Page 34 - Insurance Times April 2022

policyholders' funds and sharholders' funds and are further on acuals to revenue accounts or the profit and loss account
allocated to the lines of business in proportion to their as applicable.
respective gross written premium.
Further, investment income across segments within the
Pursuant to provisions of IRDAI circular no. IRDA/F&A/CIR/ revenue account(s) are allocated on the basis of segment
CPM/010/01/2017 dated 12th January, 2017, the investment wise policyholder funds. Policyholder Funds are the
made by the Company, investment income and fairvalue aggregate of outstanding claims estimates of IBNR and
change account are bifurcated into policyholder and IBNER, PDR, and reserve for unexpired risks.
shareholder funds on notional basis.
16.The New India Assurance Company Limited
13.Magma HDI General Insurance Company Investment Assets includes Policyholders' as well as

Limited Shareholders'. Investments assets are bifurcated at the end
Investment income has been allocated between revenue of each quarter between shareholders' and policyholders'
accounts and the profit and loss account on the basis of at 'fund' level on notional basis in accordance with IRDAI
ratio of average policyholder's investment assets to average guidelines.
shareholder's investment assets, average being the balance
at the beginning of the year and balance at the end of the Investment income (net of expenses) is apportioned between
reporting year. shareholders' fund and policyholders' fund in proportion to
the balance of these funds at the beginning of the year.
Investment assets are bifurcated into policyhoders' and
shareholders' funds on notional basis as per IRDAI circular Investment income (net of expenses) belonging to policy
No IRDA/F&A/CIR/CPM/056/03/2016 dated 4th April, 2016 holders is further apportioned to Fire, Marine and
and IRDAI Circular IRDA/F&A/CIR/CPM/010/01/2017 dated Miscellaneous segments in proportion to respective
12th January, 2017. Polichyholders funds represent amount technical reserves balance at the beginning of the year.
equivalent to sum of Outstanding Claims including IBNR and
IBNER , Unexpired Risk Reserves, Premium Deficiency, Policyholders' fund for this purpose consist of estimated
Catastrophe Reserve and Other Liabilities net off Other liability for outstanding claims including IBNR and IBNER,
Assets as specified by the authority and the balance being Unexpired Risk Reserves, Premium Deficiency (if any) and
disclosed as Shareholders Funds. Catastrophe Reserves (if any) and Other liabilities net of
other assets (relating to policyholders) as per the guidelines

14.National Insurance Company Limited of IRDA. The residual consist of shareholder funds.
Interest, dividend and rent income net of expenses and
profit on sale or realisation of investments are apportioned 17.Oriental Insurance Company Limited
between respective Revenues Accounts (Policyholders' The Shareholders' Fund comprises of Share Capital, and
Account) and Profit and Loss Account (Shareholders' General Reserve. The Policyholders' Fund comprise of
Account) in the ratio of policyholders' fund and shareholders' estimated liability for outstanding claims including IBNR and
fund at the beginning of the year. IBNER, Unexpired Risk Reserves, Premium Deficiency (if any)
and Catastrophe Reserves (if any) and Other liabilities net
Policyholders' and Shareholders' funds are computed based of other assets.
on IRDA Directives. Investment assets and fairvalue change
Investment income (net of expenses) is apportioned between
account are bifurcated between shareholders and Shareholders' fund and Policyholders' fund in proportion to
policyholders at fund level on notional basis as per IRDAI the balance of these funds at the end of the year.
guidelines.
Investment income (net of expenses) belonging to policy
15.Navi General Insurance Limited holders is further apportioned to Fire, Marine and
Investments that are earmaked are identified separately to Miscellaneous segments in proportion to respective
policyholders' and shareholders' as applicable. technical reserves balance at the end of the year.

Investment income which is directly identifiable is recognised Policyholders' fund for this purpose consist of estimated

34 The Insurance Times, April 2022