Dear Policyholder,

I hope all of you and your families are safe at home in the midst of this Covid-19 pandemic. While now we are learning to coexist with virus and vaccines are also there, we should not lower our guard and continue to take precautions. FY21 has ended; it was a difficult year for the world from mental, physical and financial perspective.  At the beginning of the financial year, there was a pandemic across the globe.  There were lockdowns, countries entered into recession on a quarterly basis, stock markets remained very volatile and there was fear all around.  Then central banks globally came into action and supported the economy, positive news on vaccine coupled with better than expected recovery in the global economy post the end of lockdown, gave impetus to the markets and by year end we were sitting at healthy returns on equities. Last year further cemented the view that equities by nature are a volatile asset class and provide a higher return than other asset classes in the long term to compensate for the volatility. Investors who kept their faith in the asset class and remained invested had been rewarded handsomely.