About this Report

Background

The Securities and Exchange Board of India (SEBI) had recommended the top 500 listed entities to voluntarily adopt the Integrated Reporting framework prescribed by the International Integrated Reporting Council (IIRC). SBI Life Insurance Company Limited (SBI Life) started preparing its Annual Report in accordance with the IR framework since FY19 to provide a holistic assessment of its financial and non-financial performance.

Framework and Reporting Principles

The IIRC has prescribed seven guiding principles for Integrated Reporting. These are strategic focus and future orientation, connectivity of information, stakeholder relationships, materiality, conciseness, reliability and completeness, consistency and comparability. In addition to aligning with these principles, the Report complies with the requirements of the Insurance Act, the Companies Act 2013, the Insurance Regulatory and Development Authority (IRDAI) (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Accounting Standards issued by Institute of Chartered Accountants of India (ICAI) and the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

Objective

The objective of Integrated Reporting is to provide shareholders and interested stakeholders with relevant financial and non-financial information that can enable them to take a well-informed investment decision. It aims to provide concise information about the Company’s strategy, governance, performance and prospects, which it has created over a period of time.

Scope and Boundary

This is SBI Life’s third Integrated Annual Report and includes information that is material to the Company’s stakeholders, and presents an overview of its business and associated activities that impact value creation in the short, medium and long term. The Report also provides insights about SBI Life’s competitive landscape, key strategies, business model, internal and external risks and mitigation strategies. SBI Life does not have any subsidiaries.