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Kotak Mahindra Old Mutual Life Insurance Limited

ANNUAL REPORT 2015 - 16

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

MULTIPLYING BY ADDING

2 Annual Report 2015-16


TO THE MEMBERS OF KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

The Directors present their Sixteenth Annual Report together with the audited accounts of your Company for the year ended March 31, 2016.

FINANCIAL SUMMARY/ HIGHLIGHTS

Your Company continues to demonstrate consistent performance in competitive environment. This year your Company continues to be profitable, which it has achieved through a product mix and efficient management of cost. The summarised results of operations of your Company for the Financial Year (“FY”) 2015-16 are as follows:

(` in Crores)

Particulars Year ended March 31, 2016

Year ended March 31, 2015

New Business Premium 2,210 1,540

Renewal Premium 1,762 1,498

Total Premium 3,972 3,038

Profit/(Loss) before tax 300 326

Profit/ (Loss) after tax 269 291

Bonus to Policyholders 97 74

Terminal & Interim Bonus to Policyholders 12 9

Net worth 1,521 1,271

New Business Sum Assured 2,29,289 1,52, 462

Assets Under Management 16,936 15,236

Your Directors have declared the following rates of bonus on participating policies for the year ended March 31, 2016:

(a) 7% (FY 2014-15 – 7%) on accumulation non-retirement products to participating life policyholders which comprises 4% bonus in addition to the guaranteed rate of 3%. Additionally, terminal bonus of 15% on accumulation account value (FY 2014-15 – 15%) for the policies matured and on death claim benefits paid during the year.

(b) 8% (FY 2014-15 – 8%) to Annuity participating policyholders which comprises 5% cash bonus in addition to the guaranteed rate of 3%. Additionally, terminal bonus of 10% on accumulation account value (FY 2014-15 – 10%) for the policies matured and on death claim benefits paid during the year.

(c) On Conventional With Profits products:

• Under Surakshit Jeevan Plan and Eternal Life Plans, 2.75% Simple Reversionary bonus for policies completing more than 5 policy years and 2.5% Simple Reversionary bonus otherwise

• 2.5% under Sukhi Jeevan, Child Edu and Child Future Plan. Additionally, for Sukhi Jeevan plan, a terminal bonus of 1% for every policy year would be paid on maturity or on a death claim provided that policy has completed 10 policy years.

• 2.5% for the regular premium paying term policies and 3% for limited premium paying term policies under Classic Endowment Plan, Premier Money Back Plan and Premier Life Plan

• For Premier Endowment Plan and Premier Pension Plan, a bonus rate of 5% is guaranteed for regular and limited premium paying policies and 2% for single premium policies for the first five years.

There have been no material changes & commitments affecting the financial position of your Company which have occurred between the end of the FY i.e March 31, 2016 and date of the report i.e. April 26, 2016.

DIRECTORS’ REPORT

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DIVIDEND & RESERVES

Your Directors do not recommend any dividend for the current year. Your Company does not propose to carry any amount to the reserves of the Company.

LICENSE

In terms of the Insurance Regulatory and Development Authority of India (IRDAI) Circular no. IRDA/F&A/CIR/GLD/ 062/04/2015 dated April 7, 2015, the annual fees for the FY 2016-17 has been duly paid to the IRDAI.The IRDAI has renewed your Company’s license to carry on the business of life insurance and annuity for the FY 2016-17.

INDUSTRY SCENARIO

The industry as a whole registered negative growth of 10% in total Adjusted Premium terms (i.e. Single Premium as one tenth), whereas private sector registered a growth of 16%. However your Company has registered a growth of 32%.

BUSINESS AND DISTRIBUTION CHANNELS

a) Individual Business

The year witnessed increased focus towards traditional products and an increasing trend towards long-term selling, which augurs well for the Company. Your Company has driven protection and long term savings products (PALTS) across its distribution verticals.

Your Company continues to focus on distribution efficiency. Investment in training Life Advisors and sales hierarchy has been stepped up to ensure productivity is improved and the distribution team is equipped to meet customers’ expectations.

Besides Kotak Mahindra Bank Limited, your Company has agency tie-ups with cooperative banks, commercial banks, corporate agents and brokers which also contribute to the premium income.

b) Group Business

Group portfolio comprises of Traditional and Unit Linked products catering to gratuity, leave encashment and superannuation needs of employer-employee groups. In addition, your Company also offers Term and Credit Insurance products. Your Company generated a premium income of ̀ 1146 Crores (FY 2014-15 ̀ 791 Crores) from group insurance business registering a growth of 45% over FY 2014-15.

PRODUCTS

Your Company launched eight products and five riders on the individual side catering to customer needs such as protection, savings and estate creation.

Your Company’s products have been designed such that they fulfil policyholder needs, are simple to understand and also offer competitive benefits to the policyholder. This year we launched Premier Life, traditional participating plan, is one of its kind whole life plan that provides protection and savings to the customer till the age of 99 years.

On the Unit Linked platform your Company launched new investment strategy to provide customised solutions along with the three unit linked products. Also, one of its kind Joint Life Unit Linked product, Single Invest Plus, was introduced in September by the Company.

MARKETING

Your Company’s marketing efforts during the year were focused on strengthening your Company’s core purpose of adding value to people’s lives through Protection And Long Term Savings (PALTS), and, reinforcing the culture of customer-centricity in every outreach. To this end, your Company has:

• Made concentrated efforts to understand customer insights through usage and attitude studies, so that it could develop or revamp products, marketing material and services

• Launched new brand promise “Koi hai…. Hamesha -we believe sharing multiplies joys and divides sorrows and we believe our customers should never walk alone”

• Provided marketing support to sales teams through effective collaterals to create good sales pitches for enhanced customer experience

• Developed sales enablers and reworked sales tools to better align sales process to customer needs



• Initiated standardization of customer communication at all stages of the policy lifecycle

• Created awareness on the importance of continuing with the existing policies through retention initiatives

HUMAN RESOURCES

The Company continued its development focus on the people capital. Our full time employee headcount grew from 4899 on March 31, 2015 to 5563 as on March 31, 2016 with majority of the additions coming in Agency channels.

We continued to improve on overall retention by reducing attrition 40% from 51% last year. Our integrated approach towards development as the key retention factor helped us to improve our attrition.

Our development initiatives included General Management program at IIMA for senior management, Wharton program for business heads. We also set up a talent and skill committee for improving talent & performance management the scope of which includes improving skilling/development focus across the organization, improve input quality, and institutionalise performance/talent management in the organization.

Your Company has a robust policy against Sexual Harassment. Following is a summary of sexual harassment complaints received and disposed off during the FY 2015-16:

No. of complaints received: 8 No. of complaints not admitted post review: 3

No. of complaints closed: 5 No. of cases pending disposal: Nil

INFORMATION TECHNOLOGY

Your Company has continued its journey of Digitization. In FY15-16, “Genie” – end to end sales solution was extended to all channels and also made available on the web. A Customer Servicing mobile application for android and IOS has been implemented and launched for a small user group. Your company has also launched e-Gurukul – an online learning portal for its employees

Key initiatives undertaken by your Company include:

• UNICA – A Campaign Management solution – This will help us to centrally monitor and manage end-to-end campaigns for customers and distributors

• Implementation of a complete integrated system for Recruitment Management

• Your Company continues to focus on risk management and has implemented high availability solutions for key infrastructure components and has also implemented PRISM – a tool for managing operational risk.

In recognition of its efforts in using technology to make transformative changes to business, your Company was awarded the VmWare IT Excellence Award in the industry vertical – Financial Services. This was awarded for the successful implementation of Desktop Virtualization.

OPERATIONS AND CUSTOMER SERVICE

Your Company is committed to be the best in class in customer service and recognizes it to be a key long term strategic differentiator. During the course of the year, your Company invested in several customer friendly initiatives to improve the overall customer experience. These are as follows:

a) Your company launched the KLIFE Service Mobile App which is available on Android & IOS play stores, making KLIFE accessible to all customers 24/7.

b) Your company also optimised Online Payment Module thereby improving first time transaction success ratio substantially.

c) Your company launched the online Suraksha Portal for credit policies; enabling direct member data upload ensuring seamless experience for Policy holders, along with immediate reporting of acceptance of data thereby eliminating risk of data not being reported.

d) Your Company has also been driving ‘Think Green’ Initiative by promoting E-mode as the preferred mode of communication for both customers and agents. This initiative is not only cost effective in terms of savings on Printing, Stationery and Dispatch Costs but also ensures timely delivery of communications.

e) Rigorous drive to collect bank details was initiated to ensure electronic payouts directly to the customer’s bank account ensuring faster, safer and cost effective money transfers leading to reduction in stale cheques and unclaimed amounts.

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f) Your company has transitioned from usage of ECS (Electronic Clearance System) platform to NACH (National Automated Clearing House), which is a centralized process of mandate management resulting in efficient, faster mandate registration and debit confirmation thereby curbing rejections.

g) Your company has ensured high levels of persistency by successfully registering mandates for electronic premium payments for as high as 70% of New Business customers and ensuring timely collections of renewals. Also push and pull SMS facility for re-debit of premiums is being provided to customers whenever there is a collection failure

h) We have as many as 13 different payment options available for the policy holders which facilitate ease of renewal premium payment.

i) Your company has received 1169 appreciation letters from delighted customers for excellence in service during the year ended March 31, 2016.

COMPLIANCE, RISK MANAGEMENT AND INTERNAL CONTROL

The Compliance function is not only the custodian of Regulatory framework but also counsels other functions within the Company on the changing Regulations and their implications within the Industry. During the FY 2015-16 regulatory changes were implemented smoothly.

Your Company has a Compliance Policy and Risk Management framework in place, in order to mitigate risks across various functions of the Company and suitable measures are taken to proactively manage risks at all levels. As part of good Corporate Governance, the Audit Committee reviews findings of Internal Auditors who report directly to the Audit Committee.

Your Company has a Risk Management Committee for developing and promoting the risk management culture of the Company. It sets overall risk policies and frameworks for the Company in line with itsdefined risk strategy and risk tolerance. The Board of Directors confirms that your Company has laid down set of standards, processes and structure which enables to implement Internal Financial controls across the organization with reference to Financial Statements and that such controls are adequate and are operating effectively. During the year under review, no material or serious observation has been observed for inefficiency or inadequacy of such controls.

PROGRESS ON IND AS IMPLEMENTATION

The Ministry of Finance, Government of India has vide its press release dated January 18, 2016 outlined the roadmap for implementation of International Financial Reporting Standards (IFRS) converged Indian Accounting Standards (Ind AS) for banks, non-banking financial companies and Insurers. The IRDAI vide circular IRDAI/ F&A/CIR/IFRS/038/03/2016 dated March 1 2016, has advised the insurers to follow the Ind AS as notified under the Companies (Indian Accounting Standards) Rules, 2015 from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018. As Ind AS implementation will significantly impact the financial reporting systems and processes, changes need to be planned and executed in advance of the implementation date. In accordance with the circular, a Steering Committee headed by Managing Director and comprising of members from cross-functional areas has been set up. To ensure effective implementation of Ind AS the Audit Committee shall oversee the progress of the Ind AS implementation process and report to the Board at quarterly intervals.

INVESTMENTS

Your Company manages its investments within the overall framework laid down by the Investment Policy and provisions of IRDAI Investment Regulations, 2000 and Insurance Act, 2014. The Investment function works under the overall supervision of Investment Committee of the Board. Your Company has implemented systems to help in analysis of investment portfolio, which acts as an enabler to the front-end Investment team in asset allocation and stock selection.

The total Assets under Management of the Company was ` 16,936 crores as at March 31, 2016 as against ` 15,219 crores as at March 31, 2015 registering a growth of 11% over the previous year. FY 2015-2016 was volatile for Financial Markets. During the year 10 year benchmark Government Security yield has gone down from 7.80% as at March 31, 2015 to 7.46% as at March 31, 2016 and has seen a high and low of 7.99% and 7.46% respectively, while the NIFTY has gone down from 8,491 as at March 31, 2015 to 7,738 as at March 31, 2016 with a high of 8,834 and low of 6,971 during the year.

RURAL & SOCIAL SECTORS

During the year, your Company wrote 56,247 policies (as compared to 40,861 policies) in the rural sector representing 21.64% (Previous Year 21.94%) of the total policies. This is against the Regulatory requirement as per the IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2002 is20% of the total policies written in a financial year should be from the rural sector. Your Company has covered 5,94,683 social lives (Previous year 12,76,441 lives). Your Company approaches its rural and social sector targets with a deep sense of duty and responsibility towards the community and society at large.



CORPORATE GOVERNANCE

Your Company has consciously endeavoured to follow the policy of transparency and accountability and holds the interest of its stakeholders paramount. Your Company has implemented the requirement of Corporate Governance circular issued by IRDAI. (Note: A separate report pertaining to the Corporate Governance compliances is enclosed as Annexure 1).

CAPITAL

Your Company continues to be among the most efficient capital users in the life insurance spaceand has good Asset under Management to Capital Ratio. During the year under review, the Authorized Share Capital of your Company was ̀ 625 crores, while the Paid Up Share Capital of your Company was ` 510 crores. There has been no capital infusion during the FY 2015-16.

CHANGE IN REGISTERED OFFICEDURING THE FINANCIAL YEAR.

The registered office of the Company has been shifted to 2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400 051 with effect from April 15, 2016.

DIRECTORS& KEY MANAGERIAL PERSONNEL

There are ten directors on Board of the Company. The Company has three Independent Directors on the Board and one executive Managing Director. The Chairman of the Board holds a Non- Executive Position and the Chairman of the Audit Committee is an Independent Director.

Directors retiring by rotation

Mr. Dipak Gupta (DIN: 00004771) and Mr. Gaurang Shah (DIN 00016660), directors of the Company, are liable to retire by rotation at the ensuing Annual General Meeting of your Company. Mr. Dipak Gupta and Mr. Gaurang Shah, being eligible, have offered themselves for re-appointment.

Directors appointed during the year

There were no appointment of Directors during the FY 2015-16.

Resignation of Directors during the year

None of the Directors resigned during the FY 2015-16.

Declaration from Independent Directors

The Board has received declarations from the Independent Directors as per the requirement of Section 149(7) of the Companies Act, 2013 and the Board is satisfied that the Independent Directors meet the criteria of independence as mentioned in Section 149(6) of the Companies Act, 2013.

Evaluation of performance of the Board

The Board of Directors had, in its meeting held on February 3, 2015, discussed the performance evaluation criteria. M/s Hunt Partners were appointed by the holding company to facilitate the performance evaluation criteria under the Companies Act, 2013 for all the group companies.

In accordance with the requirements of the CompaniesAct, 2013, the Board of Directors had, in its meeting held on March 11, 2016 conducted the evaluation of Board as a whole, Chairman of the Board, Committees of the Board and Individual Directors including Independent Directors.

The Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking inputs of all the Directors on various aspects of Board/Committee Governance.

The Independent Directors of the Company met separately, on March 31, 2016, without the attendance of non-independent directors and members of management. In this meeting the Independent Directors had reviewed the performance of Non-Independent Directors, and Board as a whole; and also performanceof the Chairperson. They also assessed the quality,quantity and timelines of flow of information betweenthe Company management and the Board.

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Companies Act, 2013 the key managerial personnel of the Company are:

i. Mr. G. Murlidhar, Managing Director

ii. Mr. Cedric Fernandes, Chief Financial Officer

iii. Mr. C. Muralikrishna, Company Secretary

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There have been no changes/ resignation/ removal in the Key Managerial Personnel of the Company.

None of the directors of the Company,other than Mr. Prakash Apte, Independent Director, are in receipt of commission from the holding company.

The details of the remuneration paid to the Non-Executive Chairman, Executive and Non-Executive / Independent Directors of the Company for the year ended March 31, 2016 and the details on number of meetings of the Board of Directors of the Company is provided in detail in the Corporate Governance Report.

Appointment & Remuneration of Directors & Key Managerial Personnel

The appointment and remuneration of Directors of the Company is governed by the provisions of Corporate Governance Guidelines issued by the IRDAI and the Companies Act, 2013.

The Nomination and Remuneration Committee shall recommend the appointment of Directors to the Board. The Committee considers the qualifications, fit & proper status, positive attributes as per the suitability of the role and independent status as may be required of the candidate before such appointment.

The Company has adopted a Compensation Policy which includes issue of stock appreciation and Employee Stock option rights as a form of variable pay, payable over a period of time. The salient features of the Compensation Policy are as follows:

• Objective of the Policy is to maintain fair, consistent and equitable compensation practices in alignment with the Company’s core values and strategic business goals

• Applicable to all employees of the Company. Employees classified into 2 groups:

• Whole-time Directors/Managing Director

• Other categories of Staff

• Compensation structure broadly divided into fixed, variable and ESOPs.

• Fixed Pay – Total cost to the Company i.e. Salary, Retirals and Other Benefits

• Variable Pay – Linked to assessment of performance and potential based on Balanced Key Result Areas (KRAs), Standards of Performance and achievement of targets with overall linkage to Company’s budgets and business objectives. The main form of incentive compensation includes Cash, Deferred Cash/Incentive Plan and Stock Appreciation Rights

• ESOPs – ESOPs are granted on a discretionary basis to employee based on their performance and potential with the objective of retaining the employee

• Any variation in the Policy to be with approval of the Nomination & Remuneration Committee

• Malus and Clawback clauses applicable on deferred variable pay

The Independent Directors of the Company receive remuneration only by way of sitting fees for attending meetings of the Board or Committees thereof. The Non-Executive Independent Directors may also be paid Commission with reference to the net profits of the Company, within the limits as approved by the Board. In line with the Companies Act, 2013, Independent Directors are not entitled to Stock Options.

CONSTITUTION OF COMMITTEES

The details of the constitution and terms of reference of the Committees of the Board of Directors is provided in the Corporate Governance Report.

DEPOSITS

During the period under review, your Company has not accepted any deposits from the public.

RELATED PARTY TRANSACTIONS

All the Related Party Transactions that were entered into during the financial year were on arm’s length basis and were in ordinary course of business.



Pursuant to Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, there are no transactions to be reported under Section 188(1) of the Companies Act, 2013.

All related party transactions as required under Accounting Standard 18 are reported in Related Party Disclosures under Note 16 C of Schedule 16 of Notes to Financial Statements.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Pursuant to Section 186(11) of the Companies Act, 2013, loans made, guarantees given, securities provided or acquisition of securities by an insurance company in the ordinary course of its business are exempted from the disclosure requirement under Section 134(3)(g) of the Companies Act, 2013.

MANAGEMENT REPORT

Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Management Report forms a part of the financial statements.

WHISTLE BLOWER POLICY & VIGIL MECHANISM

Your Companyis committed to maintain and provide to all its employees and directors, highest standards of transparency, probity and accountability. The Company has a Whistle Blower Policy in place to develop a culture wherein it is safe and acceptable for all employees and directors to raise genuine concerns in good faith, and in a responsible as well as effective manner. This enables disclosureof information, which the individual believes is a malpractice, serious irregularity, unethical business conduct, abuse or wrong doing or violation of any law.

The purpose of the Whistle Blower Policy is to provide a framework to promote a responsible vigil mechanism/ whistle blowing mechanism for the Company. The Policy protects an employee and a director from discharge or retaliation or discrimination when the employee or director reports in good faith, the existence of any of the aforesaid activity.

CORPORATE SOCIAL RESPONSIBILITY

The Board of Directors had constituted the Corporate Social Responsibility (CSR) Committee consisting of the following Members:

Mr. Dipak Gupta Non Executive Director Chairman

Mr. Prakash Apte Independent Director Member

Mr. Gaurang Shah Non Executive Director Member

Your Company’s CSR Committee drives the CSR programmes of the Company. Your Company has a Board approved CSR policy, charting out its CSR approach. This policy articulates the Company’s aim to positively contribute towards economic, environmental and social well-being of communities through its Corporate Social Responsibility agenda. The Company’s CSR agenda is driven by its key focus areas:

a. Promoting education

b. Enhancing vocational skills and livelihood

c. Promoting preventive healthcare and sanitation

d. Reducing inequalities faced by socially and economically backward groups

e. Sustainable development

f. Relief and rehabilitation

g. Clean India

h. Sports

Your Company has a Board approved CSR policy, charting out its CSR approach, and is available on its website viz. http://insurance.kotak.com.

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Pursuant to the provisions of Section 135 and Schedule VII of the Companies Act 2013 (the Act), read with the Companies (Corporate Social Responsibility) Rules, 2014 the report of the expenditure on CSR by the Company is as under:

Pursuant to Section 198 of the Act, the Company’s average net profit for the last three financial years preceding March 31, 2016 is ` 167.67 crores.

The prescribed CSR expenditure required Under Section 135, of the Act for FY 2015-16 is ` 3.35 crores.

The CSR expenditure incurred for the FY 2015-2016 under Section 135 of Companies Act, 2013 amounts to ` 96 lacs as against ` 57 lacs in the FY 2014-2015.

The CSR expenditure of ` 96 lacs in FY 2015-16 as a percentage of average net profit U/S 198 of the Company at ` 167.67 crores is 0.57%

Your Company is building its CSR capabilities on a sustainable basis and is committed to gradually increase its CSR spend in the coming years. The CSR Committee of the Board confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company.

The details of the CSR expenditure during the FY 2015-16is enclosed at Annexure 2.

SUBSIDIARIES

The Company does not have any Subsidiaries.

AUDITORS

M/s S.R. Batliboi & Associates LLP and M/s S.B. Billimoria & Co., are the current Joint Statutory Auditors of the Company. M/s S.R. Batliboi & Associates LLP were appointed for a period of five years by the members in the Fifteenth Annual General Meeting, to hold office until the conclusion of the Twentieth Annual General Meeting of the Company and M/s S. B. Billimoria were appointed for a period of five years until the conclusion of the nineteenth Annual General Meeting. These appointments were made subject to ratification by the Members in subsequent Annual General Meetings.M/s S.R. Batliboi & Associates LLP and M/s S.B. Billimoria & Co., being eligible for reappointment, have offered their appointment to be ratified. The members are requested to consider the ratification of appointment of M/s S.R. Batliboi & Associates LLP and M/s S.B. Billimoria & Co.

SECRETARIAL AUDITOR

Pursuant to Section 204 of the Companies Act, 2013, your Company has appointed Ms. Rupal D. Jhaveri, a Company Secretary in Practice, as its Secretarial Auditor. The Secretarial Audit Report for the FY 2015 - 2016 is annexed to this Report.

The Board has duly reviewed the Report of the Secretarial Auditor of the Company. The observations and comments, if any appearing in the Secretarial Audit Report are self explanatory and do not call for any further explanation/ clarification by the Board of Directors under section 134 of the Companies Act, 2013.

EXPLANATIONS/ COMMENTS BY THE BOARD

The Board has duly reviewed the Report of the Joint Statutory Auditors on the Accounts of the Company. The observations and comments, if any appearing in the Auditors Report are self explanatory and do not call for any further explanation/ clarification by the Board of Directors under section 134 of the Companies Act, 2013. In terms of section 143(1)(i), the Auditorshave also commented on the internal financial control system of the Company.

The Auditors’ Report (including annexure thereof) by the Joint Statutory Auditors to the Members does not contain any qualification or adverse remarks.

All the recommendations of the Audit Committee were considered and accepted by the Board.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are not applicable to the Insurance Industry. However, your Company has been increasingly using information technology in its operations. The details of the foreign exchange earnings and outgo is as follows:



FOREIGN EXCHANGE EARNINGS AND OUTGO

(` in Crores)

Particulars 2015-16

Foreign Exchange earned `. 3.59

Foreign Exchange outgo `. 23.76

EMPLOYEES

In terms of the Proviso to Section 136(1) of the Companies Act, 2013, the Directors’ Report is being sent to all shareholders excluding the aforesaid annexure. The annexure is available for inspection at the Registered Office of your Company. Any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary at the Registered Office of your Company.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors confirm in pursuance of Section 134(5) of the Companies Act, 2013, that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

(ii) the directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of yourCompany as at the end of the financial year and of the profit of your Company for the financial year ended March 31, 2016;

(iii) they have taken proper and sufficient care to the best of their knowledge and ability, for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of yourCompany and for preventing and detecting fraud and other irregularities;

(iv) the annual accounts have been prepared on a going concern basis;

(v) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

ACKNOWLEDGEMENTS

The Directors thank the Insurance Regulatory and Development Authority of India for itscontinuous support. The Directors are grateful for the continued faith that the policyholders have reposed. The Directors acknowledge the support extended by their shareholders and express their appreciation of employees for their efforts, teamwork and professionalism.

ANNEXURES:

• Annexure 1- Corporate Governance Report

• Annexure 2 –Corporate Social Responsibility Expenditure Statement

• Annexure 3 - Extract of Annual Return

• Annexure 4- Secretarial Audit Report

For and on behalf of the Board of Directors

Uday Kotak

Chairman

Place: Mumbai

Date: April 26, 2016

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ANNEXURE 1REPORT ON CORPORATE GOVERNANCE

In accordance to the provisions of the Corporate Governance Guidelines issued by the Insurance Regulatory & Development Authority of India (IRDAI), the report containing details of the Corporate Governance systems and processes of the Company for the FY 2015 - 16 is as under:

BOARD OF DIRECTORS AND COMMITTEES

Composition, Meeting and Attendance

The composition of the Board of Directors and its Committees is governed by the Companies Act, 2013, Insurance Act and Corporate Governance Guidelines issued by IRDAI. As on March 31, 2016, your Company has ten Directors on its Board of whom nine are Non-Executive Directors. Your Company has three Independent Directors.The Chairman of the Board holds a Non-Executive position. The Chairman of the Audit Committee is an Independent Director. The responsibilities of the Board inter-alia include monitoring of compliance with relevant laws, regulations, code of conduct, formulating various policies of the Company, strategic guidance for implementation of business policy, structure a management information system for review and recourse, define standards for conduct of business, servicing of policyholders, grievance redressal and risk management.

The Composition of the Board of Directors of the Company as on March 31, 2016 is as follows:

Name of the Directors DIN Designation

Mr. Uday Kotak 00007467 Chairman

Mr. Shailesh Devchand 03456041 Vice Chairman

Mr. Shivaji Dam 00032568 Non-Executive Director

Mr. Prakash Apte 00196106 Independent Director

Mr. Paresh Parasnis 02412035 Independent Director

Ms. Anita Ramachandran 00118188 Independent Director - Woman Director

Mr. David Buenfil 06565214 Non-Executive Director

Mr. Dipak Gupta 00004771 Non- Executive Director

Mr. Gaurang Shah 00016660 Non-Executive Director

Mr. G. Murlidhar 03601196 Managing Director

The details of the Directors like qualification, specialization, and status of directorship as well as brief profile, as at March 31, 2016, is given at Annexure A enclosed with this report.

Composition of the Committee positions held by Directors as on March 31, 2016

Name Position

on the

Board

Audit

Committee

Investment

Committee

Risk

Management

Committee

Asset Liability

Management

Committee

Banking

Committee

Policyholders

Protection

Committee

With

Profits

Committee

Nomination &

Remuneration

Committee

Corporate

Social

Responsibility

Committee

Mr. Uday

Kotak

Chairman - - - - - - - Member -

Mr. Shailesh

Devchand

Vice

Chairman

Member Member - - - - - - -

Mr. Shivaji

Dam

Non

Executive

Director

- - - - Chairman Chairman - - -

Mr. Prakash

Apte

Independent

Director

Chairman - - - - - Member Chairman Member

Mr. Paresh

Parasnis

Independent

Director

Member - - - - - - Member

Ms Anita

Ramachandran

Independent

Director -

Woman

Director

- - - - - - - Member

(w.e.f. July 28,

2015)

-

Mr. David

Buenfil

Non-

Executive

Director

- - - - - - - - -



Name Position

on the

Board

Audit

Committee

Investment

Committee

Risk

Management

Committee

Asset Liability

Management

Committee

Banking

Committee

Policyholders

Protection

Committee

With

Profits

Committee

Nomination &

Remuneration

Committee

Corporate

Social

Responsibility

Committee

Mr. Dipak

Gupta

Non-

Executive

Director

- Chairman - - Member - - - Chairman

Mr. Gaurang

Shah

Non-

Executive

Director

- Member Chairman Chairman Member - Chairman - Member

Mr. G.

Murlidhar

Managing

Director

- Member Member Member - Member Member - -

BOARD MEETINGS

During the year five Board Meetings were held. The Meetings were held on April 27, 2015, July 28, 2015, November 5, 2015, January 28, 2016 and March 11, 2016.

The details of attendance of Directors at the Board meetings are as follows:

Directors No. of meetings held during the tenure of the Member

No. of meetings attended

Mr. Uday Kotak 5 5

Mr. Shailesh Devchand 5 5

Mr. Shivaji Dam 5 3

Mr. Prakash Apte 5 5

Mr. Paresh Parasnis 5 5

Ms Anita Ramachandran 5 5

Mr. David Buenfil 5 4*

Mr. Dipak Gupta 5 3

Mr. Gaurang Shah 5 5

Mr. G. Murlidhar 5 5

*Mr. David Buenfil attended 3 meetings in person and 1 Board meeting (held on January 28, 2016) via tele- conference.

Availability of information to the Board:

The Board of Directors of your Company has complete access to all the information within the Company and to the employees of your Company. The Meetings are convened by giving appropriate notice to all the Board of Directors. Detailed agenda, memorandum alongwith all the relevant documents and explanatory statements are circulated to the members of the Board to facilitate meaningful, informed and focused decisions at the meetings.

The Board is apprised with all the information pertaining to the following:

• Minutes of meetings of the various Committees of the Board of Directors like Audit Committee, Investment Committee, Risk Management Committee, Asset Liability Management Committee, BankingCommittee& Policyholders Protection Committee, With Profits Committee, Nomination & Remuneration Committee, Corporate Social Responsibility Committee

• General notices of interest received from Directors of the Company

• Quarterly/ Half Yearly/ Annual Financial Statements of the Company

• Information pertaining to the policies of the Company

• Updates on the Regulatory and Statutory Compliances of the Company

• State of affairs of the Company vide detailed updates by the Managing Director.

13


DIRECTORS’ REMUNERATION

ELEMENTS OF REMUNERATION& SITTING FEES OF INDIVIDUAL DIRECTORS FOR THE YEAR ENDED MARCH 31, 2016

` ‘000Name of Director Sitting Fees Salaries &

AllowancesPerquisites Company’s

contribution to PF,

Superannuation and NPS

Commission* Total

Mr. Uday Kotak - - - - - -

Mr. Shailesh Devchand - - - - - -

Mr. Shivaji Dam 160 - - - 300 460

Mr. Prakash Apte 510 - - - 300 810

Mr. Paresh Parasnis 410 - - - 300 710

Ms. Anita Ramachandran 270 - - - 300 570

Mr. David Buenfil - - - - - -

Mr. Dipak Gupta - - - - - -

Mr. Gaurang Shah - - - - - -

Mr. G. Murlidhar - 21,702 7,228 2,781 - 31,711

* Subject to approval of shareholders in General Meeting

COMMITTEES OF THE BOARD OF DIRECTORS

The Board has constituted several committees and delegated various functions and responsibilities to such Committees, as mandated by the Corporate Governance Guidelines issued by IRDAI. The details of the various Committees are as under:

1. AUDIT COMMITTEE

The Audit Committee of the Company comprises of three Non-Executive Directors. The Chairman of the Committee is an Independent Director. The terms of reference of the Audit Committee are as follows:

• Recommend appointment of, remuneration and terms of appointment of auditors of the Company

• Review and monitor the auditor’s independence and performance and effectiveness of audit process

• Examination of the financial statements and the auditor’s report thereon

• Approval or any subsequent modification of transactions of the Company with related parties

• Scrutiny of inter corporate loans and investments

• Valuation of undertaking or assets of the Company, wherever necessary

• Evaluation of internal financial controls and risk management systems

• Monitoring the end use of funds raised through public offers and related matters

• Investigate into any matter referred to it by the Board and for this purpose shall have the power to obtain professional advice from external sources and have full access to information contained in the records of the Company

• Call for comments of the auditors about internal control systems, discuss the nature and scope of audit before commencement of audit, discuss the observations of the auditors and review of financial statements before their submission to the Board, discussion on issues related to internal and statutory auditors and the management of the Company, post audit discussion to address areas of concerns as may be required

• Oversee financial statements, financial reporting, statement of cash flow and disclosure processes on annual and quarterly basis

• Setting up of procedures and processes to address concerns relating to adequacy of checks and control mechanisms

• Oversee efficient functioning of internal audit and review its reports, monitor progress made in rectification of irregularities and changes in processes wherever deficiencies have come to notice

• Oversight on procedures established to attend to issues relating to maintenance of books of accounts , administration procedures, transactions and other matters having bearing on the financial position of the Company

• Any other matter relating to Audit, Internal Control, Internal Audit or related matter which may be referred by the Board to the Committee



During the FY 2015 - 16 four meetings of the Committee were held on April 27, 2015, July 28, 2015, November 4, 2015 and January 27, 2016.

The details of the attendance of the Members at the Committee meetings are as follows:

Name of Member of the Committee No. of meetings held during the tenure of the Member

No. of meetings attended by the Member

Mr. Prakash Apte 4 4

Mr. Shailesh Devchand 4 4


2. INVESTMENT COMMITTEE

The Investment Committee of the Company comprises of three Non-Executive Directors, the Managing Director, the Chief Investment Officer, the Chief Financial Officer and the Appointed Actuary. The terms of reference of the Investment Committee are as follows:

• The Committee is responsible for laying down an overall investment policy and operational framework for the investment operations of the insurer. The policy should focus on a prudential Asset Liability Management (ALM) supported by robust internal control systems. The Investment policy and operational framework shall inter alia encompass aspects concerning liquidity for smooth operations, compliance with prudential regulatory norms on investments, risk management/mitigation strategies to ensure commensurate yield on investments and above all protection of the investments based on the performance of investments and the evaluation of dynamic market condition

• The Members of the Committee should not be solely influenced by the credit rating agencies. The Committee shall independently review the requirement to be carried out by the Investment Team

• The Committee shall also put in place an effective reporting system to ensure compliance with the policy set out by it apart from Internal/Concurrent Audit mechanisms for a sustained and ongoing monitoring of Investment Operations

• The Committee furnishes a report to the Board on the performance of Investments on quarterly basis and provide analysis of its Investment portfolio and on the future outlook to enable the Board to look at possible policy changes and strategies

During the year four meetings of the Committee were held on April 24, 2015, July 27, 2015, November 4, 2015 and January 27, 2016.




Mr. Dipak Gupta (Chairman) 4 4

Mr. Shailesh Devchand, Member 4 4

Mr. Gaurang Shah, Member 4 4

Mr. G. Murlidhar , Managing Director 4 4

Mr. Sunil Sharma (Appointed Actuary) 4 4

Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 4

Mr. Cedric Fernandes (Chief Financial Officer) 4 4

3. RISK MANAGEMENT COMMITTEE

The Risk Management Committee comprises of one Non-Executive Director (Chairman), the Managing Director, the Appointed Actuary, Head of Operations, Head of Compliance and the Chief Financial Officer. The terms of reference of the Committee include:

• Assist the Board in effective operation of the risk management system by performing specialised analysis and quality reviews

• Maintaining a group-wide and aggregated view on the risk profile of the insurer in addition to the solo and individual risk profile

• Report to the Board details on the risk exposures and the actions taken to manage the exposures

• Advise the Board with regard to risk management decisions in relation to strategic and operational matters such as corporate strategy, mergers & acquisitions and related matters

During the year four meetings of the Committee were held on April 10, 2015, July 16, 2015, October 14, 2015 and January 20, 2016.

15





Mr. Gaurang Shah (Chairman) 4 3

Mr. G. Murlidhar (Managing Director) 4 3


Mr. Hitesh Veera (Head - Operations) 4 4


Mr. Muralikrishna Cheruvu (Chief Compliance Officer) 4 3

4. ASSET LIABILITY MANAGEMENT COMMITTEE

The Asset Liability Management (ALM) Committee comprises of a Non- Executive Director (Chairman), the Managing Director, the Chief Financial Officer, the Chief Investment Officer and the Appointed Actuary. The terms of reference of the Committee are as follows:

• Setting the Company’s risk/reward objectives and assess policy holder expectations

• Quantifying the level of risk exposure and assessing the expected rewards and costs associated with the risk exposure

• Formulating and implementing optimal ALM strategies and meeting risk/reward objectives. The strategies must be laid down both at product level and enterprise level

• Laying down the risk tolerance limits

• Monitoring risk exposures at periodic intervals and revising ALM strategies where required

• Placing the ALM information before the Board at periodic intervals

During the year four meetings of the Committee were held on June 10, 2015, October 1, 2015, January 20, 2016 and March 22, 2016.




Mr. Gaurang Shah (Chairman) 4 4*



Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 3


*Mr. Gaurang Shah attended 3 meetings of the Asset Liability Management Committee in person. However, he attended the meeting held on March 22, 2016 via tele-conference.

5. POLICYHOLDERS PROTECTION COMMITTEE

The Policyholders Protection Committee comprises of a Non-Executive Director (Chairman), the Managing Director, the Appointed Actuary, the Head of Distribution (Individual Business) and the Head of Marketing. The terms of reference of the Committee include:

• Putting in place proper procedures and effective mechanism to address complaints and grievances of policyholders including mis-selling by intermediaries

• Ensure compliance with the statutory requirements as laid down in the Regulatory framework relating to policyholders protection

• Review of the mechanism at periodic intervals

• Ensure adequacy of disclosure of “material information” to the policyholders. These disclosures shall, for the present, comply with the requirements laid down by the Authority both at the point of sale and at periodic intervals



• Review the status of complaints at periodic intervals to the policyholders

• Provide the details of grievances at periodic intervals in such formats as may be prescribed by the Authority

• Provide details of insurance ombudsmen to the policyholders

During the year four meetings of the Committee were held on April 21, 2015, July 24, 2015, October 26, 2015 and January 20, 2016.




Mr. Shivaji Dam (Chairman) 4 4



Mr. Suresh Agarwal (Chief Distribution Officer) 4 4

Ms. Elizabeth Venkataraman (Sr. Vice President - Marketing) 4 3

6. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee comprises of one Independent Director and two Non-Executive Directors. The terms of reference of the Committee include:

• To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate activities to be undertaken by the Company as specified in Schedule VII to the Companies Act, 2013

• To recommend the amount of expenditure to be incurred on the activities referred above

• To monitor the Corporate Social Responsibility Policy of the Company from time to time

During the year two meetings of the Committee were held on July 27, 2015 & March 31, 2016.




Mr. Dipak Gupta (Chairman) 2 1*

Mr. Prakash Apte, Member 2 2


* In the absence of Mr. Dipak Gupta in the Committee meeting held on March 31, 2016, Mr. Prakash Apte chaired the meeting.

7. NOMINATION& REMUNERATION COMMITTEE

The Nomination & Remuneration Committee comprises of two Independent Directors and one Non - Executive Director. The terms of reference of the Committee include:

• Identify persons qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down

• Formulate the criteria for determining qualifications, positive attributes and independence of an Independent Director

• Recommend to the Board their appointment and removal

• Carry out evaluation of every director’s performance

• Recommend to the Board a Remuneration policy for the directors, key managerial personnel and other employees

During the year two meetings of the Committee were held on April 27, 2015 and May 9, 2015

17





Mr. Prakash Apte (Chairman) 2 2

Mr. Uday Kotak 2 2


Ms. Anita Ramachandran* - -

*The Board of Directors had inducted Ms. Anita Ramachandran as a member of the Committee w.e.f. July 28, 2015. Further, the Board of Directors had inducted Mr. Shailesh Devchand as a member of the Committee w.e.f. April 26, 2016.

8. WITH PROFITS COMMITTEE

In terms of clause 45(d) of IRDAI (Non-Linked Insurance Products) Regulations, 2013, the Board of Directors had constituted the With Profits Committee. The With Profits Committee comprises of one Independent Director,one Non - Executive Director, the Managing Director, the Appointed Actuary and an Independent Actuary. The terms of reference of the Committee include:

• Reviewing and approving the appropriateness of the asset share calculation performed by the Appointed Actuary including both the methodology and assumptions used;

• Approving that the reserves set up in respect of par policies, as determined by the Appointed Actuary, are appropriate;

• Reviewing the appropriateness of the bonus declaration of the Company; and

• Signing off the annual report on the company’s with profits business to be appended to the Actuarial Report and Abstract (ARA).

During the year two meetings of the Committee were held on April 1, 2015 & March 31, 2016.




Mr. Gaurang Shah, Chairman 2 2

Mr. Prakash Apte, Member 2 2

Mr. G. Murlidhar, Managing Director 2 2

Mr. Sunil Sharma, Appointed Actuary 2 2

Mr. Cedric Fernandes, Chief Financial Officer 2 2

Mr. Vivek Jalan, Independent Actuary (For FY 2014-15) 1 1

Mr. Saket Singhal, Independent Actuary (For FY 2015-16) 1 1

9. BANKING COMMITTEE

The Board of Directors had, in its meeting held on February 6, 2001 formed a Banking Committee to have operational efficiency in opening/ closing and operating the Bank Accounts of the Company. The terms of reference of the Committee include:

• Opening Bank Accounts with various banks

• Appointing signatories for operating accounts with banks

• Placing Deposits and Certificate of Deposits as approved by the Investment Committee.

During the year three meetings of the Committee were held on April 21, 2015, July 8, 2015 and July 16, 2015.






Mr. Shivaji Dam, Chairman 3 3


Mr. Dipak Gupta, Member 3 3

ADDITIONAL DISCLOSURES MANDATED BY CORPORATE GOVERNANCE GUIDELINES

A. FINANCIAL AND OPERATING RATIOS NAMELY, INCURRED CLAIM, COMMISSION AND EXPENSES RATIOS

Particulars Year ending March 2016

Year ending March 2015

1) Claims Ratio

a. Claims as % of Total Premium

(Claims does not include Surrender, Maturity and Survival Benefits) 8.30% 8.06%

b. Surrender, Maturity and Survival Benefits as % of Total Premium 37.62% 50.70%

2) Commission Ratio

a. New Business Commission as a % of New Business Premium 9.29% 9.09%

b. Total Commission as a % of Total Premium 6.50% 6.00%

3) Expenses Ratio

a. Policy holder expenses as a % of Total Premium 19.99% 22.02%

b. Ratio of expenses of management

(3b = 2b + 3a) 26.49% 28.02%

B. ACTUAL SOLVENCY MARGIN/RATIO DETAILS VIS–A-VIS THE REQUIRED MARGIN



Actual Solvency Ratio 3.11 3.13

Required Solvency Ratio 1.50 1.50

C. CONSERVATION RATIO



Conservation Ratio

(Current Year Pure Renewal) / (Previous Year New Business Premium + Previous Year Pure Renewal) 83.90% 79.94%

D. FINANCIAL PERFORMANCE INCLUDING GROWTH RATE AND CURRENT FINANCIAL POSITION OF THE INSURER

This information is provided under Financial Results section of the Directors’ Report.

E. DESCRIPTION OF THE RISK MANAGEMENT ARCHITECTURE

This information forms part of the Management Report.

19


F. DETAILS OF NUMBER OF DEATH CLAIMS INTIMATED, DISPOSED OFF AND PENDING WITH DETAILS OF DURATION

Total Death Claims Summary March 2016 March 2015

Count (` Cr) Count (` Cr)

Claims O/S at Start of Year 131 11.30 73 6.39

Claims Intimated 37,408 386.59 22,011 280.15

Claims Settled 36,966 365.68 21,707 262.93

Claims Repudiated 274 15.13 230 11.72

Claims O/S from date of intimation at End of Year* 159 12.09 131 11.30

*Ageing for Claims O/S from date of inception at End of Year

Less than 3 months 32 3.99 37 3.77

3 months and less than 6 months 22 1.08 16 2.04

6 months and less than 1 year 38 1.31 28 1.12

1 year and above# 67 5.72 50 4.37

Total 159 12.09 131 11.30

*Pending due to non-receipt of the required documents from the customers.

G. ALL PECUNIARY RELATIONSHIPS OR TRANSACTIONS OF THE NON-EXECUTIVE DIRECTORS VIS-À-VIS THE INSURER

This information is included in the Management Report.

Certification for compliance of the Corporate Governance Guidelines

I, C. Muralikrishna hereby certify that the Company has complied with the Corporate Governance guidelines for Insurance Companies as amended from time to time and nothing has been concealed or suppressed.

C. Muralikrishna

Company Secretary&

Vice President – Compliance



Annexure A to the Corporate Governance Report

Details of the Directors of the Company:

Name Mr. Uday Kotak- Non-Executive Chairman (DIN: 00007467)

Qualification B.Com, MBA from Jamnalal Bajaj Institute of Management Studies, Mumbai

Brief Details Mr. Uday Kotak is the Executive Vice-Chairman and Managing Director of the Bank and its principal founder and promoter. Under Mr. Kotak’s leadership, over the past 29 years, Kotak Mahindra group established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds. Mr. Kotak is the recipient of several prestigious awards. He is a member of the Government of India’s high level committee on Financing Infrastructure, the Primary Market Advisory Committee of SEBI, Member of the Board of Governors of Indian Council for Research on International Economic Relations, National Institute of Securities Markets and National Council of CII. Mr. Kotak received the Ernst & Young World Entrepreneur of the Year India Award 2014.

Status of other Directorship Kotak Mahindra Bank Limited Kotak Securities Limited Kotak Mahindra Asset Management Company Limited Kotak Mahindra Capital Company Limited Kotak Mahindra Prime Limited Kotak Forex Brokerage Limited Kotak Mahindra Investments Limited

Name Mr. Shailesh Devchand- Non Executive Vice Chairman (DIN: 03456041)

Qualification B.Sc., F.I.A

Brief Details Mr. Shailesh Devchand,a South African of Indian origin, is by profession a qualified Actuary through the Institute of Actuaries in London (1998). His career spans over 20 years in the financial services industry across several roles ranging from Development Actuary at Liberty Group in South Africa, to Senior Consultant and Country Executive Malaysia for a Singapore-based actuarial and distribution consulting firm. Mr. Devchand spent 4 years in Asia until the end of 2003 on various consulting assignments across South East Asia for several Life and General insurers as well as regulatory bodies.

His earlier experience includes group employee benefits, Life and Group Product Development, valuation and reserving sign offs, corporate strategy and business development as well as distribution channel development and economics. Mr. Devchand joined Old Mutual Group on his return to South Africa in 2004 to take on a role as Head of Business Development for Old Mutual South Africa focussing on alternative distribution. He later played a role as Executive within Old Mutual’s Retail Mass and Foundation Cluster business as Chief Operating Officer - Foundation Market. From end 2010, Mr. Devchand then held the role of Director – Asian Markets and this role was expanded in 2015 to Director: Strategic Partnerships for Old Mutual’s Emerging Markets business.

Status of other Directorship Old Mutual – Guodian Life Insurance Company Limited (China)

21


Name Mr. Shivaji Dam- Non Executive Director (DIN: 00032568)

Qualification B.Com, ACWA, ACA, ACS

Brief Details Mr. Shivaji Dam has a strong accounting and cost accounting back ground with over 30 years’ experience of which 21 years have been with the Kotak Group. He has experience in fields such as Corporate Finance, Proprietary Investments, Investment Banking and operating management within the Kotak Group. He is one of the founding Directors of the Company. He led the Kotak group into the life insurance business and was Managing Director of the Company for four years.

Mr. Dam is presently involved in philanthropic activities around education and livelihood for children /youth from under privileged families.

Status of other Directorship Kotak Mahindra Trusteeship Services Limited

Name Mr. Prakash Apte- Independent Director (DIN: 00196106)

Qualification B.E. from Pune University, PGDM from Mumbai University

Brief Details Mr. Prakash Apte, has been the Managing Director of Syngenta India for a decade & is currently its Non-Executive Chairman. Syngenta India Limited is one of the leading agri business companies in India & Syngenta Group is one of the largest investor in agriculture research and a leading agri business across the world.

Mr. Apte, in a career spanning over 35 years, has considerable experience in various areas of management and business leadership. In the first phase of his career, Mr. Apte worked in Larsen & Toubro, Uhde India and in Ciba Geigy in various positions of responsibility in the project management and technical operations. While in Ciba and later on in the merged entity Novartis, Mr. Apte assumed the role as a business head. When Syngenta was formed resulting from merger/demerger of Agri businesses belonging to Astra Zeneca and Novartis, Mr. Apte took over the responsibility as Managing Director & Country President for Syngenta in India.

During more than 17 years of very successful leadership of Syngenta business in India, Mr. Apte has gained varied knowledge in various aspects of business such as vision & strategy development, business integration & transformation, operation excellence etc. and he has been involved with many initiatives for organizational capability up gradation, coaching & people development.

Mr. Apte was instrumental in setting up the Syngenta Foundation India which focuses on providing knowledge and support for adopting scientific growing systems to recourse poor farmers and enabling their access to market.

Status of other Directorship Kotak Mahindra Bank Limited



Name Mr. Paresh Parasnis – Independent Director (DIN: 02412035)

Qualification B. Com, F.C.A.

Brief Details Mr. Paresh S. Parasnis is the Head of Piramal Foundation, one of India’s leading foundations committed to addressing social issues through high impact solutions, thought leadership and partnerships. At Piramal Foundation, Mr. Paresh is responsible for the Piramal Group’s CSR activities implemented through its initiatives including Piramal Swasthya, Piramal Foundation for Education Leadership, Sarvajal and Piramal Udgam.

Mr. Paresh joined Piramal Foundation in August 2012. He is also active on the board of trustees of Shoshit Seva Sangh (providing education to under privileged children in Bihar) and Collective Good Foundation, Bangalore (formerly Nadathur Trust) (aiming to bring various stakeholders of social sector on one platform and contribute to the overall development of the social sector).

Prior to joining the Foundation, he served as Executive Director & COO with HDFC Standard Life Insurance Limited. During his tenure with HDFC Standard Life (2000-2012) he was a Member of various Board Committees and Chair / Member of Management Committees. He worked in various capacities with HDFC Limited (1984-2000) & with Hindustan Lever Limited for two years (1982-84). He has also been a consultant to the World Bank and the Asian Development Bank.

He has rich experience of over 30 years with major strengths in strategy, project management, time bound execution and building robust & customer friendly servicing models.

Status of other Directorship Piramal Healthcare Foundation Piramal Udgam Data Management Solutions

Name Ms. Anita Ramachandran – Independent Director (DIN: 00118188)

Qualification MBA (Finance) from the Jamnalal Bajaj Institute, Mumbai

Brief Details Ms. Anita Ramachandran is a well known HR expert in the country and has over 35 years experience as a management consultant. She is also one of the first generation of women professionals to become an entrepreneur and run a highly successful HR consulting and services organization.

Ms. Anita began her career in the Management Consultancy division of AF Ferguson & Co. in Mumbai in 1976 as the first woman consultant in the firm. Ms. Anita founded Cerebrus Consultants in 1995 to focus on HR consulting including Organisation transformation. Her reputation and innovative work helped her build Cerebrus into a national presence in 5 years. Cerebrus has offices in 5 major cities and has worked with over 500 companies in South Asia. She is known as an authority in Reward management in the country and her work in the compensation and rewards areas is well organized. She also supports many organizations in social sectors through pro bono professional work and remains deeply committed to work with women. She has been the Chairperson of TIE Women and on Executive committee of TIE Mumbai and earlier on the Advertising Standards Council of India.

Status of other Directorship Cerebrus Consultants Private Limited Geometric Limited Godrej & Boyce Manufacturing Co Ltd. Rane (Madras) Limited Aditya Birla Retail Ltd. Lok Advisory Services P.Ltd. 3D PLM Software Solutions Ltd. Aditya Birla Customer Services Limited Aditya Birla Housing Finance Limited Oxfam India IDFC Asset Management Company Limited FSN E-Commerce Ventures Private Limited

23


Name Mr. Dipak Gupta - Non Executive Director (DIN: 00004771)

Qualification B.E. (Electronics), PGDM-IIM, Ahmedabad

Brief Details Mr. Dipak Gupta is a Non- Executive Director of the Company and has over 30 years of experience in the financial services sector, 24 years of which have been with the Kotak Group. He is the Joint Managing Director of the Kotak Mahindra Bank. He is responsible for Group HR, Adminstration, Infrastructure, Operations and IT. He is also responsible for Asset Reconstruction business of the Bank.

Mr. Dipak Gupta was responsible for leading the Kotak Group’s initiatives into the banking arena. Prior to joining the Kotak Group, he was with A. F. Ferguson & Company for approximately six years.

Status of other Directorship Kotak Mahindra Bank Limited Kotak Mahindra Prime Limited Kotak Forex Brokerage Limited Kotak Mahindra Capital Company Limited Kotak Investments Advisors Limited Kotak Mahindra Investments Limited

Name Mr. Gaurang Shah - Non Executive Director (DIN: 00016660)

Qualification M.Com, ACA, ACWA, ACS

Brief Details Mr. Gaurang Shah heads the Asset Management, Insurance ( Life and General) and International business of the Kotak Mahindra Group. He took over this assignment on May 1, 2010.

In his immediate prior assignment, Mr. Shah was the Managing Director of Kotak Mahindra Old Mutual Life Insurance Limited. Under his stewardship, the Company booked profits for the first time ever in 2009, joining ranks of the select first private Indian life insurers , thereby opening a new chapter in the annals of private life insurance business in India.

Mr. Shah has over three decades of rich and varied experience in the Financial Services sector, several of which are with the Kotak Mahindra Group. He has played a stellar role in building the Group’s Consumer Banking business and Life insurance business.

He has held several positions of high responsibility over the years, including, inter alia, the Head of Retail Assets at Kotak Mahindra Bank Limited. He was also closely associated with Kotak Mahindra Primus (a joint venture between Kotak Mahindra Group and Ford Credit International), among India’s leading automobile finance companies.

Status of other Directorship Kotak Mahindra Asset Management Company Limited Kotak Mahindra Pension Fund Limited Kotak Mahindra (UK) Limited Kotak Mahindra Inc Kotak Mahindra Asset Management (Singapore) Pte. Ltd. Kotak Mahindra General Insurance Limited



Name Mr. David Buenfil - Non Executive Director (DIN: 06565214)

Qualification Undergraduate degree with Honors in Electrical Engineering, Kettering University; MBA, Wharton School, M.A. in International Studies from the Lauder Institute at the University of Pennsylvania

Brief Details Mr. David Buenfil joined Skandia Mexico (now Old Mutual) as Commercial Director, developing the company´s product, and sales strategy since inception. In 2007, he was promoted to Chief Executive Officer Mexico, and later in 2009, he also took responsibility for the Skandia businesses in Colombia (now Old Mutual), and the growth strategy for Old Mutual in Latin America. In 2013, Mr. Buenfil was named Chief Executive Officer for Latin America, and Asia as part of the Old Mutual Emerging Markets Executive Committee.

Mr. Buenfil obtained an undergraduate degree with Honors in Electrical Engineering at Kettering University and later obtained an MBA, from the Wharton School, and an M.A. in International Studies from the lauder Institute at the University of Pennsylvania.

Prior to joining Skandia (Old Mutual) in 2002, his experiences include being the Director for DFJ Americas Fund, Being a founding partner in Vidalink do Brasil, a Pharmacy Benefit Management company; and was the Country Manager for Mexico at Haden Inc., a supplier to the automotive industry. Other professional experiences include, being a consultant at Booz Allen & Hamilton in Brazil, and a manufacturing engineer for General Motors in the USA, Mexico, and Germany.

He is a Chairman of Old Mutual´s business units in Mexico and Colombia.

Status of other Directorship Aiva Holding Group SA Skandia Vida, SA. de.CV Skandia Operadora de Fondos, SA. de.CV Skandia Deuda Corto Plazosa. de.CV Skandia Deuda Estrategica, SA. de.CV Skandia Renta Variable Mexicosa. de.CV Skandia Renta Variable Estrategicasa. de.CV Skandia Pensionesy Censantias S.A. Skandia Seguros de Vida SA Skandia Holding de Colombia SA Royal Skandia Life Assurance Limited Old Mutual Guodian Life Insurance Company Limited

Name Mr. G. Murlidhar - Managing Director (DIN: 03601196)

Qualification ACA, ICWA, ACS

Brief Details Mr. Murlidhar took charge as Managing Director in June 2011. Mr. Murlidhar is a founder member of the Company, and, has served the Company in various capacities of increasing responsibility over the years. In his immediate prior assignment, he was the Company’s Chief Operating Officer, where he was instrumental in establishing a strong operations and service backbone for the Company.

Mr. Murlidhar has a distinguished professional career spanning more than three decades across functional areas such as Finance, Commercial, Projects, Marketing, HR, IT, Consumer distribution. He has experience across sectors such as BFSI, Services and Manufacturing.

Status of other Directorship Kotak Mahindra General Insurance Company Limited

25


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ANNEXURE 3

Form No. MGT-9

EXTRACT OF ANNUAL RETURN

as on the financial year ended on March 31, 2016

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

i) CIN:- U66030MH2000PLC128503

ii) Registration Date: August 31, 2000

iii) Name of the Company: Kotak Mahindra Old Mutual Life Insurance Limited

iv) Category / Sub-Category of the Company: Public Company – Limited by Shares (Life Insurance Company)

v) Address of the Registered office and contact details:

4th Floor, Vinay Bhavya Complex, 159A, CST Road, Kalina, Santa Cruz (East), Mumbai – 400098.

Toll Free Number : 18002098800

Email: [email protected]

vi) Whether listed company: No

vii) Name, Address and Contact details of Registrar and Transfer Agent, if any – Not Applicable

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated:-

Sl. No. Name and Description of main products / services

NIC Code of the Product/ service % to total turnover of the company

1 Life Insurance 65110 100%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

Sr. No. Name And Address Of Company

CIN/GLN Holding/ Subsidiary / Associate

% of shares held Applicable Section

1 Kotak Mahindra Bank Limited L65110MH1985PLC038137 Holding Company 51% 2(46)

IV. SHARE HOLDING PATTERN

(Equity Share Capital Breakup as percentage of Total Equity)

(i) Category-wise Share Holding

Category of

Shareholders

No. of Shares held at the

beginning of the year

No. of Shares held at the end of the year % Change

during the

year

Demat Physical Total % of Total

Shares

Demat Physical Total % of Total

Shares

% of Total

Shares

A. Promoters

(1) Indian

a) Individual/ HUF - - - - - - - - -

b) Central Govt - - - - - - - - -

c) State Govt (s)

d) Bodies Corp. 11,73,66,753 11,73,66,753 23% 11,73,66,753 11,73,66,753 23% Nil

e) Banks / FI 26,02,48,044 26,02,48,044 51% 26,02,48,044 26,02,48,044 51% Nil

f) Any Other

Sub-total (A)(1):- 11,73,66,753 26,02,48,044 37,76,14,797 74% 11,73,66,753 26,02,48,044 37,76,14,797 74% Nil

27


Category of

Shareholders

No. of Shares held at the

beginning of the year

No. of Shares held at the end of the year % Change

during the

year

Foreign - - - - - - - - -

a) NRIs - Individuals - - - - - - - - -

b) Other – - - - - - - - - -

Individuals - - - - - - - - -

c) Bodies Corp. - 13,26,75,452 13,26,75,452 26% - 13,26,75,452 13,26,75,452 26% Nil

d) Banks /FI - - - - - - - - -

e) Any Other - - - - - - - - -

Sub-total (A)(2):- - 13,26,75,452 13,26,75,452 26% - 13,26,75,452 13,26,75,452 26% Nil

Total shareholding

of Promoter (A) = (A)

(1)+(A)(2)

11,73,66,753 39,29,23,496 51,02,90,249 100% 11,73,66,753 39,29,23,496 51,02,90,249 100% Nil

B. Public Shareholding - - - - - - - - -

1. Institutions - - - - - - - - -

a) Mutual Funds - - - - - - - - -

b) Banks / FI - - - - - - - - -

c) Central Govt - - - - - - - - -

d) State Govt(s) - - - - - - - - -

e) Venture Capital

Funds- - - - - - - - -

f) Insurance

Companies- - - - - - - - -

g) FIIs - - - - - - - - -

h) Foreign Venture

Capital Funds- - - - - - - - -

i) Others (specify - - - - - - - - -

Sub-total (B)(1):- - - - - - - - - -

2. Non- Institutions - - - - - - - - -

a) Bodies Corp. - - - - - - - - -

i) Indian - - - - - - - - -

ii) Overseas - - - - - - - - -

b) Individuals - - - - - - - - -

i) Individual

shareholders

holding nominal

share capital upto

` 1 lakh

- - - - - - - - -

ii) Individual

shareholders

holding nominal

share capital in

excess of ` 1 lakh

- - - - - - - - -

c) Others (specify) - - - - - - - - -

Sub-total (B)(2):- - - - - - - - - -

Total Public Shareholding

(B)=(B)(1)+ (B)(2)- - - - - - - - -

C. Shares held by

Custodian for GDRs &

ADRs

- - - - - - - - -

Grand Total (A+B+C) 11,73,66,753 39,29,23,496 51,02,90,249 100% 11,73,66,753 39,29,23,496 51,02,90,249 100% Nil



(ii) Shareholding of Promoters

Sr. No.

Shareholder’s Name

Shareholding at the beginning of the year

Shareholding at the end of the year

No. of Shares

% of total Shares of Company

%of Shares Pledged / encumber

red to total shares

No. of Shares

% of total Shares of Company

%of Shares Pledged /

encumbered to total shares

% change in share holding

during the year

1 Kotak Mahindra Bank Limited

26,02,48,044 51% - 26,02,48,044 51% - -

2 Old Mutual Plc. 13,26,75,452 26% - 13,26,75,452 26% - -

3 Kotak Mahindra Capital Company Limited

6,33,66,753 12.42% - 6,33,66,753 12.42% - -

4 Kotak Mahindra Prime Limited

5,40,00,000 10.58% - 5,40,00,000 10.58% - -

Total 51,02,90,249 100% - 51,02,90,249 100% - -

(iii) Change in Promoters’ Shareholding ( please specify, if there is no change)

There have been no changes in the Promoters’ shareholding

Sr. No.


Cumulative Shareholding during the year

No. of shares % of total shares of the company

No. of shares % of total shares of the company

At the beginning of the year - - - -

Date wise Increase / Decrease in Promoters Share holding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc):

- - - -

At the End of the year - - - -

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. No.

Name of Shareholder


Increase/ Decrease in

Shareholding

Cumulative Shareholding during the

year

Shareholding at the end of the year

No. of shares

% of total shares

No. of shares

% of total

shares

No. of shares

% of total shares

No. of shares

% of total shares of the

company

1 Kotak Mahindra Bank Limited

26,02,48,044 51% - - 26,02,48,044 51% 26,02,48,044 51%

2 Old Mutual Plc. 13,26,75,452 26% - - 13,26,75,452 26% 13,26,75,452 26%

3 Kotak Mahindra Prime Limited

5,40,00,000 10.58% - - 5,40,00,000 10.58% 5,40,00,000 10.58%

4 Kotak Mahindra Capital Company Limited

6,33,66,753 12.42% - - 6,33,66,753 12.42% 6,33,66,753 12.42%

29


(v) Shareholding of Directors and Key Managerial Personnel:

Sr. No.

Name of Shareholder Shareholding at the beginning of the year

Increase/ Decrease in Shareholding

Cumulative Shareholding

during the year

Shareholding at the end

of the yearNo. of shares

% of total

shares

No. of shares

% of total

shares

No. of shares

% of total

shares

No. of shares

% of total

shares1 Mr. Uday Kotak 10 (jointly

with Kotak

Mahindra Bank Ltd.)

- - 10 (jointly with

Kotak Mahindra Bank Ltd.)

- 10 (jointly with


-

2 Mr. Shailesh Devchand - - - - - - -

3 Mr. Shivaji Dam - - - - - - -

4 Mr. Prakash Apte - - - - - - -

5 Mr. Paresh Parasnis - - - - - - -

6 Ms. Anita Ramachandran - - - - - - -

7 Mr. David Buenfil - - - - - - -

8 Mr. Dipak Gupta 10 (jointly with


- - - 10 (jointly with


- 10 (jointly with


-

9 Mr. Gaurang Shah 10 (jointly with


- - - 10 (jointly with


10 (jointly with


-

10 Mr. G. Murlidhar - - - - - -

11 Mr. Cedric Fernandes - - - - - -

12 Mr. Muralikrishna Cheruvu - - - - - -

V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for payment: Nil

Secured Loans excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtedness at the beginning of the financial year - - - -

i) Principal Amount - - - -

ii) Interest due but not paid - - - -

iii) Interest accrued but not due - - -

Total (i+ii+iii) - - - -

Change in Indebtedness during the financial year

• Addition

• Reduction - - -

Net Change - - - -

Indebtedness at the end of the financial year

i) Principal Amount - - - -

ii) Interest due but not paid - - - -

iii) Interest accrued but not due - - -

Total (i+ii+iii) - - - -



VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:(Amount in lacs rounded off to the nearest rupee)

Sl. no.

Particulars of Remuneration for Mr. G. Murlidhar, Managing Director Total

1. Gross salary*

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 202.20

(b) Value of perquisites under section 17(2) Income-tax Act, 1961 72.29

(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961

2. Stock Option@ Cost included in 1 (b)

3. Sweat Equity -

4. Commission

- As % of profit

- Others

5. Others, please specify

Employer Contribution towards PF -

Employer Contribution towards Superannuation -

Employer Contribution towards NPS -

Gratuity -

Cash Bonus -

Total (A) 274.49

Ceiling as per the Act** N.A.

Notes:

@ The perquisite value towards stock options includes the difference between exercise price & market price on the date of exercise. The same is not paid by the Company. The amount is ` 71,88,962/- for the Managing Director.

* Gross Salary includes Basic salary, Drivers Allowance, Professional Allowance, Reimbursement of Medical expenses, Leave Travel Allowance and Annual Incentives and cost towards Stock Apprecition Rights

** Remuneration of the Managing Director is governed by the provisions of Insurance Act 1938 and the same is in line with the approval of the Insurance Regulatory and Development Authority of India under the said Insurance Act.

B. Remuneration to other directors:(Amount in lacs)

Sr. No.

Particulars of Remuneration Name of Directors Total Amount

Mr. Prakash Apte

Mr. Paresh Parasnis

Mr. Shivaji Dam

Ms. Anita Ramachandran

1 Independent Directors

• Fee for attending board committee meetings 5.10 4.10 1.60 2.70 13.50

• Commission* 3.00 3.00 3.00 3.00 12.00

• Others

Total (1) 8.10 7.10 4.60 5.70 25.5

2 Other Non-Executive Directors

• Fee for attending board committee meetings

• Commission

• Others

- - - - -

Total (2) - - - - -

Total (B)=(1+2) 8.10 7.10 4.60 5.70 25.5

Total Managerial Remuneration 8.10 7.10 4.60 5.70 25.5

Overall Ceiling as per the Act NA NA NA NA NA

*Subject to approval of Shareholders in General Meeting

31


C. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD: (Amount in lacs rounded off to the nearest rupee)

Sl. no.

Particulars of Remuneration for CFO and CS Key Managerial Personnel

Company Secretary

CFO Total

1. Gross salary* - - -

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

48 72.50 120.50

(b) Value of perquisites under section Income-tax Act, 1961 0.32 8.83 9.15

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

- - -

2. Stock Option @ - Cost included in 1 (b) -

3. Sweat Equity - -

4. Commission -As % of profit - Others

--

-

5. Others, please specify - - -

Employer Contribution towards PF - - -

Employer Contribution towards Superannuation - - -

Employer Contribution towards - - -

NPS - - -

Cash - - -

Gratuity - - -

Total 48.32 81.33 129.65

Notes:

@ The perquisite value towards stock options includes the difference between exercise price & market price on the date of exercise. The same is not paid by the Company. The amount is ` Nil for the Company Secretary and ` 8,50,730/- for CFO.

* Gross Salary includes Basic salary, House Rent Allowance, Professional Allowance, Reimbursement of Medical expenses, Leave Travel Allowance and Annual Incentives and cost towards Stock Appreciation Rights.

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Nil

Type Section of Companies Act

Brief Description Details of Penalties/Punishment/Compounding fees imposed

Authority [RD/NCLT/ Court]

Appeal made, if any

A. COMPANY

Penalty - - - - -

Punishment - - - - -

Compounding - - - - -

B. DIRECTORS

Penalty - - - - -



C. OTHER OFFICERS IN DEFAULT

Penalty - - - - -





INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (the “Company”) which comprise the Balance Sheet as at March 31, 2016, the related Revenue Account (also called the “Policyholders’ Account” or the “Technical Account”) and the Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the Receipts and Payments Account for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is 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 Balance Sheet, the related Revenue Account, the Profit and Loss Account and the Receipts and Payments Account of the Company in accordance with the accounting principles generally accepted in India, including the provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDA”) in this regard, the Accounting Standards specified under Section 133 of the Act, to the extent applicable. 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Financial Statements based on our audit.

We have taken into account the provisions of the Act, the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations, orders / directions issued by the IRDA, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controls relevant to the Company’s preparation and fair presentation of the Financial Statements that gives true and fair view in order to design audit procedures that are appropriate in the circumstances, An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required in accordance with the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations, the orders/directions issued by the IRDA and the Act to the extent applicable in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to the Insurance Companies:

33


i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;

ii. in the case of the Revenue Account, of the net surplus for the year ended March 31, 2016;

iii. in the case of the Profit and Loss Account, of the profit for the year ended March 31, 2016; and

iv. in the case of the Receipts and Payments Account, of the receipts and payments for the year ended March 31, 2016.

Other Matter

The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at March 31, 2016 is the responsibility of the Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at March 31, 2016 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 IRDA and the Institute of Actuaries of India in concurrence with the IRDA. We have relied upon Appointed Actuary’s certificate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists in Financial Statements of the Company.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDA Financial Statements Regulations, we have issued a separate certificate dated April 26, 2016 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.

2. As required by the IRDA Financial Statements Regulations, read with Section 143 (3) of the Act, we report 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 the audit and have found them to be satisfactory;

(b) In our opinion and to the best of our information and according to the explanations given to us, 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;

(c) As the Company’s financial accounting system is centralised, no returns for the purposes of our audit are prepared at the branches of the Company;

(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) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act to the extent not inconsistent with the accounting principles prescribed in the IRDA Financial Statements Regulations and orders/directions issued by the IRDA in this regard;

(f) In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in accordance with the provisions of the Insurance Act, the IRDA Financial Statements Regulations and/or orders/directions issued by the IRDA in this regard.

(g) In our opinion, the accounting policies selected by the Company are appropriate and are in compliance with the applicable Accounting Standards specified under Section 133 of the Act and with the accounting principles as prescribed in the IRDA Financial Statements Regulations and orders/directions issued by the IRDA in this regard.

(h) On the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(i) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

(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 Schedule 16 Note 5 to the financial statements.

ii. The liability for insurance contracts, is determined by the Company’s Appointed Actuary as per Schedule 16 Note 3 and Note 4, and is covered by the Appointed Actuary’s certificate, referred to in Other Matter paragraph above, on which we have placed reliance; and the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. The Company was not required to deposit or pay any dues in respect of the Investor Education and Protection Fund during the year.

For S.R. Batliboi & Associates LLP For S. B. Billimoria & Co.Chartered Accountants Chartered Accountants

(Firm’s Registration No: 101049W) (Firm’s Registration No: 101496W)

Amit Kabra Kalpesh J. MehtaPartner Partner

(Membership No:94553) (Membership No:48791)

Mumbai, April 26, 2016 Mumbai, April 26, 2016

35


(Referred to in paragraph 2 (i) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the “Act”)

We have audited the internal financial controls over financial reporting of KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (the “Company”) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 including the provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the IRDA Financial Statements Regulations, orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDA”) in this regard.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT



Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India.

Other Matter

The actuarial valuation of liabilities for life policies in force and policies where premium is discontinued is required to be certified by the Appointed Actuary as per the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), and has been relied upon by us, as mentioned in “Other Matter” para of our audit report on the financial statements of the Company as at and for the year ended March 31, 2016. Accordingly the internal financial controls over financial reporting in respect of the valuation and accuracy of the aforesaid actuarial valuation is also certified by the Appointed Actuary and has been relied uponby us.






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INDEPENDENT AUDITOR’S CERTIFICATE

(Referred to in paragraph 1under‘Report on Other Legal and Regulatory Requirements’ forming part of the Independent Auditor’s Report dated April 26, 2016)

This certificate is issued to KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (“the Company”) to comply with the provisions of paragraph 3 and 4 of Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (“the IRDA Financial Statements Regulations”) read with Regulation 3 of the IRDA Financial Statements Regulations.

The Company’s Management is responsible for complying with the provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the “Insurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), the IRDA Financial Statements Regulations, orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDA”) which includes the preparation of the Management Report. This includes collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as aforesaid.

Our responsibility for the purpose of this certificate, is limited to certifying matters contained in paragraphs 3 and 4 of Schedule C of the Regulations. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (the ‘ICAI’), which include the concepts of test checks and materiality.

In accordance with the information and explanations and representations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by the Company for the year ended March 31, 2016, we certify that:

1. We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2016, and on the basis of our review, there is no apparent mistake or material inconsistencies with the financial statements;

2. Based on the Management representations and compliance certificates submitted to the Board of Directors by the officers of the Company charged with compliance and the same being noted by the Board, we certify that the Company has complied with the terms and conditions of registration stipulated by IRDA;

3. We have verified the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at March 31, 2016, by actual inspection or on the basis of certificates/confirmations received from the Custodian and/ or Depository Participants appointed by the Company, as the case may be. As at March 31, 2016, the Company does not have reversions and life interests;

4. The Company is not a trustee of any trust; and

5. No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, relating to the application and investments of the Policyholders’ Funds.








INDEPENDENT AUDITOR’S CERTIFICATE

The Board of Directors

Kotak Mahindra Old Mutual Life Insurance Limited 4th Floor, Vinay Bhavya Complex, 159 A, CST Road, Kalina, Santacruz (East), Mumbai – 400 098

Dear Sirs,

[Ref: Certificate in accordance with the Regulation 13(D)(7) of the IRDA (Investment) (5th Amendment) Regulations, 2013 notified on February 16, 2013 in the Gazette of India.]

1. At the request of KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (the “Company”), we have performed the procedures stated in paragraph 2 below, for the purpose of issuing a certificate required by the Regulations, regarding the declaration and application of the Net Asset Value (“NAV”) of the schemes of the Company as at March 31, 2016.

2. In this connection, we have performed the following procedures:

a) Obtained representation from the management that the Company has declared March 31, 2016 as a business dayfor accepting application forms and that it has declared NAV for March 31, 2016;

b) Obtained the list of New Business applications, Renewal applications and applications for Surrender, Free- look Cancellation, Fund Switches, Partial Withdrawal and Top Ups received in respect of Unit Linked Products on March 31, 2016 (collectively referred to as “application forms”), from the Management;

c) Selected samples of application forms from listing mentioned in paragraph 2(b) above and verified whether:

i) the applications received on Thursday, March 31, 2016, upto 3.00 p.m. have been appropriately stamped; and the NAV of March 31, 2016 is applied for applications received by the Company upto 3.00 p.m. on Thursday, March 31, 2016 for the selected samples; and

ii) the applications received on Thursday, March 31, 2016, after 3.00 p.m. hours have been appropriately stamped; and the NAV of April 1, 2016 is applied for applications received by the Company after 3.00 p.m. hours on Thursday, March 31, 2016 for the selected samples.

3. The compliance with conditions stated in the Regulations is the responsibility of the Company’s management. Our responsibility is to perform the above mentioned procedures on the particulars and state our findings. We performed the above mentioned procedures, in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (“ICAI”)which include the concepts of test checks and materiality. The above mentioned procedures include examining evidence supporting the particulars on a test basis. Further, our scope of work did not involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression of an opinion on the financial statements, specified elements, accounts or items thereof, for the purpose of this certificate. Accordingly, we do not express such opinion.

4. Based on the proceduresperformed by us, as mentioned in paragraph 2 above, according to the information and explanations provided to us and representation by the Company’s management, we confirm that:

(a) The Company had declared March 31, 2016 as a business day for accepting applications;

(b) The Company has declared NAV for March 31, 2016;

(c) The applications received on Thursday, March 31, 2016 upto 3.00 p.m. have been stamped as such that the NAV of March 31, 2016 is applied for proposals received upto 3.00 p.m.; and

(d) The applications received on Thursday, March 31, 2016 after 3.00 p.m. have been stamped as such that the NAV of the next financial year i.e. April 01, 2016 is applied for proposals received after 3.00 p.m.

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5. The concurrent auditors of the Company, Khimji Kunverji & Co., Chartered Accountants have issued a certificate dated April 20, 2016 confirming the compliance with requirements of Regulation 13 (D) (5) of the Regulations. We have read the certificate and found the same to be in order.

6. This certificate is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts as per Regulation 13 (D) (7) of the Regulations and is not intended to be used or distributed for any other purpose. We have no responsibility to update this certificate for events and circumstances occurring after the date ofthis certificate.

ForS.R. Batliboi & Associates LLP For S. B. Billimoria & Co.Chartered Accountants Chartered Accountants







MANAGEMENT REPORT FOR THE YEAR ENDED MARCH 31, 2016

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the following Management Report is submitted for the financial year ended March 31, 2016:

1. Validity of Registration: The Certificate of Registration under Section 3 of the Insurance Act ,1938 was granted by IRDAI on January 10, 2001. We hereby confirm that the Company has obtained renewal of registration certificate from IRDAI till the financial year ended March 31, 2017 and the registration certificate was valid on March 31, 2016 and is in force as on the date of this report.

2. Statutory Dues: We hereby certify that all the dues payable to the statutory authorities have been duly paid except those under dispute or disclosed under contingent liabilities in the notes to accounts forming part of the financial statements.

3. Shareholding pattern: We hereby confirm that the shareholding pattern and any transfer of shares during the year are in accordance with the statutory and regulatory requirements. There was no capital infusion during the year under review. The detailed break-up of the shareholding pattern is available in Schedule 5A forming part of the financial statements.

4. Investments Outside India: We hereby declare that no investments directly or indirectly have been made outside India from the funds of the holders of policies issued in India.

5. Solvency margins: We hereby confirm that the company has maintained solvency margins as prescribed under Section 64VA of the Insurance Act, 1938 and the regulations prescribed by IRDAI ( Assets, Liabilities and Solvency margin of Insurers) Regulations , 2000.

6. Values of assets: We hereby certify that the values of all the assets have been reviewed on the date of the Balance Sheet and to the best of our knowledge and belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under the several headings – “Loans”, “Investments, “Agents balances”, “Outstanding Premiums”, “Interest, Dividends and Rents outstanding”, “Interest, Dividends and Rents accruing but not due”, “Amounts due from other persons or bodies carrying on insurance business”, “Sundry Debtors”,” Bills Receivable” “Advances and other assets”, “ Cash” and the several items specified under “Other Accounts.”Debt securities are valued at amortised cost as per IRDAI regulations in case of non linked policyholder’s funds and shareholder’s investments.

7. Application and investments of life insurance funds: We hereby certify that no part of the life insurance fund has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 relating to the application and investment of the life insurance funds.

8. Risk exposure: The Company recognises that risk is an integral element of the business and appropriate management of risks is essential for the generation of value to both its policy holders and shareholders. The Risk Management framework enables risks to be identified, assessed, controlled and monitored consistently, objectively and holistically. The mitigation strategy with respect to various risks as covered under the current Risk Management Framework is :

a) Investment Risks- Market Risk, Credit Risk and Liquidity risk.

The investment risk is managed by creating a portfolio of different asset classes and of varied maturities so as to spread the risk across a wide category of investee companies. Investments are made in high quality assets which covers the company liabilities both by nature and term to the extent necessary and possible.

The Company has constituted an Investment Committee of the Board of Directors, which acts as the policy making body for the investment operations. The Investment Committee lays down various internal policies and norms governing the functioning of the Investment Department. The investment strategy framed is kept appropriate to the underlying liabilities of the policyholders. The Investment Committee periodically discusses the investment strategy, portfolio structures, performance of the portfolio and other issues relating to the investment portfolio. This in turn is reviewed by the Board of Directors.

Market risks, credit risk and liquidity risk forms a part of the investment risk framework. The company seeks to minimize these risks through set policies in place. The Investment Committee has in turn constituted the Asset & Liability Management Committee (ALM) and Credit Committee. The Asset & Liability Management Committee (ALM) reviews the Asset Liability Management Strategy, Investment Risk Management Strategy and other related risks periodically. The Credit Committee approves the credit limit for each Investee Company and approves the initial investment in any company.

b) Insurance Risk

Due to the inherent nature of the Insurance Business, the company is exposed to a large number of insurance risks namely mortality, morbidity, persistency and expense risk which are mitigated as follows:

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Product Approval controls

Insurance risks inherent in new products are identified at the product design stage. The company in its product design incorporates product features and uses appropriate policy wordings to mitigate insurance risk.

Underwriting and Claims controls

Underwriting and claims policies and procedures are in place to assess and manage mortality and morbidity risks. The company conducts periodic reviews of both underwriting and claims procedures.

Reinsurance

The company uses competitive reinsurance arrangements ,including catastrophe reinsurance to manage insurance risk. These arrangements are with financially sound reinsurers.

Expense Analysis

The company minimizes its expense risk by the use of stringent expense control mechanisms. The company also conducts its experience analysis regularly to ensure corrective action can be initiated at the earliest opportunity and that the assumptions used in product pricing and reserving are in line with experience. The company actively monitors its claim experience, persistency levels and expense ratios.

c) Operational Risk

Operational risks are the risk of loss, resulting from inadequate or failed internal processes, people and systems or from external events. The company seeks to minimize the impact of these risks by regular monitoring of processes, systems and procedures, implementation of controls and ensuring backups for both systems and data are maintained. The management uses the following approaches to manage this risk:

Operational Risk Management Framework

The company has established an Operational Risk Management Framework to manage, control and mitigate operational risks. Each function is required to ensure that all processes are documented, process risks are identified and that steps are taken to mitigate identified operational risks. An independent risk management function, in turn, reviews the risks identified, the effectiveness of the operational controls and ensures that risk mitigation steps suggested are implemented. Operational risks are also mitigated by audits conducted by an independent internal audit team, and an independent concurrent audit team for the investment function. The Risk Committee meets at periodic intervals and lays down and reviews various internal policies and norms governing the risk function across the company. The Committee also reviews the top risks, mitigations implemented and progress made by the Risk Management Function.

Fraud Management

The company follows both a proactive and reactive approach to manage fraud. Proactive management is done by using triggers to identify suspected frauds and through random sample checks. Reactive management is done through incident management. The company ensures implementation of controls to prevent repeat incidents, financial recovery process and disciplinary action against involved employees.

9. Operations in other countries: We hereby confirm that during the year ended March 31, 2016, your Company had no operations in other countries.

10. Ageing of claims:

a) The average time taken by the company from the date of submission of the final requirement by the claimant to despatch of claim payment, in respect of mortality and morbidity claims are as follows:

Period Average time taken for claim settlement (in days)

FY 2016 6

FY 2015 5

FY 2014 4

FY 2013 4

FY 2012 4

FY 2011 7



b) All ageing of mortality and morbidity claims registered and not settled as on March 31, 2016 has been detailed herein below (` in lakhs)

Period Traditional Business Linked Business

Number of Claims Amount Involved Number of Claims Amount Involved

0 to 30 days 90 116.55 9 13.95

30 days to 6 months 36 278.82 8 22.16

6 months to 1 year 14 72.74 3 0.26

1 year to 5 years 21 168.04 3 9.50

5 years and above 3 16.32 7 1.78

Total 164 652.47 30 47.65

Claims remain unpaid for want of proof of title or cause of death or pending other necessary documentation, to determine and discharge the claim liability.

Statement of Age –wise analysis of the Unclaimed Amount of Policyholders in accordance with IRDA circular no- IRDA/F&I/CIR/CMP/174/11/2010 dated 04-11-2010 has been disclosed under Note 16 – 27 of the audited Financial Statements for the year ended 31st March, 2016

11. Valuation of investments:

11.1 Non linked Investments

We hereby certify that as prescribed under the IRDA ( Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, all debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly are recorded at historical cost (excluding interest paid, if any), subject amortization of premium or accretion of discount. The premium/ discount, if any, on purchase of debt securities is amortised/accrued over the period to maturity on internal rate of return basis. Debt securities including government securities are thus stated at net amortised cost.

The Company has adopted the National Stock Exchange of India Ltd. (“NSE”) as the primary exchange and BSE Limited (“BSE”) as the secondary exchange. Listed equity shares as at the Balance sheet date are stated at the closing price on the NSE. If an equity share is not listed or traded on the NSE, the closing price on the BSE is used. Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any. Investments in mutual funds are valued at the previous day’s Net Asset Value (NAV) of the funds in which they are invested . Investments in Alternative Investment Funds are valued at the latest Net Asset Value (NAV).Unrealised gains\ losses arising due to changes in the fair value of listed equity shares, units of mutual fund and Alternative Funds are taken to the “Fair Value Change Account” in the balance sheet.

Real estate investment property represents land or building held for investment purpose to earn rental income or for capital appreciation and is not occupied by the company. Such Investment property is initially valued at cost including any direct attributable cost. Investment in the real estate investment property is valued at historical cost subject to revaluation, if any. Revaluation of the investment property is done at least once in three years. Any change in the carrying amount of the investment property is recognised in Revaluation Reserve in the balance sheet. Impairment loss, if any, exceeding the amount in revaluation reserve is recognised as an expense.

Loans are stated at historical cost, subject to provision for impairment, if any. in accordance with circular No 32/2/F&A/ Circular/169/Jan/2006-07 issued by the IRDAI.

Fixed Deposits are valued at cost.

11.2 Linked Investments

We certify that the investments in linked business are valued on a mark to market basis.

All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Services of India Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond Valuer . The discount on purchase of treasury bills, certificate of deposit, commercial papers & CBLO are amortized over the period to maturity on internal rate of return basis.

The Company has adopted the National Stock Exchange of India Ltd. (“NSE”) as the primary exchange and BSE Limited (“BSE”) as the secondary exchange. Listed equity shares and exchange traded funds (ETF) as at Balance Sheet date are stated at the closing price on the

43


NSE. If an equity share or ETF is not listed or traded on the NSE, the share price on BSE is used. Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any, in the value of such investment determined separately for each individual investment. Unrealized gains and losses are recognized in the respective scheme’s Revenue Account.

Investments in mutual funds are valued at the previous day’s Net Asset Value (NAV) of the funds in which they are invested

Fixed Deposits are valued at cost.

12. Review of Asset Quality and performance of investments:

a) Investments are made in accordance with the Regulatory norms and fund mandates for Unit Linked Funds.

The primary aim while Investing is to generate adequate return while minimising risk. The Investment is also made keeping in mind the Asset and Liability requirement to the respective funds.

The equity portfolio is also well diversified and equity selection is made after appropriate research and analysis of the Investee Company, Investee Group and Industry of the Company to which it belongs to.

In Fixed income segment the company has invested predominantly in Government Securities and Corporate Securities having highest credit quality rating of AAA and equivalent constituting 90.40% of the total fixed income investments. The company has a well-diversified portfolio across issuers and Industry segments in Corporate Securities.

To meet the liquidity requirements, some portion is invested in CBLO, liquid schemes of leading mutual funds and other money market instruments of high credit rating.

In view of the aforementioned prudent practices, the high quality of assets are maintained in all portfolios and asset classes.

b) The assets held under management are Rs16,93,59,142 thousands as on March 31, 2016 and is having the following bifurcation:

(Amount in ‘000)

Investment Category Shareholder’s Fund PH - Non Linked Funds PH - Unit Linked Funds Total

Amount % age Amount % age Amount % age Amount % age

Government securities 1,07,43,265 76% 3,49,67,668 60% 2,39,70,991 24% 6,96,81,924 40%

Government Guaranteed & State Government Securities

4,02,310 3% 10,44,014 2% 16,97,101 2% 31,43,426 2%

AAA Rated 20,75,526 15% 1,01,53,503 17% 1,58,16,909 16% 2,80,45,938 17%

AA+ and AA Rated 5,93,983 4% 31,06,475 5% 26,67,848 3% 63,68,307 4%

AA- and below Rated 1,00,304 1% 7,93,302 1% - 0% 8,93,606 1%

Equity - 0% 56,94,888 10% 4,98,45,986 52% 5,55,40,875 33%

Others 81,000 1% 30,52,834 5% 25,51,233 3% 56,85,067 3%

Grand Total 1,39,96,388 100% 5,88,12,685 100% 9,65,50,069 100% 16,93,59,142 100%

Note : Others include Real Estate Properties, Loans, Fixed deposits, Collateral Borrowing and Lending Obligations, Units of mutual funds units, policy loan and Net Current Assets.

c) Returns generated by major Unit Linked themes as against their respective benchmarks over 1 year are given below:

Sr No

Fund Name AUM in ‘000 1 Year Fund Return

1 Year Benchmark

Return

3 Year Fund Return

3 Year Benchmark

Return

1 Classic Opportunities Fund 1,71,20,724 -5.5% -7.9% 17.1% 12.5%

2 Kotak Guaranteed Growth Fund 1,04,91,431 0.4% 1.3% 11.2% 10.2%

3 Dynamic Floor Fund 95,53,462 -0.9% 1.8% 6.8% 10.0%



Sr No

Fund Name AUM in ‘000 1 Year Fund Return

1 Year Benchmark

Return

3 Year Fund Return

3 Year Benchmark

Return

4 Kotak Opportunities Fund 92,31,202 -6.4% -7.9% 16.5% 12.5%

5 Kotak Dynamic Bond Fund 91,06,566 7.1% 8.2% 8.7% 9.0%

6 Kotak Group Bond Fund 87,21,259 7.6% 8.2% 9.2% 9.0%

7 Dynamic Floor Fund II 62,51,453 -1.6% 1.8% 6.8% 10.0%

8 Frontline Equity Fund 39,90,560 -4.1% -9.0% 16.3% 11.3%

9 Kotak Group Balanced Fund 31,72,642 0.6% -2.1% 13.7% 10.7%

10 Kotak Aggressive Growth Fund 27,96,555 -5.4% -9.0% 15.9% 11.3%

d) Performance of investment of Conventional portfolios over 1 year is given below

Particulars Yield

Mar-16 Mar-15

Investments-Shareholders’ Funds 9.4% 10.1%

Investments-Policyholders’ Funds 8.6% 10.3%

Note : Returns calculated on the basis of mean yield, without considering unrealised gain/loss

13. Details of payments made to individuals, firms, companies and organizations in which the Directors are interested:

The details of such payments for the year ended March 31, 2016 are given below:

Sr. No.

Name of the Director/s

Entity in which Director is interested Interested As Expense during the financial year

(Rs in lakhs)

1 Mr.Uday Kotak,

Mr.Dipak Gupta

Mr.Prakash Apte

Kotak Mahindra Bank Ltd Director 15588.93

2 Mr.Uday Kotak Kotak Securities Ltd Director 154.84

3 Mr.Uday Kotak,

Mr.Dipak Gupta

Kotak Mahindra Prime Ltd Director 6.03

4 Mr.Gaurang Shah,

Mr.G.Murlidhar

Kotak Life Insurance Superannuation Fund Trustees 17.00

5 Mr. Gaurang Shah,

Mr. G. Murlidhar

Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund

Trustee 375.00

6 Mr. Shivaji Dam Kotak Education Foundation Managing Trustee 50.00

7 Mr. Uday Kotak Aero Agencies Relative of Director 0.29

Total 16192.09

14 . Responsibility Statement: The Management confirms that:

(a) In the preparation of financial statements, the applicable accounting standards, principles and policies have been followed;

(b) The accounting policies have been adopted and applied consistently and the judgements and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the year and of the surplus under the Revenue Account and of the profit in the Profit and Loss Account for the year ended March 31, 2016;

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(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the applicable provisions of the Insurance Act 1938 / Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The financial statements are prepared on a going concern basis;

(e) An internal audit system commensurate with the size and nature of the business exists and is operating effectively.

For and on behalf of Board of Directors

Uday Kotak G. Murlidhar

Chairman Managing Director

Mumbai April 26, 2016



Schedule Year ended

March 31, 2016

Year ended

March 31, 2015Premiums earned - net(a) Premium 1 39,716,819 30,380,549 (b) Re-insurance ceded (583,962) (572,634)(c) Re-insurance accepted - - SUB-TOTAL 39,132,857 29,807,915 Income from investments(a) Interest, Dividends and Rent Gross 7,688,158 6,592,212 (b) Profit on sale/ redemption of investments 7,222,059 14,401,531 (c) (Loss on sale/ redemption of investments) (3,343,476) (1,371,714)(d) Transfer/ Gain on revaluation/change in fair value* (6,407,316) 6,771,482 SUB-TOTAL 5,159,425 26,393,511 Contribution from Shareholders’ Account (Refer Schedule 16 - Note 11) 53,031 83,987 Other Income(a) Miscellaneous income 34,090 76,872 (b) Profit on sale/disposal of fixed assets (Net) 2,490 2,804 SUB-TOTAL 36,580 79,676 TOTAL (A) 44,381,893 56,365,089 Commission 2 2,581,148 1,816,065 Operating Expenses related to Insurance Business 3 7,941,274 6,690,607 Service Tax Expenditure 327,250 294,162 Provision for doubtful debts - - Bad debts written off - - Provision for tax 158,761 218,557 Provisions (other than taxation)(a) For diminution in the value of investments (Net) 8,654 48 (b) For standard loan assets (830) 6,000 TOTAL (B) 11,016,257 9,025,439 Benefits paid (net) 4 18,240,332 17,852,155 Interim & Terminal Bonuses paid 119,022 87,842 Change in valuation of liability in respect of life policies(a) Gross ** 13,959,426 11,186,369 (b) Amount ceded in Reinsurance (34,966) (2,944)(c) Amount accepted in Reinsurance - - Provision for Linked Liabilities (682,562) 16,054,973 TOTAL (C) 31,601,252 45,178,395 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 1,764,384 2,161,255 APPROPRIATIONSTransfer to Shareholders' Account (Refer Schedule 16 - Note 10) 1,652,252 1,617,596 Transfer to Other Reserve - - Balance being Funds for Future Appropriations (69,788) (81,752)Surplus after Appropriation 181,920 625,411 TOTAL (D) 1,764,384 2,161,255 SURPLUS/(DEFICIT) BROUGHT FORWARD 1,397,066 771,655 Surplus after Appropriation 181,920 625,411 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 1,578,986 1,397,066 (a) Interim & Terminal Bonuses Paid 119,022 87,842 (b) Allocation of Bonus to Policyholders 968,037 743,587 (c) Surplus/ (Deficit) shown in the Revenue Account 181,920 625,411 Total Surplus: [(a) + (b) + (c)] 1,268,979 1,456,840

* represents the deemed realised gain as per norms specified by the Authority.** represents Mathematical Reserves after allocation of bonus.

Significant accounting policies and Notes to the accounts 16The Schedules and accompanying notes are an integral part of this Revenue AccountAs required by Section 40-B (4) of the Insurance Act, 1938, we certify that all expenses of Management in respect of life insurance business transacted in India by the Insurer have been fully recognized in this Revenue Account.

As per our report of even date attached. For and on behalf of the Board of DirectorsFor S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Uday Kotak Shailesh Devchand Gaurang ShahChartered Accountants Chartered Accountants Chairman Vice-Chairman Director ICAI Firm Registration No : 101496W ICAI Firm Registration No : 101049W DIN : 00007467 DIN : 03456041 DIN : 00016660

Kalpesh J. Mehta Amit Kabra G. Murlidhar Cedric Fernandes Sunil SharmaPartner Partner Managing Director Chief Financial Officer Appointed ActuaryMembership No- 48791 Membership No- 94533 DIN : 03601196

Mumbai Mumbai Muralikrishna CheruvuApril 26, 2016 April 26, 2016 Company Secretary

Registration No: 107; Date of Registration: January 10, 2001

FORM A-RA

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016Policyholders’ Account (Technical Account) (Amounts in thousands of Indian Rupees)

47


Schedule Year ended March 31, 2016


Amounts transferred from Policyholders’ Account (Technical Account) (Refer Schedule 16 - Note 10)

1,652,252 1,617,596

Income from Investments

(a) Interest, Dividends and Rent Gross 1,048,879 879,885

(b) Profit on sale/ redemption of investments 60,949 35,932

(c) (Loss on sale/ redemption of investments) (15,275) (16,993)

SUB-TOTAL 1,094,553 898,824

Other Income - -

TOTAL (A) 2,746,805 2,516,420

Expenses other than those directly related to the insurance business 3A 23,640 13,174

Bad debts written off - -

Provisions (other than taxation)

(a) For diminution in the value of investments (Net) - -

(b) Provision for doubtful debts - -

(c) Others

-Corporate Social Responsibility Expenditure 9,600 5,700

-Contribution to the Policyholders account (Refer Schedule 16 - Note 11) 53,031 83,987

TOTAL (B) 86,271 102,861

Profit before tax 2,660,534 2,413,559

Provision for taxation

- Current Year 153,065 124,627

- Deferred tax charge / (credit) - -

Profit after tax 2,507,469 2,288,932

Appropriations

(a) Balance at the beginning of the year 7,083,701 4,794,769

(b) Interim dividends paid during the year - -

(c) Proposed final dividend - -

(d) Tax on dividend distributed - -

(e) Transfer to reserves/ other accounts - -

Profit / (Loss) carried to the Balance Sheet 9,591,170 7,083,701

Earnings Per Share (Basic and Diluted) (in ` )( Nominal value `10) (Refer Schedule 16 - Note 21)

4.91 4.49

Significant accounting policies and Notes to the accounts 16

The Schedules and accompanying notes are an integral part of this Proft and Loss Account

As per our report of even date attached. For and on behalf of the Board of Directors

For S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Uday Kotak Shailesh Devchand Gaurang Shah

Chartered Accountants Chartered Accountants Chairman Vice-Chairman Director

ICAI Firm Registration No : 101496W ICAI Firm Registration No : 101049W DIN : 00007467 DIN : 03456041 DIN : 00016660

Kalpesh J. Mehta Amit Kabra G. Murlidhar Cedric Fernandes Sunil SharmaPartner Partner Managing Director Chief Financial Officer Appointed Actuary

Membership No- 48791 Membership No- 94533 DIN : 03601196

Mumbai Mumbai Muralikrishna Cheruvu

April 26, 2016 April 26, 2016 Company Secretary


FORM A-PL

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016Shareholders’ Account (Amounts in thousands of Indian Rupees)



Schedule As at March 31, 2016 As at March 31, 2015SOURCES OF FUNDSShareholders’ Funds:Share Capital 5 5,102,902 5,102,902 Reserves and Surplus 6 10,111,533 7,604,064 Credit/[Debit] Fair Value Change Account - - SUB-TOTAL 15,214,435 12,706,966 Borrowings 7 - - Policyholders’ Funds:Credit/[Debit] Fair Value Change Account 360,313 971,453 Revaluation Reserve - Investment Property (Refer Schedule 16 - Note 15(d)) 203,345 203,345 Policy Liabilities - Life Participating 23,739,260 19,694,174 - Pension Participating 699,138 762,158 - Life Non - Participating 23,749,152 15,573,233 - Life Non - Participating Variable (VIP) 1,202,977 397,304 - Pension Non - Participating Variable (VIP) 1,548,858 960,053 - General Annuity 298,169 192,898 - Unit Linked 1,735,590 1,501,029 - Unit Linked Pension 178,411 53,151,555 146,246 39,227,095 (Refer Schedule 16 - Note 4(a))Insurance Reserves - Life Participating 1,423,254 1,255,645 - Pension Participating 155,732 1,578,986 141,421 1,397,066 (Refer Schedule 16 - Note 18) Provision for Linked Liabilities - Linked Liabilities 89,137,142 83,108,172 - Credit/[Debit] Fair Value Change Account 5,809,263 94,946,405 12,216,579 95,324,751 Funds for Discontinued policies (Refer Schedule 16 - Note 28) - Discontinued on account of non-payment of premium 1,603,664 1,907,880 - Others - - SUB-TOTAL 151,844,268 139,031,590 Funds for Future Appropriation:- Linked Liabilities - 69,788 TOTAL 167,058,703 151,808,344 APPLICATION OF FUNDSInvestments – Shareholders’ 8 13,996,388 10,519,679 – Policyholders’ 8A 57,305,109 42,863,107 Assets Held to Cover Linked Liabilities 8B 96,550,069 97,302,419 Loans 9 1,507,576 1,677,304 Fixed Assets 10 440,720 397,257 Current AssetsCash and Bank Balances 11 2,216,363 2,025,464 Advances and Other Assets 12 3,793,512 2,900,621 SUB-TOTAL (A) 6,009,875 4,926,085 Current Liabilities 13 8,485,428 5,614,986 Provisions 14 265,606 262,521 SUB-TOTAL (B) 8,751,034 5,877,507 Net Current Assets (C) = (A-B) (2,741,159) (951,422)Miscellaneous Expenditure (To the extent not written off or adjusted) Debit Balance in Profit and Loss Account (Shareholders’ Account)

15 - -

- -

TOTAL 167,058,703 151,808,344 Contingent liabilities - Refer note 5 of Schedule 16Significant accounting policies and Notes to the accounts 16The Schedules and accompanying notes are an integral part of this Balance Sheet.





FORM A-BS

BALANCE SHEET AS AT MARCH 31, 2016 (Amounts in thousands of Indian Rupees)

49


Schedule Year ended March 31, 2016


Cash Flows from Operating ActivitiesPremium and Other receipt from Customer 40,014,479 30,753,016 Payments of other operating expenses (7,285,166) (5,953,654)Payments of commission and brokerage (2,459,128) (1,663,479)Deposits, advances and staff loans (94,512) (67,226)Payments to the re-insurers, net of commissions and claims (193,367) (264,723)Payment of Claims (18,997,005) (18,163,454)Income taxes paid (Net) (306,136) (299,521)Service Tax paid (411,570) (346,275)Net cash flow from Operating Activities (A) 10,267,595 3,994,684 Cash Flows from Investing ActivitiesPurchase of fixed assets (260,141) (244,136)Proceeds on sale of fixed assets 3,863 5,228 Interest and Dividend received on Investments (net of interest expended on purchase of investments) 8,224,324 7,580,780 Purchase of Investment (299,735,392) (499,819,213)Sale of Investment 282,573,531 493,055,981 Investments in money market instruments and in liquid mutual funds (Net) 2,558,764 1,515,868 Loans disbursed (37,659) (1,580,392)Net cash flow from Investing Activities (B) (6,672,710) 514,116 Cash Flows from Financing ActivitiesProceeds from issue of Share Capital - - Net cash flow from Financing Activities (C) - - Net increase in Cash and Cash Equivalents (A+B+C) 3,594,885 4,508,800 Cash and cash equivalents at the beginning of the year 6,002,839 1,494,039 Cash and Cash Equivalents at end of year 9,597,724 6,002,839 Notes:(a) Refer Schedule 16 Note 2(o) for accounting policy on Cash and cash equivalents(b) Cash and cash equivalents at the end of the year includes:Cash (including cheques on hand, drafts and stamps) 658,026 492,313 Bank Balances (including deposits) 1,511,398 1,488,526 Other short term investment (maturing within 3 months) 7,428,300 4,022,000 (Forming part of investments as per schedule 8, 8A and 8B) 9,597,724 6,002,839 Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance (Schedule - 11)Cash and Cash Equivalents 9,597,724 6,002,839 Add : Deposit Account - Others (More than 3 months) 46,939 44,625 Less : Other Short Term Investment (maturing within 3 months) 7,428,300 4,022,000 Cash & Bank Balance as per Schedule -11 2,216,363 2,025,464

The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory (Preparation of Financial Statements & Auditor’s Report of Insurance Companies) Regulations, 2002 under the ‘Direct Method’ laid out in Accounting Standard 3 – ‘Cash Flow Statements’

Significant accounting policies and Notes to accounts 16

The Schedules and accompanying notes are an integral part of this Receipts and Payments AccountAs per our report of even date attached. For and on behalf of the Board of DirectorsFor S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Uday Kotak Shailesh Devchand Gaurang ShahChartered Accountants Chartered Accountants Chairman Vice-Chairman Director ICAI Firm Registration No : 101496W ICAI Firm Registration No : 101049W DIN : 00007467 DIN : 03456041 DIN : 00016660




RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016(Amounts in thousands of Indian Rupees)



SCHEDULE 1 : Premium (Amounts in thousands of Indian Rupees)



First year Premium 16,466,849 10,614,201

Renewal Premium 17,620,187 14,978,778

Single Premium 5,629,783 4,787,570

Total Premium 39,716,819 30,380,549

Notes:

(a) All the premium income relates to business in India

(b) Refer Schedule 16 - Note 2(a) for accounting policy on premium recognition

SCHEDULE 2 : Commission (Amounts in thousands of Indian Rupees)



Commission Paid

First year Premium 2,029,168 1,370,389

Renewal Premium 528,126 421,631

Single Premium 23,854 29,717

Sub-total 2,581,148 1,821,737

Add: Commission on Re-insurance accepted - -

Less: Commission on Re-insurance ceded - (5,672)

Net Commission 2,581,148 1,816,065

Breakup of Gross Commission



Agents 1,116,279 773,430

Brokers 150,689 172,783

Corporate Agents 1,314,188 875,526

Referral (8) (2)

Total 2,581,148 1,821,737

Note :

(a) Refer Schedule 16 - Note 2(b) for accounting policy on acquisition cost.


SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS

51


SCHEDULE 3 : Operating Expenses related to Insurance Business (Amounts in thousands of Indian Rupees)



Employees’ remuneration and welfare benefits (Refer Note-(b) below) 4,503,423 3,679,702 Travel, conveyance and vehicle running expenses 188,344 149,044 Training expenses 79,765 84,914 Rent, Rates and Taxes 432,073 421,517 Repairs 132,823 129,168 Printing and Stationery 78,988 51,902 Communication expenses 119,285 103,509 Legal and Professional charges 149,840 135,725 Medical fees 27,782 23,868 Auditors’ fees, expenses etc.(a) as auditor 4,919 4,127 (b) as adviser or in any other capacity, in respect of - Taxation matters - - - Insurance Matters - - - Management services; and - - (c) in any other capacity (including out of pocket expenses) (Refer Note-(c) below) 183 314 Advertisement and publicity 577,753 492,915 Interest and Bank charges 29,507 27,912 Distribution Expenses 398,660 322,173 Sales Promotion Expenses 357,740 279,571 Depreciation 215,087 202,600 Information Technology expenses 198,364 186,196 Electricity charges 98,537 90,500 Recruitment expenses 45,199 38,071 Stamp Duty 185,466 163,699 Membership and Subscription Fees 5,855 5,421 Service Tax Expenses 15,806 16,334 Miscellaneous expenses 95,875 81,425 Total 7,941,274 6,690,607

Notes:

a) Refer Schedule 16 - Note 2(k) for accounting policy on segment reporting and Note 24b) Refer Schedule 16 - Note 2(h) for accounting policy on Employee Benefits and Notes 6, 22 and 30c) Refer Schedule 16 - Note 24(b)

SCHEDULE 3A : Expenses other than those directly related to Insurance Business (Amounts in thousands of Indian Rupees)



Employees’ remuneration and welfare benefits 14,403 11,222 Travel, conveyance and vehicle running expenses 14 23 Rent, Rates and Taxes 289 152 Printing and Stationery 12 8 Communication expenses 11 10 Legal and Professional charges 462 397 Interest and Bank charges 451 443 Depreciation 218 154 Others 7,780 765 Total 23,640 13,174





SCHEDULE 4 : Benefits Paid (Net) (Amounts in thousands of Indian Rupees)



1. Insurance Claims

(a) Claims by Death 3,730,081 2,765,625

(b) Claims by Maturity 3,380,472 2,227,167

(c) Annuities/ Pension payment 13,562 8,954

(d) Other Benefits

-Survival Benefits 944,406 113,144

- Surrenders 9,587,931 13,053,883

- Discontinuance payments 1,015,687 -

- Riders 4,924 6,477

- Claim Investigation Fees 6,909 6,556

- Others (Refer note (c) below) 17,416 (9,319)

Sub Total (A) 18,701,388 18,172,487

2. Amount ceded in reinsurance

(a) Claims by Death (460,968) (318,066)

(b) Claims by Maturity - -

(c) Annuities/ Pension payment - -

(d) Other Benefits - -

- Survival Benefits - -

- Surrenders - -

- Discontinuance payments - -

- Riders (88) (2,266)

- Others - -

Sub Total (B) (461,056) (320,332)

3. Amount accepted in reinsurance

(a) Claims by Death - -

(b) Claims by Maturity - -

(c) Annuities/ Pension payment - -

(d) Other Benefits - -

- Survival Benefits - -

- Surrenders - -

- Discontinuance payments - -

- Riders - -

- Others - -

Sub Total (C) - -

Total (A)+(B)+(C) 18,240,332 17,852,155

Notes:

(a) Refer Schedule 16 - Note 2(c) for accounting policy on Benefits paid

(b) All the claims are paid in India

(c) Includes provision for policy related claims



53


SCHEDULE 5 : Share Capital (Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2016

As at 31, March 2015

Authorized Capital 625,000,000 (2015 – 625,000,000) Equity Shares of `10 each 6,250,000 6,250,000 Issued Capital510,290,249 (2015 – 510,290,249) Equity Shares of `10 each 5,102,902 5,102,902 Subscribed Capital510,290,249 (2015 – 510,290,249) Equity Shares of `10 each 5,102,902 5,102,902 Called-up Capital510,290,249 (2015 – 510,290,249) Equity Shares of `10 each 5,102,902 5,102,902 Less: Calls unpaid - - Add: Shares forfeited (Amount originally paid up) - - Less: Par Value of Equity Shares bought back - - Less: Preliminary Expenses - - Less: Expenses on issue of shares - - Total 5,102,902 5,102,902

Notes:

(a) Of the above, 260,248,044 (2015 – 260,248,044) Equity Shares of `10 each fully paid up are held by Kotak Mahindra Bank Limited, the holding company and its nominees, 54,000,000 (2015-54,000,000) and 63,366,753 (2015-63,366,753) fully paid-up Equity Shares of `10 each are held by Kotak Mahindra Prime Limited and Kotak Mahindra Capital Company Limited respectively, which are subsidiaries of Kotak Mahindra Bank Limited.

SCHEDULE 5A : Pattern of Shareholding (As certified by the Management)

Particulars As at March 31, 2016 As at March 31, 2015Number of Shares % Holding Number of Shares % Holding

ShareholdersPromoters - Indian 377,614,797 74% 377,614,797 74%- Foreign 132,675,452 26% 132,675,452 26%Others - - - - Total 510,290,249 100% 510,290,249 100%

SCHEDULE 6 : Reserves and Surplus (Amounts in thousands of Indian Rupees)



Capital Reserve - - Capital Redemption Reserve - - Securities Premium 520,363 520,363 Revaluation Reserve - - General Reserves - - Less: Debit balance in Profit and Loss Account - - Less: Amount utilized for Buy-back - - Catastrophe Reserve - - Other Reserve - - Balance of profit in Profit and Loss Account 9,591,170 7,083,701 Total 10,111,533 7,604,064





SCHEDULE 7 : Borrowings (Amounts in thousands of Indian Rupees)



Debentures/ Bonds - - Banks - - Financial Institutions - - Others - - Total - -

SCHEDULE 8 : Investments - Shareholders’ (Amounts in thousands of Indian Rupees)



LONG TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 10,735,447 5,842,397 Other Approved Securities 402,310 1,203,977 Other Investments(a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 427,452 336,142 (e) Other Securities (including Fixed Deposits) - 81,000 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity - - (b) Others 1,701,646 2,001,451 Other than Approved Investments(a) Equity - - (b) Others 100,304 - Total 13,367,159 9,464,967 SHORT TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 7,818 149,354 Other Approved Securities - - Other Investments(a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - 27,310 (c) Derivative Instruments - - (d) Debentures/ Bonds 242,014 499,153 (e) Other Securities (including Fixed Deposits) 239,324 126,454 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity - - (b) Others 140,073 252,441 Other than Approved Investments(a) Equity - - (b) Others - - Total 629,229 1,054,712 Grand Total 13,996,388 10,519,679



In India 13,996,388 10,519,679 Outside India - -



55




(a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investments in units of the funds of Kotak Mahindra Asset Management Company Ltd - 9,575 - Investment in Kotak Mahindra Prime Ltd in Debentures 50,006 125,000 (c) Investment made out of Catastrophe reserve(d) Particulars of Investment other than Listed Equity Securities:- - Cost 13,996,388 10,519,679 - Market Value 14,293,175 10,909,677 (e) Refer Schedule 16 – Note 2(e) for accounting policy on investments

SCHEDULE 8A : Investments - Investments- Policyholders’ (Amounts in thousands of Indian Rupees)



LONG TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 34,967,482 24,986,596 Other Approved Securities 1,044,014 1,143,112 Other Investments(a) Shares (aa) Equity 4,937,320 5,157,295 (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 2,177,445 3,125,035 (e) Other Securities (including Fixed Deposits) 341,080 - (f) Subsidiaries - - (g) Investment Properties – Real Estate 698,424 698,424 (h) Deposit with Clearing Corporation of India Ltd. - - Investment in Housing & infrastructure sector (a) Equity 99,559 - (b) Others 8,644,573 6,033,886 Other than Approved Investments(a) Equity 658,010 716,232 (b) Others 896,649 34,952 Total 54,464,556 41,895,532 SHORT TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 186 3,900 Other Approved Securities - - Other Investments(a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds 32,202 (c) Derivative Instruments(d) Debentures/ Bonds 782,358 13,017 (e) Other Securities (including Fixed Deposits) 1,762,677 201,296 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector - - (a) Equity(b) Others 295,332 717,160 Other than Approved Investments(a) Equity - - (b) Others - - Total 2,840,553 967,575 Grand Total 57,305,109 42,863,107










(a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investment in unit of the funds of Kotak Mahindra Asset Management Company Ltd - 11,290 - Investment in Kotak Mahindra Prime Ltd in Debentures - 10,000 (c) Investment made out of Catastrophe reserve - - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 51,610,876 36,969,746 - Market Value 52,868,187 38,421,387 (e) Refer Schedule 16 – Note 2(e) for accounting policy on investments (f) Refer Schedule 16 – Note 12 for securities held as margin

SCHEDULE 8B : Assets Held to Cover Linked liabilities (Amounts in thousands of Indian Rupees)



LONG TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 20,780,612 17,584,003 Other Approved Securities 1,697,101 3,291,429 Other Investments(a) Shares (aa) Equity 42,293,521 46,912,907 (bb) Preference 11,939 10,612 (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 3,415,793 4,082,845 (e) Other Securities (including Fixed Deposits) - 190,200 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity 2,011,886 894,519 (b) Others 4,875,875 5,630,569 Other than Approved Investments(a) Equity 5,528,640 6,314,405 (b) Others - - Total 80,615,367 84,911,489 SHORT TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 3,190,379 1,355,228 Other Approved Securities - 994 Other Investments(a) Shares (aa) Equity - - (bb) Preference - -(b) Mutual Funds - 1,387,988 (c) Derivative Instruments - -(d) Debentures/ Bonds 1,181,365 232,237 (e) Other Securities (including Fixed Deposits) 7,420,004 5,082,021 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity - - (b) Others 2,120,469 2,808,038 Other than Approved Investments(a) Equity - - (b) Others - -Net Current Assets 2,022,485 1,524,424Total 15,934,702 12,390,930 Grand Total 96,550,069 97,302,419



57



As at March 31, 2015




(a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates

- Investment in unit of the funds of Kotak Mahindra Asset Management Company Ltd including units of ETF

1,663,712 1,893,833

- Investment in Kotak Mahindra Prime Ltd in Debentures 200,776 15,095 (c) Investment made out of Catastrophe reserve (d) Particulars of Investment other than Listed Equity Securities:-

- Cost 44,160,705 41,294,229 - Market Value 44,771,163 41,645,551

(e) Other Than Approved Investments (a) Equity includes Exchange Traded Funds 2,864,141 2,792,481 (f) Refer Schedule 16 – Note 2(e) for accounting policy on investments (g) Refer Schedule 16 – Note 12 for securities held as margin

SCHEDULE 9 : Loans (Amounts in thousands of Indian Rupees)



SECURITY–WISE CLASSIFICATIONSecured(a) On mortgage of property (aa) In India 892,613 1,000,000 (bb) Outside India - - (b) On Shares, Bonds, Govt. Securities etc. - - (c) Loans against policies 214,963 177,304 (d) Others 400,000 500,000 Unsecured - - Total 1,507,576 1,677,304 BORROWER-WISE CLASSIFICATION(a) Central and State Governments - - (b) Banks and Financial Institutions 400,000 500,000 (c) Subsidiaries - - (d) Companies 892,613 1,000,000 (e) Loans against policies 214,963 177,304 (f) Others- Employees - - Total 1,507,576 1,677,304 PERFORMANCE-WISE CLASSIFICATION(a) Loans classified as standard (aa) In India 1,507,576 1,677,304 (bb) Outside India - - (b) Non-standard loans less provisions (aa) In India - - (bb) Outside India - - Total 1,507,576 1,677,304 MATURITY-WISE CLASSIFICATION(a) Short term 405,755 504,095 (b) Long Term 1,101,821 1,173,209 Total 1,507,576 1,677,304

Commitments made and outstanding for Loans ` Nil ( 2015- ` Nil)

Notes:a) There was no restructuring of loan assets during the period.

b) Short term loans include those loans which are repayable within 12 months from the date of Balance Sheet. Long term loans are the loans other than short term loans.





SCHEDULE 10 : Fixed Assets (Amounts in thousands of Indian Rupees)

Cost/ Gross Block Depreciation Net Block

Particulars As on April 1,

2015

Additions On Sale/ Adjustment

As at March

31, 2016

As on April 1,

2015

For the year

On Sale/ Adjustment

As at March

31, 2016

As at March

31, 2016

As on April 1,

2015

Goodwill - - - - - - - - - -

Intangibles - Software * # 1,064,579 112,023 - 1,176,602 921,075 110,332 - 1,031,407 145,195 143,504

Land-Freehold - - - - - - - - - -

Leasehold property - - - - - - - - - -

Buildings - - - - - - - - - -

Furniture and fittings ** 370,601 49,549 1,713 418,437 297,295 28,178 1,713 323,760 94,677 73,306

Information technology equipment 393,658 80,183 37,721 436,120 326,543 52,715 37,678 341,580 94,540 67,115

Vehicles 61,851 15,210 7,513 69,548 33,514 14,959 6,258 42,215 27,333 28,337

Office equipment 135,373 15,076 4,189 146,260 111,366 9,120 4,113 116,373 29,887 24,007

2,026,062 272,041 51,136 2,246,967 1,689,793 215,304 49,762 1,855,335 391,632 336,269

Capital Work-in-progress 49,088 60,988

Grand Total 2,026,062 272,041 51,136 2,246,967 1,689,793 215,304 49,762 1,855,335 440,720 397,257

Previous Year 1,916,548 245,845 136,331 2,026,062 1,620,949 202,752 133,908 1,689,793 397,257

* Includes licenses

** Includes leasehold improvements

# All Software are other than those generated internally

Note:

Refer Schedule 16 – Note 2(g) for accounting policy on Fixed Assets and Depreciation / Amortization

SCHEDULE 11 : Cash and Bank Balances (Amounts in thousands of Indian Rupees)



Cash (including cheques on hand, drafts and stamps) 658,026 492,313

Bank Balances

(a) Deposit Accounts

(aa) Short-term (due within 12 months of the date of Balance Sheet) 46,939 52,931

(bb) Others - -

(b) Current accounts 1,511,398 1,480,220

(c) Others - -

Money at Call and Short Notice

(a) With Banks - -

(b) With other Institutions - -

Total 2,216,363 2,025,464 Balance with non-scheduled banks included above - -

Cash and Bank balance

In India 2,216,363 2,025,464

Outside India - -

Total 2,216,363 2,025,464



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SCHEDULE 12 : Advances and Other Assets (Amounts in thousands of Indian Rupees)



ADVANCESReserve deposits with ceding companies - -

Application money for investments - -

Prepayments 61,304 56,221

Advance to Directors/ Officers - -

Advance tax paid and Tax deducted at source (Refer Note (a) below) 158,121 158,170

Others :-

Advances to suppliers 141,721 130,363

Advances to employees 48,908 53,882

Total (A) 410,054 398,636 OTHER ASSETSIncome accrued on investments 1,802,174 1,401,746

Outstanding Premiums 957,133 638,772

Agents Balances (Net) (Refer Note (b) below) 4,600 -

Foreign Agencies Balances - -

Due from other entities carrying on insurance business (including reinsurers) 25,820 17,784

Due from subsidiaries/ holding company - -

Deposits pursuant to Section 7 of Insurance Act, 1938 - -

Others :-

Security and other deposits 317,114 240,823

Service Tax Unutilised Credit 9,706 1,813

Other Receivables 266,911 201,047

Total (B) 3,383,458 2,501,985 Total (A + B) 3,793,512 2,900,621

Notes:(a) Advance tax paid and Taxes deducted at source



Provision for Tax (40,544) (40,544)

Advance Tax and Tax deducted at source 198,665 198,714

Total 158,121 158,170

(b) Agent balances



Commission receivable 44,204 45,470

Provision for commission receivable (39,604) (45,470)

Net 4,600 -





SCHEDULE 13 : Current Liabilities (Amounts in thousands of Indian Rupees)



Agents’ balances 427,706 374,407

Balance due to other insurance companies (net) 6,810 57,082

Deposits held on re-insurance ceded - -

Premium received in advance 55,544 33,506

Unallocated premium (proposals/policy deposits) 1,654,288 1,171,495

Sundry creditors 54,703 46,829

Due to Holding company / Fellow Subsidiary 4,541 10,190

Claims outstanding 643,762 652,634

Unclaimed Amount of Policy Holders (Refer Note (a) below) 308,700 397,020

Annuities due 2,183 1,236

Due to Officers / Directors - -

Others:-

- Expenses Payable 2,631,108 2,140,119

- Taxes deducted at source, payable 136,571 102,697

- Statutory dues payable 30,419 33,511

- Refunds Payable 76,463 48,821

- Security Deposit 35,310 35,310

- Payable towards investments purchased 1,379,856 8,819

- Payable to unit linked fund (Refer Note (b) below) 1,037,464 501,310

Total 8,485,428 5,614,986

Notes:a) Refer Schedule 16 - Note 27

b) Refer Schedule 16 - Note 15(c)

SCHEDULE 14 : Provisions (Amounts in thousands of Indian Rupees)



For taxation (less payments and taxes deducted at source)-Note (a) 134,575 128,934 For proposed dividends - - For dividend distribution tax - - Others :- Provision for gratuity - 708 Provision for compensated absences 112,410 115,457 Provision for employee benefits 13,451 11,422 Provision for standard loan assets 5,170 6,000 Total 265,606 262,521

Notes:(a) Provision for taxes



Provision for Tax 1,016,556 704,730 Advance Tax and Tax deducted at source (881,981) (575,796)Total 134,575 128,934

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SCHEDULE 15 : Miscellaneous Expenditure

(To the extent not written off or adjusted) (Amounts in thousands of Indian Rupees)



Discount Allowed in issue of shares/ debentures - -

Others - -

Total - -




SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016

(Currency: In thousands of Indian Rupees unless otherwise stated)

Schedule 16 : Notes to the financial statements

1 Background

Kotak Mahindra Old Mutual Life Insurance Limited (‘the Company’), a joint venture between Kotak Mahindra Bank Limited, its affiliates and Old Mutual Plc, was incorporated on August 31, 2000 as a Company under the Companies Act, 1956 to undertake and carry on the business of life insurance and annuity. The Company’s life insurance business comprises of individual life and group business, including participating, non participating, pension, annuity, group gratuity, group leave encashment, group superannuation, unit linked insurance products. These products are distributed through individual agents, corporate agents, banks, brokers, the Company’s proprietary sales force and the Company website. The Company obtained a license from the Insurance Regulatory and Development Authority of India (‘IRDAI’) dated January 10, 2001 for carrying on the business of life insurance and annuity. The Company’s registration is valid in compliance to Section 3 read with Section 3A of Insurance Act, 1938 as amended by the Insurance Laws (Amendment Act), 2015.

2 Summary of significant accounting policies

Basis of Preparation:

The Financial statements of the Company have been prepared in accordance with the provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and Development Authority Act, 1999 the (“IRDA Act”) and the regulations framed there under, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”/“Authority”) in this regard and in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on accrual basis to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the relevant provisions of the Companies Act, 2013 / the Companies Act, 1956 as applicable. The Ministry of Corporate Affairs (MCA) has notified the Companies (Accounting Standards) Amendment Rules, 2016 vide its notification dated 30 March 2016. The Company is of the opinion that the said notification read with Rule 3(2) of the Companies (Accounting Standards) Rules, 2006 will be applicable to accounting periods commencing on or after the date of notification i.e. 1 April 2016. Hence, the said notification has not been considered in the preparation of these financial statements. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

Use of Estimates:

The preparation of financial statements in conformity with Indian GAAP requires the Management to make judgments, estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. Although these estimates are based on Management’s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcome requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. The estimates and assumptions used in the financial statements are based on Management’s evaluation of the relevant facts and circumstances upto and as of the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is accounted for prospectively.

The significant accounting policies adopted by the Company are as follows:

(a) Revenue recognition :

Premium Income

Premium is recognised as income when due from policyholders except on unit linked policies, where the premium is recognised when associated units are created.

In accordance with the terms of insurance policies, uncollected premium on lapsed policies is not recognised as income until revived.

Top Up/Lump sum contributions are accounted as a part of single premium.

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Income from unit linked policies

Income from linked policies, which include fund management fees, policy administration charges, mortality charges and other charges, if any, are recovered from the linked fund in accordance with the terms and conditions of the insurance contracts and are recognised as income when due.

Reinsurance premium ceded and commission thereon

Reinsurance premium ceded is accounted on due basis at the time when related premium income is accounted for. Commission on reinsurance ceded is accounted in accordance with the terms and conditions of the reinsurance treaties in the year in which reinsurance premium is ceded.

Profit commission on reinsurance ceded is accounted as income in the year of final determination of profit.

Income earned on Investments

Interest income on investments is recognised on accrual basis. Accretion of discount and amortisation of premium relating to debt securities is recognised over the period to maturity of such securities on the basis of the internal rate of return.

Dividend income for quoted shares is recognised on ex-dividend date, and for non quoted shares the dividend is recognised when the right to receive the dividend is established.

The lending fee (net of brokerage) earned on equity securities lent under Security Lending & Borrowing (SLB) is accrued over the contract period on a straight line basis.

Gain/ Loss on transfer/ sale of securities is the difference between the transfer/sale price and the net amortised cost/ book value which is computed on a weighted average basis as on the date of transfer/sale. Sale consideration for the purpose of realised gain/loss is net of brokerage and taxes , if any.

Rental income on Investment property is recognised in the income statement on accrual basis and includes only the realised rent and does not include any notional rent as prescribed by IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations 2002.

Interest income earned on Loans

Interest income on loans including loans against policies is recognised on an accrual basis.

(b) Acquisition Costs

Acquisition costs such as commission and medical fees are costs that vary with and are primarily related to the acquisition of new and renewal insurance contracts. Such costs are recognised in the year in which they are incurred.

(c) Benefits Paid

Benefits paid comprise of policy benefit amount, surrenders, claim investigation fees and specific claims settlement costs where applicable and change in the outstanding provision for claims at the year end. Claims by death and surrender are accounted when intimated. Survival benefits are accounted when due. Maturity claims are accounted on the date of maturity. Amounts recoverable from reinsurers are accounted for in the same period of the related claim. Repudiated claims disputed before judicial authorities are provided for, based on the best judgment of the Management considering the facts and evidence in respect of each such claims. Withdrawals under unit-linked policies are accounted in respective schemes when the associated units are cancelled.

(d) Liability for Policies

(i) The Company provides for policy liabilities in respect of all “in force” policies and “lapsed policies” that are likely to be revived in future based on actuarial valuation done by the Appointed Actuary in accordance with accepted actuarial practices, requirements of IRDAI and the Institute of Actuaries of India.






(ii) Liabilities in respect of unit-linked policies which have lapsed and are not likely to be revived , are shown as a separate item under the head “Funds for Future Appropriation”, until expiry of the revival period. This is as per IRDA circular no 041/IRDA/ACTL/MAR-2006 dated March 29, 2006.

(iii) Liabilities in respect of funds arising from discontinued policies are shown under a separate head in the balance sheet as “ Funds for Discontinued policies”. This is as per IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.

(iv) Linked liabilities comprise of unit liability representing the fund value of policies.

The actuarial policies and assumptions are given in Note 3.

(e) Investments

Investments are made in accordance with the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and Development Authority Act, 1999 and the regulations framed there under, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, orders/directions issued by the Insurance Regulatory and Development Authority of India in this regard and in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention on accrual basis to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the relevant provisions of the Companies Act, 2013 / the Companies Act, 1956 as applicable.

Investments are recorded at cost on trade date which includes brokerage, transfer charges, transaction taxes as applicable, etc. but excludes pre acquisition interest, if any and service tax on brokerage where cenvat credit is being claimed.

Bonus entitlements are recognised as investments on the ‘ex- bonus date’. Rights entitlements are recognised as investments on the ‘ex-rights date’.

Gain / Loss on transfer / sale of securities is the difference between the transfer / sale price and the net amortised cost / book value which is computed on a weighted average basis as on the date of transfer / sale. Sale consideration for the purpose of realised gain / loss is net of brokerage and taxes, if any.

i) Classification

Investments maturing or having put or call option within twelve months from the Balance Sheet date and investments made with the specific intention to dispose them off within twelve months from the Balance Sheet date are classified as ‘Short Term Investments.’ Investments other than Short Term Investments are classified as ‘Long Term Investments.’

ii) Basis of allocation of Investment & Income thereon between Policyholder Account & Shareholder Account

The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments are specifically procured and held for policyholders and shareholders’ funds independently from their inception and the income thereon is also tracked separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.

iii) Valuation -Shareholder’s Investments and non-linked policy-holders Investments

Debt Securities

All debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly recorded at historical cost (excluding interest paid, if any). Debt securities including government securities are stated at net amortised cost. Money market instruments are valued at historical cost subject to accretion of discount. The premium/ discount, if any, on purchase of debt securities is amortised/accrued over the period to maturity on internal rate of return.

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Equity Shares

The Company has adopted the National Stock Exchange of India Ltd. (“NSE”) as the primary exchange and BSE Limited (“BSE”) as the secondary exchange. Listed equity shares as at Balance Sheet date are stated at the closing price on the NSE. If an equity share is not listed or traded on the NSE, the share price on BSE is used. Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any. Unrealised gains / losses arising due to changes in the value of listed equity shares are taken to “Fair Value Change Account” and carried forward to Balance Sheet where the net balance is positive. Negative balance in the “Fair Value Change Account” is recognised in the Revenue Account / Profit and Loss Account to the extent of negative balance in “ Fair Value Change Account as reduced by the amount previously provided in the Revenue Account / Profit and Loss Account. The profit or loss on actual sale of listed equity includes the accumulated changes in the fair value previously recognised under “Fair Value Change Account”.

Mutual funds and Alternative Investment Funds

Investments in mutual funds are valued at the previous day’s Net Asset Value (NAV) of the funds in which they are invested . Investments in Alternative Investment Funds are valued at the latest NAV. Unrealised gains / losses arising due to changes in the fair value of fund units are taken to “Fair Value Change Account” and carried forward to Balance Sheet where the net balance is positive. Negative balance in the “Fair Value Change Account” is recognised in the Revenue Account / Profit and Loss Account to the extent of negative balance in “ Fair Value Change Account” as reduced by the amount previously provided in the Revenue Account / Profit and Loss Account. The profit or loss on actual sale or redemption of fund units includes the accumulated changes in the fair value previously recognised under “Fair Value Change Account”.

Real estate - Investment Property

Real estate investment property represents land or building held for investment purpose to earn rental income or for capital appreciation and is not occupied by the Company. Such Investment property is initially valued at cost including any direct attributable cost. Investment in real estate investment property is valued at historical cost plus revaluation, if any. Revaluation of the investment property is done at least once in three years. Any change in the carrying amount of the investment property is accounted to Revaluation Reserve. Impairment loss, if any, exceeding revaluation reserve is recognised as expenses in the Revenue/Profit and Loss Account.

Impairment of Investments

The Company assesses at each Balance Sheet date whether there is any indication of impairment of investments or reversal of impairment loss earlier recognised. In case of impairment in the value of investment as at the balance sheet date which is other than temporary, the amount of loss is recognised as an expense in the Revenue / Profit and Loss Account to the extent of difference between the remeasured fair value of the investment and its acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss, earlier recognised in Revenue/ Profit and Loss Account, is recognised in the Revenue/ Profit and Loss Account.

iv) Valuation -Unit Linked Business

Debt Securities

All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Services of India Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond Valuer. The discount on purchase of treasury bills, certificate of deposit, commercial papers & CBLO are amortised over the period to maturity on internal rate of return basis.

Equity Shares and Exchange Traded Funds (ETF)

The Company has adopted the NSE as the primary exchange and BSE as the secondary exchange. Listed equity shares and ETF as at Balance Sheet date are stated at the closing price on the NSE. If an equity share or ETF is not listed or traded on the NSE, the share price on BSE is used. Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any, in the value of such investment determined separately for each individual investment. Unrealised gains and losses are recognised in the respective scheme’s Revenue Account.






Preference Shares

All redeemable preference shares are considered as held to maturity and stated at historical cost, subject to amortisation of premium or accretion of discount over the period of maturity / holding on a straight line basis.

Mutual Fund

Mutual Fund units are valued at the previous day’s closing NAV of the fund in which they are invested.

Fixed deposits with Banks

Fixed deposits with Banks are valued at cost.

v) Transfer of Investments

Transfer of investments (other than debt securities) from Shareholders’ fund to the Policyholders’ fund is at book value or market price, whichever is lower. Transfer of debt securities from Shareholders’ to Policyholders’ fund is transacted at the lower of net amortised cost or market value. Transfer of Investments between unit-linked funds are done at prevailing market price.

(f) Loans

Loans are stated at historical cost, subject to provision for impairment, if any. Norms laid down under circular No 32/2/F&A/ Circular/169/Jan/2006-07 issued by the IRDA are adhered to in this regard.

(g) Fixed Assets and Depreciation / Amortisation

Fixed assets / Intangible assets have been stated at cost less accumulated depreciation / amortisation. In respect of liabilities incurred in acquisition of fixed assets in foreign exchange, the net gain or loss arising on conversion / settlement are charged to Revenue account. Cost includes cost of purchase inclusive of freight, duties and other incidental expenses and all expenditure like site preparation, installation costs and professional fees incurred on the asset before it is ready to put to use. Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future benefit / functioning capability from / of such assets. A rebuttable presumption that the useful life of an Intangible asset will not exceed 10 years from the date the asset is available for use is considered by the Management. Gain or losses arising from the retirement or disposal of a fixed asset / intangible asset are determined as the difference between the net disposal proceeds and the carrying amount of assets and recognised as income or expense in the Revenue Account.

Assets not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost and related incidental expenses.

Deprecation is provided on a pro-rata basis on a Straight Line Method over the estimated useful life of the assets at rates which are higher than the rates prescribed under Schedule II of the Companies Act, 2013 in order to reflect the actual usage of the assets. The estimates of useful lives of the assets, based on a technical evaluation, have not under gone a change on account of transition to the Companies Act, 2013. Depreciation is charged on assets from the date the asset is capitalised and up to the date asset is last used in case of disposal.

Assets costing individually less than ` 5,000 are depreciated fully in the year of acquisition.

Estimated useful lives over which assets are depreciated / amortised are as follows

Software (including development) expenditure 3 years

Furniture and fittings 6 years

Information technology equipment (including computers) 3 years

Leasehold improvements Over the period of lease subject to a maximum of 6 years

Vehicles 4 years

Office equipment 5 years




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Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. After impairment, depreciation is provided on the revised carrying amount of the asset over it’s remaining useful life. When there is an indications that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised.

(h) Employee Benefits

a. Short term employee benefits

All employee benefits payable within twelve months of rendering the services are classified as short-term employee benefits. Benefits such as salaries, bonus and other non-monetary benefits are recognised in the period in which the employee renders the related services. All short term employee benefits are accounted on undiscounted basis.

b. Long term employee benefits: Post employment

The Company has both defined contribution and defined benefit plan :

(i) Provident fund is a defined contribution plan and the contributions as required by the statute to the Government Provident Fund are charged to Revenue Account/Profit and Loss Account when incurred. The Company has no further obligations. (ii) Gratuity liability a defined benefit plan covering employees in accordance with the Payment of Gratuity Act, 1972. The Company’s liability is actuarially determined (using Projected Unit Credit Method) at the Balance Sheet date. The Company makes contribution to a Gratuity Fund administered by trustees and managed by a life insurance Company. The net present value obligation towards the same is actuarially determined based on the projected unit credit method as at the Balance Sheet date. Actuarial gains and losses are immediately recognised in the Revenue Account/Profit and Loss Account and are not deferred. (iii) Superannuation fund is a defined contribution scheme. The Company contributes a sum equivalent to 15% of eligible employees’ salary subject to a maximum of 1 lakh per eligible employee per annum, to the Superannuation Funds administered by trustees and managed by a Life Insurance Company. The Company recognises such contributions as an expense in the year they are incurred (iv) New Pension Fund is a defined contribution scheme. The Company contributes upto 10% of eligible employees’ salary per annum, to the New Pension Fund administered by a Pension Fund Regulatory and Development Authority (PFRDA) appointed pension fund manager. The Group recognises such contributions as an expense in the year they are incurred.

c. Other long-term employee benefits

Other long term employee benefits includes accumulated compensated absences that are entitled to be carried forward for future encashment or availment, which are expected to be availed or encashed beyond 12 months from the end of the year. The Company accrues the liability for compensated absences based on the actuarial valuation as at the Balance Sheet date conducted by an independent actuary which includes assumptions about demographics, early retirement, salary increases, interest rates and leave utilisation. The net present value of the Company’s obligation is determined based on the projected unit credit method as at the Balance Sheet date. Actuarial Gains / Losses are recognised in the Revenue/ Profit and Loss Account in the year in which they arise.

d. Other employee benefits

i) As per the Company policy, employees of the Company are eligible for an award after completion of a specified number of years of service with the Group. The obligation is measured at the Balance Sheet date on the basis of an actuarial valuation using the projected unit credit method .

ii) The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period when the employee renders the service. These benefits include performance incentives.









(i) Accounting for Operating Leases

Where the Company is the lessee:

Leases where the lessor effectively retains substantially all the risks and rewards of ownership of the leased term, are classified as operating leases. Operating lease rentals are recognised as an expense in the Revenue/ Profit and Loss Account on a straight line basis over the non cancellable lease term.

Where the Company is the lessor:

Leases in which the Company does not transfer substantially all the risks and benefits of the ownership of assets are classified as operating leases. Lease income of operating asset is recognised in the Revenue/Profit and Loss Account on accrual basis and include only the realised rent and does not include any notional rent.

(j) Foreign Currency Transactions

On initial recognition, all transactions in foreign currencies are recorded by applying the foreign currency amount exchange rate between the reporting currency and the foreign currency at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are restated at the closing rate of exchange as on the Balance Sheet date.

Exchange differences either on settlement or on translation are recognised in the Revenue Account/ Profit and Loss Account, as applicable.

(k) Segment reporting

Business Segments

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (referred to as ‘Accounting Regulations’) read with Accounting Standard 17 on ‘Segment Reporting’ as specified under Section 133 of the Act, the Company’s primary business segments are classified into Life Participating business, Pension Participating business, Life Non Participating business, Life Non Participating Variable business (VIP), Pension Non Participating Variable business (VIP), General Annuity business, Unit Linked Life business, Unit Linked Pension business and Investment of the Shareholders’ funds.

Segmental revenues

All segment revenues are directly attributed to the respective business segments. There are no inter-segment revenues.

Segmental expenses

Operating expenses relating to insurance business are assigned to Life Participating, Pension Participating, Life Non Participating, Life Non Participating Variable (VIP), Pension Non Participating Variable business (VIP), General Annuity, Unit Linked Life and Unit Linked Pension segments as follows:

Expenses directly identifiable to the business segments are allocated on an actual basis.

Other expenses, which are not directly identifiable, are apportioned to the business segments on the basis of either one or a combination of the following parameters: (a) total number of policies issued during the year, or (b) premium income, or (c) weighted premium income, or (d) sum assured during the year, or (e) total number of policies, or (f) average assets under management, or, (g) expenses allowances, as considered appropriate by the Management. The method of apportionment has been decided based on the nature of the expense and its logical relationship to the various business segments.”

Segmental assets and liabilities

Segment assets and liabilities include those that are employed by a segment in its operating activity.

Secondary Geographical Segments

There are no reportable geographical segments since all business is written in India and the Company does not distinguish any reportable regions in India.

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(l) Taxation

Direct Taxes

Income tax expenses comprises of current tax (i.e. amount of tax for the year determined in accordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting the tax effects of timing difference between accounting income and taxable income for the year).

Provision for current tax is made in accordance with the provisions of section 44 of the Income Tax Act, 1961 read with Rules contained in the first schedule and other relevant provision of the Income Tax Act, 1961 as applicable to a Company carrying on Life insurance business. Deferred tax is recognised for future tax consequences attributable to timing differences between income as determined by the financial statements and the recognition for tax purposes.

Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is virtual certainty backed by convincing evidence that such deferred tax assets can be realised.

Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted before the balance sheet date. Changes in deferred tax assets / liabilities on account of changes in enacted tax rates are given effect to in the Revenue account/ Profit and Loss Account in the period of the change. At each reporting date, the Company reassesses unrecognised deferred tax assets. It recognises deferred tax assets to the extent that it has become reasonably or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realised. Deferred tax assets and deferred tax liabilities are off set when there is legally enforceable right to set-off assets against liabilities representing current tax and where the deferred tax assets and deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

The Company allocates income tax to the line of business in order to ensure that the expenses pertaining to and identifiable with a particular line of business are represented as such to enable a more appropriate presentation of the financial statements. Accordingly, tax charge / credit on surplus / deficit arising from each line of business is disclosed separately in the Segmental Revenue account.

Indirect Taxes

Service tax liability on life insurance services and unit linked insurance plans (ULIP) is set off against the service tax credit available from service tax paid on input services. Unutilised credits, if any, are carried forward under “Advances and Other Assets” for set-off in subsequent periods, where there is reasonable certainty of utilisation.

(m) Provisions and Contingencies

Provisions are recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made of the amount of obligation. Provisions are not discounted to its present value and are determined based on best estimate of the expenditure required to settle the obligation at the Balance Sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Contingent liabilities are not recognised but are disclosed in the notes when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources or it cannot be reliably estimated. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognised nor disclosed in the financial statements.

(n) Earnings per Share

In accordance with the requirement of Accounting Standard (AS) 20, “Earning per share”, as specified under Section 133 of the Act, with respect to basic earnings per share is computed by dividing the net profit or loss for the period attributable to the equity shareholders by weighted average number of equity shares outstanding during the reporting year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.






(o) Cash and cash equivalents

Cash and cash equivalents for the purpose of Receipts and Payments account include cash and cheques in hand, bank balances, other investments with original maturity of three months or less which are subject to insignificant risk of changes in value.

(p) Employee stock option scheme

Cash Settled scheme

The cost of cash-settled transactions (stock appreciation rights) is measured initially using intrinsic value method at the grant date taking into account the terms and conditions upon which the instruments were granted. This intrinsic value is amortised on a straight-line basis over the vesting period with a recognition of corresponding liability. This liability is remeasured at each balance sheet date up to and including the settlement date with changes in intrinsic value recognised in the Revenue / Profit and Loss Account in ‘Employees’ remuneration & welfare benefits’.

(q) Fund for Future Appropriations (FFA)

Insurance Reserve in the participating segment represents the surplus, which is not allocated to policyholders or shareholders as at the balance sheet date. Transfer to and from the fund reflect the excess / deficit of Income over expenses / expenses over income respectively and appropriations in each accounting period arising in the Company’s policyholders fund. Any allocation to the par policyholders would also give rise to a transfer to Shareholders’ Profit and Loss account in the required proportion.

FFA in the linked segment represents surplus on the lapsed policies unlikely to be revived. This surplus is required to be held within the policyholders fund till the time policyholder are eligible for revival of that policy.

3 Actuarial method and assumptions

The actuarial liabilities have been calculated by the Appointed Actuary in accordance with generally accepted actuarial principles, the requirements of the Insurance Act 1938 as amended by the Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and Development Authority Act, 1999 and the regulations framed there under, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, orders/directions issued by the Insurance Regulatory and Development Authority of India in this regard and in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention on accrual basis to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the relevant provisions of the Companies Act, 2013 / the Companies Act, 1956 as applicable and the prescribed guidance notes issued by the Institute of Actuaries of India. The method adopted is as follows:

a) Unit Linked Policies: A unit reserve equal to the value of the units on March 31, 2016 plus a non-unit reserve calculated on gross premium prospective valuation method.

b) Par policies (accumulation contracts): The value of the accumulated fund plus a non-unit reserve calculated on gross premium prospective valuation method.

c) Individual conventional business/Group where premiums are guaranteed for more than one year: Gross premium prospective method.

d) Group one year renewable: Calculated as the risk premium for the unexpired term with an allowance for expenses and a margin for adverse deviations.

e) Group traditional fund based: Account value at valuation date plus a non-unit reserve for expenses and mortality benefit provisions, if required.

f) Group VIP: The higher of account value at valuation date and the fund value calculated at earned rate net of (RIY) reduction in yield. In addition, a non-unit reserve for expenses and mortality benefit provisions, if required.




71


g) Provision on lapsed unit-linked policies not likely to be revived is created and shown under the head Funds for Future Appropriation ( FFA ) as required by IRDA circular no 041/IRDA/ACTL/MAR-2006 dated 29th March’2006.

h) Provision on lapsed unit-linked policies that form a part of the ‘Discontinuance Fund’ as required by IRDA circular no. IRDA-LIFE-CIR-MISC-235-10-2011 and Linked Insurance Products Regulations, 2013.

i) Freelook provision is held to meet any premium refunds from freelook cancellations. The reserve held is equal to assumed probability of freelook cancellations times the (premiums (net of stamp duty and initial commission) less the reserves at the end of month one).

The assumptions used in the Gross Premium valuation are based on the best estimates together with appropriate margins for adverse deviations from experience. The principal assumptions are interest, inflation, return to policyholders’ account, lapses, expenses, mortality and morbidity. The base assumptions are:

Interest 5.77% p.a. to 7.51% p.a. during the first five years, 5.01% p.a. to 6.75% p.a. thereafter (2015 : 5.80% p.a. to 7.11% p.a. during the first five years , 5.01% p.a. to 6.32% p.a. thereafter)

Inflation 6% (2015 : 6%)

Policyholders returns Rates consistent with the earning rates and charges

Lapses Future policy lapses have been assumed based on the type of policy and the duration for which the policy has been in force

Expenses Conservative expenses levels consistent with recent experience

Mortality Based on IALM 2006-08 mortality table

Morbidity (for Critical Illness) Based on adjusted CIBT rates.

Morbidity (other riders) Based on reinsurers’ rates








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73





5 Contingent liabilities

Particulars 2015-16 2014-15

1. Partly paid-up investments (Uncalled commitment for contribution to IFMR Fimpact Investment Fund)

109,500 65,000

2. Underwriting commitments outstanding (in respect of shares and securities) - -

3. Claims, other than against policies, not acknowledged as debts by the Company - -

4. Guarantees given by or on behalf of the Company 1,491 950

5. Statutory demands/ liabilities in dispute, not provided for (Service Tax) 2,517,833 2,183,149

6. Reinsurance obligation to the extent not provided for in accounts - -

7. Others – Insurance claims in appeal net of provision (Gross value of claims ` 3,70,221 (2015 – ` 3,62,608), out of which reinsured ` 95,784 (2015 - ` 1,06,020) and provision held ` 1,68,872 (2015 - ` 1,70,723)

105,565 85,865

Total 2,734,389 2,334,964

The Company has not provided for bonus as required by Payment of Bonus Act, 1965 for the financial year 2014-15 as the matters is stayed by various high courts. Further, the Company believes that the amount is not ascertainable and the ultimate outcome of this proceeding will not have a material adverse effect on the company’s financial position and results of operations.

6 Computation of managerial remuneration

(i) Managing Director’s remuneration, which is included under “Employees’ remuneration and welfare benefits” under Schedule 3 & 3A is as follows:


a. Salary and Perquisites 21,702 19,577

b. Contribution to provident and other funds 2,781 2,484

Total 24,483 22,061

Note:

(a) The managerial remuneration is in accordance with the requirements of section 34A of the Insurance Act, 1938 and as approved by IRDA.

(b) The managerial remuneration does not include provision for gratuity and leave encashment, as provision for gratuity & leave encashment liability is determined actuarially for the Company as a whole and accordingly have not been considered in the above information.

(c) Managerial remuneration in excess of the limits prescribed by the IRDA has been charged to the Shareholder’s Profit and Loss Account.

(ii) Sitting fees paid to Independent Directors amounts to ` 1,200 (2015 – ` 370) has been charged to the Shareholder’s Account.

7 Capital commitments


Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)

71,872 80,929






8 Extent of risk retained and reinsured

Particulars 2015-16 2014-15Individual BusinessRisk Retained (in million) 516,928 460,371 Risk Reinsured (in million) 279,565 230,209 Percentage of Risk Retained 64.90% 66.66%Percentage of Risk Reinsured 35.10% 33.34%Group BusinessRisk Retained (in million) 2,544,659 2,010,927 Risk Reinsured (in million) 870,037 631,910 Percentage of Risk Retained 74.52% 76.09%Percentage of Risk Reinsured 25.48% 23.91%

9 a) Business for social and rural sector

Particulars 2015-16 2014-15Rural SectorNo. of Policies (count) 56,247 40,861 Gross Premium Underwritten (Amount in '000) 451,698 403,273 Percentage of Policies 21.64% 21.94%

Social SectorNo. of Policies (count) 16 6 No. of Lives (count) 594,683 1,276,441 Gross Premium Underwritten (Amount in '000) 123,471 228,867 Percentage of Policies 1.61% 0.69%

9 b) Corporate Social Responsibility (CSR)

A. Details of CSR expenditure

a) Gross amount required to be spent during the year ` 33,534 (2015 - ` 31,935)

(b) Amount spent during the year ended March 31, 2016:

In cash Yet to be paid in cash Totali) Construction/acquisition of any asset - - - ii) On purposes other than (i) above : (A) Kotak Education Foundation 5,000 - 5,000 (B) V R 1 Foundation 4,500 - 4,500 (C) Utkal Bipanna Sahayata Samiti 100 - 100 Total 9,600 - 9,600

(b) Amount spent during the year ended March 31, 2015:

In cash Yet to be paid in cash Totali) Construction/acquisition of any asset - - - ii) On purposes other than (i) above : (A) Kotak Education Foundation 3,000 - 3,000 (B) V R 1 Foundation 1,500 - 1,500 (C) Purkal Youth Development Society 500 - 500 (D) Teach to Lead 700 - 700 Total 5,700 - 5,700

The Company is building its CSR capabilities on a sustainable basis and is committed to gradually increasing its CSR spend in the coming years.

75


10 Accumulated fund addition to participating policyholders

The Board of Directors has at its meeting held on April 26, 2016 declared the following rates of bonus on participating policies:

a) On Accumulation non retirement products: 4% p.a. cash bonus in addition to the guaranteed rate of 3% costing ` 636,833 (2015 - ` 538,180) to meet an effective rate of 7%.

b) On Accumulation retirement products: 5 % p.a. cash bonus in addition to the guaranteed rate of 3% costing ` 29,965 (2015 - ` 32,724) to meet an effective rate of 8%.

c) On the Reversionary bonus products: 2.5% Simple Reversionary bonus for all plans, except, 2.75% Simple Reversionary bonus for policies completing more than 5 policy years in Surakshit Jeevan Plan and Eternal Life Plans, 2.5% for the regular premium paying term policies and 3% for limited premium paying term policies in Classic Endowment Plan, Premier Money Back Plan and Premier Life Plan, the cost of bonus being ` 301,239 (2015 - ` 172,683). For Premier Endowment Plan and Premier Pension plan, a bonus rate of 5% is guaranteed for the first five years for regular and limited premium paying policies and 2% for single premium policies, the cost of bonus for which is included in the mathematical reserves.

The Board of Directors had at its meeting held on April 27, 2015 declared the following rates of interim and terminal bonuses for participating policies leaving the fund during FY2016:

a) On Accumulation non retirement products: An interim bonus of 3% p.a. costing ` 27,018 ( 2015 - ` 18,097 ) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 15% p.a. costing ` 81,706 (2015 - ` 65,025 ) for the policies matured, claimed death benefit during the year.

b) On Accumulation retirement products: An interim bonus of 4% p.a. costing ` 4,611 (2015 - ` 2,133) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 10% p.a. costing ` 5,687 ( 2015 - ` 2,588) for the policies matured, claimed death benefit during the year.

Transfer from the policyholders’ account to the shareholder’s account

In the year under review, a transfer of ` 1,20,785 (2015 : ` 92,381) was made from the Participating policyholders account to the shareholders account being the surplus in the participating policyholders accounts subject to the maximum of 1/9th of the bonus declared during the year to the participating policyholders. A transfer of ` 6,62,574 (2015 : ` Nil ) was made from Life Non Participating, transfer of ` 9,513 ( 2015 : ` Nil ) was made from the General Annuity Policyholders Account, transfer of ` 1,81,764 (2015 : ` 3,25,571) was made from the Unit Linked Pension Policyholders Account and ` 6,77,616 (2015 : ` 11,99,644) was made from Unit Linked account to the shareholders account which represented the surplus in those accounts.

11 Contribution made to the policyholders’ account

In the year under review, the shareholders contributed ` NIL (2015 - ` 16,438 ) to the Life Non Participating Policyholders Account, ` 29,921 (2015 - ` 8,810) to the Life Non - Participating Variable (VIP) Policyholders Account, ` 23,110 (2015 - Rs. 36,242) to Pension Non- Participating Variable(VIP) & ̀ NIL (2015 - ̀ 22,497) to General annuity policyholders account to meet fully the deficit in that account. This is subject to approval by the shareholders at the Annual General Meeting. The contributions made by the Shareholder to the Policyholders account is irreversible in nature and will not be recouped to the shareholders account at any point of time in future.

For the previous year, the shareholders contribution of ̀ 16,438 to Life Non Participating Policyholders Account, ̀ 8,810 to Life Non - Participating Variable (VIP) Policyholders Account, ` 36,242 to Pension Non-Participating Variable (VIP) Policyholders Account, & ` 22,497 to General Annuity to meet fully the deficit in those accounts has been approved by shareholders at the Annual General Meeting held on August 25, 2015.






12 Encumbrances on assets

Apart from following amount of ` 667,999 (2015 – ` 657,866) marked under lien, there are no encumbrances on the assets of the Company as at the balance sheet date. Breakup of the same are as follows :


With National Securities Clearing Corporation Limited 65,000 65,000

With Indian Clearing Corporation Limited 15,000 15,000

With The Post Master General (Includes Guarantees ` 1491 (2015- ` 950). (Refer schedule 16- Note 5)

1,491 1,200

Securities margin with Clearing Corporation of India Ltd 503,108 493,266

Cash margin with Clearing Corporation of India Ltd 83,200 83,200

With J & K Sales Tax Department 200 200

Total 667,999 657,866

There are no encumbrances on assets outside India.

13 Operating lease commitments

In accordance with Accounting Standard 19 on Accounting of Leases as specified under Section 133 of The Act, details of leasing arrangements entered into by the Company are given below.

The Company has taken various office and residential premises over the lease term over a straight line basis on operating lease and leave and license agreements. Lease payments are recognised in the Revenue Account under ‘Rent, Rates and Taxes’. The lease term varies from three to nine years and renewable at the option of the Company. There are no restriction imposed by lease arrangements. There are no sub leases. The future minimum lease payments under non-cancellable operating lease period for such premises are as follows:


Not later than one year 246,026 247,780

Later than one year not later than five years 672,150 542,982

Later than five years 150,320 110,290

The total operating lease rentals charged to Revenue Account in the current year is ` 243,448 (2015 - ` 220,397)

Assets given on operating lease

The Company has entered into an agreement for leasing out its real estate investment property. This arrangement is in the nature of operating lease. There are no restrictions imposed by lease arrangement and the rent is not determined based on any contingency. The total lease payments received in respect of such lease recognised in Revenue Account in the current year is ` 51,614 (2015 - ` 47,982).




77


14 (a) Ratios (in per cent/ times)

Apart from following amount of ` 667,999 (2015 – ` 657,866) marked under lien, there are no encumbrances on the assets of the Company as at the balance sheet date. Breakup of the same are as follows :



1 New business premium income growth (segment wise)

New business premium current year / New business premium previous year

Life Participating 1.94 1.03

Pension Participating 6.77 3.41

Life Non Participating 1.22 1.17

Life Non - Participating Variable(VIP) 2.80 7.07

Pension Non - participating Variable (VIP) 0.62 1.00

General Annuity 1.88 1.01

Unit Linked Life 1.68 1.05

Unit Linked Pension 6.14 1.58

2 Net retention ratio 98.53% 97.94%

(Net premium divided by gross premium)

3 Ratio of expenses of Management 26.49% 28.02%

(Expenses of Management including commission divided by the total gross direct premium)

4 Commission ratio 6.50% 6.00%

(Gross commission paid to Gross premium)

5 Ratio of policyholders’ liabilities to shareholders’ funds [refer note (a) below] 998.03% 1094.69%

6 Growth rate of shareholders’ funds 19.73% 21.97%

7 Ratio of Surplus / (Deficit) to Policyholders’ liabilities [refer note (a) below] 1.16% 1.55%

8 Change in net worth 2,507,469 2,288,933

9 Profit after tax/ Total Income 5.85% 3.96%

10 (Total real estate + loans)/ (Cash + Invested Assets) 1.30% 1.56%

11 Total Investments/ (Capital + Surplus) 1103.24% 1185.85%

12 Total affiliated investments/ (Capital + Surplus) 1.95% 1.60%

13 Investment Yield (Gross and Net) - Excluding Linked Fund

a) With Realised Gains:

Non Linked - Participating 6.84% 24.09%

Non Linked - Non-Participating 8.02% 20.85%

Sub Total : Non Linked 7.37% 22.82%

Linked - Participating - -

Linked - Non Participating 0.29% 33.74%

Sub Total : Linked 0.29% 33.74%

Grand Total : Non Linked + Linked 6.90% 23.69%

Shareholders' Fund 7.83% 16.45%

b) Without Realised Gains:

Non Linked - Participating 5.48% 22.08%

Non Linked - Non-Participating 7.62% 18.82%

Sub Total : Non Linked 6.45% 20.80%











Linked - Participating - -

Linked - Non Participating -3.53% 20.07%

Sub Total : Linked -3.53% 20.07%

Grand Total : Non Linked + Linked 5.79% 20.74%

Shareholders' Fund 7.47% 16.26%

14 Conservation Ratio

Life Participating 85.69% 81.93%

Pension Participating 90.26% 58.87%

Life Non Participating 85.30% 83.40%

Life Non - Participating Variable(VIP) - -

Pension Non - participating Variable (VIP) - -

General Annuity - -

Unit Linked Life 81.47% 79.34%

Unit Linked Pension 72.84% 56.98%

15 Persistency Ratio#*

Persistency Ratio (By Premium)

For 13th month 82.90% 82.60%

For 25th month 76.60% 77.00%

For 37th month 72.70% 76.10%

For 49th month 74.10% 44.80%

For 61st month 38.30% 26.00%

Persistency Ratio (By Premium) - Reducing Balance Method

For 13th month 82.90% 82.60%

For 25th month 91.10% 92.10%

For 37th month 92.30% 93.40%

For 49th month 96.20% 82.80%

For 61st month 86.50% 81.70%

16 NPA Ratio

Gross NPA Ratio Nil Nil

Net NPA Ratio Nil Nil

17 Solvency Ratio 3.11 3.13

Note :

(a) Policyholders’ liabilities = Policyholder’s Liabilities + Credit (Debit) Fair Value Change Account+Revaluation Reserve Investment Property

# Group business policies are excluded in the calculation of the persistency ratio. The premium persistency ratio allows for lapses, surrenders, paid ups as well as premium reductions and is expressed in terms of annualized premiums.

* The persistency ratios have been calculated for the policies issued in the March to February period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from 1st March 2014 to 28th February 2015.

14 (b) Computation under Rule 17D of insurance Rules, 1939

During the current year, the Company has made computations for Rule 17D of Insurance Rules, 1939, forming part of IRDA regulations. This ratio is computed on the basis that Group Gratuity, Superannuation and Leave Encashment policy contracts are, unless specifically terminated, automatically renewed on the First Renewal date and on the same day of each year, thereafter. As such policies are generally perpetual in nature, first year premiums on such policy contracts have been treated as regular term policies with a twelve year term.

79





15 Investments

(a) All the investments of the Company are performing investments in accordance with the directions issued by IRDAI.

(b ) Value of contracts in relation to investments for:


Purchases where deliveries are pending 2,187,695 2,729,429

Sales where payments are due 665,669 2,743,620

(c) Others payable in schedule 13 include ` 1,037,464 (2015 : ` 501,310 ) payable to unit linked policyholders towards change in net unit liability which will be invested on the first investment day in the next financial year. As no cash flows were involved in the current period in respect of these transactions, these amounts have not been reflected in the Receipts and Payments account.

(d) Investment property

In accordance with the IRDA Regulations, 2002 (Preparation of Financial Statements and Auditors’ Report of Insurance Companies), the Company’s investment property has been revalued at the market value of the property being the lower of valuation performed by two independent valuers as at March 31, 2015. The real estate investment property is accordingly valued at ` 6,98,424 at March 31, 2016 (March 31, 2015 : ` 6,98,424). The historical cost of the property is ` 4,95,079 (previous year ` 4,95,079).

16 Related parties disclosures as per Accounting Standard 18

The disclosures relating to related parties as required by Accounting Standard 18 on Related Parties Disclosures as specified under Section 133 of the Act are as under.

A Related Parties where control exists

Nature of relationship Related Party

Holding Company Kotak Mahindra Bank Limited

B Related parties where transactions have taken place during the years ended March 31, 2016 and March 31, 2015

(i) Holding Company Kotak Mahindra Bank Limited

(ii) Joint Venturer Old Mutual Plc

(iii) Enterprise in which joint venturer has significant influence Old Mutual Life Assurance Company (South Africa) Limited

(iv) Fellow Subsidiaries Kotak Mahindra Prime Limited

Kotak Securities Limited

Kotak Mahindra Capital Company Limited

Kotak Mahindra Asset Management Company Limited

Kotak Mahindra Trusteeship Service Limited

Kotak Investment Advisors Limited

Kotak Mahindra Pension Fund Limited

Kotak Mahindra General Insurance Company Ltd.

(v) Enterprises in which Key Management personnel Kotak Life Insurance Superannuation Fund

have significant influence Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund

(vi) Key Management personnel Mr. G. Murlidhar, Managing Director



16 Related parties disclosures (Continued)

C. The following are transactions and closing balances of related parties in the ordinary course of business: Nature of transaction Name of the Company / Person 2015-16 2014-15

Holding Company

Enterprise in which Joint

Venturer has significant influence

Fellow Subsidiaries

Enterprises in which key

management personnel have

significant influence

Key management

personnel

Holding Company

Enterprise in which Joint

Venturer has significant influence

Fellow Subsidiaries

Enterprises in which key

management personnel have

significant influence

Key management

personnel

Assets Bank Balance Kotak Mahindra Bank Ltd 1,212,252 - - - - 1,038,573 - - - - Bank Deposits Kotak Mahindra Bank Ltd 46,939 - - - - 52,931 - - - - Commercial Paper / Bonds / Debentures Kotak Mahindra Prime Ltd - - 250,000 - - - - 150,000 - - Outstanding Receivable Kotak Mahindra Bank Ltd 1,051 196 - - - -

Kotak Securities Ltd - - 16 - - - - 25 - - Kotak Mahindra General Insurance Company Ltd - - 666 - - - - - - -

Interest Income Receivable Kotak Mahindra Bank Ltd 1,514 - - - - 2,401 - - - - Kotak Mahindra Prime Ltd - - 36,827 - - - - 10,776 - -

Liabilities Outstanding Payables Kotak Mahindra Asset Management Company Ltd - - 192 - - - - - - -

Kotak Mahindra Bank Ltd 6,080 - - - - 10,411 - - - - Kotak Securities Ltd - - 79 - - - - - - - Old Mutual Life Assurance Company (South Africa) Ltd

- 5,235 - - - - 6,249 - - -

Group Insurance Policy Deposits Kotak Mahindra Bank Ltd 47,895 - - - - 11,215 - - - - Kotak Securities Ltd - - 168 - - - - 275 - - Kotak Mahindra Prime Ltd - - 1,001 - - - - 1,008 - - Kotak Mahindra Asset Management Company Ltd - - 664 - - - - 534 - - Kotak Mahindra Capital Company Ltd - - 9 - - - - 90 - - Kotak Mahindra General Insurance Company Ltd - - 15 - - - - - - -

Commission Payable Kotak Mahindra Bank Ltd 240,531 - - - - 151,227 - - - - Kotak Mahindra Prime Ltd - - 20 - - - - 3 - - Kotak Securities Ltd - - 138 - - - - 208 - -

Transactions Purchase of Investment Kotak Mahindra Bank Ltd 2,830,033 - - - - 12,246,106 - - - - Bank Deposit Placed Kotak Mahindra Bank Ltd 224,258 - - - - 118,165 - - - - Bank Deposit Redeem Kotak Mahindra Bank Ltd 230,249 - - - - 330,103 - - - - Sale of Commercial Paper / Bonds / Debentures Kotak Mahindra Prime Ltd - - 50,000 - - - - 300,000 - - Sale of Investment Kotak Mahindra Bank Ltd 1,351,926 - - - - 466,086 - - - - Brokerage Expenses Kotak Securities Ltd - - 13,127 - - - - 18,332 - - Bank Charges Kotak Mahindra Bank Ltd 4,530 - - - - 4,898 - - - - Commission Paid Kotak Mahindra Bank Ltd 1,255,309 - - - - 668,771 - - - -

Kotak Securities Ltd - - 1,860 - - - - 2,208 - - Kotak Mahindra Prime Ltd - - 270 - - - - 281 - -

Reimbursement from Companies Kotak Mahindra Bank Ltd 2,715 - - - - 2,085 - - - - Kotak Mahindra Pension Fund Ltd - - 1,800 - - - - 1,500 - - Kotak Mahindra General Insurance Company Ltd - - 637 - - - - - - -

Reimbursement to Companies Kotak Mahindra Bank Ltd 299,053 - - - - 292,221 - - - - Kotak Securities Ltd - - 497 - - - - 494 - - Kotak Mahindra Prime Ltd - - 333 - - - - 246 - -

Remuneration of Key Management Personnel Key Management Personnel - - - - 24,483 - - - - 22,061 Receipt of Premium Key Management Personnel - - - - 122 - - - - 122 Interest Income Kotak Mahindra Bank Ltd 4,825 - - - - 6,237 - - - -

Kotak Mahindra Prime Ltd - - 21,816 - - - - 39,677 - - Premium Income Kotak Mahindra Asset Management Company Ltd - - 2,684 - - - - 2,117 - -

Kotak Mahindra Bank Ltd 24,825 - - - - 1,904 - - - - Kotak Mahindra Prime Ltd - - 534 - - - - 73 - - Kotak Securities Ltd - - 1,732 - - - - 1,250 - - Kotak Mahindra Capital Company Ltd - - 246 - - - - 13 - - Kotak Investment Advisors Ltd - - 215 - - - - - - - Kotak Mahindra Trusteeship Service Limited - - 9 - - - - - - - Kotak Mahindra General Insurance Company Ltd - - 90 - - - - - - - Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund

- - - 37,500 - - - - 25,000 -

Kotak Life Insurance Superannuation Fund - - - 1,700 - - - - 1,700 - Gratuity Fund Contribution Kotak Mahindra Old Mutual Life Insurance

Employees Gratuity Fund - - - 37,500 - - - - 25,000 -

Superannuation Fund Contribution Kotak Life Insurance Superannuation Fund - - - 1,700 - - - - 1,700 -

D. Statement Containing names, descriptions, occupations of and directorships held by the persons in charge of Management of the business under Section 11(2) of the Insurance Act, 1938

Name of person-in-charge Mr. G. Murlidhar

Designation of person-in-charge Managing Director

Occupation of person-in-charge Service

Directorship held by the person-in-charge during the year or as at March 31, 2016 Kotak Mahindra General Insurance Company Limited




81

Kotak Mahindra Old Mutual Life Insurance Limited17

. Se

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ance

sh

eet

as a

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31,

201

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1

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-

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360

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Re

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) (9

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as a

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5

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Mar

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Mar

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-15

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OF

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- -

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ds:

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dit/[

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air V

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Cha

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Acc

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701,

283

24,5

38

1 -

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245,

631

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- 97

1,45

3 Re

valu

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serv

e-In

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- 20

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5 Po

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2,15

8 15

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1,39

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6 Li

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- 85

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-

- 95

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Fu

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for D

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s-

- -

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- 1,

907,

880

- -

- 1,

907,

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Fund

s fo

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App

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d Li

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- -

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61,9

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7,86

6 -

- 69

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l21

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1 15

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Adv

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l Cur

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862,

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9,09

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Cur

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285,

962

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18. Segment-wise revenue account for the year ended March 31 2016

Particulars Life Participating

Pension Participating

Life Non Participating

Life Non- Participating Variable(VIP)

Pension Non- Participating Variable(VIP)

General Annuity

Unit Linked Unit Linked Pension

Total

Premium IncomeFirst Year Premium 3,057,347 30,917 5,983,203 948,848 577,240 - 5,494,926 374,368 16,466,849 Renewal Premium 5,571,618 43,055 6,151,371 - - - 5,472,632 381,511 17,620,187 Single Premium - 1,734 4,257,566 - - 114,892 1,255,581 10 5,629,783 (a) Premium Income 8,628,965 75,706 16,392,140 948,848 577,240 114,892 12,223,139 755,889 39,716,819 (b) Reinsurance Ceded (13,179) (165) (515,142) - - - (53,424) (2,052) (583,962)(c) Reinsurance accepted - - - - - - - - Income from InvestmentsInterest, dividend & rent 1,805,165 72,704 1,534,796 62,392 97,907 21,822 3,695,602 448,535 7,738,923 Premium on investments amortized(Net) (19,747) (826) (28,493) (2,311) (1,101) (213) 2,182 (256) (50,765)(a) Interest, dividend & rent-Net 1,785,418 71,878 1,506,303 60,081 96,806 21,609 3,697,784 448,279 7,688,158 (b) Profit on sale/redemption of investments 438,243 17,815 92,048 5,458 9,637 644 5,965,146 693,068 7,222,059 (c) Loss on sale/redemption of investments (99,357) (12,471) (22,938) (318) (27) - (2,860,241) (348,124) (3,343,476)(d) Transfer/ Gain on revaluation/change in fair value - - - - - - (5,763,399) (643,917) (6,407,316)Other Income(a) Contribution from Shareholder's Account - - - 29,921 23,110 - - - 53,031 (b) Miscellaneous income 11,676 32 3,664 164 100 20 18,176 258 34,090 (b) Profit/(Loss) on sale/disposal of fixed assets (Net) 541 5 1,028 59 36 7 766 48 2,490 TOTAL(A) 10,752,307 152,800 17,457,103 1,044,213 706,902 137,172 13,227,947 903,449 44,381,893 CommissionFirst Year Premium 786,512 2,132 1,157,009 - - - 84,352 (837) 2,029,168 Renewal Premium 189,344 472 256,812 - - - 75,623 5,875 528,126 Single Premium - 34 (1,493) - - 1,904 23,409 - 23,854 Commission on Reinsurance Ceded - - - - - - - - - Net Commission 975,856 2,638 1,412,328 - - 1,904 183,384 5,038 2,581,148 Operating Expenses related to Insurance business 2,953,533 32,954 3,759,838 20,466 12,450 5,653 1,132,229 24,151 7,941,274 Service Tax Expenditure - - - - - - 301,772 25,478 327,250 Provision for doubtful debts - - - - - - - - - Bad debts written off - - - - - - - - - Provision for tax (Fringe Benefit Tax) - - - - - - - - - Provision for Tax 41,828 - 110,632 (5,043) - - 11,344 - 158,761 Diminution in the value of investments(Net) (25) - 8,679 - - - - - 8,654 (b) For standard loan assets (458) - (372) - - - - - (830)TOTAL(B) 3,970,734 35,592 5,291,105 15,423 12,450 7,557 1,628,729 54,667 11,016,257 Claims by Death 206,727 1,614 3,132,565 - - 1,153 320,816 67,206 3,730,081 Annuities/Pension payment - - - - - 13,562 - - 13,562 Maturity claims, survival benefits, surrender and rider benefits. 2,142,841 149,531 620,415 223,117 105,647 116 9,552,404 2,163,674 14,957,745 Reinsurance :-Claims by death (5,725) - (425,475) - - - (29,856) - (461,056)Benefits paid(net) 2,343,843 151,145 3,327,505 223,117 105,647 14,831 9,843,364 2,230,880 18,240,332 Interim & Terminal Bonuses paid 108,724 10,298 - - - - - - 119,022 Change in valuation of Liability in respect of Life policies - (a) Gross 4,045,086 (63,020) 8,210,885 805,673 588,805 105,271 234,561 32,165 13,959,426 (b) Amount ceded in reinsurance - - (34,966) - - - - - (34,966)(c) Amount accepted in reinsurance - - - - - - - - - Provision for linked liabilities - - - - - - 905,599 (1,588,161) (682,562)TOTAL( C) 6,497,653 98,423 11,503,424 1,028,790 694,452 120,102 10,983,524 674,884 31,601,252 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 283,920 18,785 662,574 - - 9,513 615,694 173,898 1,764,384 APPROPRIATIONSTransfer to Shareholders’Account 116,311 4,474 662,574 - - 9,513 677,616 181,764 1,652,252 Transfer to Other Reserve - - - - - - - - - Transfer to Funds for Future Appropriation - - - - - - (61,922) (7,866) (69,788)SURPLUS/(DEFICIT) AFTER APPROPRIATION 167,609 14,311 - - - - - - 181,920 SURPLUS/(DEFICIT) BROUGHT FORWARD 1,255,645 141,421 - - - - - - 1,397,066 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 1,423,254 155,732 - - - - - - 1,578,986 (a) Interim & Terminal Bonuses Paid 108,724 10,298 - - - - - - 119,022 (b) Allocation of Bonus to Policyholders 938,072 29,965 - - - - - - 968,037 (c) Surplus/ (Deficit) shown in the Revenue Account 167,609 14,311 - - - - - - 181,920 (d) Total Surplus: [(a) + (b) + (c)] 1,214,405 54,574 - - - - - - 1,268,979






18. Segment-wise revenue account for the year ended March 31 2015

Particulars Life Participating

Pension Participating

Life Non Participating

Life Non- Participating Variable(VIP)

Pension Non- Participating Variable(VIP)

General Annuity

Unit Linked Unit Linked Pension

Total

Premium IncomeFirst Year Premium 1,574,983 (4,904) 5,080,073 339,362 934,457 - 2,629,252 60,978 10,614,201 Renewal Premium 4,926,880 52,608 3,774,578 - - - 5,693,431 531,281 14,978,778 Single Premium 25 82 3,346,862 - - 61,068 1,379,494 39 4,787,570 (a) Premium Income 6,501,888 47,786 12,201,513 339,362 934,457 61,068 9,702,177 592,298 30,380,549 (b) Reinsurance Ceded (22,320) (338) (462,289) - - - (87,575) (112) (572,634)(c) Reinsurance accepted - - - - - - - - - Income from Investments Interest, dividend & rent 1,480,484 72,441 1,033,512 9,639 21,589 13,422 3,475,531 508,491 6,615,109 Premium on investments amortized(Net) (9,518) (917) (12,998) (1,937) (850) (113) 2,798 638 (22,897)(a) Interest, dividend & rent-Net 1,470,966 71,524 1,020,514 7,702 20,739 13,309 3,478,329 509,129 6,592,212 (b) Profit on sale/redemption of investments 443,141 8,819 259,714 2,936 563 899 12,120,042 1,565,417 14,401,531 (c) Loss on sale/redemption of investments (80,166) (3,798) (25,451) (1) (2) (21) (1,102,652) (159,623) (1,371,714)(d) Transfer/ Gain on revaluation/change in fair value - - - - - - 6,201,179 570,303 6,771,482 Other Income (a) Contribution from Shareholder's Account - - 16,438 8,810 36,242 22,497 - - 83,987 (b) Miscellaneous income 21,817 98 28,572 469 1,293 (100) 24,396 327 76,872 (c) Profit/(Loss) on sale/disposal of fixed assets (Net) 600 4 1,126 31 86 6 895 56 2,804 TOTAL(A) 8,335,926 124,095 13,040,137 359,309 993,378 97,658 30,336,791 3,077,796 56,365,089 CommissionFirst Year Premium 420,148 (335) 901,958 - - 0 48,981 (363) 1,370,389 Renewal Premium 160,581 465 184,472 - - - 69,283 6,830 421,631 Single Premium (1) 1 5,157 - - 815 23,744 1 29,717 Commission on Reinsurance Ceded (197) - (5,000) - - - (475) - (5,672)Net Commission 580,531 131 1,086,587 - - 815 141,533 6,468 1,816,065 Operating Expenses related to Insurance business 1,716,845 2,034 3,915,727 11,724 32,285 3,844 986,100 22,048 6,690,607 Service Tax Expenditure - - - - - - 262,874 31,288 294,162 Provision for doubtful debts - - - - - - - - - Bad debts written off - - - - - - - - - Provision for tax (Fringe Benefit Tax) - - - - - - - - - Provision for Tax 110,747 - (3,979) (1,454) - - 113,243 - 218,557 Diminution in the value of investments(Net) 24 - 24 - - - - - 48 (b) For standard loan assets 3,400 - 2,600 - - - - - 6,000 TOTAL(B) 2,411,547 2,165 5,000,959 10,270 32,285 4,659 1,503,750 59,804 9,025,439 Claims by Death 178,639 2,708 2,138,456 - - 2,970 335,775 107,077 2,765,625 Annuities/Pension payment - - - - - 8,954 - - 8,954 Maturity claims, survival benefits, surrender and rider benefits. 1,202,680 80,884 246,034 - 1,040 4 11,612,844 2,254,412 15,397,908 Reinsurance :-Claims by death (10,249) (141) (269,574) 10 - - (40,368) - (320,332)Benefits paid(net) 1,371,070 83,451 2,114,916 10 1,040 11,928 11,908,251 2,361,489 17,852,155 Interim & Terminal Bonuses paid 83,121 4,721 - - - - - - 87,842 Change in valuation of Liability in respect of Life policies (a) Gross 3,776,477 9,676 5,927,206 349,029 960,053 81,071 68,476 14,381 11,186,369 (b) Amount ceded in reinsurance - - (2,944) - - - - - (2,944)(c) Amount accepted in reinsurance - - - - - - - - - Provision for linked liabilities - - - - - - 15,701,471 353,502 16,054,973 TOTAL( C) 5,230,668 97,848 8,039,178 349,039 961,093 92,999 27,678,198 2,729,372 45,178,395 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 693,711 24,082 - - - - 1,154,843 288,620 2,161,255 APPROPRIATIONSTransfer to Shareholders’Account 88,221 4,161 - - - - 1,199,644 325,571 1,617,596 Transfer to Other Reserve - - - - - - - - - Transfer to Funds for Future Appropriation - - - - - - (44,801) (36,951) (81,752)SURPLUS/(DEFICIT) AFTER APPROPRIATION 605,490 19,921 - - - - - - 625,411 SURPLUS/(DEFICIT) BROUGHT FORWARD 650,155 121,500 - - - - - - 771,655 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 1,255,645 141,421 - - - - - - 1,397,066 (a) Interim & Terminal Bonuses Paid 83,121 4,721 - - - - - - 87,842 (b) Allocation of Bonus to Policyholders 710,863 32,724 - - - - - - 743,587 (c) Surplus/ (Deficit) shown in the Revenue Account 605,490 19,921 - - - - - - 625,411 (d) Total Surplus: [(a) + (b) + (c)] 1,399,474 57,366 - - - - - - 1,456,840




85





19 Statement showing the Controlled Fund (IRDA Cir No: IRDA/F&I/CIR/F&A/045/03/2010 dtd March 17, 2010)

(` in crores) 2015-16

(` in crores) 2014-15

1 Computation of Controlled fund as per the Balance Sheet

Policyholders' Fund (Life Fund)

Participating

Individual Assurance 2,516.25 2,094.98

Individual Pension 85.49 90.36

Any other - -

Non-participating

Individual Assurance 1,529.02 843.80

Group Assurance 845.89 713.52

Life Variable (VIP) 120.30 39.73

Pension Variable (VIP) 154.89 96.01

Individual Annuity 29.82 19.29

Any other - -

Linked

Individual Assurance 7,716.37 7,932.40

Group Assurance - -

Individual Pension 766.29 961.69

Group Superannuation 104.93 65.13

Group Gratuity 1,258.81 928.78

Any other - -

Funds for Future Appropriations - 6.98

Total (A) 15,128.06 13,792.67

Shareholders' Fund

Paid up Capital 510.29 510.29

Reserves & Surpluses 1,011.15 760.41

Fair Value Change - -

Total (B) 1,521.44 1,270.70

Misc. expenses not written off - -

Credit / (Debit) from P&L A/c. - -

Total (C ) - -

Total shareholders' funds (B+C) 1,521.44 1,270.70

Controlled Fund (Total (A+B-C)) 16,649.50 15,063.37



19 Statement showing the Controlled Fund (IRDA Cir No: IRDA/F&I/CIR/F&A/045/03/2010 dtd March 17, 2010)

(` in crores) 2015-16

(` in crores) 2014-15

2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account Opening Balance of Controlled Fund 15,063.37 12,056.26 Add: Inflow Income Premium Income 3,971.68 3,038.05 Less: Reinsurance ceded (58.39) (62.46) Net Premium 3,913.29 2,975.59 Investment Income 515.94 2,639.35 Other Income 3.65 7.97 Funds transferred from Shareholders' Accounts 5.30 8.40 Total Income 4,438.18 5,631.31 Less: Outgo (i) Benefits paid (Net) 1,824.03 1,785.22 (ii) Interim Bonus Paid 11.90 8.78 (iii) Change in Valuation of Liability 1,317.20 2,715.66 (iv) Commission 258.11 176.41 (v) Operating Expenses 827.64 699.08 (vi) Provision for Taxation 15.88 21.86 Total Outgo 4,254.76 5,407.00 Surplus of the Policyholders' Fund 183.42 224.30 Less: transferred to Shareholders' Account 165.23 161.76 Net Flow in Policyholders' account 18.19 62.54 Add: Net income in Shareholders' Fund 250.74 228.90 Net In Flow / Outflow 15,332.30 12,347.70 Add: change in valuation Liabilities 1,317.20 2,715.67 Add: Increase in Paid up Capital - - Closing Balance of Controlled Fund 16,649.50 15,063.37 As Per Balance Sheet 16,649.50 15,063.37 Difference, if any - - 3 Reconciliation with Shareholders' and Policyholders' Fund Policyholders' Funds 3.1 Policyholders' Funds - Traditional-PAR and NON-PAR Opening Balance of the Policyholders' Fund 3,897.69 2,725.09 Add: Surplus/(deficit) of the Revenue Account 18.19 62.54 Add: change in valuation Liabilities 1,365.77 1,110.06 Total 5,281.65 3,897.69 As per Balance Sheet 5,281.65 3,897.69 Difference, if any - - 3.2 Policyholders' Funds - Linked Opening Balance of the Policyholders' Fund 9,894.98 8,289.36 Add: Surplus/(deficit) of the Revenue Account - - Add: change in valuation Liabilities (48.58) 1,605.62 Total 9,846.40 9,894.98 As per Balance Sheet 9,846.40 9,894.98 Difference, if any - - Shareholders' Funds Opening Balance of Shareholders' Fund 1,270.70 1,041.80 Add: net income of Shareholders' account (P&L) 250.74 228.90 Add: Infusion of Capital - - Closing Balance of the Shareholders' fund 1,521.44 1,270.70 As per Balance Sheet 1,521.44 1,270.70 Difference, if any - -




87


20 Summary of financial statements

Sr. no. Particulars 2015-16 2014-15 2013-14 2012-13 2011-12

Policyholders’ Account

1 Gross premium income 39,716,819 30,380,549 27,007,900 27,777,846 29,374,331

2 Net premium income 39,132,857 29,755,917 26,509,372 27,239,915 28,929,202

3 Income from investments (Net of Amortisation) 5,159,425 26,393,511 10,498,660 9,612,551 2,566,029

4 Other income 89,611 163,663 251,421 430,425 16,875

5 Total Income 44,381,893 56,313,091 37,259,453 37,282,891 31,512,106

6 Commission & Brokerage 2,581,148 1,764,067 1,343,781 1,174,124 1,121,193

7 Operating expenses related to insurance business including Provision for Tax

8,427,285 7,203,326 5,947,385 5,791,388 5,546,027

8 Provisions for Diminution in value of investments (net) 8,654 48 (12,706) 12,706 -

9 Provisions for standard loan assets (830) 6,000 - - -

10 Total Expenses 11,016,257 8,973,441 7,278,460 6,978,218 6,667,220

11 Benefits paid 18,240,332 17,852,155 18,542,229 17,821,346 14,349,423

12 Interim Bonus Paid 119,022 87,842 61,388 24,194 2,533

13 Increase in actuarial liability 13,924,460 11,183,425 8,253,067 5,381,113 2,838,027

14 Provision for Linked Liabilities (682,562) 16,054,973 1,005,941 6,003,643 6,459,042

15 Surplus/ (Deficit) (before appropriation) 1,764,384 2,161,255 2,118,368 1,074,377 1,195,862

Shareholders’ Account

16 Total income under shareholders’ Account 2,746,805 2,516,420 2,738,386 2,344,123 2,036,569

17 Total Expenses under shareholder's Account 86,271 102,861 244,503 419,470 4,087

18 Profit/ (Loss) before tax 2,660,534 2,413,559 2,493,883 1,924,653 2,032,483

19 Provision for tax 153,065 124,627 102,549 27,270 -

20 Profit/ (Loss) after tax 2,507,469 2,288,932 2,391,334 1,897,383 2,032,483

21 Balance at the beginning of the year 7,083,701 4,794,769 2,403,435 506,052 (1,526,430)

22 Profit/ (Loss) carried to Balance Sheet 9,591,170 7,083,701 4,794,769 2,403,435 506,053

Miscellaneous

23 (A) Policyholders’ account:

Total Funds 55,294,199 41,798,959 28,874,015 20,047,027 14,533,631

Total Investments 57,305,109 42,863,107 31,566,578 22,612,172 17,328,641

Yield on Investments (%) 6.90% 23.69% 4.09% 12.79% 7.04%

(B) Shareholders’ account:

Total Funds 15,214,435 12,706,966 10,418,034 8,026,700 6,129,319

Total Investments 13,996,388 10,519,679 8,139,638 6,296,974 4,303,890

Yield on Investments (%) 7.83% 16.45% 5.64% 11.21% 7.42%

24 Yield on Total Investments 7.09% 22.03% 4.46% 12.40% 7.12%

25 Paid up Equity Capital 5,102,902 5,102,902 5,102,902 5,102,902 5,102,902

26 Net Worth 15,214,435 12,706,966 10,418,034 8,026,700 6,129,319

27 Total Assets 167,058,703 151,808,344 120,621,247 108,800,272 96,269,144

28 Earnings per share ( `) 4.91 4.49 4.69 3.72 3.98

29 Book Value per share ( `) 29.82 24.90 20.42 15.73 12.01






21 Earnings per share

Earnings Per Share is calculated by dividing the Profits/(Loss) in the Shareholders’ Account by the weighted average number of equity shares outstanding during the year. The numbers used in calculating basic and diluted earnings per equity share are as follows :


Profit/ (Loss) as per profit and loss account available for equity shareholders for both basic and diluted earnings per equity share of Rs. 10 each (` '000)

2,507,469 2,288,932

Weighted average number of shares 510,290,249 510,290,249

Earnings per share before exceptional items (Basic and Diluted) 4.91 4.49

Earnings per share (Basic and Diluted) 4.91 4.49

Face value per share ` 10 ` 10

22 Employee share option plans (ESOP)

At the General Meetings of the holding company, Kotak Mahindra Bank Limited, the shareholders of the Bank had unanimously passed Special Resolutions on 5th July 2007, 21st August 2007 and 29th June 2015, to grant options to the eligible employees of the Bank and its subsidiary and associate companies. Pursuant to these resolutions, the following Employees Stock Option Schemes had been formulated and adopted:

(a) Kotak Mahindra Equity Option Scheme 2007; and

(b) Kotak Mahindra Equity Option Scheme 2015

Further, pursuant to the Scheme of Amalgamation of ING Vysya Bank (IVBL) with the Bank, the Bank has renamed and adopted the ESOP Schemes of the erstwhile IVBL, as given below:

(a) Kotak Mahindra Bank Ltd. (IVBL) Employees Stock Option Scheme 2007

(b) Kotak Mahindra Bank Ltd. (IVBL) Employee Stock Option Scheme 2010; and

(c) Kotak Mahindra Bank Ltd. (IVBL) Employees Stock Option Scheme 2013

Consequent to the above, the Bank has granted stock options to employees of the Company. In accordance with the SEBI Guidelines and the guidance note on “Accounting for Employee Share based payments”, the excess, if any, of the market price of the share, preceding the date of grant of the option under ESOSs over the exercise price of the option is amortised on a straight-line basis over the vesting period. The Company has reimbursed the Bank ` 24 (2015 - ` 284) during the year on account of such costs and the same is forming part of Employee costs and included under the head “Employees’ remuneration and welfare benefits” in Schedule-3

Stock appreciation rights (SARs)

“During the year, the management had approved SARs to be granted to eligible employees as and when deemed fit. The SARs are to be settled in cash and will vest in the manner as provided in the scheme / grant letter to employees.

The contractual life (equivalent to the vesting period) of the SARs ranges from within one year to four years.

Detail of activity under SARs plan is summarised below:

No. of SARs

Particulars 2015-16* 2014-15*

Outstanding at the beginning of the year 59,834 85,830

Granted during the year 75,380 104,120

Additions/Reduction due to transfer / resignation of employees 3,080 3,622

Exercised during the year 71,618 126,494

Expired during the year Nil Nil

Outstanding at the end of the year 60,516 59,834

*Adjusted for issue of bonus shares – one share for every share allotted on 10th July, 2015. The effect of the bonus share has been given in computation for the previous periods.




89


Effect of grant of ESOP & SARs to employees on the Revenue/Profit and Loss Account and on its financial position


Total Employee Compensation Cost pertaining to share-based payment plans 43,810 72,871

Closing balance of liability for cash-settled options 22,501 25,207

Had the Company recorded the compensation cost computed on the basis of fair valuation method instead of intrinsic value method, employee compensation cost would have been higher by ̀ 34 (Previous Year lower by ̀ 61) and the profit after tax would have been lower by ̀ 34 (Previous year higher by ` 61). Consequently there is no significant impact on EPS.

23 (a) Micro, Small and Medium Enterprises Development Act, 2006.

According to information available with the management, on the basis of intimation received from suppliers, regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the Company has no amount due to Micro and Small Enterprises under the said Act as at March 31, 2016.

(b) Provision for Standard Loan Assets

In line with the ‘Guidelines on Prudential norms for income recognition, Asset classification, Provisioning and other related matters in respect of Debt portfolio’ as specified by IRDAI vide the Master Circular dated December 11, 2013, provision for doubtful debt at 0.4% of secured portion of doubtful asset amounting to ` (830) (Previous year ` 6,000) has been recognised in the Revenue Account. There are no assets including loans subject to re-structuring (March 31, 2015 : ` Nil)

24 (a) Disclosure of certain expenses

As required under Circular no 067/IRDA/F&A/CIR/MAR -08 dated March 28, 2008, expenses incurred under the following heads are as follows:


(i) Outsourcing Expenses 958,360 723,358

(ii) Business Development 374,357 3,05,837

(iii) Marketing Support 50,510 94,161

(b) Disclosure of other works given to Auditors

Pursuant to clause 7.1 (g) of Corporate Governance Guidelines issued by IRDA on August 5, 2009 the remuneration paid to Auditors for services other than statutory / concurrent / internal audit are disclosed below:

Name Particulars Nature 2015-16 2014-15

Khimji Kunverji & Co. Concurrent Auditor Certification Work 80 80

KPMG Advisory Services Pvt. Ltd. Related party of Internal Auditor IT Support Services 2,259 2,960

Walker Chandiok & Co LLP Statutory Auditor (FY 14-15) Certification Work 135 125






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ical

Acc

ou

nt)

Part

icul

ars

Sche

dule

Link

ed L

ifeLi

nked

Pen

sion

Link

ed G

roup

Tot

al U

nit

Link

ed

Non

-Uni

t U

nit

Tot

al

Non

-Uni

t U

nit

Tot

al

Non

-Uni

t U

nit

Tot

al

(1)

(2)

(3)=

(1) +

(2)

(4)

(5)

(6)=

(4) +

(5)

(7)

(8)

(9)=

(7) +

(8)

(10)

=(3)

+ (6

)+(9

) Pr

emiu

ms

earn

ed –

net

(a)

Prem

ium

20

6,50

9 8,

314,

876

8,52

1,38

5 4,

307

751,

582

755,

889

1,70

0 3,

700,

054

3,70

1,75

4 12

,979

,028

(b

) Re

insu

ranc

e ce

ded

(53,

452)

- (5

3,45

2)(2

,051

)-

(2,0

51)

27

- 27

(5

5,47

6)In

com

e fr

om In

vest

men

ts

(a

) In

tere

st,

Div

iden

d &

Ren

t -

Gro

ss

(Net

of

amor

tizat

ion)

107,

642

2,90

3,23

8 3,

010,

880

25,6

40

422,

639

448,

279

3,48

9 68

3,41

5 68

6,90

4 4,

146,

063

(b)

Profi

t on

sale

/rede

mpt

ion

of in

vest

men

ts

126,

404

5,51

8,60

4 5,

645,

008

5,88

3 68

7,18

6 69

3,06

9 72

9 31

9,41

0 32

0,13

9 6,

658,

216

(c)

Loss

on

sale

/rede

mpt

ion

of in

vest

men

ts(6

,630

)(2

,626

,993

)(2

,633

,623

)(7

77)

(347

,347

)(3

48,1

24)

- (2

26,6

18)

(226

,618

)(3

,208

,365

)(d

) U

nrea

lised

gai

n/(lo

ss) #

- (5

,667

,354

)(5

,667

,354

)-

(643

,917

)(6

43,9

17)

- (9

6,04

5)(9

6,04

5)(6

,407

,316

)(e

) M

isc. I

ncom

e -

- -

- -

- -

- -

- O

ther

inco

me:

(a

) Li

nked

Inco

me

UL1

2,18

2,40

8 (2

,182

,408

)-

211,

415

(211

,415

)-

105,

596

(105

,596

)-

- (b

) C

ontr

ibut

ion

from

the

Shar

ehol

ders

' a/c

- -

- -

- -

- -

- -

(c )

Oth

er In

com

e17

,536

-

17,5

36

258

- 25

8 64

0 -

640

18,4

34

(d )

Loss

on

Sale

of F

ixed

ass

et53

4 -

534

47

- 47

23

2 -

232

813

TOTA

L (A

)2,

580,

951

6,25

9,96

3 8,

840,

914

244,

722

658,

728

903,

450

112,

413

4,27

4,62

0 4,

387,

033

14,1

31,3

97

Com

miss

ion

183,

165

- 18

3,16

5 5,

038

- 5,

038

220

- 22

0 18

8,42

3 O

pera

ting

Expe

nses

rel

ated

to In

sura

nce

Busin

ess

1,05

2,33

5 -

1,05

2,33

5 24

,151

-

24,1

51

79,8

93

- 79

,893

1,

156,

379

Serv

ice

Tax

Expe

nditu

re

288,

854

- 28

8,85

4 25

,478

-

25,4

78

12,9

18

- 12

,918

32

7,25

0 Pr

ovisi

on fo

r Tax

atio

n 21

,544

-

21,5

44

- -

- (1

0,20

0)-

(10,

200)

11,3

44

Dim

inut

ion

in th

e va

lue

of in

vest

men

ts(N

et)

- -

- -

- -

- -

- -

TOTA

L (B

)1,

545,

898

- 1,

545,

898

54,6

67

- 54

,667

82

,831

-

82,8

31

1,68

3,39

6 Be

nefit

s Pa

id (N

et)

UL2

128,

166

8,67

1,88

4 8,

800,

050

(8,1

56)

2,23

9,03

8 2,

230,

882

6,44

7 1,

036,

865

1,04

3,31

2 12

,074

,244

In

terim

Bon

us P

aid

- -

- -

- -

- -

- -

Cha

nge

in V

alua

tion

Liab

ility

217,

733

(2,3

77,9

71)

(2,1

60,2

38)

32,1

65

(1,5

88,1

61)

(1,5

55,9

96)

16,8

29

3,28

3,57

1 3,

300,

400

(415

,834

)TO

TAL

(C)

345,

899

6,29

3,91

3 6,

639,

812

24,0

09

650,

877

674,

886

23,2

76

4,32

0,43

6 4,

343,

712

11,6

58,4

10

SURP

LUS/

(DEF

ICIT

) (D

) =(A

)-(B

)-(C

)68

9,15

4 (3

3,95

0)65

5,20

4 16

6,04

6 7,

851

173,

897

6,30

6 (4

5,81

6)(3

9,51

0)78

9,59

1 A

PPRO

PRIA

TIO

NS

- -

- -

- -

- -

- -

Insu

ranc

e re

serv

e at

the

begi

nnin

g of

the

year

- -

- -

- -

- -

- -

Tran

sfer

to S

hare

hold

ers'

a/c

717,

125

- 71

7,12

5 18

1,76

3 -

181,

763

(39,

510)

- (3

9,51

0)85

9,37

8 Fu

nds

avai

labl

e fo

r fut

ure

appr

opria

tions

- (6

1,92

1)(6

1,92

1)-

(7,8

66)

(7,8

66)

- -

- (6

9,78

7)To

tal (

D)

717,

125

(61,

921)

655,

204

181,

763

(7,8

66)

173,

897

(39,

510)

- (3

9,51

0)78

9,59

1

# N

ote

: Unr

ealis

ed G

ain

Loss

in N

on U

nit

Link

ed p

ortio

n is

as

follo

ws:

d) U

nrea

lised

gai

n/(lo

ss)




91


U

nit

Lin

ked

Dis

clo

sure

s N

orm

s

U

nit L

inke

d D

iscl

osur

es m

ade

here

unde

r are

in a

ccor

danc

e w

ith th

e in

stru

ctio

ns re

ceiv

ed fr

om th

e In

sura

nce

Regu

lato

ry &

Dev

elop

men

t Aut

horit

y vi

de c

ircul

ar

num

bers

054

/IRD

A/F

and

A/F

EB-0

7 da

ted

Febr

uary

20,

200

7 an

d IR

DA

/F&

A/0

01/A

pr-0

7 da

ted

16th

Apr

il, 2

007.

25A

R

EVEN

UE

AC

CO

UN

T FO

R T

HE

YEA

R E

ND

ED 3

1st

Mar

ch 2

015

Po

licyh

old

ers’

Acc

ou

nt

(Te

chn

ical

Acc

ou

nt)

Part

icul

ars

Sche

dule

Link

ed L

ifeLi

nked

Pen

sion

Link

ed G

roup

Tota

l Uni

t Lin

ked

Non

-Uni

t U

nit

Tota

l N

on-U

nit

Uni

t To

tal

Non

-Uni

t U

nit

Tota

l (1

)(2

)(3

)=(1

) + (2

) (4

)(5

)(6

)=(4

) + (5

) (7

)(8

)(9

)= (7

) + (8

) (1

0)=(

3)+

(6)+

(9)

Prem

ium

s ea

rned

– n

et(a

) Pr

emiu

m

199,

760

7,89

7,09

9 8,

096,

859

3,12

1 58

9,17

7 59

2,29

8 34

8 1,

604,

970

1,60

5,31

8 10

,294

,475

(b

) Re

insu

ranc

e ce

ded

(88,

095)

- (8

8,09

5)(1

10)

- (1

10)

520

- 52

0 (8

7,68

5)In

com

e fr

om In

vest

men

ts

(a)

Inte

rest

, D

ivid

end

& R

ent

- G

ross

(N

et o

f am

ortiz

atio

n)11

4,24

2 2,

825,

875

2,94

0,11

7 31

,533

47

7,59

6 50

9,12

9 2,

826

535,

386

538,

212

3,98

7,45

8

(b)

Profi

t on

sale

/rede

mpt

ion

of in

vest

men

ts

362,

914

11,0

24,5

87

11,3

87,5

01

4,89

8 1,

560,

519

1,56

5,41

7 69

8 73

1,84

3 73

2,54

1 13

,685

,459

(c

) Lo

ss o

n sa

le/re

dem

ptio

n of

inve

stm

ents

(7,4

79)

(1,0

12,9

34)

(1,0

20,4

13)

(3,2

65)

(156

,358

)(1

59,6

23)

(1)

(82,

238)

(82,

239)

(1,2

62,2

75)

(d)

Unr

ealis

ed g

ain/

(loss

) #-

5,96

2,30

4 5,

962,

304

- 57

0,30

3 57

0,30

3 -

238,

875

238,

875

6,77

1,48

2 (e

) M

isc. I

ncom

e -

- -

- -

--

- -

-O

ther

inco

me:

(a)

Link

ed In

com

eU

L12,

360,

640

(2,3

60,6

40)

- 38

4,79

0 (3

84,7

90)

- 84

,360

(8

4,36

0)-

- (b

) C

ontr

ibut

ion

from

the

Shar

ehol

ders

' a/c

- -

- -

- -

- -

- -

(c )

Oth

er In

com

e22

,022

-

22,0

22

327

- 32

7 2,

374

- 2,

374

24,7

23

(d )

Loss

on

Sale

of F

ixed

ass

et74

7 -

747

56

- 56

14

8 -

148

951

TOTA

L (A

)2,

964,

751

24,3

36,2

91

27,3

01,0

42

421,

350

2,65

6,44

7 3,

077,

797

91,2

73

2,94

4,47

6 3,

035,

749

33,4

14,5

88

Com

miss

ion

141,

415

- 14

1,41

5 6,

469

- 6,

469

118

- 11

8 14

8,00

2 O

pera

ting

Expe

nses

rel

ated

to In

sura

nce

Busin

ess

930,

276

- 93

0,27

6 22

,048

-

22,0

48

55,8

24

- 55

,824

1,

008,

148

Serv

ice

Tax

Expe

nditu

re

254,

089

- 25

4,08

9 31

,288

-

31,2

88

8,78

5 -

8,78

5 29

4,16

2 Pr

ovisi

on fo

r Tax

atio

n 11

4,34

0 -

114,

340

- -

- (1

,097

)-

(1,0

97)

113,

243

Dim

inut

ion

in th

e va

lue

of in

vest

men

ts(N

et)

- -

- -

- -

- -

- -

TOTA

L (B

)1,

440,

120

- 1,

440,

120

59,8

05

- 59

,805

63

,630

-

63,6

30

1,56

3,55

5 Be

nefit

s Pa

id (N

et)

UL2

139,

970

10,8

92,6

55

11,0

32,6

25

(1,0

05)

2,36

2,49

1 2,

361,

486

9,08

2 86

6,54

3 87

5,62

5 14

,269

,736

In

terim

Bon

us P

aid

- -

- -

- -

- -

- -

Cha

nge

in V

alua

tion

Liab

ility

73,1

41

13,6

08,9

67

13,6

82,1

08

14,3

82

353,

504

367,

886

(4,6

64)

2,09

2,50

4 2,

087,

840

16,1

37,8

34

TOTA

L (C

)21

3,11

1 24

,501

,622

24

,714

,733

13

,377

2,

715,

995

2,72

9,37

2 4,

418

2,95

9,04

7 2,

963,

465

30,4

07,5

70

SURP

LUS/

(DEF

ICIT

) (D

) =(A

)-(B

)-(C

)1,

311,

520

(165

,331

)1,

146,

189

348,

168

(59,

548)

288,

620

23,2

25

(14,

571)

8,65

4 1,

443,

463

APP

ROPR

IATI

ON

S

Insu

ranc

e re

serv

e at

the

begi

nnin

g of

the

year

- -

- -

- -

- -

- -

Tran

sfer

to S

hare

hold

ers'

a/c

1,19

0,99

0 -

1,19

0,99

0 32

5,57

1 -

325,

571

8,65

4 -

8,65

4 1,

525,

215

Fund

s av

aila

ble

for f

utur

e ap

prop

riatio

ns-

(44,

801)

(44,

801)

- (3

6,95

1)(3

6,95

1)-

- -

(81,

752)

Tota

l (D

)1,

190,

990

(44,

801)

1,14

6,18

9 32

5,57

1 (3

6,95

1)28

8,62

0 8,

654

- 8,

654

1,44

3,46

3

# N

ote

: Unr

ealis

ed G

ain

Loss

in N

on U

nit

Link

ed p

ortio

n is

as

follo

ws:

(d) U

nrea

lised

gai

n/(lo

ss)









25A Unit Linked Disclosures - Revenue Account Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements Schedule-UL1 Linked Income (recovered from linked funds)

Particulars Life Linked Unit

Pension Linked Unit

Linked Group Unit

Total

(1) (2) (3) (4)= (1)+(2)+(3) Fund Administration chargesFund Management charge 1,100,518 119,521 85,030 1,305,069 Policy Administration charge 387,643 59,693 - 447,336 Surrender charge 30,248 14,453 2 44,703 Partial withdrawal charge 90 - - 90 Subscription lapse forfeiture charges (1,769) (16,640) - (18,409)Discontinuance Charges 5,882 - - 5,882 Switching charge 466 53 - 519 Mortality charge 359,250 808 8,796 368,854 Rider Premium charge 28,205 - - 28,205 Guarantee Charges 3,067 6,242 - 9,309 Miscellaneous charge 2,027 34 (98) 1,963 Service Tax, Education cess & Swachh Bharat cess 266,781 27,251 11,866 305,898 TOTAL (UL-1) 2,182,408 211,415 105,596 2,499,419



25A Unit Linked Disclosures - Revenue Account Schedules to Annexure to Revenue Account (UL) forming part of Financial StatementsSchedule-UL1 Linked Income (recovered from linked funds)

Particulars Life Linked Unit

Pension Linked Unit

Linked Group Unit

Total

(1) (2) (3) (4)= (1)+(2)+(3) Fund Administration chargesFund Management charge 1,060,727 134,639 66,264 1,261,630 Policy Administration charge 413,011 107,155 - 520,166 Surrender charge 173,050 83,524 - 256,574 Partial withdrawal charge 17 - - 17 Subscription lapse forfeiture charges 51,339 8,087 - 59,426 Discontinuance Charges 7,209 - - 7,209 Switching charge 404 86 - 490 Mortality charge 348,802 939 8,765 358,506 Rider Premium charge 39,193 - - 39,193 Guarantee Charges 4,595 7,474 - 12,069 Miscellaneous charge 2,215 43 58 2,316 Service tax and Education Cess 260,078 42,843 9,273 312,194 TOTAL (UL-1) 2,360,640 384,790 84,360 2,829,790

93


A

Un

it L

inke

d D

iscl

osu

res

- R

even

ue

Acc

ou

nt

Sc

hed

ule

–UL2

B

ENEF

ITS

PAID

[N

ET]

Sl

. N

o.Pa

rtic

ular

sLi

nked

Life

Link

ed P

ensio

nLi

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Gro

up

Tota

l Uni

t Lin

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Pe

nsio

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on-U

nit

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G

roup

(1)

(2)

(3)=

(1)+

(2)

(4)

(5)

(6)=

(4)+

(5)

(7)

(8)

(9)=

(7)+

(8)

(10)

=(3)

+(6)

+(9)

1In

sura

nce

Cla

ims

(a)

Cla

ims

by D

eath

15

8,97

7 15

5,41

0 31

4,38

7 32

5 66

,881

67

,206

6,

429

- 6,

429

388,

022

(b)

Cla

ims

by M

atur

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1,06

0,52

8 1,

060,

528

- 28

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28

,884

-

943,

404

943,

404

2,03

2,81

6

(c)

Ann

uitie

s / P

ensio

n pa

ymen

t-

- -

- -

- -

- -

-

(d)

Oth

er b

enefi

ts-

- -

- Sur

viva

l-

- -

- -

- -

- -

-

- Sur

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440,

260

6,44

0,26

0 -

2,14

3,27

3 2,

143,

273

- 93

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93

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8,

676,

994

- Oth

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(956

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1,01

4,73

0 (8

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(8,4

81)

18

- 18

1,

006,

267

Sub

Tota

l (A

)15

8,02

1 8,

671,

884

8,82

9,90

5 (8

,156

)2,

239,

038

2,23

0,88

2 6,

447

1,03

6,86

5 1,

043,

312

12,1

04,0

99

2A

mou

nt C

eded

in re

insu

ranc

e

(a)

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ims

by D

eath

(2

9,85

5)-

(29,

855)

- -

- -

- -

(29,

855)

(b)

Cla

ims

by M

atur

ity-

- -

- -

- -

- -

-

(c)

Ann

uitie

s / P

ensio

n pa

ymen

t-

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- -

- -

- -

-

(d)

Oth

er b

enefi

ts

- Sur

rend

er-

- -

- -

- -

- -

-

- Sur

viva

l-

- -

- -

- -

- -

-

Sub

Tota

l (B)

(29,

855)

- (2

9,85

5)-

- -

- -

- (2

9,85

5)

TOTA

L (A

) - (B

)12

8,16

6 8,

671,

884

8,80

0,05

0 (8

,156

)2,

239,

038

2,23

0,88

2 6,

447

1,03

6,86

5 1,

043,

312

12,0

74,2

44

Bene

fits

paid

to c

laim

ants

:

In In

dia

128,

166

8,67

1,88

4 8,

800,

050

(8,1

56)

2,23

9,03

8 2,

230,

882

6,44

7 1,

036,

865

1,04

3,31

2 12

,074

,244

Out

side

Indi

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95


25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Group Money

Market Fund Money Market Fund Pension Money Market

Fund IIDiscontinued Policy Fund

ULGF-001-27/06/03-MNMKFND-107

ULIF-041-05/01/10-MNMKKFND-107

ULIF-039-28/12/09-PNMNMKFND-107

ULIF-050-23/03/11-DISPOLFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of FundsPolicyholders' Funds:Policyholder contribution F-1 (41,991) (10,168) 1,594,918 1,342,962 76,929 139,200 1,240,002 1,696,633

Appr/Ex-Appr Reserve - - - - - - - -

Revenue Account 44,019 42,568 290,538 196,931 30,693 22,103 363,670 211,248

Total 2,028 32,400 1,885,456 1,539,893 107,622 161,303 1,603,672 1,907,881 Application of FundsInvestments F-2 1,999 32,392 1,793,025 1,482,416 107,307 161,265 1,652,761 1,899,774

Current Assets F-3 155 9 92,465 57,504 317 120 30,524 24,660

Less: Current Liabilities and Provisions F-4 126 1 34 27 2 82 79,613 16,553

Net current assets 29 8 92,431 57,477 315 38 (49,089) 8,107

Total 2,028 32,400 1,885,456 1,539,893 107,622 161,303 1,603,672 1,907,881 Net Asset Value (NAV) per Unit:(a) Net Asset as per Balance Sheet (Total Assets

less Current Liabilities and Provisions)2,028 32,400 1,885,456 1,539,893 107,622 161,303 1,603,672 1,907,881

(b) Number of Units outstanding 163,699 2,808,386 117,753,899 103,879,349 6,710,713 10,866,801 106,884,674 136,637,137

(c) NAV per Unit (a)/(b) (Rs.) 12.3836 11.5369 16.0118 14.8239 16.0373 14.8436 15.0038 13.9631

25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Dynamic

Gilt Fund Kotak Pension

Gilt Fund Kotak Group

Gilt Fund Kotak Dynamic

Bond Fund

ULIF-006-27/06/03-DYGLTFND-107

ULIF-008-27/06/03-PNGLTFND-107

ULGF-002-27/06/03-GLTFND-107

ULIF-015-15/04/04-DYBNDFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of FundsPolicyholders' Funds:Policyholder contribution F-1 203,049 224,809 31,245 44,198 192,631 134,532 6,899,990 6,690,762


Revenue Account 222,266 198,445 45,776 41,043 84,775 68,950 2,206,578 1,709,197

Total 425,315 423,254 77,021 85,241 277,406 203,482 9,106,568 8,399,959 Application of FundsInvestments F-2 412,757 409,475 75,337 83,033 271,957 203,097 8,747,694 8,045,324

Current Assets F-3 13,848 42,829 1,922 8,282 6,281 17,498 392,948 982,093

Less: Current Liabilities and Provisions F-4 1,290 29,050 238 6,074 832 17,113 34,074 627,458

Net current assets 12,558 13,779 1,684 2,208 5,449 385 358,874 354,635

Total 425,315 423,254 77,021 85,241 277,406 203,482 9,106,568 8,399,959 Net Asset Value (NAV) per Unit:(a) Net Asset as per Balance Sheet (Total Assets

less Current Liabilities and Provisions)425,315 423,254 77,021 85,241 277,406 203,482 9,106,568 8,399,959

(b) Number of Units outstanding 17,226,289 18,316,757 3,062,463 3,622,714 10,850,704 8,513,358 338,128,907 334,109,745







25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016

Particulars Schedule Kotak Pension Bond Fund

Kotak Group Bond Fund

Kotak Group Short Term Bond Fund

Kotak Group Secure Capital Fund

ULIF-017-15/04/04-PNBNDFND-107

ULGF-004-15/04/04-BNDFND-107

ULGF-018-18/12/13-SHTRMBND-107

ULGF-016-12/04/11-SECCAPFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders' Funds:

Policyholder contribution F-1 410,447 722,472 6,561,841 4,562,384 100,227 - 781,693 112,254


Revenue Account 315,444 268,922 2,159,419 1,642,946 3,132 - 57,910 24,624

Total 725,891 991,394 8,721,260 6,205,330 103,359 - 839,603 136,878

Application of Funds

Investments F-2 699,657 964,767 7,987,165 5,837,646 101,520 - 778,949 131,737

Current Assets F-3 29,127 104,180 764,693 806,092 1,842 - 63,483 15,412

Less: Current Liabilities and Provisions F-4 2,893 77,553 30,598 438,408 3 - 2,829 10,271

Net current assets 26,234 26,627 734,095 367,684 1,839 - 60,654 5,141

Total 725,891 991,394 8,721,260 6,205,330 103,359 - 839,603 136,878

Net Asset Value (NAV) per Unit:

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)

725,891 991,394 8,721,260 6,205,330 103,359 - 839,603 136,878

(b) Number of Units outstanding 26,840,227 39,311,739 305,341,373 233,683,772 10,022,344 - 53,004,672 9,268,504

(c) NAV per Unit (a)/(b) (Rs.) 27.0449 25.2188 28.5623 26.5544 10.3129 - 15.8402 14.7681

25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Dynamic Floating

Rate Fund Kotak Pension Floating

Rate Fund Kotak Group Floating

Rate Fund Kotak Group 57M FMP

07/04/2016 Kotak Dynamic Balanced

Fund

ULIF-020-07/12/04-DYFLTRFND-107

ULIF-022-07/12/04-PNFLTRFND-107

ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107

ULIF-009-27/06/03-DYBALFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds


Policyholder contribution F-1 72,708 90,485 8,644 29,896 74,114 83,620 177,663 183,766 (52,777) (43,071)

Appr/Ex-Appr Reserve - - - - - - - - - -

Revenue Account 152,097 139,265 23,728 21,615 95,817 85,846 99,028 76,470 230,581 231,692

Total 224,805 229,750 32,372 51,511 169,931 169,466 276,691 260,236 177,804 188,621


Investments F-2 228,301 325,022 32,510 50,643 176,115 165,846 208,888 206,696 175,909 186,826

Current Assets F-3 8,119 7,321 964 1,116 5,522 3,624 68,728 54,222 3,142 8,182

Less: Current Liabilities and Provisions F-4 11,615 102,593 1,102 248 11,706 4 925 682 1,247 6,387

Net current assets (3,496) (95,272) (138) 868 (6,184) 3,620 67,803 53,540 1,895 1,795

Total 224,805 229,750 32,372 51,511 169,931 169,466 276,691 260,236 177,804 188,621



224,805 229,750 32,372 51,511 169,931 169,466 276,691 260,236 177,804 188,621

(b) Number of Units outstanding 9,779,010 10,715,245 1,403,495 2,393,158 7,070,352 7,591,755 18,287,369 18,721,827 3,580,377 3,810,360

(c) NAV per Unit (a)/(b) (Rs.) 22.9886 21.4414 23.064682 21.5242 24.0343 22.3224 15.1302 13.9001 49.6605 49.5018




97


25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Guaranteed

Balanced Fund Kotak Pension Balanced

Fund Kotak Group Balanced

Fund Balanced Fund Pension Balanced Fund II

ULIF-010-27/06/03-GRTBALFND-107

ULIF-011-27/06/03-PNBALFND-107

ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

ULIF-046-24/01/10-PNBALFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds


Policyholder contribution F-1 99,652 342,083 868,129 1,067,223 1,857,177 1,578,917 443,527 282,682 18,722 35,403


Revenue Account 787,235 776,642 1,260,518 1,223,506 1,315,466 1,297,587 62,199 68,686 16,049 16,204

Total 886,887 1,118,725 2,128,647 2,290,729 3,172,643 2,876,504 505,726 351,368 34,771 51,607


Investments F-2 887,049 1,148,222 2,101,435 2,261,968 3,207,181 2,798,208 485,681 337,205 34,986 51,044

Current Assets F-3 18,132 63,361 44,094 125,923 54,614 179,262 23,932 26,740 667 2,333

Less: Current Liabilities and Provisions F-4 18,294 92,858 16,882 97,162 89,152 100,966 3,887 12,577 882 1,770

Net current assets (162) (29,497) 27,212 28,761 (34,538) 78,296 20,045 14,163 (215) 563

Total 886,887 1,118,725 2,128,647 2,290,729 3,172,643 2,876,504 505,726 351,368 34,771 51,607



886,887 1,118,725 2,128,647 2,290,729 3,172,643 2,876,504 505,726 351,368 34,771 51,607



25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Dynamic Growth

Fund Kotak Guaranteed

Growth Fund Kotak Pension Growth

Fund Kotak Aggressive Growth

Fund Frontline Equity Fund

ULIF-012-27/06/03-DYGWTFND-107

ULIF-013-27/06/03-GRTGWTFND-107

ULIF-030-07/01/09-PNGWTFND-107

ULIF-018-13/09/04-AGRGWTFND-107

ULIF-034-17/12/09-FRLEQUFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds


Policyholder contribution F-1 64,229 115,641 4,663,749 6,286,165 66,972 90,690 1,141,567 1,213,885 3,148,908 2,455,192


Revenue Account 534,152 553,312 5,827,684 5,869,910 102,210 103,546 1,654,988 1,849,176 841,652 1,033,558

Total 598,381 668,953 10,491,433 12,156,075 169,182 194,236 2,796,555 3,063,061 3,990,560 3,488,750


Investments F-2 593,394 665,657 10,480,234 12,142,457 167,845 194,352 2,800,578 3,064,838 3,942,123 3,473,344

Current Assets F-3 7,784 6,629 196,345 557,081 2,858 8,614 18,328 18,658 82,973 47,598

Less: Current Liabilities and Provisions F-4 2,797 3,333 185,146 543,463 1,521 8,730 22,351 20,435 34,536 32,192

Net current assets 4,987 3,296 11,199 13,618 1,337 (116) (4,023) (1,777) 48,437 15,406

Total 598,381 668,953 10,491,433 12,156,075 169,182 194,236 2,796,555 3,063,061 3,990,560 3,488,750



598,381 668,953 10,491,433 12,156,075 169,182 194,236 2,796,555 3,063,061 3,990,560 3,488,750








25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Pension Frontline Equity

FundKotak Opportunities

FundKotak Pension

Opportunities FundClassic Opportunities

FundPension Classic

Opportunities Fund

ULIF-044-11/01/10-PNFRLEQFND-107

ULIF-029-02/10/08-OPPFND-107

ULIF-032-17/07/09-PNOPPFND-107

ULIF-033-16/12/09-CLAOPPFND-107

ULIF-042-07/01/10-PNCLAOPFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds


Policyholder contribution F-1 181,290 250,767 5,332,072 5,255,101 172,354 173,217 12,714,051 10,741,114 760,815 1,173,203


Revenue Account 97,396 115,239 3,899,130 4,655,433 88,877 108,321 4,406,673 5,546,446 573,392 691,034

Total 278,686 366,006 9,231,202 9,910,534 261,231 281,538 17,120,724 16,287,560 1,334,207 1,864,237


Investments F-2 275,169 367,897 9,208,631 9,819,323 262,022 281,353 16,836,630 16,036,927 1,316,867 1,844,242

Current Assets F-3 5,296 1,817 60,787 102,499 1,668 581 356,235 276,864 20,490 22,457

Less: Current Liabilities and Provisions F-4 1,779 3,708 38,216 11,288 2,459 396 72,141 26,231 3,150 2,462

Net current assets 3,517 (1,891) 22,571 91,211 (791) 185 284,094 250,633 17,340 19,995

Total 278,686 366,006 9,231,202 9,910,534 261,231 281,538 17,120,724 16,287,560 1,334,207 1,864,237



278,686 366,006 9,231,202 9,910,534 261,231 281,538 17,120,724 16,287,560 1,334,207 1,864,237



25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Dynamic Floor Fund Kotak Group Dynamic

Floor FundKotak Pension Floor Fund Dynamic Floor Fund II Pension Floor Fund II

ULIF-028-14/11/06-DYFLRFND-107

ULGF-015-07/01/10-DYFLRFND-107

ULIF-031-13/07/09-PNFLRFND-107

ULIF-035-17/12/09-DYFLRFND2-107

ULIF-043-08/01/10-PNFLRKFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds


Policyholder contribution F-1 7,842,805 8,295,778 14,894 16,312 412,538 505,100 5,107,855 5,730,166 653,054 1,002,182


Revenue Account 1,710,657 1,985,843 21,656 21,933 70,278 88,050 1,143,597 1,342,298 149,529 174,703

Total 9,553,462 10,281,621 36,550 38,245 482,816 593,150 6,251,452 7,072,464 802,583 1,176,885


Investments F-2 9,412,122 10,171,003 35,685 38,001 473,750 586,180 6,118,165 6,987,697 782,599 1,160,142

Current Assets F-3 205,255 467,480 1,098 1,583 12,221 26,078 165,813 340,299 23,619 52,627

Less: Current Liabilities and Provisions F-4 63,915 356,862 233 1,339 3,155 19,108 32,526 255,532 3,635 35,884

Net current assets 141,340 110,618 865 244 9,066 6,970 133,287 84,767 19,984 16,743

Total 9,553,462 10,281,621 36,550 38,245 482,816 593,150 6,251,452 7,072,464 802,583 1,176,885



9,553,462 10,281,621 36,550 38,245 482,816 593,150 6,251,452 7,072,464 802,583 1,176,885






99


25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Guarantee Fund Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage

Multiplier Fund

ULIF-048-05/02/10-GRTFND-107

ULIF-038-21/12/09-PNGRTFND-107

ULIF-049-14/02/10-PKGRTFND1-107

ULIF-024-07/02/06-ADVMULFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of FundsPolicyholders' Funds:Policyholder contribution F-1 326,961 422,313 894,710 1,173,516 143,970 212,378 (18,472) (2,210)


Revenue Account 56,764 72,028 160,170 198,458 65,439 72,036 18,472 17,802

Total 383,725 494,341 1,054,880 1,371,974 209,409 284,414 0 15,592 Application of FundsInvestments F-2 379,038 488,317 1,042,716 1,360,548 205,578 281,071 9,314 15,236

Current Assets F-3 7,590 22,848 20,212 60,783 5,057 12,131 512 358

Less: Current Liabilities and Provisions F-4 2,903 16,824 8,048 49,357 1,226 8,788 9,826 2

Net current assets 4,687 6,024 12,164 11,426 3,831 3,343 (9,314) 356

Total 383,725 494,341 1,054,880 1,371,974 209,409 284,414 0 15,592 Net Asset Value (NAV) per Unit:(a) Net Asset as per Balance Sheet (Total Assets

less Current Liabilities and Provisions) 383,725 494,341 1,054,880 1,371,974 209,409 284,414 0 15,592

(b) Number of Units outstanding 25,351,646 32,110,234 73,038,494 93,392,682 14,481,248 19,299,463 0 977,348


25B Unit Linked Disclosures - Fund Balance SheetForm A-BS(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Advantage Plus

Fund Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Total

ULIF-023-06/02/06-ADVPLSFND-107

ULIF-026-21/04/06-ADVMULFND2-107

ULIF-027-21/04/06-ADVPLSFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year Previous Year

Sources of FundsPolicyholders' Funds:Policyholder contribution F-1 (182,484) (182,484) 1,910 1,910 (130,348) (129,885) 64,931,950 64,111,096


Revenue Account 182,484 182,484 13,378 12,718 132,620 132,510 31,618,126 33,191,326

Total - - 15,288 14,628 2,272 2,625 96,550,076 97,302,422 Application of FundsInvestments F-2 - - 14,866 14,309 2,080 2,489 94,527,588 95,777,989

Current Assets F-3 - - 423 321 192 136 2,820,278 4,558,209

Less: Current Liabilities and Provisions F-4 - - 1 2 0 0 797,790 3,033,776

Net current assets - - 422 319 192 136 2,022,488 1,524,433

Total - - 15,288 14,628 2,272 2,625 96,550,076 97,302,422 Net Asset Value (NAV) per Unit:(a) Net Asset as per Balance Sheet (Total

Assets less Current Liabilities and Provisions)

- - 15,288 14,628 2,272 2,625 96,550,076 97,302,422

(b) Number of Units outstanding - - 910,103 912,640 132,792 160,652 4,006,923,550 3,993,377,538

(c) NAV per Unit (a)/(b) (Rs.) - - 16.7983 16.0290 17.1110 16.3390






25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Group Money

Market Fund Money Market Fund Pension Money Market

Fund IIDiscontinued Policy

Fund ULGF-001-27/06/03-

MNMKFND-107 ULIF-041-05/01/10-

MNMKKFND-107 ULIF-039-28/12/09-PNMNMKFND-107


Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 1,521 25,897 118,010 137,556 10,113 14,943 156,810 118,165 Dividend income - - - - - - - - Profit on sale of investment 107 1,031 10,104 8,404 837 917 18,989 6,321 Profit on inter fund transfer / sale of investment 24 247 88 55 72 3 500 94 Loss on sale of investment - (37) (10) (371) (1) (39) (772) (367)Loss on inter fund transfer / sale of investment (4) (76) (25) (184) (35) (10) (96) (23)Miscellaneous Income - - - - - - - - Unrealised Gain/Loss* - - - - - - (10,941) 10,909 Total (A) 1,648 27,062 128,167 145,460 10,986 15,814 164,490 135,099 Fund administration expenses - - - - - - - - Fund management expenses 164 2,377 9,176 9,719 779 1,058 10,594 7,655 Service Tax, Education Cess & Swachh Bharat Cess 22 294 1,279 1,201 108 131 1,474 946 Other charges : F-5 11 5 24,104 23,782 1,509 3,522 0 - Total (B) 197 2,676 34,559 34,702 2,396 4,711 12,068 8,601 Net Income for the year (A-B) 1,451 24,386 93,608 110,758 8,590 11,103 152,422 126,498 Add: Fund revenue account at the beginning of the year 42,568 18,182 196,930 86,173 22,103 11,000 211,248 84,750 Fund revenue account at the end of the year 44,019 42,568 290,538 196,930 30,693 22,103 363,670 211,248 * Net Change in Mark to Market value of Investments

25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Dynamic Gilt

Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond

Fund ULIF-006-27/06/03-

DYGLTFND-107 ULIF-008-27/06/03-

PNGLTFND-107 ULGF-002-27/06/03-

GLTFND-107 ULIF-015-15/04/04-

DYBNDFND-107 Current

Year Previous

Year Current

Year Previous

Year Current

Year Previous

Year Current

Year Previous

Year Interest income 31,293 31,493 6,169 6,684 17,378 13,738 659,891 641,413 Dividend income - - - - - - - - Profit on sale of investment 8,408 34,465 1,673 7,376 4,602 15,389 174,325 596,012 Profit on inter fund transfer / sale of investment - 111 - 80 - 0 5,764 1,475 Loss on sale of investment (10,389) (3,501) (2,047) (718) (5,708) (1,442) (202,611) (101,596)Loss on inter fund transfer / sale of investment - (607) (3) (96) - (108) (2,219) (828)Miscellaneous Income (0) - (0) - (0) - (0) - Unrealised Gain/Loss* 2,963 6,871 483 1,472 2,102 2,954 67,894 129,074 Total (A) 32,275 68,832 6,275 14,798 18,374 30,531 703,044 1,265,550 Fund administration expenses - - - - - - - - Fund management expenses 4,176 3,907 820 833 1,870 1,365 101,519 93,854 Service Tax, Education Cess & Swachh Bharat Cess 581 483 114 103 261 169 14,135 11,600 Other charges : F-5 3,697 4,660 608 826 418 97 90,009 100,906 Total (B) 8,454 9,050 1,542 1,762 2,549 1,631 205,663 206,360 Net Income for the year (A-B) 23,821 59,782 4,733 13,036 15,825 28,900 497,381 1,059,190 Add: Fund revenue account at the beginning of the year 198,445 138,663 41,043 28,007 68,950 40,050 1,709,197 650,007 Fund revenue account at the end of the year 222,266 198,445 45,776 41,043 84,775 68,950 2,206,578 1,709,197 * Net Change in Mark to Market value of Investments




101


25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Pension Bond

Fund Kotak Group Bond

Fund Kotak Group Short Term

Bond Fund Kotak Group Secure

Capital Fund ULIF-017-15/04/04-

PNBNDFND-107ULGF-004-15/04/04-

BNDFND-107ULGF-018-18/12/13-

SHTRMBND-107ULGF-016-12/04/11-

SECCAPFND-107Current

Year Previous

Year Current

Year Previous

Year Current

Year Previous

Year Current

Year Previous

Year Interest income 64,263 84,107 533,752 389,307 3,500 - 28,444 7,849 Dividend income - - - - - - - - Profit on sale of investment 16,604 78,440 137,344 364,583 175 - 7,227 7,340 Profit on inter fund transfer / sale of investment 3,007 1,280 1,134 400 - - 37 150 Loss on sale of investment (19,694) (14,242) (162,319) (59,479) (126) - (7,680) (1,094)Loss on inter fund transfer / sale of investment (1,882) (31) (99) (2) (3) - (3) (53)Miscellaneous Income (0) - (0) - - - - - Unrealised Gain/Loss* 3,310 15,687 75,934 73,657 1 - 9,029 1,268 Total (A) 65,608 165,241 585,746 768,466 3,547 - 37,054 15,460 Fund administration expenses - - - - - - - - Fund management expenses 9,858 12,293 54,856 38,147 363 - 3,286 878 Service Tax, Education Cess & Swachh Bharat Cess 1,365 1,519 7,657 4,715 52 - 466 108 Other charges : F-5 7,863 13,793 6,760 8,476 - - 16 34 Total (B) 19,086 27,605 69,273 51,338 415 - 3,768 1,020 Net Income for the year (A-B) 46,522 137,636 516,473 717,128 3,132 - 33,286 14,440 Add: Fund revenue account at the beginning of the year 268,922 131,286 1,642,946 925,818 - - 24,624 10,184 Fund revenue account at the end of the year 315,444 268,922 2,159,419 1,642,946 3,132 - 57,910 24,624 * Net Change in Mark to Market value of Investments

25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Dynamic Floating

Rate Fund Kotak Pension Floating

Rate Fund Kotak Group Floating

Rate Fund Kotak Group 57M FMP

07/04/2016 Kotak Dynamic Balanced

Fund



ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107


Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 17,528 31,623 3,016 4,281 10,482 25,826 24,286 23,041 5,830 6,166

Dividend income - - - - - - - - 1,306 1,183

Profit on sale of investment 2,213 6,897 430 952 1,632 6,778 501 0 15,503 33,818

Profit on inter fund transfer / sale of investment 2,068 623 280 50 492 1,979 - - - 49

Loss on sale of investment (352) (268) (48) (39) (205) (298) (16) - (4,121) (2,011)

Loss on inter fund transfer / sale of investment - (83) (17) (4) - (52) - - - (10)

Miscellaneous Income (0) - (0) - (0) - - - (0) -

Unrealised Gain/Loss* (2,726) 4,244 (394) 585 (1,026) 1,135 (1,000) 987 (15,279) 10,716

Total (A) 18,731 43,036 3,267 5,825 11,375 35,368 23,771 24,028 3,239 49,911

Fund administration expenses - - - - - - - - - -

Fund management expenses 2,700 4,655 472 635 1,086 2,546 1,065 1,000 2,357 2,407

Service Tax, Education Cess & Swachh Bharat Cess

376 575 65 78 150 315 148 123 328 298

Other charges : 2,823 4,096 617 367 168 299 - - 1,666 2,118

Total (B) 5,899 9,326 1,154 1,080 1,404 3,160 1,213 1,123 4,351 4,823

Net Income for the year (A-B) 12,832 33,710 2,113 4,745 9,971 32,208 22,558 22,905 (1,112) 45,088

Add: Fund revenue account at the beginning of the year

139,265 105,555 21,615 16,870 85,846 53,638 76,470 53,565 231,693 186,604

Fund revenue account at the end of the year 152,097 139,265 23,728 21,615 95,817 85,846 99,028 76,470 230,581 231,693

* Net Change in Mark to Market value of Investments






25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Guaranteed

Balanced Fund Kotak Pension Balanced

Fund Kotak Group Balanced

Fund Balanced Fund Pension Balanced Fund II



ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

ULIF-046-24/01/10-PNBALFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 43,669 56,992 95,528 112,504 94,921 82,447 13,268 8,560 1,273 1,786

Dividend income 5,591 4,777 12,184 9,521 20,810 15,042 2,827 1,450 314 344

Profit on sale of investment 82,988 145,917 147,812 289,598 189,432 395,845 19,345 34,626 4,561 8,793

Profit on inter fund transfer / sale of investment 955 180 496 974 416 - - - 9 2,870

Loss on sale of investment (24,592) (15,707) (51,255) (31,315) (65,866) (26,513) (9,354) (2,791) (1,079) (633)

Loss on inter fund transfer / sale of investment (298) - (92) (220) (6) (11) - - (9) (17)

Miscellaneous Income (0) - (0) - (0) - - - - -

Unrealised Gain/Loss* (76,663) 80,827 (132,159) 155,577 (187,984) 180,973 (16,230) 24,536 (4,128) 1,528

Total (A) 31,650 272,986 72,514 536,639 51,723 647,783 9,856 66,381 941 14,671


Fund management expenses 13,023 15,356 28,411 30,125 28,543 24,550 5,455 3,467 554 731


1,808 1,898 3,951 3,724 3,975 3,034 762 428 77 90

Other charges : 6,226 7,830 3,140 17,375 1,326 996 10,126 6,670 465 2,564

Total (B) 21,057 25,084 35,502 51,224 33,844 28,580 16,343 10,565 1,096 3,385

Net Income for the year (A-B) 10,593 247,902 37,012 485,415 17,879 619,203 (6,487) 55,816 (155) 11,286


776,642 528,740 1,223,506 738,091 1,297,587 678,384 68,686 12,870 16,204 4,918

Fund revenue account at the end of the year 787,235 776,642 1,260,518 1,223,506 1,315,466 1,297,587 62,199 68,686 16,049 16,204


25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Dynamic Growth

Fund Kotak Guaranteed

Growth Fund Kotak Pension Growth

Fund Kotak Aggressive Growth

Fund Frontline Equity Fund






Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 11,868 12,403 405,738 505,818 6,296 8,231 6,647 4,878 11,626 7,458

Dividend income 6,130 5,244 77,400 64,551 1,251 1,117 36,976 30,392 44,871 26,501

Profit on sale of investment 66,066 126,378 954,583 1,765,291 16,507 32,310 294,008 682,969 304,037 435,415

Profit on inter fund transfer / sale of investment 763 - 10,532 5,573 - 40 5 7,333 - 6

Loss on sale of investment (12,554) (5,049) (270,526) (158,245) (4,537) (2,733) (58,679) (29,225) (92,773) (35,679)

Loss on inter fund transfer / sale of investment - (6) (1,068) (1,209) (28) (53) 0 (20) - (37)

Miscellaneous Income (0) - (0) - - - (0) - - -

Unrealised Gain/Loss* (74,900) 52,158 (943,369) 920,956 (15,476) 13,471 (388,635) 284,724 (359,401) 444,095

Total (A) (2,627) 191,128 233,290 3,102,735 4,013 52,383 (109,678) 981,051 (91,640) 877,759


Fund management expenses 9,423 9,516 169,555 185,181 2,744 3,146 46,339 45,951 49,605 36,979


1,310 1,176 23,561 22,888 381 389 6,442 5,679 6,917 4,571

Other charges : 5,800 6,814 82,400 114,064 2,224 4,328 31,729 37,038 43,744 35,916

Total (B) 16,533 17,506 275,516 322,133 5,349 7,863 84,510 88,668 100,266 77,466

Net Income for the year (A-B) (19,160) 173,622 (42,226) 2,780,602 (1,336) 44,520 (194,188) 892,383 (191,906) 800,293


553,312 379,690 5,869,910 3,089,308 103,546 59,026 1,849,176 956,793 1,033,558 233,265

Fund revenue account at the end of the year 534,152 553,312 5,827,684 5,869,910 102,210 103,546 1,654,988 1,849,176 841,652 1,033,558





103


25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Pension Frontline Equity

FundKotak Opportunities Fund Kotak Pension

Opportunities FundClassic Opportunities Fund Pension Classic

Opportunities Fund


ULIF-029-02/10/08-OPPFND-107




Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 544 675 15,223 10,999 551 414 35,921 30,442 1,942 1,678

Dividend income 4,116 3,475 108,147 92,564 3,020 2,273 185,562 124,590 18,612 18,690

Profit on sale of investment 48,853 68,481 1,233,387 2,048,748 32,731 45,137 1,713,795 2,279,847 279,825 427,403

Profit on inter fund transfer / sale of investment 1,014 407 87 1,365 0 1 20 10 1,093 1,073

Loss on sale of investment (8,966) (3,932) (310,073) (129,412) (9,191) (3,632) (550,597) (172,459) (57,974) (25,377)

Loss on inter fund transfer / sale of investment (126) (1) - (12) (2) (7) (6) (26) (305) (29)

Miscellaneous Income - - - - - - - - - -

Unrealised Gain/Loss* (54,492) 43,902 (1,452,800) 1,436,721 (37,979) 43,589 (2,048,854) 2,499,485 (315,818) 266,177

Total (A) (9,057) 113,007 (406,029) 3,460,973 (10,870) 87,775 (664,159) 4,761,889 (72,625) 689,615


Fund management expenses 4,357 4,561 188,512 178,120 5,365 4,743 219,765 172,374 21,598 23,688


604 564 26,215 22,016 746 586 30,610 21,305 2,993 2,930

Other charges : 3,825 11,111 135,547 170,994 2,463 3,663 225,239 210,582 20,425 71,103

Total (B) 8,786 16,236 350,274 371,130 8,574 8,992 475,614 404,261 45,016 97,721

Net Income for the year (A-B) (17,843) 96,771 (756,303) 3,089,843 (19,444) 78,783 (1,139,773) 4,357,628 (117,641) 591,894


115,239 18,468 4,655,433 1,565,590 108,321 29,538 5,546,446 1,188,818 691,033 99,140

Fund revenue account at the end of the year 97,396 115,239 3,899,130 4,655,433 88,877 108,321 4,406,673 5,546,446 573,392 691,033


25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Dynamic Floor Fund Kotak Group Dynamic

Floor FundKotak Pension Floor Fund Dynamic Floor Fund II Pension Floor Fund II




ULIF-035-17/12/09-DYFLRFND2-107


Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 463,382 424,825 1,702 1,499 24,446 25,810 304,189 276,782 43,926 50,691

Dividend income 56,181 77,996 204 261 3,090 4,885 39,378 51,960 5,919 9,705

Profit on sale of investment 345,258 1,606,732 1,329 5,792 20,674 102,422 226,659 1,073,493 39,561 204,387

Profit on inter fund transfer / sale of investment 1,082 438 - - - 201 481 234 398 560

Loss on sale of investment (607,515) (200,807) (2,352) (679) (33,479) (12,304) (423,612) (136,518) (63,743) (25,274)

Loss on inter fund transfer / sale of investment (1,911) (609) - (0) (160) (121) (290) (107) (389) (133)

Miscellaneous Income (0) - - - - - - - - -

Unrealised Gain/Loss* (160,873) 38,367 (632) (5) (10,412) 862 (165,945) 16,994 (30,941) 1,827

Total (A) 95,604 1,946,942 251 6,868 4,159 121,755 (19,140) 1,282,838 (5,269) 241,763


Fund management expenses 169,127 184,171 464 466 9,230 11,301 88,101 94,624 12,857 17,380


23,514 22,764 64 58 1,282 1,397 12,246 11,695 1,780 2,148

Other charges : 178,148 253,070 - (1) 11,419 19,109 79,214 170,816 5,268 46,109

Total (B) 370,789 460,005 528 523 21,931 31,807 179,561 277,135 19,905 65,637

Net Income for the year (A-B) (275,185) 1,486,937 (277) 6,345 (17,772) 89,948 (198,701) 1,005,703 (25,174) 176,126


1,985,842 498,906 21,933 15,588 88,050 (1,898) 1,342,298 336,595 174,703 (1,423)

Fund revenue account at the end of the year 1,710,657 1,985,842 21,656 21,933 70,278 88,050 1,143,597 1,342,298 149,529 174,703







25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Guarantee Fund Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage

Multiplier Fund ULIF-048-05/02/10-

GRTFND-107 ULIF-038-21/12/09-

PNGRTFND-107 ULIF-049-14/02/10-

PKGRTFND1-107 ULIF-024-07/02/06-ADVMULFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 19,957 19,011 55,681 55,765 11,600 11,545 1,233 1,358 Dividend income 2,492 3,615 6,801 10,496 1,379 2,202 - - Profit on sale of investment 16,629 75,240 45,565 218,876 9,734 46,374 58 48 Profit on inter fund transfer / sale of investment - - 144 196 - 5 46 - Loss on sale of investment (27,289) (9,387) (74,515) (27,790) (15,170) (5,619) (7) (23)Loss on inter fund transfer / sale of investment - - (1) - (24) (96) (58) - Miscellaneous Income - - - - - - (0) - Unrealised Gain/Loss* (13,612) 947 (38,383) 3,534 (7,866) 167 (85) 176 Total (A) (1,823) 89,426 (4,708) 261,077 (347) 54,578 1,187 1,559 Fund administration expenses - - - - - - - - Fund management expenses 5,805 6,619 15,810 19,081 4,312 5,173 454 485 Service Tax, Education Cess & Swachh Bharat Cess 805 818 2,193 2,358 598 639 63 60 Other charges : F-5 6,832 15,099 15,577 39,655 1,340 4,294 - - Total (B) 13,442 22,536 33,580 61,094 6,250 10,106 517 545 Net Income for the year (A-B) (15,265) 66,890 (38,288) 199,983 (6,597) 44,472 669.6363 1,014 Add: Fund revenue account at the beginning of the year 72,029 5,138 198,458 (1,525) 72,036 27,564 17,802 16,788 Fund revenue account at the end of the year 56,764 72,029 160,170 198,458 65,439 72,036 18,472 17,802 * Net Change in Mark to Market value of Investments

25C Unit Linked Disclosures - Fund Revenue AccountForm A-RA(UL)Fund Balance Sheet for the Year Ended March 31, 2016Particulars Schedule Kotak Advantage Plus

Fund Kotak Advantage Multiplier Fund II


Total




Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income - - 1,146 1,163 170 201 3,364,732 3,276,024 Dividend income - - - - - - 644,560 562,836 Profit on sale of investment - - 53 24 7 5 6,494,128 13,288,875 Profit on inter fund transfer / sale of investment - - 54 7 10 5 31,070 28,075 Loss on sale of investment - - (1) (38) (0) - (3,191,796) (1,246,646)Loss on inter fund transfer / sale of investment - - (2) - - - (9,161) (4,881)Miscellaneous Income - - (0) - (0) - (0) - Unrealised Gain/Loss* - - (37) 295 5 44 (6,407,316) 6,771,485 Total (A) - - 1,213 1,451 192 255 926,217 22,675,769 Fund administration expenses - - - - - - - - Fund management expenses - - 448 435 72 83 1,305,066 1,261,634 Service Tax, Education Cess & Swachh Bharat Cess - - 63 54 10 10 181,554 155,941 Other charges : F-5 - - 42 42 - - 1,012,797 1,412,221 Total (B) - - 553 531 82 93 2,499,417 2,829,795 Net Income for the year (A-B) - - 660 920 110 162 (1,573,200) 19,845,974 Add: Fund revenue account at the beginning of the year 182,484 182,484 12,718 11,798 132,510 132,348 33,191,326 13,345,353 Fund revenue account at the end of the year 182,484 182,484 13,378 12,718 132,620 132,510 31,618,126 33,191,326 * Net Change in Mark to Market value of Investments




105


25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetFund Balance Sheet for the Year Ended March 31, 2016Schedule: F-1

POLICYHOLDERS’ CONTRIBUTION

Particulars Kotak Group Money Market Fund

Money Market Fund Pension Money Market Fund II

Discontinued Policy Fund

Kotak Dynamic Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

ULGF-001-27/06/03-MNMKFND-107






ULGF-002-27/06/03-GLTFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance (10,168) 357,079 1,342,962 1,657,864 139,200 173,856 1,696,633 954,459 224,809 250,533 44,198 59,542 134,532 126,587

Add: Additions during the year* 980 31,456 1,176,715 1,223,134 57,336 108,655 1,117,453 1,202,613 94,938 189,089 4,761 15,966 87,966 35,449

Less: Deductions during the year* 32,803 398,703 924,759 1,538,036 119,607 143,311 1,574,084 460,439 116,698 214,813 17,714 31,310 29,867 27,504

Closing balance (41,991) (10,168) 1,594,918 1,342,962 76,929 139,200 1,240,002 1,696,633 203,049 224,809 31,245 44,198 192,631 134,532

* Additions represents units creation and deductions represents units cancellation

Schedule: F-2

INVESTMENTS







ULGF-001-27/06/03-MNMKFND-107






ULGF-002-27/06/03-GLTFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds - - - - - - 1,231,971 1,206,355 352,527 384,307 66,170 78,030 230,570 175,808

Corporate Bonds - - - - - - - - - - - - - -

Infrastructure Bonds - - - - - - - - - - - - - -

Equity - - - - - - - - - - - - - -

Money Market 1,999 31,495 1,793,025 1,477,349 107,307 161,265 420,790 606,340 60,230 6,992 9,167 1,498 41,387 17,978

Fixed Deposits - - - - - - - - - - - - - -

Mutual Funds - 897 - 5,067 - - - 87,079 - 18,176 - 3,505 - 9,311

Total 1,999 32,392 1,793,025 1,482,416 107,307 161,265 1,652,761 1,899,775 412,757 409,475 75,337 83,034 271,957 203,097

Other Investments

Corporate Bonds - - - - - - - - - - - - - -


Equity - - - - - - - - - - - - - -

Money Market - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - -

Venture Capital - - - - - - - - - - - - - -

PTC - - - - - - - - - - - - - -

Infrastructure Development Fund - - - - - - - - - - - - - -

Total - - - - - - - - - - - - - -

GRAND TOTAL 1,999 32,392 1,793,025 1,482,416 107,307 161,265 1,652,761 1,899,775 412,757 409,475 75,337 83,034 271,957 203,097

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Schedule: F-3

CURRENT ASSETS







ULGF-001-27/06/03-MNMKFND-107






ULGF-002-27/06/03-GLTFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest - - - - - - 30,376 24,639 7,807 7,894 1,477 1,617 5,279 3,609

Cash & Bank Balance 155 1 179 78 195 120 148 21 201 15 77 4 263 30

Dividend Receivable - - - - - - - - - - - - - -

Receivable for Sale of Investments - - - - - - - - 1,250 32,876 257 6,661 28 13,840

Unit Collection A/c# - - - - - - - - - - - - - -

Margin Money - - - - - - - - - - - - - -

Share Application Money - - - - - - - - - - - - - -

Other Current Assets (for Investments) - 8 92,286 57,426 122 - - - 4,590 2,044 111 - 711 19

Total 155 9 92,465 57,504 317 120 30,524 24,660 13,848 42,829 1,922 8,282 6,281 17,498








Particulars Kotak Dynamic Bond Fund

Kotak Pension Bond Fund




Kotak Dynamic Floating Rate Fund

Kotak Pension Floating Rate Fund



ULGF-004-15/04/04-BNDFND-107





Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 6,690,762 7,292,112 722,472 968,564 4,562,384 3,433,472 - - 112,254 59,002 90,485 312,955 29,896 39,528

Add: Additions during the year* 2,711,124 2,744,815 180,528 240,742 2,864,732 1,795,635 100,227 - 776,322 70,165 52,114 124,980 2,418 5,359

Less: Deductions during the year* 2,501,896 3,346,165 492,553 486,834 865,275 666,723 - - 106,883 16,913 69,891 347,450 23,670 14,991

Closing balance 6,899,990 6,690,762 410,447 722,472 6,561,841 4,562,384 100,227 - 781,693 112,254 72,708 90,485 8,644 29,896


Schedule: F-2

INVESTMENTS










ULGF-004-15/04/04-BNDFND-107





Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year


Government Bonds 5,550,137 4,896,193 455,534 596,192 4,961,387 3,586,646 29,724 - 459,167 79,494 111,924 147,860 15,686 23,148

Corporate Bonds 1,010,019 1,013,125 83,261 120,680 931,452 620,427 9,272 - 94,580 16,294 33,219 48,294 4,458 6,546

Infrastructure Bonds 1,357,354 1,782,321 108,180 202,214 1,197,677 1,139,594 28,778 - 111,417 22,246 12,983 46,153 1,997 7,024

Equity - - - - - - - - - - - - - -

Money Market 809,584 243,106 43,582 31,288 857,399 233,618 33,746 - 113,335 7,065 70,175 80,190 10,369 11,532

Fixed Deposits 20,600 20,600 9,100 9,100 39,250 39,250 - - 450 450 - - - -

Mutual Funds - 89,979 - 5,293 - 218,111 - - - 6,188 - 2,525 - 2,393

Total 8,747,694 8,045,324 699,657 964,767 7,987,165 5,837,646 101,520 - 778,949 131,737 228,301 325,022 32,510 50,643

Other Investments

Corporate Bonds - - - - - - - - - - - - - -


Equity - - - - - - - - - - - - - -

Money Market - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - -

Venture Capital - - - - - - - - - - - - - -

PTC - - - - - - - - - - - - - -


Total - - - - - - - - - - - - - -

GRAND TOTAL 8,747,694 8,045,324 699,657 964,767 7,987,165 5,837,646 101,520 - 778,949 131,737 228,301 325,022 32,510 50,643



Schedule: F-3

CURRENT ASSETS










ULGF-004-15/04/04-BNDFND-107





Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 240,945 218,508 23,675 28,852 226,896 161,754 1,627 - 19,466 3,360 4,755 7,319 660 1,114

Cash & Bank Balance 159 62 100 6 175 71 172 - 324 7 337 2 304 2

Dividend Receivable - - - - - - - - - - - - - -

Receivable for Sale of Investments 25,786 626,805 3,297 75,322 30,327 470,075 - - 216 10,201 - - - -


Margin Money - - - - - - - - - - - - - -


Other Current Assets (for Investments) 126,058 136,718 2,055 - 507,295 174,192 43 - 43,477 1,844 3,027 - - -

Total 392,948 982,093 29,127 104,180 764,693 806,092 1,842 - 63,483 15,412 8,119 7,321 964 1,116




107




Particulars Kotak Group Floating Rate Fund

Kotak Group 57M FMP 07/04/2016

Kotak Dynamic Balanced Fund

Kotak Guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107




ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 83,620 282,143 183,766 190,991 (43,071) (14,175) 342,083 616,656 1,067,223 1,593,702 1,578,917 1,435,980 282,682 180,908

Add: Additions during the year* 46,951 102,383 - - 13,349 24,164 56,784 99,443 169,845 202,626 529,888 356,450 245,410 185,713

Less: Deductions during the year* 56,457 300,906 6,103 7,225 23,055 53,060 299,215 374,016 368,939 729,105 251,628 213,513 84,565 83,939

Closing balance 74,114 83,620 177,663 183,766 (52,777) (43,071) 99,652 342,083 868,129 1,067,223 1,857,177 1,578,917 443,527 282,682


Schedule: F-2

INVESTMENTS







Balanced Fund

ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107




ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year


Government Bonds 79,901 72,260 - - 45,152 45,928 320,738 385,592 745,096 757,023 723,440 686,123 123,121 75,718

Corporate Bonds 24,302 24,652 - 20,128 6,595 8,628 58,847 71,234 141,545 142,036 147,758 114,999 23,192 11,535

Infrastructure Bonds 10,986 22,083 65,382 66,040 13,929 12,661 79,652 139,317 185,340 262,719 193,184 252,996 27,950 25,242

Equity - - - - 85,254 94,802 346,043 448,114 798,302 876,205 1,497,760 1,386,451 230,617 163,169

Money Market 60,926 39,229 22,978 - 12,233 5,719 34,100 30,142 122,735 59,128 444,809 80,508 51,982 23,374

Fixed Deposits - - 120,528 120,528 396 396 1,535 1,535 5,248 5,248 2,326 2,326 4 4

Mutual Funds - 7,622 - - - 5,303 - 6,300 - 32,005 - 79,821 - 15,420

Total 176,115 165,846 208,888 206,697 163,559 173,436 840,915 1,082,234 1,998,266 2,134,363 3,009,277 2,603,224 456,866 314,461

Other Investments

Corporate Bonds - - - - - - - - - - - - - -


Equity - - - - 12,350 13,389 46,134 65,988 103,169 127,604 197,904 194,984 28,815 22,743

Money Market - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - -

Venture Capital - - - - - - - - - - - - - -

PTC - - - - - - - - - - - - - -


Total - - - - 12,350 13,389 46,134 65,988 103,169 127,604 197,904 194,984 28,815 22,743

GRAND TOTAL 176,115 165,846 208,888 206,697 175,909 186,826 887,049 1,148,222 2,101,435 2,261,968 3,207,181 2,798,208 485,681 337,204



Schedule: F-3

CURRENT ASSETS







Balanced Fund

ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107




ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 3,598 3,617 68,662 54,219 1,903 1,847 12,347 15,595 30,418 30,683 30,629 27,662 5,172 2,958


Dividend Receivable - - - - 11 3 24 8 90 17 162 34 21 2

Receivable for Sale of Investments - - - - 858 6,251 5,314 47,749 10,262 93,376 7,905 92,968 527 11,054


Margin Money - - - - - - - - - - - - - -


Other Current Assets (for Investments) 1,502 2 - - 0 78 - - 3,002 1,831 15,833 58,568 17,910 12,697

Total 5,522 3,624 68,728 54,222 3,142 8,182 18,132 63,361 44,094 125,923 54,614 179,262 23,932 26,740








Particulars Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak Guaranteed Growth Fund

Kotak Pension Growth Fund

Kotak Aggressive Growth Fund

Frontline Equity Fund Pension Frontline Equity Fund

ULIF-046-24/01/10-PNBALFND2-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 35,403 43,283 115,641 184,806 6,286,165 9,074,221 90,690 157,564 1,213,885 1,551,854 2,455,192 1,522,123 250,767 240,642

Add: Additions during the year* 12,875 29,702 41,392 41,680 549,739 730,171 20,679 27,452 234,462 265,492 1,602,018 1,652,689 86,170 152,673

Less: Deductions during the year* 29,556 37,582 92,804 110,845 2,172,155 3,518,227 44,397 94,326 306,780 603,461 908,302 719,620 155,647 142,548

Closing balance 18,722 35,403 64,229 115,641 4,663,749 6,286,165 66,972 90,690 1,141,567 1,213,885 3,148,908 2,455,192 181,290 250,767


Schedule: F-2

INVESTMENTS







ULIF-046-24/01/10-PNBALFND2-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year


Government Bonds 9,101 12,246 91,632 100,896 3,052,626 3,278,001 48,583 53,141 - - - - - -

Corporate Bonds 1,109 2,112 3,150 5,257 549,344 640,726 8,929 10,966 - - - - - -

Infrastructure Bonds 2,138 3,470 35,543 43,248 769,670 1,254,579 11,281 13,080 - - - - - -

Equity 16,859 24,518 389,227 439,599 4,937,307 5,778,012 77,916 92,683 2,382,172 2,609,902 3,291,546 2,950,159 234,485 314,750

Money Market 3,295 2,970 16,464 - 498,074 279,401 10,633 3,315 111,914 120,841 213,785 116,325 6,968 7,652

Fixed Deposits 9 9 1,871 1,871 27,951 27,951 313 313 10,162 10,162 551 551 92 92

Mutual Funds - 2,151 - 12,582 - 46,679 - 7,472 - 231 - 459 - 432

Total 32,511 47,475 537,887 603,454 9,834,972 11,305,348 157,655 180,969 2,504,248 2,741,136 3,505,882 3,067,495 241,545 322,925

Other Investments

Corporate Bonds - - - - - - - - - - - - - -


Equity 2,475 3,568 55,507 62,204 645,262 837,108 10,190 13,382 296,330 323,702 436,241 405,850 33,624 44,971

Money Market - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - -

Venture Capital - - - - - - - - - - - - - -

PTC - - - - - - - - - - - - - -


Total 2,475 3,568 55,507 62,204 645,262 837,108 10,190 13,382 296,330 323,702 436,241 405,850 33,624 44,971

GRAND TOTAL 34,986 51,043 593,394 665,658 10,480,234 12,142,456 167,845 194,352 2,800,578 3,064,838 3,942,123 3,473,344 275,169 367,897



Schedule: F-3

CURRENT ASSETS







ULIF-046-24/01/10-PNBALFND2-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 335 484 3,762 4,063 127,618 143,827 1,808 2,030 558 622 30 34 5 6


Dividend Receivable 2 1 48 13 343 125 10 2 241 73 328 41 30 7

Receivable for Sale of Investments 250 1,696 3,514 2,473 68,266 413,085 857 6,579 14,510 14,952 23,009 16,185 3,781 1,796


Margin Money - - - - - - - - - - - - - -


Other Current Assets (for Investments) - 147 7 75 - 0 3 - 2,985 2,922 59,595 31,268 990 -

Total 667 2,333 7,784 6,629 196,345 557,081 2,858 8,614 18,328 18,658 82,973 47,598 5,296 1,817




109




Particulars Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor Fund Kotak Group Dynamic Floor Fund

Kotak Pension Floor Fund

ULIF-029-02/10/08-OPPFND-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 5,255,101 5,857,776 173,217 133,886 10,741,114 7,983,785 1,173,203 1,407,251 8,295,778 9,754,039 16,312 22,648 505,100 669,650

Add: Additions during the year* 1,213,417 1,551,543 86,219 111,957 5,177,366 5,259,556 249,551 421,793 1,035,910 1,360,418 809 1,125 58,364 73,853

Less: Deductions during the year* 1,136,446 2,154,218 87,082 72,626 3,204,429 2,502,227 661,939 655,841 1,488,883 2,818,679 2,227 7,461 150,926 238,403

Closing balance 5,332,072 5,255,101 172,354 173,217 12,714,051 10,741,114 760,815 1,173,203 7,842,805 8,295,778 14,894 16,312 412,538 505,100


Schedule: F-2

INVESTMENTS







ULIF-029-02/10/08-OPPFND-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year


Government Bonds - - - - - - - - 3,569,199 2,674,264 14,873 10,037 184,743 156,369

Corporate Bonds - - - - - - - - 724,806 690,376 242 244 39,950 41,301

Infrastructure Bonds - - - - - - - - 744,848 1,098,794 2,383 4,458 31,979 52,887

Equity 7,919,768 8,278,540 223,344 235,167 14,297,377 13,376,438 1,150,703 1,559,568 3,057,201 4,258,119 9,287 15,388 155,855 245,795

Money Market 179,354 78,390 7,560 3,988 566,930 330,692 7,111 10,038 924,168 940,216 7,415 5,625 40,165 56,196

Fixed Deposits 12,245 12,245 130 130 3,148 3,148 401 401 6,783 6,783 345 345 750 750

Mutual Funds - 80 - 291 - 133 - - - 328,357 - 1,277 - 23,023

Total 8,111,367 8,369,255 231,034 239,576 14,867,455 13,710,412 1,158,215 1,570,007 9,027,005 9,996,909 34,545 37,374 453,442 576,320

Other Investments

Corporate Bonds - - - - - - - - - - - - - -


Equity 1,097,264 1,450,068 30,988 41,777 1,969,175 2,326,516 158,652 274,235 385,117 174,094 1,140 627 20,308 9,859

Money Market - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - -

Venture Capital - - - - - - - - - - - - - -

PTC - - - - - - - - - - - - - -


Total 1,097,264 1,450,068 30,988 41,777 1,969,175 2,326,516 158,652 274,235 385,117 174,094 1,140 627 20,308 9,859

GRAND TOTAL 9,208,631 9,819,323 262,022 281,353 16,836,630 16,036,927 1,316,867 1,844,243 9,412,122 10,171,003 35,685 38,001 473,750 586,179



Schedule: F-3

CURRENT ASSETS







ULIF-029-02/10/08-OPPFND-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 673 750 7 8 173 193 22 25 151,717 136,654 475 411 7,928 7,699

Cash & Bank Balance 39 28 314 6 205 44 198 74 972 1,692 447 10 304 103

Dividend Receivable 200 309 4 7 227 403 40 60 237 538 1 2 13 32

Receivable for Sale of Investments 43,135 86,239 1,343 560 70,407 45,124 20,230 22,298 37,355 311,576 175 1,160 3,320 18,063


Margin Money - - - - - - - - - - - - - -


Other Current Assets (for Investments) 16,740 15,173 - - 285,223 231,100 - - 14,974 17,020 - - 656 181

Total 60,787 102,499 1,668 581 356,235 276,864 20,490 22,457 205,255 467,480 1,098 1,583 12,221 26,078








Particulars Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund Pension Guarantee Fund

Peak Guarantee Fund I

Kotak Advantage Multiplier Fund

Kotak Advantage Plus Fund

ULIF-035-17/12/09-DYFLRFND2-107


ULIF-048-05/02/10-GRTFND-107


ULIF-049-14/02/10-PKGRTFND1-107



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 5,730,166 6,307,921 1,002,182 1,295,661 422,313 468,423 1,173,516 1,374,601 212,378 269,008 (2,210) 148 (182,484) (182,484)

Add: Additions during the year* 791,742 1,120,080 115,889 144,336 39,336 80,679 99,923 151,344 7,356 5,524 - - - -

Less: Deductions during the year* 1,414,053 1,697,835 465,017 437,815 134,688 126,789 378,729 352,429 75,764 62,154 16,262 2,358 - -

Closing balance 5,107,855 5,730,166 653,054 1,002,182 326,961 422,313 894,710 1,173,516 143,970 212,378 (18,472) (2,210) (182,484) (182,484)


Schedule: F-2

INVESTMENTS





ULIF-035-17/12/09-DYFLRFND2-107


ULIF-048-05/02/10-GRTFND-107


ULIF-049-14/02/10-PKGRTFND1-107



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year


Government Bonds 2,380,998 1,789,603 316,642 306,802 105,608 130,687 291,028 363,927 62,203 79,327 8,315 6,045 - -

Corporate Bonds 517,117 486,120 62,050 84,966 31,581 30,756 86,968 96,658 17,266 18,892 - 1,013 - -

Infrastructure Bonds 482,932 685,638 57,940 112,246 20,796 40,174 63,437 122,771 11,223 16,691 - 3,290 - -

Equity 2,032,911 2,997,140 265,549 503,535 134,090 208,841 370,780 583,566 70,587 118,266 - - - -

Money Market 420,723 662,213 42,271 96,113 81,506 46,906 215,457 110,955 41,316 30,214 999 4,605 - -

Fixed Deposits 2,727 2,727 716 716 280 280 731 731 264 264 - - - -

Mutual Funds - 240,468 - 35,778 - 22,155 - 57,876 - 12,734 - 283 - -

Total 5,837,408 6,863,908 745,168 1,140,156 373,861 479,800 1,028,401 1,336,484 202,859 276,388 9,314 15,236 - -

Other Investments

Corporate Bonds - - - - - - - - - - - - - -


Equity 280,757 123,788 37,431 19,986 5,177 8,518 14,315 24,064 2,719 4,683 - - - -

Money Market - - - - - - - - - - - - - -

Mutual Funds - - - - - - - - - - - - - -

Venture Capital - - - - - - - - - - - - - -

PTC - - - - - - - - - - - - - -


Total 280,757 123,788 37,431 19,986 5,177 8,518 14,315 24,064 2,719 4,683 - - - -

GRAND TOTAL 6,118,165 6,987,696 782,599 1,160,142 379,038 488,318 1,042,716 1,360,548 205,578 281,071 9,314 15,236 - -



Schedule: F-3

CURRENT ASSETS





ULIF-035-17/12/09-DYFLRFND2-107


ULIF-048-05/02/10-GRTFND-107


ULIF-049-14/02/10-PKGRTFND1-107



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 101,146 90,648 12,593 15,547 4,845 5,958 13,562 17,469 2,946 3,409 105 354 - -

Cash & Bank Balance 553 1,214 495 185 372 87 64 212 70 54 407 4 - -

Dividend Receivable 154 377 21 65 26 27 72 74 14 15 - - - -

Receivable for Sale of Investments 40,819 213,491 7,830 35,943 1,087 14,978 2,766 41,589 2,027 8,653 - - - -


Margin Money - - - - - - - - - - - - - -


Other Current Assets (for Investments) 23,141 34,569 2,680 887 1,260 1,798 3,748 1,439 - - - - - -

Total 165,813 340,299 23,619 52,627 7,590 22,848 20,212 60,783 5,057 12,131 512 358 - -




111




Particulars Kotak Advantage Multiplier Fund II


Total



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 1,910 3,189 (129,885) (127,910) 64,111,095 67,983,846

Add: Additions during the year* - - 0 - 21,713,063 21,940,905

Less: Deductions during the year* 0 1,279 463 1,975 20,892,208 25,813,655

Closing balance 1,910 1,910 (130,348) (129,885) 64,931,950 64,111,096


Schedule: F-2

INVESTMENTS



Total



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year


Government Bonds 14,366 6,812 2,080 2,389 25,654,241 22,167,226

Corporate Bonds - 2,032 - - 4,611,012 4,329,995

Infrastructure Bonds - 3,300 - - 5,628,979 7,435,235

Equity - - - - 43,974,941 47,558,728

Money Market 500 1,733 - - 8,518,465 6,056,203

Fixed Deposits - - - - 268,906 268,904

Mutual Funds - 432 - 100 - 1,387,988

Total 14,866 14,309 2,080 2,489 88,656,544 89,204,280

Other Investments

Corporate Bonds - - - - - -

Infrastructure Bonds - - - - - -

Equity - - - - 5,871,044 6,573,709

Money Market - - - - - -

Mutual Funds - - - - - -

Venture Capital - - - - - -

PTC - - - - - -

Infrastructure Development Fund - - - - - -

Total - - - - 5,871,044 6,573,709

GRAND TOTAL 14,866 14,309 2,080 2,489 94,527,588 95,777,989

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 93.79% 93.14%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 6.21% 6.86%

Schedule: F-3

CURRENT ASSETS



Total



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 180 320 43 60 1,146,222 1,025,823

Cash & Bank Balance 243 1 149 76 11,002 4,528

Dividend Receivable - - - - 2,319 2,233

Receivable for Sale of Investments - - - - 430,709 2,743,619

Unit Collection A/c# - - - - - -

Margin Money - - - - - -

Share Application Money - - - - - -

Other Current Assets (for Investments) - - - - 1,230,026 782,007

Total 423 321 192 136 2,820,278 4,558,209






25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4

CURRENT LIABILITIES







ULGF-001-27/06/03-MNMKFND-107






ULGF-002-27/06/03-GLTFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments - - - - - - - - 1,275 29,026 235 5,893 824 17,101

Other Current Liabilities 126 1 34 27 2 82 79,613 16,553 15 24 3 181 8 12

Unit Payable a/c# - - - - - - - - - - - - - -

Total 126 1 34 27 2 82 79,613 16,553 1,290 29,050 238 6,074 832 17,113

Break up of Other Expenses Under ULIPSchedule: F-5

OTHER EXPENSES*







ULGF-001-27/06/03-MNMKFND-107






ULGF-002-27/06/03-GLTFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge - - 11,207 10,942 906 2,121 0 - 1,137 1,244 399 481 - -

Surrender charge - - - 268 82 607 - - 48 962 117 470 - -

Switching charge - - 33 13 - - - - 7 4 - - - -

Mortality charge 11 4 8,870 8,637 0 0 0 - 1,921 1,970 18 24 418 86

Rider Premium charge - - 155 178 - - - - 162 158 - - - -

Partial withdrawal charge - - - - - - - - 0 - - - - -

Discontinuance Charges - - 834 940 - - - - 22 18 - - - -

Guarantee Charges - - 108 141 339 409 - - 0 1 - - - -

Subscription lapse forfeiture charges - - - - - (2) - - (78) (273) - (259) - -

Transaction Charges - - - - - - - - - - - - - -

Miscellaneous charge - - 18 40 - 0 - - 30 33 1 5 - -


- 1 2,879 2,623 182 387 0 - 448 543 73 105 - 11

Total 11 5 24,104 23,782 1,509 3,522 0 - 3,697 4,660 608 826 418 97

*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.

# Represents inter fund receivables or payables, if any




113



CURRENT LIABILITIES










ULGF-004-15/04/04-BNDFND-107





Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments 29,022 621,599 2,366 74,783 25,795 435,186 - - 2,433 10,220 11,606 - 1,055 -

Other Current Liabilities 5,052 5,859 527 2,770 4,803 3,222 3 - 396 51 9 102,593 47 248

Unit Payable a/c# - - - - - - - - - - - - - -

Total 34,074 627,458 2,893 77,553 30,598 438,408 3 - 2,829 10,271 11,615 102,593 1,102 248


OTHER EXPENSES*










ULGF-004-15/04/04-BNDFND-107





Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 42,182 45,815 6,129 12,707 - - - - - - 388 614 143 209

Surrender charge 355 1,819 744 2,675 2 - - - - - 54 467 390 122

Switching charge 63 85 1 3 - - - - - - 1 3 - -

Mortality charge 33,583 37,126 31 44 6,758 7,544 - - 114 (21) 2,088 2,421 7 9

Rider Premium charge 1,307 2,207 - - - - - - - - 43 55 - -

Partial withdrawal charge 2 0 - - - - - - - - - - - -

Discontinuance Charges 1,669 2,605 - - - - - - - - 57 47 - -

Guarantee Charges 0 22 - - - - - - - - - 11 - -

Subscription lapse forfeiture charges (183) 173 - (3,223) - - - - - - (183) (0) - (17)


Miscellaneous charge 113 (80) 3 2 - - - - (98) 58 16 24 1 1


10,918 11,134 955 1,585 - 932 - - - (3) 359 454 76 43

Total 90,009 100,906 7,863 13,793 6,760 8,476 - - 16 34 2,823 4,096 617 367









CURRENT LIABILITIES







Balanced Fund

ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107




ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments 11,701 - - - 819 6,329 6,720 48,046 15,664 95,943 88,517 100,350 3,722 12,526

Other Current Liabilities 5 4 925 682 428 58 11,574 44,812 1,218 1,219 635 616 165 51

Unit Payable a/c# - - - - - - - - - - - - - -

Total 11,706 4 925 682 1,247 6,387 18,294 92,858 16,882 97,162 89,152 100,966 3,887 12,577


OTHER EXPENSES*







Balanced Fund

ULGF-005-07/12/04-FLTRFND-107

ULGF-017-14/07/11-57FM070416-107




ULGF-003-27/06/03-BALFND-107

ULIF-037-21/12/09-BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge - - - - 159 170 2,887 3,650 12,796 15,921 - - 3,530 2,331

Surrender charge - - - - 39 71 375 2,516 732 4,173 - - - 44

Switching charge - - - - - - - - 2 1 - - 0 3

Mortality charge 168 266 - - 990 1,030 2,286 778 748 857 1,326 886 4,963 3,133

Rider Premium charge - - - - 194 435 - - - - - - 171 168

Partial withdrawal charge - - - - - - 0 - - - - - 0 -

Discontinuance Charges - - - - - - - - - - - - 185 196

Guarantee Charges - - - - - - - 28 - - - - - -

Subscription lapse forfeiture charges - - - - (84) (5) (79) (21) (12,944) (5,861) - - - 41


Miscellaneous charge - - - - 160 185 9 15 31 36 - - 22 9


- 33 - - 208 232 748 864 1,775 2,248 - 110 1,255 745

Total 168 299 - - 1,666 2,118 6,226 7,830 3,140 17,375 1,326 996 10,126 6,670






115



CURRENT LIABILITIES







ULIF-046-24/01/10-PNBALFND2-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments 258 1,757 2,769 3,302 91,418 427,430 1,433 6,704 22,210 20,283 34,368 32,046 1,767 1,617

Other Current Liabilities 624 13 28 31 93,728 116,033 88 2,026 141 152 168 146 12 2,091

Unit Payable a/c# - - - - - - - - - - - - - -

Total 882 1,770 2,797 3,333 185,146 543,463 1,521 8,730 22,351 20,435 34,536 32,192 1,779 3,708


OTHER EXPENSES*







ULIF-046-24/01/10-PNBALFND2-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 407 952 827 919 43,462 56,806 1,010 1,441 4,564 5,214 17,718 14,301 2,834 5,222

Surrender charge 2 1,134 29 219 2,793 14,929 948 2,443 311 1,925 136 2,963 420 3,577

Switching charge - - - 0 3 2 - - 4 10 25 15 1 9

Mortality charge - - 3,183 3,311 27,541 34,321 - - 16,961 17,228 18,695 11,434 2 4

Rider Premium charge - - 833 1,248 - - - - 5,261 7,571 1,045 1,207 - -

Partial withdrawal charge - - - - 2 1 - - - 1 5 - - -

Discontinuance Charges - - - - - - - - - - 550 452 - -

Guarantee Charges - - 0 56 79 338 - - 6 590 37 27 - -

Subscription lapse forfeiture charges - 196 (53) - (1,523) (5,195) (13) (33) (86) (503) 53 1,479 109 1,077


Miscellaneous charge - - 268 318 12 88 - - 810 969 55 15 - -


56 282 713 743 10,031 12,774 279 477 3,898 4,033 5,425 4,023 459 1,222

Total 465 2,564 5,800 6,814 82,400 114,064 2,224 4,328 31,729 37,038 43,744 35,916 3,825 11,111









CURRENT LIABILITIES







ULIF-029-02/10/08-OPPFND-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments 37,637 10,677 1,054 371 71,424 25,560 2,771 1,926 58,431 351,355 206 1,312 2,773 18,720

Other Current Liabilities 579 611 1,405 25 717 671 379 536 5,484 5,507 27 27 382 388

Unit Payable a/c# - - - - - - - - - - - - - -

Total 38,216 11,288 2,459 396 72,141 26,231 3,150 2,462 63,915 356,862 233 1,339 3,155 19,108


OTHER EXPENSES*







ULIF-029-02/10/08-OPPFND-107







Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 60,658 64,073 1,581 1,523 98,699 79,186 14,871 28,487 65,554 76,608 - - 3,242 4,449

Surrender charge 6,213 32,229 581 1,733 1,576 22,699 2,191 28,144 16,435 58,045 - - 6,782 13,349

Switching charge 45 41 1 4 75 87 10 20 27 35 - - 6 16

Mortality charge 50,267 52,447 - - 86,257 54,334 - - 69,534 81,444 - (1) - -

Rider Premium charge 2,009 3,460 - - 7,137 8,263 - - 5,656 8,580 - - - -

Partial withdrawal charge 6 11 - - 52 1 - - - 2 - - - -

Discontinuance Charges - - - - 2,570 2,610 - - - - - - - -

Guarantee Charges - - - - - - - - 3 50 - - - -

Subscription lapse forfeiture charges (338) (313) - - 695 19,988 903 6,622 (872) 192 - - - (851)


Miscellaneous charge 99 211 - - 284 81 - - 111 277 - - - -


16,588 18,835 300 403 27,894 23,333 2,450 7,830 21,700 27,837 - (0) 1,389 2,146

Total 135,547 170,994 2,463 3,663 225,239 210,582 20,425 71,103 178,148 253,070 - (1) 11,419 19,109






117



CURRENT LIABILITIES





ULIF-035-17/12/09-DYFLRFND2-107


ULIF-048-05/02/10-GRTFND-107


ULIF-049-14/02/10-PKGRTFND1-107



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments 29,143 252,125 3,290 35,204 2,666 16,584 7,431 48,623 278 8,571 - - - -

Other Current Liabilities 3,383 3,407 345 680 237 240 617 734 948 217 9,826 2 - -

Unit Payable a/c# - - - - - - - - - - - - - -

Total 32,526 255,532 3,635 35,884 2,903 16,824 8,048 49,357 1,226 8,788 9,826 2 - -


OTHER EXPENSES*





ULIF-035-17/12/09-DYFLRFND2-107


ULIF-048-05/02/10-GRTFND-107


ULIF-049-14/02/10-PKGRTFND1-107



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 32,583 47,561 8,509 22,424 1,993 3,424 6,958 11,220 2 153 - - - -

Surrender charge 1,653 28,133 689 12,827 232 3,315 774 12,271 - 2,444 - - - -

Switching charge 185 104 31 31 - 1 - 3 - 1 - - - -

Mortality charge 29,967 36,641 - - 932 1,268 - - 1,173 1,244 - - - -

Rider Premium charge 4,232 5,661 - - - - - - - - - - - -

Partial withdrawal charge 18 1 - - 2 1 - - 0 - - - - -

Discontinuance Charges (1) 310 - - (4) 30 - - - - - - - -

Guarantee Charges - - - - 2,842 3,331 5,896 7,066 - - - - - -

Subscription lapse forfeiture charges 960 33,731 (4,750) 5,726 - 2,067 57 4,711 - (22) - - - -


Miscellaneous charge 17 29 - - 0 0 - - 1 1 - - - -


9,600 18,645 789 5,101 835 1,662 1,892 4,384 164 473 - - - -

Total 79,214 170,816 5,268 46,109 6,832 15,099 15,577 39,655 1,340 4,294 - - - -









CURRENT LIABILITIES



Total



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments - - - - 573,082 2,721,171

Other Current Liabilities 1 2 0 0 224,708 312,605

Unit Payable a/c# - - - - - -

Total 1 2 0 0 797,790 3,033,776



OTHER EXPENSES*



Total



Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge - - - - 447,337 520,166

Surrender charge - - - - 44,703 256,574

Switching charge - - - - 519 489

Mortality charge 37 37 - - 368,854 358,507

Rider Premium charge - - - - 28,205 39,193

Partial withdrawal charge - - - - 90 17

Discontinuance Charges - - - - 5,882 7,208

Guarantee Charges - - - - 9,309 12,069

Subscription lapse forfeiture charges - - - - (18,409) 59,426

Transaction Charges - - - - - -

Miscellaneous charge - - - - 1,963 2,316

Service Tax, Education Cess & Swachh Bharat Cess 5 5 - - 124,344 156,256

Total 42 42 - - 1,012,797 1,412,221






119


25E Unit Linked Disclosures - Other Disclosures

Fund Performance of Unit Linked Funds as on 31.03.2016 (Absolute Growth % )

Sr No

Fund Name SFIN code Year of Inception

*Returns

2016 2015 2014 2013 2012 2011 2010 Inception

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 2003-04 7.34% 8.64% NA NA NA 44.40% 8.81% 23.84%

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 2009-10 8.01% 8.66% 8.69% 9.37% 8.55% 5.02% NA 60.12%

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 2009-10 8.04% 8.64% 8.58% 9.22% 8.43% 5.27% NA 60.37%

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 2010-11 7.45% 8.64% 8.35% 9.73% 8.09% NA NA 50.04%

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 2003-04 6.85% 18.14% 1.79% 11.96% 6.61% 6.79% 6.06% 146.90%

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 2003-04 6.89% 18.08% 1.85% 11.93% 6.58% 6.66% 5.83% 151.51%

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 2003-04 6.96% 18.51% 1.93% 12.15% 6.89% 7.01% 6.50% 155.66%

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 2004-05 7.12% 16.04% 3.34% 11.72% 9.35% 6.90% 9.35% 169.32%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 2004-05 7.24% 15.98% 3.34% 11.61% 9.48% 6.85% 9.58% 170.45%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 2004-05 7.56% 16.59% 3.77% 12.21% 10.30% 8.37% 11.59% 185.62%

11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 2015-16 NA NA NA NA NA NA NA 3.13%

12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 2011-12 7.26% 16.28% 3.71% 12.16% NA NA NA 58.40%

13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 2004-05 7.22% 10.18% 11.59% 8.56% 7.65% 5.83% 4.82% 129.89%

14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 2004-05 7.16% 10.14% 11.54% 8.56% 7.61% 5.91% 4.67% 130.65%

15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 2004-05 7.67% 10.52% 11.99% 9.08% 8.08% 6.28% 5.33% 140.34%

16 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 2011-12 8.85% 9.60% 8.56% 10.07% NA NA NA 51.30%

17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2003-04 0.32% 29.17% 12.20% 8.97% -1.44% 8.91% 36.85% 396.61%

18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 2003-04 1.88% 24.22% 6.90% 9.30% 3.13% 6.93% 23.11% 334.86%

19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 2003-04 1.90% 24.19% 6.88% 9.34% 3.17% 6.84% 22.64% 342.19%

20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 2003-04 0.61% 29.82% 12.49% 9.11% -1.12% 9.41% 34.88% 403.43%

21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 2009-10 0.40% 29.19% 11.60% 8.91% -1.53% 8.48% NA 75.16%

22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 2009-10 0.41% 28.81% 12.06% 8.52% -0.96% 8.08% NA 71.34%

23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 2003-04 -2.20% 33.59% 14.90% 8.11% -4.57% 10.26% 44.21% 469.76%

24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 2003-04 0.44% 26.42% 8.22% 8.78% 1.54% 7.57% 26.22% 398.22%

25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 2008-09 0.56% 26.08% 8.17% 8.80% 1.52% 7.77% 26.48% 111.94%

26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 2004-05 -5.44% 39.39% 18.13% 6.87% -7.41% 10.97% 74.61% 461.98%

27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 2009-10 -4.11% 39.40% 17.73% 7.31% -6.80% 11.91% NA 78.01%

28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 2009-10 -4.27% 39.64% 18.11% 7.43% -6.96% 11.34% NA 88.66%

29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2008-09 -6.37% 45.93% 15.58% 7.63% -5.25% 11.84% 92.99% 245.25%

30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 2009-10 -6.19% 45.23% 15.26% 7.52% -4.98% 11.51% NA 96.49%

31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 2009-10 -5.55% 46.16% 16.17% 8.43% -4.53% 12.32% NA 94.14%

32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 2009-10 -6.04% 47.18% 16.67% 8.06% -4.42% 11.82% NA 99.02%

33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 2006-07 -0.89% 17.96% 4.11% 7.70% 0.23% 6.98% 22.34% 125.48%

34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 2009-10 -0.62% 18.57% 4.72% 9.07% 0.67% 6.76% NA 44.68%

35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 2009-10 -0.79% 17.98% 3.96% 8.89% -1.54% 5.07% NA 44.78%

36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 2009-10 -1.64% 18.47% 4.60% 9.24% -0.12% 7.19% NA 44.50%

37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2009-10 -1.62% 18.51% 4.52% 9.31% 0.16% 7.62% NA 43.76%

38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 2009-10 -1.68% 18.43% 4.60% 9.29% 0.40% 7.62% NA 51.36%

39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 2009-10 -1.69% 18.50% 4.52% 9.36% 0.08% 7.57% NA 44.43%

40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 2009-10 -1.87% 17.85% 4.34% 8.77% 0.26% 6.34% NA 44.61%

41 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 2005-06 4.49% 6.45% 3.57% 6.97% -0.36% 4.82% 19.10% 66.70%

42 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 2005-06 NA NA NA 5.56% 13.06% 5.94% 17.83% NA

43 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 2006-07 4.80% 6.87% 4.10% 6.82% -0.76% 4.98% 19.07% 67.98%

44 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 2006-07 4.72% 6.11% 4.42% 6.55% 2.27% 4.50% 17.37% 71.11%

Note: Annual Absolute returns are calculated in those funds for which units existed in the fund for the full financial year. In other cases, it has been mentioned as NA.

11 - Units created on 19/10/2015

42 - Last unit redeemed on 19/07/2013







Statement Showing Receipts and Payments made to Related Parties

Sr No

Related Parties SFIN code Kotak Securities Ltd

- Brokerage

Kotak Mahindra Prime Ltd -

Interest Income on Debenture's

Kotak Mahindra Prime Ltd -

Ammortisation Income on CP's

Kotak Mahindra Bank Ltd - FD Interest Income earned

Kotak Mahindra Bank Ltd - Repo Interest Income

earned1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - - - - - 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - - - - - 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - - - - - 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 - - - - - 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - - - - 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - - - - 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - - - - 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 - 2,934 - - - 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 - 348 - - - 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 - 2,230 - - - 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 - - - - - 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 - 125 - - - 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 - - - - - 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - - - - - 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 - - - - - 16 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 - - - - - 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 26 - - 1 - 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 117 188 - 4 - 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 251 452 - 8 - 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 420 397 - 12 - 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 61 20 - 1 - 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 7 - - 0 - 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 124 - - 4 - 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 1,593 1,710 - 49 - 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 25 - - 1 - 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 706 - - 22 - 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 945 - - 25 - 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 79 - - 3 - 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2,990 - - 70 - 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 83 - - 2 - 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 5,114 - - 113 - 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 544 - - 13 - 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 387 2,038 - 28 - 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 1 - - 0 - 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 21 140 - 2 - 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 424 1,494 - 20 - 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 58 163 - 3 - 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 11 107 - 1 - 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 30 256 - 4 - 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 6 13 - 1 - 41 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 - - - - - 42 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - - - - 43 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - - - - - 44 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - - - - - Grand Total 14,023 12,618 - 387 0




121



Statement Showing Company wise Details of Investments held in Promoter Group

Sr No

Fund Name SFIN code Kotak Mahindra Prime Ltd - Debentures

Amount Percentage

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - -

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - -

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - -

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 - -

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - -

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - -

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - -

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 52,202 0.57%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 5,024 0.69%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 42,145 0.48%

11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 - -

12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 4,016 0.48%

13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 - -

14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - -

15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 - -

16 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 - -

17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 - -

18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 3,016 0.34%

19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 7,032 0.33%

20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 7,032 0.22%

21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 999 0.20%

22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 - -

23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 - -

24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 29,117 0.28%

25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 - -

26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - -

27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 - -

28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 - -

29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - -

30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - -

31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - -

32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - -

33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 22,085 0.23%

34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 - -

35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 2,008 0.42%

36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 20,069 0.32%

37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2,008 0.25%

38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 1,008 0.26%

39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 3,016 0.29%

40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 - -

41 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 - -

42 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - -

43 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - -

44 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - -

Grand Total * 200,776 0.21%

* This amount represents total exposure to promoter group as a percentage of total fund size









NAV Highest Lowest & closing at the end of the year

Sr . No

Mfund Code Fund Name SFIN Highest NAV Lowest NAV Closing NAV

1 KMMF Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 12.38 11.54 12.38

2 MMFK Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 16.01 14.83 16.01

3 PMMFK Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 16.04 14.85 16.04

4 DDCN Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 15.00 13.97 15.00

5 DGILT Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 24.69 22.84 24.69

6 PGILT Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 25.15 23.26 25.15

7 KGILT Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 25.57 23.65 25.57

8 DBOND Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 26.93 24.88 26.93

9 PBOND Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 27.04 24.96 27.04

10 KBOND Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 28.56 26.32 28.56

11 KSTBOND Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 10.31 10.00 10.31

12 KGSC Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 15.84 14.64 15.84

13 DFRF Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 22.99 21.45 22.99

14 PFRF Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 23.06 21.53 23.06

15 KFRF Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 24.03 22.33 24.03

16 KFMP7 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 15.13 13.90 15.13

17 DBGF Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 51.41 45.75 49.66

18 GBGF Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 44.17 40.36 43.49

19 PBGF Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 44.88 41.09 44.22

20 KBGF Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 52.06 46.39 50.34

21 BGFFK Balanced Fund ULIF-037-21/12/09-BALKFND-107 18.10 16.21 17.52

22 PBGFK Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 17.73 15.83 17.13

23 DHEGF Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 60.76 51.77 56.98

24 GHEGF Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 51.44 45.99 49.82

25 PHEGF Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 21.85 19.57 21.19

26 NLIIA Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 62.27 50.26 56.20

27 FRONTK Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 19.52 15.98 17.80

28 PFRONK Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 20.73 16.87 18.87

29 OPPF Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 38.49 30.68 34.52

30 POPF Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 21.91 17.50 19.65

31 CLASK Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 21.51 17.26 19.41

32 PCLASK Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 22.19 17.66 19.90

33 DYFF Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 23.18 21.06 22.55

34 KYFF Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 23.89 21.89 23.31

35 PNFF Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 14.87 13.51 14.48

36 DYFFK Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 14.98 13.47 14.45

37 PNFFK Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 14.90 13.38 14.38

38 GGFK Guarantee Fund ULIF-048-05/02/10-GRTFND-107 15.70 14.46 15.14

39 PGFK Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 14.98 13.79 14.44

40 GGPK Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 15.02 13.84 14.46

41 KAMF Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 16.67 15.96 16.67

42 KAPF Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 0.00 0.00 0.00

43 KAM2 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 16.80 16.03 16.80

44 KAP2 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 17.11 16.34 17.11

Note: The above NAVs are without Appropriation/Expropriation Charges.






123



Annualised Expense ratio to average daily assets of the Fund

Sr No

Fund Name SFIN Annualised

Expense

Average Daily

Assets of the Funds

Annualised

Expense Ratio

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 186 20,522 0.91%

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 10,454 1,529,297 0.68%

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 887 129,828 0.68%

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 12,068 2,118,756 0.57%

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 4,757 417,591 1.14%

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 934 81,967 1.14%

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 2,131 233,797 0.91%

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 115,654 8,459,570 1.37%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 11,223 821,451 1.37%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 62,513 6,856,784 0.91%

11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 416 101,334 0.92%

12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 3,752 365,089 1.03%

13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 3,075 224,964 1.37%

14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 537 39,330 1.37%

15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 1,236 135,753 0.91%

16 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 1,213 266,154 0.46%

17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2,685 181,315 1.48%

18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 14,834 1,001,893 1.48%

19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 32,362 2,185,362 1.48%

20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 32,518 2,854,219 1.14%

21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 6,216 404,025 1.54%

22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 631 41,072 1.54%

23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 10,732 628,140 1.71%

24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 193,116 11,303,125 1.71%

25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 3,125 182,901 1.71%

26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 52,781 2,896,016 1.82%

27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 56,523 3,674,305 1.54%

28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 4,961 322,721 1.54%

29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 214,727 9,425,010 2.28%

30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 6,111 268,232 2.28%

31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 250,375 16,278,241 1.54%

32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 24,591 1,599,752 1.54%

33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 192,641 9,663,850 1.99%

34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 528 37,074 1.42%

35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 10,512 527,413 1.99%

36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 100,347 6,525,718 1.54%

37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 14,638 952,334 1.54%

38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 6,610 429,947 1.54%

39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 18,002 1,171,029 1.54%

40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 4,910 246,372 1.99%

41 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 517 15,140 3.42%

42 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - -

43 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 512 14,971 3.42%

44 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 82 2,391 3.42%









Annualised Income ratio to Average daily assets of the Fund

Sr No

Fund Name SFIN code Annualised

Expense

Average Daily

Assets of the Funds

Annualised

Expense Ratio

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 1,648 20,522 8.03%

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 128,167 1,529,297 8.38%

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 10,986 129,828 8.46%

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 164,489 2,118,756 7.76%

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 32,275 417,591 7.73%

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 6,275 81,967 7.66%

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 18,374 233,797 7.86%

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 703,044 8,459,570 8.31%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 65,608 821,451 7.99%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 585,746 6,856,784 8.54%

11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 3,548 101,334 7.81%

12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 37,054 365,089 10.15%

13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 18,731 224,964 8.33%

14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 3,267 39,330 8.31%

15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 11,376 135,753 0.08

16 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 23,771 266,154 0.09

17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 3,240 181,315 1.79%

18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 31,652 1,001,893 3.16%

19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 72,514 2,185,362 3.32%

20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 51,724 2,854,219 1.81%

21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 9,856 404,025 2.44%

22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 940 41,072 2.29%

23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 (2,627) 628,140 -0.42%

24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 233,289 11,303,125 2.06%

25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 4,013 182,901 2.19%

26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 (109,677) 2,896,016 -3.79%

27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 (91,640) 3,674,305 -2.49%

28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 (9,056) 322,721 -2.81%

29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 (406,029) 9,425,010 -4.31%

30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 (10,870) 268,232 -4.05%

31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 (664,158) 16,278,241 -4.08%

32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 (72,626) 1,599,752 -4.54%

33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 95,603 9,663,850 0.99%

34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 251 37,074 0.68%

35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 4,159 527,413 0.79%

36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 (19,141) 6,525,718 -0.29%

37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 (5,270) 952,334 -0.55%

38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 (1,823) 429,947 -0.42%

39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 (4,708) 1,171,029 -0.40%

40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 (347) 246,372 -0.14%

41 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 1,187 15,140 7.84%

42 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 0 - 0.00%

43 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 1,213 14,971 0.08

44 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 192 2,391 8.03%






125



Fundwise Disclosure of Appreciation /(Depreciation) in value of Investment Segregated Classwise

Sr No

Fund Name SFIN Investment Type

Corporate Bonds

Equities Government Guaranteed Bonds

Government Securities

Grand Total

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - - - - -

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - - - - -

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - - - - -

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 - - - (31) (31)

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - 1,801 4,634 6,435

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - 350 852 1,202

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - 817 2,812 3,629

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 48,859 - 4,455 104,929 158,242

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 3,927 - 311 8,895 13,133

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 33,785 - 2,212 92,727 128,724

11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 (117) - (42) 161 1

12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 1,419 - 90 8,615 10,125

13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 6 - 504 2,359 2,868

14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 9 - 70 328 408

15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 (83) - 362 1,168 1,447

16 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 (312) - - - (312)

17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 394 13,594 50 809 14,848

18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 3,213 47,947 518 5,751 57,428

19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 7,152 113,881 1,005 13,467 135,504

20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 4,742 190,587 471 12,881 208,681

21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 515 20,752 45 2,124 23,437

22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 100 2,073 9 170 2,351

23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 286 62,523 423 2,064 65,295

24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 26,580 743,980 4,765 55,047 830,373

25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 529 11,910 65 867 13,371

26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - 411,325 - - 411,325

27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 - 355,664 - - 355,664

28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 - 34,013 - - 34,013

29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - 1,175,607 - - 1,175,607

30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - 30,327 - - 30,327

31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - 1,782,025 - - 1,782,025

32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - 180,602 - - 180,602

33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 14,861 33,046 2,456 75,200 125,562

34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 119 37 12 324 492

35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 792 1,895 93 3,809 6,590

36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 8,800 (27,019) 1,378 43,346 26,506

37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 1,256 (3,028) 211 5,302 3,742

38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 459 (2,210) 122 1,399 (230)

39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 1,446 (5,853) 329 4,012 (67)

40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 254 (1,119) 94 745 (26)

41 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 - - - (260) (260)

42 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - - - -

43 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - - 1 167 169

44 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - - - 62 62

Grand Total 158,993 5,172,560 22,977 454,734 5,809,264








Industry Kotak Group Money Market Fund

% of Total Funds

ULGF-001-27/06/03-MNMKFND-107

Financial and insurance activitiesCBLO - 04.04.2016 1,999 98.62%Total 1,999 98.62%Net Current Assets 28 1.38%Grand Total 2,027 100.00%

Industry Money Market Fund % of Total Funds ULIF-041-05/01/10-

MNMKKFND-107 Financial and insurance activitiesIL & FS CP 18.08.16 143,006 7.58%Corporation Bank CD - 14.12.2016 148,105 7.86%IDBI Bank CD - 04.04.16 162,320 8.61%CBLO - 04.04.2016 1,999 0.11%Axis Bank CD - 27.10.2016 139,996 7.43%Canara Bank CD - 07.03.2017 1,118 0.06%SBBJ CD - 14.09.2016 69,708 3.70%State Bank of Patiala CD - 28.12.2016 134,396 7.13%L and T Finance CP - 28.06.2016 145,564 7.72%TATA Capital Ltd CP - 19.08.16 142,960 7.58%EXIM CD - 16.12.2016 145,467 7.72%HDFC Bank CD - 29.12.2016 68,637 3.64%ICICI Bank CD - 06.01.17 145,742 7.73%Oriental Bank of Commerce CD - 04.04.2016 49,945 2.63%Total 1,498,963 79.50%Manufacture of basic metals 151,332 8.03%Financial and insurance activities - Housing Sector - Debt

142,731 7.57%

Net Current Assets 92,432 4.90%Grand Total 1,885,458 100.00%

Industry Pension Money Market Fund II

% of Total Funds


Financial and insurance activitiesIL & FS CP 18.08.16 9,696 9.01%Corporation Bank CD - 14.12.2016 9,585 8.91%IDBI Bank CD - 04.04.16 3,496 3.25%Axis Bank CD - 27.10.2016 8,918 8.29%SBBJ CD - 14.09.2016 4,351 4.04%State Bank of Patiala CD - 28.12.2016 8,993 8.36%L and T Finance CP - 28.06.2016 9,801 9.11%TATA Capital Ltd CP - 19.08.16 9,692 9.01%EXIM CD - 16.12.2016 9,484 8.81%HDFC Bank CD - 29.12.2016 5,208 4.84%ICICI Bank CD - 06.01.17 9,730 9.02%Total 88,954 82.65%


Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Money Market Fund II

% of Total Funds


Manufacture of basic metals 9,493 8.82%

Financial and insurance activities - Housing Sector - Debt

8,860 8.23%

Net Current Assets 315 0.30%

Grand Total 107,622 100.00%

Industry Kotak Dynamic Gilt Fund

% of Total Funds


GOVT. of INDIA

1.44% INFLATION INDEX GS 2023 5,312 1.25%

6.90% OIL SPL - 04.02.2026 532 0.13%

7.00% GOI Fertilizer Bond - 10.12.22 175 0.04%

7.02% GOI - 17.08.2016 16,502 3.88%

7.28% GOI - 03.06.2019 311 0.07%

7.46% GOI - 28.08.17 11 0.00%

7.80% GOI - 03.05.2020 101 0.02%

8.30% Fertilizer Co GOI - 07.12.23 1,797 0.42%

8.30% GOI - 02.07.2040 194 0.05%

8.30% GOI - 31.12.2042 29,325 6.89%

8.32% GOI - 02.08.2032 424 0.10%

9.23% GOI - 23.12.2043 1,180 0.28%

8.17% GOI - 01.12.2044 90,909 21.37%

7.59% GOI 2016-12.04.16 3,953 0.93%

8.13% GOI - 22.06.2045 75,512 17.75%

8.24% GOI - 10.11.2033 23,683 5.58%

Total 249,921 58.76%

State Development Loan

8.31% GJ SDL - 03.02.2020 2,730 0.64%

8.52% GJ SDL - 19.01.2021 7,983 1.88%

8.91% MAH SDL - 05.09.2022 8,149 1.92%

8.92% KA SDL - 07.03.2022 5,527 1.30%

8.92% TN SDL - 05.09.2022 638 0.15%

8.94% GJ SDL - 07.03.2022 532 0.13%

8.98% PN SDL - 14.10.2021 8,260 1.94%

8.99% MP SDL - 07.03.2022 15,934 3.75%

9.18% PN SDL 2021 - 09.11.2021 896 0.21%

9.29% MP SDL - 16.01.2024 380 0.09%

9.35% MH SDL - 30.01.2024 231 0.05%

9.37% GJ SDL - 04.12.2023 128 0.03%

9.39% GJ SDL - 20.11.2023 10,576 2.49%

9.51% MAH SDL - 11.09.2023 403 0.09%

9.11% MP SDL - 28.05.2024 9,906 2.33%

8.63% MH SDL - 09.01.2023 10,993 2.58%




127




Industry Kotak Dynamic Gilt Fund

% of Total Funds


8.23% MAH SDL - 09.09.2025 3,005 0.71%

8.25% MH SDL - 10.06.2025 3,497 0.82%

8.26% MAH SDL - 12.08.2025 602 0.14%

8.28% MH SDL - 29.07.2025 703 0.17%

8.29% MAH SDL - 26.08.2025 769 0.18%

8.29% TN SDL - 29.07.2025 643 0.15%

8.47% MH SDL - 10.02.2026 536 0.13%

8.51% MH SDL - 09.03.2026 377 0.09%

8.84% PN SDL - 11.06.2024 311 0.07%

8.25% MH SDL - 13.05.2025 8,899 2.09%

Total 102,608 24.13%

Financial and insurance activities

PFC CP - 26.05.2016 3,952.00 0.93%

Axis Bank CD - 04.04.2016 24,974.00 5.87%

Axis Bank CD - 28.04.2016 5,266.00 1.24%

ICICI Bank CD - 22.04.16 10,350.00 2.43%

IDBI Bank CD - 04.04.16 4,695.00 1.10%

CBLO - 04.04.2016 10,993.00 2.58%

Total 60,230.00 14.16%

Net Current Assets 12,558.00 2.95%

Grand Total 425,317.00 100.00%

Industry Kotak Pension Gilt Fund

% of Total Funds


GOVT. of INDIA


6.90% OIL SPL - 04.02.2026 106 0.14%


7.02% GOI - 17.08.2016 3,032 3.94%

7.28% GOI - 03.06.2019 56 0.07%

7.80% GOI - 03.05.2020 20 0.03%

8.30% Fertilizer Co GOI - 07.12.23 367 0.48%

8.30% GOI - 02.07.2040 38 0.05%

8.30% GOI - 31.12.2042 5,323 6.91%

8.32% GOI - 02.08.2032 87 0.11%

9.23% GOI - 23.12.2043 216 0.28%

8.17% GOI - 01.12.2044 16,620 21.58%

7.59% GOI 2016-12.04.16 749 0.97%

8.13% GOI - 22.06.2045 13,757 17.86%

8.24% GOI - 10.11.2033 4,390 5.70%

Total 45,887 59.58%

Industry Kotak Pension Gilt Fund

% of Total Funds


State Development Loan

8.31% GJ SDL - 03.02.2020 505 0.66%

8.52% GJ SDL - 19.01.2021 1,627 2.11%

8.91% MAH SDL - 05.09.2022 1,719 2.23%

8.92% KA SDL - 07.03.2022 1,173 1.52%

8.92% TN SDL - 05.09.2022 129 0.17%

8.94% GJ SDL - 07.03.2022 113 0.15%

8.98% PN SDL - 14.10.2021 1,818 2.36%

8.99% MP SDL - 07.03.2022 2,334 3.03%

9.18% PN SDL 2021 - 09.11.2021 208 0.27%

9.29% MP SDL - 16.01.2024 81 0.11%

9.35% MH SDL - 30.01.2024 49 0.06%

9.37% GJ SDL - 04.12.2023 31 0.04%

9.39% GJ SDL - 20.11.2023 2,242 2.91%

9.51% MAH SDL - 11.09.2023 81 0.11%

9.11% MP SDL - 28.05.2024 2,113 2.74%

8.63% MH SDL - 09.01.2023 2,179 2.83%

8.23% MAH SDL - 09.09.2025 594 0.77%

8.25% MH SDL - 10.06.2025 723 0.94%

8.26% MAH SDL - 12.08.2025 119 0.15%

8.28% MH SDL - 29.07.2025 145 0.19%

8.29% MAH SDL - 26.08.2025 153 0.20%

8.29% TN SDL - 29.07.2025 131 0.17%

8.47% MH SDL - 10.02.2026 97 0.13%

8.51% MH SDL - 09.03.2026 71 0.09%

8.84% PN SDL - 11.06.2024 62 0.08%

8.25% MH SDL - 13.05.2025 1,785 2.31%

Total 20,282 26.33%


PFC CP - 26.05.2016 988.00 1.28%

Axis Bank CD - 04.04.2016 4,495.00 5.84%

Axis Bank CD - 28.04.2016 994.00 1.29%

ICICI Bank CD - 22.04.16 1,791.00 2.33%

IDBI Bank CD - 04.04.16 899.00 1.17%

Total 9,167.00 11.90%


Grand Total 77,022.00 100.00%






Industry Kotak Group Gilt Fund

% of Total Funds

ULGF-002-27/06/03-

GLTFND-107 GOVT. of INDIA8.17% GOI - 01.12.2044 62,858 22.66%8.13% GOI - 22.06.2045 51,189 18.45%8.24% GOI - 10.11.2033 19,239 6.94%8.30% GOI - 31.12.2042 17,845 6.43%7.02% GOI - 17.08.2016 9,912 3.57%1.44% INFLATION INDEX GS 2023 2,308 0.83%7.59% GOI 2016-12.04.16 2,307 0.83%8.30% Fertilizer Co GOI - 07.12.23 815 0.29%9.23% GOI - 23.12.2043 776 0.28%6.90% OIL SPL - 04.02.2026 310 0.11%7.95% Oil Bond - 18.01.25 199 0.07%8.32% GOI - 02.08.2032 189 0.07%7.28% GOI - 03.06.2019 133 0.05%8.30% GOI - 02.07.2040 114 0.04%7.00% GOI Fertilizer Bond - 10.12.22 93 0.03%7.80% GOI - 03.05.2020 48 0.03%Total 168,335 60.68%State Development Loan9.11% MP SDL - 28.05.2024 6,840 2.47%9.37% MAH SDL - 04.12.2023 6,534 2.36%9.39% GJ SDL - 20.11.2023 6,476 2.33%8.99% MP SDL - 07.03.2022 5,815 2.10%8.91% MAH SDL - 05.09.2022 5,601 2.02%8.52% GJ SDL - 19.01.2021 5,106 1.84%8.25% MH SDL - 13.05.2025 4,881 1.76%8.63% MH SDL - 09.01.2023 4,797 1.73%8.98% PN SDL - 14.10.2021 3,979 1.43%8.51% MH SDL - 09.03.2026 2,277 0.82%8.25% MH SDL - 10.06.2025 1,937 0.70%8.23% MAH SDL - 09.09.2025 1,747 0.63%8.92% KA SDL - 07.03.2022 1,712 0.62%8.31% GJ SDL - 03.02.2020 1,010 0.36%8.29% MAH SDL - 26.08.2025 447 0.16%8.28% MH SDL - 29.07.2025 385 0.14%8.84% PN SDL - 11.06.2024 354 0.13%8.29% TN SDL - 29.07.2025 352 0.13%8.26% MAH SDL - 12.08.2025 350 0.13%8.92% TN SDL - 05.09.2022 344 0.12%8.47% MH SDL - 10.02.2026 321 0.12%8.94% GJ SDL - 07.03.2022 233 0.08%9.18% PN SDL 2021 - 09.11.2021 225 0.08%9.51% MAH SDL - 11.09.2023 193 0.07%

9.29% MP SDL - 16.01.2024 164 0.06%

9.35% MH SDL - 30.01.2024 94 0.03%

9.37% GJ SDL - 04.12.2023 59 0.02%

Total 62,233 22.44%

Industry Kotak Group Gilt Fund

% of Total Funds

ULGF-002-27/06/03-

GLTFND-107


Axis Bank CD - 04.04.2016 17,482 6.30%

CBLO - 04.04.2016 8,495 3.06%

ICICI Bank CD - 22.04.16 6,170 2.22%

Axis Bank CD - 28.04.2016 3,180 1.15%

IDBI Bank CD - 04.04.16 3,097 1.12%

PFC CP - 26.05.2016 2,964 1.07%

Total 41,388 14.92%

Net Current Assets 5,449 1.96%

Grand Total 277,405 100.00%

Industry Kotak Dynamic Bond Fund

% of Total Funds


GOVT. of INDIA


6.83% GOI - 19.01.39 724 0.01%

6.90% OIL SPL - 04.02.2026 11,400 0.13%

7.00% GOI Fertilizer Bond - 10.12.22 3,594 0.04%

7.02% GOI - 17.08.2016 360,782 3.96%

7.28% GOI - 03.06.2019 535 0.01%

7.46% GOI - 28.08.17 70 0.00%

7.80% GOI - 03.05.2020 1,249 0.01%


8.30% GOI - 02.07.2040 4,180 0.05%

8.30% GOI - 31.12.2042 512,077 5.62%

8.32% GOI - 02.08.2032 5,065 0.06%

9.23% GOI - 23.12.2043 26,517 0.29%

8.17% GOI - 01.12.2044 2,041,679 22.42%

7.59% GOI 2016-12.04.16 85,599 0.94%

8.13% GOI - 22.06.2045 1,525,813 16.76%

8.24% GOI - 10.11.2033 520,025 5.70%

Total 5,251,715 57.67%


10.05% Bajaj Finance Ltd - 10.01.2017 73,890 0.81%

10.75% Shriram Transport Finance Co Ltd 24.10.2016

43,752 0.48%

11.15% REC - 24.10.2018 11,792 0.13%






129



% of Total Funds


8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016

5,008 0.05%

8.83% EXIM- 09.01.2023 11,296 0.12%

8.90% PFC - 18.03.2028 6,284 0.07%

8.94% PFC - 25.03.2028 23,093 0.25%

9.00% PFC - 11.03.2028 51,381 0.56%

9.02% REC - 19.11.2022 2,071 0.02%

9.05% SBH Perpetual Bond Call- 20.09.2020 32,926 0.36%

9.15% EXIM- 05.09.2022 11,452 0.13%

9.36% PFC - 01.08.2021 5,244 0.06%

9.38% REC - 06.11.2018 1,039 0.01%

9.62% PFC - 29.06.2016 1,003 0.01%

9.70% ANDHRA BANK FD - 07.04.2016 20,600 0.23%

9.70% PFC - 15.12.2018 1,041 0.01%

9.70% PFC - 31.01.2020 9,429 0.10%

9.78% Tata Sons - 13.01.2019 59,294 0.65%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

25,198 0.28%

9.87% Tata Sons - 17.07.2017 1,015 0.01%

9.90% Tata Sons - 20.03.2019 49,059 0.54%

9.98% ICICI Perpetual Bond -CALL 13.09.16. 58,423 0.64%


9.43% Tata Sons - 02.06.2019 13,414 0.15%


76,212 0.84%

8.30% REC - 10.04.2025 112,190 1.23%

8.55% Sundaram Finance - 27.10.17 148,492 1.63%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

49,979 0.55%


8.89% IDFC Bank - 02.12.20 14,323 0.16%

8.92% L&T Finance Ltd. - 06.07.2018 80,653 0.89%

9.25% IDFC Bank - 13.09.19 17,083 0.19%

9.3030% KMPL - 28.06.2016 25,986 0.29%

9.36% IDFC Bank - 21.08.24 2,125 0.02%

9.69% Tata Sons - 12.06.2022 13,701 0.15%

EXIM CP - 16.05.16 90,111 0.99%

PFC CP - 26.05.2016 87,940 0.97%

Axis Bank CD - 04.04.2016 40,957 0.45%

Axis Bank CD - 28.04.2016 116,555 1.28%

Corporation Bank CD - 14.12.2016 12,527 0.14%

ICICI Bank CD - 22.04.16 230,874 2.54%

IDBI Bank CD - 04.04.16 106,182 1.17%

CBLO - 04.04.2016 4,997 0.05%


% of Total Funds


Axis Bank CD - 27.10.2016 764 0.01%8.11% REC - 07.10.2025 47,511 0.52%8.20% IRFC - 27.04.2020 5,041 0.06%8.39% PFC - 19.04.2025 12,040 0.13%8.61% L&T Finance Ltd. - 25.09.2017 24,963 0.27%8.65% PFC - 28.12.2024 14,258 0.16%8.80% EXIM- 15.03.2023 8,207 0.09%8.87% EXIM- 30.10.2029 7,334 0.08%8.90% Sundaram Finance - 29.06.18 12,124 0.13%9.25% Tata Sons - 19.06.2019 13,373 0.15%9.39% PFC - 27.08.2029 1,086 0.01%9.9078% KMPL - 21.10.2016 26,216 0.29%9.95% IRFC - 07.06.2022 7,639 0.07%Total 1,998,487 21.95%Financial and insurance activities - Housing Sector - Debt

586,857 6.44%

Warehousing and support activities for transportation

365,251 4.01%

State Development Loan 298,419 3.28%Electricity, gas, steam and air conditioning supply

178,251 1.96%

Manufacture of basic metals 68,712 0.75%Net Current Assets 358,876 3.94%Grand Total 9,106,568 100.00%

Industry Kotak Pension Bond Fund

% of Total Funds


GOVT. of INDIA8.17% GOI - 01.12.2044 164,614 22.68%8.13% GOI - 22.06.2045 126,284 17.40%8.30% GOI - 31.12.2042 41,834 5.76%8.24% GOI - 10.11.2033 38,704 5.33%7.02% GOI - 17.08.2016 30,259 4.17%1.44% INFLATION INDEX GS 2023 14,351 1.98%7.59% GOI 2016-12.04.16 7,458 1.03%9.23% GOI - 23.12.2043 2,137 0.29%8.30% Fertilizer Co GOI - 07.12.23 1,045 0.14%6.90% OIL SPL - 04.02.2026 1,028 0.14%8.32% GOI - 02.08.2032 627 0.09%7.00% GOI Fertilizer Bond - 10.12.22 371 0.05%8.30% GOI - 02.07.2040 352 0.05%7.28% GOI - 03.06.2019 192 0.03%7.80% GOI - 03.05.2020 145 0.02%

6.83% GOI - 19.01.39 126 0.02%

Total 429,527 59.18%









% of Total Funds


Financial and insurance activitiesICICI Bank CD - 22.04.16 18,908 2.60%8.55% Sundaram Finance - 27.10.17 11,959 1.65%8.30% REC - 10.04.2025 10,017 1.38%Axis Bank CD - 28.04.2016 9,539 1.31%9.70% ANDHRA BANK FD - 07.04.2016 9,100 1.25%8.92% L&T Finance Ltd. - 06.07.2018 7,561 1.04%10.05% Bajaj Finance Ltd - 10.01.2017 7,085 0.98%9.85% Shriram Transport Finance Co Ltd 15.07.2017

6,097 0.84%

9.90% Tata Sons - 20.03.2019 5,219 0.72%8.11% REC - 07.10.2025 4,949 0.68%10.75% Shriram Transport Finance Co Ltd 24.10.2016

4,651 0.64%

9.00% PFC - 11.03.2028 4,194 0.58%9.78% Tata Sons - 13.01.2019 4,161 0.57%9.98% ICICI Perpetual Bond -CALL 13.09.16. 4,029 0.56%8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

3,998 0.55%

IDBI Bank CD - 04.04.16 3,796 0.52%8.94% PFC - 25.03.2028 3,149 0.43%9.9078% KMPL - 21.10.2016 3,025 0.42%8.61% L&T Finance Ltd. - 25.09.2017 2,496 0.34%9.70% PFC - 31.01.2020 2,095 0.29%9.43% Tata Sons - 02.06.2019 2,064 0.28%9.05% SBH Perpetual Bond Call- 20.09.2020 2,058 0.28%9.35% Bajaj Finance Ltd - 31.10.2017 2,017 0.28%9.3030% KMPL - 28.06.2016 1,999 0.28%8.80% Bajaj Finance Ltd - 03.08.2017 1,998 0.28%11.15% REC - 24.10.2018 1,072 0.15%11% PFC - 15.09.18 1,065 0.15%9.69% Tata Sons - 12.06.2022 1,054 0.15%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,050 0.14%

8.87% EXIM- 30.10.2029 1,048 0.14%8.90% PFC - 18.03.2028 1,047 0.14%9.15% EXIM- 05.09.2022 1,041 0.14%9.25% Tata Sons - 19.06.2019 1,029 0.14%8.83% EXIM- 09.01.2023 1,027 0.14%8.89% IDFC Bank - 02.12.20 1,023 0.14%8.65% PFC - 28.12.2024 1,018 0.14%8.90% Sundaram Finance - 29.06.18 1,010 0.14%8.39% PFC - 19.04.2025 1,003 0.14%8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016

1,002 0.14%

Corporation Bank CD - 14.12.2016 949 0.13%CBLO - 04.04.2016 500 0.08%Total 152,102 20.95%


% of Total Funds



46,735 6.44%


30,389 4.19%

State Development Loan 26,007 3.58%

Electricity, gas, steam and air conditioning supply

10,316 1.42%



Grand Total 725,894 100.00%

Industry Kotak Group Bond Fund

% of Total Funds

ULGF-004-15/04/04-BNDFND-107

GOVT. of INDIA

8.17% GOI - 01.12.2044 1,868,073 21.42%

8.13% GOI - 22.06.2045 1,400,516 16.06%

8.30% GOI - 31.12.2042 460,180 5.28%

8.24% GOI - 10.11.2033 454,493 5.21%

7.02% GOI - 17.08.2016 322,741 3.70%


7.59% GOI 2016-12.04.16 72,339 0.83%

9.23% GOI - 23.12.2043 24,814 0.28%

6.90% OIL SPL - 04.02.2026 9,602 0.11%


8.30% GOI - 02.07.2040 3,507 0.04%

8.32% GOI - 02.08.2032 3,325 0.04%


5.59% GOI - 04.06.2016 1,596 0.02%

7.28% GOI - 03.06.2019 1,084 0.01%

7.80% GOI - 03.05.2020 925 0.01%

6.83% GOI - 19.01.39 435 0.00%

Total 4,727,931 54.21%


ICICI Bank CD - 22.04.16 211,369 2.42%


8.30% REC - 10.04.2025 116,197 1.33%

Axis Bank CD - 28.04.2016 105,526 1.21%

IDBI Bank CD - 04.04.16 101,887 1.17%






131



% of Total Funds

ULGF-004-15/04/04-BNDFND-107

Oriental Bank of Commerce CD - 04.04.2016 91,299 1.05%PFC CP - 26.05.2016 87,446 1.00%EXIM CP - 16.05.16 82,189 0.94%8.92% L&T Finance Ltd. - 06.07.2018 78,133 0.90%9.78% Tata Sons - 13.01.2019 75,938 0.87%8.11% REC - 07.10.2025 61,368 0.70%9.85% Shriram Transport Finance Co Ltd 15.07.2017

60,969 0.70%


52,978 0.61%

Axis Bank CD - 04.04.2016 52,445 0.60%9.90% Tata Sons - 20.03.2019 50,103 0.57%10.05% Bajaj Finance Ltd - 10.01.2017 48,585 0.56%9.00% PFC - 11.03.2028 42,992 0.49%10.75% Shriram Transport Finance Co Ltd 24.10.2016

42,756 0.49%

9.70% ANDHRA BANK FD - 07.04.2016 39,250 0.45%Sundaram Finance Ltd ZCB - 13.10.2017 36,909 0.42%9.98% ICICI Perpetual Bond -CALL 13.09.16. 35,255 0.40%9.35% Bajaj Finance Ltd - 31.10.2017 26,224 0.30%8.61% L&T Finance Ltd. - 25.09.2017 24,963 0.29%9.3030% KMPL - 28.06.2016 22,987 0.26%8.80% Bajaj Finance Ltd - 03.08.2017 22,979 0.26%9.05% SBH Perpetual Bond Call- 20.09.2020 22,637 0.26%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

20,998 0.24%

9.9078% KMPL - 21.10.2016 19,158 0.22%8.94% PFC - 25.03.2028 18,895 0.22%9.25% IDFC Bank - 13.09.19 13,016 0.15%8.65% PFC - 28.12.2024 11,202 0.13%8.90% Sundaram Finance - 29.06.18 11,114 0.13%9.69% Tata Sons - 12.06.2022 10,539 0.12%Corporation Bank CD - 14.12.2016 10,439 0.12%9.25% Tata Sons - 19.06.2019 10,287 0.12%8.39% PFC - 19.04.2025 10,033 0.12%8.83% EXIM- 09.01.2023 9,242 0.11%9.43% Tata Sons - 02.06.2019 8,255 0.09%8.87% EXIM- 30.10.2029 7,334 0.08%8.80% EXIM- 15.03.2023 7,181 0.08%8.89% IDFC Bank - 02.12.20 7,162 0.08%8.65% REC 2019- 15.01.2019 7,124 0.08%CBLO - 04.04.2016 6,996 0.08%9.70% PFC - 31.01.2020 6,286 0.07%9.15% EXIM- 05.09.2022 6,246 0.07%11.15% REC - 24.10.2018 5,360 0.06%8.55% PFC - 09.12.2021 5,040 0.06%

9.95% IRFC - 07.06.2022 4,365 0.05%

8.20% IRFC - 27.04.2020 4,033 0.05%


% of Total Funds

ULGF-004-15/04/04-

BNDFND-107


8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016

4,006 0.05%

8.90% PFC - 18.03.2028 3,142 0.04%

EXIM Floater INCMTBMK + 100 bps - 09.08.2016

3,017 0.03%

L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016

2,447 0.03%

9.36% IDFC Bank - 21.08.24 2,125 0.02%

10.70% IRFC - 11.09.23 1,142 0.01%

9.02% REC - 19.11.2022 1,036 0.01%

8.80% REC - 17.11.2019 1,025 0.01%

Total 1,974,186 22.62%


516,915 5.93%


291,752 3.35%



175,273 2.01%



Grand Total 8,721,265 100.00%

Industry Kotak Group Short Term Bond Fund

% of Total Funds

ULGF-018-18/12/13-

SHTRMBND-107


9.40% REC - 20.07.2017 8,115 7.85%

ICICI Bank CD - 06.01.17 8,030 7.77%

IL & FS CP 18.08.16 7,765 7.51%

CBLO - 04.04.2016 7,495 7.25%

9.70% PFC - 31.01.2020 7,334 7.10%

TATA Capital Ltd CP - 19.08.16 7,279 7.04%

9.25% Tata Sons - 19.06.2019 4,115 3.98%

Sundaram Finance Ltd ZCB - 13.10.2017 2,636 2.55%

8.92% L&T Finance Ltd. - 06.07.2018 2,520 2.44%

IDBI Bank CD - 04.04.16 1,199 1.16%

EXIM CP - 16.05.16 990 0.96%

PFC CP - 26.05.2016 988 0.96%

Total 58,466 56.57%








Industry Kotak Group Short Term Bond Fund

% of Total Funds

ULGF-018-18/12/13-

SHTRMBND-107

GOVT. of INDIA

6.05% GOI - 12.06.2019 16,992 16.44%

8.19% GOI - 16.01.2020 7,652 7.40%

Total 24,644 23.84%


9.25% LIC Housing Finance - 12.11.2022 7,250.00 7.01%

9.70% HDFC - 18.03.2017 P - 18.04.15 6,078.00 5.88%

Total 13,328.00 12.89%

State Development Loan 5,081.00 4.92%


Grand Total 103,359.00 100.00%

Industry Kotak Group Secure Capital Fund

% of Total Funds

ULGF-016-12/04/11-

SECCAPFND-107

GOVT. of INDIA

8.17% GOI - 01.12.2044 175,302 20.88%

8.13% GOI - 22.06.2045 131,778 15.70%

8.30% GOI - 31.12.2042 44,337 5.28%

8.24% GOI - 10.11.2033 43,812 5.22%

7.02% GOI - 17.08.2016 34,246 4.08%

7.59% GOI 2016-12.04.16 5,695 0.68%

9.23% GOI - 23.12.2043 2,350 0.28%


8.32% GOI - 02.08.2032 1,115 0.13%

6.90% OIL SPL - 04.02.2026 450 0.05%

8.30% GOI - 02.07.2040 298 0.04%



7.28% GOI - 03.06.2019 22 0.00%

7.80% GOI - 03.05.2020 20 0.00%

6.83% GOI - 19.01.39 11 0.00%

Total 441,528 52.59%


CBLO - 04.04.2016 36,478 4.36%

ICICI Bank CD - 22.04.16 20,301 2.42%


8.30% REC - 10.04.2025 11,019 1.31%

Axis Bank CD - 28.04.2016 10,135 1.21%

8.92% L&T Finance Ltd. - 06.07.2018 10,082 1.20%


% of Total Funds

ULGF-016-12/04/11-

SECCAPFND-107

Axis Bank CD - 04.04.2016 9,990 1.19%

IDBI Bank CD - 04.04.16 9,390 1.12%

9.78% Tata Sons - 13.01.2019 8,322 0.99%

EXIM CP - 16.05.16 7,922 0.94%

PFC CP - 26.05.2016 7,905 0.94%


6,997 0.83%


9.90% Tata Sons - 20.03.2019 5,219 0.62%


5,081 0.61%

9.00% PFC - 11.03.2028 4,194 0.50%


8.11% REC - 07.10.2025 3,959 0.47%


3,485 0.42%

9.39% PFC - 27.08.2029 3,258 0.39%

8.61% L&T Finance Ltd. - 25.09.2017 2,496 0.30%

8.94% PFC - 25.03.2028 2,099 0.25%


8.65% PFC - 28.12.2024 2,037 0.24%

9.9078% KMPL - 21.10.2016 2,017 0.24%


9.3030% KMPL - 28.06.2016 1,999 0.24%


11.15% REC - 24.10.2018 1,072 0.13%

9.69% Tata Sons - 12.06.2022 1,054 0.13%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,050 0.13%

8.87% EXIM- 30.10.2029 1,048 0.12%

9.70% PFC - 31.01.2020 1,048 0.12%

9.15% EXIM- 05.09.2022 1,041 0.12%

9.43% Tata Sons - 02.06.2019 1,032 0.12%

9.25% Tata Sons - 19.06.2019 1,029 0.12%

8.83% EXIM- 09.01.2023 1,027 0.12%

8.80% EXIM- 15.03.2023 1,026 0.12%

8.89% IDFC Bank - 02.12.20 1,023 0.12%

8.65% REC 2019- 15.01.2019 1,018 0.12%


8.20% IRFC - 27.04.2020 1,008 0.12%

8.39% PFC - 19.04.2025 1,003 0.12%

Sundaram Finance Ltd ZCB - 13.10.2017 879 0.10%

Corporation Bank CD - 14.12.2016 854 0.10%

9.70% ANDHRA BANK FD - 07.04.2016 450 0.05%

Total 226,162 26.94%






133



% of Total Funds

ULGF-016-12/04/11-

SECCAPFND-107 Financial and insurance activities - Housing Sector - Debt

43,725 5.21%


23,855 2.84%

Electricity, gas, steam and air conditioning supply 20,989 2.50%State Development Loan 17,642 2.10%Manufacture of basic metals 5,054 0.60%Net Current Assets 60,652 7.22%Grand Total 839,607 100.00%

Industry Discontinued Policy Fund

% of Total Funds


GOVT. of INDIA7.02% GOI - 17.08.2016 499,850 31.17%7.59% GOI 2016-12.04.16 732,120 45.65%Total 1,231,970 76.82%Financial and insurance activitiesPFC CP - 26.05.2016 16,798 1.05%Axis Bank CD - 04.04.2016 49,948 3.11%IDBI Bank CD - 04.04.16 19,978 1.25%CBLO - 04.04.2016 1,499 0.09%Axis Bank CD - 27.10.2016 74,601 4.65%L and T Finance CP - 28.06.2016 73,022 4.55%TATA Capital Ltd CP - 19.08.16 107,100 6.68%EXIM CD - 16.12.2016 1,897 0.12%Total 344,843 21.50%Manufacture of basic metals 75,947 4.74%Net Current Assets -49,089 -3.06%Grand Total 1,603,671 100.00%

Industry Kotak Dynamic Floating Rate Fund

% of Total Funds


Financial and insurance activitiesEXIM Floater INCMTBMK + 100 bps - 09.08.2016 16,089 7.14%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 17,130 7.62%IL & FS CP 18.08.16 16,967 7.55%PFC CP - 26.05.2016 1,976 0.88%Axis Bank CD - 28.04.2016 2,882 1.28%Corporation Bank CD - 14.12.2016 11,388 5.07%IDBI Bank CD - 04.04.16 2,597 1.16%CBLO - 04.04.2016 9,994 4.45%Axis Bank CD - 27.10.2016 5,753 2.56%State Bank of Patiala CD - 28.12.2016 11,833 5.26%TATA Capital Ltd CP - 19.08.16 6,785 3.02%Total 103,394 45.99%

Industry Kotak Dynamic Floating Rate Fund

% of Total Funds


GOVT. of INDIA7.02% GOI - 17.08.2016 8,258 3.66%7.28% GOI - 03.06.2019 5,184 2.31%7.95% Oil Bond - 18.01.25 3,262 1.45%8.19% GOI - 16.01.2020 14,777 6.57%GOI FRB - 21.12.2020 27,618 12.29%8.27% GOI - 09.06.2020 11,322 5.04%6.05% GOI - 12.06.2019 9,504 4.23%8.13% OMC GOI Special Bond - 16.10.21 6,391 2.84%5.59% GOI - 04.06.2016 10,022 4.46%Total 96,338 42.85%State Development Loan 15,586 6.93%Financial and insurance activities - Housing Sector - Debt

12,983 5.78%

Net Current Assets -3,495 -1.55%Grand Total 224,806 100.00%

Industry Kotak Pension Floating Rate Fund

% of Total Funds


Financial and insurance activitiesEXIM Floater INCMTBMK + 100 bps - 09.08.2016 2,011 6.20%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 2,447 7.56%IL & FS CP 18.08.16 2,424 7.49%Axis Bank CD - 28.04.2016 397 1.23%Corporation Bank CD - 14.12.2016 1,613 4.98%IDBI Bank CD - 04.04.16 400 1.24%CBLO - 04.04.2016 1,999 6.18%Axis Bank CD - 27.10.2016 863 2.67%State Bank of Patiala CD - 28.12.2016 1,704 5.26%TATA Capital Ltd CP - 19.08.16 969 2.99%Total 14,827 45.80%GOVT. of INDIA7.02% GOI - 17.08.2016 1,208 3.74%7.28% GOI - 03.06.2019 1,050 3.24%7.95% Oil Bond - 18.01.25 690 2.13%8.19% GOI - 16.01.2020 1,854 5.73%GOI FRB - 21.12.2020 3,958 12.23%8.27% GOI - 09.06.2020 1,029 3.18%6.05% GOI - 12.06.2019 1,536 4.74%8.13% OMC GOI Special Bond - 16.10.21 842 2.60%5.59% GOI - 04.06.2016 1,447 4.47%Total 13,614 42.06%State Development Loan 2,072 6.40%Financial and insurance activities - Housing Sector - Debt

1,997 6.17%

Net Current Assets -139 -0.43%Grand Total 32,371 100.00%








Industry Kotak Group Floating Rate Fund

% of Total Funds

ULGF-005-07/12/04-

FLTRFND-107 Financial and insurance activities

EXIM Floater INCMTBMK + 100 bps - 09.08.2016 12,067 7.09%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 12,235 7.20%IL & FS CP 18.08.16 9,696 5.71%PFC CP - 26.05.2016 1,976 1.16%Axis Bank CD - 28.04.2016 1,987 1.17%Corporation Bank CD - 14.12.2016 6,643 3.91%IDBI Bank CD - 04.04.16 1,998 1.18%CBLO - 04.04.2016 24,485 14.41%Axis Bank CD - 27.10.2016 3,164 1.86%State Bank of Patiala CD - 28.12.2016 7,100 4.18%TATA Capital Ltd CP - 19.08.16 3,877 2.28%Total 85,228 50.15%GOVT. of INDIA7.02% GOI - 17.08.2016 5,530 3.25%7.28% GOI - 03.06.2019 4,635 2.73%7.95% Oil Bond - 18.01.25 1,777 1.05%8.19% GOI - 16.01.2020 9,895 5.82%GOI FRB - 21.12.2020 17,148 10.09%8.27% GOI - 09.06.2020 11,415 6.72%6.05% GOI - 12.06.2019 5,568 3.28%8.13% OMC GOI Special Bond - 16.10.21 3,688 2.17%5.59% GOI - 04.06.2016 5,982 3.52%Total 65,638 38.63%State Development Loan 14,263 8.39%Financial and insurance activities - Housing Sector - Debt

10,986 6.47%

Net Current Assets -6,185 -3.64%Grand Total 169,930 100.00%

Industry Kotak Group 57M FMP 07/04/2016

% of Total Funds

ULGF-017-14/07/11-

57FM070416-107 Financial and insurance activities9.17% IDBI FD - 07.04.2016 10,100 3.64%9.25% IOB FD - 07.04.2016 19,900 7.19%9.25% OBC FD - 07.04.2016 9,900 3.58%9.25% OBC FD1 - 07.04.2016 9,628 3.48%9.25% SBBJ FD - 07.04.2016 9,900 3.58%9.25% SBH FD - 07.04.2016 20,000 7.23%9.50% SYNDICATE BANK FD - 07.04.2016 20,500 7.41%9.62% PFC - 29.06.2016 17,050 6.16%9.70% ANDHRA BANK FD - 07.04.2016 20,600 7.45%Axis Bank CD - 04.04.2016 19,979 7.22%CBLO - 04.04.2016 2,998 1.08%Total 160,555 58.02%

Industry Kotak Group 57M FMP 07/04/2016

% of Total Funds

ULGF-017-14/07/11-

57FM070416-107 Financial and insurance activities - Housing Sector - Debt9.60% HDFC - 07.04.2016 20,005 7.23%9.74% LIC Housing Finance - 15.07.2016 12,035 4.35%Total 32,040 11.58%Electricity, gas, steam and air conditioning supply

16,292 5.89%


Grand Total 276,691 100.00%

Industry Kotak Dynamic Balanced Fund

% of Total Funds


Financial and insurance activities10.05% Bajaj Finance Ltd - 10.01.2017 1,012 0.57%10.75% Shriram Transport Finance Co Ltd 24.10.2016

461 0.26%

9.75% REC - 11.11.2021. 1,065 0.60%9.78% Tata Sons - 13.01.2019 1,040 0.58%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,050 0.59%

Axis Bank Ltd 3,209 1.80%Coal India Ltd 861 0.48%HDFC Bank Ltd 6,806 3.85%ICICI Bank Ltd 3,457 1.94%IndusInd Bank Limited 3,962 2.23%Infrastructure Development Finance Company Ltd 486 0.27%YES BANK LTD 2,762 1.55%Kotak Banking ETF - Dividend Payout Option 3,064 1.72%R Shares Banking ETF 3,563 2.00%9.85% Shriram Transport Finance Co Ltd 15.07.2017

1,016 0.57%

IDFC Bank Ltd 633 0.36%Max Financial Services Ltd 429 0.24%8.30% REC - 10.04.2025 1,002 0.56%8.55% Sundaram Finance - 27.10.17 997 0.56%9.36% IDFC Bank - 21.08.24 1,062 0.60%EXIM CP - 16.05.16 990 0.56%PFC CP - 26.05.2016 988 0.56%Axis Bank CD - 28.04.2016 894 0.50%Corporation Bank CD - 14.12.2016 285 0.16%ICICI Bank CD - 22.04.16 1,791 1.01%IDBI Bank CD - 04.04.16 799 0.45%CBLO - 04.04.2016 5,497 3.09%8.00% HDFC Bank FD BSE - 24.07.2016 75 0.04%8.00% HDFC Bank FD NSE - 24.07.2016 162 0.09%8.00% HDFC Bank FD NSE - 08.08.2016 158 0.09%Total 49,576 27.88%






135



% of Total Funds


GOVT. of INDIA


6.83% GOI - 19.01.39 11 0.01%

6.90% OIL SPL - 04.02.2026 97 0.05%


7.02% GOI - 17.08.2016 2,942 1.65%

7.28% GOI - 03.06.2019 15 0.01%

7.80% GOI - 03.05.2020 11 0.01%


8.30% GOI - 02.07.2040 35 0.02%

8.30% GOI - 31.12.2042 4,090 2.30%

8.32% GOI - 02.08.2032 48 0.03%

9.23% GOI - 23.12.2043 210 0.12%

8.17% GOI - 01.12.2044 16,179 9.09%

7.59% GOI 2016-12.04.16 729 0.41%

8.13% GOI - 22.06.2045 12,070 6.79%

8.24% GOI - 10.11.2033 4,212 2.37%

Total 42,050 23.65%

Computer programming, consultancy and related activities

14,114 7.94%

Manufacture of motor vehicles, trailers and semi-trailers

8,828 4.97%


7,162 4.03%

Manufacture of other non-metallic mineral products

6,990 3.93%

Mfg of pharmaceuticals, medicinal chemical & botanical products

6,737 3.79%

Manufacture of tobacco products 6,575 3.70%


5,328 3.00%

Manufacture of coke and refined petroleum products

4,487 2.52%

Manufacture of other transport equipment 3,733 2.10%

Civil engineering 3,582 2.01%


Manufacture of food products 2,729 1.53%


2,035 1.14%

Information service activities 1,637 0.92%


Manufacture of electrical equipment 1,262 0.71%

Manufacture of machinery and equipment n.e.c.

1,127 0.63%

Accommodation 872 0.49%


% of Total Funds


Manufacture of chemicals and chemical products

867 0.49%

Manufacture of wood & products of wood & cork, except furniture

794 0.45%

Manufacture of rubber and plastics products 360 0.20%

Human health activities 332 0.19%

Education 203 0.11%

Printing and reproduction of recorded media 15 0.01%


Grand Total 177,804 100.00%

Industry Kotak Guaranteed Balanced Fund

% of Total Funds


GOVT. of INDIA


6.01% GOI - 25.03.2028 140 0.02%

6.83% GOI - 19.01.39 98 0.01%

6.90% OIL SPL - 04.02.2026 706 0.08%


7.02% GOI - 17.08.2016 20,743 2.34%

7.28% GOI - 03.06.2019 134 0.02%

7.80% GOI - 03.05.2020 88 0.01%


8.30% GOI - 02.07.2040 257 0.03%

8.30% GOI - 31.12.2042 28,632 3.23%

8.32% GOI - 02.08.2032 418 0.05%

9.23% GOI - 23.12.2043 1,456 0.16%

8.17% GOI - 01.12.2044 112,156 12.64%

7.59% GOI 2016-12.04.16 5,194 0.59%

8.13% GOI - 22.06.2045 85,516 9.64%

8.24% GOI - 10.11.2033 29,882 3.37%

Total 296,128 33.40%




4,943 0.56%

8.83% EXIM- 09.01.2023 1,027 0.12%

8.94% PFC - 25.03.2028 2,099 0.24%

9.00% PFC - 11.03.2028 3,146 0.35%

9.15% EXIM- 05.09.2022 1,041 0.12%

9.35% IIFCL - 17.11.23 1,072 0.12%

9.70% PFC - 31.01.2020 1,048 0.12%

9.78% Tata Sons - 13.01.2019 6,242 0.70%









% of Total Funds


9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

2,100 0.24%

9.90% Tata Sons - 20.03.2019 2,088 0.24%


Axis Bank Ltd 13,400 1.51%

Coal India Ltd 3,425 0.39%

HDFC Bank Ltd 28,096 3.17%

ICICI Bank Ltd 14,011 1.58%

IndusInd Bank Limited 15,863 1.79%

Infrastructure Development Finance

Company Ltd

2,082 0.23%

L&T Finance Ltd NSE Mibor +1.55% -

28.10.2016

2,447 0.28%

YES BANK LTD 8,876 1.00%

Kotak Banking ETF - Dividend Payout Option 12,308 1.39%

R Shares Banking ETF 12,966 1.46%


9.43% Tata Sons - 02.06.2019 1,032 0.12%

9.85% Shriram Transport Finance Co Ltd

15.07.2017

5,081 0.57%

IDFC Bank Ltd 2,691 0.30%

Max Financial Services Ltd 1,530 0.17%

8.30% REC - 10.04.2025 6,010 0.68%


8.75% Mahindra and Mahindra Financial

Services Ltd- 31.07.20

2,999 0.34%

8.80% Bajaj Finance Ltd - 03.08.2017 999 0.11%

8.89% IDFC Bank - 02.12.20 1,023 0.12%

8.92% L&T Finance Ltd. - 06.07.2018 2,520 0.28%

9.3030% KMPL - 28.06.2016 999 0.11%

9.69% Tata Sons - 12.06.2022 1,054 0.12%

PFC CP - 26.05.2016 988 0.11%

Axis Bank CD - 28.04.2016 6,459 0.73%

ICICI Bank CD - 22.04.16 12,937 1.46%

IDBI Bank CD - 04.04.16 5,794 0.65%

CBLO - 04.04.2016 999 0.11%

8.00% HDFC Bank FD BSE - 24.07.2016 290 0.03%

8.00% HDFC Bank FD NSE - 24.07.2016 629 0.07%

8.00% HDFC Bank FD NSE - 08.08.2016 616 0.07%

8.11% REC - 07.10.2025 2,969 0.33%

8.39% PFC - 19.04.2025 1,003 0.11%




% of Total Funds


8.65% PFC - 28.12.2024 2,037 0.23%

8.80% EXIM- 15.03.2023 1,026 0.12%


9.25% Tata Sons - 19.06.2019 1,029 0.12%

9.9078% KMPL - 21.10.2016 2,017 0.23%

Total 221,125 24.93%

Computer programming, consultancy

and related activities

57,316 6.46%

Warehousing and support activities for

transportation

38,679 4.36%

Manufacture of motor vehicles, trailers and

semi-trailers

36,055 4.07%

Manufacture of other non-metallic mineral

products

27,918 3.15%

Financial and insurance activities - Housing

Sector - Debt

27,362 3.09%


Mfg of pharmaceuticals, medicinal chemical

& botanical products

26,055 2.94%


Manufacture of coke and refined petroleum

products

18,506 2.09%



Electricity, gas, steam and air conditioning

supply

12,302 1.39%



Manufacture of machinery and equipment

n.e.c.

5,609 0.63%


Manufacture of chemicals and chemical

products

3,532 0.40%

Manufacture of wood & products of wood &

cork, except furniture

3,317 0.37%

Accommodation 2,940 0.33%


Manufacture of rubber and plastics products 1,505 0.17%

Human health activities 1,268 0.14%

Education 846 0.10%


Net Current Assets -162 -0.02%

Grand Total 886,891 100.00%




137




Industry Kotak Pension Balanced Fund

% of Total Funds


GOVT. of INDIA


6.83% GOI - 19.01.39 228 0.01%

6.90% OIL SPL - 04.02.2026 1,573 0.07%


7.02% GOI - 17.08.2016 47,908 2.25%

7.28% GOI - 03.06.2019 257 0.01%

7.80% GOI - 03.05.2020 179 0.01%

8.20% OMC GOI Special Bond - 12.02.24 1,134 0.05%


8.30% GOI - 02.07.2040 582 0.03%

8.30% GOI - 31.12.2042 67,008 3.15%

8.32% GOI - 02.08.2032 804 0.04%

9.23% GOI - 23.12.2043 3,448 0.16%

8.17% GOI - 01.12.2044 265,467 12.48%

7.59% GOI 2016-12.04.16 11,675 0.55%

8.13% GOI - 22.06.2045 198,243 9.31%

8.24% GOI - 10.11.2033 68,591 3.22%

Total 691,018 32.46%




10,561 0.50%

8.83% EXIM- 09.01.2023 1,027 0.05%

8.94% PFC - 25.03.2028 3,149 0.15%

9.00% PFC - 11.03.2028 7,340 0.34%

9.15% EXIM- 05.09.2022 2,082 0.10%

9.35% IIFCL - 17.11.23 2,144 0.10%

9.70% PFC - 31.01.2020 2,095 0.10%

9.78% Tata Sons - 13.01.2019 13,523 0.64%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

5,249 0.25%

9.90% Tata Sons - 20.03.2019 5,219 0.25%







Infrastructure Development Finance Company Ltd

4,510 0.21%


4,894 0.23%




% of Total Funds



8.84% PFC - 04.03.2023 1,026 0.05%


9.43% Tata Sons - 02.06.2019 2,064 0.10%


11,178 0.53%

8.55% PFC - 09.12.2021 1,008 0.05%



8.30% REC - 10.04.2025 14,024 0.66%



6,997 0.33%


8.89% IDFC Bank - 02.12.20 2,046 0.10%

8.92% L&T Finance Ltd. - 06.07.2018 7,561 0.36%

9.3030% KMPL - 28.06.2016 2,998 0.14%

9.69% Tata Sons - 12.06.2022 2,108 0.10%

EXIM CP - 16.05.16 11,883 0.56%

PFC CP - 26.05.2016 11,857 0.56%

Axis Bank CD - 04.04.2016 19,979 0.94%

Axis Bank CD - 28.04.2016 15,203 0.71%


ICICI Bank CD - 22.04.16 30,252 1.42%

IDBI Bank CD - 04.04.16 13,785 0.65%

CBLO - 04.04.2016 1,999 0.09%

8.00% HDFC Bank FD BSE - 24.07.2016 991 0.05%

8.00% HDFC Bank FD NSE - 24.07.2016 2,147 0.10%

8.00% HDFC Bank FD NSE - 08.08.2016 2,110 0.10%

8.11% REC - 07.10.2025 6,929 0.33%

8.20% IRFC - 27.04.2020 1,008 0.05%

8.39% PFC - 19.04.2025 2,007 0.09%

8.61% L&T Finance Ltd. - 25.09.2017 2,496 0.12%

8.65% PFC - 28.12.2024 2,037 0.10%

8.80% EXIM- 15.03.2023 1,026 0.05%

8.87% EXIM- 30.10.2029 1,048 0.05%


9.25% Tata Sons - 19.06.2019 2,057 0.10%

9.9078% KMPL - 21.10.2016 4,033 0.19%

9.95% IRFC - 07.06.2022 1,091 0.05%

Total 555,163 26.09%









% of Total Funds



133,310 6.26%


88,638 4.16%


83,503 3.92%


65,896 3.10%


65,081 3.06%



59,433 2.79%



42,689 2.01%




27,347 1.28%





10,784 0.51%


8,123 0.38%




7,273 0.34%



Education 1,947 0.09%



Grand Total 2,128,648 100.00%

Industry Kotak Group Balanced Fund

% of Total Funds

ULGF-003-27/06/03-BALFND-107




4,941 0.16%

8.83% EXIM- 09.01.2023 1,027 0.03%

8.94% PFC - 25.03.2028 3,149 0.10%

9.00% PFC - 11.03.2028 6,292 0.20%

9.15% EXIM- 05.09.2022 2,082 0.07%

9.70% PFC - 31.01.2020 1,048 0.03%

9.78% Tata Sons - 13.01.2019 9,362 0.30%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

9,449 0.30%

9.90% Tata Sons - 20.03.2019 5,219 0.16%




EXIM Floater INCMTBMK + 100 bps - 09.08.2016

7,039 0.22%





7,715 0.24%


9,788 0.31%




8.84% PFC - 04.03.2023 1,026 0.03%


9.43% Tata Sons - 02.06.2019 2,064 0.07%


11,178 0.35%

8.55% PFC - 09.12.2021 1,008 0.03%



8.30% REC - 10.04.2025 14,024 0.44%



6,997 0.22%


8.89% IDFC Bank - 02.12.20 1,023 0.03%

8.92% L&T Finance Ltd. - 06.07.2018 12,602 0.40%

9.3030% KMPL - 28.06.2016 2,998 0.09%




139





% of Total Funds

ULGF-003-27/06/03-BALFND-107

9.69% Tata Sons - 12.06.2022 2,108 0.07%

EXIM CP - 16.05.16 12,873 0.41%

PFC CP - 26.05.2016 11,857 0.37%

Axis Bank CD - 04.04.2016 99,895 3.15%

Axis Bank CD - 28.04.2016 15,700 0.49%


ICICI Bank CD - 22.04.16 29,655 0.93%

IDBI Bank CD - 04.04.16 14,883 0.47%

CBLO - 04.04.2016 40,476 1.28%

8.00% HDFC Bank FD BSE - 24.07.2016 439 0.01%

8.00% HDFC Bank FD NSE - 24.07.2016 950 0.03%

8.00% HDFC Bank FD NSE - 08.08.2016 937 0.03%

IDBI Bank CD - 05.04.16 199,754 6.30%

8.11% REC - 07.10.2025 5,939 0.19%

8.20% IRFC - 27.04.2020 1,008 0.03%

8.39% PFC - 19.04.2025 2,007 0.06%

8.61% L&T Finance Ltd. - 25.09.2017 2,496 0.08%

8.65% PFC - 28.12.2024 2,037 0.06%

8.80% EXIM- 15.03.2023 1,026 0.03%

8.87% EXIM- 30.10.2029 1,048 0.03%


9.25% Tata Sons - 19.06.2019 2,057 0.06%

9.9078% KMPL - 21.10.2016 4,033 0.13%

9.95% IRFC - 07.06.2022 1,091 0.03%

Total 1,114,221 35.12%

GOVT. of INDIA


6.83% GOI - 19.01.39 86 0.00%

6.90% OIL SPL - 04.02.2026 1,526 0.05%


7.02% GOI - 17.08.2016 49,004 1.54%

7.28% GOI - 03.06.2019 814 0.03%

7.80% GOI - 03.05.2020 174 0.01%

8.19% GOI - 16.01.2020 4,081 0.13%

8.20% OMC GOI Special Bond - 12.02.24 194 0.01%


8.30% GOI - 02.07.2040 568 0.02%

8.30% GOI - 31.12.2042 67,633 2.13%

8.32% GOI - 02.08.2032 663 0.02%

9.23% GOI - 23.12.2043 3,724 0.12%

8.17% GOI - 01.12.2044 265,084 8.34%

7.59% GOI 2016-12.04.16 11,495 0.36%

8.13% GOI - 22.06.2045 193,587 6.10%

8.24% GOI - 10.11.2033 67,583 2.13%

Total 685,956 21.62%


% of Total Funds

ULGF-003-27/06/03-BALFND-107


234,198 7.38%


157,611 4.97%


122,111 3.85%


120,698 3.80%



89,240 2.81%


86,277 2.72%


84,110 2.65%





47,529 1.50%





18,698 0.59%


14,264 0.45%



12,830 0.40%






Net Current Assets -34,536 -1.09%

Grand Total 3,172,641 100.00%








Industry Balanced Fund % of Total Funds ULIF-037-21/12/09-

BALKFND-107


CBLO - 04.04.2016 23,486 4.64%



Axis Bank CD - 04.04.2016 9,990 1.98%






ICICI Bank CD - 22.04.16 4,777 0.94%


8.92% L&T Finance Ltd. - 06.07.2018 2,520 0.50%

Axis Bank CD - 28.04.2016 2,484 0.49%


IDBI Bank CD - 04.04.16 2,297 0.45%

9.75% REC - 11.11.2021. 2,130 0.42%

9.78% Tata Sons - 13.01.2019 2,081 0.41%


8.30% REC - 10.04.2025 2,003 0.40%

EXIM CP - 16.05.16 1,980 0.39%

PFC CP - 26.05.2016 1,976 0.39%

IL & FS CP 18.08.16 1,455 0.29%



1,331 0.26%



1,078 0.21%

9.36% IDFC Bank - 21.08.24 1,062 0.21%

9.69% Tata Sons - 12.06.2022 1,054 0.21%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,050 0.21%

9.00% PFC - 11.03.2028 1,049 0.21%

9.90% Tata Sons - 20.03.2019 1,044 0.21%

9.70% PFC - 15.12.2018 1,041 0.21%

9.43% Tata Sons - 02.06.2019 1,032 0.20%

8.80% PFC - 15.01.2025 1,031 0.20%

8.80% REC - 29.11.2020 1,023 0.20%

8.89% IDFC Bank - 02.12.20 1,023 0.20%


1,016 0.20%

9.40% REC - 20.07.2017 1,014 0.20%




BALKFND-107


1,000 0.20%

9.3030% KMPL - 28.06.2016 999 0.20%


9.25% IDFC Bank - 13.09.19 813 0.16%


8.00% HDFC Bank FD NSE - 24.07.2016 1 0.00%

8.00% HDFC Bank FD BSE - 24.07.2016 1 0.00%

8.00% HDFC Bank FD NSE - 08.08.2016 1 0.00%

Total 160,083 31.65%

GOVT. of INDIA

8.17% GOI - 01.12.2044 42,710 8.45%

8.13% GOI - 22.06.2045 31,136 6.16%

8.30% GOI - 31.12.2042 10,821 2.14%

8.24% GOI - 10.11.2033 10,607 2.10%

7.02% GOI - 17.08.2016 7,567 1.50%

7.28% GOI - 03.06.2019 3,511 0.69%

8.19% GOI - 16.01.2020 2,551 0.50%

7.16% GOI - 20.05.2023 2,421 0.48%

6.01% GOI - 25.03.2028 2,297 0.45%


7.59% GOI 2016-12.04.16 1,728 0.34%

9.23% GOI - 23.12.2043 575 0.11%

6.90% OIL SPL - 04.02.2026 222 0.04%


8.30% GOI - 02.07.2040 81 0.02%

8.32% GOI - 02.08.2032 76 0.02%


7.80% GOI - 03.05.2020 21 0.00%

6.83% GOI - 19.01.39 6 0.00%

7.46% GOI - 28.08.17 3 0.00%

Total 118,342 23.40%


37,851 7.48%


23,460 4.64%


18,807 3.72%



17,805 3.52%


12,467 2.47%


10,150 2.01%





141





BALKFND-107



9,476 1.87%



5,561 1.10%






2,735 0.54%


2,143 0.42%



1,835 0.36%



Education 528 0.10%



Grand Total 505,727 100.00%

Industry Pension Balanced Fund II

% of Total Funds

ULIF-046-24/01/10-PNBALFND2-107


CBLO - 04.04.2016 2,498 7.18%


9.36% IDFC Bank - 21.08.24 1,062 3.05%


IndusInd Bank Limited 768 2.21%

ICICI Bank Ltd 703 2.02%

R Shares Banking ETF 697 2.00%

Axis Bank Ltd 637 1.83%

Kotak Banking ETF - Dividend Payout Option 630 1.81%

YES BANK LTD 536 1.54%

ICICI Bank CD - 22.04.16 398 1.14%

IDBI Bank CD - 04.04.16 200 0.58%

Axis Bank CD - 28.04.2016 199 0.57%

Coal India Ltd 171 0.49%

IDFC Bank Ltd 131 0.38%


102 0.29%


% of Total Funds

ULIF-046-24/01/10-PNBALFND2-107


100 0.29%

Max Financial Services Ltd 93 0.27%

8.00% HDFC Bank FD NSE - 08.08.2016 4 0.01%

8.00% HDFC Bank FD NSE - 24.07.2016 4 0.01%

8.00% HDFC Bank FD BSE - 24.07.2016 2 0.01%

Total 11,249 32.33%

GOVT. of INDIA

8.17% GOI - 01.12.2044 3,218 9.26%

8.13% GOI - 22.06.2045 2,437 7.01%

8.24% GOI - 10.11.2033 841 2.42%

8.30% GOI - 31.12.2042 821 2.36%

7.02% GOI - 17.08.2016 586 1.69%

1.44% INFLATION INDEX GS 2023 278 0.80%

7.59% GOI 2016-12.04.16 140 0.40%

6.01% GOI - 25.03.2028 79 0.23%

9.23% GOI - 23.12.2043 42 0.12%


6.90% OIL SPL - 04.02.2026 19 0.05%

8.32% GOI - 02.08.2032 16 0.05%


8.30% GOI - 02.07.2040 7 0.02%

7.28% GOI - 03.06.2019 5 0.01%

6.83% GOI - 19.01.39 4 0.01%

7.80% GOI - 03.05.2020 3 0.01%

Total 8,526 24.52%


2,846 8.18%


1,776 5.11%


1,457 4.19%


1,354 3.89%



1,229 3.53%


901 2.59%

Civil engineering 755 2.17%

Manufacture of other transport equipment 742 2.13%

State Development Loan 574 1.65%

Manufacture of food products 545 1.57%

Information service activities 340 0.98%

Manufacture of electrical equipment 273 0.79%









% of Total Funds

ULIF-046-24/01/10-PNBALFND2-107


204 0.59%


180 0.52%


176 0.51%


149 0.43%


Manufacture of basic metals 79 0.23%



Education 40 0.12%



Grand Total 34,774 100.00%

Industry Kotak Dynamic Growth Fund

% of Total Funds










11.15% REC - 24.10.2018 10,720 1.79%

Axis Bank CD - 04.04.2016 9,990 1.67%

9.36% IDFC Bank - 21.08.24 5,312 0.89%


9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

3,150 0.53%

9.70% PFC - 15.12.2018 3,124 0.52%

8.65% PFC - 28.12.2024 3,055 0.51%

CBLO - 04.04.2016 2,998 0.50%



Company Ltd

2,229 0.37%

Industry Kotak Dynamic Growth Fund

% of Total Funds


9.02% REC - 19.11.2022 2,071 0.35%


IDBI Bank CD - 04.04.16 1,498 0.25%

9.75% REC - 11.11.2021. 1,065 0.18%

9.57% IRFC - 31.05.2021 1,061 0.18%

8.30% REC - 10.04.2025 1,002 0.17%

EXIM CP - 16.05.16 990 0.17%

PFC CP - 26.05.2016 988 0.17%

8.00% HDFC Bank FD NSE - 24.07.2016 772 0.13%

8.00% HDFC Bank FD NSE - 08.08.2016 743 0.12%

8.00% HDFC Bank FD BSE - 24.07.2016 356 0.06%

Total 181,690 30.36%

GOVT. of INDIA

8.13% GOI - 22.06.2045 22,621 3.78%

8.17% GOI - 01.12.2044 20,540 3.43%

8.30% GOI - 31.12.2042 12,981 2.17%

8.30% GOI - 02.07.2040 7,785 1.30%

8.24% GOI - 10.11.2033 7,703 1.29%

7.16% GOI - 20.05.2023 5,403 0.90%

8.20% OMC GOI 2023-10.11.23 1,926 0.32%

7.02% GOI - 17.08.2016 1,600 0.27%

7.28% GOI - 03.06.2019 1,596 0.27%

8.33% GOI - 07.06.36 69 0.01%

8.83% GOI - 12.12.2041 50 0.01%

7.40% GOI 2035 - 09.09.35 46 0.01%

Total 82,320 13.76%



Infosys Ltd 40,947.00 6.84%

Tata Consultancy Services Ltd 12,294.00 2.05%

HCL Technologies Ltd 10,890.00 1.82%

Total 64,131.00 10.71%


semi-trailers

40,140 6.71%




143




Industry Kotak Dynamic

Growth Fund

% of Total

Funds

ULIF-012-27/06/03-

DYGWTFND-107


products

31,985 5.35%



30,132 5.04%



products

20,302 3.39%






transportation

9,137 1.53%


supply

8,449 1.41%




n.e.c.

5,273 0.88%



products

3,894 0.65%



3,708 0.62%


Sector - Debt

2,996 0.50%




Education 917 0.15%



Grand Total 598,380 100.00%

Industry Kotak Guaranteed Growth Fund

% of Total Funds


GOVT. of INDIA

8.17% GOI - 01.12.2044 1,081,353 10.31%

8.13% GOI - 22.06.2045 816,553 7.78%

8.24% GOI - 10.11.2033 280,226 2.67%

8.30% GOI - 31.12.2042 275,086 2.62%

7.02% GOI - 17.08.2016 198,548 1.89%


7.59% GOI 2016-12.04.16 50,127 0.48%

9.23% GOI - 23.12.2043 14,033 0.13%

6.90% OIL SPL - 04.02.2026 6,560 0.06%


12.30% GOI - 02.07.2016 5,060 0.05%

8.07% GOI Jan 15, 2017 4,534 0.04%

7.80% GOI - 11.04.2021 3,892 0.04%

8.32% GOI - 02.08.2032 3,446 0.03%

8.30% GOI - 02.07.2040 2,450 0.02%

7.35% GOI 2024- 22.06.24 2,315 0.02%


6.01% GOI - 25.03.2028 2,237 0.02%

6.83% GOI - 19.01.39 1,144 0.01%

8.20% OMC GOI Special Bond - 12.02.24 1,006 0.01%

7.46% GOI - 28.08.17 905 0.01%

7.80% GOI - 03.05.2020 769 0.01%

7.28% GOI - 03.06.2019 140 0.00%

6.05% GOI 2019 - 02.02.19 62 0.00%

Total 2,851,041 27.16%








ICICI Bank CD - 22.04.16 144,097 1.37%

YES BANK LTD 126,743 1.21%

Axis Bank CD - 28.04.2016 62,401 0.59%

8.30% REC - 10.04.2025 59,100 0.56%

IDBI Bank CD - 04.04.16 56,238 0.54%










% of Total Funds




EXIM CP - 16.05.16 47,531 0.45%

PFC CP - 26.05.2016 46,440 0.44%


15.07.2017

44,711 0.43%


24.10.2016

44,165 0.42%

IDBI Bank CD - 05.04.16 43,446 0.41%


9.90% Tata Sons - 20.03.2019 34,446 0.33%

9.78% Tata Sons - 13.01.2019 29,127 0.28%


Company Ltd

28,602 0.27%

9.00% PFC - 11.03.2028 28,312 0.27%


8.11% REC - 07.10.2025 25,735 0.25%

8.92% L&T Finance Ltd. - 06.07.2018 25,204 0.24%


9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

22,048 0.21%

Axis Bank CD - 04.04.2016 19,979 0.19%




18,992 0.18%

9.9078% KMPL - 21.10.2016 15,125 0.14%

9.3030% KMPL - 28.06.2016 13,992 0.13%


8.61% L&T Finance Ltd. - 25.09.2017 12,481 0.12%


28.10.2016

12,235 0.12%

8.94% PFC - 25.03.2028 11,547 0.11%

8.00% HDFC Bank FD NSE - 24.07.2016 11,315 0.11%

8.00% HDFC Bank FD NSE - 08.08.2016 11,142 0.11%

8.89% IDFC Bank - 02.12.20 10,231 0.10%


9.43% Tata Sons - 02.06.2019 9,287 0.09%

EXIM Floater INCMTBMK + 100 bps -

09.08.2016

9,050 0.09%


% of Total Funds


9.35% IIFCL - 17.11.23 8,576 0.08%

9.69% Tata Sons - 12.06.2022 8,432 0.08%

8.65% PFC - 28.12.2024 8,147 0.08%


9.15% EXIM- 05.09.2022 6,246 0.06%

8.83% EXIM- 09.01.2023 6,161 0.06%

9.05% BOB Perpetual Bond Call- 27.08.2020 6,091 0.06%

8.39% PFC - 19.04.2025 6,020 0.06%

8.00% HDFC Bank FD BSE - 24.07.2016 5,222 0.05%

8.80% EXIM- 15.03.2023 5,129 0.05%

CBLO - 04.04.2016 4,997 0.05%

8.87% EXIM- 30.10.2029 4,191 0.04%

9.05% SBI Perpetual Bond Call - 27.01.2020 4,141 0.04%

9.25% Tata Sons - 19.06.2019 4,115 0.04%

8.84% PFC - 04.03.2023 4,103 0.04%

9.95% IRFC - 07.06.2022 3,274 0.03%

8.99% PFC - 15.01.2021 3,092 0.03%

9.87% Tata Sons - 17.07.2017 3,045 0.03%

8.20% IRFC - 27.04.2020 3,025 0.03%

9.36% IDFC Bank - 21.08.24 2,125 0.02%

9.48% REC - 10.08.2021 2,095 0.02%

9.38% REC - 06.11.2018 2,077 0.02%


11.15% REC - 24.10.2018 1,072 0.01%

Axis Bank CD - 27.10.2016 1,050 0.01%

9.02% REC - 19.11.2022 1,036 0.01%

9.44% PFC - 23.09.2021 1,032 0.01%

8.70% PFC- 14.05.2025 1,026 0.01%

8.78% PFC - 15.11.2020 1,022 0.01%

9.96% PFC 2017 - 18.05.17 1,021 0.01%

8.55% PFC - 09.12.2021 1,008 0.01%

8.10% IIFCL - 08.04.24 989 0.01%

9.25% OBC FD1 - 07.04.2016 272 0.00%

Total 2,790,224 26.60%




145





% of Total Funds




817,202 7.79%


semi-trailers

512,841 4.89%


products

421,130 4.01%




367,251 3.50%


Sector - Debt

332,813 3.17%


transportation

327,007 3.12%


products

261,808 2.50%






supply

150,073 1.43%



n.e.c.

78,226 0.75%



products

51,628 0.49%




45,935 0.44%







Grand Total 10,491,435 100.00%

Industry Kotak Pension Growth Fund

% of Total Funds


GOVT. of INDIA

8.17% GOI - 01.12.2044 17,281 10.22%

8.13% GOI - 22.06.2045 12,881 7.61%

8.24% GOI - 10.11.2033 4,557 2.69%

8.30% GOI - 31.12.2042 4,376 2.59%

7.02% GOI - 17.08.2016 3,183 1.88%


7.59% GOI 2016-12.04.16 806 0.48%

9.23% GOI - 23.12.2043 225 0.13%

6.90% OIL SPL - 04.02.2026 109 0.06%


8.32% GOI - 02.08.2032 58 0.03%

8.30% GOI - 02.07.2040 40 0.02%


7.28% GOI - 03.06.2019 19 0.01%

6.83% GOI - 19.01.39 18 0.01%

7.80% GOI - 03.05.2020 12 0.01%

Total 45,190 26.70%




CBLO - 04.04.2016 3,498 2.07%






ICICI Bank CD - 22.04.16 1,990 1.18%

9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

1,050 0.62%

9.90% Tata Sons - 20.03.2019 1,044 0.62%

9.78% Tata Sons - 13.01.2019 1,040 0.61%


15.07.2017

1,016 0.60%



8.30% REC - 10.04.2025 1,002 0.59%

8.55% Sundaram Finance - 27.10.17 997 0.59%

Axis Bank CD - 28.04.2016 994 0.59%









% of Total Funds


EXIM CP - 16.05.16 990 0.59%

PFC CP - 26.05.2016 988 0.58%

IDBI Bank CD - 04.04.16 899 0.53%



24.10.2016

744 0.44%




8.00% HDFC Bank FD NSE - 24.07.2016 128 0.08%

8.00% HDFC Bank FD NSE - 08.08.2016 126 0.07%

8.00% HDFC Bank FD BSE - 24.07.2016 59 0.03%

Total 44,498 26.30%



12,921 7.64%


semi-trailers

8,159 4.82%


transportation

6,942 4.10%


products

6,254 3.70%


Sector - Debt

6,088 3.60%



6,083 3.60%



products

4,125 2.44%









n.e.c.

1,123 0.66%


products

821 0.49%


% of Total Funds




734 0.43%



supply

670 0.40%



Education 185 0.11%



Grand Total 169,180 100.00%

Industry Kotak Aggressive Growth Fund

% of Total Funds










IDBI Bank CD - 05.04.16 62,922 2.25%


Axis Bank CD - 28.04.2016 20,270 0.72%




Company Ltd

13,276 0.47%

ICICI Bank CD - 31.05.16 12,928 0.46%


8.00% HDFC Bank FD NSE - 24.07.2016 4,145 0.15%

8.00% HDFC Bank FD NSE - 08.08.2016 4,103 0.15%

8.00% HDFC Bank FD BSE - 24.07.2016 1,913 0.07%

CBLO - 04.04.2016 500 0.02%

Total 944,884 33.79%




147




Industry Kotak Aggressive Growth Fund

% of Total Funds




Infosys Ltd 246,759 8.82%

Tata Consultancy Services Ltd 73,288 2.62%

HCL Technologies Ltd 70,720 2.53%

Total 390,767 13.97%


semi-trailers

261,821 9.36%


products

200,377 7.17%




183,391 6.56%


products

135,777 4.86%





transportation

50,523 1.81%



products

25,648 0.92%



supply

19,675 0.70%

Other manufacturing 13,622 0.49%


n.e.c.

12,165 0.43%





Grand Total 2,796,554 100.00%

Industry Dynamic Floor Fund % of Total Funds ULIF-028-14/11/06-

DYFLRFND-107

GOVT. of INDIA


6.83% GOI - 19.01.39 620 0.01%

6.90% OIL SPL - 04.02.2026 5,069 0.05%


7.02% GOI - 17.08.2016 201,500 2.11%

7.28% GOI - 03.06.2019 804 0.01%

7.46% GOI - 28.08.17 2,605 0.03%

7.80% GOI - 03.05.2020 620 0.01%


8.20% GOI - 15.02.22 2,965 0.03%

8.20% OMC GOI Special Bond - 12.02.24 80 0.00%


8.30% GOI - 02.07.2040 1,779 0.02%

8.30% GOI - 31.12.2042 332,090 3.48%

8.32% GOI - 02.08.2032 1,613 0.02%

9.23% GOI - 23.12.2043 17,165 0.18%

8.17% GOI - 01.12.2044 1,315,328 13.73%

7.59% GOI 2016-12.04.16 38,028 0.40%

8.13% GOI - 22.06.2045 981,776 10.27%

8.24% GOI - 10.11.2033 330,594 3.46%

Total 3,343,981 34.99%


Bank of Baroda 11,192 0.12%



24.10.2016

46,405 0.49%

8.60% IRFC 2019 - 11.06.2019 7,166 0.08%

8.60% PFC 2024 - 07.08.2024 2,035 0.02%

8.68% IRFC - 29.11.2021 1,018 0.01%

8.78% PFC - 15.11.2020 3,065 0.03%

8.79% IRFC - 04.05.2030 2,108 0.02%

8.80% PFC - 15.01.2025 4,124 0.04%

8.83% EXIM- 09.01.2023 7,188 0.08%

8.94% PFC - 25.03.2028 12,596 0.13%

8.99% PFC - 15.01.2021 1,031 0.01%

9.00% PFC - 11.03.2028 31,458 0.33%

9.05% PFC - 15.12.2025 1,035 0.01%










DYFLRFND-107

9.15% EXIM- 05.09.2022 5,205 0.05%

9.15% EXIM Bank - 30.03.2021 2,078 0.02%

9.35% IIFCL - 17.11.23 1,072 0.01%

9.36% PFC - 01.08.2021 3,146 0.03%

9.38% REC - 06.11.2018 1,039 0.01%

9.44% PFC - 23.09.2021 20,646 0.22%

9.57% EXIM- 10.01.2024 2,143 0.02%

9.62% PFC - 29.06.2016 2,006 0.02%

9.78% Tata Sons - 13.01.2019 75,938 0.79%


9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

38,846 0.41%

9.87% Tata Sons - 17.07.2017 1,015 0.01%

9.90% State Bank of Patiala - 28.09.2022

CALL 28.09.2017

37,915 0.40%

9.90% Tata Sons - 20.03.2019 14,613 0.15%








28.10.2016

19,577 0.20%




8.84% PFC - 04.03.2023 11,282 0.12%


9.43% Tata Sons - 02.06.2019 5,159 0.05%


15.07.2017

39,630 0.41%

8.55% PFC - 09.12.2021 3,024 0.03%



8.30% REC - 10.04.2025 56,095 0.59%




16,993 0.18%



DYFLRFND-107

8.89% IDFC Bank - 02.12.20 10,231 0.11%

8.92% L&T Finance Ltd. - 06.07.2018 85,694 0.90%

9.25% IDFC Bank - 13.09.19 21,964 0.23%

9.3030% KMPL - 28.06.2016 10,994 0.12%

9.36% IDFC Bank - 21.08.24 1,062 0.01%

9.69% Tata Sons - 12.06.2022 6,324 0.07%

IL & FS CP 18.08.16 20,361 0.21%

PFC CP - 26.05.2016 52,369 0.55%

Axis Bank CD - 28.04.2016 75,815 0.79%


ICICI Bank CD - 22.04.16 149,670 1.57%

IDBI Bank CD - 04.04.16 68,724 0.72%

CBLO - 04.04.2016 15,990 0.17%

8.00% HDFC Bank FD BSE - 24.07.2016 1,244 0.01%

8.00% HDFC Bank FD NSE - 24.07.2016 2,696 0.03%

8.00% HDFC Bank FD NSE - 08.08.2016 2,843 0.03%

Axis Bank CD - 27.10.2016 1,532 0.02%

8.11% REC - 07.10.2025 19,796 0.21%

8.20% IRFC - 27.04.2020 2,017 0.02%

8.39% PFC - 19.04.2025 8,027 0.08%

8.61% L&T Finance Ltd. - 25.09.2017 12,481 0.13%

8.65% PFC - 28.12.2024 10,184 0.11%

8.80% EXIM- 15.03.2023 3,078 0.03%

8.87% EXIM- 30.10.2029 8,382 0.09%


9.25% Tata Sons - 19.06.2019 6,172 0.06%

9.39% PFC - 27.08.2029 1,086 0.01%

9.9078% KMPL - 21.10.2016 11,091 0.12%

9.95% IRFC - 07.06.2022 2,183 0.02%

L and T Finance CP - 28.06.2016 16,670 0.17%


EXIM CD - 16.12.2016 67,525 0.71%

HDFC Bank CD - 29.12.2016 100,936 1.06%

ICICI Bank CD - 06.01.17 60,080 0.63%

Total 2,674,321 27.99%




149





DYFLRFND-107



523,765 5.48%


Sector - Debt

362,149 3.79%


semi-trailers

324,871 3.40%


products

251,254 2.63%


supply

250,092 2.62%




226,382 2.37%



products

183,680 1.92%




transportation

120,990 1.27%





n.e.c.

32,874 0.34%





22,689 0.24%


products

20,683 0.22%





Grand Total 9,553,461 100.00%

Industry Kotak Group Dynamic Floor Fund

% of Total Funds


GOVT. of INDIA

8.17% GOI - 01.12.2044 5,566 15.25%

8.13% GOI - 22.06.2045 4,168 11.40%

8.30% GOI - 31.12.2042 1,403 3.84%

8.24% GOI - 10.11.2033 1,361 3.72%

7.02% GOI - 17.08.2016 864 2.36%

1.44% INFLATION INDEX GS 2023 443 1.21%

7.59% GOI 2016-12.04.16 147 0.40%

9.23% GOI - 23.12.2043 73 0.20%

6.90% OIL SPL - 04.02.2026 20 0.05%


8.32% GOI - 02.08.2032 9 0.02%


8.30% GOI - 02.07.2040 7 0.02%

6.83% GOI - 19.01.39 4 0.01%

7.28% GOI - 03.06.2019 3 0.01%

7.80% GOI - 03.05.2020 2 0.01%

Total 14,093 38.56%


CBLO - 04.04.2016 4,497 12.31%

8.90% PFC - 18.03.2028 1,047 2.86%

HDFC Bank Ltd 777 2.13%

ICICI Bank CD - 22.04.16 597 1.63%

State Bank of Patiala CD - 28.12.2016 473 1.29%

ICICI Bank Ltd 435 1.19%

IndusInd Bank Limited 388 1.06%

Axis Bank Ltd 370 1.01%

Kotak Banking ETF - Dividend Payout Option 345 0.94%

R Shares Banking ETF 318 0.87%

IDBI Bank CD - 04.04.16 300 0.82%

Axis Bank CD - 28.04.2016 298 0.82%

EXIM CD - 16.12.2016 285 0.78%

ICICI Bank CD - 06.01.17 283 0.77%



24.10.2016

242 0.66%

HDFC Bank CD - 29.12.2016 189 0.52%

8.00% HDFC Bank FD NSE - 08.08.2016 142 0.39%








Industry Kotak Group Dynamic Floor Fund

% of Total Funds


8.00% HDFC Bank FD NSE - 24.07.2016 139 0.38%


8.00% HDFC Bank FD BSE - 24.07.2016 64 0.18%

Bank of Baroda 44 0.12%



Total 11,611 31.76%



1,582 4.33%


supply

1,419 3.88%


semi-trailers

985 2.69%

State Development Loan 777 2.13%

Manufacture of tobacco products 754 2.06%


products

739 2.02%



731 2.00%


products

516 1.41%


Sector - Debt

492 1.35%

Civil engineering 410 1.12%

Manufacture of other transport equipment 379 1.04%

Manufacture of food products 304 0.83%


transportation

247 0.68%

Information service activities 166 0.45%


n.e.c.

94 0.26%

Manufacture of electrical equipment 91 0.25%




69 0.19%


products

63 0.17%

Manufacture of basic metals 43 0.12%


Education 22 0.06%


Grand Total 36,551 100.00%

Industry Kotak Pension Floor Fund

% of Total Funds


GOVT. of INDIA

8.17% GOI - 01.12.2044 66,863 13.85%

8.13% GOI - 22.06.2045 50,730 10.51%

8.24% GOI - 10.11.2033 17,387 3.60%

8.30% GOI - 31.12.2042 17,033 3.53%

7.02% GOI - 17.08.2016 10,836 2.24%


7.59% GOI 2016-12.04.16 2,046 0.42%

9.23% GOI - 23.12.2043 868 0.18%

8.20% GOI - 15.02.22 716 0.15%

12.30% GOI - 02.07.2016 506 0.10%

6.90% OIL SPL - 04.02.2026 276 0.06%


8.32% GOI - 02.08.2032 156 0.03%

8.30% GOI - 02.07.2040 103 0.02%


6.83% GOI - 19.01.39 65 0.01%

7.28% GOI - 03.06.2019 49 0.01%

7.80% GOI - 03.05.2020 35 0.01%

Total 173,675 35.96%




ICICI Bank CD - 22.04.16 7,762 1.61%






HDFC Bank CD - 29.12.2016 5,302 1.10%

8.92% L&T Finance Ltd. - 06.07.2018 5,041 1.04%


9.78% Tata Sons - 13.01.2019 4,161 0.86%

8.30% REC - 10.04.2025 4,007 0.83%

Axis Bank CD - 28.04.2016 3,875 0.80%

IDBI Bank CD - 04.04.16 3,496 0.72%


24.10.2016

3,332 0.69%


CALL 28.09.2017

3,074 0.64%




151





% of Total Funds



9.90% Tata Sons - 20.03.2019 2,088 0.43%


2,032 0.42%



9.25% IDFC Bank - 13.09.19 1,627 0.34%


PFC CP - 26.05.2016 1,482 0.31%

IL & FS CP 18.08.16 1,454 0.30%

8.94% PFC - 25.03.2028 1,050 0.22%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,050 0.22%

9.00% PFC - 11.03.2028 1,049 0.22%


8.89% IDFC Bank - 02.12.20 1,023 0.21%



9.9078% KMPL - 21.10.2016 1,008 0.21%


1,000 0.21%


9.3030% KMPL - 28.06.2016 999 0.21%

8.11% REC - 07.10.2025 990 0.21%



CBLO - 04.04.2016 500 0.10%

8.00% HDFC Bank FD NSE - 08.08.2016 312 0.06%

8.00% HDFC Bank FD NSE - 24.07.2016 299 0.06%


8.00% HDFC Bank FD BSE - 24.07.2016 138 0.03%


Total 130,751 27.08%Computer programming, consultancy and related activities

26,234 5.43%


19,655 4.07%


16,925 3.51%


12,953 2.68%



11,823 2.45%



10,391 2.15%


% of Total Funds



8,970 1.86%

Civil engineering 6,592 1.37%Manufacture of other transport equipment 6,526 1.35%Manufacture of basic metals 5,825 1.21%Manufacture of food products 5,120 1.06%Warehousing and support activities for transportation

4,132 0.86%

Information service activities 2,827 0.59%Manufacture of machinery and equipment n.e.c.

1,732 0.36%

Manufacture of electrical equipment 1,593 0.33%Accommodation 1,275 0.26%Manufacture of wood & products of wood & cork, except furniture

1,199 0.25%


1,079 0.22%

Manufacture of rubber and plastics products 425 0.09%Education 390 0.08%Human health activities 366 0.08%Net Current Assets 9,066 1.88%Grand Total 482,815 100.00%

Industry Dynamic Floor Fund II

% of Total Funds

ULIF-035-17/12/09-DYFLRFND2-107

GOVT. of INDIA8.17% GOI - 01.12.2044 863,201 13.81%8.13% GOI - 22.06.2045 650,228 10.40%8.24% GOI - 10.11.2033 225,770 3.61%8.30% GOI - 31.12.2042 218,505 3.50%7.02% GOI - 17.08.2016 156,853 2.51%1.44% INFLATION INDEX GS 2023 68,402 1.09%7.59% GOI 2016-12.04.16 38,647 0.62%9.23% GOI - 23.12.2043 11,204 0.18%6.90% OIL SPL - 04.02.2026 5,217 0.08%8.30% Fertilizer Co GOI - 07.12.23 3,048 0.05%12.30% GOI - 02.07.2016 2,530 0.04%7.35% GOI 2024- 22.06.24 2,130 0.03%8.30% GOI - 02.07.2040 1,911 0.03%8.32% GOI - 02.08.2032 1,787 0.03%7.00% GOI Fertilizer Bond - 10.12.22 1,157 0.02%5.59% GOI - 04.06.2016 898 0.01%7.28% GOI - 03.06.2019 555 0.01%6.83% GOI - 19.01.39 509 0.01%8.13% OMC GOI Special Bond - 16.10.21 508 0.01%7.80% GOI - 03.05.2020 426 0.01%

Total 2,253,486 36.05%









% of Total Funds

ULIF-035-17/12/09-DYFLRFND2-107

Financial and insurance activitiesHDFC Bank Ltd 160,445 2.56%

ICICI Bank CD - 22.04.16 98,719 1.57%






8.92% L&T Finance Ltd. - 06.07.2018 57,970 0.93%


9.78% Tata Sons - 13.01.2019 52,013 0.83%

Axis Bank CD - 28.04.2016 49,583 0.79%

IDBI Bank CD - 04.04.16 44,850 0.72%

8.30% REC - 10.04.2025 39,066 0.62%

EXIM CP - 16.05.16 38,619 0.62%

PFC CP - 26.05.2016 36,559 0.58%


IDBI Bank CD - 05.04.16 33,958 0.54%



29,169 0.47%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

28,347 0.45%



25,404 0.41%


22,991 0.37%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

22,544 0.36%

IL & FS CP 18.08.16 21,815 0.35%

9.00% PFC - 11.03.2028 20,972 0.34%


9.25% IDFC Bank - 13.09.19 17,896 0.29%


14,683 0.23%


9.44% PFC - 23.09.2021 14,453 0.23%



8.61% L&T Finance Ltd. - 25.09.2017 12,481 0.20%

8.11% REC - 07.10.2025 11,878 0.19%

9.3030% KMPL - 28.06.2016 10,994 0.18%


8.94% PFC - 25.03.2028 10,497 0.17%


9,639 0.15%


% of Total Funds

ULIF-035-17/12/09-DYFLRFND2-107

9.90% Tata Sons - 20.03.2019 9,394 0.15%9.9078% KMPL - 21.10.2016 9,075 0.15%Max Financial Services Ltd 8,876 0.14%Corporation Bank CD - 14.12.2016 8,731 0.14%8.87% EXIM- 30.10.2029 7,334 0.12%8.84% PFC - 04.03.2023 6,154 0.10%8.89% IDFC Bank - 02.12.20 6,139 0.10%8.65% PFC - 28.12.2024 6,110 0.10%8.83% EXIM- 09.01.2023 5,134 0.08%8.60% IRFC 2019 - 11.06.2019 5,118 0.08%8.39% PFC - 19.04.2025 5,017 0.08%9.69% Tata Sons - 12.06.2022 4,216 0.07%9.43% Tata Sons - 02.06.2019 4,127 0.07%9.25% Tata Sons - 19.06.2019 4,115 0.07%8.90% Sundaram Finance - 29.06.18 4,041 0.06%9.15% EXIM- 05.09.2022 3,123 0.05%8.80% EXIM- 15.03.2023 3,078 0.05%9.80% Bajaj Finance Ltd - 17.10.2016 3,023 0.05%CBLO - 04.04.2016 2,998 0.05%9.70% PFC - 31.01.2020 2,095 0.03%8.20% IRFC - 27.04.2020 2,017 0.03%8.55% PFC - 09.12.2021 2,016 0.03%8.00% HDFC Bank FD NSE - 08.08.2016 1,148 0.02%9.95% IRFC - 07.06.2022 1,091 0.02%8.00% HDFC Bank FD NSE - 24.07.2016 1,081 0.02%9.36% IDFC Bank - 21.08.24 1,062 0.02%9.38% REC - 06.11.2018 1,039 0.02%8.70% PFC- 14.05.2020 1,018 0.02%9.87% Tata Sons - 17.07.2017 1,015 0.02%EXIM Floater INCMTBMK + 100 bps - 09.08.2016

1,006 0.02%

8.00% HDFC Bank FD BSE - 24.07.2016 499 0.01%Total 1,642,401 26.29%Computer programming, consultancy and related activities

340,009 5.44%


262,021 4.19%


212,835 3.40%


167,448 2.68%


164,171 2.63%

Manufacture of tobacco products 157,814 2.52%Electricity, gas, steam and air conditioning supply

154,858 2.48%

State Development Loan 127,516 2.04%Manufacture of coke and refined petroleum products

109,049 1.74%

Manufacture of other transport equipment 90,873 1.45%Civil engineering 84,243 1.35%




153





% of Total Funds

ULIF-035-17/12/09-DYFLRFND2-107



63,094 1.01%





25,117 0.40%


20,484 0.33%





6,379 0.10%




Grand Total 6,251,458 100.00%

Industry Pension Floor Fund II

% of Total Funds


GOVT. of INDIA


12.30% GOI - 02.07.2016 2,024 0.25%

6.83% GOI - 19.01.39 116 0.01%

6.90% OIL SPL - 04.02.2026 720 0.09%


7.02% GOI - 17.08.2016 20,533 2.56%

7.28% GOI - 03.06.2019 98 0.01%

7.80% GOI - 03.05.2020 71 0.01%

8.20% GOI - 15.02.22 1,329 0.17%


8.30% GOI - 02.07.2040 271 0.03%

8.30% GOI - 31.12.2042 28,338 3.53%

8.32% GOI - 02.08.2032 318 0.04%

9.23% GOI - 23.12.2043 1,439 0.18%

8.17% GOI - 01.12.2044 110,879 13.82%

7.59% GOI 2016-12.04.16 5,216 0.65%

8.13% GOI - 22.06.2045 84,800 10.57%

8.24% GOI - 10.11.2033 29,784 3.71%

Total 296,276 36.92%


% of Total Funds





2,899 0.36%

8.83% EXIM- 09.01.2023 1,027 0.13%

8.94% PFC - 25.03.2028 2,099 0.26%

9.00% PFC - 11.03.2028 3,146 0.39%


9.15% EXIM- 05.09.2022 1,041 0.13%

9.57% IRFC - 31.05.2021 1,061 0.13%

9.78% Tata Sons - 13.01.2019 7,282 0.91%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

4,200 0.52%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

2,049 0.26%

9.90% Tata Sons - 20.03.2019 2,088 0.26%








1,332 0.17%





9.43% Tata Sons - 02.06.2019 1,032 0.13%



8.30% REC - 10.04.2025 6,010 0.75%



2,999 0.37%


8.89% IDFC Bank - 02.12.20 1,023 0.13%

8.92% L&T Finance Ltd. - 06.07.2018 7,561 0.94%









% of Total Funds


9.25% IDFC Bank - 13.09.19 2,440 0.30%

9.3030% KMPL - 28.06.2016 999 0.12%

9.69% Tata Sons - 12.06.2022 1,054 0.13%

IL & FS CP 18.08.16 2,424 0.30%

PFC CP - 26.05.2016 4,940 0.62%

Axis Bank CD - 28.04.2016 6,459 0.80%

ICICI Bank CD - 22.04.16 12,738 1.59%

IDBI Bank CD - 04.04.16 5,794 0.72%

CBLO - 04.04.2016 2,998 0.37%

8.00% HDFC Bank FD BSE - 24.07.2016 130 0.02%

8.00% HDFC Bank FD NSE - 24.07.2016 281 0.04%

8.00% HDFC Bank FD NSE - 08.08.2016 305 0.04%

8.11% REC - 07.10.2025 2,969 0.37%

8.39% PFC - 19.04.2025 1,003 0.12%

8.61% L&T Finance Ltd. - 25.09.2017 2,496 0.31%

8.65% PFC - 28.12.2024 2,037 0.25%

8.80% EXIM- 15.03.2023 1,026 0.13%


9.25% Tata Sons - 19.06.2019 1,029 0.13%

9.9078% KMPL - 21.10.2016 1,008 0.13%

Total 206,084 25.67%


43,443 5.41%


29,351 3.66%


28,148 3.51%


22,005 2.74%


20,492 2.55%




16,059 2.00%


14,277 1.78%



% of Total Funds





6,406 0.80%





3,405 0.42%


2,708 0.34%





814 0.10%

Education 648 0.08%



Grand Total 802,580 100.00%

Industry Guarantee Fund % of Total Funds ULIF-048-05/02/10-

GRTFND-107


ICICI Bank CD - 31.05.16 20,528 5.35%


HDFC Bank CD - 29.12.2016 13,635 3.55%


CBLO - 04.04.2016 7,995 2.08%

Housing Development Finance Corp. Ltd 7,362 1.92%



8.92% L&T Finance Ltd. - 06.07.2018 5,041 1.31%

State Bank of Patiala CD - 28.12.2016 4,829 1.26%


9.78% Tata Sons - 13.01.2019 3,121 0.81%


EXIM CD - 16.12.2016 2,940 0.77%

ICICI Bank CD - 06.01.17 2,834 0.74%




155




Industry Guarantee Fund % of Total Funds

ULIF-048-05/02/10-GRTFND-107

State Bank of India 2,545 0.66%

9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

2,100 0.55%


24.10.2016

2,065 0.54%


CALL 28.09.2017

2,049 0.53%


15.07.2017

2,032 0.53%



8.30% REC - 10.04.2025 2,003 0.52%


IDBI Bank CD - 04.04.16 1,798 0.47%

9.25% IDFC Bank - 13.09.19 1,627 0.42%


IL & FS CP 18.08.16 1,454 0.38%


9.00% PFC - 11.03.2028 1,049 0.27%

9.90% Tata Sons - 20.03.2019 1,044 0.27%

9.44% PFC - 23.09.2021 1,032 0.27%


8.89% IDFC Bank - 02.12.20 1,023 0.27%


9.9078% KMPL - 21.10.2016 1,008 0.26%



1,000 0.26%



Cairn India Ltd 364 0.09%

Punjab National Bank 267 0.07%

8.00% HDFC Bank FD NSE - 08.08.2016 117 0.03%

8.00% HDFC Bank FD NSE - 24.07.2016 111 0.03%

8.00% HDFC Bank FD BSE - 24.07.2016 51 0.01%

Total 146,790 38.24%


GRTFND-107

GOVT. of INDIA

8.17% GOI - 01.12.2044 34,854 9.09%

8.13% GOI - 22.06.2045 26,611 6.93%

8.24% GOI - 10.11.2033 9,301 2.42%

8.30% GOI - 31.12.2042 8,858 2.31%

7.02% GOI - 17.08.2016 6,422 1.67%


12.30% GOI - 02.07.2016 2,024 0.53%

7.59% GOI 2016-12.04.16 1,618 0.42%

6.01% GOI - 25.03.2028 648 0.17%

9.23% GOI - 23.12.2043 452 0.12%

8.20% GOI - 15.02.22 409 0.11%

6.90% OIL SPL - 04.02.2026 221 0.06%


8.32% GOI - 02.08.2032 126 0.03%

8.30% GOI - 02.07.2040 83 0.02%


7.28% GOI - 03.06.2019 38 0.01%

6.83% GOI - 19.01.39 37 0.01%

7.80% GOI - 03.05.2020 29 0.01%

Total 95,144 24.80%



24,781 6.46%


Sector - Debt

14,096 3.67%




10,405 2.71%


products

10,360 2.70%


semi-trailers

9,811 2.56%



supply

8,420 2.19%


products

7,528 1.96%












GRTFND-107


products

4,092 1.07%

Telecommunications 3,617 0.94%


transportation

2,633 0.69%

Extraction of crude petroleum and natural

gas

2,359 0.61%



n.e.c.

725 0.19%

Mining of metal ores 689 0.18%


Grand Total 383,721 100.00%

Industry Pension Guarantee Fund

% of Total Funds


Financial and insurance activitiesICICI Bank CD - 31.05.16 56,155 5.30%


HDFC Bank CD - 29.12.2016 37,117 3.51%






8.92% L&T Finance Ltd. - 06.07.2018 10,082 0.96%

Axis Bank CD - 04.04.2016 9,990 0.95%

9.78% Tata Sons - 13.01.2019 9,362 0.89%


EXIM CD - 16.12.2016 7,777 0.74%

ICICI Bank CD - 06.01.17 7,746 0.73%

9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

7,349 0.70%



CBLO - 04.04.2016 5,996 0.57%



24.10.2016

5,349 0.51%


CALL 28.09.2017

5,124 0.49%


% of Total Funds



15.07.2017

5,081 0.48%


8.30% REC - 10.04.2025 5,008 0.47%

IDBI Bank CD - 04.04.16 4,994 0.47%


9.25% IDFC Bank - 13.09.19 4,067 0.39%

IL & FS CP 18.08.16 3,393 0.32%


9.00% PFC - 11.03.2028 3,146 0.30%

9.90% Tata Sons - 20.03.2019 3,131 0.30%




2,999 0.28%


8.11% REC - 07.10.2025 2,969 0.28%

8.94% PFC - 25.03.2028 2,099 0.20%

9.9078% KMPL - 21.10.2016 2,017 0.19%

Bank of Baroda 1,620 0.15%


9.70% PFC - 31.01.2020 1,048 0.10%

9.15% EXIM- 05.09.2022 1,041 0.10%

9.43% Tata Sons - 02.06.2019 1,032 0.10%

9.25% Tata Sons - 19.06.2019 1,029 0.10%


8.83% EXIM- 09.01.2023 1,027 0.10%

8.80% EXIM- 15.03.2023 1,026 0.10%

8.89% IDFC Bank - 02.12.20 1,023 0.10%

8.65% PFC - 28.12.2024 1,018 0.10%



Cairn India Ltd 1,008 0.10%

8.39% PFC - 19.04.2025 1,003 0.10%

9.3030% KMPL - 28.06.2016 999 0.09%



8.00% HDFC Bank FD NSE - 08.08.2016 309 0.03%

8.00% HDFC Bank FD NSE - 24.07.2016 288 0.03%

8.00% HDFC Bank FD BSE - 24.07.2016 133 0.01%

Total 398,199 37.74%




157





% of Total Funds


GOVT. of INDIA

8.17% GOI - 01.12.2044 95,778 9.08%

8.13% GOI - 22.06.2045 72,988 6.92%

8.24% GOI - 10.11.2033 25,333 2.40%

8.30% GOI - 31.12.2042 24,278 2.30%

7.02% GOI - 17.08.2016 17,531 1.66%


12.30% GOI - 02.07.2016 5,060 0.48%

7.59% GOI 2016-12.04.16 4,366 0.41%

6.01% GOI - 25.03.2028 2,109 0.20%

8.20% GOI - 15.02.22 1,329 0.13%

9.23% GOI - 23.12.2043 1,243 0.12%


6.90% OIL SPL - 04.02.2026 591 0.06%

8.32% GOI - 02.08.2032 358 0.03%

8.30% GOI - 02.07.2040 221 0.02%


6.83% GOI - 19.01.39 119 0.01%

7.28% GOI - 03.06.2019 108 0.01%

7.80% GOI - 03.05.2020 82 0.01%

Total 261,041 24.75%



68,518 6.50%


Sector - Debt

40,888 3.88%




28,767 2.73%


products

28,643 2.72%


semi-trailers

27,131 2.57%



supply

24,978 2.37%


products

20,825 1.97%





% of Total Funds



products

11,318 1.07%

Telecommunications 10,001 0.95%


transportation

7,279 0.69%

Extraction of crude petroleum and natural

gas

6,521 0.62%



n.e.c.

2,003 0.19%

Mining of metal ores 1,904 0.18%


Grand Total 1,054,875 100.00%

Industry Peak Guarantee Fund I

% of Total Funds

ULIF-049-14/02/10-PKGRTFND1-107


ICICI Bank CD - 31.05.16 12,139 5.80%


HDFC Bank CD - 29.12.2016 5,681 2.71%






8.92% L&T Finance Ltd. - 06.07.2018 2,520 1.20%

9.78% Tata Sons - 13.01.2019 2,081 0.99%

EXIM CD - 16.12.2016 1,707 0.82%

ICICI Bank CD - 06.01.17 1,700 0.81%



24.10.2016

1,469 0.70%



9.85% HDFC Bank 2019 - 17.03.2024 CALL

17.03.2019

1,050 0.50%

9.90% Tata Sons - 20.03.2019 1,044 0.50%


CALL 28.09.2017

1,025 0.49%









% of Total Funds

ULIF-049-14/02/10-PKGRTFND1-107


15.07.2017

1,016 0.49%




8.30% REC - 10.04.2025 1,002 0.48%



1,000 0.48%

IDBI Bank CD - 04.04.16 999 0.48%

CBLO - 04.04.2016 999 0.48%

8.55% Sundaram Finance - 27.10.17 997 0.48%


9.25% IDFC Bank - 13.09.19 813 0.39%


IL & FS CP 18.08.16 485 0.23%



Cairn India Ltd 193 0.09%


8.00% HDFC Bank FD NSE - 08.08.2016 110 0.05%

8.00% HDFC Bank FD NSE - 24.07.2016 105 0.05%

8.00% HDFC Bank FD BSE - 24.07.2016 48 0.02%

Total 74,443 35.55%

GOVT. of INDIA

8.17% GOI - 01.12.2044 19,157 9.14%

8.13% GOI - 22.06.2045 15,469 7.39%

8.24% GOI - 10.11.2033 5,380 2.57%

8.30% GOI - 31.12.2042 4,985 2.38%

7.02% GOI - 17.08.2016 3,617 1.73%


12.30% GOI - 02.07.2016 1,518 0.72%

7.59% GOI 2016-12.04.16 938 0.45%

6.01% GOI - 25.03.2028 561 0.27%

8.20% GOI - 15.02.22 409 0.20%

9.23% GOI - 23.12.2043 249 0.12%

6.90% OIL SPL - 04.02.2026 125 0.06%


8.32% GOI - 02.08.2032 74 0.04%

8.30% GOI - 02.07.2040 47 0.02%


6.83% GOI - 19.01.39 32 0.02%

7.28% GOI - 03.06.2019 23 0.01%

7.80% GOI - 03.05.2020 17 0.01%

Total 54,618 26.09%


% of Total Funds

ULIF-049-14/02/10-PKGRTFND1-107


13,033 6.22%


9,106 4.35%

State Development Loan 7,584 3.62%Mfg of pharmaceuticals, medicinal chemical & botanical products

5,481 2.62%


5,446 2.60%


5,160 2.46%

Manufacture of tobacco products 5,069 2.42%Manufacture of chemicals and chemical products

3,955 1.89%


3,839 1.83%

Manufacture of basic metals 3,038 1.45%Manufacture of other transport equipment 2,982 1.42%Civil engineering 2,884 1.38%Warehousing and support activities for transportation

2,189 1.05%


2,145 1.02%

Telecommunications 1,896 0.91%Extraction of crude petroleum and natural gas 1,242 0.59%Information service activities 731 0.35%Manufacture of machinery and equipment n.e.c.

379 0.18%

Mining of metal ores 361 0.17%Net Current Assets 3,830 1.83%Grand Total 209,411 100.00%

Industry Kotak Opportunities Fund

% of Total Funds

ULIF-029-02/10/08-OPPFND-107








33,926 0.37%

YES BANK LTD 251,223 2.72%


R Shares Banking ETF 146,338 1.59%IDFC Bank Ltd 74,389 0.81%Max Financial Services Ltd 47,760 0.52%




159




Industry Kotak Opportunities Fund

% of Total Funds

ULIF-029-02/10/08-OPPFND-107

Axis Bank CD - 28.04.2016 66,674 0.72%8.00% HDFC Bank FD BSE - 24.07.2016 2,292 0.02%8.00% HDFC Bank FD NSE - 24.07.2016 4,966 0.05%8.00% HDFC Bank FD NSE - 08.08.2016 4,987 0.05%Corporation Bank CD - 02.05.2016 50,348 0.55%ICICI Bank CD - 31.05.16 12,731 0.14%SBBJ CD - 14.09.2016 49,601 0.54%Total 2,698,276 29.23%Computer programming, consultancy and related activitiesHCL Technologies Ltd 195,004 2.11%Infosys Ltd 776,359 8.41%Tata Consultancy Services Ltd 164,641 1.78%Total 1,136,004 12.30%Manufacture of motor vehicles, trailers and semi-trailers

705,290 7.64%


630,471 6.83%


620,214 6.72%


612,143 6.63%

Manufacture of other transport equipment 393,176 4.26%Civil engineering 337,943 3.66%Manufacture of tobacco products 268,556 2.91%Manufacture of food products 258,705 2.80%Warehousing and support activities for transportation

221,868 2.40%


197,485 2.14%


183,721 1.99%

Information service activities 141,191 1.53%Manufacture of electrical equipment 132,094 1.43%Manufacture of rubber and plastics products 96,782 1.05%Manufacture of computer, electronic and optical products

92,202 1.00%

Manufacture of basic metals 75,255 0.82%Electricity, gas, steam and air conditioning supply 74,013 0.80%Construction of buildings 68,469 0.74%Manufacture of textiles 67,507 0.73%Wholesale trade, except of motor vehicles and motorcycles

58,113 0.63%


53,178 0.58%

Education 45,853 0.50%Other manufacturing 23,048 0.25%Human health activities 15,340 0.17%Printing and reproduction of recorded media 1,735 0.02%Net Current Assets 22,571 0.24%Grand Total 9,231,203 100.00%

Industry Kotak Pension Opportunities Fund

% of Total Funds


Financial and insurance activitiesHDFC Bank Ltd 17,043 6.53%IndusInd Bank Limited 10,149 3.89%Kotak Banking ETF - Dividend Payout Option 9,372 3.59%ICICI Bank Ltd 8,436 3.23%Axis Bank Ltd 7,685 2.94%YES BANK LTD 7,058 2.70%R Shares Banking ETF 4,132 1.58%CBLO - 04.04.2016 2,998 1.15%Coal India Ltd 2,495 0.96%IDFC Bank Ltd 2,092 0.80%Axis Bank CD - 28.04.2016 1,888 0.72%Corporation Bank CD - 02.05.2016 1,490 0.57%Max Financial Services Ltd 1,352 0.52%ICICI Bank CD - 31.05.16 1,184 0.45%Infrastructure Development Finance Company Ltd

960 0.37%

8.00% HDFC Bank FD NSE - 08.08.2016 53 0.02%8.00% HDFC Bank FD NSE - 24.07.2016 53 0.02%8.00% HDFC Bank FD BSE - 24.07.2016 24 0.01%Total 78,464 30.05%Computer programming, consultancy and related activitiesInfosys Ltd 21,727 8.32%HCL Technologies Ltd 5,496 2.10%Tata Consultancy Services Ltd 4,655 1.78%Total 31,878 12.20%Manufacture of motor vehicles, trailers and semi-trailers

19,950 7.64%


17,749 6.79%


17,484 6.69%


17,272 6.61%

Manufacture of other transport equipment 11,052 4.23%Civil engineering 9,611 3.68%Manufacture of tobacco products 7,584 2.90%Manufacture of food products 7,315 2.80%Warehousing and support activities for transportation

6,272 2.40%


5,561 2.13%


5,202 1.99%

Information service activities 3,954 1.51%Manufacture of electrical equipment 3,749 1.44%Manufacture of rubber and plastics products 2,718 1.04%








Industry Kotak Pension Opportunities Fund

% of Total Funds


Manufacture of computer, electronic and

optical products

2,604 1.00%



supply

2,071 0.79%

Construction of buildings 1,930 0.74%

Manufacture of textiles 1,911 0.73%

Wholesale trade, except of motor vehicles

and motorcycles

1,645 0.63%



1,494 0.57%


Other manufacturing 656 0.25%




Grand Total 261,232 100.00%

Industry Classic Opportunities Fund

% of Total Funds



HDFC Bank Ltd 1,088,261 6.35%





YES BANK LTD 458,747 2.68%




Axis Bank CD - 28.04.2016 130,368 0.76%

ICICI Bank CD - 31.05.16 95,828 0.56%


SBBJ CD - 14.09.2016 88,566 0.52%


IDBI Bank CD - 05.04.16 80,900 0.47%


Company Ltd

58,458 0.34%

Canara Bank CD - 07.03.2017 45,447 0.27%


% of Total Funds



Axis Bank CD - 27.10.2016 3,066 0.02%

8.00% HDFC Bank FD NSE - 08.08.2016 1,292 0.01%

8.00% HDFC Bank FD NSE - 24.07.2016 1,270 0.01%

CBLO - 04.04.2016 999 0.01%

8.00% HDFC Bank FD BSE - 24.07.2016 586 0.00%

Total 5,087,807 29.72%



Infosys Ltd 1,398,268 8.17%



Total 2,046,542 11.95%


semi-trailers

1,281,387 7.48%



1,141,235 6.67%


products

1,122,367 6.56%


products

1,103,659 6.45%






transportation

402,633 2.35%


products

359,482 2.10%


n.e.c.

332,897 1.94%




Manufacture of computer, electronic and

optical products

166,886 0.97%



supply

133,018 0.78%

Manufacture of textiles 120,430 0.70%

Construction of buildings 119,373 0.70%




161





% of Total Funds


Wholesale trade, except of motor vehicles and motorcycles

102,829 0.60%


97,071 0.57%


Other manufacturing 41,670 0.24%


Printing and reproduction of recorded media 3,096 0.02%


Grand Total 17,120,722 100.00%

Industry Pension Classic Opportunities Fund

% of Total Funds


Financial and insurance activitiesAxis Bank Ltd 40,882 3.06%Coal India Ltd 13,549 1.02%HDFC Bank Ltd 87,834 6.58%ICICI Bank Ltd 43,475 3.26%IndusInd Bank Limited 52,596 3.94%Infrastructure Development Finance Company Ltd

5,850 0.44%

YES BANK LTD 36,244 2.72%Kotak Banking ETF - Dividend Payout Option 48,297 3.62%R Shares Banking ETF 20,148 1.51%IDFC Bank Ltd 10,791 0.81%Max Financial Services Ltd 7,177 0.54%Axis Bank CD - 28.04.2016 795 0.06%8.00% HDFC Bank FD BSE - 24.07.2016 72 0.01%8.00% HDFC Bank FD NSE - 24.07.2016 157 0.01%8.00% HDFC Bank FD NSE - 08.08.2016 172 0.01%ICICI Bank CD - 31.05.16 6,316 0.47%Total 374,355 28.06%Computer programming, consultancy and related activitiesHCL Technologies Ltd 28,967 2.17%Infosys Ltd 111,745 8.38%Tata Consultancy Services Ltd 24,054 1.80%Total 164,766 12.35%Manufacture of motor vehicles, trailers and semi-trailers

102,461 7.68%


92,888 6.96%


90,639 6.79%


89,020 6.67%


Industry Pension Classic Opportunities Fund

% of Total Funds


Civil engineering 50,017 3.75%Manufacture of tobacco products 39,035 2.93%Manufacture of food products 38,167 2.86%Warehousing and support activities for transportation

32,254 2.42%


28,676 2.15%

Manufacture of machinery and equipment n.e.c. 26,894 2.02%Information service activities 21,123 1.58%Manufacture of electrical equipment 18,911 1.42%Manufacture of rubber and plastics products 14,297 1.07%Manufacture of computer, electronic and optical products

13,519 1.01%

Manufacture of basic metals 10,947 0.82%Manufacture of textiles 10,128 0.76%Electricity, gas, steam and air conditioning supply

9,723 0.73%

Wholesale trade, except of motor vehicles and motorcycles

8,834 0.66%

Construction of buildings 7,630 0.57%Manufacture of wood & products of wood & cork, except furniture

7,027 0.53%

Education 6,348 0.48%Other manufacturing 2,549 0.19%Human health activities 2,305 0.17%Printing and reproduction of recorded media 261 0.02%Net Current Assets 17,341 1.30%Grand Total 1,334,206 100.00%

Industry Frontline Equity Fund

% of Total Funds


Financial and insurance activitiesHDFC Bank Ltd 261,987 6.59%IndusInd Bank Limited 150,976 3.78%ICICI Bank Ltd 131,206 3.29%R Shares Banking ETF 127,480 3.19%Axis Bank Ltd 124,175 3.11%Kotak Banking ETF - Dividend Payout Option 110,622 2.77%YES BANK LTD 94,130 2.36%IDBI Bank CD - 05.04.16 78,403 1.96%Coal India Ltd 33,278 0.83%

SBBJ CD - 14.09.2016 29,484 0.74%


Axis Bank CD - 28.04.2016 28,418 0.71%

ICICI Bank CD - 31.05.16 27,535 0.69%










Industry Frontline Equity Fund

% of Total Funds



16,900 0.42%


CBLO - 04.04.2016 500 0.01%

8.00% HDFC Bank FD NSE - 24.07.2016 225 0.01%

8.00% HDFC Bank FD NSE - 08.08.2016 222 0.01%

8.00% HDFC Bank FD BSE - 24.07.2016 104 0.00%

Total 1,301,765 32.63%





Total 535,283 13.41%


342,587 8.58%


270,065 6.77%


265,723 6.66%



183,321 4.59%





77,585 1.94%



49,340 1.24%



31,546 0.79%


29,500 0.74%



27,525 0.69%







Grand Total 3,990,558 100.00%

Industry Pension Frontline Equity Fund

% of Total Funds









1,063 0.38%






CBLO - 04.04.2016 3,998 1.43%

8.00% HDFC Bank FD BSE - 24.07.2016 17 0.01%

8.00% HDFC Bank FD NSE - 24.07.2016 36 0.01%

8.00% HDFC Bank FD NSE - 08.08.2016 39 0.01%


ICICI Bank CD - 31.05.16 1,382 0.50%

Total 88,854 31.88%





Total 37,997 13.63%


24,565 8.81%


19,397 6.96%



16,078 5.77%


12,398 4.45%





5,631 2.02%




3,373 1.21%





163




Industry Pension Frontline Equity Fund

% of Total Funds



2,421 0.87%


2,406 0.86%


2,004 0.72%




Education 555 0.20%



Grand Total 278,687 100.00%

Industry Kotak Advantage Multiplier Fund

% of Total Funds


GOVT. of INDIA

12.30% GOI - 02.07.2016 1,518 16.30%

7.02% GOI - 17.08.2016 6,767 72.64%

7.59% GOI 2016-12.04.16 30 0.32%

Total 8,315 89.26%


CBLO - 04.04.2016 1,000 10.74%

Total 1,000 10.74%


Grand Total - 0.00%

Industry Kotak Advantage Plus Fund

% of Total Funds


- -

Industry Kotak Advantage Multiplier Fund II

% of Total Funds


GOVT. of INDIA

7.02% GOI - 17.08.2016 9,885 64.65%

7.46% GOI - 28.08.17 2,237 14.63%

8.20% OMC GOI 2023-10.11.23 117 0.77%

7.59% GOI 2016-12.04.16 2,127 13.91%

Total 14,366 93.96%

Financial and insurance activities 500 3.27%


Grand Total 15,289 100.00%

Industry Kotak Advantage Plus Fund II

% of Total Funds


GOVT. of INDIA

7.02% GOI - 17.08.2016 175 7.70%

7.46% GOI - 28.08.17 905 39.84%

7.59% GOI 2016-12.04.16 1,000 44.01%

Total 2,080 91.55%


Grand Total 2,272 100.00%






26 Details of penal actions taken by various Government Authorities (IRDA Cir No.005/IRDA/F&A/CIR/MAY-09 dtd May 07, 2009)

Penalties levied during the year ended March 31, 2016

Authority Non-compliance/

Violation

Amount

Penalty Awarded

Penalty Paid Penalty Waived/Reduced

1. Insurance Regulatory and Development Authority of India Nil Nil Nil Nil

2. Service Tax Authorities Nil Nil Nil Nil

3. Income Tax Authorities Nil Nil Nil Nil

4. Any other Tax Authorities Nil Nil Nil Nil

5. Enforcement Directorate/Adjudicating Authority/ Tribunal or any Authority under FEMA

Nil Nil Nil Nil

6. Registrar of Companies/ NCLT/CLB/ Department of Corporate Affairs or any Authority under Companies Act, 1956.

Nil Nil Nil Nil

7. Penalty awarded by any Court/ Tribunal for any matter including claim settlement but excluding compensation

Nil Nil Nil Nil

8. Securities and Exchange Board of India * NA NA NA NA

9. Competition Commission of India Nil Nil Nil Nil

10. Any other Central/State/Local Government /Statutory Authority Nil Nil Nil Nil

* Post listing

Penalties levied during the year ended March 31, 2015

Authority Non-compliance/

Violation

Amount

Penalty Awarded

Penalty Paid Penalty Waived/Reduced

1. Insurance Regulatory and Development Authority of India Nil Nil Nil Nil

2. Service Tax Authorities Nil Nil Nil Nil

3. Income Tax Authorities Nil Nil Nil Nil

4. Any other Tax Authorities Nil Nil Nil Nil

5. Enforcement Directorate/Adjudicating Authority/ Tribunal or any Authority under FEMA

Nil Nil Nil Nil

6. Registrar of Companies/ NCLT/CLB/ Department of Corporate Affairs or any Authority under Companies Act, 1956.

Nil Nil Nil Nil

7. Penalty awarded by any Court/ Tribunal for any matter including claim settlement but excluding compensation

Nil Nil Nil Nil

8. Securities and Exchange Board of India * NA NA NA NA

9. Competition Commission of India Nil Nil Nil Nil

10. Any other Central/State/Local Government /Statutory Authority Nil Nil Nil Nil

* Post listing




165


27 Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders

(IRDA circular no. -IRDA/F&I/CIR/CMP/174/11/2010, dated 04-11-2010 )

Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at March 31, 2016

Particulars Total Amount

Age-wise Analysis

2015-16 Up to 1 month

1-6 months

7-12 months

13-18 months

19-24 months

25-30 months

31-36 months

Beyond 36 months

Claims settled but not paid to the policyholders/Insured due to any reasons except under litigation from the insured/policyholders

66,991 12 15,887 7,268 18,102 5,882 1,852 2,816 15,172

Sum due to the insured/policyholders on maturity or otherwise

11,560 - 6,517 1,625 1,350 348 624 258 838

Any excess collection of the premium/tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as may be directed by the Authority but not refunded so far

2,729 - 126 193 1,243 875 135 62 95

Cheques issued but not encashed by the policyholder/insured

227,420 25,634 26,002 15,048 20,703 7,219 8,282 22,987 101,545

Total 308,700 25,646 48,532 24,134 41,398 14,324 10,893 26,123 117,650

Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at March 31, 2015

Particulars Total Amount

Age-wise Analysis

2015-16 Up to 1 month

1-6 months

7-12 months

13-18 months

19-24 months

25-30 months

31-36 months

Beyond 36 months

Claims settled but not paid to the policyholders/Insured due to any reasons except under litigation from the insured/policyholders

59,349 - 23,020 5,307 5,996 8,335 5,048 680 10,963

Sum due to the insured/policyholders on maturity or otherwise

6,953 - 2,990 839 1,159 296 806 574 289

Any excess collection of the premium/tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as may be directed by the Authority but not refunded so far

6,492 - 3,394 2,114 277 38 60 46 563

Cheques issued but not encashed by the policyholder/insured

324,226 71,356 54,739 21,795 9,718 20,544 47,017 48,687 50,370

Total 397,020 71,356 84,143 30,055 17,150 29,213 52,931 49,987 62,185






28 Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.


Fund for Discontinued Policies

Opening Balance of Funds for Discontinued Policies 1,907,880 1,039,179

Add : Fund of policies discontinued during the year 1,117,447 1,202,642

Less : Fund of policies revived during the year (558,397) (460,439)

Add : Net Income/ Gains on investment of the Fund 164,489 135,099

Less : Fund Management Charges levied (12,068) (8,601)

Less : Amount refunded to policyholders during the year (1,015,687) -

Closing Balance of Fund for Discontinued Policies 1,603,664 1,907,880

Other disclosures

1. Amount refunded to the policyholders 1,015,687 Nil

2. Amount transferred to the "Funds for discontinued policies" 1,603,664 1,907,880

(Fund Value as on March 31, 2016)

3. Number of policies discontinued during the financial year 4,310 5,981

4. % of discontinued to total policies during the year : -

Product wise -

K38 - Kotak Wealth Insurance 3.02% 10.88%

K40 - Kotak Headstart Child Assure 7.59% 15.60%

K41 - Kotak Secure Invest Insurance 1.70% 10.07%

K42 - Kotak Ace Investment 5.57% 13.11%

K43-Kotak Single Invest Advantage 0.00% 0.00%

K44 - Kotak Platinum 10.90% 20.61%

K51 - Kotak Invest Maxima Plan 8.27% 13.19%

K64 - Kotak Headstart Child Assure 9.71% 1.87%

K65 - Kotak Invest Maxima Plan 6.95% 1.73%

K66 - Kotak Wealth Insurance 9.24% 4.46%

K67 - Kotak Ace Investment 11.75% 2.83%

K68 - Kotak Platinum 9.57% 1.95%

K84-Kotak Platinum 0.88% 0.00%

K86-Kotak Ace Investment 0.50% 0.00%

5. Policies revived during the year 4,748 5,016

No. of policies 9,934 9,356

% of policies revived 47.80% 53.61%

6. Charges imposed on account of discontinued policies 6,428 7,790

7. Charges readjusted on account of revival of discontinued policies (546) (581)




167


29 Prior year comparatives

Prior year amounts have not been reclassified except for the following in order to improve the disclosure and presentation of the accounts

Account Head

Balance reported on March 31,2015

Reclassification

Reclassified Balance as on

March 31, 2015 Remarks

Sch No Amount Amount

Revenue Account- Reinsurance ceded

624,632 (51,998) 572,634 Profit commission has been combined with Reinsurance premium ceded

Schedule 2- Commission 2 1,764,067 51,998 1,816,065 Profit commission has been combined with Reinsurance premium ceded

Schedule 3 - Brokerage 3 430 430 - Brokerage expenses in schedule 3 has been regrouped and shown under miscellaneous expenses

Schedule 3 - Miscellaneous Expenses

3 80,995 430 81,425 Brokerage expenses in schedule 3 has been regrouped and shown under miscellaneous expenses

Schedule 12- Advance tax paid and Tax deducted at source

12 2,849,761 50,860 2,900,621 Reclassification has been done for advance tax paid and tax deducted at source to disclose year wise asset/ liability. Advance tax and tax deducted at source net off provision is shown in advances & other assets.

Schedule 13- Unallocated premium (proposals/policy deposits)

13 1,113,691 57,804 1,171,495 Amount falling in the bucket of upto 1 month was shown as Unclaimed Amount of Policy Holders in previous year. During current year the same has been reclassified to exclude from Unclaimed Amount of Policyholders

Schedule 13- Claims outstanding 13 52,582 600,052 652,634

Schedule 13- Refunds Payable 13 26,274 22,547 48,821

Schedule 13- Annuities due 13 - 1,236 1,236

Schedule 13- Unclaimed Amount of Policy Holders

13 1,078,659 (681,639) 397,020

Schedule 14- Provision for taxation (less payments and taxes deducted at source)

14 211,661 50,860 262,521 Reclassification has been done for advance tax paid and tax deducted at source to disclose year wise asset/ liability. Provision for tax net off advance tax and tax deducted at source is shown in provisions

30 Employee benefits

(a) Accumulated Compensated Absences

The Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary.


Defined benefit obligation 112,410 115,457

Expenses recognised in the income statement during the year 4,593 33,946

Actuarial assumptions used

Discount rate 7.95% 7.98%

Salary escalation rate 8.50% 8.50%

Mortality table Indian Assured Lives Mortality (2006-08) Ult table

Indian Assured Lives Mortality (2006-08) Ult table

(b) Long Term Service Awards

The Company accrues the liability for Long Term Service Awards based on the actuarial valuation as at the balance sheet date conducted by an Actuary.






(c ) Gratuity

In accordance with Payment of Gratuity Act, 1972 the Company provides for gratuity, a defined benefit retirement plan covering all employees. The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s salary and the years of employment with the Company subject to maximum of ` 10 lakhs per employee.

The gratuity benefit is provided to the employees through a fund administered by the Board of Trustees of Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund. The Company is responsible for settling the gratuity obligation through contributions to the fund. The plan is fully funded.

Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is given below.

2015-16 2014-15Change in Defined benefit obligations :Liability at the beginning of the year 161,076 121,630 Transfer of liabilities funded during the year Nil Nil Current service cost 37,332 12,746 Interest cost 15,336 11,955 Actuarial (gain)/loss on obligations (4,632) 33,050 Past Service Cost Nil Nil Liabilities Assumed on transfer of employee (1,889) (514)Benefits paid (15,546) (17,791)Liability at the end of the year 191,677 161,076 Change in plan assetsFair value of plan asset at the beginning of the year 160,368 132,166 Expected return on plan assets 12,122 9,997 Contributions by the employer for the year 37,500 25,000 Actuarial gain / (loss) (1,852) 10,996 Benefits paid (15,546) (17,791)Closing Fair Value of Plan assets 192,592 160,368

Closing Fair Value of Plan assets 192,592 160,368 Liability at the end of the year 191,677 161,076 Net Asset/ (Liabilities) disclosed under “Other Receivables in Sch-12 ” 915 (708)Expenses recognised for the year :- Current service cost 37,332 12,746 Interest cost 15,336 11,955 Expected return on plan assets (12,122) (9,997)Actuarial (gain)/loss (2,780) 22,053 Past Service Cost Nil Nil Net gratuity expenses included in "Employees' remuneration & welfare benefits (Sch-3) 37,766 36,757 Reconciliation of the Liability recognised in the Balance SheetNet (Asset)/ Liability at the beginning of the year 161,076 121,630 Current service cost 37,332 12,746 Interest cost 15,336 11,955 Actuarial (gain)/loss on obligations (4,632) 33,050 Liabilities Assumed on transfer of employee (1,889) (514)Benefits paid (15,546) (17,791)Liability at the end of the year 191,677 161,076 Investment details of plan assetsThe plan assets are invested in insurer managed funds. Major categories of plan assets as a percentage of fair value of total plan assets:Government securities 46.20% 52.51%Bonds, debentures and other fixed income instruments 21.12% 26.49%Money market instruments 15.92% 12.44%Equity 16.76% 8.56%Total 100.00% 100.00%




169


Actuarial assumptions used 2015-16 2014-15Discount rate (p.a.) 7.95% 7.98%

Expected rate of return on assets (p.a.) 7.50% 7.50%

Salary escalation rate (p.a.) 8.50% 8.50%

Expected future contribution from employer for next financial year 15,000 15,000

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Experience Adjustments Period Ended

2015-16 2014-15 2013-14 2012-13 2011-12

Defined Benefit Obligation 191,677 161,076 121,630 125,842 109,207

Plan Assets 192,592 160,368 132,166 127,040 -

Surplus / (Deficit) 915 (708) 10,536 1,198 (109,207)

Exp. Adj. on Plan Liabilities (5,341) 13,300 (2,855) (17,917) (406)

Exp. Adj. on Plan Assets (1,852) 10,996 (5,800) 190 -

(d) Superannuation

The eligible permanent employees of the Company, who have opted for the scheme, are entitled to receive retirement benefits under the superannuation scheme operated by the Company. The contribution for the year amounts to ` 1,700 (2015 - ` 1,700)

(e) Provident fund

In accordance with Indian regulations, employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan, in which, both the employee and the Company contribute monthly at a determined rate. These contributions are made to government administered provident fund. The employee contributes 12% of his or her basic salary and the Company contributes an equal amount. The Company’s contribution for the year amounts to ` 1,47,785 (2015 - ` 1,26,224)

(f) New Pension Scheme

The eligible employees of the Company, who have opted for the scheme, are entitled for this benefit. The Company’s contribution for the year amounts to ` 5,468 (2015 - ` 4,262).







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