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PNB Metlife Annual Reports, Balance Sheet and Financials

PNB Metlife India Insurance Company Limited (PNB Metlife) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
PNB Metlife India Insurance Company Limited

 

PNB MetLife India Insurance Company Limited Balance Sheet (In Rs. Crores)

PARTICULAR   March 31, 2023    March 31, 2022  March 31 , 2021
SOURCES OF FUNDS:        
Share capital 2,01,288 2,01,288 2,01,288
Reserves and surplus 423 432 440
Credit/(Debit) Fair value change account   - 876 514
Total shareholders ' funds 2,01,712 2,02,596 2,02,242
Borrowings 40,000 40,000 -
POLICYHOLDERS’ FUNDS        
Credit/(Debit) Fair value change account 22,248 28,819 18,827
Policy liabilities 28,74,786 23,53,529 19,38,365
Insurance reserves   -   - -
Provision for linked liabilities - Non unit 6,782 8,171 6,173
Provision for linked liabilities - Unit 7,20,593 7,15,374 6,33,470
Total policyholders ' funds 36,24,410 31,05,893 25,96,836
Funds for discontinued policies        
Discontinued on account of non- payment of premium 1,18,794 92,736 62,776
Funds for future appropriations  83,392 84,109 64,245
TOTAL 40,68,307 35,25,335 29,26,099
APPLICATION OF FUNDS:        
Investments      
Shareholders 1,82,017 1,71,936 1,36,408
Policyholders’ 29,56,295 24,57,843 19,92,406
Assets held to cover linked liabilities 8,39,387 8,08,111 6,96,246
Loans 23,146 16,288 9,209
Fixed assets      
Current assets      
Cash and bank balances 16,882 16,332 26,670
Advances and other assets 1,26,080 1,23,524 1,01,155
Total Current assets 1,42,962 1,39,856 1,27,824
Less:      
Current liabilities 1,33,431 1,38,248 1,00,575
Provisions 9,884 9,474 7,672
Total Current Liabilities and Provisions (B) 1,43,316 1,47,722 1,08,247
Net current assets -353 -7,866 19,577
Miscellaneous expenditure (to the extent not written off or adjusted)   -   - -
Debit balance in profit and loss account (Shareholders ' Account) 55,952 67,170 60,067
TOTAL 40,68,307 35,25,335 29,26,099

PNB MetLife India Insurance Company Limited Profit & Loss Statement (In Rs. Crores)

Particulars Schedule

  March 31, 2023

  March 31, 2022

  March 31, 2021

Amount transferred from the Policyholders’ Account

10,700

5,323

6,673

Income from investments

 

 

 

Interest, dividends and rent - gross

12,719

10,213

10,146

Profit on sale/redemption of investments

653

1,823

2,321

 Loss on sale/redemption of investments

-

  -

-92

Amortisation of (premium)/discount on investments

154

116

-253

Total Income from investments

13,527

12,153

12,123

Total Income

24,227

17,476

18,796

Expenses other than those directly related to the insurance business

1,315

1,031

956

Contribution to Policyholders Account towards excess of EOM

869

250

299

Contribution towards Remuneration of Managing Director

729

450

344

Interest on non-convertible debentures

3,248

561

-

Bad debts written off

  -

  -

-

Provisions (other than taxation)

-

-

-

For diminution in the value of investments

  -

  -

-

Provision for doubtful debts

  -

  -

-

Contribution to the Policyholders ' Account

5,758

22,288

5,880

Total Expenses

11,919

24,580

7,479

Profit / (Loss) before tax

12,308

-7,104

11,317

Provision for taxation

1,089

  -

1,207

Profit / (Loss) after tax

11,219

-7,104

10,110

Appropriations

 

   

Balance at beginning of the year

-67,170

-60,067

-70,176

Interim dividends paid during the year

  -

  -

-

Proposed final dividend

  -

  -

-

Dividend distribution tax

  -

  -

-

Profit / (Loss) carried forward to balance sheet

-55,952

-67,170

-60,067

Earnings / (Loss) Per Share (Basic)

1

-0.35

0.5

Earnings / (Loss) Per Share (Diluted)

1

-0.35

0.5

PNB MetLife India Insurance Company Limited Cash Flow Statement (In Rs. Crores)

PARTICULAR

  March 31, 2023

  March 31, 2022

  March 31, 2021

Cash Flows from the Operating Activities:

 

 

 

Premium received from policyholders, including advance receipts

9,08,194

7,56,798

6,25,950

Other receipts

2,367

1,509

962

Payments to other entities carrying on insurance business (including reinsurers), net of commissions and benefits

-10,113

32,949

-2,610

Payments of claims/benefits

-3,26,755

-3,73,473

-2,78,700

Payments of commission and brokerage

-49,445

-39,906

-32,665

Payments of other operating expenses

-1,58,570

-1,21,879

-1,08,192

Deposits, advances and staff loans

-3,347

-1,956

-168

Income taxes paid (Net)

-2,297

-2,391

-4,890

Goods and Services Tax paid

-23,122

-17,308

-14,496

Cash flows before extraordinary items

3,36,913

2,34,343

1,85,190

Cash flow from extraordinary operations

-

-

-

(A)Net cash flow from operating activities

3,36,913

2,34,343

1,85,190

Cash flows from Investing Activities:

     

Purchase of fixed assets

-4,857

-4,554

-4,866

Proceeds from sale of fixed assets

24

14

-14

Purchase of Investments

-16,84,745

-11,35,896

-8,63,645

Loans against policies

-7,093

-7,241

-3,406

Sales/ Maturity of investments

11,64,986

7,66,978

4,83,467

Rents/Interests/ Dividends received

2,23,665

1,83,575

1,54,605

Investments in money market instruments and in liquid mutual funds (Net) Expenses related to investments

-17,901

-92,378

36,000

(B)Net cash flow from investing activities

-3,25,922

-2,89,502

-1,97,860

Cash flows from Financing Activities:

     

Proceeds from issuance of share capital

-

-

-

Proceeds from borrowing

-

40,000

-

Repayments of borrowing

-

-

-

Interest paid on borrowing

-3248

-

-

(C)Net cash flow from financing activities

-3,248

40,000

-

Effect of foreign exchange rates on cash and cash equivalents, net

-

-

-

Net increase/(decrease) in cash and cash equivalents

7,743

-15,159

-12,670

Cash and cash equivalents at the beginning of the year

5,112

20,271

32,941

Cash and cash equivalents at the end of the year

12,855

5,112

20,271

Components of Cash and cash equivalents at the end of the year

     

Cash (including cheques in hand and stamps in hand)

5,143

4,602

7,795

Bank Deposits (including Short-term FDs)

5,606

3,000

5,400

Bank Balances

8,277

8,700

13,426

Book overdraft

-6,171

-11,190

-6,349

 

12,855

5,112

20,271

Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance

     

Cash and cash equivalents at the end of the year

12,855

5,112

20,271

Add: Deposits (other than Short-term FDs)

29

44

49

Add: Book overdraft

6,171

11,190

6,349

less: linked business bank balance

-2,173

-14

-

Cash & Bank Balances

16,882

16,332

26,670

Let 's break down the Cash Flow Statement of PNB MetLife India Insurance Company Ltd. for the years 2023, 2022, and 2021, activity-wise:

Operating Activities:
For the year ending March 31, 2023, PNB MetLife reported a positive net cash flow of INR 3369.12 crores from operating activities, driven by premiums received and other income. The company effectively managed outflows related to payments to other entities, claims, and operating expenses. In 2022, a positive net cash flow of INR 2343.43 crores was achieved, reflecting prudent cash flow management amidst significant outflows in claims and commissions. In 2021, the company reported a positive net cash flow of INR 1851.90 crores, showcasing consistent strength in core insurance operations.

Investing Activities:
 In 2023, there was a net cash outflow of INR -32592.22 crores, primarily due to investments in fixed assets and the purchase of investments. In 2022, the net outflow was INR -28950.02 crores, reflecting strategic investment decisions. In 2021, a net outflow of INR -19785.60 crores was reported, indicating a balanced approach to investment activities.

Financing Activities:
 In 2023, net cash flow from financing activities was INR -0.32 crores, driven by borrowing and interest payments. In 2022, borrowing activities led to a net inflow of INR 4 crores. There were no significant financing activities in 2021.

Overall:
In 2023, there was a net increase in cash and cash equivalents of INR 77.43 crores, with closing balances at INR 1285.49 crores. In 2022, a net decrease of -1515.59 crores was reported, with closing balances at INR 511.19 crores. In 2021, a net decrease of -1266.70 crores was recorded, with closing balances at INR 2027.71 crores. These trends indicate the company 's resilience and adaptability in managing its financial position over the three-year period.

Dividend History of PNB MetLife India Insurance Company Limited

Particulars

2023

2022

2020

Dividend (final + interim) (In Rs.)

Nil

Nil

Nil

Retained Earnings ( In Rs. Thousands)

-

-

-

Performance of PNB MetLife India Insurance Company Limited

Loss after tax stood Rs. 11,218.96 Cr. in FY 2023 against a Loss after tax of Rs.7,103.64 Cr. in FY 2022, showing a rise of 57.9326% in loss.

The Book Value Per Share of the company as of 31st March 2023 was Rs.7.22..

The Solvency Ratio of the company has decreased to 1.86 in FY 2022-2023 from 2.09 in FY 2021-2022

The Net retention Ratio of the company is 95%

The company has not given any dividend from past three years.

 

 

Annual Report

PNB Metlife India Annual Report 2022-23

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PNB Metlife India Annual Report 2021-22

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PNB Metlife India Annual Report 2020-21

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PNB Metlife India Annual Report 2019-20

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