Key Decisions and Approvals

The Board of Directors approved the following items:

1. Unaudited Financial Results for the quarter and half-year ended 30th September 2026. These results were reviewed by the Audit Committee and approved by the Board. The joint statutory auditors, M/s Brahmayya & Co. and M/s M Bhaskara Rao & Co., issued a limited review report without any observations or remarks.

2. Raising of Funds by issuing Non-Convertible Debentures (NCDs) in the nature of subordinated debt instruments for an amount not exceeding ₹287.50 crore (Rupees Two Hundred Eighty Seven Crore and Fifty Lakh Only). The issuance will be through one or more series/tranches on a private placement basis, subject to receipt of necessary approvals.

The Board meeting commenced at 3:00 PM IST and concluded at 4:00 PM IST.

Financial Results Highlights (₹ in Lakhs)

Policyholders' Account
  • Gross Premium Income:
  • Q2 FY26: ₹258,125 (First Year: ₹64,190; Renewal: ₹164,091; Single: ₹29,844)
  • H1 FY26: ₹474,231 (First Year: ₹110,796; Renewal: ₹275,829; Single: ₹87,606)
  • Net Premium Income: Q2 FY26: ₹255,316; H1 FY26: ₹460,068
  • Income from Investments (Net): Q2 FY26: ₹(3,342); H1 FY26: ₹223,537
  • Benefits Paid (Net): Q2 FY26: ₹119,943; H1 FY26: ₹203,409
  • Change in Actuarial Liability: Q2 FY26: ₹79,824; H1 FY26: ₹379,555
  • Surplus/(Deficit): Q2 FY26: ₹(1,149); H1 FY26: ₹5,631
Shareholders' Account
  • Profit Before Tax: Q2 FY26: ₹4,821; H1 FY26: ₹7,972
  • Provision for Tax: Q2 FY26: ₹516; H1 FY26: ₹853
  • Profit After Tax: Q2 FY26: ₹4,305; H1 FY26: ₹7,119
  • Basic and Diluted EPS (not annualized): Q2 FY26: ₹0.45; H1 FY26: ₹0.75
  • Paid-up Equity Share Capital: ₹95,000 lakhs (unchanged)
  • Reserves and Surplus: ₹68,866 lakhs (as of September 30, 2026)
Key Balance Sheet Items (as of September 30, 2026, ₹ in Lakhs)
  • Total Assets: ₹5,068,053
  • Investments: Shareholders' - ₹193,285; Policyholders' (excluding linked) - ₹2,906,105; Assets covering linked liabilities - ₹1,920,608
  • Policy Liabilities: ₹2,897,135
  • Linked Liabilities: ₹1,787,730
  • Funds for Future Appropriation: ₹74,474
Analytical Ratios
  • Solvency Ratio: 198% (minimum requirement 150%)
  • Expenses of Management Ratio: 20.4% (Q2 FY26)
  • Persistency Ratios (13th month, premium basis): 80.8% (Q2 FY26), 85.6% (H1 FY26)
  • Gross NPA Ratio (Policyholders' Fund): 0.1%
  • Gross NPA Ratio (Shareholders' Fund): 4.2%

Auditors' Limited Review Report

The joint auditors, Brahmayya & Co. and M. Bhaskara Rao & Co., issued an unmodified review report. They emphasized:

  • The Company prepared financial statements under Indian GAAP and IRDAI regulations, deferring Ind AS adoption for one year under IRDAI forbearance.
  • Reliance on the Appointed Actuary's certification for valuation of policy liabilities.
  • Previous periods were reviewed/audited by Brahmayya & Co. jointly with M/s Raj Har Gopal & Co.

Notes to Financial Results

  • The Company deferred adoption of Ind AS for one year with IRDAI approval.
  • Figures for previous periods have been re-grouped for consistency.
  • Interim results may not be indicative of full-year performance due to industry seasonality.
  • The financial results will be published on the Company's website by October 24, 2026, as per IRDAI guidelines.