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, taking well-informed investment decisions. An integrated report would be our best approach to communicate our annual performance and future strategy to our stakeholders. Through this integrated report, we aim to share our financial and non-financial information, including our value creation strategy, governance, business model, environmental, social, and corporate governance (ESG) performance, materiality, and stakeholder engagement approach. We have prepared our fifth 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 period of 1 April, 2022 to 31 March, 2023. It provides an overview of our business activities that allow creating value for our stakeholders for the short as well as long term. This report also provides our product and competitor landscape, business strategies, business model, and risk management framework. SBI Life does not have any subsidiaries.
Frameworks used
This report has been developed following the strategic focus and future orientation, connectivity of information, stakeholder relationships, materiality, conciseness, reliability and completeness, consistency, and comparability principles of the Integrated Reporting Framework. We have prepared the non-statutory section of the report according to the IR framework. In addition, the other statutory part of this 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, IRDAI Corporate Governance Guidelines, 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).
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 in the short, medium, and long run.
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 for ensuring 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
