ICICI Bank 2012 Annual Report Download - page 131
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F53
auditors’ report
9. The actuarial valuation of liability in respect of claims incurred but not reported (‘IBNR’) and those incurred but not
enough reported (‘IBNER’) are the responsibility of the ICICI Group’s general insurance subsidiary’s appointed actuary
(the Appointed Actuary). The actuarial valuation of these liabilities as at March 31, 2012 has been duly certified by the
Appointed Actuary and in his opinion the assumptions for such valuation are in accordance with the guidelines and
norms issued by the Insurance Regulatory and Development authority (IRDA’) and the Actuarial Society in concurrence
with the IRDA. The statutory auditors of ICICI Lombard General Insurance Company Limited have relied upon appointed
Actuary’s certificate in this regard.
10. Based on our audit and on consideration of reports of other auditors and branches auditors on separate financial
statements and other financial information of the components, and the consideration of the un-audited financial
statements, and to the best of our information and according to the explanations given to us, we are of the opinion that
the attached consolidated financial statements give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the consolidated balance sheet, of the state of affairs of the ICICI Group as at March 31, 2012;
(b) in the case of the consolidated profit and loss account, of the profit for the year ended on that date; and
(c) in the case of the consolidated cash flow statement, of the cash flows for the year ended on that date.
For S.R. Batliboi & Co.
Firm registration number: 301003E
Chartered Accountants
per Shrawan Jalan
Partner
Membership No.: 102102
Mumbai
April 27, 2012