This book bridges the gap between the accounting and the actuarial
sides of Indian life insurance companies, by exploring the
relationships between the embedded value calculated by actuaries
and the revenue account and balance sheet prepared by the
accountants. The author provides publicly available sources of
information to place a value on the shares of Indian life insurance
companies from an outsider's point of view. Life insurance company
accounts are complex and require knowledge of specific concepts in
order to analyze and appreciate them. This book will help a
layperson with reasonable numerical abilities understand the
calculation of the share price of a life insurance company. In
particular, it will help analysts and accountants with no actuarial
background understand the concepts of embedded and appraisal value.
Cash flow statements of these companies are often ignored and
delegated to the background or usually to a single page in their
annual reports. This book examines the cash flows in detail and
rearranges them to get a better picture of the financial health of
the underlying companies. It also explains the relationship between
the different measures of profit such as cash reserves, surplus,
profit after tax, and embedded value. Often this information is
only available internally or to consultants. The author uses
alternative approaches based purely on public disclosures by these
companies, thereby enabling professionals without access to
internal information to come to informed judgments about the actual
performance of the companies.
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