,887,906 3,889,171 - 3,889,171

Net Current Assets 49,317,344 22,857,242 72,174,586 30,543,792 14,550,201 45,093,993
Pay and Perquisite Total

(a)+(b)

Total Assets 1,618,641,577 2,160,102,705 3,778,744,282 1,333,135,341 1,632,555,405 2,965,690,747

* including funds for future appropriation and fair value change account
(b)

35.62
26.40
Fixed Pay

15. Taxation
Allowance
(a)
(Note 5)

35.90
27.58

The Company carries on life insurance business and hence the provisions of Section 44 and the first schedule of
Income Tax Act, 1961, are applicable for computation of profits and gains of its business. Provision for taxation made
in revenue and profit and loss account is as follows:
Designation

` (‘000)
MD & CEO
MD & CEO

Particulars Year ended Year ended

March 31, 2024 March 31, 2023
Quantitative disclosures

Revenue Account 1,356,825 1,474,046

approved by the IRDAI.

Profit and Loss Account 483,272 378,746

Name of MD & CEO

Total 1,840,097 1,852,792

Mr. Mahesh Kumar
Mr Amit Jhingran

Income tax provisions involves significant judgments in determining the provision for income taxes including judgment
on whether tax positions are probable of being sustained in tax assessments. The Management periodically reassess
Sharma

and evaluates tax position with respect to applicable tax law based on the existing facts and circumstances.
Notes:
No
S.

2.
3.
4.
5.
1
2

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

16. Operating lease arrangements Sr. Particulars Year ended Year ended
(a) Assets taken on operating lease: No. March 31, 2024 March 31, 2023
4 Basic Earnings per share (`) (1/2.a.) 18.92 17.19
In accordance with Accounting Standard 19 on ‘Leases’, the details of leasing arrangements entered into by the
5 Diluted Earnings per share (`) (1/3) 18.90 17.18
Company are as under:
6 Face value per share (`) 10 10
The Company has entered into agreements in the nature of lease or leave and licence with different lessors
18. Operating expense disclosure
or licensors for residential premises, office premises and motor vehicles. These are in the nature of operating
lease. Some of these lease arrangements contain provisions for renewal and escalation. There are no restrictions The additional disclosure on operating expenses incurred pursuant to IRDA master circular has been detailed below:
imposed by lease arrangements nor are there any options given to the Company to purchase the properties and ` (‘000)
the rent is not determined based on any contingency. Sr. Particulars Year ended Year ended
No. March 31, 2024 March 31, 2023
The operating lease rentals charged to the Revenue Account during the year and future minimum lease payments
1 Outsourcing expenses 1,352,409 1,342,698
as at the Balance Sheet date are as follows:
2 Business development 1,502,082 1,265,244
` (‘000)
3 Marketing support and advertisement 1,314,340 956,970
Particulars Year ended Year ended Total 4,168,831 3,564,912
March 31, 2024 March 31, 2023
Total lease rental charged to Revenue Account 1,011,583 938,462 19. Provision for staff benefit as per Accounting Standard 15 (Revised)
` (‘000) a. Defined Benefit Plans:
Particulars As at As at (i) Gratuity
March 31, 2024 March 31, 2023 Gratuity is funded defined benefit plan for qualifying employees under which the Company makes a contribution
Lease obligation for: to the SBI Life Insurance Company Limited Employees Gratuity Fund. The plan provides for a lump sum payment
- Not later than 1 year 1,011,297 884,557 as determined in the manner specified under The Payment of Gratuity Act, 1972, to the vested employees either
- Later than 1 year and not later than 5 years 2,685,501 2,555,538 at retirement or on death while in employment or on termination of employment. The benefit vests after five
- Later than 5 years 924,282 592,037 years of continuous service. Defined benefit obligations are actuarially determined at each Balance Sheet date
using the projected unit credit method (PUCM) as per Accounting Standard (AS) 15 (Revised), “Employee benefits”.
(b) Assets given on operating lease:
Actuarial gains and losses are recognised in the Revenue Account.
The total lease payments received in respect of such lease recognised in Profit and Loss Account for the ` (‘000)
year is as under:
Particulars As at As at
` (‘000) March 31, 2024 March 31, 2023
Particulars Year ended Year ended I. Change in benefit obligation :
March 31, 2024 March 31, 2023 Liability at the beginning of the year 2,175,316 1,874,024
Total lease rental recognised in Profit and Loss Account - - Interest cost 158,580 106,070
Current service cost 175,766 162,595
17. Earnings per share
Past service cost (Non vested benefit) - -
In accordance with Accounting Standard 20 on ‘Earning per share’, basic earnings per share are calculated by dividing
Past service cost (Vested benefit) - -
the net profit or loss in the shareholders’ account by the weighted average number of equity shares outstanding
Benefit paid (147,155) (100,304)
during the year.
Actuarial (gain) or loss on obligations 180,319 132,931
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to shareholders Liability at the end of the year 2,542,826 2,175,316
and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive II. Change in plan assets :
potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares
Fair value of plan assets at the beginning of the year 2,032,531 1,819,251
would decrease the net profit per share from continuing ordinary operations.
Expected return on plan assets 148,171 102,970
The computation is set out below: Contributions 346,391 238,968

Sr. Particulars Year ended Year ended Benefits paid (147,155) (100,304)
No. March 31, 2024 March 31, 2023 Actuarial Gain or (Losses) on plan assets 113,909 (28,354)
1 Net Profit after tax as per Profit & Loss Account available for both basic and diluted 18,937,781 17,205,724 Fair value of plan assets at the end of the year 2,493,847 2,032,531
earnings per share ` (‘000) III. Amount recognized in the Balance Sheet :
2 Weighted average number of equity shares Liability at the end of the year (2,542,826) (2,175,316)
a. For basic earnings per share 1,001,094,805 1,000,640,815
Fair value of plan assets at the end of year 2,493,847 2,032,531
b. For diluted earnings per share
Difference (48,979) (142,785)
i) No of equity shares for basic earnings per share as per (a) above 1,001,094,805 1,000,640,815
Unrecognized past service cost - -
ii) Add: Weighted average outstanding options deemed to be issued for 805,043 780,135
Unrecognized transition liability - -
no consideration
3 Weighted average number of equity shares for Diluted Earnings per Share 1,001,899,848 1,001,420,950 Net (Liability) or Asset recognized in the Balance Sheet (48,979) (142,785)

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Forming Part of Financial Statements Forming Part of Financial Statements

Particulars As at As at X. Experience adjustments

March 31, 2024 March 31, 2023 ` (‘000)
IV. Expenses recognized in the income statement : Particulars As at As at As at As at As at
Current service cost 175,766 162,595 March 31, March 31, March 31, March 31, March 31,
2024 2023 2022 2021 2020
Interest cost 158,580 106,070
Defined benefit obligation (2,542,826) (2,175,316) (1,874,024) (1,554,784) (1,276,153)
Expected return on plan assets (148,171) (102,970)
Plan assets 2,493,847 2,032,531 1,819,251 1,544,577 1,165,482
Past service cost (Non vested benefit) recognized - -
Surplus or (Deficit) (48,979) (142,785) (54,773) (10,207) (110,671)
Past service cost (Vested benefit) recognized - - Experience adjustments on plan 149,905 212,738 118,297 121,902 78,574
Recognition of transition liability - - liabilities (gains) or losses
Actuarial (gain) or loss 66,409 161,285 Experience adjustments on plan assets 113,909 (28,354) 26,542 133,284 (6,773)
Expense recognized in P & L 252,584 326,980 gain or (losses)
V. Balance Sheet reconciliation :
(ii) Provident Fund
Opening net liability 142,785 54,773
The rules of the Company’s Provident Fund administered by a Trust require that if the Board of Trustees are
Expense as above 252,584 326,980 unable to pay interest at the rate declared for Employees’ Provident Fund by the Government under para 60 of
(Employers contribution) (346,390) (238,968) the Employees’ Provident Fund Scheme, 1952 for the reason that the return on investment is less or for any other
Net Liability or (Asset) recognized in Balance Sheet 48,979 142,785 reason, then the deficiency shall be made good by the Company. Based on an actuarial valuation conducted by
VI. Actual return on plan assets an independent actuary, the details of provident fund are as below.
Expected return on plan assets 148,171 102,970
` (‘000)
Actuarial gains / (losses) on plan assets 113,909 (28,354)
Particulars As at As at
Actual return on plan assets 262,081 74,616
March 31, 2024 March 31, 2023
VII. Expected contribution to fund during the next year (12 months) 252,553 318,551
I. Change in benefit obligation :
VIII. Investment details of plan assets Liability at the beginning of the year 9,013,713 7,775,346
The major categories of plan assets as a percentage of fair value of total plan 2,493,847 2,032,531 Interest cost 776,757 621,594
assets: 50% 50%
Current service cost 468,710 391,673
- Insurer Managed Funds (`) 7% 12%
Employee Contribution 901,668 774,211
- Fund I Investment Allocation Ratio 25% 25%
Corporate Bonds 67% 63% Liability transferred in 129,334 84,699
Equity Shares 1% - Liability transferred out (130,493) (125,143)
Government of India assets 50% 50% Benefits paid (582,806) (518,682)
Mutual Funds 15% 19% Actuarial (gain) or loss on obligations (10,745) 10,015
- Fund II Investment Allocation Ratio 10% 10% Liability at the end of the year 10,566,138 9,013,713
Corporate Bonds 75% 71% II. Change in plan assets :
Equity Shares Fair value of plan assets at the beginning of the year 9,126,478 7,939,706
Government of India assets
Interest Income 776,026 621,594
IX. Actuarial assumptions used
Contributions 1,370,378 1,165,883
Discount rate 7.16% 7.29% Transfer from other Company 129,334 84,699
Salary escalation rate 10% p.a. up to 5 10% p.a. up to 5 Transfer to other Company (130,493) (125,143)
years & 6% p.a. years & 6% p.a. Benefits paid (582,806) (518,682)
thereafter thereafter Return on Plan Assets, Excluding Interest Income (Not Recognized) 152,360 (41,580)
Expected rate of Return on Plan Assets 7.16% 7.29% Value of plan assets at the end of the year 10,841,278 9,126,478
Attrition rate 25.00% 25.00% III. Expenses recognized in the income statement :
Mortality table Indian Assured Indian Assured Current service cost 468,710 391,673
Lives Mortality Lives Mortality Interest cost 776,757 621,594
2012-14 2012-14 Interest income (776,026) (621,594)
(Urban) (Urban) Valuation of Interest Rate Guarantees on Exempt Provident Funds (Interest - 10,015
Notes: shortfall)
a) Discount rate is based on benchmark rate available on Government Securities for the estimated term of the obligations. Expense recognized in income statement 469,440 401,688
b) The expected return on plan assets is based on market expectations at the beginning of the period, for returns over the IV. Balance Sheet reconciliation :
entire life of the related obligation. Opening net liability 10,015 -
c) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion Expense 458,694 401,688
and other relevant factors. (Employer’s contribution) (468,710) (391,673)
Interest Shortfall recognized in the balance sheet - 10,015

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Forming Part of Financial Statements Forming Part of Financial Statements

Particulars As at As at (iv) Other long term benefits

March 31, 2024 March 31, 2023 The Company accrues the liability for compensated absences and long term service awards in accordance with
V. Investment details of plan assets Accounting Standard – 15 (Revised). The net present value of the Company’s obligation is determined based on
Central Government of India assets 2,541,513 2,380,010 the projected unit credit method as at the Balance Sheet date.
State Government of India assets 2,963,622 2,407,435
` (‘000)
Special deposits scheme - -
Particulars Compensated Absences Long Term Service Awards
Public sector units 1,994,175 1,849,562
As at As at As at As at
Private sector bonds 1,778,841 1,351,148
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Short Term Debt Instruments - -
Defined benefit obligation 1,371,275 1,155,232 13,700 85,800
Others 360,244 324,060
Expenses recognized in the income 461,676 343,691 (47,543) 13,602
Equity / Mutual funds 1,202,731 807,705
statement during the year
Cash & Cash Equivalents 152 6,558
Actuarial assumptions
Total 10,841,278 9,126,478
Used
VI. Actuarial assumptions used
Discount rate 7.16% 7.29% 7.16% 7.29%
Discount rate 7.16% 7.29%
Salary escalation rate 10% p.a. upto 5 10% p.a. upto 5 10% p.a. upto 5 10% p.a. upto 5
Attrition rate 25.00% 25.00% years & 6% p.a. years & 6% p.a. years & 6% p.a. years & 6% p.a.
Guaranteed interest rate 8.25% 8.15% thereafter thereafter thereafter thereafter
Whilst in service withdrawal 5.00% 5.00% Attrition rate 25.00% 25.00% 10.00% 10.00%
Mortality table Indian Assured Indian Assured Mortality table Indian Indian Indian Indian
Lives Mortality Lives Mortality Assured Lives Assured Lives Assured Lives Assured Lives
2012-14 2012-14 Mortality 2012-14 Mortality 2012-14 Mortality 2012-14 Mortality 2012-14
(Urban) (Urban) (Urban) (Urban) (Urban) (Urban)
The valuation of PF Interest shortfall for the year ended March 31, 2024 is done as per the Revised Guidance b. Defined Contribution Plans:
Note 29 on Valuation of Interest Rate Guarantees on Exempt Provident Funds issued by the Institute of Actuaries
` (‘000)
of India (IAI).
Particulars Year ended Year ended
IX. Experience adjustments March 31, 2024 March 31, 2023
` (‘000) Contribution to Pension Scheme 326,611 280,364
Particulars As at As at As at As at As at Contribution to National Pension Scheme 55,256 45,180
March 31, March 31, March 31, March 31, March 31, Contribution to Employee Deposit Linked Insurance (EDLI) 19,672 16,722
2024 2023 2022 2021 2020 Contribution to Employees State Insurance Corporation (ESIC) 37,286 31,617
Defined benefit obligation (10,566,138) (9,003,698) (7,775,346) (6,570,929) (5,560,743) Contribution to Labour Welfare Fund 1,699 825
Plan assets 10,841,278 9,126,478 7,939,706 6,705,797 5,444,923
(i) Employee Stock Option Scheme (“ESOS”)
Asset not recognised in Balance Sheet 275,140 122,780 164,360 134,867 -
The SBI Life Employee Stock Option Plan 2018 (‘ESOP 2018’) and SBI Life Employees Stock Option Scheme 2018 (‘the
Experience adjustments on plan (10,745) 363,243 - (115,820) 156,495
liabilities (gains) or losses
Scheme’ or ‘ESOS 2018’) has been approved by the shareholders of the Company in the Annual General Meeting (AGM)
Experience adjustments on plan assets 152,360 (41,580) 29,493 134,867 (98,139)
held on September 27, 2018 based on the recommendation of the Board Nomination & Remuneration Committee
gain or (losses) (‘NRC’) and Board of Directors (‘Board’) in their meetings held on August 31, 2018.

(iii) Employee COVID Ex-gratia The maximum number of stock options granted to eligible employees in accordance with ESOP 2018 shall not exceed
The Company accrues liability for Employees COVID Ex-gratia Scheme in accordance with Accounting Standard 30,000,000 shares. During any one year, no employee shall be granted Options equal to or exceeding 1% of the issued
– 15 (Revised). The Net Present Value (NPV) of the Company’s obligation is actuarially determined based on the share capital of the Company at the time of Grant of Options unless an approval from the Shareholders is taken by
Projected Unit Credit Method (PUCM) as at the Balance Sheet date. The COVID Ex-gratia Scheme has ended on way of special resolution in a General Meeting. Further, the maximum number of Options in aggregate granted to an
March 31, 2022. The details of Employee COVID Ex-gratia Scheme are as below: employee under this Plan shall not exceed 1,00,00,000 Options. The Exercise Price shall be determined by the Board
` (‘000) Nomination & Remuneration Committee in concurrence with the Board of Directors of the Company on the date the
Particulars Employee Covid Ex-gratia Options are granted and provided in the letter of grant.
As at As at The Scheme is directly administered by the Company and provides that eligible employees are granted options to
March 31, 2024 March 31, 2023 subscribe to equity shares of the Company which vest in a graded manner. The vested options may be exercised
Defined benefit obligation 108,804 116,419 within a specified period.
Expenses recognized in the income statement during the year 8,545 13,506
Actuarial assumptions used
During the year ended March 31, 2024 the NRC in its meeting held on July 25, 2023 has approved the grant of the
Discount rate 7.21% 7.46% Employee Stock Options (‘Options’) under the provisions of ESOS 2018.
Mortality table Indian Indian
Assured Lives Assured Lives
Mortality 2012- Mortality 2012-
14 (Urban) 14 (Urban)

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The salient features of ESOS 2018 are as stated below: Fair value methodology
Method of computation of Fair Value of Options:
Particulars 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
Grant date December 11, 2018 July 23, 2019 July 21, 2020 July 26, 2021 July 27, 2022 July 25, 2023 The fair value of options has been calculated using the Black-Scholes model. The key assumptions considered for
Number of options granted 1,041,510 9,59,350 9,24,690 7,97,850 7,80,140 725,900
calculating fair value of the options as on the grant date are as follows:
Exercise Price ` 562.45 ` 759.01 ` 848.44 ` 1,031.10 ` 1,138.20 ` 1,303.49 Particulars Year ended Basis
Maximum term of options 7 years from the grant date March 31, March 31, March 31, March 31, March 31,
granted/ Contractual Life 2024 2023 2022 2021 2020
Graded Vesting Period Risk free interest 7.22% 7.34% 5.99% 5.02% 6.52% Determined based on G-Sec yield
1st Year 30% of options granted rate on the grant date corresponding to
2nd Year 30% of options granted maturity period equal to expected life
3rd Year 40% of options granted of options
Mode of settlement Equity shares Expected life of the 4.55 4.55 4.55 4.55 4.55 Average of the weighted-average time
options (years) to vesting and the contractual life of
Vesting of the Options are subject to continued employment achieving a minimum annual performance rating as options
prescribed in the ESOS 2018. Expected dividend 0.25% 0.25% 0.25% 0.20% 0.30% Calculated based on recent rate of
yield dividend declared
A summary of status of Company’s Employee Stock Option Scheme in terms of options granted, forfeited and
exercised is given below: Expected volatility 28% 30% 30% 35% 25% Based on historical stock prices using
annualised standard deviation of daily
Particulars Year ended March 31, 2024 Year ended March 31, 2023 change in stock price.
No. of Options Weighted Average No. of Options Weighted Average Impact of the fair value method on the net profit and earnings per share:
Exercise Price (`) Exercise Price (`)
Outstanding at the beginning of the year 3,249,424 907.72 3,071,689 809.18 Had the compensation cost for the Company’s stock option plans been determined based on the fair value approach,
Add: Granted during the year 725,900 1,303.49 780,140 1,138.20 the Company’s net profit for the year and earnings per share (both basic and diluted) would have been as per the
Less: Forfeited/lapsed during the year (81,683) 1079.08 (78,208) 926.23
proforma amounts indicated below:
Less: Exercised during the year (570,706) 751.69 (524,197) 670.53 ` (‘000)
Outstanding at the end of the year 3,322,935 1016.76 3,249,424 907.72 Sr. Particulars Year ended Year ended
Exercisable at the end of the year1 1,823,827 868.54 1,630,893 771.93 No. March 31, 2024 March 31, 2023
vested options available for exercise at the end of the year.
1 1 Net Profit after tax as per Profit & Loss Account available for both basic and diluted 18,937,781 17,205,724
earnings per share ` (‘000)
The Company follows intrinsic value method to account for its share-based employee compensation plans. During the Add: Stock-based employee compensation expense under intrinsic value method 6,188 6,055
year ended March 31, 2024, the Company has granted 725,900 options to its eligible employees under ESOS 2018. ` (‘000)
Out of the total 3,249,424 options outstanding as at previous year ended March 31, 2023, 763,640 options are vested Less: Stock-based compensation expense determined under fair value based 298,320 269,665
during the year ended March 31, 2024. ` (‘000)
2 Net profit (proforma) ` (‘000) 18,645,649 16,942,114
Details of ESOPs exercised during the year & compensation cost recognised are as follows:
3 No of equity shares for basic earnings per share 1,001,094,805 1,000,640,815
` (‘000) Add: Weighted average outstanding options deemed to be issued for no 722,168 685,581
Particulars Year ended Year ended consideration (Note 1)
March 31, 2024 March 31, 2023 4 Weighted average number of equity shares for Diluted Earnings per Share 1,001,816,973 1,001,326,396
No. of options exercised during the year 570,706 524,197 5 Basic Earnings per share (`) (proforma) (2/3) 18.63 16.93
Amount received on exercise of options 428,996 351,491 Diluted Earnings per share (`) (proforma) (2/4) 18.61 16.92
Amount transferred from Employee Stock Options Outstanding Account 2,376 1,082 Note 1: It includes a potential equity share which is a financial instrument or other contract that entitles, or may

Amount of increase in paid-up equity share capital 5,707 5,242 entitle, its holder to equity shares.
Amount of increase in securities premium 425,665 347,331
Amount of compensation cost recognized in Revenue Account 6,188 6,055

The weighted average remaining contractual life of the options outstanding as at March 31, 2024 is 4.4 years (Previous
year ended March 31, 2023: 4.6 years).

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Forming Part of Financial Statements Forming Part of Financial Statements

20. Accounting for diminution in valuation of investments b. Charge/(reversal) of impairment in the value of Bond investments for the year ended:
` (‘000)
A. Equity:
Particulars Year ended Year ended
The Company has made the provision for diminution in value of investments on a prudent basis for loss on account
March 31, 2024 March 31,2023
of reduction in market values of long term investment in equities as under:
Non linked Policyholders Account (Revenue Account) - -
a. Provision for diminution in the value of equity investments as at the year ended: Shareholders Account (Profit & Loss Account) 149,966 -
` (‘000) Total 149,966 -
Particulars As at As at
Note: The figures in bracket, if any, indicates reversal of impairment loss earlier recognised in Revenue or Profit
March 31, 2024 March 31,2023
and Loss Account.
Non linked Policyholders Account 464,758 696,579
Shareholders Account 157,706 201,955 21. Provision for Standard assets and Non Standard assets for debt portfolio
Total 622,464 898,534
In accordance with the ‘Guidelines on Prudential norms for income recognition, Asset classification, Provisioning and
Note: Above provision for diminution has been adjusted with fair value change account under policyholders’ other related matters in respect of Debt portfolio’ as specified by IRDAI vide the Master Circular dated December 11,
fund and shareholders’ fund in the Balance Sheet. 2013, provision for standard assets and non-standard assets has been recognized as follows: –
b. Charge/(reversal) of diminution in the value of equity investments for the year ended:
A. Provision for Standard Asset on Loans other than against policy
` (‘000)
Particulars Year ended Year ended
i. Standard asset provision on loans other than against policy as at the year ended:
March 31, 2024 March 31,2023 ` (‘000)
Non linked Policyholders Account (Revenue Account) (231,822) 154,987 Particulars As at As at
Shareholders Account (Profit & Loss Account) (44,248) (7,626) March 31, 2024 March 31,2023
Total (276,070) 147,361 Non linked Policyholders Account 2,050 5,417
Shareholders Account - -
Note: The figures in bracket, if any, indicates reversal of diminution loss earlier recognised in Revenue or Profit
and Loss Account. Note: The figures in bracket, if any, indicates reversal of provision earlier recognised in Revenue Account or Profit
B. Alternative Investment Fund: and Loss Account.

a. Provision for impairment in the value of AIF investments as at the year ended: ii. Charge/(reversal) of standard assets provision on loans other than against policy for the year ended:
` (‘000) ` (‘000)
Particulars As at As at Particulars Year ended Year ended
March 31, 2024 March 31,2023 March 31, 2024 March 31,2023
Non linked Policyholders Account 82,689 65,859 Non linked Policyholders Account (Revenue Account) (3,367) (2,367)
Shareholders Account - - Shareholders Account (Profit & Loss Account) - -
Total 82,689 65,859
Note: The figures in bracket, if any, indicates reversal of provision earlier recognised in Revenue Account or Profit
Note: Above provision for impairment has been adjusted with fair value change account under policyholders’ and Loss Account.
fund and shareholders’ fund in the Balance Sheet.
B. Provision for Non-Performing Assets (Non-standard asset)
b. Charge/(reversal) of impairment in the value of AIF investments for the year ended:
` (‘000)
` (‘000)
Particulars Year ended Year ended
Particulars Year ended Year ended
March 31, 2024 March 31,2023
March 31, 2024 March 31,2023
In Revenue Account - -
Non linked Policyholders Account (Revenue Account) 16,830 (32,963)
In Revenue Account – Change in Fair Value - -
Shareholders Account (Profit & Loss Account) - -
In Profit & Loss Account - -
Total 16,830 (32,963)
Total - -
Note: The figures in bracket, if any, indicates reversal of impairment loss earlier recognised in Revenue or Profit
and Loss Account. 22. Investment Properties - Real Estate Investment Trusts (REITs)
C. Bond: The investment in Real Estate Investment Trusts (REIT’s) of ` 6,472,644 thousands as at year ended March 31, 2024
(Previous year ended March 31, 2023 ` 3,464,257 thousands) has been disclosed as part of the Investment Property
a. Provision for impairment in the value of Bond investments as at the year ended:
in accordance with the IRDAI circular no. IRDAI/CIR/F&I/INV/056/03/2016-17 dated March 14, 2017 and IRDAI
` (‘000)
(Investment) Regulations, 2016.
Particulars As at As at
March 31, 2024 March 31,2023 23. Derivatives
Non linked Policyholders Account - - The Company offers guaranteed products wherein the Policyholders are assured of a fixed rate of return for premiums
Shareholders Account 149,966 -
to be received in future. These premiums are likely to be received over a longer tenure and the guaranteed rate
Total 149,966 -
of return is fixed at the beginning of the policy term. Any fall in interest rates would mean that each incremental
Note: Above provision for impairment has been adjusted with fair value change account under policyholders’ investment of the Company would earn a lower rate of return. Accordingly, the Company manages the Interest
fund and shareholders’ fund in the Balance Sheet. Rate Risk in accordance with the IRDAI circular no. IRDA/F&I/ INV/CIR/138/06/2014 dated June 11, 2014 (‘the IRDAI

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Forming Part of Financial Statements Forming Part of Financial Statements

circular on Interest Rate Derivatives’) and IRDAI Investment Master Circular issued in May 2017 which allows insurers Particulars As at As at
to deal in rupee interest rate derivatives such as Forward Rate Agreements (“FRAs”), Interest Rate Swaps (“IRS”) and March 31, 2024 March 31,2023
Exchange Traded Interest Rate Futures (“IRF”). - 7.54% GOI CG 23-05-2036 19,085,227 18,296,432
- 7.36% GOI CG 12-09-2052 70,561,149 47,740,381
The Company has in place a derivative policy approved by Board which covers various aspects that apply to the
- 7.40% GOI CG 19-09-2062 7,577,717 8,716,832
functioning of the derivative transactions undertaken to substantiate the hedge strategy to mitigate the interest rate
- 7.41% GOI CG 19-12-2036 19,380,989 8,715,622
risk, thereby managing the volatility of returns from future fixed income investments, due to variations in market
- 7.30% GOI CG 19-06-2053 53,570,466 -
interest rates.
- 7.18% GOI CG 24-07-2037 29,996,171 -
During the year the Company has entered into Forward Rate Agreements (FRA) transactions, as part of its Hedging - 7.25% GOI CG 12-06-2063 73,146,470 -
strategy, to hedge the interest rate sensitivity for highly probable forecasted transactions as permitted by the IRDAI Total 365,561,745 200,512,475
circular on Interest Rate Derivatives.
iii. Notional Principal and Mark-to-market value of Interest Rate Derivative outstanding and not ‘highly effective’
Forward Rate Agreement derivative contracts are over-the-counter (OTC) transactions wherein, the Company lock-in ` (‘000)
the yield on the government bond for the period till the maturity of the contract with an objective to lock in the price Particulars As at As at
of an interest bearing security at a future date. March 31, 2024 March 31,2023
Notional principal amount of Forward Rate Agreements (FRA) outstanding and not - -
Derivatives (FRA) are undertaken by Company solely for the purpose of hedging interest rate risks on account of
‘highly effective’ as at Balance Sheet date
following forecasted transactions: a) Reinvestment of maturity proceeds of existing fixed income investments; b) Mark-to-market value of Forward Rate Agreements (FRA) and not ‘highly effective’ - -
Investment of interest income receivable; and c) Expected policy premium income receivable on insurance contracts as at Balance Sheet date
which are already underwritten in Life, Pension & Annuity business.
iv. Loss which would be incurred if counter parties failed to fulfill their obligation under the outstanding
A. Nature and term of outstanding derivative contract Interest Rate Derivative contracts
i. Total notional exposure of Interest Rate Derivative undertaken during the year (instrument-wise) ` (‘000)
` (‘000) Particulars As at As at
Particulars Year ended Year ended March 31, 2024 March 31,2023
March 31, 2024 March 31,2023 Loss which would be incurred if counter parties failed to fulfill their obligation under 7,600,955 1,020,184
Forward Rate Agreement(FRA) the outstanding Interest Rate Derivative contracts (Forward rate agreement)$
- 6.67% GOI CG 15-12-2035 - 7,770,353 $ Positive / Favorable MTM position of FRA counterparties has been disclosed on gross basis. Margin money is collected from
- 6.67% GOI CG 17-12-2050 - 1,859,835 counterparties as agreed in Credit Support Annex (CSA) to reduce above counterparty credit risk.
- 6.95% GOI CG 16-12-2061 - 11,632,672
- 6.99% GOI CG 15-12-2051 - 43,956,132 v. The fair value mark to market (MTM) gains or (losses) in respect of Interest Rate Derivative outstanding as at
- 7.54% GOI CG 23-05-2036 5,381,739 19,558,245 the Balance Sheet date is stated below:
- 7.36% GOI CG 12-09-2052 31,141,526 47,740,381 ` (‘000)
- 7.40% GOI CG 19-09-2062 - 8,716,833 Hedging Instrument As at As at
- 7.41% GOI CG 19-12-2036 14,340,452 8,715,623 March 31, 2024 March 31,2023
- 7.30% GOI CG 19-06-2053 53,570,466 - Forward Rate Agreement(FRA)
- 7.18% GOI CG 24-07-2037 29,996,171 - - 6.22% GOI CG 16-03-2035 87,596 (251,281)
- 7.40% GOI CG 09-09-2035 - - - 6.64% GOI CG 16-06-2035 217,921 (136,816)
- 7.25% GOI CG 12-06-2063 73,146,470 - - 6.67% GOI CG 15-12-2035 273,887 (86,026)
Total 207,576,824 149,950,073 - 6.83% GOI CG 19-01-2039 5,625 (7,640)
- 7.62% GOI CG 15-09-2039 40,708 (59,393)
- 8.30% GOI CG 02-07-2040 26,867 (37,628)
ii. Total notional exposure of Interest Rate Derivative outstanding as at the Balance Sheet Date (instrument-wise)
- 6.67% GOI CG 17-12-2050 32,353 8,129
` (‘000)
- 6.95% GOI CG 16-12-2061 491,721 192,706
Particulars As at As at
- 6.99% GOI CG 15-12-2051 1,589,801 259,537
March 31, 2024 March 31,2023
- 7.54% GOI CG 23-05-2036 359,364 (22,529)
Forward Rate Agreement(FRA)
- 7.36% GOI CG 12-09-2052 1,858,970 (378,947)
- 6.22% GOI CG 16-03-2035 10,956,753 15,460,727
- 7.40% GOI CG 19-09-2062 171,629 (123,674)
- 6.64% GOI CG 16-06-2035 13,370,715 15,662,454
- 7.41% GOI CG 19-12-2036 382,382 (31,051)
- 6.67% GOI CG 15-12-2035 15,174,994 21,580,041
- 7.30% GOI CG 19-06-2053 562,661 -
- 6.83% GOI CG 19-01-2039 494,293 494,293
- 7.18% GOI CG 24-07-2037 204,505 -
- 7.62% GOI CG 15-09-2039 2,965,609 4,032,418
- 7.25% GOI CG 12-06-2063 1,091,068 -
- 8.30% GOI CG 02-07-2040 1,431,327 3,065,597
Total 7,397,057 (674,614)
- 6.67% GOI CG 17-12-2050 933,997 1,859,835
- 6.95% GOI CG 16-12-2061 9,684,880 11,632,672
- 6.99% GOI CG 15-12-2051 37,230,990 43,255,171

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

vi. Movement in Hedge Reserve Interest Rate Derivative - Counterparty exposure

` (‘000) ` (‘000)
Hedge Reserve Account As at March 31, 2024 As at March 31, 2023 Particulars As at As at
Realized Unrealized Total Realized Unrealized Total March 31, 2024 March 31, 2023
Balance at the beginning of (44,512) 1,135,436 1,090,925 (8,133) (338,451) (346,584) 1. Name of the counterparty 1. Citi Bank N A 1. Citi Bank N A
the year 2. Axis Bank Limited 2. Credit Suisse AG^
Add: Changes in fair value 635,258 9,496,428 10,131,686 (39,880) 1,473,887 1,434,008 3. JP Morgan Chase Bank National 3. JP Morgan Chase Bank National
during the year Association Association
Less: Amounts reclassified 242 - 242 (3,501) - (3,501) 4. Standard Chartered Bank 4. Standard Chartered Bank
to Revenue /Profit & Loss 5. The Hong Kong and Shanghai 5. The Hong Kong and Shanghai
Account included in ‘Interest, Banking Corporation Limited Banking Corporation Limited
Dividends & Rent-Gross’ 6. HDFC Bank Ltd 6. HDFC Bank Ltd
Balance at the end of the year 590,504 10,631,865 11,222,369 (44,512) 1,135,436 1,090,925 7. Deutsche Bank AG 7. Deutsche Bank AG
8. Bank of America N.A.
A net amount of ` (1,581,125) thousands for the year ended March 31, 2024 (Previous year ended March 31, 2023 9. Barclays Bank PLC, Mumbai
` (1,372,895) thousands) has recognized in Revenue Account being portion of loss determined to be ineffective. 10. BNP Paribas Bank
11. Nomura Fixed Income Securities
The amount that was removed from Hedge Reserve account during the year ended March 31, 2024 in respect of
Limited
forecast transaction for which hedge accounting had previously been used, but is no longer expected to occur
2. Hedge Designation Cash flow Hedge Cash flow Hedge
is ` Nil (Previous year ` Nil). The cash flows from the hedges are expected to occur over the outstanding tenure
3. Derivative Contract Forward Rate Agreement Forward Rate Agreement
of underlying policy liabilities and will accordingly flow to the Revenue Account.
4. Credit Exposure 2,3057,092 9,597,924
B. Qualitative Disclosures on risk exposure in Fixed Income Derivatives: 5. Likely impact of 1 bps increase in
interest rate
Overview of business and processes:
• Derivative (309,992) (152,052)
a) Fixed Income Derivative Hedging instruments:
• Underlying being hedged 312,344 153,066
Derivatives are financial instruments whose characteristics are derived from the underlying assets, or from interest
and exchange rates or indices. These include forward rate agreements, interest rate swaps and interest rate futures. ^The outstanding FRA derivatives contracts with Credit Suisse AG were novated to other counterparties on account of acquisition
of Credit Suisse AG by UBS Group.
The Company during the financial year has entered into FRA derivative instrument to minimise exposure to
fluctuations in interest rates on plan assets and liabilities. This hedge is carried in accordance with its established The credit exposure limit for FRA derivatives has been calculated on the basis of Credit Equivalent Amount using the
policies, strategy, objective and applicable regulations. The Company does not engage in derivative transactions Current Exposure Method (CEM) as detailed below:
for speculative purposes.
The Credit Equivalent Amount of a market related off-balance sheet transaction calculated using the CEM is the sum of
b) Derivative policy/process and Hedge effectiveness assessment:
a) the current credit exposure (gross positive mark to market value of the contract); and
The Company has well defined Board approved Derivative Policy and Process document setting out the strategic
objectives, regulatory and operational framework and risks associated with interest rate derivatives along with b) potential future credit exposure which is a product of the notional principal amount across the outstanding
having measurement, monitoring processes and controls thereof. The accounting policy has been clearly laid contract and a factor that is based on the mandated credit conversion factors as prescribed under the IRDAI
out for ensuring a process of periodic effectiveness assessment and accounting. circular on Interest Rate Derivatives, which is applied on the residual maturity of the contract.

The Company has clearly identified roles and responsibilities to ensure independence and accountability 24. Micro, Small and Medium Enterprises Development Act, 2006
through the investment decision, trade execution, to settlement, accounting and periodic reporting and audit Under the Micro, Small and Medium Enterprises Development Act, 2006 and amendments made thereafter, certain
of the Interest Rate Derivative exposures. The risk management framework for the Interest Rate Derivatives are disclosures are required to be made relating to Micro, Small and Medium Enterprises.
monitored by the Risk Management Committee.
According to information available with the management, on the basis of intimation received from suppliers, regarding
c) Scope and nature of risk identification, risk measurement, and risk monitoring: their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) and amendments
The Derivative and related Policies as approved by the Board sets appropriate market limits such as sensitivity made thereafter, the Company has amounts due to Micro and Small Enterprises under the said Act as follows:
limits and value-at-risk limits for exposures in interest rate derivatives. All financial risks of the derivative portfolio
are measured and monitored on periodic basis. ` (‘000)
Particulars As at As at
C. Quantitative disclosure on risk exposure in Forward Rate Agreement March 31, 2024 March 31, 2023
A hedge is deemed effective, if it has a high statistical correlation between the change in value of the hedged item a) (i) Principal amount remaining unpaid to supplier under MSMED Act 2,449 21,873
and the hedging instrument (FRA). Gains or losses arising from hedge ineffectiveness, if any, are recognised in the (ii) Interest on (a) (i) above NIL NIL
Revenue Account. b) (i) Amount of principal paid beyond the appointed date NIL NIL
(ii) Amount of interest paid beyond the appointed date (as per Section 16)
The tenure of the hedging instrument may be less than or equal to the tenure of underlying hedged asset/liability. c) Amount of interest due and payable for the period of delay in making payment, but NIL NIL
without adding the interest specified under section 16 of the MSMED Act
d) Amount of interest accrued and due NIL NIL
e) Amount of further interest remaining due and payable even in succeeding years NIL NIL

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

25. Additional disclosure requirements as per Corporate Governance Guidelines vi. Details of number of claims intimated, disposed of and pending with details of duration
i. Quantitative and qualitative information on the insurer’s financial and operating ratios, namely, incurred Particulars As at As at
claim, commission and expenses ratios: March 31, 2024 March 31, 2023
No. of claims outstanding at the beginning of the year 31,996 28,539
Refer summary of financial statement and ratios.
Add:
ii. Actual solvency margin details vis-à-vis the required solvency margin No. of claims reported during the year 3,121,947 2,491,752
Less:
The actual solvency margin of the Company as on March 31, 2024 stands at 1.96 times (previous year ended No. of claims settled during the year 3,119,241 2,486,197
March 31, 2023: 2.15 times) as against regulatory requirement of 1.50. There has been no capital infusion No. of claims repudiated during the year 648 1,234
after FY 2007-08.
No. of Claims rejected during the year 73 800
iii. Persistency ratio No. of claims written back - 64
No. of claims outstanding at the end of the year 33,981 31,996
The persistency ratio (13th month) for regular premium and limited premium paying term policies of Individual Details of duration of outstanding claims
segment for the year ended March 31, 2024 is 86.78% (previous year ended March 31, 2023 is 85.52%) based Less than 3 months 7,439 25,676
on premium amount and 81.11% (previous year ended March 31, 2023 is 79.52%) based on number of policies. 3 months to 6 months 2,258 6,318

The persistency ratios are calculated as per IRDA/ACT/CIR/GEN/21/02/2010 circular dated February 11, 2010 6 months to 1 year 9,684 2
and IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021. 1 year and above 14,600 -

vii. Payments made to group entities from Policyholders Funds

Persistency ratios for the year ended March 31, 2024 and March 31, 2023 are calculated using policies issued in
Refer related party disclosure note no. 43.
March 01 to February 28 period of the relevant years.
viii. Any other matters, which have material impact on the insurer’s financial position - Nil
iv. Financial performance including growth rate and current financial position of the insurer ix. Disclosure on additional works given to auditors
Pursuant to clause 7.1 of Corporate Governance guidelines issued by IRDAI dated May 18, 2016, the additional
Refer summary of financial statement and ratios.
works (other than statutory/ internal audit) given to the auditors are detailed below:
v. A description of the risk management architecture ` (‘000)
The Board has the ultimate responsibility for overseeing the management of risk within the Company. The Risk Particulars Services rendered Year ended Year ended
March 31, 2024 March 31, 2023
profile of the Company is reported to the Board by the Risk Management Committee of the Board (RMC-B)
Statutory Auditor - M/s S K Patodia & Associates Certifications# 975 1,258
from time to time. The RMC-B is responsible for overseeing the Company’s risk management program and
Statutory Auditor - M/s SARC & Associates (Joined on Certifications# - -
for ensuring that significant risks to the Company are reported to the Board on a timely basis and apprise the
September 29, 2023)
Board of the various risk management strategies being adopted. The Company’s Risk Appetite statement and the
Statutory Auditor - M/s S C Bapna & Associates (upto August Certifications# 500 1,000
Annual Risk assessment are reviewed by the Board so as to ensure that the business of the Company is carried
29, 2023)
out within the set risk limits.
Total 1,475 2,258
The RMC-B is supported by Risk Management Committee of the Executives (RMC-E) and the Asset Liability #includes fees paid for quarterly limited review of financial statements
Committee (ALCO). The RMC-E oversees the enterprise wide risk management activities and the ALCO monitors
x. Deposits made under Local laws
insurance and investment risk portfolio.
The Company has no deposit as at March 31, 2024 (previous year ended March 31, 2023: Nil) made under local
The Company has an Information Security Risk Management Committee (ISRMC) which oversees all information laws or otherwise encumbered in or outside India, except investments and deposits detailed in Note 3(b) of
and cyber security risks and its control. The Company has constituted a Data Governance Committee (DGC) to Schedule 16(C).
oversee formulation and implementation of data governance framework / policies / procedures in SBI Life. 26. Age-wise analysis for policyholders’ - unclaimed amount
In accordance with IRDAI Master Circular on Unclaimed amounts of policyholders dated November 17, 2020, the
The Company also has a Risk Event Monitoring Committee (REMC) which primarily oversees reputational risks
Company maintains a single segregated fund to manage all unclaimed amounts. The amount is invested in money
and other significant external risk events. Minutes of the ISRMC, DGC and REMC meetings are put up to RMC-E
market instruments, liquid mutual funds and fixed deposits of scheduled banks.
for information.
The amount in the unclaimed fund has been disclosed in schedule 12 as “Assets held for unclaimed amount of
Refer Enterprise Risk Management section for detailed information. policyholders” alongwith “Income accrued on unclaimed fund”. Investment income accruing to the fund is disclosed
in the revenue account. Such investment income net of fund management charges is disclosed in schedule 4 “Benefits
paid as “interest on unclaimed amounts”.

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

As per IRDA guidelines, the details of the unclaimed amounts of the policyholders or insured’s are mentioned below: In accordance with IRDAI Master Circular No. IRDA/F&A/CIR/Misc/282/11/2020 on “Unclaimed Amount of
Policyholders” dated November 17, 2020 read with rule 3 (6) of Senior Citizens’ Welfare Fund Rules, 2016, the
As at March 31, 2024
unclaimed of policyholders for a period of more than 10 years (i.e. more than 120 months) as on September 30, every
` in lakhs
year, will be transferred to the Senior Citizens’ Welfare Fund (SCWF) on or before March 01 of that financial year.
Particulars Total 0-6 7-12 13-18 19-24 25-30 31-36 37-120 More
Amount months months months months months months months than Details of Unclaimed amounts and Investment income: -
120
months
` in lakhs
Claims settled but not paid to 2,148.65 - - 306.51 308.11 443.54 583.46 476.30 30.73 Particulars Year ended March 31, 2024 Year ended March 31, 2023
the policyholders or insured due Policy dues Income accrued Policy dues Income accrued
to any reasons except under Opening Balance 26,589.59 3,576.76 33,191.55 3,130.08
litigation from the insured or Add : Amount transferred to unclaimed amount 12,638.47 - 25,054.75 -
policyholders
Add : Cheques issued out of the unclaimed 149.05 - 2,543.67 -
Sum due to the insured or 10,385.45 - - 1,052.88 490.09 585.35 604.05 7,606.98 46.11
amount but not encashed by the policyholders
policyholders on maturity or
(To be included only when the cheques are
otherwise
stale)
Any excess collection of the 239.78 - - 40.15 13.71 18.14 9.66 152.49 5.62
Add: Investment Income on Unclaimed Fund - 1,941.78 - 1,483.55
premium or tax or any other
charges which is refundable to Less: Amount paid during the year# 22,037.30 1,704.70 33,761.79 941.65
the policyholders either as terms Less: Amount transferred to SCWF (net of 620.10 210.22 438.59 95.22
of conditions of the policy or as claims paid in respect of amounts transferred
per law or as may be directed by earlier)
the Authority but not refunded Closing Balance of Unclaimed Amount 16,719.70 3,603.62 26,589.59 3,576.76
so far
Unclaimed cases paid during the year includes ` 5,380.40 lakhs moved to claims liability due to change in unclaimed definition as
 #

Cheques issued but not 7,549.44 - - - 70.37 387.65 331.27 6,266.22 493.94 per the modified circular no. IRDAI/Life/CIR/Misc./41/2/2024 dated February 16, 2024 as issued by IRDAI.
encashed by the policyholder or
insured
27. Discontinued policies
Total 20,323.32 - - 1,399.54 882.28 1,434.69 1,528.43 14,501.99 576.39
Pursuant to IRDAI circular IRDA/Reg/2/52/2010 dated July 01, 2010, given below are the disclosures pertaining to
Ageing is calculated from date on which any claim is due for payment. discontinued policies:
As at March 31, 2023 a. Details of discontinued policies for ULIP are as follows:
` in lakhs
Sr. Particulars Year ended Year ended
Particulars Total 0-6 7-12 13-18 19-24 25-30 31-36 37-120 More
No. March 31, 2024 March 31, 2023
Amount months months months months months months months than
120 1 Number of policies discontinued 497,739 480,998
months 2 Number of the policies revived 247,426 216,133
Claims settled but not paid to 3,121.44 - 420.31 660.53 695.36 105.00 59.19 1,179.39 1.65 3 Percentage of the policies revived 49.71% 44.93%
the policyholders or insured due 4 Charges imposed on account of discontinued policies ` (‘000) 1,330,773 1,280,629
to any reasons except under 5 Charges readjusted on account of revival of discontinued policies ` (‘000) 689,073 620,487
litigation from the insured or
policyholders b. Details of discontinued policies for Traditional VIP are as follows:
Sum due to the insured or 14,554.23 - 2,198.46 1,416.37 1,364.51 1,221.10 1,331.70 7,000.68 21.40
policyholders on maturity or Sr. Particulars Year ended Year ended
otherwise No. March 31, 2024 March 31, 2023

Any excess collection of the 1,444.13 - 103.72 197.42 147.78 198.52 34.37 758.81 3.50 1 Number of policies discontinued 951 3,795
premium or tax or any other 2 Number of the policies revived 329 1,423
charges which is refundable to 3 Percentage of the policies revived 34.60% 37.50%
the policyholders either as terms 4 Charges imposed on account of discontinued policies ` (‘000) 610 2,421
of conditions of the policy or as 5 Charges readjusted on account of revival of discontinued policies ` (‘000) 405 1,322
per law or as may be directed by
the Authority but not refunded
so far
Cheques issued but not 11,046.55 - 236.06 1,054.25 580.91 320.52 451.72 7,903.86 499.24
encashed by the policyholder or
insured
Total 30,166.35 - 2,958.55 3,328.57 2,788.56 1,845.14 1,876.98 16,842.74 525.80

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

c. Percentage of policies discontinued to total policies (product wise - ULIP): h. Funds for discontinued policies (ULIP):
Sr. Product Name As at As at As at March 31, 2024
No. March 31, 2024 March 31, 2023 ` (‘000)
1 Smart Elite Plan 6.44 9.22 Particulars Life Pension Total
2 Smart Scholar 6.70 7.33 (i) Discontinued on account of non-payment of premium 70,692,605 41,136,321 111,828,926
3 Smart Power Insurance 19.10 19.32 (ii) Others 1,957,467 570,560 2,528,027
4 Smart Wealth Builder 10.34 12.00 Closing balance of funds for discontinued policies 72,650,072 41,706,881 114,356,953
5 Smart Privilege 5.64 7.84
6 Retire Smart 15.86 12.96 As at March 31, 2023
7 Saral Maha Anand 5.29 12.31 ` (‘000)
8 eWealth Insurance 15.68 21.31 Particulars Life Pension Total
9 Smart InsureWealth Plus 21.55 23.49 (i) Discontinued on account of non-payment of premium 67,845,694 26,670,651 94,516,345
10 Saral InsureWealth Plus 26.08 28.93 (ii) Others 1,670,493 443,021 2,113,514
11 Retire Smart Plus 4.74 0.18 Closing balance of funds for discontinued policies 69,516,187 27,113,672 96,629,859
12 Smart Performer 0.00 0.00
13 Unit Plus 0.00 0.00 28. Contribution made by the shareholders’ to the policyholders’ account
14 Smart Wealth 0.00 0.00
The contribution of ` 16,275,815 thousands (previous year ended March 31, 2023: ` 17,074,883 thousands) made by
the shareholders’ to the policyholders’ account is irreversible in nature, and shall not be recouped to the shareholder’s
d. Percentage of policies discontinued to total policies (product wise – Traditional VIP):
account at any point of time.
Sr. Product Name As at As at
No. March 31, 2024 March 31, 2023 29. Foreign Exchange gain/ (loss)
1 Flexi Smart Plus 1.56 7.22 The amount of foreign exchange gain/ (loss) in Revenue Account and Profit & Loss account is as follows:
` (‘000)
e. Movement in funds for discontinued policies (Linked): Particulars Year ended Year ended
` (‘000) March 31, 2024 March 31, 2023
Particulars As at As at Revenue Account - -
March 31, 2024 March 31, 2023 Profit and Loss Account - -
Opening balance of funds for discontinued policies 96,629,859 81,722,745 Total - -
Add: Fund of policies discontinued during the year 97,296,871 76,964,627
30. Penalty
Less: Fund of policies revived during the year (49,427,487) (35,302,142)
Add: Net Income/ Gains on investment of the Fund 7,505,433 3,784,678 As per IRDA Master Circular on Preparation of Financial Statements and Filing of Returns of Life Insurance Business
Less: Fund Management Charges (541,913) (453,265) dated December 11, 2013, the details of various penal actions taken by various Government Authorities for the year
Less: Amount refunded to policyholders during the year (37,105,809) (30,086,785) ended March 31, 2024 are mentioned below:
Closing balance of funds for discontinued policies 114,356,953 96,629,859 ` (‘000)
Sr. Authority Non-Compliance Penalty Penalty Penalty Waived
f. Movement in funds for discontinued policies (Traditional VIP): No. or Violation Awarded# Paid or Reduced
` (‘000) 1 Insurance Regulatory and Development Nil Nil Nil Nil
Particulars As at As at Authority of India
March 31, 2024 March 31, 2023 2 GST/Service Tax Authorities Nil Nil Nil Nil
Opening balance of funds for discontinued policies 1,919,447 3,246,351 3 Income Tax Authorities Nil Nil Nil Nil
Add: Fund of policies discontinued during the year 252,963 824,458 4 Any other Tax Authorities Nil Nil Nil Nil
Less: Fund of policies revived during the year (87,213) (301,520) 5 Enforcement Directorate or Adjudicating Nil Nil Nil Nil
Add: Net Income/ Gains on investment of the Fund 74,370 136,640 Authority or Tribunal or any Authority
under FEMA
Less: Fund Management Charges (6,617) (14,284)
6 Registrar of Companies or NCLT or CLB Nil Nil Nil Nil
Less: Amount refunded to policyholders during the year (1,692,478) (1,972,198)
or Department of Corporate Affairs or any
Closing balance of funds for discontinued policies 460,472 1,919,447
Authority under Companies Act, 2013
7 Penalty awarded by any Court or Tribunal Nil Nil Nil Nil
g. Funds for discontinued policies (Traditional VIP):
for any matter including claim settlement
` (‘000) but excluding compensation
Particulars As at As at 8 Securities and Exchange Board of India Nil Nil Nil Nil
March 31, 2024 March 31, 2023 9 Competition Commission of India Nil Nil Nil Nil
(i) Discontinued on account of non-payment of premium 425,672 1,875,748 10 Any other Central or State or Local Nil Nil Nil Nil
(ii) Others 34,800 43,698 Government or Statutory Authority
Closing balance of funds for discontinued policies 460,472 1,919,447 does not include any penalties awarded under tax litigations which are currently in appeal under adjudication
#

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

31. Loan Assets restructured during the year are as follows: 36. Interim Dividend
` (‘000) The Board of Directors at its meeting held on March 10, 2024 has declared an Interim Dividend of ` 2.7 per share
Sr. Particulars Year ended Year ended amounting to ` 2,703,717 thousands for the year ended March 31, 2024 (previous year ended March 31, 2023: ` 2.5
No. March 31, 2024 March 31, 2023 per share amounting to ` 2,502,197 thousands). Accordingly, the Company has made dividend payment of ` 2,703,715
1 Total amount of Loan Assets subject to restructuring Nil Nil thousands during the year ended March 31, 2024 (previous year ended March 31, 2023: ` 2,501,907 thousands).
2 Total amount of Standard Assets subject to restructuring Nil Nil
3 Total amount of Sub-Standard Assets subject to restructuring Nil Nil
37. Corporate Social Responsibility
4 Total amount of Doubtful Assets subject to restructuring Nil Nil The Company has spent ` 205,408 thousands for the year ended March 31, 2024 (previous year ended March 31,
2023 ` 226,210 thousands) towards Corporate Social Responsibility activities mentioned in Schedule VII of the
32. ‘Net receivable to Unit linked Funds’ in Schedule 8B represents unitization pending for investment in Companies Act, 2013.
Unit linked Funds. ` (‘000)
The corresponding ‘Receivable from Unit linked Funds/ Non Unit Linked Funds and ‘Payable to Unit linked Funds/ Sector in which Project details Year ended Year ended
Unclaimed Funds’ has been reported in schedule 12 and schedule 13 respectively as follows: project is covered March 31, 2024 March 31, 2023
Education The Company has provided support towards the cost of 91,541 115,574
` (‘000)
education, nutrition and overall development of underprivileged
Year Particulars Schedule Schedule Schedule children from the society, to give equal opportunity of learning to
8B 12 13 all.
As on Receivable from/ (Payable) to Unit Linked Funds 3,856,131 4,906,558 (8,762,689) Education The Company has contributed towards the infrastructure 2,486 18,432
March Receivable from / (Payable) to Non Linked Funds - 1,839,588 (1,839,588) development of school premises, hostels, playgrounds and
31, 2024 classrooms, digital equipment for building smart classrooms,
Sub Total 3,856,131 6,746,146 (10,602,277)
sanitation facilities, kitchen facilities, transport facilities to various
Receivable from/ (Payable) to Unclaimed Funds - 11,775 -
schools in rural areas
Total 3,856,131 6,757,921 (10,602,277)
Education Support towards infrastructure, education and training to visually 16,771 5,061
Net receivable / (payable) in Unclaimed Funds - (11,775) - challenged, mentally & differently abled children
As on Receivable from/ (Payable) to Unit Linked Funds 4,673,790 1,893,334 (6,567,124) Education The Company has contributed towards vocational training and 14,576 6,435
March Receivable from / (Payable) to Non Linked Funds - 1,109,715 (1,109,715) skill development of people from disadvantaged sections of the
31, 2023 society in order to enhance their livelihood opportunities.
Sub Total 4,673,790 3,003,049 (7,676,839)
Healthcare The Company has contributed towards procurement of various 78,602 79,669
Receivable from/ (Payable) to Unclaimed Funds - 32,732 (32,732) medical facilities improving infrastructure of the hospitals and
Total 4,673,790 3,035,781 (7,709,571) healthcare institutes, preventive care measures for cancer and
Net receivable / (payable) in Unclaimed Funds - 32,732 - screening, and surgeries for the less fortunate children.
Environment The Company has contributed towards making a greener planet - 1,039
by planting saplings and maintaining the plantations.
33. Participation in Joint Lenders Forum formed under Reserve Bank of India (RBI) Guidelines
Disaster Relief The Company has contributed towards Disaster management, 1,433 -
The Company has not participated in any Joint Lenders Forum formed under RBI guidelines for loan accounts which including relief, rehabilitation and reconstruction activities
could turn into potential NPAs. Total 205,408 226,210
34. Statement containing names, descriptions, occupations of and directorships held by the persons in i. Gross amount required to be spent by the Company for the year ended March 31, 2024 is ` 194,027 thousands
charge of management of the business under Section 11(3) of the Insurance Act, 1938. (previous year ended March 31, 2023 ` 222,189 thousands).
Sr. Name Description Directorship held Occupation ii. Amount approved by the Board to be spent by the Company during the year ended March 31, 2024 is ` 194,027
No.
thousands (previous year ended March 31, 2023 ` 222,189 thousands).
1 Mr. Mahesh Kumar Sharma Managing Director SBI Life Insurance Company Ltd. Service
& CEO (Upto September 30, 2023) iii. Amount spent during the year on –
2 Mr. Amit Jhingran Managing Director SBI Life Insurance Company Ltd. Service
` (‘000)
& CEO (Inducted w.e.f. October 01, 2023 onwards)
Year Particulars In cash Yet to be paid Total
35. Long term contracts in cash
The Company has a process whereby periodically all long term contracts are assessed for material foreseeable Year ended Construction/ acquisition of any asset Nil Nil Nil
losses. At the year end, the Company has reviewed and ensured that adequate provisions as required under any law/ March 31, 2024 On purposes other than mentioned above 205,408 Nil 205,408
accounting standard for material foreseeable losses on such long term contracts including derivative contracts has Year ended Construction/ acquisition of any asset Nil Nil Nil
been made in the financial statements. March 31, 2023 On purposes other than mentioned above 226,210 Nil 226,210
For insurance contracts, actuarial valuation of liabilities for all the policies which were in the books of the Company
and where there is a liability as at March 31, 2024 is done by the Appointed Actuary of the company. The assumptions iv. Amounts of related party transactions pertaining to CSR related activities for the year ended March 31, 2024 was
used in valuation of liabilities are in accordance with the guidelines and norms issued by the IRDAI and the Institute of ` Nil (previous year ended March 31, 2023 ` Nil)
Actuaries of India in concurrence with IRDAI.

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

v. Unspent CSR Amount 40. Ind AS update

` (‘000) International Accounting Standard Board (‘IASB’) has notified the amended IFRS 17, with global date of implementation
In case of Section 135(5) unspent amount starting from January 01, 2023. The Institute of Chartered Accountants of India (‘ICAI’) has issued exposure draft
Particulars Year ended Year ended of amendments in Ind AS 117 on February 08, 2022. The amended Ind AS 117 is under process of notification.
March 31, 2024 March 31, 2023 The IRDAI (the Authority) vide its communication dated July 14, 2022 on Ind AS implementation in Insurance Sector
Opening balance of Unspent CSR amount - - has conveyed its broad approach on Ind AS implementation and necessary steps to be initiated by the insurers.
Amount deposited in Specified Fund of Sch. VII within 6 months - - The authority advised insurers to set up steering committee for Ind AS implementation. Further, the authority is having
CSR amount required to spent for the year - - interactions with the insurance companies to discuss the matters relating to implementation of Ind AS.
CSR amount spent for the year - -
As per the directions of Authority, the Company has constituted Steering Committee headed by President & CFO
Closing balance of Unspent CSR amount - -
and members from cross-functional areas such as actuarial, investment, information technology. The Company
has engaged knowledge partner for Ind AS implementation. The Ind AS Gap and impact assessment is completed.
vi. Excess amount for setoff if any
The process of designing accounting policies and solutions to achieve data, system and process requirements is
` (‘000) in progress. The Audit Committee and Board of Directors have been updated regularly on status update of Ind AS
In case of Section 135(5) excess amount spent implementation.
Particulars Year ended Year ended
March 31, 2024 March 31, 2023
41. Remuneration to Non-Executive Directors
Opening balance of excess CSR amount spent 37,381 33,360 No remuneration or commission is paid to Non-Executive Directors, other than the Sitting Fees for attending Board
CSR amount required to be spent during the year 194,027 2,22,189 and/or its Committee meetings. The amount of sitting fees paid to the Non-Executive Directors is disclosed in Profit
CSR amount spent for the year 205,408 2,26,210 and Loss (Shareholders) Account.
Excess amount spent for the financial year 11,381 4,021
42. Status update on Sahara Life Insurance Company Limited
CSR amount set-off during the year - -
Excess CSR amount lapsed during the year 13,224 - Insurance Regulatory and Development Authority of India (‘IRDAI’) vide its order dated June 2, 2023 (‘IRDAI order’)
Closing balance of CSR amount available for set-off 35,538 37,381 passed in terms of section 52B (2) of the Insurance Act, 1938 has directed to transfer the life insurance business of
Sahara India Life Insurance Company Limited (‘SILIC’) involving policy liabilities and policyholders’ investment/ assets
vii. Details of ongoing projects to SBI Life Insurance Company Limited (‘SBI Life’ or ‘the Company’).

In case of S. 135(6) (Ongoing Project) (year-wise) On appeal filed by SILIC against the said IRDAI order, the Securities Appellate Tribunal (‘SAT’ or ‘Tribunal’) vide its order
Year Opening Balance Amount Amount spent Closing Balance dated June 13, 2023 has granted stay on the effect and operation of the said IRDAI order. Subsequently, the IRDAI has
required during the year filed an appeal with Hon’ble Supreme Court against the stay order passed by SAT. The Hon’ble Supreme Court in its
With In to be spent From From With In hearing held on July 17, 2023 has set aside Securities Appellate Tribunal’s (SAT) stay and directed the SAT to hear the
Company Separate during the Company’s Separate Company Separate case and decide it afresh. Subsequently, SAT has initiated the hearing of the case which is yet to be adjudicated upon.
CSR year bank CSR CSR The case is listed for hearing on June 13, 2024.
Unspent A/c Unspent Unspent
A/c A/c A/c In order to protect the interest of the SILIC policyholders and in accordance with the IRDAI order, the Company
FY 2023-24 - - 76,504 76,504 - - - has extended the policy servicing facilities to SILIC customers through various branches of the Company by way
FY 2022-23 - - 90,012 90,012 - - - of premium collection, claim pay-outs, addressing the SILIC policyholders’ queries etc. The Company has received
the premium of ` 90,797 thousand (excluding GST) and processed the claim pay-outs of ` 3,73,054 thousand.
38. Linked Business The Company has discharged GST liability of ` 2,272 thousand on premium and TDS payment of ` 6,392 thousand on
claim pay-out. The Company has received investment assets with book value ` 12,731,174 thousand (Market Value
Financial statements, for each segregated fund of the linked businesses, is presented in ULIP Disclosures as require by
of ` 13,157,599 thousand) and bank balance of ` 201,270 thousand pertaining to policyholder funds as on June 2,
the Master Circular. Segregated funds represent funds maintained in accounts to meet specific investment objectives
2023. The Company is managing these investment assets separately as per IRDAI (Investment) Regulation 2016. As on
of policyholders who bear the investment risk. Investment income/ gains and losses generally accrue directly to the
March 31, 2024, the Company has total SILIC investment assets with book value of ` 13,342,938 thousand (Market
policyholders. The assets of each account are segregated and are not subject to claims that arise out of any other
value of ` 14,147,399 thousand) and Bank balance of ` 16,457 thousand. The Company maintains separate records
business of the insurer.
of all the transactions pertaining to SILIC. The impact of these transactions pertaining to SILIC will be given in the
39. COVID-19 impact financial statements of the Company on receipt of all the relevant information and documents as specified in the said
In March 2020, COVID-19 outbreak started and spread across the globe. This outbreak was declared as global IRDAI order and in accordance with the further directions of the Authority.
pandemic by World Health Organization (WHO) on March 11, 2020. The Company have been regularly monitoring the
experience and would continue to do so. An additional Pandemic Risk Reserve (inclusive of COVID-19) of ` 2,893,383
thousands has been held as at March 31, 2024 (Previous year ended March 31, 2023 ` 2,893,383 thousands).

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

43. Disclosure of Related Party Transactions pursuant to Regulation 23 (9) of the Securities and Exchange ` (‘000)
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Sr. Name of the Nature of Description of Transactions / Amount of transactions during the
Regulations") for the year ended March 31, 2024 No. Related Party Relationship with the Categories period/year ended and amount
Company receivable/payable as on
A. Related party disclosures as per Accounting Standard 18
March 31, 2024 March 31, 2023
Related parties and nature of relationship: 1 State Bank of Holding Company Transactions:
Sr. No. Nature of relationship Name of Related Party India Income
1 Holding Company State Bank of India Premium Income 1,798,478 1,550,769
2 Fellow Subsidiaries SBI Capital Markets Ltd. Interest / Discount Income 226,432 91,358
SBICAP Securities Ltd. Profit / (Loss) on Sale of 427,638 (157,423)
SBI CAP Trustee Company Ltd. Investments
SBI CAP Ventures Ltd. Other income 2,771 2,571
SBI DFHI Ltd. Expenses
SBI Global Factors Ltd. Employee's Salary / Allowances / 52,924 36,901
SBI Infra Management Solutions Private Limited Reimbursement
SBI Mutual Fund Trustee Company Pvt. Ltd. Rent and related expenses for 6,018 18,402
SBI Payment Services Pvt. Ltd. Premises
SBI Pension Funds Pvt. Ltd. Commission Expenses 18,859,379 17,663,496
SBI Cards & Payment Services Ltd. Staff Training Expenses 14,355 12,251
SBI General Insurance Co. Ltd. Bank Charges 61,119 89,855
SBI-SG Global Securities Services Pvt. Ltd. Royalty Charges 378,900 344,115
SBI Funds Management Ltd. Benefits/Claims paid 957,590 947,374
State Bank Operations Support Services Pvt. Ltd. Meeting expense 1,489 1,689
SBI Foundation
Others
SBI CAP (Singapore) Ltd.
Interim Dividend 1,498,500 1,387,500
SBI Funds Management (International) Pvt. Ltd.
Investments: Purchased / Placed 23,184,384 20,534,470
SBI (Mauritius) Ltd.
Investments: Sales / Maturity 70,954,611 36,298,388
SBI Canada Bank
Outstanding Balances:
State Bank of India (California)
Assets
Commercial Indo Bank Llc, Moscow
Investments 3,998,163 500,000
PT Bank SBI Indonesia
Cash & Bank balances 12,740,269 10,053,443
Nepal SBI Bank Ltd.
Income accrued on Investments 793,340 559,954
Nepal SBI Merchant Banking Ltd.
Fixed Assets to deputees 702 1,014
State Bank of India Servicos Limitada, Brazil
Other Advances / Receivable 8,584 6,778
State Bank of India (UK) Ltd
Liabilities
3 Significant Influence or Controlling SBI Life Insurance Company Limited Employee PF Trust
Enterprise SBI Life Insurance Company Limited Employees Gratuity Fund Share Capital 5,550,000 5,550,000
4 Key Management Personnel Mr. Mahesh Kumar Sharma Other Liabilities 750,953 797,985
5 Relatives of KMP (Mahesh Kumar Mrs. Sreevidya Sharma 2 SBICap Securities Fellow Subsidiary Transactions:
Sharma) Mr. Venkitachalam Anantaraman Sharma Ltd. Income
Mrs. Mangalavalli Sharma Premium Income 23,544 24,062
Mr. Aaditya Sharma Expenses
Mr. Anantapadmanabhan A. Sarma Commission Expenses 21,493 3,512
Mrs. Krishna Iyer Brokerage Charges 21,445 14,049
6 Key Management Personnel Mr. Amit Jhingran Benefits/Claims paid 13,052 13,780
7 Relatives of KMP (Amit Jhingran) Mrs. Nupur Jhingran Outstanding Balances:
Nanya Jhingran Liabilities
Haines Whitacre Other Liabilities 6,711 4,189
8 Managing Director of Holding Mr. Vinay M Tonse
Company Alok Kumar Choudhary
Challa Sreenivasulu Setty

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

` (‘000) ` (‘000)
Sr. Name of the Nature of Description of Transactions / Amount of transactions during the Sr. Name of the Nature of Description of Transactions / Amount of transactions during the
No. Related Party Relationship with the Categories period/year ended and amount No. Related Party Relationship with the Categories period/year ended and amount
Company receivable/payable as on Company receivable/payable as on
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
3 SBI DFHI Ltd. Fellow Subsidiary Transactions: 8 SBI Global Factors Fellow Subsidiary Transactions:
Income Ltd. Income
Premium Income 71 124 Premium Income 35 67
Profit / (Loss) on Sale of 109,765 (67,755) Outstanding Balances:
Investments Liabilities
Others Other Liabilities 2 3
Investments: Purchased / Placed 74,762,288 33,654,883 9 SBI SG Global Fellow Subsidiary Transactions:
Investments: Sales / Maturity 26,524,629 7,534,437 Securities Private Income
Outstanding Balances: Ltd. Premium Income - 113
Liabilities Outstanding Balances:
Other Liabilities 2 2 Liabilities
4 SBI Cards & Fellow Subsidiary Transactions: Other Liabilities - 13
Payment Services Income 10 SBI General Fellow Subsidiary Transactions:
Ltd. Premium Income 11 3,662 Insurance Co. Ltd. Income
Interest / Discount Income 10,121 53,024 Premium Income 21,025 27,275
Expenses Profit / (Loss) on Sale of 22,163 12,586
Commission Expenses 0 1 Investments
Others Insurance Claims Received 535 3,320
Investments: Sales / Maturity - 750,000 Expenses
Outstanding Balances: Premium expense 113,023 70,448
Assets Others
Investments 2,200,069 264,445 Investments: Purchased / Placed 499,268 251,102
Income accrued on Investments 16,444 - Investments: Sales / Maturity 1,380,289 272,572
Liabilities Outstanding Balances:
Other Liabilities (0) 71 Assets
5 SBI Funds Fellow Subsidiary Transactions: Prepaid expense - 3,414
Management Ltd. Income Other Advances / Receivable 127 186
Premium Income 7,896 16,385 Liabilities
Outstanding Balances: Other Liabilities 1,691 4,404
Liabilities 11 SBI Cap Trustee Fellow Subsidiary Transactions:
Other Liabilities 773 825 Company Ltd. Income
6 SBI Capital Fellow Subsidiary Transactions: Premium Income 474 603
Markets Ltd. Income Outstanding Balances:
Premium Income 3,924 4,077 Liabilities
Profit / (Loss) on Sale of - 20 Other Liabilities 477 586
Investments 12 SBI CAPS Fellow Subsidiary Transactions:
Others Ventures Ltd. Income
Investments: Purchased / Placed 31,776,681 22,693,224 Premium Income 702 461
Investments: Sales / Maturity - 401,197 Outstanding Balances:
Outstanding Balances: Liabilities
Liabilities Other Liabilities 765 842
Other Liabilities 6,678 5,651 13 SBI Pension Fellow Subsidiary Transactions:
7 SBI Payment Fellow Subsidiary Transactions: Funds Pvt. Ltd. Income
Services Pvt. Ltd. Income Premium Income 1,754 2,544
Premium Income 1,124 181 Outstanding Balances:
Expenses Liabilities
Bank Charges 13,210 - Other Liabilities 91 88
Outstanding Balances: 14 SBI Foundation Fellow Subsidiary Transactions:
Liabilities Income
Other Liabilities 31 3 Premium Income 272 694

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

` (‘000) B. Details of other group entities

Sr. Name of the Nature of Description of Transactions / Amount of transactions during the Related parties and nature of relationship:
No. Related Party Relationship with the Categories period/year ended and amount Sr. No. Nature of relationship Name of Related Party
Company receivable/payable as on 1 Promotor Group Andhra Pradesh Grameena Vikas Bank
March 31, 2024 March 31, 2023 (RRBs - Associates of SBI) Arunachal Pradesh Rural Bank
15 SBI Life Insurance Significant Influence/ Others Chhattisgarh Rajya Gramin Bank
Company Limited Controlling Contribution 1,371,122 1,176,053 Ellaquai Dehati Bank
Employee PF Enterprise Profit / (Loss) on Sale of (2,345) - Madhyanchal Gramin Bank
Trust Investments Meghalaya Rural Bank
Investments: Sales / Maturity 248,915 - Mizoram Rural Bank
16 SBI Life Insurance Significant Influence/ Transactions: Nagaland Rural Bank
Company Limited Controlling Income Saurashtra Gramin Bank
Employees Enterprise Premium Income 339,933 240,002 Utkal Grameen Bank
Gratuity Fund Expenses Uttarakhand Gramin Bank
Reimbursement of bank charges 1 1 Jharkhand Rajya Gramin Bank
Others Rajasthan Marudhara Gramin Bank
Contribution 339,933 240,002 Telangana Grameena Bank
Benefits/Claims paid 147,127 101,316 2 Promotor Group The Clearing Corporation of India Ltd.
Liabilities (Others - Associates of SBI) Bank of Bhutan Ltd.
Other Liabilities 5 5 Investec Capital Services (India) Private Limited
17 Mr. Mahesh Key Management Transactions: Yes Bank Ltd.
Kumar Sharma - Personnel Managerial remuneration 6,455 13,339 3 Promotor Group Jointly C-Edge Technologies Ltd.
Managing Controlled Entities Macquarie SBI Infrastructure Management Pte. Ltd
Director & CEO Macquarie SBI Infrastructure Trustee Ltd
(upto September SBI Macquarie Infrastructure Management Pvt. Ltd
30, 2023) SBI Macquarie Infrastructure Trustee Pvt. Ltd
18 Mr. Amit Key Management Transactions: Oman India Joint Investment Fund - Management Company Pvt. Ltd.
Jhingran - Personnel Managerial remuneration 8,302 - Oman India Joint Investment Fund - Trustee Company Pvt. Ltd.
Managing Jio Payments Bank Limited
Director & CEO
(w.e.f. October ` (‘000)
01, 2023) Sr. Name of the Nature of Description of Transactions / Amount of transactions during the
No. Related Party Relationship with the Categories period/year ended and amount
Company receivable/payable as on
March 31, 2024 March 31, 2023
1 C-Edge Promotor Group Transactions:
Technologies Ltd Jointly Controlled Expenses
Entities IT expense 1,288 1,159
Liabilities
Other Liabilities 615 730
2 The Clearing Promotor Group Transactions:
Corporation of (Others - Associates Income
India Ltd. of SBI) Interest / Discount Income 6,840 5,367
Expenses
Brokerage Charges 32,457 27,469
Outstanding Balances:
Assets
Margin Money 624,000 570,200

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

` (‘000) ` (‘000)
Sr. Name of the Nature of Description of Transactions / Amount of transactions during the Sr. Name of the Nature of Description of Transactions / Amount of transactions during the
No. Related Party Relationship with the Categories period/year ended and amount No. Related Party Relationship with the Categories period/year ended and amount
Company receivable/payable as on Company receivable/payable as on
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
3 YES Bank Ltd. Promotor Group Transactions: 6 Chhattisgarh Promotor Group Transactions:
(Others - Associates Income Rajya Gramin (RRBs - Associates Income
of SBI) Bank of SBI) Premium Income 210,562 221,680
Interest / Discount Income 44,360 44,250
Profit / (Loss) on Sale of (19,005) 10,306 Expenses
Investments Commission Expenses 96,654 76,718
Bank Charges (1) 2
Expenses
Outstanding Balances:
Commission Expenses 26,556 20,924
Assets
Others
Cash & Bank balances (194) (444)
Investments: Purchased / Placed 19,922,051 29,615,731 Liabilities
Investments: Sales / Maturity 19,689,835 5,694,945 Other Liabilities 1,208 2,828
Outstanding Balances: 7 Ellaquai Dehati Promotor Group Transactions:
Assets Bank (RRBs - Associates Income
Investments 500,000 500,000 of SBI) Premium Income 2,271 2,181
Income accrued on Investments 4,232 4,364 Expenses
Cash & Bank balances 1,954 392 Commission Expenses 8,085 6,318
Benefits/Claims paid - 3,000
Liabilities
Outstanding Balances:
Other Liabilities 3,469 5,256
Assets
4 Andhra Pradesh Promotor Group Transactions:
Cash & Bank balances 2 (0)
Grameena Vikas (RRBs - Associates Expenses
Liabilities
Bank of SBI) Commission Expenses 118,223 106,248 Other Liabilities 1,857 1,258
Bank Charges (0) 1 8 Jharkhand Rajya Promotor Group Transactions:
Outstanding Balances: Gramin Bank (RRBs - Associates Income
Assets of SBI) Premium Income 83,927 -
Cash & Bank balances (436) (773) Expenses
Liabilities Commission Expenses 70,421 61,186
Other Liabilities 5,461 18,053 Outstanding Balances:
Liabilities
5 Arunachal Promotor Group Transactions:
Other Liabilities 1,032 1,470
Pradesh Rural (RRBs - Associates Income
Bank of SBI) 9 Madhyanchal Promotor Group Transactions:
Premium Income 441 559 Gramin Bank (RRBs - Associates Income
Expenses of SBI) Premium Income 84,566 17,823
Commission Expenses 2,292 3,015 Expenses
Outstanding Balances: Commission Expenses 39,329 31,819
Assets Bank Charges - 1
Cash & Bank balances (0) (29) Outstanding Balances:
Liabilities Assets
Other Liabilities 425 725 Cash & Bank balances (56) (36)
Liabilities
Other Liabilities 1,261 865

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

` (‘000) ` (‘000)
Sr. Name of the Nature of Description of Transactions / Amount of transactions during the Sr. Name of the Nature of Description of Transactions / Amount of transactions during the
No. Related Party Relationship with the Categories period/year ended and amount No. Related Party Relationship with the Categories period/year ended and amount
Company receivable/payable as on Company receivable/payable as on
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
10 Meghalaya Rural Promotor Group Transactions: 15 Telangana Promotor Group Transactions:
Bank (RRBs - Associates Income Grameena Bank (RRBs - Associates Income
of SBI) Premium Income 3,333 12,895 of SBI) Premium Income 6,362 18,700
Expenses Expenses
Commission Expenses 15,490 14,201 Commission Expenses 81,994 64,743
Benefits/Claims paid - 5,000 Bank Charges (0) (0)
Outstanding Balances: Outstanding Balances:
Assets Assets
Cash & Bank balances (29) (4) Cash & Bank balances (6) 10
Liabilities Liabilities
Other Liabilities 657 285 Other Liabilities 1,586 2,778
11 Mizoram Rural Promotor Group Transactions: 16 Utkal Grameen Promotor Group Transactions:
Bank (RRBs - Associates Income Bank (RRBs - Associates Income
of SBI) Premium Income 15,455 34,304 of SBI) Premium Income 39,323 184,718
Expenses Expenses
Commission Expenses 7,442 5,286
Commission Expenses 42,983 32,898
Benefits/Claims paid - 2,000
Outstanding Balances:
Outstanding Balances:
Assets
Assets
Cash & Bank balances (185) (70) Cash & Bank balances (87) (139)
Liabilities Liabilities
Other Liabilities 1,032 807 Other Liabilities 1,355 1,920
12 Nagaland Rural Promotor Group Outstanding Balances: 17 Uttarakhand Promotor Group Transactions:
Bank (RRBs - Associates Assets Gramin Bank (RRBs - Associates Expenses
of SBI) Cash & Bank balances (0) (7) of SBI) Commission Expenses 34,872 25,913
13 Rajasthan Promotor Group Transactions: Outstanding Balances:
Marudhara (RRBs - Associates Income
Assets
Gramin Bank of SBI) Premium Income 117,653 16,303
Cash & Bank balances (143) (119)
Expenses
Liabilities
Commission Expenses 95,574 85,518
Bank Charges (1) (0) Other Liabilities 771 807
Benefits/Claims paid 2,000 - There are no loans and advances in the nature of loans to firms / companies in which directors are interested.
Outstanding Balances:
Assets
Cash & Bank balances (618) (263)
Liabilities
Other Liabilities 1,876 2,775
14 Saurashtra Promotor Group Transactions:
Gramin Bank (RRBs - Associates Income
of SBI) Premium Income 5,333 -
Expenses
Commission Expenses 39,323 30,719
Benefits/Claims paid 2,000 -
Outstanding Balances:
Assets
Cash & Bank balances (62) 0
Liabilities
Other Liabilities 869 2,293

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Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

44. Disclosure related to Controlled Fund (` in crore)

As per IRDA guidelines, the details of controlled fund are mentioned below: Particulars As at As at
March 31, 2024 March 31, 2023
Computation of Controlled fund as per the Balance Sheet (vii) Provision for Taxation 136 147
(` in crore) (a) FBT - -
Particulars As at As at (b) I.T. 136 147
March 31, 2024 March 31, 2023 Provisions (other than taxation) (22) 12
Policyholders' Fund (Life Fund) (a) For diminution in the value of investments (net) (21) 12
Participating 52,465 48,526 (b) Others (0) (0)
Individual Assurance 48,518 43,382 Total Outgo 129,840 78,742
Individual Pension 3,151 3,178 Surplus of the Policyholders' Fund 2,791 2,856
Group Pension 8 8 Less: transferred to Shareholders' Account 2,598 2,707
Individual Variable Insurance 788 1,957 Net Flow in Policyholders' account 194 149
Non-participating 103,343 81,606 Add: Net income in Shareholders' Fund 1,894 1,721
Individual Assurance 35,419 25,401 Net In Flow / Outflow 2,088 1,870
Individual Pension 740 602 Add: change in valuation Liabilities 78,431 41,003
Group Assurance 43,509 34,242 Add: Increase in Paid up Capital 1 1
Annuity 21,638 15,647 Add: Increase in Reserves & Surplus 43 35
Group Variable Insurance 2,038 5,714 Less: Interim dividend 270 250
Linked 216,010 163,256 Less: Corporate social responsibility expenses - -
Individual Assurance 166,457 127,203 Closing Balance of Controlled Fund as per cash flow 389,879 310,865
Individual Pension 49,197 35,771 Change in fair value change 2,904 (1,279)
Group Gratuity 357 281 Closing Balance of Controlled Fund 392,783 309,587
Funds for Future Appropriations - Linked - - As Per Balance Sheet 392,783 309,587
Funds for Future Appropriations - Others 1,337 1,143 Difference, if any - -
Credit/(Debit) Fair Value Change Account 4,719 2,039 Reconciliation with Shareholders' and Policyholders' Fund
Total (A) 377,874 296,569 Policyholders' Funds
Shareholders' Fund Policyholders' Funds - Traditional-PAR and NON-PAR
Paid up Capital* 1,002 1,001 Opening Balance of the Policyholders' Fund with change in fair value 133,314 113,960
Reserves & Surplus 13,590 11,924 Add: Surplus of the Revenue Account 194 149
Fair Value Change 317 93 Add: Change in valuation Liabilities 25,677 20,373
Total (B) 14,909 13,017 Total as per cash flow 159,184 134,482
Misc. expenses not written off - - Change in fair value change 2,680 (1,168)
Credit / (Debit) from P&L A/c. - - Total 161,864 133,314
Total (C ) - - As per Balance Sheet 161,864 133,314
Total shareholders' funds (B+C) 14,909 13,017 Difference, if any - -
Controlled Fund (Total (A+B+C)) 392,783 309,587 Policyholders' Funds - Linked
*includes Share Application money Opening Balance of the Policyholders' Fund 163,256 142,625
Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account Add: Surplus of the Revenue Account - -
Opening Balance of Controlled Fund 309,587 268,207 Add: change in valuation Liabilities 52,755 20,630
Add: Inflow Total 216,010 163,256
Income: As per Balance Sheet 216,010 163,256
Premium Income 81,431 67,316 Difference, if any - -
Less: Reinsurance ceded (844) (735) Shareholders' Funds
Net Premium 80,587 66,581 Opening Balance of Shareholders' Fund 13,017 11,622
Investment Income 50,367 13,260 Add: net income of Shareholders' account (P&L) 1,894 1,721
Other Income 50 50 Add: Infusion of Capital 1 1
Funds transferred from Shareholders' Accounts 1,628 1,707 Add: Increase in Reserves & Surplus 43 35
Total Income 132,631 81,598 Less: Interim dividend 270 250
Less: Outgo Less: Corporate social responsibility expenses - -
(i) Benefits paid (Net) 42,724 30,090 Closing Balance of the Shareholders' fund as per cash flow 14,685 13,128
(ii) Interim & Terminal Bonuses Paid 383 197 Change in fair value change 224 (111)
(iii) Change in Valuation of Liability 78,431 41,003 Closing Balance of the Shareholders' fund 14,909 13,017
(iv) Commission 3,255 3,062 As per Balance Sheet 14,909 13,017
(v) Operating Expenses 3,984 3,410 Difference, if any - -
(vi) Goods & Service Tax on charges 948 819

338 339
340
i.

v.
ii.

iv.
iii.

vi.
vii.

at the year end.

45. Segment reporting

Actuarial Liability
Schedules

considering the following:

SBI Life Insurance Company Limited

(b) Segmental Balance Sheet

New business sum assured
Forming Part of Financial Statements

(a) Segmental Revenue Account

New lives added during the year

Channels used for the business segments
Cost centres identified by the Management

New business premium and renewal premium

Total number of lives covered as at the end of the year

the average policy liabilities in the individual business and the group business.
in segmental reporting are same as those used in the preparation of the financial statements.

The methodology for determining segmental revenue and expenses adopted in the current year is described below:

assets have been allocated to life business and pension business in the ratio of the respective policy liabilities as

and liabilities under Life business have been allocated in the ratio of the respective policy liabilities as at the year end.
Within life business, certain assets and liabilities have been directly identified to the respective segments. Other assets
pension business, group business, unit – linked business and variable insurance business segments. Other net current
Investments are effected from the respective funds and have been reflected accordingly. Fixed assets have been
actual basis. Other operating expenses, which are not directly identifiable and attributable, are allocated after
Operating expenses that are directly attributable and identifiable to the business segments are allocated on
maintained. The remaining investment income and profit or loss on sale of investments is apportioned on the basis of
and profit or loss on sale or disposal of investments are directly allocated if a segregated investment portfolio is
allocated to the respective segments to which they relate. Within the Non-Participating segment, investment income
Premium income, commission, investment income and profit or loss on sale or disposal of investments is directly
conducted business only in India, the same is considered as one geographical segment. The accounting policies used
is segmented into traditional -par business, non-par business and unit-linked business. Since the Company has
are required to prepare Segmental Revenue Account and Segmental Balance Sheet. The Company’s business
2014, further amended by Companies (Accounting Standards) Amendment Rules, 2016, life insurance companies
under Section 133 of the Companies Act, 2013, read together with Paragraph 7 of the Company (Accounts) Rules,
In accordance with the Accounting regulations read with Accounting Standard – 17 on “Segment reporting” notified
Integrated Annual Report 2023-24

allocated to shareholders’ funds, net current assets have been directly allocated among shareholders, life business,

Segmental Revenue Account for the Year Ended March 31, 2024
` (‘000)
Particulars Participating Non Participating Unit Linked Grand Total
Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
Premiums earned - Net
(a) Premium
Direct - First year premiums 7,683,885 142,412 - 109 7,826,405 41,546,201 - 432,262 9,313,316 539 - 61,333 - 51,353,651 87,005,064 - 28,572,314 115,577,378 174,757,434
- Renewal premiums 59,337,857 2,803,110 207 1,014,927 63,156,101 83,872,815 96,684 1,218,947 15,596,283 202,560 - 122,831 1,728 101,111,847 178,617,069 - 89,038,234 267,655,303 431,923,252
Integrated Report

- Single premiums 89,373 48,270 - - 137,643 241,193 - 98,412,025 - 22,829,413 60,187,841 55 2,780,302 184,450,828 21,862,329 806,775 368,126 23,037,229 207,625,700
(b) Reinsurance ceded (10,525) (21) - (185) (10,731) (988,075) - - (5,950,452) (1,258,366) (2) (10,608) - (8,207,503) (217,139) - - (217,139) (8,435,372)
Schedules

(c) Reinsurance accepted - - - - - - - - - - - - - - - - - - -

Total 67,100,590 2,993,771 207 1,014,850 71,109,419 124,672,134 96,684 100,063,233 18,959,146 21,774,146 60,187,839 173,611 2,782,029 328,708,823 287,267,323 806,775 117,978,673 406,052,771 805,871,014
Income from investments
Forming Part of Financial Statements

(a) Interest, Dividends & Rent - Net of 30,813,729 2,268,198 5,554 1,231,859 34,319,340 21,320,340 242,615 17,864,665 1,330,124 8,083,287 12,809,076 147,905 3,426,704 65,224,718 46,924,104 195,688 23,728,133 70,847,924 170,391,982
amortisation
(b) Profit on sale / redemption of 9,639,049 1,136,769 2,784 229,943 11,008,544 1,051,843 28,819 2,346,293 5,669 834,788 51,397 5,577 798,534 5,122,920 71,289,880 100,786 8,841,953 80,232,619 96,364,083
investments
(c) (Loss on sale / redemption of (747,547) (11,069) (27) (18,467) (777,111) (156,485) (146) (180,941) (86) (74,729) (17,104) (0) (792,094) (1,221,585) (7,218,924) (5,367) (1,912,176) (9,136,467) (11,135,164)
investments)
Statutory Reports

(d) Transfer / Gain on revaluation / - - - - - (1,581,125) - - - - - - - (1,581,125) 224,161,060 91,770 25,373,660 249,626,491 248,045,365
change in fair value*
Other income 183,336 5,613 1 22 188,972 114,645 21 1 69 1,012 1,700 182 271 117,902 (2,691) 34 2,635 (22) 306,852
Income on unclaimed amount of - - - - - - - - - - - - - - 194,178 - - 194,178 194,178
policyholders
Contribution from the Shareholders’ A/c - - - - - 14,113,641 - - - - 1,829,766 325,110 - 16,268,517 - 7,298 - 7,298 16,275,815
Total 39,888,567 3,399,510 8,311 1,443,357 44,739,745 34,862,859 271,310 20,030,018 1,335,776 8,844,359 14,674,835 478,775 3,433,414 83,931,346 335,347,608 390,208 56,034,206 391,772,022 520,443,111
Total (A) 106,989,157 6,393,281 8,518 2,458,208 115,849,164 159,534,993 367,994 120,093,251 20,294,922 30,618,505 74,862,674 652,386 6,215,443 412,640,169 622,614,931 1,196,983 174,012,879 797,824,793 1,326,314,125
Commission
Direct - First year premiums 1,727,337 10,681 - (8) 1,738,010 9,720,512 - (0) 174,698 (2) - 8,882 (0) 9,904,091 5,336,217 - 1,495,054 6,831,271 18,473,372
- Renewal premiums 2,419,742 54,381 - 20,585 2,494,707 2,232,075 1,577 773 50,632 12,148 - 4,265 - 2,301,468 3,872,470 - 1,737,767 5,610,237 10,406,413
- Single premiums 1,767 965 - - 2,732 7,730 - 24,934 (0) 1,142,783 548,027 - 1,565 1,725,039 435,803 497 7,199 443,499 2,171,270
Financial Statements

Less: Commission on Re-insurance - - - - - - - - - - - - - - - - - - -

ceded
Rewards 169,673 - - 2 169,675 512,637 - - - - - - - 512,637 819,770 - - 819,770 1,502,082
Operating expenses related to insurance 3,839,155 38,330 13 10,859 3,888,357 10,490,756 2,895 520,376 1,921,886 1,504,347 1,223,666 30,568 20,476 15,714,970 18,055,301 15,697 2,144,664 20,215,663 39,818,988
business
Provision for doubtful debts 757 (205) - 253 805 (426) 199 - - 7 126 - - (94) 254 - - 254 964
Bad debts written off - - - - - 24,465 - - - - - - - 24,465 - - - - 24,465
Provision for tax
- Income tax 397,186 - - 100,033 497,220 - - 47,357 190,307 326,669 - - 50,396 614,729 244,877 - - 244,877 1,356,825
Provision (other than taxation)
For diminution in the value of (273,974) - - - (273,974) 25,475 - 17,443 - 15,920 - - 144 58,982 - - - - (214,992)
investments (net)
Additional Information

For standard assets and non-standard (3,367) - - - (3,367) - - - - - - - - - - - - - (3,367)

assets
Goods & Service Tax on charges - 1 - 31,924 31,924 3 145 301 - - - - 48 497 7,439,947 3,431 2,000,030 9,443,409 9,475,830
Total (B) 8,278,276 104,152 13 163,649 8,546,090 23,013,227 4,815 611,183 2,337,522 3,001,871 1,771,820 43,715 72,629 30,856,783 36,204,639 19,625 7,384,715 43,608,979 83,011,849
341
 Segmental Revenue Account for the Year Ended March 31, 2024 (Contd...)

342
` (‘000)
Particulars Participating Non Participating Unit Linked Grand Total
Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
Benefits paid (net) 42,895,625 5,368,467 2,332 11,398,265 59,664,689 38,152,956 259,477 48,685,545 8,190,590 4,741,295 13,180,730 296,375 41,937,127 155,444,096 185,168,820 417,951 26,547,978 212,134,749 427,243,532
Interim & Terminal bonuses paid 1,655,602 273,246 - 1,901,851 3,830,700 - - - - - - - - - - - - - 3,830,700
Change in valuation of liability in respect
of life policies
(a) Gross** 51,359,013 (267,473) (2,768) (10,233,947) 40,854,825 98,649,316 (96,478) 69,869,172 6,087,773 16,658,096 59,910,124 312,148 (36,760,374) 214,629,777 1,495,000 4,101 1,471,916 2,971,016 258,455,618
(b) Amount ceded in Re-insurance 66 0 - 10 76 (280,506) - - 60,036 (11,349) (0) 148 - (231,670) 968 - - 968 (230,627)
Schedules

(c) Amount accepted in Re-insurance - - - - - - - - - - - - - - - - - - -

SBI Life Insurance Company Limited

(d) Fund reserve - - - - - - - - - - - - - - 389,403,566 755,306 119,661,334 509,820,205 509,820,205

(e) Funds for discontinued policies - - - (1,458,974) (1,458,974) - - - - - - - - - 3,133,885 - 14,593,209 17,727,094 16,268,120
Forming Part of Financial Statements

Total (C) 95,910,306 5,374,240 (436) 1,607,205 102,891,315 136,521,766 162,999 118,554,717 14,338,400 21,388,042 73,090,854 608,671 5,176,753 369,842,202 579,202,239 1,177,357 162,274,437 742,654,032 1,215,387,548
SURPLUS/ (DEFICIT) (D) = [(A)-(B)-(C)] 2,800,576 914,889 8,942 687,353 4,411,760 - 200,180 927,352 3,619,000 6,228,592 - - 966,061 11,941,184 7,208,053 - 4,353,728 11,561,781 27,914,728
APPROPRIATIONS
Transfer to Shareholders’ account 2,074,910 138,721 139 259,755 2,473,526 - 200,180 927,352 3,619,000 6,228,592 - - 966,061 11,941,184 7,208,053 - 4,353,728 11,561,781 25,976,494
Transfer to other reserves - - - - - - - - - - - - - - - - - - -
Balance being Funds for Future 725,665 776,168 8,802 427,598 1,938,234 - - - - - - - - - - - - - 1,938,234
Appropriations
Total (D) 2,800,576 914,889 8,942 687,353 4,411,760 - 200,180 927,352 3,619,000 6,228,592 - - 966,061 11,941,184 7,208,053 - 4,353,728 11,561,781 27,914,728
a) Interim & Terminal bonuses paid 1,655,602 273,246 - 1,901,851 3,830,700 - - - - - - - - - - - - - 3,830,700
b) Allocation of bonus to 17,018,590 975,243 1,255 435,945 18,431,032 - - - - - - - - - - - - - 18,431,032
policyholders
c) Surplus shown in the revenue 2,800,576 914,889 8,942 687,353 4,411,760 - 200,180 927,352 3,619,000 6,228,592 - - 966,061 11,941,184 7,208,053 - 4,353,728 11,561,781 27,914,728
account
d) Total Surplus: [(a) + (b) + (c)] 21,474,768 2,163,378 10,196 3,025,149 26,673,492 - 200,180 927,352 3,619,000 6,228,592 - - 966,061 11,941,184 7,208,053 - 4,353,728 11,561,781 50,176,460
Funds for Future Appropriation
Opening balance 8,894,983 1,947,205 20,601 564,605 11,427,394 11,427,394
Add: Current Period Appropriation 725,665 776,168 8,802 427,598 1,938,234 - - - - 1,938,234
Balance carried forward to Balance 9,620,648 2,723,373 29,403 992,203 13,365,628 - - - - 13,365,628
sheet
* Represents the deemed realised gain as per norms specified by the Authority
** Represents Mathematical Reserves after allocation of bonus
Integrated Annual Report 2023-24

Segmental Balance Sheet as at March 31, 2024

` (‘000)
Particulars SCH Shareholders' Participating Non Participating Unit Linked Pool Grand Total
Funds Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
SOURCES OF FUNDS
Shareholders' Funds
Share capital 5 10,014,655 - - - - - - - - - - - - - - - - - - - 10,014,655
Integrated Report

Share application 1,514 - - - - - - - - - - - - - - - - - - - 1,514

money pending
Schedules

allotment
Reserves and surplus 6 135,900,119 - - - - - - - - - - - - - - - - - - - 135,900,119
Credit/(debit) 3,169,318 - - - - - - - - - - - - - - - - - - - 3,169,318
Forming Part of Financial Statements

fair value change

account
Sub-Total 149,085,606 - - - - - - - - - - - - - - - - - - - 149,085,606
Borowings - - - - - - - - - - - - - - - - - - - -
Policyholders' funds
Statutory Reports

Credit/(debit) - 30,265,717 1,375,400 3,368 241,850 31,886,335 13,077,857 21,358 912,304 - 948,776 - 80 329,338 15,289,712 9,769 50 5,060 14,879 - 47,190,926
fair value change
account
Policy liabilities - 485,180,958 31,514,777 76,112 7,879,334 524,651,182 344,156,695 2,739,130 302,747,872 16,018,300 116,277,014 216,380,631 1,033,379 20,380,899 1,019,733,921 8,995,202 45,857 4,658,862 13,699,921 - 1,558,085,023
Insurance reserves - - - - - - - - - - - - - - - - - - - - -
Linked liabilities - - - - - - - - - - - - - - - 1,248,177,742 3,377,385 415,852,323 1,667,407,451 - 1,667,407,451
Fair value change - - - - - - - - - - - - - - - 343,740,613 189,986 34,407,702 378,338,301 - 378,338,301
Funds for -
Discontinued
Policies:
(i) Discontinued - - - - - - - - - - - - - - - 70,692,605 - 41,136,321 111,828,926 - 111,828,926
Financial Statements

on account of
non-payment of
premium
(ii) Others - - - - - - - - - - - - - - - 1,957,467 - 570,560 2,528,027 - 2,528,027
Total linked liabilities - - - - - - - - - - - - - - - 1,664,568,427 3,567,372 491,966,906 2,160,102,705 - 2,160,102,705
Sub-total - 515,446,675 32,890,177 79,480 8,121,184 556,537,516 357,234,552 2,760,488 303,660,176 16,018,300 117,225,790 216,380,631 1,033,458 20,710,236 1,035,023,632 1,673,573,398 3,613,279 496,630,828 2,173,817,505 - 3,765,378,654
Funds for future - - - - - - - - - - - - - - - - - - - - -
appropriations-
linked
Funds for future - 9,620,648 2,723,373 29,403 992,203 13,365,628 - - - - - - - - - - - - - - 13,365,628
appropriations-
Additional Information

others
TOTAL 149,085,606 525,067,323 35,613,551 108,883 9,113,387 569,903,145 357,234,552 2,760,488 303,660,176 16,018,300 117,225,790 216,380,631 1,033,458 20,710,236 1,035,023,632 1,673,573,398 3,613,279 496,630,828 2,173,817,505 - 3,927,829,888
343
 Segmental Balance Sheet as at March 31, 2024 (Contd...)

344
` (‘000)
Particulars SCH Shareholders' Participating Non Participating Unit Linked Pool Grand Total
Funds Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
APPLICATION OF
FUNDS
Investments
Shareholders' 8 130,363,700 - - - - - - - - - - - - - - - - - - - 130,363,700
Policyholders' 8A - 488,521,728 38,859,348 95,153 9,713,784 537,190,013 341,836,089 3,152,962 291,701,776 21,886,054 125,044,547 200,326,989 2,336,094 25,904,990 1,012,189,502 10,542,708 53,746 5,460,358 16,056,812 - 1,565,436,327
Schedules

Assets held to cover 8B - - - - - - - - - - - - - - - 1,664,568,427 3,567,372 491,966,906 2,160,102,705 - 2,160,102,705

SBI Life Insurance Company Limited

linked liabilities
Loans 9 - 3,451,278 - - - 3,451,278 432,068 - - - - 4,560 - - 436,628 - - - - - 3,887,906
Forming Part of Financial Statements

Fixed Assets 10 5,569,593 - - - - - - - - - - - - - - - - - - - 5,569,593

Current Assets (A)
Cash and bank 11 3,002 19,155,706 83,478 20,003 1,503,419 20,762,607 10,098,545 1,280 1,567,227 670,154 509,016 3,767,375 5,328 1,761 16,620,686 6,508,882 8,369 2,848,555 9,365,806 706,823 47,458,924
balances
Advances and other 12 13,727,345 16,636,478 688,822 (139) 387,865 17,713,026 29,439,166 (134,862) 5,560,374 (2,525,191) (2,238,409) 4,855,392 24,896 (505,848) 34,475,516 5,786,034 23,958 (1,574,076) 4,235,916 17,135 70,168,939
assets
Sub-total (A) 13,730,346 35,792,185 772,300 19,864 1,891,283 38,475,632 39,537,711 (133,582) 7,127,600 (1,855,037) (1,729,393) 8,622,767 30,224 (504,087) 51,096,203 12,294,916 32,327 1,274,480 13,601,723 723,958 117,627,863
Current Liabilities (B) 13 578,034 2,273,621 3,882,168 (77) 2,383,628 8,539,340 24,060,846 226,966 (4,970,834) 3,755,548 5,798,581 (7,485,066) 1,306,297 4,498,113 27,190,449 12,749,930 (32,840) 1,924,461 14,641,551 1,002,781 51,952,154
Provisions 14 2 160,029 1,720 1 492 162,242 394,536 131 23,783 76,598 54,089 55,791 1,148 926 607,002 674,614 718 98,181 773,513 1,663,292 3,206,052
Sub-total (B) 578,036 2,433,650 3,883,888 (77) 2,384,120 8,701,582 24,455,381 227,097 (4,947,051) 3,832,146 5,852,669 (7,429,276) 1,307,445 4,499,039 27,797,451 13,424,544 (32,121) 2,022,643 15,415,065 2,666,074 55,158,206
Net Current Assets 13,152,310 33,358,534 (3,111,589) 19,941 (492,837) 29,774,050 15,082,330 (360,679) 12,074,651 (5,687,183) (7,582,063) 16,052,043 (1,277,221) (5,003,126) 23,298,751 (1,129,628) 64,448 (748,163) (1,813,342) (1,942,116) 62,469,657
(C) = (A - B)
Miscellaneous - - - - - - - - - - - - - - - - - - - - -
Expenditure
(to the extent
not written off or
adjusted)
Debit balance in - - - - - - - - - - - - - - - - - - - - -
Profit & Loss account
(Shareholders'
Account)
TOTAL 149,085,606 525,331,540 35,747,759 115,094 9,220,947 570,415,341 357,350,487 2,792,283 303,776,428 16,198,871 117,462,484 216,383,592 1,058,873 20,901,864 1,035,924,882 1,673,981,507 3,685,566 496,679,102 2,174,346,175 (1,942,116) 3,927,829,888
Net Capital 149,085,606
Employed
Integrated Annual Report 2023-24

Segmental Revenue Account for the Year Ended March 31, 2023
` (‘000)
Particulars Participating Non Participating Unit Linked Grand Total
Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
Premiums earned - Net
(a) Premium
Direct - First year premiums 8,977,007 170,465 - 1 9,147,473 46,339,921 - 370,381 5,729,124 474 - 48,406 - 52,488,306 57,055,682 - 33,279,220 90,334,902 151,970,680
- Renewal premiums 59,111,108 3,012,158 289 3,010,961 65,134,517 49,972,849 108,616 1,340,111 11,630,923 216,262 - 95,001 2,091 63,365,855 175,107,683 - 73,661,997 248,769,680 377,270,052
Integrated Report

- Single premiums 184,380 126,014 - - 310,394 237,103 - 47,597,474 - 20,673,801 49,738,857 1,678 3,925,717 122,174,630 20,202,502 360,862 866,926 21,430,291 143,915,315
(b) Reinsurance ceded (9,591) (21) - (474) (10,085) (837,388) - - (5,248,967) (999,835) (2) (12,167) - (7,098,360) (237,618) - - (237,618) (7,346,063)
Schedules

(c) Reinsurance accepted - - - - - - - - - - - - - - - - - - -

Total 68,262,905 3,308,616 289 3,010,488 74,582,298 95,712,485 108,616 49,307,966 12,111,080 19,890,703 49,738,854 132,917 3,927,808 230,930,430 252,128,250 360,862 107,808,144 360,297,255 665,809,983
Income from investments
Forming Part of Financial Statements

(a) Interest, Dividends & Rent - Net of 27,303,943 2,016,647 5,333 1,911,096 31,237,019 15,171,076 236,292 14,677,565 718,504 6,910,157 8,609,641 77,426 4,595,261 50,995,921 40,468,934 195,595 16,944,794 57,609,324 139,842,264
amortisation
(b) Profit on sale / redemption of 10,494,616 821,282 2,172 303,893 11,621,963 758,761 61,113 1,856,230 58,703 785,846 51,381 17,267 898,806 4,488,106 41,095,304 136,624 5,760,725 46,992,652 63,102,721
investments
(c) (Loss on sale / redemption of (128,422) (51,212) (135) (20,680) (200,449) (49,286) - (71,137) (2,532) (16,407) - (2,615) (95,824) (237,800) (20,147,860) (71,590) (7,365,392) (27,584,843) (28,023,091)
investments)
Statutory Reports

(d) Transfer / Gain on revaluation / - - - - - (1,372,895) - - - - - - - (1,372,895) (36,754,170) (152,557) (4,040,836) (40,947,563) (42,320,458)
change in fair value*
Other income 170,507 4,946 1 189 175,642 144,082 20 - 56 1,234 695 163 425 146,675 25,818 11 2,022 27,851 350,169
Income on unclaimed amount of - - - - - - - - - - - - - - 148,355 - - 148,355 148,355
policyholders
Contribution from the Shareholders' A/c - - - - - 12,608,731 - - - - 2,790,835 1,653,352 - 17,052,918 - 21,965 - 21,965 17,074,883
Total 37,840,644 2,791,664 7,370 2,194,499 42,834,176 27,260,470 297,425 16,462,658 774,731 7,680,829 11,452,552 1,745,593 5,398,669 71,072,926 24,836,381 130,048 11,301,313 36,267,742 150,174,843
Total (A) 106,103,548 6,100,280 7,659 5,204,987 117,416,474 122,972,955 406,041 65,770,624 12,885,811 27,571,532 61,191,406 1,878,510 9,326,477 302,003,356 276,964,630 490,910 119,109,457 396,564,997 815,984,826
Commission
Direct - First year premiums 1,951,886 12,776 - (2) 1,964,659 10,513,954 1 - 43,623 (15) - 6,973 - 10,564,537 3,792,444 - 1,740,001 5,532,445 18,061,641
- Renewal premiums 2,415,174 58,295 - 69,603 2,543,072 1,408,122 1,791 787 48,367 12,200 - 3,167 - 1,474,434 3,799,792 - 1,436,469 5,236,260 9,253,766
- Single premiums 3,678 2,520 - - 6,199 7,322 - 31,915 - 1,014,804 560,415 - 3,144 1,617,600 403,196 36 17,203 420,435 2,044,233
Financial Statements

Less: Commission on Re-insurance - - - - - - - - - - - - - - - - - - -

ceded
Rewards 172,110 - - - 172,110 534,396 - - - - - - - 534,396 558,738 - - 558,738 1,265,244
Operating expenses related to insurance 3,943,359 45,772 15 32,111 4,021,257 10,873,658 3,097 386,908 1,816,452 1,400,139 920,734 24,475 35,374 15,460,837 12,327,964 13,785 2,270,877 14,612,625 34,094,719
business
Provision for doubtful debts (10,032) - - 4,136 (5,896) (647) 142 (97) - (1,260) 25 - - (1,837) (5,559) - (190) (5,749) (13,481)
Bad debts written off 10,801 - - - 10,801 2,745 - 97 - 1,302 - - - 4,144 7,674 - 190 7,864 22,809
Provision for tax
- Income tax 327,059 - - 107,395 434,454 - - 46,058 263,225 293,426 - - 34,401 637,110 402,483 - - 402,483 1,474,046
Provision (other than taxation)
For diminution in the value of 122,024 - - - 122,024 - - - - - - - - - - - - - 122,024
investments (net)
Additional Information

For standard assets and non-standard (2,367) - - - (2,367) - - - - - - - - - - - - - (2,367)

assets
Goods & Service Tax on charges - 1 - 64,029 64,029 17 149 259 - - - - 64 489 6,468,592 3,572 1,657,490 8,129,655 8,194,173
Total (B) 8,933,692 119,364 15 277,271 9,330,342 23,339,566 5,182 465,926 2,171,668 2,720,595 1,481,174 34,615 72,983 30,291,710 27,755,323 17,393 7,122,040 34,894,755 74,516,807
345
 Segmental Revenue Account for the Year Ended March 31, 2023 (Contd...)

346
` (‘000)
Particulars Participating Non Participating Unit Linked Grand Total
Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
Benefits paid (net) 36,337,636 1,169,917 2,894 13,631,057 51,141,504 34,267,660 244,932 35,153,807 8,020,409 5,034,649 8,573,255 1,427,689 16,291,507 109,013,909 122,795,500 1,346,796 16,604,085 140,746,382 300,901,795
Interim & Terminal bonuses paid 1,204,844 26,032 - 741,925 1,972,801 - - - - - - - - - - - - - 1,972,801
Change in valuation of liability in respect
of life policies
(a) Gross** 57,309,174 4,229,637 848 (8,856,514) 52,683,145 66,687,963 54,008 29,254,418 (1,581,929) 14,262,289 51,136,976 416,213 (7,700,203) 152,529,734 873,504 16,264 995,917 1,885,684 207,098,563
(b) Amount ceded in Re-insurance 6 - - 19 25 (1,322,234) - - (707,024) (13,320) - (7) - (2,042,586) (488) - - (488) (2,043,048)
Schedules

(c) Amount accepted in Re-insurance - - - - - - - - - - - - - - - - - - -

SBI Life Insurance Company Limited

(d) Fund reserve - - - - - - - - - - - - - - 111,073,752 (889,543) 81,211,025 191,395,233 191,395,233

(e) Funds for discontinued policies - - - (1,326,904) (1,326,904) - - - - - - - - - 4,489,000 - 10,418,114 14,907,113 13,580,209
Forming Part of Financial Statements

Total (C) 94,851,659 5,425,586 3,742 4,189,584 104,470,571 99,633,389 298,940 64,408,225 5,731,457 19,283,618 59,710,232 1,843,895 8,591,303 259,501,057 239,231,268 473,517 109,229,140 348,933,924 712,905,553
SURPLUS/ (DEFICIT) (D) = [(A)-(B)-(C)] 2,318,197 555,330 3,902 738,133 3,615,561 - 101,919 896,473 4,982,686 5,567,319 - - 662,191 12,210,589 9,978,039 - 2,758,278 12,736,317 28,562,466
APPROPRIATIONS
Transfer to Shareholders' account 1,800,526 116,450 160 207,453 2,124,590 - 101,919 896,473 4,982,686 5,567,319 - - 662,191 12,210,589 9,978,039 - 2,758,278 12,736,317 27,071,495
Transfer to other reserves - - - - - - - - - - - - - - - - - - -
Balance being Funds for Future 517,670 438,880 3,742 530,679 1,490,971 - - - - - - - - - - - - - 1,490,971
Appropriations
Total (D) 2,318,197 555,330 3,902 738,133 3,615,561 - 101,919 896,473 4,982,686 5,567,319 - - 662,191 12,210,589 9,978,039 - 2,758,278 12,736,317 28,562,466
a) Interim & Terminal bonuses paid 1,204,844 26,032 - 741,925 1,972,801 - - - - - - - - - - - - - 1,972,801
b) Allocation of bonus to 14,999,895 1,022,018 1,444 1,125,154 17,148,511 - - - - - - - - - - - - - 17,148,511
policyholders
c) Surplus shown in the revenue 2,318,197 555,330 3,902 738,133 3,615,561 - 101,919 896,473 4,982,686 5,567,319 - - 662,191 12,210,589 9,978,039 - 2,758,278 12,736,317 28,562,466
account
d) Total Surplus: [(a) + (b) + (c)] 18,522,935 1,603,380 5,346 2,605,212 22,736,874 - 101,919 896,473 4,982,686 5,567,319 - - 662,191 12,210,589 9,978,039 - 2,758,278 12,736,317 47,683,778
Funds for Future Appropriation
Opening balance 8,377,313 1,508,326 16,859 33,926 9,936,423 9,936,423
Add: Current Period Appropriation 517,670 438,880 3,742 530,679 1,490,971 - - - 1,490,971
Balance carried forward to Balance 8,894,983 1,947,205 20,601 564,605 11,427,394 - - - 11,427,394
sheet
* Represents the deemed realised gain as per norms specified by the Authority
** Represents Mathematical Reserves after allocation of bonus
Integrated Annual Report 2023-24

Segmental Balance Sheet as at March 31, 2023

` (‘000)
Particulars SCH Shareholders' Participating Non Participating Unit Linked Pool Grand Total
Funds Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
SOURCES OF FUNDS
Shareholders' Funds
Share capital 5 10,008,948 - - - - - - - - - - - - - - - - - - - 10,008,948
Integrated Report

Reserves and surplus 6 119,236,578 - - - - - - - - - - - - - - - - - - - 119,236,578

Credit/(debit) 929,296 - - - - - - - - - - - - - - - - - - - 929,296
Schedules

fair value change

account
Sub-Total 130,174,821 - - - - - - - - - - - - - - - - - - - 130,174,821
Forming Part of Financial Statements

Borowings - - - - - - - - - - - - - - - - - - - -
Policyholders' funds
Credit/(debit) - 16,211,090 898,577 2,376 200,835 17,312,878 1,701,177 27,293 721,602 - 229,971 (50) 3,442 392,628 3,076,063 - - - - - 20,388,940
fair value change
account
Statutory Reports

Policy liabilities - 433,821,879 31,782,251 78,880 19,572,245 485,255,255 245,787,885 2,835,609 232,574,786 10,174,405 99,630,267 156,470,508 721,082 57,141,273 805,335,815 7,499,234 41,756 3,186,947 10,727,937 - 1,301,319,007
Insurance reserves - - - - - - - - - - - - - - - - - - - - -
Linked liabilities - - - - - - - - - - - - - - - 1,082,935,237 2,713,850 321,564,650 1,407,213,737 - 1,407,213,737
Fair value change - - - - - - - - - - - - - - - 119,579,553 98,216 9,034,041 128,711,810 - 128,711,810
Funds for -
Discontinued
Policies:
(i) Discontinued - - - - - - - - - - - - - - - 67,845,694 - 26,670,651 94,516,345 - 94,516,345
on account of
non-payment
Financial Statements

of premium
(ii) Others - - - - - - - - - - - - - - - 1,670,493 - 443,021 2,113,514 - 2,113,514
Total linked liabilities - - - - - - - - - - - - - - - 1,272,030,977 2,812,066 357,712,363 1,632,555,405 - 1,632,555,405
Sub-total - 450,032,969 32,680,827 81,257 19,773,080 502,568,133 247,489,061 2,862,901 233,296,389 10,174,405 99,860,238 156,470,458 724,524 57,533,901 808,411,877 1,279,530,210 2,853,822 360,899,309 1,643,283,342 - 2,954,263,352
Funds for future - - - - - - - - - - - - - - - - - - - - -
appropriations-
linked
Funds for future - 8,894,983 1,947,205 20,601 564,605 11,427,394 - - - - - - - - - - - - - - 11,427,394
appropriations-
others
TOTAL 130,174,821 458,927,952 34,628,033 101,857 20,337,685 513,995,527 247,489,061 2,862,901 233,296,389 10,174,405 99,860,238 156,470,458 724,524 57,533,901 808,411,877 1,279,530,210 2,853,822 360,899,309 1,643,283,342 - 3,095,865,567
Additional Information

347
 Segmental Balance Sheet as at March 31, 2023 (Contd...)

348
` (‘000)
Particulars SCH Shareholders' Participating Non Participating Unit Linked Pool Grand Total
Funds Individual Individual Group Variable Total Individual Individual Group OYRGTA Group Annuity Health Variable Total Individual Group Pension Total
Life Pension Pension Insurance Life Pension Savings Others Insurance
APPLICATION OF
FUNDS
Investments
Shareholders' 8 112,087,007 - - - - - - - - - - - - - - - - - - 112,087,007
Policyholders' 8A - 429,077,222 35,206,561 87,379 20,139,334 484,510,497 242,650,172 3,116,837 224,250,278 19,869,951 110,252,034 147,312,764 1,344,856 62,353,373 811,150,264 2,126,205 11,839 903,573 3,041,617 - 1,298,702,378
Schedules

Assets held to cover 8B - - - - - - - - - - - - - - - 1,272,030,977 2,812,066 357,712,363 1,632,555,405 - 1,632,555,405

SBI Life Insurance Company Limited

linked liabilities
Loans 9 - 3,889,171 - - - 3,889,171 - - - - - - - - - - - - - - 3,889,171
Forming Part of Financial Statements

Fixed Assets 10 5,215,127 - - - - - - - - - - - - - - - - - - - 5,215,127

Current Assets (A)
Cash and bank 11 1,229 19,746,618 70,752 4 2,144,468 21,961,841 9,717,296 2,779 2,734,141 565,552 101,010 604,131 4,452 6,205 13,735,564 4,325,456 - 1,251,635 5,577,091 373,494 41,649,219
balances
Advances and other 12 13,511,058 9,796,083 491,146 14,840 (534,880) 9,767,188 11,314,772 (43,145) 3,731,668 (5,887,817) (3,086,125) 4,733,140 1,641,063 (111,355) 12,292,199 13,017,468 43,669 3,247,233 16,308,369 14,575 51,893,389
assets
Sub-total (A) 13,512,288 29,542,700 561,897 14,844 1,609,588 31,729,029 21,032,068 (40,367) 6,465,808 (5,322,265) (2,985,116) 5,337,270 1,645,515 (105,150) 26,027,763 17,342,924 43,669 4,498,868 21,885,460 388,069 93,542,608
Current Liabilities (B) 13 639,311 2,904,313 195,121 223 546,083 3,645,740 15,559,539 38,005 119,644 3,707,276 6,977,272 3,312 13,975 1,318,187 27,737,209 11,315,576 4,663 2,049,804 13,370,043 1,052,427 46,444,730
Provisions 14 290 189,378 2,319 1 1,704 193,401 469,345 164 20,597 55,072 57,228 48,927 1,106 1,847 654,286 541,510 738 120,315 662,563 2,170,859 3,681,399
Sub-total (B) 639,600 3,093,691 197,439 224 547,788 3,839,142 16,028,884 38,168 140,241 3,762,349 7,034,499 52,238 15,081 1,320,034 28,391,495 11,857,086 5,401 2,170,119 14,032,606 3,223,286 50,126,129
Net Current Assets 12,872,687 26,449,009 364,458 14,620 1,061,800 27,889,887 5,003,184 (78,535) 6,325,567 (9,084,614) (10,019,615) 5,285,032 1,630,434 (1,425,184) (2,363,732) 5,485,838 38,268 2,328,749 7,852,854 (2,835,217) 43,416,479
(C) = (A - B)
Miscellaneous - - - - - - - - - - - - - - - - - - - - -
Expenditure
(to the extent
not written off or
adjusted)
Debit balance in - - - - - - - - - - - - - - - - - - - - -
Profit & Loss account
(Shareholders'
Account)
TOTAL 130,174,821 459,415,402 35,571,019 101,999 21,201,135 516,289,555 247,653,356 3,038,301 230,575,845 10,785,337 100,232,419 152,597,796 2,975,290 60,928,189 808,786,532 1,279,643,020 2,862,173 360,944,684 1,643,449,877 (2,835,217) 3,095,865,567
Net Capital 130,174,821
Employed
Integrated Annual Report 2023-24

Liabilities
Description

Assets / Current
Advances and Other
Integrated Report

Schedules

12
Schedule
with current year’s presentation.
Forming Part of Financial Statements
Statutory Reports

Sub-heading

Policyholders
Year ended March 31, 2024

Income accrued
on investments -
47. Previous year figures regrouped / reclassified

13
Schedule
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Financial Statements

investments
payables for
Outstanding
Sub-heading
Year ended March 31, 2023
` (‘000)
Amount

87,02,61
Additional Information

Reason

presentation.
Regrouped for
appropriate and better
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lent or invest in party

349
Previous year figures have been regrouped / reclassified / rearranged wherever necessary to make them comparable
in other persons or entities identified by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any
any parties (Funding Party) with the understanding that the Company shall whether, directly or indirectly lent or invest
identified by or on behalf of the Company (Ultimate beneficiaries). The Company has also not received any fund from
sources or kind of funds) by the Company to or any other person or entities, including foreign entities (‘Intermediaries’)
46. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
 Annexure to Revenue Account – Break up of Unit Linked Business (UL)

350
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Revenue Account for the year ended March 31, 2024

Policyholders’ Account (Technical Account)
` (‘000)
Schedules

Particulars Sch Linked Life Linked Pension Linked Group Total Unit
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
SBI Life Insurance Company Limited

(1) (2) (3) = (1) + (2) (4) (5) (6) = (4) + (5) (7) (8) (9) = (7) + (8) (10) = (3) +
(6) + (9)
Forming Part of Financial Statements

Premiums earned – Net

(a) Premium 15,854,705 271,629,756 287,484,462 6,363,760 111,614,914 117,978,673 - 806,775 806,775 406,269,910
(b) Reinsurance ceded (217,139) - (217,139) - - - - - - (217,139)
Income from Investments
(a) Interest, Dividends & Rent 303,458 46,620,646 46,924,104 144,344 23,583,788 23,728,133 1,612 194,076 195,688 70,847,924
- Net of Amortisation
(b) Profit on sale / redemption 510 71,289,370 71,289,880 243 8,841,711 8,841,953 3 100,783 100,786 80,232,619
of investments
(c) Loss on sale / redemption (444) (7,218,480) (7,218,924) (211) (1,911,965) (1,912,176) (2) (5,365) (5,367) (9,136,467)
of investments
(d) Unrealised gain / loss - 224,161,060 224,161,060 - 25,373,660 25,373,660 - 91,770 91,770 249,626,491
Other Income:
(a) Linked Income UL-1 27,359,864 (27,359,864) - 5,768,344 (5,768,344) - 11,432 (11,432) - -
(b) Miscellaneous income (3,286) 595 (2,691) 2,233 402 2,635 25 9 34 (22)
(c) Income on unclaimed 194,178 - 194,178 - - - - - - 194,178
amount of policyholders
(d) Contribution from the - - - - - - 7,298 - 7,298 7,298
Shareholders' a/c
Total (A) 43,491,847 579,123,084 622,614,931 12,278,712 161,734,167 174,012,879 20,366 1,176,616 1,196,983 797,824,793
Commission 10,464,513 - 10,464,513 3,240,020 - 3,240,020 497 - 497 13,705,031
Operating expenses related to 18,055,301 - 18,055,301 2,144,664 - 2,144,664 15,697 - 15,697 20,215,663
insurance business
Bad debts written off - - - - - - - - - -
GST / Service Tax on Linked 2,419,213 5,020,734 7,439,947 959,379 1,040,652 2,000,030 - 3,431 3,431 9,443,409
Charges
Provision for taxation 244,877 - 244,877 - - - - - - 244,877
Provision (other than taxation) - - - - - - - - - -
For diminution in the value of - - - - - - - - - -
investments (net)
For standard assets and non- - - - - - - - - - -
standard assets
Total (B) 31,183,904 5,020,734 36,204,639 6,344,063 1,040,652 7,384,715 16,194 3,431 19,625 43,608,979
Integrated Annual Report 2023-24

Annexure to Revenue Account – Break up of Unit Linked Business (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Revenue Account for the year ended March 31, 2024

Policyholders’ Account (Technical Account) (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Sch Linked Life Linked Pension Linked Group Total Unit
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
(1) (2) (3) = (1) + (2) (4) (5) (6) = (4) + (5) (7) (8) (9) = (7) + (8) (10) = (3) +
Forming Part of Financial Statements

(6) + (9)
Benefits paid (Net) UL-2 3,603,922 181,564,899 185,168,820 109,006 26,438,972 26,547,978 71 417,879 417,951 212,134,749
Subscription lapse - - - - - - - - - -
Interim bonus paid - - - - - - - - - -
Change in valuation of liability
in respect of life policies:
Statutory Reports

(a) Fund reserve 1,495,968 389,403,566 390,899,534 1,471,916 119,661,334 121,133,250 4,101 755,306 759,406 512,792,190
(b) Funds for discontinued - 3,133,885 3,133,885 - 14,593,209 14,593,209 - - - 17,727,094
policies
Total (C) 5,099,889 574,102,349 579,202,239 1,580,921 160,693,515 162,274,437 4,172 1,173,185 1,177,357 742,654,032
Surplus / (Deficit) (D) = 7,208,053 - 7,208,053 4,353,728 - 4,353,728 - - - 11,561,781
(A) - (B) - (C)
Appropriations
Transfer to Shareholders' 7,208,053 - 7,208,053 4,353,728 - 4,353,728 - - - 11,561,781
account
Transfer to other reserves - - - - - - - - - -
Balance being Funds for Future - - - - - - - - - -
Financial Statements

Appropriations
Total (D) 7,208,053 - 7,208,053 4,353,728 - 4,353,728 - - - 11,561,781
Additional Information

351
352
Total (UL1)
Particulars

Other charges
Mortality charge
Switching charge
Surrender charge

Guaranteed charge
Schedule – UL1

Rider premium charge

Registration No. 111

Discontinuance charge
Partial withdrawal charge
Fund management charge
Fund administration charge

Policy administration charge

Subscription lapse forefeiture

Loyalty Unit / Residual Addition

Schedules
SBI Life Insurance Company Limited

Forming Part of Financial Statements

* Charges are net of Service Tax / GST, if any

Date of Registration with IRDAI: March 29, 2001
Name of the Insurer: SBI Life Insurance Company Limited

(1)
Unit
Life Linked

1,213,954
17,659,957
-

1,028
2,191

38
-
8,662,933

-
-

1,410
373,285

27,359,864
(554,932)
(2)
Unit
Pension Linked

-
460,056
4,289,446

-
14,504
6

848,098
-
-

261
170,555

5,768,344
(14,580)
Linked Income (recovered from linked funds) * for the year ended March 31, 2024

(3)
Unit
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Linked Group

-
18,987

76
-
-

-
-

-
-
-

11,432
(7,631)
-
Total

(4) = (1) + (2) + (3)

` (‘000)

1,674,010
21,968,390

8,677,512
1,033
2,191

38
-

543,840
848,098
-

33,139,640
(577,143)
1,671
Integrated Annual Report 2023-24

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – UL2
Benefits paid (Net) for the year ended March 31, 2024
Integrated Report

` (‘000)
Schedules

Particulars Linked Life Linked Pension Linked Group Total Unit

Non Unit Unit Linked Life Non-Unit Unit Linked Non-Unit Unit Linked Linked
Pension Group
Forming Part of Financial Statements

(1) (2) (3) = (1) + (2) (4) (5) (6) = (4) + (5) (7) (8) (9) = (7) + (8) (10) = (3) +
(6) + (9)
Insurance Claims
(a) Claims by death 3,514,875 3,762,370 7,277,245 67,243 2,874,118 2,941,360 16 1,657 1,673 10,220,279
(b) Claims by maturity 15,912 36,095,474 36,111,385 20,939 1,827,807 1,848,746 - - - 37,960,131
Statutory Reports

(c) Annuities / Pension payment - - - - - - - - - -

(d) Other benefits - - - - - - - - - -
- Subscription lapse 27,344 32,286,211 32,313,555 17,518 6,858,677 6,876,195 - - - 39,189,750
- Surrender (9,855) 107,968,905 107,959,050 3,306 14,878,370 14,881,676 - - - 122,840,726
- Withdrawals (6,475) 1,451,939 1,445,463 - - - 55 416,222 416,277 1,861,741
- Survival - - - - - - - - - -
- Others (Interest on unclaimed 192,883 - 192,883 - - - - - - 192,883
amount)
Sub Total (A) 3,734,684 181,564,899 185,299,582 109,006 26,438,972 26,547,978 71 417,879 417,951 212,265,511
Amount ceded in Reinsurance
Financial Statements

(a) Claims by death 130,762 - 130,762 - - - - - - 130,762

(b) Claims by maturity - - - - - - - - - -
(c) Annuities / Pension payment - - - - - - - - - -
(d) Other benefits
- Surrender - - - - - - - - - -
- Survival - - - - - - - - - -
Sub Total (B) 130,762 - 130,762 - - - - - - 130,762
Total (A) - (B) 3,603,922 181,564,899 185,168,820 109,006 26,438,972 26,547,978 71 417,879 417,951 212,134,749
Benefits paid to Claimants:
In India 3,603,922 181,564,899 185,168,820 109,006 26,438,972 26,547,978 71 417,879 417,951 212,134,749
Outside India - - - - - - - - - -
Additional Information

Total (UL2) 3,603,922 181,564,899 185,168,820 109,006 26,438,972 26,547,978 71 417,879 417,951 212,134,749
353
 Form A-RA (UL)

354
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2024
` (‘000)
Particulars Sch Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
Schedules

Fund Fund
SBI Life Insurance Company Limited

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BAL 00105BON 50208EQT 00210EQT 00105EQU 10108EQT 80110FLE 80309FLE 41105GRO
Forming Part of Financial Statements

ANCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 YOPTFND111 XPR2FND111 XPR1FND111 WTH-FND111

Income from Investments
Interest - Net of amortisation 8,326,737 17,503,185 1,144 1,450,058 441,743 192,927 - - 499,606
Dividend income 1,545,409 - 1,275 1,218,712 5,868,809 218,272 - - 237,218
Profit / loss on sale of 11,641,152 708,212 10,526 7,687,239 31,597,271 2,593,252 - - 1,280,433
investment
Profit / loss on inter fund 108,352 (210,168) - 80,838 22,661 - - - (4,597)
transfer / sale of investment
Miscellaneous income / 227 389 - (113) 150 (28) - - (6)
expenses
Unrealised gain / loss * 21,981,206 3,409,726 17,898 16,452,059 121,089,073 2,250,105 - - 3,556,629
Total (A) 43,603,083 21,411,344 30,843 26,888,793 159,019,709 5,254,528 - - 5,569,282
Fund management expenses 2,953,091 2,390,150 1,342 1,430,787 7,311,484 287,305 - - 336,390
Fund administration expenses - - - - - - - - -
Other charges F-5 1,628,499 1,443,598 1,360 802,069 4,254,982 129,466 - - 155,468
Diminution in the value of - - - - - - - - -
investments (net)
GST on ULIP charges 832,691 717,430 486 402,004 2,099,782 80,380 - - 90,521
Total (B) 5,414,281 4,551,177 3,188 2,634,860 13,666,249 497,150 - - 582,380
Net Income for the year (A-B) 38,188,802 16,860,168 27,655 24,253,933 145,353,460 4,757,378 - - 4,986,902
Add: Fund Revenue Account at 44,172,431 62,750,957 379,464 23,938,802 125,818,471 22,258,605 16,113,042 20,351,112 11,781,355
the beginning of the period
Less: Fund revenue transferred - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 82,361,233 79,611,125 407,119 48,192,734 271,171,931 27,015,983 16,113,042 20,351,112 16,768,258
end of the period
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-RA (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2024 (Contd.)
` (‘000)
Integrated Report

Particulars Sch Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
Schedules

SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
70110IND 10206MON 70110TOP 60910DLY 80910P/EM 40311DLY 90311RET 10207PEB 60107PEN
EXULFND111 YMKTFND111 300-FND111 PRO1FND111 NGDFND111 PRO2FND111 GRT1FND111 ALANFND111 BONDFND111
Forming Part of Financial Statements

Income from investments

Interest - Net of amortisation 205 264,175 172,211 - 53,183 - - 111,959 288,274
Dividend income 17,966 - 153,816 - 20,042 - - 17,570 -
Profit / loss on sale of 129,864 3,729 695,685 - 497,065 - - 143,566 15,003
investment
Statutory Reports

Profit / loss on inter fund 2,591 - - - - - - (34) (3,618)

transfer / sale of investment
Miscellaneous income / 1 55 7 - (2) - - - (4)
expenses
Unrealised gain / loss * 191,327 1,023 2,383,647 - 3,674 - - 293,481 56,134
Total (A) 341,955 268,981 3,405,366 - 573,962 - - 566,541 355,789
Fund management expenses 15,274 9,667 199,756 - 32,600 - - 39,026 39,221
Fund administration expenses - - - - - - - - -
Other charges F-5 1,500 31,318 79,633 - 2,606 - - 9,360 8,105
Diminution in the value of - - - - - - - - -
Financial Statements

investments (net)
GST on ULIP charges 3,293 7,525 52,223 - 7,429 - - 8,945 8,717
Total (B) 20,067 48,510 331,612 - 42,634 - - 57,332 56,042
Net Income for the year (A-B) 321,888 220,471 3,073,755 - 531,328 - - 509,209 299,747
Add: Fund Revenue Account at 11,823,551 641,536 7,994,304 13,177,060 3,862,565 8,123,219 1,247,317 1,854,391 5,137,476
the beginning of the period
Less: Fund revenue transferred - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 12,145,439 862,008 11,068,059 13,177,060 4,393,893 8,123,219 1,247,317 2,363,600 5,437,222
end of the period
Additional Information

* Net change in mark to market value of investments

355
 Form A-RA (UL)

356
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2024 (Contd.)
` (‘000)
Particulars Sch Equity Equity Growth Index Pension Money Market Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Fund Pension Fund Fund Pension Fund Pension Fund Fund Balanced Plus Plus Fund Growth Plus
Schedules

Pension Fund Fund Fund

SBI Life Insurance Company Limited

SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEE 50107PEE 50207PEG 80110PEI 00308PEM 80110PET 90211PEG 60709GRP 60709GRP 50909GRP
Forming Part of Financial Statements

QOPTFND111 QITYFND111 RWTHFND111 NDEXFND111 NYMTFND111 P300FND111 URNTFND111 BAL+FND111 DBT+FND111 GRT+FND111
Income from investments
Interest - Net of amortisation 38,982 50,375 64,985 73 47,196 50,970 1,686 3,616 2,315 793
Dividend income 32,465 269,524 24,439 4,781 - 32,798 - 274 48 123
Profit / loss on sale of 246,808 852,878 84,420 38,727 666 141,298 (14) 6,936 404 1,218
investment
Profit / loss on inter fund - (9,346) (227) 801 - - - (267) - -
transfer / sale of investment
Miscellaneous income / (2) (30) (1) 1 9 4 - 1 1 1
expenses
Unrealised gain / loss * 500,869 5,323,307 460,953 47,485 106 467,194 25 (1,472) 843 1,470
Total (A) 819,122 6,486,708 634,568 91,868 47,977 692,264 1,697 9,087 3,611 3,604
Fund management expenses 45,981 352,102 39,486 4,095 1,732 44,900 248 449 232 136
Fund administration expenses - - - - - - - - - -
Other charges F-5 7,167 97,017 5,665 (328) 2,427 4,067 154 (507) - -
Diminution in the value of - - - - - - - - - -
investments (net)
GST on ULIP charges 10,022 81,275 8,507 768 757 9,380 72 81 42 24
Total (B) 63,170 530,394 53,658 4,535 4,916 58,346 474 23 274 160
Net Income for the year (A-B) 755,953 5,956,314 580,910 87,333 43,061 633,917 1,224 9,065 3,337 3,444
Add: Fund Revenue Account at 5,879,598 11,992,440 5,233,976 679,851 178,952 3,767,320 72,888 777,586 164,161 297,688
the beginning of the period
Less: Fund revenue transferred - - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 6,635,551 17,948,754 5,814,887 767,184 222,012 4,401,237 74,112 786,650 167,498 301,132
end of the period
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-RA (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2024 (Contd.)
` (‘000)
Integrated Report

Particulars Sch GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II Pension Pension Fund - III Plus Fund II Balanced Plus
Schedules

Fund Fund II Fund II Fund II

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRG 80711GRP 10611RET 10411DIS 00513PEN 00513PEE 00513PEM 10911DLY 00913GRD 00913GRB
Forming Part of Financial Statements

UNT+FND111 SHT+FND111 GRT2FND111 COPOFND111 BON2FND111 QIT2FND111 NYM2FND111 PRO3FND111 BT+FND2111 AL+FND2111
Income from investments
Interest - Net of amortisation - - - 4,657,432 18,431,574 57,379 904,786 - 99,152 73,502
Dividend income - - - - - 849,922 - - 2,043 4,319
Profit / loss on sale of - - - (68,698) 2,305,895 3,113,317 13,076 - 28,425 53,520
Statutory Reports

investment
Profit / loss on inter fund - - - - (19,920) 26,735 - - (152) (1)
transfer / sale of investment
Miscellaneous income / - - - 20 253 (15) 165 - 2 2
expenses
Unrealised gain / loss * - - - 590,306 2,737,693 15,319,185 6,618 - 29,278 52,704
Total (A) - - - 5,179,060 23,455,494 19,366,523 924,645 - 158,748 184,047
Fund management expenses - - - 368,885 2,506,429 1,010,244 32,954 - 9,130 8,123
Fund administration expenses - - - - - - - - - -
Other charges F-5 - - - 4 1,012,605 279,412 53,248 - (3,562) (3,426)
Financial Statements

Diminution in the value of - - - - - - - - - -

investments (net)
GST on ULIP charges - - - 66,400 633,410 232,139 15,515 - 1,652 1,466
Total (B) - - - 435,290 4,152,444 1,521,795 101,717 - 7,220 6,164
Net Income for the year (A-B) - - - 4,743,771 19,303,051 17,844,728 822,928 - 151,527 177,883
Add: Fund Revenue Account at 146,124 639 619,168 18,195,742 22,459,144 16,020,278 1,120,388 28,439,621 531,514 415,687
the beginning of the period
Less: Fund revenue transferred - - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 146,124 639 619,168 22,939,513 41,762,194 33,865,006 1,943,316 28,439,621 683,041 593,570
end of the period
Additional Information

* Net change in mark to market value of investments

357
 Form A-RA (UL)

358
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2024 (Contd.)
` (‘000)
Particulars Sch Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Schedules

Fund II Fund II Fund Fund

SBI Life Insurance Company Limited

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRS 00913GRS 00513PED 90915PUR 90915MID 30613GRP 90618BON 90618COR
Forming Part of Financial Statements

RT+FND2111 TOPLUS2111 HT+FND2111 ISCOFND111 EULPFND111 CAPFUND111 MNMTFND111 DOPTFND111 BONDFND111

Income from investments
Interest - Net of amortisation 4,103 - 3,269 2,304,051 26,159 266,530 - 1,337,680 595,304 58,327,317
Dividend income 519 - - - 93,954 1,391,889 - 65,005 - 12,071,193
Profit / loss on sale of 5,148 - 189 (20,283) 1,435,212 5,252,819 - 351,513 (2,646) 70,843,822
investment
Profit / loss on inter fund - - - - 166,153 104,975 - (12,294) (250) 252,232
transfer / sale of investment
Miscellaneous income / 1 - - 23 (21) 18 - (118) 16 1,007
expenses
Unrealised gain / loss * 7,384 - 1,563 160,610 953,443 49,384,986 - 1,788,017 107,941 249,626,491
Total (A) 17,155 - 5,022 2,444,401 2,674,899 56,401,216 - 3,529,803 700,365 391,122,062
Fund management expenses 627 - 289 173,028 116,357 1,831,996 - 276,697 98,175 21,968,390
Fund administration expenses - - - - - - - - - -
Other charges F-5 (52) - (9) - 42,036 801,636 - 250,957 74,776 11,171,250
Diminution in the value of - - - - - - - - - -
investments (net)
GST on ULIP charges 114 - 53 31,145 30,570 503,992 - 94,901 31,108 6,064,818
Total (B) 689 - 333 204,173 188,964 3,137,624 - 622,555 204,059 39,204,457
Net Income for the year (A-B) 16,466 - 4,689 2,240,228 2,485,936 53,263,593 - 2,907,248 496,306 351,917,605
Add: Fund Revenue Account at 18,320 4 17,487 2,506,306 1,348,357 19,842,959 4,137 686,214 195,467 523,037,673
the beginning of the period
Less: Fund revenue transferred - - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 34,786 4 22,176 4,746,534 3,834,293 73,106,552 4,137 3,593,462 691,773 874,955,278
end of the period
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-BS (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2024

` (‘000)
Integrated Report

Particulars Sch Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund Fund
Schedules

Fund
SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BON 50208EQT 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
Forming Part of Financial Statements

NCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111

Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 164,304,651 146,867,009 (277,672) 75,592,595 392,508,610 (3,064,008) (16,113,042) (20,351,112) 10,992,986
Revenue Account 82,361,233 79,611,125 407,119 48,192,734 271,171,931 27,015,983 16,113,042 20,351,112 16,768,258
Statutory Reports

Total 246,665,884 226,478,134 129,447 123,785,329 663,680,541 23,951,975 - - 27,761,243

Application of Funds
Investments F-2 243,202,537 221,132,375 129,503 123,788,856 659,795,544 23,964,059 - - 27,601,904
Current Assets F-3 3,823,448 6,739,181 13 565,670 3,999,141 51,044 - - 228,396
Less: Current Liabilities and F-4 360,101 1,393,422 69 569,197 114,144 63,128 - - 69,057
Provisions
Net Current Assets 3,463,346 5,345,759 (56) (3,527) 3,884,997 (12,084) - - 159,339
Total 246,665,884 226,478,134 129,447 123,785,329 663,680,541 23,951,975 - - 27,761,243
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 246,665,884 226,478,134 129,447 123,785,329 663,680,541 23,951,975 - - 27,761,243
Financial Statements

Sheet (Total Assets less

Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 3,775,968,287 5,050,614,365 1,678,641 2,679,747,949 3,675,753,993 501,625,698 - - 334,466,364
outstanding
(c) NAV per Unit (a) / (b) (`) 65.3252 44.8417 77.1142 46.1929 180.5563 47.7487 - - 83.0016
* Net change in mark to market value of investments
Additional Information

359
 Form A-BS (UL)

360
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2024 (Contd.)

` (‘000)
Particulars Sch Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
Schedules

SFIN ULIF0150 ULIF0050 ULIF01607 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
SBI Life Insurance Company Limited

70110INDE 10206MON 0110TOP3 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 YMKTFND111 00-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Forming Part of Financial Statements

Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 (10,850,058) 3,074,343 5,776,675 (13,177,060) (1,938,934) (8,123,219) (1,247,317) 2,156,099 (1,192,404)
Revenue Account 12,145,439 862,008 11,068,059 13,177,060 4,393,893 8,123,219 1,247,317 2,363,600 5,437,222
Total 1,295,382 3,936,351 16,844,734 - 2,454,958 - - 4,519,699 4,244,818
Application of Funds
Investments F-2 1,298,602 3,901,487 16,806,923 - 2,483,254 - - 4,477,852 4,126,769
Current Assets F-3 29,543 34,992 40,777 - 17,801 - - 116,585 139,325
Less: Current Liabilities and F-4 32,763 128 2,966 - 46,097 - - 74,738 21,276
Provisions
Net Current Assets (3,220) 34,864 37,811 - (28,296) - - 41,847 118,049
Total 1,295,382 3,936,351 16,844,734 - 2,454,958 - - 4,519,699 4,244,818
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 1,295,382 3,936,351 16,844,734 - 2,454,958 - - 4,519,699 4,244,818
Sheet (Total Assets less
Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 29,677,039 122,124,409 335,075,882 - 71,321,938 - - 70,292,562 106,292,918
outstanding
(c) NAV per Unit (a) / (b) (`) 43.6493 32.2323 50.2714 - 34.4208 - - 64.2984 39.9351
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-BS (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2024 (Contd.)

` (‘000)
Integrated Report

Particulars Sch Equity Equity Growth Index Pension Money Market Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Fund Pension Fund Fund Pension Fund Pension Fund Fund Balanced Plus Plus Fund Growth Plus
Schedules

Pension Fund Fund Fund

SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF02209 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEE 50207PEGR 80110PEIN 00308PEMN 80110PETP 0211PEGU 60709GRP 60709GRPD 50909GRPG
Forming Part of Financial Statements

OPTFND111 QITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 BAL+FND111 BT+FND111 RT+FND111
Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 (1,804,354) 26,605,024 (2,052,903) (411,587) 662,662 22,656 (49,180) (739,949) (129,879) (278,577)
Revenue Account 6,635,551 17,948,754 5,814,887 767,184 222,012 4,401,237 74,112 786,650 167,498 301,132
Statutory Reports

Total 4,831,197 44,553,777 3,761,983 355,597 884,675 4,423,894 24,932 46,702 37,619 22,555
Application of Funds
Investments F-2 4,809,226 43,828,288 3,722,344 355,784 867,228 4,390,253 24,408 41,477 37,273 22,457
Current Assets F-3 61,216 733,120 40,298 6,990 17,475 34,421 532 5,242 350 109
Less: Current Liabilities and F-4 39,245 7,631 659 7,177 29 780 8 17 3 11
Provisions
Net Current Assets 21,971 725,490 39,639 (187) 17,447 33,641 525 5,225 346 98
Total 4,831,197 44,553,777 3,761,983 355,597 884,675 4,423,894 24,932 46,702 37,619 22,555
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 4,831,197 44,553,777 3,761,983 355,597 884,675 4,423,894 24,932 46,702 37,619 22,555
Financial Statements

Sheet (Total Assets less

Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 94,412,975 691,177,373 59,783,385 7,814,194 29,663,473 91,662,216 1,071,667 1,093,989 1,069,366 448,595
outstanding
(c) NAV per Unit (a) / (b) (`) 51.1709 64.4607 62.9269 45.5065 29.8237 48.2630 23.2648 42.6895 35.1789 50.2786
* Net change in mark to market value of investments
Additional Information

361
 Form A-BS (UL)

362
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2024 (Contd.)

` (‘000)
Particulars Sch GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect
Group Debt Group
Fund term Plus Fund Policy Fund Fund II Pension Pension Fund - III
Plus Fund II Balanced Plus
Schedules

Fund Fund II Fund II Fund II

SBI Life Insurance Company Limited

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
Forming Part of Financial Statements

NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 (146,124) (639) (619,168) 49,710,559 230,344,533 62,388,195 12,356,209 (28,439,621) 869,649 941,254
Revenue Account 146,124 639 619,168 22,939,513 41,762,194 33,865,006 1,943,316 28,439,621 683,041 593,570
Total - - - 72,650,072 272,106,727 96,253,202 14,299,525 - 1,552,690 1,534,824
Application of Funds
Investments F-2 - - - 72,796,613 265,227,804 96,086,379 14,217,583 - 1,531,362 1,519,990
Current Assets F-3 - - - 2,169,711 10,996,397 374,799 82,869 - 21,610 15,315
Less: Current Liabilities and F-4 - - - 2,316,252 4,117,474 207,977 927 - 282 481
Provisions
Net Current Assets - - - (146,541) 6,878,923 166,822 81,942 - 21,328 14,834
Total - - - 72,650,072 272,106,727 96,253,202 14,299,525 - 1,552,690 1,534,824
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance - - - 72,650,072 272,106,727 96,253,202 14,299,525 - 1,552,690 1,534,824
Sheet (Total Assets less
Current Liabilities and
Provisions) (` in '000)
(b) Number of Units - - - 3,278,122,201 12,996,328,390 2,577,074,089 781,317,954 - 67,575,244 65,985,263
outstanding
(c) NAV per Unit (a) / (b) (`) - - - 22.1621 20.9372 37.3498 18.3018 - 22.9772 23.2601
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-BS (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2024 (Contd.)

` (‘000)
Integrated Report

Particulars Sch Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Schedules

Fund II Fund II Fund Fund

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRS 00913GRSH 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BON 90618CORB
Forming Part of Financial Statements

RT+FND2111 TOPLUS2111 T+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 DOPTFND111 ONDFND111

Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 195,833 (4) 120,187 36,960,347 6,639,348 134,059,239 (4,137) 24,160,341 8,849,372 1,285,147,427
Revenue Account 34,786 4 22,176 4,746,534 3,834,293 73,106,552 4,137 3,593,462 691,773 874,955,278
Statutory Reports

Total 230,619 - 142,363 41,706,881 10,473,640 207,165,791 - 27,753,802 9,541,145 2,160,102,705

Application of Funds
Investments F-2 227,431 - 140,476 41,861,475 10,551,531 206,118,731 - 27,018,566 9,139,120 2,137,245,463
Current Assets F-3 3,297 - 1,900 588,217 109,847 2,445,372 - 739,332 403,457 34,637,794
Less: Current Liabilities and F-4 109 - 13 742,811 187,738 1,398,313 - 4,096 1,433 11,780,552
Provisions
Net Current Assets 3,188 - 1,887 (154,594) (77,891) 1,047,060 - 735,236 402,025 22,857,242
Total 230,619 - 142,363 41,706,881 10,473,640 207,165,791 - 27,753,802 9,541,145 2,160,102,705
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 230,619 - 142,363 41,706,881 10,473,640 207,165,791 - 27,753,802 9,541,145 2,160,102,705
Financial Statements

Sheet (Total Assets less

Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 9,782,658 - 7,578,014 2,228,110,208 402,369,587 5,244,371,648 - 1,391,209,872 659,050,835 47,441,713,239
outstanding
(c) NAV per Unit (a) / (b) (`) 23.5743 - 18.7863 18.7185 26.0299 39.5025 - 19.9494 14.4771
* Net change in mark to market value of investments
Additional Information

363
 Schedules to Balance Sheet

364
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F1 as at March 31, 2024

Policyholders' Contribution
` (‘000)
Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
Schedules

Fund Fund
SBI Life Insurance Company Limited

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BOND 50208EQTY 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
Forming Part of Financial Statements

NCDFND111 ULPFND111 ELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111

Opening Balance 178,087,570 184,291,323 (267,680) 79,012,274 319,573,056 (3,795,036) (16,113,042) (20,351,112) 10,227,124
Add: Additions during the period * 36,072,749 20,379,903 (3,575) 20,641,039 151,213,705 4,345,556 - - 4,251,361
Less: Deductions during the period * 49,855,668 57,804,217 6,418 24,060,718 78,278,151 3,614,528 - - 3,485,499
Closing Balance 164,304,651 146,867,009 (277,673) 75,592,595 392,508,610 (3,064,008) (16,113,042) (20,351,112) 10,992,986

` (‘000)
Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB
XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Opening Balance (10,704,258) 3,080,848 4,860,308 (13,177,060) (1,576,771) (8,123,219) (1,247,317) 204,318 (1,466,367)
Add: Additions during the period * 34,398 957,863 3,006,392 - 23,018 - - 2,363,760 1,117,020
Less: Deductions during the period * 180,198 964,367 2,090,024 - 385,181 - - 411,978 843,057
Closing Balance (10,850,058) 3,074,344 5,776,676 (13,177,060) (1,938,934) (8,123,219) (1,247,317) 2,156,100 (1,192,404)

` (‘000)
Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
Pension Fund Fund Fund Pension Fund Plus Fund Fund
Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Opening Balance (3,555,475) 1,601,534 (2,962,167) (379,192) 391,484 (1,263,201) (48,488) (695,722) (130,027) (278,577)
Add: Additions during the period * 2,226,801 27,905,896 1,285,405 8,698 487,000 1,669,072 - 5,000 206 -
Less: Deductions during the period * 475,680 2,902,406 376,141 41,093 215,821 383,215 691 49,227 58 -
Closing Balance (1,804,354) 26,605,024 (2,052,903) (411,587) 662,663 22,656 (49,179) (739,949) (129,879) (278,577)
Integrated Annual Report 2023-24

* Additions represent units creation and deductions represent units cancellation

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F1 as at March 31, 2024

Policyholders' Contribution (Contd.)
` (‘000)
Integrated Report

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Schedules

Fund term Plus Fund Policy Fund Fund II

Pension Pension Fund - III Plus Fund II Balanced
Fund Fund II Fund II Plus Fund II
SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
Forming Part of Financial Statements

00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Opening Balance (146,124) (639) (619,168) 51,320,445 209,667,243 42,955,114 11,057,187 (28,439,621) 872,096 736,796
Add: Additions during the - - - 130,861,257 67,981,569 29,523,376 3,578,155 - 207,976 306,512
period *
Statutory Reports

Less: Deductions during the - - - 132,471,143 47,304,279 10,090,295 2,279,133 - 210,424 102,054
period *
Closing Balance (146,124) (639) (619,168) 49,710,559 230,344,533 62,388,195 12,356,209 (28,439,621) 869,648 941,254

` (‘000)
Particulars Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund II Fund Fund
SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
Financial Statements

RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111

Opening Balance 40,229 (4) 44,828 24,607,365 5,569,972 68,804,302 (4,137) 20,231,483 7,625,237 1,109,517,732
Add: Additions during the 161,310 - 125,770 63,153,590 2,522,556 83,479,277 - 10,018,059 3,226,623 673,137,296
period *
Less: Deductions during the 5,705 - 50,411 50,800,608 1,453,181 18,224,339 - 6,089,202 2,002,489 497,507,601
period *
Closing Balance 195,834 (4) 120,187 36,960,347 6,639,347 134,059,240 (4,137) 24,160,340 8,849,371 1,285,147,427
* Additions represent units creation and deductions represent units cancellation
Additional Information

365
 Schedules to Balance Sheet

366
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2024

Investments
` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
SBI Life Insurance Company Limited

Fund Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BOND 50208EQTY 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
NCDFND111 ULPFND111 ELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111
Approved Investments
Government Bonds 60,055,126 124,800,580 - 3,922,438 - 50,786 - - 6,065,594
Corporate Bonds 17,474,485 43,951,669 - 6,866,350 - - - - 450,611
Infrastructure Bonds 34,846,176 47,406,642 35 6,524,522 - - - - 923,228
Equity 114,771,869 - 96,604 92,461,140 572,906,273 18,020,803 - - 18,576,280
Money Market 1,233,037 1,533,986 16,585 3,984,413 2,422,913 2,995,389 - - 163,301
Mutual Funds - 4,654 - - 1,549,637 1,086,287 - - 15,498
Deposit with Banks 3,078,900 3,078,900 - - - - - - -
Total 231,459,592 220,776,432 113,224 113,758,864 576,878,823 22,153,265 - - 26,194,512
Other Investments
Corporate Bonds - 355,943 - - - - - - -
Infrastructure Bonds - - - - - - - - -
Equity 3,429,471 - 1,807 3,358,905 47,246,837 1,267,102 - - 1,076,915
Money Market - - - - - - - - -
Mutual Funds 8,313,473 - 14,471 6,671,087 35,669,884 543,693 - - 330,477
Total 11,742,945 355,943 16,279 10,029,992 82,916,721 1,810,794 - - 1,407,392
Grand Total 243,202,537 221,132,375 129,503 123,788,856 659,795,544 23,964,059 - - 27,601,904
% of Approved Investments to Total 95% 100% 87% 92% 87% 92% 0% 0% 95%
% of Other Investments to Total 5% 0% 13% 8% 13% 8% 0% 0% 5%
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2024

Investments (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
Forming Part of Financial Statements

70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Approved Investments
Government Bonds - 246,897 - - 151,281 - - 1,899,431 2,883,567
Corporate Bonds - 84,959 - - - - - 135,916 472,526
Statutory Reports

Infrastructure Bonds - - - - 906 - - 71,438 594,459

Equity 1,260,102 - 13,493,112 - 888,011 - - 1,970,781 -
Money Market 13,734 3,569,631 2,884,643 - 1,167,738 - - 111,406 67,317
Mutual Funds - - - - - - - - -
Deposit with Banks - - - - - - - 9,900 108,900
Total 1,273,836 3,901,487 16,377,755 - 2,207,935 - - 4,198,872 4,126,769
Other Investments
Corporate Bonds - - - - - - - - -
Infrastructure Bonds - - - - - - - - -
Equity 24,766 - 429,168 - 245,870 - - 209,427 -
Financial Statements

Money Market - - - - - - - - -
Mutual Funds - - - - 29,449 - - 69,554 -
Total 24,766 - 429,168 - 275,319 - - 278,980 -
Grand Total 1,298,602 3,901,487 16,806,923 - 2,483,254 - - 4,477,852 4,126,769
% of Approved Investments to Total 98% 100% 97% 0% 89% 0% 0% 94% 100%
% of Other Investments to Total 2% 0% 3% 0% 11% 0% 0% 6% 0%
Additional Information

367
 Schedules to Balance Sheet

368
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2024

Investments (Contd.)
` (‘000)
Schedules

Particulars Equity Equity Growth Index Pension Money Market Top 300 GPF070211 Group Group Debt Group Growth
Optimiser Pension Fund Pension Fund Fund Pension Fund Pension Fund Fund Balanced Plus Plus Fund Plus Fund
SBI Life Insurance Company Limited

Pension Fund Fund

Forming Part of Financial Statements

SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Approved
Investments
Government Bonds - - 1,055,563 - 25,199 - 19,480 25,245 25,073 9,076
Corporate Bonds - - 20,358 - 14,993 - - - 1,005 -
Infrastructure Bonds - - 70,968 - - - - - 1,013 -
Equity 3,548,675 36,939,684 2,393,770 346,848 - 3,219,120 - 9,238 3,131 9,280
Money Market 827,141 1,739,038 48,972 2,123 827,036 936,704 4,928 5,537 6,685 3,098
Mutual Funds - 250,295 - - - - - - - -
Deposit with Banks - - - - - - - - - -
Total 4,375,816 38,929,017 3,589,632 348,970 867,228 4,155,825 24,408 40,020 36,907 21,455
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity 319,811 2,355,116 124,402 6,814 - 234,428 - 1,040 276 859
Money Market - - - - - - - - - -
Mutual Funds 113,599 2,544,154 8,310 - - - - 417 90 143
Total 433,410 4,899,270 132,712 6,814 - 234,428 - 1,457 366 1,002
Grand Total 4,809,226 43,828,288 3,722,344 355,784 867,228 4,390,253 24,408 41,477 37,273 22,457
% of Approved 91% 89% 96% 98% 100% 95% 100% 96% 99% 96%
Investments to Total
% of Other 9% 11% 4% 2% 0% 5% 0% 4% 1% 4%
Investments to Total
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2024

Investments (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect
Group Debt Group
Fund term Plus Fund Policy Fund Fund II Pension Pension Fund - III
Plus Fund II Balanced Plus
Fund Fund II Fund II Fund II
Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Approved
Investments
Statutory Reports

Government Bonds - - - 58,270,032 137,255,743 - 1,138,763 - 1,174,531 1,007,445

Corporate Bonds - - - - 71,125,543 - 149,928 - 119,177 57,578
Infrastructure Bonds - - - - 49,867,231 - - - 55,000 32,299
Equity - - - - - 80,322,509 - - 136,196 339,942
Money Market - - - 14,526,581 1,991,737 1,439,909 12,458,892 - 30,536 38,470
Mutual Funds - - - - 1,501,856 250,070 - - - -
Deposit with Banks - - - - 3,078,900 - 470,000 - - -
Total - - - 72,796,613 264,821,012 82,012,488 14,217,583 - 1,515,440 1,475,734
Other Investments
Corporate Bonds - - - - 406,792 - - - - -
Infrastructure Bonds - - - - - - - - - -
Financial Statements

Equity - - - - - 5,768,954 - - 12,360 33,748

Money Market - - - - - - - - - -
Mutual Funds - - - - - 8,304,937 - - 3,562 10,507
Total - - - - 406,792 14,073,891 - - 15,922 44,255
Grand Total - - - 72,796,613 265,227,804 96,086,379 14,217,583 - 1,531,362 1,519,990
% of Approved 0% 0% 0% 100% 100% 85% 100% 0% 99% 97%
Investments to Total
% of Other 0% 0% 0% 0% 0% 15% 0% 0% 1% 3%
Investments to Total
Additional Information

369
 Schedules to Balance Sheet

370
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2024

Investments (Contd.)
` (‘000)
Schedules

Particulars Group Growth Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Plus Fund II Plus Fund IITerm Plus Pension Fund Market Plus Optimiser Bond Fund
SBI Life Insurance Company Limited

Fund II Fund Fund

Forming Part of Financial Statements

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Approved
Investments
Government Bonds 109,967 - 120,412 33,463,233 - - - 14,831,551 1,515,071 450,122,083
Corporate Bonds - - - - - - - 1,977,447 3,240,528 146,143,073
Infrastructure Bonds 1,011 - - - - - - 4,142,069 4,326,438 148,863,439
Equity 89,351 - - - 7,971,335 166,986,234 - 5,288,300 - 1,142,048,588
Money Market 16,886 - 20,064 8,398,242 513,607 3,832,377 - 17,430 57,083 67,907,169
Mutual Funds - - - - - 8,282,401 - - - 12,940,698
Deposit with Banks - - - - - - - - - 9,825,500
Total 217,216 - 140,476 41,861,475 8,484,942 179,101,013 - 26,256,797 9,139,120 1,977,850,550
Other Investments
Corporate Bonds - - - - - - - 203,396 - 966,132
Infrastructure Bonds - - - - - - - - - -
Equity 7,422 - - - 2,066,589 24,911,353 - 558,373 - 93,691,812
Money Market - - - - - - - - - -
Mutual Funds 2,794 - - - - 2,106,366 - - - 64,736,969
Total 10,216 - - - 2,066,589 27,017,719 - 761,769 - 159,394,912
Grand Total 227,431 - 140,476 41,861,475 10,551,531 206,118,731 - 27,018,566 9,139,120 2,137,245,463
% of Approved 96% 0% 100% 100% 80% 87% 0% 97% 100% 93%
Investments to Total
% of Other 4% 0% 0% 0% 20% 13% 0% 3% 0% 7%
Investments to Total
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2024

Current Assets
Integrated Report

` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund Fund
Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BON 50208EQT 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GROW
NCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 TH-FND111
Accrued Interest 3,690,383 5,700,428 13 541,683 1,912 2,443 - - 136,037
Cash & Bank Balance - - - - - - - - -
Statutory Reports

Dividend receivable - - - - 38,835 - - - -

Receivable for sale of investments - 1,038,649 - 24,051 780,771 33,285 - - 45,498
Unit collection account * 132,989 - - - 3,177,416 15,311 - - 46,845
Other Current Assets (for 75 105 - (63) 208 5 - - 16
investments)
Total 3,823,448 6,739,181 13 565,670 3,999,141 51,044 - - 228,396

Schedule – F4 as at March 31, 2024

Current Liabilities
` (‘000)
Financial Statements

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund Fund
Fund
SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BON 50208EQT 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GROW
NCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 TH-FND111
Payable for purchase of investments 102,065 - - 297,886 - 47,386 - - 62,169
Other Current Liabilities 39,811 29,784 19 20,169 114,144 4,215 - - 4,843
Unit payable account * 218,225 1,363,639 51 251,142 - 11,527 - - 2,045
Total 360,101 1,393,422 69 569,197 114,144 63,128 - - 69,057
* Represents inter fund receivables or payable, if any
Additional Information

371
 Schedules to Balance Sheet

372
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2024

Current Assets (Contd.)
` (‘000)
Schedules

Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SBI Life Insurance Company Limited

SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
Forming Part of Financial Statements

70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Accrued Interest 11 5,014 2,263 - 2,330 - - 46,398 120,475
Cash & Bank Balance - - - - - - - - -
Dividend receivable - - - - 4 - - - -
Receivable for sale of investments 29,523 - - - 15,463 - - 23,567 -
Unit collection account * - 29,983 38,520 - - - - 46,610 18,851
Other Current Assets (for 9 (5) (6) - 5 - - 9 (2)
investments)
Total 29,543 34,992 40,777 - 17,801 - - 116,585 139,325

Schedule – F4 as at March 31, 2024

Current Liabilities
` (‘000)
Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB
XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Payable for purchase of investments 29,674 - - - 40,204 - - 74,015 20,723
Other Current Liabilities 209 128 2,966 - 449 - - 723 553
Unit payable account * 2,879 - - - 5,444 - - - -
Total 32,763 128 2,966 - 46,097 - - 74,738 21,276
* Represents inter fund receivables or payable, if any
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2024

Current Assets (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
Pension Fund Fund Fund Pension Fund Plus Fund Fund
Forming Part of Financial Statements

Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Accrued Interest 653 1,371 14,679 2 659 735 532 242 350 109
Statutory Reports

Cash & Bank Balance - - - - - - - - - -

Dividend receivable - - - - - - - - - -
Receivable for sale of investments 14,842 - - 6,919 - - - - - -
Unit collection account * 45,717 731,776 25,621 68 16,817 33,682 - 5,000 - -
Other Current Assets (for 5 (27) (2) 2 (1) 3 - - - -
investments)
Total 61,216 733,120 40,298 6,990 17,475 34,421 532 5,242 350 109

Schedule – F4 as at March 31, 2024

Current Liabilities
Financial Statements

` (‘000)
Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
Pension Fund Fund Fund Pension Fund Plus Fund Fund
Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Payable for purchase of investments 38,399 - - 6,979 - - - 14 - 9
Other Current Liabilities 846 7,631 659 57 29 780 3 4 3 2
Unit payable account * - - - 141 - - 5 - - -
Additional Information

Total 39,245 7,631 659 7,177 29 780 8 17 3 -

* Represents inter fund receivables or payable, if any
373
 Schedules to Balance Sheet

374
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2024

Current Assets (Contd.)
` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
SBI Life Insurance Company Limited

Fund Fund II Fund II Plus Fund II

Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Accrued Interest - - - 1,169,692 6,421,917 1,135 22,336 - 21,611 15,312
Cash & Bank Balance - - - - - - - - - -
Dividend receivable - - - - - 2,700 - - - -
Receivable for sale of - - - - 3,428,082 - - - - -
investments
Unit collection account * - - - - 1,145,722 370,868 60,507 - - 2
Other Current Assets (for - - - 1,000,019 676 96 25 - (1) 1
investments)
Total - - - 2,169,711 10,996,397 374,799 82,869 - 21,610 15,315

Schedule – F4 as at March 31, 2024

Current Liabilities
` (‘000)
Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
Fund Fund II Fund II Plus Fund II
SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Payable for purchase of - - - - 4,072,193 188,293 - - 136 362
investments
Other Current Liabilities - - - 4,859 45,281 19,684 927 - 120 119
Unit payable account * - - - 2,311,393 - - - - 26 -
Total - - - 2,316,252 4,117,474 207,977 927 - 282 481
* Represents inter fund receivables or payable, if any
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2024

Current Assets (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Group Growth Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Plus Fund II Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund Fund
Forming Part of Financial Statements

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Accrued Interest 1,679 - 1,887 588,154 - 469 - 467,244 320,167 19,300,327
Cash & Bank Balance - - - - - - - - - -
Statutory Reports

Dividend receivable - - - - - 39,905 - - - 81,444

Receivable for sale of - - - - 51,250 - - - - 5,491,898
investments
Unit collection 1,617 - 13 - 58,581 2,404,735 - 272,135 83,302 8,762,689
account *
Other Current Assets - - - 63 16 264 - (47) (12) 1,001,436
(for investments)
Total 3,297 - 1,900 588,217 109,847 2,445,372 - 739,332 403,457 34,637,794

Schedule – F4 as at March 31, 2024

Current Liabilities
Financial Statements

` (‘000)
Particulars Group Growth Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Plus Fund II Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund Fund
SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Payable for purchase 91 - - - 185,920 1,362,706 - - - 6,529,224
of investments
Other Current 18 - 13 2,769 1,818 35,607 - 4,096 1,433 344,770
Additional Information

Liabilities
Unit payable account* - - - 740,042 - - - - - 4,906,558
Total 109 - 13 742,811 187,738 1,398,313 - 4,096 - 11,780,552
* Represents inter fund receivables or payable, if any
375
 Schedule to Fund Revenue Account

376
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2024

Other Expenses
` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
SBI Life Insurance Company Limited

Fund Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BOND 50208EQTY 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
NCDFND111 ULPFND111 ELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111
Policy administration charge 194,640 284,729 21 86,320 536,710 25,475 - - 23,930
Surrender charge 379 501 - 192 802 23 - - 39
Switching charge 98 286 - 82 279 24 - - 32
Mortality charge 1,445,153 1,296,861 1,339 709,629 3,591,759 125,709 - - 136,557
Rider premium charge - - - - - - - - -
Partial withdrawal charge 3 8 - 4 18 - - - 1
Miscellaneous charge 136 122 - 49 812 30 - - 17
Subscription lapse forfeiture - - - - - - - - -
Guarantee charge - - - - - - - - -
Discontinuance charge 36,189 16,612 - 8,107 232,396 8,300 - - 6,286
Transaction charge - - - - - - - - -
Loyalty Unit / Residual Addition (48,098) (155,521) - (2,315) (107,795) (30,096) - - (11,393)
Total 1,628,499 1,443,598 1,360 802,069 4,254,982 129,466 - - 155,468
Note : Ulip charges are excluding Service Tax / GST if any.
Integrated Annual Report 2023-24

Schedule to Fund Revenue Account

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2024

Other Expenses (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
Forming Part of Financial Statements

70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Policy administration charge 1,089 4,805 13,720 - 2,277 - - 6,259 6,862
Surrender charge 1 6 25 - 4 - - - -
Switching charge 2 106 27 - 1 - - 1 1
Statutory Reports

Mortality charge 1,936 26,400 73,632 - 6,410 - - 1,005 1,439

Rider premium charge - - - - - - - - -
Partial withdrawal charge - - 1 - - - - - -
Miscellaneous charge 1 3 11 - - - - 2 3
Subscription lapse forfeiture - - - - - - - - -
Guarantee charge - - - - - - - - -
Discontinuance charge (3) 941 3,159 - (3) - - 3,529 1,100
Transaction charge - - - - - - - - -
Loyalty Unit / Residual Addition (1,527) (943) (10,942) - (6,083) - - (1,436) (1,301)
Total 1,500 31,318 79,633 - 2,606 - - 9,360 8,105
Financial Statements

Note : Ulip charges are excluding Service Tax / GST if any.

Additional Information

377
 Schedule to Fund Revenue Account

378
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2024

Other Expenses (Contd.)
` (‘000)
Schedules

Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
SBI Life Insurance Company Limited

Pension Fund Fund Fund Pension Fund Plus Fund Fund

Forming Part of Financial Statements

Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Policy administration charge 6,603 64,116 5,875 216 1,543 4,691 67 - - -
Surrender charge - - - - - - - - - -
Switching charge - 2 1 - - - - - - -
Mortality charge 786 9,771 501 - 399 604 - - - -
Rider premium charge - - - - - - - - - -
Partial withdrawal charge - - - - - - - - - -
Miscellaneous charge 2 38 2 - 1 2 - - - -
Subscription lapse forfeiture - - - - - - - - - -
Guarantee charge - - - - - - 87 - - -
Discontinuance charge 2,386 25,921 1,489 - 533 1,943 - - - -
Transaction charge - - - - - - - - - -
Loyalty Unit / Residual Addition (2,610) (2,831) (2,202) (545) (50) (3,172) - (507) - -
Total 7,167 97,017 5,665 (328) 2,427 4,067 154 (507) - -
Note : Ulip charges are excluding Service Tax / GST if any.
Integrated Annual Report 2023-24

Schedule to Fund Revenue Account

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2024

Other Expenses (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
Fund Fund II Fund II Plus Fund II
Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Policy administration charge - - - - 277,977 71,230 14,617 - - -
Surrender charge - - - - - - - - - -
Statutory Reports

Switching charge - - - - - - - - - -
Mortality charge - - - - - - - - 45 21
Rider premium charge - - - - - - - - - -
Partial withdrawal charge - - - - - - - - - -
Miscellaneous charge - - - - 162 41 9 - - -
Subscription lapse forfeiture - - - - - - - - - -
Guarantee charge - - - - 626,678 188,380 32,953 - - -
Discontinuance charge - - - 4 108,122 19,844 5,687 - - -
Transaction charge - - - - - - - - - -
Loyalty Unit / Residual - - - - (333) (83) (18) - (3,607) (3,446)
Addition
Financial Statements

Total - - - 4 1,012,605 279,412 53,248 - (3,562) (3,426)

Note : Ulip charges are excluding Service Tax / GST if any.
Additional Information

379
 Schedule to Fund Revenue Account

380
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2024

Other Expenses (Contd.)
` (‘000)
Schedules

Particulars Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
SBI Life Insurance Company Limited

Fund II Fund II Fund Fund

Forming Part of Financial Statements

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Policy administration charge - - - - 3,800 13,301 - 19,625 3,511 1,674,010
Surrender charge - - - - 16 203 - - - 2,191
Switching charge - - - - 10 56 - 15 9 1,033
Mortality charge 5 - 5 - 47,465 912,652 - 219,145 68,285 8,677,512
Rider premium charge - - - - - - - - - -
Partial withdrawal charge - - - - - 2 - - - 38
Miscellaneous charge - - - - 6 151 - 60 12 1,671
Subscription lapse forfeiture - - - - - - - - - -
Guarantee charge - - - - - - - - - 848,098
Discontinuance charge - - - - 2,305 43,829 - 12,178 2,985 543,840
Transaction charge - - - - - - - - - -
Loyalty Unit / Residual (56) - (14) - (11,567) (168,558) - (65) (27) (577,143)
Addition
Total (52) - (9) - 42,036 801,636 - 250,957 74,776 11,171,250
Note : Ulip charges are excluding Service Tax / GST if any.
Integrated Annual Report 2023-24

Annexure to Revenue Account – Break up of Unit Linked Business (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Revenue Account for the year ended March 31, 2023

Policyholders’ Account (Technical Account)
Integrated Report

` (‘000)
Schedules

Particulars Sch Linked Life Linked Pension Linked Group Total Unit
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
(1) (2) (3) = (1) + (2) (4) (5) (6) = (4) + (5) (7) (8) (9) = (7) + (8) (10) = (3) +
(6) + (9)
Forming Part of Financial Statements

Premiums earned – Net

(a) Premium 13,877,001 238,488,866 252,365,867 5,862,554 101,945,589 107,808,144 12 360,850 360,862 360,534,873
(b) Reinsurance ceded (237,618) - (237,618) - - - - - - (237,618)
Income from Investments
(a) Interest, Dividends & Rent 319,505 40,149,430 40,468,934 121,645 16,823,150 16,944,794 1,521 194,074 195,595 57,609,324
Statutory Reports

- Net of Amortisation
(b) Profit on sale / redemption 67 41,095,237 41,095,304 25 5,760,699 5,760,725 - 136,623 136,624 46,992,652
of investments
(c) Loss on sale / redemption (2,321) (20,145,539) (20,147,860) (884) (7,364,508) (7,365,392) (11) (71,579) (71,590) (27,584,843)
of investments
(d) Unrealised gain / loss - (36,754,170) (36,754,170) - (4,040,836) (4,040,836) - (152,557) (152,557) (40,947,563)
Other Income:
(a) Linked Income UL-1 23,827,948 (23,827,948) - 4,238,758 (4,238,758) - 6,599 (6,599) - -
(b) Miscellaneous income 26,919 (1,101) 25,818 1,506 516 2,022 18 (7) 11 27,851
(c) Income on unclaimed 148,355 - 148,355 - - - - - - 148,355
amount of policyholders
(d) Contribution from the - - - - - - 21,965 - 21,965 21,965
Financial Statements

Shareholders' a/c
Total (A) 37,959,856 239,004,774 276,964,630 10,223,605 108,885,852 119,109,457 30,104 460,805 490,910 396,564,997
Commission 8,548,610 - 8,548,610 3,193,483 - 3,193,483 36 - 36 11,742,129
Operating expenses related to 12,327,964 - 12,327,964 2,270,877 - 2,270,877 13,785 - 13,785 14,612,625
insurance business
Bad debts written off 7,674 - 7,674 190 - 190 - - - 7,864
GST / Service Tax on Linked 2,119,491 4,349,101 6,468,592 888,796 768,694 1,657,490 - 3,572 3,572 8,129,655
Charges
Provision for taxation 402,483 - 402,483 - - - - - - 402,483
Provision (other than taxation) - - - - - - - - - -
For diminution in the value of - - - - - - - - - -
Additional Information

investments (net)
For standard assets and non- - - - - - - - - - -
standard assets
Total (B) 23,406,222 4,349,101 27,755,323 6,353,346 768,694 7,122,040 13,821 3,572 17,393 34,894,755
381
 Annexure to Revenue Account – Break up of Unit Linked Business (UL)

382
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Revenue Account for the year ended March 31, 2023

Policyholders’ Account (Technical Account) (Contd.)

` (‘000)
Schedules

Particulars Sch Linked Life Linked Pension Linked Group Total Unit
SBI Life Insurance Company Limited

Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
(1) (2) (3) = (1) + (2) (4) (5) (6) = (4) + (5) (7) (8) (9) = (7) + (8) (10) = (3) +
Forming Part of Financial Statements

(6) + (9)
Benefits paid (Net) UL-2 3,702,579 119,092,921 122,795,500 116,065 16,488,020 16,604,085 20 1,346,776 1,346,796 140,746,382
Subscription lapse - - - - - - - - - -
Interim bonus paid - - - - - - - - - -
Change in valuation of liability
in respect of life policies:
(a) Fund reserve 873,016 111,073,752 111,946,768 995,917 81,211,025 82,206,941 16,264 (889,543) (873,280) 193,280,429
(b) Funds for discontinued - 4,489,000 4,489,000 - 10,418,114 10,418,114 - - - 14,907,113
policies
Total (C) 4,575,595 234,655,673 239,231,268 1,111,982 108,117,158 109,229,140 16,284 457,233 473,517 348,933,924
Surplus / (Deficit) (D) = (A) - 9,978,039 - 9,978,039 2,758,278 - 2,758,278 - - - 12,736,317
(B) - (C)
Appropriations
Transfer to Shareholders' 9,978,039 - 9,978,039 2,758,278 - 2,758,278 - - - 12,736,317
account
Transfer to other reserves - - - - - - - - - -
Balance being Funds for Future - - - - - - - - - -
Appropriations
Total (D) 9,978,039 - 9,978,039 2,758,278 - 2,758,278 - - - 12,736,317
Integrated Annual Report 2023-24

Total (UL1)
Particulars

Other charges
Mortality charge
Switching charge
Surrender charge

Guaranteed charge
Schedule – UL1

Rider premium charge

Registration No. 111

Discontinuance charge
Partial withdrawal charge
Fund management charge
Fund administration charge

Policy administration charge

Integrated Report

Subscription lapse forefeiture

Loyalty Unit / Residual Addition

Schedules
Forming Part of Financial Statements

* Charges are net of Service Tax / GST, if any

Date of Registration with IRDAI: March 29, 2001
Statutory Reports

Name of the Insurer: SBI Life Insurance Company Limited

(1)
Unit
Life Linked

14,163,857
-

2,638
1,063,798

8,594,298
870

2
-

(153)
-

1,767
389,506

23,827,948
(388,636)
(2)
Unit
Financial Statements

Pension Linked

3,049,476
-

(1)
394,505

7,338
4

-
-

649,764
-

283
169,290

4,238,758
(31,901)
Linked Income (recovered from linked funds) * for the year ended March 31, 2023

(3)
Unit
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Linked Group

-
19,782

-
-

-
64

-
-

-
-

6,599
(13,247)
-
Additional Information

Total

(4) = (1) + (2) + (3)

` (‘000)

17,233,115
-

2,637
1,458,303

8,601,699
874

2
-

649,611
-

2,051
558,796

28,073,305
(433,784)

383
 Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

384
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – UL2
Benefits paid (Net) for the year ended March 31, 2023
` (‘000)
Schedules

Particulars Linked Life Linked Pension Linked Group Total Unit

Linked
SBI Life Insurance Company Limited

Non Unit Unit Linked Life Non-Unit Unit Linked Non-Unit Unit Linked
Pension Group
Forming Part of Financial Statements

(1) (2) (3) = (1) + (2) (4) (5) (6) = (4) + (5) (7) (8) (9) = (7) + (8) (10) = (3) +
(6) + (9)
Insurance Claims
(a) Claims by death 3,695,348 3,319,682 7,015,030 75,003 2,001,745 2,076,748 25 2,369 2,394 9,094,172
(b) Claims by maturity (9,150) 18,487,898 18,478,748 1,801 366,228 368,030 - - - 18,846,778
(c) Annuities / Pension payment - - - - - - - - - -
(d) Other benefits - - - - - - - - - -
- Subscription lapse 7,086 27,859,666 27,866,752 36,279 4,880,329 4,916,608 - - - 32,783,359
- Surrender 13,492 68,784,117 68,797,609 2,981 9,239,718 9,242,699 - - - 78,040,308
- Withdrawals (1,953) 641,559 639,605 - - - (4) 1,344,407 1,344,403 1,984,008
- Survival - - - - - - - - - -
- Others (Interest on unclaimed 147,537 - 147,537 - - - - - - 147,537
amount)
Sub Total (A) 3,852,360 119,092,921 122,945,281 116,065 16,488,020 16,604,085 20 1,346,776 1,346,796 140,896,162
Amount ceded in Reinsurance
(a) Claims by death 149,781 - 149,781 - - - - - - 149,781
(b) Claims by maturity - - - - - - - - - -
(c) Annuities / Pension payment - - - - - - - - - -
(d) Other benefits
- Surrender - - - - - - - - - -
- Survival - - - - - - - - - -
Sub Total (B) 149,781 - 149,781 - - - - - - 149,781
Total (A) - (B) 3,702,579 119,092,921 122,795,500 116,065 16,488,020 16,604,085 20 1,346,776 1,346,796 140,746,382
Benefits paid to Claimants:
In India 3,702,579 119,092,921 122,795,500 116,065 16,488,020 16,604,085 20 1,346,776 1,346,796 140,746,382
Outside India - - - - - - - - - -
Total (UL2) 3,702,579 119,092,921 122,795,500 116,065 16,488,020 16,604,085 20 1,346,776 1,346,796 140,746,382
Integrated Annual Report 2023-24

Form A-RA (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2023
` (‘000)
Integrated Report

Particulars Sch Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
Schedules

Fund Fund
SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BAL 00105BON 50208EQT 00210EQT 00105EQU 10108EQT 80110FLE 80309FLE 41105GRO
Forming Part of Financial Statements

ANCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 YOPTFND111 XPR2FND111 XPR1FND111 WTH-FND111

Income from Investments
Interest - Net of amortisation 7,218,426 17,455,968 1,145 1,006,208 291,650 152,314 3 6 404,451
Dividend income 1,319,081 - 1,233 966,810 4,426,383 172,441 - - 185,109
Profit / loss on sale of 2,725,909 (3,725,902) 6,530 3,480,216 15,386,080 1,078,531 - - 178,415
Statutory Reports

investment
Profit / loss on inter fund (3,896) (204,173) - (87,618) (1,264,543) (6,769) - - 7,296
transfer / sale of investment
Miscellaneous income / (344) (447) - (66) (140) 15 - - 25
expenses
Unrealised gain / loss * (5,006,548) (3,006,396) (4,563) (2,894,630) (19,397,853) (1,001,023) - - (419,672)
Total (A) 6,252,629 10,519,050 4,346 2,470,919 (558,423) 395,508 3 6 355,624
Fund management expenses 2,614,090 2,504,510 1,329 1,211,704 5,383,409 236,356 1 2 280,399
Fund administration expenses - - - - - - - - -
Other charges F-5 1,982,183 1,861,918 1,507 940,139 3,627,863 129,637 (6) (11) 158,362
Financial Statements

Diminution in the value of - - - - - - - - -

investments (net)
GST on ULIP charges 832,313 805,275 509 387,492 1,634,689 66,832 (1) (2) 80,528
Total (B) 5,428,586 5,171,703 3,345 2,539,335 10,645,960 432,825 (6) (11) 519,289
Net Income for the year (A-B) 824,043 5,347,348 1,000 (68,416) (11,204,383) (37,317) 10 17 (163,665)
Add: Fund Revenue Account at 43,348,388 57,403,610 378,463 24,007,218 137,022,854 22,295,922 16,113,032 20,351,095 11,945,020
the beginning of the period
Less: Fund revenue transferred - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 44,172,431 62,750,957 379,464 23,938,802 125,818,471 22,258,605 16,113,042 20,351,112 11,781,355
end of the period
Additional Information

* Net change in mark to market value of investments

385
 Form A-RA (UL)

386
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2023 (Contd.)
` (‘000)
Particulars Sch Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
Schedules

SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
SBI Life Insurance Company Limited

70110IND 10206MON 70110TOP 60910DLY 80910P/EM 40311DLY 90311RET 10207PEB 60107PEN

EXULFND111 YMKTFND111 300-FND111 PRO1FND111 NGDFND111 PRO2FND111 GRT1FND111 ALANFND111 BONDFND111
Forming Part of Financial Statements

Income from investments

Interest - Net of amortisation 125 193,058 126,859 - 50,981 22 - 44,155 252,258
Dividend income 19,322 - 124,874 - 18,442 - - 6,768 -
Profit / loss on sale of 153,640 (329) 569,782 - 218,766 - - 36,321 (59,564)
investment
Profit / loss on inter fund - - (9,776) - (16,899) - - 106 (13,769)
transfer / sale of investment
Miscellaneous income / 3 4 (17) - 3 - - (1) 3
expenses
Unrealised gain / loss * (141,290) - (522,686) - (194,643) - - (56,280) (35,660)
Total (A) 31,799 192,733 289,037 - 76,650 22 - 31,068 143,268
Fund management expenses 15,343 8,846 165,462 - 33,280 4 - 15,378 36,348
Fund administration expenses - - - - - - - - -
Other charges F-5 1,671 34,548 68,831 (3) 2,111 (49) (5) 1,412 7,566
Diminution in the value of - - - - - - - - -
investments (net)
GST on ULIP charges 3,375 7,890 43,733 - 7,761 (8) (1) 3,265 8,087
Total (B) 20,389 51,284 278,026 (3) 43,152 (52) (6) 20,055 52,002
Net Income for the year (A-B) 11,410 141,449 11,011 3 33,498 74 6 11,014 91,266
Add: Fund Revenue Account at 11,812,142 500,088 7,983,293 13,177,057 3,829,067 8,123,145 1,247,310 1,843,377 5,046,209
the beginning of the period
Less: Fund revenue transferred - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 11,823,551 641,536 7,994,304 13,177,060 3,862,565 8,123,219 1,247,317 1,854,391 5,137,476
end of the period
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-RA (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2023 (Contd.)
` (‘000)
Integrated Report

Particulars Sch Equity Equity Growth Index Pension Money Market Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Fund Pension Fund Fund Pension Fund Pension Fund Fund Balanced Plus Plus Fund Growth Plus
Schedules

Pension Fund Fund Fund

SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEE 50107PEE 50207PEG 80110PEI 00308PEM 80110PET 90211PEG 60709GRP 60709GRP 50909GRP
Forming Part of Financial Statements

QOPTFND111 QITYFND111 RWTHFND111 NDEXFND111 NYMTFND111 P300FND111 URNTFND111 BAL+FND111 DBT+FND111 GRT+FND111
Income from investments
Interest - Net of amortisation 19,967 11,310 40,841 66 27,636 23,043 1,604 30,071 2,104 701
Dividend income 17,238 75,085 18,074 4,886 - 20,510 - 2,421 39 104
Profit / loss on sale of 96,768 528,882 20,719 31,923 (52) 94,344 - 73,414 87 197
Statutory Reports

investment
Profit / loss on inter fund 533 4,981 (1,301) - - (1,602) - (2,410) (14) -
transfer / sale of investment
Miscellaneous income / (2) - 1 - - (3) - (1) - -
expenses
Unrealised gain / loss * (93,959) (909,694) (60,275) (29,533) - (100,892) (610) (102,048) (975) (339)
Total (A) 40,545 (289,437) 18,058 7,341 27,583 35,401 994 1,447 1,241 664
Fund management expenses 24,302 102,510 27,233 3,901 1,262 27,915 245 3,739 213 121
Fund administration expenses - - - - - - - - - -
Other charges F-5 2,280 19,655 1,043 (375) 1,601 (1,254) 161 (1,992) - -
Financial Statements

Diminution in the value of - - - - - - - - - -

investments (net)
GST on ULIP charges 5,030 22,804 5,722 746 523 5,453 73 673 38 22
Total (B) 31,612 144,968 33,998 4,273 3,385 32,115 478 2,420 252 143
Net Income for the year (A-B) 8,933 (434,405) (15,941) 3,069 24,198 3,286 515 (972) 989 521
Add: Fund Revenue Account at 5,870,665 12,426,844 5,249,917 676,782 154,754 3,764,034 72,372 778,558 163,172 297,167
the beginning of the period
Less: Fund revenue transferred - - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 5,879,598 11,992,440 5,233,976 679,851 178,952 3,767,320 72,888 777,586 164,161 297,688
end of the period
Additional Information

* Net change in mark to market value of investments

387
 Form A-RA (UL)

388
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2023 (Contd.)
` (‘000)
Particulars Sch GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II Pension Pension Fund - III Plus Fund II Balanced Plus
Schedules

Fund Fund II Fund II Fund II

SBI Life Insurance Company Limited

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRG 80711GRP 10611RET 10411DIS 00513PEN 00513PEE 00513PEM 10911DLY 00913GRD 00913GRB
Forming Part of Financial Statements

UNT+FND111 SHT+FND111 GRT2FND111 COPOFND111 BON2FND111 QIT2FND111 NYM2FND111 PRO3FND111 BT+FND2111 AL+FND2111
Income from investments
Interest - Net of amortisation - - - 3,724,636 13,828,404 45,191 570,631 98 89,763 58,602
Dividend income - - - - - 613,005 - - 1,775 3,520
Profit / loss on sale of - - - (79,160) (4,416,160) 2,170,998 (677) - (11,075) 3,655
investment
Profit / loss on inter fund - - - (586) (10,787) (74,692) - - 356 255
transfer / sale of investment
Miscellaneous income / - - - (114) 396 160 (32) - (3) (3)
expenses
Unrealised gain / loss * - - - (730,896) 229,857 (2,793,471) - - (24,080) (24,221)
Total (A) - - - 2,913,881 9,631,711 (38,808) 569,922 98 56,736 41,809
Fund management expenses - - - 345,099 1,961,541 714,801 25,874 17 8,450 6,674
Fund administration expenses - - - - - - - - - -
Other charges F-5 - - - 2 901,542 208,104 47,547 (148) (5,686) (5,439)
Diminution in the value of - - - - - - - - - -
investments (net)
GST on ULIP charges - - - 62,114 517,581 166,607 13,333 (23) 1,528 1,204
Total (B) - - - 407,216 3,380,664 1,089,511 86,754 (153) 4,292 2,440
Net Income for the year (A-B) - - - 2,506,666 6,251,046 (1,128,319) 483,168 251 52,445 39,369
Add: Fund Revenue Account at 146,124 639 619,168 15,689,077 16,208,097 17,148,598 637,220 28,439,370 479,070 376,318
the beginning of the period
Less: Fund revenue transferred - - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 146,124 639 619,168 18,195,742 22,459,144 16,020,278 1,120,388 28,439,621 531,514 415,687
end of the period
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-RA (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Revenue Account for the year ended March 31, 2023 (Contd.)
` (‘000)
Integrated Report

Particulars Sch Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Schedules

Fund II Fund II Fund Fund

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRS 00913GRS 00513PED 90915PUR 90915MID 30613GRP 90618BON 90618COR
Forming Part of Financial Statements

RT+FND2111 TOPLUS2111 HT+FND2111 ISCOFND111 EULPFND111 CAPFUND111 MNMTFND111 DOPTFND111 BONDFND111

Income from investments
Interest - Net of amortisation 1,989 - 2,164 1,202,478 20,971 227,403 516 888,428 418,607 48,434,853
Dividend income 304 - - - 67,342 631,220 - 35,814 - 8,731,800
Profit / loss on sale of 643 - - (10,780) 161,263 2,560,994 - (25,104) (14,443) 21,234,829
Statutory Reports

investment
Profit / loss on inter fund (65) - - - (23,022) (107,386) - (8,228) 110 (1,823,896)
transfer / sale of investment
Miscellaneous income / - - - (6) 15 (16) - 13 (36) (592)
expenses
Unrealised gain / loss * (565) - (329) (190,318) (311,764) (2,732,185) - (259,882) (130,141) (40,947,563)
Total (A) 2,305 - 1,835 1,001,374 (85,194) 580,030 516 631,040 274,098 35,629,431
Fund management expenses 319 - 197 108,166 85,366 1,010,305 69 192,693 75,643 17,233,115
Fund administration expenses - - - - - - - - - -
Other charges F-5 (34) - (10) - 32,735 463,205 (22) 270,492 89,109 10,840,190
Financial Statements

Diminution in the value of - - - - - - - - - -

investments (net)
GST on ULIP charges 58 - 36 19,470 23,501 279,573 12 83,716 29,835 5,121,367
Total (B) 343 - 223 127,636 141,602 1,753,083 59 546,901 194,587 33,194,672
Net Income for the year (A-B) 1,962 - 1,612 873,738 (226,796) (1,173,053) 458 84,139 79,512 2,434,759
Add: Fund Revenue Account at 16,358 4 15,875 1,632,569 1,575,153 21,016,012 3,680 602,074 115,955 520,602,914
the beginning of the period
Less: Fund revenue transferred - - - - - - - - - -
to Capital A/c
Fund Revenue Account at the 18,320 4 17,487 2,506,306 1,348,357 19,842,959 4,137 686,214 195,467 523,037,673
end of the period
Additional Information

* Net change in mark to market value of investments

389
 Form A-BS (UL)

390
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2023

` (‘000)
Particulars Sch Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund Fund
Schedules

Fund
SBI Life Insurance Company Limited

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BON 50208EQT 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
Forming Part of Financial Statements

NCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111

Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 178,087,570 184,291,323 (267,680) 79,012,274 319,573,056 (3,795,036) (16,113,042) (20,351,112) 10,227,124
Revenue Account 44,172,431 62,750,957 379,464 23,938,802 125,818,471 22,258,605 16,113,042 20,351,112 11,781,355
Total 222,260,001 247,042,281 111,784 102,951,076 445,391,527 18,463,569 - - 22,008,480
Application of Funds
Investments F-2 218,553,672 239,560,543 114,473 103,301,678 443,107,976 18,301,324 - - 21,825,212
Current Assets F-3 4,229,910 10,297,893 4 510,961 3,125,823 191,130 - - 199,659
Less: Current Liabilities and F-4 523,581 2,816,155 2,692 861,563 842,271 28,885 - - 16,392
Provisions
Net Current Assets 3,706,329 7,481,738 (2,689) (350,602) 2,283,551 162,245 - - 183,268
Total 222,260,001 247,042,281 111,784 102,951,076 445,391,527 18,463,569 - - 22,008,480
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 222,260,001 247,042,281 111,784 102,951,076 445,391,527 18,463,569 - - 22,008,480
Sheet (Total Assets less
Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 4,032,015,221 5,956,902,572 1,841,046 2,780,530,165 3,258,174,870 488,305,647 - - 327,068,611
outstanding
(c) NAV per Unit (a) / (b) (`) 55.1238 41.4716 60.7177 37.0257 136.6997 37.8115 - - 67.2901
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-BS (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2023 (Contd.)

` (‘000)
Integrated Report

Particulars Sch Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
Schedules

SFIN ULIF0150 ULIF0050 ULIF01607 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
70110INDE 10206MON 0110TOP3 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB
XULFND111 YMKTFND111 00-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Forming Part of Financial Statements

Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 (10,704,258) 3,080,848 4,860,308 (13,177,060) (1,576,771) (8,123,219) (1,247,317) 204,318 (1,466,367)
Revenue Account 11,823,551 641,536 7,994,304 13,177,060 3,862,565 8,123,219 1,247,317 1,854,391 5,137,476
Total 1,119,294 3,722,384 12,854,611 - 2,285,794 - - 2,058,709 3,671,109
Statutory Reports

Application of Funds
Investments F-2 1,124,766 3,714,147 12,854,293 - 2,222,515 - - 1,984,520 3,580,308
Current Assets F-3 1 8,269 31,782 - 112,640 - - 159,377 94,329
Less: Current Liabilities and F-4 5,473 32 31,464 - 49,361 - - 85,188 3,528
Provisions
Net Current Assets (5,472) 8,237 318 - 63,278 - - 74,189 90,801
Total 1,119,294 3,722,384 12,854,611 - 2,285,794 - - 2,058,709 3,671,109
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 1,119,294 3,722,384 12,854,611 - 2,285,794 - - 2,058,709 3,671,109
Sheet (Total Assets less Current
Financial Statements

Liabilities and Provisions)

(` in '000)
(b) Number of Units 33,492,335 123,436,772 317,767,364 - 82,909,626 - - 37,991,759 99,410,189
outstanding
(c) NAV per Unit (a) / (b) (`) 33.4194 30.1562 40.4529 - 27.5697 - - 54.1883 36.9289
* Net change in mark to market value of investments
Additional Information

391
 Form A-BS (UL)

392
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2023 (Contd.)

` (‘000)
Particulars Sch Equity Equity Growth Index Pension Money Market Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Fund Pension Fund Fund Pension Fund Pension Fund Fund Balanced Plus Plus Fund Growth Plus
Schedules

Pension Fund Fund Fund

SBI Life Insurance Company Limited

SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF02209 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEE 50207PEGR 80110PEIN 00308PEMN 80110PETP 0211PEGU 60709GRP 60709GRPD 50909GRPG
Forming Part of Financial Statements

OPTFND111 QITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 BAL+FND111 BT+FND111 RT+FND111
Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 (3,555,475) 1,601,534 (2,962,167) (379,192) 391,484 (1,263,201) (48,488) (695,722) (130,027) (278,577)
Revenue Account 5,879,598 11,992,440 5,233,976 679,851 178,952 3,767,320 72,888 777,586 164,161 297,688
Total 2,324,123 13,593,974 2,271,809 300,659 570,435 2,504,119 24,400 81,864 34,134 19,111
Application of Funds
Investments F-2 2,378,115 13,592,291 2,256,597 301,430 568,326 2,494,878 23,940 81,315 33,652 18,951
Current Assets F-3 20,282 271,571 16,889 - 2,114 15,437 464 551 483 160
Less: Current Liabilities and F-4 74,274 269,888 1,677 771 5 6,196 3 2 1 -
Provisions
Net Current Assets (53,992) 1,682 15,212 (771) 2,110 9,241 460 549 482 160
Total 2,324,123 13,593,974 2,271,809 300,659 570,435 2,504,119 24,400 81,864 34,134 19,111
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 2,324,123 13,593,974 2,271,809 300,659 570,435 2,504,119 24,400 81,864 34,134 19,111
Sheet (Total Assets less
Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 57,484,121 271,100,869 44,361,999 8,629,008 20,431,944 63,387,239 1,109,942 2,191,987 1,065,123 448,595
outstanding
(c) NAV per Unit (a) / (b) (`) 40.4307 50.1436 51.2107 34.8428 27.9188 39.5051 21.9829 37.3469 32.0468 42.6010
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Form A-BS (UL)

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2023 (Contd.)

` (‘000)
Integrated Report

Particulars Sch GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect
Group Debt Group
Fund term Plus Fund Policy Fund Fund II Pension Pension Fund - III
Plus Fund II Balanced Plus
Schedules

Fund Fund II Fund II Fund II

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
Forming Part of Financial Statements

NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 (146,124) (639) (619,168) 51,320,445 209,667,243 42,955,114 11,057,187 (28,439,621) 872,096 736,796
Revenue Account 146,124 639 619,168 18,195,742 22,459,144 16,020,278 1,120,388 28,439,621 531,514 415,687
Statutory Reports

Total - - - 69,516,187 232,126,386 58,975,393 12,177,575 - 1,403,611 1,152,483

Application of Funds
Investments F-2 - - - 69,744,224 232,541,844 59,036,295 12,093,676 - 1,379,910 1,136,948
Current Assets F-3 - - - 1,319,036 6,535,366 281,653 84,100 - 23,729 15,558
Less: Current Liabilities and F-4 - - - 1,547,074 6,950,823 342,555 201 - 28 23
Provisions
Net Current Assets - - - (228,037) (415,457) (60,903) 83,899 - 23,700 15,535
Total - - - 69,516,187 232,126,386 58,975,393 12,177,575 - 1,403,611 1,152,483
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance - - - 69,516,187 232,126,386 58,975,393 12,177,575 - 1,403,611 1,152,483
Financial Statements

Sheet (Total Assets less

Current Liabilities and
Provisions) (` in '000)
(b) Number of Units - - - 3,345,131,783 11,987,584,437 2,018,640,601 709,417,409 - 67,354,345 56,354,772
outstanding
(c) NAV per Unit (a) / (b) (`) - - - 20.7813 19.3639 29.2154 17.1656 - 20.8392 20.4505
* Net change in mark to market value of investments
Additional Information

393
 Form A-BS (UL)

394
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Fund Balance Sheet as at March 31, 2023 (Contd.)

` (‘000)
Particulars Sch Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Schedules

Fund II Fund II Fund Fund

SBI Life Insurance Company Limited

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRS 00913GRSH 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BON 90618CORB
Forming Part of Financial Statements

RT+FND2111 TOPLUS2111 T+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 DOPTFND111 ONDFND111

Sources of Funds
Policyholders' Funds:
Policyholders' contribution F-1 40,229 (4) 44,828 24,607,365 5,569,972 68,804,302 (4,137) 20,231,483 7,625,237 1,109,517,732
Revenue Account 18,320 4 17,487 2,506,306 1,348,357 19,842,959 4,137 686,214 195,467 523,037,673
Total 58,549 - 62,315 27,113,672 6,918,329 88,647,261 - 20,917,697 7,820,704 1,632,555,405
Application of Funds
Investments F-2 58,063 - 61,157 27,116,223 7,012,691 87,911,043 - 20,414,943 7,503,265 1,618,005,204
Current Assets F-3 488 - 1,159 315,449 123,231 789,037 - 644,556 317,735 29,740,822
Less: Current Liabilities and F-4 1 - 1 318,000 217,593 52,819 - 141,802 297 15,190,621
Provisions
Net Current Assets 486 - 1,158 (2,551) (94,362) 736,217 - 502,754 317,438 14,550,201
Total 58,549 - 62,315 27,113,672 6,918,329 88,647,261 - 20,917,697 7,820,704 1,632,555,405
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance 58,549 - 62,315 27,113,672 6,918,329 88,647,261 - 20,917,697 7,820,704 1,632,555,405
Sheet (Total Assets less
Current Liabilities and
Provisions) (` in '000)
(b) Number of Units 2,945,946 - 3,603,119 1,544,692,106 360,065,212 3,422,066,379 - 1,198,804,323 578,274,761
outstanding 43,304,992,197
(c) NAV per Unit (a) / (b) (`) 19.8744 - 17.2947 17.5528 19.2141 25.9046 - 17.4488 13.5242
* Net change in mark to market value of investments
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F1 as at March 31, 2023

Policyholders' Contribution
Integrated Report

` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
Fund Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BOND 50208EQTY 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
NCDFND111 ULPFND111 ELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111
Opening Balance 160,378,889 204,005,864 (250,802) 69,671,160 245,661,594 (5,175,699) (16,112,703) (20,350,480) 8,443,284
Add: Additions during the period * 46,515,286 27,893,790 - 22,384,921 123,732,567 3,823,386 (331) (618) 4,268,179
Less: Deductions during the period * 28,806,605 47,608,331 16,878 13,043,807 49,821,105 2,442,723 7 13 2,484,339
Statutory Reports

Closing Balance 178,087,570 184,291,323 (267,680) 79,012,274 319,573,056 (3,795,036) (16,113,041) (20,351,111) 10,227,124

` (‘000)
Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB
XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Opening Balance (10,488,263) 2,884,110 4,116,905 (13,177,057) (1,171,868) (8,122,703) (1,247,310) (950,691) (1,282,724)
Add: Additions during the period * 32,639 978,141 2,294,646 - 28,558 (472) 55 1,269,352 701,343
Financial Statements

Less: Deductions during the period * 248,633 781,404 1,551,244 3 433,461 44 62 114,343 884,985
Closing Balance (10,704,257) 3,080,847 4,860,307 (13,177,060) (1,576,771) (8,123,219) (1,247,317) 204,318 (1,466,366)

` (‘000)
Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
Pension Fund Fund Fund Pension Fund Plus Fund Fund
Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Opening Balance (4,269,377) (7,190,244) (3,279,407) (351,675) 322,529 (1,810,632) (47,416) 312,219 (130,556) (278,577)
Additional Information

Add: Additions during the period * 912,793 9,646,835 607,715 10,907 260,322 784,186 103 - 552 -
Less: Deductions during the period * 198,892 855,057 290,476 38,424 191,367 236,755 1,175 1,007,940 23 -
Closing Balance (3,555,476) 1,601,534 (2,962,168) (379,192) 391,484 (1,263,201) (48,488) (695,721) (130,027) (278,577)
395

* Additions represent units creation and deductions represent units cancellation

 Schedules to Balance Sheet

396
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F1 as at March 31, 2023

Policyholders' Contribution (Contd.)
` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
SBI Life Insurance Company Limited

Fund Fund II Fund II Plus Fund II

Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Opening Balance (146,124) (639) (619,168) 49,338,111 155,153,962 35,624,695 8,369,776 (28,438,421) 940,319 680,525
Add: Additions during the - - - 109,631,955 78,317,314 14,357,396 4,064,352 (1,459) 171,522 124,012
period *
Less: Deductions during the - - - 107,649,621 23,804,033 7,026,976 1,376,941 (259) 239,744 67,741
period *
Closing Balance (146,124) (639) (619,168) 51,320,445 209,667,243 42,955,115 11,057,187 (28,439,621) 872,097 736,796

` (‘000)
Particulars Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund II Fund Fund
SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Opening Balance 31,129 (4) (2,136) 15,062,989 4,368,094 45,848,006 18,490 13,547,156 5,765,015 905,650,144
Add: Additions during the 13,126 - 51,638 43,790,109 2,047,315 30,899,478 - 9,747,963 3,071,028 542,430,604
period *
Less: Deductions during the 4,026 - 4,674 34,245,733 845,437 7,943,182 22,627 3,063,635 1,210,806 338,563,016
period *
Closing Balance 40,229 (4) 44,828 24,607,365 5,569,972 68,804,302 (4,137) 20,231,484 7,625,237 1,109,517,732
* Additions represent units creation and deductions represent units cancellation
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2023

Investments
Integrated Report

` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
Fund Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BOND 50208EQTY 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
NCDFND111 ULPFND111 ELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111
Approved Investments
Government Bonds 55,414,232 129,320,917 - - - 151,778 - - 4,540,845
Statutory Reports

Corporate Bonds 14,331,869 41,793,540 3 6,129,339 9,456 - - - 100,037

Infrastructure Bonds 32,530,402 58,450,974 71 1,933,953 - - - - 1,171,324
Equity 96,753,956 - 79,565 72,461,917 370,658,523 13,795,570 - - 13,849,855
Money Market 3,449,027 4,752,616 17,081 11,202,243 6,625,082 1,850,149 - - 372,992
Mutual Funds - 1,066,365 - 1,044,117 511,085 1,033,560 - - 511,050
Deposit with Banks 3,078,900 3,778,900 - - - - - - -
Total 205,558,387 239,163,312 96,720 92,771,569 377,804,146 16,831,056 - - 20,546,103
Other Investments
Corporate Bonds 306,852 397,231 - - - - - - -
Infrastructure Bonds - - - - - - - - -
Equity 6,277,038 - 4,569 5,108,014 27,370,086 947,882 - - 953,530
Financial Statements

Money Market - - - - - - - - -
Mutual Funds 6,411,395 - 13,183 5,422,095 37,933,744 522,385 - - 325,579
Total 12,995,285 397,231 17,753 10,530,109 65,303,830 1,470,268 - - 1,279,109
Grand Total 218,553,672 239,560,543 114,473 103,301,678 443,107,976 18,301,324 - - 21,825,212
% of Approved Investments to Total 94% 100% 84% 90% 85% 92% 0% 0% 94%
% of Other Investments to Total 6% 0% 16% 10% 15% 8% 0% 0% 6%
Additional Information

397
 Schedules to Balance Sheet

398
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2023

Investments (Contd.)
` (‘000)
Schedules

Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SBI Life Insurance Company Limited

SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
Forming Part of Financial Statements

70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Approved Investments
Government Bonds - - - - - - - 749,308 2,296,754
Corporate Bonds - - - - - - - 25,009 170,063
Infrastructure Bonds - - - - 1,823 - - 101,877 991,258
Equity 1,080,538 - 9,772,730 - 1,505,942 - - 934,875 -
Money Market 1,265 3,714,147 2,538,510 - 534,153 - - 28,981 13,333
Mutual Funds - - - - - - - - -
Deposit with Banks - - - - - - - 9,900 108,900
Total 1,081,803 3,714,147 12,311,240 - 2,041,919 - - 1,849,950 3,580,308
Other Investments
Corporate Bonds - - - - - - - 30,583 -
Infrastructure Bonds - - - - - - - - -
Equity 42,963 - 543,053 - 153,582 - - 65,357 -
Money Market - - - - - - - - -
Mutual Funds - - - - 27,014 - - 38,631 -
Total 42,963 - 543,053 - 180,597 - - 134,570 -
Grand Total 1,124,766 3,714,147 12,854,293 - 2,222,515 - - 1,984,520 3,580,308
% of Approved Investments to Total 96% 100% 96% 0% 92% 0% 0% 93% 100%
% of Other Investments to Total 4% 0% 4% 0% 8% 0% 0% 7% 0%
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2023

Investments (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Equity Equity Growth Index Pension Money Market Top 300 GPF070211 Group Group Debt Group Growth
Optimiser Pension Fund Pension Fund Fund Pension Fund Pension Fund Fund Balanced Plus Plus Fund Plus Fund
Pension Fund Fund
Forming Part of Financial Statements

SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Approved
Investments
Statutory Reports

Government Bonds 20,118 - 509,614 - - - 20,620 57,336 25,968 9,024

Corporate Bonds 44 101 - - - - - - - -
Infrastructure Bonds - - 151,476 - - - - - 1,027 -
Equity 1,809,661 11,007,490 1,424,794 288,010 - 1,847,329 - 19,458 3,101 7,947
Money Market 367,122 655,859 35,825 1,984 568,326 536,453 3,319 2,807 2,232 1,261
Mutual Funds - - - - - - - - - -
Deposit with Banks - - - - - - - - - -
Total 2,196,944 11,663,450 2,121,709 289,993 568,326 2,383,782 23,940 79,601 32,329 18,233
Other Investments
Corporate Bonds - - - - - - - - 1,019 -
Infrastructure Bonds - - - - - - - - - -
Financial Statements

Equity 121,224 853,772 130,460 11,436 - 111,096 - 1,370 246 575

Money Market - - - - - - - - - -
Mutual Funds 59,947 1,075,069 4,428 - - - - 344 58 143
Total 181,171 1,928,841 134,888 11,436 - 111,096 - 1,714 1,323 718
Grand Total 2,378,115 13,592,291 2,256,597 301,430 568,326 2,494,878 23,940 81,315 33,652 18,951
% of Approved 92% 86% 94% 96% 100% 96% 100% 98% 96% 96%
Investments to Total
% of Other 8% 14% 6% 4% 0% 4% 0% 2% 4% 4%
Investments to Total
Additional Information

399
 Schedules to Balance Sheet

400
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2023

Investments (Contd.)
` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect
Group Debt Group
Fund term Plus Fund Policy Fund Fund II Pension Pension Fund - III
Plus Fund II Balanced Plus
SBI Life Insurance Company Limited

Fund Fund II Fund II Fund II

Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Approved
Investments
Government Bonds - - - 64,144,532 106,826,131 - - - 1,011,843 729,586
Corporate Bonds - - - - 32,066,247 1,267 - - 68,768 34,384
Infrastructure Bonds - - - - 69,940,598 - - - 55,100 32,664
Equity - - - - - 49,333,589 - - 132,398 266,191
Money Market - - - 5,599,692 18,978,418 1,327,501 11,623,676 - 49,298 28,003
Mutual Funds - - - - - - - - - -
Deposit with Banks - - - - 4,328,900 - 470,000 - - -
Total - - - 69,744,224 232,140,294 50,662,356 12,093,676 - 1,317,407 1,090,829
Other Investments
Corporate Bonds - - - - 401,550 - - - 50,972 23,447
Infrastructure Bonds - - - - - - - - - -
Equity - - - - - 3,103,391 - - 9,226 18,107
Money Market - - - - - - - - - -
Mutual Funds - - - - - 5,270,548 - - 2,304 4,565
Total - - - - 401,550 8,373,939 - - 62,503 46,119
Grand Total - - - 69,744,224 232,541,844 59,036,295 12,093,676 - 1,379,910 1,136,948
% of Approved 0% 0% 0% 100% 100% 86% 100% 0% 95% 96%
Investments to Total
% of Other 0% 0% 0% 0% 0% 14% 0% 0% 5% 4%
Investments to Total
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F2 as at March 31, 2023

Investments (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Group Growth Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Plus Fund II Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund Fund
Forming Part of Financial Statements

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Approved
Investments
Statutory Reports

Government Bonds 24,631 - 55,390 20,276,687 - - - 10,536,103 1,753,337 398,474,754

Corporate Bonds - - - - - - - 1,601,302 2,439,193 98,770,622
Infrastructure Bonds 1,024 - - - - - - 3,904,654 3,242,272 172,510,497
Equity 23,989 - - - 6,094,121 65,435,079 - 3,673,244 - 722,259,872
Money Market 6,148 - 5,767 6,839,536 360,097 4,276,334 - 277,628 68,463 86,715,328
Mutual Funds - - - - - 3,087,953 - - - 7,254,131
Deposit with Banks - - - - - - - - - 11,775,500
Total 55,791 - 61,157 27,116,223 6,454,218 72,799,367 - 19,992,930 7,503,265 1,497,760,705
Other Investments
Corporate Bonds - - - - - - - 250,969 - 1,462,623
Infrastructure Bonds - - - - - - - - - -
Financial Statements

Equity 1,841 - - - 558,473 13,026,302 - 171,044 - 59,584,637

Money Market - - - - - - - - - -
Mutual Funds 430 - - - - 2,085,375 - - - 59,197,239
Total 2,271 - - - 558,473 15,111,677 - 422,013 - 120,244,499
Grand Total 58,063 - 61,157 27,116,223 7,012,691 87,911,043 - 20,414,943 7,503,265 1,618,005,204
% of Approved 96% 0% 100% 100% 92% 83% 0% 98% 100% 93%
Investments to Total
% of Other 4% 0% 0% 0% 8% 17% 0% 2% 0% 7%
Investments to Total
Additional Information

401
 Schedules to Balance Sheet

402
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2023

Current Assets
` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund Fund
SBI Life Insurance Company Limited

Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BON 50208EQT 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GROW
NCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 TH-FND111
Accrued Interest 2,974,563 5,314,642 4 233,606 1,625 2,341 - - 122,609
Cash & Bank Balance - - - - - - - - -
Dividend receivable - - - - - - - - -
Receivable for sale of investments 626,484 4,929,134 - 39,097 803,961 188,730 - - -
Unit collection account * 629,024 54,385 - 238,144 2,320,019 - - - 77,032
Other Current Assets (for (162) (269) - 114 218 59 - - 18
investments)
Total 4,229,910 10,297,893 4 510,961 3,125,823 191,130 - - 199,659

Schedule – F4 as at March 31, 2023

Current Liabilities
` (‘000)
Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund Fund
Fund
SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BON 50208EQT 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GROW
NCDFND111 DULPFND111 YELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 TH-FND111
Payable for purchase of investments 514,157 2,806,512 - 857,366 823,034 25,227 - - 15,381
Other Current Liabilities 9,423 9,643 4 4,197 19,237 815 - - 1,011
Unit payable account * - - 2,688 - - 2,843 - - -
Total 523,581 2,816,155 2,692 861,563 842,271 28,885 - - 16,392
* Represents inter fund receivables or payable, if any
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2023

Current Assets (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
Forming Part of Financial Statements

70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Accrued Interest - - - - 3 - - 22,697 94,327
Cash & Bank Balance - - - - - - - - -
Dividend receivable - - - - 4 - - - -
Statutory Reports

Receivable for sale of investments - - - - 112,610 - - 114,514 -

Unit collection account * - 8,264 31,789 - - - - 22,144 -
Other Current Assets (for 1 5 (7) - 23 - - 23 2
investments)
Total 1 8,269 31,782 - 112,640 - - 159,377 94,329

Schedule – F4 as at March 31, 2023

Current Liabilities
` (‘000)
Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Financial Statements

Fund Fund Fund Fund - II Fund Pension Fund Fund

SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB
XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Payable for purchase of investments - - 30,877 - 34,361 - - 85,099 -
Other Current Liabilities 45 32 586 - 113 - - 90 190
Unit payable account * 5,428 - - - 14,887 - - - 3,338
Total 5,473 32 31,464 - 49,361 - - 85,188 3,528
* Represents inter fund receivables or payable, if any
Additional Information

403
 Schedules to Balance Sheet

404
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2023

Current Assets (Contd.)
` (‘000)
Schedules

Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
SBI Life Insurance Company Limited

Pension Fund Fund Fund Pension Fund Plus Fund Fund

Forming Part of Financial Statements

Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Accrued Interest 454 5 8,845 - - - 464 551 483 160
Cash & Bank Balance - - - - - - - - - -
Dividend receivable - 333 45 - - 55 - - - -
Receivable for sale of investments 7,199 41,611 - - - - - - - -
Unit collection account * 12,618 229,572 7,998 - 2,115 15,382 - - - -
Other Current Assets (for 11 49 1 - (1) 1 - - - -
investments)
Total 20,282 271,571 16,889 - 2,114 15,437 464 551 483 160

Schedule – F4 as at March 31, 2023

Current Liabilities
` (‘000)
Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
Pension Fund Fund Fund Pension Fund Plus Fund Fund
Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Payable for purchase of investments 74,169 269,302 1,574 - - 6,080 - - - -
Other Current Liabilities 105 586 103 12 5 116 1 2 1 -
Unit payable account * - - - 758 - - 3 - - -
Total 74,274 269,888 1,677 771 5 6,196 3 2 1 -
* Represents inter fund receivables or payable, if any
Integrated Annual Report 2023-24

Schedules to Balance Sheet

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2023

Current Assets (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
Fund Fund II Fund II Plus Fund II
Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Accrued Interest - - - 1,319,037 4,081,349 59 4,993 - 23,164 15,040
Cash & Bank Balance - - - - - - - - - -
Statutory Reports

Dividend receivable - - - - - - - - - -
Receivable for sale of - - - - 950,569 - - - - -
investments
Unit collection account * - - - - 1,502,997 281,453 79,127 - 567 518
Other Current Assets (for - - - (1) 451 141 (20) - (2) -
investments)
Total - - - 1,319,036 6,535,366 281,653 84,100 - 23,729 15,558

Schedule – F4 as at March 31, 2023

Current Liabilities
Financial Statements

` (‘000)
Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
Fund Fund II Fund II Plus Fund II
SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Payable for purchase of - - - - 6,938,962 339,523 - - - -
investments
Other Current Liabilities - - - 1,197 11,862 3,032 201 - 28 23
Unit payable account * - - - 1,545,877 - - - - - -
Additional Information

Total - - - 1,547,074 6,950,823 342,555 201 - 28 23

* Represents inter fund receivables or payable, if any
405
 Schedules to Balance Sheet

406
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F3 as at March 31, 2023

Current Assets (Contd.)
` (‘000)
Schedules

Particulars Group Growth Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Plus Fund II Plus Fund IITerm Plus Pension Fund Market Plus Optimiser Bond Fund
SBI Life Insurance Company Limited

Fund II Fund Fund

Forming Part of Financial Statements

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Accrued Interest 471 - 1,148 315,408 - - - 389,478 250,015 15,177,540
Cash & Bank Balance - - - - - - - - - -
Dividend receivable - - - - - 25,768 - 526 - 26,731
Receivable for sale of - - - - 86,334 68,349 - - - 7,968,592
investments
Unit collection 17 - 12 - 36,850 694,852 - 254,498 67,748 6,567,124
account *
Other Current Assets - - - 40 46 68 - 54 (28) 835
(for investments)
Total 488 - 1,159 315,449 123,231 789,037 - 644,556 317,735 29,740,822

Schedule – F4 as at March 31, 2023

Current Liabilities
` (‘000)
Particulars Group Growth Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Plus Fund II Plus Fund IITerm Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund Fund
SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Payable for purchase - - - - 217,287 48,975 - 140,989 - 13,228,876
of investments
Other Current 1 - 1 488 305 3,844 - 813 297 68,411
Liabilities
Unit payable account* - - - 317,512 - - - - - 1,893,334
Total 1 - 1 318,000 217,593 52,819 - 141,802 - 15,190,621
* Represents inter fund receivables or payable, if any
Integrated Annual Report 2023-24

Schedule to Fund Revenue Account

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2023

Other Expenses
Integrated Report

` (‘000)
Schedules

Particulars Balanced Bond Fund Equity Elite Equity Elite II Equity Fund Equity Flexi Protect Flexi Protect Growth Fund
Fund Fund Fund Optimiser (Series II) Fund
Fund Fund
Forming Part of Financial Statements

SFIN ULIF0040 ULIF0021 ULIF0122 ULIF0191 ULIF0011 ULIF0102 ULIF0140 ULIF0140 ULIF0032
51205BALA 00105BOND 50208EQTY 00210EQT 00105EQU 10108EQTY 80110FLEX 80309FLEX 41105GRO
NCDFND111 ULPFND111 ELTFND111 ELI2FND111 ITY-FND111 OPTFND111 PR2FND111 PR1FND111 WTH-FND111
Policy administration charge 176,174 297,072 24 87,896 404,689 25,137 - - 20,410
Surrender charge 403 964 - 169 828 27 - - 42
Statutory Reports

Switching charge 62 294 - 76 236 14 - - 20

Mortality charge 1,777,769 1,644,939 1,483 844,157 3,109,392 102,142 - (11) 140,006
Rider premium charge - - - - - - - - -
Partial withdrawal charge - - - - 1 - - - -
Miscellaneous charge 234 236 - 91 947 33 - - 24
Subscription lapse forfeiture - - - - - - - - -
Guarantee charge - - - - - - (6) - -
Discontinuance charge 66,451 36,619 - 13,907 201,938 8,222 - - 7,362
Transaction charge - - - - - - - - -
Loyalty Unit / Residual Addition (38,911) (118,206) - (6,157) (90,168) (5,939) - - (9,503)
Total 1,982,183 1,861,918 1,507 940,139 3,627,863 129,637 (6) (11) 158,362
Financial Statements

Note : Ulip charges are excluding Service Tax / GST if any.

Additional Information

407
 Schedule to Fund Revenue Account

408
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2023

Other Expenses (Contd.)
` (‘000)
Schedules

Particulars Index Fund Money Market Top 300 Fund Daily Protect P/E Managed Daily Protect RGF070311 Balanced Bond Pension
Fund Fund Fund Fund - II Fund Pension Fund Fund
SBI Life Insurance Company Limited

SFIN ULIF0150 ULIF0050 ULIF0160 ULIF0200 ULIF0210 ULIF0200 ULIF0230 ULIF0092 ULIF0071
Forming Part of Financial Statements

70110INDE 10206MONY 70110TOP 60910DLYP 80910P/EM 40311DLYP 90311RETG 10207PEBA 60107PENB

XULFND111 MKTFND111 300-FND111 RO1FND111 NGDFND111 RO2FND111 RT1FND111 LANFND111 ONDFND111
Policy administration charge 1,253 5,310 11,271 - 2,696 - - 2,311 6,939
Surrender charge 3 8 31 - 7 - - - -
Switching charge 1 102 21 - - - - - 1
Mortality charge 2,165 28,826 63,698 - 7,185 (16) (5) 453 1,706
Rider premium charge - - - - - - - - -
Partial withdrawal charge - - - - - - - - -
Miscellaneous charge 2 4 15 - 1 - - 1 2
Subscription lapse forfeiture - - - - - - - - -
Guarantee charge - - - (3) - (33) - - -
Discontinuance charge (1) 948 2,890 - - - - 13 4
Transaction charge - - - - - - - - -
Loyalty Unit / Residual Addition (1,752) (650) (9,096) - (7,779) - - (1,366) (1,086)
Total 1,671 34,548 68,831 (3) 2,111 (49) (5) 1,412 7,566
Note : Ulip charges are excluding Service Tax / GST if any.
Integrated Annual Report 2023-24

Schedule to Fund Revenue Account

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2023

Other Expenses (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Equity Equity Growth Index Money Top 300 GPF070211 Group Group Debt Group
Optimiser Pension Pension Pension Market Pension Fund Balanced Plus Fund Growth Plus
Pension Fund Fund Fund Pension Fund Plus Fund Fund
Forming Part of Financial Statements

Fund Fund
SFIN ULIF0112 ULIF0061 ULIF0081 ULIF0171 ULIF0132 ULIF0181 ULIF0220 ULGF0021 ULGF0031 ULGF0052
10108PEEQ 50107PEEQ 50207PEGR 80110PEIN 00308PEMN 80110PETP 90211PEGU 60709GRPB 60709GRPD 50909GRPG
OPTFND111 ITYFND111 WTHFND111 DEXFND111 YMTFND111 300FND111 RNTFND111 AL+FND111 BT+FND111 RT+FND111
Policy administration charge 3,298 19,943 4,351 248 1,214 2,126 74 - - -
Statutory Reports

Surrender charge - - - - - - - - - -
Switching charge - 1 - - - - - - - -
Mortality charge 337 4,050 226 - 434 244 - - - -
Rider premium charge - - - - - - - - - -
Partial withdrawal charge - - - - - - - - - -
Miscellaneous charge 1 11 1 - 1 1 - - - -
Subscription lapse forfeiture - - - - - - - - - -
Guarantee charge - - - - - - 86 - - -
Discontinuance charge 19 227 6 - 9 15 - - - -
Transaction charge - - - - - - - - - -
Loyalty Unit / Residual Addition (1,374) (4,577) (3,542) (623) (58) (3,640) - (1,992) - -
Financial Statements

Total 2,280 19,655 1,043 (375) 1,601 (1,254) 161 (1,992) - -

Note : Ulip charges are excluding Service Tax / GST if any.
Additional Information

409
 Schedule to Fund Revenue Account

410
Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2023

Other Expenses (Contd.)
` (‘000)
Schedules

Particulars GPF_100710 Group Short RGF150611 Discontinued Bond Pension Equity Money Market Daily Protect Group Debt Group
Fund term Plus Fund Policy Fund Fund II
Pension Pension Fund - III Plus Fund II Balanced
SBI Life Insurance Company Limited

Fund Fund II Fund II Plus Fund II

Forming Part of Financial Statements

SFIN ULGF0063 ULGF0071 ULIF0232 ULIF0241 ULIF0283 ULIF0273 ULIF0293 ULIF0200 ULGF0112 ULGF0102
00710GRGU 80711GRPS 10611RETG 10411DISC 00513PENB 00513PEE 00513PEMN 10911DLYP 00913GRD 00913GRB
NT+FND111 HT+FND111 RT2FND111 OPOFND111 ON2FND111 QIT2FND111 YM2FND111 RO3FND111 BT+FND2111 AL+FND2111
Policy administration charge - - - - 282,832 56,270 14,898 (2) - -
Surrender charge - - - - (1) - - - - -
Switching charge - - - 2 - - - - - -
Mortality charge - - - - (82) (30) - (32) 41 16
Rider premium charge - - - - - - - - - -
Partial withdrawal charge - - - - - - - - - -
Miscellaneous charge - - - - 206 49 11 - - -
Subscription lapse forfeiture - - - - - - - - - -
Guarantee charge - - - - 490,431 133,373 25,874 (111) - -
Discontinuance charge - - - - 140,467 21,117 7,413 (3) - -
Transaction charge - - - - - - - - - -
Loyalty Unit / Residual - - - - (12,311) (2,676) (648) - (5,727) (5,454)
Addition
Total - - - 2 901,542 208,104 47,547 (148) (5,686) (5,439)
Note : Ulip charges are excluding Service Tax / GST if any.
Integrated Annual Report 2023-24

Schedule to Fund Revenue Account

Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111
Date of Registration with IRDAI: March 29, 2001

Schedule – F5 for the year ended March 31, 2023

Other Expenses (Contd.)
Integrated Report

` (‘000)
Schedules

Particulars Group Group STO Group Short Discontinue Pure Fund Midcap Fund Group Money Bond Corporate Total
Growth Plus Plus Fund II Term Plus Pension Fund Market Plus Optimiser Bond Fund
Fund II Fund II Fund Fund
Forming Part of Financial Statements

SFIN ULGF0092 ULGF0122 ULGF0132 ULIF0253 ULIF0302 ULIF0312 ULGF0080 ULIF0322 ULIF0332
00913GRG 00913GRST 00913GRS 00513PEDI 90915PURE 90915MIDC 30613GRPM 90618BOND 90618CORB
RT+FND2111 OPLUS2111 HT+FND2111 SCOFND111 ULPFND111 APFUND111 NMTFND111 OPTFND111 ONDFND111
Policy administration charge - - - - 2,457 7,093 - 18,707 3,611 1,458,303
Surrender charge - - - - 15 141 - - - 2,637
Statutory Reports

Switching charge - - - - 2 20 - 13 5 874

Mortality charge 4 - 3 - 41,087 517,931 - 234,151 79,429 8,601,699
Rider premium charge - - - - - - - - - -
Partial withdrawal charge - - - - - - - - - 2
Miscellaneous charge - - - - 5 92 - 68 16 2,051
Subscription lapse forfeiture - - - - - - - - - -
Guarantee charge - - - - - - - - - 649,611
Discontinuance charge - - - - 1,891 20,869 - 20,877 7,535 558,796
Transaction charge - - - - - - - - - -
Loyalty Unit / Residual (38) - (14) - (12,723) (82,940) (22) (3,325) (1,488) (433,784)
Addition
Financial Statements

Total (34) - (10) - 32,735 463,205 (22) 270,492 89,109 10,840,190

Note : Ulip charges are excluding Service Tax / GST if any.
Additional Information

411
 Name of the Insurer: SBI Life Insurance Company Limited

412
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Related Party Transactions

Transactions of brokerage, custodial fee or any other payments and receipts made to / from related parties (as defined in AS 18 issued by
ICAI) in the ordinary course of business
Year ended March 31, 2024
Schedules

` (‘000)
SBI Life Insurance Company Limited

Nature of Company Name Portfolio SFIN Brokerage Purchases Sales / Interest &
Relationship & Custodial Maturity Discount
Forming Part of Financial Statements

Charges Income
Holding State Bank of India Bond Fund ULIF002100105BONDULPFND111 - - 6,788,334.69 -
Company Balanced Fund ULIF004051205BALANCDFND111 - 822,508.53 4,973,344.07 -
Bond Optimiser Fund ULIF032290618BONDOPTFND111 - 648,578.88 258,734.00 -
Discontinue Pension Fund ULIF025300513PEDISCOFND111 - 5,021,464.16 - -
Bond Pension Fund II ULIF028300513PENBON2FND111 - 4,725,742.98 43,607,322.47 -
Discontinued Policy Fund ULIF024110411DISCOPOFND111 - 9,024,071.46 - -
Equity Elite II Fund ULIF019100210EQTELI2FND111 - - 517,785.86 -
Sub Total - 20,242,366.02 56,145,521.09 -
Fellow SBICAP Securities Ltd. Balanced Fund ULIF004051205BALANCDFND111 1,202.62 - - -
Subsidiary Equity Elite II Fund ULIF019100210EQTELI2FND111 961.69 -
Equity Fund ULIF001100105EQUITY-FND111 13,186.04 -
Equity Pension Fund ULIF006150107PEEQITYFND111 275.91 -
Midcap Fund ULIF031290915MIDCAPFUND111 123.60 - - -
Sub Total 15,749.86 - - -
Yes Bank Limited Balanced Fund ULIF004051205BALANCDFND111 - 2,271,290.80 2,355,100.58 -
Balanced Pension Fund ULIF009210207PEBALANFND111 - - 50,637.97 -
Bond Fund ULIF002100105BONDULPFND111 - 4,582,068.58 4,247,407.05 -
Bond Optimiser Fund ULIF032290618BONDOPTFND111 150,191.80 -
Bond Pension Fund II ULIF028300513PENBON2FND111 - 4,279,811.62 4,949,179.64 -
Corporate Bond Fund ULIF033290618CORBONDFND111 - 100,127.87 - -
Equity Elite II Fund ULIF019100210EQTELI2FND111 - 1,001,229.59 - -
Growth Fund ULIF003241105GROWTH-FND111 - 250,319.67 1,625,478.73 -
Sub Total - 12,635,039.93 13,227,803.98 -
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Related Party Transactions (Contd.)

Transactions of brokerage, custodial fee or any other payments and receipts made to / from related parties (as defined in AS 18 issued by
ICAI) in the ordinary course of business
Integrated Report

Year ended March 31, 2024

Schedules

` (‘000)
Nature of Company Name Portfolio SFIN Brokerage Purchases Sales / Interest &
Relationship & Custodial Maturity Discount
Forming Part of Financial Statements

Charges Income
SBI CAP Markets Ltd. Balanced Fund ULIF004051205BALANCDFND111 - 1,501,918.03 - -
Bond Fund ULIF002100105BONDULPFND111 - 4,507,294.05 - -
Corporate Bond Fund ULIF033290618CORBONDFND111 - 600,778.28 - -
Statutory Reports

Bond Optimiser Fund ULIF032290618BONDOPTFND111 - 150,188.93 - -

Bond Pension Fund II ULIF028300513PENBON2FND111 - 3,047,879.58 - -
Sub Total - 9,808,058.88 - -
Fellow Subsidiary SBI Life Ins. Bond Fund ULIF002100105BONDULPFND111 - - 148,702.12 -
[Link] [Link]
Sub Total - - 148,702.12 -
SBI General Insurance Bond Fund ULIF002100105BONDULPFND111 - - 104,415.92 -
Bond Pension Fund II ULIF028300513PENBON2FND111 - - 261,039.81 -
Sub Total - - 365,455.74 -
SBI DFHI Limited Balanced Fund ULIF004051205BALANCDFND111 - 2,988,155.56 230,340.75 -
Financial Statements

Bond Fund ULIF002100105BONDULPFND111 - 9,272,894.79 403,797.98 -

Bond Optimiser Fund ULIF032290618BONDOPTFND111 - 151,534.32 50,133.40 -
Bond Pension Fund ULIF007160107PENBONDFND111 - 99,077.64 - -
Bond Pension Fund II ULIF028300513PENBON2FND111 - 12,609,169.31 966,871.69 -
Corporate Bond Fund ULIF033290618CORBONDFND111 118,480.00
Discontinue Pension Fund ULIF025300513PEDISCOFND111 1,294,465.28
Discontinued Policy Fund ULIF024110411DISCOPOFND111 - 1,008,595.60 - -
Group Growth Plus Fund II ULGF009200913GRGRT+FND2111 - 49,366.67 - -
Group Short Term Plus ULGF013200913GRSHT+FND2111 - 29,620.00 - -
Additional Information

Fund II
Sub Total - 27,621,359.16 1,651,143.82 -
413
 Name of the Insurer: SBI Life Insurance Company Limited

414
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Related Party Transactions (Contd.)

Transactions of brokerage, custodial fee or any other payments and receipts made to / from related parties (as defined in AS 18 issued by
ICAI) in the ordinary course of business
Year ended March 31, 2024
Schedules

` (‘000)
SBI Life Insurance Company Limited

Nature of Company Name Portfolio SFIN Brokerage Purchases Sales / Interest &
Relationship & Custodial Maturity Discount
Forming Part of Financial Statements

Charges Income
Grand Total Balanced Fund ULIF004051205BALANCDFND111 1,202.62 7,583,872.92 7,558,785.40 -
Balanced Pension Fund ULIF009210207PEBALANFND111 - - 50,637.97 -
Bond Fund ULIF002100105BONDULPFND111 - 18,362,257.42 11,692,657.76 -
Bond Optimiser Fund ULIF032290618BONDOPTFND111 - 1,100,493.94 308,867.40 -
Bond Pension Fund ULIF007160107PENBONDFND111 - 99,077.64 - -
Bond Pension Fund II ULIF028300513PENBON2FND111 - 24,662,603.48 49,784,413.61 -
Corporate Bond Fund ULIF033290618CORBONDFND111 - 819,386.15 - -
Discontinue Pension Fund ULIF025300513PEDISCOFND111 - 6,315,929.44 - -
Discontinued Policy Fund ULIF024110411DISCOPOFND111 - 10,032,667.07 - -
Equity Elite II Fund ULIF019100210EQTELI2FND111 961.69 1,001,229.59 517,785.86 -
Group Growth Plus Fund II ULGF009200913GRGRT+FND2111 - 49,366.67 - -
Group Short Term Plus ULGF013200913GRSHT+FND2111 - 29,620.00 - -
Fund II
Growth Fund ULIF003241105GROWTH-FND111 - 250,319.67 1,625,478.73 -
Equity Fund ULIF001100105EQUITY-FND111 13,186.04 - - -
Equity Pension Fund ULIF006150107PEEQITYFND111 275.91 - - -
Midcap Fund ULIF031290915MIDCAPFUND111 123.60 - - -
Grand Total 15,749.86 70,306,823.98 71,538,626.73 -
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Annualised expense ratio & gross income ratio (including unrealised gains) to average daily net assets of fund
` (‘000)
Sr. No. Fund Name SFIN As at March 31, 2024 As at March 31, 2023
Expense Ratio (%) Income Ratio (%) Expense Ratio (%) Income Ratio (%)
1 Balance Fund ULIF004051205BALANCDFND111 1.25 18.39 1.25 2.99
Integrated Report

2 Balance Pension Fund ULIF009210207PEBALANFND111 1.25 18.10 1.25 2.52

Schedules

3 Bond Fund ULIF002100105BONDULPFND111 1.00 8.96 1.00 4.21

4 Bond Pension Fund ULIF007160107PENBONDFND111 1.00 9.07 1.00 3.95
5 Bond Pension Fund II ULIF028300513PENBON2FND111 1.25 9.36 1.25 4.92
6 Bond Optimiser Fund ULIF032290618BONDOPTFND111 1.15 14.67 1.15 3.77
Forming Part of Financial Statements

7 Corporate Bond Fund ULIF033290618CORBONDFND111 1.15 8.20 1.15 4.18

8 Daily Protect Fund - II ULIF020040311DLYPRO2FND111 - - 1.01 5.31
9 Daily Protect Fund - III ULIF020010911DLYPRO3FND111 - - 1.00 5.69
10 Discontinue Pension Fund ULIF025300513PEDISCOFND111 0.50 7.06 0.50 4.64
11 Discontinued Policy Fund ULIF024110411DISCOPOFND111 0.50 7.02 0.50 4.23
12 Equity Elite Fund ULIF012250208EQTYELTFND111 1.09 24.99 1.09 3.57
Statutory Reports

13 Equity Elite II Fund ULIF019100210EQTELI2FND111 1.25 23.37 1.25 2.54

14 Equity Fund ULIF001100105EQUITY-FND111 1.34 29.11 1.34 (0.14)
15 Equity Optimiser Fund ULIF010210108EQTYOPTFND111 1.35 24.51 1.35 2.25
16 Equity Optimiser Pension Fund ULIF011210108PEEQOPTFND111 1.35 23.91 1.35 2.25
17 Equity Pension Fund ULIF006150107PEEQITYFND111 1.34 24.73 1.34 (3.79)
18 Equity Pension Fund II ULIF027300513PEEQIT2FND111 1.59 25.70 1.59 (0.07)
19 Flexi Protect (Series II) Fund ULIF014080110FLEXPR2FND111 - - 1.01 4.13
20 Flexi Protect Fund ULIF014080309FLEXPR1FND111 - - 1.52 4.13
21 GPF070211 Guaranteed Pension Fund ULIF022090211PEGURNTFND111 1.00 6.85 1.00 4.07
22 Group Balanced Plus Fund ULGF002160709GRPBAL+FND111 0.65 13.12 0.65 0.25
23 Group Balanced Plus Fund II ULGF010200913GRBAL+FND2111 0.60 13.57 0.60 3.76
24 Group Debt Plus Fund ULGF003160709GRPDBT+FND111 0.65 10.09 0.65 3.79
Financial Statements

25 Group Debt Plus Fund II ULGF011200913GRDBT+FND2111 0.60 10.42 0.60 4.04

26 Group Growth Plus Fund ULGF005250909GRPGRT+FND111 0.65 17.21 0.65 3.56
27 Group Growth Plus Fund II ULGF009200913GRGRT+FND2111 0.60 16.38 0.60 4.33
28 Group Money Market Plus Fund ULGF008030613GRPMNMTFND111 0.60 - 0.60 4.54
29 Group Short Term Plus Fund II ULGF013200913GRSHT+FND2111 0.60 10.42 0.60 5.58
30 Growth Fund ULIF003241105GROWTH-FND111 1.35 22.32 1.35 1.71
31 Growth Pension Fund ULIF008150207PEGRWTHFND111 1.35 21.68 1.35 0.90
32 Index Fund ULIF015070110INDEXULFND111 1.25 27.99 1.25 2.60
33 Index Pension Fund ULIF017180110PEINDEXFND111 1.25 28.05 1.25 2.36
34 Midcap Fund ULIF031290915MIDCAPFUND111 1.35 41.38 1.35 0.77
35 Money Market Fund ULIF005010206MONYMKTFND111 0.25 6.96 0.25 5.46
36 Money Market Pension Fund ULIF013200308PEMNYMTFND111 0.25 6.92 0.25 5.48
Additional Information

37 Money Market Pension Fund II ULIF029300513PEMNYM2FND111 0.50 7.01 0.50 5.52

38 P/E Managed Fund ULIF021080910P/EMNGDFND111 1.35 23.68 1.35 3.12
39 Pure Fund ULIF030290915PUREULPFND111 1.35 31.04 1.35 (1.35)
40 Top 300 Fund ULIF016070110TOP300-FND111 1.35 23.02 1.35 2.36
415

41 Top 300 Pension Fund ULIF018180110PETP300FND111 1.35 20.82 1.35 1.72

 Name of the Insurer: SBI Life Insurance Company Limited

416
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Performance of the fund (absolute growth %) for the year ended March 31, 2024
` (‘000)
Sr. No. Fund Name SFIN Financial year Year Since inception
of inception 2023-24 2022-23 2021-22
1 Balance Fund ULIF004051205BALANCDFND111 2005-06 18.51 1.46 11.25 553.25
2 Balance Pension Fund ULIF009210207PEBALANFND111 2006-07 18.66 1.97 11.20 542.98
Schedules

3 Bond Fund ULIF002100105BONDULPFND111 2004-05 8.13 3.14 4.04 348.42

SBI Life Insurance Company Limited

4 Bond Optimiser Fund ULIF032290618BONDOPTFND111 2018-19 14.33 2.08 9.26 99.49

5 Bond Pension Fund ULIF007160107PENBONDFND111 2006-07 8.14 2.89 3.87 299.35
Forming Part of Financial Statements

6 Bond Pension Fund Ii ULIF028300513PENBON2FND111 2013-14 8.12 3.06 3.76 109.37

7 Corporate Bond Fund ULIF033290618CORBONDFND111 2018-19 7.05 2.51 4.95 44.77
8 Discontinue Pension Fund ULIF025300513PEDISCOFND111 2014-15 6.64 3.81 3.83 87.19
9 Discontinued Policy Fund ULIF024110411DISCOPOFND111 2011-12 6.64 3.66 3.92 121.62
10 Equity Elite Fund ULIF012250208EQTYELTFND111 2007-08 27.00 2.31 26.00 671.14
11 Equity Elite Ii Fund ULIF019100210EQTELI2FND111 2009-10 24.76 1.06 15.94 361.93
12 Equity Fund ULIF001100105EQUITY-FND111 2004-05 32.08 (1.72) 18.57 1,705.56
13 Equity Optimiser Fund ULIF010210108EQTYOPTFND111 2007-08 26.28 0.72 17.25 377.49
14 Equity Optimiser Pension Fund ULIF011210108PEEQOPTFND111 2007-08 26.56 1.71 15.74 411.71
15 Equity Pension Fund ULIF006150107PEEQITYFND111 2006-07 28.55 (1.52) 20.41 544.61
16 Equity Pension Fund Ii ULIF027300513PEEQIT2FND111 2013-14 27.84 (1.13) 19.57 273.50
17 Gpf070211 Guaranteed Pension Fund ULIF022090211PEGURNTFND111 2010-11 5.83 2.95 3.50 132.65
18 Group Balanced Plus Fund ULGF002160709GRPBAL+FND111 2009-10 14.31 3.16 7.33 326.90
19 Group Balanced Plus Fund Ii ULGF010200913GRBAL+FND2111 2014-15 13.74 2.92 7.53 132.60
20 Group Debt Plus Fund ULGF003160709GRPDBT+FND111 2009-10 9.77 3.02 5.47 251.79
21 Group Debt Plus Fund Ii ULGF011200913GRDBT+FND2111 2013-14 10.26 3.33 5.53 129.77
22 Group Growth Plus Fund ULGF005250909GRPGRT+FND111 2009-10 18.02 2.80 9.40 402.79
23 Group Growth Plus Fund Ii ULGF009200913GRGRT+FND2111 2014-15 18.62 3.50 9.57 135.74
24 Group Money Market Plus Fund ULGF008030613GRPMNMTFND111 2017-18 - 1.96 2.71 24.43
25 Group Short Term Plus Fund ULGF007180711GRPSHT+FND111 2011-12 - - 2.38 128.13
26 Group Short Term Plus Fund Ii ULGF013200913GRSHT+FND2111 2014-15 8.62 3.70 3.55 87.86
27 Growth Fund ULIF003241105GROWTH-FND111 2005-06 23.35 0.14 14.56 730.02
28 Growth Pension Fund ULIF008150207PEGRWTHFND111 2006-07 22.88 (0.26) 15.04 529.27
29 Index Fund ULIF015070110INDEXULFND111 2009-10 30.61 0.96 18.91 336.49
30 Index Pension Fund ULIF017180110PEINDEXFND111 2009-10 30.61 1.04 19.31 355.07
31 Midcap Fund ULIF031290915MIDCAPFUND111 2016-17 52.49 (0.61) 26.11 295.03
32 Money Market Fund ULIF005010206MONYMKTFND111 2005-06 6.88 5.25 3.30 222.32
33 Money Market Pension Fund ULIF013200308PEMNYMTFND111 2007-08 6.82 5.23 3.23 198.24
34 Money Market Pension Fund Ii ULIF029300513PEMNYM2FND111 2013-14 6.62 4.96 3.06 83.02
35 P/E Managed Fund ULIF021080910P/EMNGDFND111 2010-11 24.85 1.62 11.10 244.21
36 Pure Fund ULIF030290915PUREULPFND111 2016-17 35.47 (2.72) 19.39 160.30
37 Top 300 Fund ULIF016070110TOP300-FND111 2009-10 24.27 0.83 17.36 402.71
38 Top 300 Pension Fund ULIF018180110PETP300FND111 2009-10 22.17 0.96 18.02 382.63
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated class-wise as at March 31, 2024
` (‘000)
Sr. Fund Name SFIN Bonds, Certificate of Fixed Term Govt Mutual Fund Equity Grand Total
No. Debentures & Deposit Deposit Securities
Integrated Report

Govt Loans
1 Balance Fund ULIF004051205BALANCDFND111 119,160 - - 919,133 1,627,131 43,714,051 46,379,475
Schedules

2 Balance Pension Fund ULIF009210207PEBALANFND111 2,385 - - 20,804 12,439 328,963 364,591

3 Bond Fund ULIF002100105BONDULPFND111 77,924 - - 2,127,497 412 - 2,205,833
Forming Part of Financial Statements

4 Bond Optimiser Fund ULIF032290618BONDOPTFND111 (6,372) - - 229,286 - 1,514,581 1,737,496

5 Bond Pension Fund ULIF007160107PENBONDFND111 (928) - - 46,841 - - 45,912
6 Bond Pension Fund II ULIF028300513PENBON2FND111 876,412 - - 1,660,640 1,956 - 2,539,008
7 Corporate Bond Fund ULIF033290618CORBONDFND111 (28,470) - - 15,779 - - (12,691)
8 Discontinue Pension ULIF025300513PEDISCOFND111 442 - - 16,433 - - 16,875
Statutory Reports

Fund
9 Discontinued Policy ULIF024110411DISCOPOFND111 - - - 43,381 - - 43,381
Fund
10 Equity Elite Fund ULIF012250208EQTYELTFND111 0 - - - 7,819 48,858 56,677
11 Equity Elite II Fund ULIF019100210EQTELI2FND111 7,346 - - 7,167 1,392,309 32,001,141 33,407,962
12 Equity Fund ULIF001100105EQUITY-FND111 - - - - 9,350,501 170,585,228 179,935,729
13 Equity Optimiser Fund ULIF010210108EQTYOPTFND111 - - - 523 121,722 4,401,722 4,523,967
14 Equity Optimiser ULIF011210108PEEQOPTFND111 - - - - 23,245 712,477 735,722
Pension Fund
Financial Statements

15 Equity Pension Fund ULIF006150107PEEQITYFND111 - - - - 256,192 5,966,198 6,222,390

16 Equity Pension Fund II ULIF027300513PEEQIT2FND111 - - - - 1,191,241 21,568,629 22,759,870
17 GPF070211 Guaranteed ULIF022090211PEGURNTFND111 - - - 14 - - 14
Pension Fund
18 Group Balanced Plus ULGF002160709GRPBAL+FND111 - - - 292 133 2,511 2,937
Fund
19 Group Balanced Plus ULGF010200913GRBAL+FND2111 574 - - 15,572 2,591 93,609 112,345
Fund II
20 Group Debt Plus Fund ULGF003160709GRPDBT+FND111 8 - - 416 32 640 1,096
21 Group Debt Plus Fund II ULGF011200913GRDBT+FND2111 2,148 - - 17,166 1,320 39,049 59,684
Additional Information

22 Group Growth Plus Fund ULGF005250909GRPGRT+FND111 - - - 128 74 1,972 2,174

23 Group Growth Plus ULGF009200913GRGRT+FND2111 55 - - 2,535 224 7,477 10,291
Fund II
417
 Name of the Insurer: SBI Life Insurance Company Limited

418
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated class-wise as at March 31, 2024 (Contd.)

` (‘000)
Sr. Fund Name SFIN Bonds, Certificate of Fixed Term Govt Mutual Fund Equity Grand Total
No. Debentures & Deposit Deposit Securities
Govt Loans
Schedules

24 Group Money Market ULGF008030613GRPMNMTFND111 - - - - - - -

SBI Life Insurance Company Limited

Plus Fund
25 Group Short Term Plus ULGF007180711GRPSHT+FND111 - - - - - - -
Forming Part of Financial Statements

Fund
26 Group Short Term Plus ULGF013200913GRSHT+FND2111 - - - 1,459 - - 1,459
Fund II
27 Group STO Plus Fund II ULGF012200913GRSTOPLUS2111 - - - - - - -
28 Growth Fund ULIF003241105GROWTH-FND111 (2,114) - - 33,757 58,191 5,989,336 6,079,169
29 Growth Pension Fund ULIF008150207PEGRWTHFND111 770 - - 8,391 4,540 699,439 713,140.14
30 Index Fund ULIF015070110INDEXULFND111 - - - - - 458,763 458,763
31 Index Pension Fund ULIF017180110PEINDEXFND111 - - - - - 137,810 137,810
32 Midcap Fund ULIF031290915MIDCAPFUND111 - - - - 1,274,267 61,505,850 62,780,117
33 Money Market Fund ULIF005010206MONYMKTFND111 238 - - 785 - - 1,023
34 Money Market Pension ULIF013200308PEMNYMTFND111 42 - - 65 - - 106
Fund
35 Money Market Pension ULIF029300513PEMNYM2FND111 419 - - 6,199 - - 6,618
Fund II
36 P/E Managed Fund ULIF021080910P/EMNGDFND111 6 - - 2,113 578 52,375 55,073
37 Pure Fund ULIF030290915PUREULPFND111 - - - - - 1,367,835 1,367,835
38 Top 300 Fund ULIF016070110TOP300-FND111 - - - - - 4,720,805 4,720,805
39 Top 300 Pension Fund ULIF018180110PETP300FND111 - - - - - 865,644 865,644
Grand Total 1,050,045 - - 5,176,377 15,326,916 356,784,963 378,338,301
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated class-wise as at March 31, 2023
` (‘000)
Sr. Fund Name SFIN Bonds, Certificate of Fixed Term Govt Mutual Fund Equity Grand Total
No. Debentures & Deposit Deposit Securities
Govt Loans
Integrated Report

1 Balanced Fund ULIF004051205BALANCDFND111 (474,265) (0) - (296,538) 254,680 24,914,391 24,398,269

Schedules

2 Balanced Pension Fund ULIF009210207PEBALANFND111 3,336 - - 271 (1,316) 68,820 71,111

3 Bond Fund ULIF002100105BONDULPFND111 (723,300) 0 - (499,698) 19,104 - (1,203,893)
Forming Part of Financial Statements

4 Bond Optimiser Fund ULIF032290618BONDOPTFND111 (105,617) - - (79,598) - 134,694 (50,522)

5 Bond Pension Fund ULIF007160107PENBONDFND111 3,190 - - (13,412) - - (10,222)
6 Bond Pension Fund II ULIF028300513PENBON2FND111 (374,682) 0 - 175,996 - - (198,685)
7 Corporate Bond Fund ULIF033290618CORBONDFND111 (119,073) - - (1,559) - - (120,632)
8 Discontinue Pension ULIF025300513PEDISCOFND111 (1,058) 0 - (142,677) - - (143,735)
Statutory Reports

Fund
9 Discontinued Policy ULIF024110411DISCOPOFND111 0 0 - (546,925) - - (546,925)
Fund
10 Equity Elite Fund ULIF012250208EQTYELTFND111 1 - - (0) 6,066 32,712 38,779
11 Equity Elite II Fund ULIF019100210EQTELI2FND111 (11,347) 0 - 0 472,104 16,495,146 16,955,902
12 Equity Fund ULIF001100105EQUITY-FND111 (221) - - (0) 976,548 57,870,329 58,846,656
13 Equity Optimiser Fund ULIF010210108EQTYOPTFND111 (0) - - 1,053 46,097 2,226,712 2,273,862
14 Equity Optimiser ULIF011210108PEEQOPTFND111 (1) - - 35 3,815 231,005 234,854
Pension Fund
15 Equity Pension Fund ULIF006150107PEEQITYFND111 (2) - - - (58,940) 958,025 899,082
Financial Statements

16 Equity Pension Fund II ULIF027300513PEEQIT2FND111 (30) - - - 45,705 7,395,011 7,440,686

17 GPF070211 Guaranteed ULIF022090211PEGURNTFND111 - - - (10) - - (10)
Pension Fund
18 Group Balanced Plus ULGF002160709GRPBAL+FND111 - - - 79 46 4,284 4,409
Fund
19 Group Balanced Plus ULGF010200913GRBAL+FND2111 2,006 - - 2,754 645 54,236 59,641
Fund II
20 Group Debt Plus Fund ULGF003160709GRPDBT+FND111 69 - - 5 5 174 254
21 Group Debt Plus Fund II ULGF011200913GRDBT+FND2111 4,458 - - 2,856 341 22,750 30,406
Additional Information

22 Group Growth Plus Fund ULGF005250909GRPGRT+FND111 - - - 42 20 643 705

23 Group Growth Plus ULGF009200913GRGRT+FND2111 127 - - 98 62 2,620 2,907
Fund II
419
 SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Name of the Insurer: SBI Life Insurance Company Limited

` (‘000)

128,711,810
398,450
2,337,158
414,392
51,399
0
0
(0)
13,395,131
90,324
267,436
252,187.21
2,522,540
-
(105)
-
-
Grand Total

Registration No. 111

Fund-wise disclosure of appreciation and / or depreciation in value of investments segregated class-wise as at March 31, 2023 (Contd.)

Date of Registration with IRDA: March 29, 2001

1 Investment management
Activities outsourced

129,338,109
398,450
2,337,158
414,392
51,115
-
-
-
12,596,889
90,324
267,436
250,613
2,520,182
-
-
-
-
Equity

` (‘000)
Year ended Activities outsourced Fees paid Basis of payment of fees
March 31, 2024 Nil Not applicable Not applicable

2,590,424
-
-
-
261
-
-
-
798,242
-
-
657
26,281
-
-
-
-
Mutual Fund

March 31, 2023 Nil Not applicable Not applicable

2 Unclaimed redemption of units

` (‘000)
Fund Name As at March 31, 2024 As at March 31, 2023

(1,413,070)
-
-
-
-
-
-
-
-
-
-
(216)
(15,522)
-
(105)
-
-
Govt
Securities

Units Fund Value Units Fund Value

Balanced Fund 5,223,165 340,692 2,862,497 157,694
Balanced Pension Fund 22,137 1,341 10,373 561
Bond Fund 14,549,269 650,084 7,761,759 321,620
Bond Pension Fund 485,301 18,966 661,467 24,348

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Fixed Term
Deposit

Equity Elite II Fund 8,665,279 398,099 5,416,978 200,573

Equity Pension Fund II 2,190,923 81,741 - -
Index Fund 92,891 3,856 208,045 6,993
Equity Fund 675,134 119,589 1,052,427 143,847
0
-
-
-
-
0
0
(0)
-
-
-
-
-
-
-
-
-
Certificate of
Deposit

Equity Optimiser Fund 1,192,655 56,231 2,145,423 81,047

Equity Optimiser Pension Fund 35,534 1,621 164,676 6,741
Equity Pension Fund 178,880 11,183 297,683 15,287
Growth Fund 199,106 16,295 323,882 21,795
Growth Pension Fund 73,737 4,470 126,909 6,555
(1,803,653)
0
0
-
23
0
0
0
-
-
-
1,132
(8,401)
-
-
-
-
Bonds,
Debentures &
Govt Loans

Bond Pension Fund II 26,218,112 548,563 - -

Index Pension Fund 11,879 477 - -
Money Market Fund 391,492 12,536 855,633 25,785
Money Market Pension Fund 80,260 2,356 258,098 7,186
ULGF008030613GRPMNMTFND111

Money Market Fund II 1,575,164 28,816

ULIF005010206MONYMKTFND111
ULGF007180711GRPSHT+FND111

ULGF013200913GRSHT+FND2111

ULIF003241105GROWTH-FND111
ULIF008150207PEGRWTHFND111

ULIF013200308PEMNYMTFND111

ULIF029300513PEMNYM2FND111
ULGF012200913GRSTOPLUS2111

ULIF021080910P/EMNGDFND111
ULIF031290915MIDCAPFUND111

ULIF030290915PUREULPFND111
Name of the Insurer: SBI Life Insurance Company Limited

ULIF016070110TOP300-FND111
ULIF015070110INDEXULFND111
ULIF017180110PEINDEXFND111

ULIF018180110PETP300FND111

P/E Managed Fund 26,787 909 605,384 16,669

Equity Elite Fund - - 43,580 2,645
Midcap Fund 84,881 3,365 187,110 4,845
Date of Registration with IRDA: March 29, 2001

Top 300 Fund 347,744 17,415 315,858 12,773

Top 300 Pension Fund 13,450 593 - -
Total 62,333,778 2,319,197 23,297,784 1,056,964

3 Provision for doubtful debts on assets

` (‘000)
SFIN

Year ended Provision Value

March 31, 2024 Nil
Group STO Plus Fund II

Money Market Pension

Money Market Pension
Group Short Term Plus
Group Short Term Plus

Top 300 Pension Fund

Growth Pension Fund
Group Money Market

March 31, 2023 Nil

Money Market Fund
Index Pension Fund

P/E Managed Fund

Registration No. 111

Top 300 Fund

Growth Fund

Midcap Fund
Sr. Fund Name

Grand Total
Index Fund

Pure Fund
Plus Fund

Fund II
Fund II

Fund
Fund
No.

39
38
37
36
35
34
33
32
31
30
29
28
27
26
25
24

420 421
SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Name of the Insurer: SBI Life Insurance Company Limited Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111 Registration No. 111
Date of Registration with IRDA: March 29, 2001 Date of Registration with IRDA: March 29, 2001

NAV – Highest, Lowest and Closing during the year ended March 31, 2024 NAV – Highest, Lowest and Closing during the year ended March 31, 2023
(` per unit) (` per unit)
Sr. No. Fund Name SFIN Highest Lowest Closing Sr. No. Fund Name SFIN Highest Lowest Closing
1 Balance Fund ULIF004051205BALANCDFND111 65.5105 55.1273 65.3252 1 Balanced Fund ULIF004051205BALANCDFND111 56.7691 50.2063 55.1238
2 Balance Pension Fund ULIF009210207PEBALANFND111 64.4313 54.1916 64.2984 2 Balanced Pension Fund ULIF009210207PEBALANFND111 55.6402 49.0355 54.1883
3 Bond Fund ULIF002100105BONDULPFND111 44.8417 41.4722 44.8417 3 Bond Fund ULIF002100105BONDULPFND111 41.4716 39.2042 41.4716
4 Bond Optimiser Fund ULIF032290618BONDOPTFND111 19.9494 17.4509 19.9494 4 Bond Optimiser Fund ULIF032290618BONDOPTFND111 17.5082 16.3694 17.4488
5 Bond Pension Fund ULIF007160107PENBONDFND111 39.9351 36.9353 39.9351 5 Bond Pension Fund ULIF007160107PENBONDFND111 36.9289 34.9341 36.9289
6 Bond Pension Fund II ULIF028300513PENBON2FND111 20.9372 19.3580 20.9372 6 Bond Pension Fund II ULIF028300513PENBON2FND111 19.3639 18.2955 19.3639
7 Corporate Bond Fund ULIF033290618CORBONDFND111 14.4771 13.5257 14.4771 7 Corporate Bond Fund ULIF033290618CORBONDFND111 13.5242 12.8961 13.5242
8 Discontinue Pension Fund ULIF025300513PEDISCOFND111 18.7185 17.5559 18.7185 8 Discontinue Pension Fund ULIF025300513PEDISCOFND111 17.5528 16.7771 17.5528
9 Discontinued Policy Fund ULIF024110411DISCOPOFND111 22.1621 20.7849 22.1621 9 Discontinued Policy Fund ULIF024110411DISCOPOFND111 20.7813 19.8700 20.7813
10 Equity Elite Fund ULIF012250208EQTYELTFND111 77.4688 60.7171 77.1142 10 Equity Elite Fund ULIF012250208EQTYELTFND111 64.1898 53.7497 60.7177
11 Equity Elite II Fund ULIF019100210EQTELI2FND111 46.4587 37.0258 46.1929 11 Equity Elite II Fund ULIF019100210EQTELI2FND111 39.2106 33.0346 37.0257
12 Equity Fund ULIF001100105EQUITY-FND111 181.8428 136.6888 180.5563 12 Equity Fund ULIF001100105EQUITY-FND111 147.6451 119.3605 136.6997
13 Equity Optimiser Fund ULIF010210108EQTYOPTFND111 48.1521 37.8114 47.7487 13 Equity Optimiser Fund ULIF010210108EQTYOPTFND111 40.0452 33.7483 37.8115
14 Equity Optimiser Pension Fund ULIF011210108PEEQOPTFND111 51.5210 40.4297 51.1709 14 Equity Optimiser Pension Fund ULIF011210108PEEQOPTFND111 42.6700 35.8951 40.4307
15 Equity Pension Fund ULIF006150107PEEQITYFND111 65.1997 50.1402 64.4607 15 Equity Pension Fund ULIF006150107PEEQITYFND111 54.5390 44.1872 50.1436
16 Equity Pension Fund II ULIF027300513PEEQIT2FND111 37.7058 29.2126 37.3498 16 Equity Pension Fund II ULIF027300513PEEQIT2FND111 31.6418 25.6400 29.2154
17 GPF070211 Guaranteed Pension Fund ULIF022090211PEGURNTFND111 23.2648 21.9862 23.2648 17 GPF070211 Guaranteed Pension Fund ULIF022090211PEGURNTFND111 21.9829 21.0933 21.9829
18 Group Balanced Plus Fund ULGF002160709GRPBAL+FND111 42.6895 37.3517 42.6895 18 Group Balanced Plus Fund ULGF002160709GRPBAL+FND111 37.5284 34.5125 37.3469
19 Group Balanced Plus Fund II ULGF010200913GRBAL+FND2111 23.2601 20.4532 23.2601 19 Group Balanced Plus Fund II ULGF010200913GRBAL+FND2111 20.5353 18.9551 20.4505
20 Group Debt Plus Fund ULGF003160709GRPDBT+FND111 35.1789 32.0519 35.1789 20 Group Debt Plus Fund ULGF003160709GRPDBT+FND111 32.0468 30.1384 32.0468
21 Group Debt Plus Fund II ULGF011200913GRDBT+FND2111 22.9772 20.8426 22.9772 21 Group Debt Plus Fund II ULGF011200913GRDBT+FND2111 20.8392 19.5166 20.8392
22 Group Growth Plus Fund ULGF005250909GRPGRT+FND111 50.3506 42.6048 50.2786 22 Group Growth Plus Fund ULGF005250909GRPGRT+FND111 43.6609 38.6745 42.6010
23 Group Growth Plus Fund II ULGF009200913GRGRT+FND2111 23.6120 19.8762 23.5743 23 Group Growth Plus Fund II ULGF009200913GRGRT+FND2111 20.3320 18.0514 19.8744
24 Group Money Market Plus Fund ULGF008030613GRPMNMTFND111 12.4434 (3.3200) 12.4434 24 Group Money Market Plus Fund ULGF008030613GRPMNMTFND111 12.4434 12.2048 12.4434
25 Group Short Term Plus Fund ULGF007180711GRPSHT+FND111 22.8132 (4.1500) 22.8132 25 Group Short Term Plus Fund ULGF007180711GRPSHT+FND111 22.8132 22.8132 22.8132
26 Group Short Term Plus Fund II ULGF013200913GRSHT+FND2111 18.7863 17.2978 18.7863 26 Group Short Term Plus Fund II ULGF013200913GRSHT+FND2111 17.2950 16.5549 17.2947
27 Group STO Plus Fund II ULGF012200913GRSTOPLUS2111 10.1404 0.0300 10.1404 27 Group STO Plus Fund II ULGF012200913GRSTOPLUS2111 10.1404 10.1404 10.1404
28 Growth Fund ULIF003241105GROWTH-FND111 83.2960 67.2919 83.0016 28 Growth Fund ULIF003241105GROWTH-FND111 70.8402 60.5900 67.2901
29 Growth Pension Fund ULIF008150207PEGRWTHFND111 62.9519 51.2117 62.9269 29 Growth Pension Fund ULIF008150207PEGRWTHFND111 53.9307 46.1197 51.2107
30 Index Fund ULIF015070110INDEXULFND111 43.9306 33.4167 43.6493 30 Index Fund ULIF015070110INDEXULFND111 36.1573 29.2567 33.4194
31 Index Pension Fund ULIF017180110PEINDEXFND111 45.8397 34.8401 45.5065 31 Index Pension Fund ULIF017180110PEINDEXFND111 37.6843 30.4914 34.8428
32 Midcap Fund ULIF031290915MIDCAPFUND111 39.9932 25.9035 39.5025 32 Midcap Fund ULIF031290915MIDCAPFUND111 28.0027 22.2665 25.9046
33 Money Market Fund ULIF005010206MONYMKTFND111 32.2323 30.1613 32.2323 33 Money Market Fund ULIF005010206MONYMKTFND111 30.1562 28.6540 30.1562
34 Money Market Pension Fund ULIF013200308PEMNYMTFND111 29.8237 27.9236 29.8237 34 Money Market Pension Fund ULIF013200308PEMNYMTFND111 27.9188 26.5329 27.9188
35 Money Market Pension Fund II ULIF029300513PEMNYM2FND111 18.3018 17.1684 18.3018 35 Money Market Pension Fund II ULIF029300513PEMNYM2FND111 17.1656 16.3565 17.1656
36 P/E Managed Fund ULIF021080910P/EMNGDFND111 34.6829 27.5697 34.4208 36 P/E Managed Fund ULIF021080910P/EMNGDFND111 28.2432 24.2211 27.5697
37 Pure Fund ULIF030290915PUREULPFND111 26.5719 19.2128 26.0299 37 Pure Fund ULIF030290915PUREULPFND111 20.7641 17.3390 19.2141
38 Top 300 Fund ULIF016070110TOP300-FND111 50.4637 40.4524 50.2714 38 Top 300 Fund ULIF016070110TOP300-FND111 42.8867 36.0261 40.4529
39 Top 300 Pension Fund ULIF018180110PETP300FND111 48.5531 39.5049 48.2630 39 Top 300 Pension Fund ULIF018180110PETP300FND111 41.7319 35.0153 39.5051

422 423
SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

Name of the Insurer: SBI Life Insurance Company Limited Name of the Insurer: SBI Life Insurance Company Limited
Registration No. 111 Registration No. 111
Date of Registration with IRDA: March 29, 2001 Date of Registration with IRDA: March 29, 2001

Company-wise details of Investments held in the Promoter Group along with its % to Funds Under Company-wise details of Investments held in the Promoter Group along with its % to Funds Under
Management as at March 31, 2024 Management as at March 31, 2023
` (‘000)
` (‘000) Fund Name SFIN Company Market Fund wise % of % of total
Fund Name SFIN Company Market Fund wise % of % of total Name Value FUM FUM FUM
Name Value FUM FUM FUM Bond Optimiser ULIF032290618BONDOPTFND111 SBI Cards 29,608 20,917,697 0.14 0.00
Bond Pension ULIF028300513PENBON2FND111 SBI Mutual 1,501,856 272,106,727 0.55 0.07 Fund And Payment
Fund Ii Fund Services
Sub Total 1,501,856 272,106,727 0.55 0.07 Limited

Equity Fund ULIF001100105EQUITY-FND111 SBI Mutual 1,001,180 663,680,541 0.15 0.05 Sub Total 29,608 20,917,697 0.14 0.00
Fund Midcap Fund ULIF031290915MIDCAPFUND111 SBI Cards 234,393 88,647,261 0.26 0.01
Sub Total 1,001,180 663,680,541 0.15 0.05 And Payment
Services
Equity Pension ULIF006150107PEEQITYFND111 SBI Mutual 705,217 44,553,777 1.58 0.03
Limited
Fund Fund
Sub Total 234,393 88,647,261 0.26 0.01
Sub Total 705,217 44,553,777 1.58 0.03
P/E Managed ULIF021080910P/EMNGDFND111 SBI Cards 444 2,285,794 0.02 0.00
Equity Pension ULIF027300513PEEQIT2FND111 SBI Mutual 1,158,011 96,253,202 1.20 0.05
Fund And Payment
Fund II Fund
Services
Sub Total 1,158,011 96,253,202 1.20 0.05 Limited
Midcap Fund ULIF031290915MIDCAPFUND111 SBI Mutual 3,504,479 207,165,791 1.69 0.16 Sub Total 444 2,285,794 0.02 0.00
Fund
Equity Fund ULIF001100105EQUITY-FND111 SBI Mutual 453,970 445,391,527 0.10 0.03
Sub Total 3,504,479 207,165,791 1.69 0.16 Fund
P/E Managed ULIF021080910P/EMNGDFND111 SBI Cards 410 2,454,958 0.02 0.00 Sub Total 453,970 445,391,527 0.10 0.03
Fund And Payment
Equity Pension ULIF006150107PEEQITYFND111 SBI Mutual 284,969 13,593,974 2.10 0.02
Services
Fund Fund
Limited
Sub Total 284,969 13,593,974 2.10 0.02
Sub Total 410 2,454,958 0.02 0.00
Equity Pension ULIF027300513PEEQIT2FND111 SBI Mutual 787,432 58,975,393 1.34 0.05
Total ULIP FUM SBI Cards 410 2,160,102,705 0.00 0.00
Fund II Fund
And Payment
Services Sub Total 787,432 58,975,393 1.34 0.05
Limited Total ULIP FUM SBI Cards 264,445 1,632,555,405 0.02 0.02
SBI Mutual 7,870,743 2,160,102,705 0.36 0.36 And Payment
Fund Services
Limited
Grand Total 7,871,152 2,160,102,705 0.36 0.36
SBI Mutual 1,526,371 1,632,555,405 0.09 0.09
Fund
Grand Total 1,790,816 1,632,555,405 0.11 0.11

424 425
 Name of the Insurer: SBI Life Insurance Company Limited

426
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Bond Fund ULIF002100105BONDULPFND111 Activities Of Can Fin Homes Ltd. NCD - - 977448 0.00
Specialized Housing NCD - - 13,861,256.83 0.06
Schedules

Institutions Development
SBI Life Insurance Company Limited

Granting Credit Finance Corporation

LIC Housing Finance NCD - - 14,923,976.52 0.06
Forming Part of Financial Statements

Ltd.
Piramal Capital & NCD - - 100,645.28 0.00
Housing Finance
Limited
Tata Capital Housing NCD - - 144,524.40 0.00
Finance Limited
Sub Total - - 30,007,851.03 0.13
Monetary Axis Bank Ltd. NCD 2,013,288.00 0.01 0 -
Intermediation Of Bank Of Baroda NCD 255,247.75 0.00 - -
Commercial Banks Bank Of India NCD 999,075.00 0.00 - -
HDFC Bank Ltd. NCD 18,678,401.43 0.08 - -
ICICI Bank Limited NCD 1,690,891.00 0.01 - -
IDFC First Bank Ltd NCD 2,004,121.11 0.01 - -
Indian Bank NCD 755,872.76 0.00 - -
Punjab National FD 3,078,900.00 0.01 - -
Bank
Union Bank Of India NCD 981,380.00 0.00 - -
Sub Total 30,457,177.05 0.14 - -
Other Credit Bajaj Finance Limited NCD 2,191,225.20 0.01 4530615.55 0.02
Granting Fullerton India Credit NCD - - 2,620,431.00 0.01
Company Limited
India Infradebt NCD 757,628.25 0.00 759,110.25 0.00
Limited
Indian Renewable NCD 461,832.75 0.00 - -
Energy Development
Agency Ltd
Kotak Mahindra NCD 745,844.25 0.00 2,884,888.20 0.01
Prime Ltd
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Mahindra & NCD 2,395,623.05 0.01 898,225.50 0.00

Mahindra Financial
Schedules

Services Limited
NIIF Infrastructure NCD 499,209.00 0.00 498,478.50 0.00
Finance Limited
Forming Part of Financial Statements

Power Finance NCD 8,559,791.26 0.04 6,135,837.35 0.03

Corporation Ltd.
Rural Electrification NCD 8,148,716.66 0.04 8,307,067.73 0.03
Corporation Limited
Shriram Finance NCD 1,506,150.96 0.01 1,118,402.17 0.00
Statutory Reports

Limited
Smfg India Credit NCD 2,665,854.53 0.01 - -
Company Limited
Sundaram Finance NCD 63,986.20 0.00 63,855.61 0.00
Ltd.
The Indian NCD - - 1,365,530.40 0.01
Renewable Energy
Development
Agency Ltd
Sub Total 27,995,862.11 0.13 29,182,442.25 0.12
Others Below 10% 162,679,335.82 0.74 180370249.9 0.75
Financial Statements

Sub Total 162,679,335.82 0.74 180,370,249.92 0.75

Total 221,132,374.97 1.00 239,560,543.21 1.00
Bond ULIF032290618BONDOPTFND111 Monetary Axis Bank Ltd. Equity 120,768.34 0.00 0 -
Optimiser Intermediation Of Axis Bank Ltd. NCD 75,498.30 0.00 - -
Fund Commercial Banks Bank Of Baroda Equity 16,027.84 0.00 - -
Bank Of Baroda NCD 510,495.50 0.02 - -
Bank Of India Equity 51,119.65 0.00 - -
HDFC Bank Ltd. Equity 522,156.18 0.02 - -
HDFC Bank Ltd. NCD 961,124.83 0.04 - -
ICICI Bank Limited Equity 499,682.93 0.02 - -
Indus Ind Bank Ltd. Equity 89,763.40 0.00 - -
Additional Information

Karur Vysya Bank Equity 47,981.59 0.00 - -

427
 Name of the Insurer: SBI Life Insurance Company Limited

428
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Kotak Mahindra Equity 108,383.42 0.00 - -
Bank Ltd.
Schedules

Utkarsh Small Equity 120,316.66 0.00 - -

SBI Life Insurance Company Limited

Finance Bank
Limited
Forming Part of Financial Statements

Sub Total 3,123,318.63 0.12 - -

Others Below 10% 23,895,247.36 0.88 0 -
Sub Total 23,895,247.36 0.88 - -
Total 27,018,565.99 1.00 - -
Bond Pension ULIF007160107PENBONDFND111 Other Credit India Infradebt NCD - - 203157.2 0.06
Fund Granting Limited
L&T Infra Debt Fund NCD - - 50,633.60 0.01
Limited
Power Finance NCD - - 155,076.75 0.04
Corporation Ltd.
Rural Electrification NCD - - 264,242.25 0.07
Corporation Limited
Sub Total - - 673,109.80 0.19
Others Below 10% - - 2907198.468 0.81
Sub Total - - 2,907,198.47 0.81
Total - - 3,580,308.26 1.00
Corporate ULIF033290618CORBONDFND111 Activities Of Can Fin Homes Ltd. NCD - - 29545.26 0.00
Bond Fund Specialized Housing & Urban NCD - - 52,288.55 0.01
Institutions Develp Corpn. Ltd.
Granting Credit Housing NCD - - 465,687.66 0.06
Development
Finance Corporation
LIC Housing Finance NCD - - 354,910.22 0.05
Ltd.
Sub Total - - 902,431.69 0.12
Monetary Axis Bank Ltd. NCD 75,498.30 0.01 0 -
Intermediation Of Bank Of Baroda NCD 510,495.50 0.06 - -
Commercial Banks HDFC Bank Ltd. NCD 647,737.68 0.07 - -
Sub Total 1,233,731.48 0.13 - -
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Other Credit Bajaj Finance Limited NCD 151,004.43 0.02 397671.7811 0.05
Granting L&T Finance Limited NCD - - 48,542.60 0.01
Schedules

Mahindra & NCD 100,100.70 0.01 49,514.00 0.01

Mahindra Financial
Services Limited
Forming Part of Financial Statements

Power Finance NCD 458,598.27 0.05 504,028.88 0.07

Corporation Ltd.
Rural Electrification NCD 580,444.46 0.06 556,018.24 0.07
Corporation Limited
Shriram Finance NCD - - 19,982.89 0.00
Statutory Reports

Limited
Sundaram Finance NCD 1,009.91 0.00 1,016.87 0.00
Ltd.
Sub Total 1,291,157.78 0.14 1,576,775.26 0.21
Others Below 10% 6,614,230.84 0.72 5024058.449 0.67
Sub Total 6,614,230.84 0.72 5,024,058.45 0.67
Total 9,139,120.10 1.00 7,503,265.40 1.00
Equity Elite ULIF012250208EQTYELTFND111 Monetary Axis Bank Ltd. Equity 1,727.88 0.01 1545.3 0.01
Fund Intermediation Of Bank Of India Equity 972.64 0.01 - -
Commercial Banks Canara Bank Equity - - 540.46 0.00
HDFC Bank Ltd. Equity 8,253.03 0.06 5,208.50 0.05
Financial Statements

ICICI Bank Limited Equity 7,325.11 0.06 6,140.75 0.05

Indus Ind Bank Ltd. Equity 1,045.17 0.01 213.59 0.00
Kotak Mahindra Equity 1,112.37 0.01 1,599.42 0.01
Bank Ltd.
Sub Total 20,436.20 0.16 15,248.02 0.13
Providing Software HCL Technologies Equity 1,295.04 0.01 910.52475 0.01
Support And Ltd.
Maintenance To Infosys Limited Equity 6,516.52 0.05 7,154.03 0.06
The Clients Tata Consultancy Equity 4,461.62 0.03 3,850.29 0.03
Services Ltd.
Tech Mahindra Ltd. Equity 906.12 0.01 1,020.31 0.01
Additional Information

Sub Total 13,179.30 0.10 12,935.15 0.11

Others Below 10% 95,887.65 0.74 86289.47052 0.75
Sub Total 95,887.65 0.74 86,289.47 0.75
Total 129,503.14 1.00 114,472.64 1.00
429
 Name of the Insurer: SBI Life Insurance Company Limited

430
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Equity ULIF011210108PEEQOPTFND111 Monetary Axis Bank Ltd. Equity 121,475.20 0.03 70775.5985 0.03
Optimiser Intermediation Of Bank Of Baroda Equity 10,562.00 0.00 - -
Schedules

Pension Fund Commercial Banks Bank Of India Equity 19,154.66 0.00 - -

SBI Life Insurance Company Limited

HDFC Bank Ltd. Equity 338,691.32 0.07 165,997.72 0.07

ICICI Bank Limited Equity 306,576.63 0.06 177,524.70 0.07
Forming Part of Financial Statements

Indian Bank Equity 23,431.50 0.00 - -

Indus Ind Bank Ltd. Equity 36,380.58 0.01 24,658.97 0.01
Kotak Mahindra Equity 80,495.70 0.02 56,976.11 0.02
Bank Ltd.
Utkarsh Small Equity 789.88 0.00 - -
Finance Bank
Limited
Sub Total 937,557.46 0.19 495,933.09 0.21
Providing Software COFORGE Ltd. Equity - - 7883.7447 0.00
Support And HCL Technologies Equity - - 23,841.86 0.01
Maintenance To Ltd.
The Clients Infosys Limited Equity - - 120,668.91 0.05
Tata Consultancy Equity - - 68,019.58 0.03
Services Ltd.
Tech Mahindra Ltd. Equity - - 23,628.07 0.01
Sub Total - - 244,042.17 0.10
Others Below 10% 3,871,668.41 0.81 1638140.094 0.69
Sub Total 3,871,668.41 0.81 1,638,140.09 0.69
Total 4,809,225.87 1.00 2,378,115.35 1.00
Balanced ULIF004051205BALANCDFND111 Monetary Axis Bank Ltd. Equity 3,699,929.34 0.02 3445301.294 0.02
Fund Intermediation Of Axis Bank Ltd. NCD 603,986.40 0.00 406,278.80 0.00
Commercial Banks Canara Bank Equity 987,785.00 0.00 768,015.00 0.00
HDFC Bank Ltd. Equity 10,894,597.58 0.04 8,563,348.42 0.04
HDFC Bank Ltd. NCD 6,296,994.02 0.03 1,309,386.05 0.01
ICICI Bank Limited Equity 10,749,723.56 0.04 9,414,966.32 0.04
Indus Ind Bank Ltd. Equity 1,358,875.00 0.01 1,121,347.50 0.01
Kotak Mahindra Equity 2,322,578.40 0.01 2,340,733.78 0.01
Bank Ltd.
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Punjab National FD 3,078,900.00 0.01 3,078,900.00 0.01

Bank
Schedules

Punjab National NCD 300,798.94 0.00 301,692.60 0.00

Bank
Sub Total 40,294,168.24 0.17 30,749,969.76 0.14
Forming Part of Financial Statements

Others Below 10% 202,908,368.86 0.83 187803702 0.86

Sub Total 202,908,368.86 0.83 187,803,702.05 0.86
Total 243,202,537.10 1.00 218,553,671.81 1.00
Balanced ULIF009210207PEBALANFND111 Monetary Axis Bank Ltd. Equity 69,671.26 0.02 36773.8475 0.02
Pension Fund Intermediation Of Bank Of Baroda Equity 5,281.00 0.00 - -
Statutory Reports

Commercial Banks Bank Of India Equity 10,847.37 0.00 - -

HDFC Bank Ltd. Equity 197,875.81 0.04 86,075.51 0.04
HDFC Bank Ltd. NCD 80,793.56 0.02 - -
ICICI Bank Limited Equity 173,456.42 0.04 96,497.50 0.05
Indian Bank Equity 17,183.10 0.00 - -
Indus Ind Bank Ltd. Equity 19,611.28 0.00 14,951.30 0.01
Kotak Mahindra Equity 41,728.92 0.01 25,992.75 0.01
Bank Ltd.
Punjab National FD 9,900.00 0.00 9,900.00 0.00
Bank
Sub Total 626,348.72 0.14 270,190.91 0.14
Financial Statements

Others Below 10% 3,851,503.46 0.86 1714329.219 0.86

Sub Total 3,851,503.46 0.86 1,714,329.22 0.86
Total 4,477,852.18 1.00 1,984,520.13 1.00
Bond Pension ULIF028300513PENBON2FND111 Activities Of Bajaj Housing NCD - - 1500628.5 0.01
Fund II Specialized Finance Limited
Institutions Housing NCD - - 19,866,600.68 0.09
Granting Credit Development
Finance Corporation
LIC Housing Finance CP - - 1,713,558.55 0.01
Ltd.
LIC Housing Finance NCD - - 9,270,753.25 0.04
Additional Information

Ltd.
Tata Capital Housing NCD - - 417,768.47 0.00
Finance Limited
Sub Total - - 32,769,309.45 0.14
431
 Name of the Insurer: SBI Life Insurance Company Limited

432
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Monetary Axis Bank Ltd. NCD 2,516,610.00 0.01 0 -
Intermediation Of Bank Of Baroda NCD 2,096,273.56 0.01 - -
Schedules

Commercial Banks Canara Bank NCD 2,022,642.00 0.01 - -

SBI Life Insurance Company Limited

HDFC Bank Ltd. NCD 21,441,387.25 0.08 - -

Indian Bank NCD 3,344,877.17 0.01 - -
Forming Part of Financial Statements

Punjab National FD 3,078,900.00 0.01 - -

Bank
Sub Total 34,500,689.98 0.13 - -
Other Credit Bajaj Finance Limited NCD 10,931,708.35 0.04 5329371 0.02
Granting Fullerton India Credit NCD - - 727,897.50 0.00
Company Limited
India Infradebt NCD 152,298.00 0.00 152,367.90 0.00
Limited
Indian Renewable NCD 749,195.35 0.00 - -
Energy Development
Agency Ltd
Kotak Mahindra CP - - 1,748,582.02 0.01
Prime Ltd
Kotak Mahindra NCD 6,608,245.37 0.02 3,374,627.80 0.01
Prime Ltd
Mahindra & NCD 4,321,964.67 0.02 246,620.97 0.00
Mahindra Financial
Services Limited
Power Finance NCD 13,640,874.26 0.05 14,860,669.39 0.06
Corporation Ltd.
Rural Electrification NCD 13,087,520.15 0.05 6,468,489.10 0.03
Corporation Limited
Shriram Finance NCD 2,333,913.40 0.01 354,252.15 0.00
Limited
Smfg India Credit NCD 740,515.15 0.00 - -
Company Limited
Sundaram Finance CP - - 1,393,283.55 0.01
Ltd.
Sundaram Finance NCD 3,402,658.25 0.01 3,420,199.25 0.01
Ltd.
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

The Indian NCD - - 738,397.92 0.00

Renewable Energy
Schedules

Development
Agency Ltd
Sub Total 55,968,892.94 0.21 38,814,758.55 0.17
Forming Part of Financial Statements

Others Below 10% 174,758,220.98 0.66 160957775.5 0.69

Sub Total 174,758,220.98 0.66 160,957,775.54 0.69
Total 265,227,803.91 1.00 232,541,843.54 1.00
Equity Elite II ULIF019100210EQTELI2FND111 Monetary Axis Bank Ltd. Equity 2,775,775.34 0.02 2425832.544 0.02
Fund Intermediation Of Bank Of Baroda Equity 475,290.00 0.00 354,585.00 0.00
Statutory Reports

Commercial Banks Bank Of India Equity 553,917.18 0.00 - -

HDFC Bank Ltd. Equity 8,470,789.82 0.07 6,336,051.52 0.06
ICICI Bank Limited Equity 8,421,350.98 0.07 6,792,274.80 0.07
Indus Ind Bank Ltd. Equity 939,565.00 0.01 747,565.00 0.01
Kotak Mahindra Equity 1,581,079.89 0.01 1,638,428.74 0.02
Bank Ltd.
Sub Total 23,217,768.20 0.19 18,294,737.60 0.18
Providing Software HCL Technologies Equity 1,686,856.27 0.01 1261974.281 0.01
Support And Ltd.
Maintenance To Infosys Limited Equity 5,564,628.07 0.04 5,911,114.69 0.06
Financial Statements

The Clients Tata Consultancy Equity 3,942,018.79 0.03 3,235,060.87 0.03

Services Ltd.
Tech Mahindra Ltd. Equity 811,019.12 0.01 682,929.94 0.01
Wipro Ltd. Equity 648,135.00 0.01 - -
Sub Total 12,652,657.25 0.10 11,091,079.77 0.11
Others Below 10% 87,918,430.28 0.71 73915860.65 0.72
Sub Total 87,918,430.28 0.71 73,915,860.65 0.72
Total 123,788,855.74 1.00 103,301,678.03 1.00
Equity Fund ULIF001100105EQUITY-FND111 Monetary Axis Bank Ltd. Equity 15,173,691.33 0.02 9087028.479 0.02
Intermediation Of HDFC Bank Ltd. Equity 50,027,625.06 0.08 31,433,484.61 0.07
Additional Information

Commercial Banks ICICI Bank Limited Equity 54,567,007.52 0.08 35,024,530.83 0.08
Indus Ind Bank Ltd. Equity 5,182,948.03 0.01 4,299,970.39 0.01
433
 Name of the Insurer: SBI Life Insurance Company Limited

434
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Kotak Mahindra Equity 13,617,822.81 0.02 11,258,146.23 0.03
Bank Ltd.
Schedules

Union Bank Of India Equity 4,825,654.10 0.01 - -

SBI Life Insurance Company Limited

Utkarsh Small Equity 35,729.59 0.00 - -

Finance Bank
Forming Part of Financial Statements

Limited
Sub Total 143,430,478.45 0.22 91,103,160.54 0.21
Providing Software COFORGE Ltd. Equity 1,623,222.75 0.00 0 -
Support And HCL Technologies Equity 9,316,400.10 0.01 6,143,515.60 0.01
Maintenance To Ltd.
The Clients Infosys Limited Equity 37,745,709.70 0.06 30,667,456.71 0.07
Tata Consultancy Equity 19,936,993.17 0.03 15,064,258.01 0.03
Services Ltd.
Tech Mahindra Ltd. Equity 5,328,591.96 0.01 4,383,008.35 0.01
Sub Total 73,950,917.69 0.11 56,258,238.67 0.13
Others Below 10% 442,414,147.85 0.67 295746576.8 0.67
Sub Total 442,414,147.85 0.67 295,746,576.78 0.67
Total 659,795,543.99 1.00 443,107,975.98 1.00
Equity ULIF010210108EQTYOPTFND111 Monetary Axis Bank Ltd. Equity 610,387.75 0.03 542288.695 0.03
Optimiser Intermediation Of Bank Of Baroda Equity 73,934.00 0.00 - -
Fund Commercial Banks Bank Of India Equity 93,634.20 0.00 - -
HDFC Bank Ltd. Equity 1,841,016.43 0.08 1,370,467.44 0.07
ICICI Bank Limited Equity 1,631,022.11 0.07 1,341,655.62 0.07
Indian Bank Equity 113,512.60 0.00 - -
Indus Ind Bank Ltd. Equity 189,461.34 0.01 175,708.75 0.01
Kotak Mahindra Equity 388,273.04 0.02 425,154.75 0.02
Bank Ltd.
Sub Total 4,941,241.48 0.21 3,855,275.25 0.21
Providing Software COFORGE Ltd. Equity - - 64027.2967 0.00
Support And HCL Technologies Equity - - 182,571.61 0.01
Maintenance To Ltd.
The Clients
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Infosys Limited Equity - - 1,006,687.61 0.06

Tata Consultancy Equity - - 519,355.80 0.03
Schedules

Services Ltd.
Tech Mahindra Ltd. Equity - - 181,126.51 0.01
Forming Part of Financial Statements

Sub Total - - 1,953,768.83 0.11

Others Below 10% 19,022,817.68 0.79 12492279.78 0.68
Sub Total 19,022,817.68 0.79 12,492,279.78 0.68
Total 23,964,059.16 1.00 18,301,323.87 1.00
Group Debt ULGF011200913GRDBT+FND2111 Other Credit Bajaj Finance Limited Equity - - 2578.08825 0.00
Statutory Reports

Plus Fund II Granting Rural Electrification NCD - - 101,787.49 0.07

Corporation Limited
Sundaram Finance Equity - - 616.27 0.00
Ltd.
Sundaram Finance NCD - - 68,767.58 0.05
Ltd.
Sub Total - - 173,749.43 0.13
Others Below 10% - - 1206160.737 0.87
Sub Total - - 1,206,160.74 0.87
Total - - 1,379,910.16 1.00
Financial Statements

Group ULGF005250909GRPGRT+FND111 Monetary Axis Bank Ltd. Equity 314.16 0.01 323.6545 0.02
Growth Plus Intermediation Of Bank Of India Equity 52.49 0.00 - -
Fund Commercial Banks HDFC Bank Ltd. Equity 1,077.24 0.05 751.66 0.04
ICICI Bank Limited Equity 891.04 0.04 754.44 0.04
Indus Ind Bank Ltd. Equity 82.31 0.00 124.95 0.01
Kotak Mahindra Equity 173.19 0.01 259.93 0.01
Bank Ltd.
Sub Total 2,590.43 0.12 2,214.63 0.12
Others Below 10% 19,866.33 0.88 16736.00285 0.88
Sub Total 19,866.33 0.88 16,736.00 0.88
Additional Information

Total 22,456.76 1.00 18,950.63 1.00

435
 Name of the Insurer: SBI Life Insurance Company Limited

436
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Group ULGF009200913GRGRT+FND2111 Monetary Axis Bank Ltd. Equity 3,036.88 0.01 1061.9645 0.02
Growth Plus Intermediation Of Bank Of India Equity 228.05 0.00 - -
Schedules

Fund II Commercial Banks HDFC Bank Ltd. Equity 9,574.96 0.04 2,610.69 0.04
SBI Life Insurance Company Limited

ICICI Bank Limited Equity 9,552.16 0.04 2,369.45 0.04

Forming Part of Financial Statements

Indus Ind Bank Ltd. Equity 975.28 0.00 427.18 0.01

Kotak Mahindra Equity 1,662.30 0.01 778.05 0.01
Bank Ltd.
Sub Total 25,029.64 0.11 7,247.34 0.12
Others Below 10% 202,401.69 0.89 50815.19214 0.88
Sub Total 202,401.69 0.89 50,815.19 0.88
Total 227,431.33 1.00 58,062.53 1.00
Equity ULIF006150107PEEQITYFND111 Monetary Axis Bank Ltd. Equity 949,742.33 0.02 419686.31 0.03
Pension Fund Intermediation Of Bank Of Baroda Equity 170,286.37 0.00 8,611.35 0.00
Commercial Banks Bank Of India Equity 76,150.19 0.00 - -
Canara Bank Equity - - 18,773.70 0.00
Federal Bank Ltd. Equity - - 40,118.78 0.00
HDFC Bank Ltd. Equity 2,982,258.45 0.07 978,707.80 0.07
ICICI Bank Limited Equity 3,006,331.19 0.07 1,070,203.77 0.08
Indian Bank Equity 161,349.31 0.00 - -
Indus Ind Bank Ltd. Equity 372,061.53 0.01 153,716.45 0.01
Karur Vysya Bank Equity 58,666.43 0.00 - -
Kotak Mahindra Equity 510,922.61 0.01 301,075.76 0.02
Bank Ltd.
Union Bank Of India Equity 241,050.26 0.01 - -
Sub Total 8,528,818.68 0.19 2,990,893.92 0.22
Providing Software COFORGE Ltd. Equity 197,361.88 0.00 0 -
Support And HCL Technologies Equity 586,766.64 0.01 164,459.87 0.01
Maintenance To Ltd.
The Clients Infosys Limited Equity 2,151,926.35 0.05 919,117.15 0.07
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Tata Consultancy Equity 1,547,864.73 0.04 525,536.78 0.04

Services Ltd.
Schedules

Tech Mahindra Ltd. Equity 390,748.91 0.01 184,931.20 0.01

Wipro Ltd. Equity 237,279.34 0.01 - -
Sub Total 5,111,947.86 0.12 1,794,045.00 0.13
Forming Part of Financial Statements

Others Below 10% 30,187,521.12 0.69 8807352.489 0.65

Sub Total 30,187,521.12 0.69 8,807,352.49 0.65
Total 43,828,287.65 1.00 13,592,291.41 1.00
Growth ULIF008150207PEGRWTHFND111 Monetary Axis Bank Ltd. Equity 81,436.56 0.02 55593.026 0.02
Pension Fund
Statutory Reports

Intermediation Of Bandhan Bank Ltd Equity 8,046.00 0.00 - -

Commercial Banks Federal Bank Ltd. Equity 10,814.40 0.00 1,627.29 0.00
HDFC Bank Ltd. Equity 183,485.13 0.05 146,554.36 0.06
HDFC Bank Ltd. NCD 20,357.54 0.01 - -
ICICI Bank Limited Equity 226,955.96 0.06 155,043.41 0.07
Indian Bank Equity 10,658.73 0.00 - -
Indus Ind Bank Ltd. Equity 44,594.40 0.01 21,625.99 0.01
Karur Vysya Bank Equity 20,157.29 0.01 - -
Kotak Mahindra Equity 45,853.43 0.01 43,028.40 0.02
Bank Ltd.
Sub Total 652,359.42 0.18 423,472.47 0.19
Financial Statements

Others Below 10% 3,069,984.64 0.82 1833124.686 0.81

Sub Total 3,069,984.64 0.82 1,833,124.69 0.81
Total 3,722,344.07 1.00 2,256,597.15 1.00
Equity Pension ULIF027300513PEEQIT2FND111 Monetary Axis Bank Ltd. Equity 2,160,688.81 0.02 1509647.354 0.03
Fund II Intermediation Of Bank Of Baroda Equity - - 62,896.63 0.00
Commercial Banks HDFC Bank Ltd. Equity 6,914,077.24 0.07 3,910,272.96 0.07
ICICI Bank Limited Equity 7,019,068.00 0.07 4,428,765.92 0.08
Indus Ind Bank Ltd. Equity 865,842.54 0.01 465,241.74 0.01
Kotak Mahindra Equity 1,396,968.06 0.01 1,425,879.09 0.02
Bank Ltd.
Additional Information

Union Bank Of India Equity 972,379.67 0.01 - -

Sub Total 19,329,024.31 0.20 11,802,703.69 0.20
437
 Name of the Insurer: SBI Life Insurance Company Limited

438
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Providing Software COFORGE Ltd. Equity 373,775.93 0.00 0 -
Support And HCL Technologies Equity 1,437,352.22 0.01 685,451.50 0.01
Schedules

Maintenance To Ltd.
SBI Life Insurance Company Limited

The Clients Infosys Limited Equity 4,931,047.29 0.05 4,118,203.52 0.07

Tata Consultancy Equity 3,572,010.45 0.04 1,964,565.90 0.03
Forming Part of Financial Statements

Services Ltd.
Tech Mahindra Ltd. Equity 1,119,643.05 0.01 823,248.33 0.01
Sub Total 11,433,828.94 0.12 7,591,469.24 0.13
Others Below 10% 65,323,526.12 0.68 39642122.26 0.67
Sub Total 65,323,526.12 0.68 39,642,122.26 0.67
Total 96,086,379.36 1.00 59,036,295.19 1.00
Group ULGF010200913GRBAL+FND2111 Other Credit Bajaj Finance Limited Equity - - 5055.075 0.00
Balanced Plus Granting Power Finance NCD - - 22,522.79 0.02
Fund II Corporation Ltd.
Rural Electrification NCD - - 51,299.87 0.05
Corporation Limited
Sundaram Finance Equity - - 1,202.64 0.00
Ltd.
Sundaram Finance NCD - - 34,383.79 0.03
Ltd.
Sub Total - - 114,464.15 0.10
Others Below 10% - - 1022483.623 0.90
Sub Total - - 1,022,483.62 0.90
Total - - 1,136,947.78 1.00
Pure Fund ULIF030290915PUREULPFND111 Providing Software COFORGE Ltd. Equity 251,021.77 0.02 46520.5777 0.01
Support And HCL Technologies Equity - - 113,135.14 0.02
Maintenance To Ltd.
The Clients Infosys Limited Equity 473,780.78 0.04 428,265.05 0.06
Mphasis Ltd. Equity 1,962.98 0.00 - -
Oracle Financial Equity 877.41 0.00 - -
Serv. Software Ltd
Persistent Systems Equity 398.46 0.00 - -
Limited
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Tata Consultancy Equity 186,915.19 0.02 173,990.60 0.02

Services Ltd.
Schedules

Tech Mahindra Ltd. Equity 85,063.01 0.01 108,924.48 0.02

Wipro Ltd. Equity 114,408.31 0.01 7,894.88 0.00
Sub Total 1,114,427.90 0.11 878,730.74 0.13
Forming Part of Financial Statements

Others Below 10% 9,437,102.96 0.89 6133959.929 0.87

Sub Total 9,437,102.96 0.89 6,133,959.93 0.87
Total 10,551,530.86 1.00 7,012,690.67 1.00
Top 300 Fund ULIF016070110TOP300-FND111 Monetary Axis Bank Ltd. Equity 460,164.81 0.03 384298.0815 0.03
Intermediation Of Federal Bank Ltd. Equity 31,542.00 0.00 - -
Statutory Reports

Commercial Banks HDFC Bank Ltd. Equity 1,128,070.47 0.07 913,733.49 0.07
ICICI Bank Limited Equity 1,285,555.71 0.08 1,006,051.35 0.08
Indian Bank Equity 50,247.55 0.00 - -
Indus Ind Bank Ltd. Equity 276,573.77 0.02 144,862.08 0.01
Kotak Mahindra Equity 358,946.21 0.02 327,740.85 0.03
Bank Ltd.
Sub Total 3,591,100.52 0.21 2,776,685.85 0.22
Providing Software COFORGE Ltd. Equity - - 67604.9225 0.01
Support And HCL Technologies Equity - - 124,233.99 0.01
Maintenance To Ltd.
Financial Statements

The Clients Infosys Limited Equity - - 722,441.32 0.06

Tata Consultancy Equity - - 348,385.15 0.03
Services Ltd.
Tech Mahindra Ltd. Equity - - 166,963.33 0.01
Sub Total - - 1,429,628.72 0.11
Others Below 10% 13,215,822.10 0.79 8647978.715 0.67
Sub Total 13,215,822.10 0.79 8,647,978.71 0.67
Total 16,806,922.62 1.00 12,854,293.28 1.00
Index Fund ULIF015070110INDEXULFND111 Manufacture Of Bharat Petroleum Equity - - 6020.0855 0.01
Other Petroleum Corporation Ltd.
Additional Information

Reliance Industries Equity - - 108,470.75 0.10

Ltd.
Sub Total - - 114,490.84 0.10
439
 Name of the Insurer: SBI Life Insurance Company Limited

440
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Monetary Axis Bank Ltd. Equity 40,275.31 0.03 29443.9745 0.03
Intermediation Of HDFC Bank Ltd. Equity 124,654.05 0.10 89,880.49 0.08
Schedules

Commercial Banks ICICI Bank Limited Equity 103,991.42 0.08 77,571.71 0.07
SBI Life Insurance Company Limited

Indus Ind Bank Ltd. Equity 13,917.99 0.01 8,817.00 0.01

Forming Part of Financial Statements

Kotak Mahindra Equity 35,581.44 0.03 31,841.12 0.03

Bank Ltd.
Sub Total 318,420.21 0.25 237,554.29 0.21
Providing Software HCL Technologies Equity 23,668.80 0.02 17280.43575 0.02
Support And Ltd.
Maintenance To Infosys Limited Equity 77,482.14 0.06 78,651.49 0.07
The Clients Tata Consultancy Equity 56,896.33 0.04 49,415.74 0.04
Services Ltd.
Tech Mahindra Ltd. Equity 11,478.78 0.01 10,329.84 0.01
Wipro Ltd. Equity 9,813.72 0.01 8,140.69 0.01
Sub Total 179,339.77 0.14 163,818.20 0.15
Others Below 10% 800,842.34 0.62 608902.1812 0.54
Sub Total 800,842.34 0.62 608,902.18 0.54
Total 1,298,602.32 1.00 1,124,765.50 1.00
Index Pension ULIF017180110PEINDEXFND111 Manufacture Of Bharat Petroleum Equity 2,240.33 0.01 1597.552 0.01
Fund Other Petroleum Corporation Ltd.
Reliance Industries Equity 33,360.30 0.09 29,072.86 0.10
Ltd.
Sub Total 35,600.63 0.10 30,670.41 0.10
Monetary Axis Bank Ltd. Equity 11,085.66 0.03 7849.2655 0.03
Intermediation Of HDFC Bank Ltd. Equity 34,349.98 0.10 23,961.37 0.08
Commercial Banks ICICI Bank Limited Equity 28,623.69 0.08 20,679.41 0.07
Indus Ind Bank Ltd. Equity 3,831.25 0.01 2,350.56 0.01
Kotak Mahindra Equity 9,793.47 0.03 8,489.23 0.03
Bank Ltd.
Sub Total 87,684.04 0.25 63,329.84 0.21
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Providing Software HCL Technologies Equity 6,513.78 0.02 4648.12575 0.02

Support And Ltd.
Schedules

Maintenance To Infosys Limited Equity 21,324.74 0.06 21,157.94 0.07

The Clients Tata Consultancy Equity 15,656.38 0.04 13,291.66 0.04
Services Ltd.
Forming Part of Financial Statements

Tech Mahindra Ltd. Equity 3,158.94 0.01 2,778.87 0.01

Wipro Ltd. Equity 2,700.56 0.01 2,190.04 0.01
Sub Total 49,354.40 0.14 44,066.63 0.15
Others Below 10% 183,144.91 0.51 163362.6972 0.54
Sub Total 183,144.91 0.51 163,362.70 0.54
Statutory Reports

Total 355,783.99 1.00 301,429.57 1.00

Midcap Fund ULIF031290915MIDCAPFUND111 Monetary Axis Bank Ltd. Equity - - 845622.5 0.01
Intermediation Of Bank Of Baroda Equity - - 1,508,028.22 0.02
Commercial Banks Canara Bank Equity - - 1,536,030.00 0.02
Federal Bank Ltd. Equity - - 2,487,240.00 0.03
ICICI Bank Limited Equity - - 921,112.50 0.01
IDFC First Bank Ltd Equity - - 1,293,675.00 0.01
Indian Bank Equity - - 579,109.46 0.01
Indus Ind Bank Ltd. Equity - - 373,782.50 0.00
Karur Vysya Bank Equity - - 792,702.94 0.01
Financial Statements

Sub Total - - 10,337,303.12 0.12

Others Below 10% - - 77573740.2 0.88
Sub Total - - 77,573,740.20 0.88
Total - - 87,911,043.32 1.00
Money Market ULIF029300513PEMNYM2FND111 Other Credit Bajaj Finance Limited CP 733,645.77 0.05 0 -
Pension Fund Ii Granting Bajaj Finance Limited NCD 149,927.85 0.01 - -
Kotak Mahindra CP 453,350.17 0.03 - -
Prime Ltd
Sundaram Finance CP 159,747.97 0.01 - -
Ltd.
Additional Information

Sub Total 1,496,671.75 0.11 - -

Others Below 10% 12,720,910.83 0.89 0 -
Sub Total 12,720,910.83 0.89 - -
Total 14,217,582.58 1.00 - -
441
 Name of the Insurer: SBI Life Insurance Company Limited

442
Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
P/E Managed ULIF021080910P/EMNGDFND111 Monetary Axis Bank Ltd. Equity - - 42660.582 0.02
Fund
Schedules

Intermediation Of Bank Of Baroda Equity - - 535.09 0.00

Commercial Banks Federal Bank Ltd. Equity - - 264.60 0.00
SBI Life Insurance Company Limited

HDFC Bank Ltd. Equity - - 163,462.68 0.07

Forming Part of Financial Statements

ICICI Bank Limited Equity - - 153,527.52 0.07

Indus Ind Bank Ltd. Equity - - 34,377.31 0.02
Kotak Mahindra Equity - - 35,242.70 0.02
Bank Ltd.
Sub Total - - 430,070.48 0.19
Others Below 10% - - 1792444.764 0.81
Sub Total - - 1,792,444.76 0.81
Total - - 2,222,515.25 1.00
Growth Fund ULIF003241105GROWTH-FND111 Monetary Axis Bank Ltd. Equity 610,418.12 0.02 512442.9425 0.02
Intermediation Of Federal Bank Ltd. Equity 116,660.34 0.00 15,770.16 0.00
Commercial Banks HDFC Bank Ltd. Equity 1,542,783.78 0.06 1,362,086.52 0.06
HDFC Bank Ltd. NCD 350,765.20 0.01 - -
ICICI Bank Limited Equity 1,609,350.72 0.06 1,456,464.84 0.07
Indus Ind Bank Ltd. Equity 370,157.55 0.01 186,197.08 0.01
Kotak Mahindra Equity 416,553.58 0.02 430,609.76 0.02
Bank Ltd.
Sub Total 5,016,689.29 0.18 3,963,571.30 0.18
Others Below 10% 22,585,214.94 0.82 17861640.67 0.82
Sub Total 22,585,214.94 0.82 17,861,640.67 0.82
Total 27,601,904.22 1.00 21,825,211.97 1.00
Integrated Annual Report 2023-24

Name of the Insurer: SBI Life Insurance Company Limited

Registration No. 111
Date of Registration with IRDA: March 29, 2001

Industry-wise disclosure of investments (with exposure of 10% and above) (Contd.)

` (‘000)
Portfolio SFIN Industry Issuer Asset As at March 31, 2024 As at March 31, 2023
Class Amount % Amount %
Integrated Report

Top 300 ULIF018180110PETP300FND111 Monetary Axis Bank Ltd. Equity 91,574.50 0.02 71931.1395 0.03
Pension Fund
Schedules

Intermediation Of Bank Of Baroda Equity 61,491.44 0.01 4,491.41 0.00

Commercial Banks Bank Of India Equity 45,772.78 0.01 - -
HDFC Bank Ltd. Equity 251,879.58 0.06 171,835.56 0.07
Forming Part of Financial Statements

ICICI Bank Limited Equity 279,894.64 0.06 188,616.65 0.08

Indian Bank Equity 57,557.14 0.01 - -
Indus Ind Bank Ltd. Equity 63,217.97 0.01 26,652.83 0.01
Kotak Mahindra Equity 66,991.96 0.02 61,015.38 0.02
Bank Ltd.
Statutory Reports

Sub Total 918,380.00 0.21 524,542.96 0.21

Providing Software COFORGE Ltd. Equity - - 12979.3823 0.01
Support And HCL Technologies Equity - - 25,338.42 0.01
Maintenance To Ltd.
The Clients Infosys Limited Equity - - 137,094.62 0.05
Tata Consultancy Equity - - 68,131.79 0.03
Services Ltd.
Tech Mahindra Ltd. Equity - - 30,457.34 0.01
Wipro Ltd. Equity - - 70.49 0.00
Financial Statements

Sub Total - - 274,072.04 0.11

Others Below 10% 3,471,872.62 0.79 1696263.375 0.68
Sub Total 3,471,872.62 0.79 1,696,263.37 0.68
Total 4,390,252.62 1.00 2,494,878.38 1.00
Grand Total 2,137,245,462.72 23.00 1,618,005,203.99 26.00
Additional Information

443
SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

SCHEDULE 16 - CONTINUED SCHEDULE 16 - CONTINUED

Summary of Financial Statements Summary of Financial Statements (Contd.)
` (‘000) ` (‘000)
Sr. Particulars 2023-24 2022-23 2021-22 2020-21 2019-20 Sr. Particulars 2023-24 2022-23 2021-22 2020-21 2019-20
No. No.
POLICYHOLDERS' A/C MISCELLANEOUS
1 Gross premium income 814,306,386 673,156,046 587,596,369 502,541,681 406,347,288 26 (A) Policyholders' account
2 Net premium income# 805,871,014 665,809,983 584,322,917 497,682,790 403,240,115 Total Funds [Refer note (a) 3,765,378,654 2,954,263,352 2,555,912,442 2,113,493,071 1,531,011,388
below]
3 Income from investments@ 503,666,268 132,601,437 235,679,492 314,560,132 29,967,877
Total investments 3,758,867,138 2,961,307,054 2,573,332,667 2,122,665,045 1,535,355,358
4 Income on unclaimed amount 194,178 148,355 120,580 131,093 195,771
of policyholders Yield on investments (%) 13% 4% 9% 15% 2%
[Refer note (b) below]
5 Other income 306,852 350,169 327,497 227,056 261,830
(B) Shareholders' account
6 Contribution from the 16,275,815 17,074,883 9,821,481 8,247,937 4,762,804
Shareholders' A/c Total Funds [Refer note (c) 149,085,606 130,174,821 116,223,124 104,004,364 87,430,838
below]
7 Total Income 1,326,314,125 815,984,826 830,271,966 820,849,007 438,428,397
Total investments 130,363,700 112,087,007 100,758,226 86,047,092 68,279,462
8 Commissions 32,553,136 30,624,884 21,582,949 17,787,806 16,249,391
Yield on investments (%) 8% 7% 10% 8% 7%
9 Brokerage - - - - -
[Refer note (d) below]
10 Operating Expenses related to 49,320,247 42,298,219 37,469,425 30,556,376 29,669,077
27 Yield on total investments (%) 13% 5% 9% 15% 2%
insurance business (Including
[Refer note (e) below]
Service tax / Goods & Service
Tax on Charges) 28 Paid up equity capital 10,014,655 10,008,948 10,003,706 10,000,709 10,000,263
11 Provision for Income Tax 1,356,825 1,474,046 1,261,639 975,588 3,767,393 29 Net worth [Refer note (f) below] 149,064,828 130,157,856 116,211,132 104,000,130 87,429,712
12 Provision for diminution in the (218,358) 119,658 103,725 (1,713,035) 1,237,617 30 Total Assets [Refer note (g) 3,927,829,888 3,095,865,567 2,682,071,989 2,225,920,678 1,625,578,887
value of investments (net) & below]
Provision for standard and non- 31 Earnings per share (basic) (`) 18.92 17.19 15.06 14.56 14.22
standard assets 32 Earnings per share (diluted) (`) 18.90 17.18 15.04 14.55 14.22
13 Total Expenses 83,011,849 74,516,807 60,417,737 47,606,734 50,923,477 33 Book value per share (`) 148.85 130.04 116.17 103.99 87.43
14 Payment to policyholders 431,074,232 302,874,596 313,398,205 215,826,464 162,509,327
# Net of reinsurance
15 Increase in actuarial liability# 255,732,266 203,334,385 176,301,879 164,410,022 115,550,851
@ Includes the effect of gains / losses on sale of investments
16 Provision for Linked Liabilities 530,519,284 208,187,543 262,829,820 376,218,163 94,818,217
17 Surplus / (Deficit) from 25,976,494 27,071,495 17,324,326 16,787,624 14,626,523
Notes:-
operations
SHAREHOLDERS' A/C (a) Total Funds under Policyholders' Account = Credit / (Debit) Fair Value Change Account + Policyholders' Liabilities + Insurance
Reserves +Total linked liabilities
18 Total income under 10,340,556 7,952,509 9,884,083 6,947,911 4,834,919
Shareholder's A/c (b) Yield on Policyholders' Investments = Income from Policyholders' Investments / Total Policyholders' Investments
19 Total expenses under 16,790,277 17,447,160 11,391,255 8,557,786 5,245,772 (c) Total Funds = Share Capital + Share Application Money Pending Allotment + Reserves and Surplus + Credit / (Debit) Fair Value
Shareholder’s A/c (Including Change Account - Debit Balance in Profit and Loss Account
Contribution to Policyholder (d) Yield on Shareholders' Investments = Total Income under Shareholders' Account / Total Shareholders' Investments
A/c)
(e) Yield on total investments = (Income from Policyholders' Investments + Total Income under Shareholders' Account) / (Total
20 Provision for diminution in the 105,718 (7,626) 209,580 (246,829) 80,175
Shareholders' Investments + Total Policyholders' Investments)
value of investments (net) &
Provision for standard and non- (f) Net Worth = Share Capital + Share Application Money Pending Allotment + Reserves and Surplus + Credit / (Debit) Fair Value
standard assets Change Account - Debit Balance in Profit and Loss Account - Employee Stock Options Outstanding
21 Profit / (loss) before tax 19,421,053 17,584,471 15,607,575 15,424,577 14,135,495 (g) Total Assets = Total Application of Funds - Debit Balance in Profit and Loss Account
22 Provision for tax - Income Tax 483,272 378,746 547,598 866,083 (86,336)
24 Profit / (loss) after tax 18,937,781 17,205,724 15,059,977 14,558,494 14,221,831
25 Profit / (loss) carried to Balance 134,878,413 118,644,349 103,940,822 90,881,586 78,823,269
Sheet

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Schedules
Forming Part of Financial Statements Forming Part of Financial Statements

SCHEDULE 16 - CONTINUED SCHEDULE 16 - CONTINUED

Ratios as prescribed by IRDAI Ratios as prescribed by IRDAI (Contd.)
Sr. Particulars Year ended Year ended Sr. Particulars Year ended Year ended
No. March 31, 2024 March 31, 2023 No. March 31, 2024 March 31, 2023
1 New business premium income growth (segment-wise) Policyholders' Funds :
(New business premium for current year less new business premium of previous year Non Linked
divided by new business premium for previous year) Par 13.21% 4.71%
Participating Life -15.15% 22.95% Non Par 10.77% 4.86%
Participating Pension -35.68% 22.92% Sub - Total : Non-Linked 11.66% 4.80%
Group Pension 0.00% 0.00% Linked
Participating Variable Insurance 0.00% 0.00% Par NA NA
Non Participating Life 42.85% 43.10% Non Par 22.67% 2.38%
Non Participating Pension 0.00% 0.00% Sub - Total : Linked 22.67% 2.38%
Non Participating Annuity 21.01% 43.47% Grand Total 17.67% 3.47%
Non Participating Health 22.57% -28.01% Shareholders' Funds 11.39% 3.41%
Non Participating Variable Insurance -29.18% -72.10% 16 Conservation Ratio 81.61% 81.58%
Linked Life 40.91% 1.87% Participating Life 87.15% 87.87%
Linked Group 123.57% 0.17% Participating Pension 88.08% 95.36%
Linked Pension -15.25% -8.59% Group Pension 71.65% 82.18%
2 Percentage of Single Premium (Individual Business) to Total New Business Premium 30.76% 30.22% Participating Variable Insurance 33.71% 56.41%
(Individual Business) Non Participating Life 87.28% 84.24%
3 Percentage of Linked New Business Premium (Individual Business) to Total New 57.82% 53.29% Non Participating Pension 89.01% 81.29%
Business Premium (Individual Business) Non Participating Annuity 0.00% 0.00%
4 Net retention ratio 98.96% 98.91% Non Participating Health 85.65% 84.38%
(Net premium divided by gross premium) Non Participating Variable Insurance 82.63% 98.67%
5 Ratio of expenses of management [Refer notes (a) below] 8.89% 9.61% Linked Life 76.94% 78.58%
(Expenses of management divided by the total gross direct premium) Linked Group 0.00% 0.00%
6 Commission ratio 4.00% 4.55% Linked Pension 83.26% 83.13%
(Gross Commission paid divided by Gross Premium) 17 Persistency Ratio - Number of Policy Basis (Regular Premium/Limited Premium
7 Ratio of policyholders' liabilities to shareholders' funds 2534.61% 2278.24% Payment under Individual category)
[Refer note (b) below] For 13th month 81.11% 79.52%
8 Ratio of surplus / (deficit) to policy holders' liability 0.74% 0.96% For 25th month 71.29% 69.03%
9 Change in net worth (` in 000s) 18,906,972 13,946,724 For 37th month 64.57% 65.63%
[Refer note (b) below] For 49th month 63.41% 60.63%
10 Growth in Networth (%) 14.53% 12.00% For 61st month 51.36% 48.01%
11 Profit after tax / Total income 1.43% 2.13% Persistency Ratio - Premium Basis (Regular Premium/Limited Premium Payment under
12 (Total Real Estate + Loans) / Cash and invested assets 0.36% 0.35% Individual category)
13 Total Investments / (Capital + Surplus) 2662.72% 2374.94% For 13th month 86.78% 85.52%
[Refer notes (c) below] For 25th month 77.38% 75.55%
14 Total Affiliated Investments / (Capital + Surplus) 12.06% 5.26% For 37th month 71.26% 74.51%
15 Investment yield (gross and net) For 49th month 72.67% 70.26%
A. With Realized Gains For 61st month 58.55% 55.60%
Policyholders' Funds : [Refer note (d) below]
Non Linked 18 Persistency Ratio - Number of Policy Basis (Single Premium/Fully paid-up under
Par 8.71% 9.25% Individual category)
Non Par 7.53% 7.51% For 13th month 100.00% 100.00%
Sub -Total : Non-Linked 7.95% 8.18% For 25th month 100.00% 100.00%
Linked For 37th month 100.00% 100.00%
Par NA NA For 49th month 100.00% 100.00%
Non Par 8.86% 5.71% For 61st month 100.00% 100.00%
Sub - Total : Linked 8.86% 5.71% Persistency Ratio - Premium Basis (Single Premium/Fully paid-up under Individual
Grand Total 8.43% 6.88% category)
Shareholders' Funds 8.47% 7.39% For 13th month 100.00% 100.00%
B. With Unrealized Gains For 25th month 100.00% 100.00%
For 37th month 100.00% 100.00%

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SBI Life Insurance Company Limited Integrated Annual Report 2023-24 Integrated Report Statutory Reports Financial Statements Additional Information

Schedules Appointed Actuary’s Certificate

Forming Part of Financial Statements

SCHEDULE 16 - CONTINUED As at the year ended March 31, 2024

Ratios as prescribed by IRDAI (Contd.)
Sr. Particulars Year ended Year ended (Amounts in thousands of Indian Rupees)
No. March 31, 2024 March 31, 2023
For 49th month 100.00% 100.00% I have valued the policy liabilities of SBI Life Insurance Company Limited as at March 31, 2024, in accordance with accepted
For 61st month 100.00% 100.00% actuarial practice and in line with relevant professional guidance issued by the Institute of Actuaries of India, including that
[Refer note (e) below] covering the selection of appropriate assumptions.
19 NPA ratio
In my opinion, the amount of policy liabilities ` 3,718,187,728 (net of reinsurance) makes appropriate provision for all
A. Gross NPA Ratio
policyholders’ obligations, and the financial statements fairly present the result of the valuation.
Policyholders' Funds :
Non Linked
Par Nil Nil
Prithesh Chaubey
Non Par Nil Nil
Appointed Actuary
Linked
SBI Life Insurance Company Limited
Par NA NA
Mumbai, April 26, 2024
Non Par Nil Nil
Shareholders' Funds Nil Nil
B. Net NPA Ratio
Policyholders' Funds :
Non Linked
Par Nil Nil
Non Par Nil Nil
Linked
Par NA NA
Non Par Nil Nil
Shareholders' Funds Nil Nil
20 Solvency Ratio 1.96 2.15
21 Debt Equity Ratio NA NA
22 Debt Service Coverage Ratio NA NA
23 Interest Service Coverage Ratio NA NA
24 Average ticket size in ` - Individual premium (Non-Single) 76,081 69,029
Notes:-
(a) Expenses of Management = Operating Expenses + Commission
(b) Policyholders' Liabilities = Policy Liabilities + Credit / (Debit) Fair Value Change Account + Funds for Future Appropriation
Shareholders' Funds = Share Capital + Share Application Money Pending Allotment + Reserves and Surplus + Credit / (Debit) Fair
Value Change Account - Debit Balance in Profit and Loss Account
Net Worth = Share Capital + Share Application Money Pending Allotment + Reserves and Surplus + Credit / ( Debit ) Fair Value
Change Account - Debit Balance in Profit and Loss Account - Employee Stock Options Outstanding
(c) Capital + Surplus = Share Capital + Reserves and Surplus + Share Application Money Pending Allotment
Total Investments = Shareholders' Investments + Policyholders' Investments
(d) Regular Premium and Limited Premium Paying Term policies of only Individual Segment are considered in above calculation.
Group Business is not considered.
Persistency ratios for the year ended March 31, 2024 are "upto the quarter" persistency calculated using policies issued in March
01 to end of February period of the relevant years and Persistency ratios for the year ended March 31, 2023 are "upto the quarter"
persistency calculated using policies issued in March 01 to February end of the relevant years
(e) Single Premium and Fully Paid-Up policies of only Individual Segment are considered in above calculation. Group Business is
not considered.
Persistency ratios for the year ended March 31, 2024 are "upto the quarter" persistency calculated using policies issued in March
01 to end of February period of the relevant years and Persistency ratios for the year ended March 31, 2023 are "upto the quarter"
persistency calculated using policies issued in March 01 to February end of the relevant years

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