FROM PUBLISHED ACCOUNTS

Compilers’ Note: Given below are extracts from Significant Accounting Policies of restated consolidated financial information of Life Insurance Corporation of India as given in the Red Herring Prospectus.

LIFE INSURANCE CORPORATION OF INDIA Basis of preparation The Restated Consolidated Financial Information of the Group comprises the Restated Consolidated Statement of Assets and Liabilities as at 30th September, 2021, 31st March, 2021, 31st March, 2020, 31st March, 2019 and the Restated Consolidated Statement of Revenue Account (also called the Policyholders’ Account or Technical Account), Restated Consolidated Statement of Profit & Loss Account (also called the Shareholders’ Account/ Non-Technical Account) and the Restated Consolidated Statement of Receipts and Payments Account (also called the Cash Flow Statement) for the six months ended on 30th September, 2021 and for each of the financial years ended 31st March, 2021, 31st March, 2020 and 31st March, 2019 and Significant Accounting Policies and notes to the restated consolidated financial information and other explanatory notes (collectively, the “Restated Consolidated Financial Information”).

The Restated Consolidated Financial Information have been prepared by the Management of the Corporation for the purpose of inclusion in the Draft Red Herri