ABOUT THIS REPORT

Background

We are committed to disclosing relevant financial and non-financial information, with the highest standards of transparency and integrity to our internal and external stakeholders, enabling them to take well-informed investment decisions. An integrated report would be best approach to communicate our annual performance and future strategy to our stakeholders. Through this integrated report, we aim to share our financial and nonfinancial information, including our value creation strategy, governance, business model, ESG performance, materiality and stakeholder engagement approach. We have prepared our fourth integrated annual report, in accordance with the International Integrated Reporting Framework, outlined by the International Integrated Reporting Council (IIRC).

Scope and Boundary

This report covers the financial and non-financial activities and performance of SBI Life for the year from 1st April, 2021 to 31st March, 2022. It provides an overview of our business activities that create value for our stakeholders in the short as well as long term. This report also provides insights about our products and services, competitive landscape, business strategies, business model and risk management framework. SBI Life does not have any subsidiaries.

Framework and Reporting Principles

This report has been developed following the principles of Integrated Reporting Framework which are strategic focus and future orientation, connectivity of information, stakeholder relationships, materiality, conciseness, reliability and completeness, consistency and comparability. The Integrated Report has been prepared according to the IR Framework of the IIRC. In addition, the report complies with the requirements of the Insurance Act 1938, 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, IRDAI Corporate Governance Guidelines, 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).

Approach to Materiality

This integrated report covers the information, which is of interest to our stakeholders and provides a discussion on how these materiality issues impact our ability to create value for our stakeholders.

Approach to Stakeholder Management

We define our stakeholders as those entities or organisations that are directly or indirectly affected by our operations and whose actions impact our ability to execute our strategy and create value. Our extensive stakeholder management framework leads us to periodically engage our stakeholder groups and actively respond to their concerns and issues.

Responsibility Statement

Our Board of Directors and the Audit Committee are responsible to ensure the integrity, transparency and reliability of the information provided in the report. Both, the Board of Directors and the Audit Committee believe that this report addresses all stakeholder relevant materiality issues and covers the integrated financial and non-financial performance of SBI Life and its impact on stakeholders in a fair, responsible and accurate manner.

Stakeholder Feedback

  • Your suggestions, views and opinions allow us to further improve our reporting.
  • Please email your feedback to investorrelations@sbilife.co.in
  • Call our corporate office: 022-6191 0000
  • Location: Mumbai