ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Go Digit General Insurance Ltd.

Mar 31, 2026

We have audited the accompanying financial statements
of GO DIGIT GENERAL INSURANCE LIMITED ("the
Company”), which comprise the Balance Sheet as at
March 31, 2026, the Revenue Accounts of fire, marine
and miscellaneous insurance (collectively known as the
‘Revenue Accounts’), the Profit and Loss Account and
the Receipts and Payments Account for the year then
ended, the schedules annexed thereto, a summary of
the significant accounting policies and other explanatory
notes thereon (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, we report
that the aforesaid financial statements, prepared
in accordance with the requirements of Accounting
Standards as specified under Section 133 of the
Companies Act, 2013 (the ‘Act’) read with the Companies
(Accounting Standards) Rules, 2021 as amended
(‘Accounting Standards’) and other accounting principles
generally accepted in India, including relevant provisions
of the Insurance Act, 1938, the Insurance Regulatory and
Development Authority of India 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 financial statements and which
are not inconsistent with the accounting principles as
prescribed in the Insurance Regulatory and Development
Authority (Actuarial, finance and investment functions
of insurers) Regulations, 2024 (the "Regulations”) and
orders/directions/circulars issued by the Insurance
Regulatory and Development Authority of India ("IRDAI”
/ "Authority”), to the extent applicable ("Applicable
Accounting Framework”), 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 the Balance Sheet, of the state affairs
of the Company as at March 31, 2026;

b. in the case of the Revenue Accounts, of the operating
profit/surplus in the Fire business, Marine business
and Miscellaneous businesses for the year ended on
that date;

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

d. 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 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 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 is
relevant to our audit of the financial statements under
the provisions of the Act and the Rules made 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.

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. For each matter below, our
description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial
statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures,
including the procedures performed to address the
matters below, provide the basis for our audit opinion on
the accompanying financial statements.

Sl. No	Key Audit Matter	How our audit addressed the Key Audit Matter
1.	Claims Settlement and provisioning	Our audit procedures included among others, the following:
	The estimation of insurance contract liabilities is a	•	We tested the design operative effectiveness of controls around
	significant area of judgment for the Company and		the due and intimated claims recording process. We additionally
	has been identified as a key audit matter due to		carried out the following substantive testing.
	inherent estimation uncertainty and the material	•	Assessed and tested the operational effectiveness of key controls
	amounts involved.		over the claims handling and reserving process, including controls
	Insurance claims constitute a major area of expense,		for the completeness and accuracy of the incurred claims.
	and the process of estimating liabilities—including	•	Substantive tests were performed on the amounts recorded for
	outstanding claims, claims incurred but not		a sample of Outstanding Claims, which are material to assess
	reported (IBNR), and claims incurred but not enough		whether claims are appropriately estimated and recorded;
	reported (IBNER)—requires complex actuarial and	•	Verified for selected samples, claim payments and the corresponding
	management judgments.		provisions recorded by verifying supporting documentation such as
	Provisions for claims are initially recorded upon		payment evidence, surveyors’ reports, and statements of account
	intimation and are revised based on surveyor		received from the Cedant Company.
	reports, communication from the lead co-insurer in	•	For the claim cases which have been incurred but not reported
	cases of co-insurance inward, and other emerging		and cases in which claims have been reported but not enough
	information. The final settlement amount may differ		reported, these cases have been considered by the Company’s
	significantly from the initial estimates.		Appointed Actuary. The actuarial valuation of liability in respect of
	A range of actuarial methods and assumptions		Claims Incurred but Not Reported (IBNR) and those Incurred but
	are used to determine these liabilities, including		Not Enough Reported (IBNER) as at March 31, 2026, is as certified
	assumptions regarding the expected settlement		by the Company’s Appointed Actuary and we have relied upon on
	amount and timing of claims.		the Company’s Appointed Actuary’s certificate in this regard;
	The estimation process is subject to high levels	•	Tested the completeness and accuracy of underlying data provided
	of uncertainty due to the variability in claim		by the Management to the Appointed Actuary on a sample basis;
	development patterns and the potential for late-	•	Obtained written representations from management on valuation
	reported or under-reported claims.		of IBNR and claim processing.
2.	Valuation of Investments (Refer Schedule 8 and 8A	Our audit procedures included among others, the following:
	of the financial statements)	•	Reviewed the accounting policies used by the Company for
	The Company’s investment portfolio consists of		accounting and disclosing Investments for compliance with the
	Policyholders’ investments and Shareholders’		accounting framework and applicable IRDAI regulations.
	investments which are valued in accordance	•	Obtained independent external confirmations for investments
	with accounting policy framed as per the extant		as at balance sheet date from the Custodians and Depository
	regulatory guidelines.		Participants to confirm the units of securities.
	The valuation of all investments is as per the	•	On a test check basis, recomputed valuation of different classes
	investment policy framed by the Company as per		of investments to assess appropriateness of the valuation
	the requirements contained in the IRDAI Financial		methodologies with reference to IRDAI Investment Regulations.
	Statements Regulations. The valuation methodology	•	Examined movement and appropriateness of accounting in Fair
	specified in these aforesaid regulations is applied		Value Change account for specific investments.
	by the Company for each class of investment	•	Assessed the adequacy of internal controls, evaluated the design
	which includes various measurement techniques		and tested the operating effectiveness of such controls for initial
	as described in Schedule 16 to the accompanying		recognition, measurement, and disclosure of investments as on the
	financial statements.		reporting date as per applicable regulations.
	The valuation of these investments was considered	•	Reviewed the Company’s impairment policy and assessment of
	one of the matters of material significance in the financial statements due to the materiality of the total value of investments to the financial statements and thereby identified as a key audit matter for current year audit.	•	impairment. Obtained written representations from management on compliance of valuation of investments with the regulations.

Information Other than the Financial Statements and Auditor’s Report Thereon:

The Directors are responsible for the preparation of other information. The other information comprises the Directors
Report and Management Discussion and Analysis but does not include the financial statements and our 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 and, in doing
so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent
material misstatements, we are required to determine
whether there is a material misstatement of the other
information. 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 confirm that we have nothing material to report, add
or draw attention to in this regard.

Responsibilities of the Management and
Those charged with governance for the
financial statements:

The Company’s Management and Board of Directors are
responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act”) with respect to the
preparation of these financial statements that give a true
and fair view of the financial position, underwriting results,
financial performance and cash flows of the Company in
accordance with the Applicable Accounting Framework.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding 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
and 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
management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to
do so.

The Board of Directors is 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 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 aggregate, that 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 financial
controls 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 an adequate internal
financial controls system in place 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
and board of directors 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 our auditor’s 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
of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in
our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

Other Matters

The actuarial valuation of liabilities in respect of Incurred
But Not Reported (the "IBNR”), Incurred But Not Enough
Reported (the “IBNER”) and Premium Deficiency Reserve
(the “PDR”) is the responsibility of the Company’s
Appointed Actuary (the “Appointed Actuary”). The
actuarial valuation of these liabilities, which are estimated
using statistical methods as at March 31, 2026 has been
duly certified by the Appointed Actuary and in his opinion,
the assumptions considered by him for such valuation
are in accordance with the guidelines and norms issued
by the IRDAI and the Institute of Actuaries of India in
concurrence with the IRDAI. We have relied upon the
Appointed Actuary’s certificate in this regard for forming
our opinion on the valuation of liabilities for outstanding
claims reserves and the PDR contained in the financial
statements of the Company.

Report on Other Legal and Regulatory
Requirements

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

2. As required by paragraphs 1 and 2 of Part III of
Schedule II to the IRDAI Financial Statements
Regulations read with Section 143(3) of the Act, in
our opinion and according to the information and
explanations give to us, we report, to the extent
applicable, that:

a) We have sought and obtained all the
information and explanations which to the best
of our knowledge and belief were necessary for
the purposes of our audit of the accompanying
financial statements and those have been
found satisfactory.

b) 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
of accounts;

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 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) The accounting polices selected by the Company
are appropriate and such accounting policies
and the aforesaid financial statements comply
with the applicable Accounting Standards
specified under Section 133 of the Act read with
the Companies (Accounting Standards) Rules,
2021 and other accounting principles generally
accepted in India read with and which are not
inconsistent with the accounting principles
prescribed in the IRDAI Financial Statements
Regulations, the Insurance Act, IRDAI Act and
circulars/orders/directions issued by IRDAI in
this regard;

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

g) On the basis of the written representations
received from the directors for the year ended
March 31, 2026, taken on record 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.

h) With respect to the adequacy of the internal
financial controls with reference to the financial
reporting 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 3, Note 30 in Schedule 16 to the
financial statements;

ii. The Company has made provision,
as required under the applicable law
or accounting standards, for material
foreseeable losses, if any, on long-term
contracts. The Company did not have any
outstanding long-term derivative contracts
- Refer Note no. 31 in Schedule 16 to the
financial statements and "Other Matter”
para above.

iii. During the year there were no amounts
required to be transferred to the Investor
Education and Protection Fund by the
Company - Refer Note 32 in Schedule 16 to
the financial statements; and

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.
- Refer Note 41 in Schedule 16 to the
financial statements

v. The Company has neither proposed nor
paid any interim or final dividend during the
year. Therefore, reporting on compliance
with section 123 of the Act does not arise.

vi. As stated in Note 40 to the financial
statements and relying on representations/
explanations from the company and
software vendor and based on our
examination which included test checks on
the software applications, the company has
used software applications for maintaining
its books of account which has a feature of
recording audit trail (edit log) facility and
the same has been operated throughout the
year for all relevant transactions recorded
in the respective software applications.
During the course of our audit we did not
come across any instance of audit trail
feature being tampered with.

Additionally, other than the periods where audit trail was not enabled in the prior year, the audit trail has
been preserved by the Company as per the statutory requirements for record retention.

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, we report that managerial remuneration payable to the Company’s Directors is governed by
the provisions of Section 34A of the Insurance Act, 1938 and is approved by IRDAI. Accordingly, the managerial
remuneration limits specified under Section 197 of the Act do not apply.

For Kirtane & Pandit LLP For PKF Sridhar & Santhanam LLP

Chartered Accountants Chartered Accountants

ICAI Firm Registration No: 105215W / W100057 ICAI Firm Registration No: 003990S / S200018

Sd/- Sd/-

Suhrud Lele Seethalakshmi M

Partner Partner

Membership No. 121162 Membership No. 208545

UDIN: 26121162SYSFHG8677 UDIN: 26208545YWBYDT3041

Date: 28 April 2026 Date: 28 April 2026

Place: Bengaluru, India Place: Bengaluru, India

---

Mar 31, 2025

To the Members of Go Digit General Insurance Limited Opinion

We have audited the accompanying financial statements of GO DIGIT GENERAL INSURANCE LIMITED ("the Company”), which comprise the Balance Sheet as at March 31, 2025 the Revenue Accounts of fire, marine and miscellaneous insurance (collectively known as the ‘Revenue Accounts’), the Profit and Loss Account and the Receipts and Payments Account for the year then ended, the schedules annexed thereto, a summary of the significant accounting policies and other explanatory notes thereon (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, we report that the aforesaid financial statements, prepared in accordance with the requirements of Accounting Standards as specified under Section 133 of the Companies Act, 2013 (the ‘Act’) read with the Companies (Accounting Standards) Rules, 2021 as amended (‘Accounting Standards’) and other accounting principles generally accepted in India, including relevant provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority of India 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 financial statements and which are not inconsistent with the accounting principles as prescribed in the Insurance Regulatory and Development Authority (Actuarial, finance and investment functions of insurers) Regulations, 2024 (the "Regulations”) and orders/directions/circulars issued by the Insurance Regulatory and Development Authority of India ("IRDAI” / "Authority”), to the extent applicable ("Applicable Accounting Framework”), 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 the Balance Sheet, of the state affairs of the Company as at March 31, 2025;

b. in the case of the Revenue Accounts, of the operating profit/surplus in the Fire business, Marine business and Miscellaneous businesses for the year ended on that date;

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

d. 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 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 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 is relevant to our audit of the financial statements under the provisions of the Act and the Rules made 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.

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. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

Sl. No	Key Audit Matter	How our audit addressed the Key Audit Matter
1.	Claims Settlement and provisioning The estimation of insurance contract liabilities is a significant area of judgment for the Company and has been identified as a key audit matter due to inherent estimation uncertainty and the material amounts involved. Insurance claims constitute a major area of expense, and the process of estimating liabilities—including outstanding claims, claims incurred but not reported (IBNR), and claims incurred but not enough reported (IBNER)— requires complex actuarial and management judgments. Provisions for claims are initially recorded upon intimation and are revised based on surveyor reports, communication from the lead co-insurer in cases of co-insurance inward, and other emerging information. The final settlement amount may differ significantly from the initial estimates. A range of actuarial methods and assumptions are used to determine these liabilities, including assumptions regarding the expected settlement amount and timing of claims. The estimation process is subject to high levels of uncertainty due to the variability in claim development patterns and the potential for late-reported or under-reported claims.	Our audit procedures included among others, the following: • We tested the design operative effectiveness of controls around the due and intimated claims recording process. We additionally carried out the following substantive testing. • Assessed and tested the operational effectiveness of key controls over the claims handling and reserving process, including controls for the completeness and accuracy of the incurred claims. • 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; • Verified for selected samples, claim payments and the corresponding provisions recorded by verifying supporting documentation such as payment evidence, surveyors’ reports, and statements of account received from the Cedant Company. • For the claim cases which have been incurred but not reported and cases in which claims have been reported but not enough reported, these cases have been considered by the Company’s Appointed Actuary. The actuarial valuation of liability in respect of Claims Incurred but Not Reported (IBNR) and those Incurred but Not Enough Reported (IBNER) as at March 31, 2025, is as certified by the Company’s Appointed Actuary and we have relied upon on the Company’s Appointed Actuary’s certificate in this regard; • Tested the completeness and accuracy of underlying data provided by the Management to the Appointed Actuary on a sample basis; • Obtained written representations from management on valuation of IBNR and claim processing.
2	Valuation of Investments (Refer Schedule 8 and 8A of the financial statements) The Company’s investment portfolio consists of Policyholders’ investments and Shareholders’ investments which are valued in accordance with accounting policy framed as per the extant regulatory guidelines. The valuation of all investments is as per the investment policy framed by the Company as per the requirements contained in the IRDAI Financial Statements Regulations. The valuation methodology specified in these aforesaid regulations is applied by the Company for each class of investment which includes various measurement techniques as described in note 16 to the accompanying financial statements.	Our audit procedures included among others, the following: • Reviewed the accounting policies used by the Company for accounting and disclosing Investments for compliance with the accounting framework and applicable IRDAI regulations. • Obtained independent external confirmations for investments as at balance sheet date from the Custodians and Depository Participants to confirm the units of securities. • On a test check basis, recomputed valuation of different classes of investments to assess appropriateness of the valuation methodologies with reference to IRDAI Investment Regulations. • Examined movement and appropriateness of accounting in Fair Value Change account for specific investments.

Sl. No	Key Audit Matter	How our audit addressed the Key Audit Matter
	The valuation of these investments was considered one of the matters of material significance in the financial statements due to the materiality of the total value of investments to the financial statements and thereby identified as a key audit matter for current year audit.	• Assessed the adequacy of internal controls, evaluated the design and tested the operating effectiveness of such controls for initial recognition, measurement, and disclosure of investments as on the reporting date as per applicable regulations. • Reviewed the Company’s impairment policy and assessment of impairment • Obtained written representations from management on compliance of valuation of investments with the regulations.

Information Other than the Financial Statements and Auditor’s Report Thereon:

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 and 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is 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 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 aggregate, that could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The Directors are responsible for the preparation of other information. The other information comprises the Directors Report and Management Discussion and Analysis but does not include the financial statements and our 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 and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement of the other information. 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 confirm that we have nothing material to report, add or draw attention to in this regard.

Responsibilities of the Management and Those charged with governance for the financial statements:

The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, underwriting results, financial performance and cash flows of the Company in accordance with the Applicable Accounting Framework.

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 financial controls 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 an adequate internal financial controls system in place 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 and board of directors 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 our auditor’s 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 of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

The actuarial valuation of liabilities in respect of Incurred But Not Reported (the “IBNR”), Incurred But Not Enough Reported (the “IBNER”) and Premium Deficiency Reserve (the “PDR”) is the responsibility of the Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities, which are estimated using statistical methods as at March 31, 2025 has been duly certified by the Appointed Actuary and in his opinion, the assumptions considered by him for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon the Appointed Actuary’s certificate in this regard for forming our opinion on the valuation of liabilities for outstanding claims reserves and the PDR contained in the financial statements of the Company.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDAI Financial Statements Regulations, we have issued a separate certificate dated April 28, 2025 certifying the matters specified in paragraphs 3 and 4 of Part III of Schedule II to the IRDAI Financial Statements Regulations.

2. As required by paragraphs 1 and 2 of Part III of Schedule II to the IRDAI Financial Statements Regulations read with Section 143(3) of the Act, in

our opinion and according to the information and

explanations give to us, we report, to the extent

applicable, that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the accompanying financial statements and those have been found satisfactory.

b) 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 2 (j) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;

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 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) The accounting polices selected by the Company are appropriate and such accounting policies and the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021 and other accounting principles generally accepted in India read with and which are not inconsistent with the accounting principles prescribed in the IRDAI Financial Statements Regulations, the Insurance Act, IRDAI Act and circulars/orders/directions issued by IRDAI in this regard;

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

g) On the basis of the written representations received from the directors for the year ended March 31, 2025, taken on record 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.

h) The observation relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2 (b) above on reporting under Section 143(3)(b) of the Act and paragraph 2 (j) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

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

j) 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 31 in Schedule 16 to the financial statements;

ii. The Company did not have any outstanding long-term derivative contracts - Refer Note no. 32 in Schedule 16 to the financial statements and "Other Matter” para above.

iii. During the year there were no amounts required to be transferred to the Investor Education and Protection Fund by the Company - Refer Note 33 in Schedule 16 to the financial statements; and

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;

(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 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;

(b) 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. - Refer Note 43 in Schedule 16 to the financial statements

v. The Company has neither proposed nor paid any interim or final dividend during the year. Therefore, reporting on compliance with section 123 of the Act does not arise.

vi. As stated in Note 42 to the financial statements and relying on representations/ explanations from the company and software vendor and based on our examination which included test checks on the software applications, except for instances mentioned below, the Company, in respect of financial year commencing on April 01, 2024, has used software applications for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the respective software applications. During the course of our audit we did not come across any instance of audit trail feature being tampered with.

Instances of accounting software for maintaining books of account for which the feature of recording audit trail (edit log) facility was not operated throughout the year for all relevant transactions recorded in the software

The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for accounting application until 4 Aug 2024 & for investment management application until 11 Jun 2024. Company has enabled audit trail (edit logs) feature for all identified financial accounting tables on 07 Jun 2024 for policy and claims administration system.

Additionally, other than the periods where audit trail was not enabled in the prior year, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

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, we report that managerial remuneration payable to the Company’s Directors is governed by the provisions of Section 34A of the Insurance Act, 1938 and is approved by IRDAI. Accordingly, the managerial remuneration limits specified under Section 197 of the Act do not apply.

For Kirtane & Pandit LLP For PKF Sridhar & Santhanam LLP

Chartered Accountants Chartered Accountants

ICAI Firm Registration No: 105215W / W100057 ICAI Firm Registration No: 003990S / S200018

Suhrud Lele Seethalakshmi M

Partner Partner

Membership No. 121162 Membership No. 208545

UDIN: 25121162BMJHUV4642 UDIN: 25208545BMVSJA4731

Date: April 28, 2025 Date: April 28, 2025

Place: Bengaluru, India Place: Bengaluru, India