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1
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
Kotak Mahindra Old Mutual Life Insurance Limited
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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Kotak Mahindra Old Mutual Life Insurance Limited
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
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Kotak Mahindra Old Mutual Life Insurance Limited
• 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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Kotak Mahindra Old Mutual Life Insurance Limited
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.
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Kotak Mahindra Old Mutual Life Insurance Limited
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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Kotak Mahindra Old Mutual Life Insurance Limited
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.
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Kotak Mahindra Old Mutual Life Insurance Limited
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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Kotak Mahindra Old Mutual Life Insurance Limited
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:
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Kotak Mahindra Old Mutual Life Insurance Limited
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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Kotak Mahindra Old Mutual Life Insurance Limited
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
- - - - - - - - -
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Kotak Mahindra Old Mutual Life Insurance Limited
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.
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Kotak Mahindra Old Mutual Life Insurance Limited
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
14 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Mr. Paresh Parasnis 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.
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. 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
Kotak Mahindra Old Mutual Life Insurance Limited
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. Gaurang Shah (Chairman) 4 3
Mr. G. Murlidhar (Managing Director) 4 3
Mr. Sunil Sharma (Appointed Actuary) 4 4
Mr. Hitesh Veera (Head - Operations) 4 4
Mr. Cedric Fernandes (Chief Financial Officer) 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.
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. Gaurang Shah (Chairman) 4 4*
Mr. G. Murlidhar (Managing Director) 4 3
Mr. Sunil Sharma (Appointed Actuary) 4 4
Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 3
Mr. Cedric Fernandes (Chief Financial 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
16 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
• 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.
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. Shivaji Dam (Chairman) 4 4
Mr. G. Murlidhar (Managing Director) 4 3
Mr. Sunil Sharma (Appointed Actuary) 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.
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. Dipak Gupta (Chairman) 2 1*
Mr. Prakash Apte, Member 2 2
Mr. Gaurang Shah, 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
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Kotak Mahindra Old Mutual Life Insurance Limited
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 (Chairman) 2 2
Mr. Uday Kotak 2 2
Mr. Paresh Parasnis 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.
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. 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.
18 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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. Shivaji Dam, Chairman 3 3
Mr. Gaurang Shah, Member 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
Particulars Year ending March 2016
Year ending March 2015
Actual Solvency Ratio 3.11 3.13
Required Solvency Ratio 1.50 1.50
C. CONSERVATION RATIO
Particulars Year ending March 2016
Year ending March 2015
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.
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Kotak Mahindra Old Mutual Life Insurance Limited
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
20 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Kotak Mahindra Old Mutual Life Insurance Limited
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
22 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance 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
Kotak Mahindra Old Mutual Life Insurance Limited
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
24 Annual Report 2015-16
Kotak Mahindra Old Mutual Life 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
Kotak Mahindra Old Mutual Life Insurance Limited
Sl.
No
CSR
pro
ject
/ ac
tivi
ty
iden
tifi
ed
Sect
or
in w
hic
h
the
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f p
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e o
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tate
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ere
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ram
me
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e /
pro
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dg
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itu
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year
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FY 2
014-
15)
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ou
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lem
enti
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ucat
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and
Live
lihoo
d.
Impl
emen
ted
thro
ugh
Kot
ak
Educ
atio
n Fo
unda
tion
(KEF
), w
hich
was
se
t up
in
20
07
with
a
purp
ose
to
supp
ort
child
ren
and
yout
h fr
om
unde
rpriv
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fam
ilies
th
roug
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educ
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an
d sk
illin
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ogra
mm
es.
KEF
ta
kes
a ho
listic
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d in
nova
tive
appr
oach
to
he
lpin
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e
urba
n po
or
brea
k fr
ee
from
th
e vi
ciou
s cy
cle
of
extr
eme
pove
rty
and
gene
ratio
nal
disa
dvan
tage
s.
KEF
ha
s pa
rtne
red
with
36
sc
hool
s,
maj
ority
of
whi
ch
are
Loca
ted
in
the
poor
est
war
ds
of
Mum
bai.
Live
lihoo
d tr
aini
ng
is
prov
ided
at
7
cent
res
spre
ad
acro
ss
the
poor
est
neig
hbou
r
hood
s of
the
city
. In
201
5-16
, K
EF h
as t
ouch
ed n
early
50,0
00 y
oung
ster
s th
roug
h its
nin
e in
terv
entio
ns.
Prom
otin
g
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atio
n &
Live
lihoo
d
Mum
bai
5,00
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,180
,100
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`
80,0
0,00
0 (O
ut o
f th
is, K
otak
Educ
atio
n Fo
unda
tion
has
not
utili
sed
`1,2
4,45
0/-
This
will
be
used
tow
ards
mee
ting
expe
nses
for
FY
201
6-17
)
50,0
0,00
0
( Im
plem
ente
d
thro
ugh
the
Kot
ak E
duca
tion
Foun
datio
n-K
EF)
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viro
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ilise
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5,00
0/-.
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ill b
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ed
to m
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ct e
xpen
ditu
re a
nd
over
head
s in
FY
201
6-17
)
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0
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plem
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d
thro
ugh
VR1
FOU
ND
ATI
ON
)
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even
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lthca
re
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edic
al
help
to
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ral
poor
impl
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d th
roug
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tkal
Bi
pann
a Sa
haya
ta
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iti
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shru
ta
Swas
thya
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Ken
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proj
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is
resp
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for
prov
idin
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rious
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sist
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ting
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ith S
V N
irtar
the
Gov
. of
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ia h
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tal
in t
he
stat
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entiv
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anes
war
,
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balp
ur -
Odi
sha,
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tak
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dish
a
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IL `
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is a
mou
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as
not
been
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ill
be
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sed
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Y20
16-1
7)
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( Im
plem
ente
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thro
ugh
the
UTK
AL
BIPA
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PEN
D U
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rrp
ora
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oci
al R
esp
on
sib
ilty
Exp
end
itu
re S
tate
men
t -
31st
Mar
ch, 2
016
Ko
tak
Mah
ind
ra O
ld M
utu
al L
ife
Insu
ran
ce L
imit
ed
CSR
Co
mm
itte
e’s
Res
po
nsi
bili
ty S
tate
men
t
The
CSR
Com
mitt
ee h
ereb
y co
nfirm
s th
at t
he im
plem
enta
tion
and
mon
itorin
g of
CSR
act
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es is
in c
ompl
ianc
e w
ith C
SR o
bjec
tives
and
Pol
icy
of t
he C
ompa
ny.
26 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Kotak Mahindra Old Mutual Life Insurance Limited
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
28 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
(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.
Shareholding at the beginning of the year
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
Shareholding at the beginning of the year
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
Kotak Mahindra Old Mutual Life Insurance Limited
(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
Kotak Mahindra Bank Ltd.)
-
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
Kotak Mahindra Bank Ltd.)
- - - 10 (jointly with
Kotak Mahindra Bank Ltd.)
- 10 (jointly with
Kotak Mahindra Bank Ltd.)
-
9 Mr. Gaurang Shah 10 (jointly with
Kotak Mahindra Bank Ltd.)
- - - 10 (jointly with
Kotak Mahindra Bank Ltd.)
10 (jointly with
Kotak Mahindra Bank Ltd.)
-
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) - - - -
30 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Kotak Mahindra Old Mutual Life Insurance Limited
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 - - - - -
Punishment - - - - -
Compounding - - - - -
C. OTHER OFFICERS IN DEFAULT
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
32 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Kotak Mahindra Old Mutual Life Insurance Limited
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:
34 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Kotak Mahindra Old Mutual Life Insurance Limited
(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
36 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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.
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
37
Kotak Mahindra Old Mutual Life Insurance Limited
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.
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
38 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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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Kotak Mahindra Old Mutual Life Insurance Limited
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
(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
40 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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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Kotak Mahindra Old Mutual Life Insurance Limited
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
42 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
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Kotak Mahindra Old Mutual Life Insurance Limited
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%
44 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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;
45
Kotak Mahindra Old Mutual Life Insurance Limited
(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
46 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Kotak Mahindra Old Mutual Life Insurance Limited
Schedule Year ended March 31, 2016
Year ended March 31, 2015
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
Registration No: 107; Date of Registration: January 10, 2001
FORM A-PL
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016Shareholders’ Account (Amounts in thousands of Indian Rupees)
48 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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.
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-BS
BALANCE SHEET AS AT MARCH 31, 2016 (Amounts in thousands of Indian Rupees)
49
Kotak Mahindra Old Mutual Life Insurance Limited
Schedule Year ended March 31, 2016
Year ended March 31, 2015
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
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
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016(Amounts in thousands of Indian Rupees)
50 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
SCHEDULE 1 : Premium (Amounts in thousands of Indian Rupees)
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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)
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
51
Kotak Mahindra Old Mutual Life Insurance Limited
SCHEDULE 3 : Operating Expenses related to Insurance Business (Amounts in thousands of Indian Rupees)
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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)
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
52 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
SCHEDULE 4 : Benefits Paid (Net) (Amounts in thousands of Indian Rupees)
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
53
Kotak Mahindra Old Mutual Life Insurance Limited
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)
Particulars As at March 31, 2016
As at 31, March 2015
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
54 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
SCHEDULE 7 : Borrowings (Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2016
As at 31, March 2015
Debentures/ Bonds - - Banks - - Financial Institutions - - Others - - Total - -
SCHEDULE 8 : Investments - Shareholders’ (Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2016
As at 31, March 2015
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
Particulars As at March 31, 2016
As at 31, March 2015
In India 13,996,388 10,519,679 Outside India - -
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
55
Kotak Mahindra Old Mutual Life Insurance Limited
Particulars As at March 31, 2016
As at 31, March 2015
(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)
Particulars As at March 31, 2016
As at 31, March 2015
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
56 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Particulars As at March 31, 2016
As at 31, March 2015
In India 57,305,109 42,863,107 Outside India - -
Particulars As at March 31, 2016
As at 31, March 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 - 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)
Particulars As at March 31, 2016
As at 31, March 2015
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
57
Kotak Mahindra Old Mutual Life Insurance Limited
Particulars As at March 31, 2016
As at March 31, 2015
In India 96,550,069 97,302,419 Outside India - -
Particulars As at March 31, 2016
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)
Particulars As at March 31, 2016
As at March 31, 2015
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
58 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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)
Particulars As at March 31, 2016
As at March 31, 2015
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
59
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
SCHEDULE 12 : Advances and Other Assets (Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2016
As at March 31, 2015
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
Particulars As at March 31, 2016
As at March 31, 2015
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
Particulars As at March 31, 2016
As at March 31, 2015
Commission receivable 44,204 45,470
Provision for commission receivable (39,604) (45,470)
Net 4,600 -
60 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
SCHEDULE 13 : Current Liabilities (Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2016
As at March 31, 2015
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)
Particulars As at March 31, 2016
As at March 31, 2015
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
Particulars As at March 31, 2016
As at March 31, 2015
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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Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
SCHEDULE 15 : Miscellaneous Expenditure
(To the extent not written off or adjusted) (Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2016
As at March 31, 2015
Discount Allowed in issue of shares/ debentures - -
Others - -
Total - -
62 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
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.
63
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
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.
64 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
(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.
65
Kotak Mahindra Old Mutual Life Insurance Limited
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
66 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
67
Kotak Mahindra Old Mutual Life Insurance Limited
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
68 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
(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.
69
Kotak Mahindra Old Mutual Life Insurance Limited
(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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
70 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
(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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
71
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
72 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
4 (a
) Po
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73
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
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:
Particulars 2015-16 2014-15
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
Particulars 2015-16 2014-15
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)
71,872 80,929
74 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
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
Kotak Mahindra Old Mutual Life Insurance Limited
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
76 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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 :
Particulars 2015-16 2014-15
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:
Particulars 2015-16 2014-15
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).
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
77
Kotak Mahindra Old Mutual Life Insurance Limited
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 :
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
78 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Year ended March 31, 2016
Year ended March 31, 2015
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
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
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:
Particulars 2015-16 2014-15
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
80 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
81
Kotak Mahindra Old Mutual Life Insurance Limited17
. Se
gm
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ance
sh
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litie
s 2
33,2
42
(3,3
75)
737
,960
2
22,1
39
161
,127
1
,375
2
,731
,884
2
44,6
32
1,8
75,2
43
892
,040
7
,096
,267
Pr
ovisi
ons
12,
189
- 2
6,68
6 (1
,115
) -
- 2
,508
-
225
,338
-
265
,606
In
ter s
egm
enta
l pay
able
s 1
,085
,005
9
2,68
4 9
83,7
90
- -
89,
630
- -
1,4
32,4
05
- 3
,683
,514
To
tal C
urre
nt L
iabi
litie
s 1
,602
,341
1
13,4
34
2,0
95,1
68
222
,980
1
67,1
66
95,
354
3,4
19,5
29
293
,550
3
,532
,986
8
92,0
40
12,
434,
548
Net
Cur
rent
Ass
ets
(548
,032
) (9
0,12
5) (9
18,3
29)
(187
,382
) (1
07,3
69)
(86,
545)
(2,4
68,3
24)
887
,620
(4
40,7
20)
1,2
18,0
47
(2,7
41,1
59)
Misc
ella
neou
s Ex
pend
iture
(To
the
ext
ent
not
writ
ten
off o
r adj
uste
d) -
- -
- -
- -
- -
- -
Tota
l Ass
ets
25,
696,
325
881
,440
2
3,75
2,42
9 1
,202
,977
1
,548
,858
2
98,1
69
89,
751,
898
8,7
12,1
72
- 1
5,21
4,43
5 1
67,0
58,7
03
Not
e : T
he P
olic
yhol
der
Liab
ilitie
s an
d Li
nked
Lia
bilit
ies
are
adeq
uate
ly b
acke
d by
pol
icyh
olde
r in
vest
men
ts, C
ash
and
Bank
Bal
ance
s an
d O
ther
ass
ets
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
82 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited17
. Se
gm
enta
l bal
ance
sh
eet
as a
t M
arch
31,
201
5
Part
icul
ars
Life
Pa
rtic
ipat
ing
Pens
ion
Part
icip
atin
g Li
fe N
on
Part
icip
atin
g Li
fe N
on
Part
icip
atin
g Va
riabl
e (V
IP)
Pens
ion
Non
Pa
rtic
ipat
ing
Varia
ble
(VIP
)
Gen
eral
A
nnui
ty
Uni
t Lin
ked
U
nit L
inke
d Pe
nsio
n U
nallo
cate
d Sh
areh
olde
rs
Tota
l
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
Mar
-15
SOU
RCES
OF
FUN
DS
Shar
ehol
ders
' Fun
ds
Shar
e C
apita
l-
- -
- -
- -
- -
5,10
2,90
2 5,
102,
902
Rese
rves
and
Sur
plus
- -
- -
- -
- -
- 7,
604,
064
7,60
4,06
4 C
redi
t/Deb
it Fa
ir Va
lue
chan
ge a
ccou
nt-
- -
- -
- -
- -
- -
Sub-
Tota
l-
- -
- -
- -
- -
12,7
06,9
66
12,7
06,9
66
Borr
owin
gs -
- -
- -
- -
- -
- -
Polic
yhol
ders
’ Fun
ds:
Cre
dit/[
Deb
it] F
air V
alue
Cha
nge
Acc
ount
701,
283
24,5
38
1 -
- -
245,
631
- -
- 97
1,45
3 Re
valu
atio
n Re
serv
e-In
vest
men
t Pro
pert
y18
9,11
1 14
,234
-
- -
- -
- -
- 20
3,34
5 Po
licy
Liab
ilitie
s19
,694
,174
76
2,15
8 15
,573
,233
39
7,30
4 96
0,05
3 19
2,89
8 1,
501,
029
146,
246
- -
39,2
27,0
95
Insu
ranc
e re
serv
e1,
255,
645
141,
421
- -
- -
- -
- -
1,39
7,06
6 Li
nked
liab
ilitie
s-
- -
- -
- 85
,202
,829
10
,121
,922
-
- 95
,324
,751
Fu
nds
for D
iscon
tinue
d po
licie
s-
- -
- -
- 1,
907,
880
- -
- 1,
907,
880
Fund
s fo
r Fut
ure
App
ropr
iatio
n: L
inke
d Li
abili
ties
- -
- -
- -
61,9
22
7,86
6 -
- 69
,788
Sub-
Tota
l21
,840
,213
94
2,35
1 15
,573
,234
39
7,30
4 96
0,05
3 19
2,89
8 88
,919
,291
10
,276
,034
-
- 13
9,10
1,37
8 To
tal
21,8
40,2
13
942,
351
15,5
73,2
34
397,
304
960,
053
192,
898
88,9
19,2
91
10,2
76,0
34
- 12
,706
,966
15
1,80
8,34
4 A
PPLI
CATI
ON
OF
FUN
DS
Inve
stm
ents
21,4
40,3
35
950,
279
15,0
77,1
49
382,
470
925,
124
206,
402
3,39
9,88
9 48
1,45
9 -
10,5
19,6
79
53,3
82,7
86
Ass
ets
held
to c
over
link
ed li
abili
ties
- -
- -
- -
87,8
22,6
07
9,47
9,81
2 -
- 97
,302
,419
Lo
ans
908,
198
- 65
0,79
4 -
- -
118,
312
- -
- 1,
677,
304
Sub-
Tota
l22
,348
,533
95
0,27
9 15
,727
,943
38
2,47
0 92
5,12
4 20
6,40
2 91
,340
,808
9,
961,
271
- 10
,519
,679
15
2,36
2,50
9 Fi
xed
Ass
ets
- -
- -
- -
- -
397,
257
- 39
7,25
7 Cu
rren
t A
sset
sC
ash
and
Bank
Bal
ance
s2
1 84
8 1
1 1
445
53
2,02
4,10
9 3
2,02
5,46
4 Re
insu
ranc
e pr
emiu
m fo
r fut
ure
perio
d-
- -
- -
- -
- -
- -
Adv
ance
s In
clud
ing
Adv
ance
Tax
&
Prov
isio
n fo
r Ta
x-
- -
- -
- -
- 34
2,41
5 -
342,
415
Inco
me
accr
ued
on in
vest
men
ts54
4,06
1 23
,041
40
1,86
2 8,
170
28,1
22
5,07
4 32
,135
13
,103
-
346,
178
1,40
1,74
6 Ba
lanc
e du
e fr
om re
insu
ranc
e co
mpa
nies
(40)
- 17
,994
-
- -
(170
)-
- -
17,7
84
Out
stan
ding
Pre
miu
m30
5,93
2 4,
406
328,
434
- -
- -
- -
- 63
8,77
2 O
ther
Ass
ets
12,8
98
- 42
,058
-
- -
61,1
39
351
383,
458
- 49
9,90
4 In
ter s
egm
enta
l rec
eiva
bles
--
-92
6 5,
238
-56
0,93
6 70
3,78
2 -
1,84
1,10
6 3,
111,
988
Tota
l Cur
rent
Ass
ets
862,
853
27,4
48
791,
196
9,09
7 33
,361
5,
075
654,
485
717,
289
2,74
9,98
2 2,
187,
287
4,92
6,08
5 Cu
rren
t Li
abili
ties
& P
rovi
sion
sA
gent
s' B
alan
ces
388,
648
5,06
5 (3
78,4
18)
- -
1,64
9 30
3,81
0 53
,653
-
- 37
4,40
7 Ba
lanc
e du
e to
rein
sura
nce
com
pani
es55
3 74
44
,645
-
- -
11,9
29
(119
)-
- 57
,082
C
laim
s O
utst
andi
ng12
,714
-
37,4
69
- -
- 2,
400
- -
- 52
,583
U
ncla
imed
Bal
ance
s-Po
licy
Hol
ders
139,
474
15,3
37
148,
657
- -
2,52
8 68
0,97
6 91
,687
-
- 1,
078,
659
Cur
rent
Lia
bilit
ies
285,
962
3,38
5 15
7,44
3 (5
,218
)(1
,568
)(1
8)2,
036,
434
257,
305
1,31
8,52
9 -
4,05
2,25
4 Pr
ovisi
ons
42,9
62
- 1,
179
(519
)-
- 40
,453
-
178,
447
- 26
2,52
2 In
ter s
egm
enta
l pay
able
s50
0,86
0 11
,515
93
4,93
0 -
- 14
,420
-
- 1,
650,
263
- 3,
111,
988
Tota
l Cur
rent
Lia
bilit
ies
1,37
1,17
3 35
,376
94
5,90
5 (5
,737
)(1
,568
)18
,579
3,
076,
002
402,
526
3,14
7,23
9 -
5,87
7,50
7 N
et C
urre
nt A
sset
s (5
08,3
20)
(7,9
28)
(154
,709
)14
,834
34
,929
(1
3,50
4)(2
,421
,517
)31
4,76
3 (3
97,2
57)
2,18
7,28
7 (9
51,4
22)
Mis
cella
neou
s Ex
pend
iture
(To
the
ext
ent
not
writ
ten
off
or a
djus
ted)
--
--
--
--
--
-
Tota
l Ass
ets
21,8
40,2
13
942,
351
15,5
73,2
34
397,
304
960,
053
192,
898
88,9
19,2
91
10,2
76,0
34
- 12
,706
,966
15
1,80
8,34
4
Not
e : T
he P
olic
yhol
der
Liab
ilitie
s an
d Li
nked
Lia
bilit
ies
are
adeq
uate
ly b
acke
d by
pol
icyh
olde
r in
vest
men
ts, C
ash
and
Bank
Bal
ance
s an
d O
ther
ass
ets
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
83
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
84 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
85
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
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
86 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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 - -
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
87
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
88 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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 :
Particulars 2015-16 2014-15
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
89
Kotak Mahindra Old Mutual Life Insurance Limited
Effect of grant of ESOP & SARs to employees on the Revenue/Profit and Loss Account and on its financial position
Particulars 2015-16 2014-15
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:
Particulars 2015-16 2014-15
(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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
90 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited25
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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)
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
91
Kotak Mahindra Old Mutual Life Insurance Limited25
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)
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2015
(Currency: In thousands of Indian Rupees unless otherwise stated)
92 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
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
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2015
(Currency: In thousands of Indian Rupees unless otherwise stated)
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
Kotak Mahindra Old Mutual Life Insurance Limited25
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
nked
Gro
up
Tota
l Uni
t Lin
ked
Non
Uni
tU
nit
Link
ed L
ifeN
on-U
nit
Uni
tLi
nked
Pe
nsio
nN
on-U
nit
Uni
tLi
nked
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
ity-
1,06
0,52
8 1,
060,
528
- 28
,884
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
rend
er6,
440,
260
6,44
0,26
0 -
2,14
3,27
3 2,
143,
273
- 93
,461
93
,461
8,
676,
994
- Oth
ers
(956
)1,
015,
686
1,01
4,73
0 (8
,481
)-
(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)
Cla
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-
- -
- -
- -
- -
-
(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
a-
- -
- -
- -
- -
-
TOTA
L (U
L2)
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
94 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited25
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
nked
Gro
up
Tota
l Uni
t Lin
ked
Non
Uni
tU
nit
Link
ed L
ifeN
on-U
nit
Uni
tLi
nked
Pe
nsio
nN
on-U
nit
Uni
tLi
nked
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
1
87,6
36
139
,022
3
26,6
58
3,1
57
103
,918
1
07,0
75
9,1
17
- 9
,117
4
42,8
50
(b)
Cla
ims
by M
atur
ity -
842
,625
8
42,6
25
- 9
0,06
9 9
0,06
9 -
650
,212
6
50,2
12
1,5
82,9
06
(c)
Ann
uitie
s / P
ensio
n pa
ymen
t -
- -
- -
- -
- -
-
(d)
Oth
er b
enefi
ts -
- Sur
viva
l -
- -
- -
- -
- -
-
- Sur
rend
er -
9,9
11,0
08
9,9
11,0
08
- 2
,168
,504
2
,168
,504
-
216
,331
2
16,3
31
12,
295,
843
- Oth
ers
(7,4
10)
- (7
,410
) (4
,162
) -
(4,1
62)
78
- 7
8 (1
1,49
4)
Sub
Tota
l (A
) 1
80,2
26
10,
892,
655
11,
072,
881
(1,0
05)
2,3
62,4
91
2,3
61,4
86
9,1
95
866
,543
8
75,7
38
14,
310,
105
2A
mou
nt C
eded
in re
insu
ranc
e
(a)
Cla
ims
by D
eath
(4
0,25
6) -
(40,
256)
- -
- (1
13)
- (1
13)
(40,
369)
(b)
Cla
ims
by M
atur
ity -
- -
- -
- -
- -
-
(c)
Ann
uitie
s / P
ensio
n pa
ymen
t -
- -
- -
- -
- -
-
(d)
Oth
er b
enefi
ts
- Sur
rend
er -
- -
- -
- -
- -
-
- Sur
viva
l -
- -
- -
- -
- -
-
Sub
Tota
l (B)
(40,
256)
- (4
0,25
6) -
- -
(113
) -
(113
) (4
0,36
9)
TOTA
L (A
) - (B
) 1
39,9
70
10,
892,
655
11,
032,
625
(1,0
05)
2,3
62,4
91
2,3
61,4
86
9,0
82
866
,543
8
75,6
25
14,
269,
736
Bene
fits
paid
to c
laim
ants
:
In In
dia
139
,970
1
0,89
2,65
5 1
1,03
2,62
5 (1
,005
) 2
,362
,491
2
,361
,486
9
,082
8
66,5
43
875
,625
1
4,26
9,73
6
Out
side
Indi
a -
- -
- -
- -
- -
-
TOTA
L (U
L2)
139
,970
1
0,89
2,65
5 1
1,03
2,62
5 (1
,005
) 2
,362
,491
2
,361
,486
9
,082
8
66,5
43
875
,625
1
4,26
9,73
6
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2015
(Currency: In thousands of Indian Rupees unless otherwise stated)
95
Kotak Mahindra Old Mutual Life Insurance Limited
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
Appr/Ex-Appr Reserve - - - - - - - -
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
(c) NAV per Unit (a)/(b) (Rs.) 24.6899 23.1075 25.1506 23.5300 25.5657 23.9016 26.9322 25.1413
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
96 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Appr/Ex-Appr Reserve - - - - - - - -
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
Policyholders' 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
Application of Funds
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
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
97
Kotak Mahindra Old Mutual Life Insurance Limited
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
Policyholders' 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
Appr/Ex-Appr Reserve - - - - - - - - - -
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
Application of Funds
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
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
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
(b) Number of Units outstanding 20,394,829 26,209,591 48,139,278 52,786,783 63,021,196 57,488,101 28,871,528 20,139,743 2,029,437 3,024,466
(c) NAV per Unit (a)/(b) (Rs.) 43.4858 42.6838 44.2185 43.3959 50.3425 50.0365 17.5164 17.4465 17.1335 17.0629
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
Policyholders' 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
Appr/Ex-Appr Reserve - - - - - - - - - -
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
Application of Funds
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
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
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
(b) Number of Units outstanding 10,502,325 11,482,251 210,579,613 245,075,340 7,982,598 9,216,226 49,762,208 51,537,727 224,178,301 187,932,118
(c) NAV per Unit (a)/(b) (Rs.) 56.9761 58.2597 49.8217 49.6014 21.1938 21.0755 56.1984 59.4334 17.8008 18.5639
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
98 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Policyholders' 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
Appr/Ex-Appr Reserve - - - - - - - - - -
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
Application of Funds
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
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
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
(b) Number of Units outstanding 14,771,679 18,571,615 267,381,033 268,773,955 13,294,930 13,441,390 881,874,333 792,424,176 67,040,632 88,018,671
(c) NAV per Unit (a)/(b) (Rs.) 18.8662 19.7080 34.5245 36.8731 19.6490 20.9456 19.4140 20.5541 19.9015 21.1800
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
Policyholders' 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
Appr/Ex-Appr Reserve - - - - - - - - - -
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
Application of Funds
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
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
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
(b) Number of Units outstanding 423,703,853 451,927,031 1,568,035 1,630,462 33,347,885 40,645,303 432,628,740 481,410,258 55,826,269 80,538,708
(c) NAV per Unit (a)/(b) (Rs.) 22.5475 22.7506 23.3094 23.4560 14.4781 14.5933 14.4499 14.6911 14.3764 14.6127
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
99
Kotak Mahindra Old Mutual Life Insurance Limited
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)
Appr/Ex-Appr Reserve - - - - - - - -
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
(c) NAV per Unit (a)/(b) (Rs.) 15.1361 15.3951 14.4428 14.6904 14.4607 14.7368 16.6699 15.9536
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
Appr/Ex-Appr Reserve - - - - - - - -
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
100 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
ULIF-050-23/03/11-DISPOLFND-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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
101
Kotak Mahindra Old Mutual Life Insurance Limited
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
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
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
102 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
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
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 administration expenses - - - - - - - - - -
Fund management expenses 13,023 15,356 28,411 30,125 28,543 24,550 5,455 3,467 554 731
Service Tax, Education Cess & Swachh Bharat Cess
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
Add: Fund revenue account at the beginning of the year
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
* 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 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
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 administration expenses - - - - - - - - - -
Fund management expenses 9,423 9,516 169,555 185,181 2,744 3,146 46,339 45,951 49,605 36,979
Service Tax, Education Cess & Swachh Bharat Cess
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
Add: Fund revenue account at the beginning of the year
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
* Net Change in Mark to Market value of Investments
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
103
Kotak Mahindra Old Mutual Life Insurance Limited
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-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
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 administration expenses - - - - - - - - - -
Fund management expenses 4,357 4,561 188,512 178,120 5,365 4,743 219,765 172,374 21,598 23,688
Service Tax, Education Cess & Swachh Bharat Cess
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
Add: Fund revenue account at the beginning of the year
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
* 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 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
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 administration expenses - - - - - - - - - -
Fund management expenses 169,127 184,171 464 466 9,230 11,301 88,101 94,624 12,857 17,380
Service Tax, Education Cess & Swachh Bharat Cess
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
Add: Fund revenue account at the beginning of the year
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
* Net Change in Mark to Market value of Investments
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
104 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
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
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
105
Kotak Mahindra Old Mutual Life Insurance Limited
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
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-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
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
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-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 - - - - - - - - - - - - - -
Infrastructure 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
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
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
106 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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 Dynamic Bond Fund
Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Short Term Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
Kotak Pension Floating Rate Fund
ULIF-015-15/04/04-DYBNDFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
ULIF-022-07/12/04-PNFLTRFND-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
* Additions represents units creation and deductions represents units cancellation
Schedule: F-2
INVESTMENTS
Particulars Kotak Dynamic Bond Fund
Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Short Term Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
Kotak Pension Floating Rate Fund
ULIF-015-15/04/04-DYBNDFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
ULIF-022-07/12/04-PNFLTRFND-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 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 - - - - - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - - - - - -
Equity - - - - - - - - - - - - - -
Money Market - - - - - - - - - - - - - -
Mutual Funds - - - - - - - - - - - - - -
Venture Capital - - - - - - - - - - - - - -
PTC - - - - - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - - - - - -
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
% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 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
Particulars Kotak Dynamic Bond Fund
Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Short Term Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
Kotak Pension Floating Rate Fund
ULIF-015-15/04/04-DYBNDFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
ULIF-022-07/12/04-PNFLTRFND-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 - - - -
Unit Collection A/c# - - - - - - - - - - - - - -
Margin Money - - - - - - - - - - - - - -
Share Application 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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
107
Kotak Mahindra Old Mutual Life Insurance Limited
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 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
ULIF-009-27/06/03-DYBALFND-107
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
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
* Additions represents units creation and deductions represents units cancellation
Schedule: F-2
INVESTMENTS
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
ULIF-009-27/06/03-DYBALFND-107
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
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 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 - - - - - - - - - - - - - -
Infrastructure 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 - - - - - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - - - - - -
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
% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 92.98% 92.83% 94.80% 94.25% 95.09% 94.36% 93.83% 93.03% 94.07% 93.26%
% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 7.02% 7.17% 5.20% 5.75% 4.91% 5.64% 6.17% 6.97% 5.93% 6.74%
Schedule: F-3
CURRENT ASSETS
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
ULIF-009-27/06/03-DYBALFND-107
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
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
Cash & Bank Balance 422 5 66 3 370 3 447 9 322 16 85 30 302 29
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
Unit Collection A/c# - - - - - - - - - - - - - -
Margin Money - - - - - - - - - - - - - -
Share Application 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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
108 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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 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
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
ULIF-044-11/01/10-PNFRLEQFND-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
* Additions represents units creation and deductions represents units cancellation
Schedule: F-2
INVESTMENTS
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
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
ULIF-044-11/01/10-PNFRLEQFND-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 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 - - - - - - - - - - - - - -
Infrastructure 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 - - - - - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - - - - - -
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
% of Approved Investments to Total 92.93% 93.01% 90.65% 90.66% 93.84% 93.11% 93.93% 93.11% 89.42% 89.44% 88.93% 88.32% 87.78% 87.78%
% of Other Investments to Total 7.07% 6.99% 9.35% 9.34% 6.16% 6.89% 6.07% 6.89% 10.58% 10.56% 11.07% 11.68% 12.22% 12.22%
Schedule: F-3
CURRENT ASSETS
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
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
ULIF-044-11/01/10-PNFRLEQFND-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
Cash & Bank Balance 80 5 453 5 118 44 180 3 34 89 11 70 490 8
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
Unit Collection A/c# - - - - - - - - - - - - - -
Margin Money - - - - - - - - - - - - - -
Share Application 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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
109
Kotak Mahindra Old Mutual Life Insurance Limited
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 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
ULIF-032-17/07/09-PNOPPFND-107
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
ULIF-031-13/07/09-PNFLRFND-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
* Additions represents units creation and deductions represents units cancellation
Schedule: F-2
INVESTMENTS
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
ULIF-032-17/07/09-PNOPPFND-107
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
ULIF-031-13/07/09-PNFLRFND-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 - - - - - - - - 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 - - - - - - - - - - - - - -
Infrastructure 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 - - - - - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - - - - - -
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
% of Approved Investments to Total 88.08% 85.23% 88.17% 85.15% 88.30% 85.49% 87.95% 85.13% 95.91% 98.29% 96.80% 98.35% 95.71% 98.32%
% of Other Investments to Total 11.92% 14.77% 11.83% 14.85% 11.70% 14.51% 12.05% 14.87% 4.09% 1.71% 3.20% 1.65% 4.29% 1.68%
Schedule: F-3
CURRENT ASSETS
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
ULIF-032-17/07/09-PNOPPFND-107
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
ULIF-031-13/07/09-PNFLRFND-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
Unit Collection A/c# - - - - - - - - - - - - - -
Margin Money - - - - - - - - - - - - - -
Share Application 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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
110 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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 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-043-08/01/10-PNFLRKFND2-107
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
ULIF-023-06/02/06-ADVPLSFND-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)
* Additions represents units creation and deductions represents units cancellation
Schedule: F-2
INVESTMENTS
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-043-08/01/10-PNFLRKFND2-107
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
ULIF-023-06/02/06-ADVPLSFND-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 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 - - - - - - - - - - - - - -
Infrastructure 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 - - - - - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - - - - - -
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 - -
% of Approved Investments to Total 95.41% 98.23% 95.22% 98.28% 98.63% 98.26% 98.63% 98.23% 98.68% 98.33% 100.00% 100.00% 0.00% 0.00%
% of Other Investments to Total 4.59% 1.77% 4.78% 1.72% 1.37% 1.74% 1.37% 1.77% 1.32% 1.67% 0.00% 0.00% 0.00% 0.00%
Schedule: F-3
CURRENT ASSETS
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-043-08/01/10-PNFLRKFND2-107
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
ULIF-023-06/02/06-ADVPLSFND-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 - - - -
Unit Collection A/c# - - - - - - - - - - - - - -
Margin Money - - - - - - - - - - - - - -
Share Application 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 - -
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
111
Kotak Mahindra Old Mutual Life Insurance Limited
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 Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
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
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
* Additions represents units creation and deductions represents units cancellation
Schedule: F-2
INVESTMENTS
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
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
Approved Investments
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
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
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
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
112 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
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
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-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*
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
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-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 - -
Service Tax, Education Cess & Swachh Bharat Cess
- 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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
113
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
Particulars Kotak Dynamic Bond Fund
Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Short Term Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
Kotak Pension Floating Rate Fund
ULIF-015-15/04/04-DYBNDFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
ULIF-022-07/12/04-PNFLTRFND-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
Break up of Other Expenses Under ULIPSchedule: F-5
OTHER EXPENSES*
Particulars Kotak Dynamic Bond Fund
Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Short Term Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
Kotak Pension Floating Rate Fund
ULIF-015-15/04/04-DYBNDFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
ULIF-022-07/12/04-PNFLTRFND-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)
Transaction Charges - - - - - - - - - - - - - -
Miscellaneous charge 113 (80) 3 2 - - - - (98) 58 16 24 1 1
Service Tax, Education Cess & Swachh Bharat Cess
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
*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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
114 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
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
ULIF-009-27/06/03-DYBALFND-107
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
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
Break up of Other Expenses Under ULIPSchedule: F-5
OTHER EXPENSES*
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
ULIF-009-27/06/03-DYBALFND-107
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
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
Transaction Charges - - - - - - - - - - - - - -
Miscellaneous charge - - - - 160 185 9 15 31 36 - - 22 9
Service Tax, Education Cess & Swachh Bharat Cess
- 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
*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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
115
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
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
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
ULIF-044-11/01/10-PNFRLEQFND-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
Break up of Other Expenses Under ULIPSchedule: F-5
OTHER EXPENSES*
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
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
ULIF-044-11/01/10-PNFRLEQFND-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
Transaction Charges - - - - - - - - - - - - - -
Miscellaneous charge - - 268 318 12 88 - - 810 969 55 15 - -
Service Tax, Education Cess & Swachh Bharat Cess
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
*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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
116 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
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
ULIF-032-17/07/09-PNOPPFND-107
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
ULIF-031-13/07/09-PNFLRFND-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
Break up of Other Expenses Under ULIPSchedule: F-5
OTHER EXPENSES*
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
ULIF-032-17/07/09-PNOPPFND-107
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
ULIF-031-13/07/09-PNFLRFND-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)
Transaction Charges - - - - - - - - - - - - - -
Miscellaneous charge 99 211 - - 284 81 - - 111 277 - - - -
Service Tax, Education Cess & Swachh Bharat Cess
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
*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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
117
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
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-043-08/01/10-PNFLRKFND2-107
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
ULIF-023-06/02/06-ADVPLSFND-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 - -
Break up of Other Expenses Under ULIPSchedule: F-5
OTHER EXPENSES*
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-043-08/01/10-PNFLRKFND2-107
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
ULIF-023-06/02/06-ADVPLSFND-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) - - - -
Transaction Charges - - - - - - - - - - - - - -
Miscellaneous charge 17 29 - - 0 0 - - 1 1 - - - -
Service Tax, Education Cess & Swachh Bharat Cess
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 - - - -
*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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
118 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance SheetSchedule: F-4
CURRENT LIABILITIES
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
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
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
* Additions represents units creation and deductions represents units cancellation
Break up of Other Expenses Under ULIPSchedule: F-5
OTHER EXPENSES*
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
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
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
*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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
119
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
120 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
121
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
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
11 - Units created on 19/10/2015
42 - Last unit redeemed on 19/07/2013
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
122 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
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.
11 - Units created on 19/10/2015
42 - Last unit redeemed on 19/07/2013
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
123
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
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%
11 - Units created on 19/10/2015
42 - Last unit redeemed on 19/07/2013
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
124 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
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%
11 - Units created on 19/10/2015
42 - Last unit redeemed on 19/07/2013
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
125
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
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
11 - Units created on 19/10/2015
42 - Last unit redeemed on 19/07/2013
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
126 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
ULIF-039-28/12/09-PNMNMKFND-107
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Money Market Fund II
% of Total Funds
ULIF-039-28/12/09-PNMNMKFND-107
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
ULIF-006-27/06/03-DYGLTFND-107
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
127
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Gilt Fund
% of Total Funds
ULIF-006-27/06/03-DYGLTFND-107
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
ULIF-008-27/06/03-PNGLTFND-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 1,092 1.42%
6.90% OIL SPL - 04.02.2026 106 0.14%
7.00% GOI Fertilizer Bond - 10.12.22 34 0.04%
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
ULIF-008-27/06/03-PNGLTFND-107
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%
Financial and insurance activities
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%
Net Current Assets 1,686.00 2.19%
Grand Total 77,022.00 100.00%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
128 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Financial and insurance activities
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
ULIF-015-15/04/04-DYBNDFND-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 150,394 1.65%
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% Fertilizer Co GOI - 07.12.23 2,012 0.02%
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%
Financial and insurance activities
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
129
Kotak Mahindra Old Mutual Life Insurance Limited
Industry Kotak Dynamic Bond Fund
% of Total Funds
ULIF-015-15/04/04-DYBNDFND-107
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%
9.80% Bajaj Finance Ltd - 17.10.2016 6,046 0.07%
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%
9.35% Bajaj Finance Ltd - 31.10.2017 37,318 0.41%
9.43% Tata Sons - 02.06.2019 13,414 0.15%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
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%
8.80% Bajaj Finance Ltd - 03.08.2017 25,976 0.29%
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%
Industry Kotak Dynamic Bond Fund
% of Total Funds
ULIF-015-15/04/04-DYBNDFND-107
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
ULIF-017-15/04/04-PNBNDFND-107
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
130 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Industry Kotak Pension Bond Fund
% of Total Funds
ULIF-017-15/04/04-PNBNDFND-107
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%
Industry Kotak Pension Bond Fund
% of Total Funds
ULIF-017-15/04/04-PNBNDFND-107
Financial and insurance activities - Housing Sector - Debt
46,735 6.44%
Warehousing and support activities for transportation
30,389 4.19%
State Development Loan 26,007 3.58%
Electricity, gas, steam and air conditioning supply
10,316 1.42%
Manufacture of basic metals 4,583 0.63%
Net Current Assets 26,235 3.61%
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%
1.44% INFLATION INDEX GS 2023 95,716 1.10%
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% Fertilizer Co GOI - 07.12.23 5,767 0.07%
8.30% GOI - 02.07.2040 3,507 0.04%
8.32% GOI - 02.08.2032 3,325 0.04%
7.00% GOI Fertilizer Bond - 10.12.22 2,818 0.03%
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%
Financial and insurance activities
ICICI Bank CD - 22.04.16 211,369 2.42%
8.55% Sundaram Finance - 27.10.17 138,526 1.59%
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
131
Kotak Mahindra Old Mutual Life Insurance Limited
Industry Kotak Group Bond Fund
% 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%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
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%
Industry Kotak Group Bond Fund
% of Total Funds
ULGF-004-15/04/04-
BNDFND-107
9.80% Bajaj Finance Ltd - 17.10.2016 4,031 0.05%
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%
Financial and insurance activities - Housing Sector - Debt
516,915 5.93%
Warehousing and support activities for transportation
291,752 3.35%
State Development Loan 233,459 2.68%
Electricity, gas, steam and air conditioning supply
175,273 2.01%
Manufacture of basic metals 67,655 0.78%
Net Current Assets 734,094 8.42%
Grand Total 8,721,265 100.00%
Industry Kotak Group Short Term Bond Fund
% of Total Funds
ULGF-018-18/12/13-
SHTRMBND-107
Financial and insurance activities
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
132 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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%
Financial and insurance activities - Housing Sector - Debt
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%
Net Current Assets 1,840.00 1.78%
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%
1.44% INFLATION INDEX GS 2023 1,853 0.22%
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%
8.30% Fertilizer Co GOI - 07.12.23 134 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 105 0.01%
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%
Financial and insurance activities
CBLO - 04.04.2016 36,478 4.36%
ICICI Bank CD - 22.04.16 20,301 2.42%
8.55% Sundaram Finance - 27.10.17 17,939 2.14%
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%
Industry Kotak Group Secure Capital Fund
% 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%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
6,997 0.83%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 6,044 0.72%
9.90% Tata Sons - 20.03.2019 5,219 0.62%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
5,081 0.61%
9.00% PFC - 11.03.2028 4,194 0.50%
10.05% Bajaj Finance Ltd - 10.01.2017 4,049 0.48%
8.11% REC - 07.10.2025 3,959 0.47%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
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%
9.05% SBH Perpetual Bond Call- 20.09.2020 2,058 0.25%
8.65% PFC - 28.12.2024 2,037 0.24%
9.9078% KMPL - 21.10.2016 2,017 0.24%
9.35% Bajaj Finance Ltd - 31.10.2017 2,017 0.24%
9.3030% KMPL - 28.06.2016 1,999 0.24%
8.80% Bajaj Finance Ltd - 03.08.2017 1,998 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%
8.90% Sundaram Finance - 29.06.18 1,010 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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
133
Kotak Mahindra Old Mutual Life Insurance Limited
Industry Kotak Group Secure Capital Fund
% of Total Funds
ULGF-016-12/04/11-
SECCAPFND-107 Financial and insurance activities - Housing Sector - Debt
43,725 5.21%
Warehousing and support activities for transportation
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
ULIF-050-23/03/11-DISPOLFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
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
ULIF-020-07/12/04-DYFLTRFND-107
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
ULIF-022-07/12/04-PNFLTRFND-107
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
134 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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%
Net Current Assets 67,804 24.51%
Grand Total 276,691 100.00%
Industry Kotak Dynamic Balanced Fund
% of Total Funds
ULIF-009-27/06/03-DYBALFND-107
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
135
Kotak Mahindra Old Mutual Life Insurance Limited
Industry Kotak Dynamic Balanced Fund
% of Total Funds
ULIF-009-27/06/03-DYBALFND-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 1,287 0.72%
6.83% GOI - 19.01.39 11 0.01%
6.90% OIL SPL - 04.02.2026 97 0.05%
7.00% GOI Fertilizer Bond - 10.12.22 32 0.02%
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% Fertilizer Co GOI - 07.12.23 82 0.05%
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%
Financial and insurance activities - Housing Sector - Debt
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%
Warehousing and support activities for transportation
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%
State Development Loan 3,104 1.75%
Manufacture of food products 2,729 1.53%
Electricity, gas, steam and air conditioning supply
2,035 1.14%
Information service activities 1,637 0.92%
Manufacture of basic metals 1,409 0.79%
Manufacture of electrical equipment 1,262 0.71%
Manufacture of machinery and equipment n.e.c.
1,127 0.63%
Accommodation 872 0.49%
Industry Kotak Dynamic Balanced Fund
% of Total Funds
ULIF-009-27/06/03-DYBALFND-107
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%
Net Current Assets 1,896 1.07%
Grand Total 177,804 100.00%
Industry Kotak Guaranteed Balanced Fund
% of Total Funds
ULIF-010-27/06/03-GRTBALFND-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 9,795 1.10%
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%
7.00% GOI Fertilizer Bond - 10.12.22 245 0.03%
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% Fertilizer Co GOI - 07.12.23 668 0.08%
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%
Financial and insurance activities
10.05% Bajaj Finance Ltd - 10.01.2017 6,073 0.68%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
136 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
Industry Kotak Guaranteed Balanced Fund
% of Total Funds
ULIF-010-27/06/03-GRTBALFND-107
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 3,022 0.34%
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%
9.35% Bajaj Finance Ltd - 31.10.2017 3,026 0.34%
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%
8.55% Sundaram Finance - 27.10.17 4,983 0.56%
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%
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Balanced Fund
% of Total Funds
ULIF-010-27/06/03-GRTBALFND-107
8.65% PFC - 28.12.2024 2,037 0.23%
8.80% EXIM- 15.03.2023 1,026 0.12%
8.90% Sundaram Finance - 29.06.18 1,010 0.11%
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%
Manufacture of tobacco products 26,423 2.98%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
26,055 2.94%
State Development Loan 24,609 2.77%
Manufacture of coke and refined petroleum
products
18,506 2.09%
Manufacture of other transport equipment 15,113 1.70%
Civil engineering 14,606 1.65%
Electricity, gas, steam and air conditioning
supply
12,302 1.39%
Manufacture of food products 11,130 1.25%
Information service activities 6,779 0.76%
Manufacture of machinery and equipment
n.e.c.
5,609 0.63%
Manufacture of electrical equipment 5,268 0.59%
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 basic metals 2,609 0.29%
Manufacture of rubber and plastics products 1,505 0.17%
Human health activities 1,268 0.14%
Education 846 0.10%
Printing and reproduction of recorded media 53 0.01%
Net Current Assets -162 -0.02%
Grand Total 886,891 100.00%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
137
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 22,118 1.04%
6.83% GOI - 19.01.39 228 0.01%
6.90% OIL SPL - 04.02.2026 1,573 0.07%
7.00% GOI Fertilizer Bond - 10.12.22 524 0.02%
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% Fertilizer Co GOI - 07.12.23 1,279 0.06%
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%
Financial and insurance activities
10.05% Bajaj Finance Ltd - 10.01.2017 13,158 0.62%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,051 0.33%
Axis Bank Ltd 30,503 1.43%
Coal India Ltd 8,108 0.38%
HDFC Bank Ltd 63,210 2.93%
ICICI Bank Ltd 32,676 1.54%
IndusInd Bank Limited 36,479 1.71%
Infrastructure Development Finance Company Ltd
4,510 0.21%
L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016
4,894 0.23%
YES BANK LTD 20,670 0.97%
Kotak Banking ETF - Dividend Payout Option 24,787 1.16%
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
R Shares Banking ETF 30,153 1.42%
8.84% PFC - 04.03.2023 1,026 0.05%
9.35% Bajaj Finance Ltd - 31.10.2017 6,052 0.28%
9.43% Tata Sons - 02.06.2019 2,064 0.10%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
11,178 0.53%
8.55% PFC - 09.12.2021 1,008 0.05%
IDFC Bank Ltd 5,898 0.28%
Max Financial Services Ltd 3,778 0.18%
8.30% REC - 10.04.2025 14,024 0.66%
8.55% Sundaram Finance - 27.10.17 17,939 0.84%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
6,997 0.33%
8.80% Bajaj Finance Ltd - 03.08.2017 2,997 0.14%
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%
Corporation Bank CD - 14.12.2016 2,942 0.14%
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%
8.90% Sundaram Finance - 29.06.18 2,021 0.09%
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
138 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
Computer programming, consultancy and related activities
133,310 6.26%
Warehousing and support activities for transportation
88,638 4.16%
Manufacture of motor vehicles, trailers and semi-trailers
83,503 3.92%
Manufacture of other non-metallic mineral products
65,896 3.10%
Financial and insurance activities - Housing Sector - Debt
65,081 3.06%
Manufacture of tobacco products 62,066 2.92%
Mfg of pharmaceuticals, medicinal chemical & botanical products
59,433 2.79%
State Development Loan 54,080 2.54%
Manufacture of coke and refined petroleum products
42,689 2.01%
Manufacture of other transport equipment 35,220 1.65%
Civil engineering 33,539 1.58%
Electricity, gas, steam and air conditioning supply
27,347 1.28%
Manufacture of food products 26,892 1.26%
Information service activities 15,126 0.71%
Manufacture of electrical equipment 11,913 0.56%
Manufacture of machinery and equipment n.e.c.
10,784 0.51%
Manufacture of chemicals and chemical products
8,123 0.38%
Accommodation 8,041 0.38%
Manufacture of basic metals 7,764 0.36%
Manufacture of wood & products of wood & cork, except furniture
7,273 0.34%
Manufacture of rubber and plastics products 3,414 0.16%
Human health activities 3,043 0.14%
Education 1,947 0.09%
Printing and reproduction of recorded media 133 0.01%
Net Current Assets 27,212 1.28%
Grand Total 2,128,648 100.00%
Industry Kotak Group Balanced Fund
% of Total Funds
ULGF-003-27/06/03-BALFND-107
Financial and insurance activities
10.05% Bajaj Finance Ltd - 10.01.2017 10,122 0.32%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
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%
9.80% Bajaj Finance Ltd - 17.10.2016 2,015 0.06%
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,051 0.22%
Axis Bank Ltd 52,810 1.66%
Coal India Ltd 15,790 0.50%
EXIM Floater INCMTBMK + 100 bps - 09.08.2016
7,039 0.22%
HDFC Bank Ltd 134,475 4.27%
ICICI Bank Ltd 57,507 1.81%
IndusInd Bank Limited 62,722 1.98%
Infrastructure Development Finance Company Ltd
7,715 0.24%
L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016
9,788 0.31%
YES BANK LTD 43,189 1.36%
Kotak Banking ETF - Dividend Payout Option 49,746 1.57%
R Shares Banking ETF 57,759 1.82%
8.84% PFC - 04.03.2023 1,026 0.03%
9.35% Bajaj Finance Ltd - 31.10.2017 5,043 0.16%
9.43% Tata Sons - 02.06.2019 2,064 0.07%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
11,178 0.35%
8.55% PFC - 09.12.2021 1,008 0.03%
IDFC Bank Ltd 10,126 0.32%
Max Financial Services Ltd 6,718 0.21%
8.30% REC - 10.04.2025 14,024 0.44%
8.55% Sundaram Finance - 27.10.17 17,939 0.57%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
6,997 0.22%
8.80% Bajaj Finance Ltd - 03.08.2017 2,997 0.09%
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
139
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Balanced Fund
% 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%
Corporation Bank CD - 14.12.2016 3,891 0.12%
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%
8.90% Sundaram Finance - 29.06.18 2,021 0.06%
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
1.44% INFLATION INDEX GS 2023 18,060 0.57%
6.83% GOI - 19.01.39 86 0.00%
6.90% OIL SPL - 04.02.2026 1,526 0.05%
7.00% GOI Fertilizer Bond - 10.12.22 510 0.02%
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% Fertilizer Co GOI - 07.12.23 1,170 0.04%
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%
Industry Kotak Group Balanced Fund
% of Total Funds
ULGF-003-27/06/03-BALFND-107
Computer programming, consultancy and related activities
234,198 7.38%
Manufacture of motor vehicles, trailers and semi-trailers
157,611 4.97%
Manufacture of other non-metallic mineral products
122,111 3.85%
Mfg of pharmaceuticals, medicinal chemical & botanical products
120,698 3.80%
Manufacture of tobacco products 114,797 3.62%
Warehousing and support activities for transportation
89,240 2.81%
Financial and insurance activities - Housing Sector - Debt
86,277 2.72%
Manufacture of coke and refined petroleum products
84,110 2.65%
Civil engineering 69,303 2.18%
Manufacture of other transport equipment 63,673 2.01%
Manufacture of food products 49,969 1.57%
Electricity, gas, steam and air conditioning supply
47,529 1.50%
State Development Loan 37,482 1.18%
Information service activities 26,334 0.83%
Manufacture of electrical equipment 19,836 0.63%
Manufacture of machinery and equipment n.e.c.
18,698 0.59%
Manufacture of chemicals and chemical products
14,264 0.45%
Accommodation 13,563 0.43%
Manufacture of wood & products of wood & cork, except furniture
12,830 0.40%
Manufacture of basic metals 9,557 0.30%
Manufacture of rubber and plastics products 5,925 0.19%
Human health activities 5,389 0.17%
Education 3,368 0.11%
Printing and reproduction of recorded media 238 0.01%
Net Current Assets -34,536 -1.09%
Grand Total 3,172,641 100.00%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
140 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Balanced Fund % of Total Funds ULIF-037-21/12/09-
BALKFND-107
Financial and insurance activities
CBLO - 04.04.2016 23,486 4.64%
HDFC Bank Ltd 19,864 3.93%
IndusInd Bank Limited 11,564 2.29%
Axis Bank CD - 04.04.2016 9,990 1.98%
ICICI Bank Ltd 9,427 1.86%
Axis Bank Ltd 9,121 1.80%
Kotak Banking ETF - Dividend Payout Option 8,128 1.61%
R Shares Banking ETF 7,950 1.57%
YES BANK LTD 5,497 1.09%
ICICI Bank CD - 22.04.16 4,777 0.94%
8.55% Sundaram Finance - 27.10.17 2,990 0.59%
8.92% L&T Finance Ltd. - 06.07.2018 2,520 0.50%
Axis Bank CD - 28.04.2016 2,484 0.49%
Coal India Ltd 2,439 0.48%
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%
10.05% Bajaj Finance Ltd - 10.01.2017 2,024 0.40%
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%
IDFC Bank Ltd 1,453 0.29%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
1,331 0.26%
Max Financial Services Ltd 1,200 0.24%
Infrastructure Development Finance Company Ltd
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%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
1,016 0.20%
9.40% REC - 20.07.2017 1,014 0.20%
9.35% Bajaj Finance Ltd - 31.10.2017 1,009 0.20%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,007 0.20%
Industry Balanced Fund % of Total Funds ULIF-037-21/12/09-
BALKFND-107
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
1,000 0.20%
9.3030% KMPL - 28.06.2016 999 0.20%
8.80% Bajaj Finance Ltd - 03.08.2017 999 0.20%
9.25% IDFC Bank - 13.09.19 813 0.16%
Corporation Bank CD - 14.12.2016 569 0.11%
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%
1.44% INFLATION INDEX GS 2023 1,802 0.36%
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% Fertilizer Co GOI - 07.12.23 137 0.03%
8.30% GOI - 02.07.2040 81 0.02%
8.32% GOI - 02.08.2032 76 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 70 0.01%
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%
Computer programming, consultancy and related activities
37,851 7.48%
Manufacture of motor vehicles, trailers and semi-trailers
23,460 4.64%
Manufacture of other non-metallic mineral products
18,807 3.72%
Manufacture of tobacco products 18,295 3.62%
Mfg of pharmaceuticals, medicinal chemical & botanical products
17,805 3.52%
Manufacture of coke and refined petroleum products
12,467 2.47%
Financial and insurance activities - Housing Sector - Debt
10,150 2.01%
Civil engineering 9,941 1.97%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
141
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Balanced Fund % of Total Funds ULIF-037-21/12/09-
BALKFND-107
Manufacture of other transport equipment 9,820 1.94%
Warehousing and support activities for transportation
9,476 1.87%
Manufacture of food products 7,372 1.46%
Electricity, gas, steam and air conditioning supply
5,561 1.10%
State Development Loan 4,779 0.94%
Information service activities 4,488 0.89%
Manufacture of basic metals 3,093 0.61%
Manufacture of electrical equipment 2,959 0.59%
Manufacture of machinery and equipment n.e.c.
2,735 0.54%
Manufacture of chemicals and chemical products
2,143 0.42%
Accommodation 1,956 0.39%
Manufacture of wood & products of wood & cork, except furniture
1,835 0.36%
Manufacture of rubber and plastics products 905 0.18%
Human health activities 801 0.16%
Education 528 0.10%
Printing and reproduction of recorded media 29 0.01%
Net Current Assets 20,046 3.96%
Grand Total 505,727 100.00%
Industry Pension Balanced Fund II
% of Total Funds
ULIF-046-24/01/10-PNBALFND2-107
Financial and insurance activities
CBLO - 04.04.2016 2,498 7.18%
HDFC Bank Ltd 1,305 3.75%
9.36% IDFC Bank - 21.08.24 1,062 3.05%
9.35% Bajaj Finance Ltd - 31.10.2017 1,009 2.90%
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%
Infrastructure Development Finance Company Ltd
102 0.29%
Industry Pension Balanced Fund II
% of Total Funds
ULIF-046-24/01/10-PNBALFND2-107
10.75% Shriram Transport Finance Co Ltd 24.10.2016
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%
8.30% Fertilizer Co GOI - 07.12.23 22 0.06%
6.90% OIL SPL - 04.02.2026 19 0.05%
8.32% GOI - 02.08.2032 16 0.05%
7.00% GOI Fertilizer Bond - 10.12.22 8 0.02%
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%
Computer programming, consultancy and related activities
2,846 8.18%
Manufacture of motor vehicles, trailers and semi-trailers
1,776 5.11%
Warehousing and support activities for transportation
1,457 4.19%
Manufacture of other non-metallic mineral products
1,354 3.89%
Manufacture of tobacco products 1,318 3.79%
Mfg of pharmaceuticals, medicinal chemical & botanical products
1,229 3.53%
Manufacture of coke and refined petroleum products
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
142 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Balanced Fund II
% of Total Funds
ULIF-046-24/01/10-PNBALFND2-107
Manufacture of machinery and equipment n.e.c.
204 0.59%
Manufacture of chemicals and chemical products
180 0.52%
Manufacture of wood & products of wood & cork, except furniture
176 0.51%
Electricity, gas, steam and air conditioning supply
149 0.43%
Accommodation 142 0.41%
Manufacture of basic metals 79 0.23%
Manufacture of rubber and plastics products 70 0.20%
Human health activities 60 0.17%
Education 40 0.12%
Printing and reproduction of recorded media 2 0.01%
Net Current Assets -213 -0.61%
Grand Total 34,774 100.00%
Industry Kotak Dynamic Growth Fund
% of Total Funds
ULIF-012-27/06/03-DYGWTFND-107
Financial and insurance activities
HDFC Bank Ltd 31,045 5.17%
IndusInd Bank Limited 17,944 3.00%
R Shares Banking ETF 16,051 2.68%
ICICI Bank Ltd 15,742 2.63%
Axis Bank Ltd 15,082 2.52%
Kotak Banking ETF - Dividend Payout Option 14,036 2.35%
YES BANK LTD 11,932 1.99%
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%
Coal India Ltd 3,927 0.66%
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%
IDFC Bank Ltd 2,894 0.48%
Infrastructure Development Finance
Company Ltd
2,229 0.37%
Industry Kotak Dynamic Growth Fund
% of Total Funds
ULIF-012-27/06/03-DYGWTFND-107
9.02% REC - 19.11.2022 2,071 0.35%
Max Financial Services Ltd 1,913 0.32%
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%
Computer programming, consultancy
and related activities
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%
Manufacture of motor vehicles, trailers and
semi-trailers
40,140 6.71%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
143
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic
Growth Fund
% of Total
Funds
ULIF-012-27/06/03-
DYGWTFND-107
Manufacture of other non-metallic mineral
products
31,985 5.35%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
30,132 5.04%
Manufacture of tobacco products 29,929 5.00%
Manufacture of coke and refined petroleum
products
20,302 3.39%
Manufacture of other transport equipment 17,134 2.86%
Civil engineering 16,378 2.74%
Manufacture of food products 13,328 2.23%
State Development Loan 9,313 1.56%
Warehousing and support activities for
transportation
9,137 1.53%
Electricity, gas, steam and air conditioning
supply
8,449 1.41%
Information service activities 7,485 1.25%
Manufacture of electrical equipment 5,806 0.97%
Manufacture of machinery and equipment
n.e.c.
5,273 0.88%
Accommodation 3,943 0.66%
Manufacture of chemicals and chemical
products
3,894 0.65%
Manufacture of wood & products of wood &
cork, except furniture
3,708 0.62%
Financial and insurance activities - Housing
Sector - Debt
2,996 0.50%
Manufacture of basic metals 1,782 0.30%
Manufacture of rubber and plastics products 1,651 0.28%
Human health activities 1,501 0.25%
Education 917 0.15%
Printing and reproduction of recorded media 68 0.01%
Net Current Assets 4,988 0.83%
Grand Total 598,380 100.00%
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
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%
1.44% INFLATION INDEX GS 2023 92,405 0.88%
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%
8.30% Fertilizer Co GOI - 07.12.23 5,949 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%
7.00% GOI Fertilizer Bond - 10.12.22 2,241 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%
Financial and insurance activities
HDFC Bank Ltd 393,020 3.76%
IndusInd Bank Limited 231,912 2.21%
ICICI Bank Ltd 199,487 1.90%
Axis Bank Ltd 191,344 1.82%
R Shares Banking ETF 184,884 1.76%
Kotak Banking ETF - Dividend Payout Option 159,390 1.52%
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%
8.55% Sundaram Finance - 27.10.17 53,816 0.51%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
144 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
10.05% Bajaj Finance Ltd - 10.01.2017 51,621 0.49%
Coal India Ltd 49,340 0.47%
EXIM CP - 16.05.16 47,531 0.45%
PFC CP - 26.05.2016 46,440 0.44%
9.85% Shriram Transport Finance Co Ltd
15.07.2017
44,711 0.43%
10.75% Shriram Transport Finance Co Ltd
24.10.2016
44,165 0.42%
IDBI Bank CD - 05.04.16 43,446 0.41%
IDFC Bank Ltd 37,168 0.35%
9.90% Tata Sons - 20.03.2019 34,446 0.33%
9.78% Tata Sons - 13.01.2019 29,127 0.28%
Infrastructure Development Finance
Company Ltd
28,602 0.27%
9.00% PFC - 11.03.2028 28,312 0.27%
9.35% Bajaj Finance Ltd - 31.10.2017 27,232 0.26%
8.11% REC - 07.10.2025 25,735 0.25%
8.92% L&T Finance Ltd. - 06.07.2018 25,204 0.24%
Max Financial Services Ltd 24,604 0.23%
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 19,139 0.18%
8.75% Mahindra and Mahindra Financial
Services Ltd- 31.07.20
18,992 0.18%
9.9078% KMPL - 21.10.2016 15,125 0.14%
9.3030% KMPL - 28.06.2016 13,992 0.13%
8.80% Bajaj Finance Ltd - 03.08.2017 13,987 0.13%
8.61% L&T Finance Ltd. - 25.09.2017 12,481 0.12%
L&T Finance Ltd NSE Mibor +1.55% -
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%
Corporation Bank CD - 14.12.2016 9,585 0.09%
9.43% Tata Sons - 02.06.2019 9,287 0.09%
EXIM Floater INCMTBMK + 100 bps -
09.08.2016
9,050 0.09%
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
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%
8.90% Sundaram Finance - 29.06.18 8,083 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%
9.05% SBH Perpetual Bond Call- 20.09.2020 2,058 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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
145
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
Computer programming, consultancy
and related activities
817,202 7.79%
Manufacture of motor vehicles, trailers and
semi-trailers
512,841 4.89%
Manufacture of other non-metallic mineral
products
421,130 4.01%
Manufacture of tobacco products 378,565 3.61%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
367,251 3.50%
Financial and insurance activities - Housing
Sector - Debt
332,813 3.17%
Warehousing and support activities for
transportation
327,007 3.12%
Manufacture of coke and refined petroleum
products
261,808 2.50%
Manufacture of other transport equipment 215,178 2.05%
Civil engineering 204,339 1.95%
State Development Loan 201,584 1.92%
Manufacture of food products 160,779 1.53%
Electricity, gas, steam and air conditioning
supply
150,073 1.43%
Information service activities 94,964 0.91%
Manufacture of machinery and equipment
n.e.c.
78,226 0.75%
Manufacture of electrical equipment 75,624 0.72%
Manufacture of chemicals and chemical
products
51,628 0.49%
Manufacture of basic metals 48,158 0.46%
Manufacture of wood & products of wood &
cork, except furniture
45,935 0.44%
Accommodation 40,867 0.39%
Manufacture of rubber and plastics products 21,101 0.20%
Human health activities 19,135 0.18%
Education 11,885 0.11%
Printing and reproduction of recorded media 879 0.01%
Net Current Assets 11,198 0.11%
Grand Total 10,491,435 100.00%
Industry Kotak Pension Growth Fund
% of Total Funds
ULIF-030-07/01/09-PNGWTFND-107
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%
1.44% INFLATION INDEX GS 2023 1,498 0.89%
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%
8.30% Fertilizer Co GOI - 07.12.23 91 0.05%
8.32% GOI - 02.08.2032 58 0.03%
8.30% GOI - 02.07.2040 40 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 36 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%
Financial and insurance activities
HDFC Bank Ltd 6,473 3.81%
IndusInd Bank Limited 3,770 2.23%
CBLO - 04.04.2016 3,498 2.07%
ICICI Bank Ltd 3,183 1.88%
Axis Bank Ltd 3,012 1.78%
R Shares Banking ETF 2,908 1.72%
Kotak Banking ETF - Dividend Payout Option 2,514 1.49%
YES BANK LTD 1,995 1.18%
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%
9.85% Shriram Transport Finance Co Ltd
15.07.2017
1,016 0.60%
10.05% Bajaj Finance Ltd - 10.01.2017 1,012 0.60%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,007 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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
146 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Growth Fund
% of Total Funds
ULIF-030-07/01/09-PNGWTFND-107
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%
Coal India Ltd 789 0.47%
10.75% Shriram Transport Finance Co Ltd
24.10.2016
744 0.44%
IDFC Bank Ltd 599 0.35%
Max Financial Services Ltd 386 0.23%
Corporation Bank CD - 14.12.2016 285 0.17%
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%
Computer programming, consultancy
and related activities
12,921 7.64%
Manufacture of motor vehicles, trailers and
semi-trailers
8,159 4.82%
Warehousing and support activities for
transportation
6,942 4.10%
Manufacture of other non-metallic mineral
products
6,254 3.70%
Financial and insurance activities - Housing
Sector - Debt
6,088 3.60%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
6,083 3.60%
Manufacture of tobacco products 6,018 3.56%
Manufacture of coke and refined petroleum
products
4,125 2.44%
Manufacture of other transport equipment 3,391 2.00%
State Development Loan 3,389 2.00%
Civil engineering 3,265 1.93%
Manufacture of food products 2,528 1.49%
Information service activities 1,517 0.90%
Manufacture of basic metals 1,376 0.81%
Manufacture of electrical equipment 1,210 0.72%
Manufacture of machinery and equipment
n.e.c.
1,123 0.66%
Manufacture of chemicals and chemical
products
821 0.49%
Industry Kotak Pension Growth Fund
% of Total Funds
ULIF-030-07/01/09-PNGWTFND-107
Manufacture of wood & products of wood &
cork, except furniture
734 0.43%
Accommodation 695 0.41%
Electricity, gas, steam and air conditioning
supply
670 0.40%
Manufacture of rubber and plastics products 348 0.21%
Human health activities 299 0.18%
Education 185 0.11%
Printing and reproduction of recorded media 14 0.01%
Net Current Assets 1,337 0.79%
Grand Total 169,180 100.00%
Industry Kotak Aggressive Growth Fund
% of Total Funds
ULIF-018-13/09/04-AGRGWTFND-107
Financial and insurance activities
HDFC Bank Ltd 187,391 6.70%
R Shares Banking ETF 119,690 4.28%
IndusInd Bank Limited 109,255 3.91%
ICICI Bank Ltd 92,948 3.32%
Axis Bank Ltd 91,506 3.27%
YES BANK LTD 80,735 2.89%
Kotak Banking ETF - Dividend Payout Option 74,791 2.67%
IDBI Bank CD - 05.04.16 62,922 2.25%
Coal India Ltd 23,355 0.84%
Axis Bank CD - 28.04.2016 20,270 0.72%
IDFC Bank Ltd 18,229 0.65%
Corporation Bank CD - 02.05.2016 15,293 0.55%
Infrastructure Development Finance
Company Ltd
13,276 0.47%
ICICI Bank CD - 31.05.16 12,928 0.46%
Max Financial Services Ltd 11,634 0.42%
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
147
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Aggressive Growth Fund
% of Total Funds
ULIF-018-13/09/04-AGRGWTFND-107
Computer programming, consultancy
and related activities
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%
Manufacture of motor vehicles, trailers and
semi-trailers
261,821 9.36%
Manufacture of other non-metallic mineral
products
200,377 7.17%
Manufacture of tobacco products 191,042 6.83%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
183,391 6.56%
Manufacture of coke and refined petroleum
products
135,777 4.86%
Civil engineering 114,093 4.08%
Manufacture of food products 93,756 3.35%
Manufacture of other transport equipment 69,965 2.50%
Warehousing and support activities for
transportation
50,523 1.81%
Information service activities 49,814 1.78%
Manufacture of chemicals and chemical
products
25,648 0.92%
Accommodation 23,495 0.84%
Electricity, gas, steam and air conditioning
supply
19,675 0.70%
Other manufacturing 13,622 0.49%
Manufacture of machinery and equipment
n.e.c.
12,165 0.43%
Manufacture of rubber and plastics products 10,282 0.37%
Human health activities 9,068 0.32%
Printing and reproduction of recorded media 412 0.01%
Net Current Assets -4,023 -0.14%
Grand Total 2,796,554 100.00%
Industry Dynamic Floor Fund % of Total Funds ULIF-028-14/11/06-
DYFLRFND-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 104,685 1.10%
6.83% GOI - 19.01.39 620 0.01%
6.90% OIL SPL - 04.02.2026 5,069 0.05%
7.00% GOI Fertilizer Bond - 10.12.22 1,697 0.02%
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%
7.95% GOI Fertilizer Bond - 18.02.26 499 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% Fertilizer Co GOI - 07.12.23 4,464 0.05%
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%
Financial and insurance activities
Bank of Baroda 11,192 0.12%
10.05% Bajaj Finance Ltd - 10.01.2017 41,500 0.43%
10.75% Shriram Transport Finance Co Ltd
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%
9.05% SBH Perpetual Bond Call- 20.09.2020 14,405 0.15%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
148 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds ULIF-028-14/11/06-
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%
9.80% Bajaj Finance Ltd - 17.10.2016 10,077 0.11%
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 46,335 0.49%
Axis Bank Ltd 122,139 1.28%
Coal India Ltd 31,548 0.33%
HDFC Bank Ltd 252,804 2.64%
ICICI Bank Ltd 127,064 1.32%
IndusInd Bank Limited 125,202 1.30%
L&T Finance Ltd NSE Mibor +1.55% -
28.10.2016
19,577 0.20%
YES BANK LTD 85,618 0.90%
Kotak Banking ETF - Dividend Payout Option 113,539 1.19%
R Shares Banking ETF 105,811 1.11%
8.84% PFC - 04.03.2023 11,282 0.12%
9.35% Bajaj Finance Ltd - 31.10.2017 18,155 0.19%
9.43% Tata Sons - 02.06.2019 5,159 0.05%
9.85% Shriram Transport Finance Co Ltd
15.07.2017
39,630 0.41%
8.55% PFC - 09.12.2021 3,024 0.03%
IDFC Bank Ltd 5,074 0.05%
Max Financial Services Ltd 2,498 0.03%
8.30% REC - 10.04.2025 56,095 0.59%
8.55% Sundaram Finance - 27.10.17 37,870 0.40%
8.75% Mahindra and Mahindra Financial
Services Ltd- 31.07.20
16,993 0.18%
8.80% Bajaj Finance Ltd - 03.08.2017 10,990 0.12%
Industry Dynamic Floor Fund % of Total Funds ULIF-028-14/11/06-
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%
Corporation Bank CD - 14.12.2016 5,789 0.06%
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%
8.90% Sundaram Finance - 29.06.18 6,062 0.06%
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%
TATA Capital Ltd CP - 19.08.16 166,777 1.75%
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
149
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds ULIF-028-14/11/06-
DYFLRFND-107
Computer programming, consultancy
and related activities
523,765 5.48%
Financial and insurance activities - Housing
Sector - Debt
362,149 3.79%
Manufacture of motor vehicles, trailers and
semi-trailers
324,871 3.40%
Manufacture of other non-metallic mineral
products
251,254 2.63%
Electricity, gas, steam and air conditioning
supply
250,092 2.62%
Manufacture of tobacco products 241,428 2.53%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
226,382 2.37%
State Development Loan 225,217 2.36%
Manufacture of coke and refined petroleum
products
183,680 1.92%
Civil engineering 152,833 1.60%
Manufacture of other transport equipment 127,017 1.33%
Warehousing and support activities for
transportation
120,990 1.27%
Manufacture of food products 98,726 1.03%
Manufacture of basic metals 95,774 1.00%
Information service activities 53,479 0.56%
Manufacture of machinery and equipment
n.e.c.
32,874 0.34%
Manufacture of electrical equipment 30,463 0.32%
Accommodation 26,518 0.28%
Manufacture of wood & products of wood &
cork, except furniture
22,689 0.24%
Manufacture of chemicals and chemical
products
20,683 0.22%
Manufacture of rubber and plastics products 8,158 0.09%
Education 7,550 0.08%
Human health activities 7,226 0.08%
Net Current Assets 141,341 1.48%
Grand Total 9,553,461 100.00%
Industry Kotak Group Dynamic Floor Fund
% of Total Funds
ULGF-015-07/01/10-DYFLRFND-107
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%
8.30% Fertilizer Co GOI - 07.12.23 16 0.04%
8.32% GOI - 02.08.2032 9 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 7 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%
Financial and insurance activities
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%
YES BANK LTD 260 0.71%
10.75% Shriram Transport Finance Co Ltd
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
150 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Dynamic Floor Fund
% of Total Funds
ULGF-015-07/01/10-DYFLRFND-107
8.00% HDFC Bank FD NSE - 24.07.2016 139 0.38%
Coal India Ltd 96 0.26%
8.00% HDFC Bank FD BSE - 24.07.2016 64 0.18%
Bank of Baroda 44 0.12%
IDFC Bank Ltd 15 0.04%
Max Financial Services Ltd 7 0.02%
Total 11,611 31.76%
Computer programming, consultancy
and related activities
1,582 4.33%
Electricity, gas, steam and air conditioning
supply
1,419 3.88%
Manufacture of motor vehicles, trailers and
semi-trailers
985 2.69%
State Development Loan 777 2.13%
Manufacture of tobacco products 754 2.06%
Manufacture of other non-metallic mineral
products
739 2.02%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
731 2.00%
Manufacture of coke and refined petroleum
products
516 1.41%
Financial and insurance activities - Housing
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%
Warehousing and support activities for
transportation
247 0.68%
Information service activities 166 0.45%
Manufacture of machinery and equipment
n.e.c.
94 0.26%
Manufacture of electrical equipment 91 0.25%
Accommodation 73 0.20%
Manufacture of wood & products of wood &
cork, except furniture
69 0.19%
Manufacture of chemicals and chemical
products
63 0.17%
Manufacture of basic metals 43 0.12%
Manufacture of rubber and plastics products 24 0.07%
Education 22 0.06%
Net Current Assets 867 2.37%
Grand Total 36,551 100.00%
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
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%
1.44% INFLATION INDEX GS 2023 5,653 1.17%
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%
8.30% Fertilizer Co GOI - 07.12.23 260 0.05%
8.32% GOI - 02.08.2032 156 0.03%
8.30% GOI - 02.07.2040 103 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 93 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%
Financial and insurance activities
HDFC Bank Ltd 13,352 2.75%
TATA Capital Ltd CP - 19.08.16 9,211 1.90%
ICICI Bank CD - 22.04.16 7,762 1.61%
IndusInd Bank Limited 6,620 1.37%
ICICI Bank Ltd 6,512 1.35%
Axis Bank Ltd 6,461 1.34%
Kotak Banking ETF - Dividend Payout Option 6,006 1.24%
R Shares Banking ETF 5,589 1.16%
HDFC Bank CD - 29.12.2016 5,302 1.10%
8.92% L&T Finance Ltd. - 06.07.2018 5,041 1.04%
YES BANK LTD 4,526 0.94%
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%
10.75% Shriram Transport Finance Co Ltd
24.10.2016
3,332 0.69%
9.90% State Bank of Patiala - 28.09.2022
CALL 28.09.2017
3,074 0.64%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
151
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
8.55% Sundaram Finance - 27.10.17 2,990 0.62%
9.90% Tata Sons - 20.03.2019 2,088 0.43%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
2,032 0.42%
10.05% Bajaj Finance Ltd - 10.01.2017 2,024 0.42%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 2,015 0.42%
9.25% IDFC Bank - 13.09.19 1,627 0.34%
Coal India Ltd 1,595 0.33%
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%
9.05% SBH Perpetual Bond Call- 20.09.2020 1,029 0.21%
8.89% IDFC Bank - 02.12.20 1,023 0.21%
9.35% Bajaj Finance Ltd - 31.10.2017 1,009 0.21%
9.80% Bajaj Finance Ltd - 17.10.2016 1,008 0.21%
9.9078% KMPL - 21.10.2016 1,008 0.21%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
1,000 0.21%
8.80% Bajaj Finance Ltd - 03.08.2017 999 0.21%
9.3030% KMPL - 28.06.2016 999 0.21%
8.11% REC - 07.10.2025 990 0.21%
Corporation Bank CD - 14.12.2016 664 0.14%
Bank of Baroda 592 0.12%
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%
IDFC Bank Ltd 268 0.06%
8.00% HDFC Bank FD BSE - 24.07.2016 138 0.03%
Max Financial Services Ltd 130 0.03%
Total 130,751 27.08%Computer programming, consultancy and related activities
26,234 5.43%
Financial and insurance activities - Housing Sector - Debt
19,655 4.07%
Manufacture of motor vehicles, trailers and semi-trailers
16,925 3.51%
Manufacture of other non-metallic mineral products
12,953 2.68%
Manufacture of tobacco products 12,222 2.53%
Mfg of pharmaceuticals, medicinal chemical & botanical products
11,823 2.45%
State Development Loan 11,069 2.29%
Electricity, gas, steam and air conditioning supply
10,391 2.15%
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
Manufacture of coke and refined petroleum products
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%
Manufacture of chemicals and chemical products
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
152 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II
% 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%
IndusInd Bank Limited 91,929 1.47%
R Shares Banking ETF 84,472 1.35%
ICICI Bank Ltd 83,316 1.33%
Axis Bank Ltd 78,897 1.26%
Kotak Banking ETF - Dividend Payout Option 74,917 1.20%
8.92% L&T Finance Ltd. - 06.07.2018 57,970 0.93%
YES BANK LTD 54,195 0.87%
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 34,248 0.55%
IDBI Bank CD - 05.04.16 33,958 0.54%
8.55% Sundaram Finance - 27.10.17 31,891 0.51%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
29,169 0.47%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019
28,347 0.45%
10.05% Bajaj Finance Ltd - 10.01.2017 28,341 0.45%
9.85% Shriram Transport Finance Co Ltd 15.07.2017
25,404 0.41%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
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%
Coal India Ltd 20,592 0.33%
9.25% IDFC Bank - 13.09.19 17,896 0.29%
L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016
14,683 0.23%
IDFC Bank Ltd 14,682 0.23%
9.44% PFC - 23.09.2021 14,453 0.23%
9.35% Bajaj Finance Ltd - 31.10.2017 14,120 0.23%
9.05% SBH Perpetual Bond Call- 20.09.2020 13,376 0.21%
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%
8.80% Bajaj Finance Ltd - 03.08.2017 10,990 0.18%
8.94% PFC - 25.03.2028 10,497 0.17%
Infrastructure Development Finance Company Ltd
9,639 0.15%
Industry Dynamic Floor Fund II
% 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%
Financial and insurance activities - Housing Sector - Debt
262,021 4.19%
Manufacture of motor vehicles, trailers and semi-trailers
212,835 3.40%
Manufacture of other non-metallic mineral products
167,448 2.68%
Mfg of pharmaceuticals, medicinal chemical & botanical products
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
153
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II
% of Total Funds
ULIF-035-17/12/09-DYFLRFND2-107
Manufacture of food products 70,744 1.13%
Warehousing and support activities for transportation
63,094 1.01%
Manufacture of basic metals 58,321 0.93%
Information service activities 39,117 0.63%
Manufacture of electrical equipment 28,231 0.45%
Manufacture of machinery and equipment n.e.c.
25,117 0.40%
Manufacture of chemicals and chemical products
20,484 0.33%
Accommodation 15,933 0.25%
Manufacture of rubber and plastics products 11,283 0.18%
Human health activities 7,455 0.12%
Manufacture of wood & products of wood & cork, except furniture
6,379 0.10%
Education 4,980 0.08%
Printing and reproduction of recorded media 308 0.00%
Net Current Assets 133,288 2.13%
Grand Total 6,251,458 100.00%
Industry Pension Floor Fund II
% of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
GOVT. of INDIA
1.44% INFLATION INDEX GS 2023 9,636 1.20%
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%
7.00% GOI Fertilizer Bond - 10.12.22 171 0.02%
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% Fertilizer Co GOI - 07.12.23 533 0.07%
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%
Industry Pension Floor Fund II
% of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
Financial and insurance activities
10.05% Bajaj Finance Ltd - 10.01.2017 5,061 0.63%
10.75% Shriram Transport Finance Co Ltd 24.10.2016
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%
9.05% SBH Perpetual Bond Call- 20.09.2020 2,058 0.26%
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%
9.80% Bajaj Finance Ltd - 17.10.2016 1,008 0.13%
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 3,022 0.38%
Axis Bank Ltd 10,728 1.34%
Coal India Ltd 2,644 0.33%
HDFC Bank Ltd 21,817 2.70%
ICICI Bank Ltd 10,813 1.35%
IndusInd Bank Limited 12,315 1.53%
Infrastructure Development Finance Company Ltd
1,332 0.17%
YES BANK LTD 7,369 0.92%
Kotak Banking ETF - Dividend Payout Option 9,953 1.24%
R Shares Banking ETF 11,103 1.38%
9.35% Bajaj Finance Ltd - 31.10.2017 2,017 0.25%
9.43% Tata Sons - 02.06.2019 1,032 0.13%
IDFC Bank Ltd 1,995 0.25%
Max Financial Services Ltd 1,200 0.15%
8.30% REC - 10.04.2025 6,010 0.75%
8.55% Sundaram Finance - 27.10.17 1,993 0.25%
8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20
2,999 0.37%
8.80% Bajaj Finance Ltd - 03.08.2017 999 0.12%
8.89% IDFC Bank - 02.12.20 1,023 0.13%
8.92% L&T Finance Ltd. - 06.07.2018 7,561 0.94%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
154 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II
% of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
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%
8.90% Sundaram Finance - 29.06.18 1,010 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%
Computer programming, consultancy and related activities
43,443 5.41%
Financial and insurance activities - Housing Sector - Debt
29,351 3.66%
Manufacture of motor vehicles, trailers and semi-trailers
28,148 3.51%
Manufacture of other non-metallic mineral products
22,005 2.74%
Mfg of pharmaceuticals, medicinal chemical & botanical products
20,492 2.55%
State Development Loan 20,363 2.54%
Manufacture of tobacco products 20,326 2.53%
Electricity, gas, steam and air conditioning supply
16,059 2.00%
Manufacture of coke and refined petroleum products
14,277 1.78%
Manufacture of other transport equipment 11,941 1.49%
Industry Pension Floor Fund II
% of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
Civil engineering 10,408 1.30%
Manufacture of food products 9,403 1.17%
Warehousing and support activities for transportation
6,406 0.80%
Manufacture of basic metals 6,327 0.79%
Information service activities 5,272 0.66%
Manufacture of electrical equipment 3,801 0.47%
Manufacture of machinery and equipment n.e.c.
3,405 0.42%
Manufacture of chemicals and chemical products
2,708 0.34%
Accommodation 2,105 0.26%
Manufacture of rubber and plastics products 1,515 0.19%
Human health activities 978 0.12%
Manufacture of wood & products of wood & cork, except furniture
814 0.10%
Education 648 0.08%
Printing and reproduction of recorded media 42 0.01%
Net Current Assets 19,983 2.49%
Grand Total 802,580 100.00%
Industry Guarantee Fund % of Total Funds ULIF-048-05/02/10-
GRTFND-107
Financial and insurance activities
ICICI Bank CD - 31.05.16 20,528 5.35%
Corporation Bank CD - 02.05.2016 13,704 3.57%
HDFC Bank CD - 29.12.2016 13,635 3.55%
HDFC Bank Ltd 8,903 2.32%
CBLO - 04.04.2016 7,995 2.08%
Housing Development Finance Corp. Ltd 7,362 1.92%
TATA Capital Ltd CP - 19.08.16 7,272 1.90%
ICICI Bank Ltd 5,803 1.51%
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%
Axis Bank Ltd 3,122 0.81%
9.78% Tata Sons - 13.01.2019 3,121 0.81%
8.55% Sundaram Finance - 27.10.17 2,990 0.78%
EXIM CD - 16.12.2016 2,940 0.77%
ICICI Bank CD - 06.01.17 2,834 0.74%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
155
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
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%
10.75% Shriram Transport Finance Co Ltd
24.10.2016
2,065 0.54%
9.90% State Bank of Patiala - 28.09.2022
CALL 28.09.2017
2,049 0.53%
9.85% Shriram Transport Finance Co Ltd
15.07.2017
2,032 0.53%
10.05% Bajaj Finance Ltd - 10.01.2017 2,024 0.53%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 2,015 0.53%
8.30% REC - 10.04.2025 2,003 0.52%
IndusInd Bank Limited 1,989 0.52%
IDBI Bank CD - 04.04.16 1,798 0.47%
9.25% IDFC Bank - 13.09.19 1,627 0.42%
Coal India Ltd 1,556 0.41%
IL & FS CP 18.08.16 1,454 0.38%
YES BANK LTD 1,195 0.31%
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%
9.05% SBH Perpetual Bond Call- 20.09.2020 1,029 0.27%
8.89% IDFC Bank - 02.12.20 1,023 0.27%
9.35% Bajaj Finance Ltd - 31.10.2017 1,009 0.26%
9.9078% KMPL - 21.10.2016 1,008 0.26%
8.75% Mahindra and Mahindra Financial
Services Ltd- 31.07.20
1,000 0.26%
Bank of Baroda 586 0.15%
Corporation Bank CD - 14.12.2016 569 0.15%
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%
Industry Guarantee Fund % of Total Funds ULIF-048-05/02/10-
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%
1.44% INFLATION INDEX GS 2023 3,124 0.81%
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%
8.30% Fertilizer Co GOI - 07.12.23 213 0.06%
8.32% GOI - 02.08.2032 126 0.03%
8.30% GOI - 02.07.2040 83 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 76 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%
Computer programming, consultancy
and related activities
24,781 6.46%
Financial and insurance activities - Housing
Sector - Debt
14,096 3.67%
State Development Loan 10,462 2.73%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
10,405 2.71%
Manufacture of coke and refined petroleum
products
10,360 2.70%
Manufacture of motor vehicles, trailers and
semi-trailers
9,811 2.56%
Manufacture of tobacco products 9,626 2.51%
Electricity, gas, steam and air conditioning
supply
8,420 2.19%
Manufacture of chemicals and chemical
products
7,528 1.96%
Manufacture of other transport equipment 5,664 1.48%
Civil engineering 5,473 1.43%
Manufacture of basic metals 4,952 1.29%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
156 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Guarantee Fund % of Total Funds ULIF-048-05/02/10-
GRTFND-107
Manufacture of other non-metallic mineral
products
4,092 1.07%
Telecommunications 3,617 0.94%
Warehousing and support activities for
transportation
2,633 0.69%
Extraction of crude petroleum and natural
gas
2,359 0.61%
Information service activities 1,407 0.37%
Manufacture of machinery and equipment
n.e.c.
725 0.19%
Mining of metal ores 689 0.18%
Net Current Assets 4,687 1.22%
Grand Total 383,721 100.00%
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
Financial and insurance activitiesICICI Bank CD - 31.05.16 56,155 5.30%
Corporation Bank CD - 02.05.2016 37,736 3.56%
HDFC Bank CD - 29.12.2016 37,117 3.51%
HDFC Bank Ltd 24,616 2.33%
Housing Development Finance Corp. Ltd 20,355 1.93%
TATA Capital Ltd CP - 19.08.16 18,429 1.75%
ICICI Bank Ltd 16,045 1.52%
State Bank of Patiala CD - 28.12.2016 13,256 1.26%
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%
Axis Bank Ltd 8,632 0.82%
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%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,051 0.67%
State Bank of India 7,037 0.67%
CBLO - 04.04.2016 5,996 0.57%
IndusInd Bank Limited 5,500 0.52%
10.75% Shriram Transport Finance Co Ltd
24.10.2016
5,349 0.51%
9.90% State Bank of Patiala - 28.09.2022
CALL 28.09.2017
5,124 0.49%
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
9.85% Shriram Transport Finance Co Ltd
15.07.2017
5,081 0.48%
10.05% Bajaj Finance Ltd - 10.01.2017 5,061 0.48%
8.30% REC - 10.04.2025 5,008 0.47%
IDBI Bank CD - 04.04.16 4,994 0.47%
Coal India Ltd 4,303 0.41%
9.25% IDFC Bank - 13.09.19 4,067 0.39%
IL & FS CP 18.08.16 3,393 0.32%
YES BANK LTD 3,306 0.31%
9.00% PFC - 11.03.2028 3,146 0.30%
9.90% Tata Sons - 20.03.2019 3,131 0.30%
9.35% Bajaj Finance Ltd - 31.10.2017 3,026 0.29%
8.75% Mahindra and Mahindra Financial
Services Ltd- 31.07.20
2,999 0.28%
8.55% Sundaram Finance - 27.10.17 2,990 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%
Corporation Bank CD - 14.12.2016 1,518 0.14%
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%
9.05% SBH Perpetual Bond Call- 20.09.2020 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%
8.90% Sundaram Finance - 29.06.18 1,010 0.10%
9.80% Bajaj Finance Ltd - 17.10.2016 1,008 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%
8.80% Bajaj Finance Ltd - 03.08.2017 999 0.09%
Punjab National Bank 737 0.07%
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
157
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
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%
1.44% INFLATION INDEX GS 2023 8,735 0.83%
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%
8.30% Fertilizer Co GOI - 07.12.23 603 0.06%
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%
7.00% GOI Fertilizer Bond - 10.12.22 209 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%
Computer programming, consultancy
and related activities
68,518 6.50%
Financial and insurance activities - Housing
Sector - Debt
40,888 3.88%
State Development Loan 29,986 2.84%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
28,767 2.73%
Manufacture of coke and refined petroleum
products
28,643 2.72%
Manufacture of motor vehicles, trailers and
semi-trailers
27,131 2.57%
Manufacture of tobacco products 26,613 2.52%
Electricity, gas, steam and air conditioning
supply
24,978 2.37%
Manufacture of chemicals and chemical
products
20,825 1.97%
Manufacture of other transport equipment 15,686 1.49%
Civil engineering 15,132 1.43%
Manufacture of basic metals 13,389 1.27%
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
Manufacture of other non-metallic mineral
products
11,318 1.07%
Telecommunications 10,001 0.95%
Warehousing and support activities for
transportation
7,279 0.69%
Extraction of crude petroleum and natural
gas
6,521 0.62%
Information service activities 3,889 0.37%
Manufacture of machinery and equipment
n.e.c.
2,003 0.19%
Mining of metal ores 1,904 0.18%
Net Current Assets 12,164 1.15%
Grand Total 1,054,875 100.00%
Industry Peak Guarantee Fund I
% of Total Funds
ULIF-049-14/02/10-PKGRTFND1-107
Financial and insurance activities
ICICI Bank CD - 31.05.16 12,139 5.80%
Corporation Bank CD - 02.05.2016 8,143 3.89%
HDFC Bank CD - 29.12.2016 5,681 2.71%
HDFC Bank Ltd 4,701 2.24%
TATA Capital Ltd CP - 19.08.16 4,363 2.08%
Housing Development Finance Corp. Ltd 3,888 1.86%
ICICI Bank Ltd 3,065 1.46%
State Bank of Patiala CD - 28.12.2016 2,841 1.36%
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%
Axis Bank Ltd 1,648 0.79%
10.75% Shriram Transport Finance Co Ltd
24.10.2016
1,469 0.70%
State Bank of India 1,344 0.64%
IndusInd Bank Limited 1,051 0.50%
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%
9.90% State Bank of Patiala - 28.09.2022
CALL 28.09.2017
1,025 0.49%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
158 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Peak Guarantee Fund I
% of Total Funds
ULIF-049-14/02/10-PKGRTFND1-107
9.85% Shriram Transport Finance Co Ltd
15.07.2017
1,016 0.49%
10.05% Bajaj Finance Ltd - 10.01.2017 1,012 0.48%
9.35% Bajaj Finance Ltd - 31.10.2017 1,009 0.48%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,007 0.48%
8.30% REC - 10.04.2025 1,002 0.48%
8.75% Mahindra and Mahindra Financial
Services Ltd- 31.07.20
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%
Coal India Ltd 822 0.39%
9.25% IDFC Bank - 13.09.19 813 0.39%
YES BANK LTD 631 0.30%
IL & FS CP 18.08.16 485 0.23%
Bank of Baroda 309 0.15%
Corporation Bank CD - 14.12.2016 285 0.14%
Cairn India Ltd 193 0.09%
Punjab National Bank 141 0.07%
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%
1.44% INFLATION INDEX GS 2023 1,851 0.88%
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%
8.30% Fertilizer Co GOI - 07.12.23 123 0.06%
8.32% GOI - 02.08.2032 74 0.04%
8.30% GOI - 02.07.2040 47 0.02%
7.00% GOI Fertilizer Bond - 10.12.22 43 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%
Industry Peak Guarantee Fund I
% of Total Funds
ULIF-049-14/02/10-PKGRTFND1-107
Computer programming, consultancy and related activities
13,033 6.22%
Financial and insurance activities - Housing Sector - Debt
9,106 4.35%
State Development Loan 7,584 3.62%Mfg of pharmaceuticals, medicinal chemical & botanical products
5,481 2.62%
Manufacture of coke and refined petroleum products
5,446 2.60%
Manufacture of motor vehicles, trailers and semi-trailers
5,160 2.46%
Manufacture of tobacco products 5,069 2.42%Manufacture of chemicals and chemical products
3,955 1.89%
Electricity, gas, steam and air conditioning supply
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%
Manufacture of other non-metallic mineral products
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
Financial and insurance activities
Axis Bank Ltd 274,219 2.96%
Coal India Ltd 90,730 0.98%
HDFC Bank Ltd 599,962 6.50%
ICICI Bank Ltd 299,958 3.25%
IndusInd Bank Limited 356,870 3.87%
Infrastructure Development Finance Company Ltd
33,926 0.37%
YES BANK LTD 251,223 2.72%
Kotak Banking ETF - Dividend Payout Option 331,302 3.59%
R Shares Banking ETF 146,338 1.59%IDFC Bank Ltd 74,389 0.81%Max Financial Services Ltd 47,760 0.52%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
159
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
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%
Mfg of pharmaceuticals, medicinal chemical & botanical products
630,471 6.83%
Manufacture of other non-metallic mineral products
620,214 6.72%
Manufacture of coke and refined petroleum products
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%
Manufacture of chemicals and chemical products
197,485 2.14%
Manufacture of machinery and equipment n.e.c.
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%
Manufacture of wood & products of wood & cork, except furniture
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
ULIF-032-17/07/09-PNOPPFND-107
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%
Mfg of pharmaceuticals, medicinal chemical & botanical products
17,749 6.79%
Manufacture of other non-metallic mineral products
17,484 6.69%
Manufacture of coke and refined petroleum products
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%
Manufacture of chemicals and chemical products
5,561 2.13%
Manufacture of machinery and equipment n.e.c.
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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
160 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Opportunities Fund
% of Total Funds
ULIF-032-17/07/09-PNOPPFND-107
Manufacture of computer, electronic and
optical products
2,604 1.00%
Manufacture of basic metals 2,126 0.81%
Electricity, gas, steam and air conditioning
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%
Manufacture of wood & products of wood &
cork, except furniture
1,494 0.57%
Education 1,287 0.49%
Other manufacturing 656 0.25%
Human health activities 434 0.17%
Printing and reproduction of recorded media 49 0.02%
Net Current Assets -790 -0.30%
Grand Total 261,232 100.00%
Industry Classic Opportunities Fund
% of Total Funds
ULIF-033-16/12/09-CLAOPPFND-107
Financial and insurance activities
HDFC Bank Ltd 1,088,261 6.35%
IndusInd Bank Limited 644,456 3.76%
Kotak Banking ETF - Dividend Payout Option 601,155 3.51%
ICICI Bank Ltd 545,669 3.19%
Axis Bank Ltd 489,274 2.86%
YES BANK LTD 458,747 2.68%
R Shares Banking ETF 248,964 1.45%
Coal India Ltd 162,205 0.95%
IDFC Bank Ltd 135,312 0.79%
Axis Bank CD - 28.04.2016 130,368 0.76%
ICICI Bank CD - 31.05.16 95,828 0.56%
Corporation Bank CD - 02.05.2016 91,162 0.53%
SBBJ CD - 14.09.2016 88,566 0.52%
Max Financial Services Ltd 85,229 0.50%
IDBI Bank CD - 05.04.16 80,900 0.47%
Infrastructure Development Finance
Company Ltd
58,458 0.34%
Canara Bank CD - 07.03.2017 45,447 0.27%
Industry Classic Opportunities Fund
% of Total Funds
ULIF-033-16/12/09-CLAOPPFND-107
State Bank of Patiala CD - 28.12.2016 30,593 0.18%
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%
Computer programming, consultancy
and related activities
Infosys Ltd 1,398,268 8.17%
HCL Technologies Ltd 349,777 2.04%
Tata Consultancy Services Ltd 298,497 1.74%
Total 2,046,542 11.95%
Manufacture of motor vehicles, trailers and
semi-trailers
1,281,387 7.48%
Mfg of pharmaceuticals, medicinal chemical
& botanical products
1,141,235 6.67%
Manufacture of other non-metallic mineral
products
1,122,367 6.56%
Manufacture of coke and refined petroleum
products
1,103,659 6.45%
Manufacture of other transport equipment 711,862 4.16%
Civil engineering 609,227 3.56%
Manufacture of tobacco products 488,290 2.85%
Manufacture of food products 452,651 2.64%
Warehousing and support activities for
transportation
402,633 2.35%
Manufacture of chemicals and chemical
products
359,482 2.10%
Manufacture of machinery and equipment
n.e.c.
332,897 1.94%
Information service activities 252,278 1.47%
Manufacture of electrical equipment 237,838 1.39%
Manufacture of rubber and plastics products 174,467 1.02%
Manufacture of computer, electronic and
optical products
166,886 0.97%
Manufacture of basic metals 136,746 0.80%
Electricity, gas, steam and air conditioning
supply
133,018 0.78%
Manufacture of textiles 120,430 0.70%
Construction of buildings 119,373 0.70%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
161
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Classic Opportunities Fund
% of Total Funds
ULIF-033-16/12/09-CLAOPPFND-107
Wholesale trade, except of motor vehicles and motorcycles
102,829 0.60%
Manufacture of wood & products of wood & cork, except furniture
97,071 0.57%
Education 83,512 0.49%
Other manufacturing 41,670 0.24%
Human health activities 27,374 0.16%
Printing and reproduction of recorded media 3,096 0.02%
Net Current Assets 284,095 1.66%
Grand Total 17,120,722 100.00%
Industry Pension Classic Opportunities Fund
% of Total Funds
ULIF-042-07/01/10-PNCLAOPFND-107
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%
Mfg of pharmaceuticals, medicinal chemical & botanical products
92,888 6.96%
Manufacture of other non-metallic mineral products
90,639 6.79%
Manufacture of coke and refined petroleum products
89,020 6.67%
Manufacture of other transport equipment 54,091 4.05%
Industry Pension Classic Opportunities Fund
% of Total Funds
ULIF-042-07/01/10-PNCLAOPFND-107
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%
Manufacture of chemicals and chemical products
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
ULIF-034-17/12/09-FRLEQUFND-107
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%
Corporation Bank CD - 02.05.2016 28,797 0.72%
Axis Bank CD - 28.04.2016 28,418 0.71%
ICICI Bank CD - 31.05.16 27,535 0.69%
IDFC Bank Ltd 22,270 0.56%
State Bank of Patiala CD - 28.12.2016 20,648 0.52%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
162 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Frontline Equity Fund
% of Total Funds
ULIF-034-17/12/09-FRLEQUFND-107
Infrastructure Development Finance Company Ltd
16,900 0.42%
Max Financial Services Ltd 14,405 0.36%
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%
Computer programming, consultancy and related activities
Infosys Ltd 341,602 8.56%
Tata Consultancy Services Ltd 102,606 2.57%
HCL Technologies Ltd 91,075 2.28%
Total 535,283 13.41%
Manufacture of motor vehicles, trailers and semi-trailers
342,587 8.58%
Mfg of pharmaceuticals, medicinal chemical & botanical products
270,065 6.77%
Manufacture of other non-metallic mineral products
265,723 6.66%
Manufacture of tobacco products 251,991 6.31%
Manufacture of coke and refined petroleum products
183,321 4.59%
Manufacture of other transport equipment 142,767 3.58%
Civil engineering 141,989 3.56%
Manufacture of food products 104,725 2.62%
Warehousing and support activities for transportation
77,585 1.94%
Information service activities 61,695 1.55%
Manufacture of machinery and equipment n.e.c.
49,340 1.24%
Manufacture of electrical equipment 43,605 1.09%
Electricity, gas, steam and air conditioning supply
31,546 0.79%
Manufacture of wood & products of wood & cork, except furniture
29,500 0.74%
Accommodation 29,216 0.73%
Manufacture of chemicals and chemical products
27,525 0.69%
Manufacture of rubber and plastics products 17,849 0.45%
Manufacture of basic metals 17,445 0.44%
Education 9,409 0.24%
Human health activities 6,683 0.17%
Printing and reproduction of recorded media 507 0.01%
Net Current Assets 48,437 1.21%
Grand Total 3,990,558 100.00%
Industry Pension Frontline Equity Fund
% of Total Funds
ULIF-044-11/01/10-PNFRLEQFND-107
Financial and insurance activities
Axis Bank Ltd 9,877 3.55%
Coal India Ltd 2,336 0.84%
HDFC Bank Ltd 19,781 7.10%
ICICI Bank Ltd 9,428 3.38%
IndusInd Bank Limited 11,313 4.06%
Infrastructure Development Finance Company Ltd
1,063 0.38%
YES BANK LTD 6,583 2.36%
Kotak Banking ETF - Dividend Payout Option 8,813 3.16%
R Shares Banking ETF 9,452 3.39%
IDFC Bank Ltd 1,877 0.67%
Max Financial Services Ltd 1,270 0.46%
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%
Corporation Bank CD - 02.05.2016 1,589 0.57%
ICICI Bank CD - 31.05.16 1,382 0.50%
Total 88,854 31.88%
Computer programming, consultancy and related activities
HCL Technologies Ltd 6,501 2.33%
Infosys Ltd 23,970 8.60%
Tata Consultancy Services Ltd 7,526 2.70%
Total 37,997 13.63%
Manufacture of motor vehicles, trailers and semi-trailers
24,565 8.81%
Manufacture of other non-metallic mineral products
19,397 6.96%
Manufacture of tobacco products 17,801 6.39%
Mfg of pharmaceuticals, medicinal chemical & botanical products
16,078 5.77%
Manufacture of coke and refined petroleum products
12,398 4.45%
Manufacture of other transport equipment 10,490 3.76%
Civil engineering 9,183 3.30%
Manufacture of food products 7,729 2.77%
Warehousing and support activities for transportation
5,631 2.02%
Information service activities 4,858 1.74%
Manufacture of electrical equipment 3,868 1.39%
Manufacture of machinery and equipment n.e.c.
3,373 1.21%
Accommodation 2,477 0.89%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
163
Kotak Mahindra Old Mutual Life Insurance Limited
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Frontline Equity Fund
% of Total Funds
ULIF-044-11/01/10-PNFRLEQFND-107
Manufacture of wood & products of wood & cork, except furniture
2,421 0.87%
Manufacture of chemicals and chemical products
2,406 0.86%
Electricity, gas, steam and air conditioning supply
2,004 0.72%
Manufacture of basic metals 1,075 0.39%
Manufacture of rubber and plastics products 1,025 0.37%
Human health activities 937 0.34%
Education 555 0.20%
Printing and reproduction of recorded media 46 0.02%
Net Current Assets 3,519 1.26%
Grand Total 278,687 100.00%
Industry Kotak Advantage Multiplier Fund
% of Total Funds
ULIF-024-07/02/06-ADVMULFND-107
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%
Financial and insurance activities
CBLO - 04.04.2016 1,000 10.74%
Total 1,000 10.74%
Net Current Assets -9,315 -100.00%
Grand Total - 0.00%
Industry Kotak Advantage Plus Fund
% of Total Funds
ULIF-023-06/02/06-ADVPLSFND-107
- -
Industry Kotak Advantage Multiplier Fund II
% of Total Funds
ULIF-026-21/04/06-ADVMULFND2-107
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%
Net Current Assets 423 2.77%
Grand Total 15,289 100.00%
Industry Kotak Advantage Plus Fund II
% of Total Funds
ULIF-027-21/04/06-ADVPLSFND2-107
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%
Net Current Assets 192 8.45%
Grand Total 2,272 100.00%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
164 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
165
Kotak Mahindra Old Mutual Life Insurance Limited
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
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
166 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
28 Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.
Particulars 2015-16 2014-15
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)
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
167
Kotak Mahindra Old Mutual Life Insurance Limited
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.
Particulars 2015-16 2014-15
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.
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
168 Annual Report 2015-16
Kotak Mahindra Old Mutual Life Insurance Limited
(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%
Registration No: 107; Date of Registration: January 10, 2001
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)
169
Kotak Mahindra Old Mutual Life Insurance Limited
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).
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
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended March 31, 2016
(Currency: In thousands of Indian Rupees unless otherwise stated)