About HDFC ERGO GENERAL INSURANCE COMPANY LIMITED Unlisted Shares
Established on 27 December 2007 HDFC Ergo General Insurance Company Limited is registered at the Registrar of Companies, Mumbai. The authorized share capital of the company is Rs. 20,000,000,000 and its paid-up capital is Rs. 7,127,800,300.
Promoted by HDFC Ltd., ERGO International AG, and Munich Health Holding AG, HDFC ERGO one of the largest Private General Insurance companies, offers general insurance products like Motor, Health, Travel, Home, and Personal Accident for retail and customized products like Property, Marine and Liability Insurance for corporates through its large network.
INCORPORATION DETAILS
|
CIN |
U66030MH2007PLC177117 |
|
Registration Date |
December 27, 2007 |
|
Company Name |
HDFC ERGO GENERAL INSURANCE COMPANY LIMITED |
|
Email Address |
|
|
Category/Sub-category of the Company |
General Insurance |
|
Registration Number |
177117 |
|
Address of the Registered office & contact details |
HDFC House, 1st Floor, 165-166, Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai - 400 020. Tel. No. : +91 22 6638 3600 Fax No.: +91 22-66383699 |
|
Company Secretary & Compliance Officer |
Mr. Dayananda V. Shetty |
|
Name, Address & contact details of the Registrar & Transfer Agent, if any |
Karvy Computershare Private Limited, Corporate Registry, Karvy Selenium, Tower B, Plot No. 31-32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500032 Tel No.: +91 40–67161500 Fax No.: +91 40–23311968 |
PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES
|
S.NO. |
Name Of The Company |
Category |
%Of Shares Held |
|
1. |
Housing development finance corporation limited |
Holding |
50.49% |
BOARD OF DIRECTORS
|
S.NO. |
Name of the Directors |
Category |
|
1. |
Mr. Deepak S. Parekh |
Chairman |
|
2. |
Mr. Keki M. Mistry |
Non-Executive Director |
|
3. |
Ms. Renu Sud Karnad |
Non-Executive Director |
|
4. |
Dr. Oliver Martin Willmes |
Non-Executive Director |
|
5. |
Dr. Clemens Matthias Muth |
Non-Executive Director |
|
6. |
Mr. Bernhard Steinruecke |
Independent Director |
|
7. |
Mr. Mehernosh B. Kapadia |
Independent Director |
|
8. |
Mr. Arvind Mahajan |
Independent Director |
|
9. |
Mr. Ameet P. Hariani |
Independent Director |
|
10. |
Mr. Samir H. Shah |
Executive Director |
|
11. |
Mr. Anuj Tyagi |
Executive Director |
|
12. |
Mr. Ritesh Kumar |
Managing Director and Chief Executive officer |
SHAREHOLDING PATTERN (As of 31-03-2021)
|
S. No. |
Shareholder’s Category |
No. of Shares |
% of total Shares of the company |
|
PROMOTERS- |
|||
|
1. |
Indian: Housing Development Finance Corporation Limited |
359,741,874 |
50.56% |
|
2. |
Foreign: ERGO International AG |
293,470,812 |
41.24% |
|
Munich Health Holding AG |
51,321,532 |
7.21% |
|
|
|
OTHERS: EMPLOYEES |
7,030,715 |
0.99% |
|
TOTAL |
711,564,933 |
100.00% |
INDUSTRY OUTLOOK
The Company has been one of the fastest-growing general insurance companies with a 5-year CAGR of 29% With regard to the industry growth rate of 16%. The Company’s retail health premium was ` 2,724 crore in FY 2020-21 with a market share of 10%. The Company has one of the largest networks of more than 10,000 impaneled hospitals located in about 600 districts of India.
During the year, the Company allotted 3,45,651 equity shares of `10 each pursuant to the exercise of stock options under Employees Stock Option Plan-2009 (ESOP-2009). Further, in terms of the Scheme of Amalgamation of HEHI with the Company, 10,53,77,232 equity shares of ` 10 each were allotted to the shareholders of HEHI on November 13, 2020. The company issued more than 10 million policies and serviced more than 2 million claims in FY21.
The limit on Foreign Direct Investment (FDI) in insurance companies increased from 26% to 49% in 2015. In the Union Budget 2021-22, it was announced that this would be further increased to 74%.
HDFC General Insurance was conferred with ICAI Award for Excellence in Financial Reporting in FY 2014-15 as well as in 2015-16. The insurer has been assigned an ‘iAAA’ rating by ICRA, indicating its highest claim-paying ability.
HDFC Ergo General Insurance won the 2016 Best Customer Experience Award of the Year in the financial sector by KamiKaze for its unparalleled customer service.
PROFIT & LOSS STATEMENT OF HDFC ERGO GENERAL INSURANCE COMPANY LIMITED (In Rs.000) (As of 31-03-2018 to 31-03-2021)
|
Particular |
2021 |
2020 |
2019 |
2018 |
|
OPERATING PROFIT/(LOSS) |
|
|
||
|
Fire Insurance |
(254,704) |
(508,217) |
333,361 |
(134,501) |
|
Marine Insurance |
(207,186) |
(190,496) |
(230,527) |
(98262) |
|
Miscellaneous Insurance |
7,770,647 |
4,667,652 |
4,836,224 |
4944181 |
|
|
7,308,757 |
3,968,939 |
4939058 |
4711418 |
|
INCOME FROM INVESTMENTS |
|
|
||
|
Interest, Dividend, and Rent-Gross |
1,661,112 |
1,339,648 |
1,379,320 |
1370571 |
|
Profit/Loss on sale of investments |
199,059 |
123,953 |
158,642 |
185296 |
|
Accretion/(Amortisation) of debt securities |
- |
- |
(35618) |
(26296) |
|
|
1,860,171 |
1,463,601 |
1,537,962 |
1529571 |
|
Other income |
- |
- |
175,000 |
- |
|
TOTAL(A) |
9,168,928 |
5,432,540 |
6,652,020 |
6240989 |
|
PROVISIONS (OTHER THAN TAXATION) |
|
|
||
|
For diminution in the value of investments |
311,725 |
116,600 |
1,578,181 |
- |
|
For doubtful debts |
(11,816) |
(27,608) |
7,038 |
(87241) |
|
|
299,909 |
88,992 |
1,585,219 |
(87241) |
|
OTHER EXPENSES |
|
|
||
|
Expenses other than those related to the insurance business |
|
|
||
|
Employees’ related remuneration and welfare benefits |
93,124 |
91,467 |
83,351 |
62351 |
|
Corporate Social Responsibility Expenses |
95,202 |
74,969 |
40,901 |
46226 |
|
Bad debts are written off |
21,212 |
43,715 |
- |
670428 |
|
Remuneration to directors and others |
4,120 |
4,000 |
3,752 |
4000 |
|
Bad & Doubtful Investments written off |
- |
100,000 |
- |
- |
|
Amalgamation Expenses |
328,426 |
161,443 |
- |
142128 |
|
Interest on Debentures |
409,243 |
278,305 |
266,000 |
266000 |
|
Penalty |
- |
- |
500 |
4416 |
|
TOTAL (B) |
1,251,236 |
842,891 |
1,979,723 |
1108308 |
|
PROFIT/(LOSS) BEFORE TAX |
|
|
||
|
Provision for Taxation |
7,917,692 |
4,589,649 |
4,672,297 |
5132681 |
|
Current Tax |
2,011,440 |
1,094,782 |
1,396,384 |
1059298 |
|
Deferred Tax |
(10,258) |
(58,832) |
(553,964) |
36326 |
|
MAT Credit Written Off |
- |
284,281 |
- |
|
|
PROFIT/(LOSS) AFTER TAX |
5,916,510 |
3,269,418 |
3,829,877 |
4037057 |
|
EARNINGS PER SHARE |
|
|
||
|
Basic |
8.32 |
5.32 |
6.33 |
6.70 |
|
Diluted |
8.29 |
5.30 |
6.31 |
6.68 |
BALANCE SHEET OF HDFC ERGO GENERAL INSURANCE COMPANY LIMITED (In Rs.000) (As of 31-03-2018 to 31-03-2021)
|
PARTICULARS |
2021 |
2020 |
2019 |
2018 |
|
SOURCES OF FUNDS |
|
|
||
|
Share Capital |
7,115,649 |
6,058,421 |
6054221 |
6050718 |
|
Share capital suspense |
- |
1,053,689 |
- |
- |
|
Reserves and surplus |
25,155,927 |
21,319,914 |
1379664 |
11560400 |
|
Fair value change account - shareholders |
46,834 |
(110,020) |
(57263) |
43185 |
|
Fair value change account - policyholders |
217,132 |
(645,147) |
(217528) |
150889 |
|
Borrowings |
5,040,000 |
5,040,000 |
3500000 |
3500000 |
|
Deferred tax liability |
- |
- |
- |
36326 |
|
TOTAL |
37,575,542 |
32,716,857 |
23049094 |
21341518 |
|
APPLICATION OF FUNDS |
|
|
||
|
Investments - shareholders |
29,528,835 |
19,780,184 |
18971760 |
18154614 |
|
Investments - policyholders |
136,900,703 |
115,988,644 |
72068296 |
63433015 |
|
Loans |
- |
- |
- |
- |
|
Fixed assets |
2,733,604 |
2,824,353 |
2135050 |
2095017 |
|
Deferred tax asset |
736,533 |
726,276 |
517639 |
|
|
CURRENT ASSETS |
|
|
||
|
Cash and Bank Balances |
4,738,249 |
7,821,307 |
3883282 |
4370413 |
|
Advances and Other Assets |
18,551,807 |
23,462,687 |
17713394 |
15492246 |
|
Sub-Total (A) |
23,290,056 |
31,283,994 |
21596676 |
19862659 |
|
CURRENT LIABILITIES |
112,312,673 |
95,494,980 |
63751506 |
59339619 |
|
Provisions |
43,301,516 |
42,391,614 |
28488821 |
22864168 |
|
Sub-Total (B) |
155,614,189 |
137,886,594 |
92240327 |
82203787 |
|
Net current assets/(liabilities) (c) = (a-b) |
(132,324,133) |
(106,602,600) |
(70643651) |
(62341128) |
|
Miscellaneous expenditure |
- |
- |
- |
- |
|
Debit balance in profit and loss account |
- |
- |
- |
- |
|
TOTAL |
37,575,542 |
32,716,857 |
23049094 |
21341518 |
DIVIDEND HISTORY (As of 31-03-2018 to 31-03-2021)
|
Particulars |
2021 |
2020 |
2019 |
2018 |
|
|
Dividend (Interim) |
Rs.3 per share |
NIL |
Rs. 2.25 Per Share |
Rs. 2 Per Share |
|
PERFORMANCE OF THE COMPANY
Income from Operations Increased from Rs. 543,25,40,000 in FY 2020 to Rs 916,89,28,000 in FY 2021, showing an increase of 68.78% as compared to the previous financial year.
In FY 2021, Company’s Net profit stood at Rs 591,65,10,000 80.96% higher than the Net Profit of Rs.326,94,18,000 in FY 2020.
The Current Ratio of the company as of 31st March 2021 was 0.15%.
The book value of the company as of 31st March 2021 was 41.13
