Hi,
SEPM policies are not saved anywhere other than database and we can't import SEPM 11 database into the SEPM 12.1 due to schema changes. You will have to do it manually at this point.
You can refer shared articles to achieve this task.
I had created an idea in the past very similar to this one. You can promote it.
Save SEPM policies along with the Server private key folder
https://www-secure.symantec.com/connect/ideas/save-sepm-policies-along-server-private-key-folder