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ICICI Prudential Life Insurance Company Ltd.

BSE: 540133 Sector: Financials
NSE: ICICIPRULI ISIN Code: INE726G01019
BSE LIVE 15:40 | 23 Aug 421.95 3.05
(0.73%)
OPEN

422.60

HIGH

423.50

LOW

419.75

NSE 15:58 | 23 Aug 422.15 3.20
(0.76%)
OPEN

421.05

HIGH

424.00

LOW

419.55

OPEN 422.60
PREVIOUS CLOSE 418.90
VOLUME 29762
52-Week high 507.90
52-Week low 273.65
P/E 48.72
Mkt Cap.(Rs cr) 60,568
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 422.60
CLOSE 418.90
VOLUME 29762
52-Week high 507.90
52-Week low 273.65
P/E 48.72
Mkt Cap.(Rs cr) 60,568
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ICICI Prudential Life Insurance Company Ltd. (ICICIPRULI) - Auditors Report

Company auditors report

To the Members of

ICICI Prudential Life Insurance Company Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of ICICI Prudential Life Insurance Company Limited (the Company) which comprise the Balance Sheet as at March 31 2016 the related Revenue Account (also called the Policyholders' Account or the Technical Account) the Profit and Loss Account (also called the Shareholders' Account or Non-Technical Account) and the Receipts and Payments Account for the year then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the Balance Sheet the related Revenue Account the Profit and Loss Account and the Receipts and Payments Account of the Company in accordance with accounting principles generally accepted in India including the provisions of The Insurance Act 1938 (the Insurance Act) (amended by the Insurance Laws (Amendment) Act 2015) the Insurance Regulatory and Development Authority Act 1999 (the IRDA Act) the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations 2002 (the IRDA Financial Statements Regulations) orders/directions issued by the Insurance Regulatory and Development Authority of India (the IRDAI / Authority) in this regard and the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the standalone financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required in accordance with the Insurance Act the IRDA Act the IRDA Financial Statements Regulations and the Act to the extent applicable and in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India as applicable to Insurance Companies: (a) in the case of the Balance Sheet of the state of affairs of the Company as at March 31 2016; (b) in the case of Revenue Account of the net surplus for the year ended on that date; (c) in the case of Profit and Loss Account of the profit for the year ended on that date; and (d) in the case of the Receipts and Payments Account of the receipts and payments for the year ended on that date.

OTHER MATTER

The actuarial valuation of liabilities for life policies in force is the responsibility of the Company's Appointed Actuary (the Appointed Actuary). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at March 31 2016 has been duly certified by the Appointed Actuary and in his opinion the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory Development Authority of India (IRDAI / Authority) and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon Appointed Actuary's certificate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists on standalone financial statements of the Company.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the IRDAI Financial Statements Regulations we have issued a separate certificate dated April 26 2016 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.

2. As required by the IRDAI Financial Statements Regulations read with section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion and to the best of our information and according to the explanations given to us proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet the Revenue Account the Profit and Loss Account and the Receipts and Payments Account dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and with the accounting principles as prescribed in the IRDAI Financial Statements Regulations and orders / directions issued by IRDAI in this regard;

(e) In our opinion and to the best of our information and according to the explanations given to us investments have been valued in accordance with the provisions of the Insurance Act the Regulations and / or orders / directions issued by IRDAI in this regard;

(f) On the basis of written representations received from the Directors of the Company as on March 31 2016 and taken on record by the Board of Directors none of the Directors is disqualified as on March 31 2016 from being appointed as a Director in terms of Section 164 (2) of the Act.

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to Annexure A to this report;

(h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer schedule 16 note 3.43 to the financial statements;

ii. The Company has made provision as required under the applicable law or accounting standards for material foreseeable losses if any on long-term contracts including derivatives contracts -- Refer schedule 16 note 3.44 to the financial statements;

iii. There has been no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For S. R. BATLIBOI & CO. LLPFor B S R & Co. LLP
Chartered AccountantsChartered Accountants
ICAI Firm Registration No: 301003EICAI Firm Registration No: 101248W/W-100022
per Shrawan JalanVenkataramanan Vishwanath
PartnerPartner
Membership No: 102102Membership No: 113156
Place: MumbaiPlace: Mumbai
Date: April 26 2016Date: April 26 2016