HDFC Ergo Annual Report | Balance Sheet for FY 2022-23

HDFC Ergo General Insurance Company Limited (HDFC Ergo) Return Comparision with Primex 40 Index

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HDFC Ergo General Insurance Company Limited

HDFC Ergo General Insurance Company Limited Balance Sheet (In Rs. Thousands)

Particulars	31ST March, 2023	31ST March, 2022	31ST March, 2021
SOURCES OF FUNDS
SHARE CAPITAL	71,27,800	71,27,800	71,15,649
SHARE APPLICATION	8,769	—	-
RESERVES AND SURPLUS	3,20,26,002	2,79,94,137	2,51,55,927
FAIR VALUE CHANGE ACCOUNT - SHAREHOLDERS	56,360	1,32,032	46,834
FAIR VALUE CHANGE ACCOUNT - POLICYHOLDERS	2,42,013	5,20,846	2,17,132
BORROWINGS	82,90,000	52,90,000	50,40,000
DEFERRED TAX LIABILITY	—	—	—
TOTAL	4,77,50,944	4,10,64,815	3,75,75,542
APPLICATION OF FUNDS
INVESTMENTS - SHAREHOLDERS	4,20,11,314	3,72,04,597	2,95,28,835
INVESTMENTS - POLICYHOLDERS	18,04,04,772	14,67,65,923	13,69,00,703
LOANS	—	—	—
FIXED ASSETS	36,40,987	29,92,962	27,33,604
DEFERRED TAX ASSET	5,23,078	5,86,610	7,36,533
CURRENT ASSETS
Cash and Bank Balances	31,52,831	13,42,855	47,38,249
Advances and Other Assets	2,09,20,783	2,40,11,507	1,85,51,807
Sub-Total (A)	2,40,73,614	2,53,54,362	2,32,90,056
CURRENT LIABILITIES	14,86,92,843	12,62,25,710	11,23,12,673
PROVISIONS	5,42,09,978	4,56,13,929	4,33,01,516
Sub-Total (B)	20,29,02,821	17,18,39,639	15,56,14,189
NET CURRENT ASSETS/(LIABILITIES) (C) = (A-B)	-17,88,29,207	-14,64,85,277	-13,23,24,133
MISCELLANEOUS EXPENDITURE	—		—
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT	—	—	—
TOTAL	4,77,50,944	4,10,64,815	3,75,75,542

HDFC Ergo General Insurance Company Limited Profit & Loss Statement (In Rs. Thousands)

Particulars	31ST March 2023	31ST March 2022	31ST March 2021
OPERATING PROFIT/(LOSS)
Fire Insurance	12,29,641	8,72,725	-2,54,704
Marine Insurance	-9,76,202	-2,59,603	-2,07,186
Miscellaneous Insurance	64,73,545	41,29,879	77,70,647
TOTAL	67,26,984	47,43,001	73,08,757
INCOME FROM INVESTMENTS
Interest, Dividend and Rent – Gross	25,33,855	20,89,248	16,61,112
Profit on sale of investments	1,95,684	3,51,153	1,99,059
Less: Loss on sale of investments	-8,765	-3,490	—
TOTAL	27,20,774	24,36,911	18,60,171
OTHER INCOME	—	—
TOTAL (A)	94,47,758	71,79,912	91,68,928
PROVISIONS (OTHER THAN TAXATION)	—	—	—
For diminution in the value of investments	-1,74,669	-2,96,751	3,11,725
For doubtful debts	2,22,536	-1,183	-11,816
TOTAL	47,867	-2,97,934	2,99,909
OTHER EXPENSES
Expenses other than those related to insurance business	—	—	93,124
Employees’ related remuneration and welfare benefits	1,20,325	1,12,483	—
Corporate Social Responsibility Expenses	1,26,636	1,13,876	95,202
Bad debts written off	18,661	18,126	21,212
Remuneration to directors and others	7,015	4,170	4,120
Bad & Doubtful Investments written off (Refer note 10 of Schedule 16)	—	1,33,400	—
Amalgamation Expenses	—	—	328426
Interest on Debentures	4,33,202	4,09,148	4,09,243
Debenture issuance expenses	9,598	8,948	—
TOTAL (B)	7,63,304	5,02,217	12,51,236
PROFIT/(LOSS) BEFORE TAX	86,84,454	66,77,695	79,17,692
Provision for Taxation	—	—	—
Current Tax	20,94,328	15,26,455	20,11,440
Deferred Tax	63,531	1,49,924	-10,258
PROFIT/(LOSS) AFTER TAX	65,26,595	50,01,316	59,16,510
APPROPRIATIONS
Interim Dividends paid during the year	24,94,730	23,16,535	21,34,695
Proposed final Dividend	—	—	—
Transfer to any Reserves or Other Accounts	—	—	—
Dividend Distribution tax	—	—	—
Transfer to any Reserves or Other Accounts	—	—	—
Transfer to Debenture Redemption Reserve	—	—	—
Transfer to Contingency Reserve for Unexpired Risks	—	—	—
Balance of Profit/(Loss) brought forward from previous year	1,04,68,714	77,83,933	40,02,118
BALANCE CARRIED FORWARD TO BALANCE SHEET	1,45,00,579	1,04,68,714	77,83,933
EARNINGS PER SHARE (Basic)	9.16	7.02	8.32
EARNINGS PER SHARE (Diluted)	9.13	7	8.29

HDFC Ergo General Insurance Company Limited Consolidated Cash Flow Statement (In Rs. Thousands)

Particulars Schedule	March 31, 2023	March 31, 2022	March 31, 2021
Cash flows from operating activities
Premium received from policyholders, including advance receipts	19,66,28,477	15,15,02,343	14,60,28,961
Payments to re-insurers, net of commission and claims	-2,33,76,300	-2,28,08,999	-2,33,65,657
Payments to co-insurers, net of claims recovery	3,37,644	6,23,568	5,16,553
Payments of claims	-9,11,44,196	-8,27,09,792	-6,33,83,344
Payments of commission and brokerage	-1,57,93,812	-1,28,18,928	-1,18,06,102
Payments of other operating expenses	-2,62,08,371	-1,97,56,326	-2,10,16,226
Corporate Social Responsibility (CSR) expenses	-1,26,636	-1,13,876	-95,202
Deposits, advances and staff loans	-3,22,455	1,39,022	77,143
Income taxes paid (Net)	-18,69,785	-15,61,635	-21,06,753
Goods and Services Tax paid	-97,97,054	-83,35,878	-62,17,673
Net cash generated from/(used in) operating activities (A)	2,83,27,512	41,59,499	1,86,31,700
Cash flows from investing activities
Purchase of fixed assets	-13,44,298	-7,98,634	-6,11,530
Proceeds from sale of fixed assets	22,902	12,621	41,000
Purchase of investments	-1,03,59,62,940	-12,59,42,910	-7,46,65,676
Sale of investments	98,67,48,329	10,29,71,221	4,96,17,718
Rent/Interest/Dividend received	1,45,73,865	1,23,81,513	1,14,28,407
Investments in money market instruments and in liquid mutual funds (Net)	93,94,778	61,50,646	-50,33,544
Net cash flow from/(used in) investing activities (B)	-2,65,67,364	-52,25,543	-1,92,23,625
Cash flows from financing activities
Proceeds from issuance of share capital and share premium	—	1,65,580	57,738
Receipt of Share application money pending allotment	8,769	—	—
Repayments of borrowing	-8,00,000	-35,00,000	—
Proceeds from issuance of borrowing	38,00,000	37,50,000	—
Interest Paid	-4,35,589	-4,08,905	-4,06,645
Dividend paid (Including dividend distribution tax)	-24,94,730	-23,16,535	-21,34,695
Net cash flow from/(used in) financing activities (C)	78,450	-23,09,860	-24,83,602
Effect of foreign exchange rates on cash and cash equivalents (Net) (D)	-1,571	-6,152	-1,028
Net increase/(decrease) in cash and cash equivalents	18,37,027	-33,82,056	-30,76,555
Cash and cash equivalents at the beginning of the year	13,05,453	46,87,509	77,64,064
Cash and cash equivalents at the end of the period	31,42,480	13,05,453	46,87,509
Net increase/(decrease) in cash and cash equivalents	18,37,027	-33,82,056	-30,76,555
Reconciliation of Cash and cash equivalents with the Balance Sheet:
Cash and Bank balances	3152831	1342855	47,38,249
Less: Deposit Accounts not considered as Cash and cash equivalents as defined in AS-3	-10,351	-37,402	-50,740
Cash and cash equivalents at the end of the period	31,42,480	13,05,453	46,87,509

Let 's break down the Cash Flow Statement for the years 2023, 2022, and 2021, activity-wise:

Operating Activities:

The operating activities section provides insights into the company 's core business cash flows. In this case, the company received a significant amount of premium from policyholders, showing a healthy inflow from its insurance business. Payments to re-insurers, co-insurers, and claims highlight the company 's engagement with other entities in the insurance sector. Additionally, payments for commissions, operating expenses, and taxes represent the day-to-day operational costs. The positive net cash generated from operating activities indicates that the company 's core business is bringing in more cash than it is spending.

Investing Activities:

The investing activities section outlines the company 's capital expenditures and investment-related cash flows. Notably, the company made substantial investments in fixed assets, investments, and money market instruments. The proceeds from the sale of investments and the receipt of rent, interest, and dividends indicate returns on the company 's investment portfolio. The overall negative net cash flow from investing activities suggests that the company is making significant investments in its operations and portfolio.

Financing Activities:

Financing activities represent the cash flows associated with the company 's capital structure. In this case, the company did not raise funds through the issuance of share capital and share premium during the period. However, it received share application money pending allotment and made repayments of borrowings. The company also raised capital through the issuance of borrowings. Interest paid and dividends distributed represent the financial costs associated with the company 's capital. The small positive net cash flow from financing activities suggests a relatively stable financing structure during the period.

Net Cash Position:

The net increase in cash and cash equivalents is determined by summing the net cash flows from operating, investing, and financing activities. In this scenario, there is a notable increase in cash and cash equivalents, indicating that the company generated more cash than it spent during the period. The cash and cash equivalents at the end of the period are reconciled with the balance sheet, providing a clear picture of the company 's liquidity. The positive net cash position indicates that the company is in a healthy financial position, with sufficient cash to meet its short-term obligations and potentially invest in growth opportunities.

HDFC Ergo General Insurance Company Limited Balance Sheet (In Rs. Thousands)

Particulars	31ST March, 2023	31ST March, 2022	31ST March, 2021
SOURCES OF FUNDS
SHARE CAPITAL	71,27,800	71,27,800	71,15,649
SHARE APPLICATION	8,769	—	-
RESERVES AND SURPLUS	3,20,26,002	2,79,94,137	2,51,55,927
FAIR VALUE CHANGE ACCOUNT - SHAREHOLDERS	56,360	1,32,032	46,834
FAIR VALUE CHANGE ACCOUNT - POLICYHOLDERS	2,42,013	5,20,846	2,17,132
BORROWINGS	82,90,000	52,90,000	50,40,000
DEFERRED TAX LIABILITY	—	—	—
TOTAL	4,77,50,944	4,10,64,815	3,75,75,542
APPLICATION OF FUNDS
INVESTMENTS - SHAREHOLDERS	4,20,11,314	3,72,04,597	2,95,28,835
INVESTMENTS - POLICYHOLDERS	18,04,04,772	14,67,65,923	13,69,00,703
LOANS	—	—	—
FIXED ASSETS	36,40,987	29,92,962	27,33,604
DEFERRED TAX ASSET	5,23,078	5,86,610	7,36,533
CURRENT ASSETS
Cash and Bank Balances	31,52,831	13,42,855	47,38,249
Advances and Other Assets	2,09,20,783	2,40,11,507	1,85,51,807
Sub-Total (A)	2,40,73,614	2,53,54,362	2,32,90,056
CURRENT LIABILITIES	14,86,92,843	12,62,25,710	11,23,12,673
PROVISIONS	5,42,09,978	4,56,13,929	4,33,01,516
Sub-Total (B)	20,29,02,821	17,18,39,639	15,56,14,189
NET CURRENT ASSETS/(LIABILITIES) (C) = (A-B)	-17,88,29,207	-14,64,85,277	-13,23,24,133
MISCELLANEOUS EXPENDITURE	—		—
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT	—	—	—
TOTAL	4,77,50,944	4,10,64,815	3,75,75,542

HDFC Ergo General Insurance Company Limited Profit & Loss Statement (In Rs. Thousands)

Particulars	31ST March 2023	31ST March 2022	31ST March 2021
OPERATING PROFIT/(LOSS)
Fire Insurance	12,29,641	8,72,725	-2,54,704
Marine Insurance	-9,76,202	-2,59,603	-2,07,186
Miscellaneous Insurance	64,73,545	41,29,879	77,70,647
TOTAL	67,26,984	47,43,001	73,08,757
INCOME FROM INVESTMENTS
Interest, Dividend and Rent – Gross	25,33,855	20,89,248	16,61,112
Profit on sale of investments	1,95,684	3,51,153	1,99,059
Less: Loss on sale of investments	-8,765	-3,490	—
TOTAL	27,20,774	24,36,911	18,60,171
OTHER INCOME	—	—
TOTAL (A)	94,47,758	71,79,912	91,68,928
PROVISIONS (OTHER THAN TAXATION)	—	—	—
For diminution in the value of investments	-1,74,669	-2,96,751	3,11,725
For doubtful debts	2,22,536	-1,183	-11,816
TOTAL	47,867	-2,97,934	2,99,909
OTHER EXPENSES
Expenses other than those related to insurance business	—	—	93,124
Employees’ related remuneration and welfare benefits	1,20,325	1,12,483	—
Corporate Social Responsibility Expenses	1,26,636	1,13,876	95,202
Bad debts written off	18,661	18,126	21,212
Remuneration to directors and others	7,015	4,170	4,120
Bad & Doubtful Investments written off (Refer note 10 of Schedule 16)	—	1,33,400	—
Amalgamation Expenses	—	—	328426
Interest on Debentures	4,33,202	4,09,148	4,09,243
Debenture issuance expenses	9,598	8,948	—
TOTAL (B)	7,63,304	5,02,217	12,51,236
PROFIT/(LOSS) BEFORE TAX	86,84,454	66,77,695	79,17,692
Provision for Taxation	—	—	—
Current Tax	20,94,328	15,26,455	20,11,440
Deferred Tax	63,531	1,49,924	-10,258
PROFIT/(LOSS) AFTER TAX	65,26,595	50,01,316	59,16,510
APPROPRIATIONS
Interim Dividends paid during the year	24,94,730	23,16,535	21,34,695
Proposed final Dividend	—	—	—
Transfer to any Reserves or Other Accounts	—	—	—
Dividend Distribution tax	—	—	—
Transfer to any Reserves or Other Accounts	—	—	—
Transfer to Debenture Redemption Reserve	—	—	—
Transfer to Contingency Reserve for Unexpired Risks	—	—	—
Balance of Profit/(Loss) brought forward from previous year	1,04,68,714	77,83,933	40,02,118
BALANCE CARRIED FORWARD TO BALANCE SHEET	1,45,00,579	1,04,68,714	77,83,933
EARNINGS PER SHARE (Basic)	9.16	7.02	8.32
EARNINGS PER SHARE (Diluted)	9.13	7	8.29

HDFC Ergo General Insurance Company Limited Consolidated Cash Flow Statement (In Rs. Thousands)

Particulars Schedule	March 31, 2023	March 31, 2022	March 31, 2021
Cash flows from operating activities
Premium received from policyholders, including advance receipts	19,66,28,477	15,15,02,343	14,60,28,961
Payments to re-insurers, net of commission and claims	-2,33,76,300	-2,28,08,999	-2,33,65,657
Payments to co-insurers, net of claims recovery	3,37,644	6,23,568	5,16,553
Payments of claims	-9,11,44,196	-8,27,09,792	-6,33,83,344
Payments of commission and brokerage	-1,57,93,812	-1,28,18,928	-1,18,06,102
Payments of other operating expenses	-2,62,08,371	-1,97,56,326	-2,10,16,226
Corporate Social Responsibility (CSR) expenses	-1,26,636	-1,13,876	-95,202
Deposits, advances and staff loans	-3,22,455	1,39,022	77,143
Income taxes paid (Net)	-18,69,785	-15,61,635	-21,06,753
Goods and Services Tax paid	-97,97,054	-83,35,878	-62,17,673
Net cash generated from/(used in) operating activities (A)	2,83,27,512	41,59,499	1,86,31,700
Cash flows from investing activities
Purchase of fixed assets	-13,44,298	-7,98,634	-6,11,530
Proceeds from sale of fixed assets	22,902	12,621	41,000
Purchase of investments	-1,03,59,62,940	-12,59,42,910	-7,46,65,676
Sale of investments	98,67,48,329	10,29,71,221	4,96,17,718
Rent/Interest/Dividend received	1,45,73,865	1,23,81,513	1,14,28,407
Investments in money market instruments and in liquid mutual funds (Net)	93,94,778	61,50,646	-50,33,544
Net cash flow from/(used in) investing activities (B)	-2,65,67,364	-52,25,543	-1,92,23,625
Cash flows from financing activities
Proceeds from issuance of share capital and share premium	—	1,65,580	57,738
Receipt of Share application money pending allotment	8,769	—	—
Repayments of borrowing	-8,00,000	-35,00,000	—
Proceeds from issuance of borrowing	38,00,000	37,50,000	—
Interest Paid	-4,35,589	-4,08,905	-4,06,645
Dividend paid (Including dividend distribution tax)	-24,94,730	-23,16,535	-21,34,695
Net cash flow from/(used in) financing activities (C)	78,450	-23,09,860	-24,83,602
Effect of foreign exchange rates on cash and cash equivalents (Net) (D)	-1,571	-6,152	-1,028
Net increase/(decrease) in cash and cash equivalents	18,37,027	-33,82,056	-30,76,555
Cash and cash equivalents at the beginning of the year	13,05,453	46,87,509	77,64,064
Cash and cash equivalents at the end of the period	31,42,480	13,05,453	46,87,509
Net increase/(decrease) in cash and cash equivalents	18,37,027	-33,82,056	-30,76,555
Reconciliation of Cash and cash equivalents with the Balance Sheet:
Cash and Bank balances	3152831	1342855	47,38,249
Less: Deposit Accounts not considered as Cash and cash equivalents as defined in AS-3	-10,351	-37,402	-50,740
Cash and cash equivalents at the end of the period	31,42,480	13,05,453	46,87,509

Let 's break down the Cash Flow Statement for the years 2023, 2022, and 2021, activity-wise:

Operating Activities:

Investing Activities:

Financing Activities:

Net Cash Position:

HDFC Ergo 's financial ratios

Particulars	31 March 2022	31 March 2021
Current Ratio (in times)	0.20	0.21
Net Commission Ratio	-3.90%	-3.05%
Net Retention Ratio	51.85%	52.27%
Gross direct premium to the net-worth ratio (in times)	4.20	4.20
Net Incurred Claims to Net Earned Premium	84.04%	75.75%
Combined Ratio	107.48%	103.25%
Liquid Assets to liabilities ratio (in times)	0.26	0.33
Available Solvency Margin (ASM) to Required Solvency Margin (RSM) Ratio (in times)	1.64	1.90
Operating Profit Ratio	6.90%	11.41%
Net Earnings Ratio	7.04%	9.10%
Return on Net Worth Ratio	15.57%	20.21%

The Above given financial ratios of HDFC Ergo for the year ended on March 31, 2022 and March 31, 2021, provide information about the company 's financial performance and its ability to meet its obligations. Here is a summary of each ratio:

Current Ratio: The current ratio measures the company 's ability to pay its short-term obligations using its short-term assets. HDFC Ergo 's current ratio decreased slightly from 0.21 in 2021 to 0.20 in 2022, indicating a slight decline in the company 's short-term liquidity.

Net Commission Ratio: The net commission ratio measures the company 's commission income as a percentage of its net premium earned. HDFC Ergo 's net commission ratio decreased from -3.05% in 2021 to -3.90% in 2022, indicating a decrease in commission income relative to the net premium earned.

Net Retention Ratio: The net retention ratio measures the company 's ability to retain its premiums after paying reinsurance premiums. HDFC Ergo 's net retention ratio slightly decreased from 52.27% in 2021 to 51.85% in 2022, indicating a decrease in the company 's ability to retain its premiums.

Gross Direct Premium to Net-worth Ratio: This ratio measures the company 's capacity to underwrite its business relative to its net worth. HDFC Ergo 's ratio remained constant at 4.20 in both 2021 and 2022.

Net Incurred Claims to Net Earned Premium: This ratio measures the percentage of net earned premium that is used to pay claims. HDFC Ergo 's ratio increased from 75.75% in 2021 to 84.04% in 2022, indicating an increase in the company 's claims ratio.

Combined Ratio: The combined ratio is a measure of the company 's profitability, calculated by adding the loss ratio and the expense ratio. HDFC Ergo 's combined ratio increased from 103.25% in 2021 to 107.48% in 2022, indicating a decrease in the company 's profitability.

Liquid Assets to Liabilities Ratio: This ratio measures the company 's ability to meet its obligations using its liquid assets. HDFC Ergo 's ratio decreased from 0.33 in 2021 to 0.26 in 2022, indicating a decrease in the company 's liquidity.

Available Solvency Margin to Required Solvency Margin Ratio: This ratio measures the company 's solvency and ability to absorb unexpected losses. HDFC Ergo 's ratio decreased from 1.90 in 2021 to 1.64 in 2022, indicating a decrease in the company 's solvency margin.

Operating Profit Ratio: This ratio measures the company 's operating profit as a percentage of its net premium earned. HDFC Ergo 's operating profit ratio decreased from 11.41% in 2021 to 6.90% in 2022, indicating a decrease in the company 's operating profitability.

Net Earnings Ratio: This ratio measures the company 's net profit as a percentage of its net premium earned. HDFC Ergo 's net earnings ratio decreased from 9.10% in 2021 to 7.04% in 2022, indicating a decrease in the company 's overall profitability.

Return on Net Worth Ratio: This ratio measures the company 's profitability relative to its net worth. HDFC Ergo 's return on net worth ratio decreased from 20.21% in 2021 to 15.57% in 2022, indicating a decrease in the company 's overall profitability.

The cash flow statement provides information about the cash inflows and outflows of HDFC Ergo for the last three financial years ending on March 31, 2022, 2021, and 2020.

In the operating activities section, it can be seen that the company has generated positive cash flows from operating activities for the past three years, with an increase in cash flows from operating activities in 2022 as compared to the previous two years. The company has received more premiums from policyholders, while payments to reinsurers, co-insurers, and claims have also increased over the years. There has been an increase in payments of other operating expenses as well.

In the investing activities section, there is a net cash outflow, with the company investing in fixed assets and purchasing investments. However, there has been an increase in cash inflows from the sale of investments in 2022 as compared to the previous year. The company has also received rent, interest, and dividend income.

In the financing activities section, there has been a net cash outflow, with repayment of borrowing and payment of dividends. The company has also paid interest on borrowings. There has been an increase in proceeds from the issuance of borrowings in 2022 as compared to the previous two years.

Overall, there has been a net decrease in cash and cash equivalents in the past three years, with a significant decrease in 2022 as compared to the previous two years. At the end of 2022, the company had cash and cash equivalents of Rs. 13,05,453 thousand. The decrease in cash and cash equivalents may be due to the cash outflows from investing and financing activities exceeding the cash inflows from operating activities.

Dividend History of HDFC Ergo General Insurance Company Limited

Particulars	2023	2022	2021
Dividend (final + interim) (In Rs.)	3.5	3.25	3

HDFC Ergo Annual Reports, Balance Sheet and Financials

HDFC Ergo General Insurance Company Limited (HDFC Ergo) Return Comparision with Primex 40 Index

HDFC Ergo General Insurance Company Limited Balance Sheet (In Rs. Thousands)

HDFC Ergo General Insurance Company Limited Profit & Loss Statement (In Rs. Thousands)

HDFC Ergo General Insurance Company Limited Consolidated Cash Flow Statement (In Rs. Thousands)

Let 's break down the Cash Flow Statement for the years 2023, 2022, and 2021, activity-wise:

HDFC Ergo General Insurance Company Limited Balance Sheet (In Rs. Thousands)

HDFC Ergo General Insurance Company Limited Profit & Loss Statement (In Rs. Thousands)

HDFC Ergo General Insurance Company Limited Consolidated Cash Flow Statement (In Rs. Thousands)

Let 's break down the Cash Flow Statement for the years 2023, 2022, and 2021, activity-wise:

HDFC Ergo 's financial ratios

Dividend History of HDFC Ergo General Insurance Company Limited

Annual Report

HDFC Ergo Annual Report 2022-23

HDFC Ergo Annual Report 2021-22

HDFC Ergo Annual Report 2019-20

HDFC Ergo Annual Report 2020-21

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