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Insurance services (Tables)

12 Months Ended

Mar. 31, 2024

Separate Accounts Disclosure [Abstract]

Summary of Balances of and Changes in Separate Account Liabilities

The balances of and changes in separate account liabilities were as follows:

		As of March 31, 2024
Particulars		Unit-Linked Life				Unit-Linked Pension				Group Linked				Total				Total
		(In millions)
Balance, July 1, 2023		Rs.	709,215.4			Rs.	55,986.3			Rs.	92,327.0			Rs.	857,528.7			US$	10,289.5
Premiums and deposits			97,196.3				3,556.3				16,103.6				116,856.2				1,402.1
Policy Charges			(12,754.4	)			(594.4	)			(762.9	)			(14,111.7	)			(169.3	)
Surrenders and withdrawals			(104,102.3	)			(8,432.7	)			(6,882.6	)			(119,417.6	)			(1,432.9	)
Benefit Payments			(37,926.8	)			(2,504.9	)			—				(40,431.7	)			(485.1	)
Investment Performance			141,987.6				7,709.9				8,454.5				158,152.0				1,897.7
Other Charges			(2,904.3	)			(124.2	)			(131.1	)			(3,159.6	)			(37.9	)
Balance, March 31, 2024		Rs.	790,711.5			Rs.	55,596.3			Rs.	109,108.5			Rs.	955,416.3			US$	11,464.1

Summary of Bank's Aggregate Fair Value of Assets, by Major Investment Asset Category, Supporting Separate Accounts Liabilities

The Bank’s aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows:

		As of March 31, 2024
Particulars		Unit-Linked Life				Unit-Linked Pension				Group Linked				Total				Total
		(In millions)
Government of India securities		Rs.	39,549.7			Rs.	7,114.1			Rs.	46,433.5			Rs.	93,097.3			US$	1,117.0
Other corporate/financial institution securities			74,622.2				8,253.7				34,739.2				117,615.1				1,411.3
Total debt securities			114,171.9				15,367.8				81,172.7				210,712.4				2,528.3
Other securities (including mutual fund units)			671,814.6				39,955.9				25,036.5				736,807.0				8,841.0
Other net current assets			4,725.0				272.6				2,899.3				7,896.9				94.8
Total		Rs.	790,711.5			Rs.	55,596.3			Rs.	109,108.5			Rs.	955,416.3			US$	11,464.1

Summary of Bank's Liabilities on Policies

The Bank’s Liabilities on policies in force on the consolidated balance sheets was as follows:

Description		As of March 31, 2024
		(in millions)
Liability for Future Policy Benefits		Rs.	1,671,384.1			US$	20,055.0
Policyholder Account Balances			85,430.1				1,025.1
Other Policy Liabilities			7,164.9				86.0
Total			1,763,979.1				21,166.1

Summary of Bank's Liability for Future Policy Benefits on the Consolidated Balance Sheets

The Bank’s liability for future policy benefits on the consolidated balance sheets was as follows:

Description		As of March 31, 2024
		(in millions)
Non Par Protection		Rs.	166,649.2			US$	1,999.6
Non Par Riders			207.0				2.5
Non Par Savings			551,186.3				6,613.7
Non Par Pension			17,609.5				211.3
Individual Annuity			255,858.7				3,070.1
Individual health			410.4				4.9
Par life			561,076.4				6,732.4
Par Pension			16,294.1				195.5
Group Non Par Life			102,092.5				1,225.0
Total		Rs.	1,671,384.1			US$	20,055.0

Summary of Information About the Liability for Future Policy Benefits

The following information about the liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable. 

		Year Ended March 31, 2024
		Non Par Protection				Non Par Riders				Non Par Savings				Non Par Pension				Individual Annuity				Individual Health				Par Life				Par Pension				Group Non Par Life				Total				Total
		(Rs. In million, other than weighted average)																																								(US$ in million)
Present value of Expected Net Premium
Balance at July 01, at current discount rate at balance sheet date			40,899.8				429.3				251,372.4				97.1				2,472.3				791.6				44.0				—				—				296,106.5				3,553.0
Balance at July 01, at original discount rate			40,899.8				429.3				251,372.4				97.1				2,472.3				791.6				44.0				—				—				296,106.5				3,553.0
Effect of changes in cash flow assumptions			4,429.1				—				(42.8	)			0.3				6.4				—				619.0				—				—				5,012.0				60.1
Effect of actuarial variances from expected experience			(1,277.3	)			15.6				2,649.0				0.8				395.8				43.6				2,640.7				(0.7	)			9,298.2				13,765.7				165.2
Adjusted Balance			44,051.6				444.9				253,978.6				98.2				2,874.5				835.2				3,303.7				(0.7	)			9,298.2				314,884.2				3,778.3
Issuances			18,075.3				891.5				93,550.6				1,918.4				36,417.8				33.8				27,308.5				2,081.3				16,873.7				197,150.9				2,365.6
Interest accrual			3,343.2				69.4				17,926.3				98.4				1,272.8				44.5				1,539.5				102.3				436.2				24,832.6				298.0
Net premium collected			(7,081.9	)			(256.7	)			(72,133.2	)			(537.5	)			(32,412.7	)			(171.1	)			(6,418.9	)			(562.6	)			(26,601.3	)			(146,175.9	)			(1,754.0	)
Balance at March 31, at original discount rate			58,388.2				1,149.1				293,322.3				1,577.5				8,152.4				742.4				25,732.8				1,620.3				6.8				390,691.8				4,687.9
Effect of changes in discount rate assumptions			174.0				(2.6	)			(1,182.0	)			(6.3	)			4.3				(1.8	)			(97.2	)			(7.0	)			0.1				(1,118.5	)			(13.4	)
Balance at March 31, at current discount rate at balance sheet date			58,562.2				1,146.5				292,140.3				1,571.2				8,156.7				740.6				25,635.6				1,613.3				6.9				389,573.3				4,674.5
Present value of Expected Future Policy Benefits
Balance at July 01, at current discount rate at balance sheet date			180,285.0				413.9				658,883.0				13,185.7				212,888.9				1,088.2				504,494.2				16,744.8				66,264.0				1,654,247.7				19,849.4
Balance at July 01, at original discount rate			180,285.0				413.9				658,883.0				13,185.7				212,888.9				1,088.2				504,494.2				16,744.8				66,264.0				1,654,247.7				19,849.4
Effect of changes in cash flow assumptions			7,429.2				—				3,429.0				35.1				75.7				—				(1,377.7	)			326.1				1,498.4				11,415.8				137.0
Effect of actuarial variances from expected experience			(1,526.0	)			15.9				2,653.6				(187.0	)			(136.9	)			43.7				2,250.6				539.3				7,379.6				11,032.8				132.4
Adjusted Balance			186,188.2				429.8				664,965.6				13,033.8				212,827.7				1,131.9				505,367.1				17,610.2				75,142.0				1,676,696.3				20,118.8
Issuances			18,051.0				882.1				93,520.0				1,918.4				36,417.8				33.8				27,264.0				2,080.8				16,873.7				197,041.6				2,364.3
Interest accrual			11,529.5				73.3				43,134.7				798.0				14,141.1				63.1				29,361.4				1,063.9				4,700.4				104,865.4				1,258.3
Benefits Payments			(5,294.9	)			(81.5	)			(8,918.6	)			(2,530.3	)			(12,654.0	)			(137.5	)			(45,730.7	)			(2,959.8	)			(20,373.2	)			(98,680.5	)			(1,184.1	)
Balance at March 31, at original discount rate			210,473.8				1,303.7				792,701.7				13,219.9				250,732.6				1,091.3				516,261.8				17,795.1				76,342.9				1,879,922.8				22,557.3
Effect of changes in discount rate assumptions			6,215.7				4.7				17,990.2				(28.9	)			6,399.5				0.1				3,658.3				(37.5	)			(188.4	)			34,013.7				408.1
Balance at March 31, at current discount rate at balance sheet date			216,689.5				1,308.4				810,691.9				13,191.0				257,132.1				1,091.4				519,920.1				17,757.6				76,154.5				1,913,936.5				22,965.4
Present value of expected claims expenses			242.0				26.8				142.2				2.8				32.9				0.1				547.5				4.3				—				998.6				12.0
Net liability for future policy benefits			158,369.3				188.7				518,693.8				11,622.6				249,008.3				350.9				494,832.0				16,148.6				76,147.6				1,525,361.8				18,302.9
Deferred Profit Liability			6,568.5				18.3				29,891.5				175.2				6,543.2				—				63,225.0				95.9				6,602.0				113,119.6				1,357.3
Other global reserves			1,711.4				—				2,601.0				5,811.7				307.2				59.5				3,019.4				49.6				19,342.9				32,902.7				394.8
Total liability for future policy benefits and DPL for March 31			166,649.2				207.0				551,186.3				17,609.5				255,858.7				410.4				561,076.4				16,294.1				102,092.5				1,671,384.1				20,055.0
Less: Reinsurance recoverables			83,420.6				28.0				(17.4	)			—				—				125.2				18,249.9				—				3,786.3				105,592.6				1,267.0
Net liability for future policy benefits, net of reinsurance			83,228.6				179.0				551,203.7				17,609.5				255,858.7				285.2				542,826.5				16,294.1				98,306.2				1,565,791.5				18,788.0
Undiscounted- Expected future benefit payments			1,120,561.7				2,580.3				2,875,101.5				19,433.2				864,912.6				1,758.2				1,302,045.2				25,927.9				96,029.6				6,308,350.2				75,694.1
Discounted- Expected future benefit payments (at current discount rate at balance sheet date)			216,689.5				1,308.4				810,691.9				13,191.0				257,132.1				1,091.4				519,920.1				17,757.6				76,154.5				1,913,936.5				22,965.4
Undiscounted-Expected future gross premiums			296,828.1				3,359.9				611,779.3				3,502.2				21,253.0				1,769.6				507,662.9				7,523.1				220.7				1,453,898.8				17,445.4
Discounted-Expected future gross premiums			172,175.3				2,461.1				489,752.0				2,869.1				18,427.5				1,289.9				409,535.4				6,057.0				124.3				1,102,691.6				13,231.2
Weighted-average duration of the liability (in years)			13.50				10.57				10.39				4.25				10.30				5.96				8.39				4.06				3.23
Weighted-average interest accretion (original locked-in) rate			7.69	%			7.69	%			7.69	%			7.69	%			7.69	%			7.69	%			7.69	%			7.69	%			7.69	%
Weighted-average current discount rate at balance sheet date			7.40	%			7.40	%			7.42	%			7.66	%			7.42	%			7.50	%			7.48	%			7.66	%			7.68	%

Summary of Bank's Gross Premiums or Assessments and Interest Expense Recognised

The Bank’s gross premiums and interest accretion recognised in the consolidated statements of income and comprehensive income (loss) for Traditional and Limited-Payment contracts, were as follows:

Traditional and Limited-Payment Contracts:		As of March 31, 2024
		(In millions)
		Gross premiums				Interest accretion
Non Par Protection		Rs.	120,828.1			Rs.	8,357.9
Non Par Riders			—				4.4
Non Par Savings			23,560.0				25,621.0
Non Par Pension			1,020.9				704.0
Individual Annuity			39,984.9				12,926.3
Individual health			419.0				17.6
Par life			111,036.4				29,795.5
Par Pension			1,846.5				962.1
Group Non Par Life			71,156.2				4,371.4
Total		Rs.	369,852.0			Rs.	82,760.2
Total		US$	4,437.9			US$	993.0

Summary of the Bank's Policyholder Account Balances on the Consolidated Balance

Description		As of March 31, 2024
		(in millions)
Group traditional life			Rs. 23,718.6			US$	284.6
Group traditional pension			8,824.2				105.9
Group variable life			22,764.1				273.1
Group variable pension			19,200.9				230.4
Individual VIP pension			9,613.9				115.4
Statutory reserves			1,308.4				15.7
Total			85,430.1				1,025.1

Summary of Bank's Primarily two types of Reinsurance Treaties, Auto and Facultative Reinsurance with Third Parties

The Bank has primarily two types of reinsurance treaties, auto and facultative reinsurance. The primary reason is to diversify the pool of risk covered by the insurance company, and to limit the liability along with ensuring solvency of the Bank. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk.

The effect of all reinsurance agreements on the consolidated statements of financial income were as follows:

		As of March 31, 2024
Liabilities on policies in force:		(In millions)
Direct			Rs 1,763,024.4			US$	21,154.6
Assumed			954.7				11.5
Total liabilities on policies in force			1,763,979.1				21,166.1
Ceded(*)			105,661.6				1,267.8
Net liabilities on policies in force			1,658,317.5				19,898.3

(*) Reinsurance asset reported within other asset

Summary of Effect of Reinsurance

The effects of reinsurance on the consolidated statements of income were as follows:

		As of March 31, 2024
Premium and other operating income from insurance business:		(In millions)
Direct		Rs.	389,925.5			US$	4,678.7
Assumed			1,588.5				19.1
Ceded			(9,634.5	)			(115.6	)
Total			381,879.5				4,582.2

		As of March 31, 2024
Claims and benefits paid pertaining to insurance business:		(In millions)
Direct		Rs.	383,194.5			US$	4,597.9
Assumed			1,029.4				12.4
Ceded			(2,258.1	)			(27.1	)
Total			381,965.8				4,583.2

Summary of Information Regarding Total DAC

Information regarding total DAC was as follows:

		As of March 31, 2024
		(In millions)
Opening balance July 1, 2024		Rs.	—			US$	—
Capitalizations			64,390.0				772.6
Amortization			(2,971.3	)			(35.7	)
Experience Adjustment			(886.8	)			(10.6	)
Balance at March 31, 2024		Rs.	60,531.9			US$	726.3

Summary of Information Regarding Movement of Total VOBA Contracts

Information regarding movement of total VOBA contracts from July 1, 2023 (acquisition date) to March 31, 2024 was as follows:

		As of March 31, 2024
		(In millions)
Balance at July 1 2023		Rs.	221,738.5			US$	2,660.6
Amortization			(16,707.7	)			(200.5	)
Experience Adjustment			(635.1	)			(7.6	)
Balance at March 31 2024		Rs.	204,395.7			US$	2,452.5

Summary of Information Regarding the Estimated Future Amortisation of VOBA Intangibles Over the Next Five Years

Information regarding the estimated future amortization of VOBA intangibles over the next five years is as follows:

		As of March 31, 2024
Year		(In millions)
2025		Rs.	16,705.3			US$	200.4
2026			14,721.9				176.6
2027			13,016.3				156.2
2028			11,176.1				134.1
2029			9,539.9				114.5

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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480109/944-80-50-1

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- Definition

The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range.

+ References

No definition available.

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- References

No definition available.

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