Auditor Report of Star Health and Allied Insurance Company Ltd.

Mar 31, 2026

We have audited the accompanying financial statements
of Star Health And Allied Insurance Company Limited
("the Company"), which comprise the Balance Sheet as
at March 31, 2026, the Revenue Accounts, the Profit and
Loss Account and the Receipts and Payments Account for
the year then ended, the schedules annexed there to and
notes to the financial statements, including a summary of
the significant accounting policies and other explanatory
notes forming part of the financial statements (herein
after referred to as "Financial Statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements give the information required by
provisions of the Insurance Act, 1938, as amended by the
Insurance Laws (Amendment) Act, 2015 (the "Insurance
Act") read with Insurance Regulatory and Development
Authority Act, 1999 (the "IRDAI Act"), and other accounting
principles generally accepted in India, to the extent
considered relevant and appropriate for the purpose
of these annual financial statements and which are not
inconsistent with the accounting principles as prescribed
in the Insurance Regulatory and Development Authority
of India (Actuarial, Finance and Investment Functions of
Insurers) Regulations, 2024 (the "IRDA Financial Statement
Regulations") and orders/ directions / circulars issued by
the Insurance Regulatory and Development Authority of
India ("IRDAI"/ the "Authority"), to the extent applicable
and the Companies Act, 2013, as amended, (''the Act'') to
the extent applicable and in the manner so required, and
give true and fair view in conformity with the accounting
principles generally accepted in India, as applicable to
insurance companies:

i. in the case of the Balance Sheet, of the state of
affairs of the Company as at March 31, 2026;

ii. in the case of the Revenue Accounts, of the operating
profit in the Miscellaneous business for year ended
on that date;

iii. in the case of the Profit and Loss Account, of the
profit for the year ended on that date; and

iv. in the case of the Receipts and Payments Account,
of the receipts and payments for the year ended on
that date.

Basis for Opinion

We conducted our audit of the financial statement in
accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the
''Auditors'' Responsibilities for the Audit of the 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
("ICAI") together with the ethical requirements that are
relevant to our audit of the 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 is sufficient and appropriate to provide a basis
for our opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the financial statements of the current period
and include the most significant risks identified by us
that may lead to material misstatement (whether or not
due to fraud) and assessed by us as part of the audit
procedures. These matters included those which had the
greatest effect on the overall audit strategy, the allocation
of resources in the audit and directing the efforts of the
engagement team.

These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr. No.	Key Audit Matters	Auditors'' Response
	Information Technology Systems and Controls (IT Controls):
1.	The Company is highly dependent on its information technology (''IT'') systems for carrying out its operations and due to the large volume of transactions that are processed daily across multiple IT systems, there exists a potential risk that gaps in the IT control environment could result in the financial accounting and reporting records being misstated. The controls implemented by the Company in its IT environment determine the integrity, accuracy, completeness, and validity of the data that is processed by the applications and is ultimately used for financial reporting. These controls contribute to mitigating risk of potential misstatements caused by fraud or error. Introduction of new IT systems/ migration from existing system in core areas during the year. On account of the extensive use of IT systems across varied phases of business, the testing with respect to general computer controls of the IT systems used in financial reporting was identified to be a key audit matter.	The audit procedures performed by us included the following: ? We have involved our IT specialists in the assessment of IT systems and controls over financial reporting ? Involved IT specialists as part of the audit for the purpose of testing the IT general controls and application controls (automated and semi-automated controls) to determine the accuracy of the information produced by the Company''s IT systems.; ? Obtained an understanding of the Company''s IT applications, databases and operating systems relevant to financial reporting and the control environment, including an understanding of the process, mapping of applications and understanding financial risks posed by people-process and technology. ? Tested design and operating effectiveness of key controls over user access management, change management, program development, computer operations; ? Performed procedures for a selected group of key controls over financial and reporting system to determine that these controls remained unchanged during the year or were changed following the standard change management process. ? Tested key automated and manual business cycle controls including testing of alternate procedures to assess risks that would materially impact the financial statements. ? Tested the process followed for data migration and reviewed the UAT performed, along with the sign-offs obtained for the migration of data from EBS to Fusion, including the final sign-off.
	Claim settlement:
2.	? Claims are a significant expense for the Company ? Provisioning of Outstanding Claims including Claims Incurred but Not Reported (IBNR) and Incurred but Not Enough Reported (IBNER) are significant in magnitude and requires use of judgements and estimates ? With regards to the claims provision, the Company makes a provision for claims upon intimation, on receipt of documents, communication from co-insurer leader in cases of incoming co-insurance business etc. The estimates undergo a revision based on further information and the settlement amount could vary from the provision created ? The estimate of the claim involves a high degree of judgement	Our audit procedures included the following: ? We tested the design and operating effectiveness of controls around the due and intimated claims recording process. ? Assessed and tested the operating effectiveness of key controls relating to the claims handling process, including controls over completeness and accuracy of the claim outstanding recorded. ? Tested on a sample basis, claims paid, and provision created with payment proof, claim intimation documents and communication from co-insurer leader in cases of incoming co-insurance business, which are material to assess whether claims are appropriately paid, estimated and recorded. ? Tested the arithmetical accuracy of computation of claims provision performed by the Company. ? The actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) is as certified by the Company''s Appointed Actuary and we have relied upon on the appointed actuary''s certificate in this regard.

Information Other than the Financial
Statements and Auditors'' Report Thereon

The Company''s Board of Directors is responsible for
the other information. The other information comprises
the information included in the Director''s Report and
Annexures there to but does not include the Financial
Statements and our Auditors'' report thereon. The other
information is expected to be made available to us after
the date of this auditor''s report thereon.

Our opinion on the 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 financial statements,
our responsibility is to read the other information when
it becomes available and, in doing so, consider whether
the other information is materially inconsistent with the
financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.

Responsibility of Management and
Those Charged With Governance for the
Financial Statements

The Company''s Board of Directors is responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these financial statements
that give a true and fair view of the financial position,
financial performance and cash flows of the Company in
accordance with the requirements of the Insurance Act,
the IRDAI Act, the IRDAI Financial Statements Regulations,
the Act and in accordance with the accounting
principles generally accepted in India, including the
applicable Accounting Standards specified under
Section 133 of the Act read with relevant rules issued
thereunder. This responsibility also includes maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company 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 and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management
is responsible for assessing the Company''s ability to
continue as a 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 Company or to cease operations,
or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing
the company''s financial reporting process.

Auditors'' Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
and to issue an auditors'' 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 SAs 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 financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

? Identify and assess the risks of material
misstatement of the financial statements, whether
due to fraud or 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, misrepresentations, or the override of
internal control.

? Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company
has adequate internal financial controls system with
reference to Financial Statements 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 management''s
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company''s ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors''
report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our
auditors'' report. However, future events or conditions
may cause the Company to cease to continue as a
going concern.

? Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events in
a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of
a reasonably knowledgeable user of the Financial
Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified
misstatements in the Financial Statements.

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.

We also provide those charged with governance with
a statement that we have complied with 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.

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements for the year ended March 31, 2026 and are
therefore, the key audit matters. We describe these
matters in our auditors'' 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.

Other Matter

Pursuant to IRDAI (Appointed Actuary) Regulations 2017,
the actuarial valuation of liabilities in respect of claims
Incurred But Not Reported ("IBNR"), claims Incurred But
Not Enough Reported ("IBNER") and Premium Deficiency
Reserve ("PDR") as at March 31, 2026, has been duly
certified by the Appointed Actuary. They have also
certified that assumptions used for such valuation are
appropriate and in accordance with the guidelines and
norms issued by the IRDAI and the Institute of Actuaries of
India in concurrence with the IRDAI. Accordingly, we have
relied upon the aforesaid certificate from the Appointed

Actuary while forming our opinion on the financial

statements of the Company.

Our opinion is not modified in respect of above matter.

Report on Other Legal and Regulatory
Requirements

1. As required by the IRDA Financial Statements
Regulations, we have issued a separate certificate
dated April 28, 2026 certifying the matters specified
in paragraphs 3 and 4 of Part III of Schedule II to the
IRDAI Financial Statements Regulations.

2. This Report does not include a statement on the
matters specified in paragraph 3 and 4 of the
Companies (Auditor''s Report) Order, 2016 ("the
Order") issued by the Central Government of India in
terms of sub-section 11 of Section 143 of the Act, since
in our opinion and according to the information
and explanations given to us, the said Order is not
applicable to the Company.

3. As required by IRDA Financial Statements Regulations,
read with Section 143 (3) of the Act, we report 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 purposes of our audit;

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 except for the matters stated in the
paragraph k (vii) below on reporting under Rule
11(g);

c. As the Company''s financial accounting system
is centralized at Head Office, no returns for
the purposes of our audit are prepared at the
branches of the Company;

d. The Balance Sheet, the Revenue Accounts, the
Profit and Loss Account, and the Receipts and
Payments Account dealt with by this Report are
in agreement with the books of account;

e. In our opinion and to the best of our information
and according to the explanations given to us,
investments have been valued in accordance
with the provisions of the Insurance Act the
IRDA Financial Statements Regulations and / or
orders / directions/circulars/guidelines issued
by the IRDAI in this behalf;

accounting principles prescribed in the IRDAI
Financial Statements Regulations and orders/
directions issued by IRDAI in this regard;

g. In our opinion and to the best of our information
and according to the explanations given
to us, the accounting policies selected by
the Company are appropriate and are in
compliance with the Accounting Standards
specified under Section 133 of the Act, to
the extent they are not inconsistent with the
accounting principles prescribed in the IRDAI
Financial Statements Regulations and orders /
directions issued by the IRDAI in this behalf;

h. On the basis of the written representations
received from the directors as on March 31,
2026, taken on records by the Board of Directors,
none of the directors is disqualified as on March
31, 2026 from being appointed as a director in
terms of Section 164 (2) of the Act;

i. As required by the Companies (Amendment)
Act, 2017, in our opinion, according to information
and explanations given to us, the remuneration
paid/ provided by the Company to its directors
during the year is within the limits prescribed
under section 197 of the Act read with Section
34A of the Insurance Act, 1938;

j. With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure A" to this report.
Our report expresses an unmodified opinion
on the existence of internal financial control
with reference to financial statements and its
operating effectiveness in the company.

k. With respect to the other matters to be included
in the Auditors'' Report in accordance with
Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our
information and according to the explanations
given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position
in its financial statements - Refer Note 5.1.1
of Schedule 16 to the financial statements;

ii. Liability for insurance contracts, is
determined by the Company''s Actuary
referred to in Other Matter paragraph
above, on which we have placed reliance;
and the Company did not have any other
long-term contracts including derivative
contracts for which there were any material

foreseeable losses - Refer Note 5.2.16 of
Schedule 16 to the financial statements;

iii. There are no amounts which are required
to be transferred, to the Investor Education
and Protection Fund by the Company.

iv. (a) The Management has represented

that, to the best of its knowledge
and belief, other than as disclosed
in the Note 5.2.22 of Schedule 16 to
the Financial Statements, 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 its knowledge
and belief, other than as disclosed in
the Note 5.2.23 of Schedule 16 to the
Financial Statements, 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 Company has not declared or paid any
dividend during the year and accordingly
no compliance with respect to section 123
of the Act is required to be followed.

vi. The reservation relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 3(b)
above on reporting under Section 143(3)
(b) and paragraph 3(k)(vii) below on
reporting under Rule 11(g).

vii. Based on our examination, which included
test checks, the Company has used
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. Additionally, the
audit trail of prior year has been preserved
by the Company as per the statutory
requirements for record retention, except
for SAP HANA where there is no SOC Type II
report available to provide us comfort as to
whether the Audit trail feature is available,
enabled and preserved throughout
the year.

For M S K A & Associates LLP For T R Chadha & Co LLP

(formerly known as M S K A & Associates) Chartered Accountants

Chartered Accountants ICAI Firm Registration No: 006711N/N500028

ICAI Firm Registration No: 105047W/W101187

Vaibhav Naik Sheshu Samudrala

Partner Partner

Membership No: 138302 Membership No: 235031

UDIN: 26138302JWWLTF6737 UDIN: 26235031OTKWTW8130

Chennai Chennai

April 28, 2026 April 28, 2026

Mar 31, 2025

We have audited the accompanying financial statements of Star
Health And Allied Insurance Company Limited ("the Company"),
which comprise the Balance Sheet as at March 31,2025, the Revenue
Accounts, the Profit and Loss Account and the Receipts and Payments
Account for the year then ended, the schedules annexed there to
and notes to the financial statements, including a summary of the
significant accounting policies and other explanatory notes forming
part of the financial statements (herein after referred to as "Financial
Statements").

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by provisions of the Insurance Act, 1938,
as amended by the Insurance Laws (Amendment) Act, 2015 (the
"Insurance Act") read with Insurance Regulatory and Development
Authority Act, 1999 (the "IRDAI Act"), and other accounting principles
generally accepted in India, to the extent considered relevant and
appropriate for the purpose of these annual financial statements
and which are not inconsistent with the accounting principles as
prescribed in the Insurance Regulatory and Development Authority
of India (Actuarial, Finance and Investment Functions of Insurers)
Regulations, 2024 (the "IRDA Financial Statement Regulations") and
orders/ directions / circulars issued by the Insurance Regulatory and
Development Authority of India ("IRDAI"/ the "Authority"), to the
extent applicable and the Companies Act, 2013, as amended, (''the
Act'') to the extent applicable and in the manner so required, and
give true and fair view in conformity with the accounting principles
generally accepted in India, as applicable to insurance companies:

i. i n the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2025;

ii. in the case of the Revenue Accounts, of the operating profit in
the Miscellaneous business for year ended on that date;

iii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and

iv. i n the case of the Receipts and Payments Account, of the
receipts and payments for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statement in accordance
with the Standards on Auditing (SAs) specified under section 143(10)
of the Act. Our responsibilities under those Standards are further
described in the ''Auditors'' Responsibilities for the Audit of the
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 ("ICAI") together with the
ethical requirements that are relevant to our audit of the 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 is sufficient and appropriate to
provide a basis for our opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant risks
identified by us that may lead to material misstatement (whether or
not due to fraud) and assessed by us as part of the audit procedures.
These matters included those which had the greatest effect on the
overall audit strategy, the allocation of resources in the audit and
directing the efforts of the engagement team.

These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

Sr. No. Key Audit Matters	Auditors'' Response
Information Technology Systems and Controls (IT Controls):
1. The Company is highly dependent on its information	The audit procedures performed by us included the following:
technology (''IT'') systems for	^â¢	We have involved our IT specialists in the assessment of IT
carrying out its operations and due to the large volume		systems and controls over financial reporting
of transactions that are processed daily across multiple IT systems, there exists a potential risk that gaps in the IT control environment could result in the financial accounting and reporting records being misstated.	^â¢	1 nvolved IT specialists as part of the audit for the purpose of testing the IT general controls and application controls (automated and semi-automated controls) to determine the accuracy of the information produced by the Company''s IT
The controls implemented by the Company in its		systems.;
IT environment determine the integrity, accuracy, completeness, and validity of the data that is processed by the applications and is ultimately used for financial reporting. These controls contribute to mitigating risk of potential misstatements caused by fraud or error.	^â¢	Obtained an understanding of the Company''s IT applications, databases and operating systems relevant to financial reporting and the control environment, including an understanding of the process, mapping of applications and understanding financial risks posed by people-process and
On account of the extensive use of IT systems across varied		technology.
phases of business, the testing with respect to general computer controls of the IT systems used in financial reporting was identified to be a key audit matter.	^â¢	Tested design and operating effectiveness of key controls over user access management, change management, program development, computer operations;
	^â¢	Performed procedures for a selected group of key controls over financial and reporting system to determine that these controls remained unchanged during the year or were changed following the standard change management process.
	^â¢	Tested key automated and manual business cycle controls including testing of alternate procedures to assess risks that would materially impact the financial statements.
Claim settlement:
2 â¢ Claims are a significant expense for the Company	Our audit procedures included the following:
â¢ Provisioning of Outstanding Claims including Claims	^â¢	We tested the design and operating effectiveness of controls
Incurred but Not Reported (IBNR) and Incurred		around the due and intimated claims recording process.
but Not Enough Reported (IBNER) are significant in magnitude and requires use of judgements and estimates	^â¢	Assessed and tested the operating effectiveness of key controls relating to the claims handling process, including controls over completeness and accuracy of the claim
^â¢ With regards to the claims provision, the Company		outstanding recorded.
makes a provision for claims upon intimation, on receipt of documents, communication from coÂ¬ insurer leader in cases of incoming co-insurance business etc. The estimates undergo a revision based on further information and the settlement amount could vary from the provision created	^â¢	Tested on a sample basis, claims paid, and provision created with payment proof, claim intimation documents and communication from co-insurer leader in cases of incoming co-insurance business, which are material to assess whether claims are appropriately paid, estimated and recorded.
â¢ The estimate of the claim involves a high degree of judgement	^â¢	Tested the arithmetical accuracy of computation of claims provision performed by the Company.
	^â¢	The actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) is as certified by the Company''s Appointed Actuary and we have relied upon on the appointed actuary''s certificate in this regard.
	^â¢

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITORS'' REPORT THEREON

The Company''s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Director''s Report and Annexures there to but does
not include the Financial Statements and our Auditors'' report thereon.
The other information is expected to be made available to us after the
date of this auditor''s report thereon.

Our opinion on the 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 financial statements, our
responsibility is to read the other information when it becomes
available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.

RESPONSIBILITY OF MANAGEMENT AND THOSE
CHARGED WITH GOVERNANCE FOR THE FINANCIAL
STATEMENTS

The Company''s Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the
Company in accordance with the requirements of the Insurance
Act, the IRDAI Act, the IRDAI Financial Statements Regulations, the
Act and in accordance with the accounting principles generally
accepted in India, including the applicable Accounting Standards
specified under Section 133 of the Act read with relevant rules issued
thereunder. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company 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 and presentation
of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible
for assessing the Company''s ability to continue as a 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 Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the
company''s financial reporting process.

AUDITORS'' RESPONSIBILITIES FOR THE AUDIT OF THE
FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors'' 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
SAs 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit.
We also:

â¢ I dentify and assess the risks of material misstatement of the
financial statements, whether due to fraud or 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, misrepresentations, or the override of
internal control.

â¢ Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls system
with reference to Financial Statements and the operating
effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company''s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditors'' report to the related disclosures
in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors'' report.
However, future events or conditions may cause the Company
to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it probable that

the economic decisions of a reasonably knowledgeable user of the
Financial Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Financial Statements.

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.

We also provide those charged with governance with a statement
that we have complied with 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.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements for the year
ended March 31, 2025 and are therefore, the key audit matters. We
describe these matters in our auditors'' 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.

OTHER MATTER

Pursuant to IRDAI (Appointed Actuary) Regulations 2017, the actuarial
valuation of liabilities in respect of claims Incurred But Not Reported
("IBNR"), claims Incurred But Not Enough Reported ("IBNER") and
Premium Deficiency Reserve ("PDR") as at March 31,2025, has been
duly certified by the Appointed Actuary. They have also certified
that assumptions used for such valuation are appropriate and in
accordance with the guidelines and norms issued by the IRDAI and
the Institute of Actuaries of India in concurrence with the IRDAI.
Accordingly, we have relied upon the aforesaid certificate from
the Appointed Actuary while forming our opinion on the financial
statements of the Company.

Our opinion is not modified in respect of above matter.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by the IRDA Financial Statements Regulations, we
have issued a separate certificate dated April 29, 2025 certifying
the matters specified in paragraphs 3 and 4 of Part III to the IRDAI
Financial Statements Regulations.

2. This Report does not include a statement on the matters specified
in paragraph 3 and 4 of the Companies (Auditor''s Report) Order,
2016 ("the Order") issued by the Central Government of India
in terms of sub-section 11 of Section 143 of the Act, since in
our opinion and according to the information and explanations
given to us, the said Order is not applicable to the Company.

3. As required by IRDA Financial Statements Regulations, read with
Section 143 (3) of the Act, we report 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 purposes of our audit;

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 except for the matters
stated in the paragraph k (vii) below on reporting under
Rule 11(g);

c. As the Company''s financial accounting system is
centralized at Head Office, no returns for the purposes of
our audit are prepared at the branches of the Company;

d. The Balance Sheet, the Revenue Accounts, the Profit and
Loss Account, and the Receipts and Payments Account
dealt with by this Report are in agreement with the books
of account;

e. I n our opinion and to the best of our information and
according to the explanations given to us, investments
have been valued in accordance with the provisions of the
Insurance Act the IRDA Financial Statements Regulations
and / or orders / directions/circulars/guidelines issued by
the IRDAI in this behalf;

f. I n our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements dealt with by this report comply with
the Accounting Standards specified under Section 133 of
the Act to the extent they are not inconsistent with the
accounting principles prescribed in the IRDAI Financial
Statements Regulations and orders/directions issued by
IRDAI in this regard;

g. I n our opinion and to the best of our information and
according to the explanations given to us, the accounting
policies selected by the Company are appropriate and are
in compliance with the Accounting Standards specified
under Section 133 of the Act, to the extent they are not
inconsistent with the accounting principles prescribed in
the IRDAI Financial Statements Regulations and orders /
directions issued by the IRDAI in this behalf;

h. On the basis of the written representations received from
the directors as on March 31,2025, taken on records by the
Board of Directors, none of the directors is disqualified as
on March 31, 2025 from being appointed as a director in
terms of Section 164 (2) of the Act;

i. As required by the Companies (Amendment) Act, 2017, in
our opinion, according to information and explanations
given to us, the remuneration paid/ provided by the
Company to its directors during the year is within the
limits prescribed under section 197 of the Act read with
Section 34A of the Insurance Act, 1938;

j. With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company and the operating effectiveness of such

controls, refer to our separate Report in "Annexure A" to
this report. Our report expresses an unmodified opinion
on the existence of internal financial control with reference
to financial statements and its operating effectiveness in
the company.

k. With respect to the other matters to be included in
the Auditors'' Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note 5.1.1 of Schedule 16 to the
financial statements;

ii. Liability for insurance contracts, is determined
by the Company''s Actuary referred to in Other
Matter paragraph above, on which we have placed
reliance; and the Company did not have any other
long-term contracts including derivative contracts
for which there were any material foreseeable
losses - Refer Note 5.2.16 of Schedule 16 to the
financial statements;

iii. There are no amounts which are required to be
transferred, to the Investor Education and Protection
Fund by the Company.

iv. (a) The Management has represented that, to

the best of its 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 its 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 Company has not declared or paid any dividend
during the year and accordingly no compliance
with respect to section 123 of the Act is required to
be followed.

vi. The reservation relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 3(b) above on reporting
under Section 143(3)(b) and paragraph 3(k)(vii)
below on reporting under Rule 11(g).

vii. Based on our examination, which included test
checks, the Company has used 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. Additionally, the audit trail of prior
year has been preserved by the Company as per the
statutory requirements for record retention, except
for SAP HANA where there is no SOC Type II report
available to provide us comfort as to whether the
Audit trail feature is available, enabled and preserved
throughout the year.

For M S K A & Associates For T R Chadha & Co LLP

Chartered Accountants Chartered Accountants

ICAI Firm Registration No: 105047W ICAI Firm Registration No: 006711N/N500028

Vaibhav Naik Sheshu Samudrala

Partner Partner

Membership No: 138302 Membership No: 235031

UDIN: 25138302BNUIEY1901 UDIN: 25235031BMNRBF8166

Chennai Chennai

April 29, 2025 April 29, 2025

Mar 31, 2024

We have audited the accompanying financial statements of Star Health And Allied Insurance Company Limited ("the Company"), which comprise the Balance Sheet as at March 31,2024, the Revenue accounts of Miscellaneous insurance business, the Profit and Loss account and the Receipts and Payments account for the year then ended, the schedules annexed there to, including a summary of the significant accounting policies and notes forming part of the financial statements, (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act"), Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor''s Report of Insurance Companies) Regulations, 2002 ("the IRDA Financial Statements Regulations"), Circulars / Orders / Directions issued by the Insurance Regulatory and Development Authority of India (the"IRDAI" / "Authority") in this regard, and the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to Insurance Companies:

a. in the case of Balance Sheet, of the state affairs of the Company

as at March 31,2024;

b. i n the case of Revenue Account, of the operating profit in Miscellaneous insurance business for the year ended on that date;

c. in the case of Profit and Loss Account, of the profit for the year ended on that date; and

d. in case of Receipts and Payments Account, of the receipts and payments for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the 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 financial statements under the provisions of the Insurance Act, the IRDA Act and the IRDA Financial Statements Regulations, 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 is sufficient and appropriate to provide a basis for our opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional Judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters:

Key Audit Matter		How our Audit Address the Key Audit Matter
1)	Claim Settlement Claims are a significant expense for the company. Provisioning of Outstanding Claims including Claims Incurred but Not Reported (IBNR) and Incurred but Not Enough Reported (IBNER) are significant in magnitude and requires use of judgements and estimates. With regards to the claims provision, the Company makes a provision for claims upon intimation, on receipt of documents, communication from co-insurer leader in cases of incoming coinsurance business etc. The estimates undergo a revision based on further information and the settlement amount could vary from the provision created. The estimate of the claim involves a high degree of judgement.	â¢ We tested the design operative effectiveness of controls around the due and intimated claims recording process. We additionally carried out the following substantive testing. â¢ Assessed and tested the operating effectiveness of key controls relating to the claims handling and reserving process, including controls over completeness and accuracy of the claim estimates recorded; â¢ Substantive tests were performed on the amounts recorded for a sample of Outstanding Claims, which are material to assess whether claims are appropriately estimated and recorded; â¢ The actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) is as certified by the Company''s Appointed Actuary and we have relied upon on the appointed actuary''s certificate in this regard; â¢ Tested the completeness and accuracy of underlying data provided by the Management to the Appointed Actuary on a sample basis; â¢ Results of our test has provided audit evidence which we have used to draw conclusions including our reporting.
2)	Valuation of Investments
â¢	1 nvestments represent a substantial portion of the assets of	To ensure that the valuation of investments in the financial
	the Company which are valued in accordance with accounting	statements is as per the policy of the Company and the IRDAI
	policies and the regulatory guidelines.	regulations.
â¢	The Company has a policy framework for Valuation of Investments.	We have performed the following procedures: â¢ Reviewed the manner in which the investments have been
â¢	The Company performs an impairment review of its investments	made by the Company to ensure that the investments are in
	periodically and recognizes impairment charge, whenever	accordance with the IRDAI guidelines.
	required.	â¢ Tested the management oversight and controls over valuation of investments. â¢ We have obtained the Confirmation of Balances for the Investments. â¢ Independently verified the valuation of quoted investments. â¢ Reviewed the Fair Value Change Account for specific investments. â¢ Reviewed the compliance with the IRDAI guidelines on recording of Income on non-performing investments
3)	Contingent Liabilities:
â¢	Total contingent liabilities as at March 31, 2024 is '' 28,55,372	â¢ Obtained the details of Contingent liabilities as at March 31,
	thousands (Note No. 5.1.1 of Schedule 16 to financial statements).	2024 from the management and reviewed the changes in litigation status as compared to previous year and obtained a
	We have considered this as a key audit matter because the Company has material uncertain tax positions including matters	detailed understanding of the disputes.
	under dispute which involves significant amounts	â¢ Reviewed Company''s correspondences with tax authorities, legal counsels, grounds of appeal filed with various appellate authorities and industry position on various tax disputes. â¢ Obtained confirmations from legal counsels / tax experts on the status of the outstanding tax demands. â¢ Verified the adequacy of disclosures in the financial statements in this respect.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR''S REPORT THEREON

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Director''s report and Corporate Governance Report but does not include the financial statements and our auditors'' report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor''s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS.

The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Act, with respect to the preparation of these Financial Statements to give a true and fair view of the financial position, financial performance and Receipts and Payments of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, to the extent applicable and in the manner so required and the provisions of Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (as amended) (the "IRDA Act"), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor''s Report of Insurance Companies) Regulations, 2002 (the "IRDA Financial Statements Regulations"), Circulars / Orders / Directions issued by the Insurance Regulatory and Development Authority of India (the "IRDAI"/ "Authority") in this regard.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company 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 and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company''s financial reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high-level assurance, but it is not a guarantee that an audit conducted in accordance with Standards of Auditing 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ I dentify and assess the risks of material misstatement of the financial statements, whether due to fraud or 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, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of this report. However, future events or conditions may cause the Company to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

We also provide those charged with governance with a statement that we have complied with 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' 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.

OTHER MATTERS

The actuarial valuation of liabilities in respect of claims Incurred But Not Reported (IBNR), including claims Incurred But Not Enough Reported (IBNER) and provisioning for Premium Deficiency and Free Look Reserve as at March 31, 2024 is the responsibility of the Company''s Appointed Actuary ("Actuary") and has been duly certified by the Actuary. The Appointed Actuary has also certified that in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms, if any, issued by the IRDAI and the Actuarial Society of India in concurrence with IRDAI. We have relied upon the Actuary''s certificate in this regard for forming our opinion on the financial statements of the Company. Our opinion is not modified in this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the IRDAI Financial Statements Regulations, we have issued a separate certificate dated 30^th April 2024 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDAI Financial Statement Regulations.

2. As required by the paragraph 2 of Schedule C to the IRDAI Financial Statement Regulations and the provisions of Section 143(3) of the Act, we report 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 purposes of our audit;

b) I n 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;

c) As the Company''s accounts are centralized and maintained at the corporate office, no returns for the purposes of our audit are prepared at the branches and other offices of the Company as required under Section 143(8) of the Act;

d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account (Cash Flow Statement) dealt with by this report are in agreement with the books of account;

e) In our opinion, the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, to the extent applicable and with the accounting principles prescribed by the Regulations and Orders/Directions prescribed by IRDAI in this regard;

f) I nvestments have been valued in accordance with the provisions of the Insurance Act, the Regulations and orders/directions issued by IRDAI in this regard.

g) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director in terms of Section 164 (2) of the Act;

h) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".

i) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note no. 5.1.1 of Schedule 16 to the financial statements;

ii. the Company did not have any material foreseeable losses under long-term contracts for which provision is required on the balance sheet date (Refer Note 5.2.15 of Schedule 16). There are no derivative contracts.

iii. There were no amounts required to be transferred to the Investor Education and Protection Fund by the Company.

iv. Since the information required under paragraph Y-(xiv) of Schedule III to the Act (Division I), is not applicable to the Company, being an Insurance Company, the Company has not disclosed the same. However, we report on the same.

a. The management has represented to us that to the best of its knowledge and belief, no funds have been advanced or loaned or invested by the Company to or any other persons or entity(ies) including foreign entity with the understanding whether recorded or understanding whether the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities 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 its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("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 adopted by us, nothing has come to our notice that has caused us to believe that the representations made by

the management under sub clause (a) and (b) above, contain any material misstatement

v. The Company has not declared or paid dividend during the year.

vi. Based on our examination and the information and explanations given to us, which included test checks and as explained in note 5.2.21 of Schedule 16 to the financial statements, the Company has used accounting software for maintaining its books of account, which along with access management tools, as applicable, have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software. Further, during the course of our audit and based on the information and explanations given to us, we did not come across any instance of the audit trail feature being tampered with. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per statutory requirements for record retention is not applicable for the financial year ended March 31,2024.

3. With respect to the other matters to be included in the Auditor''s report, in terms of the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act and Section 34 of the IRDAI Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which are required to be reported upon by us.

For M/s. Brahmayya & Co. For M/s. V Sankar Aiyar & Co.

Chartered Accountants Chartered Accountants

Firm Registration No: 000511S Firm Registration No: 109208W

K. Jitendra Kumar V. Balaji

Partner Partner

Membership No: 201825 Membership No: 211765

Date: 30 April 2024 Date: 30 April 2024

Place: Chennai Place: Chennai

UDIN No: 24201825BKAJNU5302 UDIN No: 24211765BKEPQH7087

Mar 31, 2023

Star Health And Allied Insurance Company Limited Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Star Health And Allied Insurance Company Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023, the Revenue accounts of miscellaneous insurance, the Profit and Loss account and the Receipts and Payments account for the year then ended, the schedules annexed there to, including a summary of the significant accounting policies and notes forming part of the financial statements, (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Insurance Act, 1938, as amended by Insurance Laws(Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act"), Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor''s Report of Insurance Companies) Regulations, 2002 ("the IRDA Financial Statements Regulations"), Circulars / Orders / Directions issued by the Insurance Regulatory and Development Authority of India (the "IRDAI" / "Authority") in this regard, and the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to Insurance Companies:

a. in the case of Balance Sheet, of the state affairs of the Company as at March 31,2023;

b. in the case of Revenue Accounts, of the operating profit in Miscellaneous business for the year ended on that date;

c. in the case of Profit and Loss Account, of the profit for the year ended on that date; and

d. in case of Receipts and Payments Account, of the receipts and payments for the year ended on that date.

Basis for Opinion

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters:

Key Audit Matter

How our Audit Address the Key Audit Matter

1) Claim Settlement

â¢ Claims are a significant expense for the company.

â¢ Provisioning of Outstanding Claims including Claims Incurred but Not Reported (IBNR) and Incurred but Not Enough Reported (IBNER) are significant in magnitude and requires use of judgements and estimates.

â¢ With regards to the claims provision, the Company makes a provision for claims upon intimation, on receipt of documents, communication from co-insurer leader in cases of incoming coinsurance business etc. The estimates undergo a revision based on further information and the settlement amount could vary from the provision created.

â¢ The estimate of the claim involves a high degree of judgement.

â¢ We tested the design operative effectiveness of controls around the due and intimated claims recording process. We additionally carried out the following substantive testing.

â¢ Assessed and tested the operating effectiveness of key controls relating to the claims handling and reserving process, including controls over completeness and accuracy of the claim estimates recorded;

â¢ Substantive tests were performed on the amounts recorded for a sample of Outstanding Claims, which are material to assess whether claims are appropriately estimated and recorded;

â¢ The actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) is as certified by the Company''s Appointed Actuary and we have relied upon on the appointed actuary''s certificate in this regard;

â¢ Tested the completeness and accuracy of underlying data provided by the Management to the Appointed Actuary on a sample basis;

â¢ Results of our test has provided audit evidence which we have used to draw conclusions including our reporting.

2) Valuation of Investments

â¢ Investments represent a substantial portion of the assets of the Company which are valued in accordance with accounting policies and the regulatory guidelines.

â¢ The Company has a policy framework for Valuation of Investments.

â¢ The Company performs an impairment review of its investments periodically and recognizes impairment charge, whenever required.

To ensure that the valuation of investments in the financial

statements is as per the policy of the Company and the IRDAI

regulations.

We have performed the following procedures:

â¢ Reviewed the manner in which the investments have been made by the Company to ensure that the investments are in accordance with the IRDAI guidelines.

â¢ Tested the management oversight and controls over valuation of investments.

â¢ We have obtained the Confirmation of Balances for the Investments.

â¢ Independently verified the valuation of quoted investments.

â¢ Reviewed the Fair Value Change Account for specific investments.

â¢ Reviewed the compliance with the IRDAI guidelines on recording of Income on non-performing investments

3) Upgradation to New Operating and Accounting Software:

â¢ Considering the increasing business volumes and the need to move into a more comprehensive internal control system, the Company has initiated steps to upgrade its current operating and accounting software to an advanced system.

â¢ Consequently, the management is in the process of migrating data to the new system in a phased manner.

â¢ The process of data migration is highly dependent on information technology including automated and manual controls and availability of complete and accurate electronic data due to the size and complexity of the operations.

â¢ Due to the number of integrated /non - integrated systems used and the process used for the consolidation of data, this is a key audit matter for our audit

Based on a walkthrough of the upgradation process and on a review of the procedures followed thereon, we have conducted the following additional steps as part of the Audit process:

â¢ Review of access control to systems by verifying the permissions and responsibilities of authorised personnel.

â¢ Performed additional procedures such as reconciliations between systems, applying additional testing, extended our sample sizes, to obtain adequate and appropriate audit evidences.

â¢ Reviewed the controls with respect to manual processes of data of the business and ensured data integrity.

â¢ Our audit procedures include obtaining an understanding of the transaction and to ensure that the new upgraded environment meets the integrity and reliability tests of auditors.

Information Other than the Financial Statements and Auditor''s Report Thereon

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Responsibilities of the Management and those charged with governance for the financial statements.

The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Act, with respect to the preparation of these Financial Statements to give a true and fair view of the financial position, financial performance and Receipts and Payments of the Company in accordance with and in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, to the extent applicable and in the manner so required and the provisions of Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (as amended) (the "IRDA Act"), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor''s Report of Insurance Companies) Regulations, 2002 (the "IRDA Financial Statements Regulations"), Circulars / Orders / Directions issued by the Insurance Regulatory and Development Authority of India (the "IRDAI"/ "Authority") in this regard.

The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high-level assurance, but it is not a guarantee that an audit conducted in accordance with Standards of Auditing 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or 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, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of this report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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.

We also provide those charged with governance with a statement that we have complied with 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.

Other Matters

The actuarial valuation of liabilities in respect of claims Incurred But Not Reported (IBNR), including claims Incurred But Not Enough Reported (IBNER) and provisioning for Premium Deficiency and Free Look Reserve as at March 31, 2023 is the responsibility of the Company''s Appointed Actuary ("Actuary") and has been duly certified by the Actuary. The Appointed Actuary has also certified that in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms, if any, issued by the IRDAI and the Actuarial Society of India in concurrence with IRDAI. We have relied upon the Actuary''s certificate in this regard for forming our opinion on the financial statements of the Company. Our opinion is not modified in this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDAI Financial Statements Regulations, we have issued a separate certificate dated 28th April 2023 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDAI Financial Statement Regulations.

2. As required by the paragraph 2 of Schedule C to the IRDAI Financial Statement Regulations and the provisions of Section 143(3) of the Act, we report 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 purposes of our audit;

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;

d) The Balance Sheet, the Revenue Accounts, the Profit and Loss Account and the Receipts and Payments Account (Cash Flow Statement) dealt with by this report are in agreement with the books of account;

f) Investments have been valued in accordance with the provisions of the Insurance Act, the Regulations and orders/directions issued by IRDAI in this regard.

g) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2023 from being appointed as a director in terms of Section 164 (2) of the Act;

h) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note no. 5.1.1 of Schedule 16 to the financial statements;

ii. the Company did not have any material foreseeable losses under long-term contracts for which provision is required on the balance sheet date (Refer Note 5.2.14 of Schedule 16). There are no derivative contracts.

iii. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. Since the information required under paragraph L-(xvi) of Schedule III to the Act, is not applicable to the Company, being an Insurance Company, the Company has not disclosed the same.

a. However, the management has represented to us that to the best of its knowledge and

belief, no funds have been advanced or loaned or invested by the Company to or any other persons or entity(ies) including foreign entity with the understanding whether recorded or understanding whether the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities on behalf of the company (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

b. Further, the management has represented that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("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 adopted by us, nothing has come to our notice that has caused us to believe that the representations

made by the management under sub clause (a) and (b) above, contain any material misstatement

v. The Company has not declared or paid dividend during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.

3. With respect to the other matters to be included in the Auditor''s report, in terms of the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act and Section 34 of the IRDAI Act. We also refer to note no 5.1.11(A) of Schedule 16 to the Financial Statements with regard to status of IRDAI approval under section 34A of the IRDAI Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which are required to be reported upon by us.

Mar 31, 2022

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Star Health And Allied Insurance Company Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2022, the Revenue accounts of miscellaneous insurance, the Profit and Loss account and the Receipts and Payments account for the year then ended, the schedules annexed there to, including a summary of the significant accounting policies and notes forming part of the financial statements, (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Insurance Act, 1938, as amended by Insurance Laws(Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act"), Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor''s Report of Insurance Companies) Regulations, 2002 ("the IRDA Financial Statements Regulations"), Circulars / Orders / Directions issued by the Insurance Regulatory and Development Authority of India (the "IRDAI" / "Authority") in this regard, and the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to Insurance Companies:

a. in the case of Balance Sheet, of the state affairs of the Company as at March 31,2022;

b. in the case of Revenue Accounts, of the operating Loss in Miscellaneous business for the year ended on that date;

c. in the case of Profit and Loss Account, of the Loss for the year ended on that date; and

d. in case of Receipts and Payments Account, of the receipts and payments for the year ended on that date.

Basis for Opinion

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Key Audit Matters

Key Audit Matter

How our Audit Address the Key Audit Matter

1) Claim Settlement

Â¦ Claims are a significant expense for the company.

Â¦ Provisioning of Outstanding Claims including Claims Incurred but Not Reported (IBNR) and Incurred but Not Enough Reported (IBNER) are significant in magnitude and requires use of judgements and estimates.

Â¦ With regards to the claims provision, the Company makes a provision for claims upon intimation, on receipt of documents, communication from co-insurer leader in cases of incoming co-insurance business etc. The estimates undergo a revision based on further information and the settlement amount could vary from the provision created.

Â¦ The estimate of the claim involves a high degree of judgement.

Â¦ We tested the design operative effectiveness of controls around the due and intimated claims recording process. We additionally carried out the following substantive testing.

Â¦ Assessed and tested the operating effectiveness of key controls relating to the claims handling and reserving process, including controls over completeness and accuracy of the claim estimates recorded;

Â¦ Substantive tests were performed on the amounts recorded for a sample of Outstanding Claims, which are material to assess whether claims are appropriately estimated and recorded;

Â¦ The actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) is as certified by the Company''s Appointed Actuary and we have relied upon on the appointed actuary''s certificate in this regard;

Â¦ Tested the completeness and accuracy of underlying data provided by the Management to the Appointed Actuary on a sample basis;

Â¦ Results of our test has provided audit evidence which we have used to draw conclusions including our reporting.

Key Audit Matter

How our Audit Address the Key Audit Matter

Valuation of Investments

Â¦ Investments represent a substantial portion of the assets of the Company which are valued in accordance with accounting policies and the regulatory guidelines.

Â¦ The Company has a policy framework for Valuation of Investments.

Â¦ The Company performs an impairment review of its investments periodically and recognizes impairment charge, whenever required.

To ensure that the valuation of investments in the financial statements is as per the policy of the Company and the IRDAI regulations.

We have performed the following procedures:

Â¦ Reviewed the manner in which the investments have been made by the Company to ensure that the investments are in accordance with the IRDAI guidelines.

Â¦ Tested the management oversight and controls over valuation of investments.

Â¦ We have obtained the Confirmation of Balances for the Investments.

Â¦ Independently verified the valuation of quoted investments.

Â¦ Reviewed the Fair Value Change Account for specific investments.

Â¦ Reviewed the compliance with the IRDAI guidelines on recording of Income on non-performing investments

Financial Statements Regulations"), Circulars / Orders / Directions issued by the Insurance Regulatory and Development Authority of India (the "IRDAI"/ "Authority") in this regard.

Information Other than the Financial Statements and Auditor''s Report Thereon

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Responsibilities of the Management and those charged with governance for the financial statements.

The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Act, with respect to the preparation of these Financial Statements to give a true and fair view of the financial position, financial performance and Receipts and Payments of the Company in accordance with and in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "Act") read with Companies (Accounting Standards) Rules, 2021, as amended, to the extent applicable and in the manner so required and the provisions of Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (as amended) (the "IRDA Act"), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor''s Report of Insurance Companies) Regulations, 2002 (the "IRDA

The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high-level assurance, but it is not a guarantee that an audit conducted in accordance with Standards of Auditing 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Â¦ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or 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, misrepresentations, or the override of internal control.

Â¦ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3X0 of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Â¦ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Â¦ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of this report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Â¦ Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

We also provide those charged with governance with a statement that we have complied with 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.

communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

The actuarial valuation of liabilities in respect ofclaims Incurred But Not Reported (IBNR), including claims Incurred But Not Enough Reported (IBNER) and provisioning for Premium Deficiency and Free Look Reserve as at March 31, 2022 is the responsibility of the Company''s Appointed Actuary ("Actuary") and has been duly certified by the Actuary. The Appointed Actuary has also certified that in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms, if any, issued by the IRDAI and the Actuarial Society of India in concurrence with IRDAI. We have relied upon the Actuary''s certificate in this regard for forming our opinion on the financial statements of the Company. Our opinion is not modified in this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDAI Financial Statements Regulations, we have issued a separate certificate dated 29th April 2022 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDAI Financial Statement Regulations.

2. As required by the paragraph 2 of Schedule C to the IRDAI Financial Statement Regulations and the provisions of Section 143(3) of the Act, we report 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 purposes of our audit;

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;

f) Investments have been valued in accordance with the provisions of the Insurance Act, the Regulations and orders/directions issued by IRDAI in this regard.

g) On the basis of the written representations received from the directors as on March 31, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2022 from being appointed as a director in terms of Section 164 (2) of the Act;

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note no. 5.1.1 of Schedule 16 to the financial statements;

iii. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. Since the information required under paragraph L-(xvi) of Schedule III to the Act, is not applicable to the Company, being an Insurance Company, the Company has not disclosed the same.

a. However, the management has represented to us that to the best of its knowledge and belief, no funds have been advanced or loaned or invested by the Company to or I any other persons or entity(ies) including foreign entity with the understanding whether recorded or understanding whether the intermediary

shall, whether, directly or indirectly lend or invest in other persons or entities on behalf of the company (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

c. Based on the audit procedures adopted by us, nothing has come to our notice that has caused us to believe that the representations made by the management under sub clause (a) and (b) above, contain any material misstatement

v. The Company has not declared or paid dividend during the year.

3. With respect to the other matters to be included in the Auditor''s report, in terms of the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act and Section 34 of the IRDAI Act. We also refer to note no 5.1.11(A) of Schedule 16 to the Financial Statements with regard to status of IRDAI approval under section 34A of the IRDAI Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which are required to be reported upon by us.

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