1. We have audited the accompanying Standalone Financial Statements of General Insurance Corporation of India ("the Corporation"), which comprise the Balance Sheet as at 31st March 2024, the Revenue Accounts of Fire, Miscellaneous, Marine and Life Insurance (collectively known as 'Revenue Accounts'), Profit and Loss Account, the Cash Flow statement for the year ended on that date and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information, in which are incorporated financial information of three branches audited by branch auditors and one unaudited branch. The Company's branches are listed in Appendix 1.
2. In our opinion and to the best of our information and according to the explanations given to us, based on the consideration of the reports of the branch auditors as referred to in paragraph 7 & 8 of this report, we report that the aforesaid standalone financial statement:
a. give the information required in accordance with the requirements of the Insurance Act 1938 as amended by the Insurance Laws (Amendment) Act, 2015 ('the Insurance Act'), the Insurance Regulatory and Development Authority Act, 1999 ('the IRDAI Act'), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 ('the IRDAI Financial Statements Regulations), the Companies Act, 2013 ('the Act') including the Accounting Standard specified under section 133 of the Companies Act, 2013 to the extent applicable and in manner so required; and
b. give a true and fair view, in conformity with the accounting principles generally accepted in India as applicable to the Insurance Companies, of state of affairs of the Corporation as on 31st March 2024, surplus of revenue accounts of Fire, Miscellaneous, Marine and Life business, in case of profit and loss account of the profit for the year ended on that date and its cash flows for the year ended on that date.
BASIS FOR OPINION
3. We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements' section of our report. We are independent of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained together with the audit evidence obtained by the other auditors including the branch auditors in terms of their reports referred to in paragraph 7 & 8 of the Other Matters section below, is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
EMPHASIS OF MATTERS
4. We draw attention to the following matters in the Notes to the standalone financial statements:
a. Note No. 24(b) regarding, balances due to/from, the deposits kept with other persons/bodies carrying on Insurance business including reinsurance businesses are under process of reconciliation, and as stated in the note the consequential impact (if any) will be accounted for after its reconciliation.
b. Note No. 56 regarding, to the Standalone Financial Results regarding change in methodology of accrual of premium pursuant to IRDAI circular.
Our opinion is not modified in respect of the above matters.
KEY AUDIT MATTERS
5. Key audit matters are those matters that, in our professional judgement, and based on the consideration of the reports of the branch auditors as referred to paragraph 7 & 8 below, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
6. We have determined the matters described below to be the key audit matters to be communicated in our report.
|
Sr. No.
|
Key Audit Matters
|
How our Audit addressed the Key Audit matter
|
|
a)
|
Revenue Recognition:
|
our audit procedures on revenue recognized included:
|
| |
The Corporation recognizes reinsurance premium income based on the statement of accounts or closing statements received from the ceding companies. At the year end, estimates are made for the accounts not received based on the Estimated Premium Income (EPI) agreed upon by both the Corporation and the Ceding Companies at the time of inception of the treaty or
|
• Tested the design, implementation and operating effectiveness of key controls over Revenue Recognition.
• Verified Premium Estimation with the guidelines of the Corporation and have performed test of controls, test of details and analytical review procedures on estimation of income.
|
| |
policy slip. Premium estimation is the differential of
|
• Verified EPI from the treaty or policy slip as the case may
|
| |
EPI and the booked premium for the Corporation.
|
be and verified Actual Premium booked from Statement of
|
| |
Estimation of Income can be considered reasonable
|
Accounts or Closing statements received from the Cedants
|
| |
only when the factors involved in premium estimation are extracted correctly from the IT accounting system.
|
on the sample basis.
|
|
b)
|
Claim Provisioning:
|
our audit procedures on claim provisioning included:
|
| |
Insurance Claim is the major area of expense for the
|
• Verified guidelines of the Corporation relating to claim
|
| |
insurance company. Total claims incurred include paid
|
processing, have performed test of controls, test of details
|
| |
claims, Outstanding Loss Reserve (OSLR) and Claims
|
and analytical review procedures on the outstanding
|
| |
Incurred but Not (Enough) Reported (IBNER).
|
claims. Verified the claim paid and provision created on
|
| |
The Provision and payment of claims was considered to be one of the areas which required significant auditor attention and was one of the matter of most
|
sample basis with payment proof and Preliminary Loss advice received from the Cedant Company and the same is further verified from the surveyor's report.
|
| |
significance in the Standalone Financial Statements as
|
• For the claim cases which has been incurred but not reported
|
| |
the quantum involved is significant.
|
and cases in which claim has been reported but not enough reported, these cases has been captured by the actuaries appointed by the Corporation. The Actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) as at March 31st, 2024, is as certified by the Corporation's Appointed Actuaries and we had audited the amounts and the related liability, based on such report.
|
|
Sr. No.
|
Key Audit Matters
|
How our Audit addressed the Key Audit matter
|
|
c)
|
Valuation of Investments:
The Corporation's investments represent a substantial portion of the assets as of 31st March 2024, which are to be valued in accordance with accounting policy framed as per the extent of the regulatory guidelines.
The valuation of all investments should be as per the investment policy framed by the Company which in turn should be in line with IRDAI Investment Regulations and Preparation of Financial Statement Regulations. The valuation methodology specified in the regulation is to be used for each class of investment.
The Company has a policy framework for Valuation and impairment of Investments. The Company performs an impairment review of its investments periodically and recognizes impairment charge when the investments meet the trigger/s for impairment provision as per the criteria set out in the investment policy of the Company. Further, the assessment of impairment involves significant management judgment. The classification and valuation of these investments was considered one of the matters of material significance in the audit of Standalone Financial Statements due to the materiality of the total value of investments to the Standalone Financial Statements.
|
our audit procedures on Investment included the following:
• Understood Management's process and controls to ensure proper classification and valuation of Investment.
• Verified and obtained appropriate external confirmation for availability and ownership rights related to these investments.
• Tested the design, implementation, management oversight and operating effectiveness of key controls over the classification and valuation process of investments.
• Test-checked valuation of different class of investments to assess appropriateness of the valuation methodologies with reference to IRDAI Investment Regulations along with Company's own investment policy.
• Reviewed the Company's impairment policy and assessed the adequacy of its impairment charge on investments outstanding at the Year end.
• Based on procedures above, we found the company's impairment, valuation, and classification of investments in its Standalone Financial Statements in all material respects to be fair.
|
|
d)
|
Ascertainment, disclosure and provisions of contingent liabilities:
The Company has material uncertain tax matters, both direct and indirect, under dispute involving considerable demand raised on the Company which require significant judgment to determine the possible outcome of these disputes.
Additionally, the Company has other ongoing legal matters relating to various claims not acknowledged as debts which require application of management judgement in order to determine the likely outcome.
Management's disclosures with regards to provisions and contingent liabilities relating to ongoing litigation are presented in Note No. 46 to the Company's Standalone Financial Statements.
|
our audit procedures included, but were not limited to the following:
• Obtained understanding of the process of identification and measurement of provisions and contingent liabilities relating to ongoing litigations implemented by the management, through various discussions held with company's legal and finance personnel.
• Tested the design and operating effectiveness of the controls put in place by the management in relation to assessment of the outcome of the pending litigations at various level of regulatory authorities and judicial hierarchy.
• Inspected the summary of litigation matters and discussed key developments during the year with the Company's Legal and Finance personnel.
|
|
Sr. No.
|
Key Audit Matters
|
How our Audit addressed the Key Audit Matter
|
| |
The assessment of whether a liability is recognised as a provision or disclosed as a contingent liability in the standalone financial statements is inherently subjective and requires significant management judgement in determination of the cash outflows from the business, interpretation of applicable laws and regulations, and careful examination of pending assessments at various levels of regulatory authorities.
Since the amounts involved are significant and due to the range of possible outcomes leading to high estimation uncertainty that requires significant management and auditor judgement, this matter is considered to be a key audit matter for the current year audit.
|
• Inspected and evaluated, where applicable, external legal and/or regulatory advice sought by the Company.
• Discussed and challenged the management's assessment of the likelihood, magnitude and accounting of any liability that may arise in certain material cases. Accordingly, we reviewed the amount of provisions recognised and contingent liabilities disclosed in the standalone financial statements and exercised our professional judgment to assess appropriateness of such conclusions, involving experts as required.
• Evaluated the adequacy of disclosures made in the standalone financial statements in accordance with the applicable accounting standards.
|
OTHER MATTERS
7. We did not audit the financial information of two foreign branches and one Indian branch included in the Standalone Financial Statements, whose audited financial information reflect total assets (before eliminations) of ' 6,08,80,098 thousands as at 31st March 2024 and total Premiums earned (Net) (before eliminations) of ' 1,46,25,364 thousands and Loss after Tax (before elimination) of ' 2,51,389 thousands for the year ended on that date respectively, as considered in the Standalone Financial Statements. These financial information have been audited by another auditor whose report has been furnished to us and our conclusion on the Standalone Financial Statements, in so far as it relates to the amounts and disclosures included in respect of these branches is based solely on the report of another auditor.
8. We did not audit the financial information of One foreign branch included in this Standalone Financial Statements whose unaudited financial information reflects total assets (before eliminations) of ' 3,37,01,841 thousand as at 31st March 2024 and Premiums earned (Net) (before eliminations) of ' 1,10,42,593 thousand and Loss after Tax (before eliminations ' 15,32,692 thousand for the year ended on that date as considered in the Standalone Financial Statements.
9. Three branches are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors or local management certified under generally accepted auditing standards applicable in their respective countries. The Corporation's management has converted the financial information of such branches located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Corporation's management. Our conclusion in so far as it relates to the balances and affairs of such foreign branches located outside India is based on the report of another auditor/management certified accounts and the material conversion adjustments prepared by the management of the Corporation reviewed by us.
10. The Standalone Financial Statements include the financial information of Dubai branch which has intimated the Run-off branch status as per the audited financial information received for the year ended 31st March 2024. The auditors of the branch have also stated that the Branch is not looked upon as a Going Concern in the future as a Portfolio Transfer Agreement has been entered on 14th September 2022, between GIC Gift City Branch and Dubai Branch.
11. The actuarial valuation of liabilities in respect of Incurred But Not Reported (the "IBNR") including Incurred but not Enough Reported (the "IBNER"), Premium Deficiency Reserve (the "PDR") and Technical Reserves (the "TR") is the responsibility of the Corporation's Appointed Actuaries (the "Appointed Actuaries"). The actuarial valuation of these liabilities, that are estimated using statistical methods, as at 31st March 2024 has been duly certified by the Appointed Actuaries and in their opinion, the assumptions considered by them for such valuations are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon the Corporation's Appointed Actuaries'
Certificates in this regard for forming our conclusion on the valuation of liabilities for outstanding claims reserves, the PDR and TR contained in the Standalone Financial statements of the Corporation.
12. The Standalone Financial Statements of the Corporation for the year ended 31st March 2023 were audited by D.R. Mohnot & Co and PKF Sridhar & Santhanam LLP, previous joint statutory auditor of the corporation who have expressed unmodified opinion vide their audit report dated 25th May 2023.
Our report is not modified in respect of the above matters.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT THEREON
13. The Corporation's Management and Board of Directors is responsible for preparation of the other information. The other information comprises the information included in the Annual Report including Annexures to Board's Report, Management Discussion and Analysis, Business Responsibility Report and Report on Corporate Governance, but does not include the Standalone Financial Statements and our auditor's report thereon. This Annual Report and other information are expected to be made available to us after the date of this auditors' report.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matters to those charged with governance.
RESPONSIBILITIES OF THE MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS.
14. The accompanying standalone financial statements have been approved by the Company's Board of Directors. The Corporation's Board of Directors is responsible for matters as stated in section 134(5) of the companies act, 2013 ("the act") with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance and Cash flows of the Corporation in accordance with the Insurance Act 1938, as amended, by the Insurance Laws (Amendment) Act, 2015 ('the Insurance Act'), the Insurance Regulatory and Development Authority Act, 1999 ('the IRDAI Act'), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 ('the IRDAI Financial Statements Regulations'), the Companies Act, 2013 ('the Act') including the Accounting Standard specified under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.
15. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding of the assets of the Corporation and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation & presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.
16. In preparing the Standalone Financial Statements, the management is responsible for assessing the ability of the Corporation's to continue as Going Concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Corporation or to cease operations, as has no realistic alternative but to do so.
17. The Board of Directors is also responsible for overseeing the Corporation's financial reporting process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
18. Our Objective are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SA's will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.
19. As part of an audit in accordance with SA's, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatements of the Standalone Financial Statements, whether due to fraud and error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls.
• Obtain and understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Corporation has in place an adequate internal financial control systems over financial reporting and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the management use of going concern basis of accounting and, based on audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Corporation's ability to continue as a going concern. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or condition may cause the Corporation to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
20. We communicate with those charged with governance regarding, among other matters the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
21. We also provide those charged with governance with a statement that we have complied with the relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, related safeguards.
22. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of Standalone Financial Statements of the current period and are therefore the Key Audit Matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
23. As required by the IRDAI Financial Statements Regulations, we have issued a separate certificate dated 28th May 2024 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDAI Financial Statement Regulations (refer to our separate report in "Annexure A").
24. Based on our audit and on the consideration of the reports of the branch auditors as referred to in paragraph 7 & 8 above, we report that the provisions of section 197 read with Schedule V to the Act are not applicable to the Company since the Company is a Government company as defined under section 2(45) of the Act. Accordingly, reporting under section 197(16) is not applicable.
25. As required by Section 143 (3) of the Companies Act, 2013 and Insurance Regulatory and Development Authority (Preparation
of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 and orders or direction issued by the
Insurance Regulatory and Development Authority, based on our audit, and on the consideration of the reports of the branch
auditors as referred to in paragraph 7 & 8 above, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying standalone financial statements;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us;
c) The reports on the accounts of the three branch offices of the Company audited under section 143(8) of the Act by the branch auditors have been sent to us and have been properly dealt with by us in preparing this report;
d) The Standalone Balance Sheet, Standalone Revenue Accounts, Standalone Profit and Loss Account and Standalone Cash Flow Statement dealt by this Report are in agreement with the books of accounts and with the returns received from the branches/representative offices not visited by us.
e) The Actuarial valuation of liabilities as on 31st March 2024 is duly certified by the corporation's appointed actuary including to the effect that the assumptions for such valuation are in accordance with the guidelines issued by the Institute of Actuaries of India to its members and has been forwarded to IRDAI.
f) The Standalone Balance Sheet, Standalone Revenue Accounts, Standalone Profit and Loss Account have been drawn in accordance with the Insurance Act 1938, IRDAI Act, 1999 and the Act except for the Standalone Cash Flow Statement, (refer Note 55) which is prepared under indirect method, whereas IRDAI regulations require Cash Flow Statements to be prepared under Direct Method.
g) Investments have been valued in accordance with the provisions of the Insurance Act, the regulations and orders/directions issued by IRDAI in this regard except investment which have been considered as fully impaired are not fair valued as required by para 6(c) of the IRDAI Financial Statements Regulations.
h) In our opinion, the aforesaid standalone financial statements comply with Accounting Standards specified under the Act, the Accounting policies selected by the Corporation are appropriate and are in accordance with the applicable accounting standards and with the accounting principles, as prescribed in the IRDAI (Auditor's Report) Regulations, 2002 or any order or direction issued by IRDAI in this behalf.
i) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under section 133 of the Act in conformity with the accounting principles prescribed in the IRDAI regulations.
j) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended, we report that the provisions of section 197 of the act are not applicable to the Corporation vide notification No. GSSR 463 (E) dated June 5th, 2015. Hence reporting u/s 197 (16) of the Act is not required.
k) The Corporation being an Insurance Company, the Companies (Auditor's Report) Order, 2020 ("the order") as amended, issued by the Central Government of India in terms of sub section (11) of Section 143 of the Act is not applicable.
l) With respect to the adequacy of the internal financial controls over financial reporting of the Corporation and the operating effectiveness of such controls, refer to our separate report in "Annexure B".
m) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The standalone financial statements disclose the impact of pending litigations on the standalone financial position of the Company as at 31st March 2024, as detailed in note 46 to the standalone financial statements;
(ii) Provisions have been made as on 31st March 2024 in the Standalone Financial Statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts. There were no derivative contracts as on 31st March 2024.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Corporation.
(iv) (a) The Management has represented that, to the best of their knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
(v) The Board of Directors of the Company has proposed a final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
(vi) Based on our examination which included test checks, the corporation has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.
26. As required under section 143(5) of the Companies Act, 2013 based on our audit as aforesaid, we enclose herewith, as per "Annexure C" the directions including the additional directions issued by Comptroller and Auditor General of India, action taken thereon and the financial impact on the accounts and the Standalone Financial Statements of the Corporation.
for KASG & Co. for Mehra Goel & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number: 002228C ICAI Firm Registration Number: 000517N
CA. Bharat Goel CA. Vaibhav Jain
Partner Partner
Membership No.: 060069 Membership No.: 515700
UDIN: 24060069BKGYXW4792 UDIN: 24515700BKBXZI2400
Place: Mumbai Place: Mumbai
Date: 28-05-2024 Date: 28-05-2024
APPENDIX 1
List of Branches audited by Branch Auditors
1. GIC Re, Gift City, India 2. GIC Re, Dubai, UAE 3. GIC Re. London, UK
list of Branch unaudited
4. GIC Re, Malaysia
|