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KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Annual Report 2016-17

CHANGING WITH INDIA. FOR INDIA.

1

Kotak Mahindra Old Mutual Life Insurance Limited

DIRECTORS’ REPORT TO THE MEMBERS OF KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED The Directors present their Seventeenth Annual Report together with the audited accounts of your Company for the year ended March 31, 2017. FINANCIAL SUMMARY/ HIGHLIGHTS Your Company continues to demonstrate consistent performance in a competitive environment. This year your Company continues to be profitable, which it has achieved through effective product mix and efficient management of cost. The summarized results of operations of your Company for the Financial Year (“FY”) 2016-17 are as follows: (` in Crores) Year ended March 31, 2017

Year ended March 31, 2016

New Business Premium

2,850

2,210

Renewal Premium

2,290

1,762

Total Premium

Particulars

5,140

3,972

Profit/(Loss) before tax

364

300

Profit/ (Loss) after tax

324

269

Bonus to Policyholders

134

97

Terminal & Interim Bonus to Policyholders

21

12

1,825

1,521

New Business Sum Assured

2,84,518

2,29,289

Assets Under Management

20,940

16,936

Net worth

Your Directors have declared the following rates of bonus on participating policies for the year ended March 31, 2017: (a) On accumulation non-retirement products:

A regular bonus of 4% (FY 2015-16 – 4%) in addition to the guaranteed rate of 3%. An interim bonus of 4% (FY 2015-16 – 4%) in addition to the guaranteed rate of 3% for policies exiting by maturity, surrender or death claim during the financial year. A terminal bonus of 15% on accumulation account value (FY 2015-16 – 15%) for the policies exiting by maturity or death claim during the year.

(b) On accumulation retirement products:

A regular bonus of 5% (FY 2015-16 – 5%) in addition to the guaranteed rate of 3%. An interim bonus of 5% (FY 2015-16 – 5%) in addition to the guaranteed rate of 3% for policies exiting by maturity, surrender or death claim during the financial year. A terminal bonus of 10% on accumulation account value (FY 2015-16 – 10%) for the policies exiting by maturity or death claim during the year.

(c)

On Conventional With Profits products:



Simple reversionary bonus of





2.5% under Sukhi Jeevan plan





2.75% for policies completing 5 or less policy years and 3% for policies completing more than 5 policy years under Surakshit Jeevan and Eternal Life plans





3% for policies completing 5 or less policy years and 3.25% for policies completing more than 5 policy years under Child Edu and Child Future plans





2.5% for regular premium paying term policies, 2.6% for limited premium paying term policies with minimum premium paying term of 10 years and 2.75% for policies with premium paying term of 7 years under Classic Endowment plan

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Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited





2.7% for policies with premium paying term of 8 years, 2.75% for policies with premium paying term of 10 years and 2.85% for policies with premium paying term of 12 years under Premier Money Back plan





3% under Premier Life plan





2.9% for policies with premium paying term of 8 years, 3.25% for policies with premium paying term of 10 years and 3.5% for policies with premium paying term of 12 years under Premier Income 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.



An interim bonus equal to the Simple reversionary bonus to policies exiting by death or surrender claim during the year

(d) Terminal bonus of



1% for each completed policy year under Sukhi Jeevan plan for policies exiting by maturity or death claim during the year subject to the condition that minimum 10 policy years have been completed.





2% for each completed policy year under Surakshit Jeevan plan for policies exiting by maturity or death claim during the year subject to the condition that minimum 10 policy years have been completed.





3% for each completed policy year under Eternal Life plans for policies exiting by death claim during the year subject to the subject to the condition that minimum 10 policy years have been completed.

(e) Special Terminal or Special Survival bonus of



2.5% for each completed policy year under Surakshit Jeevan plan for policies exiting by maturity claim during the year subject to the condition that minimum 10 policy years have been completed.





2% for each premium payment year under Eternal Life plans for policies becoming fully paid up during the year.

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, 2017 and date of the report i.e. April 26, 2017. 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 fee for the FY 2017-18 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 2017-18. INDUSTRY SCENARIO The industry as a whole registered positive growth of 21% in total Adjusted Individual Premium terms (i.e. Single Premium as one tenth), whereas private sector registered a growth of 26%. However your Company has registered a growth of 28%. 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.

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Kotak Mahindra Old Mutual Life Insurance Limited



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 ` 1413 Crores (FY 2015-16 ` 1146 Crores) from group insurance business registering a growth of 23% over FY 201516.

PRODUCTS Your Company launched two products on the individual side catering to customer needs of protection and savings. Also, three products were launched on the group side catering to the needs of affinity and employer-employee groups. Your Company’s products have been designed such that they fulfill policyholder needs, are simple to understand and also offer competitive benefits to the policyholder. In the month of February, 2017, we launched Premier Income, a traditional participating plan that provides customer with an additional annual income. Also, Guaranteed Savings, a plan with guaranteed benefits was introduced in February, 2017 by the Company. On the Group side, we launched Group Secure and Group Secure One plans in the month of July, 2016 that provide life protection with optional cover for Terminal Illness at affordable rates to cater to the needs of affinity groups. Also, to help employers fund for the Gratuity obligations systematically, Gratuity Group, a unit linked product was introduced in April, 2016 by the Company. MARKETING Your Company’s marketing efforts during the year had a single-minded focus on activities that were designed to meet the needs of customers. This was enabled by your Company’s approach of co-operation and collaboration with all participants and stakeholders. The aim is to progress with a customer-centric approach, and enable positive prospect and customer engagement across all touch points. Simplicity in customer experience was the key for the year. To this end, your Company has: •

Rolled out various initiatives to build the culture of customer centricity through internalisation of brand promise ‘ Koi hai… hamesha’



Published and celebrated the contributors towards positive customer experience within the organisation to set examples.



Enabled a robust lead management system for online business for faster and more aligned engagement with online customers and prospects.



Renewed its customer communication engagement making it sharper and segmented to increase its usefulness and relevance.



Made its content more purposeful and relevant on social engagement platforms. This was derived basis external and internal listening capabilities.

HUMAN RESOURCES The Company continued its development focus on the people capital. Our full time employee headcount grew from 5,563 on March 31, 2016 to 5,806 as on March 31, 2017 with majority of the additions coming in Agency channels. Our development initiatives included General Management program at IIMA for senior managements, 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, improving input quality, and institutionalising 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 2016-17: No. of complaints received : 6

No. of complaints not admitted post review

:2

No. of cases closed

No. of cases pending disposal

:1

: 4

INFORMATION TECHNOLOGY Your Company has taken further strides on its journey of Digitization – “Genie” – end to end Sales solution – New functionalities like KBank KYC, on-line payments, image compression, deduplication, were added this year which eased the Sales process. Management of leads, Upsell and Campaign Management is handled digitally

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Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

Distributor Engagement – Konnect – A chat based solution enabling active conversation with distributors and providing real time resolution of customer queries on products and commission has been implemented e-Gurukul – NAT for agents, AML training for employees, is now handled digitally. In addition to this, a robust system has been implemented for employee incentive payments In recognition of its efforts in using technology for excellence in Branch-Office collaboration, your Company was awarded The VMWARE Innovation and Transformation Award at Vmware EUC 2016. OPERATIONS AND CUSTOMER SERVICE Customer service and experience are key long-term strategic differentiators in the Life Insurance industry. Your Company carried out numerous initiatives to enhance the customer’s experience. These are as follows: a)

Branded service recovery cards and appreciation cards have been implemented for customers as well as employees

b)

A customer & nominee meet was held at the Goregaon Head Office, where invitees were taken through a complimentary medical check-up followed by a diet and wellness session. A focus group discussion on the quality of services offered was also conducted after this session

c)

Customer satisfaction score (CSAT) and benchmarking of services with competitors and Old Mutual was conducted

d)

The complete logistics of servicing and policy related documents from branches to the Head Office/vendors have been automated via barcoded workflow movement which has brought efficiency and has improved productivity levels

e)

A digital copy of the policy document is now being emailed to all new customers whose email IDs are available

f)

Your Company continued its focus on “Think Green” which resulted in better customer experience.

g)

Continued Rising trend in clearance of Stale cheques pertaining to customer payments. Stale cheques worth 18.67 Crores were cleared in FY1617 as against clearance of 15.9 Crores in FY15-16.

h)

Transition of Auto Debit mandate registration and collection from ECS framework to the new NACH (National Automated Clearing House) platform leading to upfront mandate registration confirmation and reduction in collection cycle time, effort and cost.

i)

API integration through Suraksha Portal to enable direct transfer of member data from Policyholder’s database to KLI system

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 2017-18 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 its defined 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. 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 oversees the progress of the Ind AS implementation process and reports the same to the Board on quarterly basis.

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Kotak Mahindra Old Mutual Life Insurance Limited

Your Company has prepared the proforma financials as per Ind AS for the period April 1, 2016 to December 31, 2016 in compliance with the IRDAI circulars and has submitted the same to the IRDAI on February 14, 2017. INVESTMENTS Your Company manages its investments within the overall framework laid down by the Investment Policy and provisions of IRDAI Investment Regulations, 2016 and Insurance Act, 1938 as amended from time to time. 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 ` 20,940 crores as at March 31, 2017 as against ` 16,936 crores as at March 31, 2016 registering a growth of 24% over the previous year. FY 2016-2017 was volatile for Financial Markets. During the year 10 year benchmark Government Security yield has gone down from 7.46% as at March 31, 2016 to 6.69% as at March 31, 2017 and has seen a high and low of 7.52% and 6.18% respectively, while the NIFTY has gone up from 7,738 as at March 31, 2016 to 9,174 as at March 31, 2017 with a high of 9,174 and low of 7,546 during the year. RURAL & SOCIAL SECTORS During the year, your Company wrote 64,629 policies (as compared to 56,247 policies) in the rural sector representing 21.54% (Previous Year 21.64%) of the total policies. This was in compliance with the IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 which require 20% of the total policies written in a financial year should be from the rural sector. Your Company has covered 11,17,943 social lives (Previous year 5,94,683 lives) and has fulfilled the IRDAI requirement of 5% of total business procured in preceding Financial Year. Your Company approaches its rural and social sector targets with a deep sense of duty and responsibility towards the community and society at large. CORPORATE GOVERNANCE Your Company has consciously endeavoured to follow the policy of transparency and accountability and holds the interest of its stakeholders paramount. Your Company has implemented the new Corporate Governance Guidelines issued by IRDAI vide its circular dated May 18, 2016. (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 space and has good Assets 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 2016-17. CHANGE IN REGISTERED OFFICE DURING 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. This was approved by the Board of Directors of the Company in their meeting held on January 28, 2016. DIRECTORS & KEY MANAGERIAL PERSONNEL There are ten directors on Board of the Company. The Company has three Independent Directors on the Board, which includes one Women Director 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. 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, 2017 and the details on number of meetings of the Board of Directors of the Company is provided in detail in the Corporate Governance Report. Directors retiring by rotation Mr. David Buenfil (DIN: 06565214) and Mr. Shivaji Dam (DIN: 00032568), Directors of the Company, are liable to retire by rotation at the ensuing Annual General Meeting of your Company. Mr. Buenfil and Mr. Shivaji Dam, being eligible, have offered themselves for re-appointment. Directors appointed during the year There were no appointment of Directors during the FY 2016-17. Resignation of Directors during the year None of the Directors resigned during the FY 2016-17.

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Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

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. ‘Fit and Proper’ criteria All the Directors have confirmed compliance with the ‘fit and proper’ criteria prescribed under the Corporate Governance Guidelines issued by the IRDAI. Evaluation of performance of the Board In accordance with the requirements of the Companies Act, 2013, the annual performance evaluation of the Board, the Directors (Independent and others) individually, Chairperson and Committees of the Board was conducted for F.Y. 16-17. 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 30, 2017, 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 performance of the Chairperson. They also assessed the quality, quantity and timelines of flow of information between the Company management and the Board. Key Managerial Personnel The ‘Guidelines on Corporate Governance for Insurers in India’ issued by IRDAI on May 18, 2016 define “Key Management Person” as member of the core management team of an insurer including all whole-time directors/ Managing Directors/ CEO and the functional heads one level below the MD/CEO, including the CFO, Appointed Actuary, Chief Investment Officer, Chief Risk Officer, Chief Compliance Officer and the Company Secretary. Pursuant to the provisions of Section 203 of the Companies Act, 2013 read with the ‘Guidelines for Corporate Governance for insurers in India’ issued by IRDAI, the key managerial personnel of the Company are: As per Companies Act, 2013: i.

Mr. G. Murlidhar, Managing Director;

ii.

Mr. Cedric Fernandes, Chief Financial Officer;

iii.

Mr. C. Muralikrishna, Chief Compliance Officer and Company Secretary;

As per Corporate Governance Guidelines issued by IRDAI: iv.

Mr. Sunil Sharma, Appointed Actuary and Chief Risk Officer;

v.

Mr. Sudhakar Shanbhag, Chief Investment Officer;

vi.

Mr. Suresh Agarwal, Chief Distribution Officer;

vii.

Mr. Hitesh Veera, Executive Vice President, Central Operations;

Appointment & Remuneration of Directors & Key Managerial Personnel The appointment and remuneration of Directors of the Company is governed by the provisions of: 1.

New Corporate Governance Guidelines issued by the IRDAI vide its Circular dated May 18, 2016;

2.

IRDAI (Remuneration of Non-Executive Directors of Private Sector Insurers) Guidelines, 2016;

3.

IRDAI (Remuneration of Chief Executive Officer / Whole-time Director / Managing Director of Insurers) Guidelines, 2016; and

4.

The Companies Act, 2013 and the Rules made thereunder

The Nomination and Remuneration Committee recommends the appointment of Directors and Key Managerial Personnel 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.

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Kotak Mahindra Old Mutual Life Insurance Limited

The Company has adopted a Compensation Policy which includes issue of stock appreciation rights and Employee Stock Option 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 are 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 the ordinary course of business. Pursuant to Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, there are no transactions to be reported under Section 188(1) of the Companies Act, 2013. All related party transactions as required under Accounting Standard 18 are reported in Related Party Disclosures under Note 16 C of Schedule 16 of Notes to Financial Statements. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS Pursuant to Section 186(11) of the Companies Act, 2013, loans made, guarantees given, securities provided or acquisition of securities by an insurance Company in the ordinary course of its business are exempted from the disclosure requirement under Section 134(3)(g) of the Companies Act, 2013. MANAGEMENT REPORT Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Management Report forms a part of the financial statements. WHISTLE BLOWER POLICY & VIGIL MECHANISM Your Company is 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

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Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

concerns in good faith, and in a responsible as well as effective manner. This enables disclosure of 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 Your Company has constituted a Corporate Social Responsibility Committee (CSR Committee) and consists of the following Directors 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 programme 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 – primary focus area

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 The Company’s CSR policy is available on the Company’s website viz. URL: http://insurance.kotak.com/pdf/corporate_responsibility.pdf Pursuant to the provisions of Section 135, 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: The average net profit calculated in accordance with the provisions Section 198 of the Company for the last three financial years preceding March 31, 2017 is ` 191.38 Crore. The prescribed CSR expenditure required under Section 135, of the Act for FY 2016-17 is ` 3.83 Crore. The CSR expenditure incurred for the period April 1, 2016 to March 31, 2017 under Section 135 of Companies Act, 2013 amounts to ` 1.25 Crore as against `0.96 Crore CSR expenditure in the financial year 2015-16. The unspent amount for FY2016-17 is ` 2.58 Crore. CSR expenditure of ` 1.25 Crore in FY 2016-17 as a percentage of average net profit under Section 198 of the Company at ` 191.38 Crore is 0.65 %. The Company has been spending on CSR focused themes and programmes, which have been approved by the CSR Committee and the Board. The CSR spending is guided by the vision of creating long-term benefit to the society. The Company is building its CSR capabilities on a sustainable basis and is committed to gradually increase its CSR spend in the coming years. The Company’s commitment to achieve the mandated spend can be seen from the increasing CSR spends over the years. In FY 2014-15, Company’s CSR spend was ` 57 Lacs, in FY 2015-16 it was `96 Lacs. In the reporting period, FY 2016-17, the CSR expenditure has been further increased to ` 1.25 Crore. The details of CSR activities and spends under Section 135 of the Companies Act, 2013 for FY 2016-17. The details of the CSR expenditure during the FY 2016-17 is enclosed at Annexure 2.

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Kotak Mahindra Old Mutual Life Insurance Limited

SUBSIDIARIES The Company does not have any Subsidiaries. ANNUAL RETURN As per the provisions of the Act, an extract of the Annual Return of the Company in the prescribed Form MGT-9 has been enclosed as Annexure 3 to the Directors’ Report, and forms part of this report. 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, Chartered Accountants, (Firm Regd. No. 101049W) 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. M/s S. B. Billimoria & Co., Chartered Accountant, (Firm Regd. No. 101496W), were appointed for a period of five years by the members in their Fourteenth Annual General Meeting to hold office from the conclusion of the said AGM until the conclusion of the nineteenth Annual General Meeting. These appointments were made subject to ratification by the Members in every subsequent Annual General Meeting held thereafter. M/s S.R. Batliboi & Associates LLP being eligible has consented for ratification of their appointment as one of the Joint Statutory Auditors of the Company in the ensuing Annual General Meeting. However, M/s S.B. Billimoria & Co., Chartered Accountant, have expressed their unwillingness, due to preoccupancy, for ratification of their appointment as Joint Statutory Auditors of the Company on this Seventeenth Annual General Meeting of the Company. In view of above, the Audit Committee of the company in its Meeting held on April 25, 2017 has proposed and the Board of the Company in its Meeting held on April 26, 2017 has recommended the appointment of M/s Haribhakti and Co. LLP, Chartered Accountant, (Regd. No. 103523W/W100048), in place of Ms. S.B. Billimoria & Co., Chartered Accountant as one of the Joint Statutory Auditors of the Company for a term of five consecutive years to hold office from the conclusion of the ensuing Seventeenth Annual General Meeting till the conclusion of the 22nd Annual General Meeting (subject to ratification of the appointment by the members at every Annual General Meeting held after this Annual General Meeting). The Company has received certificates from the proposed auditors confirming their eligibility and willingness for the reappointment pursuant to Section 139 (1) of the Companies Act, 2013 and as per the requirement stipulated by IRDAI. The auditors have further certified that they have subjected themselves to the peer review process of the Institute of Chartered Accountants of India (ICAI) and they hold a valid certificate issued by the “Peer Review Board” of ICAI. The Resolutions seeking approval to their re-appointment/appointment is included in the Notice of the ensuing Annual General Meeting. SECRETARIAL AUDITOR Pursuant to Section 204 of the Companies Act, 2013 read with rule 9 of The Companies Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company has appointed Ms. Rupal D. Jhaveri, a Company Secretary in Practice, as its Secretarial Auditor. The Secretarial Audit Report in the prescribed format i.e. Form No. MR-3 for the FY 2016 - 2017 is annexed to this Report as Annexure 4. The Board has duly reviewed the Report of the Secretarial Auditor of the Company. The observations and comments, 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 Auditors have 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.

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Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, require disclosure of certain specified information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo in the Directors’ Report. The disclosure relating to conservation of energy does not apply to companies in the Life Insurance sector and hence, the Company is exempted therefrom. Your Company has been increasingly using information technology in its operations. The details of the foreign exchange earnings and outgo is as follows: FOREIGN EXCHANGE EARNINGS AND OUTGO (` in Crores) Particulars

2016-17

Foreign Exchange earned

` 7.24

Foreign Exchange outgo

` 31.19

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 your Company as at the end of the financial year and of the profit of your Company for the financial year ended March 31, 2017;

(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 your Company 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 its continuous 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

Place: Mumbai

Uday Kotak Chairman DIN : 00007467

Date: April 26, 2017

11

Kotak Mahindra Old Mutual Life Insurance Limited

ANNEXURE 1 REPORT ON CORPORATE GOVERNANCE In view of extensive changes in to the governance of the companies brought about by the Companies Act, 2013, the Insurance Regulatory & Development Authority of India (IRDAI) issued new Guidelines on Corporate Governance for insurers in India on May 18, 2016. In accordance with the provisions of the said Guidelines, the report containing details of the Corporate Governance systems and processes of the Company for the FY 2016 - 17 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, 2017, 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, 2017 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 such as qualification, specialization, and status of directorship as well as brief profile, as at March 31, 2017, are 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

Investment

Committee

Committee

Risk

Asset Liability

Management Management Committee

Committee

Corporate

Banking

Policyholders

With

Nomination &

Committee

Protection

Profits

Remuneration

Social

Committee

Committee

Committee

Responsibility Committee

Mr. Uday Kotak

Chairman

Mr. Shailesh

Vice Chairman

-

-

-

-

-

-

-

Member

-

Member

Member

-

-

-

-

-

Member

-

Devchand

(w.e.f. April 26, 2016)

Mr. Shivaji Dam

Non Executive

-

-

-

-

Chairman

Chairman

-

-

-

Chairman

-

-

-

-

-

Member

Chairman

Member

Member

-

-

-

-

-

-

Member

-

-

-

-

-

-

-

Member

-

-

-

-

-

-

-

-

-

-

Director Mr. Prakash Apte Independent Director Mr. Paresh

Independent

Parasnis

Director

Ms Anita

Independent

Ramachandran

Director Woman Director

Mr. David Buenfil Non-Executive Director

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Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

Name

Position on the Board

Audit

Investment

Committee

Committee

Risk

Asset Liability

Management Management Committee

Committee

Corporate

Banking

Policyholders

With

Nomination &

Committee

Protection

Profits

Remuneration

Social

Committee

Committee

Committee

Responsibility Committee

Mr. Dipak Gupta

Non-Executive

-

Chairman

-

-

Member

-

-

-

Chairman

-

Member

Chairman

Chairman

Member

-

Chairman

-

Member

-

Member

Member

Member

-

Member

Member

-

-

Director Mr. Gaurang

Non-Executive

Shah

Director

Mr. G. Murlidhar

Managing Director

BOARD MEETINGS During the year four Board Meetings were held. The Meetings were held on April 26, 2016, July 20, 2016, October 19, 2016 and January 23, 2017. 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

4

4

Mr. Shailesh Devchand

4

4

Mr. Shivaji Dam

4

4

Mr. Prakash Apte

4

4

Mr. Paresh Parasnis

4

3

Ms Anita Ramachandran

4

3

Mr. David Buenfil

4

4*

Mr. Dipak Gupta

4

4

Mr. Gaurang Shah

4

4

Mr. G. Murlidhar

4

4

*Mr. David Buenfil attended 3 meetings in person and 1 Board meeting (held on July 20, 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 along with 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, Banking Committee, Policyholders Protection Committee, With Profits Committee, Nomination & Remuneration Committee, Corporate Social Responsibility Committee





General notices of interest received from Directors of the Company





Quarterly/ Half Yearly/ Annual Financial Statements of the Company





Information pertaining to the policies of the Company





Updates on the Regulatory and Statutory Compliances of the Company





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

13

Kotak Mahindra Old Mutual Life Insurance Limited

DIRECTORS’ AND KMPS’ REMUNERATION ELEMENTS OF REMUNERATION& SITTING FEES OF INDIVIDUAL DIRECTORS FOR THE YEAR ENDED MARCH 31, 2017

Name of Director

Mr. Uday Kotak Mr. Shailesh Devchand Mr. Shivaji Dam Mr. Prakash Apte Mr. Paresh Parasnis Ms. Anita Ramachandran Mr. David Buenfil Mr. Dipak Gupta Mr. Gaurang Shah Mr. G. Murlidhar

Sitting Fees

Salaries & Allowances

320 470 300 210 -

27,424

Company’s contribution to PF, Superannuation and NPS 3,091

Commission*

300 300 300 300 -

` ‘000 Total

620 770 600 510 -

* Subject to approval of shareholders in General Meeting REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD: (Amount in ‘000 rounded off to the nearest rupee) Details of Key Managerial Personnel*

Salaries & Perquisites

Company’s contribution to PF, Superannuation and NPS

Total

Mr. Cedric Fernandes, Chief Financial Officer

8,524

519

9,043

Mr. C. Muralikrishna, Chief Compliance Officer & Company Secretary

5,832

242

6,074

* As per the Companies Act, 2013 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 (internal/statutory/Concurrent)





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,

14

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

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 additional work other than statutory/internal audit that is entrusted to the auditor or any of its associated persons or companies shall be specifically approved by the Board of Directors keeping in mind the necessity to maintain the independence and integrity of the audit relationship and in compliance with provisions of Section 144 of the Companies Act;





Discuss with the statutory auditors before the audit commences, about the nature and scope of audit as well as have post-audit discussions to address areas of concern.





Review/take note/approve:



a)

Quarterly investments made by the Company



b)

Quarterly statement of significant transactions and/or arrangements





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





Oversee the progress of the Ind AS implementation process and report to the Board of Directors



As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:







During the FY 2016 - 17 four meetings of the Committee were held on April 26, 2016, July 19, 2016, October 19, 2016 and January 23, 2017.



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

Act as a Compliance Committee to discuss the level of compliance in the Company and any associated risks and to monitor and report to the Board on any significant compliance breaches;

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

4

4

Mr. Shailesh Devchand, Member

4

4

Mr. Paresh Parasnis, Member

4

3

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 policyholders’ funds





Independently review the investment decisions and ensure that support by the internal due diligence process is an input in making appropriate investment decisions and for the assessment of credit risk and market risk, the Committee should not be influenced only by the credit rating.





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.

15

Kotak Mahindra Old Mutual Life Insurance Limited





Review investment operations and submit a report to the Board on the performance of the investment portfolio with regard to its safety and soundness





Consider, review and recommend to the Board the reconciliation in respect of Form 6 of Investment returns and unmatched open items therein, if any





Review the Product wise Performance





Annually noting of Certification of Compliance in respect of declaration of Net Asset Value (NAV)



During the year four meetings of the Committee were held on April 25, 2016, July 19, 2016, October 18, 2016 and January 20, 2017.



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

3

Mr. G. Murlidhar, Member

4

3

Mr. Sunil Sharma, Member

4

4

Mr. Sudhakar Shanbhag, Member

4

4

Mr. Cedric Fernandes, Member

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, Compliance Officer 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 aggregated view on the risk profile of the Company for all categories of risk including insurance risk, market risk, credit risk, liquidity risk, operational risk, compliance risk, legal risk, reputation risk, etc.





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





Report to the Board details on the risk exposures and the actions taken to manage the exposures; review, monitor and challenge where necessary, risks undertaken by the Company





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



As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:





Establish effective Risk Management framework and recommend to the Board the Risk Management policy and processes for the organization.





Set the risk tolerance limits and assess the cost and benefits associated with risk exposure.





Review the Company’s risk-reward performance to align with overall policy objectives.





Discuss and consider best practices in risk management in the market and advise the respective functions.





Review the solvency position of the Company on a regular basis.





Monitor and review regular updates on business continuity.

16

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited





Formulation of a Fraud monitoring policy and framework for approval by the Board. Monitor implementation of Anti-fraud policy for effective deterrence, prevention, detection and mitigation of frauds





Review compliance with the guidelines on Insurance Fraud Monitoring Framework, issued by the Authority.



During the year four meetings of the Committee were held on April 11, 2016, July 15, 2016, October 6, 2016 and January 5, 2017.



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, Member

4

3

Mr. Sunil Sharma, Member

4

4

Mr. Hitesh Veera, Member

4

3

Mr. Cedric Fernandes, Member

4

3

Mr. C. Muralikrishna, Member

4

4

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 policyholder 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 revise ALM strategies where required.





Placing the ALM information before the Board at periodic intervals.



As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:





Ensure that the liabilities are backed by appropriate assets and manage mismatches between assets and liabilities to ensure they remain within acceptable monitored tolerances for liquidity, solvency and the risk profile of the entity.





Reviewing, approving and monitoring systems, controls and reporting used to manage balance sheet risks including any mitigation strategies.





Regular review and monitoring of mismatch between assets and liabilities and the acceptable tolerance limits for mismatch, if any.





Ensure that the management and valuation of all assets and liabilities comply with standards, prevailing legislation and internal and external reporting requirements.





Annually perform review of strategic asset allocation.





Review the key methodologies and assumptions including actuarial assumptions, used to value assets and liabilities





Manage the capital requirements at the company level using the regulatory solvency requirements





Review, approve and monitor capital plans and related decisions over capital transactions (e.g. dividend payments, acquisitions, disposals etc.)

17

Kotak Mahindra Old Mutual Life Insurance Limited



During the year four meetings of the Committee were held on July 15, 2016, September 30, 2016, January 16, 2017 and March 30, 2017.



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, Member

4

4

Mr. Sunil Sharma, Member

4

4

Mr. Sudhakar Shanbhag, Member

4

4

Mr. Cedric Fernandes, Member

4

3

5.

POLICYHOLDERS PROTECTION COMMITTEE



The Policyholders Protection Committee comprises of an 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:





Establish effective mechanism to address complaints and grievances of policyholders including mis-selling by intermediaries. Review of the mechanism at periodic intervals.





Review the measures and take steps to reduce customer complaints at periodic intervals.





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





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





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





Review of unclaimed amounts of Policyholders





Approve relocation, merger and closure of places of business of the Company





Review Regulatory requirements pertaining to Turn Around Times and adherence to the same





Review the monthly complaint reports filed during the quarter





Note the statistics on free look rejections and free look and outside free look cancellation cases and cancellations under new ULIP





Review of unclaimed amounts of Policyholders, as required under the Circulars and guidelines by the Authority;



As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:





Recommend a policy on customer education for approval of the Board and ensure proper implementation of the same.





Adopting standard operating procedures to treat the customer fairly including time-frames for policy and claims servicing parameters and monitoring implementation thereof.





Review of awards given by Insurance Ombudsman/ Consumer Forums on need basis.





Analyse the root cause of customer complaints, identify market conduct issues and advise the management appropriately about rectifying systemic issues, if any.





Review all the awards given by Insurance Ombudsman/Consumer Forums remaining unimplemented for more than three (3) months with reasons thereof and report the same to the Board for initiating remedial action, where necessary.





Review of Claims Report, including status of outstanding claims with ageing of outstanding claims on need basis.





Reviewing Repudiated claims with analysis of reasons.





Status of settlement of other customer benefit payouts like Surrenders, Loan, Partial withdrawal requests etc.

18

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited



During the year four meetings of the Committee were held on April 22, 2016, July 18, 2016, October 17, 2016 and January 20, 2017.



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, Member

4

3

Mr. Sunil Sharma, Member

4

4

Mr. Suresh Agarwal, Member

4

4



In view of movement of Ms. Elizabeth Venkataraman, EVP – Marketing from the Company to Kotak Mahindra Bank Limited, she ceased to be the Member of the Policyholders’ Protection Committee w.e.f. April 1, 2016.

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 one meeting of the Committee was held on October 18, 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

1

1

Mr. Prakash Apte, Member

1

1

Mr. Gaurang Shah, Member

1

1

7.

NOMINATION& REMUNERATION COMMITTEE



The Nomination & Remuneration Committee comprises of Three Independent Directors and Two Non - Executive Directors. 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.





The remuneration package shall be aligned appropriately with the performance objectives laid down for the Key Management Persons.



As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:





Ensure that the remuneration packages of the Key Management Persons of the company are as per the Remuneration Policy approved by the Board.





The Committee should scrutinize the declarations of intending applicants before the appointment/ reappointment/election of directors by the shareholders at the General Meetings and also scrutinize the applications and details submitted by the aspirants for appointment as the Key Management Persons.

19

Kotak Mahindra Old Mutual Life Insurance Limited



During the year one meeting of the Committee was held on May 12, 2016.



The details of the attendance of the Members at the Committee meetings are as follows: Name of Member of the Committee Mr. Prakash Apte, Chairman Mr. Uday Kotak, Member Mr. Paresh Parasnis, Member Ms. Anita Ramachandran, Member Mr. Shailesh Devchand, Member*

No. of meetings held during the tenure of the Member 1 1 1 1 1

No. of meetings attended by the Member 1 1 1 1 --



*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:





Review and approve 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.





Review 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).



As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:







During the year two meetings of the Committee were held on April 26, 2016 and March 30, 2017.



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

Determining the share of assets attributable to the policyholders, investment income attributable to the participating fund of policyholders and expenses allocated to the policyholders

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, Member

2

2

Mr. Sunil Sharma, Member

2

2

Mr. Cedric Fernandes, Member

2

2

Mr. Saket Singhal, Independent Actuary, Member

2

2

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



The Committee considers and approves the proposals for opening and operating bank accounts via resolutions passed by circulation. Hence, no meeting of the Committee was held during the Financial Year.

20

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

ADDITIONAL DISCLOSURES MANDATED BY CORPORATE GOVERNANCE GUIDELINES A.

FINANCIAL AND OPERATING RATIOS NAMELY, INCURRED CLAIM, COMMISSION AND EXPENSES RATIOS Particulars 1)

2)

Claims Ratio a.

Claims as % of Total Premium



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

8.13%

8.30%

b.

Surrender, Maturity and Survival Benefits as % of Total Premium

36.37%

37.62%

Commission Ratio New Business Commission as a % of New Business Premium

8.74%

9.29%

b.

Total Commission as a % of Total Premium

6.32%

6.50%

18.06%

19.99%

24.38%

26.49%

Year ending March 2017

Year ending March 2016

Actual Solvency Ratio

3.01

3.11

Required Solvency Ratio

1.50

1.50

Year ending March 2016

Year ending March 2015

85.22%

83.90%

Expenses Ratio a.

Policy holder expenses as a % of Total Premium

b.

Ratio of expenses of management

(3b = 2b + 3a) ACTUAL SOLVENCY MARGIN/RATIO DETAILS VIS–A-VIS THE REQUIRED MARGIN Particulars

C.

Year ending March 2016

a.

3)

B.

Year ending March 2017

CONSERVATION RATIO Particulars Conservation Ratio (Current Year Pure Renewal) / (Previous Year New Business Premium + Previous Year Pure Renewal)

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.

21

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

Claims O/S at Start of Year

March 2017

March 2016

Count

(` Cr)

Count

(` Cr)

159

12.088

131

11.30

Claims Intimated

49079

457.36

37,269

386.59

Claims Settled

48632

438.77

36,966

365.68

190

11.92

275

15.13

0

0

0

4.99

Claims Unclaimed* (in the Year)

378

13.85

0

0

Claims O/S from date of intimation at End of Year*

38

3.91

159

12.09

Less than 3 months

10

1.45

33

3.94

3 months and less than 6 months

1

0.13

21

0.99

6 months and less than 1 year

1

0.008

36

1.18

1 year and above#

26

2.33

69

5.98

Total

38

3.91

159

12.09

Claims Repudiated Claims Rejected

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



*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 to the best of my knowledge and information available with me, the Company has complied with the Guidelines on Corporate Governance for Insurance Companies issued by IRDAI vide its Circular No. IRDAI/F&A/GDL/CG/100/05/2016 dated May 18, 2016 and as amended from time to time and nothing has been concealed or suppressed.

C. Muralikrishna Company Secretary & Senior Vice President – Compliance & Risk Control Unit ACS-33585

22

Annual Report 2016-17

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, aged 58 years, holds a Bachelor’s degree in Commerce, and an MMS degree from Jamnalal Bajaj Institute of Management Studies, Mumbai. He 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 31 years, Kotak Mahindra group established a prominent presence in major areas of financial services including Banking, Stock broking, Investment banking, Car finance, Insurance and Asset Management. He is a member of 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 The Anglo Scottish Education Society (Cathedral & John Connon School). He is also a Governing Member of the Mahindra United World College of India. Mr. Kotak has been awarded the ‘EY World Entrepreneur of the Year Award’ in 2014 by Ernst & Young, ‘Economic Times Business Leader of the Year Award’ in 2015 by the Economic Times, ‘Best Transformational Leader Award 2015’ by Asian Centre for Corporate Governance Sustainability in 2016, and ‘Businessman of the Year 2016’ by Business India amongst many others.

Status of other Directorship

Kotak Mahindra Bank Limited The Mahindra United World College of India Kotak Securities Limited Kotak Mahindra Asset Management Company Limited Kotak Mahindra Capital Company Limited Kotak Mahindra Investments Limited Kotak Mahindra Prime Limited

Name

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

Qualification

B.Sc., F.I.A

Brief Details

Mr. Shailesh Devchand (B.Sc., F.I.A), 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 (including mergers and acquisitions 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 focusing 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. Thereafter, he was promoted to the role as Director: Asian Markets and then as Director Strategic Partnerships on behalf of Old Mutual Emerging Markets. Mr. Devchand currently holds the role of Programme Director – Managed Separation for Old Mutual’s Emerging Markets business.

Status of other Directorship

Old Mutual – Guo Dian Life Insurance Company Limited (China)

23

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 22 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. Syngenta India Limited is one of the leading Agri Business Companies in India reporting Annual Turnover of ` 2,976 crores for the financial year ended as on March 31, 2016 and Syngenta Group is one of the largest investor in agriculture research and a leading agri business across the world formed resulting from merger/demerger of Agri businesses belonging to Astra Zeneca and Novartis. Mr. Apte is also a Director on the Board of Kotak Mahindra Bank Limited from March 18, 2011 till date and the Chairman of the Audit Committee of the Kotak Mahindra Bank Limited from April 30, 2014 till date. Mr. Apte, in a career spanning over 35 years, has considerable experience in various areas of management and business leadership. He has varied knowledge in various aspects of business such as finance, operations excellence, vision & strategy development, business integration & transformation. Having worked at senior positions Mr. Apte possesses expertise on the business combined with remarkable finance acumen leading to a brilliant track record. 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 Syngenta India Ltd. Syngenta Foundation India Indo-Swiss Centre of Excellence

24

Annual Report 2016-17

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. 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 31 years with major strengths in strategy, project management, time bound execution and building robust & customer friendly servicing models.

Status of other Directorship

Piramal Foundation (Formerly known as 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 40 years of 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 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 Utkarsh Small Finance Bank Limited

25

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, B.E. (Electronics), PGDM-IIM, Ahmedabad, aged 56 years, is the Joint Managing Director of the Bank and has over 31 years of experience in the financial services sector, 25 years of which have been with the Kotak Group. Mr. Dipak Gupta is responsible for overseeing the wealth management business, alternative investments business which includes private equity funds and real estate funds, treasury and asset reconstruction business of the Bank. Mr. Dipak Gupta was responsible for leading the Kotak Group’s initiatives into the banking arena. He was the Executive Director of Kotak Mahindra Prime Limited. Prior to joining the Kotak Group, he was with A. F. Ferguson & Company.

Status of other Directorship

Kotak Mahindra Bank Limited Kotak Mahindra Investments Limited Kotak Mahindra Capital Company Limited Kotak Infrastructure Debt Fund Limited Kotak Mahindra Inc. Kotak Investments Advisors Limited Kotak Mahindra (UK) 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

26

Annual Report 2016-17

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 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

27

28

Annual Report 2016-17 Promoting Education & Livelihood

“Education and Livelihood. Implemented through Kotak Education and Livelihood. Implemented through Kotak Education Foundation (KEF), which was set up in 2007 with a purpose to support children and youth from underprivileged families through different education based interventions and skilling programmes. KEF takes a holistic and innovative approach to helping the urban poor break free from the vicious cycle of extreme poverty and generational disadvantages. The ‘Mid-day Meal ‘ programme catering to approximately 4764 students from 14 partner schools, provides nutritious meal to preprimary, 9th std and 10th std school children who are excluded from Government’s mid-day-meal programme. KEF has partnered with 37 schools, majority of which are Located in the poorest wards of Mumbai. KEF conducts intensive training / mentoring programme for Principals, Teachers, Students and Parents for sensitisation and empowerment. It also supports the schools with infrastructure like providing Hand wash points, replacement of roofs, water storage tanks, water purifiers, doors, windows, electrification etc. It has touched 38997 beneficiaries. Livelihood training is provided at 5 centres spread across the poorest neighbourhoods of the city. In 2016-17, 1108 aspirants were trained and several of them were placed at an average monthly salary of ` 10000/-”

Environmental Sustainability implemented through Sankalptaru Foundation - The trust undertook tree plantation programmes planting 15,000 saplings

Preventive Healthcare - Assistance provided through medical equipment for imparting medical emergency training to common public free of cost.

1

2

3

Chennai

Hyderabad, Bengaluru, Pune and Delhi NCR

Mumbai

500,000.00

4,500,000.00

7,500,000.00

492,753.00

2,320,250.00

6,360,000.00

7,427.00

168,750.00

938,000.00

Area of project Programme / Programme / Programme / implementation project wise project wise project wise (Name of the actual spend actual spend budgeted District / s, State amount during the during / s where project year – Direct the year – / programme expenditures Overheads was undertaken

TOTAL CSR SPEND U/S 135 OF THE COMPANIES ACT, 2013, DURING FY 2016-17

Preventive Healthcare

Environmental Sustainability

Sector in which the project is covered

Sl. CSR project/ activity No identified

Kotak Mahindra Old Mutual Life Insurance Limited

Corrporate Social Responsibilty Expenditure Statement - 31st March, 2017

12,500,000.00

500000 (Implemented through Saga Charitable Trust)

45,00,000 ( Implemented through Sankalptaru Foundation)

`1,05,00,000.00 (Out of this Sankalptaru Foundation has not utilised ` 20,11,000/. This will be used to meet direct expenditure and overheads in FY 2017-18) 500,000.00

75,00,000 ( Implemented through the Kotak Education Foundation-KEF)

Amount spent through implementing agency

`1,55,00,000.00 (Out of this, Kotak Education Foundation has not utilised `2,02,000/This will be used towards meeting expenses for FY 2017-18)

Cumulative Expenditure up to reporting period (since FY 2014-15)

Kotak Mahindra Old Mutual Life Insurance Limited

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, 2017 [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:



2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400 051



Toll Free Number : 18002098800

Email: [email protected]

vi)



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:-

III.

Whether listed company: No

Sl. No.

Name and Description of main products / services

1

Life Insurance

NIC Code of the Product/ service

% to total turnover of the company

65110

100%

PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES Sr. No.

Name And Address Of Company

1

Kotak Mahindra Bank Limited

CIN/GLN

Holding/ Subsidiary / Associate

% of shares held

Applicable Section

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

No. of Shares held at the

Shareholders

beginning of the year

No. of Shares held at the end of the year

% Change during the year

Demat

Physical

Total

% of Total

Demat

Physical

Total

Shares

% of Total

% of Total

Shares

Shares

A.

Promoters

(1)

Indian

a)

Individual/ HUF

-

-

-

-

-

-

-

-

-

b)

Central Govt

-

-

-

-

-

-

-

-

-

c)

State Govt (s)

d)

Bodies Corp.

11,73,66,753

e)

Banks / FI

f)

Any Other

Sub-total (A)(1):-

11,73,66,753

11,73,66,753

11,73,66,753

23%

26,02,48,044

26,02,48,044

51%

26,02,48,044

37,76,14,797

74%

11,73,66,753

11,73,66,753

23%

Nil

26,02,48,044

26,02,48,044

51%

Nil

26,02,48,044

37,76,14,797

74%

Nil

29

Kotak Mahindra Old Mutual Life Insurance Limited

Category of

No. of Shares held at the

Shareholders

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

-

-

-

-

-

-

-

-

-

-

13,26,75,452

13,26,75,452

26%

-

13,26,75,452

13,26,75,452

26%

Nil

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sub-total (A)(2):Total shareholding of Promoter (A) = (A) (1)+(A)(2)

Funds f)

Insurance Companies

g)

FIIs

h)

Foreign Venture Capital Funds

i)

-

-

-

-

-

-

-

-

-

Sub-total (B)(1):-

-

-

-

-

-

-

-

-

-

2.

Non- Institutions

-

-

-

-

-

-

-

-

-

a)

Bodies Corp.

-

-

-

-

-

-

-

-

-

i) Indian

-

-

-

-

-

-

-

-

-

ii)

Overseas

-

-

-

-

-

-

-

-

-

b)

Individuals

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

i)

Others (specify

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)

30

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited



(ii) Shareholding of Promoters Sr. No.

Shareholder’s Name

Shareholding at the beginning of the year No. of Shares

Shareholding at the end of the year

% 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.

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

Shareholding at the beginning of the year No. of shares % of total shares of the company -

Cumulative Shareholding during the year No. of shares % of total shares of the company -

-

-

-

-

-

-

-

-

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): Sr. No.

1

Name of Shareholder

Kotak Mahindra Bank Limited

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

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%

31

Kotak Mahindra Old Mutual Life Insurance Limited



(v) Shareholding of Directors and Key Managerial Personnel: Sr. No.

Name of Shareholder

1

Mr. Uday Kotak

2 3 4 5 6 7 8

Mr. Shailesh Devchand Mr. Shivaji Dam Mr. Prakash Apte Mr. Paresh Parasnis Ms. Anita Ramachandran Mr. David Buenfil Mr. Dipak Gupta

9

Mr. Gaurang Shah

10 11 12

Mr. G. Murlidhar Mr. Cedric Fernandes Mr. Muralikrishna Cheruvu

Shareholding at the beginning of the year No. of % of shares total shares 10 (jointly with Kotak Mahindra Bank Ltd.) 10 (jointly with Kotak Mahindra Bank Ltd.) 10 (jointly with Kotak Mahindra Bank Ltd.) -

Increase/ Decrease in Shareholding No. of shares

% of total shares -

-

-

-

-

-

-

Cumulative Shareholding during the year No. of % of shares total shares 10 (jointly with Kotak Mahindra Bank Ltd.) 10 (jointly with Kotak Mahindra Bank Ltd.) 10 (jointly with Kotak Mahindra Bank Ltd.) -

Shareholding at the end of the year No. of % of shares total shares 10 (jointly with Kotak Mahindra Bank Ltd.) 10 (jointly with Kotak Mahindra Bank Ltd.) 10 (jointly with Kotak Mahindra Bank Ltd.) -

V. INDEBTEDNESS

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

Indebtedness at the beginning of the financial year

Secured Loans excluding deposits

Unsecured Loans

Deposits

Total Indebtedness

-

-

-

-

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)

32

Annual Report 2016-17

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

1.

Gross salary*

Total

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

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

(c)

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

2.

Stock [email protected]

3.

Sweat Equity

4.

Commission

5.



- As % of profit



- Others

274.24 Cost included in 1 (b) above -

Others, please specify Employer Contribution towards PF Employer Contribution towards Superannuation

30.91

Employer Contribution towards NPS Gratuity

-

Cash Bonus

-

Total (A)

305.15

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.



* 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.



** 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.

1

2

Particulars of Remuneration

Total Amount

Mr. Prakash Apte

Mr. Paresh Parasnis

Mr. Shivaji Dam

Ms. Anita Ramachandran

4.70 3.00

3.00 3.00

-

2.10 3.00

9.80 9.00

7.70

6.00

4.60

5.10

18.80

• Fee for attending board committee meetings

-

-

3.20

-

3.20

• Commission

-

-

3.00

-

3.00

-7.70 7.70 NA

-6.00 6.00 NA

6.20 6.20 6.20 NA

-5.10 5.10 NA

6.20 25.0 25.0 NA

Independent Directors • Fee for attending board committee meetings • Commission* • Others Total (1) Other Non-Executive Directors

• Others Total (2) Total (B)=(1+2) Total Managerial Remuneration Overall Ceiling as per the Act

Name of Directors

*Subject to approval of Shareholders in General Meeting

33

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.

1.

Particulars of Remuneration for CFO and CS

Key Managerial Personnel Company Secretary

CFO

Total

5,832

8,524

14,356

Gross salary* (a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 (b) Value of perquisites under section Income-tax Act, 1961 (c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

2.

Stock Option @

3.

Sweat Equity

4.

Commission -As % of profit - Others

5.

Cost included in 1 (b) above

Others, please specify Employer Contribution towards PF Employer Contribution towards Superannuation

242

519

761

6,074

9,043

15,117

Employer Contribution towards NPS Cash Gratuity Total 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

-

-

-

-

-

Penalty

-

-

-

-

-

Punishment

-

-

-

-

-

Compounding

-

-

-

-

-

Penalty

-

-

-

-

-

Punishment

-

-

-

-

-

Compounding

-

-

-

-

-

B. DIRECTORS

C. OTHER OFFICERS IN DEFAULT

34

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

FORM NO. MR-3 SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2017 [Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014] To, The Members, KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Kotak Mahindra Old Mutual Life Insurance Limited (hereinafter called the “Company”). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing my opinion thereon. Based on my verification of the Kotak Mahindra Old Mutual Life Insurance Limited books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of Secretarial Audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on March 31, 2017 (‘Audit period’) complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: I have examined the books, papers, minute books, forms and returns filed and other records maintained by Kotak Mahindra Old Mutual Life Insurance Limited for the financial year ended on March 31, 2017 according to the provisions of: (i)

The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under; (iii) The Depositories Act, 1996 and the Regulations and Bye- Laws framed there under; (iv) Foreign Exchange Management Act, 1999 (‘FEMA’) and the Rules and Regulations made thereunder to the extent of Foreign Direct Investment, overseas Direct Investment and External Commercial Borrowings: There was no Foreign Direct Investment received, or overseas Direct Investment made or External Commercial Borrowings during the year. (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 were not applicable to the Company during the Audit Period as the Company is not a listed entity:

(a)

The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;



(b)

The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;



(c)

The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;



(d)

The Securities and Exchange Board of India (Share Based Employee Benefit) Regulations, 2014;



(e)

The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;



(f)

The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;



(g)

The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;



(h)

The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; and



(i)

The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(vi) The Company, being a Life Insurance Company, has complied with the Insurance Act, 1938 and Regulations, Guidelines and Directions issued by the Insurance Regulatory & Development Authority of India (IRDAI). The company has its own robust compliance system and the Company is also subject to monitoring by and reporting of compliances to IRDAI. (vii) Other laws to the extent applicable to the Company as per the representations made by the Company;

35

Kotak Mahindra Old Mutual Life Insurance Limited

I have also examined compliance with the applicable clauses of the following: (i) Secretarial Standards 1 and 2 issued by The Institute of Company Secretaries of India. During the period under review the Company has generally complied with the above mentioned Secretarial Standards issued by The Institute of Company Secretaries of India. During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, etc. mentioned above subject to the following observations: Companies Act 2013: 1.

The Company has incurred a total expenditure of Rupees 125 lacs during the year towards Corporate Social Responsibility activities. However such expenditure is less than two percent of its average net profits of last three immediately preceding financial years, as prescribed under Section 135 (5) of the Act.

2.

The Articles of Association of the Company prescribe that the Company must have at least twelve Directors of which 6 (six) shall be Independent Directors, 6(six) shall be Nominee Directors, of which 4(four) shall be nominated and appointed by Kotak Mahindra Bank Limited (erstwhile known as Kotak Mahindra Finance Limited) and its affiliates and 2(two) shall be nominated and appointed by Old Mutual PLC and its affiliates. However, presently the composition of the Board of the Company consist of 10(ten) Directors of which 3(three) are Independent Directors and 3(three) are Nominee Directors.



The Management has informed us that





it has been mutually agreed by both the parties to the Joint Venture to continue with the existing composition of the Board of Directors. Further, pursuant to the Guidelines on “Indian Owned and Controlled” issued by Insurance and Regulatory and Development Authority of India, an amendment to the Joint Venture Agreement has been executed by both the parties wherein an amended constitution of the Board of Directors has also been specified; and





the Company has already initiated steps for incorporating aforesaid amendments to the Articles of Association and in-principle approval has been obtained from Management of the Company and the Regulatory Authorities, while JV partners are reviewing it. Post receipt of specific approval for amendments to Articles of Association, the same shall be placed at the Board Meeting and Shareholders Meeting for their approval.

I further report that The Board of Directors of the Company is constituted in accordance with the provisions of the Companies Act, 2013. There were no changes in the composition of the Board of Directors that took place during the period under review. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least 7 days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Majority decision is carried through while the dissenting members’ views, if any, are captured and recorded as part of the minutes. I further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. I further report that during the audit period in my opinion, there are no specific events/actions having a major bearing on the company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc. referred to above. Place: Mumbai Date: 14.04.2017

Rupal Dhiren Jhaveri FCS No.: 5441 Certificate of Practice No.:4225

This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

36

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

Annexure A

To, The Members, KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

Our report of even date is to be read along with this letter. ‘Annexure A’

1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express an opinion on these secretarial records based on our audit. 2.

We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company. 4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc. 5.

The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.

6.

The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.

Place: Mumbai Date: 14.04.2017

Rupal Dhiren Jhaveri FCS No.: 5441 Certificate of Practice No.:4225

37

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, 2017, the related Revenue Account (also called the “Policyholders’ Account” or the “Technical Account”), the Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”), 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. In conducting 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:

38

Annual Report 2016-17

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, 2017;

ii.

in the case of the Revenue Account, of the net surplus for the year ended March 31, 2017;

iii.

in the case of the Profit and Loss Account, of the profit for the year ended March 31, 2017; and

iv.

in the case of the Receipts and Payments Account, of the receipts and payments for the year ended March 31, 2017.

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, 2017 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, 2017 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, 2017 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 Account, 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, the Insurance Act, the IRDA Act 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, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 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.

39

Kotak Mahindra Old Mutual Life Insurance Limited

(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, as amended in our opinion and to the best of our information and according to the explanations given to us:



i.

The Company has disclosed the impact of pending litigations on its financial position in its financial statements.



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.

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year.



iv.

The disclosure requirement as envisaged in Notification G.S.R 308(E) dated March 30, 2017 is not applicable to the Company - Refer Schedule 16 - Note 26(b).

For S.R. Batliboi & Associates LLP Chartered Accountants (Firm’s Registration No:101049W/E300004)

Sarvesh Warty Partner (Membership No: 121411) Mumbai, April 26, 2017

40

Annual Report 2016-17

For S. B. Billimoria & Co. Chartered Accountants (Firm’s Registration No: 101496W)

Rukshad N. Daruvala Partner (Membership No: 111188) Mumbai, April 26, 2017

Kotak Mahindra Old Mutual Life Insurance Limited

ANNEXURE A

TO THE INDEPENDENT AUDITOR’S REPORT (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, 2017 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. Auditors’ 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.

41

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, 2017, 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, 2017. 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 upon by us.

For S.R. Batliboi & Associates LLP Chartered Accountants (Firm’s Registration No:101049W/E300004)

Sarvesh Warty Partner (Membership No: 121411) Mumbai, April 26, 2017

42

Annual Report 2016-17

For S. B. Billimoria & Co. Chartered Accountants (Firm’s Registration No: 101496W)

Rukshad N. Daruvala Partner (Membership No: 111188) Mumbai, April 26, 2017

Kotak Mahindra Old Mutual Life Insurance Limited

INDEPENDENT AUDITOR’S CERTIFICATE To, The Board of Directors Kotak Mahindra Old Mutual Life Insurance Limited 2nd Floor, Plot # C 12, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Independent Auditors’ Certificate as referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ forming part of the Independent Auditors’ Report dated April 26, 2017. 1.

This certificate is issued to KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (the “Company”) in accordance with the terms of engagement letters dated July 13, 2016 (between S. B. Billimoria & Co. and the Company) and dated October 15, 2015 (between S. R. Batliboi & Associates LLP and the Company).

2.

This certificate is issued 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.

Management’s Responsibility 3.

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 “IRDAI”) 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 the aforesaid and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.

Independent Auditors’ Responsibility 4.

Our responsibility for the purpose of this certificate, is to provide reasonable assurance on the matters contained in paragraphs 3 and 4 of Schedule C of the IRDA Financial Statements Regulations read with Regulation 3 of the IRDA Financial Statements Regulations.

5.

We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) and Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI) in so far as applicable for the purpose of this Certificate. This Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

6.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion 7.

In accordance with the information, 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, 2017, we certify that:



a)

We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2017, and on the basis of our review, there is no apparent mistake or material inconsistencies with the financial statements;



b)

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 IRDAI;



c)

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, 2017, 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, 2017, the Company does not have reversions and life interests;

43

Kotak Mahindra Old Mutual Life Insurance Limited



d)

Based on the Management representation, the Company is not a trustee of any trust; and



e)

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.

Restriction on Use 8.

This certificate is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts in order to comply with the provisions of paragraph 3 and 4 of Schedule C of the IRDA Financial Statements Regulations read with Regulation 3 of the IRDA Financial Statements Regulations and is not intended to be and should not be used for any other purpose without our prior consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this Certificate is shown or into whose hands it may come without our prior consent in writing.

For S.R. Batliboi & Associates LLP Chartered Accountants (Firm’s Registration No:101049W/E300004)

Sarvesh Warty Partner (Membership No: 121411) Mumbai, April 26, 2017

44

Annual Report 2016-17

For S. B. Billimoria & Co. Chartered Accountants (Firm’s Registration No: 101496W)

Rukshad N. Daruvala Partner (Membership No: 111188) Mumbai, April 26, 2017

Kotak Mahindra Old Mutual Life Insurance Limited

INDEPENDENT AUDITOR’S CERTIFICATE To, The Board of Directors Kotak Mahindra Old Mutual Life Insurance Limited 2nd Floor, Plot # C 12, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Independent Auditors’ Certificate in accordance with Schedule I(B)(11)(d) to Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016 (the “IRDAI Regulations”). 1.

This Certificate is issued to KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (the “Company”) in accordance with the terms of engagement letters dated July 13, 2016 (between S. B. Billimoria & Co. and the Company) and dated October 15, 2015 (between S. R. Batliboi & Associates LLP and the Company).

2.

We, the Statutory Auditors’ of the Company have been requested by the Management of the Company to issue a certificate regarding the declaration and application of the Net Asset Value (“NAV”) of the schemes as at March 31, 2017 in terms Schedule I(B)(11)(d) to the IRDAI Regulations.

Management’s Responsibility 3.

The Management of the Company is responsible for compliance with the IRDAI Regulations for declaration and application of NAV of the schemes as at March 31, 2017, including preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes collecting, collating and validating data and the design, implementation and maintenance of internal control relevant to declaration and application of NAV of the schemes that is free from material misstatement, whether due to fraud or error and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.

Independent Auditors’ Responsibility 4.

Pursuant to the requirements of Schedule I(B)(11)(d) to the IRDAI Regulations, our responsibility is to provide a reasonable assurance as to whether:



a)

The Company has declared March 31, 2017 as a business day;



b)

The Company has declared NAV for March 31, 2017;



c)

The applications received on Friday, March 31, 2017 upto 3.00 p.m. has been stamped as such that the NAV of March 31, 2017 is applied for applications received upto 3.00 p.m.; and



d)

The applications received on Friday, March 31, 2017 after 3.00 p.m. has been stamped as such that the NAV of the immediate next business day i.e. April 03, 2017 is applied for applications received after 3.00 p.m

5.

We have conducted our examination in the following manner:



a)

Obtained representation from the management that the Company has declared March 31, 2017 as a business day for accepting application forms and that it has declared NAV for March 31, 2017;



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, 2017 (collectively referred to as “application forms”), from the Management;

45

Kotak Mahindra Old Mutual Life Insurance Limited



c)

Selected samples of application forms from listing mentioned in paragraph 5(b) above and verified whether:



i)

the applications received on Friday, March 31, 2017, upto 3.00 p.m. have been appropriately stamped; and the NAV of March 31, 2017 is applied for applications received by the Company upto 3.00 p.m. on Friday, March 31, 2017 for the selected samples; and



ii)

the applications received on Friday, March 31, 2017, after 3.00 p.m. hours have been appropriately stamped; and the NAV of April 3, 2017 is applied for applications received by the Company after 3.00 p.m. hours on Friday, March 31, 2017 for the selected samples.

6.

We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) and Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI) in so far as applicable for the purpose of this Certificate. This Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

7.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion 8.

On the basis of our examination and the information and explanations provided to us by the Company, in our opinion:



a)

The Company has declared NAV for March 31, 2017 which was a business day for accepting applications;



b)

The applications received on Friday, March 31, 2017 upto 3.00 p.m. have been stamped as such that the NAV of March 31, 2016 is applied for applications received upto 3.00 p.m.; and



c)

The applications received on Friday, March 31, 2017 after 3.00 p.m. have been stamped as such that the NAV of the immediate next business day i.e. April 3, 2017 is applied for applications received after 3.00 p.m.

Restriction on Use 9.

This opinion is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts as per Schedule I(B)(11)(d) to the IRDAI Regulations and is not intended to be and should not be used for any other purpose without our prior consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this opinion is shown or into whose hands it may come without our prior consent in writing.

For S.R. Batliboi & Associates LLP Chartered Accountants (Firm’s Registration No:101049W/E300004)

Sarvesh Warty Partner (Membership No: 121411) Mumbai, April 26, 2017

46

Annual Report 2016-17

For S. B. Billimoria & Co. Chartered Accountants (Firm’s Registration No: 101496W)

Rukshad N. Daruvala Partner (Membership No: 111188) Mumbai, April 26, 2017

Kotak Mahindra Old Mutual Life Insurance Limited

MANAGEMENT REPORT FOR THE YEAR ENDED MARCH 31, 2017

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, 2017: 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, 2018 and the registration certificate was valid on March 31, 2017 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 policyholders 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

47

Kotak Mahindra Old Mutual Life Insurance Limited

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:

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.



Operational Risk

c)



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

9.

48

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.

Operations in other countries: We hereby confirm that during the year ended March 31, 2017, your Company had no operations in other countries.

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

10. Ageing of claims:



a)

b)

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 2017

5

FY 2016

6

FY 2015

5

FY 2014

4

FY 2013

4

FY 2012

4

All ageing of mortality and morbidity claims registered and not settled as on March 31, 2017 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

16

15.57

9

38.27

30 days to 6 months

19

112.20

2

0.04

1

4.43

-

-

27

197.91

2

7.55

7

27.26

2

0.87

70

357.37

15

46.73

6 months to 1 year 1 year to 5 years 5 years and above Total

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 (a) of the audited Financial Statements for the year ended 31st March 2017.

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 shares as at the Balance sheet date are stated at the closing price on the NSE. If a share is not listed or traded on the NSE, the closing price on the BSE is used. 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 shares, units of mutual fund and Alternative Funds are taken to the “Fair Value Change Account” in the balance sheet.



All redeemable Unlisted 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.



49

Kotak Mahindra Old Mutual Life Insurance Limited



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 in the Revenue/Profit and Loss Account.



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 and Master Circular on preparation of Financial Statements and Filing Returns of Life Insurance Business issued by the IRDA are adhered to in this regard.



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 shares and exchange traded funds (ETF) as at Balance Sheet date are stated at the closing price on the NSE. If a share or ETF is not listed or traded on the NSE, the share price on BSE is used. 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.



All redeemable unlisted 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.

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 83.8% 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.

50

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited



b)

The assets held under management are `20,93,97,156 thousands as on March 31, 2017 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

1,39,32,096

87.8%

4,09,11,920

52.5%

1,46,13,342

12.6%

6,94,57,358

33.2%

3,50,975

2.2%

34,21,397

4.4%

36,23,485

3.1%

73,95,857

3.5%

13,76,476

8.7%

1,25,83,902

16.1%

2,62,55,011

22.7%

4,02,15,388

19.2%

AA+ and AA Rated

1,11,461

0.7%

34,05,677

4.4%

25,81,776

2.2%

60,98,914

2.9%

AA- and below Rated

1,00,220

0.6%

28,28,579

3.6%

-

0.0%

29,28,799

1.4%

-

0.0%

94,12,724

12.1%

6,03,14,099

52.2%

6,97,26,823

33.3%

4,312

0.0%

53,64,620

6.9%

82,05,085

7.1%

1,35,74,016

6.5%

1,58,75,540 100.0%

7,79,28,818

100.0% 11,55,92,797

100.0%

20,93,97,156

100.0%

Government securities Government Guaranteed & State Government Securities AAA Rated

Equity Others Grand Total

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.



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

c)

Sr No



d)

Fund Name

AUM in ‘000

1 Year Fund Return

1 Year Benchmark Return

3 Year Benchmark Return

1

Classic Opportunities Fund

2,32,33,784

24.7%

22.5%

19.8%

14.2%

2

Kotak Group Bond Fund

1,16,65,855

11.4%

11.1%

11.8%

11.3%

3

Kotak Opportunities Fund

1,11,82,184

24.0%

22.5%

19.2%

14.2%

4

Kotak Dynamic Bond Fund

1,07,63,402

10.9%

11.1%

11.3%

11.3%

5

Dynamic Floor Fund

1,03,02,757

14.6%

14.0%

10.2%

11.4%

6

Kotak Guaranteed Growth Fund

96,77,665

17.3%

15.3%

14.2%

12.0%

7

Dynamic Floor Fund II

63,61,653

15.2%

14.0%

10.3%

11.4%

8

Frontline Equity Fund

51,81,753

23.1%

21.2%

18.0%

12.3%

9

Kotak Group Balanced Fund

46,84,037

17.6%

17.3%

15.4%

12.2%

10

Kotak Aggressive Growth Fund

31,64,059

22.3%

21.2%

17.3%

12.3%

Performance of investment of Conventional portfolios over 1 year is given below Particulars



3 Year Fund Return

Yield Mar-17

Mar-16

Investments-Shareholders' Funds

8.7%

9.4%

Investments-Policyholders' Funds

8.6%

8.6%

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

51

Kotak Mahindra Old Mutual Life Insurance Limited

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, 2017 are given below: Sr. No.

Name of the Director/s

Entity in which Director is interested

Interested As

1

Mr.Uday Kotak,

Kotak Mahindra Bank Ltd

Executive Vice Chairman & Managing Director

Mr.Dipak Gupta

Joint Managing Director

Mr.Prakash Apte

Director

Expense during the financial year (`in lakhs) 18356.67

2

Mr. Uday Kotak

Kotak Securities Ltd

Chairman

139.59

3

Mr. Uday Kotak,

Kotak Mahindra Prime Ltd

Chairman

5.82

Mr. Dipak Gupta 4

Mr. Gaurang Shah ,

Director* Kotak Life Insurance Superannuation Fund

Trustees

24.56

Trustees

450.00

Mr. G. Murlidhar 5

Mr. Gaurang Shah, Mr. G. Murlidhar

Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund

6

Mr. Shivaji Dam

Kotak Education Foundation

Managing Trustee

7

Ms. Anita Ramachandran

Godrej and Boyce Manufacturing Company Ltd

Director

75.00 0.11

Total

19051.75

*Resigned w.e.f. 9th December 2016

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, 2017;



(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 Chairman Mumbai April 26, 2017

52

Annual Report 2016-17

G. Murlidhar Managing Director

Kotak Mahindra Old Mutual Life Insurance Limited

Registration No: 107; Date of Registration: January 10, 2001 FORM A-RA

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017 Policyholders’ Account (Technical Account) (Amounts in thousands of Indian Rupees) Particulars

Schedule

Premiums earned - net (a) Premium (b) Re-insurance ceded (c) Re-insurance accepted SUB-TOTAL Income from investments (a) Interest, Dividends and Rent Gross (b) Profit on sale/ redemption of investments (c) (Loss on sale/ redemption of investments) (d) Transfer/ Gain on revaluation/change in fair value* SUB-TOTAL Contribution from Shareholders’ Account (Refer Schedule 16 - Note 11) Other Income (a) Miscellaneous income (b) Profit on sale/disposal of fixed assets (Net) SUB-TOTAL TOTAL (A) Commission Operating Expenses related to Insurance Business Service Tax Expenditure Provision for doubtful debts Bad debts written off Provision for tax Provisions (other than taxation) (a) For diminution in the value of investments (Net) (b) For standard loan assets TOTAL (B) Benefits paid (net) Interim & Terminal Bonuses paid Change in valuation of liability in respect of life policies (a) Gross ** (b) Amount ceded in Reinsurance (c) Amount accepted in Reinsurance Provision for Linked Liabilities TOTAL (C) SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) APPROPRIATIONS Transfer to Shareholders' Account (Refer Schedule 16 - Note 10) Transfer to Other Reserve Balance being Funds for Future Appropriations Surplus after Appropriation TOTAL (D) SURPLUS/(DEFICIT) BROUGHT FORWARD Surplus after Appropriation SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET (a) Interim & Terminal Bonuses Paid (b) Allocation of Bonus to Policyholders (c) Surplus/ (Deficit) shown in the Revenue Account Total Surplus: [(a) + (b) + (c)]

1

2 3

4

Year ended

Year ended

March 31, 2017

March 31, 2016

51,395,481 (720,897) 50,674,584

39,716,819 (583,962) 39,132,857

9,213,980 9,618,090 (2,956,687) 8,043,394 23,918,777 27,718

7,688,158 7,222,059 (3,343,476) (6,407,316) 5,159,425 53,031

60,902 4,762 65,664 74,686,743 3,248,144 9,281,806 380,629 220,782

34,090 2,490 36,580 44,381,893 2,581,148 7,941,274 327,250 158,761

(8,703) 139 13,122,797 22,871,681 208,408

8,654 (830) 11,016,257 18,240,332 119,022

17,223,853 (22,088) 19,042,728 59,324,582 2,239,364

13,959,426 (34,966) (682,562) 31,601,252 1,764,384

2,030,560 208,804 2,239,364 1,578,986 208,804 1,787,790 208,408 1,336,777 208,804 1,753,989

1,652,252 (69,788) 181,920 1,764,384 1,397,066 181,920 1,578,986 119,022 968,037 181,920 1,268,979

* 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 16 The Schedules and accompanying notes are an integral part of this Revenue Account As 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 S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Chartered Accountants Chartered Accountants ICAI Firm Registration No : 101496W ICAI Firm Registration No : 101049W/E300004

For and on behalf of the Board of Directors Uday Kotak Shailesh Devchand Chairman Vice-Chairman DIN : 00007467 DIN : 03456041

Rukshad N. Daruvala Partner Membership No- 111188

G. Murlidhar Managing Director DIN : 03601196

Mumbai April 26, 2017

Sarvesh Warty Partner Membership No- 121411

Mumbai April 26, 2017

Cedric Fernandes Chief Financial Officer

Gaurang Shah Director DIN : 00016660 Sunil Sharma Appointed Actuary Muralikrishna Cheruvu Company Secretary

53

Kotak Mahindra Old Mutual Life Insurance Limited

Registration No: 107; Date of Registration: January 10, 2001 FORM A-PL

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017 Shareholders’ Account (Non-technical Account) (Amounts in thousands of Indian Rupees) Particulars

Schedule

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

Year ended March 31, 2017

Year ended March 31, 2016

2,030,560

1,652,252

1,244,779

1,048,879

Income from Investments (a) Interest, Dividends and Rent Gross (b) Profit on sale/ redemption of investments

25,282

60,949

(c) (Loss on sale/ redemption of investments)

(18,826)

(15,275)

1,251,235

1,094,553

SUB-TOTAL Other Income

-

-

3,281,795

2,746,805

35,315

23,640

-

-

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

-

-

(b) Provision for doubtful debts

-

9,600

TOTAL (A) Expenses other than those directly related to the insurance business

3A

Bad debts written off Provisions (other than taxation)

(c) Others

- Corporate Social Responsibility Expenditure (Refer Schedule 16 - Note 9 (b))

12,500



- Contribution to the Policyholders account (Refer Schedule 16 - Note 11)

27,718

53,031

75,533

86,271

3,206,262

2,660,534

173,533

153,065

TOTAL (B) Profit before tax Provision for taxation

- Current Year



- Deferred tax charge / (credit)

Profit after tax

-

-

3,032,729

2,507,469

Appropriations (a) Balance at the beginning of the year

9,591,170

7,083,701

(b) Interim dividends paid during the year

-

-

(c) Proposed final dividend

-

-

(d) Tax on dividend distributed

-

-

(e) Transfer to reserves/ other accounts

-

-

12,623,899

9,591,170

5.94

4.91

Profit / (Loss) carried to the Balance Sheet Earnings Per Share (Basic and Diluted) (in ` )( Nominal value `10) (Refer Schedule 16 - Note 21) 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 S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Chartered Accountants Chartered Accountants ICAI Firm Registration No : 101049W/E300004 ICAI Firm Registration No : 101496W

For and on behalf of the Board of Directors Uday Kotak Shailesh Devchand Chairman Vice-Chairman DIN : 00007467 DIN : 03456041

Rukshad N. Daruvala Partner Membership No- 111188

G. Murlidhar Managing Director DIN : 03601196

Mumbai April 26, 2017

54

Annual Report 2016-17

Sarvesh Warty Partner Membership No- 121411

Mumbai April 26, 2017

Cedric Fernandes Chief Financial Officer

Gaurang Shah Director DIN : 00016660 Sunil Sharma Appointed Actuary Muralikrishna Cheruvu Company Secretary

Kotak Mahindra Old Mutual Life Insurance Limited

Registration No: 107; Date of Registration: January 10, 2001 FORM A-BS

BALANCE SHEET AS AT MARCH 31, 2017 (Amounts in thousands of Indian Rupees) Particulars

SOURCES OF FUNDS Shareholders’ Funds: Share Capital Reserves and Surplus Credit/[Debit] Fair Value Change Account SUB-TOTAL Borrowings Policyholders’ Funds: Credit/[Debit] Fair Value Change Account Revaluation Reserve - Investment Property (Refer Schedule 16 - Note 15(d)) Policy Liabilities - Life Participating - Pension Participating - Life Non - Participating - Life Non - Participating Variable(VIP) - Pension Non - Participating Variable (VIP) - General Annuity - Unit Linked - Unit Linked Pension (Refer Schedule 16 - Note 4(a)) Insurance Reserves - Life Participating - Pension Participating (Refer Schedule 16 - Note 18) Provision for Linked Liabilities - Linked Liabilities - Credit/[Debit] Fair Value Change Account Funds for Discontinued policies (Refer Schedule 16 - Note 28) - Discontinued on account of non-payment of premium - Others SUB-TOTAL Funds for Future Appropriation:- Linked Liabilities TOTAL APPLICATION OF FUNDS Investments – Shareholders’ – Policyholders’ Assets Held to Cover Linked Liabilities Loans Fixed Assets Current Assets Cash and Bank Balances Advances and Other Assets SUB-TOTAL (A) Current Liabilities Provisions SUB-TOTAL (B) Net Current Assets (C) = (A-B) Miscellaneous Expenditure (To the extent not written off or adjusted) Debit Balance in Profit and Loss Account (Shareholders’ Account) TOTAL Contingent liabilities - Refer note 5 of Schedule 16 Significant accounting policies and Notes to the accounts The Schedules and accompanying notes are an integral part of this Balance Sheet.

Schedule

As at March 31, 2017

As at March 31, 2016

5,102,902 13,144,262 18,247,164 -

5,102,902 10,111,533 15,214,435 -

1,820,906 203,345

360,313 203,345

5 6 7

29,529,619 689,589 34,954,377 640,061 1,971,278 583,045 1,780,842 204,509

70,353,320

23,739,260 699,138 23,749,152 1,202,977 1,548,858 298,169 1,735,590 178,411

53,151,555

1,590,289 197,501

1,787,790

1,423,254 155,732

1,578,986

100,055,198 13,852,657

113,907,855

89,137,142 5,809,263

94,946,405

1,684,942 189,758,158 208,005,322

1,603,664 151,844,268 167,058,703

8 8A 8B 9 10

15,875,540 76,397,747 115,592,797 1,531,071 618,135

13,996,388 57,305,109 96,550,069 1,507,576 440,720

11 12

3,240,195 4,814,896 8,055,091 9,748,840 316,219 10,065,059 (2,009,968) 208,005,322

2,216,363 3,793,512 6,009,875 8,485,428 265,606 8,751,034 (2,741,159) 167,058,703

13 14 15

16

As per our report of even date attached. For S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Chartered Accountants Chartered Accountants ICAI Firm Registration No : 101049W/ E300004 ICAI Firm Registration No : 101496W

For and on behalf of the Board of Directors Uday Kotak Shailesh Devchand Chairman Vice-Chairman DIN : 00007467 DIN : 03456041

Rukshad N. Daruvala Partner Membership No- 111188

G. Murlidhar Managing Director DIN : 03601196

Mumbai April 26, 2017

Sarvesh Warty Partner Membership No- 121411

Mumbai April 26, 2017

Cedric Fernandes Chief Financial Officer

Gaurang Shah Director DIN : 00016660 Sunil Sharma Appointed Actuary Muralikrishna Cheruvu Company Secretary

55

Kotak Mahindra Old Mutual Life Insurance Limited

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

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017 (Amounts in thousands of Indian Rupees)

Particulars

Schedule

Cash Flows from Operating Activities Premium and Other receipt from Customer Payments of other operating expenses Payments of commission and brokerage Deposits, advances and staff loans Payments to the re-insurers, net of commissions and claims Payment of Claims Income taxes paid (Net) Service Tax paid Net cash flow from Operating Activities (A) Cash Flows from Investing Activities Purchase of fixed assets Proceeds on sale of fixed assets Interest and Dividend received on Investments (net of interest expended on purchase of investments) Purchase of Investment Sale of Investment Investments in money market instruments and in liquid mutual funds (Net) Loans disbursed Net cash flow from Investing Activities (B) Cash Flows from Financing Activities Proceeds from issue of Share Capital Net cash flow from Financing Activities (C) Net increase / (decrease) in Cash and Cash Equivalents ( A+B+C) Cash and cash equivalents at the beginning of the year Cash and Cash Equivalents at end of year Notes: (a) Cash and cash equivalents at the end of the year includes: Cash (including cheques on hand, drafts and stamps) Bank Balances (including deposits) Other short term investment (maturing within 3 months) (Forming part of investments as per schedule 8, 8A and 8B)

Year ended March 31, 2017

Year ended March 31, 2016

51,718,735 (8,379,035) (3,001,774) (14,511) (250,277) (23,433,633) (399,558) (461,968) 15,777,979

40,014,479 (7,285,166) (2,459,128) (94,512) (193,367) (18,997,005) (306,136) (411,570) 10,267,595

(454,077) 7,049 10,133,030 (305,459,412) 280,275,367 (560,600) 11,135 (16,047,508)

(260,141) 3,863 8,224,324 (299,735,392) 282,573,531 2,558,764 (37,659) (6,672,710)

(269,529) 9,597,724 9,328,195

3,594,885 6,002,839 9,597,724

1,149,201 2,090,994 6,088,000

658,026 1,511,398 7,428,300

9,328,195 9,597,724 Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance (Schedule - 11) Cash & Cash Equivalent 9,328,195 9,597,724 Add : Deposit Account - Others (More than 3 months) 46,939 Less : Other Short Term Investment (maturing within 3 months) 6,088,000 7,428,300 Cash & Bank Balance as per Schedule -11 3,240,195 2,216,363 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 Account As per our report of even date attached. For S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Chartered Accountants Chartered Accountants ICAI Firm Registration No:101049W/ E300004 ICAI Firm Registration No : 101496W

For and on behalf of the Board of Directors Uday Kotak Shailesh Devchand Chairman Vice-Chairman DIN : 00007467 DIN : 03456041

Rukshad N. Daruvala Partner Membership No- 111188

G. Murlidhar Managing Director DIN : 03601196

Mumbai April 26, 2017

56

Annual Report 2016-17

Sarvesh Warty Partner Membership No- 121411

Mumbai April 26, 2017

Cedric Fernandes Chief Financial Officer

Gaurang Shah Director DIN : 00016660 Sunil Sharma Appointed Actuary Muralikrishna Cheruvu Company Secretary

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 1 : Premium (Amounts in thousands of Indian Rupees) Year ended March 31, 2017

Year ended March 31, 2016

First year Premium

20,825,348

16,466,849

Renewal Premium

22,898,047

17,620,187

Single Premium

7,672,086

5,629,783

Total Premium

51,395,481

39,716,819

Year ended March 31, 2017

Year ended March 31, 2016

First year Premium

2,439,596

2,029,168

Renewal Premium

757,525

528,126

51,023

23,854

3,248,144

2,581,148

Add: Commission on Re-insurance accepted

-

-

Less: Commission on Re-insurance ceded

-

-

3,248,144

2,581,148

Year ended March 31, 2017

Year ended March 31, 2016

Agents

1,510,742

1,116,279

Brokers

148,999

150,689

1,588,403

1,314,188

-

(8)

3,248,144

2,581,148

Particulars

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 Commission Paid

Single Premium Sub-total

Net Commission Breakup of Gross Commission Particulars

Corporate Agents Referral Total Note : (a)

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

57

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 3 : Operating Expenses related to Insurance Business (Amounts in thousands of Indian Rupees) Particulars 1 Employees’ remuneration and welfare benefits (Refer Note-(b) below) 2 Travel, conveyance and vehicle running expenses 3 Rent, Rates and Taxes 4 Repairs 5 Printing and Stationery 6 Communication expenses 7 Legal and Professional charges 8 Medical fees 9 Auditors’ fees, expenses etc. (a) as auditor (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) 10 Advertisement and publicity 11 Interest and Bank charges 12 Others : Electricity charges Stamp Duty Training expenses Sales Promotion and Distribution expenses Information Technology expenses Recruitment expenses Membership and Subscription Fees Service Tax Expenses General administration and other expenses 13 Depreciation Total

Year ended March 31, 2017 5,510,775 207,372 469,953 163,466 101,829 134,018 173,179 38,569

Year ended March 31, 2016 4,503,423 188,344 432,073 132,823 78,988 119,285 149,840 27,782

6,871

4,919

388 477,660 29,076

183 577,753 29,507

100,012 227,151 59,084 857,291 208,007 47,738 12,646 33,634 149,031 274,056 9,281,806

98,537 185,466 79,765 756,400 198,364 45,199 5,855 15,806 95,875 215,087 7,941,274

Year ended March 31, 2017 20,676 26 966 15 14 647 448 318 12,205 35,315

Year ended March 31, 2016 14,403 14 289 12 11 462 451 218 7,780 23,640

Notes: a) Refer Schedule 16 - Note 2(k) for accounting policy on segment reporting and Note 24 b) Refer Schedule 16 - Note 2(h) for accounting policy on Employee Benefits and Notes 6, 22 and 30 c) Refer Schedule 16 - Note 24(b) SCHEDULE 3A : Expenses other than those directly related to Insurance Business (Amounts in thousands of Indian Rupees) Particulars 1 Employees’ remuneration and welfare benefits 2 Travel, conveyance and vehicle running expenses 3 Rent, Rates and Taxes 4 Printing and Stationery 5 Communication expenses 6 Legal and Professional charges 7 Interest and Bank charges 8 Depreciation 9 Other expenses ( including directors fees and profit related commission ) Total

58

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 4 : Benefits Paid (Net) (Amounts in thousands of Indian Rupees) Particulars

Year ended March 31, 2017

Year ended March 31, 2016

1.

Insurance Claims



(a)

Claims by Death

4,577,589

3,730,081



(b)

Claims by Maturity

5,563,982

3,380,472



(c)

Annuities/ Pension payment

22,585

13,562



(d)

Other Benefits



- Survival Benefits



- Surrenders

434,839

944,406

11,960,422

9,587,931



- Discontinuance payments

712,100

1,015,687



- Riders

4,909

4,924

- Claim Investigation Fees

6,633



- Others (Refer note (c) below)

6,909

49,459

17,416

23,332,518

18,701,388



Sub Total (A)

2.

Amount ceded in reinsurance



(a)

Claims by Death

(460,580)

(460,968)



(b)

Claims by Maturity

-

-



(c)

Annuities/ Pension payment

-

-



(d)

Other Benefits

-

-

- Survival Benefits

-

-

- Surrenders

-

-



-

-

(257)

(88)



- Discontinuance payments

- Riders - Others

-

-

(460,837)

(461,056)

Claims by Death

-

-

Claims by Maturity

-

-

(c)

Annuities/ Pension payment

-

-

(d)

Other Benefits

-

-

- Survival Benefits



Sub Total (B)

3.

Amount accepted in reinsurance



(a)



(b)





-

-

- Surrenders

-

-



-

-

- Riders

-

-

- Others

-

-

- Discontinuance payments



Sub Total (C)



Total (A)+(B)+(C)

-

-

22,871,681

18,240,332

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

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 5 : Share Capital (Amounts in thousands of Indian Rupees) As at March 31, 2017

As at March 31, 2016

`10 each

6,250,000

6,250,000

`10 each

5,102,902

5,102,902

`10 each

5,102,902

5,102,902

`10 each

5,102,902 5,102,902

5,102,902 5,102,902

Particulars Authorized Capital 625,000,000 (2016 – 625,000,000) Equity Shares of Issued Capital 510,290,249 (2016 – 510,290,249) Equity Shares of Subscribed Capital 510,290,249 (2016 – 510,290,249) Equity Shares of Called-up Capital 510,290,249 (2016 – 510,290,249) Equity Shares of 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 Notes: (a)

Of the above, 260,248,044 (2016 – 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 (2016-54,000,000) and 63,366,753 (2016-63,366,753) 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 Shareholders Promoters - Indian - Foreign Others Total

As at March 31, 2017 Number of Shares % Holding

377,614,797 132,675,452 510,290,249

74% 26% 100%

As at March 31, 2016 Number of Shares % Holding

377,614,797 132,675,452 510,290,249

74% 26% 100%

As at March 31, 2017 520,363 12,623,899 13,144,262

As at March 31, 2016 520,363 9,591,170 10,111,533

SCHEDULE 6 : Reserves and Surplus (Amounts in thousands of Indian Rupees) Particulars Capital Reserve Capital Redemption Reserve Securities Premium 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 Total

60

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 7 : Borrowings (Amounts in thousands of Indian Rupees) Particulars Debentures/ Bonds Banks Financial Institutions Others Total

As at March 31, 2017 -

As at March 31, 2016 -

As at March 31, 2017

As at March 31, 2016

13,898,013 401,529

10,735,447 402,310

85,511 -

427,452 -

1,188,927

1,701,646

100,220 15,674,200

100,304 13,367,159

34,084 -

7,818 -

4,312 32,012 -

242,014 239,324 -

130,932

140,073

201,340 15,875,540

629,229 13,996,388

SCHEDULE 8 : Investments - Shareholders’ (Amounts in thousands of Indian Rupees) Particulars LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (including Fixed Deposits) (f) Subsidiaries (g) Investment Properties – Real Estate Investment in Housing & infrastructure sector (a) Equity (b) Others Other than Approved Investments (a) Equity (b) Others Total SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (including Fixed Deposits) (f) Subsidiaries (g) Investment Properties – Real Estate Investment in Housing & infrastructure sector (a) Equity (b) Others Other than Approved Investments (a) Equity (b) Others Total Grand Total

61

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS Particulars In India Outside India Particulars (a) (b) (c) (d) (e)  

Investment in Holding Company - Kotak Mahindra Bank Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investments in units of the funds of Kotak Mahindra Asset Management Company Ltd - Investment in Kotak Mahindra Prime Ltd in Debentures Investment made out of Catastrophe reserve Particulars of Investment other than Listed Equity Securities:- Cost - Market Value The historical cost of those Investments whose reported valued is based on fair value is as given below - Reported Value Historical Cost (f)   Refer Schedule 16 – Note 2(e) for accounting policy on investments (g) Refer Schedule 16 – Note 15(b) (h)   Refer Schedule 16 – Note 12 for securities held as margin

As at March 31, 2017 15,875,540 -

As at March 31, 2016 13,996,388 -

As at March 31, 2017 -

As at March 31, 2016 -

1,638 -

50,006

15,875,540 16,854,994

13,996,388 14,293,175

4,312 4,312

-

As at March 31, 2017

As at March 31, 2016

40,908,023 4,957,757

34,967,482 1,044,014

7,321,624 3,425,385 924,040 1,785,251

4,937,320 2,177,445 341,080 698,424

184,754 9,856,811

99,559 8,644,573

1,906,346 2,931,341 74,201,332

658,010 896,649 54,464,556

SCHEDULE 8A : Investments - Investments- Policyholders’ (Amounts in thousands of Indian Rupees) Particulars LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (including Fixed Deposits) (f) Subsidiaries (g) Investment Properties – Real Estate Investment in Housing & infrastructure sector (a) Equity (b) Others Other than Approved Investments (a) Equity (b) Others Total

62

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS Particulars SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (including Fixed Deposits) (f) Subsidiaries (g) Investment Properties – Real Estate Investment in Housing & infrastructure sector (a) Equity (b) Others Other than Approved Investments (a) Equity (b) Others Total Grand Total

Particulars In India Outside India Particulars (a) Investment in fixed deposits/ debentures Holding Company - Kotak Mahindra Bank Ltd

As at March 31, 2017

As at March 31, 2016

3,897 -

186 -

596,688

-

259,657 827,570 -

782,358 1,762,677 -

508,603

295,332

2,196,415 76,397,747

2,840,553 57,305,109

As at March 31, 2017

As at March 31, 2016

76,397,747

57,305,109

-

-

As at March 31, 2017 100,871

As at March 31, 2016 -

(b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates

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

193,362

-



- Investment in Kotak Mahindra Prime Ltd in Debentures

-

-

(c)

Investment made out of Catastrophe reserve

-

-

(d) Particulars of Investment other than Listed Equity Securities:

-

Cost

67,494,755

51,610,876



-

Market Value

70,495,204

52,868,187

(e)

The historical cost of those Investments whose reported valued is based on fair value is as given below (including unlisted equity and preference shares)



-

Reported Value

12,226,369

6,640,367



-

Historical Cost

10,202,120

6,085,411

(f)   Refer Schedule 16 – Note 2(e) for accounting policy on investments (g) Refer Schedule 16 – Note 15(b) (h)   Refer Schedule 16 – Note 12 for securities held as margin

63

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 8B : Assets Held to Cover Linked liabilities (Amounts in thousands of Indian Rupees) Particulars LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (including Fixed Deposits) (f) Subsidiaries (g) Investment Properties – Real Estate Investment in Housing & infrastructure sector (a) Equity (b) Others Other than Approved Investments (a) Equity (b) Others Total SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills Other Approved Securities Other Investments (a) Shares (aa) Equity (bb) Preference (b) Mutual Funds (c) Derivative Instruments (d) Debentures/ Bonds (e) Other Securities (including Fixed Deposits) (f) Subsidiaries (g) Investment Properties – Real Estate Investments in Infrastructure and Social Sector (a) Equity Shares (b) Others Other than Approved Investments (a) Equity Shares (b) Others Net Current Assets Total Grand Total Particulars In India Outside India

64

Annual Report 2016-17

As at March 31, 2017

As at March 31, 2016

12,947,799 9,005,173

20,780,612 1,697,101

49,524,923 12,536 7,952,139 -

42,293,521 11,939 3,415,793 -

2,402,269 10,910,456

2,011,886 4,875,875

8,374,370 101,129,665

5,528,640 80,615,367

1,665,543 -

3,190,379 -

4,336,237 1,320,592 2,116,676 -

1,181,365 7,420,004 -

1,255,934

2,120,469

3,768,150 14,463,132 115,592,797

2,022,485 15,934,702 96,550,069

As at March 31, 2017 115,592,797 -

As at 31, March 2016 96,550,069 -

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS Note Particulars (a) (b)

Investment in Holding Company - Kotak Mahindra Bank 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" - Investment in Kotak Mahindra Prime Ltd in Debentures (c) Investment made out of Catastrophe reserve (d) Particulars of Investment other than Listed Equity Securities:- Cost - Market Value (e)  The historical cost of those Investments whose reported valued is based on fair value is as given below (excluding net current assets) - Reported Value - Historical Cost (f) Other Than Approved Investments (a) Equity includes Exchange Traded Funds (g) Refer Schedule 16 – Note 2(e) for accounting policy on investments (h) Refer Schedule 16 – Note 15(b) (i) Refer Schedule 16 – Note 12 for securities held as margin

As at March 31, 2017 -

As at March 31, 2016 -

3,324,384

1,663,712

1,558,485 -

200,776 -

51,160,284 51,510,549

44,160,705 44,771,163

111,824,647 97,905,609 3,816,479

94,527,584 88,609,072 2,864,141

As at March 31, 2017

As at March 31, 2016

1,027,243 203,828 300,000 1,531,071

892,613 214,963 400,000 1,507,576

300,000 1,027,243 203,828 1,531,071

400,000 892,613 214,963 1,507,576

1,531,071 -

1,507,576 -

1,531,071

1,507,576

515,123 1,015,948 1,531,071

405,755 1,101,821 1,507,576

SCHEDULE 9 : Loans (Amounts in thousands of Indian Rupees) Particulars SECURITY–WISE CLASSIFICATION Secured (a) On mortgage of property (aa) In India (bb) Outside India (b) On Shares, Bonds, Govt. Securities etc. (c) Loans against policies (d) Others Unsecured Total BORROWER-WISE CLASSIFICATION (a) Central and State Governments (b) Banks and Financial Institutions (c) Subsidiaries (d) Companies (e) Loans against policies (f) Others- Employees Total PERFORMANCE-WISE CLASSIFICATION (a) Loans classified as standard (aa) In India (bb) Outside India (b) Non-standard loans less provisions (aa) In India (bb) Outside India Total MATURITY-WISE CLASSIFICATION (a) Short term (b) Long Term Total Commitments made and outstanding for Loans ` Nil ( 2016- ` 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.

65

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 10 : Fixed Assets (Amounts in thousands of Indian Rupees) Cost/ Gross Block

Goodwill Intangibles - Software * #

Depreciation

On Sale/ As at As on Additions Adjustment March 31, April 1, 2017 2016

Particulars

-

-

1,176,602

214,744

-

-

As on April 1, 2016

Net Block

For the On Sale/ year Adjustment

-

-

- 1,391,346 1,031,407

138,621

As at As at As at March March March 31, 2017 31, 2017 31, 2016

-

-

- 1,170,028

-

-

221,318 145,195

Land-Freehold

-

-

-

-

-

-

-

-

-

-

Leasehold property

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Furniture and fittings **

Buildings

418,437

102,347

28,254

492,530

323,760

39,410

27,036

336,134

156,396

94,677

Information technology equipment

436,120

82,363

24,917

493,566

341,580

67,616

24,780

384,416

109,150

94,540

69,548

26,050

13,291

82,307

42,215

15,464

12,785

44,894

37,413

27,333

11,966

169,041

11,540

118,096

50,945

29,887

Vehicles Office equipment

146,260

34,747

116,373

13,263

2,246,967

460,251

78,428 2,628,790 1,855,335

274,374

76,141 2,053,568

575,222 391,632

Grand Total

2,246,967

460,251

78,428 2,628,790 1,855,335

274,374

76,141 2,053,568

618,135 440,720

Previous Year

2,026,062

272,041

51,136 2,246,967 1,689,793

215,304

49,762 1,855,335

440,720

Capital Work-in-progress

42,913

49,088

* 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 Cash (including cheques on hand, drafts and stamps)

As at March 31, 2017 1,149,201

As at March 31, 2016 658,026

46,939

Bank Balances (a) Deposit Accounts

(aa) Short-term (due within 12 months of the date of Balance Sheet)

-



(bb) Others

-

-

2,090,994

1,511,398

-

-

(a) With Banks

-

-

(b) With other Institutions

-

-

3,240,195

2,216,363

-

-

3,240,195

2,216,363

(b) Current accounts (c) Others Money at Call and Short Notice

Total Balance with non-scheduled banks included above Cash and Bank balance In India Outside India Total

66

Annual Report 2016-17

-

-

3,240,195

2,216,363

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) As at March 31, 2017

As at March 31, 2016

Reserve deposits with ceding companies

-

-

Application money for investments

-

-

57,488

61,304

-

-

163,357

158,121

135,041

141,721

Particulars ADVANCES

Prepayments Advance to Directors/ Officers Advance tax paid and Tax deducted at source (Refer Note (a) below) Others :Advances to suppliers Advances to employees

31,191

48,908

387,077

410,054

Income accrued on investments

2,129,930

1,802,174

Outstanding Premiums

1,233,111

957,133

4,600

4,600

-

-

10,244

25,820

Due from subsidiaries/ holding company

-

-

Deposits pursuant to Section 7 of Insurance Act, 1938

-

-

Security and other deposits

345,603

317,114

Service Tax Unutilised Credit

48,023

9,706

Total (A) OTHER ASSETS

Agents Balances (Net) (Refer Note (b) below) Foreign Agencies Balances Due from other entities carrying on insurance business (including reinsurers)

Others :-

Investment -Unclaimed

323,733

-

Other Receivables

332,575

266,911

Total (B)

4,427,819

3,383,458

Total (A + B)

4,814,896

3,793,512

As at March 31, 2017

As at March 31, 2016

Notes: (a) - Advance tax paid and Taxes deducted at source Particulars Provision for Tax

(434,859)

(40,544)

Advance Tax and Tax deducted at source

598,216

198,665

Total

163,357

158,121

67

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (b)

- Agent balances Particulars Commission receivable Provision for commission receivable Net

As at March 31, 2017

As at March 31, 2016

48,795

44,204

(44,195)

(39,604)

4,600

4,600

As at March 31, 2017

As at March 31, 2016

586,407

427,706

32,648

6,810

SCHEDULE 13 : Current Liabilities (Amounts in thousands of Indian Rupees) Particulars Agents’ balances Balance due to other insurance companies (net) Deposits held on re-insurance ceded

-

-

64,105

55,544

2,191,336

1,654,288

71,520

54,703

5,823

4,541

Claims outstanding

735,058

643,762

Unclaimed Amount of Policy Holders (Refer Note (a) below)

323,733

308,700

3,146

2,183

-

-

3,262,295

2,631,108

145,921

136,571

36,235

30,419

- Refunds Payable

126,249

76,463

- Security Deposit

58,448

35,310

233,969

1,379,856

- Payable to unit linked fund (Refer Note (b) below)

1,871,947

1,037,464

Total

9,748,840

8,485,428

Premium received in advance Unallocated premium (proposals/policy deposits) Sundry creditors Due to Holding company / Fellow Subsidiary

Annuities due Due to Officers / Directors Others: - Expenses Payable - Taxes deducted at source, payable - Statutory dues payable

- Payable towards investments purchased

Notes: a)

Refer Schedule 16 - Note 27

b)

Refer Schedule 16 - Note 15(c)

68

Annual Report 2016-17

Kotak Mahindra Old Mutual Life Insurance Limited

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

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS SCHEDULE 14 : Provisions (Amounts in thousands of Indian Rupees) Particulars For taxation (less payments and taxes deducted at source)-Refer Note (a) below

As at March 31, 2017

As at March 31, 2016

134,568

134,575

For proposed dividends

-

-

For dividend distribution tax

-

-

-

-

153,823

112,410

22,519

13,451

5,309

5,170

316,219

265,606

As at March 31, 2017

As at March 31, 2016

Provision for Tax

1,016,556

1,016,556

Advance Tax and Tax deducted at source

(881,988)

(881,981)

134,568

134,575

As at March 31, 2017

As at March 31, 2016

Discount Allowed in issue of shares/ debentures

-

-

Others

-

-

Total

-

-

Others :Provision for gratuity Provision for compensated absences Provision for employee benefits Provision for standard loan assets Total Notes: (a) Provision for taxes Particulars

Total SCHEDULE 15 : Miscellaneous Expenditure (To the extent not written off or adjusted) (Amounts in thousands of Indian Rupees) Particulars

69

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, 2017 (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. Riders providing additional benefits are offered under some of these 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 license is valid as on March 31, 2017 and the same continues to be inforce.

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”), the Master Circular on Preparation of Financial Statements and Filing of Returns of Life Insurance Business Ref No. IRDA/F&A/Cir/232/12/2013 dated December 11, 2013 (‘the Master Circular’), circulars/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. The Company has prepared these financial statements to comply in all material respects with the Accounting Standards under Section 133 of the Companies Act, 2013 read with paragraph 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year except for the changes, if any, in accounting policies disclosed hereafter.



The preparation of financial statements 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. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from the estimates.



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.



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.

70

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

Reinsurance premium ceded and commission thereon



Reinsurance premium ceded is accounted on due basis at the time when related premium income is accounted for.



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



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. Costs related to operating and maintenance of investment property are recognised as expense in the Revenue Account.



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.



Benefits Paid

(c)





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 Actuarial Practice Standards of the Institute of Actuaries of India.



(ii)

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

71

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

(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 and the regulations framed there under, the Insurance Regulatory and Development Authority Act, 1999, Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016 , 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 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 ‘exrights 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.’



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

ii)



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.



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

iii)

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.



Equity Shares and Preference 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 shares as at Balance Sheet date are stated at the closing price on the NSE. If any share is not listed

72

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) or traded on the NSE, the share price on BSE is used. Unlisted shares or 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 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 Shares includes the accumulated changes in the fair value previously recognised under “Fair Value Change Account”.

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 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.



Valuation -Unit Linked Business

iv)

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 & Collateralized Lending & Borrowing Obligation (CBLO) are amortised over the period to maturity on internal rate of return basis. Unrealised gains and losses on such valuations are recognised in the respective scheme’s Revenue Account.



Shares and Exchange Traded Funds (ETF)



The Company has adopted the NSE as the primary exchange and BSE as the secondary exchange. Listed shares, preference shares and ETF as at Balance Sheet date are stated at the closing price on the NSE. If any share or ETF is not listed or traded on the NSE, the share price on BSE is used. 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 on such valuations are recognised in the respective scheme’s Revenue Account.

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Unlisted 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. Unrealised gains and losses on such valuations are recognised in the respective scheme’s Revenue Account.



Fixed deposits with Banks



Fixed deposits with Banks are valued at cost.



Transfer of Investments

v)





(f) Loans





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.

Loans are stated at historical cost (net of repayments), subject to provision for impairment losses and Non Performing Assets (NPA), if any. Norms laid down under circular No 32/2/F&A/ circular/169/Jan/2006-07 issued by the IRDAI are adhered to in this regard.

(g) Property, Plant and Equipment, Intangible Assets and Depreciation / Amortisation



Property, plant and Equipment are stated at acquisition cost inclusive of incidental expenses, net of accumulated depreciation and accumulated impairment losses, if any. Intangible assets have been stated at cost less accumulated amortisation.



In respect of liabilities incurred in acquisition of property, plant and equipment 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. Losses arising from the retirement of and gains or losses arising from disposal of Property, plant and Equipment which are carried at cost, are recognised 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.



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



Estimated useful lives of assets based on technical evaluation by management are as follows: Software (including development) expenditure Furniture and Fixtures Information technology equipment (including computers) Leasehold improvements Motor Vehicles Office equipment

74

Annual Report 2016-17

3 years 6 years 3 years Over the period of lease subject to a maximum of 6 years 4 years 5 years

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

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 indication 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.



Long term employee benefits: Post employment

b.



The Company has both defined contribution and defined benefit plan :



(i)



(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 1.5 lakhs 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 company recognises such contributions as an expense in the year they are incurred.



Other long-term employee benefits

c.

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.



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.



Other employee benefits

d.



i)

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

75

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)



(i)

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.

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.



Foreign Currency Transactions

(j)



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 Companies Act, 2013 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, 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.

76

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

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.

(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.

77

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

(n) Earnings per Share



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



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



(o) Cash and cash equivalents





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

(p) Employee stock option scheme



Cash Settled scheme



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



(q) Fund for Future Appropriations (FFA)



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



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

3

Actuarial method and assumptions



The actuarial liabilities have been calculated by the Appointed Actuary in accordance with generally accepted actuarial principles, the requirements of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and Development Authority Act, 1999 and the regulations framed there under, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and other relevant regulations, 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, 2017 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.

78

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

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.



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-CIRMISC-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 rate, inflation, return to policyholders’ account, lapses, expenses, mortality and morbidity. The base assumptions are: Interest Inflation Policyholders returns Lapses Expenses Mortality Morbidity (for Critical Illness) Morbidity (other riders)

5.68% p.a. to 7.20% p.a. during the first five years, 4.98% p.a. to 6.51% p.a. thereafter (2016 : 5.77% p.a. to 7.51% p.a. during the first five years, 5.01% p.a. to 6.75% p.a. thereafter) 5.5% (2016 : 6%) Rates consistent with the earning rates and charges Future policy lapses have been assumed based on the type of policy and the duration for which the policy has been in force Conservative expenses levels consistent with recent experience Based on IALM 2006-08 mortality table adjusted for age last birthday Based on adjusted CIBT rates. Based on reinsurers’ rates

79

80 2016-17

Annual Report 2016-17

4,481,639

1,308,720

29,529,619

Add: Change in valuation against policies in force

Add: Bonus to policyholders (Refer Note 10 below)*

At end of the year

689,589

28,057

(37,606)

699,138

34,954,377

-

11,205,225

23,749,152

640,061

-

(562,916)

1,202,977

1,971,278

-

422,420

1,548,858

Unit Linked

Unit Linked Pension

Total

-

45,252

-

1,336,777

26,098 15,864,988

938,072

3,107,014

583,045 1,780,842 204,509 70,353,320 23,739,260

-

284,876

2015-16

-

8,175,919

1,202,977

-

805,673

397,304

1,548,858

-

588,805

960,053

(b)

Unit Linked Pension

Total

-

234,561

-

968,037

32,165 12,956,423

298,169 1,735,590 178,411 53,151,555

-

105,271

192,898 1,501,029 146,246 39,227,095

General Unit Linked Annuity

for insurance contracts.

There are no long term contract including derivative contracts where there is any material foreseeable losses other than those considered in the determination of policy liabilities by Appointed Actuary

Note: The Policyholder Liabilities are adequately backed by Policyholder Investments, Cash and Bank Balances and Other assets. ( Please refer to Schedule no 16- Note-17).

699,138 23,749,152

29,965

(92,985)

762,158 15,573,233

Life Pension Life Non Life Non Pension Non Participating Participating Participating Participating Participating Variable Variable (VIP) (VIP)

298,169 1,735,590 178,411 53,151,555 19,694,174

General Annuity

* Forms part of “Change in Valuation of Liability in respect of life policies-Gross” in the Revenue Account

23,739,260

Life Pension Life Non Life Non Pension Non Participating Participating Participating Participating Participating Variable Variable (VIP) (VIP)

At the beginning of the year

Particulars

4 (a) Policy liabilities (Forming part of Policyholders’ Funds) (Currency: In thousands of Indian Rupees unless otherwise stated)

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, 2017

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 5

Contingent liabilities Particulars

2016-17

2015-16

1.

Partly paid-up investments

330,360

109,500

2.

Underwriting commitments outstanding (in respect of shares and securities)

-

-

3.

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

2,845

-

4.

Guarantees given by or on behalf of the Company

5.

Statutory demands/ liabilities in dispute, not provided for (Service Tax)

6.

Reinsurance obligation to the extent not provided for in accounts

7.

Others – Insurance claims in appeal net of provision (Gross value of claims ` 3,77,475 (2016 – ` 3,70,221), out of which reinsured ` 85,587 (2016 - ` 95,784) and provision held ` 1,94,415 (2016 - ` 1,68,872)

Total 6

(i)



1,491

1,491

2,834,246

2,517,833

-

-

97,473

105,565

3,266,415

2,734,389

Computation of Managerial Remuneration Managing Director’s remuneration, which is included under “Employees’ remuneration and welfare benefits” under Schedule 3 & 3A is as follows: 2016-17 27,424 3,091 30,515

Particulars a. Salary and Perquisites b. Contribution to provident and other funds Total

2015-16 21,702 2,781 24,483

Note:

(a)



(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)



The remuneration paid by the company to the Non-executive Directors in accordance with IRDAI (Remuneration of Non-executive Directors of Private Sector Insurers) Guidelines, 2016 is as follows:

(ii)

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

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

2016-17

Name of the Non-executive Director Sitting Fees

Sitting Fees

Profit related commission

1. Mr. Shivaji Dam

320

300

160

300

2. Mr. Prakash Apte

470

300

510

300

3. Mr. Paresh Parasnis

300

300

410

300

4. Ms. Anita Ramachandran Total

2015-16

Profit related commission

210

300

270

300

1,300

1,200

1,350

1,200

These expenses have been charged to Shareholder’s Profit & Loss Account.

81

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 7

Capital commitments Particulars

2016-17

2015-16

88,917

71,872

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 8

Extent of risk retained and reinsured (As computed by company’s appointed actuary and relied upon by auditors) Particulars Individual Business Risk Retained (in million) Risk Reinsured (in million) Percentage of Risk Retained Percentage of Risk Reinsured Group Business Risk Retained (in million) Risk Reinsured (in million) Percentage of Risk Retained Percentage of Risk Reinsured

9

a)

2016-17

2015-16

636,427 344,537 64.88% 35.12%

516,928 279,565 64.90% 35.10%

2,992,845 954,651 75.82% 24.18%

2,544,659 870,037 74.52% 25.48%

2016-17

2015-16

64,629 556,521 21.54% 300,045

56,247 451,698 21.64% 259,917

32 1,117,943 253,640 12.04% 10,827,254

16 594,683 123,471 8.45%** 9,282,284

Business for social and rural sector

Particulars Rural Sector No. of Policies (count) Gross Premium Underwritten (Amount in '000) Percentage of Policies Total Policies (count) Social Sector No. of Policies (count) No. of Lives (count) Gross Premium Underwritten (Amount in '000) Percentage of Lives* Total Business Procured***

*Percentage of Lives = No.of lives (count) / Total Business Procured of Previous FY



** This figure has been presented for comparative purpose (erstwhile regulation required 55,000 Lives to be covered)



***total number of policies issued incase of individual insurance and number of lives covered in case of Group Insurance (FY 2014-15 - 7,035,615)

9

b)



Corporate Social Responsibility (CSR) A.



Details of CSR expenditure a)

Gross amount required to be spent during the year ` 38,275 (2016 - ` 33,534)

(b) Amount spent during the year ended March 31, 2017: i)  Construction/acquisition of any asset ii)  On purposes other than (i) above : (A) Kotak Education Foundation (B) SankalpTaru Foundation (C) SAGA Charitable Trust Total

82

Annual Report 2016-17

In cash -

Yet to be paid in cash -

Total -

7,500 4,500 500 12,500

-

7,500 4,500 500 12,500

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

(b) Amount spent during the year ended March 31, 2016: i) Construction/acquisition of any asset ii) On purposes other than (i) above : (A) Kotak Education Foundation (B) V R 1 Foundation (C) Utkal Bipanna Sahayata Samiti Total

In cash -

Yet to be paid in cash -

Total -

5,000 4,500 100 9,600

-

5,000 4,500 100 9,600

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

10

Accumulated fund addition to participating policyholders



The Board of Directors has at its meeting held on April 26, 2017 declared the following rates of bonus on participating policies:



a)

On Accumulation non retirement products: 4% p.a. regular bonus in addition to the guaranteed rate of 3% costing ` 695,261 (2016 - ` 636,833) to meet an effective rate of 7%.



b)

On Accumulation retirement products: 5 % p.a. regular bonus in addition to the guaranteed rate of 3% costing ` 28,056 (2016 - ` 29,965) to meet an effective rate of 8%.



c)

On the Reversionary bonus products: Simple Reversionary Bonus of 2.5% for Sukhi Jeevan, 2.75% for policies completing 5 or less policy years and 3% for policies completing more than 5 policy years in Surakshit Jeevan Plan and Eternal Life Plans, 3% for policies completing 5 or less policy years and 3.25% for policies completing more than 5 policy years in Child Edu and Child Future Plans, 2.5% for the regular premium paying term policies, 2.6% for limited premium paying term policies with minimum premium paying term of 10 years and 2.75% for policies with premium paying term of 7 years in Classic Endowment Plan, 2.7% for the policies with premium paying term of 8 years, 2.75% for the policies with premium paying term of 10 years and 2.85% for policies with premium paying term of 12 years in Premier Money Back Plan, 3% in Premier Life Plan and 2.9% for the policies with premium paying term of 8 years, 3.25% for the policies with premium paying term of 10 years and 3.5% for policies with premium paying term of 12 years in Premier Income Plan, the cost of bonus being ` 613,459 (2016 - ` 301,239). 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 26, 2016 declared the following rates of interim and terminal bonuses for participating policies leaving the fund during FY2017:



a)

On Accumulation non retirement products: An interim bonus of 4% p.a. costing ` 47,176 ( 2016 - ` 27,018 ) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 15% p.a. costing ` 152,114 (2016 - ` 81,706 ) for the policies matured, claimed death benefit during the year.



b)

On Accumulation retirement products: An interim bonus of 5% p.a. costing ` 3,753 (2016 - ` 4,611) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 10% p.a. costing ` 3,691 ( 2016 - ` 5,687) for the policies matured, claimed death benefit during the year.



c)

On the Reversionary bonus products: An interim bonus of 2.5% for Sukhi Jeevan, 2.5% for policies completing 5 or less policy years and 2.75% for policies completing more than 5 policy years in Surakshit Jeevan Plan, Eternal Life Plans and Child Edu and Child Future Plans, 2.5% for the regular premium paying term policies and 3% for limited premium paying term policies in Classic Endowment Plan, 3% for Premier Moneyback and Premier Life Plan costing ` 510 (2016 - ` Nil) for the policies which claimed death benefit or surrendered during the year. Additionally, terminal bonus of 1% for each completed policy year costing ` 1,164 (2016 - ` Nil) for the policies matured, claimed death benefit during the year with minimum of 10 policy years completed under Sukhi Jeevan plan.

83

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

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



In the year under review, a transfer of ` 1,71,687 (2016 : ` 1,20,785) 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 ` 8,77,219 (2016 : ` 6,62,574) was made from Life Non Participating, transfer of ` 16,992 (2016 : ` Nil) was made from Life Non - Participating Variable (VIP), transfer of ` 4,091 (2016 : ` Nil) was made from Pension Non Participating, transfer of ` Nil (2016 : ` 9,513) was made from the General Annuity Policyholders Account, transfer of ` 7,66,042 (2016 : ` 6,77,616) was made from Unit Linked account and ` 1,94,529 (2016 : ` 1,81,764) was made from the Unit Linked Pension Policyholders 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 (2016 - ` 29,921) to the Life Non - Participating Variable (VIP) Policyholders Account, ` Nil (2016 - ` 23,110) to Pension Non- Participating Variable(VIP) & ` 27,718 (2016 - ` Nil) 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 ` 29,921 to Life Non - Participating Variable (VIP) Policyholders Account & ` 23,110 to Pension Non-Participating Variable (VIP) Policyholders Account to meet fully the deficit in those accounts has been approved by shareholders at the Annual General Meeting held on July 11, 2016.

12

Encumbrances on assets



Apart from following amount of ` 693,439 (2016 – ` 667,999) marked under lien, there are no encumbrances on the assets of the Company as at the balance sheet date. Breakup of the same is as follows : Particulars With National Securities Clearing Corporation Limited * With Indian Clearing Corporation Limited * With The Post Master General (Includes Guarantees `1491(2016- `1491)). (Refer schedule 16- Note 5) Fixed Deposit with HDFC Bank Ltd Securities margin with Clearing Corporation of India Ltd * Cash margin with Clearing Corporation of India Ltd * With J & K Sales Tax Department Total

2016-17 65,000 15,000 1,491 1,720 526,828 83,200 200 693,439

2015-16 65,000 15,000 1,491 503,108 83,200 200 667,999



There are no encumbrances on assets outside India.



*Refer Schedule 8, 8A and 8B

13

Operating lease commitments



In accordance with Accounting Standard 19 on Accounting of Leases as specified under Section 133 of the Companies Act, 2013 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 Not later than one year Later than one year not later than five years Later than five years



84

2016-17 286,670 987,212 242,034

The total operating lease rentals charged to Revenue account in the current year is ` 267,353 (2016 - ` 243,448) Annual Report 2016-17

2015-16 246,026 672,150 150,320

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

Assets given on operating lease



The Company has entered into agreements for leasing out its real estate investment properties. These arrangement are 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 ` 91,434 (2016 - ` 51,614).

14

Ratios (in per cent/ times) Sr. no.

Particulars

1

New business premium income growth (segment wise)

Year ended March 31, 2017

Year ended March 31, 2016

New business premium current year / New business premium previous year

2

Life Participating

1.55

1.94

Pension Participating

0.77

6.77

Life Non Participating

1.07

1.22

Life Non - Participating Variable(VIP)

0.15

2.80

Pension Non - participating Variable (VIP)

1.41

0.62

General Annuity

2.30

1.88

Unit Linked Life

1.49

1.68

Unit Linked Pension

4.14

6.14

98.60%

98.53%

24.38%

26.49%

6.32%

6.50%

1039.93%

998.03%

19.93%

19.73%

Net retention ratio (Net premium divided by gross premium)

3

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

4

Commission ratio (Gross commission paid to Gross premium)

5

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

6

Growth rate of shareholders’ funds

7

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

8

Change in net worth

1.18%

1.16%

3,032,730

2,507,469

9

Profit after tax/ Total Income

4.27%

5.85%

10

(Total real estate + loans)/ (Cash + Invested Assets)

1.57%

1.30%

1139.17%

1103.24%

9.04%

1.95%

11

Total Investments/ (Capital + Surplus)

12

Total affiliated investments/ (Capital + Surplus)

13

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

Without Unrealised gains:



Non Linked - Participating

9.32%

9.22%



Non Linked - Non-Participating

8.53%

8.66%

  

Sub Total : Non Linked

8.90%

8.96%



Linked - Participating

NA

NA



Linked - Non Participating

12.18%

8.72%

  

Sub Total : Linked

12.18%

8.72%



Grand Total : Non Linked + Linked

9.04%

8.94%



Shareholders' Fund

8.35%

8.82%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Sr. no.

Particulars

Year ended March 31, 2017

Year ended March 31, 2016

b) With Unrealised gains:

Non Linked - Participating

14.26%

6.84%



Non Linked - Non-Participating

13.46%

8.02%

  

Sub Total : Non Linked

13.84%

7.37%



Linked - Participating



NA

NA

Linked - Non Participating

12.92%

0.29%

  

Sub Total : Linked

12.92%

0.29%



Grand Total : Non Linked + Linked

13.80%

6.90%

12.65%

7.83%

Shareholders' Fund 14

Conservation Ratio

15

Life Participating

83.60%

85.69%

Pension Participating

78.76%

90.26%

Life Non Participating

87.44%

85.30%

Life Non - Participating Variable(VIP)

-

-

Pension Non - participating Variable (VIP)

-

-

General Annuity

-

-

Unit Linked Life

84.11%

81.47%

Unit Linked Pension

82.74%

72.84%

Persistency Ratio#* Persistency Ratio (By Premium) For 13th month

83.26%

82.90%

For 25th month

76.08%

76.60%

For 37th month

71.84%

72.70%

For 49th month

70.02%

74.10%

For 61st month

65.66%

38.30%

For 13th month

83.26%

82.90%

For 25th month

89.82%

91.10%

For 37th month

92.05%

92.30%

For 49th month

94.81%

96.20%

For 61st month

87.73%

86.50%

Gross NPA Ratio

Nil

Nil

Net NPA Ratio

Nil

Nil

Solvency Ratio

3.00

3.11

Persistency Ratio (By Premium) - Reducing Balance Method

16

NPA Ratio

17

Note :



(a) Policyholders’ liabilities = Policyholder’s Funds



#

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 2015 to 29th February 2016.



The persistency ratios & solvency ratio has been computed by company’s appointed actuary and relied upon by auditors.

86

(b)

Annual Report 2016-17

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, 2017 (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: 2016-17

2015-16

Purchases where deliveries are pending

2,229,837

2,187,695

Sales where payments are due

2,621,500

665,669

Particulars



(c) Others payable in Schedule 13 include ` 1,870,905 (2016 : ` 1,037,464 ) payable to unit linked policyholders towards change in net unit liability and ` 1,042 (2016 : ` Nil) payable to Unclaimed Policyholders 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 Financial Statements Regulations, the Company’s investment properties 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 cost of the investment properties those are purchased post March 31, 2015 are considered as market value as at the March 31, 2017. The real estate investment property is accordingly valued at ` 1,785,251 at March 31, 2017 (March 31, 2016 : ` 698,424). The historical cost of the property is `1,581,906 (previous year ` 495,079).

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 Companies Act, 2013 are as under.



A

Related Parties where control exists



Nature of relationship

Related Party



Holding Company

Kotak Mahindra Bank Limited



B

Uday S. Kotak along with relatives and entities controlled by him holds 32.02% (P.Y. 33.64%) of the equity share capital of Kotak Mahindra Bank Limited as on 31st March, 2017.

Related parties where transactions have taken place during the years ended March 31, 2017 and March 31, 2016



(i)

Joint Venturer

Old Mutual Plc



(ii) Enterprise in which joint venturer has significant influence

Old Mutual Life Assurance Company (South Africa) Limited



(iii) 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



(iv) Key Management Personnel

Mr. G. Murlidhar, Managing Director



(v)

Kotak Life Insurance Superannuation Fund Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund



(vi) Enterprises over which individuals or their relatives have significant influence

Enterprises over which Key Management Personnel have significant influence

Kotak Commodities Services Private Limited (Formerly known as Kotak Commodities Services Limited)

87

88

/

Annual Report 2016-17

Premium Income

Interest Income

Remuneration of Key Management Personnel Receipt of Insurance Premium

Reimbursement to Companies

Reimbursement from Companies

Transactions Purchase of Investment Purchase of Asset Bank Deposit Placed Bank Deposit Redeem Sale of Assets Sale of Commercial Paper / Bonds / Debentures Sale of Investment Brokerage Expenses Bank Charges Commission Paid

Commission Payable

Group Insurance Policy Deposits

Liabilities Outstanding Payables

Interest Income Receivable

Outstanding Receivable

-

-

-

325,384 9,931 -

-

211,484 2,391 1,507,891 2,237 -

Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra Prime Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Pension Fund Ltd Kotak Mahindra General Insurance Company Ltd Old Mutual PLC Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra Prime Ltd Key Management Personnel

Key Management Personnel Uday S. Kotak along with relatives Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Mahindra Asset Management Company Ltd

-

1,178,995 48 46,939 1,429 -

-

-

-

-

340,982 -

-

75,122 -

6,008

-

-

1,792 -

6,402 -

-

-

100,000 188 -

1,931,275 -

Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd

Kotak Mahindra Asset Management Company Ltd Kotak Mahindra Bank Ltd Kotak Securities Ltd Old Mutual Life Assurance Company (South Africa) Ltd Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra Prime Ltd Kotak Mahindra Asset Management Company Ltd Kotak Mahindra Capital Company Ltd Kotak Commodities Services Pvt. Ltd. Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Securities Ltd

Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Pension Fund Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd

Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd

Bonds

Assets Bank Balance Bank Deposits Commercial Paper Debentures

/

Name of the Company / Person

Nature of transaction Enterprise in which Joint Venturer has significant influence

145,492 2,032

498 356 -

11,616 1,844 226 2,250 2,214

100,000

20 231

10

-

16

539 1,904 234

-

-

197 116,689

194

1,550,000

Fellow Subsidiaries

-

2,100 -

-

-

-

-

-

-

-

-

-

-

-

-

2016-17 Joint Venture

-

-

-

-

-

-

57

-

-

-

-

-

-

-

Enterprises over which Key management personnel/ Individuals have significant influence

122 -

30,515

-

-

-

-

-

-

-

-

-

-

-

-

Key management personnel

643 -

-

-

-

-

-

-

-

-

-

-

-

-

-

Individuals having significant influence

4,825 -

299,053 -

1,351,926 4,530 1,255,309 2,715 -

2,830,033 224,258 230,249 -

240,531 -

-

-

-

47,895 -

6,080 -

-

1,514 -

1,051 -

1,212,252 46,939 -

Holding Company

-

-

-

-

-

-

-

-

-

5,235

-

-

-

-

Enterprise in which Joint Venturer has significant influence

The following are transactions and closing balances of related parties in the ordinary course of business:

C. Holding Company

Related parties disclosures (Continued)

16

21,816 2,684

497 333 -

13,127 1,860 270 1,800 637

50,000

20 138

15

-

9

168 1,001 664

79 -

192

36,827

16 666

250,000

Fellow Subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2015-16 Joint Venture

-

-

-

-

-

-

23

-

-

-

-

-

-

-

Enterprises over which Key management personnel/ Individuals have significant influence

122 -

24,483

-

-

-

-

-

-

-

-

-

-

-

-

Key management personnel

643 -

-

-

-

-

-

-

-

-

-

-

-

-

-

Individuals having significant influence

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, 2017

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

-

-

-

-

-

-

-

-

-

-

-

-

-

Enterprise in which Joint Venturer has significant influence

24,993 -

Holding Company

-

-

-

196

-

-

314 15

766 1,918 306

Fellow Subsidiaries

-

-

-

-

-

-

-

-

2016-17 Joint Venture

2,456

45,000

45,000

-

2,456

321

-

-

Enterprises over which Key management personnel/ Individuals have significant influence

-

-

-

-

-

-

-

-

Key management personnel

-

-

-

-

-

-

-

-

Individuals having significant influence

-

-

-

-

-

-

-

24,825 -

Holding Company

-

-

-

-

-

-

-

-

Enterprise in which Joint Venturer has significant influence

-

-

-

90

-

-

215 9

534 1,732 246

Fellow Subsidiaries

-

-

-

-

-

-

-

-

2015-16 Joint Venture

1,700

37,500

37,500

-

1,700

138

-

-

Enterprises over which Key management personnel/ Individuals have significant influence

-

-

-

-

-

-

-

-

Key management personnel

-

-

-

-

-

-

-

-

Individuals having significant influence

Name of person-in-charge

Designation of person-in-charge

Occupation of person-in-charge

Directorship held by the person-in-charge during the year or as at March 31, 2017









Kotak Mahindra General Insurance Company Limited

Service

Managing Director

Mr. G. Murlidhar

Statement Containing names, descriptions, occupations of and directorships held by the persons in charge of Management of the business under Section 11(3) of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015

Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Securities Ltd Kotak Mahindra Capital Company Ltd Kotak Investment Advisors Ltd Kotak Mahindra Trusteeship Service Limited Kotak Commodities Services Pvt. Ltd. Kotak Life Insurance Superannuation Fund Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund Kotak Life Insurance Superannuation Fund

Name of the Company / Person

D.

Superannuation Fund Contribution

Gratuity Fund Contribution

Nature of transaction

16 Related parties disclosures (Continued)

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, 2017

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

89

90

Annual Report 2016-17 27,286 14,234 689,589 197,501 928,610 928,610 1,035,996 1,035,996 3 18,576 10 1,371 19,960 357 (35) 2,881 10,234 113,909 127,346 (107,386) 928,610

1,028,143 189,111 29,529,619 1,590,289 32,337,162 32,337,162 32,373,331 789,941 33,163,272 3 684,961 208 534,072 12,939 1,232,183 273,721 (1,891) 77,865 442,783 2,669 1,263,146 2,058,293 (826,110) 32,337,162

Pension Participating

-

Life Participating

-

35,719,854

260,449 22,842 31,754 804,606 2,640 740,429 1,862,720 (234,571) -

818,136 22,674 697,668 89,611 1,628,149

60 -

35,288,572 665,853 35,954,425 -

35,719,854 35,719,854

765,477 34,954,377 -

Life Non Participating

-

640,061

0 6 2,022 2,028 21,226 -

23,191 23,254

63 -

618,835 618,835 -

640,061 640,061

640,061 -

Life Non Participating Variable (VIP)

-

-

583,045

3,146 626 47,788 52,305 (37,756) -

34,686 232,979 267,665 (167,550) 1,971,278

745

14,547 14,549

2 -

620,801 620,801 -

583,045 583,045

583,045 -

General Annuity

-

61,672 38,402 100,115

41 -

2,138,828 2,138,828 -

1,971,278 1,971,278

1,971,278 -

Pension Non Participating Variable (VIP)

-

-

793 2 60,636 262,901 324,332 (185,791) 10,040,811

107,537,337

9,430 (5) 263 128,822 138,541

31 -

390,300 9,836,302 10,226,602 -

10,040,811 10,040,811

204,509 9,836,302 -

Unit Linked Pension

50,342 11,730 527,236 3,855,626 4,444,934 (2,225,519) -

82,895 (12,643) 56,890 2,089,814 2,219,415

2,459 -

3,931,084 105,756,495 75,277 109,762,856 -

107,537,337 107,537,337

1,780,842 104,071,553 1,684,942 -

Unit Linked

*Note : The Policyholder Liabilities and Linked Liabilities are adequately backed by policyholder investments, Cash and Bank Balances and Other assets

SOURCES OF FUNDS Shareholders' Funds Share Capital Reserves and Surplus Credit/Debit Fair Value change account Sub-Total Borrowings Policyholders’ Funds: Credit/[Debit] Fair Value Change Account Revaluation Reserve-Investment Property Policy Liabilities Insurance reserve Linked liabilities Funds for Discontinued policies Funds for Future Appropriation: Linked Liabilities Sub-Total Total APPLICATION OF FUNDS Investments Assets held to cover linked liabilities Loans Sub-Total Fixed Assets Current Assets Cash and Bank Balances Advances Including Advance Tax & Provision for Tax Income accrued on investments Balance due from reinsurance companies Outstanding Premium Other Assets Inter segmental receivables Total Current Assets Current Liabilities & Provisions Agents' Balances Balance due to reinsurance companies Claims Outstanding Unclaimed Balances-Policy Holders Current Liabilities Provisions Inter segmental payables Total Current Liabilities Net Current Assets Miscellaneous Expenditure (To the extent not written off or adjusted) Total Assets

Particulars

17. Segmental balance sheet as at March 31, 2017

-

-

-

-

323,733 2,458,087 310,910 2,044,841 5,137,571 (618,135) -

-

952,320 4,519,436

3,237,528 329,588

618,135

Unallocated

18,247,164

0 0 2,371,624 -

-

416,522 1,955,097 2,371,624

5 -

15,875,540 15,875,540 -

18,247,164

208,005,322

586,407 32,648 738,204 323,733 8,067,848 316,219 4,212,135 14,277,194 (2,009,968) -

2,129,930 10,244 1,233,111 1,112,023 4,212,135 12,267,226

3,240,195 329,588

92,273,287 115,592,797 1,531,071 209,397,155 618,135

189,758,158 208,005,322

1,820,906 203,345 70,353,320 1,787,790 113,907,855 1,684,942 -

18,247,164 -

18,247,164 -

5,102,902 13,144,262

Total

5,102,902 13,144,262

Shareholders

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, 2017

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

-

12,338 14,234 699,138 155,730 881,440 881,440 971,565 971,565 453 20,813 (61) 2,104 23,309 437 13 15,444 (3,375) 100,915 113,434 (90,125) 881,440

344,698 189,111 23,739,260 1,423,256 25,696,325 25,696,325 25,421,037 823,320 26,244,357 6 640,609 (2,001) 402,756 12,939 1,054,309 161,703 401 88,963 233,242 12,189 1,105,843 1,602,341 (548,032) 25,696,325

Pension Participating

-

Life Participating

-

23,752,429

234,028 2,236 47,498 737,960 26,686 1,046,759 2,095,167 (918,329) -

1,176,838

535,922 28,053 552,272 60,142

449 -

24,110,852 559,906 24,670,758 -

23,752,429 23,752,429

3,277 23,749,152 -

Life Non Participating

-

-

1,548,858

167,166 (107,369) -

222,980 (187,382) 1,202,977

6,039 161,127 -

39,255 20,079 59,797

463 -

1,656,227 1,656,227 -

1,548,858 1,548,858

1,548,858 -

Pension Non Participating Variable (VIP)

1,956 222,139 (1,115)

20,582 14,823 35,598

193 -

1,390,359 1,390,359 -

1,202,977 1,202,977

1,202,977 -

Life Non Participating Variable (VIP)

-

298,169

2,182 1,375 91,482 95,354 (86,545) -

315

8,809

8,458 -

351 -

384,714 384,714 -

298,169 298,169

298,169 -

General Annuity

-

-

277,629 (156,233) 8,712,172

89,751,898

835 1,994 30,168 244,632 -

6,488 (14) 277 114,581 121,396

64 -

334,644 8,533,761 8,868,405 -

8,712,172 8,712,172

178,411 8,533,761 -

Unit Linked Pension

3,220,641 (1,424,472) -

30,388 2,166 453,695 2,731,884 2,508

71,075 (157) 55,219 1,668,928 1,796,169

1,104 -

3,035,711 88,016,308 124,350 91,176,369 -

89,751,898 89,751,898

1,735,590 86,412,644 1,603,664 -

Unit Linked

Note : The Policyholder Liabilities and Linked Liabilities are adequately backed by policyholder investments, Cash and Bank Balances and Other assets

SOURCES OF FUNDS Shareholders' Funds Share Capital Reserves and Surplus Credit/Debit Fair Value change account Sub-Total Borrowings Policyholders’ Funds: Credit/[Debit] Fair Value Change Account Revaluation Reserve-Investment Property Policy Liabilities Insurance reserve Linked liabilities Funds for Discontinued policies Funds for Future Appropriation: Linked Liabilities Sub-Total Total APPLICATION OF FUNDS Investments Assets held to cover linked liabilities Loans Sub-Total Fixed Assets Current Assets Cash and Bank Balances Advances Including Advance Tax & Provision for Tax Income accrued on investments Balance due from reinsurance companies Outstanding Premium Other Assets Inter segmental receivables Total Current Assets Current Liabilities & Provisions Agents' Balances Balance due to reinsurance companies Claims Outstanding Unclaimed Balances-Policy Holders Current Liabilities Provisions Inter segmental payables Total Current Liabilities Net Current Assets Miscellaneous Expenditure (To the extent not written off or adjusted) Total Assets

Particulars

17. Segmental balance sheet as at March 31, 2016

-

-

-

-

308,700 1,875,243 225,338 1,123,705 3,532,986 (440,720) -

3,092,266

531,058

2,212,458 348,750

440,720

Unallocated

15,214,435

892,040 1,218,047 -

892,040 -

458,972 1,650,293 2,110,087

822 -

13,996,388 13,996,388 -

15,214,435

167,058,703

427,706 6,810 645,945 308,700 7,096,267 265,606 3,468,704 12,219,738 (2,741,160) -

1,802,174 25,820 957,133 659,635 3,468,704 9,478,578

2,216,363 348,750

71,301,497 96,550,069 1,507,576 169,359,142 440,720

151,844,268 167,058,703

360,313 203,345 53,151,555 1,578,986 94,946,405 1,603,664 -

15,214,435

15,214,435

-

5,102,902 10,111,533

Total

5,102,902 10,111,533

Shareholders

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, 2017

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

91

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 18. Segment-wise revenue account for the year ended March 31, 2017 Particulars

Premium Income First Year Premium Renewal Premium Single Premium (a) Premium Income (b) Reinsurance Ceded (c) Reinsurance accepted Income from Investments Interest, dividend & rent Premium on investments amortized(Net) (a) Interest, dividend & rent-Net (b) Profit on sale/redemption of investments (c) Loss on sale/redemption of investments (d) Transfer/ Gain on revaluation/change in fair value Other Income (a) Contribution from Shareholder's Account (b) Miscellaneous income (c) Profit/(Loss) on sale/disposal of fixed assets (Net) TOTAL(A) Commission First Year Premium Renewal Premium Single Premium Commission on Reinsurance Ceded Net Commission Operating Expenses related to Insurance business Service Tax Expenditure Provision for doubtful debts Bad debts written off Provision for tax (Fringe Benefit Tax) Provision for Tax Provision for Diminution in the value of investments(Net) Provision for standard loan assets TOTAL(B) Claims by Death Annuities/Pension payment Maturity claims, survival benefits, surrender and rider benefits. Reinsurance :-Claims by death Benefits paid(net) Interim & Terminal Bonuses paid Change in valuation of Liability in respect of Life policies (a) Gross (b) Amount ceded in reinsurance (c) Amount accepted in reinsurance Provision for linked liabilities TOTAL( C) SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) APPROPRIATIONS Transfer to Shareholders’-Account Transfer to Other Reserve Transfer to Funds for Future Appropriation SURPLUS/(DEFICIT) AFTER APPROPRIATION SURPLUS/(DEFICIT) BROUGHT FORWARD SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET (a) Interim & Terminal Bonuses Paid (b) Allocation of Bonus to Policyholders (c) Surplus/ (Deficit) shown in the Revenue Account (d) Total Surplus: [(a) + (b) + (c)]

92

Annual Report 2016-17

Life Participating

Pension Participating

Life Non Participating

Life NonParticipating Variable(VIP)

Pension NonParticipating Variable(VIP)

General Annuity

Unit Linked

Unit Linked Pension

Total

4,733,920 7,214,217 11,948,137 (12,202) -

18,587 58,258 6,436 83,281 (144) -

5,849,863 9,209,133 5,082,210 20,141,206 (651,934) -

145,000 145,000 (1) -

812,252 812,252 -

263,793 263,793 -

7,714,523 6,111,310 2,319,559 16,145,392 (58,561) -

1,551,203 305,129 88 1,856,420 1,945 -

20,825,348 22,898,047 7,672,086 51,395,481 (720,897)

2,157,236 (19,895) 2,137,341 445,792 (62,280) -

73,689 (440) 73,249 9,329 (2,038) -

2,185,509 (23,076) 2,162,433 309,520 (143,789) -

92,712 (3,552) 89,160 47,749 (9,097) -

157,684 (6,001) 151,683 57,659 (11,026) -

36,140 (463) 35,677 1,055 (309) -

4,109,989 964 4,110,953 7,889,941 (2,476,569) 7,577,913

453,182 302 453,484 857,045 (251,579) 465,481

9,266,141 (52,161) 9,213,980 9,618,090 (2,956,687) 8,043,394

15,766 1,107 14,473,661

19 8 163,704

3,470 1,866 21,822,772

14 13 272,838

80 75 1,010,723

27,718 26 25 327,985

41,262 1,496 33,231,827

265 172 3,383,233

27,718 60,902 4,762 74,686,743

1,253,276 262,878 1,516,154 4,119,113 52,184 (273) 5,687,178 301,007 2,173,130 (13,756) 2,460,381 200,964

1,107 745 123 1,975 3,185 5,160 1,395 113,653 (112) 114,936 7,444

1,038,897 402,657 1,095 1,442,649 3,764,012 143,918 (8,703) 412 5,342,288 3,898,879 932,629 (433,467) 4,398,041 -

2,875 2,863 5,738 3 813,021 813,024 -

16,078 16,078 568,134 568,134 -

4,125 4,125 14,846 18,971 1,412 22,585 141 24,138 -

146,504 86,666 45,678 278,848 1,327,663 357,935 21,817 1,986,263 328,706 12,378,880 (13,502) 12,694,084 -

(188) 4,579 2 4,393 34,034 22,694 61,121 46,187 1,752,756 1,798,943 -

5,790,360 8,451,705 334,778

(9,549) 112,831 45,713

11,227,310 (22,086) 15,603,265 877,219

(562,916) 250,108 16,992

422,420 990,554 4,091

284,876 309,014 -

45,254 (2) 17,740,186 30,479,522 766,042

26,098 1,302,542 3,127,583 194,529

2,439,596 757,525 51,023 3,248,144 9,281,806 380,629 220,782 (8,703) 139 13,122,797 4,577,589 22,585 18,732,344 (460,837) 22,871,681 208,408 17,223,853 (22,088) 19,042,728 59,324,582 2,239,364

167,743 167,035 1,423,254 1,590,289 200,964 1,308,720 167,035 1,676,719

3,944 41,769 155,732 197,501 7,444 28,057 41,769 77,270

877,219 -

16,992 -

4,091 -

-

766,042 -

194,529 -

2,030,560 208,804 1,578,986 1,787,790 208,408 1,336,777 208,804 1,753,989

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 18. Segment-wise revenue account for the year ended March 31, 2016 Particulars

Premium Income First Year Premium Renewal Premium Single Premium (a) Premium Income (b) Reinsurance Ceded (c) Reinsurance accepted Income from Investments Interest, dividend & rent Premium on investments amortized(Net) (a) Interest, dividend & rent-Net (b) Profit on sale/redemption of investments (c)Loss on sale/redemption of investments (d) Transfer/ Gain on revaluation/change in fair value Other Income (a) Contribution from Shareholder's Account (b) Miscellaneous income (c) Profit/(Loss) on sale/disposal of fixed assets (Net) TOTAL(A) Commission First Year Premium Renewal Premium Single Premium Commission on Reinsurance Ceded Net Commission Operating Expenses related to Insurance business Service Tax Expenditure Provision for doubtful debts Bad debts written off Provision for tax (Fringe Benefit Tax) Provision for Tax Provision for Diminution in the value of investments(Net) Provision for standard loan assets TOTAL(B) Claims by Death Annuities/Pension payment Maturity claims, survival benefits, surrender and rider benefits. Reinsurance :-Claims by death Benefits paid(net) Interim & Terminal Bonuses paid Change in valuation of Liability in respect of Life policies (a) Gross (b) Amount ceded in reinsurance (c) Amount accepted in reinsurance Provision for linked liabilities TOTAL( C) SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) APPROPRIATIONS Transfer to Shareholders’-Account Transfer to Other Reserve Transfer to Funds for Future Appropriation SURPLUS/(DEFICIT) AFTER APPROPRIATION SURPLUS/(DEFICIT) BROUGHT FORWARD SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET (a) Interim & Terminal Bonuses Paid (b) Allocation of Bonus to Policyholders (c) Surplus/ (Deficit) shown in the Revenue Account (d) Total Surplus: [(a) + (b) + (c)]

Life Participating

Pension Participating

Life Non Participating

Life NonParticipating Variable(VIP)

Pension NonParticipating Variable(VIP)

General Annuity

Unit Linked

Unit Linked Pension

Total

3,057,347 5,571,618 8,628,965 (13,179) -

30,917 43,055 1,734 75,706 (165) -

5,983,203 6,151,371 4,257,566 16,392,140 (515,142) -

948,848 948,848 -

577,240 577,240 -

114,892 114,892 -

5,494,926 5,472,632 1,255,581 12,223,139 (53,424) -

374,368 381,511 10 755,889 (2,052) -

16,466,849 17,620,187 5,629,783 39,716,819 (583,962)

1,805,165 (19,747) 1,785,418 438,243 (99,357) -

72,704 (826) 71,878 17,815 (12,471) -

1,534,796 (28,493) 1,506,303 92,048 (22,938) -

62,392 (2,311) 60,081 5,458 (318) -

97,907 (1,101) 96,806 9,637 (27) -

21,822 (213) 21,609 644 -

3,695,602 2,182 3,697,784 5,965,146 (2,860,241) (5,763,399)

448,535 (256) 448,279 693,068 (348,124) (643,917)

7,738,923 (50,765) 7,688,158 7,222,059 (3,343,476) (6,407,316)

11,676 541 10,752,307

32 5 152,800

3,664 1,028 17,457,103

29,921 164 59 1,044,213

23,110 100 36 706,902

20 7 137,172

18,176 766 13,227,947

258 48 903,449

53,031 34,090 2,490 44,381,893

786,512 189,344 975,856 2,953,533 41,828 (25) (458) 3,970,734 206,727 2,142,841 (5,725) 2,343,843 108,724

2,132 472 34 2,638 32,954 35,592 1,614 149,531 151,145 10,298

1,157,009 256,812 (1,493) 1,412,328 3,759,838 110,632 8,679 (372) 5,291,105 3,132,565 620,415 (425,475) 3,327,505 -

20,466 (5,043) 15,423 223,117 223,117 -

12,450 12,450 105,647 105,647 -

1,904 1,904 5,653 7,557 1,153 13,562 116 14,831 -

84,352 75,623 23,409 183,384 1,132,229 301,772 11,344 1,628,729 320,816 9,552,404 (29,856) 9,843,364 -

(837) 5,875 5,038 24,151 25,478 54,667 67,206 2,163,674 2,230,880 -

4,045,086 6,497,653 283,920

(63,020) 98,423 18,785

8,210,885 (34,966) 11,503,424 662,574

805,673 1,028,790 -

588,805 694,452 -

105,271 120,102 9,513

234,561 905,599 10,983,524 615,694

32,165 (1,588,161) 674,884 173,898

2,029,168 528,126 23,854 2,581,148 7,941,274 327,250 158,761 8,654 (830) 11,016,257 3,730,081 13,562 14,957,745 (461,056) 18,240,332 119,022 13,959,426 (34,966) (682,562) 31,601,252 1,764,384

116,311 167,609 1,255,645 1,423,254 108,724 938,072 167,609 1,214,405

4,474 14,311 141,421 155,732 10,298 29,965 14,311 54,574

662,574 -

-

-

9,513 -

677,616 (61,922) -

181,764 (7,866) -

1,652,252 (69,788) 181,920 1,397,066 1,578,986 119,022 968,037 181,920 1,268,979

93

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, 2017 (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)

1

Computation of Controlled fund as per the Balance Sheet



Policyholders' Fund (Life Fund)

(` in crores) 2016-17

(` in crores) 2015-16

3,111.99

2,516.25

88.71

85.49

-

-

2,535.39

1,529.02

960.05

845.89

Participating

Individual Assurance



Individual Pension



Any other

Non-participating

Individual Assurance



Group Assurance



Life Variable (VIP)



Pension Variable (VIP)



Individual Annuity



Any other

64.01

120.30

197.13

154.89

58.30

29.82

-

-

8,974.93

7,716.37

Linked

94



Individual Assurance



Group Assurance

-

-



Individual Pension

734.16

766.29



Group Superannuation



Group Gratuity

269.92

104.93

1,778.80

1,258.81



Any other

-

-



Funds for Future Appropriations

-

-

18,773.39

15,128.06

510.29

510.29

1,314.43

1,011.15

1,824.72

1,521.44



Total (A)



Shareholders' Fund



Paid up Capital



Reserves & Surpluses



Fair Value Change



Total (B)



Misc. expenses not written off

-

-



Credit / (Debit) from P&L A/c.

-

-



Total (C )

-

-



Total shareholders' funds (B+C)

1,824.72

1,521.44



Controlled Fund (Total (A+B-C))

20,598.11

16,649.50

Annual Report 2016-17

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, 2017 (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)

2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account Opening Balance of Controlled Fund Add: Inflow Income Premium Income Less: Reinsurance ceded Net Premium Investment Income Other Income Funds transferred from Shareholders' Accounts Total Income Less: Outgo (i) Benefits paid (Net) (ii) Interim Bonus Paid (iii) Change in Valuation of Liability (iv) Commission (v) Operating Expenses (vi) Provision for Taxation Total Outgo Surplus of the Policyholders' Fund Less: transferred to Shareholders' Account Net Flow in Policyholders' account Add: Net income in Shareholders' Fund Net In Flow / Outflow Add: change in valuation Liabilities Add: Increase in Paid up Capital Closing Balance of Controlled Fund As Per Balance Sheet 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 Add: Surplus/(deficit) of the Revenue Account Add: change in valuation Liabilities Total As per Balance Sheet Difference, if any 3.2 Policyholders' Funds - Linked Opening Balance of the Policyholders' Fund Add: Surplus/(deficit) of the Revenue Account Add: change in valuation Liabilities Total As per Balance Sheet Difference, if any Shareholders' Funds Opening Balance of Shareholders' Fund Add: net income of Shareholders' account (P&L) Add: Infusion of Capital Closing Balance of the Shareholders'' fund As per Balance Sheet Difference, if any

(` in crores) 2016-17

(` in crores) 2015-16

16,649.50

15,063.37

5,139.55 (72.09) 5,067.46 2,391.88 6.56 2.77 7,468.67

3,971.68 (58.39) 3,913.29 515.94 3.65 5.30 4,438.18

2,287.16 20.84 3,624.45 324.81 965.39 22.08 7,244.73 223.94 203.06 20.88 303.28 16,973.66 3,624.45 20,598.11 20,598.11 -

1,824.03 11.90 1,317.20 258.11 827.64 15.88 4,254.76 183.42 165.23 18.19 250.74 15,332.30 1,317.20 16,649.50 16,649.50 -

5,281.65 20.88 1,713.05 7,015.58 7,015.58 -

3,897.69 18.19 1,365.77 5,281.65 5,281.65 -

9,846.40 1,911.41 11,757.81 11,757.81 -

9,894.98 (48.58) 9,846.40 9,846.40 -

1,521.44 303.28 1,824.72 1,824.72 -

1,270.70 250.74 1,521.44 1,521.44 -

95

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 20

Summary of financial statements

Sr. no. Particulars Policyholders’ Account 1 Gross premium income 2 Net premium income 3 Income from investments (Net of Amortisation) 4 Other income 5 Total Income 6 Commission 7 Brokerage 8 Operating expenses related to insurance business 9 Provision for Tax 10 Provisions for Diminution in value of investments (net) 11 Provisions for standard loan assets 12 Total Expenses 13 Benefits paid 14 Interim Bonus Paid 15 Increase in actuarial liability 16 Provision for Linked Liabilities 17 Surplus/ (Deficit) (before appropriation)

2016-17

2015-16

2014-15

2013-14

2012-13

51,395,481 50,674,584 23,918,777 93,382 74,686,743 3,248,144 9,662,435 220,782 (8,703) 139 13,122,797 22,871,681 208,408 17,201,765 19,042,728 2,239,364

39,716,819 39,132,857 5,159,425 89,611 44,381,893 2,581,148 8,268,524 158,761 8,654 (830) 11,016,257 18,240,332 119,022 13,924,460 (682,562) 1,764,384

30,380,549 29,807,915 26,393,511 163,663 56,365,089 1,816,065 6,984,769 218,557 48 6,000 9,025,439 17,852,155 87,842 11,183,425 16,054,973 2,161,255

27,007,900 26,509,372 10,498,660 251,421 37,259,453 1,343,781 5,827,247 120,138 (12,706) 7,278,460 18,542,229 61,388 8,253,067 1,005,941 2,118,368

27,777,846 27,239,915 9,612,551 430,425 37,282,891 1,174,124 5,732,751 58,637 12,706 6,978,218 17,821,346 24,194 5,381,113 6,003,643 1,074,377

Shareholders’ Account Total income under shareholders’ Account Total Expenses under shareholder's Accounts Profit/ (Loss) before tax Provision for tax Profit/ (Loss) after tax Balance at the beginning of the year Profit/ (Loss) carried to Balance Sheet

3,281,795 75,533 3,206,262 173,533 3,032,729 9,591,170 12,623,899

2,746,805 86,271 2,660,534 153,065 2,507,469 7,083,701 9,591,170

2,516,420 102,861 2,413,559 124,627 2,288,932 4,794,769 7,083,701

2,738,386 244,503 2,493,883 102,549 2,391,334 2,403,435 4,794,769

2,344,123 419,470 1,924,653 27,270 1,897,383 506,052 2,403,435

74,165,361 76,397,747 13.80%

55,294,199 57,305,109 6.90%

41,798,959 42,863,107 23.69%

28,874,015 31,566,578 4.09%

20,047,027 22,612,172 12.79%

18,247,164 15,875,540 12.65% 13.58% 5,102,902 18,247,164 208,005,322 5.94 35.76

15,214,435 13,996,388 7.83% 7.09% 5,102,902 15,214,435 167,058,703 4.91 29.82

12,706,966 10,519,679 16.45% 22.03% 5,102,902 12,706,966 151,808,344 4.49 24.90

10,418,034 8,139,638 5.64% 4.46% 5,102,902 10,418,034 120,621,247 4.69 20.42

8,026,700 6,296,974 11.21% 12.40% 5,102,902 8,026,700 108,800,272 3.72 15.73

18 19 20 21 22 23 24

25

26 27 28 29 30 31

96

Miscellaneous (A) Policyholders’ account: Total Funds Total Investments Yield on Investments (%) (B) Shareholders’ account: Total Funds Total Investments Yield on Investments (%) Yield on Total Investments Paid up Equity Capital Net Worth Total Assets Earnings per share ( `) Book Value per share ( `)

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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 Profit/ (Loss) as per profit and loss account available for equity shareholders for both basic and diluted earnings per equity share of ` 10 each (` '000) Weighted average number of shares Earnings per share before exceptional items (Basic and Diluted) Earnings per share (Basic and Diluted) Face value per share

2016-17              30,32,729

2015-16 2,507,469

       510,290,249                        5.94                        5.94 ` 10

510,290,249 4.91 4.91 ` 10

22

Employee Share Based Payments:



Equity Settled Options



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 subsidiaries 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 ` 0.01 lakhs (Previous Year ` 0.24 lakhs) 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)



At the General Meeting of the holding company, Kotak Mahindra Bank Limited, the shareholders of the Bank had unanimously passed Special Resolution on 29th June, 2015 to grant stock appreciation rights (SARs) to the eligible employees of the Bank, its subsidiaries and associate companies. Pursuant to this resolution, Kotak Mahindra Stock Appreciation Rights Scheme 2015 has been formulated and adopted. Subsequently, the SARs have been granted under this scheme and the existing SARs will continue.



The contractual life (which is equivalent to the vesting period) of the SARs outstanding ranges from one to four years.



Detail of activity under SARs plan is summarised below: Particulars Outstanding at the beginning of the year Granted during the year Additions/Reduction due to transfer / resignation of employees Exercised during the year Expired during the year Outstanding at the end of the year



2016-17* 60,516 35,000 5,888 26,132 Nil 63,496

  No. of  SARs 2015-16* 59,834 75,380 3,080 71,618 Nil 60,516

*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.

97

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

Effect of grant of ESOP & SARs to employees on the Revenue/Profit and Loss Account and on its financial position 2016-17

2015-16

Total Employee Compensation Cost pertaining to share-based payment plans

28,033

43,810

Closing balance of liability for cash-settled options

30,344

22,501

Particulars



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 `16,625 (Previous Year higher by ` 18,675) and the profit after tax would have been lower by `14,822 (Previous year lower by ` 16,734).

23

(a) Micro, Small and Medium Enterprises Development Act, 2006.





(b) Provision for Standard Loan Assets



24

The company has received few intimations from “suppliers” regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and there is no outstanding against those suppliers as on 31st March, 2017, hence disclosures, if any, relating to amounts unpaid as at the year-end together with interest paid / payable as required under the said Act have not been given. The above is based on information available with the company.

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 standard loan assets at 0.4% amounting to ` 139 [Previous year ` (830)] has been recognised in the Revenue Account. There are no assets including loans subject to re-structuring (March 31, 2016 : ` Nil)

(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: 2016-17

2015-16

(i) Outsourcing Expenses

10,60,940

958,360

(ii) Business Development

6,91,296

374,357

38,419

50,510

Particulars

(iii) Marketing Support

(b) Disclosure other works given to Auditors



98

Pursuant to clause 7.1 (g) of Corporate Governance Guidelines for Insurers in India issued by IRDAI on May 18, 2016 the remuneration paid to Auditors for services other than statutory / concurrent / internal audit are disclosed below: 2016-17

2015-16

Certification Work

100

-

Certification Work

100

-

Name

Particulars

Nature

S R Batliboi &Associates LLP

Statutory Auditors

S B Billimoria & Co

Statutory Auditors

Khimji Kunverji & Co.

Concurrent Auditor

Certification Work

-

80

KPMG Advisory Services Pvt. Ltd.

Related party of Internal Auditor

IT Support Services

-

2,259

Walker Chandiok & Co LLP

Statutory Auditor (FY 14-15)

Certification Work

-

135

Annual Report 2016-17

(d)

Unrealised gain/(loss)

-

# Note : Unrealised Gain Loss in Non Unit Linked portion is as follows:

823,267

(2,277,974) 23,900,622 11,317,785 12,551,534 23,869,319 31,303

2,277,974 40,796 1,058 2,844,676 278,260 1,234,145 337,858 36,078 1,886,341 132,336 34,035 166,371 791,964

Funds available for future appropriations Total (D)

6,855,288 (2,122,793) 7,344,465 -

106,303 (4,348) -

-

-

-

-

2,975,814

183,958

823,267

11,125,822 -

-

823,267

823,267

40,796 1,058 26,745,298 278,260 1,234,145 337,858 36,078 1,886,341 11,450,121 12,585,569 24,035,690 823,267

6,961,591 (2,127,141) 7,344,465 -

3,159,772

11,423,241 (58,484)

Linked Life Unit Total (2) (3)=(1) + (2)

297,419 (58,484)

Non-Unit (1)

Insurance reserve at the beginning of the year Transfer to Shareholders' a/c

Premiums earned – net (a) Premium (b) Reinsurance ceded Income from Investments (a) Interest, Dividend & Rent - Gross (Net of amortization) (b) Profit on sale/redemption of investments (c) Loss on sale/redemption of investments (d) Unrealised gain/(loss) # (e) Misc. Income Other income: (a) Linked Income UL1 (b ) Contribution from the Shareholders' a/c (c ) Other Income (d ) Loss on Sale of Fixed asset TOTAL (A) Commission Operating Expenses related to Insurance Business Service Tax Expenditure Provision for Taxation Diminution in the value of investments(Net) TOTAL (B) Benefits Paid (Net) UL2 Interim Bonus Paid Change in Valuation Liability TOTAL (C) SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C) APPROPRIATIONS

Schedule

Policyholders’ Account (Technical Account)



Particulars

REVENUE ACCOUNT FOR THE YEAR ENDED 31st March 2017



-

194,529

194,529

191,878 265 172 240,448 4,393 34,033 22,693 61,119 2,423 26,098 28,521 150,808

11,966 -

25,583

8,640 1,944

Non-Unit (4)

-

-

-

-

(191,878) 3,142,783 1,796,521 1,302,541 3,099,062 43,721

845,078 (251,579) 465,480 -

427,901

1,847,781 -

-

194,529

194,529

265 172 3,383,231 4,393 34,033 22,693 61,119 1,798,944 1,328,639 3,127,583 194,529

857,044 (251,579) 465,480 -

453,484

1,856,421 1,944

Linked Pension Unit Total (5) (6)=(4) + (5)

-

(57,224)

(57,224)

151,626 466 438 158,566 588 93,519 20,077 (14,261) 99,923 5,624 11,220 16,844 41,799

83 -

3,782

2,247 (76)

Non-Unit (7)

-

-

-

-

(151,626) 6,327,966 1,238,339 5,188,650 6,426,989 (99,023)

928,268 (349,428) 233,449 -

947,398

4,719,905 -

-

(57,224)

(57,224)

466 438 6,486,532 588 93,519 20,077 (14,261) 99,923 1,243,963 5,199,870 6,443,833 (57,224)

928,351 (349,428) 233,449 -

951,180

4,722,152 (76)

Linked Group Unit Total (9)= (7) + (8) (8)

-

960,572

960,572

41,527 1,668 36,615,061 283,241 1,361,697 380,628 21,817 2,047,383 14,493,028 19,114,078 33,607,106 960,572

8,746,986 (2,728,148) 8,043,394 -

4,564,436

18,001,814 (56,616)

Total Unit Linked (10)=(3)+ (6)+(9)

Unit Linked Disclosures made hereunder are in accordance with the instructions received from the Insurance Regulatory & Development Authority vide circular numbers 054/IRDA/F and A/FEB-07 dated February 20, 2007 and IRDA/F&A/001/Apr-07 dated 16th April, 2007

25A Unit Linked Disclosures - Revenue Account



25 Unit Linked Disclosures Norms

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, 2017

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

99

100

Annual Report 2016-17

(d)

Unrealised gain/(loss)

-

-

(61,921) (61,921)

-

717,125 717,125

-

-

(2,182,408) 6,259,963 8,671,884 (2,377,971) 6,293,913 (33,950)

5,518,604 (2,626,993) (5,667,354) -

126,404 (6,630) 2,182,408 17,536 534 2,580,951 183,165 1,052,335 288,854 21,544 1,545,898 128,166 217,733 345,899 689,154

2,903,238

8,314,876 -

-

717,125 (61,921) 655,204

-

17,536 534 8,840,914 183,165 1,052,335 288,854 21,544 1,545,898 8,800,050 (2,160,238) 6,639,812 655,204

-

5,645,008 (2,633,623) (5,667,354) -

3,010,880

8,521,385 (53,452)

Linked Life Unit Total (2) (3)=(1) + (2)

107,642

206,509 (53,452)

Non-Unit (1)

# Note : Unrealised Gain Loss in Non Unit Linked portion is as follows:

Insurance reserve at the beginning of the year Transfer to Shareholders' a/c Funds available for future appropriations Total (D)

(a) Linked Income UL1 (b ) Contribution from the Shareholders' a/c (c ) Other Income (d ) Loss on Sale of Fixed asset TOTAL (A) Commission Operating Expenses related to Insurance Business Service Tax Expenditure Provision for Taxation Diminution in the value of investments(Net) TOTAL (B) Benefits Paid (Net) UL2 Interim Bonus Paid Change in Valuation Liability TOTAL (C) SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C) APPROPRIATIONS

(a) Interest, Dividend & Rent - Gross (Net of amortization) (b) Profit on sale/redemption of investments (c) Loss on sale/redemption of investments (d) Unrealised gain/(loss) # (e) Misc. Income Other income:

Premiums earned – net (a) Premium (b) Reinsurance ceded Income from Investments

Schedule

Policyholders’ Account (Technical Account)



Particulars

REVENUE ACCOUNT FOR THE YEAR ENDED 31st March 2016



-

181,763 181,763

-

211,415 258 47 244,722 5,038 24,151 25,478 54,667 (8,156) 32,165 24,009 166,046

-

5,883 (777) -

25,640

4,307 (2,051)

Non-Unit (4)

-

(7,866) (7,866)

-

(211,415) 658,728 2,239,038 (1,588,161) 650,877 7,851

-

687,186 (347,347) (643,917) -

422,639

751,582 -

-

181,763 (7,866) 173,897

-

258 47 903,450 5,038 24,151 25,478 54,667 2,230,882 (1,555,996) 674,886 173,897

-

693,069 (348,124) (643,917) -

448,279

755,889 (2,051)

Linked Pension Unit Total (5) (6)=(4) + (5)

-

(39,510) (39,510)

-

105,596 640 232 112,413 220 79,893 12,918 (10,200) 82,831 6,447 16,829 23,276 6,306

-

729 -

3,489

1,700 27

Non-Unit (7)

-

-

-

(105,596) 4,274,620 1,036,865 3,283,571 4,320,436 (45,816)

-

319,410 (226,618) (96,045) -

683,415

3,700,054 -

-

(39,510) (39,510)

-

640 232 4,387,033 220 79,893 12,918 (10,200) 82,831 1,043,312 3,300,400 4,343,712 (39,510)

-

320,139 (226,618) (96,045) -

686,904

3,701,754 27

Linked Group Unit Total (9)= (7) + (8) (8)

-

859,378 (69,787) 789,591

-

18,434 813 14,131,397 188,423 1,156,379 327,250 11,344 1,683,396 12,074,244 (415,834) 11,658,410 789,591

-

6,658,216 (3,208,365) (6,407,316) -

4,146,063

12,979,028 (55,476)

Total Unit Linked (10)=(3)+ (6)+(9)

Unit Linked Disclosures made hereunder are in accordance with the instructions received from the Insurance Regulatory & Development Authority vide circular numbers 054/IRDA/F and A/FEB-07 dated February 20, 2007 and IRDA/F&A/001/Apr-07 dated 16th April, 2007.

25A Unit Linked Disclosures - Revenue Account



25 Unit Linked Disclosures Norms

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)

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, 2017 (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

Fund Administration charges Fund Management charge Policy Administration charge Surrender charge Partial withdrawal charge Subscription lapse forfeiture charges Discontinuance Charges Switching charge Mortality charge Rider Premium charge Guarantee Charges Miscellaneous charge Service Tax, Education cess, Swachh Bharat cess & Krishi Kalyan Cess TOTAL (UL-1)

Life Linked Unit (1)

Pension Linked Unit (2)

Linked Group Unit (3)

Total (4)= (1)+(2)+(3)

1,176,323 372,807 9,318 465 (4,643) 7,263 277 390,265 25,115 2,551 2,264 295,969

115,155 40,715 8,089 (3,623) 15 706 5,624 36 25,161

120,872 11,061 19,693

1,412,350 413,522 17,407 465 (8,266) 7,263 292 402,032 25,115 8,175 2,300 340,823

2,277,974

191,878

151,626

2,621,478

Life Linked Unit (1)

Pension Linked Unit (2)

Linked Group Unit (3)

Total (4)= (1)+(2)+(3)

1,100,518 387,643 30,248 90 (1,769) 5,882 466 359,250 28,205 3,067 2,027 266,781 2,182,408

119,521 59,693 14,453 (16,640) 53 808 6,242 34 27,251 211,415

85,030 2 8,796 (98) 11,866 105,596

1,305,069 447,336 44,703 90 (18,409) 5,882 519 368,854 28,205 9,309 1,963 305,898 2,499,419

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

Fund Administration charges Fund Management charge Policy Administration charge Surrender charge Partial withdrawal charge Subscription lapse forfeiture charges Discontinuance Charges Switching charge Mortality charge Rider Premium charge Guarantee Charges Miscellaneous charge Service Tax, Education cess & Swachh Bharat cess TOTAL (UL-1)

101

102



Annual Report 2016-17 132,336

TOTAL (UL2)

In India

Outside India

132,336

132,336

Benefits paid to claimants:

-

(13,502)

Sub Total (B)

TOTAL (A) - (B)

11,317,785

-

11,317,785

11,317,785

-

-

-

-

-

Other benefits

(d)

-

-

- Surrender

Annuities / Pension payment

(c)

-

(13,502)

- Survival

Claims by Death

Claims by Maturity

(b)

Amount Ceded in reinsurance

(a)

2

11,317,785

717,041

145,838

11,734

Sub Total (A)

- Others

8,210,405

-

-

-

- Survival

-

Annuities / Pension payment

Other benefits

(c)

(d)

189,307 2,201,032

- Surrender

-

Claims by Death

Claims by Maturity

134,104

(2)

(1)

(a)

Insurance Claims

Unit

Linked Life Non Unit

(b)

1

S l . Particulars No.

BENEFITS PAID [NET]

Schedule–UL2

25A Unit Linked Disclosures - Revenue Account

11,450,121

-

11,450,121

11,450,121

(13,502)

-

-

-

-

(13,502)

11,463,623

728,775

8,210,405

-

-

2,201,032

323,411

(3)=(1)+(2)

Linked Life

-

-

-

-

485

2,423

-

2,423

2,423

-

-

-

-

-

-

2,423

1,938

(4)

Non-Unit

1,796,521

-

1,796,521

1,796,521

-

-

-

-

-

-

1,796,521

224

1,611,506

-

-

139,088

45,703

(5)

Unit

Linked Pension

1,798,944

-

1,798,944

1,798,944

-

-

-

-

-

-

1,798,944

2,162

1,611,506

-

-

139,088

46,188

(6)=(4)+(5)

Linked Pension

5,624

-

5,624

5,624

-

-

-

-

-

-

5,624

329

-

-

-

-

5,295

(7)

Non-Unit

-

1,238,339

-

1,238,339

1,238,339

-

-

-

-

-

-

1,238,339

1

146,954

-

-

1,091,384

(8)

Unit

Linked Group

1,243,963

-

1,243,963

1,243,963

-

-

-

-

-

-

1,243,963

330

146,954

-

-

1,091,384

5,295

(9)=(7)+(8)

Linked Group

14,493,028

-

14,493,028

14,493,028

(13,502)

-

-

-

-

(13,502)

14,506,530

731,267

9,968,865

-

-

3,431,504

374,894

(10)=(3)+(6)+(9)

Total Unit Linked

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, 2017

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



128,166

TOTAL (UL2)

In India

Outside India

128,166

128,166

Benefits paid to claimants:

-

(29,855)

Sub Total (B)

TOTAL (A) - (B)

8,671,884

-

8,671,884

8,671,884

-

-

-

-

-

Other benefits

(d)

-

-

- Surrender

Annuities / Pension payment

(c)

-

(29,855)

- Survival

Claims by Death

Claims by Maturity

(b)

Amount Ceded in reinsurance

(a)

2

8,671,884

1,015,686

158,021

(956)

Sub Total (A)

- Others

6,440,260

-

-

-

- Survival

-

Annuities / Pension payment

Other benefits

(c)

(d)

155,410 1,060,528

- Surrender

-

Claims by Death

Claims by Maturity

158,977

(2)

(1)

(a)

Insurance Claims

Unit

Linked Life Non Unit

(b)

1

S l . Particulars No.

BENEFITS PAID [NET]

Schedule–UL2

25A Unit Linked Disclosures - Revenue Account

8,800,050

-

8,800,050

8,800,050

(29,855)

-

-

-

-

(29,855)

8,829,905

1,014,730

6,440,260

-

-

1,060,528

314,387

(3)=(1)+(2)

Linked Life

-

-

-

-

325

(8,156)

-

(8,156)

(8,156)

-

-

-

-

-

-

(8,156)

(8,481)

(4)

Non-Unit

2,239,038

-

2,239,038

2,239,038

-

-

-

-

-

-

2,239,038

-

2,143,273

-

-

28,884

66,881

(5)

Unit

Linked Pension

2,230,882

-

2,230,882

2,230,882

-

-

-

-

-

-

2,230,882

(8,481)

2,143,273

-

-

28,884

67,206

(6)=(4)+(5)

Linked Pension

6,447

-

6,447

6,447

-

-

-

-

-

-

6,447

18

-

-

-

-

6,429

(7)

Non-Unit

-

1,036,865

-

1,036,865

1,036,865

-

-

-

-

-

-

1,036,865

-

93,461

-

-

943,404

(8)

Unit

Linked Group

1,043,312

-

1,043,312

1,043,312

-

-

-

-

-

-

1,043,312

18

93,461

-

-

943,404

6,429

(9)=(7)+(8)

Linked Group

12,074,244

-

12,074,244

12,074,244

(29,855)

-

-

-

-

(29,855)

12,104,099

1,006,267

8,676,994

-

-

2,032,816

388,022

(10)=(3)+(6)+(9)

Total Unit Linked

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)

103

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Sources of Funds Policyholders' Funds: Policyholder contribution Appr/Ex-Appr Reserve Revenue Account Total Application of Funds Investments Current Assets Less: Current Liabilities and Provisions Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

Schedule

Kotak Group Money Market Fund ULGF-001-27/06/03MNMKFND-107 Current Previous Year Year

Money Market Fund ULIF-041-05/01/10MNMKKFND-107 Current Previous Year Year

Pension Money Market Fund II ULIF-039-28/12/09PNMNMKFND-107 Current Previous Year Year

Discontinued Policy Fund ULIF-050-23/03/11DISPOLFND-107 Current Previous Year Year

F-1

(43,358) 44,047 689

(41,991) 44,019 2,028

2,272,403 400,995 2,673,398

1,594,918 290,538 1,885,456

56,688 36,549 93,237

76,929 1,201,954.27 30,693 482,998.12 107,622 1,684,952.39

1,240,002 363,670 1,603,672

F-2 F-3 F-4

688 1 0 1 689

1,999 155 126 29 2,028

2,445,675 227,769 46 227,723 2,673,398

1,793,025 92,465 34 92,431 1,885,456

92,858 381 2 379 93,237

107,307 317 2 315 107,622

1,795,714 14,594 125,356 (110,762) 1,684,952

1,652,761 30,524 79,613 (49,089) 1,603,672

689

2,028

2,673,398

1,885,456

93,237

107,622

1,684,952

1,603,672

53,478 12.8799

163,699 12.3836

155,565,461 17.1850

117,753,899 16.0118

5,415,238 17.2175

6,710,713 16.0373

105,378,316 15.9895

106,884,674 15.0038

25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Sources of Funds Policyholders' Funds: Policyholder contribution Appr/Ex-Appr Reserve Revenue Account Total Application of Funds Investments Current Assets Less: Current Liabilities and Provisions Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

104

Annual Report 2016-17

Schedule

Kotak Dynamic Gilt Fund ULIF-006-27/06/03DYGLTFND-107 Current Previous Year Year

Kotak Pension Gilt Fund ULIF-008-27/06/03PNGLTFND-107 Current Previous Year Year

Kotak Group Gilt Fund ULGF-002-27/06/03GLTFND-107 Current Previous Year Year

Kotak Dynamic Bond Fund ULIF-015-15/04/04DYBNDFND-107 Current Previous Year Year

F-1

252,801.95 264,418.18 517,220.12

203,049 222,266 425,315

31,612 53,702 85,314

31,245 45,776 77,021

280,270 113,859 394,129

192,631 84,775 277,406

7,656,402 3,107,002 10,763,404

6,899,990 2,206,578 9,106,568

F-2 F-3 F-4

523,786 30,672 37,238 (6,566) 517,220

412,757 13,848 1,290 12,558 425,315

87,200 4,389 6,275 (1,886) 85,314

75,337 1,922 238 1,684 77,021

404,933 19,663 30,467 (10,804) 394,129

271,957 6,281 832 5,449 277,406

9,964,857 1,090,329 291,782 798,547 10,763,404

8,747,694 392,948 34,074 358,874 9,106,568

517,220

425,315

85,314

77,021

394,129

277,406

10,763,404

9,106,568

18,883,198 27.3905

17,226,289 24.6899

3,057,138 27.9072

3,062,463 25.1506

13,865,876 28.4242

10,850,704 25.5657

360,335,407 29.8705

338,128,907 26.9322

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Kotak Pension Bond Fund

Kotak Group Bond Fund

Kotak Group Short Term Bond Fund

Kotak Group Secure Capital Fund

ULIF-017-15/04/04PNBNDFND-107

ULGF-004-15/04/04BNDFND-107

ULGF-018-18/12/13SHTRMBND-107

ULGF-016-12/04/11SECCAPFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

271,743

410,447

8,472,504

6,561,841

509,952

100,227

2,658,219

781,693

-

-

-

-

-

-

-

-

Revenue Account

382,477

315,444

3,193,352

2,159,419

25,504

3,132

167,808

57,910

Total

654,220

725,891

11,665,856

8,721,260

535,456

103,359

2,826,027

839,603

Sources of Funds Policyholders' Funds: F-1

Policyholder contribution Appr/Ex-Appr Reserve

Application of Funds Investments

F-2

620,033

699,657

10,951,099

7,987,165

523,307

101,520

1,987,391

778,949

Current Assets

F-3

51,937

29,127

1,080,913

764,693

12,162

1,842

900,056

63,483

Less: Current Liabilities and Provisions

F-4

17,750

2,893

366,156

30,598

13

3

61,420

2,829

34,187

26,234

714,757

734,095

12,149

1,839

838,636

60,654

654,220

725,891

11,665,856

8,721,260

535,456

103,359

2,826,027

839,603

654,220

725,891

11,665,856

8,721,260

535,456

103,359

2,826,027

839,603

21,812,370

26,840,227

366,671,143

305,341,373

47,972,582

10,022,344

160,714,801

53,004,672

29.9930

27.0449

31.8156

28.5623

11.1617

10.3129

17.5841

15.8402

Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

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-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-107

ULGF-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

40,130

72,708

4,853

8,644

181,223

74,114

(99,499)

177,663

(40,254)

(52,777)

-

-

-

-

-

-

-

-

-

-

Revenue Account

166,340

152,097

25,909

23,728

108,536

95,817

99,499

99,028

259,568

230,581

Total

206,470

224,805

30,762

32,372

289,759

169,931

0

276,691

219,314

177,804

Sources of Funds Policyholders' Funds: Policyholder contribution

F-1

Appr/Ex-Appr Reserve

Application of Funds Investments

F-2

200,636

228,301

30,335

32,510

286,014

176,115

-

208,888

216,000

175,909

Current Assets

F-3

5,842

8,119

428

964

3,753

5,522

-

68,728

7,180

3,142

Less: Current Liabilities and Provisions

F-4

8

11,615

1

1,102

8

11,706

-

925

3,866

1,247

5,834

(3,496)

427

(138)

3,745

(6,184)

-

67,803

3,314

1,895

206,470

224,805

30,762

32,372

289,759

169,931

-

276,691

219,314

177,804

206,470

224,805

30,762

32,372

289,759

169,931

-

276,691

219,314

177,804

8,342,211

9,779,010

1,239,029

1,403,495

11,141,290

7,070,352

-

18,287,369

3,777,018

3,580,377

24.7501

22.9886

24.8274

23.0647

26.0077

24.0343

-

15.1302

58.0654

49.6605

Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

105

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Kotak Guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Pension Balanced Fund II

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-107

ULIF-046-24/01/10PNBALFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

(43,533)

99,652

545,158

868,129

2,773,983

1,857,177

623,807

443,527

11,515

18,722

-

-

-

-

-

-

-

-

-

-

Revenue Account

918,001

787,235

1,577,105

1,260,518

1,910,056

1,315,466

135,588

62,199

21,511

16,049

Total

874,468

886,887

2,122,263

2,128,647

4,684,039

3,172,643

759,395

505,726

33,026

34,771

Sources of Funds Policyholders' Funds: Policyholder contribution

F-1

Appr/Ex-Appr Reserve

Application of Funds Investments

F-2

856,502

887,049

2,081,156

2,101,435

4,589,249

3,207,181

719,782

485,681

32,656

34,986

Current Assets

F-3

38,666

18,132

94,098

44,094

164,951

54,614

57,240

23,932

726

667

Less: Current Liabilities and Provisions

F-4

20,700

18,294

52,991

16,882

70,161

89,152

17,627

3,887

356

882

17,966

(162)

41,107

27,212

94,790

(34,538)

39,613

20,045

370

(215)

874,468

886,887

2,122,263

2,128,647

4,684,039

3,172,643

759,395

505,726

33,026

34,771

874,468

886,887

2,122,263

2,128,647 4,684,038.92

3,172,643

759,395

505,726

33,026

34,771

17,295,687

20,394,829

41,328,688

48,139,278 79,093,323.70

63,021,196

37,099,274

28,871,528

1,639,121

2,029,437

50.5598

43.4858

51.3509

50.3425

20.4693

17.5164

20.1493

17.1335

Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

44.2185

59.22

25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Kotak Dynamic Growth Fund

Kotak Guaranteed Growth Fund

Kotak Pension Growth Fund

Kotak Aggressive Growth Fund

Frontline Equity Fund

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

12,855

64,229

2,229,383

4,663,749

60,464

66,972

936,630

1,141,567

3,448,981

3,148,908

-

-

-

-

-

-

-

-

-

-

Revenue Account

643,304

534,152

7,448,284

5,827,684

128,692

102,210

2,227,429

1,654,988

1,732,773

841,652

Total

656,159

598,381

9,677,667

10,491,433

189,156

169,182

3,164,059

2,796,555

5,181,754

3,990,560

Sources of Funds Policyholders' Funds: Policyholder contribution

F-1

Appr/Ex-Appr Reserve

Application of Funds Investments

F-2

655,137

593,394

9,653,139

10,480,234

185,841

167,845

3,190,722

2,800,578

5,199,064

3,942,123

Current Assets

F-3

5,494

7,784

347,264

196,345

6,736

2,858

1,181

18,328

105,121

82,973

Less: Current Liabilities and Provisions

F-4

4,472

2,797

322,736

185,146

3,421

1,521

27,844

22,351

122,431

34,536

1,022

4,987

24,528

11,199

3,315

1,337

(26,663)

(4,023)

(17,310)

48,437

656,159

598,381

9,677,667

10,491,433

189,156

169,182

3,164,059

2,796,555

5,181,754

3,990,560

656,159

598,381

9,677,667

10,491,433

189,156

169,182

3,164,059

2,796,555

5,181,754

3,990,560

10,502,325 165,538,516 210,579,613

7,643,355

7,982,598

46,019,795

24.7477

21.1938

68.7543

Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

106

Annual Report 2016-17

9,615,881 68.2370

56.9761

58.4617

49.8217

49,762,208 236,528,352 224,178,301 56.1984

21.9075

17.8008

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Classic Opportunities Fund

Pension Classic Opportunities Fund

ULIF-044-11/01/10PNFRLEQFND-107

ULIF-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

114,169

181,290

5,223,726

5,332,072

116,230

172,354

14,823,628

12,714,051

401,032

760,815

-

-

-

-

-

-

-

-

-

-

Revenue Account

152,436

97,396

5,958,458

3,899,130

143,276

88,877

8,410,157

4,406,673

857,528

573,392

Total

266,605

278,686

11,182,184

9,231,202

259,506

261,231

23,233,785

17,120,724

1,258,560

1,334,207

Sources of Funds Policyholders' Funds: Policyholder contribution

F-1

Appr/Ex-Appr Reserve

Application of Funds Investments

F-2

266,845

275,169

11,191,371

9,208,631

260,027

262,022

22,697,364

16,836,630

1,253,755

1,316,867

Current Assets

F-3

1,556

5,296

90,956

60,787

2,043

1,668

777,276

356,235

13,859

20,490

Less: Current Liabilities and Provisions

F-4

1,796

1,779

100,143

38,216

2,564

2,459

240,855

72,141

9,054

3,150

(240)

3,517

(9,187)

22,571

(521)

(791)

536,421

284,094

4,805

17,340

266,605

278,686

11,182,184

9,231,202

259,506

261,231

23,233,785

17,120,724

1,258,560

1,334,207

266,605

278,686

11,182,184

9,231,202

259,506

261,231

23,233,785

17,120,724

1,258,560

1,334,207

14,771,679 261,138,062 267,381,033

10,669,000

13,294,930 960,038,000 881,874,333

50,606,406

67,040,632

24.8696

19.9015

Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding

11,491,722 23.1996

(c) NAV per Unit (a)/(b) (`)

18.8662

42.8210

34.5245

24.3235

19.6490

24.2009

19.4140

25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Dynamic Floor Fund

Kotak Group Dynamic Floor Fund

Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-107

ULIF-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

7,390,543

7,842,805

12,929

14,894

329,476

412,538

4,382,918

5,107,855

443,006

653,054

-

-

-

-

-

-

-

-

-

-

2,912,213

1,710,657

26,393

21,656

126,187

70,278

1,978,735

1,143,597

251,322

149,529

10,302,756

9,553,462

39,322

36,550

455,663

482,816

6,361,653

6,251,452

694,328

802,583

Sources of Funds Policyholders' Funds: Policyholder contribution

F-1

Appr/Ex-Appr Reserve Revenue Account Total Application of Funds Investments

F-2

9,990,236

9,412,122

38,828

35,685

441,594

473,750

6,164,080

6,118,165

678,999

782,599

Current Assets

F-3

505,607

205,255

1,087

1,098

22,998

12,221

321,563

165,813

34,260

23,619

Less: Current Liabilities and Provisions

F-4

193,087

63,915

593

233

8,929

3,155

123,990

32,526

18,931

3,635

312,520

141,340

494

865

14,069

9,066

197,573

133,287

15,329

19,984

10,302,756

9,553,462

39,322

36,550

455,663

482,816

6,361,653

6,251,452

694,328

802,583

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)

10,302,756

9,553,462

39,322

36,550

455,663

482,816

6,361,653

6,251,452

694,328

802,583

(b) Number of Units outstanding

398,857,774 423,703,853

1,482,319

1,568,035

27,468,750

33,347,885 382,127,998 432,628,740

41,884,435

55,826,269

26.5277

23.3094

16.5884

16.5772

14.3764

Net current assets Total Net Asset Value (NAV) per Unit:

(c) NAV per Unit (a)/(b) (`)

25.8307

22.5475

14.4781

16.6480

14.4499

107

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Guarantee Fund

Pension Guarantee Fund

ULIF-048-05/02/10GRTFND-107 Current Previous Year Year Sources of Funds Policyholders' Funds: Policyholder contribution Appr/Ex-Appr Reserve Revenue Account Total Application of Funds Investments Current Assets Less: Current Liabilities and Provisions Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

F-1

264,572 96,460 361,032

F-2 F-3 F-4

ULIF-038-21/12/09PNGRTFND-107 Current Previous Year Year

Peak Guarantee Fund I ULIF-049-14/02/10PKGRTFND1-107 Current Previous Year Year

Kotak Advantage Multiplier Fund ULIF-024-07/02/06ADVMULFND-107 Current Previous Year Year

326,961 730,533.32 56,764 272,643.17 383,725 1,003,176.49

894,710 160,170 1,054,880

104,325 87,678 192,003

143,970 65,439 209,409

(18,472) 18,472 (0)

(18,472) 18,472 0

357,526.84 16,056.00 12,551.15 3,504.85 361,031.70

379,038 7,590 2,903 4,687 383,725

998,666 42,556 38,046 4,510 1,003,176

1,042,716 20,212 8,048 12,164 1,054,880

191,550 8,671 8,218 453 192,003

205,578 5,057 1,226 3,831 209,409

-

9,314 512 9,826 (9,314) 0

361,032

383,725

1,003,176

1,054,880

192,003

209,409

-

0

21,160,670 17.0615

25,351,646 15.1361

61,556,718 16.2967

73,038,494 14.4428

11,833,127 16.2259

14,481,248 14.4607

-

0 16.6699

25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Sources of Funds Policyholders' Funds: Policyholder contribution Appr/Ex-Appr Reserve Revenue Account Total Application of Funds Investments Current Assets Less: Current Liabilities and Provisions Net current assets Total Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) (b) Number of Units outstanding (c) NAV per Unit (a)/(b) (`)

108

Annual Report 2016-17

Schedule

Kotak Advantage Plus Fund ULIF-023-06/02/06ADVPLSFND-107 Current Previous Year Year

Kotak Advantage Multiplier Fund II ULIF-026-21/04/06ADVMULFND2-107 Current Previous Year Year

Total Kotak Advantage Plus Fund II ULIF-027-21/04/06ADVPLSFND2-107 Current Previous Current Year Year Year

Previous Year

F-1

(182,484) 182,484 (0)

(182,484) 182,484 -

(13,594) 13,633 39

1,910 13,378 15,288

(132,661) 132,661 (0)

(130,348) 132,620 2,272

68,296,764 47,296,040 115,592,804

64,931,950 31,618,126 96,550,076

F-2 F-3 F-4

-

-

37 2 0 2 39

14,866 423 1 422 15,288

-

2,080 192 0 192 2,272

111,824,653 6,110,033 2,341,882 3,768,151 115,592,804

94,527,588 2,820,278 797,790 2,022,488 96,550,076

-

-

39

15,288

-

2,272

115,592,804

96,550,076.39

-

-

2,252 17.1584

910,103 16.7983

-

132,792 17.1110

4,166,343,781

4,006,923,550

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Interest income Dividend income Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment Miscellaneous Income Unrealised Gain/Loss* Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Other charges : F-5 Total (B) Net Income for the year (A-B) Add: Fund revenue account at the beginning of the year Fund revenue account at the end of the year * Net Change in Mark to Market value of Investments

Kotak Group Money Market Fund ULGF-001-27/06/03MNMKFND-107 Current Previous Year Year 45 1,521 1 107 24 (4) 46 1,648 7 164 1 22 10 11 18 197 28 1,451 44,019 42,568 44,047 44,019

Money Market Fund ULIF-041-05/01/10MNMKKFND-107 Current Previous Year Year 142,651 118,010 15,730 10,104 56 88 (54) (10) (25) 158,383 128,167 12,196 9,176 1,820 1,279 33,910 24,104 47,926 34,559 110,457 93,608 290,538 196,930 400,995 290,538

Pension Money Market Fund II ULIF-039-28/12/09PNMNMKFND-107 Current Previous Year Year 6,760 10,113 675 837 31 72 (1) (1) (6) (35) 7,459 10,986 572 779 85 108 946 1,509 1,603 2,396 5,856 8,590 30,693 22,103 36,549 30,693

Discontinued Policy Fund ULIF-050-23/03/11DISPOLFND-107 Current Previous Year Year 132,934 156,810 8,260 18,989 89 500 (8,437) (772) (87) (96) (2,641) (10,941) 130,118 164,490 9,389 10,594 1,401 1,474 0 0 10,790 12,068 119,328 152,422 363,670 211,248 482,998 363,670

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

ULIF-008-27/06/03PNGLTFND-107 Current Previous Year Year 5,976 6,169 6,209 1,673 (2,507) (2,047) (3) (0) (305) 483 9,373 6,275 826 820 123 114 498 608 1,447 1,542 7,926 4,733 45,776 41,043 53,702 45,776

ULGF-002-27/06/03GLTFND-107 Current Previous Year Year 22,430 17,378 23,248 4,602 (10,920) (5,708) (0) (2,104) 2,102 32,654 18,374 2,497 1,870 373 261 700 418 3,570 2,549 29,084 15,825 84,775 68,950 113,859 84,775

Kotak Dynamic Bond Fund ULIF-015-15/04/04DYBNDFND-107 Current Previous Year Year 749,999 659,891 671,287 174,325 1,162 5,764 (224,508) (202,611) (269) (2,219) (0) (65,075) 67,894 1,132,596 703,044 118,586 101,519 17,695 14,135 95,891 90,009 232,172 205,663 900,424 497,381 2,206,578 1,709,197 3,107,002 2,206,578

25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Interest income Dividend income Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment Miscellaneous Income Unrealised Gain/Loss* Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Other charges : F-5 Total (B) Net Income for the year (A-B) Add: Fund revenue account at the beginning of the year Fund revenue account at the end of the year * Net Change in Mark to Market value of Investments

Kotak Dynamic Gilt Fund ULIF-006-27/06/03DYGLTFND-107 Current Previous Year Year 33,428 31,293 34,428 8,408 181 (14,481) (10,389) (138) (0) (2,198) 2,963 51,220 32,275 4,642 4,176 693 581 3,733 3,697 9,068 8,454 42,152 23,821 222,266 198,445 264,418 222,266

109

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Interest income Dividend income Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment Miscellaneous Income Unrealised Gain/Loss* Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Other charges : F-5 Total (B) Net Income for the year (A-B) Add: Fund revenue account at the beginning of the year Fund revenue account at the end of the year * Net Change in Mark to Market value of Investments

Kotak Pension Bond Fund ULIF-017-15/04/04PNBNDFND-107 Current Previous Year Year 52,621 64,263 47,550 16,604 1,573 3,007 (14,162) (19,694) (1,172) (1,882) (0) (5,852) 3,310 80,558 65,608 8,306 9,858 1,239 1,365 3,980 7,863 13,525 19,086 67,033 46,522 315,444 268,922 382,477 315,444

Kotak Group Bond Kotak Group Short Term Fund Bond Fund ULGF-004-15/04/04ULGF-018-18/12/13BNDFND-107 SHTRMBND-107 Current Previous Current Previous Year Year Year Year 765,165 533,752 23,464 3,500 669,183 137,344 2,227 175 1,507 1,134 (241,216) (162,319) (74) (126) (33) (99) (3) (0) (58,503) 75,934 (360) 1 1,136,103 585,746 25,257 3,547 80,541 54,856 2,510 363 12,022 7,657 375 52 9,607 6,760 0 102,170 69,273 2,885 415 1,033,933 516,473 22,372 3,132 2,159,419 1,642,946 3,132 3,193,352 2,159,419 25,504 3,132

Kotak Group Secure Capital Fund ULGF-016-12/04/11SECCAPFND-107 Current Previous Year Year 88,751 28,444 72,826 7,227 249 37 (34,418) (7,680) (109) (3) (5,135) 9,029 122,164 37,054 10,644 3,286 1,590 466 32 16 12,266 3,768 109,898 33,286 57,910 24,624 167,808 57,910

25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

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-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-107

ULGF-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

16,180

17,528

2,237

3,016

11,569

10,482

450

24,286

6,114

5,830

-

-

-

-

-

-

-

-

1,418

1,306

Profit on sale of investment

1,951

2,213

303

430

1,482

1,632

105

501

16,272

15,503

Profit on inter fund transfer / sale of investment

1,214

2,068

19

280

401

492

35

-

-

-

(60)

(352)

(15)

(48)

(96)

(205)

-

(16)

(5,371)

(4,121)

(161)

-

(0)

(17)

(6)

-

(459)

-

-

-

-

(0)

-

(0)

-

(0)

49

-

-

(0)

Interest income Dividend income

Loss on sale of investment Loss on inter fund transfer / sale of investment Miscellaneous Income Unrealised Gain/Loss*

762

(2,726)

191

(394)

1,011

(1,026)

312

(1,000)

15,182

(15,279)

19,886

18,731

2,735

3,267

14,361

11,375

492

23,771

33,615

3,239

-

-

-

-

-

-

-

-

-

-

2,687

2,700

375

472

1,291

1,086

18

1,065

2,530

2,357

401

376

56

65

192

150

3

148

378

328

Other charges :

2,555

2,823

123

617

159

168

-

-

1,720

1,666

Total (B)

5,643

5,899

554

1,154

1,642

1,404

21

1,213

4,628

4,351

14,243

12,832

2,181

2,113

12,719

9,971

471

22,558

28,987

(1,112)

Add: Fund revenue account at the beginning of the year

152,097

139,265

23,728

21,615

95,817

85,846

99,028

76,470

230,581

231,693

Fund revenue account at the end of the year

166,340

152,097

25,909

23,728

108,536

95,817

99,499

99,028

259,568

230,581

Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

Net Income for the year (A-B)

* Net Change in Mark to Market value of Investments

110

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Kotak Guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Pension Balanced Fund II

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-107

ULIF-046-24/01/10PNBALFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income

37,518

43,669

93,921

95,528

123,082

94,921

18,461

13,268

1,074

1,273

Dividend income

5,239

5,591

12,841

12,184

27,268

20,810

4,215

2,827

254

314

83,817

82,988

197,422

147,812

268,846

189,432

38,082

19,345

3,742

4,561

Profit on sale of investment Profit on inter fund transfer / sale of investment

109

955

427

496

198

416

-

-

-

9

(25,340)

(24,592)

(58,750)

(51,255)

(104,133)

(65,866)

(16,123)

(9,354)

(988)

(1,079)

Loss on inter fund transfer / sale of investment

-

(298)

(224)

(92)

(148)

(6)

-

-

-

(9)

Miscellaneous Income

-

(0)

-

(0)

-

(0)

-

-

-

-

Unrealised Gain/Loss*

47,551

(76,663)

115,786

(132,159)

325,115

(187,984)

52,809

(16,230)

2,197

(4,128)

148,894

31,650

361,423

72,514

640,228

51,723

97,444

9,856

6,279

941

-

-

-

-

-

-

-

-

-

-

11,606

13,023

28,611

28,411

37,796

28,543

7,766

5,455

473

554

1,731

1,808

4,268

3,951

5,642

3,975

1,159

762

71

77

4,791

6,226

11,957

3,140

2,200

1,326

15,130

10,126

273

465

18,128

21,057

44,836

35,502

45,638

33,844

24,055

16,343

817

1,096

Loss on sale of investment

Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Other charges : Total (B) Net Income for the year (A-B)

130,766

10,593

316,587

37,012

594,590

17,879

73,389

(6,487)

5,462

(155)

Add: Fund revenue account at the beginning 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

Fund revenue account at the end of the year

918,001

787,235

1,577,105

1,260,518

1,910,056

1,315,466

135,588

62,199

21,511

16,049

* Net Change in Mark to Market value of Investments

25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Kotak Dynamic Growth Fund

Kotak Guaranteed Growth Fund

Kotak Pension Growth Fund

Kotak Aggressive Growth Fund

Frontline Equity Fund

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Current Year

Previous Year

Interest income

11,433

11,868

365,754

405,738

5,950

6,296

5,343

6,647

9,878

11,626

Dividend income

6,390

6,130

76,008

77,400

1,279

1,251

41,898

36,976

56,985

44,871

60,098

66,066

1,083,954

954,583

15,405

16,507

315,240

294,008

395,152

304,037

Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment

Previous Year

-

763

8,032

10,532

-

-

36

5

11

-

(16,450)

(12,554)

(299,581)

(270,526)

(4,859)

(4,537)

(93,419)

(58,679)

(139,490)

(92,773) -

Loss on inter fund transfer / sale of investment

-

-

(6,724)

(1,068)

-

(28)

-

0

-

Miscellaneous Income

-

(0)

-

(0)

-

-

-

(0)

-

-

Unrealised Gain/Loss*

64,167

(74,900)

638,858

(943,369)

13,127

(15,476)

390,038

(388,635)

686,801

(359,401)

125,638

(2,627)

1,866,301

233,290

30,902

4,013

659,136

(109,678)

1,009,337

(91,640)

-

-

-

-

-

-

-

-

-

-

Fund management expenses

9,584

9,423

157,784

169,555

2,697

2,744

48,334

46,339

60,756

49,605

Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

1,430

1,310

23,535

23,561

403

381

7,212

6,442

9,067

6,917

Total (A) Fund administration expenses

Other charges : Total (B)

5,472

5,800

64,382

82,400

1,320

2,224

31,149

31,729

48,393

43,744

16,486

16,533

245,701

275,516

4,420

5,349

86,695

84,510

118,216

100,266

Net Income for the year (A-B)

109,152

(19,160)

1,620,600

(42,226)

26,482

(1,336)

572,441

(194,188)

891,121

(191,906)

Add: Fund revenue account at the beginning 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

Fund revenue account at the end of the year

643,304

534,152

7,448,284

5,827,684

128,692

102,210

2,227,429

1,654,988

1,732,773

841,652

* Net Change in Mark to Market value of Investments

111

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Interest income Dividend income Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Classic Opportunities Fund

Pension Classic Opportunities Fund

ULIF-044-11/01/10PNFRLEQFND-107

ULIF-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

Current Year

Current Year

Current Year

Current Year

Current Year

Previous Year

Previous Year

Previous Year

Previous Year

Previous Year

250

544

15,461

15,223

380

551

36,990

35,921

1,206

1,942

3,548

4,116

115,015

108,147

3,044

3,020

215,290

185,562

14,817

18,612

32,543

48,853

1,159,007

1,233,387

37,495

32,731

1,808,094

1,713,795

203,526

279,825

5,421

1,014

47

87

3

0

10

20

3,410

1,093

(9,095)

(8,966)

(293,261)

(310,073)

(8,357)

(9,191)

(534,658)

(550,597)

(42,538)

(57,974) (305)

(288)

(126)

-

-

-

(2)

-

(6)

(53)

Miscellaneous Income

-

-

-

-

-

-

-

-

-

-

Unrealised Gain/Loss*

28,627

(54,492)

1,426,122

(1,452,800)

30,184

(37,979)

3,044,732

(2,048,854)

132,839

(315,818)

Total (A)

61,006

(9,057)

2,422,391

(406,029)

62,749

(10,870)

4,570,458

(664,159)

313,207

(72,625)

-

-

-

-

-

-

-

-

-

-

3,629

4,357

203,257

188,512

5,336

5,365

258,066

219,765

17,291

21,598

541

604

30,332

26,215

796

746

38,514

30,610

2,578

2,993

Other charges :

1,796

3,825

129,474

135,547

2,218

2,463

270,394

225,239

9,202

20,425

Total (B)

5,966

8,786

363,063

350,274

8,350

8,574

566,974

475,614

29,071

45,016

Net Income for the year (A-B)

55,040

(17,843)

2,059,328

(756,303)

54,399

(19,444)

4,003,484

(1,139,773)

284,136

(117,641)

Add: Fund revenue account at the beginning 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

Fund revenue account at the end of the year

152,436

97,396

5,958,458

3,899,130

143,276

88,877

8,410,157

4,406,673

857,528

573,392

Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

* Net Change in Mark to Market value of Investments

25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Dynamic Floor Fund

Kotak Group Dynamic Floor Fund

Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-107

ULIF-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income

470,381

463,382

1,770

1,702

21,721

24,446

293,400

304,189

33,687

43,926

Dividend income

50,703

56,181

147

204

2,444

3,090

31,810

39,378

3,750

5,919

674,957

345,258

2,348

1,329

35,896

20,674

433,002

226,659

57,208

39,561

Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment

1,023

1,082

-

-

22

-

782

481

154

398

(251,328)

(607,515)

(874)

(2,352)

(12,128)

(33,479)

(174,949)

(423,612)

(22,464)

(63,743) (389)

(889)

(1,911)

-

-

(91)

(160)

-

(290)

(121)

Miscellaneous Income

-

(0)

-

-

-

-

-

-

-

-

Unrealised Gain/Loss*

613,058

(160,873)

1,878

(632)

27,367

(10,412)

406,924

(165,945)

46,507

(30,941)

1,557,905

95,604

5,269

251

75,231

4,159

990,969

(19,140)

118,721

(5,269)

-

-

-

-

-

-

-

-

-

-

175,509

169,127

463

464

8,364

9,230

84,881

88,101

10,004

12,857

26,185

23,514

69

64

1,247

1,282

12,661

12,246

1,492

1,780

Other charges :

154,655

178,148

-

-

9,711

11,419

58,289

79,214

5,432

5,268

Total (B)

356,349

370,789

532

528

19,322

21,931

155,831

179,561

16,928

19,905

Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

Net Income for the year (A-B)

1,201,556

(275,185)

4,737

(277)

55,909

(17,772)

835,138

(198,701)

101,793

(25,174)

Add: Fund revenue account at the beginning 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

Fund revenue account at the end of the year

2,912,213

1,710,657

26,393

21,656

126,187

70,278

1,978,735

1,143,597

251,322

149,529

* Net Change in Mark to Market value of Investments

112

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Interest income Dividend income Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment Miscellaneous Income Unrealised Gain/Loss* Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Other charges : F-5 Total (B) Net Income for the year (A-B) Add: Fund revenue account at the beginning of the year Fund revenue account at the end of the year * Net Change in Mark to Market value of Investments

Guarantee Fund ULIF-048-05/02/10GRTFND-107 Current Previous Year Year 12,906 19,957 2,734 2,492 29,069 16,629 98 (11,177) (27,289) 16,873 (13,612) 50,503 (1,823) 5,004 5,805 746 805 5,057 6,832 10,807 13,442 39,696 (15,265) 56,764 72,029 96,460 56,764

Pension Guarantee Fund

Peak Guarantee Fund I

ULIF-038-21/12/09PNGRTFND-107 Current Previous Year Year 35,789 55,681 7,605 6,801 81,007 45,565 651 144 (30,700) (74,515) (1) 46,047 (38,383) 140,399 (4,708) 13,776 15,810 2,055 2,193 12,095 15,577 27,926 33,580 112,473 (38,288) 160,170 198,458 272,643 160,170

ULIF-049-14/02/10PKGRTFND1-107 Current Previous Year Year 7,248 11,600 1,445 1,379 13,677 9,734 46 (5,500) (15,170) (1) (24) 10,471 (7,866) 27,386 (347) 3,502 4,312 522 598 1,123 1,340 5,147 6,250 22,239 (6,597) 65,439 72,036 87,678 65,439

Kotak Advantage Multiplier Fund II ULIF-026-21/04/06ADVMULFND2-107 Current Previous Year Year 508 1,146 95 53 95 54 (1) (20) (2) (0) (169) (37) 509 1,213 214 448 32 63 8 42 254 553 255 660 13,378 12,718 13,633 13,378

Kotak Advantage Plus Fund II ULIF-027-21/04/06ADVPLSFND2-107 Current Previous Year Year 72 170 24 7 44 10 (0) (1) (0) (62) 5 77 192 31 72 5 10 36 82 41 110 132,620 132,510 132,661 132,620

Kotak Advantage Multiplier Fund ULIF-024-07/02/06ADVMULFND-107 Current Previous Year Year 6 1,233 58 55 46 (7) (313) (58) (0) 252 (85) 0 1,187 0 454 0 63 0 517 0 670 18,472 17,802 18,472 18,472

25C Unit Linked Disclosures - Fund Revenue Account Form A-RA(UL) Fund Balance Sheet for the Year Ended March 31, 2017 Particulars

Schedule

Interest income Dividend income Profit on sale of investment Profit on inter fund transfer / sale of investment Loss on sale of investment Loss on inter fund transfer / sale of investment Miscellaneous Income Unrealised Gain/Loss* Total (A) Fund administration expenses Fund management expenses Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Other charges : F-5 Total (B) Net Income for the year (A-B) Add: Fund revenue account at the beginning of the year Fund revenue account at the end of the year * Net Change in Mark to Market value of Investments

Kotak Advantage Plus Fund ULIF-023-06/02/06ADVPLSFND-107 Current Previous Year Year 182,484 182,484 182,484 182,484

Total

Current Year 3,664,973 686,147 8,601,443 27,191 -2,712,484 -11,314 49 8,043,386 18,299,391 1,412,349 210,741 998,387 2,621,477 15,677,914 31,618,126 47,296,040

Previous Year 3,364,732 644,560 6,494,128 31,070 (3,191,796) (9,161) (0) (6,407,316) 926,217 1,305,066 181,554 1,012,797 2,499,417 (1,573,200) 33,191,326 31,618,126

113

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Particulars

Opening balance Add: Additions during the year* Less: Deductions during the year* Closing balance

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-001-27/06/03MNMKFND-107

ULIF-041-05/01/10MNMKKFND-107

ULIF-039-28/12/09PNMNMKFND-107

ULIF-050-23/03/11DISPOLFND-107

ULIF-006-27/06/03DYGLTFND-107

ULIF-008-27/06/03PNGLTFND-107

ULGF-002-27/06/03GLTFND-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

(41,991)

(10,168)

1,594,918

1,342,962

76,929

139,200

1,240,002

1,696,633

203,048.55

224,809

31,245

44,198

192,631

134,532

28

980

1,893,662

1,176,715

37,950

57,336

1,515,914

1,117,453

181,926.26

94,938

8,514

4,761

106,907

87,966

1,395

32,803

1,216,177

924,759

58,191

119,607

1,553,962

1,574,084

132,172.86

116,698

8,147

17,714

19,268

29,867

(43,358)

(41,991)

2,272,403

1,594,918

56,688

76,929

1,201,954

1,240,002

252,801.95

203,049

31,612

31,245

280,270

192,631

* 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-001-27/06/03MNMKFND-107

ULGF-002-27/06/03GLTFND-107

ULIF-041-05/01/10MNMKKFND-107

ULIF-039-28/12/09PNMNMKFND-107

ULIF-050-23/03/11DISPOLFND-107

ULIF-006-27/06/03DYGLTFND-107

ULIF-008-27/06/03PNGLTFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Government Bonds

-

-

-

-

-

-

740,840

1,231,971

479,432

352,527

81,148

66,170

353,018

230,570

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

600

1,999

2,104,061

1,793,025

84,852

107,307

858,406

420,790

-

60,230

-

9,167

-

41,387

Approved Investments

Money Market Fixed Deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

88

-

341,614

-

8,006

-

196,468

-

44,354

-

6,052

-

51,915

-

688

1,999

2,445,675

1,793,025

92,858

107,307

1,795,714

1,652,761

523,786

412,757

87,200

75,337

404,933

271,957

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Money Market

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PTC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

-

-

-

-

-

-

-

-

-

-

-

-

-

-

688

1,999

2,445,675

1,793,025

92,858

107,307

1,795,714

1,652,761

523,786

412,757

87,200

75,337

404,933

271,957

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%

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%

Total Other Investments

GRAND TOTAL % of Approved Investments to Grand Total % of Other Investments to Grand Total

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-001-27/06/03MNMKFND-107

ULIF-041-05/01/10MNMKKFND-107

ULIF-039-28/12/09PNMNMKFND-107

ULIF-050-23/03/11DISPOLFND-107

ULIF-006-27/06/03DYGLTFND-107

ULIF-008-27/06/03PNGLTFND-107

ULGF-002-27/06/03GLTFND-107

Current 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

Previous Year

Accrued Interest

-

-

-

-

-

-

14,548

30,376

9,960

7,807

1,699

1,477

7,379

5,279

Cash & Bank Balance

1

155

72

179

3

195

46

148

9

201

2

77

11

263

Dividend Receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receivable for Sale of Investments

-

-

-

-

-

-

-

-

15,821

1,250

2,688

257

12,187

28

Unit Collection A/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Current Assets (for Investments)

0

-

227,697

92,286

378

122

-

-

4,882

4,590

-

111

86

711

Total

1

155

227,769

92,465

381

317

14,594

30,524

30,672

13,848

4,389

1,922

19,663

6,281

114

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: 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-015-15/04/04DYBNDFND-107

ULIF-017-15/04/04PNBNDFND-107

ULGF-004-15/04/04BNDFND-107

ULGF-018-18/12/13SHTRMBND-107

ULGF-016-12/04/11SECCAPFND-107

ULIF-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-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

6,899,990

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

Add: Additions during the year*

3,826,437

2,711,124

136,695

180,528

2,762,829

2,864,732

521,070

100,227

1,965,810

776,322

155,132

52,114

893

2,418

Less: Deductions during the year*

3,070,025

2,501,896

275,399

492,553

852,166

865,275

111,345

-

89,284

106,883

187,710

69,891

4,684

23,670

Closing balance

7,656,402

6,899,990

271,743

410,447

8,472,504

6,561,841

509,952

100,227

2,658,219

781,693

40,130

72,708

4,853

8,644

* 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-015-15/04/04DYBNDFND-107

ULIF-017-15/04/04PNBNDFND-107

ULGF-004-15/04/04BNDFND-107

ULGF-018-18/12/13SHTRMBND-107

ULGF-016-12/04/11SECCAPFND-107

ULIF-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Government Bonds

4,833,733

5,550,137

308,889

455,534

5,208,361

4,961,387

163,926

29,724

912,676

459,167

107,267

111,924

16,361

15,686

Corporate Bonds

2,171,581

1,010,019

136,112

83,261

2,292,419

931,452

87,892

9,272

415,760

94,580

32,704

33,219

4,528

4,458

Infrastructure Bonds

2,715,836

1,357,354

161,712

108,180

3,007,141

1,197,677

155,516

28,778

541,827

111,417

-

12,983

-

1,997

-

-

-

-

-

-

-

-

-

-

-

-

-

-

92,496

809,584

3,798

43,582

118,011

857,399

51,122

33,746

15,634

113,335

58,560

70,175

9,119

10,369

Fixed Deposits

-

20,600

-

9,100

-

39,250

-

-

-

450

-

-

-

-

Mutual Funds

151,211

-

9,522

-

325,167

-

64,851

-

101,494

-

2,105

-

327

-

9,964,857

8,747,694

620,033

699,657

10,951,099

7,987,165

523,307

101,520

1,987,391

778,949

200,636

228,301

30,335

32,510

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Money Market

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PTC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,964,857

8,747,694

620,033

699,657

10,951,099

7,987,165

523,307

101,520

1,987,391

778,949

200,636

228,301

30,335

32,510

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%

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%

Approved Investments

Equity Money Market

Total Other Investments

GRAND TOTAL % of Approved Investments to Grand Total % of Other Investments to Grand Total

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-015-15/04/04DYBNDFND-107

ULIF-017-15/04/04PNBNDFND-107

ULGF-004-15/04/04BNDFND-107

ULGF-018-18/12/13SHTRMBND-107

ULGF-016-12/04/11SECCAPFND-107

ULIF-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-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

288,947

240,945

18,545

23,675

300,561

226,896

11,940

1,627

54,764

19,466

2,694

4,755

400

660

2,497

159

217

100

2,632

175

14

172

342

324

1

337

1

304

-

-

-

-

-

-

-

-

-

-

-

-

-

-

542,838

25,786

32,559

3,297

658,819

30,327

-

-

104,667

216

-

-

-

-

Unit Collection A/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

256,047

126,058

616

2,055

118,901

507,295

208

43

740,283

43,477

3,147

3,027

27

-

1,090,329

392,948

51,937

29,127

1,080,913

764,693

12,162

1,842

900,056

63,483

5,842

8,119

428

964

Accrued Interest Cash & Bank Balance Dividend Receivable Receivable for Sale of Investments

Other Current Assets (for Investments) Total

115

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Particulars

Opening balance Add: Additions during the year* Less: Deductions during the year* Closing balance

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-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-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

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

164,851

46,951

-

-

29,534

13,349

54,192

56,784

137,177

169,845

1,208,797

529,888

333,267

245,410

57,742

56,457

277,162

6,103

17,011

23,055

197,377

299,215

460,148

368,939

291,991

251,628

152,987

84,565

181,223

74,114

(99,499)

177,663

(40,254)

(52,777)

(43,533)

99,652

545,158

868,129

2,773,983

1,857,177

623,807

443,527

* 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

ULGF-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

146,557

79,901

-

-

39,480

45,152

51,307

24,302

-

-

16,326

6,595

-

10,986

-

65,382

19,426

Balanced Fund

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

233,065

320,738

556,164

745,096

836,382

723,440

139,726

123,121

92,702

58,847

234,657

141,545

333,450

147,758

49,844

23,192

13,929

111,101

79,652

300,300

185,340

495,847

193,184

62,379

27,950

Approved Investments Government Bonds Corporate Bonds Infrastructure Bonds Equity

-

-

-

-

100,438

85,254

333,498

346,043

818,061

798,302

2,122,835

1,497,760

330,711

230,617

Money Market

85,139

60,926

-

22,978

-

12,233

-

34,100

-

122,735

9,969

444,809

6,998

51,982

Fixed Deposits

-

-

-

120,528

396

396

1,535

1,535

5,247

5,248

2,325

2,326

3

4

Mutual Funds

3,011

-

-

-

22,384

-

30,278

-

32,732

-

460,566

-

80,353

-

286,014

176,115

-

208,888

198,450

163,559

802,179

840,915

1,947,161

1,998,266

4,261,374

3,009,277

670,014

456,866

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity

-

-

-

-

17,550

12,350

54,323

46,134

133,995

103,169

327,875

197,904

49,768

28,815

Money Market

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PTC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

-

-

-

-

17,550

12,350

54,323

46,134

133,995

103,169

327,875

197,904

49,768

28,815

Total Other Investments

GRAND TOTAL % of Approved Investments to Grand Total % of Other Investments to Grand Total

286,014

176,115

-

208,888

216,000

175,909

856,502

887,049

2,081,156

2,101,435

4,589,249

3,207,181

719,782

485,681

100.00%

100.00%

0.00%

100.00%

91.87%

92.98%

93.66%

94.80%

93.56%

95.09%

92.86%

93.83%

93.09%

94.07%

0.00%

0.00%

0.00%

0.00%

8.13%

7.02%

6.34%

5.20%

6.44%

4.91%

7.14%

6.17%

6.91%

5.93%

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

ULGF-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

3,743

3,598

-

68,662

2,306

1,903

11,899

12,347

32,201

30,418

48,526

30,629

7,203

5,172

Cash & Bank Balance

6

422

-

66

5

370

114

447

331

322

514

85

128

302

Dividend Receivable

-

-

-

-

10

11

31

24

73

90

181

162

25

21

Receivable for Sale of Investments

-

-

-

-

4,832

858

26,538

5,314

61,292

10,262

93,189

7,905

14,826

527

Unit Collection A/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Current Assets (for Investments)

4

1,502

-

-

27

0

84

-

201

3,002

22,541

15,833

35,058

17,910

3,753

5,522

-

68,728

7,180

3,142

38,666

18,132

94,098

44,094

164,951

54,614

57,240

23,932

Accrued Interest

Total

116

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: 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-046-24/01/10PNBALFND2-107

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

ULIF-044-11/01/10PNFRLEQFND-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

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

Add: Additions during the year*

12,696

12,875

42,069

41,392

513,510

549,739

11,916

20,679

203,614

234,462

1,519,394

1,602,018

51,203

86,170

Less: Deductions during the year*

19,903

29,556

93,443

92,804

2,947,876

2,172,155

18,424

44,397

408,551

306,780

1,219,321

908,302

118,324

155,647

Closing balance

11,515

18,722

12,855

64,229

2,229,383

4,663,749

60,464

66,972

936,630

1,141,567

3,448,981

3,148,908

114,169

181,290

* 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-046-24/01/10PNBALFND2-107

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

ULIF-044-11/01/10PNFRLEQFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Government Bonds

5,977

9,101

109,430

91,632

2,037,169

3,052,626

37,480

48,583

-

-

-

-

-

-

Corporate Bonds

2,041

1,109

5,152

3,150

804,635

549,344

16,325

8,929

-

-

-

-

-

-

Infrastructure Bonds

2,177

2,138

25,381

35,543

1,023,273

769,670

15,542

11,281

-

-

-

-

-

-

15,570

16,859

423,994

389,227

4,664,354

4,937,307

86,202

77,916

2,614,603

2,382,172

4,247,148

3,291,546

214,296

234,485

Money Market

1,000

3,295

-

16,464

-

498,074

-

10,633

10,096

111,914

14,912

213,785

-

6,968

Fixed Deposits

9

9

1,872

1,871

27,679

27,951

313

313

10,162

10,162

551

551

92

92

Mutual Funds

3,117

-

10,948

-

302,846

-

14,750

-

187,319

-

260,041

-

13,159

-

29,891

32,511

576,777

537,887

8,859,956

9,834,972

170,612

157,655

2,822,180

2,504,248

4,522,652

3,505,882

227,547

241,545

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,765

2,475

78,360

55,507

793,183

645,262

15,229

10,190

368,542

296,330

676,412

436,241

39,298

33,624

Money Market

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PTC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,765

2,475

78,360

55,507

793,183

645,262

15,229

10,190

368,542

296,330

676,412

436,241

39,298

33,624

Approved Investments

Equity

Total Other Investments

Equity

Total GRAND TOTAL % of Approved Investments to Grand Total % of Other Investments to Grand Total

32,656

34,986

655,137

593,394

9,653,139

10,480,234

185,841

167,845

3,190,722

2,800,578

5,199,064

3,942,123

266,845

275,169

91.53%

92.93%

88.04%

90.65%

91.78%

93.84%

91.81%

93.93%

88.45%

89.42%

86.99%

88.93%

85.27%

87.78%

8.47%

7.07%

11.96%

9.35%

8.22%

6.16%

8.19%

6.07%

11.55%

10.58%

13.01%

11.07%

14.73%

12.22%

Schedule: F-3 CURRENT ASSETS Particulars

Accrued Interest Cash & Bank Balance Dividend Receivable

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-046-24/01/10PNBALFND2-107

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

ULIF-044-11/01/10PNFRLEQFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Current Year

287

335

3,891

3,762

115,072

127,618

1,917

1,808

513

558

28

30

5

5

3

80

1

453

1,349

118

11

180

32

34

143

11

2

490

Previous Year

Previous Year

2

2

42

48

449

343

8

10

73

241

326

328

22

30

283

250

1,452

3,514

228,872

68,266

4,751

857

-

14,510

24,034

23,009

1,448

3,781

Unit Collection A/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Current Assets (for Investments)

151

-

108

7

1,522

-

49

3

563

2,985

80,590

59,595

79

990

Total

726

667

5,494

7,784

347,264

196,345

6,736

2,858

1,181

18,328

105,121

82,973

1,556

5,296

Receivable for Sale of Investments

117

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: 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-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-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

5,332,072

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

Add: Additions during the year*

1,065,160

1,213,417

29,673

86,219

7,936,230

5,177,366

143,600

249,551

968,596

1,035,910

1,499

809

45,705

58,364

Less: Deductions during the year*

1,173,506

1,136,446

85,797

87,082

5,826,653

3,204,429

503,383

661,939

1,420,858

1,488,883

3,464

2,227

128,767

150,926

Closing balance

5,223,726

5,332,072

116,230

172,354

14,823,628

12,714,051

401,032

760,815

7,390,543

7,842,805

12,929

14,894

329,476

412,538

* 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-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Government Bonds

-

-

-

-

-

-

-

-

2,911,210

3,569,199

11,027

14,873

133,092

184,743

Corporate Bonds

-

-

-

-

-

-

-

-

1,388,687

724,806

4,061

242

64,693

39,950

Infrastructure Bonds

-

-

-

-

-

-

-

-

1,477,576

744,848

4,800

2,383

48,466

31,979

9,412,115

7,919,768

218,361

223,344

18,690,359

14,297,377

1,062,826

1,150,703

3,339,291

3,057,201

9,974

9,287

150,662

155,855

Money Market

60,582

179,354

605

7,560

183,578

566,930

1,062

7,111

27,060

924,168

2,964

7,415

-

40,165

Fixed Deposits

12,245

12,245

130

130

3,148

3,148

400

401

6,783

6,783

345

345

750

750

Mutual Funds

169,110

-

4,714

-

785,987

-

15,309

-

249,378

-

3,892

-

18,842

-

9,654,052

8,111,367

223,810

231,034

19,663,072

14,867,455

1,079,597

1,158,215

9,399,985

9,027,005

37,063

34,545

416,505

453,442

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,537,319

1,097,264

36,217

30,988

3,034,292

1,969,175

174,158

158,652

590,251

385,117

1,765

1,140

25,089

20,308

Money Market

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PTC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

1,537,319

1,097,264

36,217

30,988

3,034,292

1,969,175

174,158

158,652

590,251

385,117

1,765

1,140

25,089

20,308

GRAND TOTAL

Approved Investments

Equity

Total Other Investments

Equity

11,191,371

9,208,631

260,027

262,022

22,697,364

16,836,630

1,253,755

1,316,867

9,990,236

9,412,122

38,828

35,685

441,594

473,750

% of Approved Investments to Grand Total

86.26%

88.08%

86.07%

88.17%

86.63%

88.30%

86.11%

87.95%

94.09%

95.91%

95.45%

96.80%

94.32%

95.71%

% of Other Investments to Grand Total

13.74%

11.92%

13.93%

11.83%

13.37%

11.70%

13.89%

12.05%

5.91%

4.09%

4.55%

3.20%

5.68%

4.29%

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-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-107

Current Year

Previous Year

Current Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

618

673

6

7

159

173

20

22

170,712

151,717

612

475

7,421

7,928

49

39

2

314

173

205

7

198

1,653

972

2

447

112

304

1,601

200

37

4

3,005

227

203

40

230

237

0

1

10

13

73,423

43,135

1,935

1,343

94,869

70,407

13,536

20,230

323,137

37,355

470

175

15,395

3,320

Unit Collection A/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Current Assets (for Investments)

15,265

16,740

63

-

679,070

285,223

93

-

9,875

14,974

3

-

60

656

Total

90,956

60,787

2,043

1,668

777,276

356,235

13,859

20,490

505,607

205,255

1,087

1,098

22,998

12,221

Accrued Interest Cash & Bank Balance Dividend Receivable Receivable for Sale of Investments

118

Annual Report 2016-17

Previous Year

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Particulars

Opening balance Add: Additions during the year*

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-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

ULIF-048-05/02/10GRTFND-107

ULIF-038-21/12/09PNGRTFND-107

ULIF-049-14/02/10PKGRTFND1-107

ULIF-024-07/02/06ADVMULFND-107

ULIF-023-06/02/06ADVPLSFND-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

5,107,855

5,730,166

653,054

1,002,182

326,960.86

422,313

894,710

1,173,516

143,970

212,378

(18,472)

(2,210)

(182,484)

(182,484) -

676,359

791,742

57,923

115,889

29,662.29

39,336

72,438

99,923

1,679

7,356

-

-

-

Less: Deductions during the year*

1,401,296

1,414,053

267,971

465,017

92,051.49

134,688

236,615

378,729

41,324

75,764

0

16,262

-

-

Closing balance

4,382,918

5,107,855

443,006

653,054

264,571.66

326,961

730,533

894,710

104,325

143,970

(18,472)

(18,472)

(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-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

ULIF-048-05/02/10GRTFND-107

ULIF-038-21/12/09PNGRTFND-107

ULIF-049-14/02/10PKGRTFND1-107

ULIF-024-07/02/06ADVMULFND-107

ULIF-023-06/02/06ADVPLSFND-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 1,785,667

2,380,998

205,499

316,642

74,367

105,608

204,646

291,028

40,483

62,203

-

8,315

-

-

Corporate Bonds

839,512

517,117

97,258

62,050

30,540

31,581

83,706

86,968

16,840

17,266

-

-

-

-

Infrastructure Bonds

905,422

482,932

74,294

57,940

26,282

20,796

84,135

63,437

12,742

11,223

-

-

-

-

2,066,949

2,032,911

227,837

265,549

177,184

134,090

499,159

370,780

113,187

70,587

-

-

-

-

Money Market

18,989

420,723

-

42,271

-

81,506

18,989

215,457

-

41,316

-

999

-

-

Fixed Deposits

2,727

2,727

716

716

280

280

731

731

264

264

-

-

-

-

Government Bonds

Equity

Mutual Funds

194,154

-

32,644

-

42,888

-

90,426

-

4,210

-

-

-

-

-

5,813,420

5,837,408

638,248

745,168

351,541

373,861

981,792

1,028,401

187,726

202,859

-

9,314

-

-

Corporate Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

350,660

280,757

40,751

37,431

5,986

5,177

16,874

14,315

3,824

2,719

-

-

-

-

Money Market

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PTC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

-

-

-

-

-

-

-

-

350,660

280,757

40,751

37,431

5,986

5,177

16,874

14,315

3,824

2,719

-

-

-

-

6,164,080

6,118,165

678,999

782,599

357,527

379,038

998,666

1,042,716

191,550

205,578

-

9,314

-

-

94.31%

95.41%

94.00%

95.22%

98.33%

98.63%

98.31%

98.63%

98.00%

98.68%

0.00%

100.00%

0.00%

0.00%

5.69%

4.59%

6.00%

4.78%

1.67%

1.37%

1.69%

1.37%

2.00%

1.32%

0.00%

0.00%

0.00%

0.00%

Total Other Investments

Equity

Total GRAND TOTAL % of Approved Investments to Grand Total % of Other Investments to Grand Total

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-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

ULIF-048-05/02/10GRTFND-107

ULIF-038-21/12/09PNGRTFND-107

ULIF-049-14/02/10PKGRTFND1-107

ULIF-024-07/02/06ADVMULFND-107

ULIF-023-06/02/06ADVPLSFND-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

102,841

101,146

10,979

12,593

3,901

4,845

10,487

13,562

2,076

2,946

-

105

-

-

1,002

553

115

495

16

372

146

64

6

70

-

407

-

-

142

154

16

21

63

26

178

72

39

14

-

-

-

-

197,969

40,819

23,073

7,830

10,914

1,087

29,183

2,766

6,501

2,027

-

-

-

-

Unit Collection A/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19,609

23,141

77

2,680

1,162

1,260

2,562

3,748

49

-

-

-

-

-

321,563

165,813

34,260

23,619

16,056

7,590

42,556

20,212

8,671

5,057

-

512

-

-

Accrued Interest Cash & Bank Balance Dividend Receivable Receivable for Sale of Investments

Other Current Assets (for Investments) Total

119

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Fund Balance Sheet for the Year Ended March 31, 2017 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Particulars

Opening balance Add: Additions during the year* Less: Deductions during the year* Closing balance

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Total

ULIF-026-21/04/06ADVMULFND2-107

ULIF-027-21/04/06ADVPLSFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

1,910

1,910

(130,348)

(129,885)

64,931,946

64,111,095

-

-

-

0

28,424,508

21,713,063

15,504

0

2,313

463

25,059,690

20,892,208

(13,594)

1,910

(132,661)

(130,348)

68,296,764

64,931,950

* 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-026-21/04/06ADVMULFND2-107

ULIF-027-21/04/06ADVPLSFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments 33

14,366

-

2,080

22,713,104

25,654,241

Corporate Bonds

-

-

-

-

9,272,732

4,611,012

Infrastructure Bonds

-

-

-

-

11,271,175

5,628,979

Equity

-

-

-

-

51,939,614

43,974,941

Money Market

-

500

-

-

3,838,601

8,518,465

Fixed Deposits

-

-

-

-

78,703

268,906

Mutual Funds

4

-

-

-

4,336,236

-

37

14,866

-

2,080

103,450,165

88,656,544

Corporate Bonds

-

-

-

-

-

-

Infrastructure Bonds

-

-

-

-

-

-

Equity

-

-

-

-

8,374,488

5,871,044

Money Market

-

-

-

-

-

-

Mutual Funds

-

-

-

-

-

-

Venture Capital

-

-

-

-

-

-

PTC

-

-

-

-

-

-

Infrastructure Development Fund

-

-

-

-

-

-

Total

-

-

-

-

8,374,488

5,871,044

Government Bonds

Total Other Investments

GRAND TOTAL % of Approved Investments to Grand Total % of Other Investments to Grand Total

37

14,866

-

2,080

111,824,653

94,527,588

100.00%

100.00%

0.00%

100.00%

92.51%

93.79%

0.00%

0.00%

0.00%

0.00%

7.49%

6.21%

Schedule: F-3 CURRENT ASSETS Particulars

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

ULIF-026-21/04/06ADVMULFND2-107

ULIF-027-21/04/06ADVPLSFND2-107

Current Year

Previous Year

Current Year

Total

Previous Year

Current Year

Previous Year

Accrued Interest

1

180

-

43

1,248,860

1,146,222

Cash & Bank Balance

1

243

-

149

11,772

11,002

Dividend Receivable

-

-

-

-

6,766

2,319

Receivable for Sale of Investments

-

-

-

-

2,621,501

430,709

Unit Collection A/c#

-

-

-

-

-

-

Margin Money

-

-

-

-

-

-

Share Application Money

-

-

-

-

-

-

Other Current Assets (for Investments)

-

-

-

-

2,221,134

1,230,026

Total

2

423

-

192

6,110,033

2,820,278

120

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: 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-001-27/06/03MNMKFND-107

ULIF-041-05/01/10MNMKKFND-107

ULIF-039-28/12/09PNMNMKFND-107

ULIF-050-23/03/11DISPOLFND-107

ULIF-006-27/06/03DYGLTFND-107

ULIF-008-27/06/03PNGLTFND-107

ULGF-002-27/06/03GLTFND-107

Current Year

Current Year

Current Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Previous Year

Previous Year

Previous Year

Payable for Purchase of Investments

-

-

-

-

-

-

-

-

37,218

1,275

6,104

235

30,454

824

Other Current Liabilities

0

126

46

34

2

2

125,356

79,613

20

15

171

3

13

8

Unit Payable a/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

0

126

46

34

2

2

125,356

79,613

37,238

1,290

6,275

238

30,467

832

Break up of Other Expenses Under ULIP Schedule: 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-001-27/06/03MNMKFND-107

ULIF-041-05/01/10MNMKKFND-107

ULIF-039-28/12/09PNMNMKFND-107

ULIF-050-23/03/11DISPOLFND-107

ULIF-006-27/06/03DYGLTFND-107

ULIF-008-27/06/03PNGLTFND-107

ULGF-002-27/06/03GLTFND-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

-

-

14,258

11,207

520

906

0

0

1,036

1,137

342

399

-

-

Surrender charge

-

-

-

-

-

82

-

-

26

48

74

117

-

-

Switching charge

-

-

19

33

-

-

-

-

1

7

-

-

-

-

Mortality charge

9

11

14,543

8,870

0

0

0

0

2,019

1,921

16

18

609

418

Rider Premium charge

-

-

184

155

-

-

0

-

141

162

-

-

-

-

Partial withdrawal charge

-

-

6

-

-

-

-

-

1

0

-

-

-

-

Discontinuance Charges

-

-

747

834

-

-

-

-

11

22

-

-

-

-

Guarantee Charges

-

-

90

108

304

339

-

-

-

0

-

-

-

-

Subscription lapse forfeiture charges

-

-

-

-

-

-

-

-

-

(78)

-

-

-

-

Transaction Charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Miscellaneous charge

-

-

41

18

-

-

-

-

29

30

1

1

-

-

Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

1

-

4,022

2,879

122

182

0

0

469

448

65

73

91

-

10

11

33,910

24,104

946

1,509

0

0

3,733

3,697

498

608

700

418

Total

*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

121

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: F-4 CURRENT LIABILITIES Particulars

Payable for Purchase of Investments Other Current Liabilities

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-015-15/04/04DYBNDFND-107

ULIF-017-15/04/04PNBNDFND-107

ULGF-004-15/04/04BNDFND-107

ULGF-018-18/12/13SHTRMBND-107

ULGF-016-12/04/11SECCAPFND-107

ULIF-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

289,402

29,022

17,542

2,366

363,731

25,795

2,380

5,052

208

527

2,425

4,803

-

-

-

-

-

-

291,782

34,074

17,750

2,893

366,156

30,598

Unit Payable a/c# Total

Current Year

Previous Year

Current Year

Previous Year

-

-

61,149

2,433

-

11,606

-

1,055

13

3

271

396

8

9

1

47

-

-

-

-

-

-

-

-

13

3

61,420

2,829

8

11,615

1

1,102

Break up of Other Expenses Under ULIP Schedule: F-5 OTHER EXPENSES* Particulars

Policy Administration charge

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-015-15/04/04DYBNDFND-107

ULIF-017-15/04/04PNBNDFND-107

ULGF-004-15/04/04BNDFND-107

ULGF-018-18/12/13SHTRMBND-107

ULGF-016-12/04/11SECCAPFND-107

ULIF-020-07/12/04DYFLTRFND-107

ULIF-022-07/12/04PNFLTRFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Current Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

41,332

42,182

3,671

6,129

-

-

-

-

-

-

346

388

102

143

57

355

578

744

-

2

-

-

-

-

-

54

1

390

Surrender charge Switching charge Mortality charge Rider Premium charge

Previous Year

Previous Year

Previous Year

36

63

1

1

-

-

-

-

-

-

-

1

-

-

39,815

33,583

17

31

8,361

6,758

0

-

28

114

1,802

2,088

4

7

1,140

1,307

-

-

-

-

-

-

-

-

32

43

-

-

Partial withdrawal charge

27

2

-

-

-

-

-

-

-

-

-

-

-

-

Discontinuance Charges

973

1,669

-

-

-

-

-

-

-

-

14

57

-

-

(0)

0

-

-

-

-

-

-

-

-

-

-

-

-

-

(183)

(846)

-

-

-

-

-

-

-

-

(183)

-

-

Guarantee Charges Subscription lapse forfeiture charges Transaction Charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

159

113

9

3

-

-

-

-

-

(98)

15

16

0

1

Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

12,352

10,918

550

955

1,246

-

0

-

4

-

346

359

16

76

Total

95,891

90,009

3,980

7,863

9,607

6,760

0

-

32

16

2,555

2,823

123

617

Miscellaneous charge

*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

122

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: 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-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-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

-

-

3,539

819

15,329

6,720

37,942

15,664

69,667

88,517

17,503

3,722

Other Current Liabilities

8

5

-

925

327

428

5,371

11,574

15,049

1,218

494

635

124

165

Unit Payable a/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

8

11,706

-

925

3,866

1,247

20,700

18,294

52,991

16,882

70,161

89,152

17,627

3,887

Break up of Other Expenses Under ULIP Schedule: 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-005-07/12/04FLTRFND-107

ULGF-017-14/07/1157FM070416-107

ULIF-009-27/06/03DYBALFND-107

ULIF-010-27/06/03GRTBALFND-107

ULIF-011-27/06/03PNBALFND-107

ULGF-003-27/06/03BALFND-107

ULIF-037-21/12/09BALKFND-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 3,530

Policy Administration charge

-

-

-

-

146

159

2,318

2,887

11,442

12,796

-

-

5,617

Surrender charge

-

-

-

-

19

39

28

375

474

732

-

-

-

-

Switching charge

-

-

-

-

-

-

-

-

-

2

-

-

3

0

Mortality charge

138

168

-

-

1,001

990

1,922

2,286

666

748

1,914

1,326

6,962

4,963

Rider Premium charge

-

-

-

-

181

194

-

-

-

-

-

-

214

171

Partial withdrawal charge

-

-

-

-

-

-

-

0

-

-

-

-

4

0

Discontinuance Charges

-

-

-

-

-

-

-

-

-

-

-

-

319

185

Guarantee Charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Subscription lapse forfeiture charges

-

-

-

-

-

(84)

(93)

(79)

(2,398)

(12,944)

-

-

-

-

Transaction Charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Miscellaneous charge Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Total

-

-

-

-

149

160

11

9

30

31

-

-

41

22

21

-

-

-

224

208

605

748

1,743

1,775

286

-

1,970

1,255

159

168

-

-

1,720

1,666

4,791

6,226

11,957

3,140

2,200

1,326

15,130

10,126

*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

123

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: 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-046-24/01/10PNBALFND2-107

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

ULIF-044-11/01/10PNFRLEQFND-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

354

258

3,685

2,769

153,499

91,418

3,412

1,433

18,055

22,210

122,219

34,368

1,785

1,767

Other Current Liabilities

2

624

787

28

169,237

93,728

9

88

9,789

141

212

168

11

12

Unit Payable a/c#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

356

882

4,472

2,797

322,736

185,146

3,421

1,521

27,844

22,351

122,431

34,536

1,796

1,779

Payable for Purchase of Investments

Total

Break up of Other Expenses Under ULIP Schedule: 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-046-24/01/10PNBALFND2-107

ULIF-012-27/06/03DYGWTFND-107

ULIF-013-27/06/03GRTGWTFND-107

ULIF-030-07/01/09PNGWTFND-107

ULIF-018-13/09/04AGRGWTFND-107

ULIF-034-17/12/09FRLEQUFND-107

ULIF-044-11/01/10PNFRLEQFND-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

235

407

761

827

35,642

43,462

841

1,010

4,237

4,564

17,569

17,718

1,591

2,834

Surrender charge

-

2

99

29

110

2,793

342

948

238

311

40

136

-

420

Switching charge

-

-

-

-

7

3

-

-

0

4

7

25

0

1

Mortality charge

-

-

3,010

3,183

23,240

27,541

-

-

17,021

16,961

22,664

18,695

3

2

Rider Premium charge

-

-

771

833

-

-

-

-

4,991

5,261

919

1,045

-

-

Partial withdrawal charge

-

-

-

-

-

2

-

-

1

-

32

5

-

-

Discontinuance Charges

-

-

-

-

-

-

-

-

-

-

642

550

-

-

Guarantee Charges

-

-

-

0

73

79

-

-

(0)

6

34

37

-

-

Subscription lapse forfeiture charges

-

-

(130)

(53)

(3,178)

(1,523)

(40)

(13)

(136)

(86)

-

53

(33)

109

Transaction Charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Miscellaneous charge

-

-

246

268

14

12

-

-

745

810

114

55

-

-

38

56

715

713

8,474

10,031

177

279

4,052

3,898

6,372

5,425

235

459

273

465

5,472

5,800

64,382

82,400

1,320

2,224

31,149

31,729

48,393

43,744

1,796

3,825

Policy Administration charge

Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Total

*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

124

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: F-4 CURRENT LIABILITIES Particulars

Payable for Purchase of Investments

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-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-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

99,446

37,637

2,543

1,054

239,913

71,424

5,906

2,771

191,210

58,431

591

206

8,811

2,773

697

579

21

1,405

942

717

3,148

379

1,877

5,484

2

27

118

382

-

-

-

-

-

-

-

-

-

-

-

-

-

-

100,143

38,216

2,564

2,459

240,855

72,141

9,054

3,150

193,087

63,915

593

233

8,929

3,155

Other Current Liabilities Unit Payable a/c# Total

Break up of Other Expenses Under ULIP Schedule: F-5 OTHER EXPENSES* Particulars

Policy Administration charge Surrender charge

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-029-02/10/08OPPFND-107

ULIF-032-17/07/09PNOPPFND-107

ULIF-033-16/12/09CLAOPPFND-107

ULIF-042-07/01/10PNCLAOPFND-107

ULIF-028-14/11/06DYFLRFND-107

ULGF-015-07/01/10DYFLRFND-107

ULIF-031-13/07/09PNFLRFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Current Year

Current Year

59,584

60,658

1,375

1,581

104,414

98,699

7,982

14,871

61,038

65,554

-

-

2,507

3,242

1,669

6,213

550

581

120

1,576

87

2,191

6,668

16,435

-

-

5,938

6,782 6

Switching charge

Previous Year

Previous Year

Previous Year

43

45

-

1

39

75

4

10

17

27

-

-

3

49,293

50,267

-

-

118,528

86,257

-

-

62,714

69,534

-

-

-

-

1,976

2,009

-

-

6,380

7,137

-

-

4,824

5,656

-

-

-

-

Partial withdrawal charge

4

6

-

-

310

52

-

-

1

-

-

-

-

-

Discontinuance Charges

-

-

-

-

4,557

2,570

-

-

-

-

-

-

-

-

Mortality charge Rider Premium charge

Guarantee Charges Subscription lapse forfeiture charges Transaction Charges Miscellaneous charge Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Total

-

-

-

-

-

-

-

-

-

3

-

-

-

(7)

(338)

-

-

(169)

695

(67)

903

(716)

(872)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

89

99

-

-

503

284

-

-

94

111

-

-

-

-

16,823

16,588

293

300

35,712

27,894

1,196

2,450

20,015

21,700

-

-

1,263

1,389

129,474

135,547

2,218

2,463

270,394

225,239

9,202

20,425

154,655

178,148

-

-

9,711

11,419

*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

125

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: F-4 CURRENT LIABILITIES Particulars

Payable for Purchase of Investments Other Current Liabilities

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-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

ULIF-048-05/02/10GRTFND-107

ULIF-038-21/12/09PNGRTFND-107

ULIF-049-14/02/10PKGRTFND1-107

ULIF-024-07/02/06ADVMULFND-107

ULIF-023-06/02/06ADVPLSFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Current Year

Current Year

122,938

29,143

14,504

3,290

12,535

2,666

37,914

7,431

7,352

278

-

-

-

-

1,052

3,383

4,427

345

16

237

132

617

866

948

-

9,826

-

-

Unit Payable a/c# Total

Previous Year

Previous Year

Previous Year

-

-

-

-

-

-

-

-

-

-

-

-

-

-

123,990

32,526

18,931

3,635

12,551

2,903

38,046

8,048

8,218

1,226

-

9,826

-

-

Break up of Other Expenses Under ULIP Schedule: F-5 OTHER EXPENSES* Particulars

Policy Administration charge

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-035-17/12/09DYFLRFND2-107

ULIF-043-08/01/10PNFLRKFND2-107

ULIF-048-05/02/10GRTFND-107

ULIF-038-21/12/09PNGRTFND-107

ULIF-049-14/02/10PKGRTFND1-107

ULIF-024-07/02/06ADVMULFND-107

ULIF-023-06/02/06ADVPLSFND-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Current Year

23,051

32,583

4,855

8,509

1,465

1,993

5,252

6,958

(9)

2

-

-

-

-

245

1,653

45

689

-

232

-

774

-

-

-

-

-

-

Surrender charge Switching charge

Previous Year

Previous Year

106

185

7

31

-

-

-

-

-

-

-

-

-

24,099

29,967

-

-

627

932

-

-

999

1,173

-

-

-

-

3,362

4,232

-

-

-

-

-

-

-

-

-

-

-

-

Partial withdrawal charge

71

18

-

-

7

2

-

-

0

0

-

-

-

-

Discontinuance Charges

1

(1)

-

-

-

(4)

-

-

-

-

-

-

-

-

Guarantee Charges

-

-

-

-

2,354

2,842

5,320

5,896

-

-

-

-

-

-

(200)

960

(187)

(4,750)

-

-

(52)

57

(14)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mortality charge Rider Premium charge

Subscription lapse forfeiture charges Transaction Charges Miscellaneous charge Service Tax, Swachh Bharat cess & Krishi Kalyan Cess Total

13

17

-

-

-

0

-

-

0

1

-

-

-

-

7,541

9,600

712

789

604

835

1,575

1,892

147

164

-

-

-

-

58,289

79,214

5,432

5,268

5,057

6,832

12,095

15,577

1,123

1,340

-

-

-

-

*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

126

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedule: F-4 CURRENT LIABILITIES Particulars

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

ULIF-026-21/04/06ADVMULFND2-107

ULIF-027-21/04/06ADVPLSFND2-107

Current Year

Current Year

Previous Year

Total

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments

-

-

-

-

1,996,251

573,082

Other Current Liabilities

0

1

-

0

345,631

224,708

Unit Payable a/c#

-

-

-

-

-

-

Total

0

1

-

0

2,341,882

797,790

* Additions represents units creation and deductions represents units cancellation

Break up of Other Expenses Under ULIP Schedule: F-5 OTHER EXPENSES* Particulars

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Total

ULIF-026-21/04/06ADVMULFND2-107

ULIF-027-21/04/06ADVPLSFND2-107

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge

-

-

-

-

413,522

447,337

Surrender charge

-

-

-

-

17,408

44,703

Switching charge

-

-

-

-

291

519

Mortality charge

6

37

-

-

402,031

368,854

Rider Premium charge

-

-

-

-

25,115

28,205

Partial withdrawal charge

-

-

-

-

466

90

Discontinuance Charges

-

-

-

-

7,263

5,882

Guarantee Charges

-

-

-

-

8,175

9,309

Subscription lapse forfeiture charges

-

-

-

-

(8,266)

(18,409)

Transaction Charges

-

-

-

-

-

-

Miscellaneous charge

-

-

-

-

2,301

1,963

Service Tax, Swachh Bharat cess & Krishi Kalyan Cess

2

5

-

-

130,081

124,344

Total

8

42

-

-

998,387

1,012,797

*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

127

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Fund Performance of Unit Linked Funds as on 31.03.2017 (Absolute Growth % ) Sr No

Fund Name

1

Kotak Group Money Market Fund

2

Money Market Fund

SFIN code

Year of Inception

2017

2016

2015

*Returns

ULGF-001-27/06/03-MNMKFND-107

2003-04

4.01%

7.34%

8.64%

NA

NA

NA

44.40%

8.81%

28.80%

ULIF-041-05/01/10-MNMKKFND-107

2009-10

7.33%

8.01%

8.66%

8.69%

9.37%

8.55%

5.02%

NA

71.85%

2014

2013

2012

2011

2010

Inception

3

Pension Money Market Fund II

ULIF-039-28/12/09-PNMNMKFND-107

2009-10

7.36%

8.04%

8.64%

8.58%

9.22%

8.43%

5.27%

NA

72.18%

4

Discontinued Policy Fund

ULIF-050-23/03/11-DISPOLFND-107

2010-11

6.57%

7.45%

8.64%

8.35%

9.73%

8.09%

NA

NA

59.90%

5

Kotak Dynamic Gilt Fund

ULIF-006-27/06/03-DYGLTFND-107

2003-04

10.94%

6.85%

18.14%

1.79%

11.96%

6.61%

6.79%

6.06% 173.91%

6

Kotak Pension Gilt Fund

ULIF-008-27/06/03-PNGLTFND-107

2003-04

10.96%

6.89%

18.08%

1.85%

11.93%

6.58%

6.66%

5.83% 179.07%

7

Kotak Group Gilt Fund

ULGF-002-27/06/03-GLTFND-107

2003-04

11.18%

6.96%

18.51%

1.93%

12.15%

6.89%

7.01%

6.50% 184.24%

8

Kotak Dynamic Bond Fund

ULIF-015-15/04/04-DYBNDFND-107

2004-05

10.91%

7.12%

16.04%

3.34%

11.72%

9.35%

6.90%

9.35% 198.71%

6.85%

9.58% 199.93%

9

Kotak Pension Bond Fund

ULIF-017-15/04/04-PNBNDFND-107

2004-05

10.90%

7.24%

15.98%

3.34%

11.61%

9.48%

10

Kotak Group Bond Fund

ULGF-004-15/04/04-BNDFND-107

2004-05

11.39%

7.56%

16.59%

3.77%

12.21%

10.30%

8.37% 11.59% 218.16%

11

Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107

2015-16

8.23%

NA

NA

NA

NA

NA

NA

NA

11.62%

12

Kotak Group Secure Capital Fund

2011-12

11.01%

7.26%

16.28%

3.71%

12.16%

NA

NA

NA

75.84%

ULGF-016-12/04/11-SECCAPFND-107

13

Kotak Dynamic Floating Rate Fund

ULIF-020-07/12/04-DYFLTRFND-107

2004-05

7.66%

7.22%

10.18%

11.59%

8.56%

7.65%

5.83%

4.82% 147.50%

14

Kotak Pension Floating Rate Fund

ULIF-022-07/12/04-PNFLTRFND-107

2004-05

7.64%

7.16%

10.14%

11.54%

8.56%

7.61%

5.91%

4.67% 148.27%

ULGF-005-07/12/04-FLTRFND-107

5.33% 160.08%

15

Kotak Group Floating Rate Fund

2004-05

8.21%

7.67%

10.52%

11.99%

9.08%

8.08%

6.28%

16

Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107

2011-12

NA

8.85%

9.60%

8.56%

10.07%

NA

NA

17

Kotak Dynamic Balanced Fund

2003-04

16.92%

0.32%

29.17%

12.20%

8.97%

-1.44%

ULIF-009-27/06/03-DYBALFND-107

NA

NA

8.91% 36.85% 480.65%

18

Kotak Guaranteed Balanced Fund

ULIF-010-27/06/03-GRTBALFND-107

2003-04

16.27%

1.88%

24.22%

6.90%

9.30%

3.13%

6.93% 23.11% 405.60%

19

Kotak Pension Balanced Fund

ULIF-011-27/06/03-PNBALFND-107

2003-04

16.13%

1.90%

24.19%

6.88%

9.34%

3.17%

6.84% 22.64% 413.51%

20

Kotak Group Balanced Fund

ULGF-003-27/06/03-BALFND-107

2003-04

17.64%

0.61%

29.82%

12.49%

9.11%

-1.12%

9.41% 34.88% 492.22%

21

Balanced Fund

ULIF-037-21/12/09-BALKFND-107

2009-10

16.86%

0.40%

29.19%

11.60%

8.91%

-1.53%

8.48%

NA 104.69%

22

Pension Balanced Fund II

ULIF-046-24/01/10-PNBALFND2-107

2009-10

17.60%

0.41%

28.81%

12.06%

8.52%

-0.96%

8.08%

NA 101.49%

23

Kotak Dynamic Growth Fund

ULIF-012-27/06/03-DYGWTFND-107

2003-04

19.76%

-2.20%

33.59%

14.90%

8.11%

-4.57%

24

Kotak Guaranteed Growth Fund

ULIF-013-27/06/03-GRTGWTFND-107

2003-04

17.34%

0.44%

26.42%

8.22%

8.78%

1.54%

10.26% 44.21% 582.37% 7.57% 26.22% 484.62%

25

Kotak Pension Growth Fund

ULIF-030-07/01/09-PNGWTFND-107

2008-09

16.77%

0.56%

26.08%

8.17%

8.80%

1.52%

7.77% 26.48% 147.48%

26

Kotak Aggressive Growth Fund

ULIF-018-13/09/04-AGRGWTFND-107

2004-05

22.34%

-5.44%

39.39%

18.13%

6.87%

-7.41%

10.97% 74.61% 587.54%

27

Frontline Equity Fund

ULIF-034-17/12/09-FRLEQUFND-107

2009-10

23.07%

-4.11%

39.40%

17.73%

7.31%

-6.80%

11.91%

NA 119.08%

28

Pension Frontline Equity Fund

ULIF-044-11/01/10-PNFRLEQFND-107

2009-10

22.97%

-4.27%

39.64%

18.11%

7.43%

-6.96%

11.34%

NA 132.00%

11.84% 92.99% 328.21%

29

Kotak Opportunities Fund

ULIF-029-02/10/08-OPPFND-107

2008-09

24.03%

-6.37%

45.93%

15.58%

7.63%

-5.25%

30

Kotak Pension Opportunities Fund

ULIF-032-17/07/09-PNOPPFND-107

2009-10

23.79%

-6.19%

45.23%

15.26%

7.52%

-4.98%

11.51%

NA 143.24%

31

Classic Opportunities Fund

ULIF-033-16/12/09-CLAOPPFND-107

2009-10

24.66%

-5.55%

46.16%

16.17%

8.43%

-4.53%

12.32%

NA 142.01%

11.82%

NA 148.70%

32

Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107

2009-10

24.96%

-6.04%

47.18%

16.67%

8.06%

-4.42%

33

Dynamic Floor Fund

2006-07

14.56%

-0.89%

17.96%

4.11%

7.70%

0.23%

ULIF-028-14/11/06-DYFLRFND-107

6.98% 22.34% 158.31%

34

Kotak Group Dynamic Floor Fund

ULGF-015-07/01/10-DYFLRFND-107

2009-10

13.81%

-0.62%

18.57%

4.72%

9.07%

0.67%

6.76%

NA

64.65%

35

Kotak Pension Floor Fund

ULIF-031-13/07/09-PNFLRFND-107

2009-10

14.58%

-0.79%

17.98%

3.96%

8.89%

-1.54%

5.07%

NA

65.88%

36

Dynamic Floor Fund II

ULIF-035-17/12/09-DYFLRFND2-107

2009-10

15.21%

-1.64%

18.47%

4.60%

9.24%

-0.12%

7.19%

NA

66.48%

37

Pension Floor Fund II

ULIF-043-08/01/10-PNFLRKFND2-107

2009-10

15.31%

-1.62%

18.51%

4.52%

9.31%

0.16%

7.62%

NA

65.77%

38

Guarantee Fund

ULIF-048-05/02/10-GRTFND-107

2009-10

12.72%

-1.68%

18.43%

4.60%

9.29%

0.40%

7.62%

NA

70.62%

39

Pension Guarantee Fund

ULIF-038-21/12/09-PNGRTFND-107

2009-10

12.84%

-1.69%

18.50%

4.52%

9.36%

0.08%

7.57%

NA

62.97%

6.34%

NA

62.26%

40

Peak Guarantee Fund I

ULIF-049-14/02/10-PKGRTFND1-107

2009-10

12.21%

-1.87%

17.85%

4.34%

8.77%

0.26%

41

Kotak Advantage Multiplier Fund

ULIF-024-07/02/06-ADVMULFND-107

2005-06

NA

4.49%

6.45%

3.57%

6.97%

-0.36%

4.82% 19.10%

NA

42

Kotak Advantage Plus Fund

ULIF-023-06/02/06-ADVPLSFND-107

2005-06

NA

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

2.14%

4.80%

6.87%

4.10%

6.82%

-0.76%

4.98% 19.07%

71.58%

44

Kotak Advantage Plus Fund II

ULIF-027-21/04/06-ADVPLSFND2-107

2006-07

NA

4.72%

6.11%

4.42%

6.55%

2.27%

4.50% 17.37%

NA

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. 16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

128

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Statement Showing Receipts and Payments made to Related Parties Sr No

Related Parties

1 Kotak Group Money Market Fund 2 Money Market Fund 3 Pension Money Market Fund II 4 Discontinued Policy Fund 5 Kotak Dynamic Gilt Fund 6 Kotak Pension Gilt Fund 7 Kotak Group Gilt Fund 8 Kotak Dynamic Bond Fund 9 Kotak Pension Bond Fund 10 Kotak Group Bond Fund Kotak Group Short Term Bond Fund 11 12 Kotak Group Secure Capital Fund 13 Kotak Dynamic Floating Rate Fund 14 Kotak Pension Floating Rate Fund 15 Kotak Group Floating Rate Fund Kotak Group 57M FMP 07/04/2016 16 17 Kotak Dynamic Balanced Fund 18 Kotak Guaranteed Balanced Fund 19 Kotak Pension Balanced Fund 20 Kotak Group Balanced Fund 21 Balanced Fund 22 Pension Balanced Fund II 23 Kotak Dynamic Growth Fund 24 Kotak Guaranteed Growth Fund 25 Kotak Pension Growth Fund 26 Kotak Aggressive Growth Fund 27 Frontline Equity Fund 28 Pension Frontline Equity Fund 29 Kotak Opportunities Fund 30 Kotak Pension Opportunities Fund 31 Classic Opportunities Fund 32 Pension Classic Opportunities Fund 33 Dynamic Floor Fund 34 Kotak Group Dynamic Floor Fund 35 Kotak Pension Floor Fund 36 Dynamic Floor Fund II 37 Pension Floor Fund II 38 Guarantee Fund 39 Pension Guarantee Fund 40 Peak Guarantee Fund I 41 Kotak Advantage Multiplier Fund 42 Kotak Advantage Plus Fund 43 Kotak Advantage Multiplier Fund II 44 Kotak Advantage Plus Fund II Grand Total

SFIN code

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 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 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 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 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 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 ULIF-026-21/04/06-ADVMULFND2-107 ULIF-027-21/04/06-ADVPLSFND2-107

Kotak Securities Ltd Brokerage 33 112 271 648 98 7 139 1,582 27 787 1,336 73 1,802 47 3,238 208 1,054 3 50 681 84 25 68 12 12,384

Kotak Mahindra Prime Ltd - Interest Income on Debenture's 31,265 2,117 29,911 3,392 282 1,248 3,863 4,385 704 15,985 282 19,375 79 855 12,323 1,544 479 1,379 282 129,749

16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

129

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Statement Showing Company wise Details of Investments held in Promoter Group Sr No

Fund Name

1 Kotak Group Money Market Fund 2 Money Market Fund 3 Pension Money Market Fund II 4 Discontinued Policy Fund 5 Kotak Dynamic Gilt Fund 6 Kotak Pension Gilt Fund 7 Kotak Group Gilt Fund 8 Kotak Dynamic Bond Fund 9 Kotak Pension Bond Fund 10 Kotak Group Bond Fund 11 Kotak Group Short Term Bond Fund 12 Kotak Group Secure Capital Fund 13 Kotak Dynamic Floating Rate Fund 14 Kotak Pension Floating Rate Fund 15 Kotak Group Floating Rate Fund 16 Kotak Group 57M FMP 07/04/2016 17 Kotak Dynamic Balanced Fund 18 Kotak Guaranteed Balanced Fund 19 Kotak Pension Balanced Fund 20 Kotak Group Balanced Fund 21 Balanced Fund 22 Pension Balanced Fund II 23 Kotak Dynamic Growth Fund 24 Kotak Guaranteed Growth Fund 25 Kotak Pension Growth Fund 26 Kotak Aggressive Growth Fund 27 Frontline Equity Fund 28 Pension Frontline Equity Fund 29 Kotak Opportunities Fund 30 Kotak Pension Opportunities Fund 31 Classic Opportunities Fund 32 Pension Classic Opportunities Fund 33 Dynamic Floor Fund 34 Kotak Group Dynamic Floor Fund 35 Kotak Pension Floor Fund 36 Dynamic Floor Fund II 37 Pension Floor Fund II 38 Guarantee Fund 39 Pension Guarantee Fund 40 Peak Guarantee Fund I 41 Kotak Advantage Multiplier Fund 42 Kotak Advantage Plus Fund 43 Kotak Advantage Multiplier Fund II 44 Kotak Advantage Plus Fund II Grand Total *

SFIN code 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 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 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 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 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 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 ULIF-026-21/04/06-ADVMULFND2-107 ULIF-027-21/04/06-ADVPLSFND2-107

* This amount represents total exposure to promoter group as a percentage of total fund size 16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

130

Annual Report 2016-17

Kotak Mahindra Prime Ltd - Debentures Amount Percentage 422,956 3.93% 20,130 3.08% 421,774 3.62% 76,425 2.70% 3,020 1.38% 12,089 1.38% 34,267 1.61% 43,298 0.92% 7,050 0.93% 144,947 1.50% 3,020 1.60% 199,363 1.94% 1,010 2.57% 8,050 1.77% 122,826 1.93% 16,109 2.32% 5,030 1.39% 14,099 1.41% 3,020 1.57% 1,558,485 1.35%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures NAV Highest Lowest & closing at the end of the year Sr . No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

Mfund Code KMMF MMFK PMMFK DDCN DGILT PGILT KGILT DBOND PBOND KBOND KSTBOND KGSC DFRF PFRF KFRF KFMP7 DBGF GBGF PBGF KBGF BGFFK PBGFK DHEGF GHEGF PHEGF NLIIA FRONTK PFRONK OPPF POPF CLASK PCLASK DYFF KYFF PNFF DYFFK PNFFK GGFK PGFK GGPK KAMF KAPF KAM2 KAP2

Fund Name 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 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 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 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 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 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 Kotak Advantage Multiplier Fund II Kotak Advantage Plus Fund II

SFIN 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 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 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 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 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 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 ULIF-026-21/04/06-ADVMULFND2-107 ULIF-027-21/04/06-ADVPLSFND2-107

Highest NAV

Lowest NAV

Closing NAV

12.88 17.19 17.22 15.99 28.28 28.79 29.31 30.45 30.59 32.37 11.16 17.91 24.77 24.85 26.03 15.16 58.07 50.56 51.35 59.22 20.47 20.15 68.26 58.46 24.75 68.83 21.91 23.21 42.82 24.32 24.20 24.87 25.83 26.53 16.59 16.65 16.58 17.06 16.30 16.23 NA NA 17.35 17.57

12.39 16.02 16.04 15.01 24.69 25.16 25.57 26.94 27.05 28.57 10.31 15.84 22.99 23.07 24.04 15.13 49.24 43.28 44.02 49.92 17.37 16.99 56.16 49.44 21.03 55.05 17.44 18.47 33.82 19.25 19.03 19.49 22.47 23.27 14.43 14.40 14.33 15.05 14.36 14.39 NA NA 16.80 17.11

12.88 17.19 17.22 15.99 27.39 27.91 28.42 29.87 29.99 31.82 11.16 17.58 24.75 24.83 26.01 NA 58.07 50.56 51.35 59.22 20.47 20.15 68.24 58.46 24.75 68.75 21.91 23.20 42.82 24.32 24.20 24.87 25.83 26.53 16.59 16.65 16.58 17.06 16.30 16.23 NA NA 17.16 NA

Note: The above NAVs are without Appropriation/Expropriation Charges. 16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

131

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Annualised Expense ratio to average daily assets of the Fund Sr No

Fund Name

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

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 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 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 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 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 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 Kotak Advantage Multiplier Fund II Kotak Advantage Plus Fund II

16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

132

Annual Report 2016-17

SFIN 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 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 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 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 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 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 ULIF-026-21/04/06-ADVMULFND2-107 ULIF-027-21/04/06-ADVPLSFND2-107

Annualised

Average Daily

Annualised

Expense 8 14,016 657 10,791 5,336 950 2,870 136,281 9,545 92,563 2,885 12,234 3,087 431 1,483 21 2,907 13,336 32,879 43,438 8,925 544 11,014 181,319 3,100 55,546 69,823 4,170 233,589 6,133 296,580 19,870 201,694 532 9,612 97,542 11,495 5,750 15,831 4,024 NA NA 246 35

Assets of the Funds 918 2,047,067 95,804 1,877,833 465,030 82,733 313,134 9,886,570 692,372 10,076,310 315,622 1,185,663 224,129 31,297 161,772 276,932 195,520 894,684 2,205,071 3,796,753 577,409 35,185 641,036 10,541,110 180,344 3,033,700 4,520,799 270,191 10,187,205 267,435 19,190,623 1,285,095 10,043,146 37,168 478,764 6,300,081 742,652 371,387 1,022,031 200,348 NA NA 7,140 1,617

Expense Ratio 0.92% 0.68% 0.69% 0.57% 1.15% 1.15% 0.92% 1.38% 1.38% 0.92% 0.91% 1.03% 1.38% 1.38% 0.92% 0.46% 1.49% 1.49% 1.49% 1.14% 1.55% 1.55% 1.72% 1.72% 1.72% 1.83% 1.54% 1.54% 2.29% 2.29% 1.55% 1.55% 2.01% 1.43% 2.01% 1.55% 1.55% 1.55% 1.55% 2.01% NA NA 3.45% 3.45%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Annualised Income ratio to Average daily assets of the Fund Sr No

Fund Name

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

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 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 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 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 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 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 Kotak Advantage Multiplier Fund II Kotak Advantage Plus Fund II

SFIN code

Annualised

Average Daily

Annualised

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 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 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 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 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 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 ULIF-026-21/04/06-ADVMULFND2-107 ULIF-027-21/04/06-ADVPLSFND2-107

Expense 46 158,384 7,460 130,118 51,220 9,374 32,653 1,132,596 80,557 1,136,103 25,257 122,165 19,886 2,736 14,361 492 33,615 148,894 361,423 640,228 97,444 6,279 125,638 1,866,301 30,902 659,137 1,009,337 61,006 2,422,391 62,749 4,570,458 313,208 1,557,905 5,269 75,231 990,969 118,720 50,503 140,399 27,385 NA NA 509 77

Assets of the Funds 918 2,047,067 95,804 1,877,833 465,030 82,733 313,134 9,886,570 692,372 10,076,310 315,622 1,185,663 224,129 31,297 161,772 276,932 195,520 894,684 2,205,071 3,796,753 577,409 35,185 641,036 10,541,110 180,344 3,033,700 4,520,799 270,191 10,187,205 267,435 19,190,623 1,285,095 10,043,146 37,168 478,764 6,300,081 742,652 371,387 1,022,031 200,348 NA NA 7,140 1,617

Expense Ratio 5.01% 7.74% 7.79% 6.93% 11.01% 11.33% 10.43% 11.46% 11.63% 11.27% 8.00% 10.30% 8.87% 8.74% 8.88% 10.80% 17.19% 16.64% 16.39% 16.86% 16.88% 17.85% 19.60% 17.70% 17.14% 21.73% 22.33% 22.58% 23.78% 23.46% 23.82% 24.37% 15.51% 14.18% 15.71% 15.73% 15.99% 13.60% 13.74% 13.67% NA NA 7.13% 7.47%

16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

133

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Fundwise Disclosure of Appreciation /(Depreciation) in value of Investment Segregated Classwise Sr No

Fund Name

1 Kotak Group Money Market Fund 2 Money Market Fund 3 Pension Money Market Fund II 4 Discontinued Policy Fund 5 Kotak Dynamic Gilt Fund 6 Kotak Pension Gilt Fund 7 Kotak Group Gilt Fund 8 Kotak Dynamic Bond Fund 9 Kotak Pension Bond Fund 10 Kotak Group Bond Fund 11 Kotak Group Short Term Bond Fund 12 Kotak Group Secure Capital Fund 13 Kotak Dynamic Floating Rate Fund 14 Kotak Pension Floating Rate Fund 15 Kotak Group Floating Rate Fund 16 Kotak Group 57M FMP 07/04/2016 17 Kotak Dynamic Balanced Fund 18 Kotak Guaranteed Balanced Fund 19 Kotak Pension Balanced Fund 20 Kotak Group Balanced Fund 21 Balanced Fund 22 Pension Balanced Fund II 23 Kotak Dynamic Growth Fund 24 Kotak Guaranteed Growth Fund 25 Kotak Pension Growth Fund 26 Kotak Aggressive Growth Fund 27 Frontline Equity Fund 28 Pension Frontline Equity Fund 29 Kotak Opportunities Fund 30 Kotak Pension Opportunities Fund 31 Classic Opportunities Fund 32 Pension Classic Opportunities Fund 33 Dynamic Floor Fund 34 Kotak Group Dynamic Floor Fund 35 Kotak Pension Floor Fund 36 Dynamic Floor Fund II 37 Pension Floor Fund II 38 Guarantee Fund 39 Pension Guarantee Fund 40 Peak Guarantee Fund I 41 Kotak Advantage Multiplier Fund 42 Kotak Advantage Plus Fund 43 Kotak Advantage Multiplier Fund II 44 Kotak Advantage Plus Fund II Grand Total 16 - Last unit redeemed on 06/04/2016 41 - Last unit redeemed on 31/03/2016 42 - Last unit redeemed on 19/07/2013 44 - Last unit redeemed on 18/11/2016

134

Annual Report 2016-17

SFIN

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 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 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 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 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 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 ULIF-026-21/04/06-ADVMULFND2-107 ULIF-027-21/04/06-ADVPLSFND2-107

Corporate Bonds 52,791 3,592 39,196 (847) 2,275 (14) 1 (29) 427 3,347 7,963 5,110 683 143 38 24,319 528 15,344 223 873 9,020 1,033 441 929 151 167,537

Equities 29,294 98,641 236,961 524,549 74,921 4,335 128,616 1,420,516 25,542 801,362 1,042,465 62,639 2,601,730 60,511 4,826,757 313,441 695,624 2,032 31,646 406,748 46,740 15,246 42,404 9,674 13,502,394

Investment Type Government Guaranteed Bonds 3,603 749 1,308 17,738 1,194 16,774 (882) 2,468 964 111 449 123 1,400 2,854 1,937 258 23 715 9,099 185 11,174 44 517 6,573 882 441 1,201 306 (1) 82,209

Government Securities (2,672) 634 149 217 22,639 2,496 14,251 1,371 246 2,681 488 2,038 186 1,591 3,511 2,200 384 48 94 15,296 242 16,477 72 921 11,087 1,594 515 1,446 315 100,518

Grand Total (2,672) 4,237 897 1,525 93,167 7,281 70,222 (358) 4,990 3,631 599 2,458 30,030 104,979 251,290 533,797 76,246 4,548 129,463 1,469,231 26,498 801,362 1,042,465 62,639 2,601,730 60,511 4,826,757 313,441 738,620 2,370 33,956 433,429 50,249 16,643 45,980 10,445 (1) 13,852,658

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Money Market Fund

% of Total Funds

ULGF-001-27/06/03MNMKFND-107 Financial and insurance activities CBLO - 03.04.2017

500

72.57%

HDFC CM Savings -Direct Plan - Growth Option

30

4.35%

ICICI Prudential Money Market Fund - Direct - Growth

31

4.50%

Kotak Floater Short Term-(Growth) - Direct

27

3.92%

588

85.34%

91 Days T Bill - 06.04.2017

100

14.51%

Total

100

14.51%

Total GOVT. of INDIA

Others Net Current Assets Grand Total Industry

1

0.15%

689

100.00%

Money Market Fund

% of Total Funds

ULIF-041-05/01/10MNMKKFND-107 Financial and insurance activities Bajaj Finance Limited CP - 06.02.2018 CBLO - 03.04.2017

170,993

6.39%

8,997

0.34%

HDFC CM Savings -Direct Plan - Growth Option

117,969

4.41%

HDFC Ltd CP - 23.10.17

177,155

6.63%

ICICI Home Finance Co Ltd CP 28.02.18

204,329

7.64%

ICICI Prudential Money Market Fund - Direct - Growth

125,834

4.71%

IRFC CP - 15.06.17

209,790

7.85%

97,811

3.66%

Manappuram Finance Ltd CP - 19.05.17

197,444

7.39%

Sundaram Fin CP - 05.02.18

150,646

5.63%

1,460,968

54.65%

Kotak Floater Short Term-(Growth) - Direct

Total Others Electricity, gas, steam and air conditioning supply

200,858

Manufacture of basic metals

195,684

7.32%

Undifferentiated goods & services-producing activities of private

192,939

7.22%

Manufacture of motor vehicles, trailers and semi-trailers

192,939

7.22%

Mfg of pharmaceuticals, medicinal chemical & botanical products

189,893

7.10%

GOVT. of INDIA Net Current Assets Grand Total

7.51%

Industry

Financial and insurance activities Bajaj Finance Limited CP - 06.02.2018 HDFC CM Savings -Direct Plan - Growth Option HDFC Ltd CP - 23.10.17 ICICI Home Finance Co Ltd CP 28.02.18 ICICI Prudential Money Market Fund - Direct - Growth IRFC CP - 15.06.17 Kotak Floater Short Term-(Growth) - Direct Manappuram Finance Ltd CP - 19.05.17 Sundaram Fin CP - 05.02.18 Total Others Manufacture of basic metals Electricity, gas, steam and air conditioning supply Undifferentiated goods & services-producing activities of private Manufacture of motor vehicles, trailers and semi-trailers Mfg of pharmaceuticals, medicinal chemical & botanical products GOVT. of INDIA Net Current Assets Grand Total Industry

Pension Money Market Fund II ULIF-039-28/12/09PNMNMKFND-107

% of Total Funds

7,066 2,403

7.58% 2.58%

8,162 7,985 2,562

8.75% 8.56% 2.75%

8,392 3,042 7,917 5,649 53,178

9.00% 3.26% 8.49% 6.06% 57.03%

7,967 7,935

8.55% 8.51%

7,855

8.42%

7,855

8.42%

7,596

8.15%

473 380 93,239

0.51% 0.41% 100.00%

Kotak Dynamic Gilt Fund

% of Total Funds

ULIF-006-27/06/03DYGLTFND-107 GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

5,801

1.12%

6.01% GOI - 25.03.2028

173

0.03%

6.13% GOI - 04.06.2028

718

0.14%

6.62% GOI - 28.11.2051

71

0.01%

6.83% GOI - 19.01.39

189

0.03%

6.90% OIL SPL - 04.02.2026

192

0.04%

54

0.01%

7.06% GOI - 10.10.2046

192

0.04%

7.28% GOI - 03.06.2019

317

0.06%

7.46% GOI - 28.08.17

11

0.00%

7.50% GOI - 10.08.34

5,035

0.97%

7.72% GOI - 26.10.2055

45,342

8.77%

7.80% GOI - 03.05.2020

103

0.02%

7.00% GOI Fertilizer Bond - 10.12.22

12,395

0.46%

7.80% GOI - 11.04.2021

1,544

0.29%

227,725

8.52%

8.13% GOI - 22.06.2045

61,377

11.86%

2,673,401

100.00%

8.17% GOI - 01.12.2044

60,256

11.65%

5,884

1.14%

8.20% GOI - 15.02.22

135

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-006-27/06/03DYGLTFND-107 8.20% OMC GOI -15.09.24

Kotak Dynamic Gilt Fund

% of Total Funds

ULIF-006-27/06/03DYGLTFND-107

111

0.02%

8.94% GJ SDL - 07.03.2022

546

0.11%

73

0.01%

8.98% PN SDL - 14.10.2021

8,470

1.64%

8.24% GOI - 15.02.27

338

0.07%

8.99% MP SDL - 07.03.2022

16,349

3.16%

8.28% GOI - 21.09.2027

409

0.08%

9.11% MP SDL - 28.05.2024

10,113

1.96%

1,838

0.36%

9.18% PN SDL 2021 - 09.11.2021

918

0.18%

8.30% GOI - 02.07.2040

581

0.11%

9.25% RJ SDL - 09.10.2023

13,607

2.63%

8.30% GOI - 31.12.2042

23,193

4.48%

9.29% MP SDL - 16.01.2024

387

0.07%

8.32% GOI - 02.08.2032

444

0.09%

9.35% MH SDL - 30.01.2024

236

0.05%

8.33% GOI - 09.07.2026

351

0.07%

9.37% GJ SDL - 04.12.2023

132

0.03%

8.60% GOI - 02.06.2028

5

0.00%

9.39% GJ SDL - 20.11.2023

10,829

2.09%

8.83% GOI - 12.12.2041

3,960

0.77%

9.40% MP SDL - 30.01.2024

12,349

2.39%

9.23% GOI - 23.12.2043

49,323

9.54%

9.50% MAH SDL - 18.12.2023

601

0.12%

267,885

51.78%

9.51% MAH SDL - 11.09.2023

412

0.08%

8.24% GOI - 10.11.2033

8.30% Fertilizer Co GOI - 07.12.23

Total State Development Loan

9.65% KA SDL - 14.08.2023

1,201

0.23%

211,549

40.91%

143

0.03%

Total

13,245

2.56%

Others

528

0.10%

Financial and insurance activities

44,354

8.57%

7.84% MH SDL - 13.07.2026

11,290

2.18%

Net Current Assets

-6,564

-1.26%

8.12% MH SDL - 13.11.2025

4,762

0.92%

Grand Total

517,224

100.00%

8.14% GJ SDL - 14.01.2025

4,722

0.91%

8.14% KA SDL - 13.11.2025

4,771

0.92%

8.15% GJ SDL - 26.11.2025

1,626

0.31%

Kotak Pension Gilt Fund

% of Total Funds

8.15% MH SDL - 26.11.2025

1,624

0.31%

542

0.10%

8.18% HR SPL SDL - 15.06.2022

1,124

0.22%

8.21% PN SPL SDL - 31.03.2026

1,120

0.22%

8.22% KA SDL - 09.12.2025

2,179

0.42%

8.25% MH SDL - 10.06.2025

3,595

0.70%

8.25% MH SDL - 13.05.2025

9,147

1.77%

8.27% TN SDL - 13.01.2026

1,917

0.37%

96

0.02%

791

0.15%

8.29% TN SDL - 29.07.2025

1,608

0.31%

8.31% GJ SDL - 03.02.2020

2,787

0.54%

8.38% TN SDL - 27.01.2026

269

0.05%

8.51% MH SDL - 09.03.2026

298

0.06%

8.52% GJ SDL - 19.01.2021

8,161

1.58%

8.63% MH SDL - 09.01.2023

11,257

2.18%

8.67% MH SDL - 24.02.2026

271

0.05%

8.84% PN SDL - 11.06.2024

319

0.06%

8.84% TN SDL - 18.07.2022

5,321

1.03%

8.90% MH SDL - 24.09.2024

7.39% MH SDL - 09.11.2026 7.62% TN SDL - 09.08.2026 7.72% TN SPL SDL - 22.02.2024

8.15% TN SDL - 13.11.2025

8.28% MH SDL - 29.07.2025 8.29% MAH SDL - 26.08.2025

27,166

5.25%

8.91% MAH SDL - 05.09.2022

8,388

1.62%

8.92% KA SDL - 07.03.2022

5,676

1.10%

8.92% TN SDL - 05.09.2022

656

0.13%

136

Annual Report 2016-17

Industry

ULIF-008-27/06/03PNGLTFND-107 GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

1,192

1.40%

6.01% GOI - 25.03.2028

32

0.04%

6.13% GOI - 04.06.2028

124

0.15%

6.62% GOI - 28.11.2051

13

0.02%

6.83% GOI - 19.01.39

35

0.04%

6.90% OIL SPL - 04.02.2026

33

0.04%

9

0.01%

7.06% GOI - 10.10.2046

34

0.04%

7.28% GOI - 03.06.2019

57

0.07%

302

0.35%

7.72% GOI - 26.10.2055

7,569

8.87%

7.80% GOI - 03.05.2020

21

0.02%

7.80% GOI - 11.04.2021

280

0.33%

8.13% GOI - 22.06.2045

10,425

12.22%

8.17% GOI - 01.12.2044

9,809

11.50%

8.20% GOI - 15.02.22

1,065

1.25%

8.20% OMC GOI -15.09.24

22

0.03%

8.24% GOI - 10.11.2033

13

0.02%

8.24% GOI - 15.02.27

61

0.07%

8.28% GOI - 21.09.2027

71

0.08%

7.00% GOI Fertilizer Bond - 10.12.22

7.50% GOI - 10.08.34

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Pension Gilt Fund

% of Total Funds

Industry

ULIF-008-27/06/03PNGLTFND-107 8.30% Fertilizer Co GOI - 07.12.23

Kotak Pension Gilt Fund

% of Total Funds

ULIF-008-27/06/03PNGLTFND-107

376

0.44%

9.25% RJ SDL - 09.10.2023

1,915

2.24%

8.30% GOI - 02.07.2040

11

0.01%

9.29% MP SDL - 16.01.2024

83

0.10%

8.30% GOI - 31.12.2042

3,806

4.46%

9.35% MH SDL - 30.01.2024

50

0.06%

8.32% GOI - 02.08.2032

91

0.10%

9.37% GJ SDL - 04.12.2023

32

0.03%

8.33% GOI - 09.07.2026

63

0.07%

9.39% GJ SDL - 20.11.2023

2,295

2.69%

8.60% GOI - 02.06.2028

1

0.00%

9.40% MP SDL - 30.01.2024

2,139

2.51%

8.83% GOI - 12.12.2041

675

0.79%

9.50% MAH SDL - 18.12.2023

106

0.12%

9.23% GOI - 23.12.2043

8,233

9.65%

9.51% MAH SDL - 11.09.2023

83

0.10%

44,423

52.07%

Total State Development Loan

9.65% KA SDL - 14.08.2023 Total

211

0.25%

36,729

43.05%

24

0.03%

Others

2,311

2.71%

Financial and insurance activities

6,052

7.09%

90

0.11%

Net Current Assets

-1,885

-2.21%

8.12% MH SDL - 13.11.2025

814

0.95%

Grand Total

85,319

100.00%

8.14% GJ SDL - 14.01.2025

999

1.17%

8.14% KA SDL - 13.11.2025

815

0.96%

8.15% GJ SDL - 26.11.2025

278

0.33%

Kotak Group Gilt Fund

% of Total Funds

8.15% MH SDL - 26.11.2025

277

0.32%

7.39% MH SDL - 09.11.2026 7.62% TN SDL - 09.08.2026 7.72% TN SPL SDL - 22.02.2024

8.15% TN SDL - 13.11.2025

93

0.11%

8.18% HR SPL SDL - 15.06.2022

198

0.23%

8.21% PN SPL SDL - 31.03.2026

192

0.23%

8.22% KA SDL - 09.12.2025

371

0.43%

8.25% MH SDL - 10.06.2025

744

0.87%

8.25% MH SDL - 13.05.2025

1,835

2.15%

8.27% TN SDL - 13.01.2026

331

0.39%

8.28% MH SDL - 29.07.2025

20 157

8.29% MAH SDL - 26.08.2025

Industry

ULGF-002-27/06/03GLTFND-107 GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

2,520

0.64%

6.01% GOI - 25.03.2028

113

0.03%

6.13% GOI - 04.06.2028

535

0.14%

6.62% GOI - 28.11.2051

51

0.01%

6.83% GOI - 19.01.39

123

0.03%

0.02%

6.90% OIL SPL - 04.02.2026

140

0.04%

0.18%

7.00% GOI Fertilizer Bond - 10.12.22

38

0.01%

134

0.03%

135

0.03%

4,733

1.20%

8.29% TN SDL - 29.07.2025

300

0.35%

7.06% GOI - 10.10.2046

8.31% GJ SDL - 03.02.2020

516

0.60%

7.28% GOI - 03.06.2019

8.38% TN SDL - 27.01.2026

47

0.06%

7.50% GOI - 10.08.34

34,556

8.77% 0.01%

8.51% MH SDL - 09.03.2026

55

0.06%

7.72% GOI - 26.10.2055

8.52% GJ SDL - 19.01.2021

1,663

1.95%

7.80% GOI - 03.05.2020

50

8.63% MH SDL - 09.01.2023

2,231

2.61%

7.80% GOI - 11.04.2021

1,009

0.26%

8.67% MH SDL - 24.02.2026

49

0.06%

8.13% GOI - 22.06.2045

47,414

12.03%

8.84% PN SDL - 11.06.2024

64

0.08%

8.17% GOI - 01.12.2044

44,494

11.29%

8.84% TN SDL - 18.07.2022

1,064

1.25%

8.20% GOI - 15.02.22

3,835

0.97%

8.90% MH SDL - 24.09.2024

4,425

5.19%

8.20% OMC GOI -15.09.24

100

0.03%

8.91% MAH SDL - 05.09.2022

1,770

2.07%

8.24% GOI - 10.11.2033

54

0.01%

8.92% KA SDL - 07.03.2022

1,204

1.41%

8.24% GOI - 15.02.27

230

0.06%

8.92% TN SDL - 05.09.2022

133

0.16%

8.28% GOI - 21.09.2027

291

0.07%

8.94% GJ SDL - 07.03.2022

116

0.14%

8.30% Fertilizer Co GOI - 07.12.23

833

0.21%

8.98% PN SDL - 14.10.2021

1,864

2.18%

8.30% GOI - 02.07.2040

267

0.07%

8.99% MP SDL - 07.03.2022

2,395

2.81%

8.30% GOI - 31.12.2042

16,774

4.26%

9.11% MP SDL - 28.05.2024

2,157

2.53%

8.32% GOI - 02.08.2032

197

0.05%

213

0.25%

8.33% GOI - 09.07.2026

228

0.06%

9.18% PN SDL 2021 - 09.11.2021

137

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Gilt Fund

% of Total Funds

Industry

ULGF-002-27/06/03GLTFND-107

Kotak Group Gilt Fund

% of Total Funds

ULGF-002-27/06/03GLTFND-107

8.60% GOI - 02.06.2028

4

0.00%

9.37% GJ SDL - 04.12.2023

60

0.02%

8.83% GOI - 12.12.2041

2,894

0.73%

9.37% MAH SDL - 04.12.2023

6,686

1.70%

9.23% GOI - 23.12.2043

36,019

9.14%

9.39% GJ SDL - 20.11.2023

9,921

2.52%

197,771

50.18%

9.40% MP SDL - 30.01.2024

7,362

1.87%

9.50% MAH SDL - 18.12.2023

418

0.11% 0.05%

Total State Development Loan 7.39% MH SDL - 09.11.2026

85

0.02%

9.51% MAH SDL - 11.09.2023

197

8,019

2.04%

9.65% KA SDL - 14.08.2023

835

0.21%

385

0.10%

Total

155,239

39.39%

8.12% MH SDL - 13.11.2025

3,485

0.88%

Financial and insurance activities

8.14% GJ SDL - 14.01.2025

9,719

2.47%

4.45%

3,491

0.89%

HDFC CM Savings -Direct Plan - Growth Option

17,520

8.14% KA SDL - 13.11.2025 8.15% GJ SDL - 26.11.2025

1,187

0.30%

18,654

4.73%

8.15% MH SDL - 26.11.2025

ICICI Prudential Money Market Fund - Direct - Growth Kotak Floater Short Term-(Growth) - Direct

15,741

3.99%

Total

51,915

13.17%

7.62% TN SDL - 09.08.2026 7.72% TN SPL SDL - 22.02.2024

1,185

0.30%

8.15% TN SDL - 13.11.2025

396

0.10%

8.18% HR SPL SDL - 15.06.2022

781

0.20%

8.21% PN SPL SDL - 31.03.2026

803

0.20%

8.22% KA SDL - 09.12.2025

1,590

0.40%

8.23% MAH SDL - 09.09.2025

4,945

1.25%

8.25% MH SDL - 10.06.2025

1,991

0.51%

8.25% MH SDL - 13.05.2025

8,128

2.06%

8.27% TN SDL - 13.01.2026

1,378

0.35%

52

0.01%

8.28% MH SDL - 29.07.2025

Others Net Current Assets

-10,805

-2.74%

Grand Total

394,120

100.00%

Kotak Dynamic Bond Fund

% of Total Funds

Industry

ULIF-015-15/04/04DYBNDFND-107

460

0.12%

Financial and insurance activities

8.29% TN SDL - 29.07.2025

1,038

0.26%

10.10% HDFC - 13.09.2017

8.31% GJ SDL - 03.02.2020

1,031

0.26%

8.38% TN SDL - 27.01.2026

2,058

0.52%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

8.51% MH SDL - 09.03.2026

406

0.10%

8.52% GJ SDL - 19.01.2021

5,220

1.32%

8.63% MH SDL - 09.01.2023

4,912

1.25%

8.67% MH SDL - 24.02.2026

177

0.04%

8.84% PN SDL - 11.06.2024

363

0.09%

8.84% TN SDL - 18.07.2022

4,257

1.08%

8.90% MH SDL - 24.09.2024

21,776

5.53%

8.91% MAH SDL - 05.09.2022

5,765

1.46%

8.92% KA SDL - 07.03.2022

1,759

0.45%

8.92% TN SDL - 05.09.2022

354

0.09%

8.94% GJ SDL - 07.03.2022

240

8.98% PN SDL - 14.10.2021

8.29% MAH SDL - 26.08.2025

8,081

0.08%

23,891

0.22%

11.15% REC - 24.10.2018

1,056

0.01%

11.25% PFC - 28.11.18

4,243

0.03%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

5,233

0.04%

28,173

0.26%

7.16% NABARD - 12.01.2032

188,326

1.74%

7.18% PFC - 20.01.2027

104,581

0.97%

7.20% NABARD - 21.10.2031

23,282

0.21%

7.54% NABARD - 29.03.2032

345,487

3.20%

7.60% PFC - 20.02.2027

62,345

0.57%

7.70% KMPL - 11.12.17

107,798

1.00%

0.06%

7.71% NABARD - 17.03.2032

229,523

2.13%

4,080

1.04%

7.75% PFC - 22.03.2027

210,608

1.96%

8.99% MP SDL - 07.03.2022

11,298

2.87%

7.78% HDFC - 24.03.2020

180,313

1.68%

9.11% MP SDL - 28.05.2024

6,983

1.77%

7.80% HDFC - 11.11.2019

179,463

1.67%

230

0.06%

7.8409% Bajaj Finance Ltd - 29.06.2020

119,049

1.11%

9,470

2.40%

7.85% IREDA - 06.03.2027

107,623

1.00%

9.29% MP SDL - 16.01.2024

167

0.04%

118,407

1.10%

9.35% MH SDL - 30.01.2024

96

0.02%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

9.18% PN SDL 2021 - 09.11.2021 9.25% RJ SDL - 09.10.2023

138

Annual Report 2016-17

7.10% PFC - 11.01.2027

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Dynamic Bond Fund

% of Total Funds

Industry

ULIF-015-15/04/04DYBNDFND-107

Kotak Dynamic Bond Fund

% of Total Funds

ULIF-015-15/04/04DYBNDFND-107

7.95% LIC Housing Finance - 26.03.2027

155,621

1.45%

8.88% EXIM- 18.10.2022

6,369

0.06%

7.95% REC - 12.03.2027

146,363

1.36%

8.89% IDFC Bank - 02.12.20

14,402

0.13%

8.18% EXIM- 07.12.2025

318,842

2.96%

8.90% HDFC - 18.08.2020

12,373

0.11%

8.20% IRFC - 27.04.2020

5,156

0.05%

8.90% PFC - 18.03.2028

6,520

0.06%

8.20% IRFC - 27.04.2024

8,359

0.08%

8.90% Sundaram Finance - 29.06.18

12,141

0.11%

8.23% REC - 23.01.2025

3,105

0.03%

8.92% L&T Finance Ltd. - 06.07.2018

80,673

0.75%

8.25% Bajaj Finance Ltd - 19.08.2019

55,575

0.52%

8.94% EXIM- 31.12.2022

6,397

0.06%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

52,635

0.49%

8.94% PFC - 25.03.2028

3,269

0.03%

12,355

0.11%

8.30% REC - 10.04.2025

8.95% LIC Housing Finance - 15.09.2020 7,258

0.07%

8.97% PFC - 15.01.2018

3,044

0.03%

8.35% HDFC - 13.05.2026 P - 13.11.2017

10,154

0.09%

9.00% EXIM- 07.02.2022

5,272

0.05%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

12,213

0.11%

9.02% REC - 19.11.2022

7,463

0.07%

8.40% HDFC - 23.01.2025

13,280

0.12%

9.05% SBH Perpetual Bond Call- 20.09.2020

33,588

0.31%

8.45% HDFC - 25.02.2025

3,074

0.03%

9.14% EXIM- 01.08.2022

11,815

0.11%

8.48% KMPL - 12.04.19

96,034

0.89%

9.15% EXIM- 05.09.2022

4,293

0.04%

8.48% KMPL - 13.04.18

219,125

2.04%

9.15% PFC - 07.07.2019

10,332

0.10%

8,137

0.08%

9.20% PFC - 07.07.2021

9,554

0.09%

142,237

1.32%

9.23% LIC Housing Finance - 13.12.2022

4,226

0.04%

9.24% LIC Housing Finance - 30.09.2024

23,400

0.22%

5,131

0.05%

9.25% IDFC Bank - 13.09.19

12,904

0.12%

8.55% LIC Housing Finance - 14.08.2025

24,008

0.22%

9.25% LIC Housing Finance - 12.11.2022

12,678

0.12%

8.55% Sundaram Finance - 27.10.17

30,051

0.28%

1,009

0.01%

8.58% Sundaram Finance - 18.04.18

47,510

0.44%

13,383

0.12%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

35,002

0.33%

9.30% EXIM- 11.05.2022

5,401

0.05%

9.30% HDFC - 18.01.2021

10,406

0.10%

8.61% L&T Finance Ltd. - 25.09.2017

25,105

0.23%

9.30% LIC Housing Finance - 14.09.2022

13,755

0.13%

8.65% PFC - 28.12.2024

3,166

0.03%

9.33% IRFC - 10.05.2026

10,037

0.09%

8.70% PFC- 14.05.2020

6,223

0.06%

9.35% REC - 15.06.2022

11,894

0.11%

8.70% PFC- 15.01.2020

6,201

0.06%

9.36% IDFC Bank - 21.08.24

2,135

0.02%

8.70% REC - 01.02.2018

4,045

0.04%

9.36% PFC - 01.08.2021

5,340

0.05%

10,157

0.09%

9.38% REC - 06.11.2018

4,126

0.04%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

16,067

0.15%

9.39% PFC - 27.08.2024

8,733

0.08%

9.39% PFC - 27.08.2029

1,131

0.01%

9.41% PFC - 01.06.2019 P-C - 01.06.2017

5,021

0.05%

9.43% Tata Sons - 02.06.2019

13,416

0.12%

8.49% HDFC - 27.04.2020 8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20 8.55% IRFC - 15.01.2019

8.70% Sundaram Finance - 17.06.19 8.72% REC - 04.09.2019

5,159

0.05%

8.75% HDFC - 04.03.2021 P - 14.04.2017

10,242

0.10%

8.75% LIC Housing Finance - 14.01.2020 P 14.04.16

4,084

0.04%

12,035

0.11%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20 8.78% PFC - 15.11.2020

9.25% REC - 27.08.2017 9.25% Tata Sons - 19.06.2019

7,312

0.07%

9.45% LIC Housing Finance - 30.01.2022

12,628

0.12%

8.79% HDFC - 21.07.2020

12,323

0.11%

9.47% LIC Housing Finance - 23.08.2024

77,432

0.72%

8.80% EXIM- 15.03.2023

8,506

0.08%

9.50% HDFC - 13.08.2024

180,423

1.68%

8.82% PFC - 20.02.2020

2,076

0.02%

9.57% LIC Housing Finance - 07.09.2017

8,062

0.07%

8.83% EXIM- 09.01.2023

11,690

0.11%

9.60% HDFC - 05.07.2017 P 05.08.13

3,015

0.03%

8.84% PFC - 04.03.2023

56,083

0.52%

9.61% PFC - 29.06.2021

3,227

0.03%

8.85% Sundaram Finance - 05.01.18

22,133

0.21%

9.65% HDFC - 17.01.2019 - P - 17.02.15

9,269

0.09%

8.87% EXIM- 30.10.2029

8,670

0.08%

9.65% HDFC - 19.01.2019 P -20.03.15

129,776

1.21%

8.87% REC - 08.03.2020

2,082

0.02%

139

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Dynamic Bond Fund

% of Total Funds

Industry

ULIF-015-15/04/04DYBNDFND-107 9.69% Tata Sons - 12.06.2022

Kotak Dynamic Bond Fund

% of Total Funds

ULIF-015-15/04/04DYBNDFND-107

88,895

0.83%

8.30% GOI - 02.07.2040

3,795

0.04%

9.70% LIC Housing Finance - 16.05.2017

3,007

0.03%

8.30% GOI - 31.12.2042

367,472

3.41%

9.70% PFC - 15.12.2018

1,039

0.01%

8.32% GOI - 02.08.2032

5,301

0.05%

12,854

0.12%

8.33% GOI - 09.07.2026

7,925

0.07%

2,179

0.02%

8.60% GOI - 02.06.2028

770

0.01%

71,161

0.66%

8.83% GOI - 12.12.2041

37,569

0.34%

4,143

0.04%

9.23% GOI - 23.12.2043

263,451

2.45%

25,144

0.23%

Total

2,864,671

26.62%

141,608

1.32%

Electricity, gas, steam and air conditioning supply

720,163

6.69%

9.71% Tata Sons - 29.08.2022 9.75% REC - 11.11.2021. 9.78% Tata Sons - 13.01.2019 9.81% PFC - 07.10.2018 9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 9.85% Shriram Transport Finance Co Ltd 15.07.2017 9.87% Tata Sons - 17.07.2017

Others

1,007

0.01%

State Development Loan

669,111

6.22%

9.90% HDFC - 11.11.2021

12,841

0.12%

353,009

3.28%

9.90% Tata Sons - 20.03.2019

48,729

0.45%

Warehousing and support activities for transportation

9.95% IRFC - 07.06.2022

22,357

0.21%

Manufacture of basic metals

69,257

0.64%

Bajaj Finance Limited CP - 19.05.2017

45,022

0.42%

47,473

0.44%

HDFC CM Savings -Direct Plan - Growth Option

46,041

0.43%

Mfg of pharmaceuticals, medicinal chemical & botanical products

ICICI Prudential Money Market Fund - Direct - Growth

48,078

0.44%

Kotak Floater Short Term-(Growth) - Direct

57,092

0.53%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

52,956

0.49%

National Housing Bank ZCB - 24.12.2018

4,443

0.04%

Shriram Transport Finance Co Ltd Floater 19.07.19

50,172

0.47%

5,241,166

48.69%

Total

Net Current Assets

GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

164,225

1.53%

6.01% GOI - 25.03.2028

226

0.00%

6.13% GOI - 04.06.2028

16,477

0.15%

6.62% GOI - 28.11.2051

1,536

0.01%

6.83% GOI - 19.01.39

4,355

0.04%

6.90% OIL SPL - 04.02.2026

4,292

0.04%

7.00% GOI Fertilizer Bond - 10.12.22

211

0.00%

7.06% GOI - 10.10.2046

3,810

0.04%

7.28% GOI - 03.06.2019

546

0.01%

70

0.00%

7.72% GOI - 26.10.2055

551,138

5.12%

7.80% GOI - 03.05.2020

1,276

0.01%

8.13% GOI - 22.06.2045

666,619

6.19%

8.17% GOI - 01.12.2044

752,954

7.00%

8.20% OMC GOI -15.09.24

279

0.00%

8.24% GOI - 10.11.2033

611

0.01%

8.24% GOI - 15.02.27

5,989

0.06%

8.28% GOI - 21.09.2027

1,716

0.02%

8.30% Fertilizer Co GOI - 07.12.23

2,058

0.02%

7.46% GOI - 28.08.17

140

Annual Report 2016-17

Grand Total

Industry

798,548

7.42%

10,763,398

100.00%

Kotak Pension Bond Fund

% of Total Funds

ULIF-017-15/04/04PNBNDFND-107 Financial and insurance activities 10.10% HDFC - 13.09.2017

1,010

0.15%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

2,077

0.32%

11% PFC - 15.09.18

1,051

0.16%

11.15% REC - 24.10.2018

1,056

0.16%

7.10% PFC - 11.01.2027

1,943

0.30%

12,620

1.93%

7.18% PFC - 20.01.2027

6,842

1.05%

7.20% NABARD - 21.10.2031

1,940

0.30%

7.54% NABARD - 29.03.2032

21,091

3.22%

3,017

0.46%

7.71% NABARD - 17.03.2032

15,370

2.35%

7.75% PFC - 22.03.2027

13,163

2.01%

7.78% HDFC - 24.03.2020

10,017

1.53%

7.80% HDFC - 11.11.2019

9,970

1.52%

7.8409% Bajaj Finance Ltd - 29.06.2020

7,003

1.07%

7.85% IREDA - 06.03.2027

6,092

0.93%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

8,028

1.23%

7.95% REC - 12.03.2027

9,212

1.41%

8.18% EXIM- 07.12.2025

19,605

3.00%

7.16% NABARD - 12.01.2032

7.60% PFC - 20.02.2027

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Pension Bond Fund

% of Total Funds

Industry

Kotak Pension Bond Fund

% of Total Funds

ULIF-017-15/04/04PNBNDFND-107

ULIF-017-15/04/04PNBNDFND-107 8.20% IRFC - 27.04.2024

1,045

0.16%

9.43% Tata Sons - 02.06.2019

2,064

0.32%

8.25% Bajaj Finance Ltd - 19.08.2019

4,042

0.62%

9.45% LIC Housing Finance - 30.01.2022

1,052

0.16%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

3,037

0.46%

9.47% LIC Housing Finance - 23.08.2024

3,226

0.49%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

1,018

10,804

1.65%

9.57% LIC Housing Finance - 07.09.2017

1,008

0.15%

8.40% HDFC - 23.01.2025

1,022

0.16%

9.65% HDFC - 19.01.2019 P -20.03.15

9,270

1.42%

8.48% KMPL - 12.04.19

7,002

1.07%

9.69% Tata Sons - 12.06.2022

6,426

0.98%

8.48% KMPL - 13.04.18

13,127

2.01%

9.71% Tata Sons - 29.08.2022

1,071

0.16%

5,157

0.79%

0.16%

9.50% HDFC - 13.08.2024

1,017

0.16%

9.78% Tata Sons - 13.01.2019

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

10,088

1.54%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,048

0.16%

8.55% LIC Housing Finance - 14.08.2025

2,088

0.32%

1.38%

3,033

0.46%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

9,039

8.58% Sundaram Finance - 18.04.18 8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

3,000

0.46%

9.90% HDFC - 11.11.2021

1,070

0.16%

9.90% Tata Sons - 20.03.2019

4,147

0.63%

8.61% L&T Finance Ltd. - 25.09.2017

2,511

0.38%

9.95% IRFC - 07.06.2022

1,118

0.17%

8.70% PFC- 15.01.2020

1,034

0.16%

2,901

0.44%

8.75% LIC Housing Finance - 14.01.2020 P 14.04.16

4,084

0.62%

HDFC CM Savings -Direct Plan - Growth Option

0.46%

1,003

0.15%

ICICI Prudential Money Market Fund - Direct - Growth

3,027

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

Kotak Floater Short Term-(Growth) - Direct

3,594

0.55%

8.79% HDFC - 21.07.2020

1,027

0.16%

5,043

0.77%

8.83% EXIM- 09.01.2023

1,063

0.16%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

8.84% PFC - 04.03.2023

3,175

0.49%

0.61%

2,012

0.31%

Shriram Transport Finance Co Ltd Floater 19.07.19

4,014

8.85% Sundaram Finance - 05.01.18 8.87% EXIM- 30.10.2029

1,084

0.17%

Financial and insurance activities Total

315,286

48.19%

8.89% IDFC Bank - 02.12.20

1,029

0.16%

GOVT. of INDIA

8.90% HDFC - 18.08.2020

1,031

0.16%

1.44% INFLATION INDEX GS 2023

15,671

2.40%

8.90% PFC - 18.03.2028

1,087

0.17%

6.01% GOI - 25.03.2028

16

0.00%

8.90% Sundaram Finance - 29.06.18

1,012

0.15%

8.92% L&T Finance Ltd. - 06.07.2018

2,521

0.39%

6.13% GOI - 04.06.2028

1,063

0.16%

8.95% LIC Housing Finance - 15.09.2020

1,030

0.16%

6.62% GOI - 28.11.2051

105

0.02%

9.05% SBH Perpetual Bond Call- 20.09.2020

2,099

0.32%

6.83% GOI - 19.01.39

303

0.05%

9.14% EXIM- 01.08.2022

1,074

0.16%

6.90% OIL SPL - 04.02.2026

274

0.04%

9.15% EXIM- 05.09.2022

1,073

0.16%

7.00% GOI Fertilizer Bond - 10.12.22

15

0.00%

261

0.04%

8.49% HDFC - 27.04.2020

9.15% PFC - 07.07.2019

1,033

0.16%

7.06% GOI - 10.10.2046

9.20% PFC - 07.07.2021

1,062

0.16%

7.28% GOI - 03.06.2019

196

0.03%

9.23% LIC Housing Finance - 13.12.2022

1,056

0.16%

7.72% GOI - 26.10.2055

34,774

5.32%

9.24% LIC Housing Finance - 30.09.2024

2,127

0.33%

7.80% GOI - 03.05.2020

149

0.02%

9.25% Tata Sons - 19.06.2019

1,029

0.16%

8.13% GOI - 22.06.2045

38,126

5.83%

9.30% LIC Housing Finance - 14.09.2022

1,058

0.16%

8.17% GOI - 01.12.2044

46,945

7.17%

9.33% IRFC - 10.05.2026

1,115

0.17%

9.35% REC - 15.06.2022

1,081

0.17%

8.20% OMC GOI -15.09.24

19

0.00%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

1,071

0.16%

8.24% GOI - 10.11.2033

42

0.01%

414

0.06%

8.24% GOI - 15.02.27

141

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Pension Bond Fund

% of Total Funds

Industry

ULIF-017-15/04/04PNBNDFND-107

Kotak Group Bond Fund

% of Total Funds

ULGF-004-15/04/04BNDFND-107

120

0.02%

7.75% PFC - 22.03.2027

245,034

2.10%

1,069

0.16%

7.78% HDFC - 24.03.2020

200,348

1.72%

8.30% GOI - 02.07.2040

242

0.04%

7.80% HDFC - 11.11.2019

209,374

1.79%

8.30% GOI - 31.12.2042

23,403

3.57%

7.8409% Bajaj Finance Ltd - 29.06.2020

130,054

1.11%

8.32% GOI - 02.08.2032

656

0.10%

7.85% IREDA - 06.03.2027

113,715

0.97%

8.33% GOI - 09.07.2026

623

0.09%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

123,424

1.06%

8.60% GOI - 02.06.2028

53

0.01%

7.95% LIC Housing Finance - 26.03.2027

179,717

1.54%

8.83% GOI - 12.12.2041

2,413

0.37%

7.95% REC - 12.03.2027

164,786

1.41%

9.23% GOI - 23.12.2043

16,560

2.53%

8.18% EXIM- 07.12.2025

348,765

2.99%

183,512

28.04%

8.20% IRFC - 27.04.2020

4,124

0.04%

8.20% IRFC - 27.04.2024

25,077

0.21%

8.23% REC - 23.01.2025

4,140

0.04%

8.25% Bajaj Finance Ltd - 19.08.2019

66,690

0.57%

42,513

0.36%

8.28% GOI - 21.09.2027 8.30% Fertilizer Co GOI - 07.12.23

Total Others Electricity, gas, steam and air conditioning supply

45,185

6.91%

State Development Loan

43,295

6.62%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

Warehousing and support activities for transportation

24,337

3.72%

8.35% HDFC - 13.05.2026 P - 13.11.2017

10,154

0.09%

15,266

0.13%

Manufacture of basic metals

4,617

0.71%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

Mfg of pharmaceuticals, medicinal chemical & botanical products

3,798

0.58%

8.38% PFC - 27.04.2020

20,642

0.18%

8.40% HDFC - 23.01.2025

13,280

0.11%

5.23%

8.45% HDFC - 25.02.2025

2,050

0.02%

8.48% KMPL - 12.04.19

92,032

0.79%

8.48% KMPL - 13.04.18

203,978

1.75%

6,103

0.05%

149,299

1.28%

8.55% IRFC - 15.01.2019

27,709

0.24%

8.55% LIC Housing Finance - 14.08.2025

26,096

0.22%

8.55% Sundaram Finance - 27.10.17

33,056

0.28%

8.58% Sundaram Finance - 18.04.18

45,488

0.39%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

20,001

0.17%

8.61% L&T Finance Ltd. - 25.09.2017

Net Current Assets Grand Total

34,186 654,216

100.00%

8.49% HDFC - 27.04.2020 Industry

Kotak Group Bond Fund

% of Total Funds

ULGF-004-15/04/04BNDFND-107 Financial and insurance activities 10.10% HDFC - 13.09.2017

4,041

0.03%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

24,930

0.21%

11% PFC - 15.09.18

21,011

0.18%

11.15% REC - 24.10.2018

24,289

0.21%

11.25% PFC - 28.11.18

14,852

0.13%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

5,233

0.04%

11.95% HDFC - 26.11.18

9,558

0.08%

7.10% PFC - 11.01.2027

29,145

0.25%

7.16% NABARD - 12.01.2032

197,062

1.69%

7.18% PFC - 20.01.2027

112,400

0.96%

7.20% NABARD - 21.10.2031

24,252

0.21%

7.54% NABARD - 29.03.2032

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

25,105

0.22%

8.65% PFC - 28.12.2024

2,111

0.02%

8.65% REC 2019- 15.01.2019

7,162

0.06%

8.70% PFC- 14.05.2020

8,298

0.07%

8.70% PFC- 15.01.2020

7,235

0.06%

8.70% REC - 01.02.2018

4,045

0.03%

8.72% REC - 04.09.2019

5,159

0.04%

8.75% HDFC - 04.03.2021 P - 14.04.2017

10,242

0.09%

8.75% LIC Housing Finance - 14.01.2020 P 14.04.16

4,084

0.04%

12,035

0.10%

9,401

0.08%

12,323

0.11%

377,626

3.24%

7.60% PFC - 20.02.2027

65,361

0.56%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

7.70% KMPL - 11.12.17

125,764

1.08%

8.78% PFC - 15.11.2020

7.71% NABARD - 17.03.2032

289,978

2.49%

8.79% HDFC - 21.07.2020

142

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Bond Fund

% of Total Funds

Industry

ULGF-004-15/04/04BNDFND-107

Kotak Group Bond Fund

% of Total Funds

ULGF-004-15/04/04BNDFND-107

8.80% EXIM- 15.03.2023

10,633

0.09%

9.43% LIC Housing Finance - 10.02.2022

8.80% REC - 17.11.2019

1,036

0.01%

9.43% Tata Sons - 02.06.2019

45,233

0.39%

8,256

8.82% PFC - 20.02.2020

2,076

0.02%

9.45% LIC Housing Finance - 30.01.2022

0.07%

12,628

8.83% EXIM- 09.01.2023

9,564

0.08%

9.46% PFC - 01.08.2026

0.11%

2,222

8.84% PFC - 04.03.2023

58,199

0.50%

9.47% LIC Housing Finance - 23.08.2024

0.02%

26,886

8.85% Sundaram Finance - 05.01.18

25,152

0.22%

9.50% HDFC - 13.08.2024

0.23%

196,629

8.87% EXIM- 30.10.2029

10,837

0.09%

1.69%

9.57% LIC Housing Finance - 07.09.2017

8,062

8.87% REC - 08.03.2020

2,082

0.07%

0.02%

9.60% HDFC - 05.07.2017 P 05.08.13

2,010

8.88% EXIM- 18.10.2022

0.02%

7,430

0.06%

9.60% LIC Housing Finance - 07.03.2021

45,163

8.89% IDFC Bank - 02.12.20

0.39%

7,201

0.06%

9.61% PFC - 29.06.2021

3,227

0.03%

10,311

0.09%

9.65% HDFC - 17.01.2019 - P - 17.02.15

15,448

0.13%

3,260

0.03%

9.65% HDFC - 19.01.2019 P -20.03.15

134,926

1.16%

8.90% Sundaram Finance - 29.06.18

11,129

0.10%

9.69% Tata Sons - 12.06.2022

87,824

0.75%

8.92% L&T Finance Ltd. - 06.07.2018

83,194

0.71%

9.70% LIC Housing Finance - 16.05.2017

2,005

0.02%

8.94% EXIM- 31.12.2022

7,463

0.06%

9.70% PFC - 31.01.2020

6,353

0.05%

8.94% PFC - 25.03.2028

3,269

0.03%

9.71% Tata Sons - 29.08.2022

12,854

0.11%

12,355

0.11%

9.75% REC - 11.11.2021.

2,179

0.02%

8.97% PFC - 15.01.2018

3,044

0.03%

9.78% Tata Sons - 13.01.2019

80,443

0.69%

9.00% EXIM- 07.02.2022

5,272

0.05%

9.81% PFC - 07.10.2018

5,179

0.04%

9.02% REC - 19.11.2022

6,397

0.05%

20,953

0.18%

9.05% SBH Perpetual Bond Call- 20.09.2020

23,092

0.20%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

9.14% EXIM- 01.08.2022

11,815

0.10%

179,772

1.54%

9.15% EXIM- 05.09.2022

4,293

0.04%

9.15% PFC - 07.07.2019

11,365

0.10%

9.90% HDFC - 11.11.2021

13,911

0.12%

6,081

0.05%

9.90% Tata Sons - 20.03.2019

49,766

0.43%

10,616

0.09%

9.95% IRFC - 07.06.2022

31,300

0.27%

9.23% LIC Housing Finance - 13.12.2022

4,226

0.04%

Bajaj Finance Limited CP - 19.05.2017

42,054

0.36%

9.24% LIC Housing Finance - 30.09.2024

31,909

0.27%

HDFC CM Savings -Direct Plan - Growth Option

98,272

0.84%

8.90% HDFC - 18.08.2020 8.90% PFC - 18.03.2028

8.95% LIC Housing Finance - 15.09.2020

9.18% HDFC - 12.02.2018 9.20% PFC - 07.07.2021

9.25% IDFC Bank - 13.09.19 9.25% LIC Housing Finance - 12.11.2022 9.25% REC - 27.08.2017

9.85% Shriram Transport Finance Co Ltd 15.07.2017

9,831

0.08%

17,960

0.15%

ICICI Prudential Money Market Fund - Direct - Growth

103,724

0.89%

123,171

1.06%

50,434

0.43%

1,009

0.01%

Kotak Floater Short Term-(Growth) - Direct

9.25% Tata Sons - 19.06.2019

10,295

0.09%

9.28% PFC - 28.12.17

10,157

0.09%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

9.30% EXIM- 11.05.2022

5,401

0.05%

National Housing Bank ZCB - 24.12.2018

4,443

0.03%

9.30% HDFC - 18.01.2021

10,406

0.09%

62,214

0.53%

9.30% LIC Housing Finance - 14.09.2022

11,639

0.10%

Shriram Transport Finance Co Ltd Floater 19.07.19

9.33% IRFC - 10.05.2026

11,152

0.10%

9.35% REC - 15.06.2022

14,056

0.12%

Total

9.36% IDFC Bank - 21.08.24

2,135

0.02%

GOVT. of INDIA

9.38% REC - 06.11.2018

3,095

0.03%

1.44% INFLATION INDEX GS 2023

16,067

0.14%

6.01% GOI - 25.03.2028

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15 9.39% PFC - 27.08.2024

8,733

0.07%

9.41% PFC - 01.06.2019 P-C - 01.06.2017

4,017

0.03%

9.43% IRFC - 23.05.18

5,141

0.04%

Sundaram Finance Ltd ZCB - 13.10.2017

40,282

0.34%

5,997,835

51.41%

104,519

0.90%

222

0.01%

6.13% GOI - 04.06.2028

17,509

0.15%

6.62% GOI - 28.11.2051

1,617

0.01%

6.83% GOI - 19.01.39

4,377

0.04%

6.90% OIL SPL - 04.02.2026

4,547

0.04%

143

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Bond Fund

% of Total Funds

Industry

ULGF-004-15/04/04BNDFND-107

Kotak Group Short Term Bond Fund

% of Total Funds

ULGF-018-18/12/13SHTRMBND-107

218

0.00%

8.45% IRFC - 26.12.2018

1,024

0.19%

4,000

0.03%

30,002

5.60%

7.28% GOI - 03.06.2019

1,105

0.01%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

7.72% GOI - 26.10.2055

646,856

5.54%

8.61% L&T Finance Ltd. - 25.09.2017

7.80% GOI - 03.05.2020

945

0.01%

8.00% GOI Oil Bond - 23.03.26

103

0.00%

8.13% GOI - 22.06.2045

720,790

6.18%

8.17% GOI - 01.12.2044

814,333

8.20% OMC GOI -15.09.24 8.24% GOI - 10.11.2033

7.00% GOI Fertilizer Bond - 10.12.22 7.06% GOI - 10.10.2046

12,553

2.34%

8.72% REC - 04.09.2019

1,032

0.19%

8.80% REC - 06.10.2019

2,068

0.39%

8.92% L&T Finance Ltd. - 06.07.2018

2,521

0.47%

8.95% PFC - 11.03.2018

1,019

0.19%

6.98%

9.02% REC - 19.11.2022

1,066

0.20%

293

0.00%

9.20% PFC - 07.07.2021

2,123

0.40%

657

0.01%

9.24% REC - 17.10.2018

2,056

0.38%

8.24% GOI - 15.02.27

6,263

0.05%

9.25% LIC Housing Finance - 12.11.2022

17,960

3.35%

8.28% GOI - 21.09.2027

1,758

0.02%

9.25% Tata Sons - 19.06.2019

14,413

2.69%

8.30% Fertilizer Co GOI - 07.12.23

5,899

0.05%

9.30% EXIM- 11.05.2022

3,241

0.61%

8.30% GOI - 02.07.2040

4,035

0.03%

9.35% REC - 15.06.2022

4,325

0.81%

8.30% GOI - 31.12.2042

415,310

3.56%

9.37% PFC - 19.08.2024

3,271

0.61%

8.32% GOI - 02.08.2032

3,480

0.03%

9.40% REC - 20.07.2017

8,057

1.50%

8.33% GOI - 09.07.2026

7,576

0.06%

17,207

3.21%

8.60% GOI - 02.06.2028

811

0.01%

9.48% REC - 10.08.2021

6,443

1.20%

8.83% GOI - 12.12.2041

39,952

0.34%

9.61% PFC - 29.06.2021

8,606

1.61%

9.61% REC - 03.01.2019

2,074

0.39%

9.23% GOI - 23.12.2043

282,052

2.42%

9.63% REC - 05.02.2019

3,121

0.59%

3,089,227

26.48%

12,360

2.31%

9.70% EXIM- 21.11.2018

2,077

0.39%

9.70% HDFC - 07.06.2017

1,004

0.19%

9.70% PFC - 31.01.2020

16,941

3.16%

3,269

0.61%

Total Others

6.58%

9.47% LIC Housing Finance - 23.08.2024

9.65% HDFC - 19.01.2019 P -20.03.15

Electricity, gas, steam and air conditioning supply

767,749

State Development Loan

664,561

5.70%

9.75% REC - 11.11.2021.

Warehousing and support activities for transportation

287,574

2.47%

Bajaj Finance Limited CP - 19.05.2017

19,790

3.70%

HDFC CM Savings -Direct Plan - Growth Option

21,026

3.93%

HDFC Ltd CP - 23.10.17

14,403

2.69%

ICICI Prudential Money Market Fund - Direct - Growth

22,428

4.19%

Kotak Floater Short Term-(Growth) - Direct

21,397

4.00%

2,877

0.54%

326,716

61.02%

8.52% GJ SDL - 19.01.2021

5,195

0.97%

8.92% TN SDL - 05.09.2022

13,364

2.50%

9.17% PN SDL - 11.04.2022

10,733

2.00%

9.25% RJ SDL - 09.10.2023

8,149

1.52%

9.50% GJ SDL - 11.09.2023

55,003

10.27%

Mfg of pharmaceuticals, medicinal chemical & botanical products

75,957

0.65%

Manufacture of basic metals

68,196

0.58%

714,758

6.13%

11,665,857

100.00%

Kotak Group Short Term Bond Fund

% of Total Funds

Net Current Assets Grand Total

Sundaram Finance Ltd ZCB - 13.10.2017 Total

Industry

ULGF-018-18/12/13SHTRMBND-107 Financial and insurance activities 11% PFC - 15.09.18 11.15% REC - 24.10.2018 11.25% PFC - 28.11.18 7.80% HDFC - 11.11.2019 8.25% Bajaj Finance Ltd - 19.08.2019

144

Annual Report 2016-17

2,101

0.39%

10,560

1.97%

2,122

0.40%

9,970

1.86%

20,209

3.77%

State Development Loan

9.69% PN SDL - 12.02.2024 Total

11,081

2.07%

103,525

19.33%

17,539

3.28%

GOVT. of INDIA 6.05% GOI - 12.06.2019

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Short Term Bond Fund

% of Total Funds

Industry

ULGF-018-18/12/13SHTRMBND-107 21,141

3.95%

8.13% GOI - 22.06.2045

5,398

1.00%

8.19% GOI - 16.01.2020

11,952

2.23%

8.30% GOI - 31.12.2042

4,372

0.82%

60,402

11.28%

Manufacture of basic metals

16,929

3.16%

Electricity, gas, steam and air conditioning supply

15,737

2.94%

Others

Net Current Assets Grand Total

Industry

12,148

2.27%

535,457

100.00%

Kotak Group Secure Capital Fund

% of Total Funds

ULGF-016-12/04/11SECCAPFND-107 Financial and insurance activities 10.35% HDFC - 06.06.2017

2,010

0.07%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

3,116

0.11%

11.15% REC - 24.10.2018

3,168

0.11%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

1,047

0.04%

7.10% PFC - 11.01.2027

4,857

0.17%

7.16% NABARD - 12.01.2032

30,093

1.06%

7.18% PFC - 20.01.2027

17,593

0.62%

7.20% NABARD - 21.10.2031

3,880

0.14%

7.54% NABARD - 29.03.2032

68,294

2.42%

7.60% PFC - 20.02.2027

10,056

0.36%

7.70% KMPL - 11.12.17

15,970

0.57%

7.71% NABARD - 17.03.2032

53,282

1.89%

7.75% PFC - 22.03.2027

46,577

1.65%

7.78% HDFC - 24.03.2020

40,070

1.42%

7.80% HDFC - 11.11.2019

39,881

1.41%

7.8409% Bajaj Finance Ltd - 29.06.2020

24,010

0.85%

7.85% IREDA - 06.03.2027

16,245

0.57%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

17,059

0.60%

7.95% LIC Housing Finance - 26.03.2027

31,124

1.10%

7.95% REC - 12.03.2027

28,658

1.01%

8.18% EXIM- 07.12.2025

62,943

2.23%

8.20% IRFC - 27.04.2020

1,031

0.04%

8.20% IRFC - 27.04.2024

1,045

0.04%

8.23% REC - 23.01.2025

1,035

0.04%

15,157

0.54%

8.25% Bajaj Finance Ltd - 19.08.2019

% of Total Funds

ULGF-016-12/04/11SECCAPFND-107

8.13% GOI - 21.09.2022

Total

Kotak Group Secure Capital Fund

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18 8.35% HDFC - 13.05.2026 P - 13.11.2017 8.37% LIC Housing Finance - 10.05.2021 P 08.12.17 8.40% HDFC - 23.01.2025 8.45% IRFC - 26.12.2018 8.48% KMPL - 12.04.19 8.48% KMPL - 13.04.18 8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20 8.55% IRFC - 15.01.2019 8.55% LIC Housing Finance - 14.08.2025 8.55% Sundaram Finance - 27.10.17 8.58% Sundaram Finance - 18.04.18 8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20 8.60% PFC 2019 - 07.08.2019 8.61% L&T Finance Ltd. - 25.09.2017 8.65% REC 2019- 15.01.2019 8.70% PFC- 14.05.2020 8.70% PFC- 15.01.2020 8.70% REC - 01.02.2018 8.72% REC - 04.09.2019 8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20 8.78% PFC - 15.11.2020 8.79% HDFC - 21.07.2020 8.80% EXIM- 15.03.2023 8.83% EXIM- 09.01.2023 8.84% PFC - 04.03.2023 8.85% PFC - 31.05.2021 8.85% Sundaram Finance - 05.01.18 8.87% EXIM- 30.10.2029 8.88% EXIM- 18.10.2022 8.89% IDFC Bank - 02.12.20 8.90% HDFC - 18.08.2020 8.90% Sundaram Finance - 29.06.18 8.92% L&T Finance Ltd. - 06.07.2018 8.94% EXIM- 31.12.2022 8.95% LIC Housing Finance - 15.09.2020 9.00% EXIM- 07.02.2022 9.02% REC - 19.11.2022 9.05% SBH Perpetual Bond Call- 20.09.2020 9.14% EXIM- 01.08.2022 9.15% EXIM- 05.09.2022 9.15% PFC - 07.07.2019

6,073

0.21%

10,154 2,035

0.36% 0.07%

2,043 8,190 14,005 46,450 31,272

0.07% 0.29% 0.50% 1.64% 1.11%

2,053 3,131 21,036 19,206 3,000

0.07% 0.11% 0.74% 0.68% 0.11%

2,057 2,511 7,162 1,037 8,268 1,011 1,032 1,003

0.07% 0.09% 0.25% 0.04% 0.29% 0.04% 0.04% 0.04%

4,178 1,027 1,063 1,063 12,698 10,367 3,018 1,084 1,061 1,029 1,031 1,012 12,605 1,066 2,059 1,054 1,066 2,099 2,148 1,073 1,033

0.15% 0.04% 0.04% 0.04% 0.45% 0.37% 0.11% 0.04% 0.04% 0.04% 0.04% 0.04% 0.45% 0.04% 0.07% 0.04% 0.04% 0.07% 0.08% 0.04% 0.04%

145

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Secure Capital Fund

% of Total Funds

Industry

ULGF-016-12/04/11SECCAPFND-107 9.20% PFC - 07.07.2021 9.24% LIC Housing Finance - 30.09.2024 9.25% LIC Housing Finance - 12.11.2022 9.25% REC - 27.08.2017 9.25% Tata Sons - 19.06.2019 9.30% EXIM- 11.05.2022 9.30% LIC Housing Finance - 14.09.2022 9.33% IRFC - 10.05.2026 9.35% REC - 15.06.2022 9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15 9.39% PFC - 27.08.2024 9.39% PFC - 27.08.2029 9.41% PFC - 01.06.2019 P-C - 01.06.2017 9.43% LIC Housing Finance - 10.02.2022 9.43% Tata Sons - 02.06.2019 9.45% LIC Housing Finance - 30.01.2022 9.47% LIC Housing Finance - 23.08.2024 9.50% HDFC - 13.08.2024 9.57% LIC Housing Finance - 07.09.2017 9.60% LIC Housing Finance - 07.03.2021 9.61% REC - 03.01.2019 9.65% HDFC - 17.01.2019 - P - 17.02.15 9.65% HDFC - 19.01.2019 P -20.03.15 9.69% Tata Sons - 12.06.2022 9.70% PFC - 31.01.2020 9.71% Tata Sons - 29.08.2022 9.78% Tata Sons - 13.01.2019 9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 9.85% Shriram Transport Finance Co Ltd 15.07.2017 9.90% HDFC - 11.11.2021 9.90% Tata Sons - 20.03.2019 9.95% IRFC - 07.06.2022 HDFC CM Savings -Direct Plan - Growth Option ICICI Prudential Money Market Fund - Direct - Growth Kotak Floater Short Term-(Growth) - Direct L&T Finance Ltd NSE Mibor +2% 05.08.2019 National Housing Bank ZCB - 24.12.2018 Shriram Transport Finance Co Ltd Floater 19.07.19 Sundaram Fin CP - 05.02.18 Sundaram Finance Ltd ZCB - 13.10.2017 Total

146

Annual Report 2016-17

1,062 4,255 4,226 1,009 2,059 1,080 1,058 1,115 5,406 2,142

Kotak Group Secure Capital Fund

% of Total Funds

ULGF-016-12/04/11SECCAPFND-107 0.04% 0.15% 0.15% 0.04% 0.07% 0.04% 0.04% 0.03% 0.19% 0.08%

Net Current Assets

1,092 3,394 1,004 7,364 2,064 1,052 12,905 35,653 1,008 7,352 7,260 2,060 19,569 23,562 1,059 1,071 17,532 1,048

0.03% 0.12% 0.03% 0.26% 0.07% 0.03% 0.46% 1.26% 0.04% 0.26% 0.26% 0.07% 0.69% 0.83% 0.03% 0.03% 0.62% 0.04%

Payable - Swachh Bharat Cess on FMC

0

0.00%

Payable /Receivable from Policyholders

740,283

26.20%

Receivable - Cparty

104,667

3.70%

Total

838,636

29.68%

27,116

0.96%

1,070 5,184 3,354 30,248

0.03% 0.18% 0.12% 1.07%

32,570

1.15%

38,676 10,087

1.37% 0.35%

889 4,014 3,767 959 1,121,159

0.03% 0.14% 0.13% 0.03% 39.67%

Interest In Advance

-203

-0.01%

54,764

1.94%

Investment Bank Account

342

0.01%

Payable - Brokerage

-20

0.00%

Payable - CCIL/NDS Charges

-10

0.00%

-61,129

-2.16%

Interest Receivable-Before Ex

Payable - Cparty Payable - Krishi Kalyan Cess on FMC Payable - Management Fee Payable - Service Tax on FMC

0

0.00%

-51

0.00%

-7

0.00%

GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

2,023

0.07%

6.01% GOI - 25.03.2028

22

0.00%

6.13% GOI - 04.06.2028

2,679

0.09%

6.62% GOI - 28.11.2051

186

0.01%

6.83% GOI - 19.01.39

480

0.02%

6.90% OIL SPL - 04.02.2026

715

0.03%

1,299

0.05%

7.06% GOI - 10.10.2046

460

0.02%

7.28% GOI - 03.06.2019

22

0.00%

7.72% GOI - 26.10.2055

110,501

3.91%

7.80% GOI - 03.05.2020

21

0.00%

8.13% GOI - 22.06.2045

124,743

4.41%

8.17% GOI - 01.12.2044

153,777

5.44%

8.20% OMC GOI -15.09.24

85

0.00%

8.24% GOI - 10.11.2033

82

0.00%

8.24% GOI - 15.02.27

791

0.03%

8.28% GOI - 21.09.2027

194

0.01%

6,395

0.23%

8.30% GOI - 02.07.2040

998

0.04%

8.30% GOI - 31.12.2042

78,612

2.78%

8.32% GOI - 02.08.2032

1,167

0.04%

8.33% GOI - 09.07.2026

730

0.03%

8.40% Oil Bond - 29.03.26

2,117

0.07%

8.40% Oil Bond -28.03.25

1,062

0.04%

8.60% GOI - 02.06.2028

95

0.00%

8.83% GOI - 12.12.2041

6,085

0.22%

9.20% GOI - 30.09.2030

4,619

0.16%

9.23% GOI - 23.12.2043

48,458

1.71%

548,418

19.41%

7.00% GOI Fertilizer Bond - 10.12.22

8.30% Fertilizer Co GOI - 07.12.23

Total

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Group Secure Capital Fund

% of Total Funds

Industry

ULGF-016-12/04/11SECCAPFND-107

Kotak Dynamic Floating Rate Fund

% of Total Funds

ULIF-020-07/12/04DYFLTRFND-107

Others

GOVT. of INDIA

State Development Loan

113,382

4.01%

6.05% GOI - 12.06.2019

5,846

2.83%

Electricity, gas, steam and air conditioning supply

113,132

4.00%

6.13% GOI - 04.06.2028

13,333

6.46%

7.28% GOI - 03.06.2019

5,284

2.56%

8.13% OMC GOI Special Bond - 16.10.21

6,461

3.13%

8.15% GOI FCI Bonds - 16.10.22

5,386

2.61%

10,896

5.28% 1.67%

Warehousing and support activities for transportation

65,582

Manufacture of basic metals

13,851

0.49%

8.19% GOI - 16.01.2020

Mfg of pharmaceuticals, medicinal chemical & botanical products

11,867

0.42%

8.30% Fertilizer Co GOI - 07.12.23

3,442

8.79% GOI - 08.11.2021

5,706

2.76%

GOI FRB - 21.12.2020

26,107

12.64%

Total

82,461

39.94%

632

0.31%

15,364

7.44%

674

0.32%

Grand Total

Industry

2.32%

2,826,027

100.00%

Discontinued Policy Fund

% of Total Funds

ULIF-050-23/03/11DISPOLFND-107

Financial and insurance activities HDFC CM Savings -Direct Plan - Growth Option HDFC Ltd CP - 23.10.17 ICICI Prudential Money Market Fund - Direct - Growth

GOVT. of INDIA 182 Days T Bill - 15.06.2017

2,054

0.12%

364 Days T Bill - 04.01.2018

621,090

36.86%

8.07% GOI - 03.07.2017

740,840

43.97%

1,363,984

80.95%

Bajaj Finance Limited CP - 06.02.2018

29,205

1.74%

Bajaj Finance Limited CP - 19.05.2017

140,571

8.34%

State Development Loan

60,032

3.56%

Total

799

0.39%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

17,652

8.54%

Shriram Transport Finance Co Ltd Floater 19.07.19

15,052

7.29%

Sundaram Fin CP - 05.02.18

12,235

5.93%

Total

62,408

30.22%

8.14% TN SDL - 27.05.2025

1,602

0.78%

8.50% MH SDL - 02.02.2021

2,841

1.37%

8.51% PN SDL - 10.04.2023

4,708

2.28%

8.84% PN SDL - 11.06.2024

6,001

2.91%

0.24%

9.37% MAH SDL - 04.12.2023

5,619

2.72%

4.29%

9.65% TN SDL - 12.03.2024

4,034

1.95%

Total

24,805

12.01%

Mfg of pharmaceuticals, medicinal chemical & botanical products

13,287

6.44%

Manufacture of motor vehicles, trailers and semi-trailers

8,837

4.28%

Undifferentiated goods & services-producing activities of private

8,837

4.28%

Financial and insurance activities

HDFC CM Savings -Direct Plan - Growth Option ICICI Prudential Money Market Fund - Direct - Growth IRFC CP - 15.06.17 Kotak Floater Short Term-(Growth) - Direct

64,034 3,949 72,402

3.80%

Manappuram Finance Ltd CP - 19.05.17

13,855

0.82%

Sundaram Fin CP - 05.02.18

35,778

2.12%

419,826

24.91%

Total Others Electricity, gas, steam and air conditioning supply Net Current Assets Grand Total

11,903

0.71%

-110,762

-6.57%

1,684,951

100.00%

Kotak Floater Short Term-(Growth) - Direct

Others

Net Current Assets Grand Total

5,833

2.83%

206,468

100.00%

147

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Pension Floating Rate Fund

% of Total Funds

Industry

ULIF-022-07/12/04PNFLTRFND-107

Kotak Group Floating Rate Fund

% of Total Funds

ULGF-005-07/12/04FLTRFND-107

GOVT. of INDIA

GOVT. of INDIA

6.05% GOI - 12.06.2019

1,585

5.15%

6.05% GOI - 12.06.2019

9,711

3.35%

6.13% GOI - 04.06.2028

1,379

4.48%

6.13% GOI - 04.06.2028

18,023

6.22%

7.28% GOI - 03.06.2019

664

2.16%

7.28% GOI - 03.06.2019

11,035

3.81%

8.13% OMC GOI Special Bond - 16.10.21

851

2.77%

8.13% OMC GOI Special Bond - 16.10.21

3,728

1.29%

8.15% GOI FCI Bonds - 16.10.22

784

2.55%

8.15% GOI FCI Bonds - 16.10.22

9,833

3.39%

1,888

6.14%

8.19% GOI - 16.01.2020

14,237

4.91%

8.30% Fertilizer Co GOI - 07.12.23

417

1.35%

8.30% Fertilizer Co GOI - 07.12.23

5,737

1.98%

8.79% GOI - 08.11.2021

758

2.46%

8.79% GOI - 08.11.2021

10,806

3.73%

4,026

13.09%

GOI FRB - 21.12.2020

26,549

9.16%

12,352

40.15%

Total

109,659

37.84%

98

0.32%

HDFC CM Savings -Direct Plan - Growth Option

1,246

0.43%

1,920

6.24%

HDFC Ltd CP - 23.10.17

23,071

7.96%

105

0.34%

ICICI Prudential Money Market Fund - Direct - Growth

807

0.28%

8.19% GOI - 16.01.2020

GOI FRB - 21.12.2020 Total Financial and insurance activities HDFC CM Savings -Direct Plan - Growth Option HDFC Ltd CP - 23.10.17 ICICI Prudential Money Market Fund - Direct - Growth Kotak Floater Short Term-(Growth) - Direct

Financial and insurance activities

124

0.40%

Kotak Floater Short Term-(Growth) - Direct

958

0.33%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

2,522

8.20%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

25,217

8.70%

Shriram Transport Finance Co Ltd Floater 19.07.19

2,007

6.53%

Shriram Transport Finance Co Ltd Floater 19.07.19

26,090

9.00%

Sundaram Fin CP - 05.02.18

2,354

7.65%

Sundaram Fin CP - 05.02.18

14,129

4.88%

Total

9,130

29.68%

Total

91,518

31.58%

8.14% TN SDL - 27.05.2025

358

1.16%

8.14% TN SDL - 27.05.2025

1,214

0.42%

8.50% MH SDL - 02.02.2021

416

1.35%

8.50% MH SDL - 02.02.2021

1,939

0.67%

8.51% PN SDL - 10.04.2023

519

1.69%

8.51% PN SDL - 10.04.2023

3,455

1.19%

8.84% PN SDL - 11.06.2024

1,470

4.78%

8.84% PN SDL - 11.06.2024

17,573

6.06%

9.37% MAH SDL - 04.12.2023

713

2.32%

9.37% MAH SDL - 04.12.2023

7,148

2.47%

9.65% TN SDL - 12.03.2024

532

1.73%

9.65% TN SDL - 12.03.2024

5,569

1.92%

4,008

13.03%

36,898

12.73%

Mfg of pharmaceuticals, medicinal chemical & botanical products

1,899

6.17%

Mfg of pharmaceuticals, medicinal chemical & botanical products

19,468

6.72%

Manufacture of motor vehicles, trailers and semi-trailers

1,473

4.79%

Manufacture of motor vehicles, trailers and semi-trailers

14,235

4.92%

Undifferentiated goods & services-producing activities of private

1,473

4.79%

Undifferentiated goods & services-producing activities of private

14,235

4.92%

427

1.39%

Net Current Assets

30,762

100.00%

State Development Loan

Total

State Development Loan

Others

Others

Net Current Assets Grand Total

148

Total

Annual Report 2016-17

Grand Total

3,746

1.29%

289,759

100.00%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Dynamic Balanced Fund

% of Total Funds

Industry

ULIF-009-27/06/03DYBALFND-107

Kotak Dynamic Balanced Fund

% of Total Funds

ULIF-009-27/06/03DYBALFND-107

Financial and insurance activities

ICICI Bank Ltd

5,536

2.52%

0.44%

ICICI Prudential Money Market Fund - Direct - Growth

9,209

4.20%

977

0.45%

IndusInd Bank Limited

5,644

2.57%

158

0.07%

7.50% HDFC Bank FD BSE - 24.07.2017

75

0.03%

Kotak Banking ETF - Dividend Payout Option

4,097

1.87%

7.50% HDFC Bank FD NSE - 24.07.2017

162

0.07%

Kotak Floater Short Term-(Growth) - Direct

4,535

2.06%

7.54% NABARD - 29.03.2032

3,013

1.37%

Max Financial Services Ltd

1,015

0.46%

7.71% NABARD - 17.03.2032

1,025

0.47%

R Shares Banking ETF

4,086

1.86%

7.75% PFC - 22.03.2027

1,013

0.46%

State Bank of India

1,030

0.47%

7.8409% Bajaj Finance Ltd - 29.06.2020

1,000

0.46%

YES BANK LTD

3,378

1.54%

7.85% IREDA - 06.03.2027

1,015

0.46%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

1,003

0.46%

Total

94,178

42.94%

7.95% LIC Housing Finance - 26.03.2027

1,004

0.46%

1.44% INFLATION INDEX GS 2023

1,406

0.64%

7.95% REC - 12.03.2027

1,024

0.47%

6.01% GOI - 25.03.2028

2

0.00%

8.18% EXIM- 07.12.2025

2,064

0.94%

6.13% GOI - 04.06.2028

144

0.06%

8.25% Bajaj Finance Ltd - 19.08.2019

1,010

0.46%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

1,012

0.46%

6.62% GOI - 28.11.2051

12

0.01%

6.83% GOI - 19.01.39

35

0.02%

36

0.02%

10.10% HDFC - 13.09.2017

1,010

0.46%

7.16% NABARD - 12.01.2032

971

7.18% PFC - 20.01.2027 7.25% HDFC Bank FD NSE - 09.08.2017

GOVT. of INDIA

8.48% KMPL - 12.04.19

1,000

0.46%

6.90% OIL SPL - 04.02.2026

8.48% KMPL - 13.04.18

2,020

0.92%

7.00% GOI Fertilizer Bond - 10.12.22

2

0.00%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

1,009

0.46%

7.06% GOI - 10.10.2046

28

0.01%

8.55% Sundaram Finance - 27.10.17

1,002

0.46%

7.28% GOI - 03.06.2019

15

0.01%

9.36% IDFC Bank - 21.08.24

1,067

0.49%

7.50% GOI - 10.08.34

504

0.23%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

1,071

0.49%

7.72% GOI - 26.10.2055

4,469

2.04%

7.80% GOI - 03.05.2020

11

0.01%

9.47% LIC Housing Finance - 23.08.2024

1,075

0.49%

9.50% HDFC - 13.08.2024

1,080

0.49%

8.13% GOI - 22.06.2045

5,532

2.53%

9.65% HDFC - 19.01.2019 P -20.03.15

1,030

0.47%

8.17% GOI - 01.12.2044

6,223

2.84%

9.69% Tata Sons - 12.06.2022

1,071

0.49%

8.20% OMC GOI -15.09.24

7

0.00%

4

0.00%

9.75% REC - 11.11.2021.

1,090

0.50%

8.24% GOI - 10.11.2033

9.78% Tata Sons - 13.01.2019

1,031

0.47%

8.24% GOI - 15.02.27

61

0.03%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,048

0.48%

8.28% GOI - 21.09.2027

13

0.01%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

1,004

0.46%

8.30% Fertilizer Co GOI - 07.12.23

83

0.04%

8.30% GOI - 02.07.2040

87

0.04%

9.90% Tata Sons - 20.03.2019

1,037

0.47%

8.30% GOI - 31.12.2042

3,018

1.38%

Axis Bank Ltd

1,576

0.72%

87

0.04%

8.32% GOI - 02.08.2032

50

0.02%

1,756

0.80%

8.33% GOI - 09.07.2026

62

0.03%

769

0.35%

8.60% GOI - 02.06.2028

5

0.00%

1,857

0.85%

8.83% GOI - 12.12.2041

316

0.14%

2,147

0.98%

24,272

11.09%

Bajaj Finance Ltd Bank of Baroda Equitas Holding Ltd Federal Bank Ltd HDFC Bank Ltd

6,792

3.10%

9.23% GOI - 23.12.2043

HDFC CM Savings -Direct Plan - Growth Option

8,640

3.94%

Total

149

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level Industry

Kotak Dynamic Balanced Fund

% of Total Funds

Industry

ULIF-009-27/06/03DYBALFND-107

Kotak Guaranteed Balanced Fund

% of Total Funds

ULIF-010-27/06/03GRTBALFND-107 Financial and insurance activities

Others Computer programming, consultancy and related activities

10,844

4.94%

10.10% HDFC - 13.09.2017

1,010

0.12%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

1,039

0.12%

7.10% PFC - 11.01.2027

1,943

0.22%

7.16% NABARD - 12.01.2032

7,766

0.89%

7.18% PFC - 20.01.2027

4,887

0.56%

7.20% NABARD - 21.10.2031

970

0.11%

Manufacture of tobacco products

8,472

3.86%

Electricity, gas, steam and air conditioning supply

8,325

3.80%

Manufacture of motor vehicles, trailers and semi-trailers

8,032

3.66%

Manufacture of other non-metallic mineral products

8,016

3.66%

7.25% HDFC Bank FD NSE - 09.08.2017

616

0.07%

7.50% HDFC Bank FD BSE - 24.07.2017

290

0.03%

Warehousing and support activities for transportation

7,452

3.40%

7.50% HDFC Bank FD NSE - 24.07.2017

629

0.07%

16,069

1.84%

3.28%

7.60% PFC - 20.02.2027

3,017

0.35%

2.37%

7.71% NABARD - 17.03.2032

9,222

1.05%

7.75% PFC - 22.03.2027

9,113

1.04%

1.99%

7.78% HDFC - 24.03.2020

10,017

1.15%

7.8409% Bajaj Finance Ltd - 29.06.2020

5,002

0.57%

1.85%

7.85% IREDA - 06.03.2027

4,061

0.46%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

6,021

0.69%

7.95% LIC Housing Finance - 26.03.2027

7,028

0.80%

7.95% REC - 12.03.2027

6,141

0.70%

14,446

1.65%

State Development Loan Manufacture of coke and refined petroleum products

7,194 5,205

Mfg of pharmaceuticals, medicinal chemical & botanical products

4,369

Information service activities

4,059

7.54% NABARD - 29.03.2032

Manufacture of other transport equipment

3,952

1.80%

Civil engineering

3,624

1.65%

Manufacture of basic metals

2,313

1.05%

Manufacture of leather and related products

2,023

0.92%

8.18% EXIM- 07.12.2025

Manufacture of electrical equipment

2,021

0.92%

8.25% Bajaj Finance Ltd - 19.08.2019

3,031

0.35%

Manufacture of food products

1,883

0.86%

2,024

0.23%

Manufacture of chemicals and chemical products

1,707

0.78%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

1,018

0.12%

Retail trade, except of motor vehicles and motorcycles

1,553

0.71%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17 8.40% HDFC - 23.01.2025

1,022

0.12%

Manufacture of machinery and equipment n.e.c.

1,427

8.48% KMPL - 12.04.19

3,001

0.34%

8.48% KMPL - 13.04.18

9,088

1.04%

Manufacture of computer, electronic and optical products

1,246

0.57%

8.49% HDFC - 27.04.2020

1,017

0.12%

8,070

0.92%

Mining of metal ores

1,072

0.49%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

Human health activities

789

0.36%

8.55% LIC Housing Finance - 14.08.2025

1,044

0.12%

8.58% Sundaram Finance - 18.04.18

3,033

0.35%

Manufacture of rubber and plastics products

697

0.32%

2,000

0.23%

Education

399

0.18%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

Manufacture of textiles

377

0.17%

1,003

0.11%

Wholesale trade, except of motor vehicles and motorcycles

270

0.12%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20 8.79% HDFC - 21.07.2020

1,027

0.12%

Manufacture of wood & products of wood & cork, except furniture

228

8.83% EXIM- 09.01.2023

1,063

0.12%

8.84% PFC - 04.03.2023

2,116

0.24%

8.85% Sundaram Finance - 05.01.18

1,006

0.12%

8.89% IDFC Bank - 02.12.20

1,029

0.12%

8.90% HDFC - 18.08.2020

1,031

0.12%

Net Current Assets Grand Total

150

Annual Report 2016-17

0.65%

0.10%

3,315

1.51%

219,314

100.00%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

Kotak Guaranteed Balanced Fund

% of Total Funds

ULIF-010-27/06/03GRTBALFND-107

ULIF-010-27/06/03GRTBALFND-107 8.90% Sundaram Finance - 29.06.18

1,012

0.12%

State Bank of India

8.92% L&T Finance Ltd. - 06.07.2018

2,521

0.29%

YES BANK LTD

8.95% LIC Housing Finance - 15.09.2020

1,030

0.12%

Total

9.14% EXIM- 01.08.2022

1,074

0.12%

GOVT. of INDIA

9.24% LIC Housing Finance - 30.09.2024

1,064

0.12%

1.44% INFLATION INDEX GS 2023

9.25% LIC Housing Finance - 12.11.2022

1,056

0.12%

6.01% GOI - 25.03.2028

9.25% Tata Sons - 19.06.2019

1,029

0.12%

9.30% LIC Housing Finance - 14.09.2022

1,058

9.35% IIFCL - 17.11.23

1,999

0.23%

10,419

1.19%

366,542

41.93%

10,696

1.22%

15

0.00%

6.13% GOI - 04.06.2028

792

0.09%

0.12%

6.62% GOI - 28.11.2051

71

0.01%

1,106

0.13%

6.83% GOI - 19.01.39

226

0.03%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

1,071

0.12%

6.90% OIL SPL - 04.02.2026

199

0.02%

10

0.00%

9.43% Tata Sons - 02.06.2019

1,032

0.12%

7.06% GOI - 10.10.2046

175

0.02%

9.45% LIC Housing Finance - 30.01.2022

1,052

0.12%

7.28% GOI - 03.06.2019

136

0.02%

9.47% LIC Housing Finance - 23.08.2024

2,151

0.25%

7.72% GOI - 26.10.2055

25,091

2.87%

9.50% HDFC - 13.08.2024

8,643

0.99%

7.80% GOI - 03.05.2020

90

0.01%

9.65% HDFC - 19.01.2019 P -20.03.15

6,180

0.71%

8.13% GOI - 22.06.2045

30,530

3.49%

9.69% Tata Sons - 12.06.2022

4,284

0.49%

8.17% GOI - 01.12.2044

34,588

3.96%

9.70% PFC - 31.01.2020

1,059

0.12%

8.20% OMC GOI -15.09.24

13

0.00%

9.71% Tata Sons - 29.08.2022

1,071

0.12%

8.24% GOI - 10.11.2033

29

0.00%

9.78% Tata Sons - 13.01.2019

6,188

0.71%

8.24% GOI - 15.02.27

281

0.03%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

2,095

0.24%

8.28% GOI - 21.09.2027

84

0.01%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

8,034

8.30% Fertilizer Co GOI - 07.12.23

683

0.08%

8.30% GOI - 02.07.2040

173

0.02%

9.90% HDFC - 11.11.2021

1,070

0.12%

8.30% GOI - 31.12.2042

16,784

1.92%

9.95% IRFC - 07.06.2022

1,118

0.13%

8.32% GOI - 02.08.2032

437

0.05%

Axis Bank Ltd

5,552

0.63%

8.33% GOI - 09.07.2026

424

0.05%

313

0.04%

8.60% GOI - 02.06.2028

35

0.00%

Bank of Baroda

5,550

0.63%

8.83% GOI - 12.12.2041

1,749

0.20%

Equitas Holding Ltd

2,748

0.31%

9.23% GOI - 23.12.2043

11,964

1.37%

135,275

15.47%

Warehousing and support activities for transportation

40,126

4.59%

State Development Loan

39,636

4.53%

34,554

3.95%

Bajaj Finance Ltd

Federal Bank Ltd

7.00% GOI Fertilizer Bond - 10.12.22

0.92%

Total

5,917

0.68%

22,184

2.54%

9,114

1.04%

18,372

2.10%

9,675

1.11%

Computer programming, consultancy and related activities

IndusInd Bank Limited

19,553

2.24%

30,699

3.51%

Kotak Banking ETF - Dividend Payout Option

14,338

1.64%

Electricity, gas, steam and air conditioning supply

Kotak Floater Short Term-(Growth) - Direct

11,489

1.31%

Manufacture of motor vehicles, trailers and semi-trailers

28,551

3.26%

2,522

0.29%

Manufacture of other non-metallic mineral products

28,157

3.22%

HDFC Bank Ltd HDFC CM Savings -Direct Plan - Growth Option ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

L&T Finance Ltd NSE Mibor +2% 05.08.2019 Max Financial Services Ltd R Shares Banking ETF Shriram Transport Finance Co Ltd Floater 19.07.19

Others

3,366

0.38%

Manufacture of tobacco products

26,951

3.08%

12,513

1.43%

17,391

1.99%

3,010

0.34%

Manufacture of coke and refined petroleum products

151

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-010-27/06/03GRTBALFND-107

Kotak Pension Balanced Fund

% of Total Funds

ULIF-011-27/06/03PNBALFND-107

Mfg of pharmaceuticals, medicinal chemical & botanical products

14,819

38,164

1.80%

4,022

Manufacture of other transport equipment

14,170

1.62%

0.19%

7.71% NABARD - 17.03.2032

21,518

Civil engineering

13,343

1.01%

1.53%

7.75% PFC - 22.03.2027

21,263

Information service activities

1.00%

11,436

1.31%

7.78% HDFC - 24.03.2020

20,035

0.94%

Manufacture of electrical equipment

7,187

0.82%

7.80% HDFC - 11.11.2019

19,940

0.94%

Manufacture of food products

7,156

0.82%

7.8409% Bajaj Finance Ltd - 29.06.2020

13,005

0.61%

Manufacture of machinery and equipment n.e.c.

6,390

0.73%

7.85% IREDA - 06.03.2027

11,168

0.53%

Manufacture of leather and related products

6,013

0.69%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

15,052

0.71%

Manufacture of chemicals and chemical products

5,787

0.66%

7.95% LIC Housing Finance - 26.03.2027

17,068

0.80%

Manufacture of basic metals

5,232

0.60%

7.95% REC - 12.03.2027

15,353

0.72%

Manufacture of computer, electronic and optical products

3,961

0.45%

8.18% EXIM- 07.12.2025

35,083

1.65%

8.20% IRFC - 27.04.2020

1,031

0.05%

Mining of metal ores

3,242

0.37%

8.20% IRFC - 27.04.2024

1,045

0.05%

Human health activities

2,512

0.29%

8.25% Bajaj Finance Ltd - 19.08.2019

6,063

0.29%

Manufacture of rubber and plastics products

2,474

0.28%

6,073

0.29%

Manufacture of textiles

1,481

0.17%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

Education

1,472

0.17%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

1,018

0.05%

Wholesale trade, except of motor vehicles and motorcycles

961

0.11%

8.40% HDFC - 23.01.2025

1,022

0.05%

Manufacture of wood & products of wood & cork, except furniture

827

8.48% KMPL - 12.04.19

7,002

0.33%

8.48% KMPL - 13.04.18

27,264

1.28%

Retail trade, except of motor vehicles and motorcycles

160

0.02%

1,017

0.05%

18,158

0.86%

17,964

2.05%

874,469

100.00%

8.55% IRFC - 15.01.2019

1,026

0.05%

8.55% LIC Housing Finance - 14.08.2025

3,131

0.15%

8.58% Sundaram Finance - 18.04.18

1,011

0.05%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

5,000

0.24%

8.61% L&T Finance Ltd. - 25.09.2017

2,511

0.12%

8.70% PFC- 14.05.2020

1,037

0.05%

8.72% REC - 04.09.2019

1,032

0.05%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

1,003

0.05%

8.78% PFC - 15.11.2020

1,045

0.05%

8.79% HDFC - 21.07.2020

2,054

0.10%

8.80% EXIM- 15.03.2023

1,063

0.05%

8.83% EXIM- 09.01.2023

1,063

0.05%

8.85% Sundaram Finance - 05.01.18

3,018

0.14%

8.87% EXIM- 30.10.2029

1,084

0.05%

8.88% EXIM- 18.10.2022

1,061

0.05%

8.89% IDFC Bank - 02.12.20

2,057

0.10%

8.90% HDFC - 18.08.2020

2,062

0.10%

8.90% Sundaram Finance - 29.06.18

2,024

0.10%

Net Current Assets Grand Total

Industry

1.69%

7.60% PFC - 20.02.2027

Kotak Pension Balanced Fund

0.09%

% of Total Funds

ULIF-011-27/06/03PNBALFND-107 Financial and insurance activities 10.10% HDFC - 13.09.2017

1,010

0.05%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

3,116

0.15%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

1,047

0.05%

7.10% PFC - 11.01.2027

3,886

0.18%

7.16% NABARD - 12.01.2032

18,444

0.87%

7.18% PFC - 20.01.2027

12,706

0.60%

7.20% NABARD - 21.10.2031

2,910

0.14%

7.25% HDFC Bank FD NSE - 09.08.2017

2,110

0.10%

7.50% HDFC Bank FD BSE - 24.07.2017

991

0.05%

7.50% HDFC Bank FD NSE - 24.07.2017

2,147

0.10%

152

Annual Report 2016-17

7.54% NABARD - 29.03.2032

8.49% HDFC - 27.04.2020 8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-011-27/06/03PNBALFND-107 7,563

0.36%

8.94% EXIM- 31.12.2022

1,066

0.05%

HDFC CM Savings -Direct Plan - Growth Option

8.95% LIC Housing Finance - 15.09.2020

2,059

0.10%

9.00% EXIM- 07.02.2022

1,054

0.05%

9.02% REC - 19.11.2022

1,066

0.05%

9.14% EXIM- 01.08.2022

1,074

0.05%

9.15% EXIM- 05.09.2022

1,073

0.05%

9.15% PFC - 07.07.2019

1,033

0.05%

9.20% PFC - 07.07.2021

1,062

0.05%

9.23% LIC Housing Finance - 13.12.2022

1,056

0.05%

9.24% LIC Housing Finance - 30.09.2024

3,191

0.15%

9.25% LIC Housing Finance - 12.11.2022

3,169

0.15%

9.25% Tata Sons - 19.06.2019

2,059

0.10%

9.30% EXIM- 11.05.2022

1,080

0.05%

Shriram Transport Finance Co Ltd Floater 19.07.19

9.30% LIC Housing Finance - 14.09.2022

2,116

0.10%

State Bank of India

9.33% IRFC - 10.05.2026

1,115

0.05%

YES BANK LTD

9.35% IIFCL - 17.11.23

2,211

0.10%

Total

9.35% REC - 15.06.2022

1,081

0.05%

GOVT. of INDIA

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

2,142

0.10%

1.44% INFLATION INDEX GS 2023

9.39% PFC - 27.08.2024

1,092

0.05%

9.43% Tata Sons - 02.06.2019

2,064

0.10%

9.45% LIC Housing Finance - 30.01.2022

2,105

0.10%

9.47% LIC Housing Finance - 23.08.2024

6,453

0.30%

20,527

0.97%

1,008

0.05%

9.65% HDFC - 19.01.2019 P -20.03.15

15,450

0.73%

9.69% Tata Sons - 12.06.2022

11,781

0.56%

9.70% PFC - 31.01.2020

2,118

0.10%

9.71% Tata Sons - 29.08.2022

2,142

0.10%

9.78% Tata Sons - 13.01.2019

13,407

0.63%

9.81% PFC - 07.10.2018

1,036

0.05%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

5,238

0.25%

9.57% LIC Housing Finance - 07.09.2017

9.85% Shriram Transport Finance Co Ltd 15.07.2017

% of Total Funds

ULIF-011-27/06/03PNBALFND-107

8.92% L&T Finance Ltd. - 06.07.2018

9.50% HDFC - 13.08.2024

Kotak Pension Balanced Fund

9,896

0.46%

ICICI Bank Ltd

45,703

2.15%

ICICI Prudential Money Market Fund - Direct - Growth

10,440

0.49%

IndusInd Bank Limited

44,259

2.08%

Kotak Banking ETF - Dividend Payout Option

32,294

1.52%

Kotak Floater Short Term-(Growth) - Direct

12,396

0.58%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

5,043

0.24%

Max Financial Services Ltd

8,358

0.39%

889

0.04%

31,288

1.47%

7,024

0.33%

6,597

0.31%

National Housing Bank ZCB - 24.12.2018 R Shares Banking ETF

25,953

1.22%

870,649

41.05%

24,152

1.14%

6.01% GOI - 25.03.2028

29

0.00%

6.13% GOI - 04.06.2028

1,982

0.09%

6.62% GOI - 28.11.2051

179

0.01%

6.83% GOI - 19.01.39

558

0.03%

6.90% OIL SPL - 04.02.2026

492

0.02%

25

0.00%

7.06% GOI - 10.10.2046

441

0.02%

7.28% GOI - 03.06.2019

262

0.01%

7.72% GOI - 26.10.2055

61,421

2.89%

7.80% GOI - 03.05.2020

183

0.01%

8.13% GOI - 22.06.2045

74,650

3.52%

8.17% GOI - 01.12.2044

85,433

4.03%

32

0.00%

1,168

0.06%

72

0.00%

8.24% GOI - 15.02.27

702

0.03%

208

0.01%

1,308

0.06%

7.00% GOI Fertilizer Bond - 10.12.22

8.20% OMC GOI -15.09.24 8.20% OMC GOI Special Bond - 12.02.24 8.24% GOI - 10.11.2033

19,082

0.90%

9.90% HDFC - 11.11.2021

1,070

0.05%

8.28% GOI - 21.09.2027

9.90% Tata Sons - 20.03.2019

5,184

0.24%

8.30% Fertilizer Co GOI - 07.12.23

9.95% IRFC - 07.06.2022

2,236

0.11%

8.30% GOI - 02.07.2040

422

0.02%

14,022

0.66%

8.30% GOI - 31.12.2042

41,341

1.95%

790

0.04%

8.32% GOI - 02.08.2032

842

0.04%

13,483

0.64%

8.33% GOI - 09.07.2026

1,021

0.05%

6,785

0.32%

8.60% GOI - 02.06.2028

90

0.00%

Federal Bank Ltd

14,752

0.70%

8.83% GOI - 12.12.2041

4,357

0.21%

HDFC Bank Ltd

50,401

2.37%

9.23% GOI - 23.12.2043

29,339

1.38%

330,709

15.58%

Axis Bank Ltd Bajaj Finance Ltd Bank of Baroda Equitas Holding Ltd

Total

153

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-011-27/06/03PNBALFND-107

Kotak Group Balanced Fund

% of Total Funds

ULGF-003-27/06/03BALFND-107 Financial and insurance activities

Others Warehousing and support activities for transportation

99,164

4.67%

State Development Loan

89,160

4.20%

Computer programming, consultancy and related activities

86,754

4.09%

Electricity, gas, steam and air conditioning supply

83,935

3.95%

Manufacture of motor vehicles, trailers and semi-trailers

71,830

3.38%

Manufacture of other non-metallic mineral products

67,345

3.17%

Manufacture of tobacco products

67,030

3.16%

Manufacture of coke and refined petroleum products

42,860

2.02%

Mfg of pharmaceuticals, medicinal chemical & botanical products

37,135

10.10% HDFC - 13.09.2017 10.60% IRFC - 11.09.18

1.75%

10.75% Shriram Transport Finance Co Ltd 24.10.2018 11% PFC - 15.09.18

9,092

0.19%

10,495

0.23%

4,155

0.09%

10,506

0.23%

11.25% HDFC - 04.09.2018

6,268

0.14%

11.25% PFC - 28.11.18

1,061

0.03%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

1,047

0.02%

7.10% PFC - 11.01.2027

4,857

0.11%

7.16% NABARD - 12.01.2032

30,093

0.64%

7.18% PFC - 20.01.2027

17,593

0.38%

3,880

0.08%

7.25% HDFC Bank FD NSE - 09.08.2017

937

0.02%

7.50% HDFC Bank FD BSE - 24.07.2017

439

0.01%

7.50% HDFC Bank FD NSE - 24.07.2017

950

0.02%

7.54% NABARD - 29.03.2032

60,259

1.29%

7.60% PFC - 20.02.2027

13,072

0.28%

7.63% IRFC - 29.10.2017

3,018

0.07%

7.71% NABARD - 17.03.2032

32,789

0.70%

7.75% PFC - 22.03.2027

31,389

0.67%

7.20% NABARD - 21.10.2031

Manufacture of other transport equipment

35,754

1.68%

Civil engineering

33,115

1.56%

Information service activities

28,503

1.34%

Manufacture of electrical equipment

18,765

0.88%

Manufacture of food products

17,423

0.82%

7.78% HDFC - 24.03.2020

30,052

0.64%

Manufacture of leather and related products

16,070

0.76%

7.80% HDFC - 11.11.2019

29,911

0.64%

Manufacture of chemicals and chemical products

14,683

0.69%

7.8409% Bajaj Finance Ltd - 29.06.2020

20,008

0.43%

7.85% IREDA - 06.03.2027

16,245

0.35%

Manufacture of basic metals

14,641

0.69%

19,066

0.41%

Manufacture of machinery and equipment n.e.c.

13,368

0.63%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19 7.95% LIC Housing Finance - 26.03.2027

26,104

0.56%

Manufacture of computer, electronic and optical products

9,867

0.46%

7.95% REC - 12.03.2027

24,564

0.52%

8.18% EXIM- 07.12.2025

55,720

1.19%

Mining of metal ores

8,243

0.39%

8.20% IRFC - 27.04.2020

1,031

0.02%

Manufacture of rubber and plastics products

6,187

0.29%

8.20% IRFC - 27.04.2024

1,045

0.02%

Human health activities

6,177

0.29%

20,209

0.43%

Manufacture of textiles

3,554

0.17%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

7,086

0.15%

Education

3,530

0.17%

0.04%

2,383

0.11%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

2,035

Wholesale trade, except of motor vehicles and motorcycles

2,043

0.04%

Manufacture of wood & products of wood & cork, except furniture

2,057

0.10%

8.48% KMPL - 12.04.19

13,005

0.28%

8.48% KMPL - 13.04.18

30,294

0.65%

0.01%

8.49% HDFC - 27.04.2020

1,017

0.02%

21,184

0.45%

8,210

0.18%

Retail trade, except of motor vehicles and motorcycles Net Current Assets Grand Total

154

Annual Report 2016-17

262 41,106

1.94%

2,122,259

100.00%

8.25% Bajaj Finance Ltd - 19.08.2019

8.40% HDFC - 23.01.2025

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20 8.55% IRFC - 15.01.2019

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULGF-003-27/06/03BALFND-107 8.55% LIC Housing Finance - 14.08.2025

Kotak Group Balanced Fund

% of Total Funds

ULGF-003-27/06/03BALFND-107

4,175

0.09%

9.45% LIC Housing Finance - 30.01.2022

2,105

0.04%

8.55% Sundaram Finance - 27.10.17

12,020

0.26%

9.47% LIC Housing Finance - 23.08.2024

8,604

0.18%

8.58% Sundaram Finance - 18.04.18

7,076

0.15%

9.50% HDFC - 13.08.2024

30,251

0.65%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

5,000

0.11%

9.52% PFC - 02.05.2017 P/C 02.05.2014

2,004

0.04%

9.57% LIC Housing Finance - 07.09.2017

2,015

0.04%

8.61% L&T Finance Ltd. - 25.09.2017

2,511

0.05%

9.60% PFC - 16.05.2017

4,011

0.09%

8.70% PFC- 14.05.2020

4,149

0.09%

9.65% HDFC - 17.01.2019 - P - 17.02.15

4,119

0.09%

8.70% REC - 01.02.2018

1,011

0.02%

9.65% HDFC - 19.01.2019 P -20.03.15

20,599

0.44%

8.72% REC - 04.09.2019

1,032

0.02%

9.69% Tata Sons - 12.06.2022

12,852

0.27%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

3,009

0.06%

9.70% PFC - 31.01.2020

3,176

0.07%

8.78% PFC - 15.11.2020

1,045

0.02%

9.71% Tata Sons - 29.08.2022

2,142

0.05%

8.79% HDFC - 21.07.2020

2,054

0.04%

9.78% Tata Sons - 13.01.2019

10,313

0.22%

8.80% EXIM- 15.03.2023

1,063

0.02%

9.81% PFC - 07.10.2018

11,394

0.24%

8.83% EXIM- 09.01.2023

1,063

0.02%

9,429

0.20%

8.84% PFC - 04.03.2023

8,465

0.18%

0.45%

4,024

0.09%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

21,091

8.85% Sundaram Finance - 05.01.18 8.87% EXIM- 30.10.2029

1,084

0.02%

9.90% HDFC - 11.11.2021

2,140

0.05%

8.88% EXIM- 18.10.2022

1,061

0.02%

9.90% HDFC - 29.12.2018

1,033

0.02%

8.89% IDFC Bank - 02.12.20

1,029

0.02%

9.90% HDFC Ltd - 23.12.2018

3,099

0.07%

8.90% HDFC - 18.08.2020

3,093

0.07%

9.90% Tata Sons - 20.03.2019

5,184

0.11%

8.90% Sundaram Finance - 29.06.18

2,024

0.04%

9.95% IRFC - 07.06.2022

3,354

0.07%

8.91% PFC - 15.10.2017

3,029

0.06%

Axis Bank Ltd

33,702

0.72%

12,605

0.27%

Bajaj Finance Ltd

1,930

0.04%

8.94% EXIM- 31.12.2022

1,066

0.02%

Bank of Baroda

38,563

0.82%

8.95% LIC Housing Finance - 15.09.2020

2,059

0.04%

Equitas Holding Ltd

15,486

0.33%

8.95% PFC - 11.03.2018

8,150

0.17%

Federal Bank Ltd

38,000

0.81%

9.00% EXIM- 07.02.2022

1,054

0.02%

HDFC Bank Ltd

142,137

3.03%

9.02% REC - 19.11.2022

1,066

0.02%

166,121

3.55%

9.14% EXIM- 01.08.2022

2,148

0.05%

HDFC CM Savings -Direct Plan - Growth Option

9.15% EXIM- 05.09.2022

1,073

0.02%

ICICI Bank Ltd

116,651

2.49%

9.15% PFC - 07.07.2019

2,066

0.04%

177,035

3.78%

9.20% PFC - 07.07.2021

1,062

0.02%

ICICI Prudential Money Market Fund - Direct - Growth

9.24% LIC Housing Finance - 30.09.2024

4,255

0.09%

IndusInd Bank Limited

118,230

2.52%

9.25% LIC Housing Finance - 12.11.2022

5,282

0.11%

66,524

1.42%

9.25% Tata Sons - 19.06.2019

2,059

0.04%

117,410

2.51%

9.30% EXIM- 11.05.2022

1,080

0.02%

5,043

0.11%

9.30% LIC Housing Finance - 14.09.2022

2,116

0.05%

9.33% IRFC - 10.05.2026

1,115

0.02%

20,557

0.44%

9.35% REC - 15.06.2022

2,162

0.05%

889

0.02%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

2,142

0.05%

69,691

1.49%

6,021

0.13%

9.39% PFC - 27.08.2024

1,092

0.02%

9.40% REC - 20.07.2017

7,050

0.15%

State Bank of India

24,533

0.52%

9.43% Tata Sons - 02.06.2019

2,064

0.04%

YES BANK LTD

72,657

1.56%

2,092,607

44.66%

8.92% L&T Finance Ltd. - 06.07.2018

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

Kotak Banking ETF - Dividend Payout Option Kotak Floater Short Term-(Growth) - Direct L&T Finance Ltd NSE Mibor +2% 05.08.2019 Max Financial Services Ltd National Housing Bank ZCB - 24.12.2018 R Shares Banking ETF Shriram Transport Finance Co Ltd Floater 19.07.19

Total

155

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULGF-003-27/06/03BALFND-107 19,720

0.42%

Mfg of pharmaceuticals, medicinal chemical & botanical products

6.01% GOI - 25.03.2028

34

0.00%

6.13% GOI - 04.06.2028

1,413

0.03%

6.62% GOI - 28.11.2051

237

6.83% GOI - 19.01.39 6.90% OIL SPL - 04.02.2026 7.00% GOI Fertilizer Bond - 10.12.22 7.06% GOI - 10.10.2046 7.28% GOI - 03.06.2019

% of Total Funds

ULGF-003-27/06/03BALFND-107

GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

Kotak Group Balanced Fund

101,939

2.18%

Civil engineering

95,704

2.04%

Manufacture of other transport equipment

82,803

1.77%

0.01%

Information service activities

82,447

1.76%

673

0.01%

Manufacture of leather and related products

41,479

0.89%

713

0.02%

Manufacture of food products

36,483

0.78%

33

0.00%

35,544

0.76%

581

0.01%

Manufacture of chemicals and chemical products Manufacture of electrical equipment

34,178

0.73%

Retail trade, except of motor vehicles and motorcycles

32,847

0.70%

Manufacture of basic metals

29,761

0.64%

Manufacture of machinery and equipment n.e.c.

25,750

0.55%

16

0.00%

4,532

0.10%

7.72% GOI - 26.10.2055

92,640

1.98%

7.80% GOI - 03.05.2020

177

0.00%

8.07% GOI - 03.07.2017

10,045

0.21%

8.13% GOI - 22.06.2045

111,975

2.39%

0.55%

127,239

2.72%

Manufacture of computer, electronic and optical products

25,586

8.17% GOI - 01.12.2044 8.20% OMC GOI -15.09.24

147

0.00%

Mining of metal ores

22,314

0.48%

8.20% OMC GOI Special Bond - 12.02.24

200

0.00%

Human health activities

16,430

0.35%

95

0.00%

Manufacture of rubber and plastics products

14,455

0.31%

5,938

0.13%

Education

7,297

0.16%

263

0.01%

Manufacture of textiles

7,060

0.15%

8.30% Fertilizer Co GOI - 07.12.23

1,196

0.03%

5,907

0.13%

8.30% GOI - 02.07.2040

1,288

0.03%

Wholesale trade, except of motor vehicles and motorcycles

8.30% GOI - 31.12.2042

60,516

1.29%

4,589

0.10%

8.32% GOI - 02.08.2032

694

0.01%

Manufacture of wood & products of wood & cork, except furniture

8.33% GOI - 09.07.2026

1,112

0.02%

8.60% GOI - 02.06.2028

117

0.00%

8.83% GOI - 12.12.2041

6,264

0.13%

9.23% GOI - 23.12.2043

43,984

0.94%

491,842

10.49%

Computer programming, consultancy and related activities

226,786

4.84%

Manufacture of tobacco products

176,706

3.77%

10.10% HDFC - 13.09.2017

1,010

0.13%

Manufacture of motor vehicles, trailers and semi-trailers

175,704

3.75%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

1,039

0.14%

Manufacture of other non-metallic mineral products

161,511

3.45%

7.10% PFC - 11.01.2027

Electricity, gas, steam and air conditioning supply

150,754

Warehousing and support activities for transportation

146,294

State Development Loan

134,361

2.87%

Manufacture of coke and refined petroleum products

130,108

2.78%

7.50% GOI - 10.08.34

8.24% GOI - 10.11.2033 8.24% GOI - 15.02.27 8.28% GOI - 21.09.2027

Total

Net Current Assets Grand Total

Industry

156

Annual Report 2016-17

3.12%

2.02% 100.00%

Balanced Fund

% of Total Funds

ULIF-037-21/12/09BALKFND-107

Others

3.22%

94,788 4,684,034

Financial and insurance activities

971

0.13%

7.16% NABARD - 12.01.2032

3,883

0.51%

7.18% PFC - 20.01.2027

2,932

0.39%

970

0.13%

7.25% HDFC Bank FD NSE - 09.08.2017

1

0.00%

7.50% HDFC Bank FD BSE - 24.07.2017

1

0.00%

7.50% HDFC Bank FD NSE - 24.07.2017

1

0.00%

7.54% NABARD - 29.03.2032

9,039

1.19%

7.60% PFC - 20.02.2027

1,006

0.13%

7.71% NABARD - 17.03.2032

5,123

0.67%

7.20% NABARD - 21.10.2031

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-037-21/12/09BALKFND-107

Balanced Fund

% of Total Funds

ULIF-037-21/12/09BALKFND-107

7.75% PFC - 22.03.2027

5,063

0.67%

9.90% Tata Sons - 20.03.2019

1,037

0.14%

7.80% HDFC - 11.11.2019

9,970

1.31%

Axis Bank Ltd

5,020

0.66%

7.8409% Bajaj Finance Ltd - 29.06.2020

3,001

0.40%

Bajaj Finance Ltd

283

0.04%

7.85% IREDA - 06.03.2027

2,031

0.27%

Bank of Baroda

5,995

0.79%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

3,010

0.40%

CBLO - 03.04.2017

6,998

0.92%

Equitas Holding Ltd

2,345

0.31%

7.95% LIC Housing Finance - 26.03.2027

4,016

0.53%

Federal Bank Ltd

5,771

0.76%

7.95% REC - 12.03.2027

4,094

0.54%

HDFC Bank Ltd

22,221

2.93%

8.18% EXIM- 07.12.2025

8,255

1.09%

30,463

4.01%

8.25% Bajaj Finance Ltd - 19.08.2019

1,010

0.13%

HDFC CM Savings -Direct Plan - Growth Option

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

1,012

0.13%

ICICI Bank Ltd

17,702

2.33%

32,185

4.24%

8.45% HDFC - 25.02.2025

1,025

0.13%

ICICI Prudential Money Market Fund - Direct - Growth

8.48% KMPL - 12.04.19

2,001

0.26%

IndusInd Bank Limited

17,829

2.34%

8.48% KMPL - 13.04.18

5,049

0.66%

Kotak Banking ETF - Dividend Payout Option

10,869

1.43%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

3,026

0.40%

Kotak Floater Short Term-(Growth) - Direct

17,705

2.33%

2,522

0.33%

8.55% LIC Housing Finance - 14.08.2025

1,044

0.14%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

8.55% Sundaram Finance - 27.10.17

2,003

0.26%

Max Financial Services Ltd

8.58% Sundaram Finance - 18.04.18

1,011

0.13%

R Shares Banking ETF

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

1,000

0.13%

Shriram Transport Finance Co Ltd Floater 19.07.19

8.80% PFC - 15.01.2025

1,064

0.14%

State Bank of India

8.80% REC - 29.11.2020

1,046

0.14%

YES BANK LTD

8.84% PFC - 04.03.2023

1,058

0.14%

Total

8.85% Sundaram Finance - 05.01.18

1,006

0.13%

GOVT. of INDIA

8.89% IDFC Bank - 02.12.20

1,029

0.14%

1.44% INFLATION INDEX GS 2023

8.92% L&T Finance Ltd. - 06.07.2018

2,521

0.33%

6.01% GOI - 25.03.2028

9.24% LIC Housing Finance - 30.09.2024

1,064

0.14%

9.25% IDFC Bank - 13.09.19

614

9.36% IDFC Bank - 21.08.24

3,166

0.42%

10,049

1.32%

1,003

0.13%

3,827

0.50%

10,841

1.43%

324,978

42.79%

1,968

0.26%

68

0.01%

6.13% GOI - 04.06.2028

428

0.06%

0.08%

6.62% GOI - 28.11.2051

35

0.00%

1,067

0.14%

6.83% GOI - 19.01.39

102

0.01%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

1,071

0.14%

6.90% OIL SPL - 04.02.2026

110

0.01%

5

0.00%

9.40% REC - 20.07.2017

1,007

0.13%

7.06% GOI - 10.10.2046

86

0.01%

9.43% Tata Sons - 02.06.2019

1,032

0.14%

7.16% GOI - 20.05.2023

2,528

0.33%

9.47% LIC Housing Finance - 23.08.2024

1,075

0.14%

7.28% GOI - 03.06.2019

3,578

0.47%

9.50% HDFC - 13.08.2024

4,322

0.57%

7.46% GOI - 28.08.17

3

0.00%

9.65% HDFC - 19.01.2019 P -20.03.15

3,090

0.41%

7.50% GOI - 10.08.34

5,035

0.66%

9.69% Tata Sons - 12.06.2022

2,142

0.28%

7.72% GOI - 26.10.2055

14,415

1.90%

9.70% PFC - 15.12.2018

1,039

0.14%

7.80% GOI - 03.05.2020

22

0.00%

9.75% REC - 11.11.2021.

2,179

0.29%

8.13% GOI - 22.06.2045

17,780

2.34%

9.78% Tata Sons - 13.01.2019

2,063

0.27%

8.17% GOI - 01.12.2044

20,037

2.64%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,048

0.14%

8.19% GOI - 16.01.2020

2,598

0.34%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

3,013

8.20% OMC GOI -15.09.24

37

0.00%

8.24% GOI - 10.11.2033

18

0.00%

183

0.02%

7.00% GOI Fertilizer Bond - 10.12.22

0.40%

8.24% GOI - 15.02.27

157

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-037-21/12/09BALKFND-107 8.28% GOI - 21.09.2027

Balanced Fund

% of Total Funds

ULIF-037-21/12/09BALKFND-107

39

0.01%

140

0.02%

8.30% GOI - 02.07.2040

281

0.04%

8.30% GOI - 31.12.2042

9,359

1.23%

8.32% GOI - 02.08.2032

79

0.01%

8.33% GOI - 09.07.2026

173

0.02%

8.60% GOI - 02.06.2028

18

0.00%

8.83% GOI - 12.12.2041

956

0.13%

9.23% GOI - 23.12.2043

6,828

0.90%

86,909

11.42%

Computer programming, consultancy and related activities

36,748

4.84%

Financial and insurance activities 7.25% HDFC Bank FD NSE - 09.08.2017

4

0.01%

Manufacture of tobacco products

29,385

3.87%

7.50% HDFC Bank FD BSE - 24.07.2017

2

0.01%

Manufacture of motor vehicles, trailers and semi-trailers

28,466

3.75%

7.50% HDFC Bank FD NSE - 24.07.2017

4

0.01%

7.75% PFC - 22.03.2027

1,013

3.07%

Manufacture of other non-metallic mineral products

24,465

3.22%

8.18% EXIM- 07.12.2025

1,032

3.12%

Electricity, gas, steam and air conditioning supply

22,729

2.99%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

1,009

3.06%

State Development Loan

21,798

2.87%

9.36% IDFC Bank - 21.08.24

1,067

3.23%

Warehousing and support activities for transportation

18,299

2.41%

269

0.81%

Bajaj Finance Ltd

14

0.04%

Manufacture of coke and refined petroleum products

17,684

2.33%

Bank of Baroda

263

0.80%

CBLO - 03.04.2017

1,000

3.03%

Civil engineering

14,958

1.97%

Equitas Holding Ltd

138

0.42%

Mfg of pharmaceuticals, medicinal chemical & botanical products

13,765

1.81%

Federal Bank Ltd

292

0.88%

HDFC Bank Ltd

1,040

3.15%

Information service activities

12,427

1.64%

1,227

3.72%

Manufacture of other transport equipment

12,305

1.62%

HDFC CM Savings -Direct Plan - Growth Option

Manufacture of food products

7,365

0.97%

Manufacture of leather and related products

6,274

0.83%

Manufacture of basic metals

6,073

0.80%

Manufacture of chemicals and chemical products

5,282

0.70%

Retail trade, except of motor vehicles and motorcycles

5,177

Manufacture of electrical equipment

8.30% Fertilizer Co GOI - 07.12.23

Total Others

Wholesale trade, except of motor vehicles and motorcycles

888

0.12%

Manufacture of wood & products of wood & cork, except furniture

678

0.09%

Net Current Assets Grand Total

Industry

39,610

5.22%

759,387

100.00%

Pension Balanced Fund II

% of Total Funds

ULIF-046-24/01/10PNBALFND2-107

Axis Bank Ltd

838

2.54%

1,309

3.96%

IndusInd Bank Limited

868

2.62%

Kotak Banking ETF - Dividend Payout Option

707

2.14%

0.68%

Kotak Floater Short Term-(Growth) - Direct

581

1.75%

99

0.29%

5,092

0.67%

R Shares Banking ETF

546

1.65%

Manufacture of computer, electronic and optical products

3,912

0.52%

State Bank of India

126

0.38%

YES BANK LTD

514

1.56%

Manufacture of machinery and equipment n.e.c.

3,852

0.51%

13,962

42.25%

Mining of metal ores

3,335

0.44%

Human health activities

2,556

0.34%

Manufacture of rubber and plastics products

2,155

0.28%

Education

1,120

0.15%

Manufacture of textiles

1,102

0.15%

158

Annual Report 2016-17

ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

Max Financial Services Ltd

Total GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

304

0.92%

6.01% GOI - 25.03.2028

3

0.01%

6.13% GOI - 04.06.2028

23

0.07%

6.62% GOI - 28.11.2051

2

0.01%

6.83% GOI - 19.01.39

7

0.02%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-046-24/01/10PNBALFND2-107

Pension Balanced Fund II

% of Total Funds

ULIF-046-24/01/10PNBALFND2-107

6.90% OIL SPL - 04.02.2026

6

0.02%

Manufacture of basic metals

209

0.63%

7.06% GOI - 10.10.2046

5

0.02%

194

0.59%

7.28% GOI - 03.06.2019

5

0.02%

Manufacture of computer, electronic and optical products

7.72% GOI - 26.10.2055

680

2.06%

Mining of metal ores

158

0.48%

7.80% GOI - 03.05.2020

3

0.01%

Human health activities

119

0.36%

8.13% GOI - 22.06.2045

845

2.56%

Manufacture of rubber and plastics products

118

0.36%

8.17% GOI - 01.12.2044

966

2.92%

Education

75

0.23%

8.20% OMC GOI -15.09.24

2

0.01%

45

0.14%

8.24% GOI - 10.11.2033

1

0.00%

Wholesale trade, except of motor vehicles and motorcycles

12

0.04%

0.13%

0.01%

Manufacture of wood & products of wood & cork, except furniture

42

2

8.30% Fertilizer Co GOI - 07.12.23

23

0.07%

23

0.07%

8.30% GOI - 02.07.2040

14

0.04%

8.30% GOI - 31.12.2042

459

1.38%

8.32% GOI - 02.08.2032

16

0.05%

8.33% GOI - 09.07.2026

12

0.03%

8.60% GOI - 02.06.2028

1

0.00%

8.83% GOI - 12.12.2041

50

0.15%

8.24% GOI - 15.02.27 8.28% GOI - 21.09.2027

9.23% GOI - 23.12.2043 Total

325

0.98%

3,766

11.40%

Others

Manufacture of textiles Net Current Assets Grand Total

Industry

370

1.12%

33,027

100.00%

Kotak Dynamic Growth Fund

% of Total Funds

ULIF-012-27/06/03DYGWTFND-107 Financial and insurance activities 11.15% REC - 24.10.2018

10,560

1.61%

7.25% HDFC Bank FD NSE - 09.08.2017

743

0.11%

7.50% HDFC Bank FD BSE - 24.07.2017

356

0.05%

772

0.12%

Warehousing and support activities for transportation

1,756

5.32%

Computer programming, consultancy and related activities

1,732

5.24%

7.50% HDFC Bank FD NSE - 24.07.2017 8.23% REC - 23.01.2025

1,035

0.16%

Manufacture of motor vehicles, trailers and semi-trailers

1,395

4.22%

8.65% PFC - 28.12.2024

2,111

0.32%

9.02% REC - 19.11.2022

2,132

0.32%

Manufacture of tobacco products

1,343

4.07%

9.36% IDFC Bank - 21.08.24

5,337

0.81%

Manufacture of other non-metallic mineral products

1,237

3.75%

9.70% PFC - 15.12.2018

3,116

0.47%

State Development Loan

1,195

3.62%

9.75% REC - 11.11.2021.

1,090

0.17%

Manufacture of coke and refined petroleum products

843

2.55%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

3,143

0.48%

Mfg of pharmaceuticals, medicinal chemical & botanical products

731

2.21%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

2,009

0.31%

Information service activities

650

1.97%

Axis Bank Ltd

6,930

1.06%

Manufacture of other transport equipment

646

1.96%

388

0.06%

Civil engineering

632

1.91%

Bank of Baroda

7,146

1.09%

Electricity, gas, steam and air conditioning supply

396

1.20%

Equitas Holding Ltd

3,392

0.52%

Federal Bank Ltd

7,618

1.16%

Manufacture of leather and related products

324

0.98%

26,511

4.04%

Manufacture of electrical equipment

299

0.91%

3,284

0.50%

Manufacture of food products

283

0.86%

Manufacture of machinery and equipment n.e.c.

256

0.78%

23,547

3.59%

3,504

0.53%

Retail trade, except of motor vehicles and motorcycles

228

0.69%

25,618

3.90%

Bajaj Finance Ltd

HDFC Bank Ltd HDFC CM Savings -Direct Plan - Growth Option ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth IndusInd Bank Limited

159

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-012-27/06/03DYGWTFND-107 Kotak Banking ETF - Dividend Payout Option Kotak Floater Short Term-(Growth) - Direct Max Financial Services Ltd R Shares Banking ETF State Bank of India YES BANK LTD

Kotak Dynamic Growth Fund

% of Total Funds

ULIF-012-27/06/03DYGWTFND-107

18,770

2.86%

4,160

0.63%

4,293

0.65%

18,548

2.83%

3,447

0.53%

Manufacture of chemicals and chemical products

7,253

1.11%

Manufacture of machinery and equipment n.e.c.

6,588

1.00%

Retail trade, except of motor vehicles and motorcycles

6,294

0.96%

Manufacture of basic metals

5,389

0.82%

Manufacture of computer, electronic and optical products

5,126

0.78%

14,600

2.23%

204,160

31.11%

7.16% GOI - 20.05.2023

5,641

0.86%

Mining of metal ores

4,063

0.62%

7.28% GOI - 03.06.2019

1,626

0.25%

Human health activities

3,241

0.49%

7.72% GOI - 26.10.2055

2,581

0.39%

Manufacture of rubber and plastics products

3,043

0.46%

8.07% GOI - 03.07.2017

2,511

0.38%

Manufacture of textiles

1,757

0.27%

8.13% GOI - 22.06.2045

10,795

1.65%

Education

1,710

0.26%

8.17% GOI - 01.12.2044

9,693

1.48%

1,211

0.18%

8.20% OMC GOI 2023-10.11.23

1,974

0.30%

Wholesale trade, except of motor vehicles and motorcycles

8.26% GOI - 02.08.27

1,198

0.18%

0.16%

8,141

1.24%

Manufacture of wood & products of wood & cork, except furniture

1,028

8.30% GOI - 02.07.2040 8.30% GOI - 31.12.2042

10,930

1.67%

Total GOVT. of INDIA

8.33% GOI - 07.06.36

Net Current Assets Grand Total

72

0.01%

8.60% GOI - 02.06.2028

21,914

3.34%

8.83% GOI - 12.12.2041

5,765

0.87%

8.97% GOI - 05.12.2030

17,032

2.60%

Total

99,873

15.22%

Computer programming, consultancy and related activities

44,795

6.83%

Financial and insurance activities

Manufacture of motor vehicles, trailers and semi-trailers

35,972

5.48%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

Manufacture of other non-metallic mineral products

35,144

5.36%

Manufacture of tobacco products

34,663

Manufacture of coke and refined petroleum products

22,707

Mfg of pharmaceuticals, medicinal chemical & botanical products

18,499

Manufacture of other transport equipment

17,705

2.70%

Warehousing and support activities for transportation

17,224

2.62%

Civil engineering

16,707

2.55%

Information service activities

14,733

2.25%

Electricity, gas, steam and air conditioning supply

10,565

State Development Loan

Industry

1,021

0.16%

656,162

100.00%

Kotak Guaranteed Growth Fund

% of Total Funds

ULIF-013-27/06/03GRTGWTFND-107

Others

12,465

0.13%

11.15% REC - 24.10.2018

1,056

0.01%

11.25% PFC - 28.11.18

2,122

0.02%

5.28%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

2,093

0.02%

3.46%

7.10% PFC - 11.01.2027

12,629

0.13%

7.16% NABARD - 12.01.2032

81,543

0.84%

7.18% PFC - 20.01.2027

43,983

0.45%

9,701

0.10%

7.25% HDFC Bank FD NSE - 09.08.2017

11,142

0.12%

7.50% HDFC Bank FD BSE - 24.07.2017

5,222

0.05%

7.50% HDFC Bank FD NSE - 24.07.2017

11,315

0.12%

139,601

1.44%

1.61%

7.60% HDFC - 08.12.17

3,005

0.03%

7.60% PFC - 20.02.2027

25,139

0.26%

9,558

1.46%

7.71% NABARD - 17.03.2032

81,972

0.85%

Manufacture of electrical equipment

9,198

1.40%

7.75% PFC - 22.03.2027

76,953

0.80%

Manufacture of food products

8,641

1.32%

7.78% HDFC - 24.03.2020

70,122

0.72%

Manufacture of leather and related products

8,294

1.26%

7.80% HDFC - 11.11.2019

49,851

0.52%

160

Annual Report 2016-17

2.82%

7.20% NABARD - 21.10.2031

7.54% NABARD - 29.03.2032

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-013-27/06/03GRTGWTFND-107

Kotak Guaranteed Growth Fund

% of Total Funds

ULIF-013-27/06/03GRTGWTFND-107

7.8409% Bajaj Finance Ltd - 29.06.2020

48,020

0.50%

8.90% HDFC - 18.08.2020

7,218

0.07%

7.85% IREDA - 06.03.2027

20,306

0.21%

8.90% Sundaram Finance - 29.06.18

8,094

0.08%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

54,186

0.56%

8.92% L&T Finance Ltd. - 06.07.2018

25,210

0.26%

8.94% EXIM- 31.12.2022

3,198

0.03%

7.95% LIC Housing Finance - 26.03.2027

63,252

0.65%

8.94% PFC - 25.03.2028

1,090

0.01%

7.95% REC - 12.03.2027

58,340

0.60%

8.95% LIC Housing Finance - 15.09.2020

6,177

0.06%

1,031

0.01%

8.97% PFC - 15.01.2018

1,015

0.01%

8.18% EXIM- 07.12.2025

128,981

1.33%

8.99% PFC - 15.01.2021

3,151

0.03%

8.20% IRFC - 27.04.2020

3,093

0.03%

9.00% EXIM- 07.02.2022

2,109

0.02%

8.20% IRFC - 27.04.2024

4,180

0.04%

9.02% REC - 19.11.2022

3,198

0.03%

8.23% REC - 23.01.2025

1,035

0.01%

9.05% BOB Perpetual Bond Call- 27.08.2020

6,254

0.06%

8.25% Bajaj Finance Ltd - 19.08.2019

9,094

0.09%

9.05% SBH Perpetual Bond Call- 20.09.2020

2,099

0.02%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

23,281

0.24%

9.05% SBI Perpetual Bond Call - 27.01.2020

4,153

0.04%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

5,089

9.14% EXIM- 01.08.2022

5,371

0.06%

9.15% EXIM- 05.09.2022

3,220

0.03%

8.40% HDFC - 23.01.2025

5,108

0.05%

9.15% PFC - 07.07.2019

4,133

0.04%

8.45% HDFC - 25.02.2025

1,025

0.01%

9.18% HDFC - 12.02.2018

6,081

0.06%

8.48% KMPL - 12.04.19

49,017

0.51%

9.20% PFC - 07.07.2021

5,308

0.05%

8.48% KMPL - 13.04.18

95,930

0.99%

9.23% LIC Housing Finance - 13.12.2022

4,226

0.04%

5,086

0.05%

9.24% LIC Housing Finance - 30.09.2024

11,700

0.12%

58,509

0.60%

9.25% LIC Housing Finance - 12.11.2022

3,169

0.03%

9.25% REC - 27.08.2017

1,009

0.01%

2,053

0.02%

9.25% Tata Sons - 19.06.2019

4,118

0.04%

8.55% LIC Housing Finance - 14.08.2025

11,482

0.12%

9.30% EXIM- 11.05.2022

2,161

0.02%

8.58% Sundaram Finance - 18.04.18

25,271

0.26%

9.30% HDFC - 18.01.2021

10,406

0.11%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

2,000

0.02%

9.30% LIC Housing Finance - 14.09.2022

8,464

0.09%

9.33% IRFC - 10.05.2026

4,461

0.05%

8.61% L&T Finance Ltd. - 25.09.2017

5,021

0.05%

9.35% IIFCL - 17.11.23

8,845

0.09%

8.70% PFC- 14.05.2020

3,112

0.03%

9.35% REC - 15.06.2022

5,406

0.06%

8.70% PFC- 14.05.2025

1,060

0.01%

9.38% REC - 06.11.2018

3,095

0.03%

8.70% REC - 01.02.2018

2,023

0.02%

6,427

0.07%

8.72% REC - 04.09.2019

2,064

0.02%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

8.10% IIFCL - 08.04.24

8.49% HDFC - 27.04.2020 8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20 8.55% IRFC - 15.01.2019

0.05%

10,242

0.11%

9.39% PFC - 27.08.2024

3,275

0.03%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

6,017

0.06%

9.43% Tata Sons - 02.06.2019

9,288

0.10%

9.44% PFC - 23.09.2021

1,029

0.01%

8.78% PFC - 15.11.2020

3,134

0.03%

9.45% LIC Housing Finance - 30.01.2022

5,262

0.05%

8.79% HDFC - 21.07.2020

7,189

0.07%

9.48% REC - 10.08.2021

2,148

0.02%

8.80% EXIM- 15.03.2023

3,190

0.03%

9.50% HDFC - 13.08.2024

73,466

0.76%

8.82% PFC - 20.02.2020

1,038

0.01%

9.57% LIC Housing Finance - 07.09.2017

4,031

0.04%

8.83% EXIM- 09.01.2023

6,376

0.07%

9.60% HDFC - 05.07.2017 P 05.08.13

1,005

0.01%

8.84% PFC - 04.03.2023

14,814

0.15%

9.61% PFC - 29.06.2021

1,076

0.01%

8.85% Sundaram Finance - 05.01.18

12,073

0.12%

9.65% HDFC - 17.01.2019 - P - 17.02.15

8,239

0.09%

8.87% EXIM- 30.10.2029

4,335

0.04%

9.65% HDFC - 19.01.2019 P -20.03.15

56,648

0.59%

8.87% REC - 08.03.2020

1,041

0.01%

9.69% Tata Sons - 12.06.2022

31,060

0.32%

8.88% EXIM- 18.10.2022

3,184

0.03%

9.70% LIC Housing Finance - 16.05.2017

1,002

0.01%

10,287

0.11%

9.71% Tata Sons - 29.08.2022

6,427

0.07%

8.75% HDFC - 04.03.2021 P - 14.04.2017

8.89% IDFC Bank - 02.12.20

161

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-013-27/06/03GRTGWTFND-107 9.78% Tata Sons - 13.01.2019

Kotak Guaranteed Growth Fund

% of Total Funds

ULIF-013-27/06/03GRTGWTFND-107

35,065

0.37%

7.80% GOI - 03.05.2020

786

0.01%

2,072

0.02%

7.80% GOI - 11.04.2021

4,006

0.04%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

22,001

0.23%

8.13% GOI - 22.06.2045

275,410

2.85%

8.17% GOI - 01.12.2044

312,334

3.23%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

66,285

124

0.00%

1,036

0.01%

276

0.00%

2,710

0.03%

8.28% GOI - 21.09.2027

812

0.01%

8.30% Fertilizer Co GOI - 07.12.23

869

0.01%

8.30% GOI - 02.07.2040

1,562

0.02%

8.30% GOI - 31.12.2042

154,089

1.59%

8.32% GOI - 02.08.2032

3,607

0.04%

8.33% GOI - 09.07.2026

4,114

0.04%

8.60% GOI - 02.06.2028

346

0.00%

8.83% GOI - 12.12.2041

16,569

0.17%

9.23% GOI - 23.12.2043

107,864

1.11%

1,224,842

12.65%

Computer programming, consultancy and related activities

468,414

4.84%

Manufacture of motor vehicles, trailers and semi-trailers

404,195

4.18%

Manufacture of tobacco products

384,183

3.97%

Manufacture of other non-metallic mineral products

383,649

3.96%

Electricity, gas, steam and air conditioning supply

344,758

3.56%

9.81% PFC - 07.10.2018

0.69%

9.87% Tata Sons - 17.07.2017

3,020

0.03%

9.90% HDFC - 11.11.2021

6,420

0.07%

9.95% IRFC - 07.06.2022

7,825

0.08%

79,739

0.83%

Bajaj Finance Ltd

4,464

0.05%

Bank of Baroda

76,656

0.80%

Equitas Holding Ltd

39,659

0.41%

Federal Bank Ltd

84,527

0.88%

285,931

2.96%

91,009

0.94%

271,892

2.81%

96,840

1.00%

IndusInd Bank Limited

273,404

2.83%

Kotak Banking ETF - Dividend Payout Option

213,146

2.21%

Kotak Floater Short Term-(Growth) - Direct

114,997

1.19%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

10,087

0.11%

Max Financial Services Ltd

39,291

0.41%

Axis Bank Ltd

HDFC Bank Ltd HDFC CM Savings -Direct Plan - Growth Option ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

National Housing Bank ZCB - 24.12.2018 R Shares Banking ETF Shriram Transport Finance Co Ltd Floater 19.07.19 State Bank of India

8.20% OMC GOI -15.09.24 8.20% OMC GOI Special Bond - 12.02.24 8.24% GOI - 10.11.2033 8.24% GOI - 15.02.27

Total Others

1,777

0.02%

179,193

1.86%

4,014

0.05%

Warehousing and support activities for transportation

341,194

3.53%

27,662

0.29%

State Development Loan

310,624

3.21%

148,709

1.54%

247,727

2.56%

3,971,690

41.04%

Manufacture of coke and refined petroleum products Manufacture of other transport equipment

203,959

2.11%

100,903

1.04%

200,052

2.07%

6.01% GOI - 25.03.2028

180

0.00%

Mfg of pharmaceuticals, medicinal chemical & botanical products

6.13% GOI - 04.06.2028

679

0.01%

Civil engineering

194,380

2.01%

6.62% GOI - 28.11.2051

593

0.01%

Information service activities

157,205

1.62%

6.83% GOI - 19.01.39

2,217

0.02%

Manufacture of electrical equipment

111,627

1.15%

6.90% OIL SPL - 04.02.2026

1,868

0.02%

Manufacture of food products

105,721

1.09%

99

0.00%

Manufacture of leather and related products

91,999

0.95%

7.06% GOI - 10.10.2046

1,687

0.02%

89,684

0.93%

7.28% GOI - 03.06.2019

142

0.00%

Manufacture of machinery and equipment n.e.c.

2,412

0.02%

Manufacture of basic metals

85,931

0.89%

904

0.01%

83,308

0.86%

226,644

2.34%

Manufacture of chemicals and chemical products Manufacture of computer, electronic and optical products

56,540

0.58%

YES BANK LTD Total GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

7.00% GOI Fertilizer Bond - 10.12.22

7.35% GOI 2024- 22.06.24 7.46% GOI - 28.08.17 7.72% GOI - 26.10.2055

162

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-013-27/06/03GRTGWTFND-107

Kotak Pension Growth Fund

% of Total Funds

ULIF-030-07/01/09PNGWTFND-107

Mining of metal ores

46,339

0.48%

9.78% Tata Sons - 13.01.2019

1,031

0.55%

Manufacture of rubber and plastics products

35,439

0.37%

1,048

0.55%

Human health activities

35,342

0.37%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

Education

21,405

0.22%

0.53%

21,281

0.22%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

1,004

Manufacture of textiles Manufacture of wood & products of wood & cork, except furniture

16,366

0.17%

9.90% Tata Sons - 20.03.2019

1,037

0.55%

Axis Bank Ltd

1,407

0.74%

Wholesale trade, except of motor vehicles and motorcycles

13,792

0.14%

78

0.04%

1,472

0.78%

Retail trade, except of motor vehicles and motorcycles

1,501

679

0.36%

Federal Bank Ltd

1,535

0.81%

HDFC Bank Ltd

5,805

3.07%

HDFC CM Savings -Direct Plan - Growth Option

5,164

2.73%

ICICI Bank Ltd

4,761

2.52%

ICICI Prudential Money Market Fund - Direct - Growth

5,509

2.91%

IndusInd Bank Limited

5,292

2.80%

Kotak Banking ETF - Dividend Payout Option

3,361

1.78%

Kotak Floater Short Term-(Growth) - Direct

4,077

2.16%

861

0.45%

3,474

1.84%

713

0.37%

Net Current Assets Grand Total

Industry

Bajaj Finance Ltd Bank of Baroda

0.02%

24,529

0.25%

9,677,676

100.00%

Kotak Pension Growth Fund

% of Total Funds

ULIF-030-07/01/09PNGWTFND-107 Financial and insurance activities

Equitas Holding Ltd

7.16% NABARD - 12.01.2032

971

0.51%

Max Financial Services Ltd

7.18% PFC - 20.01.2027

977

0.52%

R Shares Banking ETF

7.25% HDFC Bank FD NSE - 09.08.2017

126

0.07%

State Bank of India

7.50% HDFC Bank FD BSE - 24.07.2017

59

0.03%

YES BANK LTD

7.50% HDFC Bank FD NSE - 24.07.2017

128

0.07%

Total

7.54% NABARD - 29.03.2032

3,013

1.59%

GOVT. of INDIA

7.71% NABARD - 17.03.2032

1,025

0.54%

1.44% INFLATION INDEX GS 2023

7.75% PFC - 22.03.2027

1,013

0.54%

6.01% GOI - 25.03.2028

7.8409% Bajaj Finance Ltd - 29.06.2020

1,000

0.53%

7.85% IREDA - 06.03.2027

1,015

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

1,003

7.95% LIC Housing Finance - 26.03.2027

1,004

0.53%

7.00% GOI Fertilizer Bond - 10.12.22

7.95% REC - 12.03.2027

1,024

0.54%

8.18% EXIM- 07.12.2025

2,064

8.25% Bajaj Finance Ltd - 19.08.2019

2,923

1.55%

76,962

40.69%

1,636

0.86%

2

0.00%

6.13% GOI - 04.06.2028

139

0.07%

0.54%

6.62% GOI - 28.11.2051

12

0.01%

0.53%

6.83% GOI - 19.01.39

37

0.02%

6.90% OIL SPL - 04.02.2026

35

0.02%

2

0.00%

7.06% GOI - 10.10.2046

30

0.02%

1.09%

7.28% GOI - 03.06.2019

19

0.01%

1,010

0.53%

7.72% GOI - 26.10.2055

4,372

2.31%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

1,012

0.54%

7.80% GOI - 03.05.2020

12

0.01%

8.48% KMPL - 12.04.19

1,000

0.53%

8.13% GOI - 22.06.2045

5,348

2.83%

8.48% KMPL - 13.04.18

2,020

1.07%

8.17% GOI - 01.12.2044

6,024

3.18%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

1,009

0.53%

8.20% OMC GOI -15.09.24

2

0.00%

8.24% GOI - 10.11.2033

4

0.00%

8.55% Sundaram Finance - 27.10.17

1,002

0.53%

8.24% GOI - 15.02.27

47

0.02%

9.47% LIC Housing Finance - 23.08.2024

1,075

0.57%

8.28% GOI - 21.09.2027

14

0.01%

9.50% HDFC - 13.08.2024

1,080

0.57%

8.30% Fertilizer Co GOI - 07.12.23

93

0.05%

9.65% HDFC - 19.01.2019 P -20.03.15

1,030

0.54%

8.30% GOI - 02.07.2040

30

0.02%

9.69% Tata Sons - 12.06.2022

1,071

0.57%

8.30% GOI - 31.12.2042

2,918

1.54%

8.32% GOI - 02.08.2032

61

0.03%

163

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-030-07/01/09PNGWTFND-107

Kotak Aggressive Growth Fund

% of Total Funds

ULIF-018-13/09/04AGRGWTFND-107

8.33% GOI - 09.07.2026

66

0.03%

Financial and insurance activities

8.60% GOI - 02.06.2028

5

0.00%

7.25% HDFC Bank FD NSE - 09.08.2017

4,103

0.13%

8.83% GOI - 12.12.2041

305

0.16%

7.50% HDFC Bank FD BSE - 24.07.2017

1,913

0.06%

9.23% GOI - 23.12.2043

2,084

1.10%

7.50% HDFC Bank FD NSE - 24.07.2017

4,145

0.13%

23,297

12.30%

Axis Bank Ltd

44,574

1.41%

Bank of Baroda

44,574

1.41%

Equitas Holding Ltd

16,064

0.51%

Federal Bank Ltd

46,645

1.47%

159,025

5.03%

79,543

2.51%

135,160

4.27%

84,344

2.67%

IndusInd Bank Limited

146,721

4.64%

Kotak Banking ETF - Dividend Payout Option

100,015

3.16%

Kotak Floater Short Term-(Growth) - Direct

23,432

0.74%

Max Financial Services Ltd

28,505

0.90%

135,815

4.29%

State Bank of India

22,298

0.70%

YES BANK LTD

89,677

2.83%

1,166,553

36.86%

Total Others Computer programming, consultancy and related activities

9,085

Warehousing and support activities for transportation

8,413

Manufacture of motor vehicles, trailers and semi-trailers

4.80% 4.45%

HDFC Bank Ltd

7,313

3.87%

HDFC CM Savings -Direct Plan - Growth Option

Manufacture of other non-metallic mineral products

7,107

3.76%

Manufacture of tobacco products

7,021

3.71%

Electricity, gas, steam and air conditioning supply

6,541

3.46%

State Development Loan

6,167

3.26%

Manufacture of coke and refined petroleum products

4,537

2.40%

Mfg of pharmaceuticals, medicinal chemical & botanical products

3,751

1.98%

Manufacture of other transport equipment

3,581

1.89%

Total

Civil engineering

3,299

1.74%

Others

Information service activities

2,964

1.57%

8.75%

2,112

1.12%

Computer programming, consultancy and related activities

276,852

Manufacture of basic metals Manufacture of electrical equipment

1,905

1.01%

7.03%

1,717

0.91%

Manufacture of motor vehicles, trailers and semi-trailers

222,595

Manufacture of food products Manufacture of leather and related products

1,668

0.88%

Manufacture of tobacco products

215,060

6.80%

Manufacture of chemicals and chemical products

1,472

0.78%

Manufacture of other non-metallic mineral products

194,257

6.14%

Manufacture of machinery and equipment n.e.c.

1,350

0.71%

Manufacture of coke and refined petroleum products

168,489

5.32%

Retail trade, except of motor vehicles and motorcycles

1,302

0.69%

Manufacture of other transport equipment

141,959

4.48%

124,618

3.94%

Manufacture of computer, electronic and optical products

1,028

0.54%

Mfg of pharmaceuticals, medicinal chemical & botanical products

3.76%

835

0.44%

Warehousing and support activities for transportation

118,892

Mining of metal ores Human health activities

653

0.35%

Civil engineering

Manufacture of rubber and plastics products

621

0.33%

Education

350

0.19%

Manufacture of textiles

345

0.18%

Wholesale trade, except of motor vehicles and motorcycles

238

0.13%

Manufacture of wood & products of wood & cork, except furniture

206

Net Current Assets Grand Total

164

Annual Report 2016-17

0.11%

3,315

1.75%

189,155

100.00%

ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

R Shares Banking ETF

117,261

3.71%

Information service activities

96,548

3.05%

Electricity, gas, steam and air conditioning supply

73,777

2.33%

Manufacture of leather and related products

53,665

1.70%

Manufacture of food products

46,251

1.46%

Manufacture of chemicals and chemical products

42,940

1.36%

Manufacture of basic metals

33,599

1.06%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-018-13/09/04AGRGWTFND-107

Dynamic Floor Fund

% of Total Funds

ULIF-028-14/11/06DYFLRFND-107

Mining of metal ores

33,113

1.05%

8.18% EXIM- 07.12.2025

187,797

1.82%

Manufacture of textiles

22,132

0.70%

8.20% IRFC - 27.04.2020

2,062

0.02%

Manufacture of machinery and equipment n.e.c.

17,263

0.55%

8.20% IRFC - 27.04.2024

5,224

0.05%

8.23% REC - 23.01.2025

2,070

0.02%

GOVT. of INDIA

10,097

0.32%

8.25% Bajaj Finance Ltd - 19.08.2019

28,293

0.27%

Manufacture of rubber and plastics products

10,037

0.32%

29,354

0.28%

Manufacture of computer, electronic and optical products

3,919

0.12%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18 8.30% REC - 10.04.2025

3,110

0.03%

Retail trade, except of motor vehicles and motorcycles

845

0.03%

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

7,124

0.07%

Net Current Assets Grand Total

Industry

-26,664

-0.84%

8.40% HDFC - 23.01.2025

7,151

0.07%

3,164,058

100.00%

8.45% HDFC - 25.02.2025

2,050

0.02%

8.48% KMPL - 12.04.19

61,021

0.59%

8.48% KMPL - 13.04.18

138,342

1.34%

4,069

0.04%

91,799

0.89%

Dynamic Floor Fund

% of Total Funds

8.49% HDFC - 27.04.2020 8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

ULIF-028-14/11/06DYFLRFND-107

3,079

0.03%

10.10% HDFC - 13.09.2017

3,031

0.03%

8.55% IRFC - 15.01.2019 8.55% LIC Housing Finance - 14.08.2025

15,657

0.15%

10.35% HDFC 2017 - 16.05.17

5,017

0.05%

8.58% Sundaram Finance - 18.04.18

23,250

0.23%

10.70% IRFC - 11.09.23

1,174

0.01%

23,002

0.22%

15,581

0.15%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

11.25% PFC - 28.11.18

2,122

0.02%

8.61% L&T Finance Ltd. - 25.09.2017

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

3,140

0.03%

Financial and insurance activities

10.75% Shriram Transport Finance Co Ltd 24.10.2018

7.10% PFC - 11.01.2027

8.60% PFC 2024 - 07.08.2024

2,096

0.02%

12,553

0.12%

8.68% IRFC - 29.11.2021

1,063

0.01%

8.70% PFC- 14.05.2020

3,112

0.03%

16,515

0.16%

8.70% REC - 01.02.2018

2,023

0.02%

111,636

1.09%

8.72% REC - 04.09.2019

3,096

0.03%

7.18% PFC - 20.01.2027

62,553

0.61%

8.75% HDFC - 04.03.2021 P - 14.04.2017

10,242

0.10%

7.20% NABARD - 21.10.2031

13,581

0.13%

3,063

0.03%

7.25% HDFC Bank FD NSE - 09.08.2017

2,843

0.03%

8.75% LIC Housing Finance - 14.01.2020 P 14.04.16

7.50% HDFC Bank FD BSE - 24.07.2017

1,244

0.01%

0.07%

2,696

0.03%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

7,020

7.50% HDFC Bank FD NSE - 24.07.2017

203,878

1.98%

8.78% PFC - 15.11.2020

4,178

0.04%

8.79% HDFC - 21.07.2020

5,135

0.05%

8.79% IRFC - 04.05.2030

2,245

0.02%

8.80% EXIM- 15.03.2023

5,316

0.05%

8.80% PFC - 15.01.2025

4,255

0.04%

8.82% PFC - 20.02.2020

1,038

0.01%

8.83% EXIM- 09.01.2023

7,439

0.07%

8.84% PFC - 04.03.2023

44,443

0.43%

15,091

0.15%

7.16% NABARD - 12.01.2032

7.54% NABARD - 29.03.2032 7.60% PFC - 20.02.2027

36,200

0.36%

7.71% NABARD - 17.03.2032

116,811

1.13%

7.75% PFC - 22.03.2027

111,379

1.08%

7.78% HDFC - 24.03.2020

110,191

1.07%

7.80% HDFC - 11.11.2019

109,672

1.06%

7.8409% Bajaj Finance Ltd - 29.06.2020

70,029

0.68%

7.85% IREDA - 06.03.2027

57,873

0.56%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

74,255

0.72%

8.85% Sundaram Finance - 05.01.18 8.87% EXIM- 30.10.2029

6,502

0.06%

7.95% LIC Housing Finance - 26.03.2027

91,364

0.89%

8.87% REC - 08.03.2020

1,041

0.01%

7.95% REC - 12.03.2027

84,952

0.82%

8.88% EXIM- 18.10.2022

4,246

0.04%

165

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-028-14/11/06DYFLRFND-107 8.89% IDFC Bank - 02.12.20

Dynamic Floor Fund

% of Total Funds

ULIF-028-14/11/06DYFLRFND-107

10,287

0.10%

9.57% LIC Housing Finance - 07.09.2017

5,039

0.05%

8.90% HDFC - 18.08.2020

5,155

0.05%

9.60% HDFC - 05.07.2017 P 05.08.13

2,010

0.02%

8.90% Sundaram Finance - 29.06.18

6,071

0.06%

9.61% PFC - 29.06.2021

2,152

0.02%

8.92% L&T Finance Ltd. - 06.07.2018

85,715

0.83%

9.65% HDFC - 17.01.2019 - P - 17.02.15

7,209

0.07%

8.94% EXIM- 31.12.2022

4,265

0.04%

9.65% HDFC - 19.01.2019 P -20.03.15

76,218

0.74%

8.94% PFC - 25.03.2028

2,179

0.02%

9.69% Tata Sons - 12.06.2022

56,764

0.55%

8.95% LIC Housing Finance - 15.09.2020

6,177

0.06%

9.70% LIC Housing Finance - 16.05.2017

2,005

0.02%

8.97% PFC - 15.01.2018

2,030

0.02%

9.71% Tata Sons - 29.08.2022

8,569

0.08%

11,369

0.11%

9.75% REC - 11.11.2021.

1,090

0.01%

8.99% PFC - 15.01.2021

1,050

0.01%

9.78% Tata Sons - 13.01.2019

75,286

0.73%

9.00% EXIM- 07.02.2022

3,163

0.03%

9.81% PFC - 07.10.2018

3,107

0.03%

9.02% REC - 19.11.2022

3,198

0.03%

38,763

0.38%

9.05% PFC - 15.12.2025

1,085

0.01%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 9.85% Shriram Transport Finance Co Ltd 15.07.2017

88,379

0.86%

9.87% Tata Sons - 17.07.2017

1,007

0.01%

9.90% HDFC - 11.11.2021

7,491

0.07%

37,514

0.37%

8.98% HDFC - 26.11.2020

9.05% SBH Perpetual Bond Call- 20.09.2020

14,695

0.14%

9.14% EXIM- 01.08.2022

7,519

0.07%

9.15% EXIM- 05.09.2022

3,220

0.03%

9.15% EXIM Bank - 30.03.2021

2,119

0.02%

9.15% PFC - 07.07.2019

6,199

0.06%

9.20% PFC - 07.07.2021

6,370

0.06%

9.23% LIC Housing Finance - 13.12.2022

3,169

0.03%

9.24% LIC Housing Finance - 30.09.2024

13,827

0.13%

9.25% IDFC Bank - 13.09.19

16,590

0.16%

9.25% LIC Housing Finance - 12.11.2022

4,226

0.04%

9.25% REC - 27.08.2017

1,009

0.01%

9.30% EXIM- 11.05.2022

3,241

0.03%

9.30% HDFC - 18.01.2021

10,406

0.10%

9.30% LIC Housing Finance - 14.09.2022

6,348

0.06%

9.33% IRFC - 10.05.2026

5,576

0.05%

HDFC CM Savings -Direct Plan - Growth Option

9.35% IIFCL - 17.11.23

1,106

0.01%

ICICI Bank Ltd

9.35% REC - 15.06.2022

6,487

0.06%

9.36% IDFC Bank - 21.08.24

1,067

0.01%

ICICI Prudential Money Market Fund - Direct - Growth

9.36% PFC - 01.08.2021

3,204

0.03%

9.38% REC - 06.11.2018

3,095

0.03%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

7,498

0.07%

9.39% PFC - 27.08.2024

5,458

9.39% PFC - 27.08.2029 9.43% Tata Sons - 02.06.2019

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

9,331

0.09%

9.95% IRFC - 07.06.2022

12,296

0.12%

Axis Bank Ltd

56,032

0.55%

Bajaj Finance Ltd

3,161

0.03%

Bank of Baroda

56,276

0.55%

Equitas Holding Ltd

26,822

0.26%

Federal Bank Ltd

59,897

0.59%

223,300

2.17%

75,208

0.73%

190,393

1.85%

79,621

0.78%

IndusInd Bank Limited

194,660

1.89%

Kotak Banking ETF - Dividend Payout Option

151,831

1.48%

Kotak Floater Short Term-(Growth) - Direct

94,549

0.92%

37,826

0.37%

0.05%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

1,131

0.01%

Max Financial Services Ltd

27,434

0.27%

5,160

0.05%

National Housing Bank ZCB - 24.12.2018

2,666

0.03%

20,572

0.20%

R Shares Banking ETF

130,739

1.27%

9.45% LIC Housing Finance - 30.01.2022

8,419

0.08%

41,141

0.40%

9.47% LIC Housing Finance - 23.08.2024

31,188

0.30%

Shriram Transport Finance Co Ltd Floater 19.07.19

20,082

0.20%

9.44% PFC - 23.09.2021

9.50% HDFC - 13.08.2024

105,877

1.03%

9.57% EXIM- 10.01.2024

2,218

0.02%

9.57% IRFC - 31.05.2021

2,169

0.02%

166

Annual Report 2016-17

9.90% Tata Sons - 20.03.2019

HDFC Bank Ltd

State Bank of India YES BANK LTD Total

113,415

1.10%

4,557,578

44.23%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-028-14/11/06DYFLRFND-107

Dynamic Floor Fund

% of Total Funds

ULIF-028-14/11/06DYFLRFND-107

GOVT. of INDIA

1.58%

1.11%

Warehousing and support activities for transportation

163,104

114,313

6.01% GOI - 25.03.2028

147

0.00%

Manufacture of other transport equipment

140,635

1.37%

6.13% GOI - 04.06.2028

10,233

0.10%

Civil engineering

130,027

1.26%

6.62% GOI - 28.11.2051

1,004

0.01%

Manufacture of basic metals

124,592

1.21%

6.83% GOI - 19.01.39

2,782

0.03%

Information service activities

114,412

1.11%

6.90% OIL SPL - 04.02.2026

2,568

0.02%

Manufacture of food products

68,057

0.66%

128

0.00%

Manufacture of leather and related products

64,997

0.63%

7.06% GOI - 10.10.2046

2,219

0.02%

58,578

0.57%

7.28% GOI - 03.06.2019

819

0.01%

Manufacture of chemicals and chemical products

4,739

0.05%

Manufacture of electrical equipment

52,813

0.51%

7.72% GOI - 26.10.2055

325,247

3.16%

49,554

0.48%

7.80% GOI - 03.05.2020

634

0.01%

Retail trade, except of motor vehicles and motorcycles

7.95% GOI Fertilizer Bond - 18.02.26

514

0.00%

Manufacture of machinery and equipment n.e.c.

44,129

0.43%

8.13% GOI - 22.06.2045

395,180

3.84%

Manufacture of computer, electronic and optical products

40,078

0.39%

8.17% GOI - 01.12.2044

447,210

4.34%

Mining of metal ores

32,984

0.32%

3,063

0.03%

Human health activities

25,305

0.25%

8.20% OMC GOI -15.09.24

165

0.00%

Manufacture of rubber and plastics products

23,488

0.23%

8.20% OMC GOI 2023-10.11.23

120

0.00%

Education

13,894

0.13%

82

0.00%

Manufacture of textiles

13,787

0.13%

357

0.00%

9,470

0.09%

8.24% GOI - 15.02.27

3,571

0.03%

Wholesale trade, except of motor vehicles and motorcycles

8.28% GOI - 21.09.2027

1,050

0.01%

0.08%

0.00%

Manufacture of wood & products of wood & cork, except furniture

7,859

393

8.30% GOI - 02.07.2040

2,224

0.03%

8.30% GOI - 31.12.2042

216,924

2.11%

8.32% GOI - 02.08.2032

1,688

0.02%

8.33% GOI - 09.07.2026

5,071

0.05%

8.60% GOI - 02.06.2028

456

0.00%

8.79% GOI - 08.11.2021

5,390

0.05%

8.83% GOI - 12.12.2041

22,648

0.22%

1.44% INFLATION INDEX GS 2023

7.00% GOI Fertilizer Bond - 10.12.22

7.46% GOI - 28.08.17

8.20% GOI - 15.02.22

8.20% OMC GOI Special Bond - 12.02.24 8.24% GOI - 10.11.2033

8.30% Fertilizer Co GOI - 07.12.23

9.23% GOI - 23.12.2043 Total

154,879

1.50%

1,725,818

16.75%

Others

Net Current Assets Grand Total

Industry

312,522

3.03%

10,302,760

100.00%

Kotak Group Dynamic Floor Fund

% of Total Funds

ULGF-015-07/01/10DYFLRFND-107 Financial and insurance activities 7.25% HDFC Bank FD NSE - 09.08.2017

142

0.36%

7.50% HDFC Bank FD BSE - 24.07.2017

64

0.16%

139

0.35%

Electricity, gas, steam and air conditioning supply

525,556

5.10%

7.50% HDFC Bank FD NSE - 24.07.2017

State Development Loan

453,859

4.41%

7.54% NABARD - 29.03.2032

1,004

2.55%

3.45%

7.75% PFC - 22.03.2027

1,013

2.58%

8.18% EXIM- 07.12.2025

1,032

2.63%

2.82%

8.25% Bajaj Finance Ltd - 19.08.2019

1,010

2.57%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

1,012

2.58%

8.48% KMPL - 13.04.18

1,010

2.57%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

1,009

2.57%

8.90% PFC - 18.03.2028

1,087

2.76%

169

0.43%

Computer programming, consultancy and related activities

355,234

Manufacture of motor vehicles, trailers and semi-trailers

290,423

Manufacture of other non-metallic mineral products

277,946

2.70%

Manufacture of tobacco products

272,868

2.65%

Manufacture of coke and refined petroleum products

178,119

1.73%

Mfg of pharmaceuticals, medicinal chemical & botanical products

175,074

1.70%

Axis Bank Ltd

167

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULGF-015-07/01/10DYFLRFND-107 Bajaj Finance Ltd

Kotak Group Dynamic Floor Fund

% of Total Funds

ULGF-015-07/01/10DYFLRFND-107

9

0.02%

Others

171

0.43%

7.50%

0.20%

Electricity, gas, steam and air conditioning supply

2,951

78

Federal Bank Ltd

180

0.46%

State Development Loan

1,769

4.50%

HDFC Bank Ltd

677

1.72%

1,355

3.45%

Computer programming, consultancy and related activities

1,062

2.70%

Bank of Baroda Equitas Holding Ltd

HDFC CM Savings -Direct Plan - Growth Option ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth IndusInd Bank Limited Kotak Banking ETF - Dividend Payout Option Kotak Floater Short Term-(Growth) - Direct Max Financial Services Ltd R Shares Banking ETF State Bank of India YES BANK LTD Total

578

1.47%

2.19%

3.67%

Manufacture of motor vehicles, trailers and semi-trailers

860

1,443 563

1.43%

Manufacture of other non-metallic mineral products

841

2.14%

Manufacture of tobacco products

823

2.09%

Manufacture of coke and refined petroleum products

522

1.33%

461

1.17%

1,094

2.78%

80

0.20%

388

0.99%

82

0.21%

Mfg of pharmaceuticals, medicinal chemical & botanical products

453

1.15%

Manufacture of other transport equipment

411

1.05%

Warehousing and support activities for transportation

410

1.04%

Civil engineering

380

0.97%

Information service activities

343

0.87%

Manufacture of food products

196

0.50%

194

0.49%

342

0.87%

16,192

41.18%

GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

483

1.23%

2,964

7.54%

6.01% GOI - 25.03.2028

1

0.00%

6.13% GOI - 04.06.2028

42

0.11%

182 Days T Bill - 15.06.2017

4

0.01%

Manufacture of leather and related products

6.83% GOI - 19.01.39

11

0.03%

174

0.44%

6.90% OIL SPL - 04.02.2026

11

0.03%

Manufacture of chemicals and chemical products

6.62% GOI - 28.11.2051

1

0.00%

Manufacture of electrical equipment

159

0.40%

7.06% GOI - 10.10.2046

10

0.03%

148

0.38%

7.28% GOI - 03.06.2019

3

0.01%

Retail trade, except of motor vehicles and motorcycles

7.72% GOI - 26.10.2055

1,364

3.47%

Manufacture of basic metals

127

0.32%

7.80% GOI - 03.05.2020

2

0.01%

119

0.30%

8.13% GOI - 22.06.2045

1,657

4.21%

Manufacture of computer, electronic and optical products

8.17% GOI - 01.12.2044

Manufacture of machinery and equipment n.e.c.

116

0.29%

7.00% GOI Fertilizer Bond - 10.12.22

1,873

4.76%

8.20% OMC GOI -15.09.24

1

0.00%

8.24% GOI - 10.11.2033

1

0.00%

Mining of metal ores

98

0.25%

25

0.06%

Human health activities

75

0.19%

4

0.01%

Manufacture of rubber and plastics products

69

0.18%

8.30% Fertilizer Co GOI - 07.12.23

17

0.04%

Education

43

0.11%

8.30% GOI - 02.07.2040

47

0.12%

8.30% GOI - 31.12.2042

908

2.31%

Manufacture of textiles

37

0.09%

8.32% GOI - 02.08.2032

10

0.03%

Wholesale trade, except of motor vehicles and motorcycles

26

0.07%

8.33% GOI - 09.07.2026

20

0.05%

8.60% GOI - 02.06.2028

2

0.01%

Manufacture of wood & products of wood & cork, except furniture

24

0.06%

8.83% GOI - 12.12.2041

95

0.24%

9.23% GOI - 23.12.2043

650

1.65%

Net Current Assets

10,206

25.96%

8.24% GOI - 15.02.27 8.28% GOI - 21.09.2027

Total

168

Annual Report 2016-17

Grand Total

496

1.26%

39,324

100.00%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-031-13/07/09PNFLRFND-107

Kotak Pension Floor Fund

% of Total Funds

ULIF-031-13/07/09PNFLRFND-107

Financial and insurance activities

0.23%

0.23%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,048

1,039

0.44%

0.21%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

2,009

971

7.16% NABARD - 12.01.2032

4,854

1.07%

3,042

0.67%

7.18% PFC - 20.01.2027

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 9.90% Tata Sons - 20.03.2019

2,074

0.46%

Axis Bank Ltd

2,589

0.57%

146

0.03%

Bank of Baroda

2,491

0.55%

Equitas Holding Ltd

1,277

0.28%

Federal Bank Ltd

2,750

0.60%

HDFC Bank Ltd

9,193

2.02%

HDFC CM Savings -Direct Plan - Growth Option

5,668

1.24%

ICICI Bank Ltd

8,534

1.87%

ICICI Prudential Money Market Fund - Direct - Growth

6,023

1.32%

IndusInd Bank Limited

8,126

1.78%

Kotak Banking ETF - Dividend Payout Option

7,245

1.59%

Kotak Floater Short Term-(Growth) - Direct

7,151

1.57%

2,522

0.55%

10.75% Shriram Transport Finance Co Ltd 24.10.2018 7.10% PFC - 11.01.2027

2,932

0.64%

7.20% NABARD - 21.10.2031

970

0.21%

7.25% HDFC Bank FD NSE - 09.08.2017

312

0.07%

7.50% HDFC Bank FD BSE - 24.07.2017

138

0.03%

7.50% HDFC Bank FD NSE - 24.07.2017

299

0.07%

7.54% NABARD - 29.03.2032

9,039

1.98%

7.60% PFC - 20.02.2027

1,006

0.22%

7.71% NABARD - 17.03.2032

5,123

1.12%

7.75% PFC - 22.03.2027

5,063

1.11%

7.8409% Bajaj Finance Ltd - 29.06.2020

3,001

0.66%

7.85% IREDA - 06.03.2027

3,046

0.67%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

4,014

0.88%

7.95% LIC Housing Finance - 26.03.2027

4,016

0.88%

7.95% REC - 12.03.2027

3,071

0.67%

8.18% EXIM- 07.12.2025

8,255

1.81%

8.25% Bajaj Finance Ltd - 19.08.2019

1,010

0.22%

L&T Finance Ltd NSE Mibor +2% 05.08.2019

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

2,024

0.44%

Max Financial Services Ltd

1,270

0.28%

8.48% KMPL - 12.04.19

3,001

0.66%

R Shares Banking ETF

5,812

1.28%

8.48% KMPL - 13.04.18

5,049

1.11%

Shriram Transport Finance Co Ltd Floater 19.07.19

2,007

0.44%

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

4,035

0.89%

State Bank of India

1,211

0.26%

8.55% LIC Housing Finance - 14.08.2025

1,044

0.23%

YES BANK LTD

4,835

1.06%

8.58% Sundaram Finance - 18.04.18

2,022

0.44%

194,862

42.76%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

1,000

0.22%

8.84% PFC - 04.03.2023

2,116

0.46%

8.85% Sundaram Finance - 05.01.18

1,006

0.22%

8.89% IDFC Bank - 02.12.20

1,029

0.23%

8.90% HDFC - 18.08.2020

1,031

0.23%

8.92% L&T Finance Ltd. - 06.07.2018

5,042

1.11%

9.05% SBH Perpetual Bond Call- 20.09.2020

1,050

0.23%

9.24% LIC Housing Finance - 30.09.2024

1,064

0.23%

9.25% IDFC Bank - 13.09.19

1,229

0.27%

9.25% LIC Housing Finance - 12.11.2022

2,113

0.46%

9.47% LIC Housing Finance - 23.08.2024

1,075

0.24%

9.50% HDFC - 13.08.2024

4,322

0.95%

9.65% HDFC - 19.01.2019 P -20.03.15

3,090

0.68%

9.69% Tata Sons - 12.06.2022

3,213

0.71%

9.78% Tata Sons - 13.01.2019

4,125

0.91%

Bajaj Finance Ltd

Total GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

6,173

1.35%

6.01% GOI - 25.03.2028

7

0.00%

6.13% GOI - 04.06.2028

470

0.10%

6.62% GOI - 28.11.2051

42

0.01%

6.83% GOI - 19.01.39

135

0.03%

6.90% OIL SPL - 04.02.2026

116

0.03%

6

0.00%

7.06% GOI - 10.10.2046

104

0.02%

7.28% GOI - 03.06.2019

50

0.01%

7.72% GOI - 26.10.2055

14,532

3.19%

7.80% GOI - 03.05.2020

36

0.01%

8.13% GOI - 22.06.2045

17,703

3.89%

8.17% GOI - 01.12.2044

20,203

4.43%

739

0.16%

7

0.00%

7.00% GOI Fertilizer Bond - 10.12.22

8.20% GOI - 15.02.22 8.20% OMC GOI -15.09.24

169

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-031-13/07/09PNFLRFND-107 8.24% GOI - 10.11.2033 8.24% GOI - 15.02.27 8.28% GOI - 21.09.2027

% of Total Funds

ULIF-031-13/07/09PNFLRFND-107

17

0.00%

167

0.04%

49

0.01%

8.30% Fertilizer Co GOI - 07.12.23

266

0.06%

8.30% GOI - 02.07.2040

100

0.02%

8.30% GOI - 31.12.2042

9,771

2.15%

8.32% GOI - 02.08.2032

164

0.04%

8.33% GOI - 09.07.2026

256

0.06%

8.60% GOI - 02.06.2028

21

0.00%

8.83% GOI - 12.12.2041

1,039

0.23%

9.23% GOI - 23.12.2043

6,891

1.51%

79,064

17.35%

Electricity, gas, steam and air conditioning supply

24,860

5.46%

State Development Loan

21,023

4.61%

Computer programming, consultancy and related activities

16,008

3.51%

Manufacture of motor vehicles, trailers and semi-trailers

13,039

Manufacture of other non-metallic mineral products Manufacture of tobacco products

Total

Kotak Pension Floor Fund

Others

Wholesale trade, except of motor vehicles and motorcycles

438

0.09%

Manufacture of wood & products of wood & cork, except furniture

379

0.08%

36

0.01%

Retail trade, except of motor vehicles and motorcycles Net Current Assets Grand Total

Industry

14,068

3.09%

455,663

100.00%

Dynamic Floor Fund II

% of Total Funds

ULIF-035-17/12/09DYFLRFND2-107 Financial and insurance activities 10.10% HDFC - 13.09.2017

2,020

0.03%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

9,349

0.15%

11.25% PFC - 28.11.18

2,122

0.03%

2.86%

11.75% Mahindra and Mahindra Financial Services Ltd- 17.10.1

2,093

0.03%

12,384

2.72%

7.10% PFC - 11.01.2027

10,686

0.17%

7.16% NABARD - 12.01.2032

68,923

1.08%

12,339

2.71%

7.18% PFC - 20.01.2027

39,096

0.61%

Manufacture of coke and refined petroleum products

8,002

1.76%

7.20% NABARD - 21.10.2031

8,731

0.14%

7.25% HDFC Bank FD NSE - 09.08.2017

1,148

0.02%

Manufacture of basic metals

7,088

1.56%

7.50% HDFC Bank FD BSE - 24.07.2017

499

0.01%

Mfg of pharmaceuticals, medicinal chemical & botanical products

6,858

1.51%

7.50% HDFC Bank FD NSE - 24.07.2017

1,081

0.02%

Manufacture of other transport equipment

6,627

1.45%

125,541

1.97%

Warehousing and support activities for transportation

6,327

1.39%

7.60% PFC - 20.02.2027

22,122

0.35%

7.71% NABARD - 17.03.2032

71,726

1.13%

Civil engineering

6,136

1.35%

7.75% PFC - 22.03.2027

69,865

1.10%

Information service activities

5,248

1.15%

7.78% HDFC - 24.03.2020

70,122

1.10%

Manufacture of food products

3,310

0.73%

7.80% HDFC - 11.11.2019

69,791

1.10%

Manufacture of leather and related products

2,983

0.65%

7.8409% Bajaj Finance Ltd - 29.06.2020

43,018

0.68%

Manufacture of chemicals and chemical products

2,705

0.59%

7.85% IREDA - 06.03.2027

35,536

0.56%

46,159

0.73%

Manufacture of electrical equipment

2,691

0.59%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

Manufacture of machinery and equipment n.e.c.

2,219

0.49%

7.95% LIC Housing Finance - 26.03.2027

56,224

0.88%

7.95% REC - 12.03.2027

52,199

0.82%

Manufacture of computer, electronic and optical products

1,837

0.40%

8.18% EXIM- 07.12.2025

115,567

1.82%

8.20% IRFC - 27.04.2020

2,062

0.03%

Mining of metal ores

1,528

0.34%

8.20% IRFC - 27.04.2024

3,135

0.05%

Human health activities

1,137

0.25%

8.23% REC - 23.01.2025

1,035

0.02%

Manufacture of rubber and plastics products

1,096

0.24%

8.25% Bajaj Finance Ltd - 19.08.2019

15,157

0.24%

Manufacture of textiles

687

0.15%

18,220

0.29%

Education

684

0.15%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

170

Annual Report 2016-17

7.54% NABARD - 29.03.2032

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-035-17/12/09DYFLRFND2-107 4,071

8.40% HDFC - 23.01.2025

4,086

0.06%

9.25% IDFC Bank - 13.09.19

8.45% HDFC - 25.02.2025

1,025

0.02%

8.48% KMPL - 12.04.19

39,014

8.48% KMPL - 13.04.18 8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

0.06%

9.23% LIC Housing Finance - 13.12.2022

2,113

0.03%

9.24% LIC Housing Finance - 30.09.2024

9,573

0.15%

13,518

0.21%

9.25% LIC Housing Finance - 12.11.2022

7,395

0.12%

0.61%

9.30% EXIM- 11.05.2022

2,161

0.03%

83,813

1.32%

9.30% HDFC - 18.01.2021

10,406

0.16%

2,034

0.03%

9.30% LIC Housing Finance - 14.09.2022

4,232

0.07%

58,509

0.92%

9.33% IRFC - 10.05.2026

3,346

0.05%

9.35% REC - 15.06.2022

4,325

0.07%

9.36% IDFC Bank - 21.08.24

1,067

0.02%

9.38% REC - 06.11.2018

2,063

0.03%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

7,498

0.12%

9.39% PFC - 27.08.2024

3,275

0.05%

9.43% Tata Sons - 02.06.2019

4,128

0.06%

14,401

0.23%

9.45% LIC Housing Finance - 30.01.2022

5,262

0.08%

9.47% LIC Housing Finance - 23.08.2024

19,358

0.30%

9.50% HDFC - 13.08.2024

65,903

1.04%

9.57% LIC Housing Finance - 07.09.2017

3,023

0.05%

9.60% HDFC - 05.07.2017 P 05.08.13

1,005

0.02%

9.61% PFC - 29.06.2021

1,076

0.02%

9.65% HDFC - 17.01.2019 - P - 17.02.15

4,119

0.06%

9.65% HDFC - 19.01.2019 P -20.03.15

47,379

0.74%

9.69% Tata Sons - 12.06.2022

36,415

0.57%

9.70% LIC Housing Finance - 16.05.2017

1,002

0.02%

9.70% PFC - 31.01.2020

2,118

0.03%

9.71% Tata Sons - 29.08.2022

5,356

0.08%

9.75% REC - 11.11.2021.

1,090

0.02%

51,566

0.81%

2,072

0.03%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

28,286

0.44%

19,082

0.30%

8.55% IRFC - 15.01.2019

2,053

0.03%

8.55% LIC Housing Finance - 14.08.2025

9,394

0.15%

8.58% Sundaram Finance - 18.04.18

20,217

0.32%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

15,001

0.24%

8.61% L&T Finance Ltd. - 25.09.2017

7,532

0.12%

8.70% PFC- 14.05.2020

3,112

0.05%

8.70% REC - 01.02.2018

1,011

0.02%

8.72% REC - 04.09.2019

2,064

0.03%

10,242

0.16%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

5,014

0.08%

8.78% PFC - 15.11.2020

3,134

0.05%

8.79% HDFC - 21.07.2020

5,135

0.08%

8.80% EXIM- 15.03.2023

3,190

0.05%

8.82% PFC - 20.02.2020

1,038

0.02%

8.83% EXIM- 09.01.2023

5,314

0.08%

8.84% PFC - 04.03.2023

8.75% HDFC - 04.03.2021 P - 14.04.2017

% of Total Funds

ULIF-035-17/12/09DYFLRFND2-107

8.37% LIC Housing Finance - 10.05.2021 P 08.12.17

8.49% HDFC - 27.04.2020

Dynamic Floor Fund II

9.44% PFC - 23.09.2021

26,454

0.42%

8.85% Sundaram Finance - 05.01.18

9,055

0.14%

8.87% EXIM- 30.10.2029

5,419

0.09%

8.88% EXIM- 18.10.2022

2,123

0.03%

8.89% IDFC Bank - 02.12.20

6,172

0.10%

8.90% HDFC - 18.08.2020

4,124

0.06%

8.90% Sundaram Finance - 29.06.18

4,047

0.06%

8.92% L&T Finance Ltd. - 06.07.2018

55,463

0.87%

8.94% EXIM- 31.12.2022

2,132

0.03%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

8.94% PFC - 25.03.2028

1,090

0.02%

9.87% Tata Sons - 17.07.2017

1,007

0.02%

8.95% LIC Housing Finance - 15.09.2020

5,148

0.08%

9.90% HDFC - 11.11.2021

5,350

0.08%

8.97% PFC - 15.01.2018

1,015

0.02%

22,305

0.35%

8.98% HDFC - 26.11.2020

4,134

0.06%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

9.00% EXIM- 07.02.2022

2,109

0.03%

9.90% Tata Sons - 20.03.2019

9,331

0.15%

9.02% REC - 19.11.2022

2,132

0.03%

9.95% IRFC - 07.06.2022

6,707

0.11%

13,645

0.21%

Axis Bank Ltd

34,548

0.54%

9.14% EXIM- 01.08.2022

4,297

0.07%

Bajaj Finance Ltd

1,948

0.03%

9.15% EXIM- 05.09.2022

2,146

0.03%

Bank of Baroda

34,678

0.55%

9.15% PFC - 07.07.2019

4,133

0.06%

Equitas Holding Ltd

16,834

0.26%

9.20% PFC - 07.07.2021

4,246

0.07%

Federal Bank Ltd

36,873

0.58%

9.05% SBH Perpetual Bond Call- 20.09.2020

9.78% Tata Sons - 13.01.2019 9.81% PFC - 07.10.2018

171

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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

Industry

ULIF-035-17/12/09DYFLRFND2-107 HDFC Bank Ltd HDFC CM Savings -Direct Plan - Growth Option ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

Dynamic Floor Fund II

% of Total Funds

ULIF-035-17/12/09DYFLRFND2-107

137,791

2.17%

Others

58,489

0.92%

4.83%

1.85%

Electricity, gas, steam and air conditioning supply

307,406

117,452 62,019

0.97%

State Development Loan

266,921

4.20%

Computer programming, consultancy and related activities

218,782

3.44%

Manufacture of motor vehicles, trailers and semi-trailers

179,299

2.82%

IndusInd Bank Limited

119,113

1.87%

Kotak Banking ETF - Dividend Payout Option

100,184

1.57%

Kotak Floater Short Term-(Growth) - Direct

73,646

1.16%

L&T Finance Ltd NSE Mibor +2% - 05.08.2019

20,174

0.32%

Max Financial Services Ltd

20,660

0.32%

Manufacture of other non-metallic mineral products

172,037

2.70%

Manufacture of tobacco products

168,074

2.64%

110,649

1.74%

107,315

1.69%

Warehousing and support activities for transportation

99,331

1.56%

Manufacture of other transport equipment

87,819

1.38%

Civil engineering

80,920

1.27%

Manufacture of basic metals

75,460

1.19%

70,454

1.11%

National Housing Bank ZCB - 24.12.2018

1,777

0.03%

R Shares Banking ETF

78,019

1.23%

Shriram Transport Finance Co Ltd Floater 19.07.19

21,072

0.33%

Mfg of pharmaceuticals, medicinal chemical & botanical products

State Bank of India

16,818

0.26%

Manufacture of coke and refined petroleum products

YES BANK LTD

64,883

1.02%

2,853,605

44.84%

74,693

1.17%

6.01% GOI - 25.03.2028

93

0.00%

6.13% GOI - 04.06.2028

6,303

0.10%

Total GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

563

0.01%

Information service activities

6.83% GOI - 19.01.39

1,750

0.03%

Manufacture of electrical equipment

44,832

0.70%

6.90% OIL SPL - 04.02.2026

1,583

0.02%

Manufacture of food products

43,042

0.68%

79

0.00%

Manufacture of leather and related products

40,040

0.63%

7.06% GOI - 10.10.2046

1,389

0.02%

7.28% GOI - 03.06.2019

566

0.01%

Manufacture of chemicals and chemical products

35,957

0.57%

Manufacture of machinery and equipment n.e.c.

31,112

0.49%

6.62% GOI - 28.11.2051

7.00% GOI Fertilizer Bond - 10.12.22

7.35% GOI 2024- 22.06.24

2,219

0.03%

200,420

3.15%

7.80% GOI - 03.05.2020

435

0.01%

0.39%

243,479

3.83%

Manufacture of computer, electronic and optical products

24,668

8.13% GOI - 22.06.2045

7.72% GOI - 26.10.2055

8.13% OMC GOI Special Bond - 16.10.21

514

0.01%

Mining of metal ores

20,292

0.32%

276,076

4.34%

Manufacture of rubber and plastics products

15,874

0.25%

8.20% OMC GOI -15.09.24

102

0.00%

8.24% GOI - 10.11.2033

224

0.00%

Human health activities

15,607

0.25%

2,210

0.03%

Education

8,893

0.14%

653

0.01%

Manufacture of textiles

8,840

0.14%

3,118

0.05%

5,870

0.09%

8.30% GOI - 02.07.2040

1,373

0.02%

Wholesale trade, except of motor vehicles and motorcycles

8.30% GOI - 31.12.2042

133,805

2.10%

3,801

0.06%

8.32% GOI - 02.08.2032

1,870

0.03%

Manufacture of wood & products of wood & cork, except furniture

8.33% GOI - 09.07.2026

3,289

0.05%

665

0.01%

8.60% GOI - 02.06.2028

282

0.00%

8.83% GOI - 12.12.2041

13,937

0.22%

8.17% GOI - 01.12.2044

8.24% GOI - 15.02.27 8.28% GOI - 21.09.2027 8.30% Fertilizer Co GOI - 07.12.23

9.23% GOI - 23.12.2043 Total

172

Annual Report 2016-17

95,497

1.50%

1,066,522

16.76%

Retail trade, except of motor vehicles and motorcycles Net Current Assets Grand Total

197,577

3.11%

6,361,664

100.00%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Pension Floor Fund II

% of Total Funds

Industry

ULIF-043-08/01/10PNFLRKFND2-107

Pension Floor Fund II

% of Total Funds

ULIF-043-08/01/10PNFLRKFND2-107

Financial and insurance activities

9.25% LIC Housing Finance - 12.11.2022

1,056

0.15%

10.10% HDFC - 13.09.2017

1,010

0.15%

9.25% Tata Sons - 19.06.2019

1,029

0.15%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

1,039

0.15%

9.39% LIC Housing Finance - 23.08.2024 P - 26.08.15

1,071

0.15%

7.10% PFC - 11.01.2027

971

0.14%

9.43% Tata Sons - 02.06.2019

1,032

0.15%

7.16% NABARD - 12.01.2032

7,766

1.12%

9.45% LIC Housing Finance - 30.01.2022

1,052

0.15%

7.18% PFC - 20.01.2027

3,910

0.56%

9.47% LIC Housing Finance - 23.08.2024

2,151

0.31%

7.20% NABARD - 21.10.2031

970

0.14%

9.50% HDFC - 13.08.2024

7,563

1.09%

7.25% HDFC Bank FD NSE - 09.08.2017

305

0.04%

9.65% HDFC - 17.01.2019 - P - 17.02.15

1,030

0.15%

7.50% HDFC Bank FD BSE - 24.07.2017

130

0.02%

9.65% HDFC - 19.01.2019 P -20.03.15

5,150

0.74%

7.50% HDFC Bank FD NSE - 24.07.2017

281

0.04%

9.69% Tata Sons - 12.06.2022

2,142

0.31%

14,061

2.03%

9.78% Tata Sons - 13.01.2019

7,219

1.04%

7.60% PFC - 20.02.2027

2,011

0.29%

4,191

0.60%

7.71% NABARD - 17.03.2032

7,173

1.03%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

7.75% PFC - 22.03.2027

7,088

1.02%

0.43%

5,002

0.72%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

3,013

7.8409% Bajaj Finance Ltd - 29.06.2020 7.85% IREDA - 06.03.2027

4,061

0.58%

9.90% HDFC - 11.11.2021

1,070

0.15%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

5,017

0.72%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

2,028

0.29%

7.95% LIC Housing Finance - 26.03.2027

6,024

0.87%

9.90% Tata Sons - 20.03.2019

2,074

0.30%

7.95% REC - 12.03.2027

6,141

0.88%

Axis Bank Ltd

3,952

0.57%

8.18% EXIM- 07.12.2025

12,382

1.78%

221

0.03%

8.25% Bajaj Finance Ltd - 19.08.2019

1,010

0.15%

Bank of Baroda

3,820

0.55%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

2,024

0.29%

Equitas Holding Ltd

1,917

0.28%

Federal Bank Ltd

4,150

0.60%

8.40% HDFC - 23.01.2025

1,022

0.15%

HDFC Bank Ltd

14,136

2.04%

8.48% KMPL - 12.04.19

5,002

0.72%

9,816

1.42%

8.48% KMPL - 13.04.18

11,108

1.60%

HDFC CM Savings -Direct Plan - Growth Option

8.51% Mahindra and Mahindra Financial Services Ltd- 22.06.20

5,044

0.73%

ICICI Bank Ltd

12,878

1.86%

10,436

1.50%

8.55% LIC Housing Finance - 14.08.2025

1,044

0.15%

ICICI Prudential Money Market Fund - Direct - Growth

8.58% Sundaram Finance - 18.04.18

1,011

0.15%

IndusInd Bank Limited

12,480

1.80%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

2,000

0.29%

Kotak Banking ETF - Dividend Payout Option

11,716

1.69%

Kotak Floater Short Term-(Growth) - Direct

12,392

1.78%

8.61% L&T Finance Ltd. - 25.09.2017

2,511

0.36%

2,522

0.36%

8.75% Mahindra and Mahindra Financial Services Ltd- 31.07.20

1,003

0.14%

L&T Finance Ltd NSE Mibor +2% 05.08.2019 Max Financial Services Ltd

1,942

0.28%

8,848

1.27%

7.54% NABARD - 29.03.2032

Bajaj Finance Ltd

8.79% HDFC - 21.07.2020

1,027

0.15%

R Shares Banking ETF

8.83% EXIM- 09.01.2023

1,063

0.15%

2,007

0.29%

8.84% PFC - 04.03.2023

3,175

0.46%

Shriram Transport Finance Co Ltd Floater 19.07.19

8.85% Sundaram Finance - 05.01.18

1,006

0.14%

State Bank of India

1,861

0.27%

8.89% IDFC Bank - 02.12.20

1,029

0.15%

YES BANK LTD

7,301

1.05%

8.90% HDFC - 18.08.2020

1,031

0.15%

306,329

44.12%

8.90% Sundaram Finance - 29.06.18

1,012

0.15%

8.92% L&T Finance Ltd. - 06.07.2018

7,563

1.09%

8.95% LIC Housing Finance - 15.09.2020

1,030

0.15%

9.05% SBH Perpetual Bond Call- 20.09.2020

2,099

0.30%

9.24% LIC Housing Finance - 30.09.2024

1,064

0.15%

9.25% IDFC Bank - 13.09.19

1,843

0.27%

Total GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

10,522

1.52%

6.01% GOI - 25.03.2028

11

0.00%

6.13% GOI - 04.06.2028

715

0.10%

6.62% GOI - 28.11.2051

64

0.01%

206

0.03%

6.83% GOI - 19.01.39

173

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Pension Floor Fund II

% of Total Funds

Industry

ULIF-043-08/01/10PNFLRKFND2-107 6.90% OIL SPL - 04.02.2026 7.00% GOI Fertilizer Bond - 10.12.22 7.06% GOI - 10.10.2046

Pension Floor Fund II

% of Total Funds

ULIF-043-08/01/10PNFLRKFND2-107

178

0.03%

0.40%

0.00%

Manufacture of computer, electronic and optical products

2,776

9 159

0.02%

Mining of metal ores

2,315

0.33%

1,861

0.27%

7.28% GOI - 03.06.2019

100

0.01%

Manufacture of rubber and plastics products

7.72% GOI - 26.10.2055

22,236

3.20%

Human health activities

1,748

0.25%

7.80% GOI - 03.05.2020

72

0.01%

Education

1,097

0.16%

1,087

0.16%

8.13% GOI - 22.06.2045

27,079

3.90%

Manufacture of textiles

8.17% GOI - 01.12.2044

30,915

4.46%

672

0.10%

1,373

0.20%

Wholesale trade, except of motor vehicles and motorcycles

12

0.00%

Manufacture of wood & products of wood & cork, except furniture

457

0.07%

74

0.01%

8.20% GOI - 15.02.22 8.20% OMC GOI -15.09.24 8.24% GOI - 10.11.2033 8.24% GOI - 15.02.27 8.28% GOI - 21.09.2027

26

0.00%

254

0.04%

Retail trade, except of motor vehicles and motorcycles

76

0.01%

Net Current Assets

546

0.08%

Grand Total

8.30% GOI - 02.07.2040

154

0.02%

8.30% GOI - 31.12.2042

14,994

2.16%

8.32% GOI - 02.08.2032

333

0.05%

8.33% GOI - 09.07.2026

420

0.06%

8.60% GOI - 02.06.2028

32

0.00%

8.83% GOI - 12.12.2041

1,569

0.23%

8.30% Fertilizer Co GOI - 07.12.23

9.23% GOI - 23.12.2043 Total

10,585

1.52%

122,640

17.66%

Others

Industry

15,327

2.21%

694,331

100.00%

Guarantee Fund

% of Total Funds

ULIF-048-05/02/10GRTFND-107 Financial and insurance activities 7.10% PFC - 11.01.2027

971

0.27%

2,912

0.81%

7.18% PFC - 20.01.2027

977

0.27%

7.25% HDFC Bank FD NSE - 09.08.2017

117

0.03%

7.50% HDFC Bank FD BSE - 24.07.2017

51

0.01%

111

0.03%

7.16% NABARD - 12.01.2032

State Development Loan

34,850

5.02%

Electricity, gas, steam and air conditioning supply

32,250

4.64%

Computer programming, consultancy and related activities

23,207

3.34%

7.50% HDFC Bank FD NSE - 24.07.2017 7.54% NABARD - 29.03.2032

5,022

1.39%

Manufacture of motor vehicles, trailers and semi-trailers

20,071

2.89%

7.60% PFC - 20.02.2027

1,006

0.28%

7.71% NABARD - 17.03.2032

3,074

0.85%

Manufacture of tobacco products

18,992

2.74%

7.75% PFC - 22.03.2027

3,038

0.84%

Manufacture of other non-metallic mineral products

18,537

2.67%

7.8409% Bajaj Finance Ltd - 29.06.2020

2,001

0.55%

Manufacture of coke and refined petroleum products

12,082

1.74%

7.85% IREDA - 06.03.2027

1,015

0.28%

1,003

0.28%

Manufacture of other transport equipment

10,087

1.45%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

Mfg of pharmaceuticals, medicinal chemical & botanical products

10,074

1.45%

7.95% LIC Housing Finance - 26.03.2027

2,008

0.55%

7.95% REC - 12.03.2027

2,047

0.57%

Warehousing and support activities for transportation

9,661

1.39%

8.18% EXIM- 07.12.2025

4,127

1.14%

8.25% Bajaj Finance Ltd - 19.08.2019

1,010

0.28%

Civil engineering

9,440

1.36%

1,012

0.28%

Manufacture of basic metals

8,110

1.17%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

Information service activities

7,973

1.15%

8.48% KMPL - 12.04.19

2,001

0.55%

Manufacture of electrical equipment

5,840

0.84%

8.48% KMPL - 13.04.18

3,029

0.84%

Manufacture of food products

5,182

0.75%

8.58% Sundaram Finance - 18.04.18

1,011

0.28%

Manufacture of leather and related products

4,253

0.61%

1,000

0.28%

Manufacture of chemicals and chemical products

4,116

0.59%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20 8.84% PFC - 04.03.2023

1,058

0.29%

Manufacture of machinery and equipment n.e.c.

3,223

8.89% IDFC Bank - 02.12.20

1,029

0.29%

8.90% HDFC - 18.08.2020

1,031

0.29%

174

Annual Report 2016-17

0.46%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Guarantee Fund

% of Total Funds

Industry

Guarantee Fund

% of Total Funds

ULIF-048-05/02/10-

ULIF-048-05/02/10-

GRTFND-107

GRTFND-107 8.92% L&T Finance Ltd. - 06.07.2018

5,042

1.40%

8.17% GOI - 01.12.2044

9.05% SBH Perpetual Bond Call- 20.09.2020

1,050

0.29%

8.20% GOI - 15.02.22

9.25% IDFC Bank - 13.09.19

1,229

0.34%

9.25% LIC Housing Finance - 12.11.2022

1,056

9.44% PFC - 23.09.2021

10,499

2.91%

422

0.12%

8.20% OMC GOI -15.09.24

3

0.00%

0.29%

8.24% GOI - 10.11.2033

8

0.00%

1,029

0.29%

8.24% GOI - 15.02.27

71

0.02%

9.47% LIC Housing Finance - 23.08.2024

1,075

0.30%

8.28% GOI - 21.09.2027

21

0.01%

9.50% HDFC - 13.08.2024

2,161

0.60%

8.30% Fertilizer Co GOI - 07.12.23

218

0.06%

9.65% HDFC - 19.01.2019 P -20.03.15

1,030

0.29%

8.30% GOI - 02.07.2040

53

0.01%

9.69% Tata Sons - 12.06.2022

1,071

0.30%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

2,095

0.58%

8.30% GOI - 31.12.2042

5,133

1.42%

8.32% GOI - 02.08.2032

132

0.04%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

2,009

0.56%

8.33% GOI - 09.07.2026

132

0.04%

8.60% GOI - 02.06.2028

9

0.00%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

2,028

0.56%

8.83% GOI - 12.12.2041

529

0.15%

9.90% Tata Sons - 20.03.2019

1,037

0.29%

9.23% GOI - 23.12.2043

3,653

1.01%

Axis Bank Ltd

3,397

0.94%

41,597

11.52%

666

0.18%

Coal India Ltd

1,557

0.43%

Computer programming, consultancy and related activities

24,075

6.67%

HDFC Bank Ltd

11,892

3.29%

4.91%

13,776

3.82%

Electricity, gas, steam and air conditioning supply

17,743

HDFC CM Savings -Direct Plan - Growth Option

4.64%

9,716

2.69%

Manufacture of coke and refined petroleum products

16,763

Housing Development Finance Corp. Ltd

Bank of Baroda

Total Others

6,575

1.82%

State Development Loan

14,757

4.09%

14,726

4.08%

Manufacture of motor vehicles, trailers and semi-trailers

14,426

4.00%

Indiabulls Housing Finance Ltd

1,311

0.36%

Manufacture of tobacco products

13,277

3.68%

IndusInd Bank Limited

2,917

0.81%

12,266

3.40%

14,386

3.98%

Mfg of pharmaceuticals, medicinal chemical & botanical products

3,817

1.06%

Manufacture of chemicals and chemical products

10,182

2.82%

Manufacture of other transport equipment

9,573

2.65%

Civil engineering

7,778

2.15%

Manufacture of other non-metallic mineral products

5,399

1.50%

Manufacture of basic metals

4,874

1.35%

Telecommunications

4,646

1.29%

Warehousing and support activities for transportation

3,979

1.10%

ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

Kotak Floater Short Term-(Growth) - Direct State Bank of India YES BANK LTD

2,080

0.58%

150,389

41.66%

3,412

0.95%

6.01% GOI - 25.03.2028

21

0.01%

6.13% GOI - 04.06.2028

230

0.06%

6.62% GOI - 28.11.2051

18

0.00%

6.83% GOI - 19.01.39

57

0.02%

6.90% OIL SPL - 04.02.2026

60

0.01%

3

0.00%

Extraction of crude petroleum and natural gas

3,592

0.99%

7.06% GOI - 10.10.2046

44

0.01%

Information service activities

2,176

0.60%

7.28% GOI - 03.06.2019

39

0.01%

34

0.01%

7.72% GOI - 26.10.2055

7,508

2.08%

Manufacture of machinery and equipment n.e.c.

7.80% GOI - 03.05.2020

30

0.01%

Net Current Assets

8.13% GOI - 22.06.2045

9,292

2.57%

Grand Total

Total GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

7.00% GOI Fertilizer Bond - 10.12.22

3,506

0.97%

361,032

100.00%

175

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Pension Guarantee Fund

% of Total Funds

Industry

Pension Guarantee Fund

% of Total Funds

ULIF-038-21/12/09PNGRTFND-107

ULIF-038-21/12/09PNGRTFND-107 Financial and insurance activities

9.70% PFC - 31.01.2020

1,059

0.11%

10.10% HDFC - 13.09.2017

1,010

0.10%

9.78% Tata Sons - 13.01.2019

4,125

0.41%

10.75% Shriram Transport Finance Co Ltd 24.10.2018

1,039

0.10%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

7,334

0.73%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

2,009

0.20%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

5,069

0.51%

9.90% Tata Sons - 20.03.2019

3,110

0.31%

Axis Bank Ltd

9,570

0.95%

Bank of Baroda

1,876

0.19%

Coal India Ltd

4,385

0.44%

HDFC Bank Ltd

33,497

3.34%

HDFC CM Savings -Direct Plan - Growth Option

27,052

2.70%

Housing Development Finance Corp. Ltd

27,367

2.73%

ICICI Bank Ltd

18,522

1.84%

28,971

2.89%

7.10% PFC - 11.01.2027

971

0.10%

7.16% NABARD - 12.01.2032

7,766

0.77%

7.18% PFC - 20.01.2027

3,910

0.39%

7.20% NABARD - 21.10.2031

970

0.10%

7.25% HDFC Bank FD NSE - 09.08.2017

309

0.03%

7.50% HDFC Bank FD BSE - 24.07.2017

133

0.01%

7.50% HDFC Bank FD NSE - 24.07.2017

288

0.03%

13,056

1.30%

7.60% PFC - 20.02.2027

2,011

0.20%

7.71% NABARD - 17.03.2032

7,173

0.72%

7.75% PFC - 22.03.2027

7,088

0.71%

7.78% HDFC - 24.03.2020

10,017

1.00%

7.80% HDFC - 11.11.2019

9,970

0.99%

7.8409% Bajaj Finance Ltd - 29.06.2020

5,002

0.50%

ICICI Prudential Money Market Fund - Direct - Growth

7.85% IREDA - 06.03.2027

4,061

0.40%

Indiabulls Housing Finance Ltd

3,694

0.37%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

4,014

0.40%

IndusInd Bank Limited

8,220

0.82%

7.95% LIC Housing Finance - 26.03.2027

6,024

0.60%

Kotak Floater Short Term-(Growth) - Direct

34,403

3.43%

7.95% REC - 12.03.2027

5,118

0.51%

State Bank of India

10,752

1.07%

8.18% EXIM- 07.12.2025

12,382

1.23%

8.25% Bajaj Finance Ltd - 19.08.2019

2,021

0.20%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

2,024

0.20%

7.54% NABARD - 29.03.2032

YES BANK LTD Total

5,861

0.58%

402,976

40.17%

GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

9,538

0.95%

6.01% GOI - 25.03.2028

68

0.01%

6.13% GOI - 04.06.2028

630

0.06%

6.62% GOI - 28.11.2051

49

0.00%

6.83% GOI - 19.01.39

155

0.02%

6.90% OIL SPL - 04.02.2026

165

0.02%

7

0.00%

8.48% KMPL - 12.04.19

4,001

0.40%

8.48% KMPL - 13.04.18

10,098

1.01%

8.55% LIC Housing Finance - 14.08.2025

1,044

0.10%

8.58% Sundaram Finance - 18.04.18

2,022

0.20%

8.60% Mahindra and Mahindra Financial Services Ltd- 28.06.20

2,000

0.20%

8.79% HDFC - 21.07.2020

1,027

0.10%

7.06% GOI - 10.10.2046

120

0.01%

8.83% EXIM- 09.01.2023

1,063

0.11%

7.28% GOI - 03.06.2019

110

0.01%

8.84% PFC - 04.03.2023

2,116

0.21%

7.46% GOI - 28.08.17

1,005

0.10%

8.85% Sundaram Finance - 05.01.18

1,006

0.10%

7.72% GOI - 26.10.2055

20,730

2.07%

8.89% IDFC Bank - 02.12.20

1,029

0.10%

7.80% GOI - 03.05.2020

84

0.01%

8.90% HDFC - 18.08.2020

1,031

0.10%

8.13% GOI - 22.06.2045

25,464

2.54%

8.90% Sundaram Finance - 29.06.18

1,012

0.10%

8.17% GOI - 01.12.2044

28,909

2.88%

8.92% L&T Finance Ltd. - 06.07.2018

10,084

1.01%

8.20% GOI - 15.02.22

1,373

0.13%

9.05% SBH Perpetual Bond Call- 20.09.2020

1,050

0.10%

8.20% OMC GOI -15.09.24

8

0.00%

9.24% LIC Housing Finance - 30.09.2024

1,064

0.11%

8.24% GOI - 10.11.2033

19

0.00%

9.25% IDFC Bank - 13.09.19

3,072

0.31%

8.24% GOI - 15.02.27

192

0.02%

9.30% LIC Housing Finance - 14.09.2022

1,058

0.11%

8.28% GOI - 21.09.2027

57

0.01%

9.47% LIC Housing Finance - 23.08.2024

2,151

0.21%

8.30% Fertilizer Co GOI - 07.12.23

616

0.06%

9.50% HDFC - 13.08.2024

6,482

0.65%

8.30% GOI - 02.07.2040

145

0.01%

9.65% HDFC - 19.01.2019 P -20.03.15

4,120

0.41%

8.30% GOI - 31.12.2042

14,118

1.41%

9.69% Tata Sons - 12.06.2022

3,213

0.32%

8.32% GOI - 02.08.2032

374

0.04%

176

Annual Report 2016-17

7.00% GOI Fertilizer Bond - 10.12.22

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Pension Guarantee Fund

% of Total Funds

Industry

ULIF-038-21/12/09PNGRTFND-107

Peak Guarantee Fund I

% of Total Funds

ULIF-049-14/02/10PKGRTFND1-107

8.33% GOI - 09.07.2026

363

0.04%

7.85% IREDA - 06.03.2027

1,015

0.53%

8.60% GOI - 02.06.2028

24

0.00%

1,003

0.52%

8.83% GOI - 12.12.2041

1,450

0.14%

7.87% Mahindra and Mahindra Financial Services Ltd- 28.03.19

10,084

1.01%

7.95% LIC Housing Finance - 26.03.2027

1,004

0.52%

115,857

11.55%

7.95% REC - 12.03.2027

1,024

0.53%

Others

8.18% EXIM- 07.12.2025

2,064

1.08%

Computer programming, consultancy and related activities

67,818

6.76%

8.25% LIC Housing Finance - 23.10.2025 P 23.11.18

1,012

0.53%

Mfg of pharmaceuticals, medicinal chemical & botanical products

53,545

5.34%

8.48% KMPL - 12.04.19

1,000

0.52%

8.48% KMPL - 13.04.18

2,020

1.05%

Manufacture of coke and refined petroleum products

47,220

8.92% L&T Finance Ltd. - 06.07.2018

2,521

1.31%

614

0.32%

Electricity, gas, steam and air conditioning supply

45,074

9.25% LIC Housing Finance - 12.11.2022

1,056

0.55%

State Development Loan

41,781

4.16%

9.50% HDFC - 13.08.2024

1,080

0.56%

Manufacture of motor vehicles, trailers and semi-trailers

40,639

4.05%

9.65% HDFC - 19.01.2019 P -20.03.15

1,030

0.54%

9.69% Tata Sons - 12.06.2022

1,071

0.56%

Manufacture of tobacco products

37,400

3.73%

9.78% Tata Sons - 13.01.2019

1,031

0.54%

Manufacture of chemicals and chemical products

28,681

2.86%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019

1,048

0.55%

Manufacture of other transport equipment

26,977

2.69%

0.52%

21,913

2.18%

9.85% Shriram Transport Finance Co Ltd 15.07.2017

1,004

Civil engineering Manufacture of other non-metallic mineral products

15,216

1.52%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017

1,014

0.53%

Telecommunications

13,097

1.31%

9.90% Tata Sons - 20.03.2019

1,037

0.54%

Manufacture of basic metals

12,891

1.28%

Axis Bank Ltd

2,171

1.13%

Warehousing and support activities for transportation

11,209

1.12%

Bank of Baroda

425

0.22%

Coal India Ltd

995

0.52%

Extraction of crude petroleum and natural gas

10,118

1.01%

HDFC Bank Ltd

7,599

3.96%

1,257

0.65%

6,132

0.61%

HDFC CM Savings -Direct Plan - Growth Option

119

0.01%

Housing Development Finance Corp. Ltd

6,208

3.23%

ICICI Bank Ltd

4,202

2.19%

4,512

0.45%

1,350

0.70%

1,003,175

100.00%

ICICI Prudential Money Market Fund - Direct - Growth

9.23% GOI - 23.12.2043 Total

Information service activities Manufacture of machinery and equipment n.e.c. Net Current Assets Grand Total

Industry

4.71%

9.25% IDFC Bank - 13.09.19

Peak Guarantee Fund I

4.49%

% of Total Funds

ULIF-049-14/02/10PKGRTFND1-107

Indiabulls Housing Finance Ltd

837

0.44%

IndusInd Bank Limited

1,864

0.97%

Kotak Floater Short Term-(Growth) - Direct

1,603

0.83%

State Bank of India

2,439

1.27%

YES BANK LTD

1,329

0.69%

63,189

32.91%

Total

Financial and insurance activities 7.16% NABARD - 12.01.2032

971

0.51%

7.18% PFC - 20.01.2027

977

0.51%

7.25% HDFC Bank FD NSE - 09.08.2017

110

0.06%

7.50% HDFC Bank FD BSE - 24.07.2017

48

0.03%

7.50% HDFC Bank FD NSE - 24.07.2017

105

0.05%

7.54% NABARD - 29.03.2032

3,013

1.57%

7.71% NABARD - 17.03.2032

1,025

0.53%

7.75% PFC - 22.03.2027

1,013

0.53%

7.8409% Bajaj Finance Ltd - 29.06.2020

1,000

0.52%

GOVT. of INDIA 1.44% INFLATION INDEX GS 2023

2,021

1.05%

6.01% GOI - 25.03.2028

17

0.01%

6.13% GOI - 04.06.2028

121

0.06%

6.62% GOI - 28.11.2051

10

0.01%

6.83% GOI - 19.01.39

33

0.02%

6.90% OIL SPL - 04.02.2026

32

0.02%

2

0.00%

25

0.01%

7.00% GOI Fertilizer Bond - 10.12.22 7.06% GOI - 10.10.2046

177

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Peak Guarantee Fund I

% of Total Funds

Industry

ULIF-049-14/02/10PKGRTFND1-107

Kotak Opportunities Fund

% of Total Funds

ULIF-029-02/10/08OPPFND-107

7.28% GOI - 03.06.2019

23

0.01%

Financial and insurance activities

7.72% GOI - 26.10.2055

4,048

2.11%

7.25% HDFC Bank FD NSE - 09.08.2017

4,987

0.04%

7.80% GOI - 03.05.2020

18

0.01%

7.50% HDFC Bank FD BSE - 24.07.2017

2,292

0.02%

8.13% GOI - 22.06.2045

4,926

2.57%

7.50% HDFC Bank FD NSE - 24.07.2017

4,966

0.04%

8.17% GOI - 01.12.2044

5,599

2.92%

Axis Bank Ltd

149,509

1.34%

422

0.22%

Bajaj Finance Ltd

59,918

0.54%

8.20% OMC GOI -15.09.24

2

0.00%

Equitas Holding Ltd

100,433

0.90%

8.24% GOI - 10.11.2033

4

0.00%

Federal Bank Ltd

111,325

1.00%

663,156

5.93%

81,905

0.73%

413,938

3.70%

87,105

0.78%

8.20% GOI - 15.02.22

8.24% GOI - 15.02.27

42

0.02%

HDFC Bank Ltd

8.28% GOI - 21.09.2027

12

0.01%

126

0.06%

HDFC CM Savings -Direct Plan - Growth Option

8.30% GOI - 02.07.2040

28

0.01%

8.30% GOI - 31.12.2042

2,745

1.43%

ICICI Prudential Money Market Fund - Direct - Growth

8.32% GOI - 02.08.2032

77

0.04%

IndusInd Bank Limited

452,837

4.05%

8.33% GOI - 09.07.2026

73

0.04%

Kotak Banking ETF - Dividend Payout Option

442,836

3.96%

8.60% GOI - 02.06.2028

5

0.00%

Kotak Floater Short Term-(Growth) - Direct

100

0.00%

8.83% GOI - 12.12.2041

281

0.15%

Max Financial Services Ltd

131,382

1.17%

9.23% GOI - 23.12.2043

1,963

1.02%

R Shares Banking ETF

227,962

2.04%

22,655

11.80%

State Bank of India

206,110

1.84%

YES BANK LTD

308,348

2.76%

3,449,109

30.84%

8.30% Fertilizer Co GOI - 07.12.23

Total Others

ICICI Bank Ltd

Computer programming, consultancy and related activities

15,383

8.01%

Manufacture of coke and refined petroleum products

10,712

5.58%

Manufacture of motor vehicles, trailers and semi-trailers

888,600

7.95%

Electricity, gas, steam and air conditioning supply

10,540

5.49%

Computer programming, consultancy and related activities

801,690

7.17%

State Development Loan

9,813

5.11%

6.12%

9,214

4.80%

Manufacture of coke and refined petroleum products

684,286

Manufacture of motor vehicles, trailers and semi-trailers

5.11%

8,484

4.42%

Manufacture of other non-metallic mineral products

570,859

Manufacture of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products

7,837

4.08%

Manufacture of tobacco products

559,240

5.00%

Civil engineering

473,390

4.23%

Manufacture of chemicals and chemical products

6,506

3.39%

Manufacture of other transport equipment

452,223

4.04%

422,967

3.78%

Manufacture of other transport equipment

6,085

3.17%

Mfg of pharmaceuticals, medicinal chemical & botanical products

Civil engineering

4,970

2.59%

3.61%

3,485

1.82%

Warehousing and support activities for transportation

403,563

Manufacture of basic metals Manufacture of other non-metallic mineral products

3,450

1.80%

Manufacture of food products

264,910

2.37%

241,205

2.16%

Telecommunications

2,966

1.54%

Manufacture of machinery and equipment n.e.c.

Warehousing and support activities for transportation

2,543

1.32%

Information service activities

230,693

2.06%

212,373

1.90%

Extraction of crude petroleum and natural gas

2,295

1.20%

Manufacture of computer, electronic and optical products Manufacture of textiles

209,564

1.87%

Information service activities

1,391

0.72%

Mining of metal ores

159,321

1.42%

24

0.01%

Manufacture of electrical equipment

151,993

1.36%

Manufacture of basic metals

141,902

1.27%

Manufacture of chemicals and chemical products

125,998

1.13%

Manufacture of machinery and equipment n.e.c. Net Current Assets Grand Total

178

Annual Report 2016-17

Total Others

452

0.24%

191,994

100.00%

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Kotak Opportunities Fund

% of Total Funds

Industry

ULIF-029-02/10/08OPPFND-107 Manufacture of rubber and plastics products

Kotak Pension Opportunities Fund

% of Total Funds

ULIF-032-17/07/09PNOPPFND-107

111,430

1.00%

Human health activities

98,459

0.88%

Electricity, gas, steam and air conditioning supply

96,413

Education Manufacture of leather and related products

Manufacture of coke and refined petroleum products

15,755

6.07%

0.86%

Manufacture of other non-metallic mineral products

13,127

5.06%

89,528

0.80%

Manufacture of tobacco products

12,957

4.99%

67,274

0.60%

Civil engineering

11,134

4.29%

Manufacture of wood & products of wood & cork, except furniture

65,396

0.58%

Manufacture of other transport equipment

10,558

4.07%

9,991

3.85%

Construction of buildings

65,190

0.58%

Mfg of pharmaceuticals, medicinal chemical & botanical products

GOVT. of INDIA

60,582

0.54%

3.53%

57,599

0.52%

Warehousing and support activities for transportation

9,176

Wholesale trade, except of motor vehicles and motorcycles

Manufacture of food products

6,137

2.36%

Retail trade, except of motor vehicles and motorcycles

35,615

0.32%

Manufacture of machinery and equipment n.e.c.

5,493

2.12%

Information service activities

5,095

1.96%

Manufacture of textiles

5,080

1.96%

Manufacture of computer, electronic and optical products

5,000

1.93%

Mining of metal ores

3,759

1.45%

Manufacture of electrical equipment

3,477

1.34%

Manufacture of basic metals

3,391

1.31%

Manufacture of chemicals and chemical products

2,951

1.14%

Manufacture of rubber and plastics products

2,582

0.99%

Human health activities

2,299

0.89%

2,239

0.86%

Net Current Assets Grand Total

Industry

-9,189

-0.08%

11,182,183

100.00%

Kotak Pension Opportunities Fund

% of Total Funds

ULIF-032-17/07/09PNOPPFND-107 Financial and insurance activities 7.25% HDFC Bank FD NSE - 09.08.2017

53

0.02%

7.50% HDFC Bank FD BSE - 24.07.2017

24

0.01%

7.50% HDFC Bank FD NSE - 24.07.2017

53

0.02%

Axis Bank Ltd

3,477

1.34%

Electricity, gas, steam and air conditioning supply

Bajaj Finance Ltd

1,284

0.49%

Education

2,078

0.80%

Equitas Holding Ltd

2,599

1.00%

Manufacture of leather and related products

1,577

0.61%

Federal Bank Ltd

2,618

1.01%

Construction of buildings

1,509

0.58%

15,357

5.92%

1,497

0.58%

HDFC CM Savings -Direct Plan - Growth Option

2,170

0.84%

Manufacture of wood & products of wood & cork, except furniture

0.52%

9,767

3.76%

Wholesale trade, except of motor vehicles and motorcycles

1,346

ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

2,444

0.94%

Retail trade, except of motor vehicles and motorcycles

795

0.31%

IndusInd Bank Limited

10,493

4.04%

GOVT. of INDIA

Kotak Banking ETF - Dividend Payout Option

10,324

3.98%

Net Current Assets Grand Total

HDFC Bank Ltd

Kotak Floater Short Term-(Growth) - Direct

100

0.04%

Max Financial Services Ltd

3,082

1.19%

R Shares Banking ETF

5,517

2.13%

State Bank of India

4,645

1.79%

YES BANK LTD

7,192

2.77%

81,199

31.29%

Manufacture of motor vehicles, trailers and semi-trailers

20,676

7.96%

Computer programming, consultancy and related activities

18,545

Total

Industry

605

0.23%

-520

-0.20%

259,508

100.00%

Classic Opportunities Fund

% of Total Funds

ULIF-033-16/12/09CLAOPPFND-107 Financial and insurance activities

Others

7.15%

7.25% HDFC Bank FD NSE - 09.08.2017

1,292

0.01%

7.50% HDFC Bank FD BSE - 24.07.2017

586

0.00%

7.50% HDFC Bank FD NSE - 24.07.2017

1,270

0.01%

Axis Bank Ltd

297,706

1.28%

Bajaj Finance Ltd

116,544

0.50%

179

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Classic Opportunities Fund

% of Total Funds

Industry

ULIF-033-16/12/09CLAOPPFND-107

Classic Opportunities Fund

% of Total Funds

ULIF-033-16/12/09CLAOPPFND-107

Equitas Holding Ltd

211,404

0.91%

Manufacture of leather and related products

132,028

0.57%

Federal Bank Ltd

221,196

0.95%

Construction of buildings

131,774

0.57%

1,296,268

5.58%

128,540

0.55%

HDFC CM Savings -Direct Plan - Growth Option

380,530

1.64%

Manufacture of wood & products of wood & cork, except furniture

0.49%

822,979

3.54%

Wholesale trade, except of motor vehicles and motorcycles

113,781

ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

405,357

1.74%

Retail trade, except of motor vehicles and motorcycles

72,549

0.31%

IndusInd Bank Limited

907,765

3.91%

Net Current Assets

Kotak Banking ETF - Dividend Payout Option

870,537

3.75%

Grand Total

HDFC Bank Ltd

Kotak Floater Short Term-(Growth) - Direct

100

0.00%

Max Financial Services Ltd

259,402

1.12%

R Shares Banking ETF

437,446

1.88%

State Bank of India

414,307

1.78%

YES BANK LTD

607,341

2.61%

7,252,030

31.21%

Manufacture of motor vehicles, trailers and semi-trailers

1,738,926

7.48%

Computer programming, consultancy and related activities

1,607,433

Manufacture of coke and refined petroleum products

1,362,536

Manufacture of other non-metallic mineral products

1,136,423

Manufacture of tobacco products

Total Others

6.92% 5.86% 4.89%

Industry

536,424

2.31%

23,233,787

100.00%

Pension Classic Opportunities Fund

% of Total Funds

ULIF-042-07/01/10PNCLAOPFND-107 Financial and insurance activities 7.25% HDFC Bank FD NSE - 09.08.2017

172

0.01%

7.50% HDFC Bank FD BSE - 24.07.2017

72

0.01%

7.50% HDFC Bank FD NSE - 24.07.2017

157

0.01%

17,099

1.36%

6,459

0.51%

Equitas Holding Ltd

11,741

0.93%

Federal Bank Ltd

12,121

0.96%

HDFC Bank Ltd

74,180

5.89%

7,361

0.59%

46,242

3.67%

7,848

0.62%

IndusInd Bank Limited

51,023

4.05%

Kotak Banking ETF - Dividend Payout Option

51,352

4.08%

100

0.01%

Axis Bank Ltd Bajaj Finance Ltd

HDFC CM Savings -Direct Plan - Growth Option

1,125,912

4.85%

Civil engineering

953,867

4.11%

Manufacture of other transport equipment

907,387

3.91%

Mfg of pharmaceuticals, medicinal chemical & botanical products

832,425

3.58%

Warehousing and support activities for transportation

805,118

3.47%

Manufacture of food products

532,238

2.29%

Manufacture of machinery and equipment n.e.c.

470,068

2.02%

Max Financial Services Ltd

15,172

1.21%

R Shares Banking ETF

25,704

2.04%

Information service activities

456,439

1.96%

State Bank of India

22,572

1.80%

Manufacture of computer, electronic and optical products

418,740

1.80%

YES BANK LTD

34,540

2.75%

383,915

30.50%

Manufacture of textiles

405,566

1.75%

Others

Mining of metal ores

316,640

1.36%

8.04%

303,915

1.31%

Manufacture of motor vehicles, trailers and semi-trailers

101,172

Manufacture of electrical equipment Manufacture of basic metals

278,306

1.20%

7.19%

249,931

1.08%

Computer programming, consultancy and related activities

90,435

Manufacture of chemicals and chemical products

6.07%

221,476

0.95%

Manufacture of coke and refined petroleum products

76,449

Manufacture of rubber and plastics products Human health activities

194,936

0.84%

65,290

5.19%

Electricity, gas, steam and air conditioning supply

189,624

0.82%

Manufacture of other non-metallic mineral products Manufacture of tobacco products

62,411

4.96%

GOVT. of INDIA

183,578

0.79%

Civil engineering

53,541

4.25%

Education

175,177

0.75%

Manufacture of other transport equipment

51,809

4.12%

180

Annual Report 2016-17

ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth

Kotak Floater Short Term-(Growth) - Direct

Total

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Pension Classic Opportunities Fund

% of Total Funds

Industry

ULIF-042-07/01/10PNCLAOPFND-107 47,369

3.76%

HDFC CM Savings -Direct Plan - Growth Option

Warehousing and support activities for transportation

44,985

3.57%

Manufacture of food products

29,846

2.37%

Manufacture of machinery and equipment n.e.c.

28,370

2.25%

Information service activities

26,047

2.07%

Manufacture of textiles

24,748

1.97%

Manufacture of computer, electronic and optical products

24,611

1.96%

Manufacture of electrical equipment

17,299

1.38%

State Bank of India

Mining of metal ores

16,732

1.33%

Manufacture of basic metals

16,711

1.33%

YES BANK LTD

Manufacture of chemicals and chemical products

13,730

1.09%

Manufacture of rubber and plastics products

12,555

1.00%

Electricity, gas, steam and air conditioning supply

11,309

0.90%

Education

10,397

0.83%

Human health activities

9,619

0.77%

Manufacture of leather and related products

7,840

0.62%

Manufacture of wood & products of wood & cork, except furniture

7,551

0.60%

Construction of buildings

7,354

0.58%

Wholesale trade, except of motor vehicles and motorcycles

6,641

Retail trade, except of motor vehicles and motorcycles

3,958

GOVT. of INDIA

1,062

Grand Total

Industry

% of Total Funds

ULIF-034-17/12/09FRLEQUFND-107

Mfg of pharmaceuticals, medicinal chemical & botanical products

Net Current Assets

Frontline Equity Fund

98,433

1.90%

ICICI Bank Ltd

222,257

4.29%

ICICI Prudential Money Market Fund - Direct - Growth

110,987

2.14%

IndusInd Bank Limited

235,284

4.54%

Kotak Banking ETF - Dividend Payout Option

147,931

2.85%

Kotak Floater Short Term-(Growth) - Direct

50,621

0.98%

Max Financial Services Ltd

41,891

0.81%

152,899

2.95%

58,498

1.13%

R Shares Banking ETF

138,661

2.68%

1,770,936

34.18%

Computer programming, consultancy and related activities

440,049

8.49%

Manufacture of tobacco products

351,532

6.78%

Manufacture of motor vehicles, trailers and semi-trailers

329,624

6.36%

Manufacture of other non-metallic mineral products

326,574

6.30%

Manufacture of coke and refined petroleum products

290,733

5.61%

0.53%

Mfg of pharmaceuticals, medicinal chemical & botanical products

184,406

3.56%

0.31%

Civil engineering

181,388

3.50%

176,248

3.40%

0.08%

Warehousing and support activities for transportation

4,804

0.38%

Manufacture of other transport equipment

166,259

3.21%

1,258,560

100.00%

Information service activities

158,317

3.06%

Electricity, gas, steam and air conditioning supply

103,390

2.00%

Manufacture of leather and related products

80,250

1.55%

Manufacture of food products

76,627

1.48%

Manufacture of electrical equipment

73,814

1.42%

Manufacture of chemicals and chemical products

67,235

1.30%

Manufacture of machinery and equipment n.e.c.

65,167

1.26%

Frontline Equity Fund

% of Total Funds

ULIF-034-17/12/09FRLEQUFND-107 Financial and insurance activities

Total Others

7.25% HDFC Bank FD NSE - 09.08.2017

222

0.00%

7.50% HDFC Bank FD BSE - 24.07.2017

104

0.00%

7.50% HDFC Bank FD NSE - 24.07.2017

225

0.00%

63,082

1.22%

Retail trade, except of motor vehicles and motorcycles

63,460

1.22%

Bajaj Finance Ltd

3,539

0.07%

Manufacture of basic metals

53,132

1.03%

Bank of Baroda

71,592

1.38%

49,774

0.96%

CBLO - 03.04.2017

4,499

0.09%

Manufacture of computer, electronic and optical products

Equitas Holding Ltd

32,533

0.63%

Mining of metal ores

44,956

0.87%

73,453

1.42%

Human health activities

31,776

0.61%

264,225

5.10%

Manufacture of textiles

31,679

0.61%

Axis Bank Ltd

Federal Bank Ltd HDFC Bank Ltd

181

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Industry

Frontline Equity Fund

% of Total Funds

Industry

Manufacture of rubber and plastics products

28,578

0.55%

Wholesale trade, except of motor vehicles and motorcycles

20,420

0.39%

Education

12,679

0.24%

GOVT. of INDIA

10,413

0.20%

9,644

0.19%

-17,311

-0.33%

5,181,749

100.00%

Pension Frontline Equity Fund

% of Total Funds

Net Current Assets Grand Total

Industry

ULIF-044-11/01/10PNFRLEQFND-107 Financial and insurance activities 7.25% HDFC Bank FD NSE - 09.08.2017

39

0.01%

7.50% HDFC Bank FD BSE - 24.07.2017

17

0.01%

7.50% HDFC Bank FD NSE - 24.07.2017

% of Total Funds

ULIF-044-11/01/10PNFRLEQFND-107

ULIF-034-17/12/09FRLEQUFND-107

Manufacture of wood & products of wood & cork, except furniture

Pension Frontline Equity Fund

Manufacture of coke and refined petroleum products

12,312

4.62%

Manufacture of other transport equipment

9,133

3.43%

Mfg of pharmaceuticals, medicinal chemical & botanical products

9,029

3.39%

Warehousing and support activities for transportation

8,965

3.36%

Civil engineering

8,649

3.24%

Information service activities

8,400

3.15%

Electricity, gas, steam and air conditioning supply

5,414

2.03%

Manufacture of leather and related products

4,220

1.58%

Manufacture of machinery and equipment n.e.c.

3,941

1.48%

Manufacture of chemicals and chemical products

3,634

1.36%

Manufacture of electrical equipment

3,556

1.33%

Retail trade, except of motor vehicles and motorcycles

3,296

1.24%

Manufacture of basic metals

2,712

1.02%

2,621

0.98%

36

0.01%

3,470

1.30%

194

0.07%

Manufacture of computer, electronic and optical products

Bank of Baroda

3,705

1.39%

Manufacture of food products

2,450

0.92%

Equitas Holding Ltd

1,803

0.68%

Mining of metal ores

2,233

0.84%

Federal Bank Ltd

3,881

1.46%

Human health activities

1,666

0.62%

13,696

5.14%

Manufacture of rubber and plastics products

1,545

0.58%

6,267

2.35%

Manufacture of textiles

999

0.37%

11,959

4.49%

Manufacture of wood & products of wood & cork, except furniture

543

0.20%

6,792

2.55%

Education

415

0.16%

275

0.10%

Axis Bank Ltd Bajaj Finance Ltd

HDFC Bank Ltd HDFC CM Savings -Direct Plan - Growth Option ICICI Bank Ltd ICICI Prudential Money Market Fund - Direct - Growth IndusInd Bank Limited

12,906

4.84%

Wholesale trade, except of motor vehicles and motorcycles

Kotak Banking ETF - Dividend Payout Option

10,751

4.03%

Net Current Assets

100

0.03%

Grand Total

Max Financial Services Ltd

2,307

0.87%

R Shares Banking ETF

8,653

3.25%

State Bank of India

2,173

0.82%

Kotak Floater Short Term-(Growth) - Direct

YES BANK LTD Total

7,576

2.84%

96,325

36.14%

Others Computer programming, consultancy and related activities

22,639

8.49%

Manufacture of motor vehicles, trailers and semi-trailers

18,253

6.85%

Manufacture of tobacco products

17,864

6.70%

Manufacture of other non-metallic mineral products

15,754

5.91%

182

Annual Report 2016-17

Industry

-239

-0.09%

266,604

100.00%

Kotak Advantage

% of Total Funds

Multiplier Fund II ULIF-026-21/04/06ADVMULFND2-107 State Development Loan 8.56% TN SDL - 22.06.2021

33

86.84%

Total

33

86.84%

Financial and insurance activities

3

7.90%

Net Current Assets

2

5.26%

38

100.00%

Others

Grand Total

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 26

(a)



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, 2017

Authority

Non-compliance/Violation

Amount Penalty Awarded

Penalty Paid

Penalty Waived/ Reduced

Non-compliance of Regulations 3(4) and 4(2) of IRDA (Protection of Policyholders' Interests) Regulations, 2002

500

500

-

1.

Insurance Regulatory and Development Authority of India

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

Nil

Nil

Nil

Nil

10. Any other Central/State/Local Government /Statutory Authority

* Post listing



During the year ended March 31, 2016 there were no penalties awarded against and paid by the company

26

(b)

Disclosure on Specified Bank Notes (SBN):



Being an insurance company, Schedule III of the Companies Act, 2013 is not applicable and hence the disclosure requirements for the details of Specified Bank Notes (SBN) as envisaged in the notification G.S.R 308(E) dated March 30, 2017 issued by the Ministry of Corporate Affairs (MCA) has not been provided.

27

Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders

(a)



(IRDAI 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, 2017

Particulars

Total Amount

Age-wise Analysis

2016-17 Up to 1 month

1-6 months

7-12 months

13-18 months

19-24 months

25-30 months

31-36 Beyond 36 months months

Claims settled but not paid to the policyholders/ Insured due to any reasons except under litigation from the insured/policyholders

94,258

3,480

6,111

21,731

18,853

4,545

15,945

3,897

19,697

Sum due to the insured/policyholders on maturity or otherwise

17,872

1,856

9,857

2,406

1,545

61

833

293

1,020

3,367

116

2,193

279

107

113

299

126

134

Cheques issued but not encashed by the 208,236 policyholder/insured

15,514

16,037

11,286

6,095

25,813

15,153

5,261

113,077

Total

20,966

34,198

35,702

26,600

30,532

32,230

9,577

133,928

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

323,733

183

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

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

7-12 months

13-18 months

19-24 months

25-30 months

31-36 Beyond 36 months 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

2,729

-

126

193

1,243

875

135

62

95

Cheques issued but not encashed by the 227,420 policyholder/insured

25,634

26,002

15,048

20,703

7,219

8,282

22,987

101,545

Total

25,646

48,532

24,134

41,398

14,324

10,893

26,123

117,650

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

27

1-6 months

308,700

(b) Handling of the unclaimed amounts pertaining to the policyholders (`in Lakhs) Particular

2016-17

Opening Balance

3,087.00

Add: Amount transferred to unclaimed Amount Add: Cheques issued out of the unclaimed amount but not encashed by the policyholders (To be included only when the cheques are stale) Add: Investment Income



912.49 3,140.48 259.55

Less: Amount paid during the year

4,162.18

Closing Balance of Unclaimed Amount

3,237.34

According to the IRDAI circular no. - NO. IRDA/F&A/CIR/CLD/114/05/2015, dated 28-05-2015 read with NO. IRDA/F&A/CIR/CPM/134/07/2015, dated 24-07-2015, the creation of unclaimed amount fund was from the FY 2016-17 onwards and accordingly the disclosure is made.

184

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 28

Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010. 2016-17

2015-16

Opening Balance of Funds for Discontinued Policies

1,603,664

1,907,880

Add : Fund of policies discontinued during the year

1,523,060

1,117,447

Less : Fund of policies revived during the year

(849,009)

(558,397)

130,118

164,489

Particulars Fund for Discontinues Policies

Add : Net Income/ Gains on investment of the Fund Less : Fund Management Charges levied

(10,791)

(12,068)

Less : Amount refunded to policyholders during the year

(712,100)

(1,015,687)

Closing Balance of Fund for Discontinued Policies

1,684,942

1,603,664

712,100

1,015,687

1,684,942

1,603,664

4,616

4,310

1.36%

3.02%

Other disclosures 1.

Amount refunded to the policyholders

2.

Amount transferred to the "Funds for discontinued policies"



( Fund Value as on March 31, 2017 )

3.

Number of policies discontinued during the financial year

4.

% of discontinued to total policies during the year : -



Product wise -



K38 - Kotak Wealth Insurance



K40 - Kotak Headstart Child Assure

4.05%

7.59%



K41 - Kotak Secure Invest Insurance

0.88%

1.70%



K42 - Kotak Ace Investment

2.84%

5.57%



K44 - Kotak Platinum

7.12%

10.90%



K51 - Kotak Invest Maxima Plan

5.24%

8.27%



K64 - Kotak Headstart Child Assure

6.76%

9.71%



K65 - Kotak Invest Maxima Plan

6.59%

6.95%



K66 - Kotak Wealth Insurance

8.76%

9.24%



K67 - Kotak Ace Investment

13.21%

11.75%



K68 - Kotak Platinum

14.54%

9.57%



K84 - Kotak Platinum

3.46%

0.88%



K86 - Kotak Ace Investment

3.20%

0.50%

5.

Policies revived during the year

5,434

4,748



No. of policies



% of policies revived

6.

Charges imposed on account of discontinued policies

7.

Charges readjusted on account of revival of discontinued policies

9,348

9,934

58.13%

47.80%

8,824

6,428

(1,561)

(546)

185

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) 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, 2016 Sch No

Reclassification

Amount

Reclassified Balance as on March 31, 2016

Remarks

Amount

Distribution Expense

3

398,660

398,660

-

Expense heads merged

Sales Promotion

3

357,740

357,740

-

Expense heads merged

Sales Promotion & Distribution Expense

3

-

756,400

756,400

Expense heads merged

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 conducted by an independent actuary. Particulars

2016-17

2015-16

Defined benefit obligation

153,823

112,410

50,226

4,593

Discount rate

7.18%

7.95%

Salary escalation rate

7.00%

8.50%

Indian Assured Lives Mortality (2006-08) Ult table

Indian Assured Lives Mortality (2006-08) Ult table

Expenses recognised in the income statement during the year Actuarial assumptions used

Mortality table



(b) Long Term Service Awards



The Company accrues the liability for Long Term Service Awards based on the actuarial valuation as at the balance sheet date conducted by an Actuary.

(c ) Gratuity

In accordance with Payment of Gratuity Act, 1972 the Company provides for gratuity, a defined benefit retirement plan covering all employees. The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s salary and the years of employment with the Company subject to maximum of ` 10 lakhs per employee.



The gratuity benefit is provided to the employees through a fund administered by the Board of Trustees of Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund. The Company is responsible for settling the gratuity obligation through contributions to the fund. The plan is fully funded.

186

Annual Report 2016-17

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated)

Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is given below. 2016-17

2015-16

191,677

161,076

Change in Defined benefit obligations : Liability at the beginning of the year Transfer of liabilities funded during the year Current service cost Interest cost Actuarial (gain)/loss on obligations Past Service Cost

Nil

Nil

44,273

37,332

18,254

15,336

(12,305)

(4,632)

Nil

Nil

(2,299)

(1,889)

Benefits paid

(23,097)

(15,546)

Liability at the end of the year

216,503

191,677

192,592

160,368

Liabilities Assumed on transfer of employee

Change in plan assets Fair value of plan asset at the beginning of the year Expected return on plan assets

14,531

12,122

Contributions by the employer for the year

45,000

37,500

13,878

(1,852)

Benefits paid

Actuarial gain / (loss)

(23,097)

(15,546)

Closing Fair Value of Plan assets

242,904

192,592

Closing Fair Value of Plan assets

242,904

192,592

Liability at the end of the year

216,503

191,677

26,401

915

Current service cost

44,273

37,332

Interest cost

18,254

15,336

Expected return on plan assets

(14,531)

(12,122)

Actuarial (gain)/loss

(26,183)

(2,780)

Net Asset/ (Liabilities) disclosed under “Other Receivables in Sch-12” Expenses recognised for the year :-

Past Service Cost Net gratuity expenses included in "Employees' remuneration & welfare benefits" (Sch-3)

Nil

Nil

21,813

37,766

191,677

161,076

Reconciliation of the Liability recognised in the Balance Sheet Net (Asset)/ Liability at the beginning of the year Current service cost

44,273

37,332

Interest cost

18,254

15,336

(12,305)

(4,632)

Actuarial (gain)/loss on obligations Liabilities Assumed on transfer of employee

(2,299)

(1,889)

Benefits paid

(23,097)

(15,546)

Liability at the end of the year

216,503

191,677

Government securities

33.92%

46.20%

Bonds, debentures and other fixed income instruments

38.01%

21.12%

6.42%

15.92%

Investment details of plan assets The plan assets are invested in insurer managed funds. Major categories of plan assets as a percentage of fair value of total plan assets:

Money market instruments Equity

21.66%

16.76%

Total

100.00%

100.00%

187

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, 2017 (Currency: In thousands of Indian Rupees unless otherwise stated) Actuarial assumptions used Discount rate (p.a.) Expected rate of return on assets (p.a.) Salary escalation rate (p.a.) Expected future contribution from employer for next financial year

2016-17 7.18% 7.50% 7.00% 15,000

2015-16 7.95% 7.50% 8.50% 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. (As computed by actuary and relied upon by auditors) Experience Adjustments Defined Benefit Obligation Plan Assets Surplus / (Deficit) Exp. Adj. on Plan Liabilities Exp. Adj. on Plan Assets

2016-17 216,503 242,904 26,401 (2,133) 13,878

2015-16 191,677 192,592 915 (5,341) (1,852)

Period Ended 2014-15 161,076 160,368 (708) 13,300 10,996

2013-14 121,630 132,166 10,536 (2,855) (5,800)

2012-13 125,842 127,040 1,198 (17,917) 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 ` 2,456 (2016 - ` 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 ` 177,757 (2016 - `147,785)



New Pension Scheme

(f)



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 ` 5,964 (2016 - ` 5,468)..

As per our report of even date attached. For S. B. Billimoria & Co. For S.R. Batliboi & Associates LLP Chartered Accountants Chartered Accountants ICAI Firm Registration No : 101496W ICAI Firm Registration No : 101049W/E300004

For and on behalf of the Board of Directors Uday Kotak Shailesh Devchand Chairman Vice-Chairman DIN : 00007467 DIN : 03456041

Rukshad N. Daruvala Partner Membership No- 111188

G. Murlidhar Managing Director DIN : 03601196

Mumbai April 26, 2017

188

Annual Report 2016-17

Sarvesh Warty Partner Membership No- 121411

Mumbai April 26, 2017

Cedric Fernandes Chief Financial Officer

Gaurang Shah Director DIN : 00016660 Sunil Sharma Appointed Actuary Muralikrishna Cheruvu Company Secretary

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