PNB Metlife Annual Report

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 Balance Sheet (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Shareholders fund
Share capital	2,01,28,843	2,01,28,843
Reserves and surplus	66,966	42342
Total shareholders ' funds	2,01,95,809	2,01,71,185
Borrowings	40,00,000	40,00,000
Policyholder 's funds
Credit/(Debit) Fair value change account	54,02,378	22,24,846
Policy liabilities	34,08,62,937	28,81,56,830
Provision for linked liabilities	95,51,836	7,20,59,303
Total policyholders ' funds	44,17,83,681	36,24,40,979
Funds for discontinued policies
Discontinued on account of non- payment of premium	1,24,17,475	1,18,79,361
Funds for future appropriations	74,35,860	83,39,156
Total	48,58,32,825	40,68,30,681
Application of funds:
Investments
Shareholders	1,97,79,122	1,82,01,697
Policyholders’	34,94,24,182	29,56,29,523
Assets held to cover linked liabilities	10,79,35,841	8,39,38,664
Loans	28,88,647	23,14,563
Fixed assets	11,40,440	11,86,412
Current assets
Cash and bank balances	21,73,243	16,88,220
Advances and other assets	1,53,62,471	1,26,08,003
Total Current assets	1,57,09,718	1,43,31,551
Current liabilities	1,44,82,100	1,31,85,535
Provisions	12,27,618	11,46,016
Total Current Liabilities and Provisions	1,57,09,718	14,33,151
Net current assets	18,25,996	-35328
Debit balance in profit and loss account (Shareholders ' Account)	28,38,597	55,95,150
Total	48,58,32,825	40,68,30,681

PNB Metlife India Profit & Loss Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Amount transferred from the Policyholders’ Account	23,76,941	10,70,034
Income from investments
Interest, dividends and rent - gross	13,61,799	12,71,947
Profit on sale/redemption of investments	75,926	65,288
Loss on sale/redemption of investments	-	-8
Amortisation of (premium)/discount on investments	35,262	15,437
Total Income	14,72,987	13,52,664
Expenses other than those directly related to the insurance business	1,43,369	1,31,516
Contribution to Policyholders Account towards excess of EOM	-	86,899
Contribution towards Remuneration of Managing Director	60,003	72,852
Interest on non-convertible debentures	3,25,690	3,24,800
Contribution to the Policyholders ' Account	4,29,051	5,75,840
Total Expenses	9,58,113	11,91,907
Profit / (Loss) before tax	28,91,815	12,30,791
Provision for taxation	1,35,262	1,08,895
Profit / (Loss) after tax	27,56,553	11,21,896
Appropriations
Balance at beginning of the year	-55,95,150	-67,17,046
Profit / (Loss) carried forward to balance sheet	-28,38,597	-55,95,150
Earnings / (Loss) Per Share (Basic)	1.37	0.56
Earnings / (Loss) Per Share (Diluted)	1.37	0.56

PNB Metlife India Consolidated Cash Flow Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Cash Flows from the Operating Activities:
Premium received from policyholders, including advance receipts	9,89,27,098	9,08,19,402
Other receipts	3,02,780	2,36,685
Payments to other entities carrying on insurance business (including reinsurers), net of commissions and benefits	-10,88,274	-10,11,307
Payments of claims/benefits	-4,87,93,757	-3,26,75,498
Payments of commission and brokerage	-62,14,496	-49,44,509
Payments of other operating expenses	-1,62,32,372	-1,58,56,990
Deposits, advances and staff loans	-2,21,691	-3,34,651
Income taxes paid (Net)	-2,93,732	-2,29,693
Goods and Services Tax paid	-25,89,315	-23,12,188
Net cash flow from operating activities	2,37,96,241	3,36,91,251
Cash flows from Investing Activities:
Purchase of fixed assets	-5,88,593	-4,85,708
Proceeds from sale of fixed assets	95,582	2,377
Purchase of Investments	-19,22,85,485	-16,84,74,503
Loans against policies	-5,94,809	-7,09,287
Sales/ Maturity of investments	13,98,81,421	11,64,98,606
Rents/Interests/ Dividends received	2,59,68,838	2,23,66,510
Investments in money market instruments and in liquid mutual funds (Net) Expenses related to investments	39,89,926	-17,90,149
Net cash flow from investing activities	-2,35,33,120	-3,25,92,154
Cash flows from Financing Activities:
Interest paid on borrowing	-3,24,800	-3,24,800
Net cash flow from financing activities	-3,24,800	-3,24,800
Net increase/(decrease) in cash and cash equivalents	-61,679	7,74,297
Cash and cash equivalents at the beginning of the year	12,85,492	5,11,195
Cash and cash equivalents at the end of the year	12,23,813	12,85,492
Components of Cash and cash equivalents at the end of the year
Cash (including cheques in hand and stamps in hand)	5,86,327	5,14,308
Bank Deposits (including Short-term FDs)	90,02,670	5,60,600
Bank Balances	7,12,832	8,27,701
Book overdraft	-9,78,016	-6,17,117
	12,23,813	12,85,492
Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance
Cash and cash equivalents at the end of the year	12,23,813	12,85,492
Add: Deposits (other than Short-term FDs)	2,900	2,900
Add: Book overdraft	9,78,016	6,17,117
less: linked business bank balance	-31,486	-2,17,289
Cash & Bank Balances	21,73,243	16,88,220

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flows from Operating Activities

The company generated a net cash inflow of ₹2,37,96,241 thousand in 2024, compared to ₹3,36,91,251 thousand in 2023. The main sources of cash inflow were:

Premiums received from policyholders of ₹9,89,27,098 thousand, reflecting strong collections from insurance premiums, which increased compared to the previous year.

Other receipts of ₹3,02,780 thousand contributed additional cash inflows.

However, significant outflows included:

Payments of claims and benefits (₹-4,87,93,757 thousand), showing a substantial rise in claims paid compared to ₹-3,26,75,498 thousand in 2023.

Payments of commissions and brokerage (₹-62,14,496 thousand) and operating expenses (₹-1,62,32,372 thousand), reflecting the costs of maintaining and growing the business.

Income taxes paid (₹-2,93,732 thousand) and GST payments (₹-25,89,315 thousand) also contributed to the cash outflows.

While the operating cash flows remained positive, they decreased compared to the prior year due to higher claims and operating expenses.

Cash Flows from Investing Activities

Investing activities resulted in a net cash outflow of ₹-2,35,33,120 thousand in 2024, slightly lower than the outflow of ₹-3,25,92,154 thousand in 2023. Key transactions included:

Purchases of investments (₹-19,22,85,485 thousand) and loans against policies (₹-5,94,809 thousand) drove significant outflows, reflecting the company’s reinvestment activities.

Proceeds from the sale/maturity of investments of ₹13,98,81,421 thousand offset some of these outflows, but the overall net investment position remained negative.

Rents, interest, and dividend income of ₹2,59,68,838 thousand contributed positively, indicating steady income from the company’s investments.

Despite strong inflows from interest and dividends, heavy outflows due to investment activities resulted in a significant net cash outflow.

Cash Flows from Financing Activities

Financing activities showed a small net cash outflow of ₹-3,24,800 thousand in both 2024 and 2023, primarily driven by interest paid on borrowing. This suggests that the company had minimal financing activities, reflecting low reliance on borrowing or external financing during the year.

Net Increase/Decrease in Cash and Cash Equivalents

Despite strong cash inflows from operations, the company experienced a net decrease in cash and cash equivalents of ₹-61,679 thousand in 2024, compared to an increase of ₹7,74,297 thousand in 2023. The outflows from investing activities exceeded the inflows from operating activities, resulting in a slight reduction in overall liquidity.

The company began the year with ₹12,85,492 thousand in cash and cash equivalents, which decreased to ₹12,23,813 thousand by the end of 2024.

Components of Cash and Cash Equivalents

At the end of 2024, the cash and cash equivalents included:

Cash on hand and cheques (₹5,86,327 thousand).

Bank deposits (₹90,02,670 thousand).

Bank balances (₹7,12,832 thousand).

A book overdraft of ₹-9,78,016 thousand, which reduced the cash balance.

After accounting for these factors, the total cash and bank balances at the end of 2024 amounted to ₹21,73,243 thousand

PNB Metlife Annual Reports, Balance Sheet and Financials

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

PNB Metlife India Balance Sheet (Rs in Thousands)

PNB Metlife India Consolidated Cash Flow Statement (Rs in Thousands)

PNB Metlife India Annual Report 2023-24

PNB Metlife India Annual Report 2022-23

PNB Metlife India Annual Report 2021-22

PNB Metlife India Annual Report 2020-21

PNB Metlife India Annual Report 2019-20

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