balance sheet as at 30th june, 2010 revenue account for the period ...

UNAUDITED STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2010 

BALANCE SHEET AS AT 30TH JUNE, 2010 

REVENUE ACCOUNT FOR THE PERIOD ENDED 30TH JUNE, 2010 

PROFIT & LOSS ACCOUNT FOR THE PERIOD ENDED 30TH JUNE, 2010 

Current Period 

01.04.10-30.06.10 

As at 30.06.10 

Opening 01.04.10 

Last Period Closing 31.03.10

AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED 

Regd. Office: 13th FLOOR, "AMBADEEP", 14 K. G. MARG, NEW DELHI - 110 001 

REGISTRATION NO. 126 

DATE OF REGISTRATION WITH IRDA: OCTOBER 30, 2003 

NL1 

REVENUE ACCOUNT FOR THE PERIOD ENDED 30TH JUNE, 2010 

CROP INSURANCE BUSINESS 

Sl. 

No. 

PARTICULARS 

Schedule 

For the quarter 

up to the Quarter 

Correspodning 

quarter of the 

preceeding year 

Up to the Quarter 

of the preceding 

year 

01.04.10-30.06.10 As on 30.06.2010 01.04.09-30.06.09 As on 30.06.2009 

(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 Premium Earned (Net) NL4 1414848 1414848 1303692 1303692 

2 Profit/Loss on Sale/Redemption of Investments 2125 2125 0 0 

3 Others 0 0 0 0 

4 Interest, Dividend & Rent -Gross 275217 275217 286418 286418 

TOTAL (A) 1692190 1692190 1590110 1590110 

1 Claims Incurred (Net) NL5 761060 761060 771049 771049 

2 Commission NL6 (12744) (12744) (4123) (4123) 

3 Operating Expenses related to Insurance Business NL7 35553 35553 42010 42010 

4 Expenses related to Investments : 

a) Amortization of Premium on Investments 215 215 0 0 

b) Stock Holding Charges 109 109 67 67 

c) Bank Interest & Charges 51 51 1 1 

0 

TOTAL (B) 784244 784244 809004 809004 

Operating Profit from Crop Insurance Business C=(A-B) 907946 907946 781106 781106 

0 

APPROPRIATIONS 0 

Transfer to Shareholders' Account 907946 907946 781106 781106 

Transfer to Catastrophe Reserve 0 0 0 0 

Transfer to Other Reserves 0 0 0 0 

TOTAL 907946 907946 781106 781106





NL2 

PROFIT & LOSS ACCOUNT FOR THE PERIOD ENDED 30TH JUNE, 2010 


Sl. No. PARTICULARS Schedule 



Correspodning quarter of 

the preceeding year 



year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1. OPERATING PROFIT/(LOSS) 

Crop Insurance Business 907946 907946 781106 781106 

0 

2. INCOME FROM INVESTMENTS 0 

a) Interest,Dividend & Rent-Gross 111366 111366 133902 133902 

b) Profit on Sale of Investments 860 860 0 0 

. 0 

3. OTHER INCOME 

a) Miscellaneous Receipts 313 313 338 338 

b) Profit on Sale of Assets 44 44 27 27 

c) Prior Period Income 0 0 

TOTAL (A) 1020528 1020528 1020528 1020528 

4. PROVISIONS (other than Taxation) 

a) Dimunition in the value of Investments 0 0 0 0 

b) Provision for Doubtful Debts 0 0 0 0 

c) Provision for Premium Defalcation 0 0 0 0 

d) Provision on Standard Assets 0 0 0 0 

e) Provision for difference in Cenvat Input Credit 0 0 

0 

5. OTHER EXPENSES 

a) Expenses other than those related to insurance business 0 0 0 0 

b) Amortisation of Premium on Investments 138 138 0 0 

c) Stock Holding Charges 69 69 31 31 

d) Bank Interest & Charges 32 32 0 0 

e) Loss on Sale of Assets 0 0 0 0 

f) Preliminary Expenses Written off 0 0 0 0 

g) Prior Period Expenses 0 0 0 0 

TOTAL (B) 239 239 31 31 

PROFIT BEFORE TAX (C=A-B) 1020290 1020290 1020497 1020497 

PROVISION FOR TAXATION 

a) Income Tax (Current Year) 346899 346899 0 0 

b) Income Tax (pertaining to earlier years) 0 0 

c) Wealth Tax 0 0 

d) Fringe Benefit Tax 0 0 

e) Deferred Tax 0 0 

TOTAL (D) 346899 346899 0 0 

PROFIT AFTER TAX AVAILABLE FOR APPROPRIATION 

(E=C-D) 673391 673391 1020497 1020497 

APPROPRIATIONS 

a) Interim Dividend paid during the year 0 0 0 0 

b) Proposed Final Dividend 0 0 0 0 

c) Dividend Distribution Tax 0 0 0 0 

d) Transfer to General Reserve 0 0 915342 915342 

TOTAL 0 0 915342 915342 

0 

PROFIT AFTER TAX & APPROPRIATIONS 673391 673391 0 0 

Add: Balance of Profit/(Loss) b/f from last year 0 0 0 0 

BALANCE C/F TO BALANCE SHEET 673391 673391 0 0 

Basic & Diluted Earning per Share 3.37 3.37 4.58 4.58 

Number of Equity Shares 200000 200000 200000 200000 

Nominal Value per Share Rs.10/- Rs.10/- Rs.10/- Rs.10/-





NL3 

BALANCE SHEET AS AT 30TH JUNE, 2010 


Sl. No. PARTICULARS Schedule 



Correspodning 



Up to the Quarter of the 

preceding year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

SOURCES OF FUNDS 

Share Capital NL8 2000000 2000000 2000000 2000000 

Reserves & Surplus NL10 6331161 6331161 6239088 6239088 

Fair Value Change Account 0 0 0 0 

Borrowings NL11 0 0 0 0 

TOTAL 8331161 8331161 8239088 8239088 

APPLICATION OF FUNDS 

Investments NL12 15604471 15604471 9723399 9723399 

Loans NL13 12699 12699 13892 13892 

Fixed Assets NL14 297693 297693 46112 46112 

Deferred Tax Asset 27675 27675 39239 39239 

Current Assets: 

Cash & Bank Balances NL15 9703857 9703857 12367909 12367909 

Advances & Other Assets NL16 3667713 3667713 1803647 1803647 

Sub - Total (A) 13371569 13371569 14171556 14171556 

Current Liabilities NL17 14508008 14508008 11476296 11476296 

Provisions NL18 6474938 6474938 4278814 4278814 

Sub - Total (B) 20982946 20982946 15755110 15755110 

Net Current Assets (C) = (A) - (B) (7611377) (7611377) (1583554) (1583554) 

Miscellaneous Expenditure 

NL19 

(to the extent not written off or adjusted) 0 0 0 0 

0 0 

Debit Balance in Profit and Loss Account 0 0 0 0 

TOTAL 8331161 8331161 8239088 8239088 

Contingent Liabilities 

Claims, other than against Policies, not 

acknowledged as debts by the Company 0 0 0 0



SCHEDULES FORMING PART OF FINANCIAL STATEMENTS 


NL4 : PREMIUM EARNED (NET) 

PARTICULARS 



Correspodning 



Up to the Quarter of 

the preceding year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

Premium from Direct Business written 1482237 1482237 1315102 1315102.22 

Add: Premium on Reinsurance Accepted 0 0 0 0.00 

Less: Premium on Reinsurance Ceded 67390 67390 11410 11410.24 

Net Premium 1414848 1414848 1303692 1303692 

Adjustment for change in Reserve for Unexpired Risks 0 0 0 0.00 

TOTAL PREMIUM EARNED (NET) 1414848 1414848 1303692 1303692





NL5 : CLAIMS INCURRED (NET) 

PARTICULARS 



Correspodning 






(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

Claims Paid - Direct 1298078 1298078 900599 900599 

Add: Reinsurance Accepted 0 0 0 0 

Less: Reinsurance Ceded 157216 157216 7672 7672 

Net Claims paid 1140862 1140862 892927 892927 

Add: Claims Outstanding at the end of the Current period 13363889 13363889 7779752 7779752 



Net Claims Outstanding at the end of Current period 12202251 12202251 7455112 7455112 

Less: Claims Outstanding at the end of the Previous Year 13836948 13836948 8067004 8067004 



Net Claims Outstanding at the end of the Previous Year 12582053 12582053 7576990 7576990 

Gross Incurred Claims 825020 825020 613347 613347 


Less: Reinsurance Ceded 63959 63959 (157701) -157701 

NET CLAIMS INCURRED 761060 761060 771049 771049





NL6 : COMMISSION 

PARTICULARS 



Corresponding 



Up to the 

Quarter of the 

preceding 

year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

Commission Paid - Direct 504 504 (1928) (1928) 


Less: Commission on Reinsurance Ceded 13248 13248 2194 2194 

NET COMMISSION (12744) (12744) (4123) (4123)





NL7 : OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 

SL 

PARTICULARS 



Corresponding Up to the 

quarter of the Quarter of the 

preceeding year preceding year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 Employees' Remuneration & Welfare benefits 16721 16721 16708 16708 

2 Travel, Conveyance and Vehicle running expenses 2050 2050 2370 2370 

3 Training Expenses 2 2 29 29 

4 Rent, Rates & Taxes 4605 4605 3678 3678 

5 Repairs 881 881 1198 1198 

6 Printing & Stationery 459 459 628 628 

7 Communication 522 522 538 538 

8 Legal & Professional charges 1004 1004 2287 2287 

9 Auditor's fees, expenses etc. 

a) as Auditor (29) (29) (10) -10 

b) as Advisor or in any other capacity, in respect of 

(i) Taxation matters 0 0 0 0 

(ii) Insurance matters 0 0 0 0 

(iii) Management Services 0 0 0 0 

c) in any other capacity 0 0 0 0 

10 Advertisement & Publicity 493 493 289 289 

11 Research & Development Expenses (75) (75) 706 706 

12 Fees & Subscription to Statutory Authorities 6722 6722 11528 11528 

13 Interest & Bank Charges 15 15 29 29 

0 0 

14 Depreciation 0 0 0 0 


TOTAL 35553 35553 42010 42010





NL8 : SHARE CAPITAL 

SL 

PARTICULARS 



Corresponding 






(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 Authorised Capital 

150 crore Equity Shares of Rs.10/- each 15000000 15000000 15000000 15000000 

2 Issued Capital 


3 Subscribed Capital 


4 Called-up & Paid-up Capital 


Less: Preliminary Expenses 0 0 0 0 

TOTAL 2000000 2000000 2000000 2000000





NL9 : PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT) 

Sl. No. 

Shareholders 

For the quarter as on 30.06.2010 

Up to the Quarter as on 30.06.2010 

Corresponding Period of preceding year 

01.04.09-30.06.09 

Up to the Quarter of the preceding 

year as on 30.06.2010 

Number of % of Number of % of Number of % of Number of % of 

Shares ('000) Holding Shares ('000) Holding Shares ('000) Holding Shares ('000) Holding 

A. PROMOTERS - INDIAN 

1 General Insurance Corporation of India 70000 35% 70000 35% 70000 35% 70000 35% 

2 National Agriculture Bank for Rural 

Development 60000 30% 60000 30% 60000 30% 60000 30% 

3 National Insurance Company Ltd. 

& its nominee 17500 8.75% 17500 8.75% 17500 8.75% 17500 8.75% 

4 The Oriental Insurance Company Ltd. 17500 8.75% 17500 8.75% 17500 8.75% 17500 8.75% 

5 United India Insurance Company Ltd. 17500 8.75% 17500 8.75% 17500 8.75% 17500 8.75% 

6 The New India Assurance Company Ltd. 

& its nominee 17500 8.75% 17500 8.75% 17500 8.75% 17500 8.75% 

TOTAL: 200000 100% 200000 100% 200000 100% 200000 100% 

B. PROMOTERS - FOREIGN NIL NIL NIL NIL NIL NIL NIL NIL 

TOTAL 200000 100% 200000 100% 200000 100% 200000 100%





NL10 : RESERVES & SURPLUS 

SL 

PARTICULARS 


01.04.10-30.06.10 

(Rs. '000) 


As on 30.06.2010 

(Rs. '000) 

Corresponding quarter 

of the preceeding year 

01.04.10-30.06.10 

(Rs. '000) 



As on 30.06.2010 

(Rs. '000) 

1 Capital Reserve 0 0 0 0 0 0 

2 Capital Redemption Reserve 0 0 0 0 0 0 

3 Share Premium 0 0 0 0 0 0 

4 General Reserve 0 0 

Opening Balance 5657770 5657770 0 5323746 5323746 0 

Less:Charge on account of transitional 

provisions under Accounting Standard 15 0 0 0 0 0 0 

Add: Profit transferred during the year 0 5657770 0 5657770 915342 6239088 915342 6239088 

5 Catastrophe Reserve 0 0 0 0 0 0 

6 Other Reserves 0 0 0 0 0 0 

Balance of Profit in Profit & Loss Account 673391 0 673391 0 0 0 

0 

TOTAL 6331161 6331161 6239088 0 6239088





NL11 : BORROWINGS 

SL 

PARTICULARS 



Corresponding 






(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 Debentures & Bonds 0 0 0 0 

2 Banks (Secured against Deposits) 0 0 0 0 

3 Financial Institutions 0 0 0 0 


TOTAL 0 0 0 0



SL 



NL12 : INVESTMENTS 

PARTICULARS 



Corresponding 







(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

A. LONG TERM INVESTMENTS 

1 Government Securities and 

Govt. Guaranteed Bonds including Treasury Bills 6893558 6893558 6085089 6085089 

2 Other Approved Securities - Housing Sector Bonds 1480509 1480509 1110078 1110078 

3 Other Investments: 

a) Shares 

(i) Equity 348416 348416 69987 69987 

(ii) Preference 0 0 0 0 

b) Mutual Funds 0 0 0 0 

c) Derivative Instruments 0 0 0 0 

d) Debentures/Bonds 350000 350000 0 0 

e) Other Securities 0 0 0 0 

f) Subsidiaries 0 0 0 0 

Investment in Properties - Real Estate 0 0 0 0 

4 Investments in Infrastructure & Social Sector 3823217 3823217 2138446 2138446 

5 Other than Approved Securities - Tier II Bonds 120000 120000 120000 120000 

Sub - Total (A) 13015700 13015700 13015699 13015699 

B. SHORT TERM INVESTMENTS 

1 Government Securities and 

Govt. Guaranteed Bonds including Treasury Bills 682971 682971 0 0 

2 Other Approved Securities - Housing Sector Bonds 375776 375776 0 0 

3 Other Investments: 

a) Shares: 

(i) Equity 0 0 0 0 

(ii) Preference 0 0 0 0 

b) Mutual Funds 1380000 1380000 199800 199800 

c) Derivative Instruments 0 0 0 0 

d) Debentures/Bonds 0 0 0 0 

e) Other Securities 0 0 0 0 

f) Subsidiaries 0 0 0 0 

g) Investment in Properties - Real Estate 0 0 0 0 

4 Investments in Infrastructure & Social Sector 150024 150024 0 0 

5 Other than Approved Securities 0 0 0 0 

Sub - Total (B) 2588771 2588771 199800 199800 

GRAND TOTAL (A+B) 

15604471 15604471 13215499 13215499





NL13 : LOANS 

SL 

PARTICULARS 



Corresponding Quarter of 


quarter of the the 

Quarter 

preceeding year preceding 

year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 SECURITY-WISE CLASSIFICATION 

A. Secured: 

a) On mortgage of Property: 

(i) In India 0 0 0 0 

(ii) Outside India 0 0 0 0 

b) On Shares, Bonds, Government Securities 0 0 0 0 

c) Others 0 0 

(i) Loans to Staff 12699 12699 13892 13892 

B. Unsecured 0 0 0 0 

TOTAL 12699 12699 13892 13892 

2 BORROWER-WISE CLASSIFICATION 

a) Central & State Governments 0 0 0 0 

b) Banks & Financial Institutions 0 0 0 0 

Subsidiaries 0 0 0 0 

d) Industrial Undertakings 0 0 0 0 

e) Others(Loans to Staff) 12699 12699 13892 13892 

TOTAL 12699 12699 13892 13892 

3 PERFORMANCE-WISE CLASSIFICATION 

a) Loans classified as Standard: 

(i) In India 12699 12699 13892 13892 


b) Non-Performing Loans, less provisions: 

(i) In India 0 0 0 0 


TOTAL 12699 12699 13892 13892 

4 MATURITY-WISE CLASSIFICATION 

a) Short Term 0 0 0 0 

b) Long Term 12699 12699 13892 13892 

TOTAL 

12699 12699 13892 13892





NL15 : CASH AND BANK BALANCES 

SL 

PARTICULARS 



Quarter 

Corresponding 





preceding 

year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 Cash (including Cheques,Drafts & Stamps) 62 62 64 64 

2 Bank Balances 

a) Deposit Account 

(i) Short term (due within 12 months) 9512235 9512235 10931723 10931723 

(ii) Others 

b) Current Accounts 175669 175669 1421885 1421885 

c) Others (Remittances in Transit) 0 0 3450 3450 

0 0 

3 Money at Call and Short Notice 

a) With Banks 0 0 0 0 

b) With Other Institutions 0 0 0 0 


TOTAL 9703857 9703857 12367909 12367909





NL16 : ADVANCES AND OTHER ASSETS 

SL 

PARTICULARS 



Corresponding quarter 

of the preceeding year 



year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

A. ADVANCES 

1 Reserve Deposits with Ceding Companies 0 0 0 0 

2 Application Money for Investments 0 0 0 0 

3 Pre-payments 0 0 4 4 

4 Advances to Officers & Staff 3067 3067 1308 1308 

5 Advance Tax Paid & Taxes Deducted at Source 

(Net of Provision for Taxation) 521268 521268 141668 141668 

6 Others: 

a) Advance Rent paid 32 32 38 38 

b) Sundry Advances 89 89 173 173 

Sub - Total (A) 524456 524456 524455 524455 

B. OTHER ASSETS 

1 Income accrued on investments 793049 793049 964598 964598 

2 Outstanding Premium 0 0 0 0 

3 Agents' Balances 0 0 0 0 

4 Service Tax on Reinsurance Premium 0 0 0 0 

5 Due from other entities carrying on Insurance 97979 97979 440235 440235 

Business (including reinsurers) 

6 Due from subsidiaries/holding company 0 0 0 

7 Deposit with Reserve Bank of India 

(Pursuant to Section 7 of Insurance Act, 1938) 101404 101404 102015 102015 

8 Others: 

a) Sundry Deposits 25962 25962 31311 31311 

b) Advance against Capital Assets 2597 2597 0 

c) Short Collection of Premium 18727 18727 13879 13879 

d) Premium Receivable 0 0 0 0 

e) Others (Adhoc payment to Govt. of India) 2000000 2000000 0 0 

f) Government (Centre/States/Uts/Coffee Board) 

i) Sundry Debtors 19836 19836 13859 13859 

ii) Cenvat Credit Receivable 83703 83703 94560 94560 

Sub - Total (B) 3143257 3143257 1660457 1660457 

GRAND TOTAL (A+B) 

3667713 3667713 2184912 2184912





NL17 : CURRENT LIABILITIES 

SL 

PARTICULARS 



Corresponding 





preceding 

year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1 Agents Balances 0 0 0 0 

2 Balance Due to other Insurance Companies 0 0 0 0 

3 Deposits held on Reinsurance Ceded 0 0 0 0 

4 Premium received in advance 0 0 0 0 

5 Unallocated Premium 0 0 0 0 

6 Sundry Creditors 284014 284014 478830 478830 

7 Due to Subsidiary/Holding Company 0 0 0 0 

8 Claims Outstanding 12202251 12202251 7779752 7779752 

9 Due to Officers/Directors 0 0 0 0 

10 OTHERS: 

a) Excess Collection of Premium 88827 88827 95890 95890 

b) Provision for Outstanding Expenses 62315 62315 5258 5258 

c) Earnest Money Deposit 2740 2740 3084 3084 

d) Government (Centre/States/Uts/Coffee Board) 1852321 1852321 3103565 3103565 

e) Pension Contribution – New Employees 15542 15542 9917 9917 

TOTAL 

14508008 14508008 11476296 11476296





NL18 : PROVISIONS 

SL 

PARTICULARS 



Corresponding 





year 


(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1. Reserve for Unexpired Risk 6342538 6342538 3882629 3882628.92 

2. For Taxation (Net of Advance Tax & TDS) 0 0 0 0.00 

3. For Proposed Dividend 0 0 200000 200000.00 

4. For Dividend Distribution Tax 0 0 33990 33990.00 

5. Others: 

i) Provision for Retirement Benefits 47251 47251 102677 102677.50 

ii) Provision for Doubtful Debts 13597 13597 9961 9960.95 

iii) Provision for Premium Defalcation 18733 18733 12503 12502.56 

iv) Provision on Standard Assets 52819 52819 37054 37054.40 

TOTAL 

6474938 6474938 4278814 4278814





NL 19 : MISCELLANEOUS EXPENDITURE (To the extent not written off) 

SL 

PARTICULARS 

For the 

quarter 


Quarter 

Corresponding 






01.04.10-30.06.10As on 30.06.2010 01.04.09-30.06.09 As on 30.06.2009 

(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) 

1. Discount allowed in issue of shares 0 0 0 0 

0 

2 Research & Development Expenses 0 0 0 0 

0 

3 Preliminary Expenses 0 0 0 0 

0 

4 others 0 0 0 0 

TOTAL 0 0 0 0

NL21 

IRDA Periodic Disclosures 

Sl.No. 

FORM NL-21 

Particular 

PERIODIC DISCLOSURES 

Reserves for 

unexpired 

risks 

Statement of Liabilities 


Statement of Liabilities 

As At 30.06.2010 

Reserve for 

Outstanding 

Claims 

IBNR Reserves 

Total Reserves 

Reserves for 

unexpired risks 

Reserve for 

Outstanding Claims 

(Rs in Lakhs) 

As at 30.06.2009 

IBNR 

Reserves 

Total 

Reserves 

1 Fire 

2 Marine 

a Marine Cargo 

b Marine Hull 

3 Miscellaneous 

a Motor 

b Engineering 

c Aviation 

d Liabilities 

e Others (Crop Insurance) 63425.38 77414.82 44607.69 185447.89 38826.29 41195.00 36399.00 116420.00 

4 Health Insurance 

5 Total Liabilities 63425.38 77414.82 44607.69 185447.89 38826.29 41195.00 36399.00 116420.00 

Page 20 of 38

NL22 


FORM NL-22 

Geographical Distribution of Business 


Insurer: Agriculture Insurance Company of India Ltd., New Delhi Date: 13.08.2010 

GROSS DIRECT PREMIUM UNDERWRITTEN FOR THE FIRST QUARTER: OF 2010-11 

(Rs in Lakhs) 

STATES 

For 

the 

qtr 

Overseas 

Motor Own Motor Third Liability Personal Medical medical 

Fire Marine (Cargo) Marine (Hull) Engineering Damage Party insurance Accident Insurance Insurance Crop Insurance 

Upto 

the qtr 


qtr 

Upto 



qtr 

Upto 



qtr 

Upto 



qtr 

Upto 



qtr 

Upto 



qtr 

Upto 



qtr 

Upto 



qtr 

Upto 



qtr 

Upto 

the qtr For the qtr Upto the qtr 

Andhra Pradesh 990.31 990.31 

Arunachal Pradesh NA NA 

Assam 130.68 130.68 

Bihar 995.59 995.59 

Chhattisgarh 226.93 226.93 

Goa 0.00 0.00 

Gujarat 4756.90 4756.90 

Haryana 116.54 116.54 

Himachal Pradesh 50.69 50.69 

Jammu & Kashmir 3.29 3.29 

Jharkhand 29.90 29.90 

Karnataka 64.19 64.19 

Kerala 128.49 128.49 

Madhya Pradesh 725.89 725.89 

Maharasthra 1.92 1.92 

Manipur 0.00 0.00 

Meghalaya 43.37 43.37 

Mizoram 0.00 0.00 

Nagaland NA NA 

Orissa 294.14 294.14 

Punjab 0.00 0.00 

Rajasthan 274.49 274.49 

Sikkim 0.03 0.03 

Tamil Nadu 478.15 478.15 

Tripura 1.85 1.85 

Uttar Pradesh 2346.08 2346.08 

Uttrakhand 147.94 147.94 

West Bengal 3002.46 3002.46 

Andaman & Nicobar Is. 0.00 0.00 

Chandigarh NA NA 

Dadra & Nagra Haveli NA NA 

Daman & Diu NA NA 

Delhi NA NA 

Lakshadweep NA NA 

Puducherry 3.20 3.20 

Total 14813.03 14813.03 

All Other 

Miscellaneous 


qtr 

Upto 


Grand Total 


qtr 

Upto 


Page 21 of 38

Insurer: 

FORM NL-23 

Agriculture Insurance Company of India Ltd. 

Reinsurance Risk Concentration 

(Rs in Lakhs) 

S.No. 

Reinsurance Placements 

No. of 

reinsurers 

Premium ceded to reinsurers 

Proportional 

Non- 

Proportional 

Facultative 

Premium ceded 

to reinsurers / 

Total 

reinsurance 

premium ceded 

(%) 

1 No. of Reinsurers with rating of AAA and above NIL 

2 No. of Reinsurers with rating AA but less than AAA 1.00 26.00 3.80 

3 No. of Reinsurers with rating A but less than AA 6.00 229.00 33.90 

4 No. of Reinsurers with rating BBB but less than A 

5 No. of Reinsurers with rating less than BBB 

6 No. of Indian Reinsurers (GIC & GIPSA Cos) 5.00 419.00 62.30 

Total 12.00 674.00 100.00

FORM NL-24 Ageing of Claims 

AGRICULTURE INSURANCE CO. OF INDIA LTD. 

AGEING OF CLAIMS 

LINE OF BUSINESS 

1 Month 

1 - 3 

Months 

No. of Claims Paid 

3 - 6 

Months 

6 Months - 

1 Year 

> 1 Year 

Total No. of 

Claims Paid 

Total Amount 

of Claims Paid 

(Rs. in Lakhs) 

No. Of Farmers 

NAIS 0 255098 168422 159673 66801 649994 49951.42 

Non-NAIS 0 2149 564050 0 174 566373 12673.00

S.No. 

FORM NL-25 Quarterly claims data for Non-Life 


CLAIMS DATA - Ist Quarter ( April,2010 to June,2010) 

Claims Experience 

CROP INSURANCE 

No. of Farmers 

1 CLAIMS O/S AT THE BEGINNING OF THE QUARTER 1241055 

2 CLAIMS REPORTED DURING THE QUARTER 6119412 

3 CLAIMS SETTLED DURING THE QUARTER 1216367 

4 CLAIMS REPUDIATED DURING THE QUARTER 0 

5 CLAIMS CLOSED DURING THE QUARTER 0 

6 CLAIMS O/S AT END OF THE QUARTER 6144100 

LESS THAN 3 MONTHS 5644542 

3 MONTHS TO 6 MONTHS 189395 

6 MONTHS TO 1 YEAR 308379 

1 YEAR AND ABOVE 1784

FORM NL-26 - CLAIMS INFORMATION - KG Table I 


Solvency for the quarter ended 30.06.2010 

Required Solvency Margin Based on net premium and net incurred claims 

Item 

No. 

Gross 

Premium 

PREMIUM 

Net 

Premium 

Gross 

incurred claim 

Net 

incurred 

(Rs. in Lacs) 

Description 

RSM-1 RSM-2 RSM 

1 Fire 

2 Marine Cargo 

3 Marine Hull 

4 Motor 

5 Engineering 

6 Aviation 

7 Laibilities 

8 Others:Crop Ins. 15311.03 127962.33 119725.50 104480.97 25592.47 31344.29 31344.29 

9 Health 

Total 15311.03 127962.33 119725.50 104480.97 25592.47 31344.29 31344.29

NL27 


FORM NL-27 


Offices information for Non-Life 

Insurer: Agriculture Insurance Company of India Ltd., New Delhi 

Sl. No. 

1 

2 

3 

4 

5 

6 

7 

8 

9 

Office Information 

No. of offices at the beginning of the year 

No. of branches approved during the year 

Out of approvals of 

No. of branches opened previous year 

during the year Out of approvals of this 

year 

No. of branches closed during the year 

No of branches at the end of the year 

No. of branches approved but not opened 

No. of rural branches 

No. of urban branches 

Number 

18 

0 

0 

0 

0 

18 

NA 

NA 

18 

The above figures includes 1 Head Office at Delhi and 17 Regional Offices. 

Page 26 of 38

FORM NL-28-STATEMENT OF ASSETS - 3B 

AGRICULTURE INSUARNCE COMPANY OF INDIA LIMITED, CODE NO.126 

Statement as on: 30TH JUNE, 2010 

Statement of Investment Assets (General Insurer, Re-insurers) 

(Business within India) 

Periodicity of Submission: Quarterly 

Rs. In Lakhs 

SN PARTICULARS SCH AMOUNT 

1 Investments 8 156044.71 

2 Loans 9 126.99 

3 Fixed Assets 10 2976.93 

4 Current Assets 

a. Cash & Bank Balance 11 97038.57 

b. Advances & Other Assets 12 36677.13 

5 Current Liabilities 

a. Current Liabilities 13 145080.08 

b. Provisions 14 64749.38 

c. Misc. Exp not Written Off 15 0 

d. Debit Balance of P&L A/c 

Application of Funds as per Balance Sheet (A) 83034.87 

Less: Other Assets SCH AMOUNT 

1 Loans (if any) 9 126.99 

2 Fixed Assets (if any) 10 2976.93 

3 Cash & Bank Balance (if any) 11 1916.22 

4 Advances & Other Assets (if any) 12 35663.09 

5 Current Liabilities 13 145080.08 

6 Provisions 14 64749.38 

7 Misc. Exp not Written Off 15 0 

8 Debit Balance of P&L A/c 

TOTAL (B) -169146.23 

'Investment Assets' As per FORM 3B (A-B) 252181.1 

SN 'Investment' represented as Reg. % SH PH 

Book Value 

(SH + PH) 

% 

Actual 

FVC 

Amount Total 

Balance FRSM+ 

(a) (b) (c) d = (b+c) (e) (d + e) 

1 G. Sec. 

Not less than 

20% 

2153922.47 4794215 69481.37 27.55219 69481.37 

2 G. Sec or Other Apporved Sec. (incl. (1) above) 

Not less than 

30% 

2380159.23 5297774 76779.33 30.44613 76779.33 

3 Investment subject to Exposure Norms 

1.'Housing & Loans to SG for Housing and FFE, Infrastructure Investments 

Not less than 

15% 

1807152.75 4022372 58295.25 23.11644 58295.25 

Not 

2. Approved Investments 

exceeding 3306709.56 7360095 106668.05 46.43743 106668.1 

55% 

3. Other Investments (not exceeding 25%) 323587.31 720242.7 10438.3 10438.3 

Total Investment Assets 100% 7817608.85 17400484 252180.93 100 252180.9 0 

Market 

Value 

Certification: 

Certified that the information given herein are correct and complete to the best 

of my knowledge and belief and nothing has been concealed or suppressed 

Date:13.08.2010 

Note: (+) FRMS refers 'Funds representing Solvency Margin' 

(*) Pattern of Investment will apply only to SH funds representing FRMS 

(A) Book Value shall not include funds beyond Solvency Margin 

Other Investments' are as permitted under Sec 27A(2) and 27B(3) 

Signature: 

Full name: 

Designation: 

( M. PARSHAD) 

C.E.O.


NL29 - Detail regarding debt securities 

Agriculture Insurance Company of Indai Limited 

For the quarter ending : 30/06/2010 

Detail Regarding debt securities 

MARKET VALUE* 

Book Value 

(Rs in Lakhs) 

As at …. 

as % of 

total for 

this class 

as at…. Of 

the previous 

year 

as % of 

total for 

this class 

As at 

30.06.2010 

as at 30.06.2009 

as % of total 

Of the previous 

for this class 

year 

as % of total 

for this class 

Break down by credit rating 

AAA rated 139269.0804 99.63834626 95556.27 100 

AA or better 505.5 0.361653742 

Rated below AA but above A 

Rated below A but above B 

Any other 

139774.5804 100 95556.27 100 

BREAKDOWN BY RESIDUAL MATURITY 

Up to 1 year 5015.2 3.588063008 13591.25 14.22329482 

more than 1 yearand upto 3years 16589.67 11.86887487 13903.51 14.5500761 

More than 3years and up to 7years 52567.06 37.60845499 33581.13 35.14278027 

More than 7 years and up to 10 years 45788.73 32.75898236 21159.56 22.14356002 

above 10 years 19813.92 14.17562478 13320.82 13.9402888 

139774.58 100 95556.27 100 

Breakdown by type of the issurer 

a. Central Government 69481.37 49.70958954 59096.12 61.84431435 

b. State Government 7297.96 5.221235506 2774.92 2.903964334 

c.Corporate Securities 62995.25 45.06917495 33685.23 35.25172132 

139774.58 100 95556.27 100 

*All securities are considered to be on the basi of 'Held to Maturity', hence only Book Value is given. 

Note 

1. In case of a debt instrument is rated by more than one agency, then the lowest rating will be taken for the purpose of classification. 

2. Market value of the securities will be in accordnace with the valuation method specified by the Authority under Accounting/ Investment regulations.

FORM NL-30 


Analytical Ratios 

Sl.No 

. 


Particular For the quarter up to the Quarter 

Correspodning quarter of the 


up to the Quarter of the 

prceeding year 

1 Gross Premium Growth Rate 12.71 12.71 141.67 141.67 

2 Gross Premium to shareholders' fund ratio 0.18 0.18 0.16 0.16 

3 Growth rate of shareholders'fund 1.12 1.12 48.43 48.43 

4 Net Retention Ratio 0.95 0.95 0.99 0.99 

5 Net Commission Ratio -0.38 -0.38 -0.13 -0.13 

6 Expense of Management to Gross Direct Premium Ratio 0.02 0.02 0.03 0.03 

7 Combined Ratio 0.58 0.58 0.50 0.50 

8 Technical Reserves to net premium ratio 13.11 13.11 8.95 8.95 

9 Underwriting balance ratio 0.64 0.64 0.60 0.60 

10 Operationg Profit Ratio 0.72 0.72 0.70 0.70 

11 Liquid Assets to liabilities ratio 0.66 0.66 1.08 1.08 

12 Net earning ratio 0.48 0.48 0.70 0.70 

13 return on net worth ratio 0.08 0.08 0.11 0.11 

Available Solvency argin Ratio to Required Solvency Margin 

14 

1.64 1.64 2.09 2.09 

Ratio 

15 NPA Ratio (NPA--NIL) NIL NIL NIL NIL 

Equity Holding Pattern for Non-Life Insurers 

Analytical Ratios for Non-Life companies 

Gross NPA Ratio NIL NIL NIL NIL 

Net NPA Ratio NIL NIL NIL NIL 

1 (a) No. of shares 200000000 200000000 200000000 200000000 

2 (b) Percentage of indian shareholding 100% 100% 100% 100% 

3 

( c) %of Government holding (in case of public sector insurance 

companies) 

Nil Nil Nil Nil 

4 

(a) Basic and diluted EPS before extraordinary items (net of tax 

expense) for the period (not to be annualized) 

3.37 3.37 4.58 4.58 

5 

(b) Basic and diluted EPS after extraordinary items (net of tax 

expense) for the period (not to be annualized) 

3.37 3.37 4.58 4.58 

6 (iv) Book value per share (Rs) 10 10 10 10

NL-31 


FORM NL-31 : Related Party Transactions 

Insurer: Agriculture Insruance Company of India Ltd. 

(Rs in Lakhs) 

Related Party Transactions 

Sl.No. 

1 General Insurance Corpn of India 292 

3 New India Assurance co 72 

4 Oriental Ins. Co. Shareholders Reinsurance 

72 

5 National Insurance Co. 33 

6 United India Ins. Co. 72 

7 

8 

9 

10 

11 

12 

Name of the Related Party 


Nature of Relationship 

with the Company 

Description of 

Transactions / 

Categories 

Consideration 

paid 

Page 30 of 38

NL32 



FORM NL-32 Products Information 

Insurer: Agriculture Insurance Company of India Ltd. Ist Qtr (2010-11) 

Products Information 

List below the products and/or add-ons introduced during the period 

Sl. No. Name of Product Co. Ref. No. IRDA Ref.no. Class of Business* 

Date of 

Category 

filing of 

of product 

Product 

Date IRDA 

confirmed 

filing/ 

approval 

1 Cardamom Plants & Yield Insurance AIC/R&D/35 IRDA/NL/AIC/P/Misc/V-I/093/08-09 Misc. (crop) Insurance 13.2.10 23.4.10 

Page 31 of 38

FORM NL-33 - SOLVENCY MARGIN - KGII 


Solvency for the Quarter ended on 30.06.2010 

Available Solvency Margin and Solvency Ratio 

(Rs. in Lacs) 

Item Description Notes No. Amount 

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

1 Available Assets in Policyholders’ Funds (adjusted value 1 197893.04 

of Assets as mentioned in Form IRDA-Assets-AA): 

Deduct: 

2 Liabilities (reserves as mentioned in Form HG) 2 185447.89 

3 Other Liabilities (other liabilities in respect of 2 19411.48 

Policyholders’ Fund as mentioned in Balance Sheet) 

4 Excess in Policyholders’ Funds (1-2-3) -6966.33 

5 Available Assets in Shareholders’ Funds (value of 3 88902.53 

Assets as mentioned in Form IRDA-Assets-AA): 

Deduct: 

6 Other Liabilities (other liabilities in respect of 2 4970.11 

Shareholders’ Fund as mentioned in Balance Sheet) 

7 Excess in Shareholders’ Funds (5-6) 83932.42 

8 Total Available Solvency Margin [ASM] (4+7) 76966.09 

9 Total Required Solvency Margin [RSM] 31344.29 

10 Solvency Ratio (Total ASM/Total RSM) 2.46

FORM NL-34 


: Board of Directors & Key Person 

Insurer: Agriculture Insurance Company of India Limited 

BOD and Key Person information 

Sl. No. Name of person Role/designation 

Details of change in the period 

Board of Directors 

1 Shri M. Parshad Chairman-cum-Managing Director 

2 Shri Tarun Bajaj Director 

3 Shri R. K. Tiwari Director 

4 Shri Mukesh Khullar Director 

5 Shri K. N. Bhandari Director 

6 Smt. Bhagyam Ramani Director 

7 Shri S. K. Mitra Director 

8 Shri I. S. Phukela Director 

9 Shri S. K. Chanana Director 

10 Shri P. C. James Director 

Key Persons 

1 Shri R. P. Samal General Manager 

No Change during the first quarter of 2010-11 











2 Shri S. Chidambaram Appointed Actuary No Change during the first quarter of 2010-11

FORM NL-35-NON PERFORMING ASSETS-7A 

Company Name & Code: AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED, CODE NO.126 

Statement as on: 30TH JUNE, 2010 

Details of Investment Portfolio 

Periodicity of Submission : Quarterly 

COI 

Company 

Name 

Instrume 

nt Type 

Interest 

Rate 

Total O/s 

(Book 

Value) 

Default 

Principal 

(Book 

Value) 

Default 

Interest 

(Book 

Value) 

Principal 

Due from 

Interest 

Due from 

Deferred 

Principal 

Deferred 

Interest 

Rolled 

Over? 

Has there 

been any 

Principal 

Waiver? 

Classifica 

tion 

Provision 

(%) 

Provision 

(Rs) 

% 

Has there 

been 

revision? 

Amount 

Board 

Approval 

Ref 

NIL 

CERTIFICATION 

Certified that the information given herein are correct and complete to the best of my knowledge and belief and nothing has been concealed or suppressed. 

Date: 13.08.2010 Signature 

Full Name & Designation 

Note: 

A. Category of Investmet (COI) shall be as per INV/GLN/001/2003-04 

B. FORM 7A shall be submitted in respect of each 'fund'. 

C. Classification shall be as per F&A-Circulars-169-Jan-07 Dt.24-01-07. 

(M. PARSHAD) 

C.E.O.

Insurer: Agriculture Insurance Company of India Ltd. 


FORM Quarterly NL-38 Business Returns across line of Business 

Quarterly Business Returns across line of Business 

(Rs in Lakhs) 

Current Quarter 

Same Quarter previous year 

upto the period 

same period of the previos year 

Sl.No. 

Line of Business 

Premium No. of Policies Premium No. of Policies Premium No. of Policies Premium No. of Policies 

1 Fire 0 0 

2 Cargo & Hull 0 0 

3 Motor TP 0 0 

4 Motor OD 0 0 

5 Engineering 0 0 

6 Workmen's Compensation 0 0 

7 Employer's Liability 0 0 

8 Aviation 0 0 

9 Personal Accident 0 0 

10 Health 0 0 

11 Others*Crop Insurance 14813.03 83833 13117.7 52065 14813.03 83833 13117.7 52065

FORM NL-39 

Rural & Social Obligations (Quarterly Returns) 


Insurer: Agriculture Insurance Company of india Ltd., New Delhi 

Rural & Social Obligations (Quarterly Returns) 

(Rs in Lakhs) 

Sl.No. Line of Business Particular 

1 Fire 

2 Cargo & Hull 

3 Motor TP 

4 Motor OD 

5 Engineering 

6 Workmen's Compensation 

7 Employer's Liability 

8 Aviation 

9 Personal Accident 

10 Health 

11 Others*Crop Insurance 

No. of Policies 

Issued 

*any other segment contributing more than 5% needs to be shown separately 

Note-Entire AIC premium is Rural & Social 

Premium 

Collected 

Sum Assured 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 

Social 

Rural 83833 14813.03 500954.2 

Social

FORM NL-40 Business Acquisition through different channels 

Insurer: Agriculture Insurance Company of India Ltd. 

Sl.No. 

Channels 


Current Quarter 

No. of 

Policies 


(Rs in Lakhs) 

1 Individual agents 

2 Corporate Agents-Banks 55848 14140.86 48391 12823.37 55848 14140.86 48391 12823.37 

3 Corporate Agents -Others 172 2.78 172 2.78 

4 Brokers 399 75.27 706 49.32 399 75.27 706 49.32 

5 Micro Agents 26492 528.98 2261 18.94 26492 528.98 2261 18.94 

6 Direct Business 1094 67.92 535 223.29 1094 67.92 535 223.29 

Total (A) 83833 14813.03 52065 13117.7 83833 14813.03 52065 13117.7 

1 Referral (B) 0 0 0 0 0 0 0 0 

Grand Total (A+B) 83833 14813.03 52065 13117.7 83833 14813.03 52065 13117.7 

Note: 

1. Premium means amount of premium received from business acquired by the source 

2. No of Policies stand for no. of policies sold 

Business Acquisition through different channels 

Premium 

Same quarter Previous 

Year 

Premium 

Up to the period 

No. of 

Policies 

Premium 

Same period of the previous 

year 


Premium

FORM NL-41 

GREIVANCE DISPOSAL 


Agriculture Insurance Company of India Limited 

Date: 13.08.10 

Sl 

No. 

Particulars 

Opening 

Balance 

Additions 

Complaints Resolved 

Complaints 

Pending 

Fully Accepted Partial Accepted Rejected 

1 Complaints made by customers 

a) Sales Related NIL NIL NIL NIL NIL NIL 

b) Policy Administration Related NIL NIL NIL NIL NIL NIL 

c) Insurance Policy Coverage related NIL NIL NIL NIL NIL NIL 

d) Claims related NIL 92 NIL NIL 92 (outside the scope 

of the scheme i.e 

NAIS) 

NIL 

e) others NIL NIL NIL NIL NIL NIL 

Total Number NIL 92 NIL NIL 92 NIL 

2 Duration wise Pending Status 

Complaints 

made by 

customers 

Complaints 

made by 

intermediaries 

Total 

a) Less than 15 days NA NA NA 

b) Greater than 15 days NA NA NA 

Total Number NA NA NA

balance sheet as at 30th june, 2010 revenue account for the period ...

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