BS - Consolidated Financial Statement 2020-21

GENERAL INSURANCE CORPORATION OF INDIA
Registration No. 112
Date of Registration with IRDAI : 2nd April, 2001
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021
Particulars Schedule Current Year Previous Year
(` '000) (` '000)
SOURCES OF FUNDS
Share Capital 5 8772 000 8772 000
Reserves and Surplus 6 253756 709 230668 250
Borrowings 7 0 0
Deferred Tax Liability 0 0
Fair Value Change Account
Policyholders' Fund 210159 662 116207 293
Shareholders' Fund 62105 597 32513 285
Total 534793 968 388160 828
APPLICATION OF FUNDS
Investments - Shareholders 8
234644 846
177286 001
Investments - Policyholders 8A
705256 160
531890 082
Loans 9
2127 003
2347 397
Fixed Asssets 10
1722 605
1816 894
Goodwill on consolidation
273 832
273 832
Deferred Tax Asset
196 868
210 715
Current Assets:
Cash and Bank Balances 11
185888 053
161067 329
Advances and Other Assets 12
272536 995
330919 683
Sub-Total (A)
458425 048
491987 012
Current Liabilities 13
663569 271
643312 639
Provisions 14
204283 123
174338 470
Sub-Total (B)
867852 394
817651 109
Net Current Assets (C)=(A-B)
(409427 346)
(325664 097)
Miscellaneous Expenditure 15 0 0
Total
534793 968
388160 828
CONTINGENT LIABILITIES
170166 840
147090 705

Balance Sheet 2020-21

Balance Sheet as at 31 March 2021
Balance Sheet as at 31 March 2021
- Particulars Schedule - Current Year Previous Year
- - - - (` '000) (` '000)
SOURCES OF FUNDS - - - - -
- Share Capital 5 - 8772000 8772000
- Reserves and Surplus 6 - 231714 762 210457 631
- Borrowings 7 - 0 0
- Deferred Tax Liability - - 0 0
- Fair Value Change Account - - - -
- Shareholders Fund - - 61548237 32756864
- Policyholders Fund - - 210360283 116207292
- Total - - 512395 282 368193 787
APPLICATION OF FUNDS - - - - -
- Investments- Shareholders 8 - 212953 203 157037787
- Investments- Policyholders 8a - 698002713 528220442
- Loans 9 - 2124 612 2347 397
- Fixed Asssets 10 - 1692 784 1808 060
- Deferred Tax Asset - - 183 328 207 856
- Current Assets: - - - -
- Cash and Bank Balances 11 182940 927 - 158537 841
- Advances and Other Assets 12 248714 659 - 313802 615
- Sub-Total (A) - 431655 586 - 472340 456
- - - - - -
- Current Liabilities 13 630744 874 - 619127 147
- Provisions 14 203472 070 - 174641 064
- Sub-Total (B) - 834216 944 - 793768 211
- Net Current Assets (C)=(A-B) - - (402561 358) (321427 755)
- Miscellaneous Expenditure 15 - 0 0
- Total - - 512395 282 368193 787
CONTINGENT LIABILITIES - - - 170166 840 147090 705

Independent External Monitor

MGA

REV - Consolidated Financial Statement 2019-20

GENERAL INSURANCE CORPORATION OF INDIA
Registration No. 112
Date of Registration with IRDAI : 2nd April 2001
CONSOLIDATED REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020
IN RESPECT OF FIRE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 9,14,42,065 8,37,26,218
2. Profit on sale of Investments (Net)   60,21,292 51,11,086
3. Forex Gain/( Loss)   11,48,013 6,40,142
4. Interest, Dividend & Rent - Gross   83,28,826 76,28,094
  Total (A)   10,69,40,196 9,71,05,540
1. Claims Incurred (Net) 2 8,19,80,918 8,38,56,766
2. Commission (Net) 3 2,95,15,080 2,14,69,035
3. Operating Expenses related to Insurance Business 4 10,25,106 6,99,371
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   11,25,21,104 10,60,25,172
  Operating Profit /- Loss from Fire Business C = (A-B) (55,80,908) (89,19,632)
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (55,80,908) (89,19,632)
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   (55,80,908) (89,19,632)
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Fire Insurance Business have been fully debited in the Fire Insurance Revenue Accounts as expenses.
IN RESPECT OF MISCELLANEOUS INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 32,80,50,493 28,15,77,942
2. Profit on sale of Investments (Net)   1,60,34,397 1,24,57,320
3. Forex Gain/( Loss)   28,94,326 15,34,273
4. Interest, Dividend & Rent - Gross   2,20,51,305 1,85,04,649
  Total (A)   36,90,30,521 31,40,74,184
1. Claims Incurred (Net) 2 33,00,65,259 24,16,68,494
2. Commission (Net) 3 4,27,33,874 3,67,98,122
3. Operating Expenses related to Insurance Business 4 27,09,572 19,09,219
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   37,55,08,705 28,03,75,835
  Operating Profit/-Loss from Miscellaneous Business C = (A-B) (64,78,184) 3,36,98,349
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (64,78,184) 3,36,98,349
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   (64,78,184) 3,36,98,349
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Miscellaneous Insurance Business have been fully debited in the Miscellaneous Insurance Revenue Accounts as expenses.
IN RESPECT OF MARINE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 16100051 12336440
2. Profit on sale of Investments (Net)   1087101 922074
3. Forex Gain/( Loss)   200373 113696
4. Interest, Dividend & Rent - Gross   1498370 1369727
  Total (A)   1,88,85,895 1,47,41,937
1. Claims Incurred (Net) 2 11515666 8229332
2. Commission (Net) 3 3271377 2821015
3. Operating Expenses related to Insurance Business 4 123818 89115
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   1,49,10,861 1,11,39,462
  Operating Profit/-Loss from Marine Business C = (A-B) 39,75,034 36,02,475
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   39,75,034 36,02,475
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   39,75,034 36,02,475
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Marine Insurance Business have been fully debited in the Marine Insurance Revenue Accounts as expenses.
IN RESPECT OF LIFE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 79,17,615 79,17,615
2. Profit on sale of Investments (Net)   2,62,707 1,72,153
3. Forex Gain/( Loss)   47,607 16,545
4. Interest, Dividend & Rent - Gross   361,135 2,55,263
  Total (A)   85,89,064 53,04,011
1. Claims Incurred (Net) 2 79,42,310 59,41,287
2. Commission (Net) 3 98,173 76,197
3. Operating Expenses related to Insurance Business 4 67,464 28,911
4. Expenses relating to Investments   0 0
5. Premium Deficiency   1,94,154 52,944
  Total (B)   83,02,101 60,99,339
  Operating Profit/-Loss from Life Business C = (A-B)   2,86,963 (7,95,328)
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   2,86,963 (7,95,328)
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   2,86,963 (7,95,328)
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Life Insurance Business have been fully debited in the Life Insurance Revenue Accounts as expenses.
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