HDFC Standard Life Insurance Company Limited Financial Year ended March 2014 This is the sole and exclusive property of HDFC Life
2 Agenda Economic overview Overview of Indian life insurance industry HDFC Life performance
Financial services poised for growth Key parameters growth forecast 2014 2016 2018 GDP Growth (%) 5.1 6.5 6.7 Gross National Savings (% of GDP) Current Account Deficit (% of GDP) Consumer Price Inflation (%) Potential employment (Crs) 31 32 33 3.8 3.2 2.8 9 7 7 48 50 52 Household Savings Composition Financial Savings Physical Savings Household Savings as % of GDP 23% 24% 24% 25% 52% 56% 50% 50% 48% 44% 50% 50% FY 2004-08 FY 2011 FY 2014 (E) FY 2017 (P) In purchasing power parity (PPP) terms, India is now the world s third largest economy with 6.4 percent share of global GDP Strong macro economic prospects coupled with increasing working population and higher income levels presents a huge opportunity for financial services in India India s middle class expected to make India a sizeable savings-led and consumption-driven market, acting as the growth engine for the economy in the medium to long term Stabilising real estate prices and the softening of gold prices shall help shift a proportion of domestic savings towards financial instruments Source : IMF WEO (October 2013), OECD Economic Outlook No.93, EY Attractiveness Survey India 2014, RBI, World bank s ICP 3
Source: * MasterCard Index of Financial Literacy Report, 2013, Financial Literacy ranking computed as weighted average of Basic Money Management, Financial Planning and Investment ranking, # RBI Annual Report 2013, ^ FICCI & BCG Report on life insurance, 2013 4 Growth potential for life insurance industry India financial literacy ranking * Parameter Rank Financial Literacy 15 Basic Money Management 16 Financial Planning 9 Investment 11 Financial savings of household sector (Gross) FY13 # Financial Saving of the household sector Financial Saving of the household (Gross) Financial sector FY13 Saving of the household secto (Gross) FY13 FY13 10% (Gross) FY12 FY12 15% 15% 10% 14% 11% 16% 16% 19% 3% 3% 56% 56% 56% Currency Deposits Currency Deposits Share and Debentures Currency Deposits Share and Debentures Life Insurance Funds Life Insurance Funds Provident and Pension Funds Provident and Pension FundsShare and Debentures Life Insurance Funds Provident and Pension Funds India ranked 15 th out of 16 countries across Asia Pacific region in financial literacy. Increased financial awareness among people will lead to higher participation in financial products Increasing life expectancy and shift towards nuclear families demands increasing focus on financial planning for retirement and protection needs The long-term savings and protection offerings from the industry are unique among the competing product class. They will serve to increase the level of financial protection in the economy The low penetration of life insurance at 3.2%^ of GDP in FY13 indicates promising growth prospects for the industry
5 Agenda Economic overview Overview of Indian life insurance industry HDFC Life performance
BSE SENSEX The development of life insurance industry in India Entry of Private Life Insurers 1st wave of private Start of Equity Bull Market Riding the wave (ULIPs 1 ) Global Financial Crisis Companies stabilising their 27,000 insurers 2nd wave of entrants operating model, 3rd wave 22,000 17,000 12,000 7,000 2,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Number of private life insurance entrants 13 7 4 Life Insurance in India has seen 3 distinct phases post FY 2000 the market has 24 private life insurers present today Shift of focus to quality growth and regulatory changes to ensure policyholder s protection, resulted in a more stable performance for the industry post FY 2010 1 Unit Linked Insurance Plans are products where the investor bears the investment risk. Graph not as per scale Source : BSE Sensex Performance Jan 1, 2000 March 31, 2014, Google Finance, HDFC Life Analysis. 6
Individual WRP in Rs. Bn Private Market Share % Industry new business * trends 450 400 350 300 250 34% 50% 35% 260 261 266 57% 269 52% 288 262 46% 273 230 304 ULIP Regulations in Sept 10 292 282 37% 38% 38% 65% 55% 45% 35% 200 150 100 50 138 72 143 203 175 178 172 25% 15% 5% 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 LIC Private Players Private Market Share -5% Note: WRP refers to Weighted Received Premium Insurance industry opened to private sector in 2000 and garnered 57% market share in individual WRP by FY09 Between FY09 and FY14, private sector slowed down with de-growth of 9% CAGR, while LIC continued to grow at 7% CAGR resulting in a slide in the private sector s market share The industry had to continuously reinvent to stay relevant to customers and distributors due to the pace & magnitude of regulatory changes With stabilisation in product regime ensuring higher protection and onset of online channel, industry is poised for steady growth in future * Data presented above is basis Individual WRP Source: IRDA data, HDFC Life Analysis 7
Private Industry Distribution & Product mix Distribution Mix Product Mix UL Conventional Individual agents Corporate Agents Banks Corporate Agents Others Brokers Direct Business 83% UL Conventional 83% 11% 3% 10% 6% 4% 6% 5% 5% 5% 9% 8% 6% 69% 69% 59% 59% 65% 65% 25% 33% 39% 43% 31% 31% 41% 41% 35% 35% 51% 47% 44% 40% 17% 17% FY10 FY11 FY12 FY13 FY10 FY11 FY12 FY13 FY10 FY11 FY12 FY13 Industry seen to be moving to a more stable regime due to increase in focus on conventional products and new product guidelines issued by IRDA in recent years Alternative distribution channels such as Online and Direct serve as a cost-efficient means of selling insurance products give insurers an opportunity for developing a direct relationship with the customer Source: IRDA Journal 8
9 Agenda Economic overview Overview of Indian life insurance industry HDFC Life performance
Revenue Indian GAAP Financials AUM and NBM Performance Snapshot Total premium growth of 7% (PY 11%) Renewal premium higher by 17% (PY 9%) Conservation ratio* at 79% (PY 79%) Continued to rank amongst Top 3 in private sector in individual and group business Maiden dividend of ` 1.0 bn (5%) # Registered net profit of ` 7.3 bn with growth of 61% (PY ` 4.5 bn) Expense ratio at 10.7% of total premium (PY 10.8%) Assets under management at ` 503 bn (PY ` 401 bn) Assets under management grew at CAGR of 25% over the last 5 years NBM stood at 26.2% for individual business (PY 17.8%) Solvency Ratio of 194% against a regulatory requirement of 150% * Conservation ratio has been reworked after adjusting for change in accounting policy for unit-linked business since Q1 FY13. Conservation ratio is for individual business # Dividend @ 5% on face value of shares of ` 10 each excluding Dividend Distribution Tax 10
New Business Market Share Individual WRP Group Premium 17.5% 14.4% 15.5% 13.8% 10.9% 8.7% 5.7% 6.7% 5.2% 1.9% 2.5% 2.5% FY12 FY13 FY14 Private Industry FY12 FY13 FY14 Total Industry Rank 2 2 3 15.5% WRP growth impacted mainly due to processes 12.9% introduced to strengthen the quality of business which is reflected in strong growth in total premium 5.9% 5.7% Rebound in Q4 FY14 with market share of 16% 17.5% 3 4 3 Ranked 3 rd amongst private 13.7% players in FY14 The Company grew by 30% whilst private sector de-grew by 1% in this segment for FY14 6.7% 5.0% FY11 FY12 FY13 11M FY14 11
Premium Income ` Bn 102.0 2.1 9.5 13% -65% 61% 113.2 1.8 11.4 11% -13% 20% 120.6 2.0 14.8 7% 10% 30% 63.5 29% 68.9 9% 80.2 17% 26.9-7% 31.1 16% 23.6-24% Total Premium FY12 FY13 FY14 Single Premium (Individual) Group Premium Renewal Premium (Individual) First Year Regular Premium (Individual) Total premium grew by 7% vs PY, largely due to 17% growth in renewal premium and 30% growth in group business Consistent renewal growth over the years, aided by a number of customer education initiatives, reflects the quality of business underwritten by HDFC Life Introduction of stricter AML/KYC* related processes at new business stage to ensure business quality has impacted first year growth *AML - Anti-Money Laundering, KYC - Know Your Customer 12
Distribution & Segment Mix 4% 5% 7% 73% 72% 70% 1% 3% 43% 36% 15% 36% 4% 7% 7% 56% 61% 49% 19% 16% 16% FY12 FY13 FY14 Agency Broker Bancassurance Direct FY12 FY13 FY14 Unit Linked Participating Non Participating Contribution from non bancassurance channels increased vs PY in line with the Company s diversification efforts The Company is investing in the new Develop, Nurture, Achieve (DNA) model under the Agency umbrella and has also established new relationships with various NBFCs in FY14 as a part of its diversification efforts As a part of the product strategy, the non-par segment has picked up well due to strong growth in online term products Note: The percentages are with reference to APE for individual business 13
Operating Expenses ` Bn 20.0 30.0% 18.0 16.0 14.0 11.5% 10.8% 10.7% 20.0% 10.0% 12.0 0.0% 10.0-10.0% 8.0 6.0 4.0 11.7 12.2 12.9-20.0% -30.0% 2.0-40.0% - FY12 FY13 FY14-50.0% Operating Expenses Operating Expense/Total premium Ratio 20.0 30.0% 18.0 Opex / Total Premium Ratio 11.5% continues to decline 10.8% and is one of the lowest 10.7% in the industry 16.0 10.0% 14.0 Significant investments made in new distribution channels, products, technology and digital space 0.0% 12.0 while keeping costs under stringent control 20.0% 10.0-10.0% 8.0 6.0 4.0 2.0 11.7 12.2 12.9-20.0% -30.0% -40.0% Note: Operating expenses exclude service tax - -50.0% 14
Premium less Policyholder Payouts ` Bn 160.0 72.5 73.6 73.1 80.0 70.0 140.0 120.0 100.0 101.5 112.6 119.7 60.0 50.0 80.0 40.0 60.0 40.0 27.0 35.7 40.6 30.0 20.0 20.0-1.9 3.3 6.0 FY12 FY13 FY14 10.0 - Total Premium Claims by Death, Maturity & Others Surrenders & Withdrawals Net Cash flow Focus on need based selling with strengthening of AML/KYC processes has enabled the Company to maintain a healthy positive premium post policyholder payouts The Company continues to maintain the highest premium post policyholder payouts amongst peer companies Note: Total Premium and Benefits Paid are net of reinsurance Source: Public Disclosures 15
Conservation Ratio 100% 90% 80% 70% 60% 50% 40% 80% 79% 79% 30% 20% 10% 0% FY12 FY13 FY14 Persistent efforts in customer education, customer interaction avenues and a heightened focus on need-based selling helped the Company maintain its Conservation ratio Successful in maintaining a high Conservation ratio relative to peers, despite adverse regulatory changes post Sept 2010 Note: Conservation ratio is for individual business and has been reworked after adjusting for change in accounting policy for unit-linked business Source: Public disclosures 16
Persistency Ratios 100% 90% 80% 70% 60% 50% 40% 30% 78% 71% 91% 89% 70% 70% 71% 83% 66% 61% 20% 10% 0% 13th month 25th month 37th month 49th month 61st month FY13 FY14 Improvement in 49 th month persistency due to higher proportion of v5 products (with better persistency) in CY vs PY Persistency of non-annual mode has shown improvement in CY after introduction of pre-conversion verification calling Drop seen in 13 th month persistency aided by guarantee on Discontinued Policy Fund Note: Persistency ratios have been calculated with a lag of 3 months on reducing balance basis 17
Indian GAAP Results ` Bn 7.3 5.5 5.1 4.5 3.5 3.8 0.2 0.6 7.7 2.5 2.5 3.9 1.5 0.5 1.1 0.6 (0.5) (0.4) FY12 FY13 FY14 Shareholders' surplus Policyholders' surplus Deficit reversed in policyholders' A/c Maiden dividend of ` 1.0 Bn (5%*) 550 Declared a net profit of ` 7.3 Bn in the current year due to a strong back book, primarily contributed 450 by UL segment Surplus from back book has helped us invest in new channels such as Protection and Health that have 350 high levels of strain 250 * Dividend @ 5% on face value of shares of ` 10 each excluding Dividend Distribution Tax Notes: 1. Deficit in Revenue account as of 31st March 2012 of ` 0.6 Bn was completely off-set in Q1 FY13 2. Tax credit of ` 0.8 Bn during FY14 is unrecognised previous Deferred Tax Credit, which has been recognised in accordance with AS 22 18
19 Assets Under Management 500 24.4% 25.3% 25,500 450 400 21.7% 22,386 23,500 21,500 52% 52% 45% 45% 46% 46% 350 18,836 503 19,500 300 250 200 17,404 323 401 17,500 15,500 48% 48% 55% 55% 54% 54% 150 31st Mar 2012 31st Mar 2013 31st Mar 2014 13,500 31st Mar 2012 31st Mar 2013 31st Mar 2014 31st Mar 2012 31st Mar 2013 31st Mar 2014 AUM in Rs bn Sensex Growth in AUM vs LY Debt Equity Debt Equity AUM at ` 503 bn in FY14, growing by 25% vs PY and at a 3 year CAGR of 24% The debt-equity mix has stabilized over the recent years with the Company maintaining a balanced portfolio
MCEV as at 31 st March 2014 ` Bn -1.0-5.3 Present Value of Future Prof its 69.9 56.1 Frictional Cost of Required Capital Cost of Non Hedgeable Risks 20.1 Shareholders Shareholders Adjusted Adjusted Networth worth 20.1 Present Value of Future profits Frictional Cost of + Required Value of Capital Inforce 49.8 Cost of Non Hedgeable Risks = MCEV 69.9 Note: Market Consistent Embedded Value (MCEV) results are unaudited 20
Analysis of Change in MCEV ` Bn EV profit 11.2-0.1 1.1 1.3-1.2 1.6 Methodology and assumption changes 6.6 New business profits (before expense over-run)* -2.5 4.4 Acquisition expense overrun Expected return on inforce Operating Variances Tax changes Investment variances and change in economic assumptions Dividend payout 69.9 58.7 11.1 Embedded value operating profit (EVOP) MCEV at 31st Mar 13 19% growth in MCEV vs PY MCEV at 31st Mar 14 EVOP as a percentage of opening EV is 19% ` 1.6 Bn impact in methodology and assumption changes includes change in mortality and tax assumption and guarantee costs Operating variance is mainly due to adverse persistency experience * New business profits pertain to Overall (Individual + Group) business 21
22 New Business Profits ` Bn 30% 26% FY12 FY13 FY14 25% New business APE 1 27.9 32.8 25.4 New business profits 1,2 4.8 5.8 6.7 New business margin 1,2 17.2% 17.8% 26.2% 20% 17% 18% New business profits (after impact of 2.9 4.3 4.1 acquisition expenses overrun) 1,2 New business margin (after impact of 10.5% 13.2% 16.1% acquisition expenses overrun) 1 15% 10% 11% 13% 16% 1 Margins and APE are shown for individual business only 2 Based on loaded acquisition expenses 5% FY12 FY13 FY14 NBM (pre overrun) NBM (post overrun) Change in product mix has enhanced our new business margin with Non Par products being major contributors
23 Progress on Strategic Themes Long Term Positioning Average policy term has improved to 13.5 years (PY 12.3 years) Balanced product mix with Traditional (51%) and Unit Linked (49%) More than 3/4 th business in Agency and Direct from traditional plans Fortification & Diversification Agency channel distribution build-up with ~23,000 licences in FY14 DNA comprising highly skilled productive work force successfully launched Direct and Group Sales primary growth engines in FY14 Widened reach through new tie ups with NBFCs, MFIs and other partnerships Owning Customer Segments Leader in launching 30 products (22 Individual and 8 group) under new regime First regular income plan (par) and first savings plan (non-par) launched Enhanced focus on Protection (Young aspirants) & Annuities (Wisdom Investors) Special products filed to cater to the New India customers through online medium Over 2.4 million Facebook fans, 0.1 million followers on Twitter & 29,000 followers on Linkedin Exclusive You Tube Brand Channel launched with Over 3,50,000 views in FY14
Progress on Strategic Themes Contd... Unique Customer Experiences MyMix personalised solution through need based product combination offerings Purchase process wow for customer and empowering front line sales personnel Revamped website - Simple, user friendly interface with 68.1% of the total service transactions processed through website 43.3% of renewal payments received through electronic and auto debit modes 81% of new business applications initiated using POS platforms Ranked 1 st in group claim settlement ratio * (99.8%) and 2 nd in Individual claim settlement ratio * (95.7%) amongst private players with average claim settlement time of 10 days Cost Leadership Improving cost ratios No capital infusion in last 3 years *As per data published by IRDA for FY13 24
Awards and Accolades HDFC Life- Swabhimaan awarded by Give India for its effort during Joy of Giving Golden Peacock HR Excellence award in private life insurance sector Most admired Life Insurance Companies in Pvt Sector BFSI Awards 2014 Best Business Process Excellence Program at the National Quality Excellence Awards 2014 Silver award at Express IT Awards 2013 Finnoviti 2013 award for Quest2Green project SAP ACE Award for Customer Excellence 2013 - Best Run Award in Budgeting, Planning & Consolidation For more details about our Awards & Accolades, kindly refer our website at www.hdfclife.com 25
Awards and Accolades Contd TISS-Leap Vault CLO Award in Program in Sales Enablement category Award for Brand Excellence (BFSI), Marketing Campaign of the Year & Best Use of SM Marketing Top 100 CISO Award 2013 Loyalty Award for Financials - Non Banking Financial Sector Winner Excellence in PR Financial Communication National Award for Excellence in Cost Management Asian Leadership Award 2013 for Brand Excellence in Effective Communication For more details about our Awards & Accolades, kindly refer our website at www.hdfclife.com 26
Awards and Accolades Contd ASTD Citation for improving FLS Productivity Featured in 'Top 25 Best Places to Work for' 2013 Best Campaign in the Financial Services Sector & Best In House Team of the Year D.L. Shah Quality Award for re-cycling customer payouts Celent Model Insurer of Asia 2013 & Model Insurer Award Gold for Integrated Media Campaign of the Year by a Brand CIO 100 Award (International) for Point of Sale CLICK2BUY For more details about our Awards & Accolades, kindly refer our website at www.hdfclife.com 27
Appendix & Glossary 28
29 Appendix 1 : MCEV methodology and approach MCEV methodology The calculations of embedded value and new business profits have been performed using a market consistent embedded value ( MCEV ) approach. This approach differs from a traditional EV approach primarily in respect of the way in which allowance for risk is made. Within the traditional EV approach allowance is made for risk through an increase in the risk discount rate used to value future shareholder cash flows, whilst within the MCEV calculation explicit separate allowances are made for risk. Components of MCEV There are two components to the MCEV: 1. Shareholders adjusted net worth this component represents the market value of assets attributable to shareholders. This amount is derived from the Indian GAAP balance sheet adjusted to allow for assets on a market value basis, elimination of intangible assets and to allow for shareholder attributable assets or liabilities residing within the unit-linked and non Par policyholder funds. 2. Value of in-force this component represents the discounted value of after tax shareholder attributable cashflows expected on the business as at the valuation date. No allowance is made for future new business. This amount has been adjusted to deduct allowances for non hedgeable risk, frictional costs of required capital and the time value of financial options and guarantees.
30 Appendix 2 : Components of value of in force ( VIF ) Present value of future profits ( PVFP ) This component has been calculated by discounting the projected future after tax shareholder attributable cashflows expected to arise on in-force business at the valuation date. The cash-flows have been projected on a deterministic basis using the Company s best estimate view of future persistency, mortality and expenses. Future investment returns and the risk discount rate have been set equal to the returns from the risk free (government bond) yield curve at the closing balance sheet date. Time Value of Financial Options and Guarantees ("TVFOG") The Company has regularly carried out analysis of the profile of guarantees in its Par funds to identify the level of guaranteed benefits occurring at future time periods. The investment strategy of the Par funds is re-set to enable, where possible, hedging of these guaranteed benefits through cashflow matching of the guarantees with fixed interest assets. As a result, the Company is of the view that there is no residual TVFOG associated with the Par funds. The cost associated with the investment guarantees in the unit linked funds has been allowed for in the PVFP calculation. Frictional Costs of Required Capital ( FCRC ) The VIF allows for a deduction in respect of the frictional costs of holding required capital ( FCRC ). Required capital has been set equal to the amount of shareholder attributable assets required to back local regulatory solvency requirements. The FCRC has been calculated as the discounted value of investment costs and taxes on shareholder attributable assets backing the required capital over the lifetime of the in-force business. Cost of non hedgeable risk ( CNHR ) The VIF incorporates an explicit deduction to allow for non hedgeable and non economic risks. The CNHR has been derived using a cost of capital approach and is calculated as the discounted value of an annual charge applied to projected risk bearing capital. The initial risk bearing capital has been calculated based on 99.5th percentile stress events for non economic assumptions over a 1-year time horizon. This initial risk bearing capital has been updated based on the portfolio of business as at 31st March 2013. Projected risk bearing capital has been determined by running-off the initial risk bearing capital in line with the expected movement in the regulatory solvency margin requirement. 99.5th Percentile stress events have been taken from the EU Solvency II, QIS 5 framework (previously QIS 4 framework). In order to allow for the greater risks associated with emerging markets, the risk bearing capital has been uplifted by 50%. The annual charge applied to the projected risk bearing capital is 4% p.a. The stress events, uplifts to NHR, run-off pattern for projected risk bearing capital and annual charge, are reviewed and modified if necessary on an annual basis.
31 Appendix 3 : Key assumptions underlying MCEV Expenses Maintenance expenses have been based on the latest expense analysis done in FY13 and are inflated at 7.5% per annum. These assumptions do not incorporate any allowance for future productivity improvements. Given the substantial changes in regulations, the Company has reviewed its cost structure, as a result of which the long-term acquisition expense levels have been calibrated at a level lower than that used earlier. These new long-term acquisition expense levels, as approved by the committee of Board, have been incorporated into the pre-overrun margins. Economic assumptions The closing MCEV is calculated assuming projected earned and risk discount rates are both set equal to the risk free (government bond) yield curve at the closing balance sheet date. The new business profitability is calculated with similar assumptions, except that the yield curve at the opening balance sheet date is used. No allowance for any illiquidity premia is made within the earned rates, except for group credit spread products. Mortality and morbidity Mortality and morbidity assumptions are set by product line and are based on past experience. Persistency Persistency assumptions are set by product line, payment mode and duration in-force, based on past experience and expectations of future experience. Separate decrements are modeled for lapses, surrenders, paid-ups and partial withdrawals. Tax assumptions Tax assumptions are based on interpretation of existing tax legislation, where appropriate supported by legal opinion. Profits attributable to shareholders are assumed to be taxed at 14.16% for Life business and 0% for Pensions business. Allowance is made within the tax computation for dividend offsets permitted under Section 2A of the Income Tax Act and for losses incurred within the Shareholder Fund. No allowance is made for future changes to taxation such as the Direct Tax Code. These changes will be incorporated only once materially enacted. It is expected that implementation of DTC in its current form will result in a material negative impact to the MCEV and new business profitability.
32 Appendix 4 : Key components underlying MCEV movements Analysis of change in MCEV Opening modeling, assumptions and methodology changes: The models, assumptions and methodology are continuously refined and improved and the impact of these refinements is reflected in the opening changes. Operating Variances: The Operating Variances capture the impact of the deviations of the actual claims, persistency and maintenance expense experience during the period from that assumed in the opening MCEV calculation. Expected return on inforce: This item reflects expected investment income on shareholder assets during the period, and reflects that future shareholder profits are closer than at the start of the period. This positive item will occur in each MCEV period. Investment variances and change in economic assumptions: This reflects the impact due to the actual investment return being different from the expected returns and the impact from the change in the yield curve at the end of the period compared to the yield curve at the start of the period.
33 Glossary Commission ratio Ratio of total commissions paid out on first year, single and renewal premiums to total premiums. Conservation ratio Ratio of current year renewal premiums to previous year s renewal premium and first year premium. APE (Annualized Premium Equivalent) The sum of annualized first year regular premiums and 10% weighted single premiums and single premium top-ups. First year premiums Regular premiums received during the year for all modes of payments chosen by the customer which are still in the first year. For example, for a monthly mode policy sold in March 2013, the first installment would fall into first year premiums for 2012-13 and the remaining 11 installments in the first year would be first year premiums in 2013-14. New business received premium The sum of first year premium and single premium. Operating expense All expenses of management excluding service tax. It does not include commission. Operating expense ratio Ratio of operating expenses (excluding service tax) to total premiums. Renewal premiums Regular recurring premiums received after the first year. Solvency ratio Ratio of available solvency margin to required solvency margins. Total premiums Total received premiums during the year including first year, single and renewal premiums for individual and group business. Weighted received premium (WRP) The sum of first year premium and 10% weighted single premiums and single premium top-ups. 13th month persistency Percentage of contracts, measured by premium, still in force 13 months after they have been issued.
34 Disclaimer This release is a compilation of published financial results, other information and is not a statutory release. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance. This release is a privilege copy intended for reference of selected group. These disclosures are subject to the prevailing regulatory and policy framework as on March 31, 2014 and do not reflect any subsequent changes.
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