Kotak Mahindra Life Insurance Company Limited Annual Report 2019-20
Persevere. Pioneer. Prosper. Courage of Conviction. Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Constancy of Change. Statements Statements
TWENTIETH ANNUAL REPORT 2019-20
CONTENTS PAGE NO. Board of Directors 2 Directors’ Report 3 Management Report 42 Auditors’ Report 50 Revenue Account 59 Profit & Loss Account 60 Balance Sheet 61 Schedules forming part of the Financial Statements 63
1 BOARD OF DIRECTORS AS ON MARCH 31, 2020
Uday Kotak Non-Executive Director – Chairman Prakash Apte Independent Director Paresh Parasnis Independent Director Anita Ramachandran Independent Director – Woman Director Shivaji Dam Non-Executive Director Dipak Gupta Non-Executive Director Gaurang Shah Non-Executive Director G. Murlidhar Managing Director
COMPANY SECRETARY Muralikrishna Cheruvu
CIN U66030MH2000PLC128503
REGISTERED OFFICE 2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400 051
AUDITORS M/s S. R. Batliboi & Associates, LLP M/s Haribhakti & Co., LLP
BANKERS Kotak Mahindra Bank Ltd. Standard Chartered Bank ICICI Bank Ltd. HDFC Bank Ltd.
REGISTRAR AND TRANSFER AGENT M/S. LINK INTIME INDIA PVT. LTD. C-101, 247 PARK, L.B.S. MARG, VIKHROLI (WEST), MUMBAI – 400 083
WEBSITE https://insurance.kotak.com/
2 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report Directors’ Report
TO THE MEMBERS OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED
The Directors present their Twentieth Annual Report together with the audited accounts of your Company for the year ended March 31, 2020.
FINANCIAL 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 a product mix and efficient management of cost. The summarized results of operations of your Company for the Financial Year (“FY”) 2019-20 are as follows:
(` in Crores) Particulars Year ended Year ended March 31, 2020 March 31, 2019 New Business Premium 5,106 3,977 Renewal Premium 5,234 4,191 Total Premium 10,340 8,168 Profit/(Loss) before tax 813 664 Profit/ (Loss) after tax 582 580 Bonus to Policyholders 418 291 Net worth 3,353 2,745 New Business Sum Assured 162,529 1,64,602 Assets Under Management 34,915 30,310
POLICYHOLDER BONUSES The cost of regular / cash / reversionary bonuses declared by the Board of Directors for FY19-20 is approximately Rs. 391.5 crores, an increase of Rs120.5 crores from the cost of regular / cash / reversionary bonuses declared in FY18-19. Additionally, interim and terminal bonuses of Rs26.9 crores were paid during FY19-20 to policy exits.
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.
CAPITAL Your Company continues to be amongst the most efficient capital users in the life insurance space and has a good Assets under Management to Capital ratio. During the year under review, the Authorized Share Capital of your Company was Rs. 625 crores, while the paid up share capital of your Company was Rs. 510 crores. There has been no capital infusion during the FY 2019-20.
LICENSE The Certificate of Registration under Section 3 of the Insurance Act, 1938 was granted by IRDAI on January 10, 2001. Pursuant to Section 3 read with Section 3A as amended by Insurance Laws (Amendment) Act, 2015, the process of annual renewal of the Certificate of Registration issued to insurers was deleted. Consequently, the Certificate of Registration granted by the IRDAI to insurers continues to be in force provided the insurers pay the annual fees within prescribed time and in prescribed manner.
The Company has paid the annual fees to IRDAI for the FY 2020-21. Accordingly, the Certificate of Registration is valid as on March 31, 2020 and the same continues to be in force.
INDUSTRY SCENARIO In FY 2020, KLI registered a growth of 23.5% on Total New Business Premium- APE terms whereas private insurance industry as a whole registered a growth of 9.1% on Total New Business Premium – Adjusted Premium Equivalent (APE) terms (Single 1/10). On the same basis, KLI market share stood at 6.6% of private industry with a growth of 13.2% over FY 2019.
Kotak Life is the sixth largest private sector life insurer in terms of individual first year premiums and overall first year premiums for FY2020.
3 BUSINESS AND DISTRIBUTION CHANNELS
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. The share of traditional premium in overall premium has increased from 76.7% in FY19 to 81.6% to FY20.
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.
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 Rs. 2990 Crores [includes New Business Rs. 2707 Crores & Renewal Rs. 283 Crores] FY 2019-20 vs Rs. 2085 Crores [includes New Business Rs. 1846 Crores & Renewal Rs. 240 Crores] from group insurance business registering a growth of 43.4% over FY 2018- 19.
PRODUCTS During the Financial Year 2019-20, the Authority issued multiple Regulations pertaining to the design and sales of products. This required a change in not just the product design but also the way we sell our products. Your Company successfully and smoothly did this transition and the entire product portfolio (i.e. Individual & Group Products as well as riders) were revamped and launched. Along with this, the new regulation pertaining to Suitability analysis of the customers and revision in the Benefit Illustration format were also implemented. In continuation with the vision to provide Smart Solutions to customers, in the month of July 2019, Company launched– “Save2Secure”, a series of solutions that offer a combination of Protection & Savings to the customer. Another solution, “Prosperous Life”, was launched to provide long term savings solution to the customers.
MARKETING Your Company’s marketing efforts during the year were focused on activities that were designed to improve customer experience, drive the brand promise, and expand adoption of marketing technologies.
To this end, your Company has:
• Implemented the Net Promoter System® to drive positive customer experience. Existing processes and touch points were revamped after understanding feedback received from customers
• Continued building the Kotak Life brand externally through three major digital campaigns: Poora Plan, Har Sapna Hai Khas for Father’s Day and Barabari ka Saath for Women’s Day. Poora Plan also was also screened for multiple weeks in cinemas across the country.
• Built on Kotak Life brand internally through enhanced employee training initiatives, huddles, employee activation and recognizing good customer stories by publishing them across the company.
• Driven adoption of Smart Sell marketing and engagement tool, which was launched last year. It is currently used by our agents across multiple channels as an integral part of their pitch.
• Leveraged the use of customer engagement martech to improve effectiveness of communication by reaching out to customers with personalized communication.
HUMAN RESOURCES Your Company earnestly strives to distinguish itself from the peers and aspires to be counted amongst the best places to work across various sectors. During the year under review, the Company has undertaken various initiatives to support business through organisational efficiency, and various employee engagement programmes to enable achievement of higher productivity levels. The Company continued to focus on developing leadership capability as well as technical and functional capabilities of employees in order to meet future talent requirement.
Your Company continued its development focus on the people capital.
4 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
Our focus on human capital continued to manifest as Building Scale, Building Capability and Becoming Employer of Choice. The following initiatives were taken:
• Keeping retention as one of our key focus areas, several measures were taken leading to improvement in retention by 8%.
• Around 450 freshers hired from various management institutes in our endeavour to build talent pipeline within KLI.
• U matter (The employee engagement survey) launched for the second time at KLI. The engagement score improved to 73% from 68%, positioning KLI above LI top quartile (72%).
• Segmented approach for leadership development was adopted through programs like LEAP, Emergence, MP-DC, and GOLD. GOLD Phase 1 successfully completed with all our leaders at L8 and L9. For the first time, Talent Review of senior leaders was done by the talent council (Talent Council comprised by CXOs).
• ‘The MD Excellence Award’ was introduced as part of KLAPS (KOTAK LIFE APPRECIATION SYSTEMS). 23 employees from 377 nominations were conferred with as part of KLAPS annual award. KLAPS quarterly awards have also been launched in each function /department and is part of the Quarterly Functional Reviews ( QFMs).
• Catering to the ‘Digitization’ imperative of organization, HR has brought all its services to employees palm through an integrated and mobile enabled platform – myHR. This encompasses leave and attendance, ATS (Applicant Tracking System), transfers, confirmation, L&G (Learn and Grow), myLakshya (incentives).
• Our endeavour towards increased employee connects and engagement continued with institutionalization of LSA (Long Service Awards), MD townhall (Managing Director Town Hall). This year we celebrated LSA in branches also.
• Employee wellness app launched this year. This has been used to support employees physical and mental health needs during COVID-19 crisis. In the backdrop of the COVID crisis in true demonstration of Hum Hai …Hamesha spirit we initiated WE CARE the employee connect program and also offered COVID tests under the medical reimbursement policy.
INFORMATION TECHNOLOGY Continuing from last year, digital transformation continues to be an area of strategic focus for the industry. Your Company, this year, has focused on ensuring better experience for customers, partners, the Sales teams and other stakeholders.
Some of the major initiatives taken up are given below:
1. Sales enablement:
a. ACE CRM for Sales – Mobile app for front line sales employees to help with activity and lead management which is being used across the channels.
b. Upfront underwriting for sharing instantly a decision on the issuance of a policy.
2. Data + Artificial Intelligence + Machine Learning:
a. Analytical models for cross-sell improvement enhanced the conversion rates.
b. Product recommendation engine was launched, enabling sales to pitch the product which customers are more likely to purchase, thus enabling higher suitability
c. Risk detection model was released to identify cases likely to raise a fraudulent claim
d. Customer facing chatbot to answer queries of customers was launched.
3. Digital Customer Experience
a. Self-help portal for customers for instant service request fulfillment and information at fingertips. b. Digital Certificate of Existence for helping out annuitants, with a 5 minute on-your-mobile journey to provide a digital-certificate- of-existence was appreciated especially by senior citizens thereby relieving annuitants of a physical visit to a branch. c. Whatsapp communication for customers for information sharing and to facilitate collection of renewal premiums.
5 4. Energizing employees:
a. Mobile Learning management system was launched for employees
b. HR in Palm was launched, enabling attendance, helpdesk, HR policies, appraisal system and other services necessary for employees.
c. Workspace One was institutionalised for providing flexibility of working from anywhere.
5. New business opportunities:
a. New simplified Direct to customer journey was launched for the protection product. Telesales center was enabled with lead management CRM to help increase assisted sales conversion.
b. More than 15 digital distribution partners were integrated with, enabling their customers to purchase our products on their platforms.
6. Zero based Process Re-engineering – In a quest to be best in the industry, critical customer centric processes were re-engineered, to further the competitive advantage. High impact ones include instant-resolution of service requests, claim-settlement in 1 day for group business members, completely digital onboarding of prospective life advisors.
Due to your organization’s continuous focus on technology transformation, your company had the necessary technology drivers to get employees to work from home during the lock down situation. All the required technology enablers were put in place immediately and access was provided in a safe and secure manner to aid continuity of Business. Digital adoption by the Company over past year has enabled the Company to cope up with the crisis.
Your Company has won an award for Excellence in Digital Transformation at the User World Summit 2020 towards RPA initiatives. Your Company also won an award in the “Artificial Intelligence” category for the Digital CoE initiative at an event hosted by Express Computers.
OPERATIONS AND CUSTOMER SERVICE Customer Engagement has been at the core of all our initiatives in order to provide an enhanced level of experience for our customers. We have improved the customer experience through effective response to customer requirements and expectations and alignment of systems and processes. Your Company has digitized processes thus providing speedy and accurate response to customer needs.
Your Company is committed to providing seamless services to all our customers and claimants in the shortest possible time across the life cycle of the policy with minimum documentation and requests. The Company stands amongst the best in the industry on overall Claims Settlement Ratio of 99.19%for FY 2020.
The Company continues to offer multiple options to its customers for ease of transacting which includes renewal payment, online payment through Credit Card, Debit Card, payment wallets, NEFT, and offline facility to pay the premium at Kotak Life branches and numerous other partner branches including Kotak Bank, cheque drop boxes etc.
Various initiatives have been started by the Company during last year, including the below key implementations: • CRM Next (Customer Relationship Management System) – We have successfully gone live with system implementation for our service touch-points; thus empowering the frontend by using technology effectively to transform and eliminate redundant processes and run a leaner operation. • Digital PCVC (Pre Conversion Verification Call) -This initiative takes us a step closer to the digital adoption, the automation would improve the TAT for PCVC reducing the overall processing cost. • Customer Portal (Amigo – Online Policy Manager) – The objective is to focus energy and cost to create digital self-servicing platforms to align ourselves to the meteoric growth of digital media and rapidly changing consumer behaviour. • Communication Framework – The Company has designed and configured common platform “Communication Framework” having more than 400 SMS templates. Communication Framework helps us in tracking and reconciling the status of the messages sent to policy holders. • Digitization of New Business requirements - Company initiated a new tool which empowers new customers to digitally fulfil all deficiencies like submission of requirements, consent to revised illustration benefit, payment towards shortfall. It has helped us to be more digitized and proved immensely beneficial in the ongoing COVID-19 pandemic.
6 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
• Robotic Process Automation (RPA) through BOTS for Operations MIS Reports and Operations Processes – This year the Company implemented BOT’s in automating Operations Process and Operation MIS. The Company has automated 278 critical MIS Operational Reports and 24 Operational Processes.
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.
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 IRDAI vide its Circular no. IRDAI/ F&A/CIR/IFRS/038/03/2016 dated March 1 2016, had advised 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.
IRDAI vide circular dated June 28, 2017, deferred the implementation of Ind AS in the Insurance Sector in India for a period of two years till 2020-21 and required insurance companies to continue with the quarterly submission of proforma Ind AS financial statements to the IRDAI. In line with this requirement, your Company has been preparing and submitting to the IRDAI on a quarterly basis, the proforma financials as per Ind AS.
IRDAI through its order dated August 21, 2017 constituted a working group on IFRS 17, primarily to review the standard and identify relevant areas/aspects which require suitable adoption in Indian context and changes in regulations/guidelines. The working group released its report dated October 31, 2018 containing the recommendations and draft regulations on preparation of financial statements applicable from accounting periods commencing on or after April 1, 2020. Accounting Standard Board (ASB) of ICAI issued the exposure draft of Ind AS 117 Insurance Contracts (Ind AS equivalent standards of IFRS 17) on February 12, 2018.
In the backdrop of amendments to IFRS 17 due to concerns raised by various stakeholders to International Accounting Standard Board (IASB), probable asset liability mismatch on interim implementation of Ind AS 104 and Ind AS 109, IRDAI vide circular IRDAI\F&A\CIR\ACTS\023\01\2020 dated January, 21, 2020 has withdrawn the circular dated June 28, 2017 and quarterly requirement for submission of Proforma Ind AS financial statements has been dispensed with. Consequently, your Company has discontinued the submission of Ind AS financials to IRDA from third quarter of this financial year. The effective date of implementation shall be decided after the finalization of IFRS 17 by IASB.
IASB on November 2018 proposed a deferral of IFRS 17, Insurance Contracts to annual periods beginning on or after January 1, 2022 considering the concerns and implementation challenges received from various stakeholders. IASB also proposed for an additional one year exemptions for insurers to apply IFRS 9 Financial Instruments from annual periods beginning on or after January 1, 2022. Further, IASB on March 17, 2020 decided that the effective date of IFRS 17, Insurance Contracts Standard will be deferred to annual reporting periods beginning on or after 1 January 2023. The Board has also decided to extend the exemption currently in place for some insurers regarding the application of IFRS 9 Financial Instruments to enable them to implement both IFRS 9 and IFRS 17 at the same time. The Board expects to issue the amendments to IFRS 17 in the second quarter of 2020.
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’s investment objective is to ensure that returns on policyholder’s funds are consistent with the protection, safety and liquidity of such funds, while ensuring that the liabilities in respect of each of the funds are supported by a diversified pool of investments and assets, held under the respective funds wherein the asset classes, asset allocation and asset selection are compliant with the nature of liabilities, investment objective for each of the funds. Investment risk is managed by creating a portfolio of different asset classes and of varied maturities depending on the fund objective so as to spread risk across a wide category of the investee companies, groups as well as the industries in accordance with the prudential exposure norms and regulation stipulated by the IRDAI. Investment Committee which acts as the policy making body for the investment operations, periodically
7 discusses the investment strategy, portfolio structures, performance of the portfolio and other issues relating to the investment portfolio. The Asset & Liability Management Committee reviews the asset liability management strategy, investment risk, and other related risks periodically. The total Assets under Management of the Company was Rs. 34,915 crores as at March 31, 2020 as against Rs. 30,310 crores as at March 31, 2019 registering a growth of 15% over the previous year. FY 2019-2020 was volatile for financial markets. During the year, 10 year benchmark Government Security yield has gone down from 7.35% as at March 31, 2019 to 6.12% as at March 31, 2020 and has seen a high and low of 7.47% and 6.08% respectively, while the NIFTY has gone down from 11,624 as at March 31, 2019 to 8,598 as at March 31, 2020 with a high of 12,362 and low of 7,610 during the year.
RURAL & SOCIAL SECTORS During the year, your Company wrote 71,835 policies (as compared to 81,972 policies) in the rural sector representing 22.72% (Previous Year 23.63%) 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 2,690,177 social lives (Previous year 1,005,351 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 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).
DIRECTORS & KEY MANAGERIAL PERSONNEL The Company has eight directors on Board of the Company. The Board comprises three Independent Directors on the Board (including one Woman 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 and the Key Management Persons of the Company for the year ended March 31, 2020 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. Shivaji Dam (DIN: 00032568), Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting of your Company. Mr. Shivaji Dam, being eligible, has offered himself for re-appointment.
Directors appointed during the year As per the provisions of Section 149, Section 152 and Schedule IV of the Companies Act, 2013 read with rules thereunder, the Company had appointed Mr. Prakash Apte as Independent Director of the Company at the Extra-Ordinary General Meeting of the Company held on August 14, 2014 for a term of five years. The term of Mr. Prakash Apte was upto August 13, 2019 and being eligible he had offered himself for re- appointment. Based on the performance evaluation of Mr. Prakash Apte, Independent Director, the Nomination & Remuneration Committee and Board of Directors of the Company at their meetings held on May 16, 2019, had approved and recommended the re-appointment of Mr. Prakash Apte as Independent Director for a second term of five years. The Members in the Nineteenth Annual General Meeting of the Company held on July 19, 2019 have approved re-appointment of Mr. Prakash Apte as Independent Director for a second term of 5 years.
Resignation of Directors during the year None of the Director has resigned during the FY 2019-20.
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. The Company has also received declarations from all its Directors as per Section 164 of the Companies Act, 2013, confirming they are not disqualified from being appointed as Directors of the Company.
8 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
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. 2019-20. 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 13, 2020, 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: i. Mr. G. Murlidhar, Managing Director; ii. Mr. Cedric Fernandes, Chief Financial Officer; iii. Mr. C. Muralikrishna, Chief Compliance Officer and Company Secretary; 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, Senior Executive Vice President, Central Operations; viii. Mr. J. M. Prasad, Head, Human Resources (resigned w.e.f. April 29, 2020) Appointment & Remuneration of Directors & Key Managerial Personnel The appointment and remuneration of Directors of the Company is governed by the provisions of: 1. 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. The Company has adopted a Nomination and Remuneration Policy which includes issue of stock appreciation rights and Employee Stock Option as a form of variable pay, payable over a period of time which is available on our website at: https://insurance.kotak.com/assets/images/uploads/why_kotak/Nomination_Remuneration_Policy.pdf The salient features of the Nomination and Remuneration 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 3 groups: o Whole-time Directors/Managing Director o External Non-Executive Directors o Other categories of Staff
9 • Compensation structure broadly divided into fixed, variable and ESOPs. o Fixed Pay – Total cost to the Company i.e. Salary, Retirals and Other Benefits o 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 o 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 only on deferred variable pay The Independent Directors and Non-Executive Director of the Company were paid remuneration by way of sitting fees for attending meetings of the Board or Committees and the Profit related Commission, details of which are available in the section titled “Directors’ and KMPs’ Remuneration”. 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. Quantitative Disclosures The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of Executive Directors/Whole Time Directors/ Managing Director and CEO:
Sr. Particulars As on March 31, 2020 No. 1. Number of WTD/ CEO/ MD having received a variable remuneration award during the financial year* 1 2. Number and total amount of sign on awards made during the financial year Nil 3. Details of guaranteed bonus, if any, paid as joining/ sign on bonus Nil 4. Total amount of outstanding deferred remuneration, split into cash, shares and share linked instruments Cash – Nil and other form as on March 31, 2020. ESOP – 98,564 Options SARs – 15,747 Units of KMBL 5. Total amount of deferred remuneration paid out in the financial year ESOP Perk: 26699476/- SARS Payout: 12862895/- 6. Breakup of amount of remuneration awarded for the financial year to show fixed and variable, deferred and non-deferred: Fixed Fixed: Gross Salary: 2.42Cr Variable Variable: Non Deferred: 47L Shared Linked Instrument: Non-Deferred 2.53Cr Share Linked Instrument
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. All related party transactions are placed before the Audit Committee of the Board for its approval.
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.
10 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS Pursuant to Section 186(11) of the Companies Act, 2013 read with the clarification given by the Ministry of Corporate Affairs under the Removal of Difficulty Order dated February 13, 2015, 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 & POLICY AGAINST SEXUAL HARASSMENT Your Company is committed to maintain a high standard of compliance and provide its employees and directors with the highest standards of transparency, probity, and accountability. The Company has a Whistle Blower Policy and a framework in place to develop a culture wherein it is safe and acceptable for all employees and directors to raise genuine concerns in good faith, and in a responsible as well as effective manner. This enables disclosure of information, which an individual believes is malpractice, serious irregularity, unethical business conduct, abuse or wrongdoing or violation of any law.
The purpose of the Whistle Blower Policy is to provide a framework to promote a responsible vigil 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.
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 protects against sexual harassment of women at workplace and for the prevention and redressal of complaints of sexual harassment. The Company has its internal policy on Prevention and Redressal of sexual harassment at the workplace which ensures that no aggrieved employee refrains from justice. The Company has also constituted the Internal Committee to address complaints about Sexual harassment of women at the workplace which ensures the earliest redressal of compliant.
Your Company has a robust policy and a framework in place against Sexual Harassment. Following is a summary of sexual harassment complaints received and disposed off during the FY 2019-20:
No. of Complaints pending for Disposal at the beginning of the year : 2 No. of Complaints received during the year : 10 No. of cases closed during the year : 11 No. of complaints not admitted post review : 1 No. of cases pending disposal : Nil
CORPORATE SOCIAL RESPONSIBILITY (CSR) Your Company, has constituted a Corporate Social Responsibility Committee (CSR Committee) and consists of the following Directors:
• Mr. Dipak Gupta, Non-Executive Director & Chairman of the CSR Committee
• Mr. Prakash Apte, Independent Director
• Mr. Gaurang Shah, Non-Executive Director
Your Company’s CSR Committee is responsible to monitor, review and approve CSR initiatives and expenditure. It also makes recommendations to the Board on CSR Policy and related matters. It is the CSR Committee’s role to oversee the implementation of all the CSR activities of the Company.
The CSR approach of your Company is charted out in its Board approved CSR policy. This policy sets out your Company’s vision, mission, governance, and CSR focus areas to fulfil its inclusive growth agenda in India. It also demonstrates your Company’s contribution towards the economic, environmental and social growth of the nation and is also committed to contribute towards United Nation’s (UN) Sustainable Development Goals (SDGs).
The Company’s CSR policy is available on the Company’s website viz. URL: https://insurance.kotak.com/why-kotak-life/corporate-governance
11 The CSR policy, projects, programmes and the CSR expenditure are in compliance with the CSR mandate as specified under Section 134, Section 135 read with schedule VII of the Companies Act, 2013 along with the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from time to time and in line with the Government of India’s notifications issued from time-to-time.
The average net profit U/S 198 of the Company for the last three financial years preceding March 31, 2020 is` 369.47 Crore.
The prescribed CSR expenditure required U/S 135, of the Act for FY 2019-20 is ` 7.40 Crore.
The CSR expenditure incurred under Section 135 of Companies Act, 2013 for the FY 2019-20 amounts to ` 3.70 Crore as against ` 2.60 Crore CSR spend for FY 2018-19. The unutilised CSR Expenditure, for FY 2019-20, from the prescribed CSR expenditure requirement amount U/S 135 is ` 3.70 crore and the deficit of the unutilised CSR Expenditure from the prescribed CSR expenditure amount U/S 135 of the Companies Act, 2013 for FY 2019-20, is ` 3.70 crore.
Company’s CSR expenditure of ` 3.70 Crore in FY 2019-20 as a percentage of average net profit U/S 198 of the Company for the last three financial years preceding March 31, 2020 at` 369.47 Crore is 1.00%.
It is the constant endeavour of the Company to enhance its CSR capabilities by adopting a purpose driven CSR approach, focusing on sustainable and scalable programmes, spreading in focused geographies and aligning to SDGs and the national narrative.
The implementation of the CSR projects and programmes is done directly and /or through selected partner who may be either governmental agencies, NGOs and/or other institution, having a proven track record to implement cost and process efficient CSR projects and/or programmes that are scalable, sustainable, and have measurable social outcomes and impact. Also, the implementation is done through employee volunteering. The Company’s CSR footprint has been consistently increasing over the years. The Company is committed to stepping-up its CSR programmes and expenditure in the years ahead. Foremost reason for underutilisation of the Company’s CSR expenditure is the NGOs’ inability to utilise large CSR expenditure allocated under the Company’s CSR Programmes.
The CSR Committee confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company.
Your Company does not consider “administrative overheads” as a part of its CSR expenditure.
The details of CSR programmes and expenditure U/s 135 of the Companies Act, 2013 for FY 2019-20 are annexed to this report as Annexure 2.
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. The Company’s Annual Return for the F.Y. 2019-20 is available on the Company’s website viz. URL: https://insurance.kotak.com/why-kotak-life/corporate-governance
AUDITORS M/s S. R. Batliboi & Associates LLP and M/s Haribhakti & Co., LLP, are the current Joint Statutory Auditors of the Company.
M/s S. R. Batliboi & Associates LLP (Regd. No. 101049W), Chartered Accountants, were appointed as one of the Joint Statutory Auditors by the Members in the Fifteenth Annual General Meeting dated August 25, 2015 for a period of five years to hold office from the conclusion of the said AGM until the conclusion of the Twentieth Annual General Meeting. Their term as a Joint Statutory Auditor shall expire on the conclusion of Twentieth AGM. However, pursuant to the provisions of Companies Act, 2013 and Corporate Governance Guidelines issued by IRDAI, M/s. S. R. Batliboi & Associates LLP may be re-appointed for another term of 5 years. The Board recommends appointment of M/s S. R. Batliboi & Associates LLP, Chartered Accountants as Statutory Auditors of the Company for further period of 5 years, subject to the approval of Members at the ensuing Annual General Meeting. The resolution seeking approval for appointment of M/s. S. R. Batliboi & Associates LLP is included in the Notice of the ensuing Annual General Meeting.
M/s Haribhakti & Co., LLP, Chartered Accountant, (Firm Regd. No. 103523W), were appointed for a period of five years by the members in their Seventeenth Annual General Meeting to hold office from the conclusion of the said AGM until the conclusion of the Twenty Second Annual General Meeting. These appointments were made subject to ratification by the Members in every subsequent Annual General Meeting held thereafter.
12 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
Pursuant to the amendment to Section 139 of the Act effective May 7, 2018, ratification by Shareholders every year for the appointment of the Statutory Auditors is no longer required and accordingly, the Notice of ensuing Annual General Meeting does not include the proposal for seeking Shareholders’ approval for ratification of appointment of M/s. Haribhakti & Co., LLP as Joint Statutory Auditor.
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 M/s. Parikh & Associates, 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 2019–20 is annexed to this Report as Annexure 4. The Auditor has not made any qualification, reservation or adverse remark or disclaimer in his Report for FY 2019-20.
The Board has duly reviewed the Report of the Secretarial Auditor of the Company.
COMPLIANCE WITH SECRETARIAL STANDARDS The Company has been in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India for the F.Y. 2019-20.
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.
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 2019-20 Foreign Exchange earned Rs` 6.59 Foreign Exchange outgo Rs` 14.67
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.
13 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 judgments 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, 2020; 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
G. Murlidhar Uday Kotak Managing Director Chairman DIN: 03601196 DIN: 00007467 Place: Mumbai Date: April 29, 2020
14 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
REPORT ON CORPORATE GOVERNANCE ANNEXURE 1
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 2019 - 20 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, 2020, your Company has eight Directors on its Board of whom seven 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, 2020 is as follows:
Name of the Directors DIN Designation Mr. Uday Kotak 00007467 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. 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, 2020, are given at Annexure ‘A’ enclosed with this report.
Composition of the Committee positions held by Directors as on March 31, 2020
Name Position on the Board Audit Investment Risk Man- Asset Liability Banking Policyholders With Profits Nomination & Corporate Committee Committee agement Management Committee Protection Committee Remuneration Social Committee Committee Committee Committee Responsibility Committee
Mr. Uday Kotak Chairman ------Member - Mr. Shivaji Dam Non-Executive Director - - - - Chairman Chairman - - - Mr. Prakash Apte Independent Director Chairman - - - - - Member Chairman Member Mr. Paresh Independent Director Member ------Member - Parasnis Ms Anita Rama- Independent Director ------Member - chandran Woman Director Mr. Dipak Gupta Non-Executive Director - Chairman - - Member - - - Chairman Mr. Gaurang Non-Executive Director Member Member Chairman Chairman Member - Chairman - Member Shah Mr. G. Murlidhar Managing Director - Member Member Member - Member Member - -
15 BOARD MEETINGS During the year five Board Meetings were held. The Meetings were held on April 26, 2019, May 16, 2019, July 18, 2019, October 19, 2019 and January 17, 2020.
The details of attendance of Directors at the Board meetings are as follows:
Directors No. of meetings held during No. of meetings attended the tenure of the Member Mr. Uday Kotak 5 5 Mr. Shivaji Dam 5 5 Mr. Prakash Apte 5 5 Mr. Paresh Parasnis 5 4 Ms Anita Ramachandran 5 5 Mr. Dipak Gupta 5 4 Mr. Gaurang Shah 5 4 Mr. G. Murlidhar 5 5
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 and 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.
DIRECTORS’ AND KMPS’ REMUNERATION
ELEMENTS OF REMUNERATION & SITTING FEES OF INDIVIDUAL DIRECTORS FOR THE YEAR ENDED MARCH 31, 2020
(` in ‘000) Name of Director Sitting Salaries & Company’s contribution to Commission* Total Fees Perquisites PF, Superannuation and NPS Mr. Uday Kotak - - - - - Mr. Shivaji Dam 420 - - 600 1020 Mr. Prakash Apte 630 - - 600 1230 Mr. Paresh Parasnis 390 - - 600 990 Ms. Anita Ramachandran 360 - - 600 960
16 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
(` in ‘000) Name of Director Sitting Salaries & Company’s contribution to Commission* Total Fees Perquisites PF, Superannuation and NPS Mr. Dipak Gupta - - - - - Mr. Gaurang Shah - - - - - Mr. G. Murlidhar - 400.68 42.87 - 443.55 *Rs. 5 Lakh pertains to the F.Y. 2018-19 which was approved by the shareholders in the Annual General Meeting held on July 19, 2019 and Rs.6 Lakh for F.Y. 2019- 20 which is subject to the approval by the Shareholders in the ensuing Annual 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 & Company’s contribution Total Perquisites to PF, Superannuation and NPS Mr. Cedric Fernandes, Chief Financial Officer* 11,779 1,061 12,840 Mr. C. Muralikrishna, Chief Compliance Officer & Company Secretary* 8,351 312 8,663 Other KMPs** 2,11,646 7,283 2,18,930 * As per the Companies Act, 2013 ** KMPs as per the IRDAI Corporate Governance Guidelines.
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 auditors’ independence and performance and effectiveness of audit process
• Examination of the financial statements and the auditor’s report thereon
• Approval or any subsequent modification of transactions of the Company with related parties
• Scrutiny of inter corporate loans and investments
• Valuation of undertaking or assets of the Company, wherever necessary
• Evaluation of internal financial controls and risk management systems
• Monitoring the end use of funds raised through public offers and related matters
• Investigate into any matter referred to it by the Board and for this purpose shall have the power to obtain professional advice from external sources and have full access to information contained in the records of the Company
• Call for comments of the auditors about internal control systems, discuss the nature and scope of audit before commencement of audit, discuss the observations of the auditors and review of financial statements before their submission to the Board, discussion on issues related to internal and statutory auditors and the management of the Company, post audit discussion to address areas of concerns as may be required
• Oversee financial statements, financial reporting, statement of cash flow and disclosure processes on annual and quarterly basis
• Setting up of procedures and processes to address concerns relating to adequacy of checks and control mechanisms
17 • 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 and revised Guidelines on Stewardship Code for insurers in India, the terms of reference of the Committee shall also include the following:
• 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;
• Overseeing Stewardship activities
During the FY 2019–20 four meetings of the Committee were held on April 26, 2019, July 18, 2019, October 19, 2019 and January 17, 2020.
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 No. of meetings the tenure of the Member attended by the Member Mr. Prakash Apte, Chairman 4 4 Mr. Paresh Parasnis, Member 4 4 Mr. Gaurang Shah, Member 4 2
2. INVESTMENT COMMITTEE
The Investment Committee of the Company comprises of Two Non-Executive Directors, the Managing Director, the Chief Investment Officer, the Chief Financial Officer, the Chief Risk 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.
18 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
• 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, 2019, July 17, 2019, October 18, 2019 and January 15, 2020.
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 No. of meetings the tenure of the Member attended by the Member Mr. Dipak Gupta, Chairman 4 4 Mr. Gaurang Shah, Member 4 3 Mr. G. Murlidhar, Member 4 4 Mr. Sunil Sharma, Member 4 3 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 Chief Risk Officer, 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.
• 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.
19 During the year five meetings of the Committee were held on April 11, 2019, July 4, 2019, October 4, 2019, January 13, 2020 and March 27, 2020.
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 No. of meetings the tenure of the Member attended by the Member Mr. Gaurang Shah, Chairman 5 4 Mr. G. Murlidhar, Member 5 5 Mr. Sunil Sharma, Member 5 3 Mr. Hitesh Veera, Member 5 5 Mr. Cedric Fernandes, Member 5 5 Mr. C. Muralikrishna, Member 5 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, the Chief Risk 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.)
20 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
During the year four meetings of the Committee were held on July 3, 2019, September 30, 2019, January 10, 2020 and March 23, 2020.
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 No. of meetings the tenure of the Member attended by the Member Mr. Gaurang Shah, Chairman 4 3 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 Non-Executive Director (Chairman), the Managing Director, the Chief Risk Officer, the Appointed Actuary, the Head of Distribution (Individual Business). 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 ombudsman 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.
21 • Status of settlement of other customer benefit payouts like Surrenders, Loan, Partial withdrawal requests etc.
During the year four meetings of the Committee were held on June 28, 2019, September 27, 2019, December 19, 2019 and March 12, 2020.
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 No. of meetings the tenure of the Member attended by the Member Mr. Shivaji Dam, Chairman 4 4 Mr. G. Murlidhar, Member 4 4 Mr. Sunil Sharma, Member 4 4 Mr. Suresh Agarwal, Member 4 2
Pursuant to the Corporate Governance Guidelines issued by the IRDAI, Mr. Kamlesh Vora, an Expert / Customer representative, attended all four meetings of the Committee held during the year.
6. CORPORATE SOCIAL REPSONSIBILITY 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, three meetings of the Committee were held on April 25, 2019, December 11, 2019 and January 15, 2020.
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 No. of meetings the tenure of the Member attended by the Member Mr. Dipak Gupta, Chairman 3 3 Mr. Prakash Apte, Member 3 3 Mr. Gaurang Shah, Member 3 2
7. NOMINATION & REMUNERATION COMMITTEE The Nomination & Remuneration Committee comprises of Three Independent Directors and One Non - Executive Director. The terms of reference of the Committee include:
• Identify persons qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down.
• Formulate the criteria for determining qualifications, positive attributes and independence of an Independent Director.
• Recommend to the Board their appointment and removal.
• Carry out evaluation of every director’s performance.
• Recommend to the Board a Remuneration policy for the directors, key managerial personnel and other employees.
• The remuneration package shall be aligned appropriately with the performance objectives laid down for the Key Management Persons.
22 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
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.
During the year, one meeting of the Committee was held on May 16, 2019.
The details of the attendance of the Members at the Committee meeting are as follows:
Name of Member of the Committee No. of meetings held during No. of meetings the tenure of the Member attended by the Member Mr. Prakash Apte, Chairman 1 1 Mr. Uday Kotak, Member 1 1 Mr. Paresh Parasnis, Member 1 NIL Ms. Anita Ramachandran, Member 1 1
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 Chief Risk Officer, 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.
• 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).
• Review of the expense allocation methodology to ensure fair allocation of expenses to participating business.
As required by the Corporate Governance Guidelines issued by IRDAI, the terms of reference of the Committee shall also include the following:
• Determining the share of assets attributable to the policyholders, investment income attributable to the participating fund of policyholders and expenses allocated to the policyholders
During the year, two meetings of the Committee were held on April 25, 2019 and March 17, 2020.
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 No. of meetings the tenure of the Member 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. Heerak Basu, Independent Actuary, Member 2 2
23 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 Committee was held during the Financial Year.
ADDITIONAL DISCLOSURES MANDATED BY CORPORATE GOVERNANCE GUIDELINES
A. FINANCIAL AND OPERATING RATIOS NAMELY, INCURRED CLAIM, COMMISSION AND EXPENSES RATIOS
Particulars Year ending March 2020 Year ending March 2019 1) Claims Ratio a. Claims as % of Total Premium 7.34% 7.03% (Claims does not include Surrender, Maturity and Survival Benefits) b. Surrender, Maturity and Survival Benefits as % of Total 27.21% 28.91% Premium 2) Commission Ratio a. New Business Commission as a % of New Business 6.9% 8.6% Premium b. Total Commission as a % of Total Premium 5.0% 5.8% 3) Expenses Ratio a. Policy holder expenses as a % of Total Premium 14.4% 16.3% b. Ratio of expenses of management (3b = 2b + 3a) 19.4% 22.1%
B. ACTUAL SOLVENCY MARGIN/RATIO DETAILS VIS–A-VIS THE REQUIRED MARGIN Particulars Year ending Year ending March 2020 March 2019 Actual Solvency Ratio 2.9 3.02 Required Solvency Ratio 1.50 1.50
C. CONSERVATION RATIO Particulars Year ending Year ending March 2020 March 2019 Conservation Ratio (Individual) 88.9% 86.9% (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.
24 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
F. DETAILS OF NUMBER OF DEATH CLAIMS INTIMATED, DISPOSED OFF AND PENDING WITH DETAILS OF DURATION Total Death Claims Summary Mar-20 Mar-19 Count (` Cr) Count (` Cr) Claims O/S at Start of Year 188 5.77685 24 5.54 Claims Intimated 76138 860.367 56370 661.22 Claims Settled 75690 812.859 55834 627.05 Claims Repudiated 464 33.024 372 33.89 Claims Rejected 0 0 0 0.00 Claims Unclaimed* (in the Year) 0 0 0 0.00 Claims O/S from date of intimation at End of Year* 172 20.2609 188 5.82 *Ageing for Claims O/S from date of inception at End of Year Less than 3 months 50 12.7287 180 3.52 3 months and less than 6 months 22 0.39 0.00 0.00 6 months and less than 1 year 51 1.35093 1.00 1.20 1 year and above 49 5.79127 7.00 1.11 Total 172 20.2609 188 5.834
*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, Muralikrishna Cheruvu 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.
Sd/- Muralikrishna Cheruvu Company Secretary & Chief Compliance Officer
25 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 61 years, holds a Bachelor’s degree in Commerce, and a MMS degree from Jamnalal Bajaj Institute of Management Studies, Mumbai. He is the Managing Director & CEO of the Bank and its promoter. Under Mr. Kotak’s leadership, over the past 34 years, the Kotak 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 International Advisory Board of GIC Private Limited, Singapore and International Advisory Panel of Monetary Authority of Singapore, Member of the Board of Governors of Indian Council for Research on International Economic Relations 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, ‘Businessman of the Year 2016’ by Business India and Lifetime Achievement Award at Financial Express Best Banks’ Awards 2016 amongst many others. Status of other Directorship Kotak Mahindra Bank Limited Kotak Securities Limited Kotak Mahindra Investments Limited Kotak Mahindra Asset Management Company Limited Kotak Mahindra Capital Company Limited Kotak Mahindra Prime Limited Infrastructure Leasing & Financial Services Mr. Uday Kotak is also a member of the Stakeholders Relationship Committee of the Bank and Chairman of the Audit Committee of Kotak Mahindra Capital Company 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 33 years’ experience of which 25 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
26 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
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 investors 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.
During more than 39 years of very successful professional career, 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.
Apart from Syngenta India, Mr. Apte is presently Chairman of Kotak Mahindra Bank Limited & serves on the Boards of Fine Organics Ltd, Indo Swiss Centre of Excellence & Syngenta Foundation India. Status of other Directorship Kotak Mahindra Bank Limited Syngenta India Ltd. Syngenta Foundation India Indo-Swiss Centre of Excellence Fine Organic Industries 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, and Piramal 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 34 years with major strengths in strategy, project management, time bound execution and building robust & customer friendly servicing models. Status of other Directorship Piramal Udgam Data Management Solutions Invesco Asset Management (India) Private Limited Piramal Foundation, USA Mr. Paresh Parasnis is also a Chairman of the Audit Committee of Invesco Asset Management (India) Private Limited.
27 Name Ms. Anita Ramachandran – Independent and Woman 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 43 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 and worked there for 19 years and was finally a Director. 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 for her work in Strategic HR. Anita has advised a large number of companies in the BFSI sector. 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 in the Advertising Standards Council of India. Status of other Directorship Cerebrus Consultants Private Limited Godrej & Boyce Manufacturing Co Ltd. Rane (Madras) Limited Aditya Birla Housing Finance Limited Oxfam India IDFC Asset Management Company Limited FSN E-Commerce Ventures Private Limited Utkarsh Small Finance Bank Limited Wheelsemi Private Limited Grasim Industries Limited Samhi Hotels 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 and has over 34 years of experience in the financial services sector, 28 years of which have been with the Kotak Group.
He is the Joint Managing Director of the Kotak Mahindra Bank. He helms numerous functions including Compliance, Vigilance, Internal Audit, Human Resources, IT including Cyber Security, Digital Initiatives, Customer Experience, Marketing & Communications, Environment Social Governance (ESG) and Corporate Social Responsibility (CSR).
He was responsible for leading the Kotak Group’s initiatives into the banking arena. Prior to this, he was the CEO of Kotak Prime.
Prior to joining the Kotak Group, he was with AF Ferguson & Company for approximately six years. Status of other Directorship Kotak Mahindra Bank Limited Kotak Mahindra Capital Company Limited Kotak Investments Advisors Limited Kotak Mahindra (UK) Limited Kotak Mahindra Inc. Kotak Infrastructure Debt Fund Limited
28 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
Name Mr. Gaurang Shah- Non Executive Director (DIN: 00016660) Qualification M.Com, ACA, Grad CWA, LCS Brief Details Gaurang Shah is a whole-time director on the board of Kotak Mahindra Bank. He is also a part of the Group Management Council that drives Kotak Mahindra Group’s growth charter.
Gaurang oversees the Insurance, Asset Management including Alternate Assets and Asset Reconstruction businesses and is Non-Executive Director on the boards of the insurance, asset management and international business entities, which are wholly owned subsidiaries of Kotak Mahindra Bank.
Prior to this, Gaurang headed Group Risk Management.
Gaurang has over 35 years of experience largely in financial services, of which over 23 years have been with the Kotak Mahindra Group. He has played a key role in building the Group’s consumer banking and life insurance businesses, and has held several positions of responsibility, including Head of Retail Assets at Kotak Mahindra Bank. He was also the Head of Kotak Mahindra Primus (a joint venture between Kotak Mahindra Group and Ford Credit International), which became Kotak Mahindra Prime Ltd (in 2006) - one of India’s leading automobile finance companies.
Gaurang is a Chartered Accountant (CA) from ICAI and M.Com from Gujarat University. Status of other Directorship Kotak Mahindra Bank Limited Kotak Mahindra Asset Management Company Limited Kotak Mahindra (UK) Limited Kotak Mahindra Inc. Kotak Mahindra Asset Management (Singapore) Pte. Ltd. Kotak Mahindra General Insurance Limited Kotak Investment Advisors 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
29 Lakh) Amount or through or through agency (Rs. spent Direct spent Direct implementing Implementing Agency – 6.00 Implementing Agency – 364.0 onwards. KEF also works onwards. th 523.8 361.0 (Rs. Lakh) reporting period reporting Cumulative up to (since FY 2014-15) 0.3 Lakh was unspent by the NGO, as of March 31, ` 0.9* Lakh) 50.8** 84.3 Lakh was unspent by the NGOs, as of March 31, 2020. ` the year – wise actual Programme Programme spend during Overheads (Rs. 4.8* Lakh) 228.9** wise actual Programme Programme spend during the year – Direct the year – Direct expenditures (Rs. expenditures 6.0 wise 734.0 Lakh) budgeted Programme Programme amount (Rs. Area of Projects of Projects Area implementation Name of the District/s, State/s were projects where undertaken Mumbai, Maharashtra Mumbai-Maharashtra Nadu, Chennai - Tamil Bengal, Kolkata - West Bengaluru - Karnataka Your Company implements its ‘Education & Livelihood’ in Mumbai and the neighboring districts/regions with and through its partner NGO – Kotak with and through Company implements its ‘Education & Livelihood’ in Mumbai and the neighboring districts/regions Your underprivileged families in Mumbai city & suburban to empower young people from Company is running programmes Education Foundation. Your with NGO your Company has partnered implement these programmes, various education-based initiatives vocational training. To through areas Kotak Education Foundation (KEF). training support to the leaders and teachers of schools the Education system by providing Mumbai to strengthen KEF works extensively across class 6 from UMANG works with the children the spoken English programme its LEAD and GURU Programmes, through on the health aspects of the students by providing nutritious meals through Mid-Day Meal Programme, Kishori Sehat Abhiyan, and Eye-care. Kishori Sehat Abhiyan, and Eye-care. Mid-Day Meal Programme, nutritious meals through on the health aspects of students by providing Sector (as per Schedule 7) education Promoting and employment enhancing vocation skills health care Promoting including preventive health care 364.0 Lakh CSR Expenditure payment made to partner NGOs by the Company under its Programme on Healthcare in FY 2019-20, ` 6.0 Lakh CSR Expenditure payment made to partner NGO by the Company under its Programme on Education & Livelihood in FY 20 19-20, ` CSR Programme/ CSR Programme/ Intervention Area Education & Livelihood Healthcare Sl. No 1 2 Kotak Mahindra Life Insurance Company Limited Annexure-2 The details of CSR activities and spends under Section 135 the Companies Act, 2013 for FY 2019-20. *Out of Programmes in FY2020-21. 2020. The NGO has assured that it will utilise these unspent CSR funds towards the Company’s **Out of Programmes in FY2020-21. The NGOs have assured that they will utilise these unspent CSR funds towards the Company’s Education & Livelihood or self-reliant. which trains youth to become either job ready is the skill training programme building their capacities. UNNATI, thereby works with the parents Programme PARVARISH Healthcare its implementation partner NGO Company with and through needs. Your as well curative healthcare both preventive Company has undertaken several initiatives that address Your Your in FY2019-20. and Bangalore Chennai, Kolkata the city of 3,17,726 beneficiaries in to about services healthcare primary has provided (Wockhardt), Foundation - Wockhardt Company also supported 166 22,688 people in FY2019-20. Your on Diabetes and also screened awareness Networking to create with Apollo Telemedicine Company also partnered its implementation partner Madat Charitable Trust. Memorial Hospital through in Tata underprivileged sections of the society seeking treatment cancer patients in FY2019-20 from
30 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
Form No. MGT-9 ANNEXURE 3 EXTRACT OF ANNUAL RETURN as on the financial year ended on March 31, 2020 [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 Life Insurance Company 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) Whether listed company Yes / No No vii) Name, Address and Contact details of Registrar and M/S. LINK INTIME INDIA PVT. LTD. Transfer Agent, if any C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083 Phone: +91 22 49186000
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:- Sl. Name and Description of main products / NIC Code of the Product/ % to total turnover of the No. services service company 1 Life Insurance 65110 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. Name and Address of the Company CIN/GLN Holding / % of Applicable Subsidiary / shares Section No. Associate held 1 Kotak Mahindra Bank Limited L65110MH1985PLC038137 Holding 77% 2(46) Company
31 IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) i) Category-wise Share Holding Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during the Demat Physical Total % of Demat Physical Total % of Total year Total Shares Shares A. Promoters 1) Indian a) Individual / HUF ------b) Central Govt ------c) State Govt(s) ------d) Bodies Corp 11,73,66,753 - 11,73,66,753 23% 11,73,66,753 - 11,73,66,753 23% Nil e) Banks/FI 13,26,75,452 26,02,48,044 39,29,23,496 77% 13,26,75,452 26,02,48,044 39,29,23,496 77% Nil f) Any Other ------Sub total (A) (1) 25,00,42,205 26,02,48,044 51,02,90,249 100% 25,00,42,205 26,02,48,044 51,02,90,249 100% Nil 2) Foreign a) NRIs - Individuals ------b) Other – Individuals ------c) Bodies Corp. ------d) Banks / FI ------e) Any Other…. ------Sub total (A) (2) ------Total shareholding of Promoter 25,00,42,205 26,02,48,044 51,02,90,249 100% 25,00,42,205 26,02,48,044 51,02,90,249 100% Nil (A) = (A)(1)+(A)(2) B. Public Shareholding 1. Institutions a) Mutual Funds ------b) Banks / FI ------c) Central Govt ------d) State Govt(s) ------e) Venture Capital ------Funds f) Insurance Companies ------g) FIIs ------h) Foreign Venture ------Capital Funds i) Others (specify) ------Sub-total (B)(1):------2. Non-Institutions a) Bodies Corp. ------i) Indian ------ii) Overseas ------
32 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during the Demat Physical Total % of Demat Physical Total % of Total year Total Shares Shares b) Individuals ------i) Individual ------shareholders holding nominal share capital upto ` 1 lakh ii) Individual ------shareholders holding nominal share capital in excess of ` 1 lakh c) Others (specify) ------Sub-total(B)(2):------Total Public Shareholding ------(B)=(B)(1)+ (B)(2) C. Shares held by Custodian ------for GDRs & ADRs Grand Total (A+B+C) 25,00,42,205 26,02,48,044 51,02,90,249 100% 25,00,42,205 26,02,48,044 51,02,90,249 100% Nil
(ii) Shareholding of Promoters Sl. Shareholder’s Name Shareholding at the beginning of the Shareholding at the end of the year % change N o. year in share- holding No. of Shares % of %of Shares No. of Shares % of %of Shares during the total Pledged / total Pledged / year Shares encumbered Shares encumbered of the to total of the to total company shares company shares 1 Kotak Mahindra Bank Ltd. 39,29,23,496 77% - 39,29,23,496 77% - - 2 Kotak Mahindra Capital Company 6,33,66,753 12.42% - 6,33,66,753 12.42% - - Limited 3 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% - -
33 (iii) Change in Promoters’ Shareholding - ( please specify, if there is no change)
There have been no changes in the Promoters’ shareholding
Sl. Shareholding at the Cumulative Shareholding No. beginning of the year during the year No. of % of total No. of % of total shares shares of the shares shares of the company company At the beginning of the year - - - - Date wise Increase / Decrease in Promoters Share holding during - - - - the year specifying the reasons for increase/ decrease (e.g. allotment / transfer / bonus/ sweat Equity etc) At the End of the year - - - -
(iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): Sl. Name of the Share Shareholding at the Increase/Decrease in Cumulative Shareholding Shareholding at the end no. Holder beginning of the year Shareholding during the year of the year No. of % of total No. of % of total No. of % of total No. of % of total shares shares shares shares shares shares shares shares of the of the of the of the company company company company 1 Kotak Mahindra 39,29,23,496 77% - - 39,29,23,496 77% 39,29,23,496 77% Bank Limited 2 Kotak Mahindra 5,40,00,000 10.58% - - 5,40,00,000 10.58% 5,40,00,000 10.58% Prime Limited 3 Kotak Mahindra 6,33,66,753 12.42% - - 6,33,66,753 12.42% 6,33,66,753 12.42% Capital Company Limited
(v) Shareholding of Directors and Key Managerial Personnel: Sl. Name of the Share Shareholding at the Increase/Decrease in Cumulative Shareholding Shareholding at the end no. Holder beginning of the year Shareholding during the year of the year No. of % of total No. of % of total No. of % of total No. of % of total shares shares shares shares shares shares shares shares of the of the of the of the company company company company 1 Mr. Uday Kotak 10 (jointly - - - 10 (jointly - 10 (jointly - with Kotak with Kotak with Kotak Mahindra Mahindra Mahindra Bank Ltd.) Bank Ltd.) Bank Ltd.) 2 Mr. Shivaji Dam ------3 Mr. Prakash Apte ------4 Mr. Paresh Parasnis ------5 Ms. Anita ------Ramachandran 6 Mr. Dipak Gupta 10 (jointly - - - 10 (jointly - 10 (jointly - with Kotak with Kotak with Kotak Mahindra Mahindra Mahindra Bank Ltd.) Bank Ltd.) Bank Ltd.)
34 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
Sl. Name of the Share Shareholding at the Increase/Decrease in Cumulative Shareholding Shareholding at the end no. Holder beginning of the year Shareholding during the year of the year No. of % of total No. of % of total No. of % of total No. of % of total shares shares shares shares shares shares shares shares of the of the of the of the company company company company 7 Mr. Gaurang Shah 10 (jointly - - - 10 (jointly - 10 (jointly - with Kotak with Kotak with Kotak Mahindra Mahindra Mahindra Bank Ltd.) Bank Ltd.) Bank Ltd.) 8 Mr. G. Murlidhar ------9 Mr. Cedric ------Fernandes 10 Mr. Muralikrishna ------Cheruvu
V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment: NIL Secured Loans Unsecured Deposits Total excluding Loans Indebtedness deposits Indebtedness at the beginning of the financial year i) Principal Amount - - - - ii) Interest due but not paid - - - - iii) Interest accrued but not due - - - - Total (i+ii+iii) - - - - Change in Indebtedness during the financial year - Addition - - - - - Reduction - - - - Net Change - - - - Indebtedness at the end of the financial year i) Principal Amount - - - - ii) Interest due but not paid - - - - iii) Interest accrued but not due - - - - Total (i+ii+iii) - - - -
35 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. Particulars of Remuneration for Mr. G. Murlidhar, Managing Director Total no. 1 Gross salary* (a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 400.68 (b) Value of perquisites u/s 17(2) of Income-tax Act, 1961 - (c) Profits in lieu of salary under section 17(3) of Income- tax Act, 1961 - 2 Stock Option@ Cost included in 1 (b) above 3 Sweat Equity - 4 Commission - as % of profit - - Others, - 5 Others, please specify - Employer Contribution towards PF Employer Contribution towards Superannuation 42.87 Employer Contribution towards NPS Gratuity N.A. Cash Bonus N.A. Total (A) 443.55 Ceiling as per the Act** N.A.
Notes: @ The perquisite value towards stock options includes the difference between exercise price & market price on the date of exercise. The same is not paid by the Company. The amount is Rs. 2,67,28,276/- * 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.
36 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report
B. Remuneration to other directors (Amount in lacs) SL. Particulars of Remuneration Name of Director Total No. Mr. Prakash Mr. Paresh Mr. Shivaji Ms. Anita Amount Apte Parasnis Dam Ramachandran 1 Independent Directors • Fee for attending board /committee 6.30 3.90 - 3.60 13.80 meetings • Commission* 6.00 6.00 - 6.00 18.00 • Others - - - - - Total (1) 12.30 9.90 - 9.60 31.80 2 Other Non-Executive Directors Fee for attending board / committee meetings - - 4.20 - 4.20 Commission* - - 6.00 - 6.00 Others - - - - - Total (2) - 10.20 10.20 Total (B)=(1+2) 12.30 9.90 10.20 9.60 42.00 Total Managerial Remuneration 12.30 9.90 10.20 9.60 42.00 Overall Ceiling as per the Act NA NA NA NA NA *Rs. 5 Lakh pertains to the F.Y. 2018-19 which was approved by the shareholders in the Annual General Meeting held on July 19, 2019 and Rs.6 Lakh for F.Y. 2019- 20 which is subject to the approval by the Shareholders in the ensuing Annual General Meeting. C. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD
(Amount in lacs rounded off to the nearest rupee) Sr. Particulars of Remuneration for CFO and CS Key Managerial Personnel no. Company CFO Total Secretary 1 Gross salary* (a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 (b) Value of perquisites under section 17(2) of Income-tax Act, 1961 8,351 11,779 20,130 (c) Profits in lieu of salary under section 17(3) of Income-tax Act, 1961 2 Stock Option@ Cost included in 1 (b) above 3 Sweat Equity - 4 Commission - as % of profit - - others - 5 Others, please specify Employer Contribution towards PF Employer Contribution towards Superannuation 312 1,061 1,373 Employer Contribution towards NPS
Gratuity - Cash - Total 8,663 12,840 21,503
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 Rs. 12,26,044/- for the Company Secretary and Rs. 22,34,629/- 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.
37 VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NIL Type Section of the Brief Details of Authority Appeal made, Companies Description Penalty / [RD / NCLT / if any Act Punishment / COURT] Compounding fees imposed A. COMPANY - - - - - Penalty - - - - - Punishment - - - - - Compounding - - - - - B. DIRECTORS - - - - - Penalty - - - - - Punishment - - - - - Compounding - - - - - C. OTHER OFFICERS IN DEFAULT - - - - - Penalty - - - - - Punishment - - - - - Compounding - - - - -
38 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Directors' Report Form No. MR-3 SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2020 [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 LIFE INSURANCE COMPANY LIMITED We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Kotak Mahindra Life Insurance Company Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company, the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, the explanations and clarifications given to us and the representations made by the Management and considering the relaxations granted by The Ministry of Corporate Affairs warranted due to the spread of the COVID-19 pandemic, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2020, 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:
We have examined the books, papers, minute books, forms and returns filed and other records made available to us and maintained by the Company for the financial year ended on 31st March, 2020 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (Not applicable to the Company during the audit period)
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not applicable to the Company during the audit period)
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and amendments from time to time; (Not applicable to the Company during the audit period)
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and amendments from time to time; (Not applicable to the Company during the audit period);
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014; (Not applicable to the Company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the Company during the audit period)
(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;(Not applicable to the Company during the audit period)
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the audit period) and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 and amendments from time to time; (Not applicable to the Company during the audit period)
(iv) Other Regulations applicable specifically to the Company namely:-
a. Insurance Act, 1938 and Regulations, Guidelines and Directions issued by the Insurance Regulatory & Development Authority of India (IRDAI)
39 We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice was given to all directors to schedule the Board Meetings. Agenda and detailed notes on agenda were sent at least seven 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.
Decisions at the Board Meetings were taken unanimously.
We 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.
We further report that during the audit period no event occurred which had bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, standards, guidelines etc.
For Parikh & Associates Company Secretaries
Sd/- Signature Sarvari Shah Place: Mumbai Partner Date: May 01, 2020 FCS No: 9697 CP No: 11717 UDIN : F009697B000194191 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.
40 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Secretarial Audit Report
‘ANNEXURE A’
To, The Members,
KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED
Our report of even date is to be read along with this letter.
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 process 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 process 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 procedure 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.
For Parikh & Associates Company Secretaries
Sd/- Signature Sarvari Shah Place: Mumbai Partner Date: May 01, 2020 FCS No: 9697 CP No: 11717 UDIN : F009697B000194191
41 Management Report FOR THE YEAR ENDED MARCH 31, 2020
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, and circulars/guidelines issued by IRDAI thereafter, the following Management Report is submitted for the financial year ended March 31, 2020:
1. Certificate of Registration: The Certificate of Registration under Section 3 of the Insurance Act, 1938 was granted by IRDAI on January 10, 2001. Pursuant to Section 3 read with Section 3A as amended by Insurance Laws (Amendment) Act, 2015, the process of annual renewal of the Certificate of Registration issued to insurers was deleted. Consequently, the Certificate of Registration granted by the IRDAI to insurers continues to be in force provided the insurers pay the annual fees within prescribed time and in prescribed manner.
The Company has paid the annual fees to IRDAI for the FY 2020-21. The Certificate of Registration is valid as on March 31, 2020 and the same continues to be in force.
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 was in accordance with the requirements of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015, (‘Act’) and the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000. 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 as amended by the Insurance Laws (Amendment) Act, 2015 and the regulations prescribed by IRDAI (Assets, Liabilities and Solvency margin of Insurers) Regulations,2016.
The actual solvency ratio as compared to required minimum solvency ratio of 150% as at March 31, 2020 is 290%. (March 31, 2019: 302%)
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 as amended by Insurance Laws (Amendment) Act, 2015, and all investments made are in accordance with IRDAI (Investment) Regulations, 2016, and orders/directions issued by IRDAI thereafter.
8. Risk exposure and Mitigation Strategies: 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 as follows:
a) Investment Risks - Market Risk, Credit Risk, Liquidity Risk and Interest Rate 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 is reviewed by the Board of Directors.
Market risks, credit risk, liquidity risk and interest rate risk form a part of the investment risk framework. The company seeks to minimize these risks through set policies in place. The Investment Committee has constituted the Asset & Liability Management
42 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Management Report
Committee (ALM) and Credit Committee. The Asset & Liability Management Committee (ALM) reviews the Asset Liability Management Strategy, Investment Risk Management Strategy and other related risks periodically. The Credit Committee approves the credit limit for each Investee Company and approves the initial investment in any company.
b) Insurance Risk Due to the inherent nature of the Insurance Business, the company is exposed to a large number of insurance risks namely mortality, morbidity, persistency and expense risk which are mitigated as follows:
Mortality and Morbidity risk: The Company seeks to minimize mortality and morbidity risks by diversifying its business portfolio, adhering to appropriate underwriting norms, intensive monitoring of the retention limits and diversification of the risk through reinsurance arrangements. The following controls have also been instituted to mitigate this risk.
a) 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.
b) 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.
c) Reinsurance controls The company uses competitive reinsurance arrangements, including catastrophe reinsurance to manage insurance risk. These arrangements are with financially sound reinsurers.
d) Experience analysis The Company conducts its experience analysis to ensure that corrective action can be initiated at the earliest opportunity and that assumptions used in product pricing are in line with experience.
Persistency risk The persistency risk is managed with the following approaches:
a) Product features: The Company uses features like bonuses, guaranteed additions and additional allocation of units to encourage policyholders to continue with the policy. However, such features are included strictly in compliance with the IRDAI product regulations issued from time to time.
b) Experience analysis: The Company conducts its experience analysis to ensure that corrective action can be initiated at the earliest opportunity and that assumptions used in product pricing are in line with experience.
c) Service initiatives: The Company uses a combination of proactive and reactive interventions to manage persistency. The interventions could include sending communication via different media like email, mailers, SMS to customers, reminders and telephonic interaction with customers, and visits to customers.
d) Aligning key performance areas: The Company uses different key performance areas for different levels of hierarchy in Sales and Operations to align interests and ensure adequate focus on persistency.
Expense risk 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.
43 The company seeks to minimize the potential impact of all insurance risks by an on-going monitoring of insurance risk experience, implementation of appropriate controls and adjusting its products and processes accordingly.
c) Operational Risk Operational risks are the risk of loss, resulting from inadequate or failed internal processes, people and systems or from external events. The company seeks to minimize the impact of these risks by regular monitoring of processes, systems and procedures, implementation of controls and ensuring backups for both systems and data are maintained.
The management uses the following approaches to manage this risk:
Operational Risk Management Framework The company has established an Operational Risk Management Framework to manage, control and mitigate operational risks. Each function is required to ensure that all processes are documented, process risks are identified and that steps are taken to mitigate identified operational risks. An independent risk management function, in turn, reviews the risks identified, the effectiveness of the operational controls and ensures that risk mitigation steps suggested are implemented. The Risk Management Committee which reports to the Board 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. The Company’s internal auditors review the processes, systems and procedures regularly. Reports of the auditors as well as the actions taken are reported to the Audit Committee of the Board.
Internal Financial Controls The Company has institutionalised a robust and comprehensive internal control mechanism across all the major processes. The Company, in addition to ensuring compliance to policies, regulations, processes etc., also test and report adequacy of internal financial controls with reference to financial reporting/statements. The statutory auditors provide an audit opinion on adherence to Internal Financial Controls.
Fraud Management The company follows both a proactive and reactive approach to manage fraud. Proactive management is done by using triggers to identify suspected frauds and through random sample checks. Reactive management is done through incident management. The company ensures implementation of controls to prevent repeat incidents, financial recovery process and disciplinary action against involved employees.
Outsourcing Controls Processes of the Company are outsourced as permitted under the regulatory guidelines. The Company carries out required due- diligence for any new activity or vendor empanelment. The Outsourcing Committee meets at periodic intervals and monitors compliance to the Outsourcing Policy in the company.
Information Security Controls The Company has well defined information security policy including areas of cyber security that ensures all information assets are safeguarded by establishing comprehensive management processes throughout the organization. The Information Security Committee meets at periodic intervals and reviews compliance to the various policies and norms governing Information Security in the company.
Whistle Blower Policy Whistle-blower policy facilitates reporting of observed breaches. Employee Code of Conduct that is laid out is with a malpractice matrix prescribing disciplinary action including caution, deterrent action and termination based on the nature and seriousness of non-compliant behavior.
d) Compliance Risk The company has a board approved Compliance policy in place to monitor compliance risk. The policy defines the processes to ensure adherence and compliance to the standards and procedures relating to compliance. The company has clearly defined and enforced the accountability of departments through a self-assessment compliance mechanism and periodic regulatory reporting calendar. Compliance trackers are maintained by the compliance department to manage timelines which are regulatory in nature are ensured. Sound compliance management process and information systems with a strong control culture have proven to be effective in managing compliance risks.
44 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Management Report
9. Operations in other countries: We hereby confirm that during the year ended March 31, 2020, your Company had no operations in other countries.
10. Ageing of claims: a) The average time taken by the company from the date of submission of the final requirement by the claimant to despatch of claim payment, in respect of mortality and morbidity claims are as follows:
Period Average time taken for claim settlement (in days) FY 2020 5 FY 2019 5 FY 2018 6 FY 2017 5 FY 2016 6 FY 2015 5
b) All ageing of mortality and morbidity claims registered and not settled as on March 31, 2020 has been detailed herein below :
Non Linked Business ( ` in lakhs) 0 to 30 days 30 days to 6 months 6 months to 1 year 1 year to 5 years 5 years and above Total Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Period of Claims Involved of Claims Involved of Claims Involved of Claims Involved of Claims Involved of Claims Involved FY 2020 107 1502.9 66 374.4 16 44.1 5 10.5 6 100.1 200 2032.00 FY 2019 176 170.0 4 181.56 0 0 3 19.12 4 91.45 187 462.13 FY 2018 7 186.5 11 252.29 0 0 6 120.5 2 8.81 26 568.1 FY 2017 16 15.57 19 112.2 1 4.43 27 197.91 7 27.26 70 357.37 FY 2016 90 116.55 36 278.82 14 72.74 21 168.04 3 16.32 164 652.47
Linked Business ( ` in lakhs) 0 to 30 days 30 days to 6 months 6 months to 1 year 1 year to 5 years 5 years and above Total Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Period of Claims Involved of Claims Involved of Claims Involved of Claims Involved of Claims Involved of Claims Involved FY 2020 0 0 0 0 0 0 0 0 0 0 0 0 FY 2019 0 0 0 0 1 120 0 0 0 0 1 120 FY 2018 0 0 0 0 0 0 0 0 0 0 0 0 FY 2017 9 38.27 2 0.04 0 0 2 7.55 2 0.87 15 46.73 FY 2016 9 13.95 8 22.16 3 0.26 3 9.5 7 1.78 30 47.65
Claims remain unpaid for want of proof of title or cause of death or pending other necessary documentation, to determine and discharge the claim liability.
Statement of Age – wise analysis of the Unclaimed Amount of Policyholders in accordance with IRDA circular no. IRDA/F&A/CIR/ Misc/173/07/2017dated 25-07-2017 has been disclosed under Note 16 – 27 (a) of the audited Financial Statements for the year ended 31st March 2020.
45 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 recorded at historical cost (excluding interest paid, if any), subject to 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 any share/security is not listed or traded on the NSE, the closing price on the BSE is used. Unlisted shares/ security or shares awaiting listing are stated at historical cost subject to provision for diminution, if any. In case of REIT and InvIT, where market quote is not available for the last 30 days, the Units shall be valued as per the latest NAV (not more than 6 months old) of the Units published by the trust. Investments in mutual funds are valued at the latest 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/security, units of mutual fund and Alternative Funds are taken to the “Fair Value Change Account” in the balance sheet. IRDAI master circular for Investment Regulations, 2016 allows insurers to deal in rupee denominated interest rate derivatives to hedge the volatility of returns from future fixed income investments, due to variations in market interest rates. Forward Rate Agreements (FRAs) contracted to hedge highly probable forecasted transactions on insurance contracts in life business are recognised at fair value, on the date on which the agreements are entered into and are re-measured at the fair value on the Balance Sheet date. Such agreements which are Interest rate derivative contracts for hedging of highly probable forecasted transactions on insurance contracts are accounted for in the manner specified in accordance with ‘Guidance Note on Accounting for Derivative Contracts’ issued by the Institute of Chartered Accountants of India (ICAI). All redeemable unlisted preference shares are considered as held to maturity and stated at historical cost. 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 expenses in the Revenue/Profit and Loss Account. Loans are stated at historical cost, subject to provision for impairment, if any. Norms laid down under Master Circular – IRDAI (Investment) Regulations, 2016 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. The investments in AT1 Bonds have been valued at an applicable market yield rates provided by CRISIL on the basis of Crisil Bond Valuer. Impairment provision on investments is done in accordance with the company’s policy on impairment. The outbreak of COVID–19 virus continues to spread across the globe including India, resulting in significant volatility in financial markets and a significant decrease in global and India’s economic activities. On March 11, 2020, this outbreak was declared a global pandemic by the World Health Organisation. On March 24, 2020, the Indian Government announced a 21 – days lockdown which was further extended by 19 days across the nation to contain the spread of the virus In preparing the financial statements as at March 31, 2020, the Company management has been required to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, equity, income and expenses. These estimates and associated assumptions, especially for determining the fair value of the Company investments, are based on historical experience and various other factors including the possible effects that may result from the pandemic. These estimates and associated assumptions are believed to be reasonable under the current circumstances. The Company has used internal and external sources of information including credit reports, economic forecasts and consensus estimates from market sources on the expected future performance of the underlying companies in developing the estimates and assumptions to assess the fair value of the investments as at March 31, 2020. Given the dynamic nature of the pandemic situation, the valuation of the Company’s investment value as at March 31, 2020 is subject to evolving uncertainty and may be affected in future by the severity and duration of the outbreak. In the event the impacts are more severe or prolonged than anticipated, this will have a corresponding impact on the carrying value of the Investments, the financial position and performance of the Company.
46 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Management Report
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 & TREPS 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 latest 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.
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 99.1% of the total investments, other than Equity Investment. 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 TREPS, 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 is maintained in all portfolios and asset classes.
b) The assets held under management are ` 34,91,45,030 thousands as on March 31, 2020 and is having the following bifurcation: (Amount in ‘000) PH - Non Linked PH - Unit Linked Shareholder’s Fund Funds Funds Total Investment Category Amount % age Amount % age Amount % age Amount % age Investments in 2,44,01,620 86.1% 13,89,04,648 74.2% 1,89,06,857 14.2% 18,22,13,125 52.2% Sovereign instruments AAA or Equivalent 25,18,523 8.9% 3,55,02,737 19.0% 5,36,14,941 40.2% 9,16,36,201 26.2% AA+ or AA 17,983 0.1% 9,92,921 0.5% 3,11,242 0.2% 13,22,146 0.4% AA- or lower up to A+ 22,005 0.1% 1,49,982 0.1% 19,584 0.0% 1,91,571 0.1% or Equivalent A or lower than A or - 0.0% 2,82,619 0.2% - 0.0% 2,82,619 0.1% Equivalent Unrated - 0.0% 4,52,157 0.2% - 0.0% 4,52,157 0.1% NPA - 0.0% 2,49,774 0.1% - 0.0% 2,49,774 0.1% Equity and other 13,87,302 4.8% 1,07,87,567 5.7% 6,06,22,568 45.4% 7,27,97,437 20.8% Instruments Grand Total 2,83,47,433 100.0% 18,73,22,405 100.0% 13,34,75,192 100.0% 34,91,45,030 100.0%
Note: Equity and Other Investments include Equity, Preference shares, Alternate Investment Fund, Exchanged Traded Funds, Real Estate Properties, Fixed deposits, Policy loan and Net Current Assets.
47 c) Returns generated by major Unit Linked themes as against their respective benchmarks over 1 year and 3 year are given below:
1 Year 3 Year Sr 1 Year Fund Benchmark 3 Year Fund Benchmark No Fund Name AUM in ‘000 Return Return Return Return 1 Classic Opportunities Fund 3,95,13,276 -23.1% -26.4% -3.0% -3.3% 2 Kotak Group Bond Fund 1,89,46,017 13.3% 12.6% 8.8% 8.1% 3 Kotak Dynamic Bond Fund 1,20,82,665 12.8% 12.6% 8.3% 8.1% 4 Kotak Group Balanced Fund 92,68,356 -8.9% -12.1% 2.7% 1.7% 5 Dynamic Floor Fund 61,91,000 -5.3% -3.0% 2.9% 4.5% 6 Frontline Equity Fund 58,71,831 -25.2% -26.6% -3.1% -3.0% 7 Money Market Fund 53,79,570 6.1% 6.4% 6.4% 7.0% 8 Kotak Opportunities Fund 53,66,572 -23.8% -26.4% -3.8% -3.3% 9 Kotak Group Secure Capital Fund 52,78,682 12.9% 12.6% 8.6% 8.1% 10 Kotak Guaranteed Growth Fund 49,54,687 -12.0% -4.3% 1.0% 3.9%
d) Performance of investment of Conventional portfolios over 1 year is given below Yield Particulars Mar-20 Mar-19 Investments-Shareholders’ Funds 8.4% 8.3% Investments-Policyholders’ Funds 8.8% 8.2%
Note: Returns calculated on the basis of mean yield, without considering unrealised gain/loss
13) Details of payments made to individuals, firms, companies and organizations in which the Directors are interested: The details of such payments for the year ended March 31, 2020 are given below:
Expense during the Sr. Name of the Entity in which Director is financial year No. Director/s interested Interested As ( `in lakhs) 1 Mr. Uday Kotak Kotak Mahindra Bank Ltd Managing Director & CEO 24,176.19 Mr. Dipak Gupta Jt. Managing Director Mr. Prakash Apte Chairman Mr. Gaurang Shah Whole-time Director 2 Directors on the board of Kotak Mahindra 249.36 Bank as : Mr. Uday Kotak Kotak Securities Ltd Managing Director & CEO Mr. Dipak Gupta Jt. Managing Director Mr. Prakash Apte Chairman Mr. Gaurang Shah Whole-time Director 3 Mr. Uday Kotak Kotak Mahindra Prime Ltd Chairman 4.57 4 Mr. Gaurang Shah Kotak Mahindra General Director 39.04 Mr. G. Murlidhar Insurance Company Ltd Director 5 Directors on the board of Kotak Mahindra 291.02 Bank as : Mr. Uday Kotak BSS Micro Finance Ltd Managing Director & CEO Mr. Dipak Gupta Jt. Managing Director Mr. Prakash Apte Chairman Mr. Gaurang Shah Whole-time Director 6 MR. Gaurang shah Kotal life Insurance Super Trustees 18 Mr.G. Murlidhar annuation fund 7 Mr. Uday Kotak Kotak Education Foundation Trustee (Resigned w.e.f. 27 Dec 2019) 6 Mr. Shivaji Dam Managing Trustee 8 Mr. Gaurang Shah Kotak Mahindra Life Insurance Trustees 825 Mr. G. Murlidhar Employees Gratuity Fund 9 Ms.Anita Dignity Foundation Trustee 0.93 Ramachandran Total 25,610.10 48 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Management Report
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 \deficit under the Revenue Account and of the profit in the Profit and Loss Account for the year ended March 31, 2020;
(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, amended by the Insurance Laws (Amendment) Act, 2015 and Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The financial statements are prepared on a going concern basis;
(e) An internal audit system commensurate with the size and nature of the business exists and is operating effectively.
For and on behalf of Board of Directors
Uday Kotak G. Murlidhar Chairman Managing Director Mumbai April 29, 2020
49 Independent Auditor’s Report
To the Members of Kotak Mahindra Life Insurance Company Limited (formerly known as “Kotak Mahindra Old Mutual Life Insurance Limited”)
Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Kotak Mahindra Life Insurance Company Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2020, 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”) and the Receipts and Payments Account for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
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 by 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”), circulars/ orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”) in this regard and the Companies Act, 2013, as amended (the “Act”) 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 insurance companies, of the state of affairs of the Company as at March 31, 2020, its net surplus, its profits, its receipts and payments for the year ended on that date.
Basis for Opinion We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Financial Statements’ section of our report. We are independent of the Company in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Other Information The Company’s Board of Directors is responsible for the other information. The other information comprises the Director’s Report along with Annexures and Management Report, but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the Financial Statements The Company’s Board of Directors is responsible for the matters stated in section 134(5) of 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, the IRDA Act, the IRDA Financial Statements Regulations, the circulars/orders/directions issued by the IRDAI in this regard and Companies (Accounting Standards) Rules, 2006 (as amended) specified under section 133 of the Act, read with the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 the 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.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Company’s financial reporting process.
50 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Independent Auditor's Report
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system with reference to Financial Statements and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
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, 2020 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, 2020 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 IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. 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 29, 2020 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.
2. As required by 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 our audit;
(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;
51 (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 dealt with by this Report are in agreement with the books of account;
(e) In our opinion, the aforesaid financial statements comply with the Companies (Accounting Standards) Rules, 2006 (as amended) specified under section 133 of the Act, read with the Companies (Accounts) Rules, 2014 to the extent not inconsistent with the accounting principles prescribed in the IRDA Financial Statements Regulations and circulars/orders/directions issued by the IRDAI 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, the Insurance Act, the IRDA Act and/or circulars/orders/directions issued by the IRDAI 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 IRDAI in this regard;
(h) In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid/ provided by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act read with Section 34A of the Insurance Act, 1938;
(i) On the basis of the written representations received from the directors as on March 31, 2020 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2020 from being appointed as a director in terms of Section 164 (2) of the Act;
(j) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company with reference to these financial statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure A” to this report;
(k) 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 – Refer Schedule 16 Note 5 to the financial statements;
ii. The liability for insurance contracts, is determined by the Company’s Appointed Actuary as per Schedule 16 Note 3 and Note 4, and is covered by the Appointed Actuary’s certificate, referred to in Other Matter paragraph above, on which we have placed reliance; and the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company for the year ended March 31, 2020.
For S. R. Batliboi & Associates LLP For Haribhakti & Co. LLP Chartered Accountants Chartered Accountants ICAI Firm Registration Number: ICAI Firm Registration No: 101049W/ E300004 103523W/W100048
Sarvesh Warty Purushottam Nyati Partner Partner Membership Number: 121411 Membership No: 118970 UDIN: 20121411AAAABR8402 UDIN: 20118970AAAABM7550 Place: Mumbai Place: Mumbai Date: April 29, 2020 Date: April 29, 2020
52 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Independent Auditor's Report Annexure “A” TO THE INDEPENDENT AUDITORS’ 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 with reference to Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the “Act”) We have audited the Internal Financial Controls with reference to Financial Statements of KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED (the “Company”) as of March 31, 2020 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 with reference to financial statements 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, circulars/orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”) in this regard.
Auditors’ Responsibility Our responsibility is to express an opinion on the Company’s Internal Financial Controls with reference to Financial Statements 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 with reference to Financial Statements 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 with reference to financial statements and their operating effectiveness. Our audit of Internal Financial Controls with reference to Financial Statements included obtaining an understanding of internal financial controls with reference to financial statements, 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 with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements A company’s internal financial control with reference to financial statements 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 with reference to financial statements 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 with reference to financial statements Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to Financial Statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
53 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 with reference to financial statements and such Internal Financial Controls with reference to Financial Statements were operating effectively as at March 31, 2020, based on the internal control with reference to financial statements 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, 2020. Accordingly the Internal Financial Controls with reference to Financial Statements 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 For Haribhakti & Co. LLP Chartered Accountants Chartered Accountants Firm Registration Number: Firm Registration No: 101049W/ E300004 103523W/W100048
Sarvesh Warty Purushottam Nyati Partner Partner Membership Number: 121411 Membership No: 118970 UDIN: 20121411AAAABR8402 UDIN: 20118970AAAABM7550 Place: Mumbai Place: Mumbai Date: April 29, 2020 Date: April 29, 2020
54 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Independent Auditors’ Certificate Independent Auditors’ Certificate
To,
The Board of Directors
7th Floor, Kotak Towers, Building No. 21, Infinity Park, Malad (East), Mumbai - 400097.
Independent Auditors’ Certificate as referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ forming part of the Independent Auditor’s Report dated April 29, 2020.
1. This certificate is issued to KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED (the “Company”) in accordance with the terms of engagement letter with 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 adequate internal controls suitable for ensuring compliance as aforesaid.
Independent Auditor’s 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) 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, 2020, we report that:
a) We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2020, and on the basis of our review, there is no apparent mistake or material inconsistency 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, the Company has complied with the terms and conditions of registration stipulated by IRDAI.
c) Considering the lock-down enforced by the Government of India from March 25, 2020 till May 3, 2020 with regards to COVID-19 pandemic, we have obtained the management certificate with respect to cash/cheques in hands as on March 31, 2020 at all the branches and verified the same on test check with the bank deposit slips produced before us. For securities relating to the Company’s loans and investments as at March 31, 2020, we have verified confirmations received from the Custodian appointed by the Company with the books of accounts. As at March 31, 2020, the Company does not have reversions and life interests.
d) 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.
55 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.
For S. R. Batliboi & Associates LLP For Haribhakti & Co. LLP Chartered Accountants Chartered Accountants Firm Registration Number: Firm Registration No: 101049W/ E300004 103523W/W100048
Sarvesh Warty Purushottam Nyati Partner Partner Membership Number: 121411 Membership No: 118970 UDIN: 20121411AAAABS9061 UDIN: 20118970AAAABP3001 Place: Mumbai Place: Mumbai Date: April 29, 2020 Date: April 29, 2020
56 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Independent Auditors’ Certificate Independent Auditors’ Certificate
To,
The Board of Directors
7th Floor, Kotak Towers, Building No. 21, Infinity Park, Malad (East), Mumbai - 400097
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 LIFE INSURANCE COMPANY LIMITED (the “Company”) in accordance with the terms of engagement letter with 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, 2020 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, 2020, 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 adequate internal control that were operating effectively relevant to declaration and application of NAV of the schemes that is free from material misstatement, whether due to fraud or error.
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, 2020 as a business day.
b) The Company has declared NAV for March 31, 2020.
c) The NAV of March 31, 2020 has been applied to applications received on Tuesday, March 31, 2020 upto 3.00 p.m. and
d) The NAV post March 31, 2020 has been applied to applications received on Tuesday, March 31, 2020 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, 2020 as a business day for accepting application forms and that it has declared NAV for March 31, 2020.
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, 2020 (collectively referred to as “application forms”), from the Management.
c) Relied upon the Certificate issued by the Concurrent Auditor to the Company in this regards.
d) Selected samples of application forms from listing mentioned in paragraph 5(b) above and verified whether:
i) the applications received on Tuesday, March 31, 2020, upto 3.00 p.m. have been processed with NAV of March 31, 2020;and
ii) the applications received on Tuesday, March 31, 2020, after 3.00 p.m. have been processed with NAV after March 31, 2020.
6. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) 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.
57 Opinion 8. On the basis of our examination and the information, explanations and representation provided to us by the Company, in our opinion:
a) The Company has declared NAV for March 31, 2020 which was a business day for accepting applications.
b) The applications received on Tuesday, March 31, 2020 upto 3.00 p.m. have been processed with NAV of March 31, 2020 and
c) The applications received on Tuesday, March 31, 2020 after 3.00 p.m. have been processed with NAV of any business day after March 31, 2020.
Restriction on Use 9. This opinion is issued at the request of the Company solely for use of the Company and onward submission to IRDAI 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 For Haribhakti & Co. LLP Chartered Accountants Chartered Accountants Firm Registration Number: Firm Registration No: 101049W/ E300004 103523W/W100048
Sarvesh Warty Purushottam Nyati Partner Partner Membership Number: 121411 Membership No: 118970 UDIN: 20121411AAAABT1676 UDIN: 20118970AAAABO8594 Place: Mumbai Place: Mumbai Date: April 29, 2020 Date: April 29, 2020
58 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Revenue Account
Registration No: 107; Date of registration: January 10, 2001 FORM A-RA Revenue Account for the year ended March 31, 2020 Policyholders’ Account (Technical Account) (Amounts in thousands of Indian Rupees) Year ended Year ended Particulars Schedule March 31, 2020 March 31, 2019 Premiums earned - net (a) Premium 1 103,400,786 81,682,903 (b) Re-insurance ceded (1,423,290) (1,176,430) (c) Re-insurance accepted - - SUB-TOTAL 101,977,496 80,506,473 Income from investments (a) Interest, Dividends and Rent Gross 17,429,523 13,636,477 (b) Profit on sale/ redemption of investments 14,053,020 12,231,245 (c) (Loss on sale/ redemption of investments) (7,111,665) (7,315,653) (d) Transfer/ Gain on revaluation/change in fair value* (22,052,443) 3,362,241 SUB-TOTAL 2,318,435 21,914,310 Contribution from Shareholders’ Account (Refer Schedule 16 - Note 11) 215,918 172,231 Contribution from Shareholders’ Account towards Excess EOM - - Other Income (a) Miscellaneous income 10,744 53,746 (b) Income on Unclaimed amount of Policyholders 17,343 25,098 (c) Profit on sale/disposal of fixed assets (Net) 1,822 2,102 SUB-TOTAL 29,909 80,946 TOTAL (A) 104,541,758 102,673,960 Commission 2 5,499,522 5,013,405 Operating Expenses related to Insurance Business 3 14,590,099 13,031,202 GST and Service Tax Expenditure on linked charges 641,317 596,540 Provision for doubtful debts - - Bad debts written off - - Provision for tax (Refer Schedule 16 Note 23 ( c) 2,021,423 602,670 Provisions (other than taxation) (a) For diminution in the value of investments (Net)((Refer Schedule 16 - Note 15 e (c)) 448,007 82,790 (b) For standard loan assets (474) (1,942) TOTAL (B) 23,199,894 19,324,665 Benefits paid (net) 4 35,722,280 29,356,973 Interim & Terminal Bonuses paid 269,181 195,308 Change in valuation of liability in respect of life policies (a) Gross ** 47,722,865 36,463,905 (b) Amount ceded in Reinsurance (792,300) (197,545) (c) Amount accepted in Reinsurance - - Provision for Linked Liabilities (5,920,953) 12,926,665 TOTAL (C) 77,001,073 78,745,306 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 4,340,791 4,603,989 APPROPRIATIONS Transfer to Shareholders' Account (Refer Schedule 16 - Note 10) 4,600,795 3,872,254 Transfer to Other Reserve - - Funds for Future Appropriations -Provision for lapsed policies unlikely to be revived - - Balance being Funds for Future Appropriations (260,004) 731,735 TOTAL (D) 4,340,791 4,603,989 SURPLUS/(DEFICIT) BROUGHT FORWARD 2,761,691 2,029,956 Surplus after Appropriation (260,004) 731,735 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 2,501,687 2,761,691 (a) Interim & Terminal Bonuses Paid 269,181 195,308 (b) Allocation of Bonus to Policyholders 3,915,079 2,710,048 (c) Surplus/ (Deficit) shown in the Revenue Account (260,004) 731,735 Total Surplus: [(a) + (b) + (c)] 3,924,256 3,637,091 * 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 We state that all expenses of the Management incurred by the Company in respect of Life Insurance business transacted in India by the Company have been fully debited to the Policyholders Revenue Account as expenses.
As per our report of even date attached For and on behalf of the Board of Directors For S.R. Batliboi & Associates LLP For Haribhakti & Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah Chartered Accountants Chartered Accountants Chairman Director Director ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660 101049W/E300004 103523W/W100048 Sarvesh Warty Purushottam Nyati G. Murlidhar Cedric Fernandes Sunil Sharma Partner Partner Managing Director Chief Financial Officer Appointed Actuary Membership No- 121411 Membership No- 118970 DIN : 03601196 Mumbai Mumbai Muralikrishna Cheruvu April 29, 2020 April 29, 2020 Company Secretary
59 Registration No: 107; Date of registration: January 10, 2001 FORM A-PL Profit And Loss Accountfor the year ended March 31, 2020 Shareholders’ Account (Non-technical Account) (Amounts in thousands of Indian Rupees) Year ended Year ended Particulars Schedule March 31, 2020 March 31, 2019 Amounts transferred from Policyholders’ Account (Technical Account) 4,600,795 3,872,254 (Refer Schedule 16 - Note 10) Income from Investments (a) Interest, Dividends and Rent Gross 2,051,304 1,678,660 (b) Profit on sale/ redemption of investments 32,633 1,999 (c) (Loss on sale/ redemption of investments) (104) (6,432) SUB-TOTAL 2,083,833 1,674,227 Other Income - - TOTAL (A) 6,684,628 5,546,481 Expenses other than those directly related to the insurance business 3A 31,678 15,916 Contribution to the Policyholders account towards Excess EOM - - Managerial Remuneration over and above the specified limit 29,355 25,207 Bad debts written off - - Provisions (other than taxation) (a) For diminution in the value of investments (Net) 749 1,874 (b) Provision for doubtful debts - - (c) Others - - Corporate Social Responsibility Expenditure (Refer Schedule 16 - Note 9 (b)) 37,000 26,000 Contribution to the Policyholders account (Refer Schedule 16 - Note 11) 215,918 172,231 TOTAL (B) 314,700 241,228 Profit before tax 6,369,928 5,305,253 Provision for taxation - Current Year 288,149 232,902 - Deferred tax charge / (credit) - - Profit after tax 6,081,779 5,072,351 Appropriations (a) Balance at the beginning of the year 21,830,354 16,758,003 (b) Interim dividends paid during the year - - (c) Proposed final dividend - - (d) Tax on dividend distributed - - (e) Transfer to reserves/ other accounts - - Profit / (Loss) carried to the Balance Sheet 27,912,133 21,830,354 Earnings Per Share (Basic and Diluted) (in ` )( Nominal value `10) 11.92 9.94 (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 and on behalf of the Board of Directors For S.R. Batliboi & Associates LLP For Haribhakti & Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah Chartered Accountants Chartered Accountants Chairman Director Director ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660 101049W/E300004 103523W/W100048 Sarvesh Warty Purushottam Nyati G. Murlidhar Cedric Fernandes Sunil Sharma Partner Partner Managing Director Chief Financial Officer Appointed Actuary Membership No- 121411 Membership No- 118970 DIN : 03601196 Mumbai Mumbai Muralikrishna Cheruvu April 29, 2020 April 29, 2020 Company Secretary
60 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Profit and Loss | Balance Sheet
Registration No: 107; Date of registration: January 10, 2001 FORM A-BS Balance Sheet as at March 31, 2020 (Amounts in thousands of Indian Rupees) As at As at Particulars Schedule March 31, 2020 March 31, 2019 SOURCES OF FUNDS Shareholders’ Funds: Share Capital 5 5,102,902 5,102,902 Reserves and Surplus 6 28,432,496 22,350,717 Credit/[Debit] Fair Value Change Account (2,623) - SUB-TOTAL 33,532,775 27,453,619 Borrowings 7 - - Policyholders’ Funds: Credit/[Debit] Fair Value Change Account (Refer Schedule 16 - Note 15(e)) (98,476) 2,052,181 Revaluation Reserve - Investment Property(Refer Schedule 16 - Note 15(d)) 433,139 343,721 Policy Liabilities (Refer Schedule 16 - Note 4(a)) 178,607,126 131,676,561 Insurance Reserves - - Provision for Linked Liabilities 129,630,886 136,934,394 Funds for Discontinued policies (Refer Schedule 16 - Note 28) - Discontinued on account of non-payment of premium 3,844,306 2,461,751 - Others - - SUB-TOTAL 312,416,981 273,468,608 Funds for Future Appropriations (Refer Schedule 16 - Note 18) 2,501,687 2,761,691 SUB-TOTAL 2,501,687 2,761,691 TOTAL 348,451,443 303,683,918 APPLICATION OF FUNDS Investments - Shareholders’ 8 28,347,433 23,098,187 - Policyholders’ 8A 186,430,867 139,719,495 Assets Held to Cover Linked Liabilities 8B 133,475,192 139,396,145 Loans 9 891,538 882,079 Fixed Assets 10 838,725 751,124 Current Assets Cash and Bank Balances 11 3,605,923 4,620,031 Advances and Other Assets 12 11,898,511 8,619,501 SUB-TOTAL (A) 15,504,434 13,239,532 Current Liabilities 13 14,882,085 13,076,745 Provisions 14 2,154,661 325,899 SUB-TOTAL (B) 17,036,746 13,402,644 Net Current Assets (C) = (A-B) (1,532,312) (163,112) Miscellaneous Expenditure (To the extent not written off or adjusted) 15 - - Debit Balance in Profit and Loss Account (Shareholders’ Account) - - TOTAL 348,451,443 303,683,918 Contingent liabilities - Refer note 5 of schedule 16 Significant accounting policies and Notes to the accounts 16 The Schedules and accompanying notes are an integral part of this Balance Sheet.
As per our report of even date attached For and on behalf of the Board of Directors For S.R. Batliboi & Associates LLP For Haribhakti & Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah Chartered Accountants Chartered Accountants Chairman Director Director ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660 101049W/E300004 103523W/W100048 Sarvesh Warty Purushottam Nyati G. Murlidhar Cedric Fernandes Sunil Sharma Partner Partner Managing Director Chief Financial Officer Appointed Actuary Membership No- 121411 Membership No- 118970 DIN : 03601196 Mumbai Mumbai Muralikrishna Cheruvu April 29, 2020 April 29, 2020 Company Secretary
61 Registration No: 107; Date of registration: January 10, 2001 Receipts And Payments Account for the year ended March 31, 2020 (Amounts in thousands of Indian Rupees) Year ended Year ended Particulars Schedule March 31, 2020 March 31, 2019 Cash Flows from Operating Activities Premium and Other receipt from Customer 100,731,536 80,657,164 Payments of other operating expenses1 (14,980,104) (11,695,697) Payments of commission and brokerage (5,499,355) (4,788,553) Deposits, advances and staff loans (3,590) (86,006) Payments to the re-insurers, net of commissions and claims (436,628) (342,911) Payment of Claims (36,370,294) (30,564,551) Income taxes paid (Net) (1,002,462) (821,590) Service Tax & GST paid (663,248) (496,354) Net cash flow from Operating Activities (A) 41,775,855 31,861,502 Cash Flows from Investing Activities Purchase of fixed assets (518,858) (462,855) Proceeds on sale of fixed assets 8,769 4,223 Interest and Dividend received on Investments (net of interest expended on 18,395,272 13,807,008 purchase of investments) Purchase of Investment (310,804,788) (329,869,860) Sale of Investment 259,104,798 287,548,116 Investments in money market instruments and in liquid mutual funds (Net) (2,169,924) (1,094,919) Loans disbursed (128,070) (61,334) Expense Related to Investment (7,183) (5,652) Net cash flow from Investing Activities (B) (36,119,984) (30,135,273) 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) 5,655,871 1,726,229 Cash and cash equivalents at the beginning of the year 12,318,033 10,591,802 Cash and Cash Equivalents at end of year 17,973,904 12,318,031 Notes: (a) Cash and cash equivalents at the end of the year includes: Cash (including cheques on hand, drafts and stamps) 162,766 1,752,645 Bank Balances (including deposits) 3,443,157 2,867,386 Other short term investment (maturing within 3 months) (Forming part 14,367,981 7,698,000 of investments as per schedule 8, 8A and 8B) 17,973,904 12,318,031 Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance (Schedule - 11) Cash & Cash Equivalent 17,973,904 12,318,031 Add : Deposit Account - Others (More than 3 months) - - Less : Other Short Term Investment (maturing within 3 months) 14,367,981 7,698,000 Cash & Bank Balance as per Schedule -11 3,605,923 4,620,031 1Includes Cash paid towards Corporate Social Responsibility expenditure ` 37,000 thousands (previous year ` 26,000 thousands) in the current financial year - Refer Schedule 16 - Note 9 (b) 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 the 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 and on behalf of the Board of Directors For S.R. Batliboi & Associates LLP For Haribhakti & Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah Chartered Accountants Chartered Accountants Chairman Director Director ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660 101049W/E300004 103523W/W100048 Sarvesh Warty Purushottam Nyati G. Murlidhar Cedric Fernandes Sunil Sharma Partner Partner Managing Director Chief Financial Officer Appointed Actuary Membership No- 121411 Membership No- 118970 DIN : 03601196 Mumbai Mumbai Muralikrishna Cheruvu April 29, 2020 April 29, 2020 Company Secretary
62 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Receipts And Payments | Scheduldes
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 Year ended Particulars March 31, 2020 March 31, 2019 First year Premium 31,091,622 25,340,697 Renewal Premium 52,343,083 41,911,758 Single Premium 19,966,081 14,430,448 Total Premium 103,400,786 81,682,903
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) Year ended Year ended Particulars March 31, 2020 March 31, 2019 Commission Paid First year Premium 3,122,264 3,204,019 Renewal Premium 1,666,257 1,314,552 Single Premium 425,100 228,676 Sub-total 5,213,621 4,747,247 Add: Commission on Re-insurance accepted - - Less: Commission on Re-insurance ceded - - Net Commission 5,213,621 4,747,247 Rewards 285,901 266,158 Total Commission including Rewards 5,499,522 5,013,405
Breakup of Gross Commission (Amounts in thousands of Indian Rupees) Year ended Year ended Particulars March 31, 2020 March 31, 2019 Agents 2,438,593 2,234,523 Brokers 258,154 205,800 Corporate Agents 2,516,449 2,306,431 Referral 425 493 Total 5,213,621 4,747,247
Note : (a) Refer Schedule 16 - Note 2(b) for accounting policy on acquisition cost.
63 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) Year ended Year ended Particulars March 31, 2020 March 31, 2019 1 Employees’ remuneration and welfare benefits (Refer Note-(b) below) 8,529,826 7,840,723 2 Travel, conveyance and vehicle running expenses 214,244 222,824 3 Rent, Rates and Taxes 535,509 527,073 4 Repairs 220,078 211,256 5 Printing and Stationery 121,318 147,616 6 Communication expenses 124,151 118,144 7 Legal and Professional charges 234,602 182,388 8 Medical fees 80,847 88,250 9 Auditors’ fees, expenses etc. (a) as auditor 7,844 7,887 (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) 1,378 1,408 below) 10 Advertisement and publicity 1,107,402 799,493 11 Interest and Bank charges 64,395 62,123 12 Others : Electricity charges 101,751 103,456 General administration and other expenses 309,071 396,674 Information Technology expenses 353,040 246,770 Membership and Subscription Fees 22,726 8,072 Recruitment expenses 55,248 54,364 Stamp Duty 423,370 400,154 GST and Service Tax Expenditure 96,700 60,199 Sales Promotion and Distribution expenses 1,368,397 1,017,989 Training expenses 208,756 154,350 13 Depreciation 409,446 379,989 Total 14,590,099 13,031,202
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)
64 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
SCHEDULE 3A : EXPENSES OTHER THAN THOSE DIRECTLY RELATED TO INSURANCE BUSINESS (Amounts in thousands of Indian Rupees) Year ended Year ended Particulars March 31, 2020 March 31, 2019 1 Employees’ remuneration and welfare benefits 6,969 7,012 2 Travel, conveyance and vehicle running expenses 139 133 3 Rent, Rates and Taxes 1,126 1,022 4 Printing and Stationery 13 8 5 Communication expenses 3 4 6 Legal and Professional charges 11,774 462 7 Interest and Bank charges 608 643 8 Depreciation 410 399 9 Auditors’ fees, expenses etc. 163 132 10 Director Fees and profit related commission 4,200 3,870 11 Other expenses 6,273 2,231 Total 31,678 15,916
SCHEDULE 4 : BENEFITS PAID (NET) (Amounts in thousands of Indian Rupees) Year ended Year ended Particulars March 31, 2020 March 31, 2019 1 Insurance Claims (a) Claims by Death 8,821,777 6,559,649 (b) Claims by Maturity 15,319,973 12,492,619 (c) Annuities/ Pension payment 141,737 65,831 (d) Other Benefits - Survival Benefits 1,035,427 496,154 - Surrenders 10,760,261 10,034,591 - Discontinuance payments 864,744 487,754 - Riders 14,011 9,408 - Legal/Ombudsman and Policy related provision (2,845) 9,890 - Unclaimed appreciation expense 17,343 25,098 Sub Total (A) 36,972,428 30,180,994 2 Amount ceded in reinsurance (a) Claims by Death (1,246,627) (824,021) (b) Claims by Maturity - - (c) Annuities/ Pension payment - - (d) Other Benefits - Survival Benefits - - - Surrenders - - - Discontinuance payments - - - Riders (3,521) - - Legal/Ombudsman and Policy related provision - - - Unclaimed appreciation expense - - Sub Total (B) (1,250,148) (824,021)
65 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
(Amounts in thousands of Indian Rupees) Year ended Year ended Particulars March 31, 2020 March 31, 2019 3 Amount accepted in reinsurance (a) Claims by Death - - (b) Claims by Maturity - - (c) Annuities/ Pension payment - - (d) Other Benefits - Survival Benefits - - - Surrenders - - - Discontinuance payments - - - Riders - - - Legal/Ombudsman and Policy related provision - - - Unclaimed appreciation expense - - Sub Total (C) - - Total (A)+(B)+(C) 35,722,280 29,356,973
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 (d) Claims include specific claims settlement costs, wherever applicable (e) Legal, other fees and expenses also form part of the claims cost, wherever applicable.
SCHEDULE 5 : SHARE CAPITAL (Amounts in thousands of Indian Rupees) As at As at Particulars March 31, 2020 March 31, 2019 Authorized Capital 625,000,000 (2019 – 625,000,000) Equity Shares of `10 each 6,250,000 6,250,000 Issued Capital 510,290,249 (2019 – 510,290,249) Equity Shares of `10 each 5,102,902 5,102,902 Subscribed Capital 510,290,249 (2019 – 510,290,249) Equity Shares of `10 each 5,102,902 5,102,902 Called-up Capital 510,290,249 (2019 – 510,290,249) Equity Shares of `10 each 5,102,902 5,102,902 Less: Calls unpaid - - Add: Shares forfeited (Amount originally paid up) - - Less: Par Value of Equity Shares bought back - - Less: Preliminary Expenses - - Less: Expenses on issue of shares - - Total 5,102,902 5,102,902
Notes: (a) Of the above, 392,923,496 (2019 – 392,923,496) Equity Shares of `10 each fully paid up are held by Kotak Mahindra Bank Limited, the holding company and its nominees, 54,000,000 (2019-54,000,000) and 63,366,753 (2019-63,366,753) 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.
66 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
SCHEDULE 5A : PATTERN OF SHAREHOLDING (As certified by the Management) (Amounts in thousands of Indian Rupees) As at March 31, 2020 As at March 31, 2019 Number of Number of Particulars Shares % Holding Shares % Holding Shareholders Promoters - Indian 510,290,249 100% 510,290,249 100% - Foreign - - - - Others - - - - Total 510,290,249 100% 510,290,249 100%
Kotak Mahindra Group now holds 100% of the equity shareholding in Kotak Mahindra Life Insurance Company Limited.
SCHEDULE 6 : RESERVES AND SURPLUS As at As at Particulars March 31, 2020 March 31, 2019 Capital Reserve - - Capital Redemption Reserve - - Securities Premium 520,363 520,363 Revaluation Reserve - - General Reserves - - Less: Debit balance in Profit and Loss Account - - Less: Amount utilized for Buy-back - - Catastrophe Reserve - - Other Reserve - - Balance of profit in Profit and Loss Account 27,912,133 21,830,354 Total 28,432,496 22,350,717
SCHEDULE 7 : BORROWINGS As at As at Particulars March 31, 2020 March 31, 2019 Debentures/ Bonds - - Banks - - Financial Institutions - - Others Total - -
67 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
SCHEDULE 8 : INVESTMENTS - SHAREHOLDERS’ (Amounts in thousands of Indian Rupees) As at As at Particulars March 31, 2020 March 31, 2019 LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 24,346,375 19,588,790 Other Approved Securities 1,315,810 990,492 Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds - 24,017 (e) Other Securities (including Fixed Deposits) - - (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity - - (b) Others 1,067,469 1,064,287 Other than Approved Investments (a) Equity 1,365,214 1,361,649 (b) Others 22,087 35,329 Total 28,116,955 23,064,564 SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills - - Other Approved Securities 4,998 4,890 Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 23,996 6,981 (e) Other Securities (including Fixed Deposits) 148,499 19,497 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity - - (b) Others 30,980 2,255 Other than Approved Investments (a) Equity - - (b) Others 22,005 - Total 230,478 33,623 Grand Total 28,347,433 23,098,187
68 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
As at As at Particulars March 31, 2020 March 31, 2019 In India 28,347,433 23,098,187 Outside India - -
As at As at Particulars March 31, 2020 March 31, 2019 (a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - - (c) Investment made out of Catastrophe reserve - - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 28,350,056 23,100,062 - Market Value 31,499,810 23,761,973 (e) The historical cost of those Investments whose reported valued is based on fair value is as given below - Reported Value 1,387,301 1,374,827 - Historical Cost 1,389,924 1,376,701 (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
SCHEDULE 8A : INVESTMENTS -POLICYHOLDERS’ (Amounts in thousands of Indian Rupees) As at As at Particulars March 31, 2020 March 31, 2019 LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 131,887,350 76,832,364 Other Approved Securities 17,883,808 16,325,423 Other Investments (a) Shares (aa) Equity 3,265,279 8,363,444 (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 1,949,113 5,306,300 (e) Other Securities (including Fixed Deposits) 2,672,920 2,089,960 (f) Subsidiaries - - (g) Investment Properties – Real Estate 2,018,720 2,270,062
69 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
(Amounts in thousands of Indian Rupees) As at As at Particulars March 31, 2020 March 31, 2019 Investment in Housing & infrastructure sector (a) Equity - - (b) Others 20,143,832 18,106,262 Other than Approved Investments (a) Equity 1,728,299 2,302,148 (b) Others 1,228,074 1,751,211 Total 182,777,395 133,347,174 SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 7,962 7,962 Other Approved Securities 10,000 22,496 Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 255,347 2,301,742 (e) Other Securities (including Fixed Deposits) 3,163,271 1,856,518 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity - - (b) Others 66,909 1,181,595 Other than Approved Investments (a) Equity - - (b) Others 149,983 1,002,008 Total 3,653,472 6,372,321 Grand Total 186,430,867 139,719,495
As at As at Particulars March 31, 2020 March 31, 2019 In India 186,430,867 139,719,495 Outside India - -
70 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
As at As at Particulars March 31, 2020 March 31, 2019 (a) Investment in fixed deposits/ debentures Holding Company - Kotak Mahindra - - Bank Ltd (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - - (c) Investment made out of Catastrophe reserve - - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 182,779,791 131,707,547 - Market Value 195,159,529 134,189,976 (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 8,240,372 14,246,770 - Historical Cost 7,976,733 11,969,977 (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
SCHEDULE 8B : INVESTMENTS - ASSETS HELD TO COVER LINKED LIABILITIES (Amounts in thousands of Indian Rupees) As at As at Particulars March 31, 2020 March 31, 2019 LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 5,483,694 12,920,270 Other Approved Securities 16,624,897 15,663,702 Other Investments (a) Shares (aa) Equity 43,079,630 64,699,743 (bb) Preference 3,168 7,362 (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 6,863,785 4,515,026 (e) Other Securities (including Fixed Deposits) - - (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investment in Housing & infrastructure sector (a) Equity 3,085,113 1,015,082 (b) Others 22,569,548 12,448,348 Other than Approved Investments (a) Equity 9,675,784 11,540,126 (b) Others 9,572 18,998 Total 107,395,191 122,828,657
71 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
As at As at Particulars March 31, 2020 March 31, 2019 SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 5,712,464 2,786,302 Other Approved Securities 136,843 258,662 Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 1,630,987 1,034,450 (e) Other Securities (including Fixed Deposits) 12,096,264 6,379,915 (f) Subsidiaries - - (g) Investment Properties – Real Estate - - Investments in Infrastructure and Social Sector (a) Equity Shares - - (b) Others 1,793,262 2,961,502 Other than Approved Investments (a) Equity Shares - - (b) Others 10,013 12,024 Net Current Assets 4,700,168 3,134,633 Total 26,080,001 16,567,488 Grand Total 133,475,192 139,396,145
As at As at Particulars March 31, 2020 March 31, 2019 In India 133,475,192 139,396,145 Outside India - -
As at As at Particulars March 31, 2020 March 31, 2019 (a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investment in unit of the funds of Kotak Mahindra Asset Management 2,156,570 3,418,890 Company Ltd including units of ETF - Investment in Kotak Mahindra Prime Ltd in Debentures 417,894 29,715 (c) Investment made out of Catastrophe reserve - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 75,529,451 61,374,094 - Market Value 77,631,496 62,133,831 (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 133,475,192 136,182,808 - Historical Cost 139,226,122 119,895,951 (f) Other Than Approved Investments (a) Equity includes Exchange Traded Funds 6,735,233 9,158,119 (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
72 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
SCHEDULE 9 : LOANS (Amounts in thousands of Indian Rupees) As at As at Particulars March 31, 2020 March 31, 2019 SECURITY–WISE CLASSIFICATION Secured (a) On mortgage of property (aa) In India 452,157 470,768 (bb) Outside India - - (b) On Shares, Bonds, Govt. Securities etc. - - (c) Loans against policies 439,381 311,311 (d) Others - 100,000 Unsecured - - Total 891,538 882,079 BORROWER-WISE CLASSIFICATION (a) Central and State Governments - - (b) Banks and Financial Institutions - 100,000 (c) Subsidiaries - - (d) Companies 452,157 470,768 (e) Loans against policies 439,381 311,311 (f) Others- Employees - - Total 891,538 882,079 PERFORMANCE-WISE CLASSIFICATION (a) Loans classified as standard (aa) In India 891,538 882,079 (bb) Outside India - - (b) Non-standard loans less provisions (aa) In India - - (bb) Outside India - - Total 891,538 882,079 MATURITY-WISE CLASSIFICATION (a) Short term 59,830 125,552 (b) Long Term 831,708 756,527 Total 891,538 882,079
Commitments made and outstanding for Loans ` Nil ( 2019- ` 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.
73 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 Depreciation Net Block As on As at As on As at As at As at April 1, On Sale/ March 31, April 1, For the On Sale/ March 31, March 31, March 31, Particulars 2019 Additions Adjustment 2020 2019 year Adjustment 2020 2020 2019 Goodwill ------Intangibles - Software * # 1,715,364 176,985 26,266 1,866,083 1,483,667 174,871 25,202 1,633,336 232,747 231,697 Land-Freehold ------Leasehold property ------Buildings ------Furniture and fittings ** 549,223 45,375 12,873 581,725 386,042 56,265 11,987 430,320 151,405 163,181 Information technology 709,410 110,933 56,991 763,352 499,446 127,093 56,631 569,908 193,444 209,964 equipment Vehicles 111,125 55,441 18,521 148,045 58,198 29,536 14,568 73,166 74,879 52,927 Office equipment 188,063 18,867 32,939 173,991 132,189 22,091 32,254 122,026 51,965 55,874 3,273,185 407,601 147,590 3,533,196 2,559,542 409,856 140,642 2,828,756 704,440 713,643 Capital Work-in-progress 134,285 37,481 Grand Total 3,273,185 407,601 147,590 3,533,196 2,559,542 409,856 140,642 2,828,756 838,725 751,124 Previous Year 2,852,622 506,354 85,791 3,273,185 2,262,823 380,388 83,669 2,559,542 751,124
* 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) As at As at Particulars March 31, 2020 March 31, 2019 Cash (including cheques on hand, drafts and stamps) 162,766 1,752,645 Bank Balances (a) Deposit Accounts (aa) Short-term (due within 12 months of the date of Balance Sheet) - - (bb) Others - - (b) Current accounts 3,443,157 2,867,386 (c) Others - - Money at Call and Short Notice (a) With Banks - - (b) With other Institutions - - Total 3,605,923 4,620,031 Balance with non-scheduled banks included above - - Cash and Bank balance In India 3,605,923 4,620,031 Outside India - - Total 3,605,923 4,620,031
74 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
SCHEDULE 12 ADVANCES AND OTHER ASSETS (Amounts in thousands of Indian Rupees) Particulars As at March 31, 2020 As at March 31, 2019 ADVANCES Reserve deposits with ceding companies - - Application money for investments - - Prepayments 132,639 135,140 Advance to Directors/ Officers - - Advance tax paid and Tax deducted at source (Refer Note (a) 179,814 179,814 below) Others :- Advances to suppliers 172,313 181,030 Capital Advances 20,812 16,648 Advances to employees 42,654 33,880 Total (A) 548,232 546,512 OTHER ASSETS Income accrued on investments 5,204,480 4,223,167 Outstanding Premiums 4,457,807 2,334,538 Agents Balances 51,926 45,348 Less: Provision for commission receivable (51,926) - (40,748) 4,600 Foreign Agencies Balances - - Due from other entities carrying on insurance business (including 19,599 24,763 reinsurers) Due from subsidiaries/ holding company 560 94 Others :- Security and other deposits 351,537 350,162 Advance GST, Service Tax & Unutilised Credit 350,133 459,491 Investment -Unclaimed 315,294 309,797 Income on Unclaimed amount of Policy Holders 25,485 44,550 Other Receivables 625,384 321,827 Total (B) 11,350,279 8,072,989 Total (A + B) 11,898,511 8,619,501
Note : (a) Advance tax paid and Taxes deducted at source
Particulars As at As at March 31, 2020 March 31, 2019 Provision for Tax (1,037,351) (1,037,351) Advance Tax and Tax deducted at source 1,217,165 1,217,165 Total 179,814 179,814
75 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements
SCHEDULE 13 CURRENT LIABILITIES (Amounts in thousands of Indian Rupees) Particulars As at As at March 31, 2020 March 31, 2019 Agents’ balances 709,097 783,269 Balance due to other insurance companies (net) 85,425 110,305 Deposits held on re-insurance ceded - - Premium received in advance 75,232 104,947 Unallocated premium (proposals/policy deposits) 2,065,007 2,564,178 Sundry creditors 231,301 133,741 Due to Holding company / Fellow Subsidiary 19,034 597 Claims outstanding 1,813,177 930,119 Unclaimed Amount of Policy Holders (Refer Note (a) below) 315,294 309,797 Income on unclaimed amount of Policy Holders 25,485 44,550 Annuities due 2,392 569 Due to Officers / Directors - - Others:- - Taxes deducted at source, payable 216,097 186,777 - Statutory dues payable 807,246 775,651 - Employee related and other payables 860,181 1,283,162 - Refunds Payable 199,285 225,196 - Security Deposit 58,448 58,448 - Expenses Payable 3,510,871 2,598,626 - Policy related payables 2,013,924 1,278,622 - Payable towards investments purchased 259,228 84,074 - Payable/ (Refund) to/from unit linked fund (Refer Note (b) below) 1,615,361 1,604,117 Total 14,882,085 13,076,745
Note: a) Refer Schedule 16 - Note 27 b) Refer Schedule 16 - Note 15(c)
76 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
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 As at As at March 31, 2020 March 31, 2019 For taxation (less payments and taxes deducted at source)-Refer Note (a) below 1,481,420 174,310
For proposed dividends - -
For dividend distribution tax - -
Others :-
Provision for gratuity - -
Provision for compensated absences 159,642 129,798
Provision for other employee benefits 23,557 19,508
Provision for standard loan assets and other investments 490,042 2,283
Total 2,154,661 325,899
Note : (a) Provision for taxes
Particulars As at As at March 31, 2020 March 31, 2019 Provision for Tax 4,137,438 1,827,866 Advance Tax and Tax deducted at source (2,656,018) (1,653,556) Total 1,481,420 174,310
SCHEDULE 15 MISCELLANEOUS EXPENDITURE (To the extent not written off or adjusted)
(Amounts in thousands of Indian Rupees)
Particulars As at As at March 31, 2020 March 31, 2019 Discount Allowed in issue of shares/ debentures - -
Others - -
Total - -
77 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule 16 : Notes to the financial statements
1 Background Kotak Mahindra Life Insurance Company Limited (‘the Company’), a subsidiary of the Kotak Mahindra Bank Limited, was incorporated on August 31, 2000 as a Company under the Companies Act, 2013 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. Pursuant to Section 3 read with Section 3A as amended by Insurance Laws (Amendment) Act, 2015, the process of annual renewal of the Certificate of Registration issued to insurers under Section 3 of the Insurance Act, 1938, was deleted. Consequently, the said certificate continues to be in force.
Kotak Mahindra Group holds 100% of the equity shareholding in Kotak Mahindra Life Insurance Company Limited.
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 notified 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.
Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in India (‘Indian GAAP’) requires the Management to make judgments, estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from the estimates. Any revision in accounting estimate is recognised prospectively in current and future periods.
Note on COVID - 19 The outbreak of COVID–19 virus continues to spread across the globe including India, resulting in significant volatility in financial markets and a significant decrease in global and India’s economic activities. On March 11, 2020, this outbreak was declared a global pandemic by the World Health Organisation. On March 24, 2020, the Indian Government announced a 21 – days lockdown which was further extended by 19 days across the nation to contain the spread of the virus.
In preparing the accompanying financial statements, the Company management has been required to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, equity, income and expenses. These estimates and associated assumptions, especially for determining the fair value of the Company investments, are based on historical experience and various other factors including the possible effects that may result from the pandemic. These estimates and associated assumptions are believed to be reasonable under the current circumstances. The Company has used internal and external sources of information including credit reports, economic forecasts and consensus estimates from market sources on the expected future performance of the underlying companies in developing the estimates and assumptions to assess the fair value of the investments as at March 31, 2020.
78 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Given the dynamic nature of the pandemic situation, the valuation of the Company’s investment value as at March 31, 2020 is subject to evolving uncertainty and may be affected in future by the severity and duration of the outbreak. In the event the impacts are more severe or prolonged than anticipated, this will have a corresponding impact on the carrying value of the Investments, the financial position and performance of the Company.
The significant accounting policies adopted by the Company are as follows:
(a) Revenue recognition :
Premium Income Premium (net of GST) is recognised as income when due from policyholders except on unit linked policies, where the premium is recognised when associated units are created.
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.
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.
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 realisable 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 accrual basis.
(b) Acquisition Costs Acquisition costs such as commission and medical fees are costs that vary with and are primarily related to the acquisition of new and renewal insurance contracts. Such costs are recognised in the year in which they are incurred.
(c) Benefits Paid Benefits paid comprises of policy death benefit, maturity, surrenders, survival benefits, discontinuance and other policy related claims 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
79 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 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. Death claim benefit includes specific claim settlement costs wherever applicable.
(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 generally accepted actuarial practices, the requirements of the Insurance Act, relevant regulations issued by IRDAI and Actuarial Practice Standards and Guidance Notes of the Institute of Actuaries of India.
(ii) 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.
(iii) 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.
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 Goods and Service Tax on brokerage where input tax credit is being claimed.
Bonus entitlements are recognised as investments on the ‘ex- bonus date’. Rights entitlements are recognised as investments on the ‘ex-rights date’.
Gain / Loss on transfer / sale of securities is the difference between the transfer / sale price and the net amortised cost / book value which is computed on a weighted average basis as on the date of transfer / sale. Sale consideration for the purpose of realised gain / loss is net of brokerage and taxes, if any.
i) Classification Investments maturing or having put or call option within twelve months from the Balance Sheet date and investments made with the specific intention to dispose them off within twelve months from the Balance Sheet date are classified as ‘Short Term Investments.’ Investments other than Short Term Investments are classified as ‘Long Term Investments.’
ii) Basis of allocation of Investment & Income thereon between Policyholder Account & Shareholder Account The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments are specifically procured and held for policyholders and shareholders’ funds independently from their inception and the income thereon is also tracked separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.
iii) Valuation -Shareholder’s Investments and non-linked policy-holders Investments
Debt Securities All debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly recorded at historical cost (excluding interest paid, if any). Debt securities including government securities are stated at net amortised cost. Money market instruments like treasury bills, certificate of deposit, commercial papers & Triparty Repo (TREPS) 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.
80 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Equity Shares, Preference shares and Infrastructure Investment Trusts (InvIT) 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/security is not listed or traded on the NSE, the share/security price on BSE is used. Unlisted shares/security 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/security 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/Security includes the accumulated changes in the fair value previously recognised under ”Fair Value Change Account”.
In case of InvIT, where market quote is not available for the last 30 days, the Units shall be valued as per the latest NAV (not more than 6 months old) of the Units published by the trust.
All redeemable unlisted preference shares are considered as held to maturity and stated at historical cost
The investment in AT1 Bonds have been valued at an applicable market yield rates provided by CRISIL on the basis of Crisil Bond Valuer
Mutual funds and Alternative Investment Funds Investments in mutual funds are valued at the latest 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 and units of Real Estate Investment Trust (REIT) Real estate investment property represents 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.
Unlisted units of REIT 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 units of REIT 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 units of REIT includes the accumulated changes in the fair value previously recognised under ”Fair Value Change Account”. Investment in units of REIT are valued at market value(last Quoted price should not be later than 30 days). Where Market Quote is not available for the last 30 days, the units shall be valued as per the latest NAV (not more than 6 months old) of the units publilshed by the trust.
Derivative Instruments Certain Guaranteed products offered by the company assure the policy holders a fixed rate of return for premiums to be received in the future and the Company is exposed to interest rate risk on account of Re-investment of interest & principal maturities at future date & Guarantee risk on premiums from already written policies. IRDAI master circular for Investment Regulations, 2016 allows insurers to deal in rupee denominated interest rate derivatives to hedge the volatility of returns from future fixed income investments, due to variations in market interest rates.
81 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) The Company has well defined Board approved Derivative Policy and Process document setting out the strategic objectives, risk measures and functioning of the derivative transactions as per the hedging strategy. The Company is following hedge accounting for all derivative transactions.
For derivatives which are designated in a Cash Flow Hedges relationship, hedge effectiveness is ascertained at the time of inception of the hedge and periodically thereafter as per guidelines laid down for Derivatives.The accounting is done in accordance with ‘Guidance Note on Accounting for Derivatives Contracts’ issued by The Institute of Chartered Accountants of India (ICAI) in June 2015 effective from FY 2017.
At the inception of the hedge, the Company documents the relationship between the hedging instrument and the hedged item, the risk management objective, strategy for undertaking the hedge and the methods used to assess the hedge effectiveness. Hedge effectiveness is the degree to which changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk are offset by changes in the fair value or cash flows of the hedging instrument.
• The portion of fair value gain / loss on the Interest Rate Derivative that is determined to be an effective hedge is recognized directly in equity account i.e. ‘Hedge Fluctuation Reserve’ and shown in balance sheet as part of the “Change in Fair Value”.
• The ineffective portion of the change in fair value of such instruments is recognized in the Revenue Account in the period in which they arise.
• If the hedging relationship ceases to be effective or it becomes probable that the expected forecasted transaction will no longer occur, hedge accounting is discontinued and the cumulative gains or losses that were recognized earlier in Hedge Fluctuation Reserve shall be reclassified to the Revenue Account in the same period or periods during which the hedged forecasted cash flows affect the Revenue Account.
Recognition of Derivatives in Balance Sheet
• Initial Recognition: All derivatives are initially recognized in the Balance sheet at their fair value, which usually represents their cost.
• Subsequent Recognition: All derivatives are subsequently re-measured at their fair value, with change in fair value is recognized as per hedge accounting principles. All derivatives are carried as assets when the fair values are positive and as liabilities when the fair values are negative.
A Forward Rate Agreement (‘FRA’) transaction is that whereby Company agrees to buy underlying security at fixed yield at future date. The Company is using FRA instruments to hedge interest rate risk arising out of premiums from already written policies and re-investment risk of interest & principal maturities at future date.
Provision for Non Performing Assets (NPA) All assets where the interest and/or instalment of principal repayment remain overdue for more than 90 days at the Balance Sheet date are classified as NPA and provided for in the manner required by the IRDAI regulations in this regard.
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 based on an approved criteria for impairment on investments. In case of impairment in the value of investment as at the balance sheet date which is other than temporary, the amount of loss is recognised as an expense in the Revenue / Profit and Loss Account to the extent of difference between the remeasured fair value of the investment and its acquisition cost as reduced by any previous impairment loss recognised as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss, earlier recognised in Revenue/ Profit and Loss Account, is recognised in the Revenue/ Profit and Loss Account.
iv) Valuation -Unit Linked Business
Debt Securities All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Services of India Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of
82 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) CRISIL Bond Valuer. The discount on purchase of treasury bills, certificate of deposit, commercial papers & Triparty Repo (TREPS) 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.
Unlisted Preference Shares All redeemable preference shares are considered as held to maturity and stated at historical cost
Mutual Fund Mutual Fund units are valued at the latest 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.
v) Transfer of Investments Transfer of investments (other than debt securities) from Shareholders’ fund to the Policyholders’ fund is at book value or market price, whichever is lower. Transfer of debt securities from Shareholders’ to Policyholders’ fund is transacted at the lower of net amortised cost or market value. Transfer of Investments between unit-linked funds are done at prevailing market price.
(f) Loans Loans are stated at historical cost (net of repayments), subject to provision for impairment losses and Non Performing Assets (NPA), if any. Norms laid down under Master Circular – IRDAI (Investment) Regulations, 2016 and Master Circular on preparation of Financial Statements and Filing Returns of Life Insurance Business issued by the IRDAI are adhered to in this regard.
(g) Fixed Assets, Intangible Assets and Depreciation / Amortisation
Fixed Assets Fixed assets are stated at cost, less accumulated depreciation and impairment, if any. Cost includes the purchase price and any other cost which can be directly attributed to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on existing fixed assets is expensed out except where such expenditure increases the future economic benefits from the existing assets.
Intangible Assets Expenditure incurred on application software and their customisation or further development is recognised as an intangible asset. The same is capitalised under fixed assets if such expenditure results in a benefit of enduring nature. Other software expenses are expensed in the period in which they are incurred. Intangible assets are stated at cost less accumulated depreciation/amortisation.
In respect of liabilities incurred in acquisition of fixed assets in foreign exchange, the net gain or loss arising on conversion / settlement are charged to Revenue account. Cost includes cost of purchase inclusive of freight, duties and other incidental expenses and all expenditure like site preparation, installation costs and professional fees incurred on the asset before it is ready to put to use. Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future benefit / functioning capability from / of such assets. A rebuttable presumption that the useful life of an Intangible asset will not exceed 10 years from the date the asset is available for use is considered by the Management.
83 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Losses arising from the retirement of and gains or losses arising from disposal of Fixed Assets 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.
Depreciation / Amortisation 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 equal to or 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 3 years Furniture and Fixtures 6 years Information technology equipment (including computers) 3 years Leasehold improvements Over the period of lease subject to a maximum of 6 years Motor Vehicles 4 years Office equipment 5 years
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.
b. Long term employee benefits: Post employment The Company has both defined contribution and defined benefit plan :
(i) Provident fund is a defined contribution plan and the contributions as required by the statute to the Government Provident Fund are charged to Revenue Account/Profit and Loss Account when incurred. The Company has no further obligations.
(ii) Gratuity liability a defined benefit plan covering employees in accordance with the Payment of Gratuity Act, 1972. The Company’s liability is actuarially determined (using Projected Unit Credit Method) at the Balance Sheet date. The Company makes contribution to a Gratuity Fund administered by trustees and managed by a life insurance Company. The net present value obligation towards the same is actuarially determined based on the projected unit credit method as at the Balance Sheet date. Actuarial gains and losses are immediately recognised in the Revenue Account/ Profit and Loss Account and are not deferred.
(iii) Superannuation fund is a defined contribution scheme. The Company contributes a sum equivalent to 15% of eligible employees’ salary subject to a maximum of ` 1.5 lakhs per eligible employee per annum, to the Superannuation Funds
84 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 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) National Pension Scheme is a defined contribution scheme. The company contributes upto 10% of eligible employees’ salary per annum, to the National Pension Scheme 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.
c. Other long-term employee benefits Other long term employee benefits includes accumulated compensated absences that are entitled to be carried forward for future encashment or availment, which are expected to be availed or encashed beyond 12 months from the end of the year. The Company accrues the liability for compensated absences based on the actuarial valuation as at the Balance Sheet date conducted by an independent actuary which includes assumptions about demographics, early retirement, salary increases, interest rates and leave utilisation. The net present value of the Company’s obligation is determined based on the projected unit credit method as at the Balance Sheet date. Actuarial Gains / Losses are recognised in the Revenue/ Profit and Loss Account in the year in which they arise.
d. Other employee benefits i) As per the company’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 .
ii) The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period when the employee renders the service. These benefits include performance incentives.
(i) Accounting for Operating Leases
Where the Company is the lessee: Leases where the lessor effectively retains substantially all the risks and rewards of ownership of the leased term, are classified as operating leases. Operating lease rentals are recognised as an expense in the Revenue/ Profit and Loss Account on a straight line basis over the non cancellable lease term.
Where the Company is the lessor: Leases in which the Company does not transfer substantially all the risks and benefits of the ownership of assets are classified as operating leases. Lease income of operating asset is recognised in the Revenue/Profit and Loss Account on accrual basis and include only the realised rent and does not include any notional rent.
(j) Foreign Currency Transactions On initial recognition, all transactions in foreign currencies are recorded by applying the foreign currency amount exchange rate between the reporting currency and the foreign currency at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are restated at the closing rate of exchange as on the Balance Sheet date.
Exchange differences either on settlement or on translation are recognised in the Revenue Account/ Profit and Loss Account, as applicable.
(k) Segment reporting
Business Segments In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (referred to as ‘Accounting Regulations’) read with Accounting Standard 17 on ‘Segment Reporting’ as specified under Section 133 of the Companies Act 2013, the Company’s primary business segments are classified into Life Participating business, Pension Participating business, Life Non Participating business , Pension Non Participating business, Life Non Participating Variable Insurance business (VIP), Pension Non Participating Variable Insurance business (VIP), General Annuity business, Unit Linked Life business, Unit Linked Pension business and Investment of the Shareholders’ funds.
85 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 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, Pension Non Participating, Life Non Participating Variable Insurance (VIP), Pension Non Participating Variable Insurance (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.
The Company’s expense allocation policy is subject to annual review by the Board.
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.
86 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Indirect Taxes The Goods and Services Tax (GST) liability is accrued separately for each state. The liability is set off against input tax credit (ITC) taken on input services for the respective states. The Unutilised Credits (ITC) , if any, are carried forward under “Advances and Other Assets” for set-off in subsequent periods, where there is reasonable certainty for utilisation.
(m) Provisions and Contingencies Provisions are recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made of the amount of obligation. Provisions are not discounted to its present value and are determined based on best estimate of the expenditure required to settle the obligation at the Balance Sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are not recognised but are disclosed in the notes when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources or it cannot be reliably estimated. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognised nor disclosed in the financial statements.
(n) Earnings per Share 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) Fund for Future Appropriations for 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.
3 Actuarial method and assumptions The actuarial liabilities have been calculated by the Appointed Actuary in accordance with are in accordance with the generally accepted actuarial principles, the requirements of the Insurance Act, relevant regulations issued by IRDAI and the Acturial Practice Standard and Guidance notes of 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, 2020 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.
87 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) c) Individual conventional business/Group where premiums are guaranteed for more than one year: Gross premium prospective method.
d) Group one year renewable: Calculated as maximum of the risk premium for the unexpired term with an allowance for expenses and a mortality margin for adverse deviations and unearned premium reserves.
e) Group VIP & traditional fund based: The higher of account value at valuation date and the fund value calculated at earned rate net of (RIY) reduction in yield as applicable. In addition, a non-unit reserve for expenses and mortality benefit provisions, if required.
f) Group Unit Linked Policies: A unit reserve equal to the value of the units on 31st March 2020 plus a non-unit reserve calculated on gross premium prospective valuation method.
g) Provision on lapsed unit-linked policies that form a part of the ‘Discontinuance Fund’ as required by IRDA circular no. IRDA-LIFE- CIR-MISC-235-10-2011 and Linked Insurance Products Regulations, 2013.
h) 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 5.65% p.a. to 6.88% p.a.for first five years, 5.00% p.a. to 6.23% p.a. thereafter Inflation 6% p.a. "Policyholders returns Rates consistent with the earning rates and charges (fund growth)" Lapses Future policy lapses have been assumed based on the type of policy and the duration for which the policy has been in force Expenses Expenses levels consistent with recent experience Mortality Based on IALM 2012-14 mortality table Morbidity (for Critical Illness) Based on adjusted CIBT rates. Morbidity (other riders) Based on reinsurers’ rates
While no COVID19 related insured claims have been reported to the company, continuation of current situation could have some impact on the claims outgo and factors like interest rates used for valuation of liabilities.
There is reasonable level of prudence provided in the valuation interest rates assumption. Further, the Prudence in the Best Estimate (BE) mortality basis and Margins for Adverse deviation (MAD) is sufficient to meet any expected additional claims likely to emerge under the current Covid - 19 situations. The Company reinsures mortality with an optimum level of retention on guaranteed premiums bases, with financially strong reinsurers. The Company carries out resilience test on balance sheet and its impact on solvency margin. The company has a strong solvency ratio of 290% against required solvency ratio of 150%.
88 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules Total 2,710,048 95,410,201 33,556,311 131,676,560 - ** Unit Linked 19,367 Pension 214,708 234,076 - ** Unit Linked (101,888) 1,884,890 1,783,002 - Annuity 969,208 745,932 General 1,715,140 - (VIP) Variable Variable 1,847,849 1,999,906 3,847,755 Participating Pension Non 2018-19 - (VIP) Variable Variable Life Non 1,637,124 1,287,996 2,925,120 Participating - Life Non 49,257,988 19,557,179 68,815,166 Participating 24,806 26,753 725,729 777,288 Pension Participating Life 2,683,295 38,872,705 10,023,013 51,579,013 Participating Total 3,915,079 43,015,486 131,676,560 178,607,126 - ** Unit Linked 82,513 234,076 Pension (151,562) - Unit 1,783,002 (703,852) 1,079,149 Linked ** - Annuity General 1,715,140 2,817,097 4,532,238 - (VIP) Variable Variable (56,538) 3,847,755 3,791,217 Participating Pension Non - (VIP) 2019-20 Variable Variable Life Non (569,873) 2,925,120 2,355,247 Participating - - Non Pension 1,924,220 1,924,220 Participating - Life Non 68,815,166 27,609,284 96,424,450 Participating 26,611 777,288 104,538 908,437 Pension Participating forming part of the financial statements
Life 3,888,469 51,579,013 12,042,173 67,509,655 Participating Policy liabilities The Policyholder Liabilities are adequately backed by Investments, Cash and Bank Balances Other assets. ( Pl ease refer to Schedule no 16- Note-17). 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 for insurance contracts. Particulars At the beginning of year Add: Change in valuation against policies in force Add: Bonus to policyholders (Refer Note 10 below)* At end of the year Registration No: 107; Date of registration: January 10, 2001 Registration No: 107; Date of registration: Schedules 31, 2020 for the year ended March In thousands of Indian Rupees unless otherwise stated) (Currency: 4 (Forming part of Policyholders’ Funds) In thousands of Indian Rupees unless otherwise stated) (Currency: of Liability in respect life policies-Gross” the Revenue Account * Forms part of “Change in Valuation ** Unit Linked and Pension reserves represent the non unit portion of ULIP Portfolio Note: (a) (b)
89 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 5 CONTINGENT LIABILITIES As at As at Particulars March 31, 2020 March 31, 2019 1. Partly paid-up investments 3,117,923 3,635,844 2. Underwriting commitments outstanding (in respect of shares and securities) - - 3. Claims, other than against policies, not acknowledged as debts by the 4,113 4,113 Company 4. Guarantees given by or on behalf of the Company 4,504 4,358 5. Statutory demands/ liabilities in dispute, not provided for 2,121,524 4,903,981 6. Reinsurance obligation to the extent not provided for in accounts - - 7. Others – Insurance claims in appeal net of provision 126,199 128,452 (Gross value of claims ` 581,930 (2019 – ` 512,271), out of which reinsured ` 56,517 (2019 - ` 77,148) and provision held ` 399,214 (2019 - ` 306,671) Total 5,374,263 8,676,748
6 (i) Computation of Managerial Remuneration Managing Director’s remuneration, which is included under “Employees’ remuneration and welfare benefits” under Schedule 3 & 3A is as follows:
Particulars 2019-20 2018-19 a. Salary and Perquisites 40,068 36,384 b. Contribution to provident and other funds 4,287 3,823 Total 44,355 40,207
Note (a) The managerial remuneration is in accordance with the requirements of section 34A of the Insurance Act, 1938 and as approved by IRDAI. (b) The managerial remuneration does not include provision for gratuity and leave encashment, as provision for gratuity & leave encashment liability is determined actuarially for the Company as a whole and accordingly have not been considered in the above information. (c) Managerial remuneration in excess of the limits prescribed by the IRDAI has been charged to the Shareholder’s Profit and Loss Account. (ii) 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:
2019-20 2018-19 Profit related Profit related Name of the Non-executive Director Sitting Fees commission Sitting Fees commission 1. Mr. Shivaji Dam 420 600 210 600 2. Mr. Prakash Apte 630 600 540 600 3. Mr. Paresh Parasnis 390 600 480 600 4. Ms. Anita Ramachandran 360 600 240 600 Total 1,800 2,400 1,470 2,400
These expenses have been charged to Shareholder’s Profit & Loss Account.
90 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 7 CAPITAL COMMITMENTS Particulars 2019-20 2018-19 Estimated amount of contracts remaining to be executed on account of Nil Nil investments and not provided for (net of advances) Estimated amount of contracts remaining to be executed on account of fixed 283,515 209,698 assets and not provided for (net of advances)
8 EXTENT OF RISK RETAINED AND REINSURED (As computed by company’s appointed actuary) Particulars 2019-20 2018-19 Individual Business Risk Retained (in million) 968,991 817,327 Risk Reinsured (in million) 933,806 704,938 Percentage of Risk Retained 50.92% 53.69% Percentage of Risk Reinsured 49.08% 46.31% Group Business Risk Retained (in million) 4,843,844 3,707,268 Risk Reinsured (in million) 1,974,970 1,762,389 Percentage of Risk Retained 71.04% 67.78% Percentage of Risk Reinsured 28.96% 32.22%
* Restated 2018-19 numbers in line with 2019-20 details. Risk retained is defined as ‘sum at risk’ after reinsurance, aligned with approach for reinsurance premium computation.
9 a) Business for social and rural sector Particulars 2019-20 2018-19 Rural Sector No. of Policies (count) 71,835 81,972 Gross Premium Underwritten (Amount in '000) 1,450,995 1,270,407 Percentage of Policies 22.72% 23.63% Total Policies (count) 316,150 346,885
Social Sector No. of Policies (count) 137 79 No. of Lives (count) 2,690,177 1,005,351 Gross Premium Underwritten (Amount in '000) 865,342 267,720 Percentage of Lives* 21.89% 11.58%** Total Business Procured*** 15,557,587 12,290,240
Note: IRDAI(Obligations of insurers to rural and social sectors) Regulation, 2015 mandates the Company to cover atleast 5% of the total business procured in the preceeding financial year (in terms of lives) from the social sector and 20% of the total number of policies written in the year from the rural sector.
*Percentage of Lives = No.of lives (count) / Total Business Procured of Previous FY ** This figure has been presented for comparative purpose ***total number of policies issued incase of individual insurance and number of lives covered in case of Group Insurance (FY 2017-18 - 8,679,366 )
91 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 9 b) Corporate Social Responsibility (CSR) As per section 135 of the Companies Act, 2013, the gross amount suggested to be spent by the Company during the year ended March 31, 2020 is ` 74,000 thousands (Previous year ended March 31, 2019 ` 53,948 thousands).The company has contributed ` 600 thousands to the Kotak Education Foundation and ` 36,400 thousand to other CSR initiative in the current financial year. The company is building its CSR capabilities on a sustainable basis and it is committed to gradually increase its CSR spend in the coming years.
The amount spent during the year is as follows:
Yet to be Year Particulars In cash paid in cash Total a) Gross amount required to be spent during the year ` 74,000 (previous year ` 53,948) (i) Construction/acquisition of any asset - - - Year ended March 31,2020 (ii) On Purpose other than (i) above 37,000 - 37,000 (i) Construction/acquisition of any asset - - - Year ended March 31,2019 (ii) On Purpose other than (i) above 26,000 - 26,000
10 Accumulated fund addition to participating policyholders The Board of Directors has at its meeting held on April 29, 2020 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 ` 8,54,023 (2019 - ` 814,263) 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 ` 26,611 (2019 - ` 26,753) to meet an effective rate of 8%. c) On the Reversionary/cash bonus products: i) Simple Reversionary Bonus of 3% for Sukhi Jeevan; ii) 3% for policies completing 5 or less policy years, 3.25% for policies completing 6 to 10 policy years and 3.5% for policies completing more than 10 policy years in Surakshit Jeevan Plan and Eternal Life Plans; iii) 3.5% for policies completing 5 or less policy years and 3.75% for policies completing more than 5 policy years in Child Edu and Child Future Plans; iv) 2.5% for policies with regular premium paying term , 2.6% for policies with 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 for policies completing 5 or less policy years, 2.8% for the regular premium paying term policies, 2.95% for limited premium paying term policies with minimum premium paying term of 10 years and 3.10% for policies with premium paying term of 7 years for policies completing more than 5 policy years in Classic Endowment Plan. v) 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 for policies completing 5 or less policy years, 3.1% for the policies with premium paying term of 8 years, 3.15% for the policies with premium paying term of 10 years and 3.25% for policies with premium paying term of 12 years for policies completing more than 5 policy years in Premier Money Back Plan; vi) 3.25% for premium paying term of 8 years, 3.3% for premium paying term of 12 years, 3.35% for premium paying term of 15 years and 3.5% for premium paying term of 20 years for policies completing 5 or less policy years, 3.65% for premium paying term of 8 years, 3.7% for premium paying term of 12 years, 3.75% for premium paying term of 15 years and 3.95% for premium paying term of 20 years for policies completing more than 5 policy years in Premier Life Plan vii) 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; viii) cash bonus of 3.25% for premium paying term of 6 years, 3.15% for premium paying term of 8 years, 3.05% for premium paying term of 10 years, 3.0% for premium paying term of 12 years and 2.95% for premium paying term of 15 years; cash bonus on paid up additions of 2.85% for Smart Life Plan;
92 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) ix) 3.25% for the regular premium paying term policies, 3.75% for limited premium paying term policies with premium paying term of 10 or 15 years and 4.25% for limited premium paying term policies with premium paying term of 5 or 7 years for policies completing more than 5 policy years in Premier Endowment Plan x) 4.4% for the regular premium paying term policies, 4.55% for limited premium paying term policies and 5.5% for single premium policies completing more than 5 policy years in Premier Pension Plan the total cost of bonus being ` 30,34,446 (2019 - ` 1,869,031) xi) For Premier Endowment Plan and Premier Pension plans, 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 provision for which is included in the mathematical reserves. The Board of Directors had at its meeting held on April 26, 2019 declared the following rates of interim and terminal bonuses for participating policies leaving the fund during FY2020: a) On Accumulation non retirement products: An interim bonus of 4% p.a. costing ` 51,004 ( 2019 - ` 42,547 ) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 15% p.a. costing ` 1,83,510 (2019 - `138,160 ) for the policies matured, claimed death benefit during the year. b) On Accumulation retirement products: An interim bonus of 5% p.a. costing `2,337 (2019 - ` 2,953) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 10% p.a. costing `3,600 ( 2019 - ` 3,511) for the policies matured, claimed death benefit during the year. c) On the Reversionary bonus products: i) An interim Bonus of 2.5% for Sukhi Jeevan; ii) 3% for policies completing 5 or less policy years, 3.25% for policies completing 6 to 10 policy years and 3.5% for policies completing more than 10 policy years in Surakshit Jeevan Plan and Eternal Life Plans; iii) 3.5% for policies completing 5 or less policy years and 3.75% for policies completing more than 5 policy years in Child Edu and Child Future Plans; iv) 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 exiting within the first 5 policy years, and 2.8% for the regular premium paying term policies, 2.95% for limited premium paying term policies with minimum premium paying term of 10 years and 3.10% for policies with premium paying term of 7 years exiting after completion of 5 policy years in Classic Endowment Plan; v) 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 exiting within the first 5 policy years, 3.1% for the policies with premium paying term of 8 years, 3.15% for the policies with premium paying term of 10 years and 3.25% for policies with premium paying term of 12 years exiting after completion of 5 policy years in Premier Money Back Plan; vi) 3.25% for premium paying term of 8 years, 3.3% for premium paying term of 12 years, 3.35% for premium paying term of 15 years and 3.5% for premium paying term of 20 years in Premier Life Plan vii) 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; viii) 3.25% for premium paying term of 6 years, 3.15% for premium paying term of 8 years, 3.05% for premium paying term of 10 years, 3% for premium paying term of 12 years and 2.95% for premium paying term of 15 years; cash bonus on paid up additions of 2.85% in Smart Life Plan; ix) 3.25% for the regular premium paying term policies, 3.75% for limited premium paying term policies with premium paying term of 10 or 15 years and 4.25% for limited premium paying term policies with premium paying term of 5 or 7 years for policies exiting after completion of 5 policy years in Premier Endowment Plan costing ` 3,775 (2019 - ` 1,966) for the policies which claimed death benefit or surrendered during the year. x) Additionally, terminal bonus of 1.5% for Sukhi Jeevan, 3% for Surakshit Jeevan and 3% for Eternal Life plans for each completed policy year for the policies matured, claimed death benefit during the year with minimum of 10 policy years completed, special terminal bonus of 1.5% for Surakshit Jeevan for each completed policy year for the policies matured during the year with minimum of 10 policy years completed, special survival bonus of 2% for Eternal Life Plans for each premium term for the policies completing their full premium term during the year costing ` 24,955 (2019 - ` 6,171)
93 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 `4,64,917 (2019 : ` 322,815) 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 ` 15,71,105 (2019 : ` 2,503,596) was made from Life Non Participating, transfer of ` 1,94,971 (2019 : ` Nil) was made from Life Non - Participating Variable Insurance (VIP), transfer of ` 3,83,887 (2019 : ` Nil) was made from Pension Non Participating Variable Insurance (VIP), transfer of ` Nil (2019 : ` Nil) was made from the General Annuity, transfer of ` Nil (2019 : ` Nil) was made from the Pension Non Participating Policyholders Account, transfer of ` 18,52,451 (2019 : ` 833,919) was made from Unit Linked account and ` 1,33,464 (2019 : ` 211,924) 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 (2019 - ` 31,918) to the Life Non - Participating Variable Insurance (VIP) Policyholders Account, ` 204,792 (2019 - ` 55,419) to General annuity policyholders account , ` Nil (2019 - ` 84,894) to Pension Non- Participating Variable Insurance (VIP) & ` 11,126 (2019 - ` Nil ) to Pension Non Participating 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 ` 31,918 to the Life Non - Participating Variable Insurance (VIP) Policyholders Account & ` 55,419 to General annuity policyholders account & ` 84,894 to the Pension Non- Participating Variable Insurance (VIP) to meet fully the deficit in those accounts has been approved by shareholders at the Annual General Meeting held on 19th July 2019 12 Encumbrances on assets Apart from following amount of ` 2,669,676 (2019 – ` 1,763,477) 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 2019-20 2018-19 With National Securities Clearing Corporation Limited * 80,000 65,000 With Indian Clearing Corporation Limited * - 15,000 With The Post Master General (Against Guarantees of ` 2004) 2,004 1,858 With Kotak Bank (Against Guarantees of ` 2500) 2,500 2,500 Securities margin with Clearing Corporation of India Ltd * 2,511,172 1,627,419 Cash margin with Clearing Corporation of India Ltd * 74,000 51,500 With J & K Sales Tax Department - 200 Total 2,669,676 1,763,477
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 issued by the Institute of Chartered Accountants of India, details of leasing arrangements entered into by the company are given below.
The Company has taken various office and residential premises on operating lease and leave and license agreements. Lease payments are recognized 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 2019-20 2018-19 Not later than one year 378,935 360,517 Later than one year not later than five years 1,317,302 1,140,757 Later than five years 262,650 275,203
The total operating lease rentals charged to Revenue account in the current year is ` 324,745 (2019 - ` 327,555 )
94 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 ` 151,856 (2019 - ` 147,343 ).
14 RATIOS (IN PER CENT) Sr. Year ended Year ended No. Particulars March 31, 2020 March 31, 2019 1 New business premium income growth (segment wise) (New business premium current year - New business premium previous year)/New business premium previous year
Life Participating 14.52% 5.46% Pension Participating 94.04% 106.39% Life Non Participating 22.10% 41.39% Life Non - Participating Variable(VIP) -91.83% 29.67% Pension Non - participating Variable (VIP) -1.41% 321.73% General Annuity 285.48% 88.42% Unit Linked Life 23.88% -3.61% Unit Linked Pension 167.64% -72.69% Pension Non - participating (since new segment added this year growth 0.00% 0.00% ratio is nil) 2 Net retention ratio 98.62% 98.56% (Net premium divided by gross premium) 3 Ratio of expenses of Management 19.43% 22.09% (Expenses of Management including commission divided by the total gross direct premium) 4 Commission ratio 5.32% 6.14% (Gross commission paid to Gross premium) 5 Ratio of policyholders’ liabilities to shareholders’ funds [refer note (a) 939.14% 1006.17% below] 6 Growth rate of shareholders’ funds 22.14% 22.66% 7 Ratio of Surplus / (Deficit) to Policyholders’ liabilities [refer note (a) below] 1.38% 1.67% 8 Change in net worth 6,079,157 5,072,351 9 Profit after tax/ Total Income 5.40% 5.51% 10 (Total real estate + loans)/ (Cash + Invested Assets) 0.83% 1.03% 11 Total Investments/ (Capital + Surplus) 1041.21% 1104.03% 12 Total affiliated investments/ (Capital + Surplus) 1.25% 0.11% 13 Investment Yield (Gross and Net) - Excluding Linked Fund a) Without Unrealised gains: Non Linked - Participating 8.73% 8.36% Non Linked - Non-Participating 9.00% 8.51% Sub Total : Non Linked 8.89% 8.44% Linked - Participating NA NA Linked - Non Participating 8.43% 8.20% Sub Total : Linked 8.43% 8.20% Grand Total : Non Linked + Linked 8.88% 8.44% Shareholders' Fund 7.59% 7.49%
95 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Sr. Year ended Year ended No. Particulars March 31, 2020 March 31, 2019 b) With Unrealised gains: Non Linked - Participating 13.08% 8.74% Non Linked - Non-Participating 14.06% 8.87% Sub Total : Non Linked 13.66% 8.82% Linked - Participating NA NA Linked - Non Participating 14.07% 9.59% Sub Total : Linked 14.07% 9.59% Grand Total : Non Linked + Linked 13.66% 8.84% Shareholders' Fund 16.66% 8.71% 14 Conservation Ratio Life Participating 90.35% 86.58% Pension Participating 89.32% 86.13% Life Non Participating 91.60% 91.22% Life Non - Participating Variable(VIP) 0% - Pension Non - participating Variable (VIP) 0% - General Annuity 0% - Unit Linked Life 64.22% 64.00% Unit Linked Pension 17.71% 10.24% Pension Non - participating (new segment added this year) 0.00% 0.00% 15 Persistency Ratio#* Persistency Ratio (By Premium) - Individual For 13th month 87.82% 87.40% For 25th month 79.63% 78.18% For 37th month 71.20% 69.18% For 49th month 65.38% 68.17% For 61st month 61.48% 62.43% Persistency Ratio (By Premium) - Individual - Reducing Balance Method For 13th month 87.82% 87.40% For 25th month 89.84% 89.84% For 37th month 89.12% 89.33% For 49th month 92.23% 93.72% For 61st month 88.76% 88.47% Persistency Ratio (By Premium) - Group For 13th month 99.02% 98.90% For 25th month 94.33% 93.79% For 37th month 89.46% 87.63% For 49th month 82.26% 77.70% For 61st month 74.32% 71.73% 16 NPA Ratio Shareholders' Funds Gross NPA Ratio - - Net NPA Ratio - - Policyholders' Funds Gross NPA Ratio 0.13% - Net NPA Ratio 0.03% - 17 Solvency Ratio 2.90 3.02
Note : (a) Policyholders’ liabilities = Policyholder’s Funds # The persistency ratios reported are in accordance with the revised circular IRDA/ACT/CIR/MISC/035/01/2014 dated January 23, 2014.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 2019 to 28th February 2020. (b) The persistency ratios & solvency ratio has been computed by company’s appointed actuary
(c) Prior period’s figures have been regrouped / reclassified wherever necessary
96 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 except the following:
During the year ended March 31, 2020 the Company has classified its investment in Dewan Housing Finance Corporation Ltd as NPA, owing to the default of interest payment on its Non-Convertible Debentures (NCD’s) held in Non Linked Funds. Provision of ` 1,87,500 thousands at 75% of Face Value (` 2,50,000 thousands) has been provided.
(b ) Value of contracts in relation to investments for:
Particulars 2019-20 2018-19 Purchases where deliveries are pending 7,520,647 833,958 Sales where receivables are pending* 6,727,773 983,774 *No payments are overdue (c) Others payable in Schedule 13 include ` 1,612,082 (2019 : ` 1,618,202) payable to unit linked policyholders towards change in net unit liability and ` 3,279 (2019 : ` -14,085) payable to Unclaimed Policyholders (2019 - receivables from Unclaimed Policyholder) which will be invested on the first investment day in the next financial year. Since, 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 (i) In accordance with the IRDA Financial Statements Regulations, the Company’s investment properties have been revalued at least once in three years .The market value of a property is taken at being the lower of the valuations performed by two independent valuers. The real estate investment property is valued at ` 2,018,720 at Mar 31, 2020 (previous year ` 1,926,502). The historical cost of the property is ` 1,585,581 (previous year ` 1,582,781). (ii) The company has invested in Real Estate Investment Trusts (REIT) amounting to ` Nil (previous year ` 343,560) (e) Derivatives
(a) Nature and Term of Outstanding Derivative Contract: Forward rate Agreement
(` in 000’s)
(i) Total notional principal amount of forward rate agreement 2019-20 2018-19 undertaken during the year (instrument-wise) 8.17% GOI - 01.12.2044 4,462,577 Nil 8.13% GOI - 22.06.2045 1,466,736 Nil 7.06% GOI - 10.10.2046 1,989,631 Nil 7.72% GOI - 15.06.2049 3,857,318 Nil 6.62% GOI - 28.11.2051 912,903 Nil 7.63% GOI - 17.06.2059 1,429,448 Nil Total 14,118,613 Nil
(ii) Total notional principal amount of forward rate agreement 2019-20 2018-19 outstanding as on end of the year (instrument-wise) 8.17% GOI - 01.12.2044 4,462,577 Nil 8.13% GOI - 22.06.2045 1,466,736 Nil 7.06% GOI - 10.10.2046 1,989,631 Nil 7.72% GOI - 15.06.2049 3,857,318 Nil 6.62% GOI - 28.11.2051 912,903 Nil 7.63% GOI - 17.06.2059 1,429,448 Nil Total 14,118,613 Nil
97 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
2019-20 2018-19 (iii) Notional principal amount of forward rate agreement Nil Nil outstanding and not ‘highly effective’ as at Balance Sheet date
(iv) Mark-to-market value of forward rate agreement Nil Nil outstanding and not ‘highly effective’ as at Balance Sheet date
(b) The fair value mark to market (MTM) gains or (losses) in respect of Forward Rate Agreement outstanding as at the Balance Sheet date is stated below:
(` in 000’s)
Hedging Instrument 2019-20 2018-19 8.17% GOI - 01.12.2044 (81,968) Nil 8.13% GOI - 22.06.2045 35,950 Nil 7.06% GOI - 10.10.2046 (44,732) Nil 7.72% GOI - 15.06.2049 85,077 Nil 6.62% GOI - 28.11.2051 (18,324) Nil 7.63% GOI - 17.06.2059 13,513 Nil Total (10,484) Nil
c) The fair value mark to market (MTM) gains or (losses) in respect of Forward Rate Agreement outstanding as at the Balance Sheet date
(` in 000’s)
Particulars Amount taken Amount Amount The fair to Hedge taken to taken to value mark Fluctuation Revenue & Revenue & to market Reserve* P&L for P&L (MTM) gains Ineffective for Ineffective or (losses) hedge portion in respect of of Effective Forward Rate hedge** Agreement outstanding as at the Balance Sheet date Changes in the fair value during the Year 71,024 0 (81,507) (10,484)
*The amount is included in the Credit/[Debit] Fair Value Change Account under the Policyholders Funds in Balance Sheet
**The amount is included in the “Provision for diminution in the value of investments (Net)” under Provisions (other than taxation) in Revenue Account
d) Movement in Hedge Fluctuation Reserve (` in 000’s)
98 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars 2019-20 2018-19 Balance at the beginning of the year Nil Nil Add: Changes in fair value during the year 71,024 Nil Less: Amounts reclassified to Revenue/ Profit and Loss Account Nil Nil Balance at the end of the year 71,024 Nil
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 188 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 Mr. Uday S. Kotak along with his relatives and enterprises in which he has beneficial interest holds 29.92% of the equity share capital and 19.65% of the paid-up share capital of Kotak Mahindra Bank Limited as on 31st March, 2020.
B List of Related Parties Nature of relationship Related Party (i) Fellow Subsidiaries Kotak Mahindra Prime Limited Kotak Securities Limited Kotak Mahindra Capital Company Limited Kotak Mahindra Investments Limited Kotak Mahindra Asset Management Company Limited Kotak Mahindra Trustee Company Limited Kotak Mahindra (International) Limited Kotak Mahindra (UK) Limited Kotak Mahindra, Inc. Kotak Investment Advisors Limited Kotak Mahindra Trusteeship Services Limited Kotak Infrastructure Debt Fund Limited Kotak Mahindra Pension Fund Limited Kotak Mahindra Financial Services Limited Kotak Mahindra Asset Management (Singapore) PTE. Limited Kotak Mahindra General Insurance Company Limited IVY Product Intermediaries Limited BSS Microfinance Limited (ii) Key Management Personnel & their Mr. G. Murlidhar, Managing Director relatives Ms. Vijaylakshmi Murlidhar Late A.V. Gangadharan Ms. Sharada Gangadharan Mr. Goutam Murlidhar Mr. Pranav Murlidhar Nayantara Sundarraj
99 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Nature of relationship Related Party (iii) Individuals having significant influence Uday Kotak, Chairman along with his relatives Pallavi Kotak Suresh Kotak Indira Kotak Jay Kotak Dhawal Kotak Aarti Chandaria (iv) Enterprises over which Key Management Kotak Life Insurance Superannuation Fund Personnel have significant influence Kotak Mahindra Life Insurance Employees Gratuity Fund (v) Associate of Holding Companies/Others Matrix Business Services India Private Limited (till Apr 26, 2019) Phoenix ARC Private Limited ECA Trading Services Limited (formerly known as "ACE Derivatives and Commodity Exchange Limited") Infina Finance Private Limited Kotak Education Foundation ING Vysya Foundation (vi) Enterprises over which individuals Aero Agencies Limited mentioned in (iii) above or their relatives Asian Machinery & Equipment Private Limited have significant influence Allied Auto Accessories Private Limited Business Standard Private Limited Business Standard Online Private Limited Cumulus Trading Company Private Limited Harisiddha Trading and Finance Private Limited Insurekot Sports Private Limited Kotak Commodities Services Private Limited Kotak Commodities International FZE Komaf Financial Services Private Limited Kotak and Company Private Limited Kotak Chemicals Limited Kotak Ginning & Pressing Industries Private Limited Kotak Trustee Company Private Limited Palko Properties Private Limited Puma Properties Private Limited USK Benefit Trust II Uday S Kotak HUF Suresh A Kotak HUF Kotak Family Foundation Helena Realty Private Limited Doreen Realty Private Limited Renato Realty Private Limited Pine Tree Estates Private Limited Meluha Developers Private Limited Quantyco Realty Private Limited Xanadu Properties Private Limited Laburnum Adarsh Trust (w.e.f. 28th August, 2019)
100 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) ------Key personnel management ------82 influence personnel/ Individuals Enterprises management over which Key have significant ------0 11 93 50 20 17 2018-19 203 202 601 400 126 1,808 1,000 1,205 8,037 1,894 1,200 1,868 1,558 29,715 21,744 13,337 Fellow Subsidiaries ------558 1,238 2,500 9,842 49,795 483,466 Holding Company 2,624,019 2,627,010 2,005,030 ------Key personnel management ------75 influence personnel/ Individuals Enterprises management over which Key have significant ------6 0 1 32 22 2019-20 108 108 700 897 439 493 304 401 504 1,152 1,352 2,923 1,323 3,659 1,806 1,531 1,254 1,112 19,684 12,073 22,624 29,102 Fellow 417,894 Subsidiaries ------52 760 2,500 22,454 89,479 29,849 478,176 251,475 Holding Company 3,234,434 2,048,088 Name of the Company / Person Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Mahindra Bank Ltd Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Prime Ltd Kotak Mahindra Asset Management Company Ltd Kotak Mahindra Prime Ltd Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Securities Ltd Kotak Mahindra General Insurance Company 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 Investment Advisors Ltd Limited BSS MicroFinance Kotak Mahindra Investments Ltd Komaf Financial Services Pvt Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Securities Ltd Limited BSS MicroFinance Kotak Securities Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra General Insurance Company Ltd Kotak Securities Ltd Kotak Mahindra Bank Ltd Kotak Mahindra General Insurance Company Ltd Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra Prime Ltd Limited BSS MicroFinance The following are transactions and closing balances of related parties in the ordinary course of business out Policyholders’ Funds: parties in the ordinary transactions and closing balances of related The following are Related parties disclosures (Continued) Related parties disclosures C. Nature of transaction Nature Assets Bank Balance Paper / Bonds Commercial Debentures Outstanding Receivable Income Receivable Interest Paid Premium Prepaid/Advance Liabilities Outstanding Payables Insurance Policy DepositsGroup Commission Payable payable Brokerage Bank Guarantee issued Transactions of Investment Purchase Sale of Asset of assets Purchase Expenses Brokerage Bank Charges Paid Insurance Premium Claims Received Commission Paid 16
101 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) ------122 Key 40,207 personnel management ------194 1,863 1,969 1,863 47,500 10,000 47,500 influence personnel/ Individuals Enterprises management over which Key have significant ------70 27 2018-19 654 304 561 375 339 419 2,701 1,031 1,398 1,023 2,048 3,539 1,195 40,430 Fellow Subsidiaries ------6,600 34,878 311,247 Holding Company ------122 Key 44,355 personnel management Mr. G. Murlidhar Mr. Managing Director Service Kotak Mahindra General Insurance Company Limited ------342 600 1,800 1,800 82,500 82,500 influence personnel/ Individuals Enterprises management over which Key have significant ------8 62 2019-20 435 985 514 398 512 377 250 1,241 1,418 1,200 2,373 1,875 3,767 41,765 Fellow Subsidiaries ------2,473 43,320 339,682 Holding Company Kotak Mahindra Life Insurance Employees Gratuity Fund Kotak Life Insurance Superannuation Fund Name of the Company / Person Kotak Mahindra Bank Ltd Kotak Mahindra Pension Fund Ltd Kotak Mahindra General Insurance Company Ltd Kotak Mahindra Prime Ltd Kotak Mahindra Asset Management Company Ltd Kotak Mahindra Bank Ltd Kotak Securities Ltd Kotak Mahindra Prime Ltd Kotak Mahindra General Insurance Company Ltd Matrix Business Services India Private Limited Key Management Personnel Key Management Personnel Kotak Mahindra Prime Ltd Kotak Mahindra Asset Management Company Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Kotak Securities Ltd Kotak Mahindra Capital Company Ltd Kotak Investment Advisors Ltd Service Limited Kotak Mahindra Trusteeship Kotak Commodities Services Pvt. Ltd. Kotak Life Insurance Superannuation Fund Kotak Mahindra General Insurance Company Ltd Limited BSS MicroFinance Kotak Mahindra Life Insurance Employees Gratuity Fund Kotak Mahindra Investments Ltd Debt Fund Ltd Kotak Infrastructure Komaf Financial Services Pvt. Ltd. Kotak Education Foundation Name of person-in-charge Designation of person-in-charge Occupation of person-in-charge 31, 2020 held by the person-in-charge during year or as at March Directorship Statement Containing names, descriptions, occupations of and directorships held by the persons in charge of Management business Statement Containing names, descriptions, occupations of and directorships under Section 11(3) of the Insurance Act, 1938 as amended by Laws (Amendment) 2015 Superannuation Fund Contribution Gratuity Fund Contribution Nature of transaction Nature Companies Reimbursement from Reimbursement to Companies Remuneration of Key Management Personnel Receipt of Insurance Premium Income Interest Income Premium CSR Contribution D
102 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) - - - - Total (2,623) 19,599 85,425 (98,476) 433,139 891,538 838,725 415,593 709,097 340,779 5,102,902 3,844,306 2,501,687 3,605,923 5,204,480 4,457,807 6,614,987 1,815,569 28,432,496 33,532,775 20,318,389 18,899,832 21,850,702 (1,532,312) 178,607,126 129,630,886 312,416,981 348,451,443 214,778,300 133,475,192 349,145,030 348,451,443 ------152 2,623 2,623 (2,623) 625,332 5,102,902 4,562,481 5,187,965 5,185,342 28,432,496 33,532,775 33,532,775 28,347,433 28,347,433 33,532,775 Shareholders ------838,725 415,593 340,779 (838,725) 3,472,218 1,630,009 5,517,820 6,015,766 6,356,545 Unallocated ------5 19 88 193 6,782 6,889 82,513 76,886 Pension 370,177 217,469 294,553 (287,664) 6,697,005 6,779,518 6,779,518 6,697,005 7,067,182 6,779,518 Unit Linked ------1,351 4,203 4,307 31,623 92,890 98,444 58,715 1,079,149 3,844,306 3,735,485 1,079,316 1,644,065 2,786,403 (2,687,959) Unit Linked 122,933,881 127,857,336 127,857,336 126,778,187 130,545,295 127,857,336 ------465 5,378 2,386 85,651 93,415 13,844 General Annuity 106,794 107,259 4,532,238 4,532,238 4,532,238 4,518,394 4,518,394 4,532,238 ------402 (VIP) 99,882 Variable Variable 100,284 428,106 277,202 (150,904) (176,918) 3,791,217 3,791,217 3,791,217 3,968,135 3,968,135 3,791,217 Pension Non Participating ------1 164 (VIP) 63,299 63,463 Variable Variable 131,900 273,839 405,740 Life Non (342,277) 2,355,247 2,355,247 2,355,247 2,697,524 2,697,524 2,355,247 Participating ------Non 33,022 46,241 46,241 86,861 100,080 133,102 Pension 1,924,220 1,924,220 1,924,220 1,837,359 1,837,359 1,924,220 Participating ------55,331 30,551 19,624 72,406 (44,141) 360,049 418,206 352,548 391,812 Life Non (598,590) 2,655,507 2,425,362 5,549,250 5,331,074 6,147,840 96,424,450 96,435,640 96,435,640 96,674,181 97,034,230 96,435,640 Participating ------54 756 144 430 7,167 23,864 26,041 10,063 36,248 71,176 78,827 Pension 908,437 933,057 349,281 (42,579) 1,282,338 1,324,917 1,324,917 1,282,338 Participating ------Life 377 (25) 8,651 (55,091) 353,944 499,866 291,833 136,424 2,152,406 1,494,931 2,022,382 3,517,665 4,924,404 5,361,312 67,509,655 67,808,508 69,960,914 71,304,695 71,804,561 69,960,914 (1,843,647) Participating Segmental balance sheet as at March 31, 2020 Segmental balance sheet as at March
Particulars SOURCES OF FUNDS Funds Shareholders' Capital Share Reserves and Surplus Change Account Fair Value Credit/[Debit] Sub-Total Borrowings Policyholders’ Funds: Change Account Fair Value Credit/[Debit] Revaluation Reserve-Investment Property Policy Liabilities Insurance Reserves for Linked Liabilities Provision Funds for Discontinued policies Sub-Total Appropriations Funds for Future Total OF FUNDS APPLICATION Investments Assets held to cover linked liabilities Loans Sub-Total Fixed Assets Assets Current Cash and Bank Balances & Provision Advances Including Advance Tax for Tax Income accrued on investments companies reinsurance Balance due from Outstanding Premium Assets * Other current Assets Current Total Liabilities & Provisions Current Agents' Balances companies Balance due to reinsurance Claims Outstanding Unclaimed Balances-Policy Holders * Liabilities & Provisions Current Liabilities Current Total Assets Net Current not extent the (To Expenditure Miscellaneous or adjusted) written off Assets Total 17. Note : The Policyholder Liabilities and Linked are adequately backed by policyholder investments, Cash Bank Bal ances Other assets *includes inter segment
103 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) - - - Total 24,763 343,721 882,079 751,124 411,372 783,269 110,305 930,688 354,347 (163,112) 5,102,902 2,052,181 2,461,751 2,761,691 4,620,031 4,223,167 2,334,538 5,851,869 22,350,717 27,453,619 17,465,740 15,450,243 17,628,852 131,676,561 136,934,394 273,468,608 303,683,918 162,817,682 139,396,145 303,095,906 303,683,918 ------358 510,106 5,102,902 3,844,968 4,355,432 4,355,432 22,350,717 27,453,619 27,453,619 23,098,187 23,098,187 27,453,619 Shareholders ------751,124 411,372 354,347 (751,124) 4,601,628 1,433,354 6,446,354 6,843,131 7,197,478 Unallocated ------5 77 435 9,534 12,682 22,293 51,037 Pension 234,076 366,968 103,708 155,185 (132,892) 7,906,522 8,140,598 8,140,598 7,906,522 8,273,490 8,140,598 Unit Linked ------1,909 38,141 74,823 71,215 14,449 112,614 189,346 704,969 1,783,002 2,461,751 3,471,351 1,125,203 1,915,836 (1,726,490) Unit Linked 129,027,872 133,272,625 133,272,625 131,489,623 134,999,115 133,272,625 ------202 569 1,479 38,399 85,194 20,677 22,725 General Annuity 123,795 101,070 1,715,140 1,715,140 1,715,140 1,614,070 1,614,070 1,715,140 ------576 (VIP) 2,286 26,975 29,261 Variable Variable 130,549 169,275 300,400 271,139 3,847,755 3,847,755 3,847,755 3,576,616 3,576,616 3,847,755 Pension Non Participating ------0 314 479 (VIP) 14,921 15,400 Variable Variable 102,554 117,802 220,670 205,270 Life Non 2,925,120 2,925,120 2,925,120 2,719,850 2,719,850 2,925,120 Participating ------8,533 24,788 76,417 61,395 622,152 372,483 116,194 407,863 Life Non 2,018,265 1,256,701 3,424,481 3,972,753 4,518,428 68,815,167 69,437,319 69,437,319 70,158,783 70,531,266 69,437,319 (1,093,947) Participating ------679 505 3,486 4,321 37,053 24,061 23,409 27,574 16,535 92,423 Pension 777,288 838,402 306,596 113,784 (86,210) 1,144,998 1,231,208 1,231,208 1,144,998 Participating ------Life (25) 725 5,755 2,899 52,961 319,660 471,455 301,772 1,392,976 2,455,095 1,274,589 1,074,351 2,355,395 3,303,123 3,660,755 51,579,013 53,291,649 55,746,744 56,580,649 57,052,104 55,746,744 (1,305,360) Participating Segmental balance sheet as at March 31, 2019 Segmental balance sheet as at March
Particulars SOURCES OF FUNDS Funds Shareholders' Capital Share Reserves and Surplus change account Fair Value Credit/Debit Sub-Total Borrowings Policyholders’ Funds: Change Account Fair Value Credit/[Debit] Revaluation Reserve-Investment Property Policy Liabilities Insurance Reserves for Linked Liabilities Provision Funds for Discontinued policies Sub-Total Appropriations Funds for Future Total OF FUNDS APPLICATION Investments Assets held to cover linked liabilities Loans Sub-Total Fixed Assets Assets Current Cash and Bank Balances & Provision Advances Including Advance Tax for Tax Income accrued on investments companies reinsurance Balance due from Outstanding Premium Assets * Other current Assets Current Total Liabilities & Provisions Current Agents' Balances companies Balance due to reinsurance Claims Outstanding Unclaimed Balances-Policy Holders * Liabilities & Provisions Current Liabilities Current Total Assets Net Current the extent not (To Miscellaneous Expenditure or adjusted) written off Assets Total 17. Note : The Policyholder Liabilities and Linked are adequately backed by policyholder investments, Cash Bank Bal ances Other assets *includes inter segment
104 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 18. Segment-wise revenue account for the year ended March 31, 2020 Life Pension Life Non Pension Non -Life Non- Pension Non- General Unit Linked Unit Linked Total Participating Participating Participating Participating Participating Participating Annuity Pension Variable(VIP) Variable(VIP) Premiums earned - net (a) Premiums First Year Premium 6,643,828 58,296 8,354,761 2,169,119 106,966 2,150,510 - 10,399,130 1,209,012 31,091,622 Renewal Premium 17,531,668 94,802 22,075,172 - - - - 12,526,942 114,499 52,343,083 Single Premium - 9,114 11,665,638 - - - 2,723,091 5,568,238 - 19,966,081 (a) Premium 24,175,496 162,212 42,095,571 2,169,119 106,966 2,150,510 2,723,091 28,494,310 1,323,511 103,400,786 (b) Reinsurance Ceded (20,081) (115) (1,294,605) - (1) - - (108,456) (32) (1,423,290) (c) Reinsurance accepted ------SUB-TOTAL 24,155,415 162,097 40,800,966 2,169,119 106,965 2,150,510 2,723,091 28,385,854 1,323,479 101,977,496 Income from Investments (a) Interest, dividend & rent-Gross 4,659,492 90,952 5,957,524 4,032 259,794 441,489 213,794 5,386,465 415,981 17,429,523 (b) Profit on sale/redemption of investments 1,575,422 16,523 2,160,653 - 231,477 409,302 - 8,971,160 688,483 14,053,020 (c) (Loss on sale/ redemption of investments) (677,568) (11,280) (1,359,386) - (906) (13,019) (24) (4,746,612) (302,870) (7,111,665) (d) Transfer/ Gain on revaluation/change in fair value ------(21,310,410) (742,033) (22,052,443) SUB-TOTAL 5,557,346 96,195 6,758,791 4,032 490,365 837,772 213,770 (11,699,397) 59,561 2,318,435 Contribution from Shareholder's Account - - - 11,126 - - 204,792 - - 215,918 Contribution from Shareholders’ Account towards Excess ------EOM Other Income (a) Miscellaneous income 5,077 9 3,648 93 92 92 118 1,524 91 10,744 (b) Income on Unclaimed amount of Policyholders ------17,343 - 17,343 (c) Profit/(Loss) on sale/disposal of fixed assets (Net) 426 3 706 38 38 38 48 502 23 1,822 SUB-TOTAL 5,503 12 4,354 131 130 130 166 19,369 114 29,909 TOTAL(A) 29,718,264 258,304 47,564,111 2,184,408 597,460 2,988,412 3,141,819 16,705,826 1,383,154 104,541,758 Commission First Year Premium 1,513,526 2,121 1,488,176 - - - - 118,441 - 3,122,264 Renewal Premium 632,171 871 830,644 - - - - 201,155 1,416 1,666,257 Single Premium - 172 273,282 - - - 39,539 112,107 - 425,100 Commission on Reinsurance Ceded ------Net Commission 2,145,697 3,164 2,592,102 - - - 39,539 431,703 1,416 5,213,621 Rewards 82,047 74 182,049 81 626 1,316 1,491 16,609 1,608 285,901 Total Commission including Rewards 2,227,744 3,238 2,774,151 81 626 1,316 41,030 448,312 3,024 5,499,522 Operating Expenses related to Insurance business 5,566,506 5,303 7,516,243 1,521 11,809 24,768 94,680 1,331,869 37,400 14,590,099 GST and Service Tax Expenditure on linked charges ------626,775 14,542 641,317 Provision for doubtful debts ------Bad debts written off ------Provision for Tax 1,559,805 - 258,967 - 33,225 - - 169,426 - 2,021,423 Provisions (other than taxation) (a) For Diminution in the value of investments(Net) 132,449 - 315,558 ------448,007 (b) For standard loan assets (230) - (244) ------(474) TOTAL(B) 9,486,274 8,541 10,864,675 1,602 45,660 26,084 135,710 2,576,382 54,966 23,199,894 Claims by Death 435,571 1,088 8,000,292 - 34 - 47,753 290,805 46,234 8,821,777 Annuities/Pension payment ------141,737 - - 141,737 Maturity claims, survival benefits, surrender and rider 3,451,611 65,283 751,920 258,586 926,668 2,634,979 (477) 17,410,775 2,509,569 28,008,914 benefits. Reinsurance :-Claims by death (7,684) - (1,233,165) - - - - (9,299) - (1,250,148) Benefits paid(net) 3,879,498 66,371 7,519,047 258,586 926,702 2,634,979 189,013 17,692,281 2,555,803 35,722,280 Interim & Terminal Bonuses paid 263,244 5,937 ------269,181 Change in valuation of Liability in respect of Life policies (a) Gross 15,930,642 131,148 28,401,587 1,924,220 (569,873) (56,538) 2,817,096 (703,855) (151,562) 47,722,865 (b) Amount ceded in reinsurance - - (792,303) - - - - 3 - (792,300) (c) Amount accepted in reinsurance ------Provision for linked liabilities ------(4,711,436) (1,209,517) (5,920,953) TOTAL( C) 20,073,384 203,456 35,128,331 2,182,806 356,829 2,578,441 3,006,109 12,276,993 1,194,724 77,001,073 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 158,606 46,307 1,571,105 - 194,971 383,887 - 1,852,451 133,464 4,340,791 APPROPRIATIONS Transfer to Shareholders' Account 461,301 3,616 1,571,105 - 194,971 383,887 - 1,852,451 133,464 4,600,795 Transfer to Other Reserve ------Funds for Future Appropriations -Provision for lapsed ------policies unlikely to be revived Balance being Funds for Future Appropriations (302,695) 42,691 ------(260,004) TOTAL(D) 158,606 46,307 1,571,105 - 194,971 383,887 - 1,852,451 133,464 4,340,791 SURPLUS/(DEFICIT) BROUGHT FORWARD 2,455,101 306,590 ------2,761,691 Surplus after Appropriation (302,695) 42,691 ------(260,004) SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE 2,152,406 349,281 ------2,501,687 SHEET (a) Interim & Terminal Bonuses Paid 263,244 5,937 ------269,181 (b) Allocation of Bonus to Policyholders 3,888,468 26,611 ------3,915,079 (c) Surplus/ (Deficit) shown in the Revenue Account (302,695) 42,691 ------(260,004) Total Surplus: [(a) + (b) + (c)] 3,849,017 75,239 ------3,924,256
105 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 18. Segment-wise revenue account for the year ended March 31, 2019 Life Pension Life Non -Life Non- Pension Non- General Unit Linked Unit Linked Total Participating Participating Participating Participating Participating Annuity Pension Variable(VIP) Variable(VIP) Premiums earned - net (a) Premiums First Year Premium 5,801,690 32,642 7,050,295 1,309,104 2,181,192 - 8,514,042 451,732 25,340,697 Renewal Premium 13,601,813 73,495 17,048,173 - - - 10,993,351 194,926 41,911,758 Single Premium - 2,099 9,346,937 - - 706,420 4,374,992 - 14,430,448 (a) Premium 19,403,503 108,236 33,445,405 1,309,104 2,181,192 706,420 23,882,385 646,658 81,682,903 (b) Reinsurance Ceded (15,844) (971) (1,066,527) - - - (93,060) (28) (1,176,430) (c) Reinsurance accepted ------SUB-TOTAL 19,387,659 107,265 32,378,878 1,309,104 2,181,192 706,420 23,789,325 646,630 80,506,473 Income from Investments (a) Interest, dividend & rent-Gross 3,474,391 77,892 4,405,669 156,661 202,650 93,273 4,739,988 485,953 13,636,477 (b) Profit on sale/redemption of investments 952,420 26,458 1,252,719 9,369 13,974 715 9,289,519 686,071 12,231,245 (c) (Loss on sale/ redemption of investments) (442,209) (6,501) (563,127) (22,779) (64,336) (277) (5,843,520) (372,904) (7,315,653) (d) Transfer/ Gain on revaluation/change in fair value ------3,285,159 77,082 3,362,241 SUB-TOTAL 3,984,602 97,849 5,095,261 143,251 152,288 93,711 11,471,146 876,202 21,914,310 Contribution from Shareholder's Account - - - 31,918 84,894 55,419 - - 172,231 Contribution from Shareholders’ Account towards Excess EOM ------Other Income (a) Miscellaneous income 14,759 9 34,328 46 77 25 4,005 497 53,746 (b) Income on Unclaimed amount of Policyholders ------25,098 - 25,098 (c) Profit/(Loss) on sale/disposal of fixed assets (Net) 499 3 860 34 56 18 615 17 2,102 SUB-TOTAL 15,258 12 35,188 80 133 43 29,718 514 80,946 TOTAL(A) 23,387,519 205,126 37,509,327 1,484,353 2,418,507 855,593 35,290,189 1,523,346 102,673,960 Commission First Year Premium 1,343,924 2,150 1,696,922 - - - 161,015 8 3,204,019 Renewal Premium 485,059 875 639,842 - - - 186,149 2,627 1,314,552 Single Premium - 38 135,220 - - 8,962 84,456 - 228,676 Commission on Reinsurance Ceded ------Net Commission 1,828,983 3,063 2,471,984 - - 8,962 431,620 2,635 4,747,247 Rewards 82,303 44 161,139 764 1,273 396 19,441 798 266,158 Net Commission including commission 1,911,286 3,107 2,633,123 764 1,273 9,358 451,061 3,433 5,013,405 Operating Expenses related to Insurance business 4,651,049 2,991 6,827,415 16,138 26,812 26,041 1,458,706 22,050 13,031,202 GST and Service Tax Expenditure on linked charges ------577,048 19,492 596,540 Provision for doubtful debts ------Bad debts written off ------Provision for Tax 160,607 - 418,151 (5,439) - - 29,351 - 602,670 Provisions (other than taxation) (a) For Diminution in the value of investments(Net) 41,337 - 41,453 - - - - - 82,790 (b) For standard loan assets (1,115) - (827) - - - - - (1,942) TOTAL(B) 6,763,164 6,098 9,919,315 11,463 28,085 35,399 2,516,166 44,975 19,324,665 Claims by Death 366,669 1,479 5,803,077 37 - 7,799 348,851 31,737 6,559,649 Annuities/Pension payment - - - - - 65,831 - - 65,831 Maturity claims, survival benefits, surrender and rider benefits. 2,363,991 79,632 516,866 184,857 390,516 632 16,277,152 3,741,868 23,555,514 Reinsurance :-Claims by death 3,887 - (790,707) - - - (37,201) - (824,021) Benefits paid(net) 2,734,547 81,111 5,529,236 184,894 390,516 74,262 16,588,802 3,773,605 29,356,973 Interim & Terminal Bonuses paid 188,844 6,464 ------195,308 Change in valuation of Liability in respect of Life policies (a) Gross 12,706,308 51,559 19,754,723 1,287,996 1,999,906 745,932 (101,886) 19,367 36,463,905 (b) Amount ceded in reinsurance - - (197,543) - - - (2) - (197,545) (c) Amount accepted in reinsurance ------Provision for linked liabilities ------15,453,190 (2,526,525) 12,926,665 TOTAL( C) 15,629,699 139,134 25,086,416 1,472,890 2,390,422 820,194 31,940,104 1,266,447 78,745,306 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 994,656 59,894 2,503,596 - - - 833,919 211,924 4,603,989 APPROPRIATIONS Transfer to Shareholders' Account 319,126 3,689 2,503,596 - - - 833,919 211,924 3,872,254 Transfer to Other Reserve ------Funds for Future Appropriations -Provision for lapsed policies unlikely to ------be revived Balance being Funds for Future Appropriations 675,530 56,205 ------731,735 TOTAL(D) 994,656 59,894 2,503,596 - - - 833,919 211,924 4,603,989 SURPLUS/(DEFICIT) BROUGHT FORWARD 1,779,565 250,391 ------2,029,956 Surplus after Appropriation 675,530 56,205 ------731,735 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 2,455,095 306,596 ------2,761,691 (a) Interim & Terminal Bonuses Paid 188,844 6,464 ------195,308 (b) Allocation of Bonus to Policyholders 2,683,295 26,753 ------2,710,048 (c) Surplus/ (Deficit) shown in the Revenue Account 675,530 56,205 ------731,735 Total Surplus: [(a) + (b) + (c)] 3,547,669 89,422 ------3,637,091
106 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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) Particulars (` in crores) (` in crores) 2019-20 2018-19 1 Computation of Controlled fund as per the Balance Sheet Policyholders' Fund (Life Fund) Participating Individual Assurance 6,966.21 5,403.41 Individual Pension 125.77 108.39 Any other - - Non-participating Individual Assurance 7,483.56 5,373.55 Group Assurance 2,158.89 1,507.97 Group Non Unit Linked Pension 192.42 - Life Variable (VIP) 235.52 292.51 Pension Variable (VIP) 379.12 384.78 Individual Annuity 453.22 171.51 Any other - - Linked Individual Assurance 9,476.29 10,718.81 Group Assurance - - Individual Pension 240.73 519.73 Group Superannuation 437.22 294.33 Group Gratuity 3,309.44 2,608.45 Any other - - Funds for Future Appropriations - - Total (A) 31,458.40 27,383.43 Shareholders' Fund Paid up Capital 510.29 510.29 Reserves & Surpluses 2,843.25 2,235.07 Fair Value Change Total (B) 3,353.54 2,745.36 Misc. expenses not written off - - Credit / (Debit) from P&L A/c. - - Total (C ) - - Total shareholders' funds (B+C) 3,353.54 2,745.36 Controlled Fund (Total (A+B-C)) 34,811.94 30,128.80
107 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars (` in crores) (` in crores) 2019-20 2018-19 2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account Opening Balance of Controlled Fund 30,128.80 24,629.09 Add: Inflow Income Premium Income 10,340.08 8,168.29 Less: Reinsurance ceded (142.33) (117.64) Net Premium 10,197.75 8,050.64 Investment Income 231.81 2,191.43 Other Income 3.02 8.09 Funds transferred from Shareholders' Accounts 21.59 17.22 Total Income 10,454.18 10,267.39 Less: Outgo (i) Benefits paid (Net) 3,572.23 2,935.70 (ii) Interim Bonus Paid 26.92 19.53 (iii) Change in Valuation of Liability 4,100.96 4,919.30 (iv) Commission 549.95 474.72 (v) Operating Expenses 1,567.89 1,397.47 (vi) Provision for Taxation 202.14 60.27 Total Outgo 10,020.10 9,807.00 Surplus of the Policyholders' Fund 434.08 460.40 Less: transferred to Shareholders' Account 460.08 387.23 Net Flow in Policyholders' account (26.00) 73.17 Add: Net income in Shareholders' Fund 608.18 507.24 Net In Flow / Outflow 30,710.98 25,209.50 Add: change in valuation Liabilities 4,100.96 4,919.30 Add: Increase in Paid up Capital - - Closing Balance of Controlled Fund 34,811.94 30,128.80 As Per Balance Sheet 34,811.94 30,128.80 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 13,242.12 9,534.06 Add: Surplus/(deficit) of the Revenue Account (26.00) 73.17 Add: change in valuation Liabilities 4,778.60 3,634.89 Total 17,994.71 13,242.12 As per Balance Sheet 17,994.71 13,242.12 Difference, if any - -
108 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars (` in crores) (` in crores) 2019-20 2018-19 3.2 Policyholders' Funds - Linked Opening Balance of the Policyholders' Fund 14,141.32 12,856.91 Add: Surplus/(deficit) of the Revenue Account - - Add: change in valuation Liabilities (677.64) 1,284.41 Total 13,463.68 14,141.31 As per Balance Sheet 13,463.69 14,141.32 Difference, if any - - Shareholders' Funds Opening Balance of Shareholders' Fund 2,745.36 2,238.13 Add: net income of Shareholders' account (P&L) 608.18 507.24 Add: Infusion of Capital - - Closing Balance of the Shareholders' fund 3,353.54 2,745.36 As per Balance Sheet 3,353.54 2,745.36 Difference, if any - -
20 Summary of financial statements Sr. 2019-20 2018-19 2017-18 2016-17 2015-16 no. Particulars Policyholders’ Account 1 Gross premium income 103,400,786 81,682,903 65,986,722 51,395,481 39,716,819 2 Net premium income 101,977,496 80,506,473 65,114,665 50,674,584 39,132,858 3 Income from investments (Net of 2,318,435 21,914,310 17,618,270 23,944,874 5,183,426 Amortisation) 4 Other income 245,827 253,177 75,289 67,285 65,609 5 Total Income 104,541,758 102,673,960 82,808,224 74,686,743 44,381,892 6 Commission 5,499,522 5,013,405 4,004,599 3,248,144 2,581,148 7 Brokerage - - - - - 8 Operating expenses related to insurance 15,231,416 13,627,742 11,437,156 9,662,435 8,268,254 business 9 Provision for Tax 2,021,423 602,670 367,132 220,782 158,761 10 Provisions for Diminution in value of 448,007 82,790 36,320 (8,703) 8,654 investments (net) 11 Provisions for standard loan assets (474) (1,942) (1,084) 139 (830) 12 Total Expenses 23,199,894 19,324,665 15,844,123 13,122,797 11,016,257 13 Benefits paid 35,722,280 29,356,973 27,709,336 22,871,681 18,240,332 14 Interim Bonus Paid 269,181 195,308 154,675 208,408 119,022 15 Increase in actuarial liability 46,930,565 36,266,360 25,056,881 17,201,765 13,924,460 16 Provision for Linked Liabilities (5,920,953) 12,926,665 10,876,683 19,042,728 (682,562) 17 Surplus/ (Deficit) (before appropriation) 4,340,791 4,603,989 3,166,526 2,239,364 1,764,384
109 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Sr. 2019-20 2018-19 2017-18 2016-17 2015-16 no. Particulars Shareholders’ Account 18 Total income under shareholders’ Account 6,684,628 5,546,481 4,486,500 3,281,795 2,746,805 19 Total Expenses under shareholder's Accounts 314,700 241,228 141,299 75,533 86,271 20 Profit/ (Loss) before tax 6,369,928 5,305,253 4,345,201 3,206,262 2,660,534 21 Provision for tax 288,149 232,902 211,097 173,533 153,065 22 Profit/ (Loss) after tax 6,081,779 5,072,351 4,134,104 3,032,729 2,507,469 23 Balance at the beginning of the year 21,830,354 16,758,003 12,623,899 9,591,170 7,083,701 24 Profit/ (Loss) carried to Balance Sheet 27,912,133 21,830,354 16,758,003 12,623,899 9,591,170 Miscellaneous 25 (A) Policyholders’ account: Total Funds 181,443,473 136,834,151 100,774,366 74,165,361 55,294,199 Total Investments 186,430,867 140,601,574 105,760,857 77,928,818 58,812,685 Yield on Investments (%) 13.66% 8.84% 7.14% 13.80% 6.90% (B) Shareholders’ account: Total Funds 33,532,775 27,453,619 22,381,268 18,247,164 15,214,435 Total Investments 28,347,433 23,098,187 19,049,277 15,875,540 13,996,388 Yield on Investments (%) 16.66% 8.71% 5.12% 12.65% 7.83% 26 Yield on Total Investments 14.10% 8.82% 6.78% 13.58% 7.09% 27 Paid up Equity Capital 5,102,902 5,102,902 5,102,902 5,102,902 5,102,902 28 Net Worth 33,532,775 27,453,619 22,381,268 18,247,164 15,214,435 29 Total Assets 348,451,439 303,683,915 249,625,114 208,005,322 167,058,704 30 Earnings per share ( `) 11.92 9.94 8.10 5.94 4.91 31 Book Value per share ( `) 65.71 53.80 43.86 35.76 29.82
21 Earnings per share: In accordance with AS 20 on ‘Earning 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 2019-20 2018-19 Profit/ (Loss) as per profit and loss account available for equity shareholders for 6,081,779 5,072,351 both basic and diluted earnings per equity share of ` 10 each (` '000) Weighted average number of shares 510,290,249 510,290,249 Earnings per share before exceptional items (Basic and Diluted) ` 11.92 ` 9.94 Earnings per share (Basic and Diluted) ` 11.92 ` 9.94 Face value per share ` 10 ` 10
Note: There are no dilutive equity shares or potential equity shares issued by the company
110 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 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 `Nil (Previous Year ` Nil) 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:
No. of SARs Particulars 2019-20 2018-19 Outstanding at the beginning of the year 83,893 75,914 Granted during the year 43,590 45,736 Additions/Reduction due to transfer / resignation of employees 297 (3,172) Exercised during the year 35,286 34,585 Expired during the year Nil Nil Outstanding at the end of the year 92,494 83,893
Effect of grant of ESOP & SARs to employees on the Revenue/Profit and Loss Account and on its financial position
Particulars 2019-20 2018-19 Total Employee Compensation Cost pertaining to share-based payment plans 65,246 58,665 Closing balance of liability for cash-settled options 71,738 60,994
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 ` 47,248 (Previous Year higher by ` 47,252) and the surplus would have been lower by `41,488 (Previous year lower by ` 41,307).
111 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 23 (a) Micro, Small and Medium Enterprises Development Act, 2006. 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 March 31st, 2020 (March 31st, 2019 -Nil), 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 same is based on information available with the company.
(b) Provision for Standard Loan Assets In line with the ‘Guidelines on Prudential norms for income recognition, Asset classification, Provisioning and other related matters in respect of Debt portfolio’ as specified by IRDAI vide the Master Circular dated December 11, 2013, provision for standard loan assets at 0.4% amounting to ` (474) (Previous year ` (1,942)) has been recognised in the Revenue Account. There are no assets including loans subject to re-structuring in the current year (March 31, 2019 : ` Nil)
(c) Provision for Tax Provision for tax for the current year includes tax provision for prior years amounting to ` 714,200 made on the basis of re- measurement of estimated tax liability pertaining to the policyholders for pending tax assessments
24 (a) Disclosure of certain expenses As required under Circular no 067/IRDA/F&A/CIR/MAR -08 dated March 28, 2008, expenses incurred under the following heads are as follows:
Particulars 2019-20 2018-19 (i) Outsourcing Expenses 688,550 928,336 (ii) Business Development 836,981 744,784 (iii) Marketing Support 88,525 66,738
(b) Disclosure on other works given to Auditors
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:
Name Particulars Nature 2019-20 2018-19 S R Batliboi &Associates LLP Statutory Auditors Certification Work 950 500 Haribhakti & Co. LLP Statutory Auditors Certification Work 50 525 S R Batliboi &Associates LLP Statutory Auditors Out of pocket expenses 173 244 Haribhakti & Co. LLP Statutory Auditors Out of pocket expenses 211 159
112 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) ------525 1,615 17,343 451,337 641,317 169,426 (108,488) 5,802,446 9,659,643 1,369,269 2,631,347 1,985,915 1,985,915 1,985,915 (5,049,481) 18,088,981 20,248,086 (6,776,368) 13,471,718 29,817,821 (22,052,443) (10)=(3)+ (6)+(9) Total Unit Linked Total ------(38) 171 132 10,400 51,245 (8,671) 10,176 10,176 10,176 227,510 280,484 (261,506) (893,205) Total 1,889,306 1,158,613 9,411,613 2,111,115 7,009,838 9,120,953 7,518,139 (9)= (7) + (8) ------51,245 51,245 (8) Unit (261,507) (893,205) (270,164) 1,879,729 1,158,613 9,129,810 2,085,677 6,992,888 9,078,565 7,516,344 Linked Group Linked Group ------(38) 171 132 9,577 1,796 10,400 (8,671) 25,438 16,951 42,388 10,176 10,176 10,176 (7) 270,164 281,803 227,510 229,239 Non-Unit ------91 23 (32) 3,024 37,401 14,542 54,965 415,981 688,483 133,464 133,464 133,464 Total (302,870) (742,033) 1,383,155 2,555,804 1,194,725 1,323,511 (1,361,079) (6)=(4) + (5) ------April, 2007 th 14,542 14,542 (5) 389,341 688,207 Unit (302,272) (742,032) (109,796) 1,241,886 2,436,862 1,227,345 1,318,439 (1,209,517) Linked Pension ------91 23 (32) 276 (598) 3,024 5,072 (4) 26,640 37,401 40,425 109,796 141,268 118,942 133,464 133,464 133,464 (32,620) (151,562) Non-Unit ------370 1,353 17,343 437,913 575,531 178,097 Total (108,418) 3,497,159 7,812,547 7,294,213 1,104,358 2,295,898 3,156,039 1,842,275 1,842,275 1,842,275 (4,485,105) 15,581,167 20,976,171 (20,417,206) (12,425,127) (3)=(1) + (2) ------575,531 575,531 (2) Unit 3,275,345 7,786,249 3,946,488 3,370,957 (4,484,024) (2,626,151) 15,075,281 20,412,274 Linked Life (20,417,206) (11,704,324) ------370 1,353 (1) 26,298 (1,081) 17,343 221,814 437,913 178,097 505,886 563,897 (108,418) (720,803) (214,917) 2,626,151 3,347,725 1,104,358 1,720,367 1,842,275 1,842,275 1,842,275 Non-Unit MARCH 2020 st UL1 UL2 Schedule amortization) Income from Investments Income from (Net of Dividend & Rent - Gross (a) Interest, of investments on sale/redemption (b) Profit of investments (c) Loss on sale/redemption gain/(loss) # (d) Unrealised (e) Misc. Income Other income: (a) Linked Income a/c the Shareholders' (b ) Contribution from (c ) Other Income (d) Income on Unclaimed amount of Policyholders on sale/disposal of fixed assets(net) (e ) Profit/(loss) (A) TOTAL Commission to Insurance Business Operating Expenses related on linked charges Expenditure GST and Service Tax for Taxation Provision Diminution in the value of investments(Net) (B) TOTAL Benefits Paid (Net) Interim Bonus Paid Liability Change in Valuation (C) TOTAL SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C) APPROPRIATIONS at the beginning of year Insurance reserve a/c to Shareholders' Transfer appropriations Funds available for future (D) Total Particulars earned Premiums – net (a) Premium (b) Reinsurance ceded 25 Unit Linked Disclosures Norms 25 Unit Linked Disclosures circular vide Authority Development & Regulatory Insurance the from received instructions the with accordance in are hereunder made Disclosures Linked Unit dated 16 numbers 054/IRDA/F and A/FEB-07 dated February 20, 2007 IRDA/F&A/001/Apr-07 - Revenue Account 25A Unit Linked Disclosures REVENUE ACCOUNT FOR THE YEAR ENDED 31 Account) Policyholders’ Account (Technical gain as per norms specified by the Authority the deemed realised # Represents
113 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2019 (Currency: In thousands of Indian Rupees unless otherwise stated) ------631 4,502 25,098 29,351 (93,088) 434,255 596,540 5,225,941 9,975,590 3,362,241 1,500,995 2,561,141 1,045,843 1,045,843 1,045,843 24,529,043 (6,216,424) 36,813,536 20,362,407 12,844,144 33,206,552 (10)=(3)+ (6)+(9) Total Unit Linked Total ------(66) 123 0.00 1,349 (2,511) 40,753 653,697 614,943 226,222 (35,748) 232,576 Total (687,927) (170,956) (170,956) (170,956) 4,778,642 1,542,473 6,899,374 2,475,554 4,362,199 6,837,754 (9)= (7) + (8) ------(8) 40,753 40,753 Unit 652,724 614,943 (687,927) (211,156) 4,774,305 1,535,914 6,678,803 2,278,487 4,359,563 6,638,050 Linked Group Linked Group ------(66) 973 123 4,337 6,560 1,349 2,636 (7) (2,511) 211,156 220,571 226,222 (35,748) 191,823 197,067 199,703 (170,956) (170,956) (170,956) Non-Unit ------17 (28) 497 2,635 77,082 22,848 19,492 44,975 646,658 485,953 686,071 211,924 211,924 211,924 Total (372,904) 1,523,346 3,773,605 1,266,447 (2,507,158) (6)=(4) + (5) ------0.00 April, 2007 th (5) 77,082 19,492 19,492 Unit 643,387 389,495 659,350 (372,517) (137,968) 1,258,829 3,765,862 1,239,337 (2,526,525) Linked Pension ------17 (28) 497 (388) 3,271 2,635 7,744 (4) 96,458 26,721 22,848 25,483 19,367 27,111 137,968 264,517 211,924 211,924 211,924 Non-Unit ------492 6,516 25,098 65,099 (92,994) 430,270 536,295 Total 3,197,515 8,635,822 2,670,216 1,251,925 2,283,590 1,004,875 1,004,875 1,004,875 19,103,743 (5,155,593) 28,390,815 14,113,248 10,989,103 25,102,351 (3)=(1) + (2) ------0.00 (2) 536,295 536,295 Unit 2,995,159 8,626,496 2,670,216 18,548,367 (5,149,682) (2,441,636) 25,248,921 13,618,999 11,093,627 24,712,626 Linked Life ------492 9,326 6,516 (1) (5,910) 25,098 65,099 555,376 (92,994) 202,356 430,270 494,249 389,724 (104,524) Non-Unit 2,441,636 3,141,895 1,251,925 1,747,294 1,004,876 1,004,875 1,004,875 MARCH 2019 st UL1 UL2 Schedule Reinsurance ceded (Net of Dividend & Rent - Gross Interest, Profit on sale/redemption of investments on sale/redemption Profit of investments Loss on sale/redemption gain/(loss) # Unrealised Misc. Income Linked Income a/c the Shareholders' Contribution from Other Income Income on Unclaimed amount of Policyholders on sale/disposal of fixed assets(net) Profit/(loss) amortization) Particulars earned Premiums – net (a) Premium (b) Investments Income from (a) (b) (c) (d) (e) Other income: (a) (b ) (c ) (d) (e ) (A) TOTAL Commission to Insurance Business Operating Expenses related on linked charges Expenditure GST and Service Tax for Taxation Provision Diminution in the value of investments(Net) (B) TOTAL Benefits Paid (Net) Interim Bonus Paid Liability Change in Valuation (C) TOTAL SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C) APPROPRIATIONS at the beginning of year Insurance reserve a/c to Shareholders' Transfer appropriations Funds available for future (D) Total 25 Unit Linked Disclosures Norms 25 Unit Linked Disclosures circular vide Authority Development & Regulatory Insurance the from received instructions the with accordance in are hereunder made Disclosures Linked Unit dated 16 numbers 054/IRDA/F and A/FEB-07 dated February 20, 2007 IRDA/F&A/001/Apr-07 - Revenue Account 25A Unit Linked Disclosures REVENUE ACCOUNT FOR THE YEAR ENDED 31 Account) Policyholders’ Account (Technical # Represents the deemed realised gain as per norms specified by the Authority the deemed realised # Represents
114 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) - 499 419 (113) 5,055 6,878 5,183 20,472 22,464 453,705 699,599 1,791,948 3,006,111 Total (4)= (1)+(2)+(3) ------116 16,013 254,035 270,164 (3) Linked Group - - - - 5 12 (75) 373 4,539 4,750 84,264 15,927 109,796 (2) Linked Pension - 400 499 (38) 414 2,128 5,171 20,472 22,464 437,778 683,214 1,453,649 2,626,151 (1) Linked Life Particulars Fund Administration charges Fund Management charge Policy Administration charge charge Surrender Partial withdrawal charge charges Subscription lapse forfeiture Discontinuance Charges Switching charge Mortality charge charge Rider Premium Guarantee Charges Miscellaneous charge (UL-1) TOTAL Unit Linked Disclosures - Revenue Account Unit Linked Disclosures to Revenue Account (UL) forming part of Financial Statements Schedules to Annexure Schedule-UL1 linked funds) from Linked Income (recovered
115 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2019 (Currency: In thousands of Indian Rupees unless otherwise stated) - 537 384 (564) 4,933 7,563 4,606 15,958 23,597 459,042 635,072 1,639,633 2,790,760 Total (4)= (1)+(2)+(3) ------15,484 195,672 211,156 (3) Linked Group - - - - 16 26 520 (230) 2,952 5,305 24,141 105,238 137,968 (2) Linked Pension - 537 369 (334) 1,981 2,258 4,580 15,958 23,597 434,901 619,068 1,338,722 2,441,636 (1) Linked Life Particulars Fund Administration charges Fund Management charge Policy Administration charge charge Surrender Partial withdrawal charge charges Subscription lapse forfeiture Discontinuance Charges Switching charge Mortality charge charge Rider Premium Guarantee Charges Miscellaneous charge (UL-1) TOTAL Unit Linked Disclosures - Revenue Account Unit Linked Disclosures to Revenue Account (UL) forming part of Financial Statements Schedules to Annexure Schedule-UL1 linked funds) from Linked Income (recovered
116 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) ------(9,299) (9,299) 337,040 885,937 8,960,746 10,073,662 20,257,385 20,248,086 20,248,086 20,248,086 Linked Total Unit Total (10)=(3)+(6)+(9) ------(2) 4,542 247,901 1,858,674 2,111,115 2,111,115 2,111,115 2,111,115 (9)=(7)+(8) Linked Group Linked Group ------(8) Unit (20,897) 247,901 Linked Group Linked Group 1,858,674 2,085,677 2,085,677 2,085,677 2,085,677 ------4,542 (7) 20,896 25,438 25,438 25,438 25,438 Non-Unit ------916 46,234 1,111,896 1,396,757 2,555,804 2,555,804 2,555,804 2,555,804 (6)=(4)+(5) Linked Pension ------(5) 46,139 (6,238) Unit Linked Pension 1,000,204 1,396,757 2,436,862 2,436,862 2,436,862 2,436,862 ------95 7,154 (4) 111,693 118,942 118,942 118,942 118,942 Non-Unit ------(9,299) (9,299) 286,264 885,022 7,103,092 7,316,088 15,590,466 15,581,167 15,581,167 15,581,167 (3)=(1)+(2) Linked Life ------(2) Unit 167,964 863,337 (111,084) 6,838,977 7,316,088 Linked Life 15,075,281 15,075,281 15,075,281 15,075,281 ------(1) 21,685 (9,299) (9,299) 118,300 264,115 111,084 515,185 505,886 505,886 505,886 Non Unit Particulars Insurance Claims Claims by Death Claims by Maturity Annuities / Pension payment Other benefits - Survival - Surrender - Others (A) Sub Total Amount Ceded in reinsurance Claims by Death Claims by Maturity Annuities / Pension payment Other benefits - Surrender - Survival (B) Sub Total (A) - (B) TOTAL Benefits paid to claimants: In India Outside India (UL2) TOTAL Sl. No. 1 (a) (b) (c) (d) 2 (a) (b) (c) (d) 25A Unit Linked Disclosures - Revenue Account 25A Unit Linked Disclosures Schedule–UL2 [NET] BENEFITS PAID
117 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2019 (Currency: In thousands of Indian Rupees unless otherwise stated) ------380,588 512,721 (37,201) (37,201) 8,639,790 10,866,509 20,399,608 20,362,407 20,362,407 20,362,407 Linked Total Unit Total (10)=(3)+(6)+(9) 2 ------6,796 111,336 2,357,421 2,475,554 2,475,554 2,475,554 2,475,554 (9)=(7)+(8) Linked Group Linked Group ------(8) Unit 111,336 (190,269) 2,357,421 2,278,487 2,278,487 2,278,487 2,278,487 Linked Group Linked Group ------6,796 (7) 190,271 197,067 197,067 197,067 197,067 Non-Unit ------852 31,737 2,216,747 1,524,269 3,773,605 3,773,605 3,773,605 3,773,605 (6)=(4)+(5) Linked Pension ------(5) 31,504 (6,659) Unit 2,216,747 1,524,269 3,765,862 3,765,862 3,765,862 3,765,862 Linked Pension ------233 7,511 7,744 7,744 7,744 7,744 (4) Non-Unit ------342,055 511,867 (37,201) (37,201) 6,292,342 7,004,185 14,150,449 14,113,248 14,113,248 14,113,248 (3)=(1)+(2) Linked Life ------(2) 176,100 487,754 Unit (109,280) 6,060,239 7,004,185 Linked Life 13,618,999 13,618,999 13,618,999 13,618,999 ------(1) 24,113 232,102 109,280 531,450 (37,201) 494,249 494,249 494,249 (37,201) 165,955 Non Unit Particulars Insurance Claims Claims by Death Claims by Maturity Annuities / Pension payment Other benefits - Survival - Surrender - Others (A) Sub Total Amount Ceded in reinsurance Claims by Death Claims by Maturity Annuities / Pension payment Other benefits - Surrender - Survival (B) Sub Total (A) - (B) TOTAL Benefits paid to claimants: In India Outside India (UL2) TOTAL Sl. No. 1 (a) (b) (c) (d) 2 (a) (b) (c) (d) 25A Unit Linked Disclosures - Revenue Account 25A Unit Linked Disclosures Schedule–UL2 [NET] BENEFITS PAID
118 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Group Money Pension Money Market Market Fund Money Market Fund Fund II Discontinued Policy Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (49,118) (44,607) 4,454,124 3,969,412 11,126 37,431 2,950,202 1,748,541 Appr/Ex-Appr Reserve ------Revenue Account 49,361 44,809 925,446 712,665 50,781 46,346 897,682 713,313 Total 243 202 5,379,570 4,682,077 61,906 83,778 3,847,884 2,461,854 Application of Funds Investments F-2 192 - 5,136,488 4,313,569 70,901 83,302 3,961,904 2,549,432 Current Assets F-3 52 202 243,185 368,791 66 547 97 193 Less: Current Liabilities and Provisions F-4 1 - 103 283 9,061 71 114,117 87,771 Net current assets 51 202 243,082 368,508 (8,995) 476 (114,020) (87,578) Total 243 202 5,379,570 4,682,077 61,906 83,778 3,847,884 2,461,854 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 243 202 5,379,570 4,682,077 61,906 83,778 3,847,884 2,461,854 less Current Liabilities and Provisions) (b) Number of Units outstanding 15,011 14,137 259,979,370 239,969,015 2,988,855 4,284,022 202,601,411 136,897,498 (c) NAV per Unit (a)/(b) (`) 16.1919 14.2930 20.6923 19.5112 20.7124 19.5558 18.9924 17.9832
25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended 31st March 2020 Kotak Dynamic Gilt Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond Fund ULIF-006-27/06/03- ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- DYGLTFND-107 PNGLTFND-107 GLTFND-107 DYBNDFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 637,980 283,086 (43,233) (26,144) 920,281 349,592 6,751,061 6,141,014 Appr/Ex-Appr Reserve ------Revenue Account 407,191 324,013 65,671 62,262 269,730 175,837 5,331,604 4,124,153 Total 1,045,171 607,099 22,438 36,119 1,190,011 525,429 12,082,665 10,265,168 Application of Funds Investments F-2 1,014,660 578,486 21,928 45,538 1,169,381 515,725 11,799,977 9,898,630 Current Assets F-3 30,550 28,678 511 1,258 20,668 9,753 412,475 370,826 Less: Current Liabilities and Provisions F-4 39 66 1 10,678 38 49 129,787 4,288 Net current assets 30,511 28,612 510 (9,419) 20,629 9,703 282,688 366,538 Total 1,045,171 607,099 22,438 36,119 1,190,011 525,429 12,082,665 10,265,168 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 1,045,171 607,099 22,438 36,119 1,190,011 525,429 12,082,665 10,265,168 less Current Liabilities and Provisions) (b) Number of Units outstanding 29,670,077 19,493,888 629,542 1,135,735 32,408,127 16,170,837 318,498,086 305,348,905 (c) NAV per Unit (a)/(b) (`) 35.2264 31.1430 35.6416 31.8020 36.7195 32.4924 37.9364 33.6178
119 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Group Short Term Kotak Group Secure Kotak Pension Bond Fund Kotak Group Bond Fund Bond Fund Capital Fund ULIF-017-15/04/04- ULGF-004-15/04/04- ULGF-018-18/12/13- ULGF-016-12/04/11- PNBNDFND-107 BNDFND-107 SHTRMBND-107 SECCAPFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (294,789) (29,903) 12,224,540 8,935,430 746,312 777,166 4,226,777 2,742,846 Appr/Ex-Appr Reserve ------Revenue Account 476,530 440,576 6,721,477 4,791,525 187,884 117,461 1,051,905 556,362 Total 181,741 410,673 18,946,017 13,726,955 934,196 894,627 5,278,682 3,299,208 Application of Funds Investments F-2 183,956 418,351 17,683,671 13,180,826 908,541 859,954 5,216,726 3,217,702 Current Assets F-3 5,730 10,919 1,457,892 547,287 25,680 34,743 120,197 83,758 Less: Current Liabilities and Provisions F-4 7,944 18,597 195,546 1,158 25 70 58,242 2,252 Net current assets (2,215) (7,678) 1,262,346 546,129 25,655 34,673 61,955 81,506 Total 181,741 410,673 18,946,017 13,726,955 934,196 894,627 5,278,682 3,299,208 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 181,741 410,673 18,946,017 13,726,955 934,196 894,627 5,278,682 3,299,208 less Current Liabilities and Provisions) (b) Number of Units outstanding 4,760,394 12,184,370 462,491,359 379,609,711 68,087,131 70,483,858 234,274,467 165,278,926 (c) NAV per Unit (a)/(b) (`) 38.1777 33.7049 40.9651 36.1607 13.7206 12.6926 22.5320 19.9615
25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended 31st March 2020 Kotak Dynamic Floating Kotak Pension Floating Kotak Group Floating Rate Kotak Dynamic Balanced Rate Fund Rate Fund Fund Fund ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- ULIF-009-27/06/03- DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 DYBALFND-107 Current Previous Current Previous Previous Current Previous Particulars Schedule Year Year Year Year Current Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 29,502 (12,765) (20,867) (19,049) 865,930 1,034,111 (127,386) (98,908) Appr/Ex-Appr Reserve ------Revenue Account 197,995 186,322 29,198 28,568 284,689 204,945 275,210 292,227 Total 227,497 173,557 8,331 9,519 1,150,619 1,239,056 147,824 193,319 Application of Funds Investments F-2 224,451 219,633 8,071 10,260 1,129,074 1,216,490 146,488 191,955 Current Assets F-3 3,870 5,107 440 277 21,575 23,525 1,353 3,383 Less: Current Liabilities and Provisions F-4 824 51,183 181 1,017 30 960 17 2,019 Net current assets 3,046 (46,076) 259 (740) 21,545 22,565 1,336 1,364 Total 227,497 173,557 8,331 9,519 1,150,619 1,239,056 147,824 193,319 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 227,497 173,557 8,331 9,519 1,150,619 1,239,056 147,824 193,319 less Current Liabilities and Provisions) (b) Number of Units outstanding 7,679,721 6,269,606 279,180 342,252 36,474,151 42,115,572 2,395,825 2,820,853 (c) NAV per Unit (a)/(b) (`) 29.6231 27.6823 29.8395 27.8134 31.5461 29.4204 61.7006 68.5322
120 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Guaranteed Kotak Pension Balanced Kotak Group Balanced Balanced Fund Fund Fund Balanced Fund ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (443,144) (282,139) (1,267,018) (979,821) 7,179,520 6,021,287 1,575,543 1,285,645 Appr/Ex-Appr Reserve ------Revenue Account 997,534 1,043,046 1,752,161 1,790,293 2,088,836 3,023,257 60,488 264,870 Total 554,390 760,907 485,143 810,472 9,268,356 9,044,544 1,636,032 1,550,514 Application of Funds Investments F-2 551,929 763,437 481,102 826,473 9,179,934 8,949,412 1,592,603 1,491,585 Current Assets F-3 9,544 23,047 8,780 22,582 154,396 184,639 54,272 74,790 Less: Current Liabilities and Provisions F-4 7,083 25,576 4,739 38,583 65,974 89,507 10,843 15,861 Net current assets 2,461 (2,530) 4,041 (16,001) 88,422 95,132 43,429 58,929 Total 554,390 760,907 485,143 810,472 9,268,356 9,044,544 1,636,032 1,550,514 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 554,390 760,907 485,143 810,472 9,268,356 9,044,544 1,636,032 1,550,514 less Current Liabilities and Provisions) (b) Number of Units outstanding 10,174,771 12,917,299 8,803,771 13,580,682 144,458,034 128,482,189 75,714,177 64,503,888 (c) NAV per Unit (a)/(b) (`) 54.4867 58.9061 55.1063 59.6783 64.1595 70.3953 21.6080 24.0375
25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended 31st March 2020 Kotak Dynamic Growth Kotak Guaranteed Growth Kotak Pension Growth Pension Balanced Fund II Fund Fund Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (2,477) 11,049 (207,663) (150,135) (2,979,521) (2,438,969) (129,963) 11,680 Appr/Ex-Appr Reserve ------Revenue Account 23,807 26,697 651,944 749,731 7,934,208 8,629,111 155,798 156,272 Total 21,330 37,746 444,282 599,596 4,954,687 6,190,142 25,835 167,952 Application of Funds Investments F-2 20,594 37,080 442,167 581,872 2,919,558 6,074,130 9,457 165,982 Current Assets F-3 737 809 4,121 21,199 2,243,540 128,613 16,380 5,829 Less: Current Liabilities and Provisions F-4 1 144 2,007 3,475 208,411 12,601 2 3,859 Net current assets 736 666 2,114 17,723 2,035,129 116,012 16,378 1,970 Total 21,330 37,746 444,282 599,596 4,954,687 6,190,142 25,835 167,952 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 21,330 37,746 444,282 599,596 4,954,687 6,190,142 25,835 167,952 less Current Liabilities and Provisions) (b) Number of Units outstanding 1,012,032 1,598,167 6,612,863 7,353,853 82,302,714 90,521,519 1,006,630 5,777,323 (c) NAV per Unit (a)/(b) (`) 21.0765 23.6181 67.1845 81.5349 60.2008 68.3831 25.6653 29.0709
121 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Aggressive Growth Pension Frontline Equity Fund Frontline Equity Fund Fund Kotak Opportunities Fund ULIF-018-13/09/04- ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- AGRGWTFND-107 FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (362,484) (72,711) 5,085,675 4,631,040 (40,197) 39,208 (351,239) 805,979 Appr/Ex-Appr Reserve ------Revenue Account 2,132,161 2,771,686 786,156 2,823,133 159,488 199,891 5,717,811 7,455,789 Total 1,769,676 2,698,975 5,871,831 7,454,173 119,291 239,099 5,366,572 8,261,768 Application of Funds Investments F-2 1,762,571 2,639,007 5,823,303 7,299,937 118,703 236,776 5,336,145 8,285,410 Current Assets F-3 15,484 62,888 67,025 222,253 1,312 3,526 42,883 119,007 Less: Current Liabilities and Provisions F-4 8,379 2,920 18,497 68,017 724 1,203 12,455 142,649 Net current assets 7,105 59,968 48,528 154,236 588 2,323 30,428 (23,642) Total 1,769,676 2,698,975 5,871,831 7,454,173 119,291 239,099 5,366,572 8,261,768 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 1,769,676 2,698,975 5,871,831 7,454,173 119,291 239,099 5,366,572 8,261,768 less Current Liabilities and Provisions) (b) Number of Units outstanding 28,565,760 32,344,611 294,670,620 279,685,593 5,544,791 8,436,004 140,741,714 165,157,352 (c) NAV per Unit (a)/(b) (`) 61.9510 83.4444 19.9268 26.6520 21.5141 28.3427 38.1306 50.0236
25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended 31st March 2020 Kotak Pension Pension Classic Opportunities Fund Classic Opportunities Fund Opportunities Fund Dynamic Floor Fund ULIF-032-17/07/09- ULIF-033-16/12/09- ULIF-042-07/01/10- ULIF-028-14/11/06- PNOPPFND-107 CLAOPPFND-107 PNCLAOPFND-107 DYFLRFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (157,084) 31,346 39,197,708 31,087,793 (262,281) 7,087 2,438,158 5,015,500 Appr/Ex-Appr Reserve ------Revenue Account 176,496 180,084 315,568 12,619,195 870,785 1,053,368 3,752,842 4,093,497 Total 19,411 211,429 39,513,277 43,706,988 608,504 1,060,455 6,191,000 9,108,997 Application of Funds Investments F-2 18,989 210,411 38,694,254 42,464,457 608,591 1,053,326 6,117,295 9,133,451 Current Assets F-3 424 1,704 919,236 1,528,174 5,030 13,984 123,371 208,102 Less: Current Liabilities and Provisions F-4 1 685 100,213 285,642 5,117 6,855 49,665 232,556 Net current assets 422 1,018 819,022 1,242,532 (87) 7,129 73,705 (24,454) Total 19,411 211,429 39,513,276 43,706,988 608,504 1,060,455 6,191,000 9,108,997 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 19,411 211,429 39,513,276 43,706,988 608,504 1,060,455 6,191,000 9,108,997 less Current Liabilities and Provisions) (b) Number of Units outstanding 862,651 7,445,041 1,789,495,027 1,522,425,589 26,807,203 35,925,665 219,923,575 306,574,807 (c) NAV per Unit (a)/(b) (`) 22.5020 28.3987 22.0807 28.7088 22.6993 29.5180 28.1507 29.7122
122 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Group Dynamic Floor Fund Kotak Pension Floor Fund Dynamic Floor Fund II Pension Floor Fund II ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- ULIF-043-08/01/10- DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 PNFLRKFND2-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 7,376 6,901 (142,898) 200,529 2,018,817 3,463,766 (16,944) 235,705 Appr/Ex-Appr Reserve ------Revenue Account 31,119 31,926 182,818 176,854 2,513,918 2,807,006 323,649 337,905 Total 38,495 38,827 39,920 377,383 4,532,735 6,270,773 306,705 573,609 Application of Funds Investments F-2 37,672 37,681 39,157 370,216 4,657,178 6,160,646 311,340 560,648 Current Assets F-3 825 1,232 766 7,672 92,335 149,605 7,398 13,752 Less: Current Liabilities and Provisions F-4 2 86 3 505 216,778 39,478 12,033 791 Net current assets 823 1,146 763 7,167 (124,444) 110,126 (4,635) 12,961 Total 38,495 38,827 39,920 377,383 4,532,735 6,270,773 306,705 573,609 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 38,495 38,827 39,920 377,383 4,532,735 6,270,773 306,705 573,609 less Current Liabilities and Provisions) (b) Number of Units outstanding 1,286,747 1,271,556 2,206,113 19,803,182 251,082,523 326,104,966 16,999,336 29,875,933 (c) NAV per Unit (a)/(b) (`) 29.9163 30.5353 18.0952 19.0567 18.0528 19.2293 18.0422 19.1997
25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended 31st March 2020 Guarantee Fund Pension Guarantee Fund ULIF-048-05/02/10-GRTFND-107 ULIF-038-21/12/09-PNGRTFND-107 Particulars Schedule Current Year Previous Year Current Year Previous Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 58,716 176,588 60,225 542,113 Appr/Ex-Appr Reserve - - - - Revenue Account 123,808 144,332 371,358 412,638 Total 182,524 320,920 431,584 954,751 Application of Funds Investments F-2 213,579 322,588 515,399 957,694 Current Assets F-3 3,348 4,560 7,858 12,603 Less: Current Liabilities and Provisions F-4 34,403 6,227 91,673 15,545 Net current assets (31,055) (1,667) (83,815) (2,942) Total 182,524 320,920 431,584 954,751 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current 182,524 320,920 431,584 954,751 Liabilities and Provisions) (b) Number of Units outstanding 9,735,913 16,008,516 24,088,822 49,825,657 (c) NAV per Unit (a)/(b) (`) 18.7475 20.0468 17.9163 19.1618
123 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Peak Guarantee Fund I Kotak Group Prudent Fund ULIF-049-14/02/10-PKGRTFND1-107 ULGF-019-04/07/17-KGPFFND-107 Particulars Schedule Current Year Previous Year Current Year Previous Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (109,466) 40,734 563,154 187,058 Appr/Ex-Appr Reserve - - - - Revenue Account 116,050 110,966 19,036 8,685 Total 6,584 151,700 582,190 195,743 Application of Funds Investments F-2 68,420 150,380 578,639 189,025 Current Assets F-3 660 1,378 9,550 7,243 Less: Current Liabilities and Provisions F-4 62,496 58 5,998 525 Net current assets (61,836) 1,320 3,551 6,718 Total 6,584 151,700 582,190 195,743 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets less Current 6,584 151,700 582,190 195,743 Liabilities and Provisions) (b) Number of Units outstanding 338,733 8,111,266 49,832,751 17,704,510 (c) NAV per Unit (a)/(b) (`) 19.4374 18.7024 11.6829 11.0561
25B Unit Linked Disclosures - Fund Balance Sheet Form A-BS(UL) Fund Balance Sheet for the Year Ended 31st March 2020 Kotak Advantage Multiplier Fund II Total ULIF-026-21/04/06- ADVMULFND2-107 Particulars Schedule Current Year Previous Year Current Year Previous Year Sources of Funds Policyholders' Funds: Policyholder contribution F-1 (13,596) (13,596) 84,981,359 75,650,889 Appr/Ex-Appr Reserve - - - - Revenue Account 13,639 13,638 48,493,833 63,745,256 Total 43 42 133,475,192 139,396,145 Application of Funds Investments F-2 37 36 128,775,025 136,261,512 Current Assets F-3 7 5 6,133,619 4,308,441 Less: Current Liabilities and Provisions F-4 - - 1,433,453 1,173,809 Net current assets 7 5 4,700,167 3,134,633 Total 43 42 133,475,192 139,396,145 Net Asset Value (NAV) per Unit: (a) Net Asset as per Balance Sheet (Total Assets 43 42 133,475,192 139,396,145 less Current Liabilities and Provisions) (b) Number of Units outstanding 2,252 2,252 4,855,502,229 4,553,856,604 (c) NAV per Unit (a)/(b) (`) 19.3101 18.4543
124 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Group Money Market Pension Money Market Fund Money Market Fund Fund II Discontinued Policy Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 5,711 690 286,582 243,973 5,402 5,926 202,913 140,659 Dividend income ------Profit on sale of investment - 4 14,115 21,152 213 411 1,320 5,178 Profit on inter fund transfer / sale of investment - 151 188 707 8 32 316 - Loss on sale of investment - - (38) (224) (-) (7) (2) (262) Loss on inter fund transfer / sale of investment - - (6) (59) (1) (3) - (61) Miscellaneous Income ------Unrealised Gain/Loss* - (-) - (182) - (2) - (260) Total (A) 5,711 845 300,841 265,366 5,621 6,357 204,547 145,253 Fund administration expenses ------Fund management expenses 982 82 27,430 21,169 521 510 17,098 10,796 GST and Service Tax 177 15 4,937 3,810 94 92 3,078 1,943 Other charges : F-5 1 20 55,692 52,045 572 635 3 2 Total (B) 1,159 117 88,060 77,025 1,187 1,237 20,178 12,741 Net Income for the year (A-B) 4,552 728 212,781 188,341 4,435 5,120 184,368 132,512 Add: Fund revenue account at the beginning of 44,809 44,081 712,665 524,324 46,346 41,226 713,313 580,802 the year Fund revenue account at the end of the year 49,361 44,809 925,446 712,665 50,781 46,346 897,682 713,313
* 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 31st March 2020 Kotak Dynamic Gilt Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond Fund ULIF-006-27/06/03- ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- DYGLTFND-107 PNGLTFND-107 GLTFND-107 DYBNDFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 52,202 38,019 2,062 5,340 63,889 36,876 812,796 771,114 Dividend income ------Profit on sale of investment 34,362 16,575 1,607 2,083 30,651 16,823 375,818 250,071 Profit on inter fund transfer / sale of investment 483 - 119 454 930 100 2,957 2,623 Loss on sale of investment (6,690) (10,944) (330) (1,621) (7,421) (11,810) (29,179) (277,197) Loss on inter fund transfer / sale of investment (-) - (112) (363) (1,692) - (925) (8,691) Miscellaneous Income ------Unrealised Gain/Loss* 17,940 5,205 526 446 16,871 5,845 288,963 136,950 Total (A) 98,297 48,856 3,872 6,339 103,228 47,834 1,450,429 874,870 Fund administration expenses ------Fund management expenses 7,513 5,010 299 695 7,317 3,915 128,998 117,665 GST and Service Tax 1,352 902 54 125 1,317 705 23,220 21,180 Other charges : F-5 6,254 3,728 110 333 701 615 90,760 89,966 Total (B) 15,119 9,640 463 1,153 9,336 5,234 242,978 228,811 Net Income for the year (A-B) 83,178 39,216 3,409 5,186 93,893 42,600 1,207,451 646,059 Add: Fund revenue account at the beginning of 324,013 284,797 62,262 57,076 175,837 133,237 4,124,153 3,478,094 the year Fund revenue account at the end of the year 407,191 324,013 65,671 62,262 269,730 175,837 5,331,604 4,124,153 * Net Change in Mark to Market value of Investments
125 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Group Short Term Kotak Group Secure Capital Kotak Pension Bond Fund Kotak Group Bond Fund Bond Fund Fund ULIF-017-15/04/04- ULGF-004-15/04/04- ULGF-018-18/12/13- ULGF-016-12/04/11- PNBNDFND-107 BNDFND-107 SHTRMBND-107 SECCAPFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 23,178 39,372 1,173,649 1,005,585 70,515 59,810 314,873 279,918 Dividend income ------Profit on sale of investment 12,248 12,174 535,345 331,451 7,079 1,643 128,808 82,582 Profit on inter fund transfer / sale of investment 5,364 1,489 287 2,273 1,675 394 142 522 Loss on sale of investment (713) (14,344) (42,387) (361,677) (1,743) (7,121) (13,137) (131,381) Loss on inter fund transfer / sale of investment (372) (812) (543) (2,781) - (3,550) (146) (11,501) Miscellaneous Income ------Unrealised Gain/Loss* 2,032 6,467 422,283 174,683 1,606 13,467 109,414 35,058 Total (A) 41,737 44,345 2,088,635 1,149,535 79,133 64,643 539,955 255,198 Fund administration expenses ------Fund management expenses 3,632 6,124 124,692 101,912 7,273 5,870 37,596 31,750 GST and Service Tax 654 1,102 22,444 18,344 1,309 1,057 6,767 5,715 Other charges : F-5 1,497 2,667 11,547 11,143 128 67 49 49 Total (B) 5,783 9,894 158,683 131,399 8,710 6,994 44,412 37,514 Net Income for the year (A-B) 35,954 34,451 1,929,952 1,018,136 70,423 57,649 495,542 217,685 Add: Fund revenue account at the beginning of 440,576 406,124 4,791,525 3,773,389 117,461 59,812 556,362 338,678 the year Fund revenue account at the end of the year 476,530 440,576 6,721,477 4,791,525 187,884 117,461 1,051,905 556,362
* 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 31st March 2020 Kotak Dynamic Floating Kotak Pension Floating Kotak Group Floating Rate Kotak Dynamic Balanced Rate Fund Rate Fund Fund Fund ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- ULIF-009-27/06/03- DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 DYBALFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 14,635 14,687 628 1,679 81,646 81,583 5,688 6,809 Dividend income ------1,209 1,250 Profit on sale of investment 314 227 4 62 1,149 3,258 18,272 18,710 Profit on inter fund transfer / sale of investment 433 166 28 166 676 1,140 63 156 Loss on sale of investment (594) (353) (11) (51) (3,191) (2,143) (4,637) (8,437) Loss on inter fund transfer / sale of investment (149) (1,256) - (267) (189) (159) (14) - Miscellaneous Income ------Unrealised Gain/Loss* 2,162 1,285 121 109 10,770 2,974 (33,775) 3,372 Total (A) 16,801 14,756 770 1,697 90,860 86,653 (13,194) 21,861 Fund administration expenses ------Fund management expenses 2,524 2,243 109 266 9,229 8,411 2,334 2,739 GST and Service Tax 454 404 20 48 1,661 1,514 420 493 Other charges : F-5 2,149 1,748 12 153 227 202 1,069 1,222 Total (B) 5,128 4,395 140 466 11,117 10,127 3,824 4,454 Net Income for the year (A-B) 11,673 10,361 630 1,231 79,744 76,526 (17,018) 17,407 Add: Fund revenue account at the beginning of 186,322 175,961 28,568 27,337 204,945 128,419 292,227 274,821 the year Fund revenue account at the end of the year 197,995 186,322 29,198 28,568 284,689 204,945 275,210 292,227 * Net Change in Mark to Market value of Investments
126 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Guaranteed Balanced Kotak Pension Balanced Fund Fund Kotak Group Balanced Fund Balanced Fund ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 29,275 34,537 27,969 45,363 312,920 262,849 55,470 43,020 Dividend income 3,410 3,749 3,404 5,898 60,295 38,662 10,412 6,574 Profit on sale of investment 77,227 63,117 91,746 163,409 574,051 310,105 88,099 51,507 Profit on inter fund transfer / sale of investment 1,482 231 8,741 2,426 5,690 6 - - Loss on sale of investment (57,583) (30,007) (53,017) (49,387) (217,085) (259,792) (38,568) (45,687) Loss on inter fund transfer / sale of investment (59) - (457) (2,018) (38) (488) (-) - Miscellaneous Income ------Unrealised Gain/Loss* (86,435) 13,253 (103,347) (57,868) (1,559,074) 471,830 (263,197) 80,396 Total (A) (32,683) 84,880 (24,961) 107,823 (823,241) 823,172 (147,784) 135,810 Fund administration expenses ------Fund management expenses 8,841 10,649 8,453 14,691 91,650 72,737 22,249 16,503 GST and Service Tax 1,591 1,917 1,522 2,644 16,497 13,093 4,005 2,971 Other charges : F-5 2,397 3,132 3,196 5,900 3,034 3,317 30,343 27,378 Total (B) 12,830 15,698 13,171 23,236 111,180 89,146 56,597 46,852 Net Income for the year (A-B) (45,513) 69,182 (38,132) 84,587 (934,421) 734,026 (204,381) 88,958 Add: Fund revenue account at the beginning of 1,043,046 973,864 1,790,293 1,705,706 3,023,257 2,289,231 264,870 175,912 the year Fund revenue account at the end of the year 997,534 1,043,046 1,752,161 1,790,293 2,088,836 3,023,257 60,488 264,870
* 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 31st March 2020 Kotak Guaranteed Growth Pension Balanced Fund II Kotak Dynamic Growth Fund Fund Kotak Pension Growth Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 1,043 1,188 10,188 10,813 210,339 211,375 3,459 6,445 Dividend income 213 192 5,004 4,700 36,355 37,712 753 1,024 Profit on sale of investment 3,744 2,124 61,127 59,194 682,753 703,200 22,993 15,524 Profit on inter fund transfer / sale of investment 8 - 838 1,813 1,009 5,545 6,927 - Loss on sale of investment (893) (1,305) (19,147) (22,798) (643,490) (249,443) (5,419) (7,047) Loss on inter fund transfer / sale of investment (5) - (310) (676) (167) (3,448) (641) (65) Miscellaneous Income ------Unrealised Gain/Loss* (6,315) 1,467 (142,019) 15,161 (845,039) (33,701) (25,969) 3,572 Total (A) (2,207) 3,667 (84,319) 68,207 (558,240) 671,241 2,103 19,453 Fund administration expenses ------Fund management expenses 452 476 8,492 8,888 90,239 95,351 1,536 2,761 GST and Service Tax 81 86 1,528 1,600 16,243 17,163 276 497 Other charges : F-5 150 176 3,448 3,753 30,180 34,006 765 1,020 Total (B) 683 738 13,468 14,240 136,663 146,520 2,577 4,278 Net Income for the year (A-B) (2,890) 2,929 (97,787) 53,967 (694,903) 524,721 (474) 15,175 Add: Fund revenue account at the beginning of 26,697 23,768 749,731 695,764 8,629,111 8,104,390 156,272 141,097 the year Fund revenue account at the end of the year 23,807 26,697 651,944 749,731 7,934,208 8,629,111 155,798 156,272 * Net Change in Mark to Market value of Investments
127 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Aggressive Growth Pension Frontline Equity Fund Frontline Equity Fund Fund Kotak Opportunities Fund ULIF-018-13/09/04- ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- AGRGWTFND-107 FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 5,284 3,801 17,108 10,943 320 279 9,087 8,251 Dividend income 29,297 29,331 83,143 61,956 2,268 2,380 81,478 89,861 Profit on sale of investment 329,871 408,923 711,483 530,205 36,421 28,590 919,206 1,821,134 Profit on inter fund transfer / sale of investment - 17,761 - - 1,386 - - 93,595 Loss on sale of investment (118,401) (124,611) (302,005) (283,592) (9,339) (10,692) (322,460) (814,671) Loss on inter fund transfer / sale of investment - - - - (69) - - (908) Miscellaneous Income ------Unrealised Gain/Loss* (818,331) (14,099) (2,363,242) 455,675 (67,439) 8,135 (2,171,085) (424,336) Total (A) (572,279) 321,107 (1,853,513) 775,186 (36,453) 28,692 (1,483,774) 772,927 Fund administration expenses ------Fund management expenses 39,518 43,701 100,448 86,833 2,653 3,181 150,888 183,155 GST and Service Tax 7,113 7,866 18,081 15,630 478 573 27,160 32,968 Other charges : F-5 20,615 22,170 64,935 56,778 820 1,059 76,157 90,225 Total (B) 67,246 73,737 183,463 159,241 3,950 4,812 254,204 306,348 Net Income for the year (A-B) (639,526) 247,369 (2,036,976) 615,945 (40,403) 23,880 (1,737,978) 466,579 Add: Fund revenue account at the beginning of 2,771,686 2,524,317 2,823,133 2,207,188 199,891 176,011 7,455,789 6,989,211 the year Fund revenue account at the end of the year 2,132,161 2,771,686 786,156 2,823,133 159,488 199,891 5,717,811 7,455,789
* 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 31st March 2020 Kotak Pension Opportunities Pension Classic Opportunities Fund Classic Opportunities Fund Fund Dynamic Floor Fund ULIF-032-17/07/09- ULIF-033-16/12/09- ULIF-042-07/01/10- ULIF-028-14/11/06- PNOPPFND-107 CLAOPPFND-107 PNCLAOPFND-107 DYFLRFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 188 306 81,526 62,502 1,090 1,178 376,136 464,913 Dividend income 1,376 2,145 482,581 322,934 10,187 10,421 35,492 38,698 Profit on sale of investment 33,831 39,830 3,122,925 3,609,982 133,589 190,427 830,769 593,065 Profit on inter fund transfer / sale of investment 14,176 249 - - - - 16,232 1,298 Loss on sale of investment (5,425) (18,722) (1,826,670) (2,673,779) (40,265) (89,579) (584,493) (359,884) Loss on inter fund transfer / sale of investment (712) - - - - - (1,384) (27) Miscellaneous Income ------Unrealised Gain/Loss* (43,449) (5,222) (12,766,662) 1,977,786 (268,212) (20,962) (765,199) 251,383 Total (A) (14) 18,586 (10,906,300) 3,299,424 (163,610) 91,484 (92,448) 989,446 Fund administration expenses ------Fund management expenses 2,290 4,511 618,602 474,908 12,690 14,513 138,753 170,911 GST and Service Tax 412 812 111,348 85,483 2,284 2,612 24,976 30,764 Other charges : F-5 871 1,081 667,376 566,523 3,997 4,938 84,478 109,146 Total (B) 3,574 6,404 1,397,326 1,126,915 18,972 22,063 248,207 310,821 Net Income for the year (A-B) (3,588) 12,182 (12,303,627) 2,172,509 (182,582) 69,421 (340,655) 678,625 Add: Fund revenue account at the beginning of 180,084 167,902 12,619,195 10,446,686 1,053,368 983,947 4,093,497 3,414,872 the year Fund revenue account at the end of the year 176,496 180,084 315,568 12,619,195 870,785 1,053,368 3,752,842 4,093,497 * Net Change in Mark to Market value of Investments
128 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Group Dynamic Floor Fund Kotak Pension Floor Fund Dynamic Floor Fund II Pension Floor Fund II ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- ULIF-043-08/01/10- DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 PNFLRKFND2-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 2,089 1,862 9,898 17,659 288,667 284,484 23,505 27,080 Dividend income 134 106 1,171 1,532 26,670 23,569 2,248 2,355 Profit on sale of investment 2,376 1,452 41,455 25,347 471,440 321,842 54,074 36,421 Profit on inter fund transfer / sale of investment 11 - 7,494 - 50 - 250 - Loss on sale of investment (2,616) (1,016) (8,911) (14,158) (483,998) (218,132) (37,125) (21,810) Loss on inter fund transfer / sale of investment (6) - (429) - (24) - (82) - Miscellaneous Income ------Unrealised Gain/Loss* (2,200) 1,253 (36,645) 8,192 (465,098) 196,737 (46,670) 14,636 Total (A) (212) 3,657 14,033 38,573 (162,293) 608,500 (3,800) 58,681 Fund administration expenses ------Fund management expenses 504 454 3,829 6,734 82,950 81,185 6,891 7,961 GST and Service Tax 91 82 689 1,212 14,931 14,613 1,240 1,433 Other charges : F-5 - - 3,551 2,783 32,914 37,044 2,325 3,084 Total (B) 595 535 8,069 10,728 130,796 132,842 10,456 12,478 Net Income for the year (A-B) (807) 3,122 5,964 27,844 (293,089) 475,658 (14,256) 46,203 Add: Fund revenue account at the beginning of 31,926 28,804 176,854 149,010 2,807,006 2,331,348 337,905 291,702 the year Fund revenue account at the end of the year 31,119 31,926 182,818 176,854 2,513,918 2,807,006 323,649 337,905
* 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 31st March 2020 Guarantee Fund Pension Guarantee Fund Peak Guarantee Fund I Kotak Group Prudent Fund ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULGF-019-04/07/17- GRTFND-107 PNGRTFND-107 PKGRTFND1-107 KGPFFND-107 Current Previous Current Previous Current Previous Current Previous Particulars Schedule Year Year Year Year Year Year Year Year Interest income 11,370 12,845 32,180 39,241 8,896 9,548 24,079 4,148 Dividend income 2,131 2,125 6,100 6,267 - 405 631 51 Profit on sale of investment 23,031 21,282 69,833 61,226 8 6,857 10,252 1,209 Profit on inter fund transfer / sale of investment 59 380 1,342 737 - - 98 - Loss on sale of investment (42,185) (11,594) (105,636) (34,253) (477) (2,884) (3,397) (311) Loss on inter fund transfer / sale of investment (40) (58) (224) (208) (328) - (2) - Miscellaneous Income ------Unrealised Gain/Loss* (6,934) 7,719 (23,314) 23,533 745 (2,128) (16,228) 4,412 Total (A) (12,568) 32,698 (19,720) 96,543 8,844 11,798 15,434 9,509 Fund administration expenses ------Fund management expenses 4,147 4,303 11,770 12,720 2,624 2,710 3,931 638 GST and Service Tax 746 775 2,119 2,290 472 488 708 115 Other charges : F-5 3,062 3,347 7,672 8,877 663 723 444 71 Total (B) 7,956 8,425 21,560 23,887 3,759 3,922 5,083 824 Net Income for the year (A-B) (20,524) 24,274 (41,280) 72,656 5,085 7,876 10,351 8,685 Add: Fund revenue account at the beginning of 144,332 120,059 412,638 339,982 110,966 103,090 8,685 - the year Fund revenue account at the end of the year 123,808 144,332 371,358 412,638 116,050 110,966 19,036 8,685 * Net Change in Mark to Market value of Investments
129 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 31st March 2020 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06- ADVMULFND2-107 Total Particulars Schedule Current Year Previous Year Current Year Previous Year Interest income 3 3 4,658,456 4,296,674 Dividend income - - 885,959 693,894 Profit on sale of investment - - 9,553,610 9,828,376 Profit on inter fund transfer / sale of investment - - 79,459 134,415 Loss on sale of investment - - (5,038,676) (6,172,727) Loss on inter fund transfer / sale of investment - - (9,126) (37,400) Miscellaneous Income - - - - Unrealised Gain/Loss* - - (22,052,443) 3,362,241 Total (A) 3 3 (11,922,761) 12,105,475 Fund administration expenses - - - - Fund management expenses 1 1 1,791,948 1,639,632 GST and Service Tax - - 322,551 295,134 Other charges : F-5 - - 1,214,163 1,151,126 Total (B) 2 1 3,328,662 3,085,892 Net Income for the year (A-B) 2 2 (15,251,423) 9,019,583 Add: Fund revenue account at the beginning of the 13,638 13,636 63,745,256 54,725,673 year Fund revenue account at the end of the year 13,639 13,638 48,493,833 63,745,256 * Net Change in Mark to Market value of Investments
130 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Kotak Group Money Pension Money Market Discontinued Policy Kotak Dynamic Gilt Market Fund Money Market Fund Fund II Fund Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- ULIF-006-27/06/03- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 DYGLTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance (44,607) (43,357) 3,969,412 3,004,330 37,431 39,428 1,748,541 1,032,952 283,086 214,960 Add: Additions during the year* 804,550 45,373 6,279,087 4,766,313 55,096 35,186 3,270,572 1,995,268 922,837 199,360 Less: Deductions during the year* 809,061 46,623 5,794,375 3,801,231 81,401 37,182 2,068,910 1,279,680 567,943 131,234 Closing balance (49,118) (44,607) 4,454,124 3,969,412 11,126 37,431 2,950,202 1,748,541 637,980 283,086
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Kotak Group Money Pension Money Market Discontinued Policy Kotak Dynamic Gilt Market Fund Money Market Fund Fund II Fund Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- ULIF-006-27/06/03- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 DYGLTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds ------981,661 545,492 Corporate Bonds ------Infrastructure Bonds ------Equity ------Money Market 192 - 5,136,488 4,142,596 70,901 80,302 3,961,904 2,317,969 32,999 - Fixed Deposits\ ------Mutual Funds ------Total 192 - 5,136,488 4,142,596 70,901 80,302 3,961,904 2,317,969 1,014,660 545,492 Other Investments Corporate Bonds ------Infrastructure Bonds ------Equity ------Money Market - - - 170,973 - 3,000 - 231,463 - 32,995 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total - - - 170,973 - 3,000 - 231,463 - 32,995 GRAND TOTAL 192 - 5,136,488 4,313,569 70,901 83,302 3,961,904 2,549,432 1,014,660 578,486 % of Approved Investments to 100.00% 0.00% 100.00% 96.04% 100.00% 96.40% 100.00% 90.92% 100.00% 94.30% Total % of Other Investments to Total 0.00% 0.00% 0.00% 3.96% 0.00% 3.60% 0.00% 9.08% 0.00% 5.70%
131 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Kotak Pension Gilt Kotak Dynamic Bond Kotak Pension Bond Kotak Group Bond Fund Kotak Group Gilt Fund Fund Fund Fund ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- ULIF-017-15/04/04- ULGF-004-15/04/04- PNGLTFND-107 GLTFND-107 DYBNDFND-107 PNBNDFND-107 BNDFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance (26,144) 22,776 349,592 337,916 6,141,014 6,873,729 (29,903) 144,496 8,935,430 9,043,870 Add: Additions during the year* 1,385 6,423 700,895 89,288 8,095,073 4,845,269 59,360 58,042 4,464,713 1,531,009 Less: Deductions during the year* 18,475 55,343 130,206 77,612 7,485,026 5,577,984 324,246 232,441 1,175,603 1,639,449 Closing balance (43,233) (26,144) 920,281 349,592 6,751,061 6,141,014 (294,789) (29,903) 12,224,540 8,935,430
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Kotak Pension Gilt Kotak Dynamic Bond Kotak Pension Bond Kotak Group Bond Fund Kotak Group Gilt Fund Fund Fund Fund ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- ULIF-017-15/04/04- ULGF-004-15/04/04- PNGLTFND-107 GLTFND-107 DYBNDFND-107 PNBNDFND-107 BNDFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds 19,428 44,538 1,163,381 510,226 4,134,489 5,929,640 67,270 245,230 5,847,661 7,731,522 Corporate Bonds - - - - 1,861,370 1,069,020 16,599 47,054 2,904,290 1,418,744 Infrastructure Bonds - - - - 5,126,942 2,859,489 91,088 121,568 7,929,365 3,853,063 Equity ------Money Market 2,500 - 6,000 - 673,985 - 9,000 - 994,221 - Fixed Deposits\ ------Mutual Funds ------Total 21,928 44,538 1,169,381 510,226 11,796,787 9,858,148 183,956 413,852 17,675,537 13,003,328 Other Investments Corporate Bonds - - - - 3,191 5,987 - - 8,134 10,024 Infrastructure Bonds ------Equity ------Money Market - 1,000 - 5,499 - 34,494 - 4,499 - 167,473 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total - 1,000 - 5,499 3,191 40,482 - 4,499 8,134 177,497 GRAND TOTAL 21,928 45,538 1,169,381 515,725 11,799,977 9,898,630 183,956 418,351 17,683,671 13,180,826 % of Approved Investments to 100.00% 97.80% 100.00% 98.93% 99.97% 99.59% 100.00% 98.92% 99.95% 98.65% Total % of Other Investments to Total 0.00% 2.20% 0.00% 1.07% 0.03% 0.41% 0.00% 1.08% 0.05% 1.35%
132 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Kotak Group Short Kotak Group Secure Kotak Dynamic Kotak Pension Kotak Group Floating Term Bond Fund Capital Fund Floating Rate Fund Floating Rate Fund Rate Fund ULGF-018-18/12/13- ULGF-016-12/04/11- ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- SHTRMBND-107 SECCAPFND-107 DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance 777,166 580,955 2,742,846 4,623,414 (12,765) 16,407 (19,049) (3,237) 1,034,111 817,340 Add: Additions during the year* 12,558 522,771 1,592,503 562,373 241,040 155,477 1,512 6,598 281,547 404,710 Less: Deductions during the year* 43,412 326,560 108,571 2,442,941 198,773 184,649 3,330 22,410 449,727 187,939 Closing balance 746,312 777,166 4,226,777 2,742,846 29,502 (12,765) (20,867) (19,049) 865,930 1,034,111
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS
Kotak Group Short Kotak Group Secure Kotak Dynamic Kotak Pension Floating Kotak Group Floating Term Bond Fund Capital Fund Floating Rate Fund Rate Fund Rate Fund ULGF-018-18/12/13- ULGF-016-12/04/11- ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- SHTRMBND-107 SECCAPFND-107 DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds 270,071 246,872 2,008,436 1,988,720 147,831 137,954 7,571 8,500 733,909 721,814 Corporate Bonds 188,250 153,513 773,097 345,368 24,622 53,464 - - 191,534 269,328 Infrastructure Bonds 290,308 358,656 2,088,701 871,116 ------Equity ------Money Market 159,912 87,415 346,492 - 51,999 21,216 500 1,260 203,631 121,864 Fixed Deposits\ ------Mutual Funds ------Total 908,541 846,456 5,216,726 3,205,204 224,451 212,634 8,071 9,760 1,129,074 1,113,007 Other Investments Corporate Bonds ------Infrastructure Bonds ------Equity ------Money Market - 13,498 - 12,498 - 6,999 - 500 - 103,483 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total - 13,498 - 12,498 - 6,999 - 500 - 103,483 GRAND TOTAL 908,541 859,954 5,216,726 3,217,702 224,451 219,633 8,071 10,260 1,129,074 1,216,490 % of Approved Investments to Total 100.00% 98.43% 100.00% 99.61% 100.00% 96.81% 100.00% 95.13% 100.00% 91.49% % of Other Investments to Total 0.00% 1.57% 0.00% 0.39% 0.00% 3.19% 0.00% 4.87% 0.00% 8.51%
133 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced Balanced Fund Balanced Fund Balanced Fund Fund Balanced Fund ULIF-009-27/06/03- ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- DYBALFND-107 GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance (98,908) (57,878) (282,139) (126,751) (979,821) (255,076) 6,021,287 3,912,300 1,285,645 936,522 Add: Additions during the year* 11,464 10,505 31,066 36,185 36,257 54,312 2,689,719 2,780,378 962,580 615,426 Less: Deductions during the year* 39,941 51,535 192,071 191,573 323,455 779,057 1,531,485 671,391 672,681 266,304 Closing balance (127,386) (98,908) (443,144) (282,139) (1,267,018) (979,821) 7,179,520 6,021,287 1,575,543 1,285,645
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced Balanced Fund Balanced Fund Balanced Fund Fund Balanced Fund ULIF-009-27/06/03- ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- DYBALFND-107 GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds 26,051 47,996 124,373 227,077 107,408 247,831 1,621,979 2,111,867 325,988 336,402 Corporate Bonds 6,051 7,021 55,588 63,633 41,418 51,406 616,101 458,725 113,871 56,801 Infrastructure Bonds 17,188 13,214 171,938 120,587 160,031 128,910 1,774,677 1,050,487 290,659 147,069 Equity 55,642 97,700 - 300,122 - 326,100 3,392,998 4,267,297 611,090 705,015 Money Market 28,499 - 198,496 - 166,996 - 1,023,149 48,216 121,497 - Fixed Deposits\ 396 396 1,535 1,535 5,248 5,248 2,326 2,326 4 4 Mutual Funds ------Total 133,827 166,327 551,929 712,953 481,102 759,494 8,431,231 7,938,917 1,463,109 1,245,291 Other Investments Corporate Bonds - - - - - 1,002 - - - - Infrastructure Bonds ------Equity 12,661 15,130 - 45,985 - 51,479 748,703 606,559 129,494 87,319 Money Market - 10,498 - 4,499 - 14,498 - 403,936 - 158,975 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total 12,661 25,628 - 50,484 - 66,979 748,703 1,010,495 129,494 246,294 GRAND TOTAL 146,488 191,955 551,929 763,437 481,102 826,473 9,179,934 8,949,412 1,592,603 1,491,585 % of Approved Investments to Total 91.36% 86.65% 100.00% 93.39% 100.00% 91.90% 91.84% 88.71% 91.87% 83.49% % of Other Investments to Total 8.64% 13.35% 0.00% 6.61% 0.00% 8.10% 8.16% 11.29% 8.13% 16.51%
134 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension Growth Kotak Aggressive Fund II Growth Fund Growth Fund Fund Growth Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- ULIF-018-13/09/04- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 AGRGWTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance 11,049 10,322 (150,135) (83,849) 11,680 52,689 (72,711) 323,209 (2,438,969) (1,137,008) Add: Additions during the year* 7,070 5,713 15,143 17,479 202,724 226,769 7,479 11,395 241,370 177,954 Less: Deductions during the year* 20,595 4,986 72,670 83,765 743,276 1,528,731 149,122 52,404 531,143 573,873 Closing balance (2,477) 11,049 (207,663) (150,135) (2,979,521) (2,438,969) (129,963) 11,680 (362,484) (72,711)
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension Growth Kotak Aggressive Fund II Growth Fund Growth Fund Fund Growth Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- ULIF-018-13/09/04- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 AGRGWTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds 5,562 7,995 114,242 111,248 1,223,362 1,498,857 5,487 49,838 - - Corporate Bonds - 1,029 - 5,144 378,131 296,985 - 4,994 - - Infrastructure Bonds 2,102 1,995 12,270 11,808 1,288,259 758,848 3,658 12,814 - - Equity 9,239 18,212 250,721 386,063 - 2,936,232 - 80,892 1,384,092 2,219,654 Money Market 1,500 - 8,500 - - - - - 63,999 25,883 Fixed Deposits\ 9 9 1,871 1,871 27,679 27,679 313 313 10,162 10,162 Mutual Funds ------Total 18,412 29,239 387,604 516,134 2,917,431 5,518,602 9,457 148,851 1,458,252 2,255,699 Other Investments Corporate Bonds - - - - 2,127 4,993 - - - - Infrastructure Bonds ------Equity 2,182 2,842 54,563 58,740 - 459,549 - 12,131 304,319 315,319 Money Market - 4,999 - 6,999 - 90,985 - 4,999 - 67,989 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total 2,182 7,841 54,563 65,739 2,127 555,528 - 17,131 304,319 383,308 GRAND TOTAL 20,594 37,080 442,167 581,872 2,919,558 6,074,130 9,457 165,982 1,762,571 2,639,007 % of Approved Investments to Total 89.40% 78.85% 87.66% 88.70% 99.93% 90.85% 100.00% 89.68% 82.73% 85.48% % of Other Investments to Total 10.60% 21.15% 12.34% 11.30% 0.07% 9.15% 0.00% 10.32% 17.27% 14.52%
135 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Pension Frontline Kotak Opportunities Kotak Pension Classic Opportunities Frontline Equity Fund Equity Fund Fund Opportunities Fund Fund ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- ULIF-032-17/07/09- ULIF-033-16/12/09- FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 PNOPPFND-107 CLAOPPFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance 4,631,040 3,833,573 39,208 69,205 805,979 3,570,754 31,346 71,181 31,087,793 21,811,936 Add: Additions during the year* 3,080,366 2,354,010 16,593 27,173 623,809 848,261 13,847 12,292 25,801,326 19,447,218 Less: Deductions during the year* 2,625,732 1,556,542 95,998 57,170 1,781,027 3,613,036 202,277 52,127 17,691,411 10,171,361 Closing balance 5,085,675 4,631,040 (40,197) 39,208 (351,239) 805,979 (157,084) 31,346 39,197,708 31,087,793
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Pension Frontline Kotak Opportunities Kotak Pension Classic Opportunities Frontline Equity Fund Equity Fund Fund Opportunities Fund Fund ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- ULIF-032-17/07/09- ULIF-033-16/12/09- FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 PNOPPFND-107 CLAOPPFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds ------Corporate Bonds ------Infrastructure Bonds ------Equity 4,522,117 6,014,432 88,583 199,550 4,301,112 6,825,005 14,339 171,875 30,960,709 34,019,267 Money Market 305,999 70,681 11,500 - 131,998 - 2,000 - 1,332,479 401,192 Fixed Deposits\ 551 551 92 92 12,245 12,245 130 130 3,148 3,148 Mutual Funds ------Total 4,828,667 6,085,665 100,175 199,641 4,445,355 6,837,250 16,469 172,005 32,296,335 34,423,607 Other Investments Corporate Bonds ------Infrastructure Bonds ------Equity 994,636 879,326 18,529 30,635 890,789 1,305,682 2,520 32,907 6,397,919 6,582,082 Money Market - 334,947 - 6,499 - 142,477 - 5,499 - 1,458,767 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total 994,636 1,214,273 18,529 37,134 890,789 1,448,160 2,520 38,406 6,397,919 8,040,849 GRAND TOTAL 5,823,303 7,299,937 118,703 236,776 5,336,145 8,285,410 18,989 210,411 38,694,254 42,464,457 % of Approved Investments to Total 82.92% 83.37% 84.39% 84.32% 83.31% 82.52% 86.73% 81.75% 83.47% 81.06% % of Other Investments to Total 17.08% 16.63% 15.61% 15.68% 16.69% 17.48% 13.27% 18.25% 16.53% 18.94%
136 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Pension Classic Kotak Group Dynamic Kotak Pension Floor Opportunities Fund Dynamic Floor Fund Floor Fund Fund Dynamic Floor Fund II ULIF-042-07/01/10- ULIF-028-14/11/06- ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- PNCLAOPFND-107 DYFLRFND-107 DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance 7,087 164,530 5,015,500 6,706,067 6,901 6,916 200,529 263,146 3,463,766 3,771,017 Add: Additions during the year* 82,124 78,274 613,266 761,978 475 59 21,708 21,159 478,069 519,455 Less: Deductions during the year* 351,493 235,716 3,190,608 2,452,545 0 74 365,135 83,777 1,923,018 826,705 Closing balance (262,281) 7,087 2,438,158 5,015,500 7,376 6,901 (142,898) 200,529 2,018,817 3,463,766
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Pension Classic Kotak Group Dynamic Kotak Pension Floor Opportunities Fund Dynamic Floor Fund Floor Fund Fund Dynamic Floor Fund II ULIF-042-07/01/10- ULIF-028-14/11/06- ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- PNCLAOPFND-107 DYFLRFND-107 DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds - - 1,757,511 3,252,798 14,793 15,582 17,436 134,104 1,461,722 2,081,436 Corporate Bonds - - 640,720 678,121 3,030 2,964 - 27,986 543,834 426,475 Infrastructure Bonds - - 2,112,247 1,541,012 7,005 5,647 8,472 42,387 1,428,857 969,299 Equity 493,070 864,673 - 3,125,413 - 10,101 - 123,722 - 2,074,866 Money Market 12,500 - 1,594,965 - 12,500 - 12,500 - 1,218,974 - Fixed Deposits\ 401 401 6,783 6,783 345 345 750 750 2,727 2,727 Mutual Funds ------Total 505,971 865,074 6,112,226 8,604,126 37,672 34,639 39,157 328,949 4,656,115 5,554,803 Other Investments Corporate Bonds - - 5,068 7,019 - - - - 1,064 1,996 Infrastructure Bonds ------Equity 102,619 165,256 - 497,810 - 1,542 - 19,271 - 330,391 Money Market - 22,996 - 24,496 - 1,500 - 21,996 - 273,456 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total 102,619 188,252 5,068 529,325 - 3,042 - 41,268 1,064 605,843 GRAND TOTAL 608,591 1,053,326 6,117,295 9,133,451 37,672 37,681 39,157 370,216 4,657,178 6,160,646 % of Approved Investments to Total 83.14% 82.13% 99.92% 94.20% 100.00% 91.93% 100.00% 88.85% 99.98% 90.17% % of Other Investments to Total 16.86% 17.87% 0.08% 5.80% 0.00% 8.07% 0.00% 11.15% 0.02% 9.83%
137 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2020 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Pension Guarantee Kotak Group Prudent Pension Floor Fund II Guarantee Fund Fund Peak Guarantee Fund I Fund ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULGF-019-04/07/17- PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 KGPFFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Opening balance 235,705 328,864 176,588 208,560 542,113 610,325 40,734 60,877 187,058 - Add: Additions during the year* 59,207 44,553 14,493 14,903 57,733 52,406 729 - 398,466 190,713 Less: Deductions during the year* 311,855 137,712 132,365 46,875 539,621 120,617 150,930 20,143 22,371 3,655 Closing balance (16,944) 235,705 58,716 176,588 60,225 542,113 (109,466) 40,734 563,154 187,058
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Pension Guarantee Kotak Group Prudent Pension Floor Fund II Guarantee Fund Fund Peak Guarantee Fund I Fund ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULGF-019-04/07/17- PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 KGPFFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Approved Investments Government Bonds 116,170 207,443 39,032 80,321 87,412 234,188 5,668 74,018 213,868 53,297 Corporate Bonds 27,830 40,740 13,188 12,927 32,736 39,107 - 201 62,512 18,726 Infrastructure Bonds 95,626 69,914 49,550 35,211 108,334 112,171 4,490 7,408 125,435 56,938 Equity - 189,524 4,810 185,376 11,178 551,690 - - 68,211 29,409 Money Market 70,998 - 106,498 4,439 274,494 13,239 57,999 - 92,498 2,407 Fixed Deposits\ 716 716 280 280 731 731 264 264 - - Mutual Funds ------Total 311,340 508,337 213,357 318,552 514,885 951,126 68,420 81,891 562,525 160,778 Other Investments Corporate Bonds ------Infrastructure Bonds ------Equity - 29,815 222 1,535 514 4,568 - - 16,114 4,251 Money Market - 22,496 - 2,500 - 2,000 - 68,489 - 23,996 Mutual Funds ------Venture Capital ------PTC ------Infrastructure Development Fund ------Total - 52,311 222 4,035 514 6,568 - 68,489 16,114 28,247 GRAND TOTAL 311,340 560,648 213,579 322,588 515,399 957,694 68,420 150,380 578,639 189,025 % of Approved Investments to Total 100.00% 90.67% 99.90% 98.75% 99.90% 99.31% 100.00% 54.46% 97.22% 85.06% % of Other Investments to Total 0.00% 9.33% 0.10% 1.25% 0.10% 0.69% 0.00% 45.54% 2.78% 14.94%
138 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedules to Fund Balance Sheet Fund Balance Sheet for the Year Ended 31st March 2019 Schedule: F-1 POLICYHOLDERS’ CONTRIBUTION Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 Total Particulars Current Year Previous Year Current Year Previous Year Opening balance (13,596) (13,596) 75,650,889 71,743,814 Add: Additions during the year* - (-) 62,249,811 43,532,030 Less: Deductions during the year* - - 52,919,341 39,624,954 Closing balance (13,596) (13,596) 84,981,359 75,650,889
* Additions represents units creation and deductions represents units cancellation Schedules to Fund Balance Sheet Schedule: F-2 INVESTMENTS Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 Total Particulars Current Year Previous Year Current Year Previous Year Approved Investments Government Bonds 37 36 22,649,807 28,882,841 Corporate Bonds - - 8,494,772 5,549,476 Infrastructure Bonds - - 23,187,200 13,149,609 Equity - - 46,167,911 65,722,188 Money Market - - 18,501,261 7,338,680 Fixed Deposits\ - - 78,704 78,704 Mutual Funds - - - - Total 37 36 119,079,656 120,721,498 Other Investments Corporate Bonds - - 19,584 31,021 Infrastructure Bonds - - - - Equity - - 9,675,784 11,540,126 Money Market - - - 3,968,867 Mutual Funds - - - - Venture Capital - - - - PTC - - - - Infrastructure Development Fund - - - - Total - - 9,695,368 15,540,014 GRAND TOTAL 37 36 128,775,025 136,261,512 % of Approved Investments to Total 100.00% 100.00% 92.47% 88.60% % of Other Investments to Total 0.00% 0.00% 7.53% 11.40%
139 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedules to Fund Balance Sheet Schedule: F - 3 CURRENT ASSETS Kotak Group Money Pension Money Discontinued Policy Kotak Dynamic Gilt Market Fund Money Market Fund Market Fund II Fund Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- ULIF-006-27/06/03- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 DYGLTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest ------15,507 9,779 Cash & Bank Balance 52 202 304 120 66 431 97 193 342 112 Dividend Receivable ------Receivable for Sale of Investments ------Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) - - 242,881 368,671 - 116 - - 14,701 18,787 Total 52 202 243,185 368,791 66 547 97 193 30,550 28,678
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Kotak Group Money Pension Money Discontinued Policy Kotak Dynamic Gilt Market Fund Money Market Fund Market Fund II Fund Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- ULIF-006-27/06/03- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 DYGLTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments - - - 21 - - - 4 - 7 Other Current Liabilities 1 - 102 262 9,061 70 114,117 87,767 39 60 Unit Payable a/c# ------Total 1 - 103 283 9,061 71 114,117 87,771 39 66
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Kotak Group Money Pension Money Discontinued Policy Kotak Dynamic Gilt Market Fund Money Market Fund Market Fund II Fund Fund ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11- ULIF-006-27/06/03- MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 DYGLTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge - - 15,947 17,712 295 342 3 1 1,274 850 Surrender charge ------1 34 Switching charge - - 31 36 - - - - 3 1 Mortality charge 1 20 36,102 31,219 1 1 - 1 4,760 2,640 Rider Premium charge - - 348 341 - - - - 141 143 Partial withdrawal charge - - 37 31 - - - - 8 6 Discontinuance Charges - - 3,048 2,486 - - - - 38 21 Guarantee Charges - - 83 83 276 293 - - - - Subscription lapse forfeiture charges ------Transaction Charges ------Miscellaneous charge - - 97 138 - - - - 29 32 Total 1 20 55,692 52,045 572 635 3 2 6,254 3,728 *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
140 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedules to Fund Balance Sheet Schedule: F - 3 CURRENT ASSETS Kotak Pension Gilt Kotak Dynamic Bond Kotak Pension Bond Kotak Group Bond Fund Kotak Group Gilt Fund Fund Fund Fund ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- ULIF-017-15/04/04- ULGF-004-15/04/04- PNGLTFND-107 GLTFND-107 DYBNDFND-107 PNBNDFND-107 BNDFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 281 763 20,234 9,210 293,477 264,864 5,476 10,674 469,514 355,903 Cash & Bank Balance 226 495 146 337 163 920 254 244 414 798 Dividend Receivable ------Receivable for Sale of Investments ------Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) 4 - 288 205 118,835 105,042 - - 987,965 190,587 Total 511 1,258 20,668 9,753 412,475 370,826 5,730 10,919 1,457,892 547,287
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Kotak Pension Gilt Kotak Dynamic Bond Kotak Pension Bond Kotak Group Bond Fund Kotak Group Gilt Fund Fund Fund Fund ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- ULIF-017-15/04/04- ULGF-004-15/04/04- PNGLTFND-107 GLTFND-107 DYBNDFND-107 PNBNDFND-107 BNDFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments - 1 2 6 129,288 61 - 2 195,029 52 Other Current Liabilities 1 10,677 36 43 499 4,227 7,944 18,595 517 1,106 Unit Payable a/c# ------Total 1 10,678 38 49 129,787 4,288 7,944 18,597 195,546 1,158
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Kotak Pension Gilt Kotak Dynamic Bond Kotak Pension Bond Kotak Group Bond Fund Kotak Group Gilt Fund Fund Fund Fund ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04- ULIF-017-15/04/04- ULGF-004-15/04/04- PNGLTFND-107 GLTFND-107 DYBNDFND-107 PNBNDFND-107 BNDFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge 94 233 - - 26,674 28,924 1,215 2,280 - - Surrender charge 6 86 - - 3 45 270 363 - - Switching charge - - - - 43 61 - 1 - - Mortality charge 10 13 701 615 61,129 57,765 9 13 11,547 11,143 Rider Premium charge - - - - 1,038 1,052 - - - - Partial withdrawal charge - - - - 95 114 - - - - Discontinuance Charges - - - - 1,466 1,627 - - - - Guarantee Charges ------Subscription lapse forfeiture charges ------Transaction Charges ------Miscellaneous charge - - - - 312 378 2 10 - - Total 110 333 701 615 90,760 89,966 1,497 2,667 11,547 11,143 *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
141 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Kotak Group Short Kotak Group Secure Kotak Dynamic Kotak Pension Kotak Group Floating Term Bond Fund Capital Fund Floating Rate Fund Floating Rate Fund Rate Fund ULGF-018-18/12/13- ULGF-016-12/04/11- ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- SHTRMBND-107 SECCAPFND-107 DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 24,872 32,618 118,510 82,875 3,823 4,661 152 189 20,994 22,932 Cash & Bank Balance 395 1,773 476 189 46 447 288 88 168 121 Dividend Receivable ------Receivable for Sale of Investments ------Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) 413 352 1,211 694 - - - - 413 472 Total 25,680 34,743 120,197 83,758 3,870 5,107 440 277 21,575 23,525
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Kotak Group Short Kotak Group Secure Kotak Dynamic Kotak Pension Kotak Group Floating Term Bond Fund Capital Fund Floating Rate Fund Floating Rate Fund Rate Fund ULGF-018-18/12/13- ULGF-016-12/04/11- ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- SHTRMBND-107 SECCAPFND-107 DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments - - 58,070 15 ------Other Current Liabilities 25 70 172 2,237 824 51,183 181 1,017 30 960 Unit Payable a/c# ------Total 25 70 58,242 2,252 824 51,183 181 1,017 30 960
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Kotak Group Short Kotak Group Secure Kotak Dynamic Kotak Pension Kotak Group Floating Term Bond Fund Capital Fund Floating Rate Fund Floating Rate Fund Rate Fund ULGF-018-18/12/13- ULGF-016-12/04/11- ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- SHTRMBND-107 SECCAPFND-107 DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge - - - - 366 333 6 52 - - Surrender charge - - - - 35 75 4 98 - - Switching charge ------Mortality charge 128 67 49 49 1,680 1,281 2 3 227 202 Rider Premium charge - - - - 34 37 - - - - Partial withdrawal charge - - - - - 2 - - - - Discontinuance Charges - - - - 21 7 - - - - Guarantee Charges ------Subscription lapse forfeiture charges ------Transaction Charges ------Miscellaneous charge - - - - 12 13 - - - - Total 128 67 49 49 2,149 1,748 12 153 227 202 *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
142 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced Balanced Fund Balanced Fund Balanced Fund Fund Balanced Fund ULIF-009-27/06/03- ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- DYBALFND-107 GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 1,212 1,677 9,325 10,346 8,622 11,695 102,342 95,564 18,229 14,215 Cash & Bank Balance 140 242 219 305 159 521 345 1,086 235 368 Dividend Receivable 1 6 - 17 - 18 13 191 1 29 Receivable for Sale of Investments - 1,451 - 12,366 - 10,347 - 57,190 - 9,527 Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) - 7 - 13 - 1 51,696 30,608 35,806 50,651 Total 1,353 3,383 9,544 23,047 8,780 22,582 154,396 184,639 54,272 74,790
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced Balanced Fund Balanced Fund Balanced Fund Fund Balanced Fund ULIF-009-27/06/03- ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- DYBALFND-107 GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments - 491 3,287 832 2,191 645 65,659 88,624 10,771 15,662 Other Current Liabilities 17 1,527 3,796 24,745 2,548 37,938 314 883 72 199 Unit Payable a/c# ------Total 17 2,019 7,083 25,576 4,739 38,583 65,974 89,507 10,843 15,861
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced Balanced Fund Balanced Fund Balanced Fund Fund Balanced Fund ULIF-009-27/06/03- ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09- DYBALFND-107 GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge 95 119 1,234 1,728 2,559 5,059 - - 12,554 11,234 Surrender charge 13 4 - - 313 552 116 - - - Switching charge ------3 6 Mortality charge 714 824 1,185 1,409 351 489 2,917 3,317 16,360 14,856 Rider Premium charge 132 151 ------579 589 Partial withdrawal charge ------13 13 Discontinuance Charges ------791 638 Guarantee Charges ------Subscription lapse forfeiture charges - - (27) (10) (38) (216) - - - - Transaction Charges ------Miscellaneous charge 117 124 6 5 10 16 - - 43 42 Total 1,069 1,222 2,397 3,132 3,196 5,900 3,034 3,317 30,343 27,378 *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
143 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension Growth Kotak Aggressive Fund II Growth Fund Growth Fund Fund Growth Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- ULIF-018-13/09/04- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 AGRGWTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 77 254 2,978 3,252 72,958 67,154 218 1,518 476 503 Cash & Bank Balance 490 85 303 299 2,170,581 455 16,162 403 239 514 Dividend Receivable - 1 5 23 - 186 - 5 29 176 Receivable for Sale of Investments - 320 836 17,544 - 60,818 - 3,667 14,739 56,769 Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) 170 149 - 80 - - - 237 - 4,926 Total 737 809 4,121 21,199 2,243,540 128,613 16,380 5,829 15,484 62,888
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES
Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension Growth Kotak Aggressive Fund II Growth Fund Growth Fund Fund Growth Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- ULIF-018-13/09/04- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 AGRGWTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments - 138 1,229 1,909 183,767 5,357 - 133 7,189 1,763 Other Current Liabilities 1 6 778 1,566 24,644 7,244 2 3,725 1,190 1,157 Unit Payable a/c# ------Total 1 144 2,007 3,475 208,411 12,601 2 3,859 8,379 2,920
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES*
Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension Growth Kotak Aggressive Fund II Growth Fund Growth Fund Fund Growth Fund ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09- ULIF-018-13/09/04- PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 AGRGWTFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge 150 176 464 541 18,557 21,126 321 660 2,723 3,154 Surrender charge - - 2 8 - 6 482 359 15 47 Switching charge ------6 7 Mortality charge - - 2,299 2,427 11,606 13,029 - - 14,012 14,645 Rider Premium charge - - 498 584 - - - - 3,303 3,732 Partial withdrawal charge ------Discontinuance Charges ------Guarantee Charges - - - - 18 73 - - - - Subscription lapse forfeiture charges - - - (7) (10) (239) (38) - - (21) Transaction Charges ------Miscellaneous charge - - 185 199 8 11 - - 556 606 Total 150 176 3,448 3,753 30,180 34,006 765 1,020 20,615 22,170 *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
144 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Pension Frontline Kotak Opportunities Kotak Pension Classic Opportunities Frontline Equity Fund Equity Fund Fund Opportunities Fund Fund ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- ULIF-032-17/07/09- ULIF-033-16/12/09- FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 PNOPPFND-107 CLAOPPFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 26 27 4 5 573 607 6 6 147 156 Cash & Bank Balance 73 220 245 272 193 237 416 233 101 1,110 Dividend Receivable 16 426 3 12 80 431 2 10 91 1,680 Receivable for Sale of Investments 30,294 100,774 1,060 3,221 40,330 117,177 - 1,429 272,996 236,221 Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) 36,616 120,805 - 17 1,706 555 - 24 645,901 1,289,007 Total 67,025 222,253 1,312 3,526 42,883 119,007 424 1,704 919,236 1,528,174
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Pension Frontline Kotak Opportunities Kotak Pension Classic Opportunities Frontline Equity Fund Equity Fund Fund Opportunities Fund Fund ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- ULIF-032-17/07/09- ULIF-033-16/12/09- FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 PNOPPFND-107 CLAOPPFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments 18,243 67,068 - 1,040 12,112 34,846 - 634 98,529 280,167 Other Current Liabilities 253 949 724 163 343 107,803 1 52 1,685 5,476 Unit Payable a/c# ------Total 18,497 68,017 724 1,203 12,455 142,649 1 685 100,213 285,642
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Pension Frontline Kotak Opportunities Kotak Pension Classic Opportunities Frontline Equity Fund Equity Fund Fund Opportunities Fund Fund ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08- ULIF-032-17/07/09- ULIF-033-16/12/09- FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107 PNOPPFND-107 CLAOPPFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge 19,958 19,371 798 1,052 37,296 45,103 373 888 245,244 214,897 Surrender charge 2 9 21 6 115 463 498 193 13 37 Switching charge 7 6 - - 21 5 - - 106 29 Mortality charge 42,941 35,486 - 1 37,132 42,817 - - 394,935 329,716 Rider Premium charge 821 845 - - 1,526 1,763 - - 9,193 8,522 Partial withdrawal charge 47 41 - - 3 4 - - 255 272 Discontinuance Charges 818 732 ------14,290 10,447 Guarantee Charges 28 33 ------Subscription lapse forfeiture charges ------Transaction Charges ------Miscellaneous charge 314 255 - - 64 70 - - 3,340 2,602 Total 64,935 56,778 820 1,059 76,157 90,225 871 1,081 667,376 566,523 *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
145 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Pension Classic Kotak Group Dynamic Kotak Pension Floor Opportunities Fund Dynamic Floor Fund Floor Fund Fund Dynamic Floor Fund II ULIF-042-07/01/10- ULIF-028-14/11/06- ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- PNCLAOPFND-107 DYFLRFND-107 DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 19 20 120,370 145,238 752 705 630 5,036 91,969 124,569 Cash & Bank Balance 387 285 177 574 73 342 136 479 366 665 Dividend Receivable 16 63 - 124 - - - 5 - 81 Receivable for Sale of Investments 4,608 13,541 - 62,019 - 183 - 2,131 - 7,261 Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) - 74 2,823 147 - 1 - 21 - 17,028 Total 5,030 13,984 123,371 208,102 825 1,232 766 7,672 92,335 149,605
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Pension Classic Kotak Group Dynamic Kotak Pension Floor Opportunities Fund Dynamic Floor Fund Floor Fund Fund Dynamic Floor Fund II ULIF-042-07/01/10- ULIF-028-14/11/06- ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- PNCLAOPFND-107 DYFLRFND-107 DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments 1,746 4,688 49,305 10,346 - 81 - 434 39,444 38,650 Other Current Liabilities 3,370 2,167 361 222,210 2 5 3 71 177,334 828 Unit Payable a/c# ------Total 5,117 6,855 49,665 232,556 2 86 3 505 216,778 39,478
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Pension Classic Kotak Group Dynamic Kotak Pension Floor Opportunities Fund Dynamic Floor Fund Floor Fund Fund Dynamic Floor Fund II ULIF-042-07/01/10- ULIF-028-14/11/06- ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- PNCLAOPFND-107 DYFLRFND-107 DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge 3,943 4,921 39,719 52,304 - - 685 1,525 14,768 16,496 Surrender charge 52 17 193 1,198 - - 2,864 1,272 9 54 Switching charge 3 - 14 10 - - 1 - 182 207 Mortality charge - - 41,541 52,092 - - - - 15,993 17,893 Rider Premium charge - - 2,932 3,499 - - - - 1,919 2,336 Partial withdrawal charge - - 2 5 - - - - 36 48 Discontinuance Charges ------Guarantee Charges ------Subscription lapse forfeiture charges - - (1) (56) - - - (14) - - Transaction Charges ------Miscellaneous charge - - 79 95 - - - - 8 9 Total 3,997 4,938 84,478 109,146 - - 3,551 2,783 32,914 37,044 *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
146 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Pension Guarantee Kotak Group Prudent Pension Floor Fund II Guarantee Fund Fund Peak Guarantee Fund I Fund ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULGF-019-04/07/17- PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 KGPFFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Accrued Interest 7,228 7,766 3,071 3,270 7,493 9,828 396 1,025 9,068 3,649 Cash & Bank Balance 170 17 278 458 365 567 263 353 265 229 Dividend Receivable - 8 - 21 - 63 - - - 1 Receivable for Sale of Investments - 4,083 ------316 Unit Collection A/c# ------Margin Money ------Share Application Money ------Other Current Assets (for Investments) - 1,878 - 811 - 2,144 - - 217 3,048 Total 7,398 13,752 3,348 4,560 7,858 12,603 660 1,378 9,550 7,243
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Pension Guarantee Kotak Group Prudent Pension Floor Fund II Guarantee Fund Fund Peak Guarantee Fund I Fund ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULGF-019-04/07/17- PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 KGPFFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Payable for Purchase of Investments - 714 5,043 5,787 11,720 15,360 - - 5,976 506 Other Current Liabilities 12,033 77 29,360 440 79,954 186 62,496 58 22 19 Unit Payable a/c# ------Total 12,033 791 34,403 6,227 91,673 15,545 62,496 58 5,998 525
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Pension Guarantee Kotak Group Prudent Pension Floor Fund II Guarantee Fund Fund Peak Guarantee Fund I Fund ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULGF-019-04/07/17- PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 KGPFFND-107 Current Previous Current Previous Current Previous Current Previous Current Previous Particulars Year Year Year Year Year Year Year Year Year Year Policy Administration charge 2,295 3,063 898 1,022 3,197 3,875 - - - - Surrender charge 28 6 ------Switching charge 2 15 ------Mortality charge - - 164 245 - - 663 723 444 71 Rider Premium charge ------Partial withdrawal charge - - 2 1 - - - 1 - - Discontinuance Charges ------Guarantee Charges - - 1,999 2,079 4,474 5,003 - - - - Subscription lapse forfeiture charges ------Transaction Charges ------Miscellaneous charge ------Total 2,325 3,084 3,062 3,347 7,672 8,877 663 723 444 71 *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
147 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) Schedule: F - 3 CURRENT ASSETS Kotak Advantage Multiplier Fund II Total ULIF-026-21/04/06-ADVMULFND2-107 Particulars Current Year Previous Year Current Year Previous Year Accrued Interest 1 1 1,431,029 1,302,554 Cash & Bank Balance 6 5 2,195,824 16,794 Dividend Receivable - - 258 3,579 Receivable for Sale of Investments - - 364,863 778,357 Unit Collection A/c# - - - - Margin Money - - - - Share Application Money - - - - Other Current Assets (for Investments) - - 2,141,646 2,207,159 Total 7 5 6,133,619 4,308,441
Schedules to Fund Balance Sheet Schedule: F - 4 CURRENT LIABILITIES Kotak Advantage Multiplier Fund II Total ULIF-026-21/04/06-ADVMULFND2-107 Particulars Current Year Previous Year Current Year Previous Year Payable for Purchase of Investments - - 898,602 576,041 Other Current Liabilities - - 534,851 597,768 Unit Payable a/c# - - - - Total - - 1,433,453 1,173,809
Break up of Other Expenses Under ULIP Schedule: F - 5 OTHER EXPENSES* Kotak Advantage Multiplier Fund II Total ULIF-026-21/04/06-ADVMULFND2-107 Particulars Current Year Previous Year Current Year Previous Year Policy Administration charge - - 453,705 459,042 Surrender charge - - 5,055 4,933 Switching charge - - 419 384 Mortality charge - - 699,599 635,072 Rider Premium charge - - 22,464 23,595 Partial withdrawal charge - - 499 537 Discontinuance Charges - - 20,472 15,958 Guarantee Charges - - 6,878 7,563 Subscription lapse forfeiture charges - - (113) (564) Transaction Charges - - - - Miscellaneous charge - - 5,183 4,606 Total - - 1,214,163 1,151,126
*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
148 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Statement Showing Receipts and Payments made to Related Parties
Kotak Mahindra Prime Sr Kotak Securities Ltd - Interest Income on No Related Parties SFIN Ltd - Brokerage Debenture's 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - - 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - - 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - - 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 - - 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 - 4,979 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 - 146 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 - 7,934 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 - 2,245 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 - 1,907 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 - - 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - - 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 - - 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 18 126 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 15 - 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 84 195 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 77 77 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 1,088 1,838 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 189 282 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 2 - 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 90 - 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 906 1,293 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 11 - 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 447 - 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 1,600 - 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 28 - 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2,099 - 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 37 - 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 12,935 - 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 261 - 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 1,056 2,528 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 4 - 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 16 63 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 902 1,957 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 68 195 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 21 126 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 58 195 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 - - 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - - Grand Total 22,013 26,086 16 - Units created on 01/06/2018
149 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Fund Performance of Unit Linked Funds as on 31.03.2020 (Absolute Growth %)
*Returns Sr Year of No Fund Names SFIN code Inception 2020 2019 2018 2017 2016 2015 2014 2013 Inception 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 2003-04 13.29% 5.80% 4.89% 4.01% 7.34% 8.64% NA NA NA 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 2009-10 6.05% 6.94% 6.17% 7.33% 8.01% 8.66% 8.69% 9.37% 8.55% 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 2009-10 5.91% 6.96% 6.19% 7.36% 8.04% 8.64% 8.58% 9.22% 8.43% 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 2010-11 5.61% 6.31% 5.79% 6.57% 7.45% 8.64% 8.35% 9.73% 8.09% 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 2003-04 13.11% 8.75% 4.56% 10.94% 6.85% 18.14% 1.79% 11.96% 6.61% 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 2003-04 12.07% 8.91% 4.63% 10.96% 6.89% 18.08% 1.85% 11.93% 6.58% 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 2003-04 13.01% 8.91% 4.96% 11.18% 6.96% 18.51% 1.93% 12.15% 6.89% 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 2004-05 12.85% 7.85% 4.35% 10.91% 7.12% 16.04% 3.34% 11.72% 9.35% 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 2004-05 13.27% 7.85% 4.20% 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 13.29% 8.32% 4.93% 11.39% 7.56% 16.59% 3.77% 12.21% 10.30% 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 2015-16 8.10% 7.09% 6.18% 8.23% NA NA NA NA NA 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 2011-12 12.88% 8.10% 5.01% 11.01% 7.26% 16.28% 3.71% 12.16% NA 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 2004-05 7.01% 6.32% 5.20% 7.66% 7.22% 10.18% 11.59% 8.56% 7.65% 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 2004-05 7.28% 6.50% 5.19% 7.64% 7.16% 10.14% 11.54% 8.56% 7.61% 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 2004-05 7.23% 7.11% 5.61% 8.21% 7.67% 10.52% 11.99% 9.08% 8.08% 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 2018-19 5.67% NA NA NA NA NA NA NA NA 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2003-04 -9.97% 9.72% 7.57% 16.92% 0.32% 29.17% 12.20% 8.97% -1.44%
18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 2003-04 -7.50% 9.24% 6.65% 16.27% 1.88% 24.22% 6.90% 9.30% 3.13% 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 2003-04 -7.66% 9.24% 6.39% 16.13% 1.90% 24.19% 6.88% 9.34% 3.17% 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 2003-04 -8.86% 9.82% 8.24% 17.64% 0.61% 29.82% 12.49% 9.11% -1.12% 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 2009-10 -10.11% 9.13% 7.61% 16.86% 0.40% 29.19% 11.60% 8.91% -1.53% 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 2009-10 -10.76% 9.18% 7.36% 17.60% 0.41% 28.81% 12.06% 8.52% -0.96% 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 2003-04 -17.60% 10.15% 8.48% 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 -11.97% 9.21% 7.10% 17.34% 0.44% 26.42% 8.22% 8.78% 1.54% 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 2008-09 -11.71% 9.49% 7.28% 16.77% 0.56% 26.08% 8.17% 8.80% 1.52% 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 2004-05 -25.76% 10.26% 10.07% 22.34% -5.44% 39.39% 18.13% 6.87% -7.41% 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 2009-10 -25.23% 10.44% 10.16% 23.07% -4.11% 39.40% 17.73% 7.31% -6.80% 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 2009-10 -24.09% 11.09% 9.97% 22.97% -4.27% 39.64% 18.11% 7.43% -6.96% 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2008-09 -23.77% 6.37% 9.83% 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 -20.76% 6.29% 9.85% 23.79% -6.19% 45.23% 15.26% 7.52% -4.98% 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 2009-10 -23.09% 7.19% 10.67% 24.66% -5.55% 46.16% 16.17% 8.43% -4.53% 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 2009-10 -23.10% 7.24% 10.68% 24.96% -6.04% 47.18% 16.67% 8.06% -4.42% 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 2006-07 -5.26% 8.58% 5.94% 14.56% -0.89% 17.96% 4.11% 7.70% 0.23% 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 2009-10 -2.03% 8.74% 5.86% 13.81% -0.62% 18.57% 4.72% 9.07% 0.67% 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 2009-10 -5.05% 8.38% 6.00% 14.58% -0.79% 17.98% 3.96% 8.89% -1.54% 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 2009-10 -6.12% 8.77% 6.20% 15.21% -1.64% 18.47% 4.60% 9.24% -0.12% 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2009-10 -6.03% 8.84% 6.42% 15.31% -1.62% 18.51% 4.52% 9.31% 0.16% 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 2009-10 -6.48% 9.02% 7.78% 12.72% -1.68% 18.43% 4.60% 9.29% 0.40% 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 2009-10 -6.50% 9.03% 7.84% 12.84% -1.69% 18.50% 4.52% 9.36% 0.08% 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 2009-10 3.93% 5.68% 9.07% 12.21% -1.87% 17.85% 4.34% 8.77% 0.26% 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 2006-07 4.64% 4.27% 3.15% 2.14% 4.80% 6.87% 4.10% 6.82% -0.76%
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 - Units created on 01/06/2018
150 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Fund name SFIN Kotak Mahindra Prime Ltd - Debentures No Amount Percentage 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - - 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - - 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - - 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 - - 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 71,356 0.6% 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 1,983 1.1% 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 157,979 0.8% 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 30,011 3.2% 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 27,746 0.5% 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 - - 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - - 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 - - 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 1,981 0.3% 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 - - 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 2,973 0.5% 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 991 0.2% 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 26,755 0.3% 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 3,964 0.2% 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 - - 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 - - 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 18,827 0.4% 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 - - 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - - 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 - - 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 - - 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - - 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - - 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - - 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - - 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 36,665 0.6% 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 - - 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 - - 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 28,735 0.6% 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2,973 1.0% 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 1,981 1.1% 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 2,973 0.7% 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 - - 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - - Grand Total * 417,894 0.31% * This amount represents total exposure to promoter group as a percentage of total fund size
16 - Units created on 01/06/2018
151 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 25E Unit Linked Disclosures - Other Disclosures Highest and Lowest NAV during the year & closing at the end of the year
Sr . No Fund Name SFIN code Highest NAV Lowest NAV Closing NAV 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 14.29 14.29 14.29 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 19.54 19.54 19.55 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 19.58 19.59 19.59 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 18.01 18.01 18.02 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 31.04 31.07 31.09 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 31.71 31.74 31.76 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 32.38 32.41 32.44 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 33.45 33.48 33.50 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 33.52 33.54 33.57 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 35.99 36.02 36.05 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 12.69 12.69 12.69 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 19.87 19.88 19.90 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 27.70 27.70 27.69 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 27.81 27.82 27.81 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 29.43 29.44 29.43 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 11.00 11.01 11.01 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 67.93 68.10 67.87 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 58.46 58.58 58.43 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 59.20 59.31 59.15 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 69.84 70.00 69.78 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 23.84 23.90 23.83 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 23.42 23.48 23.40 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 80.72 80.95 80.58 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 67.76 67.92 67.71 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 28.81 28.88 28.78 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 82.47 82.83 82.35 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 26.34 26.45 26.29 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 28.00 28.11 27.93 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 49.51 49.73 49.41 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 28.11 28.24 28.05 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 28.43 28.55 28.37 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 29.22 29.35 29.16 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 29.48 29.54 29.48 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 30.32 30.37 30.33 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 18.91 18.95 18.91 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 19.08 19.12 19.08 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 19.05 19.09 19.05 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 20.00 20.06 20.00 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 19.12 19.18 19.12 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 18.71 18.71 18.71 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 18.43 18.43 18.43 16 - Units created on 01/06/2018
152 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Fund Name SFIN Annualised Average Annualised No Expense Daily Assets Expense of the Funds Ratio 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 1,158 122,713 0.94% 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 32,367 4,571,551 0.71% 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 615 86,802 0.71% 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 20,175 3,419,499 0.59% 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 8,865 751,246 1.18% 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 353 29,911 1.18% 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 8,634 914,631 0.94% 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 152,218 10,749,436 1.41% 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 4,286 302,680 1.41% 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 147,136 15,586,055 0.94% 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 8,582 909,075 0.94% 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 44,363 4,177,216 1.06% 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 2,979 210,353 1.41% 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 129 9,098 1.41% 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 10,890 1,153,575 0.94% 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 4,639 394,861 1.17% 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2,755 181,505 1.51% 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 10,432 685,566 1.52% 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 9,974 655,539 1.52% 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 108,147 9,286,761 1.16% 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 26,254 1,663,801 1.57% 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 534 33,843 1.57% 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 10,020 573,015 1.74% 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 106,483 6,067,132 1.75% 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 1,812 103,249 1.75% 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 46,631 2,505,122 1.86% 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 118,528 7,570,667 1.56% 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 3,131 199,968 1.56% 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 178,048 7,638,169 2.32% 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 2,702 115,868 2.33% 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 729,950 46,669,156 1.56% 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 14,975 957,524 1.56% 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 163,729 7,969,814 2.05% 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 595 40,563 1.46% 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 4,519 219,937 2.05% 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 97,881 6,185,909 1.58% 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 8,131 513,894 1.58% 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 4,894 307,179 1.59% 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 13,888 871,786 1.59% 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 3,096 149,907 2.06% 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 2 43 3.53% 16 - Units created on 01/06/2018
153 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Fund Name SFIN code Annualised Average Annualised No Income Daily Assets Income of the Funds Ratio 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 5,711 122,713 4.64% 2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 300,841 4,571,551 6.56% 3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 5,621 86,802 6.46% 4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 204,547 3,419,499 5.97% 5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 98,297 751,246 13.05% 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 3,872 29,911 12.91% 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 103,228 914,631 11.26% 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 1,450,429 10,749,436 13.46% 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 41,737 302,680 13.75% 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 2,088,635 15,586,055 13.36% 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 79,133 909,075 8.68% 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 539,955 4,177,216 12.89% 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 16,801 210,353 7.97% 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 770 9,098 8.44% 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 90,860 1,153,575 7.85% 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 15,434 394,861 3.90% 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 (13,194) 181,505 -7.25% 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 (32,683) 685,566 -4.75% 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 (24,961) 655,539 -3.80% 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 (823,241) 9,286,761 -8.84% 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 (147,784) 1,663,801 -8.86% 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 (2,207) 33,843 -6.50% 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 (84,319) 573,015 -14.67% 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 (558,240) 6,067,132 -9.18% 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 2,103 103,249 2.03% 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 (572,279) 2,505,122 -22.78% 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 (1,853,513) 7,570,667 -24.42% 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 (36,453) 199,968 -18.18% 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 (1,483,774) 7,638,169 -19.37% 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 (14) 115,868 -0.01% 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 (10,906,300) 46,669,156 -23.31% 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 (163,610) 957,524 -17.04% 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 (92,448) 7,969,814 -1.16% 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 (212) 40,563 -0.52% 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 14,033 219,937 6.36% 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 (162,293) 6,185,909 -2.62% 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 (3,800) 513,894 -0.74% 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 (12,568) 307,179 -4.08% 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 (19,720) 871,786 -2.26% 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 8,844 149,907 5.88% 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 3 43 8.04% 16 - Units created on 01/06/2018
154 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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
Investment Type Government Sr Corporate Guaranteed Government Mutual Grand No Fund Name SFIN Bonds Equities Bonds Securities Funds Total 1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 ------2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 ------3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 ------4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 ------5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - 11,350 12,747 - 24,097 6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - 574 570 - 1,144 7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - 10,972 10,826 - 21,799 8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 270,813 - 133,164 67,645 - 471,622 9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 6,687 - 4,005 1,169 - 11,861 10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 372,972 - 180,635 68,894 - 622,501 11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 5,327 - 1,796 - - 7,123 12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 81,183 - 52,739 8,379 - 142,301 13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 (297) - 2,097 1,321 - 3,121 14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - - 69 97 - 166 15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 (2,608) - 5,380 3,034 - 5,806 16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 4,929 (20,561) 1,871 1,945 - (11,816) 17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 1,070 (5,291) 590 749 - (2,883) 18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 10,918 - 4,173 2,300 - 17,391 19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 9,971 - 4,069 1,116 - 15,155 20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 84,423 (657,065) 41,257 24,605 - (506,780) 21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 13,806 (122,943) 7,546 4,335 - (97,257) 22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 181 (1,241) 61 154 - (845) 23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 617 (28,905) 1,826 3,167 - (23,295) 24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 73,494 (0) 32,927 35,172 - 141,593 25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 270 - 158 532 - 959 26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - (91,302) - - - (91,302) 27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 - (792,486) - - - (792,486) 28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 - (7,253) - - - (7,253) 29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - (487,596) - - - (487,596) 30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - (1,263) - - - (1,263) 31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - (5,723,163) - - - (5,723,163) 32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - (51,582) - - - (51,582) 33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 126,223 (-) 63,866 29,564 - 219,653 34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 529 - 264 289 - 1,082 35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 477 - 434 1,961 - 2,872 36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 84,794 - 48,679 29,083 - 162,556 37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 6,889 - 3,832 3,129 - 13,850 38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 3,579 (11) 1,376 1,306 - 6,250 39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 7,701 (26) 4,338 3,201 - 15,214 40 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 57 - 96 606 - 759 41 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - - (1) - - (1) Grand Total 1,164,005 (7,990,689) 620,146 317,893 - (5,888,644)
16 - Units created on 01/06/2018
155 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Money Market % of Money Market Total Fund Total Fund Funds Funds ULIF-041-05/01/10- ULGF-001-27/06/03- MNMKKFND-107 MNMKFND-107 Sundaram Home Fin Ltd CP - 04.03.21 141,466 2.63% Central Government Securities Financial and insurance activities 733,294 13.63% 364 Days T Bill - 21.01.2021 192 79.01% Total Central Government Securities Total 192 79.01% Manufacture of coke and refined 380,635 7.08% Net Current Assets 51 20.99% petroleum products Grand Total 243 100.00% Infrastructure Related Activities NTPC CP - 17.04.2020 249,401 4.64% Industry Money Market % of Infrastructure Related Activities 249,401 4.64% Fund Total Total Funds ULIF-041-05/01/10- Net Current Assets 243,083 4.52% MNMKKFND-107 Grand Total 5,379,570 100.00% Central Government Securities
364 Days T Bill - 21.01.2021 767,243 14.26% Industry Pension Money % of 182 Days T Bill - 30.07.2020 639,083 11.88% Market Fund II Total Funds 364 Days T Bill - 30.07.2020 207,664 3.86% ULIF-039-28/12/09- PNMNMKFND-107 364 Days T Bill - 29.10.2020 194,123 3.61% Central Government Securities 364 Days T Bill - 06.08.2020 166,832 3.10% 364 Days T Bill - 06.08.2020 32,385 52.31% 364 Days T Bill - 27.08.2020 114,140 2.12% 364 Days T Bill - 30.07.2020 6,873 11.10% 182 Days T Bill - 27.08.2020 49,027 0.91% 364 Days T Bill - 29.10.2020 4,853 7.84% Central Government Securities Total 2,138,112 39.75% 364 Days T Bill - 27.08.2020 3,992 6.45% TREPS & Other Money Market Securities Central Government Securities Total 48,103 77.70% TREPS - 03.04.2020 876,981 16.30% TREPS & Other Money Market Securities TREPS & Other Money Market 876,981 16.30% Securities Total TREPS - 03.04.2020 16,000 25.85% Investments in Housing Finance TREPS & Other Money Market 16,000 25.85% Companies Securities Total LIC HSG FINANCE LTD CP - 10.09.20 389,298 7.24% Financial and insurance activities HDFC Ltd CP - 05.08.20 368,766 6.85% HDB Financial Services Ltd CP- 3,478 5.62% 06.05.2020 Investments in Housing Finance 758,064 14.09% Companies Total Sundaram Fin CP - 28.01.21 3,321 5.36% Financial and insurance activities Financial and insurance activities 6,799 10.98% Total Sundaram Fin CP - 28.01.21 398,054 7.40% Net Current Assets -8,995 -14.53% HDB Financial Services Ltd CP- 193,774 3.60% 06.05.2020 Grand Total 61,907 100.00%
156 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic Gilt % of Fund Total Fund Total Funds Funds ULIF-006-27/06/03- ULIF-006-27/06/03- DYGLTFND-107 DYGLTFND-107 State Government Securities and 7.59% KA SDL - 29.03.2027 2,417 0.23% Other Approved Securities 7.54% KA SDL - 22.11.2027 2,415 0.23% 7.25% TN SDL -31.03.2027 71,150 6.81% 7.84% MH SDL - 13.07.2026 2,395 0.23% 7.35% MP SDL - 31.03.2029 60,512 5.79% 8.30% Fertilizer Co GOI - 07.12.23 2,168 0.21% 8.15% RJ SPL SDL - 23.06.2021 51,342 4.91% 8.25% MH SDL - 13.05.2025 1,822 0.17% 6.97% KA SDL - 26.02.2028 48,698 4.66% 9.18% PN SDL - 09.11.2021 1,113 0.11% 8.15% GOI FCI Bonds - 16.10.22 40,171 3.84% 7.04% GJ SDL - 07.08.2026 1,002 0.10% 7.71% GJ SDL - 01.03.2027 26,423 2.53% 8.34% PN SDL - 30.05.2028 853 0.08% 7.38% MP SDL - 14.09.2026 26,274 2.51% 7.95% GOI Fertilizer Bond - 18.02.26 787 0.08% 8.01% RJ SPL SDL - 23.06.2020 25,909 2.48% 6.90% OIL SPL - 04.02.2026 752 0.07% 7.65% RJ SDL - 29.11.2027 24,301 2.33% 9.72% PN SDL - 28.08.2023 741 0.07% 7.04% RJ SDL - 04.03.2030 19,144 1.83% 8.90% KA SDL - 19.12.2022 646 0.06% 7.04% MP SDL - 04.03.2030 19,118 1.83% 8.72% TN SDL -19.09.2026 594 0.06% 6.65% Fertilizer Co GOI - 29.01.23 16,008 1.53% 8.25% MH SDL - 10.06.2025 545 0.05% 9.25% RJ SDL - 09.10.2023 14,759 1.41% 8.94% GJ SDL - 07.03.2022 544 0.05% 8.18% HR Uday SDL 15.06.2023 12,578 1.20% 8.26% MH SDL -02.01.2029 517 0.05% 7.20% GJ SDL - 14.06.2027 12,270 1.17% 8.52% KA SDL - 28.11.2028 496 0.05% 7.62% KA SDL - 01.11.2027 12,126 1.16% 8.32% KA SDL - 06.02.2029 480 0.05% 7.26% HR SDL 28.06.2027 11,702 1.12% 8.44% RJ SDL - 27.06.2028 472 0.05% 7.65% TN SDL -06.12.2027 11,301 1.08% 9.50% MAH SDL - 18.12.2023 452 0.04% 9.39% GJ SDL - 20.11.2023 10,867 1.04% 9.51% MAH SDL - 11.09.2023 411 0.04% 7.20% MH SDL -09.08.2027 10,106 0.97% 8.53% MH SDL - 27.10.2020 408 0.04% 8.91% MAH SDL - 05.09.2022 9,466 0.91% 8.37% MP SDL - 05.12.2028 398 0.04% 8.98% PN SDL - 14.10.2021 8,356 0.80% 8.84% PN SDL - 11.06.2024 325 0.03% 7.00% GOI Fertilizer Bond - 10.12.22 8,059 0.77% 9.39% MAH SDL - 20.11.2023 315 0.03% 8.92% KA SDL - 07.03.2022 6,499 0.62% 8.29% TN SDL - 29.07.2025 296 0.03% 8.84% TN SDL - 18.07.2022 6,069 0.58% 8.27% TN SDL - 13.01.2026 296 0.03% 9.04% KA SDL - 10.09.2024 5,700 0.55% 8.38% TN SDL - 27.01.2026 277 0.03% 8.21% RJ SPL SDL - 31.03.2022 5,214 0.50% 8.23% GOI FCI - 12.02.27 253 0.02% 9.29% PN SDL - 09.10.2023 4,580 0.44% 8.62% HR SDL 03.09.2028 248 0.02% 7.59% GJ SDL - 15.02.2027 3,550 0.34% 8.43% RJ SDL - 08.08.2028 243 0.02% 8.57% HR SDL 04.07.2028 3,395 0.32% 8.63% RJ SDL - 03.09.2028 233 0.02% 6.35% OMC GOI BOND - 23.12.2024 2,816 0.27% 8.28% TN SDL -21.02.2028 215 0.02% 8.63% MH SDL - 09.01.2023 2,654 0.25%
157 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic Gilt % of Fund Total Fund Total Funds Funds ULIF-006-27/06/03- ULIF-006-27/06/03- DYGLTFND-107 DYGLTFND-107 8.58% GJ SDL - 31.10.2028 206 0.02% 9.23% GOI - 23.12.2043 3,060 0.29% 9.35% MH SDL - 30.01.2024 145 0.01% 8.15% GOI - 24.11.2026 2,131 0.20% 8.05% TN SDL -18.04.2028 141 0.01% 6.84% GOI - 19.12.2022 1,872 0.18% 9.37% GJ SDL - 04.12.2023 132 0.01% 6.62% GOI - 28.11.2051 1,451 0.14% 8.54% RJ SDL - 04.07.2028 128 0.01% 8.20% GOI - 15.02.22 1,163 0.11% 8.29% HR SDL 14.03.2028 124 0.01% 7.40% GOI 2035 - 09.09.35 642 0.06% 8.03% FCI SPL Bonds - 15.12.24 123 0.01% 6.83% GOI - 19.01.39 475 0.05% 8.20% OMC GOI -15.09.24 114 0.01% 8.83% GOI - 12.12.2041 358 0.03% 8.57% RJ SDL - 11.07.2028 114 0.01% 8.30% GOI 2040 ZCG - 02.07.2020 206 0.02% 8.28% RJ SDL - 14.03.2028 112 0.01% 8.30% GOI 2040 ZCG - 02.01.2021 202 0.02% 8.42% MP SDL - 08.08.2028 112 0.01% 8.30% GOI 2040 ZCG - 02.07.2021 197 0.02% 8.21% TN SDL - 24.06.2025 100 0.01% 8.30% GOI 2040 ZCG - 02.01.2022 192 0.02% 8.28% MH SDL - 29.07.2025 98 0.01% 8.30% GOI 2040 ZCG - 02.07.2022 187 0.02% 8.49% RJ SDL - 21.08.2028 87 0.01% 8.30% GOI 2040 ZCG - 02.01.2023 181 0.02% 8.56% MH SDL -11.07.2028 80 0.01% 8.30% GOI 2040 ZCG - 02.07.2023 176 0.02% 8.30% KA SDL - 20.02.2029 70 0.01% 8.30% GOI 2040 ZCG - 02.01.2024 170 0.02% 8.01% OIL MKTG GOI - 15.12.2023 69 0.01% 8.30% GOI 2040 ZCG - 02.07.2024 165 0.02% 7.39% MH SDL - 09.11.2026 34 0.00% 8.30% GOI 2040 ZCG - 02.01.2025 161 0.02% 7.33% MH SDL -13.09.2027 28 0.00% 8.30% GOI 2040 ZCG - 02.07.2025 155 0.01% 8.00% KA SDL - 17.01.2028 12 0.00% 8.30% GOI 2040 ZCG - 02.01.2026 147 0.01% 8.05% GJ SDL - 31.01.2028 8 0.00% 8.30% GOI 2040 ZCG - 02.07.2026 140 0.01% State Government Securities and 618,283 59.16% 8.30% GOI 2040 ZCG - 02.01.2027 135 0.01% Other Approved Securities Total 8.30% GOI 2040 ZCG - 02.07.2027 130 0.01% Central Government Securities 8.30% GOI 2040 ZCG - 02.01.2028 125 0.01% 7.69% GOI - 17.06.2043 149,791 14.33% 7.80% GOI - 03.05.2020 100 0.01% 7.32% GOI - 28.01.2024 62,225 5.95% 7.06% GOI - 10.10.2046 92 0.01% 6.45% GOI - 07.10.2029 40,582 3.88% 8.97% GOI - 05.12.2030 84 0.01% 7.63% GOI - 17.06.2059 30,636 2.93% 8.32% GOI - 02.08.2032 52 0.00% 7.88% GOI - 19.03.2030 24,253 2.32% 8.28% GOI - 21.09.2027 45 0.00% 8.24% GOI - 10.11.2033 19,051 1.82% 8.24% GOI - 15.02.27 35 0.00% 1.44% INFLATION INDEX GS 2023 10,104 0.97% Central Government Securities Total 363,375 34.77% 7.27% GOI - 08.04.2026 6,287 0.60% TREPS & Other Money Market 8.30% GOI - 02.07.2040 3,109 0.30% Securities 6.17% GOI - 12.06.2023 3,108 0.30% TREPS - 03.04.2020 32,999 3.16%
158 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension Gilt % of Fund Total Fund Total Funds Funds ULIF-006-27/06/03- ULIF-008-27/06/03- DYGLTFND-107 PNGLTFND-107 TREPS & Other Money Market 32,999 3.16% 9.50% MAH SDL - 18.12.2023 80 0.36% Securities Total 8.44% RJ SDL - 27.06.2028 73 0.33% Net Current Assets 30,512 2.92% 8.84% PN SDL - 11.06.2024 65 0.29% Grand Total 1,045,169 100.00% 8.32% KA SDL - 06.02.2029 55 0.25% 7.04% GJ SDL - 07.08.2026 55 0.25% Industry Kotak Pension Gilt % of Fund Total 8.29% TN SDL - 29.07.2025 54 0.24% Funds ULIF-008-27/06/03- 9.39% MAH SDL - 20.11.2023 52 0.23% PNGLTFND-107 8.27% TN SDL - 13.01.2026 51 0.23% State Government Securities and 8.38% TN SDL - 27.01.2026 48 0.21% Other Approved Securities 7.95% GOI Fertilizer Bond - 18.02.26 39 0.17% 7.71% GJ SDL - 01.03.2027 1,180 5.26% 8.34% PN SDL - 30.05.2028 38 0.17% 7.38% MP SDL - 14.09.2026 1,174 5.23% 8.28% TN SDL -21.02.2028 37 0.16% 6.65% Fertilizer Co GOI - 29.01.23 1,138 5.07% 8.43% RJ SDL - 08.08.2028 36 0.16% 9.25% RJ SDL - 09.10.2023 832 3.71% 8.63% RJ SDL - 03.09.2028 35 0.16% 7.00% GOI Fertilizer Bond - 10.12.22 736 3.28% 8.26% MH SDL -02.01.2029 32 0.14% 8.91% MAH SDL - 05.09.2022 702 3.13% 9.37% GJ SDL - 04.12.2023 32 0.14% 8.90% KA SDL - 19.12.2022 622 2.77% 9.35% MH SDL - 30.01.2024 31 0.14% 7.20% GJ SDL - 14.06.2027 584 2.60% 8.20% OMC GOI -15.09.24 23 0.10% 7.65% TN SDL -06.12.2027 530 2.36% 8.05% TN SDL -18.04.2028 21 0.09% 7.20% MH SDL -09.08.2027 491 2.19% 8.28% MH SDL - 29.07.2025 20 0.09% 8.57% HR SDL 04.07.2028 465 2.07% 8.54% RJ SDL - 04.07.2028 20 0.09% 8.25% MH SDL - 13.05.2025 365 1.63% 8.29% HR SDL 14.03.2028 20 0.09% 8.92% KA SDL - 07.03.2022 352 1.57% 8.57% RJ SDL - 11.07.2028 18 0.08% 8.84% TN SDL - 18.07.2022 319 1.42% 8.28% RJ SDL - 14.03.2028 18 0.08% 8.58% GJ SDL - 23.01.2023 282 1.26% 8.21% TN SDL - 24.06.2025 17 0.08% 8.98% PN SDL - 14.10.2021 266 1.19% 8.58% GJ SDL - 31.10.2028 16 0.07% 8.30% Fertilizer Co GOI - 07.12.23 243 1.08% 8.42% MP SDL - 08.08.2028 15 0.07% 9.18% PN SDL - 09.11.2021 210 0.94% 8.52% KA SDL - 28.11.2028 14 0.06% 8.94% GJ SDL - 07.03.2022 116 0.52% 8.49% RJ SDL - 21.08.2028 13 0.06% 8.25% MH SDL - 10.06.2025 114 0.51% 8.56% MH SDL -11.07.2028 12 0.05% 9.39% GJ SDL - 20.11.2023 102 0.45% 8.62% HR SDL 03.09.2028 9 0.04% 9.29% PN SDL - 09.10.2023 89 0.40% 9.04% KA SDL - 10.09.2024 8 0.04% 8.72% TN SDL -19.09.2026 88 0.39% 8.37% MP SDL - 05.12.2028 7 0.03% 9.51% MAH SDL - 11.09.2023 82 0.37%
159 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension Gilt % of Fund Total Fund Total Funds Funds ULIF-008-27/06/03- ULIF-008-27/06/03- PNGLTFND-107 PNGLTFND-107 7.39% MH SDL - 09.11.2026 5 0.02% 8.30% GOI 2040 ZCG - 02.07.2027 22 0.10% 7.33% MH SDL -13.09.2027 4 0.02% 8.30% GOI 2040 ZCG - 02.01.2028 21 0.09% 8.30% KA SDL - 20.02.2029 4 0.02% 7.80% GOI - 03.05.2020 20 0.09% 8.03% FCI SPL Bonds - 15.12.24 3 0.01% 8.83% GOI - 12.12.2041 17 0.08% 8.00% KA SDL - 17.01.2028 2 0.01% 8.97% GOI - 05.12.2030 13 0.06% 8.05% GJ SDL - 31.01.2028 1 0.00% 8.28% GOI - 21.09.2027 8 0.04% State Government Securities and 12,165 54.21% 8.32% GOI - 02.08.2032 8 0.04% Other Approved Securities Total 7.06% GOI - 10.10.2046 5 0.02% Central Government Securities 8.24% GOI - 15.02.27 5 0.02% 7.88% GOI - 19.03.2030 1,977 8.81% Central Government Securities Total 7,265 32.38% 7.69% GOI - 17.06.2043 1,490 6.64% TREPS & Other Money Market 1.44% INFLATION INDEX GS 2023 1,338 5.96% Securities 7.63% GOI - 17.06.2059 720 3.21% TREPS - 03.04.2020 2,500 11.14% 7.32% GOI - 28.01.2024 671 2.99% TREPS & Other Money Market 2,500 11.14% Securities Total 8.30% GOI - 02.07.2040 181 0.81% Net Current Assets 510 2.27% 9.23% GOI - 23.12.2043 120 0.53% Grand Total 22,440 100.00% 8.15% GOI - 24.11.2026 103 0.46% 6.84% GOI - 19.12.2022 53 0.24% Industry Kotak Group Gilt % of 6.83% GOI - 19.01.39 49 0.22% Fund Total Funds 7.40% GOI 2035 - 09.09.35 40 0.18% ULGF-002-27/06/03- 8.30% GOI 2040 ZCG - 02.07.2020 35 0.16% GLTFND-107 8.30% GOI 2040 ZCG - 02.01.2021 34 0.15% State Government Securities and Other Approved Securities 8.30% GOI 2040 ZCG - 02.07.2021 33 0.15% 7.25% TN SDL -31.03.2027 103,988 8.74% 8.30% GOI 2040 ZCG - 02.01.2022 32 0.14% 7.35% MP SDL - 31.03.2029 88,440 7.43% 8.30% GOI 2040 ZCG - 02.07.2022 31 0.14% 9.12% GJ SDL - 23.05.2022 63,978 5.38% 8.30% GOI 2040 ZCG - 02.01.2023 30 0.13% 6.97% KA SDL - 26.02.2028 53,300 4.48% 8.30% GOI 2040 ZCG - 02.07.2023 29 0.13% 7.65% TN SDL -06.12.2027 40,349 3.39% 8.30% GOI 2040 ZCG - 02.01.2024 28 0.12% 8.15% GOI FCI Bonds - 16.10.22 35,803 3.01% 8.30% GOI 2040 ZCG - 02.07.2024 28 0.12% 7.71% GJ SDL - 01.03.2027 24,256 2.04% 8.30% GOI 2040 ZCG - 02.01.2025 27 0.12% 7.38% MP SDL - 14.09.2026 24,118 2.03% 8.30% GOI 2040 ZCG - 02.07.2025 26 0.12% 8.01% RJ SPL SDL - 23.06.2020 21,836 1.83% 8.30% GOI 2040 ZCG - 02.01.2026 25 0.11% 7.04% RJ SDL - 04.03.2030 20,953 1.76% 8.30% GOI 2040 ZCG - 02.07.2026 23 0.10% 7.04% MP SDL - 04.03.2030 20,925 1.76% 8.30% GOI 2040 ZCG - 02.01.2027 23 0.10%
160 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Gilt % of Fund Total Fund Total Funds Funds ULGF-002-27/06/03- ULGF-002-27/06/03- GLTFND-107 GLTFND-107 6.65% Fertilizer Co GOI - 29.01.23 14,740 1.24% 7.54% KA SDL - 22.11.2027 661 0.06% 7.20% MH SDL -09.08.2027 11,348 0.95% 8.72% TN SDL -19.09.2026 580 0.05% 9.39% GJ SDL - 20.11.2023 9,956 0.84% 8.32% KA SDL - 06.02.2029 476 0.04% 9.25% RJ SDL - 09.10.2023 9,512 0.80% 8.44% RJ SDL - 27.06.2028 468 0.04% 8.18% HR Uday SDL 15.06.2023 8,385 0.70% 8.52% KA SDL - 28.11.2028 443 0.04% 9.18% PN SDL - 09.11.2021 8,337 0.70% 8.26% MH SDL -02.01.2029 428 0.04% 7.00% GOI Fertilizer Bond - 10.12.22 8,115 0.68% 8.84% PN SDL - 11.06.2024 371 0.03% 8.98% PN SDL - 14.10.2021 6,699 0.56% 9.50% MAH SDL - 18.12.2023 314 0.03% 7.65% RJ SDL - 29.11.2027 6,656 0.56% 8.25% MH SDL - 10.06.2025 302 0.03% 7.20% GJ SDL - 14.06.2027 6,533 0.55% 8.37% MP SDL - 05.12.2028 257 0.02% 8.90% KA SDL - 19.12.2022 5,924 0.50% 9.39% MAH SDL - 20.11.2023 244 0.02% 8.91% MAH SDL - 05.09.2022 5,771 0.48% 8.23% GOI FCI - 12.02.27 243 0.02% 8.23% MAH SDL - 09.09.2025 5,100 0.43% 8.43% RJ SDL - 08.08.2028 240 0.02% 6.35% OMC GOI BOND - 23.12.2024 4,964 0.42% 8.94% GJ SDL - 07.03.2022 238 0.02% 9.04% KA SDL - 10.09.2024 4,404 0.37% 8.63% RJ SDL - 03.09.2028 229 0.02% 9.29% PN SDL - 09.10.2023 4,320 0.36% 8.29% TN SDL - 29.07.2025 213 0.02% 8.84% TN SDL - 18.07.2022 4,259 0.36% 8.27% TN SDL - 13.01.2026 213 0.02% 7.59% GJ SDL - 15.02.2027 3,885 0.33% 8.58% GJ SDL - 31.10.2028 199 0.02% 8.38% TN SDL - 27.01.2026 3,733 0.31% 9.51% MAH SDL - 11.09.2023 197 0.02% 8.57% HR SDL 04.07.2028 3,422 0.29% 8.28% TN SDL -21.02.2028 189 0.02% 7.62% KA SDL - 01.11.2027 3,321 0.28% 8.62% HR SDL 03.09.2028 173 0.01% 7.26% HR SDL 28.06.2027 3,205 0.27% 8.05% TN SDL -18.04.2028 139 0.01% 7.04% GJ SDL - 07.08.2026 3,049 0.26% 8.54% RJ SDL - 04.07.2028 127 0.01% 7.59% TN SDL - 22.05.2023 2,075 0.17% 8.03% FCI SPL Bonds - 15.12.24 117 0.01% 8.92% KA SDL - 07.03.2022 1,751 0.15% 8.57% RJ SDL - 11.07.2028 114 0.01% 8.25% MH SDL - 13.05.2025 1,619 0.14% 8.42% MP SDL - 08.08.2028 113 0.01% 9.37% MAH SDL - 04.12.2023 1,618 0.14% 8.29% HR SDL 14.03.2028 108 0.01% 8.30% Fertilizer Co GOI - 07.12.23 1,365 0.11% 8.20% OMC GOI -15.09.24 102 0.01% 7.95% GOI Fertilizer Bond - 18.02.26 752 0.06% 8.28% RJ SDL - 14.03.2028 98 0.01% 8.34% PN SDL - 30.05.2028 745 0.06% 8.49% RJ SDL - 21.08.2028 86 0.01% 8.58% GJ SDL - 23.01.2023 743 0.06% 8.56% MH SDL -11.07.2028 80 0.01% 6.90% OIL SPL - 04.02.2026 720 0.06% 8.21% TN SDL - 24.06.2025 80 0.01% 7.59% KA SDL - 29.03.2027 662 0.06% 8.01% OIL MKTG GOI - 15.12.2023 66 0.01%
161 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Gilt % of Fund Total Fund Total Funds Funds ULGF-002-27/06/03- ULGF-002-27/06/03- GLTFND-107 GLTFND-107 9.37% GJ SDL - 04.12.2023 61 0.01% 8.30% GOI 2040 ZCG - 02.07.2020 181 0.02% 9.35% MH SDL - 30.01.2024 59 0.00% 8.30% GOI 2040 ZCG - 02.01.2021 177 0.01% 8.30% KA SDL - 20.02.2029 56 0.00% 8.30% GOI 2040 ZCG - 02.07.2021 173 0.01% 8.28% MH SDL - 29.07.2025 54 0.00% 8.30% GOI 2040 ZCG - 02.01.2022 168 0.01% 7.33% MH SDL -13.09.2027 28 0.00% 8.30% GOI 2040 ZCG - 02.07.2022 164 0.01% 7.39% MH SDL - 09.11.2026 21 0.00% 8.30% GOI 2040 ZCG - 02.01.2023 159 0.01% 8.00% KA SDL - 17.01.2028 11 0.00% 8.30% GOI 2040 ZCG - 02.07.2023 154 0.01% 7.62% TN SDL - 09.08.2026 10 0.00% 6.13% GOI - 04.06.2028 151 0.01% 8.05% GJ SDL - 31.01.2028 7 0.00% 8.30% GOI 2040 ZCG - 02.01.2024 149 0.01% State Government Securities and 663,849 55.78% 8.30% GOI 2040 ZCG - 02.07.2024 145 0.01% Other Approved Securities Total 8.30% GOI 2040 ZCG - 02.01.2025 141 0.01% Central Government Securities 8.30% GOI 2040 ZCG - 02.07.2025 135 0.01% 7.61% GOI - 09.05.2030 160,285 13.47% 8.30% GOI 2040 ZCG - 02.01.2026 129 0.01% 7.69% GOI - 17.06.2043 136,677 11.49% 8.30% GOI 2040 ZCG - 02.07.2026 123 0.01% 6.45% GOI - 07.10.2029 52,476 4.41% 8.30% GOI 2040 ZCG - 02.01.2027 118 0.01% 8.24% GOI - 10.11.2033 44,708 3.76% 8.30% GOI 2040 ZCG - 02.07.2027 114 0.01% 7.32% GOI - 28.01.2024 42,638 3.58% 8.30% GOI 2040 ZCG - 02.01.2028 110 0.01% 7.88% GOI - 19.03.2030 23,129 1.94% 8.97% GOI - 05.12.2030 82 0.01% 6.17% GOI - 12.06.2023 9,162 0.77% 7.06% GOI - 10.10.2046 73 0.01% 7.63% GOI - 17.06.2059 8,391 0.71% 8.32% GOI - 02.08.2032 70 0.01% 1.44% INFLATION INDEX GS 2023 8,045 0.68% 7.80% GOI - 03.05.2020 48 0.00% 9.23% GOI - 23.12.2043 2,580 0.22% 8.28% GOI - 21.09.2027 43 0.00% 8.30% GOI - 02.07.2040 2,545 0.21% 8.24% GOI - 15.02.27 34 0.00% 6.84% GOI - 19.12.2022 2,494 0.21% Central Government Securities Total 499,536 41.98% 8.15% GOI - 24.11.2026 1,361 0.11% Net Current Assets 20,629 1.73% 6.62% GOI - 28.11.2051 694 0.06% TREPS & Other Money Market 7.40% GOI 2035 - 09.09.35 533 0.04% Securities 6.83% GOI - 19.01.39 456 0.04% TREPS - 03.04.2020 6,000 0.50% 8.83% GOI - 12.12.2041 299 0.03% TREPS & Other Money Market 6,000 0.50% Securities Total 8.20% GOI - 15.02.22 222 0.02% Grand Total 1,190,014 100.00%
162 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Bond Fund Total Bond Fund Total Funds Funds ULIF-015-15/04/04- ULIF-015-15/04/04- DYBNDFND-107 DYBNDFND-107 State Government Securities and 6.65% Fertilizer Co GOI - 29.01.23 11,502 0.10% Other Approved Securities 8.94% GJ SDL - 07.03.2022 11,309 0.09% 8.24% NABARD - 22.03.2029 597,124 4.94% 7.59% KA SDL - 29.03.2027 11,298 0.09% 8.70% REC - 28.09.2028 433,606 3.59% 7.54% KA SDL - 22.11.2027 11,289 0.09% 8.54% REC - 15.11.2028 372,394 3.08% 9.39% GJ SDL - 20.11.2023 11,098 0.09% 7.25% TN SDL -31.03.2027 195,375 1.62% 8.57% HR SDL 04.07.2028 10,934 0.09% 7.35% MP SDL - 31.03.2029 166,163 1.38% 6.90% OIL SPL - 04.02.2026 10,900 0.09% 8.22% NABARD - 13.12.2028 160,569 1.33% 8.44% RJ SDL - 27.06.2028 10,048 0.08% 6.97% KA SDL - 26.02.2028 125,113 1.04% 9.50% MAH SDL - 18.12.2023 9,881 0.08% 7.65% RJ SDL - 29.11.2027 113,624 0.94% 8.32% KA SDL - 06.02.2029 9,353 0.08% 7.62% KA SDL - 01.11.2027 56,697 0.47% 9.29% PN SDL - 09.10.2023 9,282 0.08% 8.50% NABARD - 27.02.2029 55,911 0.46% 7.59% GJ SDL - 15.02.2027 9,121 0.08% 7.20% MH SDL -09.08.2027 54,888 0.45% 8.26% MH SDL -02.01.2029 9,085 0.08% 7.26% HR SDL 28.06.2027 54,714 0.45% 8.52% KA SDL - 28.11.2028 8,938 0.07% 7.04% RJ SDL - 04.03.2030 49,184 0.41% 9.72% PN SDL - 28.08.2023 8,775 0.07% 7.04% MP SDL - 04.03.2030 49,118 0.41% 9.69% PN SDL - 12.02.2024 8,669 0.07% 8.15% NABARD - 28.03.2029 48,418 0.40% 9.51% MAH SDL - 11.09.2023 8,575 0.07% 8.12% NHPC - 22.03.2029 36,692 0.30% 8.98% PN SDL - 14.10.2021 7,227 0.06% 8.65% NABARD - 08.06.2028 35,228 0.29% 9.39% MAH SDL - 20.11.2023 6,876 0.06% 7.10% PFC - 11.01.2027 29,071 0.24% 7.20% GJ SDL - 14.06.2027 6,820 0.06% 8.24% PGC - 14.02.2029 27,143 0.22% 8.27% TN SDL - 13.01.2026 6,611 0.05% 8.80% REC - 22.01.2029 25,221 0.21% 8.38% TN SDL - 27.01.2026 6,007 0.05% 8.30% Fertilizer Co GOI - 07.12.23 24,883 0.21% 8.37% MP SDL - 05.12.2028 5,196 0.04% 8.09% REC - 21.03.2028 24,514 0.20% 8.43% RJ SDL - 08.08.2028 5,090 0.04% 8.42% NABARD - 13.02.2029 24,019 0.20% 8.63% RJ SDL - 03.09.2028 4,846 0.04% 7.60% PFC - 20.02.2027 23,673 0.20% 8.28% TN SDL -21.02.2028 4,805 0.04% 8.56% NABARD - 14.11.2028 17,597 0.15% 8.23% GOI FCI - 12.02.27 4,692 0.04% 8.06% REC - 27.03.2028 14,754 0.12% 8.58% GJ SDL - 31.10.2028 4,173 0.03% 8.20% NABARD - 09.03.2028 13,979 0.12% 8.58% GJ SDL - 23.01.2023 4,121 0.03% 7.95% GOI Fertilizer Bond - 18.02.26 13,193 0.11% 9.35% MH SDL - 30.01.2024 3,731 0.03% 8.29% NABARD - 24.01.2029 12,997 0.11% 7.65% TN SDL -06.12.2027 3,558 0.03% 8.01% REC - 24.03.2028 12,509 0.10% 8.29% TN SDL - 29.07.2025 3,424 0.03% 7.04% GJ SDL - 07.08.2026 12,469 0.10% 7.00% GOI Fertilizer Bond - 10.12.22 3,223 0.03% 8.72% TN SDL -19.09.2026 12,263 0.10%
163 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Bond Fund Total Bond Fund Total Funds Funds ULIF-015-15/04/04- ULIF-015-15/04/04- DYBNDFND-107 DYBNDFND-107 8.90% KA SDL - 19.12.2022 3,194 0.03% Infrastructure Related Activities 9.18% PN SDL - 09.11.2021 3,106 0.03% 7.32% NTPC - 17.07.2029 283,348 2.35% 8.34% PN SDL - 30.05.2028 3,050 0.03% 8.30% NTPC - 15.01.2029 276,110 2.29% 9.87% PN SDL - 14.08.2023 2,990 0.02% 8.56% REC - 29.11.2028 266,373 2.20% 8.05% TN SDL -18.04.2028 2,958 0.02% 8.23% IRFC - 29.03.2029 167,430 1.39% 8.29% HR SDL 14.03.2028 2,733 0.02% 7.85% PFC - 03.04.2028 151,089 1.25% 8.54% RJ SDL - 04.07.2028 2,703 0.02% 8.05% NTPC - 05.05.2026 120,637 1.00% 8.28% RJ SDL - 14.03.2028 2,465 0.02% 8.30% IRFC - 25.03.2029 117,471 0.97% 8.57% RJ SDL - 11.07.2028 2,428 0.02% 9.30% PGC - 28.06.2027 75,876 0.63% 8.03% FCI SPL Bonds - 15.12.24 2,369 0.02% 8.65% PFC - 28.12.2024 74,987 0.62% 8.42% MP SDL - 08.08.2028 2,284 0.02% 7.95% IRFC - 12.06.2029 72,999 0.60% 8.21% TN SDL - 24.06.2025 2,189 0.02% 10.08% IOT Utkal Energy Services 72,461 0.60% Limited - 20.03.2024 8.28% MH SDL - 29.07.2025 2,077 0.02% 8.40% IRFC - 08.01.2029 68,230 0.56% 9.37% GJ SDL - 04.12.2023 1,881 0.02% 8.67% PFC - 18.11.2028 62,505 0.52% 8.49% RJ SDL - 21.08.2028 1,827 0.02% 10.08% IOT Utkal Energy Services 62,004 0.51% 8.56% MH SDL -11.07.2028 1,699 0.01% Limited - 20.03.2025 8.62% MAH SDL - 20.02.2023 1,399 0.01% 10.08% IOT Utkal Energy Services 56,695 0.47% 8.90% TN SDL - 20.09.2022 1,397 0.01% Limited - 20.03.2023 8.62% HR SDL 03.09.2028 1,362 0.01% 8.57% REC - 21.12.2024 55,402 0.46% 8.01% OIL MKTG GOI - 15.12.2023 1,277 0.01% 10.08% IOT Utkal Energy Services 50,862 0.42% 8.30% KA SDL - 20.02.2029 1,204 0.01% Limited - 20.03.2026 7.54% NABARD - 29.03.2032 1,043 0.01% 8.35% IRFC - 13.03.2029 50,750 0.42% 7.39% MH SDL - 09.11.2026 734 0.01% 8.55% IRFC - 21.02.2029 50,399 0.42% 8.00% KA SDL - 17.01.2028 664 0.01% 8.64% PGC - 08.07.2025 49,664 0.41% 7.33% MH SDL -13.09.2027 575 0.00% 7.63% PFC - 14.08.2026 48,302 0.40% 8.25% MH SDL - 10.06.2025 475 0.00% 7.85% IRFC - 01.07.2034 47,585 0.39% 8.20% OMC GOI -15.09.24 287 0.00% 7.49% IRFC - 30.05.2027 44,988 0.37% 8.84% PN SDL - 11.06.2024 245 0.00% 7.83% IRFC - 21.03.2027 43,469 0.36% 8.05% GJ SDL - 31.01.2028 77 0.00% 10.08% IOT Utkal Energy Services 43,067 0.36% Limited - 20.03.2022 9.65% TN SDL - 12.03.2024 61 0.00% 8.93% PGC - 20.10.2026 42,575 0.35% State Government Securities and 3,194,313 26.44% Other Approved Securities Total 7.70% REC - 10.12.2027 40,399 0.33% 9.34% REC - 25.08.2024 37,706 0.31%
164 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Bond Fund Total Bond Fund Total Funds Funds ULIF-015-15/04/04- ULIF-015-15/04/04- DYBNDFND-107 DYBNDFND-107 10.08% IOT Utkal Energy Services 33,706 0.28% 8.13% PGC - 25.04.2028 7,377 0.06% Limited - 20.03.2027 9.48% REC - 10.08.2021 7,294 0.06% 7.34% PGC - 15.07.2034 31,078 0.26% 9.35% PGC - 29.08.2020 7,090 0.06% 9.09% IRFC - 29.03.2026 30,454 0.25% 8.90% PFC - 18.03.2028 6,594 0.05% 9.09% IRFC - 31.03.2026 25,945 0.21% 8.27% REC - 06.02.2025 6,454 0.05% 7.55% IRFC - 12.04.2030 21,637 0.18% 7.95% REC - 12.03.2027 6,265 0.05% 8.13% PGC - 25.04.2029 21,172 0.18% 8.20% PGC - 23.01.2022 6,190 0.05% 8.85% PGC - 19.10.2025 17,850 0.15% 7.37% NTPC - 14.12.2031 6,128 0.05% 9.35% PGC - 29.08.2026 15,955 0.13% 9.46% PFC - 01.08.2026 5,683 0.05% 9.35% PGC - 29.08.2028 14,717 0.12% 8.85% PGC - 19.10.2026 5,581 0.05% 7.89% PGC - 09.03.2027 14,611 0.12% 8.78% NHPC - 11.02.2025 5,497 0.05% 8.10% NTPC - 27.05.2026 12,901 0.11% 8.40% NPC - 28.11.2026 5,433 0.04% 8.13% PGC - 25.04.2027 12,782 0.11% 8.40% PGC - 27.05.2029 5,382 0.04% 8.13% PGC - 25.04.2030 12,779 0.11% 8.30% REC - 10.04.2025 5,368 0.04% 8.13% PGC - 25.04.2024 12,752 0.11% 8.85% PGC - 19.10.2021 5,199 0.04% 8.13% PGC - 25.04.2022 12,478 0.10% 9.36% PFC - 01.08.2021 5,197 0.04% 9.35% PGC - 29.08.2025 12,339 0.10% 8.99% PFC - 15.01.2021 5,112 0.04% 8.78% NHPC - 11.02.2026 12,190 0.10% 8.20% IRFC - 27.04.2020 5,008 0.04% 8.93% PGC - 20.10.2028 12,159 0.10% 8.13% PGC - 25.04.2025 4,295 0.04% 8.63% REC - 25.08.2028 12,029 0.10% 8.90% PFC - 18.03.2023 4,283 0.04% 8.64% PGCIL - 08.07.2022 11,853 0.10% 8.64% PGCIL - 08.07.2020 3,773 0.03% 8.48% PFC - 09.12.2024 11,853 0.10% 8.82% REC - 12.04.2023 3,216 0.03% 8.13% PGC - 25.04.2023 11,611 0.10% 8.93% PGC - 20.10.2022 3,196 0.03% 7.36% PGC - 18.10.2026 11,380 0.09% 8.93% PGC - 20.10.2021 3,123 0.03% 7.33% IRFC - 28.08.2027 11,132 0.09% 9.61% PFC - 29.06.2021 3,120 0.03% 9.33% IRFC - 10.05.2026 10,224 0.08% 9.30% PGC - 28.06.2025 2,814 0.02% 7.54% REC - 30.12.2026 9,136 0.08% 8.85% PGC - 19.10.2027 2,738 0.02% 8.36% REC - 22.09.2020 9,019 0.07% 9.30% PGC - 28.06.2022 2,666 0.02% 8.13% PGC - 25.04.2031 8,601 0.07% 7.93% PGC - 20.05.2028 2,084 0.02% 8.13% PGC - 25.04.2026 8,597 0.07% 8.85% PGC - 19.10.2020 1,269 0.01% 9.75% REC - 11.11.2021. 8,434 0.07% 8.95% PFC - 10.10.2028 1,109 0.01% 8.85% PGC - 19.10.2024 8,222 0.07% 8.73% NTPC - 07.03.2023 1,069 0.01% 8.85% PGC - 19.10.2023 8,141 0.07% 7.93% PGC - 20.05.2026 1,065 0.01% 9.02% REC - 19.11.2022 7,471 0.06%
165 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Bond Fund Total Bond Fund Total Funds Funds ULIF-015-15/04/04- ULIF-015-15/04/04- DYBNDFND-107 DYBNDFND-107 8.78% PFC - 15.11.2020 1,016 0.01% 9.30% EXIM- 11.05.2022 5,312 0.04% Infrastructure Related Activities 3,156,279 26.12% 9.00% EXIM- 07.02.2022 5,227 0.04% Total 9.15% EXIM- 05.09.2022 4,266 0.04% Financial and insurance activities 7.62% EXIM- 01.09.2026 4,214 0.03% 7.35% Bajaj Finance Ltd - 10.11.2022 314,445 2.60% 7.22% EXIM- 03.08.2027 2,013 0.02% 7.09% HDB Financial services Ltd - 215,291 1.78% Financial and insurance activities 1,861,367 15.41% 17.04.2023 Total Mahindra and Mahindra Financial 184,373 1.53% Investments in Housing Finance Services Ltd Floater - 13.07 Companies 8.5383% Bajaj Finance Ltd - 07.06.2022 173,521 1.44% 9.05% HDFC - 16.10.2028 368,680 3.05% 8.25% EXIM- 23.06.2031 150,134 1.24% 8.55% HDFC - 27.03.2029 309,348 2.56% 8.35% Sundaram Finance - 31.05.2021 127,695 1.06% 7.50% HDFC - 08.01.2025 124,397 1.03% 8.12% EXIM- 25.04.2031 115,698 0.96% 6.99% HDFC - 13.02.2023 115,940 0.96% 7.10% Bajaj Finance Ltd - 10.02.2023 103,262 0.85% 7.35% HDFC - 10.02.2025 94,040 0.78% 8.11% EXIM- 11.07.2031 85,572 0.71% 9.39% LIC Housing Finance - 79,783 0.66% 8.75% KMPL - 28.09.2021 57,495 0.48% 23.08.2024 - P - 26.08.15 9.10% Shriram Transport Finance Co 56,214 0.47% 9.19% LIC Housing Finance - 62,093 0.51% Ltd 12.07.2021 06.06.2023 P - 06.02.20 7.50% Sundaram Finance - 07.11.2022 42,489 0.35% 7.83% LIC Housing Finance - 59,505 0.49% 25.09.2026 P 26.11.2020 8.02% EXIM- 20.04.2026 36,257 0.30% 9.24% LIC Housing Finance - 50,100 0.41% 8.65% Mahindra and Mahindra Fin 32,744 0.27% 30.09.2024 Services Ltd - 19.03.21 8.47% LIC Housing Finance - 35,780 0.30% 7.02% EXIM- 25.11.2031 23,168 0.19% 15.06.2026 P 15.07.19 8.89% IDFC Bank - 02.12.20 14,151 0.12% 9.00% HDFC - 29.11.2028 25,153 0.21% 7.30% KMPL - 14.10.2020 13,861 0.11% 8.52% LIC Housing Finance - 24,472 0.20% 8.15% EXIM- 05.03.2025 12,875 0.11% 03.03.2025 8.15% EXIM- 21.01.2030 12,825 0.11% 9.47% LIC Housing Finance - 14,246 0.12% 8.87% EXIM- 30.10.2029 12,143 0.10% 23.08.2024 9.05% SBH Perpetual Bond Call- 12,097 0.10% 8.50% LIC Housing Finance - 13,772 0.11% 20.09.2020 29.08.2025 7.9886% Bajaj Finance Ltd - 25.05.2020 12,018 0.10% 9.30% LIC Housing Finance - 13,771 0.11% 14.09.2022 9.14% EXIM- 01.08.2022 11,709 0.10% 9.25% LIC Housing Finance - 12,740 0.11% 8.80% EXIM- 15.03.2023 7,502 0.06% 12.11.2022 8.94% EXIM- 31.12.2022 6,417 0.05% 8.50% LIC Housing Finance - 11,937 0.10% 8.88% EXIM- 18.10.2022 6,379 0.05% 04.06.2025
166 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Bond Fund Total Bond Fund Total Funds Funds ULIF-015-15/04/04- ULIF-015-15/04/04- DYBNDFND-107 DYBNDFND-107 7.90% HDFC - 24.08.2026 10,402 0.09% 8.30% GOI 2040 ZCG - 02.01.2027 2,980 0.02% 9.90% HDFC - 11.11.2021 9,420 0.08% 8.30% GOI 2040 ZCG - 02.07.2027 2,872 0.02% 8.40% HDFC - 23.01.2025 8,507 0.07% 8.30% GOI 2040 ZCG - 02.01.2028 2,775 0.02% 8.55% LIC Housing Finance - 4,306 0.04% 9.23% GOI - 23.12.2043 2,529 0.02% 14.08.2025 8.97% GOI - 05.12.2030 1,742 0.01% 9.23% LIC Housing Finance - 4,253 0.04% 7.06% GOI - 10.10.2046 1,540 0.01% 13.12.2022 7.80% GOI - 03.05.2020 1,239 0.01% Investments in Housing Finance 1,452,645 12.02% Companies Total 8.32% GOI - 02.08.2032 998 0.01% Central Government Securities 8.28% GOI - 21.09.2027 974 0.01% 7.69% GOI - 17.06.2043 230,609 1.91% 8.24% GOI - 15.02.27 730 0.01% 7.88% GOI - 19.03.2030 198,228 1.64% Central Government Securities Total 940,174 7.78% 1.44% INFLATION INDEX GS 2023 169,820 1.41% TREPS & Other Money Market Securities 8.24% GOI - 10.11.2033 95,399 0.79% TREPS - 03.04.2020 673,985 5.58% 6.45% GOI - 07.10.2029 88,540 0.73% TREPS & Other Money Market 673,985 5.58% 7.63% GOI - 17.06.2059 33,642 0.28% Securities Total 8.15% GOI - 24.11.2026 23,253 0.19% Infrastructure - Long Term Bonds -BFSI 518,021 4.29% 7.40% GOI 2035 - 09.09.35 11,310 0.09% Net Current Assets 282,688 2.34% 6.83% GOI - 19.01.39 7,984 0.07% Manufacture of basic metals 3,191 0.03% 6.84% GOI - 19.12.2022 6,347 0.05% Grand Total 12,082,663 100.00% 8.83% GOI - 12.12.2041 6,276 0.05%
8.30% GOI 2040 ZCG - 02.07.2020 4,564 0.04% Industry Kotak Pension % of 8.30% GOI 2040 ZCG - 02.01.2021 4,468 0.04% Bond Fund Total Funds 8.30% GOI 2040 ZCG - 02.07.2021 4,361 0.04% ULIF-017-15/04/04- PNBNDFND-107 8.30% GOI 2040 ZCG - 02.01.2022 4,249 0.04% Infrastructure Related Activities 8.30% GOI 2040 ZCG - 02.07.2022 4,130 0.03% 8.23% IRFC - 29.03.2029 4,293 2.36% 8.30% GOI 2040 ZCG - 02.01.2023 4,006 0.03% 8.05% NTPC - 05.05.2026 4,270 2.35% 8.30% GOI 2040 ZCG - 02.07.2023 3,882 0.03% 8.67% PFC - 18.11.2028 3,290 1.81% 8.30% GOI 2040 ZCG - 02.01.2024 3,762 0.03% 8.57% REC - 21.12.2024 3,259 1.79% 8.30% GOI 2040 ZCG - 02.07.2024 3,650 0.03% 7.85% PFC - 03.04.2028 3,126 1.72% 8.30% GOI 2040 ZCG - 02.01.2025 3,552 0.03% 10.08% IOT Utkal Energy Services 2,291 1.26% 8.30% GOI 2040 ZCG - 02.07.2025 3,419 0.03% Limited - 20.03.2026 8.30% GOI 2040 ZCG - 02.01.2026 3,246 0.03% 8.35% IRFC - 13.03.2029 2,160 1.19% 8.30% GOI 2040 ZCG - 02.07.2026 3,098 0.03% 7.95% IRFC - 12.06.2029 2,116 1.16%
167 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Bond Fund Total Bond Fund Total Funds Funds ULIF-017-15/04/04- ULIF-017-15/04/04- PNBNDFND-107 PNBNDFND-107 7.70% REC - 10.12.2027 2,072 1.14% 10.08% IOT Utkal Energy Services 679 0.37% Limited - 20.03.2025 10.08% IOT Utkal Energy Services 2,071 1.14% Limited - 20.03.2027 10.08% IOT Utkal Energy Services 554 0.30% Limited - 20.03.2024 10.08% IOT Utkal Energy Services 1,576 0.87% Limited - 20.03.2022 Infrastructure Related Activities 60,995 33.56% Total 8.64% PGC - 08.07.2025 1,380 0.76% State Government Securities and 9.35% PGC - 29.08.2026 1,140 0.63% Other Approved Securities 9.33% IRFC - 10.05.2026 1,136 0.63% 8.54% REC - 15.11.2028 13,143 7.23% 9.09% IRFC - 31.03.2026 1,128 0.62% 8.70% REC - 28.09.2028 12,168 6.70% 9.35% PGC - 29.08.2025 1,122 0.62% 8.65% NABARD - 08.06.2028 2,202 1.21% 8.93% PGC - 20.10.2026 1,120 0.62% 8.80% REC - 22.01.2029 2,193 1.21% 8.78% NHPC - 11.02.2026 1,108 0.61% 8.42% NABARD - 13.02.2029 2,184 1.20% 8.90% PFC - 18.03.2028 1,099 0.60% 8.06% REC - 27.03.2028 2,108 1.16% 8.55% IRFC - 21.02.2029 1,096 0.60% 7.10% PFC - 11.01.2027 2,005 1.10% 8.63% REC - 25.08.2028 1,094 0.60% 8.30% Fertilizer Co GOI - 07.12.23 1,408 0.77% 8.54% NHPC - 26.11.2028 1,088 0.60% 8.50% NABARD - 27.02.2029 1,096 0.60% 8.48% PFC - 09.12.2024 1,078 0.59% 8.29% NABARD - 24.01.2029 1,083 0.60% 8.40% PGC - 27.05.2029 1,076 0.59% 8.09% REC - 21.03.2028 1,066 0.59% 8.13% PGC - 25.04.2026 1,075 0.59% 8.01% REC - 24.03.2028 1,042 0.57% 8.13% PGC - 25.04.2031 1,075 0.59% 7.60% PFC - 20.02.2027 1,029 0.57% 8.13% PGC - 25.04.2027 1,065 0.59% 9.51% MAH SDL - 11.09.2023 1,008 0.55% 8.13% PGC - 25.04.2030 1,065 0.59% 8.98% PN SDL - 14.10.2021 855 0.47% 8.13% PGC - 25.04.2024 1,063 0.58% 9.39% GJ SDL - 20.11.2023 690 0.38% 8.13% PGC - 25.04.2029 1,059 0.58% 9.50% MAH SDL - 18.12.2023 682 0.38% 7.85% IRFC - 01.07.2034 1,057 0.58% 8.72% TN SDL -19.09.2026 658 0.36% 8.13% PGC - 25.04.2023 1,056 0.58% 8.58% GJ SDL - 23.01.2023 658 0.36% 7.63% PFC - 14.08.2026 1,050 0.58% 6.65% Fertilizer Co GOI - 29.01.23 620 0.34% 7.89% PGC - 09.03.2027 1,044 0.57% 8.44% RJ SDL - 27.06.2028 553 0.30% 8.13% PGC - 25.04.2022 1,040 0.57% 9.29% PN SDL - 09.10.2023 541 0.30% 7.83% IRFC - 21.03.2027 1,035 0.57% 9.35% MH SDL - 30.01.2024 507 0.28% 7.49% IRFC - 30.05.2027 1,022 0.56% 8.90% KA SDL - 19.12.2022 475 0.26% 10.08% IOT Utkal Energy Services 867 0.48% 9.87% PN SDL - 14.08.2023 453 0.25% Limited - 20.03.2023 8.32% KA SDL - 06.02.2029 449 0.25%
168 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Bond Fund Total Bond Fund Total Funds Funds ULIF-017-15/04/04- ULIF-017-15/04/04- PNBNDFND-107 PNBNDFND-107 8.27% TN SDL - 13.01.2026 430 0.24% 8.25% MH SDL - 10.06.2025 51 0.03% 8.38% TN SDL - 27.01.2026 418 0.23% 7.39% MH SDL - 09.11.2026 51 0.03% 9.39% MAH SDL - 20.11.2023 410 0.23% 8.30% KA SDL - 20.02.2029 42 0.02% 8.26% MH SDL -02.01.2029 359 0.20% 8.94% GJ SDL - 07.03.2022 40 0.02% 7.20% GJ SDL - 14.06.2027 353 0.19% 8.00% KA SDL - 17.01.2028 35 0.02% 7.04% GJ SDL - 07.08.2026 328 0.18% 7.33% MH SDL -13.09.2027 31 0.02% 7.95% GOI Fertilizer Bond - 18.02.26 292 0.16% 9.65% TN SDL - 12.03.2024 28 0.02% 8.52% KA SDL - 28.11.2028 286 0.16% 8.84% PN SDL - 11.06.2024 27 0.01% 8.43% RJ SDL - 08.08.2028 278 0.15% 8.03% FCI SPL Bonds - 15.12.24 23 0.01% 8.63% RJ SDL - 03.09.2028 260 0.14% 8.20% OMC GOI -15.09.24 19 0.01% 8.28% TN SDL -21.02.2028 253 0.14% 7.00% GOI Fertilizer Bond - 10.12.22 15 0.01% 7.20% MH SDL -09.08.2027 225 0.12% 8.05% GJ SDL - 31.01.2028 10 0.01% 8.90% TN SDL - 20.09.2022 225 0.12% 9.72% PN SDL - 28.08.2023 6 0.00% 8.62% MAH SDL - 20.02.2023 224 0.12% State Government Securities and 57,994 31.91% Other Approved Securities Total 8.28% MH SDL - 29.07.2025 216 0.12% Investments in Housing Finance 8.29% TN SDL - 29.07.2025 188 0.10% Companies 7.65% TN SDL -06.12.2027 187 0.10% 9.05% HDFC - 16.10.2028 8,831 4.86% 8.05% TN SDL -18.04.2028 163 0.09% 9.19% LIC Housing Finance - 3,212 1.77% 8.34% PN SDL - 30.05.2028 162 0.09% 06.06.2023 P - 06.02.20 8.54% RJ SDL - 04.07.2028 147 0.08% 7.83% LIC Housing Finance - 3,078 1.69% 8.29% HR SDL 14.03.2028 146 0.08% 25.09.2026 P 26.11.2020 8.57% RJ SDL - 11.07.2028 132 0.07% 9.24% LIC Housing Finance - 2,178 1.20% 30.09.2024 8.21% TN SDL - 24.06.2025 131 0.07% 8.47% LIC Housing Finance - 2,105 1.16% 8.28% RJ SDL - 14.03.2028 131 0.07% 15.06.2026 P 15.07.19 8.58% GJ SDL - 31.10.2028 124 0.07% 9.47% LIC Housing Finance - 1,096 0.60% 8.42% MP SDL - 08.08.2028 121 0.07% 23.08.2024 9.37% GJ SDL - 04.12.2023 105 0.06% 8.50% LIC Housing Finance - 1,085 0.60% 8.49% RJ SDL - 21.08.2028 97 0.05% 04.06.2025 8.56% MH SDL -11.07.2028 93 0.05% 8.55% LIC Housing Finance - 1,077 0.59% 14.08.2025 8.37% MP SDL - 05.12.2028 90 0.05% 8.52% LIC Housing Finance - 1,064 0.59% 9.18% PN SDL - 09.11.2021 60 0.03% 03.03.2025 9.69% PN SDL - 12.02.2024 54 0.03% 9.23% LIC Housing Finance - 1,063 0.58% 8.62% HR SDL 03.09.2028 52 0.03% 13.12.2022
169 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Bond Fund Total Bond Fund Total Funds Funds ULIF-017-15/04/04- ULIF-017-15/04/04- PNBNDFND-107 PNBNDFND-107 9.30% LIC Housing Finance - 1,059 0.58% 8.30% GOI 2040 ZCG - 02.07.2022 218 0.12% 14.09.2022 8.30% GOI 2040 ZCG - 02.01.2023 211 0.12% 8.50% LIC Housing Finance - 1,059 0.58% 8.30% GOI 2040 ZCG - 02.07.2023 205 0.11% 29.08.2025 8.30% GOI 2040 ZCG - 02.01.2024 199 0.11% Investments in Housing Finance 26,907 14.80% Companies Total 8.30% GOI 2040 ZCG - 02.07.2024 193 0.11% Financial and insurance activities 8.30% GOI 2040 ZCG - 02.01.2025 187 0.10% 8.11% EXIM- 11.07.2031 3,291 1.81% 8.30% GOI 2040 ZCG - 02.07.2025 180 0.10% 9.10% Shriram Transport Finance Co 2,959 1.63% 8.30% GOI 2040 ZCG - 02.01.2026 171 0.09% Ltd 12.07.2021 8.30% GOI 2040 ZCG - 02.07.2026 164 0.09% 8.02% EXIM- 20.04.2026 2,133 1.17% 8.30% GOI 2040 ZCG - 02.01.2027 157 0.09% 8.75% KMPL - 28.09.2021 1,983 1.09% 6.84% GOI - 19.12.2022 157 0.09% 8.12% EXIM- 25.04.2031 1,081 0.59% 8.30% GOI 2040 ZCG - 02.07.2027 152 0.08% 8.15% EXIM- 05.03.2025 1,073 0.59% 8.30% GOI 2040 ZCG - 02.01.2028 146 0.08% 8.15% EXIM- 21.01.2030 1,069 0.59% 7.80% GOI - 03.05.2020 144 0.08% 8.89% IDFC Bank - 02.12.20 1,011 0.56% 9.23% GOI - 23.12.2043 123 0.07% 7.02% EXIM- 25.11.2031 1,007 0.55% 8.97% GOI - 05.12.2030 93 0.05% 8.65% Mahindra and Mahindra Fin 992 0.55% 8.13% GOI - 22.06.2045 78 0.04% Services Ltd - 19.03.21 8.32% GOI - 02.08.2032 55 0.03% Financial and insurance activities 16,599 9.13% 8.28% GOI - 21.09.2027 53 0.03% Total 7.06% GOI - 10.10.2046 51 0.03% Central Government Securities 8.24% GOI - 15.02.27 41 0.02% 1.44% INFLATION INDEX GS 2023 3,098 1.70% Central Government Securities Total 9,273 5.10% 8.15% GOI - 24.11.2026 818 0.45% TREPS & Other Money Market 7.40% GOI 2035 - 09.09.35 447 0.25% Securities 7.88% GOI - 19.03.2030 420 0.23% TREPS - 03.04.2020 9,000 4.95% 6.83% GOI - 19.01.39 339 0.19% TREPS & Other Money Market 9,000 4.95% 8.83% GOI - 12.12.2041 241 0.13% Securities Total 8.30% GOI 2040 ZCG - 02.07.2020 241 0.13% Infrastructure - Long Term Bonds -BFSI 3,190 1.76% 8.30% GOI 2040 ZCG - 02.01.2021 236 0.13% Net Current Assets -2,214 -1.22% 8.30% GOI 2040 ZCG - 02.07.2021 230 0.13% Grand Total 181,744 100.00% 8.30% GOI 2040 ZCG - 02.01.2022 225 0.12%
170 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Bond % of Fund Total Fund Total Funds Funds ULGF-004-15/04/04- ULGF-004-15/04/04- BNDFND-107 BNDFND-107 Infrastructure Related Activities 7.34% PGC - 15.07.2034 41,438 0.22% 7.32% NTPC - 17.07.2029 525,927 2.78% 9.09% IRFC - 29.03.2026 40,606 0.21% 8.30% NTPC - 15.01.2029 408,210 2.15% 7.55% IRFC - 12.04.2030 40,184 0.21% 8.56% REC - 29.11.2028 402,300 2.12% 9.09% IRFC - 31.03.2026 38,353 0.20% 7.48% IRFC - 29.08.2034 359,847 1.90% 8.54% NHPC - 26.11.2028 33,721 0.18% 8.23% IRFC - 29.03.2029 244,705 1.29% 7.27% IRFC - 15.06.2027 31,067 0.16% 7.85% PFC - 03.04.2028 179,223 0.95% 7.37% NTPC - 14.12.2031 28,595 0.15% 8.30% IRFC - 25.03.2029 176,745 0.93% 8.85% PGC - 19.10.2025 24,715 0.13% 8.05% NTPC - 05.05.2026 168,678 0.89% 8.13% PGC - 25.04.2029 24,348 0.13% 7.85% IRFC - 01.07.2034 122,663 0.65% 10.08% IOT Utkal Energy Services 23,122 0.12% Limited - 20.03.2027 8.65% PFC - 28.12.2024 110,850 0.59% 7.20% PGC - 09.08.2027 20,134 0.11% 9.30% PGC - 28.06.2027 109,599 0.58% 7.89% PGC - 09.03.2027 18,785 0.10% 8.40% IRFC - 08.01.2029 100,720 0.53% 8.63% REC - 25.08.2028 18,591 0.10% 7.95% IRFC - 12.06.2029 99,448 0.52% 9.35% PGC - 29.08.2026 18,234 0.10% 8.67% PFC - 18.11.2028 84,436 0.45% 7.33% IRFC - 28.08.2027 18,217 0.10% 8.57% REC - 21.12.2024 77,128 0.41% 8.78% NHPC - 11.02.2026 17,731 0.09% 8.55% IRFC - 21.02.2029 75,598 0.40% 8.93% PGC - 20.10.2028 17,685 0.09% 10.08% IOT Utkal Energy Services 71,138 0.38% Limited - 20.03.2026 8.48% PFC - 09.12.2024 17,241 0.09% 8.35% IRFC - 13.03.2029 69,106 0.36% 8.10% NTPC - 27.05.2026 17,202 0.09% 8.64% PGC - 08.07.2025 68,978 0.36% 8.64% PGCIL - 08.07.2022 17,121 0.09% 10.08% IOT Utkal Energy Services 68,472 0.36% 9.02% REC - 19.11.2022 17,076 0.09% Limited - 20.03.2024 9.35% PGC - 29.08.2028 16,981 0.09% 7.63% PFC - 14.08.2026 64,053 0.34% 9.35% PGC - 29.08.2025 15,704 0.08% 7.49% IRFC - 30.05.2027 63,392 0.33% 7.36% PGC - 18.10.2026 15,518 0.08% 8.93% PGC - 20.10.2026 60,501 0.32% 7.54% REC - 30.12.2026 15,226 0.08% 10.08% IOT Utkal Energy Services 59,289 0.31% 8.80% PGC - 29.09.2020 15,196 0.08% Limited - 20.03.2025 8.36% REC - 22.09.2020 15,032 0.08% 9.34% REC - 25.08.2024 55,451 0.29% 8.13% PGC - 25.04.2023 14,778 0.08% 7.70% REC - 10.12.2027 52,830 0.28% 9.48% REC - 10.08.2021 13,546 0.07% 7.83% IRFC - 21.03.2027 51,749 0.27% 9.75% REC - 11.11.2021. 12,652 0.07% 10.08% IOT Utkal Energy Services 46,722 0.25% Limited - 20.03.2023 7.95% REC - 12.03.2027 12,531 0.07% 10.08% IOT Utkal Energy Services 42,437 0.22% 9.46% PFC - 01.08.2026 12,503 0.07% Limited - 20.03.2022 8.27% REC - 06.02.2025 11,832 0.06%
171 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Bond % of Fund Total Fund Total Funds Funds ULGF-004-15/04/04- ULGF-004-15/04/04- BNDFND-107 BNDFND-107 8.13% PGC - 25.04.2027 11,717 0.06% 8.90% PFC - 18.03.2028 3,297 0.02% 8.13% PGC - 25.04.2030 11,714 0.06% 8.20% PGC - 23.01.2030 3,200 0.02% 8.13% PGC - 25.04.2024 11,689 0.06% 7.93% PGC - 20.05.2028 3,126 0.02% 8.13% PGC - 25.04.2022 11,438 0.06% 8.93% PGC - 20.10.2021 3,123 0.02% 9.33% IRFC - 10.05.2026 11,360 0.06% 9.61% PFC - 29.06.2021 3,120 0.02% 9.35% PGC - 29.08.2021 10,425 0.06% 9.30% PGC - 28.06.2022 2,666 0.01% 9.35% PGC - 29.08.2020 10,128 0.05% 9.47% IRFC - 10.05.2031 2,393 0.01% 8.85% PGC - 19.10.2026 9,767 0.05% 8.79% IRFC - 04.05.2030 2,279 0.01% 8.95% PFC - 10.10.2028 8,874 0.05% 9.20% PFC - 07.07.2021 2,071 0.01% 8.13% PGC - 25.04.2031 8,601 0.05% 8.70% PFC- 14.05.2020 2,006 0.01% 8.13% PGC - 25.04.2026 8,597 0.05% 9.843% IOT Utkal Energy Services 1,831 0.01% Limited - 20.07.2020 8.13% PGC - 25.04.2025 8,591 0.05% 9.843% IOT Utkal Energy Services 1,824 0.01% 8.30% REC - 10.04.2025 8,589 0.05% Limited - 20.06.2020 8.13% PGC - 25.04.2028 8,430 0.04% 9.843% IOT Utkal Energy Services 1,815 0.01% 8.54% NPC - 15.03.2023 7,452 0.04% Limited - 20.05.2020 8.40% NPC - 28.11.2026 6,520 0.03% 9.843% IOT Utkal Energy Services 1,806 0.01% 8.85% PGC - 19.10.2021 6,499 0.03% Limited - 20.04.2020 9.30% PGC - 28.06.2021 6,483 0.03% 9.843% IOT Utkal Energy Services 1,694 0.01% Limited - 20.02.2021 8.90% PFC - 18.03.2023 6,424 0.03% 9.843% IOT Utkal Energy Services 1,683 0.01% 8.93% PGC - 20.10.2022 6,392 0.03% Limited - 20.01.2021 8.20% PGC - 23.01.2022 6,190 0.03% 9.843% IOT Utkal Energy Services 1,674 0.01% 7.09% REC - 17.10.2022 6,147 0.03% Limited - 20.12.2020 8.99% PFC - 15.01.2021 6,135 0.03% 9.843% IOT Utkal Energy Services 1,665 0.01% 8.40% PGC - 27.05.2029 5,382 0.03% Limited - 20.11.2020 8.82% REC - 12.04.2023 5,360 0.03% 9.843% IOT Utkal Energy Services 1,657 0.01% Limited - 20.10.2020 8.64% PGCIL - 08.07.2020 5,030 0.03% 9.843% IOT Utkal Energy Services 1,639 0.01% 8.85% PGC - 19.10.2024 4,111 0.02% Limited - 20.08.2020 8.85% PGC - 19.10.2027 4,106 0.02% 9.843% IOT Utkal Energy Services 1,630 0.01% 8.85% PGC - 19.10.2023 4,070 0.02% Limited - 20.09.2020 8.78% PFC - 15.11.2020 4,064 0.02% 9.843% IOT Utkal Energy Services 1,492 0.01% Limited - 20.03.2021 7.30% PGC - 19.06.2027 4,049 0.02% 9.30% PGC - 28.06.2025 1,407 0.01% 8.20% IRFC - 27.04.2020 4,006 0.02% 9.30% PGC - 28.06.2023 1,365 0.01% 8.78% NHPC - 11.02.2025 3,298 0.02% 8.90% PGCIL - 25.02.2021 1,282 0.01%
172 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Bond % of Fund Total Fund Total Funds Funds ULGF-004-15/04/04- ULGF-004-15/04/04- BNDFND-107 BNDFND-107 8.94% PFC - 25.03.2028 1,102 0.01% 7.59% KA SDL - 29.03.2027 17,500 0.09% 8.85% PFC - 31.05.2021 1,026 0.01% 7.54% KA SDL - 22.11.2027 17,486 0.09% Infrastructure Related Activities Total 5,011,371 26.45% 8.01% REC - 24.03.2028 16,679 0.09% State Government Securities and 7.04% GJ SDL - 07.08.2026 16,356 0.09% Other Approved Securities 8.29% NABARD - 24.01.2029 16,246 0.09% 8.24% NABARD - 22.03.2029 867,560 4.58% 8.72% TN SDL -19.09.2026 15,997 0.08% 8.70% REC - 28.09.2028 633,817 3.35% 6.65% Fertilizer Co GOI - 29.01.23 15,134 0.08% 8.54% REC - 15.11.2028 514,780 2.72% 7.59% GJ SDL - 15.02.2027 14,804 0.08% 8.22% NABARD - 13.12.2028 244,109 1.29% 9.72% PN SDL - 28.08.2023 14,678 0.08% 7.25% TN SDL -31.03.2027 236,228 1.25% 8.44% RJ SDL - 27.06.2028 13,026 0.07% 6.97% KA SDL - 26.02.2028 203,067 1.07% 8.26% MH SDL -02.01.2029 12,258 0.06% 7.35% MP SDL - 31.03.2029 200,907 1.06% 8.32% KA SDL - 06.02.2029 12,185 0.06% 7.65% RJ SDL - 29.11.2027 175,975 0.93% 8.52% KA SDL - 28.11.2028 11,800 0.06% 7.62% KA SDL - 01.11.2027 87,809 0.46% 8.57% HR SDL 04.07.2028 10,934 0.06% 7.20% MH SDL -09.08.2027 84,927 0.45% 9.29% PN SDL - 09.10.2023 10,826 0.06% 7.26% HR SDL 28.06.2027 84,739 0.45% 9.50% MAH SDL - 18.12.2023 10,398 0.05% 7.04% RJ SDL - 04.03.2030 79,828 0.42% 7.20% GJ SDL - 14.06.2027 8,977 0.05% 7.04% MP SDL - 04.03.2030 79,721 0.42% 8.94% GJ SDL - 07.03.2022 8,107 0.04% 8.50% NABARD - 27.02.2029 67,971 0.36% 9.39% MAH SDL - 20.11.2023 7,853 0.04% 8.15% NABARD - 28.03.2029 64,557 0.34% 9.69% PN SDL - 12.02.2024 7,798 0.04% 8.12% NHPC - 22.03.2029 55,039 0.29% 8.20% OMC GOI -15.09.24 7,195 0.04% 8.65% NABARD - 08.06.2028 51,741 0.27% 8.27% TN SDL - 13.01.2026 6,957 0.04% 8.30% Fertilizer Co GOI - 07.12.23 35,135 0.19% 8.37% MP SDL - 05.12.2028 6,852 0.04% 8.24% PGC - 14.02.2029 34,743 0.18% 8.43% RJ SDL - 08.08.2028 6,661 0.04% 8.09% REC - 21.03.2028 34,106 0.18% 9.39% GJ SDL - 20.11.2023 6,442 0.03% 8.42% NABARD - 13.02.2029 33,844 0.18% 9.51% MAH SDL - 11.09.2023 6,326 0.03% 7.60% PFC - 20.02.2027 32,936 0.17% 8.63% RJ SDL - 03.09.2028 6,298 0.03% 8.80% REC - 22.01.2029 32,896 0.17% 8.38% TN SDL - 27.01.2026 6,243 0.03% 7.10% PFC - 11.01.2027 30,074 0.16% 8.23% GOI FCI - 12.02.27 6,103 0.03% 8.06% REC - 27.03.2028 24,239 0.13% 8.28% TN SDL -21.02.2028 5,773 0.03% 7.95% GOI Fertilizer Bond - 18.02.26 19,755 0.10% 7.95% MAH SDL - 03.07.2023 5,769 0.03% 8.20% NABARD - 09.03.2028 18,280 0.10% 8.58% GJ SDL - 31.10.2028 5,514 0.03% 6.90% OIL SPL - 04.02.2026 18,105 0.10% 9.25% MH SDL - 09.10.2023 5,466 0.03% 8.56% NABARD - 14.11.2028 17,597 0.09%
173 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Bond % of Fund Total Fund Total Funds Funds ULGF-004-15/04/04- ULGF-004-15/04/04- BNDFND-107 BNDFND-107 9.23% GJ SDL - 23.11.2021 5,281 0.03% 9.37% GJ SDL - 04.12.2023 1,384 0.01% 8.40% GJ SDL - 24.11.2020 5,111 0.03% 8.62% MAH SDL - 20.02.2023 863 0.00% 8.39% TN SDL -24.11.2020 5,110 0.03% 8.90% TN SDL - 20.09.2022 844 0.00% 7.65% TN SDL -06.12.2027 4,378 0.02% 8.00% KA SDL - 17.01.2028 799 0.00% 8.40% Oil Bond - 29.03.26 4,308 0.02% 7.39% MH SDL - 09.11.2026 760 0.00% 8.20% OMC GOI 2023-10.11.23 4,272 0.02% 7.33% MH SDL -13.09.2027 758 0.00% 7.00% GOI Fertilizer Bond - 10.12.22 4,133 0.02% 8.25% MH SDL - 13.05.2025 407 0.00% 8.34% PN SDL - 30.05.2028 4,016 0.02% 8.25% MH SDL - 10.06.2025 369 0.00% 8.29% TN SDL - 29.07.2025 3,908 0.02% 8.84% PN SDL - 11.06.2024 116 0.00% 8.05% TN SDL -18.04.2028 3,864 0.02% 8.00% GOI Oil Bond - 23.03.26 106 0.00% 9.18% PN SDL - 09.11.2021 3,667 0.02% 8.05% GJ SDL - 31.01.2028 73 0.00% 8.98% PN SDL - 14.10.2021 3,665 0.02% 8.36% MH SDL - 27.01.2026 43 0.00% 8.53% TN SDL - 27.10.2020 3,571 0.02% 9.65% TN SDL - 12.03.2024 16 0.00% 8.54% RJ SDL - 04.07.2028 3,540 0.02% 9.11% MP SDL - 28.05.2024 11 0.00% 8.29% HR SDL 14.03.2028 3,319 0.02% State Government Securities and 4,514,733 23.83% Other Approved Securities Total 8.57% RJ SDL - 11.07.2028 3,170 0.02% Financial and insurance activities 7.54% NABARD - 29.03.2032 3,129 0.02% 7.35% Bajaj Finance Ltd - 10.11.2022 464,916 2.45% 8.03% FCI SPL Bonds - 15.12.24 3,046 0.02% 7.09% HDB Financial services Ltd - 360,089 1.90% 8.42% MP SDL - 08.08.2028 3,006 0.02% 17.04.2023 8.28% RJ SDL - 14.03.2028 2,995 0.02% 8.5383% Bajaj Finance Ltd - 270,141 1.43% 8.21% TN SDL - 24.06.2025 2,626 0.01% 07.06.2022 8.58% GJ SDL - 23.01.2023 2,533 0.01% Mahindra and Mahindra Financial 250,507 1.32% 8.49% RJ SDL - 21.08.2028 2,392 0.01% Services Ltd Floater - 13.07 8.56% MH SDL -11.07.2028 2,226 0.01% 8.25% EXIM- 23.06.2031 217,100 1.15% 9.35% MH SDL - 30.01.2024 2,149 0.01% 8.35% Sundaram Finance - 31.05.2021 203,916 1.08% 8.90% KA SDL - 19.12.2022 1,957 0.01% 8.12% EXIM- 25.04.2031 165,438 0.87% 8.62% HR SDL 03.09.2028 1,784 0.01% 7.10% Bajaj Finance Ltd - 10.02.2023 163,498 0.86% 8.55% RJ SPL SDL - 18.10.2021 1,767 0.01% 8.11% EXIM- 11.07.2031 118,485 0.63% 9.87% PN SDL - 14.08.2023 1,690 0.01% 8.80% Mahindra and Mahindra Fin 100,458 0.53% Services Ltd - 06.08.20 8.01% OIL MKTG GOI - 15.12.2023 1,662 0.01% 8.75% KMPL - 28.09.2021 79,303 0.42% 8.30% KA SDL - 20.02.2029 1,624 0.01% 9.10% Shriram Transport Finance Co 74,952 0.40% 8.28% MH SDL - 29.07.2025 1,599 0.01% Ltd 12.07.2021 8.13% OMC GOI Special Bond - 1,560 0.01% 7.50% Sundaram Finance - 07.11.2022 61,802 0.33% 16.10.21
174 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Bond % of Fund Total Fund Total Funds Funds ULGF-004-15/04/04- ULGF-004-15/04/04- BNDFND-107 BNDFND-107 8.02% EXIM- 20.04.2026 49,054 0.26% 9.39% LIC Housing Finance - 110,384 0.58% 23.08.2024 - P - 26.08.15 8.65% Mahindra and Mahindra Fin 45,644 0.24% Services Ltd - 19.03.21 9.19% LIC Housing Finance - 83,505 0.44% 06.06.2023 P - 06.02.20 Kotak Mahindra Prime Ltd ZCB - 41,053 0.22% 23.12.20 7.83% LIC Housing Finance - 78,997 0.42% 25.09.2026 P 26.11.2020 7.30% KMPL - 14.10.2020 37,623 0.20% 9.24% LIC Housing Finance - 30.09.2024 60,992 0.32% 7.02% EXIM- 25.11.2031 31,226 0.16% 9.43% LIC Housing Finance - 10.02.2022 44,911 0.24% 9.05% SBH Perpetual Bond Call- 23,187 0.12% 20.09.2020 8.47% LIC Housing Finance - 44,199 0.23% 15.06.2026 P 15.07.19 8.87% EXIM- 30.10.2029 18,767 0.10% 9.00% HDFC - 29.11.2028 39,370 0.21% 8.15% EXIM- 05.03.2025 17,167 0.09% 8.52% LIC Housing Finance - 03.03.2025 34,048 0.18% 8.15% EXIM- 21.01.2030 16,032 0.08% 8.50% LIC Housing Finance - 29.08.2025 21,187 0.11% 7.9886% Bajaj Finance Ltd - 25.05.2020 16,025 0.08% 9.25% LIC Housing Finance - 12.11.2022 18,049 0.10% 9.14% EXIM- 01.08.2022 11,709 0.06% 9.47% LIC Housing Finance - 23.08.2024 17,534 0.09% 8.80% EXIM- 15.03.2023 9,645 0.05% 8.50% LIC Housing Finance - 04.06.2025 15,192 0.08% 7.62% EXIM- 01.09.2026 9,482 0.05% 9.30% LIC Housing Finance - 14.09.2022 11,653 0.06% 8.89% IDFC Bank - 02.12.20 8,086 0.04% 9.90% HDFC - 11.11.2021 11,513 0.06% 8.94% EXIM- 31.12.2022 7,486 0.04% HDFC Ltd CP - 05.08.20 10,742 0.06% 8.88% EXIM- 18.10.2022 7,442 0.04% 7.90% HDFC - 24.08.2026 10,402 0.05% 9.30% EXIM- 11.05.2022 5,312 0.03% 8.40% HDFC - 23.01.2025 9,571 0.05% 9.00% EXIM- 07.02.2022 5,227 0.03% 8.55% LIC Housing Finance - 14.08.2025 5,383 0.03% 9.38% EXIM Bank - 29.09.2021 5,226 0.03% 9.23% LIC Housing Finance - 13.12.2022 4,253 0.02% 9.15% EXIM- 05.09.2022 4,266 0.02% Investments in Housing Finance 2,139,087 11.29% 7.22% EXIM- 03.08.2027 4,027 0.02% Companies Total Financial and insurance activities 2,904,291 15.33% Central Government Securities 1,332,927 7.04% Total Net Current Assets 1,262,345 6.66% Investments in Housing Finance Companies TREPS & Other Money Market 983,479 5.19% Securities 9.05% HDFC - 16.10.2028 536,463 2.83% Infrastructure - Long Term Bonds 789,653 4.17% 8.55% HDFC - 27.03.2029 442,390 2.34% -BFSI 7.50% HDFC - 08.01.2025 186,595 0.98% Manufacture of basic metals 8,134 0.04% 6.99% HDFC - 13.02.2023 174,909 0.92% Grand Total 18,946,020 100.00% 7.35% HDFC - 10.02.2025 166,845 0.88%
175 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group Short % of Term Bond Fund Total Term Bond Fund Total Funds Funds ULGF-018-18/12/13- ULGF-018-18/12/13- SHTRMBND-107 SHTRMBND-107 State Government Securities and Infrastructure Related Activities Other Approved Securities 9.30% PGC - 28.06.2020 50,358 5.39% 7.20% MH SDL -09.08.2027 134,339 14.38% 8.30% NTPC - 15.01.2029 43,311 4.64% 9.50% GJ SDL - 11.09.2023 21,982 2.35% 8.90% PGCIL - 25.02.2021 20,511 2.20% 8.09% GJ SDL - 25.05.2020 20,072 2.15% 9.20% PFC - 07.07.2021 18,641 2.00% 6.65% Fertilizer Co GOI - 29.01.23 15,346 1.64% 7.74% IRFC - 22.12.2020 18,255 1.95% 9.69% PN SDL - 12.02.2024 11,122 1.19% 7.70% REC - 10.12.2027 10,359 1.11% 8.90% KA SDL - 19.12.2022 10,772 1.15% 9.61% PFC - 29.06.2021 8,320 0.89% 9.17% PN SDL - 11.04.2022 10,637 1.14% 8.50% IRFC - 22.06.2020 8,047 0.86% 8.09% TN SDL - 09.06.2020 10,046 1.08% 9.48% REC - 10.08.2021 6,252 0.67% 9.25% RJ SDL - 09.10.2023 8,186 0.88% 7.33% IRFC - 28.08.2027 5,060 0.54% 8.91% MAH SDL - 05.09.2022 7,071 0.76% 9.35% REC - 15.06.2022 4,259 0.46% 8.90% MH SDL -19.12.2022 5,385 0.58% 9.37% PFC - 19.08.2024 3,318 0.36% 8.95% MAH SDL - 07.03.2022 4,772 0.51% 9.75% REC - 11.11.2021. 3,163 0.34% 8.13% OMC GOI Special Bond - 4,160 0.45% 7.85% PFC - 03.04.2028 3,126 0.33% 16.10.21 9.02% REC - 19.11.2022 2,135 0.23% 8.32% TN SDL - 04.08.2020 3,331 0.36% 8.80% PGC - 29.09.2021 1,297 0.14% 9.25% HR SDL 09.10.2023 2,806 0.30% 8.80% REC - 25.10.2020 1,015 0.11% 9.37% MAH SDL - 04.12.2023 42 0.00% Infrastructure Related Activities 207,427 22.20% State Government Securities and 270,069 28.91% Total Other Approved Securities Total TREPS & Other Money Market Financial and insurance activities Securities 7.35% Bajaj Finance Ltd - 10.11.2022 77,164 8.26% TREPS - 03.04.2020 130,997 14.02% 08.48% Mahindra and Mahindra Fin 50,171 5.37% TREPS & Other Money Market 130,997 14.02% Services Ltd- 26.06.20 Securities Total 7.4805% Kotak Mahindra Prime Ltd- 30,011 3.21% Investments in Housing Finance 82,882 8.87% 11.06.2020 Companies 8.35% Sundaram Finance - 31.05.2021 27,717 2.97% Net Current Assets 25,655 2.75% Sundaram Fin CP - 28.01.21 18,978 2.03% Grand Total 934,195 100.00% HDB Financial Services Ltd CP- 9,937 1.06% 06.05.2020 9.30% EXIM- 11.05.2022 3,187 0.34% Financial and insurance activities 217,165 23.25% Total
176 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Secure Capital Fund Total Secure Capital Fund Total Funds Funds ULGF-016-12/04/11- ULGF-016-12/04/11- SECCAPFND-107 SECCAPFND-107 State Government Securities and 7.10% PFC - 11.01.2027 5,012 0.09% Other Approved Securities 8.44% RJ SDL - 27.06.2028 4,864 0.09% 8.12% NHPC - 22.03.2029 393,905 7.46% 7.00% GOI Fertilizer Bond - 10.12.22 4,291 0.08% 8.24% NABARD - 22.03.2029 237,984 4.51% 8.01% REC - 24.03.2028 4,170 0.08% 8.70% REC - 28.09.2028 155,965 2.95% 7.59% KA SDL - 29.03.2027 4,083 0.08% 7.25% TN SDL -31.03.2027 123,650 2.34% 7.54% KA SDL - 22.11.2027 4,080 0.08% 8.54% REC - 15.11.2028 118,290 2.24% 8.42% TN SDL - 25.08.2020 3,944 0.07% 7.35% MP SDL - 31.03.2029 105,162 1.99% 7.04% GJ SDL - 07.08.2026 3,879 0.07% 6.97% KA SDL - 26.02.2028 80,766 1.53% 8.23% GOI FCI - 12.02.27 3,661 0.07% 8.22% NABARD - 13.12.2028 66,181 1.25% 8.72% TN SDL -19.09.2026 3,638 0.07% 7.65% RJ SDL - 29.11.2027 54,537 1.03% 6.65% Fertilizer Co GOI - 29.01.23 3,457 0.07% 7.04% RJ SDL - 04.03.2030 31,751 0.60% 8.56% NABARD - 14.11.2028 3,299 0.06% 7.04% MP SDL - 04.03.2030 31,708 0.60% 8.20% NABARD - 09.03.2028 3,226 0.06% 7.20% MH SDL -09.08.2027 24,267 0.46% 8.32% KA SDL - 06.02.2029 3,039 0.06% 7.62% KA SDL - 01.11.2027 20,487 0.39% 9.29% PN SDL - 09.10.2023 3,025 0.06% 7.26% HR SDL 28.06.2027 19,770 0.37% 8.26% MH SDL -02.01.2029 2,932 0.06% 8.15% NABARD - 28.03.2029 19,367 0.37% 8.52% KA SDL - 28.11.2028 2,884 0.05% 8.90% MH SDL -19.12.2022 11,094 0.21% 8.21% TN SDL - 24.06.2025 2,352 0.04% 8.80% REC - 22.01.2029 10,965 0.21% 8.13% OMC GOI Special Bond - 2,340 0.04% 8.65% NABARD - 08.06.2028 9,908 0.19% 16.10.21 8.42% NABARD - 13.02.2029 9,826 0.19% 8.30% Fertilizer Co GOI - 07.12.23 2,280 0.04% 8.53% MH SDL - 27.10.2020 9,185 0.17% 8.28% TN SDL -21.02.2028 2,189 0.04% 8.24% PGC - 14.02.2029 8,686 0.16% 7.20% GJ SDL - 14.06.2027 2,053 0.04% 8.40% Oil Bond - 29.03.26 8,615 0.16% 9.39% MAH SDL - 20.11.2023 2,043 0.04% 8.50% NABARD - 27.02.2029 7,674 0.15% 9.69% PN SDL - 12.02.2024 2,005 0.04% 6.90% OIL SPL - 04.02.2026 7,505 0.14% 8.38% TN SDL - 27.01.2026 1,924 0.04% 8.09% REC - 21.03.2028 7,461 0.14% 8.03% FCI SPL Bonds - 15.12.24 1,886 0.04% 7.95% GOI Fertilizer Bond - 18.02.26 7,236 0.14% 8.80% TN SDL - 25.10.2022 1,842 0.03% 7.60% PFC - 20.02.2027 7,205 0.14% 7.65% TN SDL -06.12.2027 1,687 0.03% 8.06% REC - 27.03.2028 6,323 0.12% 8.37% MP SDL - 05.12.2028 1,650 0.03% 8.20% OMC GOI 2023-10.11.23 6,301 0.12% 8.27% TN SDL - 13.01.2026 1,566 0.03% 7.59% GJ SDL - 15.02.2027 5,887 0.11% 8.43% RJ SDL - 08.08.2028 1,483 0.03% 8.29% NABARD - 24.01.2029 5,415 0.10% 8.01% OIL MKTG GOI - 15.12.2023 1,475 0.03% 8.68% GJ SDL - 26.05.2021 5,175 0.10% 8.63% RJ SDL - 03.09.2028 1,432 0.03%
177 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Secure Capital Fund Total Secure Capital Fund Total Funds Funds ULGF-016-12/04/11- ULGF-016-12/04/11- SECCAPFND-107 SECCAPFND-107 8.29% HR SDL 14.03.2028 1,317 0.02% 8.58% GJ SDL - 23.01.2023 52 0.00% 8.58% GJ SDL - 31.10.2028 1,260 0.02% 9.37% GJ SDL - 04.12.2023 43 0.00% 8.28% RJ SDL - 14.03.2028 1,189 0.02% 9.35% MH SDL - 30.01.2024 36 0.00% 9.50% MAH SDL - 18.12.2023 1,171 0.02% 8.90% KA SDL - 19.12.2022 29 0.00% 8.20% OMC GOI -15.09.24 1,164 0.02% 9.87% PN SDL - 14.08.2023 25 0.00% 8.29% TN SDL - 29.07.2025 1,132 0.02% 8.62% MAH SDL - 20.02.2023 18 0.00% 8.40% Oil Bond -28.03.25 1,083 0.02% 8.90% TN SDL - 20.09.2022 18 0.00% 8.55% RJ SPL SDL - 18.10.2022 1,057 0.02% 8.25% MH SDL - 10.06.2025 12 0.00% 8.54% RJ SDL - 04.07.2028 958 0.02% 9.65% TN SDL - 12.03.2024 3 0.00% 8.34% PN SDL - 30.05.2028 917 0.02% State Government Securities and 1,731,179 32.80% Other Approved Securities Total 8.05% TN SDL -18.04.2028 907 0.02% Infrastructure Related Activities 8.20% OMC GOI Special Bond - 856 0.02% 12.02.24 7.32% NTPC - 17.07.2029 120,270 2.28% 8.57% RJ SDL - 11.07.2028 765 0.01% 8.30% NTPC - 15.01.2029 116,941 2.22% 8.42% MP SDL - 08.08.2028 688 0.01% 7.48% IRFC - 29.08.2034 102,813 1.95% 8.85% TN SDL - 17.10.2022 536 0.01% 8.56% REC - 29.11.2028 90,983 1.72% 8.49% RJ SDL - 21.08.2028 535 0.01% 8.23% IRFC - 29.03.2029 61,176 1.16% 8.56% MH SDL -11.07.2028 535 0.01% 9.30% PGC - 28.06.2027 50,584 0.96% 8.15% GOI FCI Bonds - 16.10.22 409 0.01% 8.30% IRFC - 25.03.2029 46,342 0.88% 8.62% HR SDL 03.09.2028 407 0.01% 7.85% PFC - 03.04.2028 45,848 0.87% 8.30% KA SDL - 20.02.2029 391 0.01% 8.05% NTPC - 05.05.2026 42,703 0.81% 8.00% KA SDL - 17.01.2028 316 0.01% 8.40% IRFC - 08.01.2029 27,075 0.51% 8.84% PN SDL - 11.06.2024 238 0.00% 7.95% IRFC - 12.06.2029 25,391 0.48% 9.18% PN SDL - 09.11.2021 179 0.00% 8.65% PFC - 28.12.2024 21,735 0.41% 7.33% MH SDL -13.09.2027 173 0.00% 8.35% IRFC - 13.03.2029 20,516 0.39% 9.51% MAH SDL - 11.09.2023 140 0.00% 10.08% IOT Utkal Energy Services 20,497 0.39% Limited - 20.03.2024 8.94% GJ SDL - 07.03.2022 134 0.00% 8.67% PFC - 18.11.2028 18,642 0.35% 9.37% MAH SDL - 04.12.2023 94 0.00% 8.55% IRFC - 21.02.2029 18,626 0.35% 7.39% MH SDL - 09.11.2026 86 0.00% 8.84% PFC - 04.03.2023 18,159 0.34% 9.39% GJ SDL - 20.11.2023 81 0.00% 8.57% REC - 21.12.2024 17,381 0.33% 8.05% GJ SDL - 31.01.2028 77 0.00% 7.63% PFC - 14.08.2026 16,801 0.32% 9.72% PN SDL - 28.08.2023 77 0.00% 8.64% PGC - 08.07.2025 16,555 0.31% 8.65% KA SDL - 20.03.2023 75 0.00% 8.28% MH SDL - 29.07.2025 54 0.00%
178 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Secure Capital Fund Total Secure Capital Fund Total Funds Funds ULGF-016-12/04/11- ULGF-016-12/04/11- SECCAPFND-107 SECCAPFND-107 10.08% IOT Utkal Energy Services 16,406 0.31% 8.85% PGC - 19.10.2026 4,186 0.08% Limited - 20.03.2025 9.48% REC - 10.08.2021 4,168 0.08% 7.83% IRFC - 21.03.2027 15,525 0.29% 7.36% PGC - 18.10.2026 4,138 0.08% 10.08% IOT Utkal Energy Services 15,393 0.29% 10.08% IOT Utkal Energy Services 4,124 0.08% Limited - 20.03.2023 Limited - 20.03.2026 7.49% IRFC - 30.05.2027 15,337 0.29% 7.33% IRFC - 28.08.2027 4,048 0.08% 9.09% IRFC - 29.03.2026 13,535 0.26% 8.64% PGCIL - 08.07.2022 3,951 0.07% 8.93% PGC - 20.10.2026 13,445 0.25% 8.78% NHPC - 11.02.2026 3,325 0.06% 7.70% REC - 10.12.2027 12,430 0.24% 8.63% REC - 25.08.2028 3,281 0.06% 10.08% IOT Utkal Energy Services 12,080 0.23% 7.93% PGC - 20.05.2025 3,196 0.06% Limited - 20.03.2022 8.13% PGC - 25.04.2029 3,176 0.06% 9.09% IRFC - 31.03.2026 11,280 0.21% 8.13% PGC - 25.04.2023 3,167 0.06% 7.34% PGC - 15.07.2034 10,359 0.20% 8.78% PFC - 15.11.2020 3,048 0.06% 8.85% PFC - 31.05.2021 10,264 0.19% 9.35% PGC - 29.08.2020 3,038 0.06% 8.80% PGC - 29.09.2020 10,131 0.19% 8.70% PFC- 14.05.2020 3,008 0.06% 8.54% NHPC - 26.11.2028 9,790 0.19% 8.36% REC - 22.09.2020 3,006 0.06% 7.85% IRFC - 01.07.2034 9,517 0.18% 10.08% IOT Utkal Energy Services 2,531 0.05% 8.54% NPC - 15.03.2023 8,517 0.16% Limited - 20.03.2027 7.55% IRFC - 12.04.2030 7,212 0.14% 8.40% NPC - 28.11.2026 2,173 0.04% 8.85% PGC - 19.10.2025 6,865 0.13% 8.13% PGC - 25.04.2031 2,150 0.04% 9.35% PGC - 29.08.2026 6,838 0.13% 9.70% PFC - 31.01.2021 2,058 0.04% 9.35% PGC - 29.08.2025 6,730 0.13% 7.09% REC - 17.10.2022 2,049 0.04% 9.34% REC - 25.08.2024 6,654 0.13% 7.37% NTPC - 14.12.2031 2,043 0.04% 8.13% PGC - 25.04.2025 6,443 0.12% 7.54% REC - 30.12.2026 2,030 0.04% 7.95% REC - 12.03.2027 6,265 0.12% 8.85% PGC - 19.10.2024 1,370 0.03% 7.89% PGC - 09.03.2027 6,262 0.12% 8.85% PGC - 19.10.2023 1,357 0.03% 8.93% PGC - 20.10.2028 5,527 0.10% 9.30% PGC - 28.06.2021 1,297 0.02% 8.70% PGC - 15.07.2028 5,445 0.10% 8.64% PGCIL - 08.07.2020 1,258 0.02% 8.56% NPC - 15.03.2023 5,336 0.10% 9.46% PFC - 01.08.2026 1,137 0.02% 9.35% PGC - 29.08.2021 5,212 0.10% 9.33% IRFC - 10.05.2026 1,136 0.02% 9.35% PGC - 29.08.2028 4,528 0.09% 8.78% NHPC - 11.02.2025 1,099 0.02% 8.48% PFC - 09.12.2024 4,310 0.08% 8.40% PGC - 27.05.2029 1,076 0.02% 8.10% NTPC - 27.05.2026 4,300 0.08% 8.27% REC - 06.02.2025 1,076 0.02% 9.75% REC - 11.11.2021. 4,217 0.08% 8.13% PGC - 25.04.2026 1,075 0.02%
179 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Secure Capital Fund Total Secure Capital Fund Total Funds Funds ULGF-016-12/04/11- ULGF-016-12/04/11- SECCAPFND-107 SECCAPFND-107 8.30% REC - 10.04.2025 1,074 0.02% 8.02% EXIM- 20.04.2026 17,062 0.32% 8.82% REC - 12.04.2023 1,072 0.02% 9.38% EXIM Bank - 29.09.2021 16,725 0.32% 8.90% PFC - 18.03.2023 1,071 0.02% 7.62% Bajaj Finance Ltd - 15.06.2020 16,015 0.30% 9.02% REC - 19.11.2022 1,067 0.02% 8.65% Mahindra and Mahindra Fin 11,907 0.23% Services Ltd - 19.03.21 8.13% PGC - 25.04.2027 1,065 0.02% 7.02% EXIM- 25.11.2031 8,058 0.15% 8.93% PGC - 20.10.2022 1,065 0.02% 7.30% KMPL - 14.10.2020 7,921 0.15% 8.13% PGC - 25.04.2030 1,065 0.02% 8.15% EXIM- 21.01.2030 5,344 0.10% 9.35% REC - 15.06.2022 1,065 0.02% 8.87% EXIM- 30.10.2029 4,416 0.08% 8.13% PGC - 25.04.2024 1,063 0.02% 7.9886% Bajaj Finance Ltd - 4,006 0.08% 8.13% PGC - 25.04.2028 1,054 0.02% 25.05.2020 7.93% PGC - 20.05.2028 1,042 0.02% 8.15% EXIM- 05.03.2025 3,219 0.06% 8.93% PGC - 20.10.2021 1,041 0.02% 8.80% EXIM- 15.03.2023 2,143 0.04% 8.13% PGC - 25.04.2022 1,040 0.02% 9.14% EXIM- 01.08.2022 2,129 0.04% 8.20% PGC - 23.01.2022 1,032 0.02% 9.05% SBH Perpetual Bond Call- 2,016 0.04% 8.99% PFC - 15.01.2021 1,022 0.02% 20.09.2020 8.20% IRFC - 27.04.2020 1,002 0.02% 8.94% EXIM- 31.12.2022 1,069 0.02% Infrastructure Related Activities 1,271,806 24.09% 9.15% EXIM- 05.09.2022 1,067 0.02% Total 8.88% EXIM- 18.10.2022 1,063 0.02% Financial and insurance activities 9.30% EXIM- 11.05.2022 1,062 0.02% 7.09% HDB Financial services Ltd - 163,850 3.10% 9.00% EXIM- 07.02.2022 1,045 0.02% 17.04.2023 8.89% IDFC Bank - 02.12.20 1,011 0.02% 7.35% Bajaj Finance Ltd - 10.11.2022 114,782 2.17% 7.22% EXIM- 03.08.2027 1,007 0.02% 8.5383% Bajaj Finance Ltd - 64,085 1.21% 07.06.2022 Financial and insurance activities 773,096 14.65% Total Mahindra and Mahindra Financial 56,114 1.06% Services Ltd Floater - 13.07 Investments in Housing Finance Companies 7.10% Bajaj Finance Ltd - 10.02.2023 52,587 1.00% 9.05% HDFC - 16.10.2028 234,013 4.43% 8.35% Sundaram Finance - 31.05.2021 47,514 0.90% 8.55% HDFC - 27.03.2029 111,409 2.11% 8.12% EXIM- 25.04.2031 42,170 0.80% 6.99% HDFC - 13.02.2023 51,973 0.98% 8.25% EXIM- 23.06.2031 34,563 0.65% 7.50% HDFC - 08.01.2025 49,759 0.94% 8.11% EXIM- 11.07.2031 27,427 0.52% 7.35% HDFC - 10.02.2025 31,347 0.59% 7.50% Sundaram Finance - 07.11.2022 24,141 0.46% 8.47% LIC Housing Finance - 19,995 0.38% 8.75% KMPL - 28.09.2021 19,826 0.38% 15.06.2026 P 15.07.19 9.10% Shriram Transport Finance Co 17,752 0.34% Ltd 12.07.2021
180 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Discontinued Policy % of Secure Capital Fund Total Fund Total Funds Funds ULGF-016-12/04/11- ULIF-050-23/03/11- SECCAPFND-107 DISPOLFND-107 9.19% LIC Housing Finance - 18,200 0.34% Central Government Securities 06.06.2023 P - 06.02.20 182 Days T Bill - 03.09.2020 979,719 25.46% 7.83% LIC Housing Finance - 17,441 0.33% 364 Days T Bill - 29.10.2020 693,990 18.04% 25.09.2026 P 26.11.2020 364 Days T Bill - 03.09.2020 685,690 17.82% 9.39% LIC Housing Finance - 15,301 0.29% 23.08.2024 - P - 26.08.15 182 Days T Bill - 27.08.2020 392,216 10.19% 9.24% LIC Housing Finance - 10,891 0.21% 364 Days T Bill - 27.08.2020 182,621 4.75% 30.09.2024 364 Days T Bill - 30.07.2020 80,022 2.08% 9.00% HDFC - 29.11.2028 9,842 0.19% 364 Days T Bill - 06.08.2020 72,618 1.89% 8.50% LIC Housing Finance - 8,475 0.16% Central Government Securities Total 3,086,876 80.22% 29.08.2025 TREPS & Other Money Market 8.50% LIC Housing Finance - 7,596 0.14% Securities 04.06.2025 TREPS - 03.04.2020 649,986 16.89% 8.52% LIC Housing Finance - 7,448 0.14% TREPS & Other Money Market 649,986 16.89% 03.03.2025 Securities Total 9.43% LIC Housing Finance - 7,311 0.14% Financial and insurance activities 164,965 4.29% 10.02.2022 Investments in Housing Finance 60,077 1.56% 9.25% LIC Housing Finance - 5,308 0.10% Companies 12.11.2022 Net Current Assets -114,019 -2.96% 8.55% LIC Housing Finance - 1,077 0.02% 14.08.2025 Grand Total 3,847,885 100.00% 8.40% HDFC - 23.01.2025 1,063 0.02% 9.30% LIC Housing Finance - 1,059 0.02% Industry Kotak Dynamic % of 14.09.2022 Floating Rate Fund Total Funds 9.90% HDFC - 11.11.2021 1,047 0.02% ULIF-020-07/12/04- DYFLTRFND-107 Investments in Housing Finance 610,555 11.57% Companies Total State Government Securities and Other Approved Securities TREPS & Other Money Market 346,492 6.56% Securities 9.37% MAH SDL - 04.12.2023 25,792 11.34% Central Government Securities 277,259 5.25% 7.20% MH SDL -09.08.2027 15,656 6.88% Infrastructure - Long Term Bonds 206,339 3.91% 8.84% PN SDL - 11.06.2024 5,580 2.45% -BFSI 8.51% PN SDL - 10.04.2023 4,774 2.10% Net Current Assets 61,957 1.17% 8.92% RJ SDL - 21.11.2022 4,087 1.80% Grand Total 5,278,683 100.00% 8.39% RJ SPL SDL - 15.03.2022 4,079 1.79% 9.65% TN SDL - 12.03.2024 4,054 1.78% 8.85% TN SDL - 17.10.2022 3,869 1.70% 8.30% Fertilizer Co GOI - 07.12.23 3,538 1.56%
181 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Floating Rate Fund Total Floating Rate Fund Total Funds Funds ULIF-020-07/12/04- ULIF-022-07/12/04- DYFLTRFND-107 PNFLTRFND-107 8.13% OMC GOI Special Bond - 16.10.21 3,319 1.46% 8.39% RJ SPL SDL - 15.03.2022 218 2.62% 8.68% GJ SDL - 06.02.2023 1,851 0.81% 8.90% MH SDL -19.12.2022 215 2.58% 8.14% TN SDL - 27.05.2025 1,545 0.68% 8.92% RJ SDL - 21.11.2022 215 2.58% 8.15% GOI FCI Bonds - 16.10.22 1,465 0.64% 8.51% PN SDL - 10.04.2023 208 2.50% 9.25% HR SDL 09.10.2023 1,433 0.63% 8.15% GOI FCI Bonds - 16.10.22 204 2.45% 8.21% RJ SPL SDL - 31.03.2022 1,413 0.62% 8.21% RJ SPL SDL - 31.03.2022 202 2.42% 8.90% MH SDL -19.12.2022 1,077 0.47% 8.30% Fertilizer Co GOI - 07.12.23 161 1.93% State Government Securities and 83,532 36.72% 9.25% HR SDL 09.10.2023 155 1.86% Other Approved Securities Total 8.13% OMC GOI Special Bond - 134 1.61% Central Government Securities 16.10.21 FRB G - 21.12.20 62,187 27.34% 9.65% TN SDL - 12.03.2024 89 1.07% 6.13% GOI - 04.06.2028 2,088 0.92% 8.14% TN SDL - 27.05.2025 50 0.60% 7.72% GOI - 26.10.2055 25 0.01% 8.85% TN SDL - 17.10.2022 33 0.40% Central Government Securities Total 64,300 28.26% 8.68% GJ SDL - 06.02.2023 30 0.36% TREPS & Other Money Market State Government Securities and 3,830 45.97% Securities Other Approved Securities Total TREPS - 03.04.2020 51,999 22.86% Central Government Securities TREPS & Other Money Market 51,999 22.86% FRB G - 21.12.20 3,553 42.65% Securities Total 6.13% GOI - 04.06.2028 180 2.16% Financial and insurance activities 7.72% GOI - 26.10.2055 7 0.08% Mahindra and Mahindra Financial 15,030 6.61% Central Government Securities Total 3,740 44.89% Services Ltd Floater - 13.07 TREPS & Other Money Market 500 6.00% HDB Financial services Ltd FBIL MIBOR 9,591 4.22% Securities 3M - 20.10.2022 Net Current Assets 261 3.13% Financial and insurance activities Total 24,621 10.82% Grand Total 8,331 100.00% Net Current Assets 3,046 1.34% Grand Total 227,498 100.00% Industry Kotak Group % of Floating Rate Fund Total Industry Kotak Pension % of Funds ULGF-005-07/12/04- Floating Rate Fund Total FLTRFND-107 Funds ULIF-022-07/12/04- State Government Securities and PNFLTRFND-107 Other Approved Securities State Government Securities and 9.37% MAH SDL - 04.12.2023 150,585 13.09% Other Approved Securities 7.20% MH SDL -09.08.2027 50,503 4.39% 9.37% MAH SDL - 04.12.2023 1,504 18.05% 8.92% RJ SDL - 21.11.2022 44,094 3.83% 8.84% PN SDL - 11.06.2024 412 4.95% 9.12% GJ SDL - 23.05.2022 31,989 2.78%
182 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Floating Rate Fund Total Balanced Fund Total Funds Funds ULGF-005-07/12/04- ULIF-009-27/06/03- FLTRFND-107 DYBALFND-107 8.39% RJ SPL SDL - 15.03.2022 24,809 2.16% TREPS & Other Money Market 8.62% MAH SDL - 20.02.2023 21,273 1.85% Securities 8.84% PN SDL - 11.06.2024 19,890 1.73% TREPS - 03.04.2020 28,499 19.28% 8.30% Fertilizer Co GOI - 07.12.23 15,333 1.33% TREPS & Other Money Market 28,499 19.28% 8.21% RJ SPL SDL - 31.03.2022 14,339 1.25% Securities Total 8.15% GOI FCI Bonds - 16.10.22 11,523 1.00% Financial and insurance activities 8.68% GJ SDL - 06.02.2023 11,264 0.98% ICICI Bank Ltd 4,107 2.78% 8.13% OMC GOI Special Bond - 8,248 0.72% HDFC Bank Ltd 3,380 2.29% 16.10.21 Axis Bank Ltd 2,154 1.46% 9.25% HR SDL 09.10.2023 7,694 0.67% Mahindra and Mahindra Financial 2,004 1.36% 8.90% MH SDL -19.12.2022 3,770 0.33% Services Ltd Floater - 13.07 9.65% TN SDL - 12.03.2024 3,590 0.31% 8.35% Sundaram Finance - 31.05.2021 1,980 1.34% 8.51% PN SDL - 10.04.2023 3,503 0.30% Bajaj Finance Ltd 1,396 0.94% 8.85% TN SDL - 17.10.2022 3,482 0.30% State Bank of India 1,247 0.84% 8.14% TN SDL - 27.05.2025 1,251 0.11% 8.12% EXIM- 25.04.2031 1,081 0.73% State Government Securities and 427,140 37.12% Other Approved Securities Total 9.10% Shriram Transport Finance Co 986 0.67% Ltd 12.07.2021 Central Government Securities HDFC Standard Life Insurance 923 0.62% FRB G - 21.12.20 290,567 25.25% Company Ltd 364 Days T Bill - 27.08.2020 34,808 3.03% ICICI Lombard General Insurance 859 0.58% 8.28% GOI - 21.09.2027 11,014 0.96% Company Ltd 8.32% GOI - 02.08.2032 2,824 0.25% Max Financial Services Ltd 705 0.48% 6.13% GOI - 04.06.2028 2,352 0.20% SBI Life Insurance Company Ltd 508 0.34% 7.72% GOI - 26.10.2055 14 0.00% 7.15% HDFC Bank FD NSE - 237 0.16% Central Government Securities Total 341,579 29.69% 05.08.2020 Financial and insurance activities 7.00% HDFC Bank FD NSE - 158 0.11% Mahindra and Mahindra Financial 105,213 9.14% 21.08.2020 Services Ltd Floater - 13.07 Financial and insurance activities 21,725 14.70% HDB Financial services Ltd FBIL MIBOR 86,321 7.50% Total 3M - 20.10.2022 Infrastructure Related Activities Financial and insurance activities Total 191,534 16.65% Bharti Airtel Ltd 2,799 1.89% Investments in Housing Finance 97,325 8.46% Companies 8.56% REC - 29.11.2028 2,192 1.48% TREPS & Other Money Market 71,498 6.21% 7.85% PFC - 03.04.2028 2,084 1.41% Securities 8.85% PGC - 19.10.2025 1,373 0.93% Net Current Assets 21,545 1.87% 8.65% PFC - 28.12.2024 1,087 0.74% Grand Total 1,150,621 100.00% 8.57% REC - 21.12.2024 1,086 0.73%
183 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-009-27/06/03- ULIF-009-27/06/03- DYBALFND-107 DYBALFND-107 9.75% REC - 11.11.2021. 1,054 0.71% Infrastructure - Long Term Bonds 1,080 0.73% -BFSI Petronet L N G Ltd 974 0.66% Manufacture of motor vehicles, 921 0.62% 10.08% IOT Utkal Energy Services 687 0.46% trailers and semi-trailers Limited - 20.03.2026 Other manufacturing 821 0.56% 10.08% IOT Utkal Energy Services 566 0.38% Limited - 20.03.2025 Land transport and transport via 732 0.50% pipelines 10.08% IOT Utkal Energy Services 554 0.37% Limited - 20.03.2024 Manufacture of basic metals 711 0.48% 10.08% IOT Utkal Energy Services 542 0.37% Air transport 632 0.43% Limited - 20.03.2023 Construction of buildings 630 0.43% 10.08% IOT Utkal Energy Services 315 0.21% Manufacture of rubber and plastics 599 0.41% Limited - 20.03.2022 products 10.08% IOT Utkal Energy Services 230 0.16% Manufacture of tobacco products 417 0.28% Limited - 20.03.2027 Activities of head offices; 224 0.15% Infrastructure Related Activities 15,543 10.51% management consultancy activities Total Accommodation 202 0.14% Central Government Securities 14,113 9.55% Broadcasting and programming 17 0.01% State Government Securities and 11,938 8.08% activities Other Approved Securities Grand Total 147,823 100.00% Computer programming, 8,667 5.86% consultancy and related activities Industry Kotak Guaranteed % of Manufacture of coke and refined 8,587 5.81% Balanced Fund Total petroleum products Funds ULIF-010-27/06/03- Others - Exchange Traded Funds 8,332 5.64% GRTBALFND-107 Manufacture of chemicals and 7,028 4.75% TREPS & Other Money Market chemical products Securities Investments in Housing Finance 4,338 2.93% TREPS - 03.04.2020 198,496 35.80% Companies TREPS & Other Money Market 198,496 35.80% Manufacture of other non-metallic 3,943 2.67% Securities Total mineral products Infrastructure Related Activities Civil engineering 3,031 2.05% 8.56% REC - 29.11.2028 8,769 1.58% Manufacture of other transport 1,429 0.97% equipment 8.30% NTPC - 15.01.2029 8,662 1.56% Net Current Assets 1,336 0.90% 7.32% NTPC - 17.07.2029 7,135 1.29% Mfg of pharmaceuticals, medicinal 1,239 0.84% 8.23% IRFC - 29.03.2029 6,440 1.16% chemical & botanical products 7.85% PFC - 03.04.2028 6,252 1.13% Manufacture of food products 1,089 0.74% 10.08% IOT Utkal Energy Services 5,745 1.04% Limited - 20.03.2023
184 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-010-27/06/03- ULIF-010-27/06/03- GRTBALFND-107 GRTBALFND-107 10.08% IOT Utkal Energy Services 5,318 0.96% State Government Securities and Limited - 20.03.2024 Other Approved Securities 10.08% IOT Utkal Energy Services 4,811 0.87% 8.24% NABARD - 22.03.2029 12,981 2.34% Limited - 20.03.2026 8.54% REC - 15.11.2028 12,048 2.17% 8.30% IRFC - 25.03.2029 4,311 0.78% 8.70% REC - 28.09.2028 11,061 2.00% 10.08% IOT Utkal Energy Services 4,300 0.78% 8.22% NABARD - 13.12.2028 6,510 1.17% Limited - 20.03.2025 7.25% TN SDL -31.03.2027 3,382 0.61% 8.05% NTPC - 05.05.2026 4,270 0.77% 7.65% RJ SDL - 29.11.2027 3,369 0.61% 8.65% PFC - 28.12.2024 3,260 0.59% 7.35% MP SDL - 31.03.2029 2,876 0.52% 10.08% IOT Utkal Energy Services 2,991 0.54% Limited - 20.03.2027 8.50% NABARD - 27.02.2029 2,193 0.40% 10.08% IOT Utkal Energy Services 2,416 0.44% 7.10% PFC - 11.01.2027 2,005 0.36% Limited - 20.03.2022 7.20% MH SDL -09.08.2027 1,722 0.31% 8.93% PGC - 20.10.2026 2,241 0.40% 9.18% PN SDL - 09.11.2021 1,687 0.30% 8.67% PFC - 18.11.2028 2,193 0.40% 7.62% KA SDL - 01.11.2027 1,680 0.30% 8.57% REC - 21.12.2024 2,173 0.39% 7.26% HR SDL 28.06.2027 1,622 0.29% 8.40% IRFC - 08.01.2029 2,166 0.39% 6.97% KA SDL - 26.02.2028 1,322 0.24% 8.35% IRFC - 13.03.2029 2,160 0.39% 9.35% IIFCL - 17.11.23 1,106 0.20% 7.95% IRFC - 12.06.2029 2,116 0.38% 8.65% NABARD - 08.06.2028 1,101 0.20% 7.85% IRFC - 01.07.2034 2,115 0.38% 8.42% NABARD - 13.02.2029 1,092 0.20% 7.70% REC - 10.12.2027 2,072 0.37% 8.12% NHPC - 22.03.2029 1,079 0.19% 7.83% IRFC - 21.03.2027 2,070 0.37% 8.09% REC - 21.03.2028 1,066 0.19% 7.49% IRFC - 30.05.2027 2,045 0.37% 8.06% REC - 27.03.2028 1,054 0.19% 8.64% PGC - 08.07.2025 1,380 0.25% 8.30% Fertilizer Co GOI - 07.12.23 1,034 0.19% 8.64% PGCIL - 08.07.2020 1,258 0.23% 7.60% PFC - 20.02.2027 1,029 0.19% 9.09% IRFC - 29.03.2026 1,128 0.20% 9.72% PN SDL - 28.08.2023 921 0.17% 9.34% REC - 25.08.2024 1,109 0.20% 9.39% GJ SDL - 20.11.2023 844 0.15% 8.63% REC - 25.08.2028 1,094 0.20% 9.51% MAH SDL - 11.09.2023 597 0.11% 8.54% NHPC - 26.11.2028 1,088 0.20% 9.69% PN SDL - 12.02.2024 553 0.10% 8.13% PGC - 25.04.2029 1,059 0.19% 7.04% RJ SDL - 04.03.2030 520 0.09% 7.63% PFC - 14.08.2026 1,050 0.19% 7.04% MP SDL - 04.03.2030 519 0.09% 7.55% IRFC - 12.04.2030 1,030 0.19% 8.72% TN SDL -19.09.2026 501 0.09% Infrastructure Related Activities 106,227 19.16% 8.98% PN SDL - 14.10.2021 465 0.08% Total 9.50% MAH SDL - 18.12.2023 452 0.08% 6.65% Fertilizer Co GOI - 29.01.23 449 0.08%
185 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-010-27/06/03- ULIF-010-27/06/03- GRTBALFND-107 GRTBALFND-107 8.58% GJ SDL - 23.01.2023 417 0.08% 8.21% TN SDL - 24.06.2025 97 0.02% 8.44% RJ SDL - 27.06.2028 408 0.07% 8.42% MP SDL - 08.08.2028 90 0.02% 9.29% PN SDL - 09.10.2023 401 0.07% 8.58% GJ SDL - 31.10.2028 88 0.02% 7.04% GJ SDL - 07.08.2026 370 0.07% 8.49% RJ SDL - 21.08.2028 76 0.01% 9.35% MH SDL - 30.01.2024 370 0.07% 8.56% MH SDL -11.07.2028 70 0.01% 8.32% KA SDL - 06.02.2029 361 0.07% 8.62% HR SDL 03.09.2028 55 0.01% 8.52% KA SDL - 28.11.2028 343 0.06% 8.30% KA SDL - 20.02.2029 39 0.01% 7.54% KA SDL - 22.11.2027 335 0.06% 7.39% MH SDL - 09.11.2026 36 0.01% 7.59% KA SDL - 29.03.2027 335 0.06% 8.84% PN SDL - 11.06.2024 35 0.01% 9.87% PN SDL - 14.08.2023 315 0.06% 9.65% TN SDL - 12.03.2024 31 0.01% 8.27% TN SDL - 13.01.2026 314 0.06% 8.25% MH SDL - 10.06.2025 31 0.01% 8.26% MH SDL -02.01.2029 299 0.05% 8.00% KA SDL - 17.01.2028 27 0.00% 9.39% MAH SDL - 20.11.2023 296 0.05% 7.33% MH SDL -13.09.2027 22 0.00% 8.38% TN SDL - 27.01.2026 293 0.05% 8.03% FCI SPL Bonds - 15.12.24 17 0.00% 8.90% TN SDL - 20.09.2022 284 0.05% 8.20% OMC GOI -15.09.24 13 0.00% 7.20% GJ SDL - 14.06.2027 265 0.05% 7.00% GOI Fertilizer Bond - 10.12.22 10 0.00% 7.95% GOI Fertilizer Bond - 18.02.26 216 0.04% 8.05% GJ SDL - 31.01.2028 7 0.00% 8.43% RJ SDL - 08.08.2028 213 0.04% State Government Securities and 87,498 15.78% Other Approved Securities Total 8.37% MP SDL - 05.12.2028 203 0.04% Financial and insurance activities 8.63% RJ SDL - 03.09.2028 202 0.04% Mahindra and Mahindra Financial 7,014 1.27% 8.28% TN SDL -21.02.2028 189 0.03% Services Ltd Floater - 13.07 9.37% GJ SDL - 04.12.2023 160 0.03% 8.25% EXIM- 23.06.2031 5,401 0.97% 8.29% TN SDL - 29.07.2025 155 0.03% 7.35% Bajaj Finance Ltd - 10.11.2022 4,823 0.87% 8.62% MAH SDL - 20.02.2023 141 0.03% 7.09% HDB Financial services Ltd - 4,763 0.86% 8.28% MH SDL - 29.07.2025 138 0.02% 17.04.2023 7.65% TN SDL -06.12.2027 136 0.02% 8.12% EXIM- 25.04.2031 4,325 0.78% 8.05% TN SDL -18.04.2028 123 0.02% 8.35% Sundaram Finance - 31.05.2021 3,960 0.71% 8.34% PN SDL - 30.05.2028 119 0.02% 8.5383% Bajaj Finance Ltd - 3,944 0.71% 8.54% RJ SDL - 04.07.2028 110 0.02% 07.06.2022 8.29% HR SDL 14.03.2028 108 0.02% 8.11% EXIM- 11.07.2031 3,291 0.59% 8.57% RJ SDL - 11.07.2028 100 0.02% 8.83% EXIM- 09.01.2023 2,136 0.39% 8.28% RJ SDL - 14.03.2028 98 0.02% 7.62% Bajaj Finance Ltd - 15.06.2020 2,002 0.36% 7.59% GJ SDL - 15.02.2027 97 0.02% 8.75% KMPL - 28.09.2021 1,983 0.36%
186 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-010-27/06/03- ULIF-010-27/06/03- GRTBALFND-107 GRTBALFND-107 9.10% Shriram Transport Finance Co 1,972 0.36% 9.25% LIC Housing Finance - 1,062 0.19% Ltd 12.07.2021 12.11.2022 7.50% Sundaram Finance - 07.11.2022 1,931 0.35% 9.30% LIC Housing Finance - 1,059 0.19% 14.09.2022 7.10% Bajaj Finance Ltd - 10.02.2023 1,912 0.34% 8.50% LIC Housing Finance - 1,059 0.19% 8.02% EXIM- 20.04.2026 1,066 0.19% 29.08.2025 9.14% EXIM- 01.08.2022 1,064 0.19% 8.47% LIC Housing Finance - 1,052 0.19% 8.89% IDFC Bank - 02.12.20 1,011 0.18% 15.06.2026 P 15.07.19 7.02% EXIM- 25.11.2031 1,007 0.18% 9.90% HDFC - 11.11.2021 1,047 0.19% 8.65% Mahindra and Mahindra Fin 992 0.18% Investments in Housing Finance 55,451 10.00% Services Ltd - 19.03.21 Companies Total 7.30% KMPL - 14.10.2020 990 0.18% Central Government Securities 36,873 6.65% 7.15% HDFC Bank FD NSE - 919 0.17% Infrastructure - Long Term Bonds 10,260 1.85% 05.08.2020 -BFSI 7.00% HDFC Bank FD NSE - 616 0.11% Net Current Assets 2,463 0.44% 21.08.2020 Grand Total 554,390 100.00% Financial and insurance activities 57,122 10.30% Total Industry Kotak Pension % of Investments in Housing Finance Balanced Fund Total Companies Funds ULIF-011-27/06/03- 9.05% HDFC - 16.10.2028 13,246 2.39% PNBALFND-107 8.55% HDFC - 27.03.2029 10,816 1.95% TREPS & Other Money Market 7.50% HDFC - 08.01.2025 5,183 0.93% Securities 7.35% HDFC - 10.02.2025 5,056 0.91% TREPS - 03.04.2020 166,996 34.42% 9.39% LIC Housing Finance - 3,279 0.59% TREPS & Other Money Market 166,996 34.42% 23.08.2024 - P - 26.08.15 Securities Total 6.99% HDFC - 13.02.2023 2,998 0.54% Infrastructure Related Activities 9.24% LIC Housing Finance - 2,178 0.39% 8.56% REC - 29.11.2028 8,769 1.81% 30.09.2024 8.30% NTPC - 15.01.2029 7,580 1.56% 9.19% LIC Housing Finance - 2,141 0.39% 8.23% IRFC - 29.03.2029 4,293 0.88% 06.06.2023 P - 06.02.20 10.08% IOT Utkal Energy Services 4,186 0.86% 7.83% LIC Housing Finance - 2,052 0.37% Limited - 20.03.2025 25.09.2026 P 26.11.2020 7.85% PFC - 03.04.2028 4,168 0.86% 9.47% LIC Housing Finance - 1,096 0.20% 23.08.2024 10.08% IOT Utkal Energy Services 3,566 0.74% Limited - 20.03.2027 8.52% LIC Housing Finance - 1,064 0.19% 03.03.2025 8.67% PFC - 18.11.2028 3,290 0.68% 8.40% HDFC - 23.01.2025 1,063 0.19% 8.57% REC - 21.12.2024 3,259 0.67%
187 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-011-27/06/03- ULIF-011-27/06/03- PNBALFND-107 PNBALFND-107 8.30% IRFC - 25.03.2029 3,233 0.67% 8.13% PGC - 25.04.2028 1,054 0.22% 8.05% NTPC - 05.05.2026 3,203 0.66% 7.95% REC - 12.03.2027 1,044 0.22% 7.63% PFC - 14.08.2026 3,150 0.65% 8.20% PGC - 23.01.2022 1,032 0.21% 9.34% REC - 25.08.2024 2,218 0.46% 8.20% IRFC - 27.04.2020 1,002 0.21% 8.65% PFC - 28.12.2024 2,174 0.45% 10.08% IOT Utkal Energy Services 867 0.18% Limited - 20.03.2023 8.35% IRFC - 13.03.2029 2,160 0.45% 10.08% IOT Utkal Energy Services 573 0.12% 8.13% PGC - 25.04.2029 2,117 0.44% Limited - 20.03.2026 7.95% IRFC - 12.06.2029 2,116 0.44% 8.54% NHPC - 26.11.2028 544 0.11% 7.70% REC - 10.12.2027 2,072 0.43% Infrastructure Related Activities 97,435 20.08% 7.83% IRFC - 21.03.2027 2,070 0.43% Total 7.49% IRFC - 30.05.2027 2,045 0.42% State Government Securities and 10.08% IOT Utkal Energy Services 1,884 0.39% Other Approved Securities Limited - 20.03.2024 8.70% REC - 28.09.2028 11,061 2.28% 10.08% IOT Utkal Energy Services 1,681 0.35% 8.54% REC - 15.11.2028 10,953 2.26% Limited - 20.03.2022 8.22% NABARD - 13.12.2028 5,425 1.12% 8.64% PGC - 08.07.2025 1,380 0.28% 8.24% NABARD - 22.03.2029 5,409 1.11% 8.85% PGC - 19.10.2025 1,373 0.28% 7.25% TN SDL -31.03.2027 4,328 0.89% 8.85% PGC - 19.10.2024 1,370 0.28% 7.10% PFC - 11.01.2027 4,010 0.83% 8.85% PGC - 19.10.2023 1,357 0.28% 7.35% MP SDL - 31.03.2029 3,680 0.76% 8.64% PGCIL - 08.07.2020 1,258 0.26% 9.35% IIFCL - 17.11.23 2,212 0.46% 9.35% PGC - 29.08.2026 1,140 0.23% 8.65% NABARD - 08.06.2028 2,202 0.45% 9.33% IRFC - 10.05.2026 1,136 0.23% 8.15% NABARD - 28.03.2029 2,152 0.44% 9.35% PGC - 29.08.2025 1,122 0.23% 7.62% KA SDL - 01.11.2027 1,946 0.40% 8.93% PGC - 20.10.2026 1,120 0.23% 7.26% HR SDL 28.06.2027 1,878 0.39% 8.78% NHPC - 11.02.2026 1,108 0.23% 7.20% MH SDL -09.08.2027 1,850 0.38% 8.78% NHPC - 11.02.2025 1,099 0.23% 8.30% Fertilizer Co GOI - 07.12.23 1,465 0.30% 8.55% IRFC - 21.02.2029 1,096 0.23% 9.51% MAH SDL - 11.09.2023 1,223 0.25% 8.63% REC - 25.08.2028 1,094 0.23% 8.20% OMC GOI Special Bond - 1,199 0.25% 8.40% IRFC - 08.01.2029 1,083 0.22% 12.02.24 8.48% PFC - 09.12.2024 1,078 0.22% 9.50% MAH SDL - 18.12.2023 1,142 0.24% 8.40% PGC - 27.05.2029 1,076 0.22% 8.50% NABARD - 27.02.2029 1,096 0.23% 8.90% PFC - 18.03.2023 1,071 0.22% 8.42% NABARD - 13.02.2029 1,092 0.23% 9.02% REC - 19.11.2022 1,067 0.22% 8.09% REC - 21.03.2028 1,066 0.22% 7.85% IRFC - 01.07.2034 1,057 0.22% 8.06% REC - 27.03.2028 1,054 0.22%
188 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-011-27/06/03- ULIF-011-27/06/03- PNBALFND-107 PNBALFND-107 7.60% PFC - 20.02.2027 1,029 0.21% 8.38% TN SDL - 27.01.2026 191 0.04% 9.69% PN SDL - 12.02.2024 972 0.20% 8.58% GJ SDL - 23.01.2023 183 0.04% 9.29% PN SDL - 09.10.2023 888 0.18% 8.28% RJ SDL - 14.03.2028 177 0.04% 7.65% RJ SDL - 29.11.2027 791 0.16% 8.54% RJ SDL - 04.07.2028 162 0.03% 9.35% MH SDL - 30.01.2024 739 0.15% 8.57% RJ SDL - 11.07.2028 147 0.03% 9.87% PN SDL - 14.08.2023 683 0.14% 8.34% PN SDL - 30.05.2028 139 0.03% 9.39% MAH SDL - 20.11.2023 669 0.14% 8.56% MH SDL -11.07.2028 118 0.02% 8.72% TN SDL -19.09.2026 634 0.13% 8.49% RJ SDL - 21.08.2028 107 0.02% 8.44% RJ SDL - 27.06.2028 608 0.13% 9.18% PN SDL - 09.11.2021 105 0.02% 6.65% Fertilizer Co GOI - 29.01.23 534 0.11% 8.42% MP SDL - 08.08.2028 103 0.02% 7.59% KA SDL - 29.03.2027 388 0.08% 8.84% PN SDL - 11.06.2024 99 0.02% 7.54% KA SDL - 22.11.2027 387 0.08% 8.37% MP SDL - 05.12.2028 93 0.02% 8.32% KA SDL - 06.02.2029 372 0.08% 7.39% MH SDL - 09.11.2026 89 0.02% 8.28% TN SDL -21.02.2028 358 0.07% 8.58% GJ SDL - 31.10.2028 79 0.02% 7.04% GJ SDL - 07.08.2026 357 0.07% 9.39% GJ SDL - 20.11.2023 76 0.02% 7.95% GOI Fertilizer Bond - 18.02.26 351 0.07% 8.25% MH SDL - 10.06.2025 66 0.01% 9.72% PN SDL - 28.08.2023 343 0.07% 9.65% TN SDL - 12.03.2024 64 0.01% 8.29% TN SDL - 29.07.2025 338 0.07% 8.00% KA SDL - 17.01.2028 53 0.01% 8.62% MAH SDL - 20.02.2023 315 0.06% 8.20% OMC GOI -15.09.24 33 0.01% 9.37% GJ SDL - 04.12.2023 309 0.06% 8.62% HR SDL 03.09.2028 32 0.01% 8.43% RJ SDL - 08.08.2028 301 0.06% 8.03% FCI SPL Bonds - 15.12.24 32 0.01% 7.20% GJ SDL - 14.06.2027 299 0.06% 8.30% KA SDL - 20.02.2029 31 0.01% 8.52% KA SDL - 28.11.2028 298 0.06% 7.00% GOI Fertilizer Bond - 10.12.22 27 0.01% 8.28% MH SDL - 29.07.2025 292 0.06% 7.33% MH SDL -13.09.2027 26 0.01% 8.26% MH SDL -02.01.2029 284 0.06% 8.05% GJ SDL - 31.01.2028 16 0.00% 8.05% TN SDL -18.04.2028 267 0.06% State Government Securities and 83,086 17.13% Other Approved Securities Total 8.63% RJ SDL - 03.09.2028 263 0.05% Investments in Housing Finance 8.98% PN SDL - 14.10.2021 256 0.05% Companies 8.27% TN SDL - 13.01.2026 235 0.05% 8.55% HDFC - 27.03.2029 10,816 2.23% 8.21% TN SDL - 24.06.2025 215 0.04% 9.05% HDFC - 16.10.2028 5,519 1.14% 7.65% TN SDL -06.12.2027 214 0.04% 9.39% LIC Housing Finance - 4,372 0.90% 8.90% TN SDL - 20.09.2022 209 0.04% 23.08.2024 - P - 26.08.15 8.29% HR SDL 14.03.2028 197 0.04%
189 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Balanced Fund Total Balanced Fund Total Funds Funds ULIF-011-27/06/03- ULGF-003-27/06/03- PNBALFND-107 BALFND-107 9.19% LIC Housing Finance - 3,212 0.66% Financial and insurance activities 06.06.2023 P - 06.02.20 ICICI Bank Ltd 244,477 2.64% 9.25% LIC Housing Finance - 3,185 0.66% HDFC Bank Ltd 159,196 1.72% 12.11.2022 Axis Bank Ltd 117,954 1.27% 7.83% LIC Housing Finance - 3,078 0.63% 25.09.2026 P 26.11.2020 7.35% Bajaj Finance Ltd - 10.11.2022 117,676 1.27% 7.35% HDFC - 10.02.2025 3,034 0.63% Bajaj Finance Ltd 84,823 0.92% 6.99% HDFC - 13.02.2023 2,998 0.62% State Bank of India 72,657 0.78% 9.30% LIC Housing Finance - 2,119 0.44% 7.09% HDB Financial services Ltd - 65,731 0.71% 14.09.2022 17.04.2023 8.47% LIC Housing Finance - 2,105 0.43% 8.25% EXIM- 23.06.2031 62,646 0.68% 15.06.2026 P 15.07.19 Mahindra and Mahindra Financial 58,118 0.63% 9.47% LIC Housing Finance - 1,096 0.23% Services Ltd Floater - 13.07 23.08.2024 8.5383% Bajaj Finance Ltd - 51,268 0.55% 9.24% LIC Housing Finance - 1,089 0.22% 07.06.2022 30.09.2024 HDFC Standard Life Insurance 46,756 0.50% 8.50% LIC Housing Finance - 1,085 0.22% Company Ltd 04.06.2025 Max Financial Services Ltd 44,899 0.48% 8.55% LIC Housing Finance - 1,077 0.22% ICICI Lombard General Insurance 40,622 0.44% 14.08.2025 Company Ltd 8.52% LIC Housing Finance - 1,064 0.22% 7.50% Sundaram Finance - 07.11.2022 35,729 0.39% 03.03.2025 Housing Development Finance Corp. 35,074 0.38% 8.40% HDFC - 23.01.2025 1,063 0.22% Ltd 9.23% LIC Housing Finance - 1,063 0.22% 8.11% EXIM- 11.07.2031 30,718 0.33% 13.12.2022 7.10% Bajaj Finance Ltd - 10.02.2023 30,596 0.33% 8.50% LIC Housing Finance - 1,059 0.22% SBI Life Insurance Company Ltd 28,766 0.31% 29.08.2025 Sundaram Fin CP - 28.01.21 24,671 0.27% 9.90% HDFC - 11.11.2021 1,047 0.22% Mahindra & Mahindra Financial 24,061 0.26% Investments in Housing Finance 50,081 10.32% Services Ltd Companies Total 9.05% SBH Perpetual Bond Call- 22,179 0.24% Financial and insurance activities 46,665 9.62% 20.09.2020 Central Government Securities 24,324 5.01% 8.75% KMPL - 28.09.2021 18,834 0.20% Infrastructure - Long Term Bonds 12,519 2.58% AU Small Finance Bank Ltd 16,415 0.18% -BFSI 7.62% Bajaj Finance Ltd - 15.06.2020 16,015 0.17% Net Current Assets 4,043 0.83% Cholamandalam Financial Holdings Ltd 15,208 0.16% Grand Total 485,149 100.00% 9.10% Shriram Transport Finance Co 14,793 0.16% Ltd 12.07.2021
190 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Balanced Fund Total Balanced Fund Total Funds Funds ULGF-003-27/06/03- ULGF-003-27/06/03- BALFND-107 BALFND-107 8.12% EXIM- 25.04.2031 14,057 0.15% 8.65% PFC - 28.12.2024 53,251 0.57% 8.65% Mahindra and Mahindra Fin 11,907 0.13% Petronet L N G Ltd 41,103 0.44% Services Ltd - 19.03.21 8.05% NTPC - 05.05.2026 40,568 0.44% 8.02% EXIM- 20.04.2026 8,531 0.09% 8.30% IRFC - 25.03.2029 32,331 0.35% 7.02% EXIM- 25.11.2031 8,058 0.09% 10.08% IOT Utkal Energy Services 25,908 0.28% 7.30% KMPL - 14.10.2020 7,921 0.09% Limited - 20.03.2023 8.83% EXIM- 09.01.2023 7,476 0.08% 8.13% PGC - 25.04.2020 25,029 0.27% 9.38% EXIM Bank - 29.09.2021 5,226 0.06% 7.95% IRFC - 12.06.2029 24,333 0.26% 8.87% EXIM- 30.10.2029 4,416 0.05% 7.85% IRFC - 01.07.2034 21,149 0.23% 7.9886% Bajaj Finance Ltd - 4,006 0.04% 7.34% PGC - 15.07.2034 20,719 0.22% 25.05.2020 8.67% PFC - 18.11.2028 19,738 0.21% 8.15% EXIM- 05.03.2025 3,219 0.03% 9.30% PGC - 28.06.2027 16,861 0.18% 8.15% EXIM- 21.01.2030 3,206 0.03% 8.64% PGC - 08.07.2025 16,555 0.18% 9.14% EXIM- 01.08.2022 3,193 0.03% 7.49% IRFC - 30.05.2027 16,359 0.18% 8.80% EXIM- 15.03.2023 2,143 0.02% 8.35% IRFC - 13.03.2029 16,197 0.17% 9.15% EXIM- 05.09.2022 2,133 0.02% 8.57% REC - 21.12.2024 15,208 0.16% 7.15% HDFC Bank FD NSE - 1,389 0.01% 8.40% IRFC - 08.01.2029 15,162 0.16% 05.08.2020 7.63% PFC - 14.08.2026 14,701 0.16% 8.94% EXIM- 31.12.2022 1,069 0.01% 8.93% PGC - 20.10.2026 14,565 0.16% 8.88% EXIM- 18.10.2022 1,063 0.01% 7.83% IRFC - 21.03.2027 14,490 0.16% 9.30% EXIM- 11.05.2022 1,062 0.01% 9.34% REC - 25.08.2024 14,417 0.16% 7.62% EXIM- 01.09.2026 1,054 0.01% 8.55% IRFC - 21.02.2029 14,243 0.15% 9.00% EXIM- 07.02.2022 1,045 0.01% 10.08% IOT Utkal Energy Services 13,012 0.14% 8.89% IDFC Bank - 02.12.20 1,011 0.01% Limited - 20.03.2025 7.00% HDFC Bank FD NSE - 937 0.01% 8.84% PGC - 21.10.2021 12,999 0.14% 21.08.2020 10.08% IOT Utkal Energy Services 12,852 0.14% Financial and insurance activities 1,574,004 16.98% Limited - 20.03.2024 Total 10.08% IOT Utkal Energy Services 12,605 0.14% Infrastructure Related Activities Limited - 20.03.2022 Bharti Airtel Ltd 191,311 2.06% 7.70% REC - 10.12.2027 11,395 0.12% 8.56% REC - 29.11.2028 112,907 1.22% 10.08% IOT Utkal Energy Services 10,310 0.11% 7.32% NTPC - 17.07.2029 106,001 1.14% Limited - 20.03.2026 8.30% NTPC - 15.01.2029 87,706 0.95% 7.55% IRFC - 12.04.2030 9,273 0.10% 7.85% PFC - 03.04.2028 60,436 0.65% 9.09% IRFC - 31.03.2026 7,896 0.09% 8.23% IRFC - 29.03.2029 57,957 0.63% 8.80% PGC - 29.09.2020 7,598 0.08%
191 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Balanced Fund Total Balanced Fund Total Funds Funds ULGF-003-27/06/03- ULGF-003-27/06/03- BALFND-107 BALFND-107 9.09% IRFC - 29.03.2026 6,768 0.07% 8.85% PGC - 19.10.2026 1,395 0.02% 9.18% PFC - 15.04.2021 5,158 0.06% 9.30% PGC - 28.06.2024 1,384 0.01% 8.80% REC - 29.11.2020 5,087 0.05% 9.25% PGC - 26.12.2023 1,369 0.01% Gujarat Gas Ltd 4,631 0.05% 8.85% PGC - 19.10.2021 1,300 0.01% 9.35% PGC - 29.08.2028 4,528 0.05% 8.64% PGCIL - 08.07.2020 1,258 0.01% 8.93% PGC - 20.10.2028 4,421 0.05% 9.46% PFC - 01.08.2026 1,137 0.01% 8.63% REC - 25.08.2028 4,374 0.05% 9.33% IRFC - 10.05.2026 1,136 0.01% 8.10% NTPC - 27.05.2026 4,300 0.05% 8.94% PFC - 25.03.2028 1,102 0.01% 7.95% REC - 12.03.2027 4,177 0.05% 8.40% NPC - 28.11.2026 1,087 0.01% 7.89% PGC - 09.03.2027 4,174 0.05% 8.40% PGC - 27.05.2029 1,076 0.01% 7.36% PGC - 18.10.2026 4,138 0.04% 8.13% PGC - 25.04.2031 1,075 0.01% 8.85% PGC - 19.10.2025 4,119 0.04% 8.13% PGC - 25.04.2026 1,075 0.01% 7.33% IRFC - 28.08.2027 4,048 0.04% 8.30% REC - 10.04.2025 1,074 0.01% 9.35% PGC - 29.08.2026 3,419 0.04% 8.13% PGC - 25.04.2025 1,074 0.01% 9.35% PGC - 29.08.2025 3,365 0.04% 8.90% PFC - 18.03.2023 1,071 0.01% 10.08% IOT Utkal Energy Services 3,336 0.04% 9.02% REC - 19.11.2022 1,067 0.01% Limited - 20.03.2027 8.93% PGC - 20.10.2022 1,065 0.01% 8.78% NHPC - 11.02.2026 3,325 0.04% 8.13% PGC - 25.04.2028 1,054 0.01% 8.54% NPC - 15.03.2023 3,194 0.03% 8.20% PGC - 23.01.2022 1,032 0.01% 8.13% PGC - 25.04.2023 3,167 0.03% 7.09% REC - 17.10.2022 1,025 0.01% 7.93% PGC - 20.05.2027 3,126 0.03% 8.99% PFC - 15.01.2021 1,022 0.01% 7.54% REC - 30.12.2026 3,045 0.03% 8.78% PFC - 15.11.2020 1,016 0.01% 8.85% PGC - 19.10.2024 2,741 0.03% 8.20% IRFC - 27.04.2020 1,002 0.01% 8.85% PGC - 19.10.2023 2,714 0.03% Infrastructure Related Activities 1,325,300 14.30% 8.48% PFC - 09.12.2024 2,155 0.02% Total 8.27% REC - 06.02.2025 2,151 0.02% State Government Securities and Other Approved Securities 8.82% REC - 12.04.2023 2,144 0.02% 8.70% REC - 28.09.2028 199,105 2.15% 8.13% PGC - 25.04.2029 2,117 0.02% 8.24% NABARD - 22.03.2029 120,074 1.30% 9.75% REC - 11.11.2021. 2,109 0.02% 8.54% REC - 15.11.2028 115,004 1.24% 9.48% REC - 10.08.2021 2,084 0.02% 8.22% NABARD - 13.12.2028 61,841 0.67% 9.20% PFC - 07.07.2021 2,071 0.02% 6.97% KA SDL - 26.02.2028 57,269 0.62% 7.37% NTPC - 14.12.2031 2,043 0.02% 8.15% GOI FCI Bonds - 16.10.22 51,763 0.56% 9.35% PGC - 29.08.2020 2,026 0.02% 7.65% RJ SDL - 29.11.2027 43,156 0.47% 8.36% REC - 22.09.2020 2,004 0.02%
192 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Balanced Fund Total Balanced Fund Total Funds Funds ULGF-003-27/06/03- ULGF-003-27/06/03- BALFND-107 BALFND-107 8.50% NABARD - 27.02.2029 25,215 0.27% 8.29% NABARD - 24.01.2029 3,249 0.04% 7.04% RJ SDL - 04.03.2030 22,513 0.24% 8.90% KA SDL - 19.12.2022 3,231 0.03% 7.04% MP SDL - 04.03.2030 22,483 0.24% 8.20% NABARD - 09.03.2028 3,226 0.03% 7.62% KA SDL - 01.11.2027 21,534 0.23% 8.01% REC - 24.03.2028 3,127 0.03% 7.26% HR SDL 28.06.2027 20,781 0.22% 8.26% MH SDL -02.01.2029 3,044 0.03% 8.30% Fertilizer Co GOI - 07.12.23 16,626 0.18% 8.32% KA SDL - 06.02.2029 2,770 0.03% 7.20% MH SDL -09.08.2027 12,612 0.14% 8.52% KA SDL - 28.11.2028 2,562 0.03% 9.18% PN SDL - 09.11.2021 11,232 0.12% 8.07% GJ SDL - 11.02.2025 2,535 0.03% 8.65% NABARD - 08.06.2028 9,908 0.11% 9.72% PN SDL - 28.08.2023 2,523 0.03% 8.20% OMC GOI -15.09.24 9,845 0.11% 8.44% RJ SDL - 27.06.2028 2,336 0.03% 8.42% NABARD - 13.02.2029 9,826 0.11% 8.55% RJ SPL SDL - 18.10.2021 2,079 0.02% 8.06% REC - 27.03.2028 9,485 0.10% 7.20% GJ SDL - 14.06.2027 1,954 0.02% 8.24% PGC - 14.02.2029 8,686 0.09% 8.44% MAH SDL - 26.11.2024 1,621 0.02% 6.65% Fertilizer Co GOI - 29.01.23 8,300 0.09% 8.37% MP SDL - 05.12.2028 1,507 0.02% 8.80% REC - 22.01.2029 7,676 0.08% 9.50% MAH SDL - 18.12.2023 1,495 0.02% 9.25% RJ SDL - 09.10.2023 7,640 0.08% 9.69% PN SDL - 12.02.2024 1,447 0.02% 9.29% PN SDL - 09.10.2023 7,244 0.08% 8.34% PN SDL - 30.05.2028 1,414 0.02% 9.37% MAH SDL - 04.12.2023 6,709 0.07% 8.43% RJ SDL - 08.08.2028 1,393 0.02% 8.12% NHPC - 22.03.2029 6,475 0.07% 8.58% GJ SDL - 31.10.2028 1,382 0.01% 8.09% REC - 21.03.2028 6,395 0.07% 8.63% RJ SDL - 03.09.2028 1,377 0.01% 7.60% PFC - 20.02.2027 6,175 0.07% 7.95% GOI Fertilizer Bond - 18.02.26 1,331 0.01% 8.38% TN SDL - 27.01.2026 5,823 0.06% 9.39% MAH SDL - 20.11.2023 1,248 0.01% 9.23% GJ SDL - 23.11.2021 5,281 0.06% 9.51% MAH SDL - 11.09.2023 1,185 0.01% 8.40% GJ SDL - 24.11.2020 5,111 0.06% 8.28% TN SDL -21.02.2028 1,102 0.01% 8.39% TN SDL -24.11.2020 5,110 0.06% 8.27% TN SDL - 13.01.2026 1,083 0.01% 7.10% PFC - 11.01.2027 5,012 0.05% 9.39% GJ SDL - 20.11.2023 917 0.01% 7.59% KA SDL - 29.03.2027 4,291 0.05% 9.04% KA SDL - 10.09.2024 879 0.01% 7.54% KA SDL - 22.11.2027 4,288 0.05% 7.65% TN SDL -06.12.2027 825 0.01% 7.59% GJ SDL - 15.02.2027 4,175 0.05% 8.05% TN SDL -18.04.2028 804 0.01% 8.53% TN SDL - 27.10.2020 3,571 0.04% 8.54% RJ SDL - 04.07.2028 704 0.01% 8.72% TN SDL -19.09.2026 3,447 0.04% 8.29% TN SDL - 29.07.2025 660 0.01% 8.84% PN SDL - 11.06.2024 3,332 0.04% 9.65% TN SDL - 12.03.2024 657 0.01% 8.56% NABARD - 14.11.2028 3,299 0.04% 8.42% MP SDL - 08.08.2028 651 0.01%
193 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Balanced Fund Total Balanced Fund Total Funds Funds ULGF-003-27/06/03- ULGF-003-27/06/03- BALFND-107 BALFND-107 8.29% HR SDL 14.03.2028 637 0.01% Investments in Housing Finance 533,583 5.76% Companies 8.57% RJ SDL - 11.07.2028 629 0.01% Computer programming, 490,607 5.29% 8.28% RJ SDL - 14.03.2028 574 0.01% consultancy and related activities 8.49% RJ SDL - 21.08.2028 511 0.01% Others - Exchange Traded Funds 476,071 5.14% 8.21% TN SDL - 24.06.2025 455 0.00% Manufacture of coke and refined 466,787 5.04% 9.35% MH SDL - 30.01.2024 448 0.00% petroleum products 8.56% MH SDL -11.07.2028 441 0.00% Manufacture of other non-metallic 205,375 2.22% mineral products 8.62% HR SDL 03.09.2028 437 0.00% Civil engineering 174,807 1.89% 8.58% GJ SDL - 23.01.2023 416 0.00% Infrastructure - Long Term Bonds 152,843 1.65% 8.98% PN SDL - 14.10.2021 406 0.00% -BFSI 8.30% KA SDL - 20.02.2029 392 0.00% Manufacture of motor vehicles, 88,951 0.96% 9.87% PN SDL - 14.08.2023 298 0.00% trailers and semi-trailers 8.28% MH SDL - 29.07.2025 293 0.00% Net Current Assets 88,421 0.95% 8.03% FCI SPL Bonds - 15.12.24 293 0.00% Manufacture of food products 81,233 0.88% 9.37% GJ SDL - 04.12.2023 242 0.00% Manufacture of other transport 74,092 0.80% equipment 8.90% TN SDL - 20.09.2022 228 0.00% Mfg of pharmaceuticals, medicinal 69,546 0.75% 8.20% OMC GOI Special Bond - 205 0.00% chemical & botanical products 12.02.24 Other manufacturing 43,069 0.46% 7.33% MH SDL -13.09.2027 164 0.00% Manufacture of rubber and plastics 42,554 0.46% 8.00% KA SDL - 17.01.2028 152 0.00% products 8.62% MAH SDL - 20.02.2023 141 0.00% Land transport and transport via 29,586 0.32% 7.39% MH SDL - 09.11.2026 117 0.00% pipelines 8.25% MH SDL - 10.06.2025 64 0.00% Construction of buildings 28,679 0.31% 8.05% GJ SDL - 31.01.2028 41 0.00% Manufacture of basic metals 27,482 0.30% 7.00% GOI Fertilizer Bond - 10.12.22 35 0.00% Air transport 12,060 0.13% State Government Securities and 1,022,249 11.03% Activities of head offices; 11,475 0.12% Other Approved Securities Total management consultancy activities TREPS & Other Money Market Accommodation 10,923 0.12% Securities Human health activities 10,068 0.11% TREPS - 03.04.2020 998,478 10.77% Manufacture of wearing apparel 5,140 0.06% TREPS & Other Money Market 998,478 10.77% Retail trade, except of motor 4,889 0.05% Securities Total vehicles and motorcycles Manufacture of chemicals and 620,189 6.69% Broadcasting and programming 165 0.00% chemical products activities Central Government Securities 599,727 6.47% Grand Total 9,268,353 100.00%
194 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Industry Balanced Fund % of Total Total ULIF-037-21/12/09- ULIF-037-21/12/09- Funds Funds BALKFND-107 BALKFND-107 Financial and insurance activities Cholamandalam Financial Holdings Ltd 2,926 0.18% ICICI Bank Ltd 44,232 2.70% AU Small Finance Bank Ltd 2,743 0.17% HDFC Bank Ltd 28,450 1.74% 8.65% Mahindra and Mahindra Fin 1,985 0.12% Services Ltd - 19.03.21 7.35% Bajaj Finance Ltd - 10.11.2022 25,078 1.53% 8.87% EXIM- 30.10.2029 1,104 0.07% Axis Bank Ltd 19,908 1.22% 8.15% EXIM- 05.03.2025 1,073 0.07% Bajaj Finance Ltd 15,500 0.95% 8.15% EXIM- 21.01.2030 1,069 0.07% State Bank of India 13,098 0.80% 8.83% EXIM- 09.01.2023 1,068 0.07% 7.09% HDB Financial services Ltd - 12,384 0.76% 17.04.2023 8.02% EXIM- 20.04.2026 1,066 0.07% Mahindra and Mahindra Financial 10,020 0.61% 8.89% IDFC Bank - 02.12.20 1,011 0.06% Services Ltd Floater - 13.07 7.02% EXIM- 25.11.2031 1,007 0.06% 8.5383% Bajaj Finance Ltd - 9,859 0.60% 7.9886% Bajaj Finance Ltd - 1,002 0.06% 07.06.2022 25.05.2020 Max Financial Services Ltd 9,006 0.55% 7.30% KMPL - 14.10.2020 990 0.06% 8.25% EXIM- 23.06.2031 8,641 0.53% 7.15% HDFC Bank FD NSE - 2 0.00% HDFC Standard Life Insurance 8,054 0.49% 05.08.2020 Company Ltd 7.00% HDFC Bank FD NSE - 1 0.00% 8.12% EXIM- 25.04.2031 7,569 0.46% 21.08.2020 ICICI Lombard General Insurance 7,157 0.44% Financial and insurance activities 279,619 17.09% Company Ltd Total 7.10% Bajaj Finance Ltd - 10.02.2023 5,737 0.35% Infrastructure Related Activities 8.11% EXIM- 11.07.2031 5,485 0.34% Bharti Airtel Ltd 34,036 2.08% Housing Development Finance Corp. 5,458 0.33% 7.32% NTPC - 17.07.2029 18,346 1.12% Ltd 8.56% REC - 29.11.2028 16,443 1.01% SBI Life Insurance Company Ltd 5,197 0.32% 8.30% NTPC - 15.01.2029 15,159 0.93% 7.50% Sundaram Finance - 07.11.2022 4,828 0.30% 8.23% IRFC - 29.03.2029 10,733 0.66% Mahindra & Mahindra Financial 4,015 0.25% 7.85% PFC - 03.04.2028 10,420 0.64% Services Ltd 7.34% PGC - 15.07.2034 10,359 0.63% 8.35% Sundaram Finance - 31.05.2021 3,960 0.24% Petronet L N G Ltd 7,263 0.44% 7.62% Bajaj Finance Ltd - 15.06.2020 3,003 0.18% 8.65% PFC - 28.12.2024 6,521 0.40% 8.75% KMPL - 28.09.2021 2,974 0.18% 8.30% IRFC - 25.03.2029 6,466 0.40% 9.10% Shriram Transport Finance Co 2,959 0.18% Ltd 12.07.2021 8.05% NTPC - 05.05.2026 6,405 0.39%
195 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Industry Balanced Fund % of Total Total ULIF-037-21/12/09- ULIF-037-21/12/09- Funds Funds BALKFND-107 BALKFND-107 10.08% IOT Utkal Energy Services 5,205 0.32% 8.82% REC - 12.04.2023 1,072 0.07% Limited - 20.03.2025 8.13% PGC - 25.04.2029 1,059 0.06% 7.95% IRFC - 12.06.2029 4,232 0.26% 7.89% PGC - 09.03.2027 1,044 0.06% 10.08% IOT Utkal Energy Services 4,124 0.25% 7.36% PGC - 18.10.2026 1,035 0.06% Limited - 20.03.2026 8.80% REC - 29.11.2020 1,017 0.06% 10.08% IOT Utkal Energy Services 3,796 0.23% Limited - 20.03.2027 7.33% IRFC - 28.08.2027 1,012 0.06% 8.67% PFC - 18.11.2028 3,290 0.20% Gujarat Gas Ltd 860 0.05% 8.55% IRFC - 21.02.2029 3,287 0.20% 10.08% IOT Utkal Energy Services 665 0.04% Limited - 20.03.2024 8.57% REC - 21.12.2024 3,259 0.20% 10.08% IOT Utkal Energy Services 650 0.04% 8.40% IRFC - 08.01.2029 3,249 0.20% Limited - 20.03.2023 7.49% IRFC - 30.05.2027 3,067 0.19% 10.08% IOT Utkal Energy Services 525 0.03% 8.64% PGC - 08.07.2025 2,759 0.17% Limited - 20.03.2022 8.93% PGC - 20.10.2026 2,241 0.14% Infrastructure Related Activities 221,474 13.54% Total 9.34% REC - 25.08.2024 2,218 0.14% State Government Securities and 8.35% IRFC - 13.03.2029 2,160 0.13% Other Approved Securities 7.85% IRFC - 01.07.2034 2,115 0.13% 8.24% NABARD - 22.03.2029 38,943 2.38% 9.75% REC - 11.11.2021. 2,109 0.13% 8.15% GOI FCI Bonds - 16.10.22 26,383 1.61% 7.63% PFC - 14.08.2026 2,100 0.13% 8.70% REC - 28.09.2028 25,441 1.56% 7.70% REC - 10.12.2027 2,072 0.13% 8.54% REC - 15.11.2028 19,715 1.21% 7.83% IRFC - 21.03.2027 2,070 0.13% 8.22% NABARD - 13.12.2028 10,849 0.66% 7.55% IRFC - 12.04.2030 2,061 0.13% 7.65% RJ SDL - 29.11.2027 9,928 0.61% 9.30% PGC - 28.06.2024 1,384 0.08% 6.97% KA SDL - 26.02.2028 8,689 0.53% 8.85% PGC - 19.10.2025 1,373 0.08% 7.62% KA SDL - 01.11.2027 4,954 0.30% 9.35% PGC - 29.08.2026 1,140 0.07% 7.26% HR SDL 28.06.2027 4,780 0.29% 9.35% PGC - 29.08.2028 1,132 0.07% 8.50% NABARD - 27.02.2029 4,385 0.27% 9.09% IRFC - 29.03.2026 1,128 0.07% 7.20% MH SDL -09.08.2027 4,121 0.25% 9.09% IRFC - 31.03.2026 1,128 0.07% 7.04% RJ SDL - 04.03.2030 3,416 0.21% 9.35% PGC - 29.08.2025 1,122 0.07% 7.04% MP SDL - 04.03.2030 3,411 0.21% 8.78% NHPC - 11.02.2026 1,108 0.07% 9.25% RJ SDL - 09.10.2023 2,729 0.17% 8.93% PGC - 20.10.2028 1,105 0.07% 8.80% REC - 22.01.2029 2,193 0.13% 8.63% REC - 25.08.2028 1,094 0.07% 8.24% PGC - 14.02.2029 2,171 0.13% 8.80% PFC - 15.01.2025 1,093 0.07% 8.12% NHPC - 22.03.2029 2,158 0.13% 8.54% NHPC - 26.11.2028 1,088 0.07% 8.65% NABARD - 08.06.2028 1,101 0.07% 8.10% NTPC - 27.05.2026 1,075 0.07%
196 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Industry Balanced Fund % of Total Total ULIF-037-21/12/09- ULIF-037-21/12/09- Funds Funds BALKFND-107 BALKFND-107 8.42% NABARD - 13.02.2029 1,092 0.07% 8.38% TN SDL - 27.01.2026 140 0.01% 8.29% NABARD - 24.01.2029 1,083 0.07% 8.54% RJ SDL - 04.07.2028 127 0.01% 8.20% NABARD - 09.03.2028 1,075 0.07% 9.69% PN SDL - 12.02.2024 120 0.01% 8.09% REC - 21.03.2028 1,066 0.07% 8.84% PN SDL - 11.06.2024 115 0.01% 8.30% Fertilizer Co GOI - 07.12.23 1,066 0.07% 8.42% MP SDL - 08.08.2028 115 0.01% 8.06% REC - 27.03.2028 1,054 0.06% 8.57% RJ SDL - 11.07.2028 114 0.01% 8.01% REC - 24.03.2028 1,042 0.06% 8.29% TN SDL - 29.07.2025 108 0.01% 7.60% PFC - 20.02.2027 1,029 0.06% 8.29% HR SDL 14.03.2028 106 0.01% 7.10% PFC - 11.01.2027 1,002 0.06% 8.03% FCI SPL Bonds - 15.12.24 98 0.01% 7.59% KA SDL - 29.03.2027 988 0.06% 8.28% RJ SDL - 14.03.2028 96 0.01% 7.54% KA SDL - 22.11.2027 987 0.06% 8.49% RJ SDL - 21.08.2028 90 0.01% 8.34% PN SDL - 30.05.2028 902 0.06% 8.56% MH SDL -11.07.2028 79 0.00% 7.59% GJ SDL - 15.02.2027 634 0.04% 9.39% GJ SDL - 20.11.2023 78 0.00% 7.04% GJ SDL - 07.08.2026 612 0.04% 8.21% TN SDL - 24.06.2025 71 0.00% 8.72% TN SDL -19.09.2026 605 0.04% 8.30% KA SDL - 20.02.2029 68 0.00% 6.65% Fertilizer Co GOI - 29.01.23 564 0.03% 8.62% HR SDL 03.09.2028 68 0.00% 8.52% KA SDL - 28.11.2028 537 0.03% 9.72% PN SDL - 28.08.2023 57 0.00% 8.26% MH SDL -02.01.2029 532 0.03% 9.37% MAH SDL - 04.12.2023 53 0.00% 8.32% KA SDL - 06.02.2029 496 0.03% 9.35% MH SDL - 30.01.2024 42 0.00% 8.44% RJ SDL - 27.06.2028 460 0.03% 8.28% MH SDL - 29.07.2025 40 0.00% 8.37% MP SDL - 05.12.2028 361 0.02% 8.20% OMC GOI -15.09.24 38 0.00% 7.20% GJ SDL - 14.06.2027 344 0.02% 7.33% MH SDL -13.09.2027 28 0.00% 9.29% PN SDL - 09.10.2023 295 0.02% 8.58% GJ SDL - 23.01.2023 27 0.00% 8.43% RJ SDL - 08.08.2028 248 0.02% 8.00% KA SDL - 17.01.2028 25 0.00% 8.63% RJ SDL - 03.09.2028 242 0.01% 9.37% GJ SDL - 04.12.2023 25 0.00% 7.95% GOI Fertilizer Bond - 18.02.26 231 0.01% 9.87% PN SDL - 14.08.2023 20 0.00% 9.50% MAH SDL - 18.12.2023 220 0.01% 7.39% MH SDL - 09.11.2026 18 0.00% 9.39% MAH SDL - 20.11.2023 210 0.01% 8.62% MAH SDL - 20.02.2023 10 0.00% 8.58% GJ SDL - 31.10.2028 205 0.01% 8.68% TN SDL - 26.05.2021 10 0.00% 8.28% TN SDL -21.02.2028 179 0.01% 8.90% TN SDL - 20.09.2022 10 0.00% 8.27% TN SDL - 13.01.2026 166 0.01% 8.25% MH SDL - 10.06.2025 9 0.00% 7.65% TN SDL -06.12.2027 147 0.01% 8.98% PN SDL - 14.10.2021 6 0.00% 9.51% MAH SDL - 11.09.2023 145 0.01% 8.05% GJ SDL - 31.01.2028 6 0.00% 8.05% TN SDL -18.04.2028 143 0.01% 7.00% GOI Fertilizer Bond - 10.12.22 5 0.00%
197 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Industry Balanced Fund % of Total Total ULIF-037-21/12/09- ULIF-037-21/12/09- Funds Funds BALKFND-107 BALKFND-107 9.65% TN SDL - 12.03.2024 3 0.00% Activities of head offices; 1,931 0.12% management consultancy activities State Government Securities and 197,354 12.06% Other Approved Securities Total Human health activities 1,759 0.11% Central Government Securities 128,631 7.86% Manufacture of wearing apparel 1,001 0.06% TREPS & Other Money Market 121,497 7.43% Retail trade, except of motor 877 0.05% Securities vehicles and motorcycles Manufacture of chemicals and 112,990 6.91% Broadcasting and programming 12 0.00% chemical products activities Computer programming, 89,141 5.45% Grand Total 1,636,027 100.00% consultancy and related activities
Investments in Housing Finance 87,730 5.36% Industry Pension Balanced % of Companies Fund II Total Funds Manufacture of coke and refined 82,556 5.05% ULIF-046-24/01/10- petroleum products PNBALFND2-107 Others - Exchange Traded Funds 81,060 4.95% Central Government Securities Net Current Assets 43,428 2.65% 7.88% GOI - 19.03.2030 2,205 10.34% Manufacture of other non-metallic 37,947 2.32% 8.20% GOI - 15.02.22 740 3.47% mineral products 1.44% INFLATION INDEX GS 2023 341 1.60% Civil engineering 32,268 1.97% 8.15% GOI - 24.11.2026 30 0.14% Infrastructure - Long Term Bonds 23,616 1.44% 7.40% GOI 2035 - 09.09.35 16 0.08% -BFSI 6.83% GOI - 19.01.39 10 0.05% Manufacture of motor vehicles, 16,445 1.01% trailers and semi-trailers 8.83% GOI - 12.12.2041 9 0.04% Manufacture of food products 13,864 0.85% 8.30% GOI 2040 ZCG - 02.01.2021 6 0.03% Manufacture of other transport 13,674 0.84% 8.30% GOI 2040 ZCG - 02.01.2022 6 0.03% equipment 8.30% GOI 2040 ZCG - 02.07.2021 6 0.03% Mfg of pharmaceuticals, medicinal 12,255 0.75% 8.30% GOI 2040 ZCG - 02.07.2020 6 0.03% chemical & botanical products 8.30% GOI 2040 ZCG - 02.01.2023 5 0.02% Other manufacturing 8,217 0.50% 8.30% GOI 2040 ZCG - 02.07.2022 5 0.02% Manufacture of rubber and plastics 7,579 0.46% products 8.30% GOI 2040 ZCG - 02.01.2025 5 0.02% Land transport and transport via 5,399 0.33% 8.30% GOI 2040 ZCG - 02.07.2023 5 0.02% pipelines 8.30% GOI 2040 ZCG - 02.07.2024 5 0.02% Manufacture of basic metals 4,976 0.30% 8.30% GOI 2040 ZCG - 02.01.2024 5 0.02% Construction of buildings 4,657 0.28% 8.30% GOI 2040 ZCG - 02.01.2027 4 0.02% Air transport 2,109 0.13% 8.30% GOI 2040 ZCG - 02.07.2026 4 0.02% Accommodation 1,961 0.12% 8.30% GOI 2040 ZCG - 02.07.2025 4 0.02% 8.30% GOI 2040 ZCG - 02.01.2028 4 0.02%
198 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Pension Balanced % of Fund II Total Fund II Total Funds Funds ULIF-046-24/01/10- ULIF-046-24/01/10- PNBALFND2-107 PNBALFND2-107 8.30% GOI 2040 ZCG - 02.07.2027 4 0.02% HDFC Standard Life Insurance 139 0.65% Company Ltd 9.23% GOI - 23.12.2043 4 0.02% Bajaj Finance Ltd 137 0.64% 8.30% GOI 2040 ZCG - 02.01.2026 4 0.02% Max Financial Services Ltd 135 0.63% 7.80% GOI - 03.05.2020 3 0.01% SBI Life Insurance Company Ltd 105 0.49% 7.06% GOI - 10.10.2046 2 0.01% AU Small Finance Bank Ltd 64 0.30% 8.97% GOI - 05.12.2030 2 0.01% Mahindra & Mahindra Financial 23 0.11% 8.32% GOI - 02.08.2032 1 0.00% Services Ltd 8.24% GOI - 15.02.27 1 0.00% 7.15% HDFC Bank FD NSE - 5 0.02% 8.28% GOI - 21.09.2027 1 0.00% 05.08.2020 Central Government Securities Total 3,443 16.14% 7.00% HDFC Bank FD NSE - 4 0.02% 21.08.2020 Infrastructure Related Activities Financial and insurance activities 2,587 12.13% 8.56% REC - 29.11.2028 1,096 5.14% Total Bharti Airtel Ltd 522 2.45% State Government Securities and 2,116 9.92% 10.08% IOT Utkal Energy Services 229 1.07% Other Approved Securities Limited - 20.03.2026 Computer programming, 1,637 7.68% 10.08% IOT Utkal Energy Services 226 1.06% consultancy and related activities Limited - 20.03.2025 TREPS & Other Money Market 1,500 7.03% 10.08% IOT Utkal Energy Services 222 1.04% Securities Limited - 20.03.2024 Others - Exchange Traded Funds 1,500 7.03% Petronet L N G Ltd 129 0.60% Manufacture of coke and refined 1,427 6.69% 10.08% IOT Utkal Energy Services 115 0.54% petroleum products Limited - 20.03.2027 Manufacture of other non-metallic 739 3.47% 10.08% IOT Utkal Energy Services 108 0.51% mineral products Limited - 20.03.2023 Net Current Assets 736 3.45% 10.08% IOT Utkal Energy Services 105 0.49% Manufacture of chemicals and 579 2.71% Limited - 20.03.2022 chemical products Infrastructure Related Activities 2,752 12.90% Civil engineering 535 2.51% Total Manufacture of other transport 247 1.16% Financial and insurance activities equipment ICICI Bank Ltd 751 3.52% Manufacture of food products 246 1.15% HDFC Bank Ltd 654 3.07% Manufacture of motor vehicles, 239 1.12% State Bank of India 222 1.04% trailers and semi-trailers Axis Bank Ltd 204 0.96% Other manufacturing 174 0.82% ICICI Lombard General Insurance 144 0.68% Mfg of pharmaceuticals, medicinal 137 0.64% Company Ltd chemical & botanical products
199 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Dynamic % of Fund II Total Growth Fund Total Funds Funds ULIF-046-24/01/10- ULIF-012-27/06/03- PNBALFND2-107 DYGWTFND-107 Manufacture of basic metals 127 0.60% HDFC Bank Ltd 11,513 2.59% Air transport 118 0.55% Axis Bank Ltd 8,334 1.88% Construction of buildings 104 0.49% Bajaj Finance Ltd 5,918 1.33% Manufacture of rubber and plastics 99 0.46% State Bank of India 5,366 1.21% products ICICI Lombard General Insurance 3,325 0.75% Land transport and transport via 95 0.45% Company Ltd pipelines HDFC Standard Life Insurance 2,482 0.56% Manufacture of tobacco products 79 0.37% Company Ltd Activities of head offices; 58 0.27% SBI Life Insurance Company Ltd 2,406 0.54% management consultancy activities Max Financial Services Ltd 2,103 0.47% Accommodation 33 0.15% Housing Development Finance Corp. 1,792 0.40% Retail trade, except of motor 15 0.07% Ltd vehicles and motorcycles Mahindra & Mahindra Financial 1,626 0.37% Broadcasting and programming 4 0.02% Services Ltd activities AU Small Finance Bank Ltd 1,522 0.34% Grand Total 21,326 100.00% Cholamandalam Financial Holdings Ltd 1,203 0.27% 7.15% HDFC Bank FD NSE - 1,129 0.25% Industry Kotak Dynamic % of 05.08.2020 Growth Fund Total Funds 7.00% HDFC Bank FD NSE - 743 0.17% ULIF-012-27/06/03- 21.08.2020 DYGWTFND-107 Financial and insurance activities 67,345 15.16% Central Government Securities Total 8.24% GOI - 10.11.2033 37,176 8.37% Manufacture of chemicals and 6.84% GOI - 19.12.2022 18,731 4.22% chemical products 8.17% GOI - 01.12.2044 6,351 1.43% Hindustan Unilever Ltd 11,791 2.65% 8.30% GOI - 02.07.2040 4,661 1.05% Asian Paints Ltd 8,524 1.92% 7.72% GOI - 26.10.2055 4,365 0.98% Coromandel International Ltd 6,084 1.37% 8.30% GOI - 31.12.2042 3,516 0.79% S R F Ltd 5,586 1.26% 8.83% GOI - 12.12.2041 2,948 0.66% P I Industries Ltd 5,083 1.14% 8.97% GOI - 05.12.2030 583 0.13% Dabur India Ltd 4,813 1.08% 8.13% GOI - 22.06.2045 580 0.13% Colgate Palmolive India Ltd 3,285 0.74% 8.33% GOI - 07.06.36 76 0.02% Emami Ltd 1,871 0.42% 7.69% GOI - 17.06.2043 48 0.01% Manufacture of chemicals and 47,037 10.59% chemical products Total Central Government Securities Total 79,035 17.79% Computer programming, 36,827 8.29% Financial and insurance activities consultancy and related activities ICICI Bank Ltd 17,883 4.03%
200 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Growth Fund Total Growth Fund Total Funds Funds ULIF-012-27/06/03- ULIF-013-27/06/03- DYGWTFND-107 GRTGWTFND-107 Others - Exchange Traded Funds 35,795 8.06% Net Current Assets 2,035,129 41.07% State Government Securities and 35,206 7.92% State Government Securities and Other Approved Securities Other Approved Securities Manufacture of coke and refined 33,392 7.52% 8.12% NHPC - 22.03.2029 171,591 3.46% petroleum products 8.24% NABARD - 22.03.2029 146,036 2.95% Infrastructure Related Activities 29,451 6.63% 8.70% REC - 28.09.2028 106,189 2.14% Manufacture of other non-metallic 16,856 3.79% 8.54% REC - 15.11.2028 84,336 1.70% mineral products 8.22% NABARD - 13.12.2028 42,312 0.85% Civil engineering 13,301 2.99% 7.65% RJ SDL - 29.11.2027 28,277 0.57% TREPS & Other Money Market 8,500 1.91% Securities 7.25% TN SDL -31.03.2027 25,843 0.52% Manufacture of motor vehicles, 6,735 1.52% 7.35% MP SDL - 31.03.2029 21,979 0.44% trailers and semi-trailers 6.97% KA SDL - 26.02.2028 19,385 0.39% Mfg of pharmaceuticals, medicinal 4,793 1.08% 7.62% KA SDL - 01.11.2027 14,109 0.28% chemical & botanical products 7.26% HR SDL 28.06.2027 13,617 0.27% Manufacture of other transport 4,749 1.07% 7.20% MH SDL -09.08.2027 13,587 0.27% equipment 7.10% PFC - 11.01.2027 13,032 0.26% Manufacture of food products 4,591 1.03% 9.35% IIFCL - 17.11.23 8,849 0.18% Manufacture of rubber and plastics 3,606 0.81% products 9.72% PN SDL - 28.08.2023 8,664 0.17% Other manufacturing 3,268 0.74% 8.15% NABARD - 28.03.2029 8,608 0.17% Construction of buildings 3,120 0.70% 8.65% NABARD - 08.06.2028 7,706 0.16% Land transport and transport via 2,363 0.53% 8.50% NABARD - 27.02.2029 7,674 0.15% pipelines 7.04% RJ SDL - 04.03.2030 7,621 0.15% Net Current Assets 2,115 0.48% 7.04% MP SDL - 04.03.2030 7,610 0.15% Manufacture of basic metals 1,529 0.34% 8.80% REC - 22.01.2029 6,579 0.13% Activities of head offices; 1,443 0.32% 8.42% NABARD - 13.02.2029 6,551 0.13% management consultancy activities 8.24% PGC - 14.02.2029 6,514 0.13% Air transport 835 0.19% 9.63% MH SDL - 12.02.2024 5,453 0.11% Accommodation 811 0.18% 8.30% Fertilizer Co GOI - 07.12.23 5,344 0.11% Human health activities 702 0.16% 8.09% REC - 21.03.2028 5,329 0.11% Manufacture of wearing apparel 407 0.09% 8.06% REC - 27.03.2028 5,269 0.11% Retail trade, except of motor 406 0.09% vehicles and motorcycles 9.51% MAH SDL - 11.09.2023 5,250 0.11% Broadcasting and programming 63 0.01% 7.60% PFC - 20.02.2027 5,146 0.10% activities 9.50% MAH SDL - 18.12.2023 4,372 0.09% Grand Total 444,281 100.00% 9.35% MH SDL - 30.01.2024 3,327 0.07%
201 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Growth Fund Total Growth Fund Total Funds Funds ULIF-013-27/06/03- ULIF-013-27/06/03- GRTGWTFND-107 GRTGWTFND-107 8.14% TN SDL - 27.05.2025 3,292 0.07% 8.98% PN SDL - 14.10.2021 1,246 0.03% 8.29% NABARD - 24.01.2029 3,249 0.07% 8.28% MH SDL - 29.07.2025 1,239 0.03% 8.20% NABARD - 09.03.2028 3,226 0.07% 8.29% TN SDL - 29.07.2025 1,233 0.02% 9.29% PN SDL - 09.10.2023 3,195 0.06% 8.63% RJ SDL - 03.09.2028 1,215 0.02% 8.01% REC - 24.03.2028 3,127 0.06% 8.37% MP SDL - 05.12.2028 1,177 0.02% 9.87% PN SDL - 14.08.2023 2,966 0.06% 8.20% OMC GOI Special Bond - 1,064 0.02% 12.02.24 8.72% TN SDL -19.09.2026 2,964 0.06% 8.10% IIFCL - 08.04.24 1,059 0.02% 8.27% TN SDL - 13.01.2026 2,947 0.06% 8.58% GJ SDL - 31.10.2028 942 0.02% 7.59% KA SDL - 29.03.2027 2,812 0.06% 7.65% TN SDL -06.12.2027 810 0.02% 7.54% KA SDL - 22.11.2027 2,809 0.06% 8.21% TN SDL - 24.06.2025 778 0.02% 9.17% PN SDL - 11.04.2022 2,808 0.06% 8.05% TN SDL -18.04.2028 737 0.01% 7.04% GJ SDL - 07.08.2026 2,675 0.05% 8.29% HR SDL 14.03.2028 727 0.01% 6.65% Fertilizer Co GOI - 29.01.23 2,610 0.05% 8.34% PN SDL - 30.05.2028 686 0.01% 8.44% RJ SDL - 27.06.2028 2,489 0.05% 8.54% RJ SDL - 04.07.2028 667 0.01% 9.39% MAH SDL - 20.11.2023 2,420 0.05% 8.28% RJ SDL - 14.03.2028 656 0.01% 9.39% GJ SDL - 20.11.2023 2,289 0.05% 8.57% RJ SDL - 11.07.2028 601 0.01% 8.56% NABARD - 14.11.2028 2,200 0.04% 8.42% MP SDL - 08.08.2028 518 0.01% 8.32% KA SDL - 06.02.2029 2,162 0.04% 8.49% RJ SDL - 21.08.2028 459 0.01% 8.52% KA SDL - 28.11.2028 2,085 0.04% 8.56% MH SDL -11.07.2028 420 0.01% 8.26% MH SDL -02.01.2029 2,068 0.04% 7.39% MH SDL - 09.11.2026 347 0.01% 8.90% TN SDL - 20.09.2022 1,993 0.04% 8.62% HR SDL 03.09.2028 320 0.01% 8.68% TN SDL - 26.05.2021 1,826 0.04% 8.25% MH SDL - 10.06.2025 282 0.01% 8.58% GJ SDL - 23.01.2023 1,808 0.04% 8.30% KA SDL - 20.02.2029 270 0.01% 8.38% TN SDL - 27.01.2026 1,762 0.04% 8.84% PN SDL - 11.06.2024 233 0.00% 7.20% GJ SDL - 14.06.2027 1,527 0.03% 9.65% TN SDL - 12.03.2024 205 0.00% 8.94% GJ SDL - 07.03.2022 1,484 0.03% 8.00% KA SDL - 17.01.2028 200 0.00% 9.69% PN SDL - 12.02.2024 1,450 0.03% 9.18% PN SDL - 09.11.2021 180 0.00% 7.59% GJ SDL - 15.02.2027 1,413 0.03% 7.33% MH SDL -13.09.2027 130 0.00% 7.95% GOI Fertilizer Bond - 18.02.26 1,382 0.03% 8.20% OMC GOI -15.09.24 127 0.00% 9.37% GJ SDL - 04.12.2023 1,340 0.03% 8.03% FCI SPL Bonds - 15.12.24 117 0.00% 8.62% MAH SDL - 20.02.2023 1,339 0.03% 7.00% GOI Fertilizer Bond - 10.12.22 104 0.00% 8.28% TN SDL -21.02.2028 1,302 0.03% 8.05% GJ SDL - 31.01.2028 55 0.00% 8.43% RJ SDL - 08.08.2028 1,271 0.03%
202 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Growth Fund Total Growth Fund Total Funds Funds ULIF-013-27/06/03- ULIF-013-27/06/03- GRTGWTFND-107 GRTGWTFND-107 State Government Securities and 909,253 18.35% 10.08% IOT Utkal Energy Services 7,217 0.15% Other Approved Securities Total Limited - 20.03.2026 Infrastructure Related Activities 10.08% IOT Utkal Energy Services 6,426 0.13% Limited - 20.03.2024 8.56% REC - 29.11.2028 69,060 1.39% 8.13% PGC - 25.04.2029 6,352 0.13% 7.32% NTPC - 17.07.2029 68,289 1.38% 7.55% IRFC - 12.04.2030 6,182 0.12% 8.30% NTPC - 15.01.2029 59,553 1.20% 9.09% IRFC - 29.03.2026 5,640 0.11% 8.23% IRFC - 29.03.2029 41,857 0.84% 9.09% IRFC - 31.03.2026 5,640 0.11% 7.85% PFC - 03.04.2028 38,554 0.78% 8.85% PGC - 19.10.2025 5,492 0.11% 8.05% NTPC - 05.05.2026 30,960 0.62% 8.85% PGC - 19.10.2024 5,482 0.11% 8.65% PFC - 28.12.2024 28,256 0.57% 8.40% IRFC - 08.01.2029 5,415 0.11% 8.30% IRFC - 25.03.2029 23,710 0.48% 9.30% PGC - 28.06.2021 5,186 0.10% 10.08% IOT Utkal Energy Services 22,516 0.45% Limited - 20.03.2025 7.09% REC - 17.10.2022 5,123 0.10% 7.95% IRFC - 12.06.2029 16,927 0.34% 8.99% PFC - 15.01.2021 5,112 0.10% 9.30% PGC - 28.06.2027 16,861 0.34% 9.33% IRFC - 10.05.2026 4,544 0.09% 10.08% IOT Utkal Energy Services 14,496 0.29% 8.78% NHPC - 11.02.2025 4,397 0.09% Limited - 20.03.2022 8.48% PFC - 09.12.2024 4,310 0.09% 8.67% PFC - 18.11.2028 14,255 0.29% 7.95% REC - 12.03.2027 4,177 0.08% 8.64% PGC - 08.07.2025 13,796 0.28% 7.89% PGC - 09.03.2027 4,174 0.08% 8.35% IRFC - 13.03.2029 12,957 0.26% 9.48% REC - 10.08.2021 4,168 0.08% 7.85% IRFC - 01.07.2034 12,689 0.26% 8.85% PGC - 19.10.2023 4,070 0.08% 10.08% IOT Utkal Energy Services 12,575 0.25% 8.85% PGC - 19.10.2021 3,899 0.08% Limited - 20.03.2023 9.35% PGC - 29.08.2026 3,419 0.07% 7.49% IRFC - 30.05.2027 12,269 0.25% 9.35% PGC - 29.08.2028 3,396 0.07% 8.55% IRFC - 21.02.2029 12,052 0.24% 9.35% PGC - 29.08.2025 3,365 0.07% 7.63% PFC - 14.08.2026 11,551 0.23% 8.78% NHPC - 11.02.2026 3,325 0.07% 8.57% REC - 21.12.2024 10,863 0.22% 8.93% PGC - 20.10.2028 3,316 0.07% 7.34% PGC - 15.07.2034 10,359 0.21% 8.63% REC - 25.08.2028 3,281 0.07% 7.83% IRFC - 21.03.2027 10,350 0.21% 8.10% NTPC - 27.05.2026 3,225 0.07% 8.93% PGC - 20.10.2026 10,083 0.20% 9.02% REC - 19.11.2022 3,202 0.06% 7.70% REC - 10.12.2027 9,323 0.19% 8.13% PGC - 25.04.2023 3,167 0.06% 9.34% REC - 25.08.2024 8,872 0.18% 7.36% PGC - 18.10.2026 3,104 0.06% 10.08% IOT Utkal Energy Services 7,707 0.16% Limited - 20.03.2027 8.20% PGC - 23.01.2022 3,095 0.06% 7.33% IRFC - 28.08.2027 3,036 0.06%
203 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Guaranteed % of Growth Fund Total Growth Fund Total Funds Funds ULIF-013-27/06/03- ULIF-013-27/06/03- GRTGWTFND-107 GRTGWTFND-107 8.20% IRFC - 27.04.2020 3,005 0.06% Investments in Housing Finance 377,111 7.61% Companies 9.64% PGC - 31.05.2026 2,875 0.06% Central Government Securities 314,106 6.34% 9.30% PGC - 28.06.2025 2,814 0.06% Infrastructure - Long Term Bonds 114,656 2.31% 9.30% PGC - 28.06.2024 2,767 0.06% -BFSI 9.30% PGC - 28.06.2022 2,666 0.05% Manufacture of basic metals 2,127 0.04% 8.64% PGCIL - 08.07.2020 2,515 0.05% Manufacture of other non-metallic 0 0.00% 9.64% PGC - 31.05.2020 2,514 0.05% mineral products 8.27% REC - 06.02.2025 2,151 0.04% Grand Total 4,954,684 100.00% 8.90% PFC - 18.03.2023 2,141 0.04% 9.75% REC - 11.11.2021. 2,109 0.04% Industry Kotak Pension % of Growth Fund Total 8.13% PGC - 25.04.2028 2,108 0.04% Funds ULIF-030-07/01/09- 7.37% NTPC - 14.12.2031 2,043 0.04% PNGWTFND-107 7.54% REC - 30.12.2026 2,030 0.04% Net Current Assets 16,379 63.39% 9.35% PGC - 29.08.2020 2,026 0.04% Central Government Securities 8.36% REC - 22.09.2020 2,004 0.04% 1.44% INFLATION INDEX GS 2023 1,836 7.11% 8.85% PGC - 19.10.2026 1,395 0.03% 8.15% GOI - 24.11.2026 156 0.60% 8.85% PGC - 19.10.2027 1,369 0.03% 8.13% GOI - 22.06.2045 121 0.47% 8.85% PGC - 19.10.2020 1,269 0.03% 7.40% GOI 2035 - 09.09.35 68 0.26% 9.46% PFC - 01.08.2026 1,137 0.02% 6.83% GOI - 19.01.39 54 0.21% 8.94% PFC - 25.03.2028 1,102 0.02% 8.30% GOI 2040 ZCG - 02.07.2020 40 0.15% 8.70% PFC- 14.05.2025 1,095 0.02% 8.30% GOI 2040 ZCG - 02.01.2021 39 0.15% 8.40% NPC - 28.11.2026 1,087 0.02% 8.30% GOI 2040 ZCG - 02.07.2021 38 0.15% 8.40% PGC - 27.05.2029 1,076 0.02% 8.83% GOI - 12.12.2041 37 0.14% 8.13% PGC - 25.04.2026 1,075 0.02% 8.30% GOI 2040 ZCG - 02.01.2022 37 0.14% 8.13% PGC - 25.04.2031 1,075 0.02% 8.30% GOI 2040 ZCG - 02.07.2022 36 0.14% 8.13% PGC - 25.04.2025 1,074 0.02% 8.30% GOI 2040 ZCG - 02.01.2023 35 0.14% 8.30% REC - 10.04.2025 1,074 0.02% 8.30% GOI 2040 ZCG - 02.07.2023 34 0.13% 8.82% REC - 12.04.2023 1,072 0.02% 8.30% GOI 2040 ZCG - 02.01.2024 33 0.13% 8.93% PGC - 20.10.2022 1,065 0.02% 8.30% GOI 2040 ZCG - 02.07.2024 32 0.12% 8.93% PGC - 20.10.2021 1,041 0.02% 8.30% GOI 2040 ZCG - 02.01.2025 31 0.12% 9.61% PFC - 29.06.2021 1,040 0.02% 8.30% GOI 2040 ZCG - 02.07.2025 30 0.12% Infrastructure Related Activities 796,491 16.08% 8.30% GOI 2040 ZCG - 02.01.2026 28 0.11% Total 8.30% GOI 2040 ZCG - 02.07.2026 27 0.10% Financial and insurance activities 405,811 8.19%
204 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Growth Fund Total Growth Fund Total Funds Funds ULIF-030-07/01/09- ULIF-030-07/01/09- PNGWTFND-107 PNGWTFND-107 8.30% GOI 2040 ZCG - 02.01.2027 26 0.10% 7.95% GOI Fertilizer Bond - 18.02.26 45 0.17% 8.30% GOI 2040 ZCG - 02.07.2027 25 0.10% 8.43% RJ SDL - 08.08.2028 45 0.17% 8.30% GOI 2040 ZCG - 02.01.2028 24 0.09% 8.37% MP SDL - 05.12.2028 43 0.17% 9.23% GOI - 23.12.2043 19 0.07% 8.63% RJ SDL - 03.09.2028 43 0.17% 8.97% GOI - 05.12.2030 15 0.06% 9.87% PN SDL - 14.08.2023 42 0.16% 7.80% GOI - 03.05.2020 12 0.05% 8.28% TN SDL -21.02.2028 41 0.16% 7.06% GOI - 10.10.2046 10 0.04% 8.90% TN SDL - 20.09.2022 39 0.15% 8.28% GOI - 21.09.2027 9 0.03% 8.58% GJ SDL - 31.10.2028 34 0.13% 8.32% GOI - 02.08.2032 9 0.03% 9.18% PN SDL - 09.11.2021 29 0.11% 8.24% GOI - 15.02.27 7 0.03% 7.65% TN SDL -06.12.2027 29 0.11% Central Government Securities Total 2,868 11.10% 8.29% TN SDL - 29.07.2025 28 0.11% State Government Securities and 7.04% GJ SDL - 07.08.2026 26 0.10% Other Approved Securities 8.34% PN SDL - 30.05.2028 25 0.10% 8.30% Fertilizer Co GOI - 07.12.23 207 0.80% 8.05% TN SDL -18.04.2028 25 0.10% 9.72% PN SDL - 28.08.2023 153 0.59% 8.29% HR SDL 14.03.2028 24 0.09% 9.39% GJ SDL - 20.11.2023 135 0.52% 8.62% MAH SDL - 20.02.2023 23 0.09% 8.98% PN SDL - 14.10.2021 126 0.49% 8.54% RJ SDL - 04.07.2028 23 0.09% 8.72% TN SDL -19.09.2026 107 0.41% 9.37% GJ SDL - 04.12.2023 22 0.09% 9.69% PN SDL - 12.02.2024 99 0.38% 8.28% RJ SDL - 14.03.2028 21 0.08% 6.65% Fertilizer Co GOI - 29.01.23 96 0.37% 8.57% RJ SDL - 11.07.2028 21 0.08% 8.44% RJ SDL - 27.06.2028 86 0.33% 8.42% MP SDL - 08.08.2028 20 0.08% 9.51% MAH SDL - 11.09.2023 84 0.33% 8.28% MH SDL - 29.07.2025 19 0.07% 9.50% MAH SDL - 18.12.2023 76 0.29% 8.21% TN SDL - 24.06.2025 18 0.07% 8.32% KA SDL - 06.02.2029 75 0.29% 8.49% RJ SDL - 21.08.2028 16 0.06% 9.29% PN SDL - 09.10.2023 73 0.28% 8.56% MH SDL -11.07.2028 14 0.05% 8.52% KA SDL - 28.11.2028 73 0.28% 8.62% HR SDL 03.09.2028 12 0.05% 8.58% GJ SDL - 23.01.2023 70 0.27% 7.39% MH SDL - 09.11.2026 6 0.02% 8.84% PN SDL - 11.06.2024 66 0.26% 8.00% KA SDL - 17.01.2028 6 0.02% 9.35% MH SDL - 30.01.2024 58 0.22% 8.30% KA SDL - 20.02.2029 6 0.02% 7.20% GJ SDL - 14.06.2027 57 0.22% 7.33% MH SDL -13.09.2027 5 0.02% 8.26% MH SDL -02.01.2029 55 0.21% 9.65% TN SDL - 12.03.2024 4 0.02% 9.39% MAH SDL - 20.11.2023 54 0.21% 8.25% MH SDL - 10.06.2025 4 0.02% 8.27% TN SDL - 13.01.2026 54 0.21% 8.03% FCI SPL Bonds - 15.12.24 3 0.01% 8.38% TN SDL - 27.01.2026 48 0.19%
205 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Guarantee Fund % of Growth Fund Total Total ULIF-048-05/02/10- Funds Funds ULIF-030-07/01/09- GRTFND-107 PNGWTFND-107 7.95% REC - 12.03.2027 1,044 0.57% 8.65% KA SDL - 20.03.2023 2 0.01% 7.49% IRFC - 30.05.2027 1,022 0.56% 7.00% GOI Fertilizer Bond - 10.12.22 2 0.01% Bharti Airtel Ltd 191 0.10% 8.20% OMC GOI -15.09.24 2 0.01% National Thermal Power Corporation 86 0.05% 8.05% GJ SDL - 31.01.2028 1 0.00% Ltd State Government Securities and 2,620 10.14% Power Grid Corporation of India Ltd 86 0.05% Other Approved Securities Total Adani Ports and Special Economic 41 0.02% Infrastructure Related Activities 2,564 9.92% Zone Ltd Investments in Housing Finance 1,093 4.23% GAIL (India) Ltd 30 0.02% Companies Bharti Infratel Ltd 29 0.02% Financial and insurance activities 313 1.21% 8.49% NTPC - 25.03.2025 26 0.01% Grand Total 25,837 100.00% Infrastructure Related Activities 27,081 14.84% Total Industry Guarantee Fund % of State Government Securities and Total ULIF-048-05/02/10- Other Approved Securities Funds GRTFND-107 8.70% REC - 28.09.2028 6,637 3.64% TREPS & Other Money Market 8.54% REC - 15.11.2028 4,381 2.40% Securities 8.01% RJ SPL SDL - 23.06.2020 2,513 1.38% TREPS - 03.04.2020 106,498 58.35% 8.22% NABARD - 13.12.2028 2,170 1.19% TREPS & Other Money Market 106,498 58.35% 8.50% NABARD - 27.02.2029 1,096 0.60% Securities Total 8.12% NHPC - 22.03.2029 1,079 0.59% Infrastructure Related Activities 7.10% PFC - 11.01.2027 1,002 0.55% 8.56% REC - 29.11.2028 4,385 2.40% 9.72% PN SDL - 28.08.2023 455 0.25% 7.85% PFC - 03.04.2028 3,126 1.71% 8.90% KA SDL - 19.12.2022 380 0.21% 8.30% IRFC - 25.03.2029 2,155 1.18% 8.30% Fertilizer Co GOI - 07.12.23 345 0.19% 8.05% NTPC - 05.05.2026 2,135 1.17% 7.20% MH SDL -09.08.2027 301 0.16% 7.63% PFC - 14.08.2026 2,100 1.15% 9.51% MAH SDL - 11.09.2023 202 0.11% 9.30% PGC - 28.06.2024 1,384 0.76% 8.58% GJ SDL - 23.01.2023 170 0.09% 8.64% PGC - 08.07.2025 1,380 0.76% 8.72% TN SDL -19.09.2026 165 0.09% 9.30% PGC - 28.06.2022 1,333 0.73% 8.84% PN SDL - 11.06.2024 161 0.09% 8.93% PGC - 20.10.2026 1,120 0.61% 9.87% PN SDL - 14.08.2023 154 0.08% 8.67% PFC - 18.11.2028 1,097 0.60% 7.04% GJ SDL - 07.08.2026 151 0.08% 8.65% PFC - 28.12.2024 1,087 0.60% 6.65% Fertilizer Co GOI - 29.01.23 150 0.08% 8.57% REC - 21.12.2024 1,086 0.59% 8.44% RJ SDL - 27.06.2028 134 0.07% 8.35% IRFC - 13.03.2029 1,080 0.59% 9.35% MH SDL - 30.01.2024 121 0.07% 7.95% IRFC - 12.06.2029 1,058 0.58%
206 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Guarantee Fund % of Industry Guarantee Fund % of Total Total ULIF-048-05/02/10- ULIF-048-05/02/10- Funds Funds GRTFND-107 GRTFND-107 8.32% KA SDL - 06.02.2029 120 0.07% 8.62% HR SDL 03.09.2028 18 0.01% 9.69% PN SDL - 12.02.2024 120 0.07% 8.30% KA SDL - 20.02.2029 14 0.01% 9.29% PN SDL - 09.10.2023 117 0.06% 8.25% MH SDL - 10.06.2025 11 0.01% 8.52% KA SDL - 28.11.2028 115 0.06% 9.65% TN SDL - 12.03.2024 11 0.01% 9.50% MAH SDL - 18.12.2023 114 0.06% 7.39% MH SDL - 09.11.2026 9 0.00% 8.26% MH SDL -02.01.2029 108 0.06% 8.00% KA SDL - 17.01.2028 9 0.00% 8.98% PN SDL - 14.10.2021 104 0.06% 7.33% MH SDL -13.09.2027 7 0.00% 8.27% TN SDL - 13.01.2026 94 0.05% 8.03% FCI SPL Bonds - 15.12.24 5 0.00% 9.39% MAH SDL - 20.11.2023 89 0.05% 7.00% GOI Fertilizer Bond - 10.12.22 3 0.00% 7.20% GJ SDL - 14.06.2027 89 0.05% 8.20% OMC GOI -15.09.24 3 0.00% 8.38% TN SDL - 27.01.2026 73 0.04% 8.05% GJ SDL - 31.01.2028 2 0.00% 7.95% GOI Fertilizer Bond - 18.02.26 71 0.04% State Government Securities and 24,052 13.18% Other Approved Securities Total 8.37% MP SDL - 05.12.2028 68 0.04% Investments in Housing Finance 8.43% RJ SDL - 08.08.2028 68 0.04% Companies 8.63% RJ SDL - 03.09.2028 66 0.04% 9.05% HDFC - 16.10.2028 16,557 9.07% 8.90% TN SDL - 20.09.2022 66 0.04% 9.39% LIC Housing Finance - 1,093 0.60% 8.28% TN SDL -21.02.2028 62 0.03% 23.08.2024 - P - 26.08.15 8.58% GJ SDL - 31.10.2028 54 0.03% 9.24% LIC Housing Finance - 1,089 0.60% 8.62% MAH SDL - 20.02.2023 53 0.03% 30.09.2024 9.37% GJ SDL - 04.12.2023 50 0.03% 9.19% LIC Housing Finance - 1,071 0.59% 06.06.2023 P - 06.02.20 7.65% TN SDL -06.12.2027 47 0.03% 9.25% LIC Housing Finance - 1,062 0.58% 8.29% TN SDL - 29.07.2025 46 0.03% 12.11.2022 8.28% MH SDL - 29.07.2025 44 0.02% 7.83% LIC Housing Finance - 1,026 0.56% 8.34% PN SDL - 30.05.2028 40 0.02% 25.09.2026 P 26.11.2020 8.05% TN SDL -18.04.2028 39 0.02% Investments in Housing Finance 21,898 12.00% 8.54% RJ SDL - 04.07.2028 36 0.02% Companies Total 8.29% HR SDL 14.03.2028 35 0.02% Central Government Securities 14,977 8.21% 9.39% GJ SDL - 20.11.2023 34 0.02% Financial and insurance activities 14,885 8.16% 8.57% RJ SDL - 11.07.2028 33 0.02% Infrastructure - Long Term Bonds 1,034 0.57% -BFSI 8.28% RJ SDL - 14.03.2028 32 0.02% Manufacture of coke and refined 650 0.36% 8.42% MP SDL - 08.08.2028 29 0.02% petroleum products 8.21% TN SDL - 24.06.2025 29 0.02% Manufacture of chemicals and 531 0.29% 8.49% RJ SDL - 21.08.2028 25 0.01% chemical products 8.56% MH SDL -11.07.2028 23 0.01%
207 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Guarantee Fund % of Industry Pension Guarantee % of Total Fund Total ULIF-048-05/02/10- Funds Funds GRTFND-107 ULIF-038-21/12/09- PNGRTFND-107 Mfg of pharmaceuticals, medicinal 298 0.16% chemical & botanical products 7.95% IRFC - 12.06.2029 3,174 0.74% Manufacture of tobacco products 295 0.16% 9.30% PGC - 28.06.2024 2,767 0.64% Manufacture of motor vehicles, 277 0.15% 8.93% PGC - 20.10.2026 2,241 0.52% trailers and semi-trailers 8.67% PFC - 18.11.2028 2,193 0.51% Civil engineering 225 0.12% 8.57% REC - 21.12.2024 2,173 0.50% Manufacture of other transport 191 0.10% 8.40% IRFC - 08.01.2029 2,166 0.50% equipment 8.35% IRFC - 13.03.2029 2,160 0.50% Manufacture of basic metals 168 0.09% 7.70% REC - 10.12.2027 2,072 0.48% Manufacture of other non-metallic 114 0.06% mineral products 7.83% IRFC - 21.03.2027 2,070 0.48% Manufacture of beverages 114 0.06% 7.49% IRFC - 30.05.2027 2,045 0.47% Manufacture of food products 97 0.05% 8.64% PGC - 08.07.2025 1,380 0.32% Extraction of crude petroleum and 78 0.04% 8.85% PGC - 19.10.2021 1,300 0.30% natural gas 9.09% IRFC - 29.03.2026 1,128 0.26% Other manufacturing 77 0.04% 9.09% IRFC - 31.03.2026 1,128 0.26% Broadcasting and programming 35 0.02% 9.34% REC - 25.08.2024 1,109 0.26% activities 8.95% PFC - 10.10.2028 1,109 0.26% Net Current Assets -31,053 -17.01% 8.55% IRFC - 21.02.2029 1,096 0.25% Grand Total 182,522 100.00% 8.63% REC - 25.08.2028 1,094 0.25% 8.84% PFC - 04.03.2023 1,068 0.25% Industry Pension Guarantee % of Fund Total 8.13% PGC - 25.04.2029 1,059 0.25% Funds ULIF-038-21/12/09- 7.63% PFC - 14.08.2026 1,050 0.24% PNGRTFND-107 7.95% REC - 12.03.2027 1,044 0.24% TREPS & Other Money Market 7.09% REC - 17.10.2022 1,025 0.24% Securities Bharti Airtel Ltd 443 0.10% TREPS - 03.04.2020 274,494 63.60% National Thermal Power Corporation 200 0.05% TREPS & Other Money Market 274,494 63.60% Ltd Securities Total Power Grid Corporation of India Ltd 200 0.05% Infrastructure Related Activities Adani Ports and Special Economic 95 0.02% 7.85% IRFC - 01.07.2034 13,747 3.19% Zone Ltd 8.56% REC - 29.11.2028 10,962 2.54% 8.49% NTPC - 25.03.2025 72 0.02% 8.23% IRFC - 29.03.2029 6,440 1.49% GAIL (India) Ltd 69 0.02% 7.85% PFC - 03.04.2028 6,252 1.45% Bharti Infratel Ltd 66 0.02% 8.65% PFC - 28.12.2024 4,347 1.01% Infrastructure Related Activities 84,814 19.65% 8.05% NTPC - 05.05.2026 4,270 0.99% Total
208 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Guarantee % of Industry Pension Guarantee % of Fund Total Fund Total Funds Funds ULIF-038-21/12/09- ULIF-038-21/12/09- PNGRTFND-107 PNGRTFND-107 State Government Securities and 8.27% TN SDL - 13.01.2026 259 0.06% Other Approved Securities 9.39% MAH SDL - 20.11.2023 255 0.06% 8.70% REC - 28.09.2028 17,698 4.10% 7.95% GOI Fertilizer Bond - 18.02.26 207 0.05% 8.54% REC - 15.11.2028 14,239 3.30% 8.43% RJ SDL - 08.08.2028 203 0.05% 8.22% NABARD - 13.12.2028 7,594 1.76% 8.37% MP SDL - 05.12.2028 202 0.05% 8.65% NABARD - 08.06.2028 2,202 0.51% 8.38% TN SDL - 27.01.2026 198 0.05% 8.50% NABARD - 27.02.2029 2,193 0.51% 8.63% RJ SDL - 03.09.2028 198 0.05% 9.72% PN SDL - 28.08.2023 1,391 0.32% 8.28% TN SDL -21.02.2028 179 0.04% 8.90% KA SDL - 19.12.2022 1,179 0.27% 8.62% MAH SDL - 20.02.2023 164 0.04% 8.42% NABARD - 13.02.2029 1,092 0.25% 8.58% GJ SDL - 31.10.2028 160 0.04% 8.12% NHPC - 22.03.2029 1,079 0.25% 7.65% TN SDL -06.12.2027 136 0.03% 8.09% REC - 21.03.2028 1,066 0.25% 8.29% TN SDL - 29.07.2025 132 0.03% 8.06% REC - 27.03.2028 1,054 0.24% 8.28% MH SDL - 29.07.2025 121 0.03% 7.60% PFC - 20.02.2027 1,029 0.24% 8.34% PN SDL - 30.05.2028 118 0.03% 8.30% Fertilizer Co GOI - 07.12.23 1,025 0.24% 8.05% TN SDL -18.04.2028 118 0.03% 7.10% PFC - 11.01.2027 1,002 0.23% 8.54% RJ SDL - 04.07.2028 106 0.02% 7.20% MH SDL -09.08.2027 907 0.21% 8.29% HR SDL 14.03.2028 103 0.02% 8.98% PN SDL - 14.10.2021 582 0.13% 8.90% TN SDL - 20.09.2022 100 0.02% 9.51% MAH SDL - 11.09.2023 563 0.13% 9.39% GJ SDL - 20.11.2023 99 0.02% 8.58% GJ SDL - 23.01.2023 522 0.12% 8.57% RJ SDL - 11.07.2028 95 0.02% 8.72% TN SDL -19.09.2026 497 0.12% 8.28% RJ SDL - 14.03.2028 93 0.02% 7.04% GJ SDL - 07.08.2026 456 0.11% 8.42% MP SDL - 08.08.2028 89 0.02% 6.65% Fertilizer Co GOI - 29.01.23 448 0.10% 8.21% TN SDL - 24.06.2025 83 0.02% 8.84% PN SDL - 11.06.2024 444 0.10% 8.49% RJ SDL - 21.08.2028 74 0.02% 8.44% RJ SDL - 27.06.2028 389 0.09% 8.56% MH SDL -11.07.2028 67 0.02% 9.87% PN SDL - 14.08.2023 389 0.09% 8.62% HR SDL 03.09.2028 54 0.01% 9.69% PN SDL - 12.02.2024 358 0.08% 8.30% KA SDL - 20.02.2029 42 0.01% 9.35% MH SDL - 30.01.2024 351 0.08% 9.65% TN SDL - 12.03.2024 32 0.01% 8.32% KA SDL - 06.02.2029 350 0.08% 8.25% MH SDL - 10.06.2025 29 0.01% 9.29% PN SDL - 09.10.2023 342 0.08% 9.37% GJ SDL - 04.12.2023 28 0.01% 8.52% KA SDL - 28.11.2028 339 0.08% 7.39% MH SDL - 09.11.2026 25 0.01% 8.26% MH SDL -02.01.2029 321 0.07% 8.00% KA SDL - 17.01.2028 25 0.01% 9.50% MAH SDL - 18.12.2023 311 0.07% 7.33% MH SDL -13.09.2027 22 0.01% 7.20% GJ SDL - 14.06.2027 262 0.06%
209 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Guarantee % of Industry Peak Guarantee % of Fund Total Fund I Total Funds Funds ULIF-038-21/12/09- ULIF-049-14/02/10- PNGRTFND-107 PKGRTFND1-107 8.03% FCI SPL Bonds - 15.12.24 16 0.00% TREPS & Other Money Market Securities 8.20% OMC GOI -15.09.24 9 0.00% TREPS - 03.04.2020 57,999 881.31% 8.05% GJ SDL - 31.01.2028 7 0.00% TREPS & Other Money Market 57,999 881.31% 7.00% GOI Fertilizer Bond - 10.12.22 7 0.00% Securities Total State Government Securities and 65,529 15.18% Infrastructure Related Activities Other Approved Securities Total 8.70% PFC- 14.05.2020 2,006 30.48% Financial and insurance activities 36,754 8.52% 9.30% PGC - 28.06.2024 1,384 21.03% Investments in Housing Finance 22,530 5.22% Companies 8.57% REC - 21.12.2024 1,086 16.50% Central Government Securities 21,882 5.07% 8.49% NTPC - 25.03.2025 15 0.23% Infrastructure - Long Term Bonds 2,065 0.48% Infrastructure Related Activities 4,491 68.24% -BFSI Total Manufacture of coke and refined 1,503 0.35% Central Government Securities petroleum products 1.44% INFLATION INDEX GS 2023 2,269 34.48% Manufacture of chemicals and 1,232 0.29% 7.95% GOI - 28.08.32 440 6.69% chemical products 8.20% GOI - 15.02.22 423 6.43% Mfg of pharmaceuticals, medicinal 695 0.16% chemical & botanical products 8.32% GOI - 02.08.2032 80 1.22% Manufacture of tobacco products 683 0.16% 7.06% GOI - 10.10.2046 39 0.59% Manufacture of motor vehicles, 642 0.15% 7.80% GOI - 03.05.2020 17 0.26% trailers and semi-trailers 8.28% GOI - 21.09.2027 12 0.18% Civil engineering 520 0.12% 8.30% GOI - 02.07.2040 7 0.11% Manufacture of other transport 455 0.11% 8.24% GOI - 10.11.2033 5 0.08% equipment 6.62% GOI - 28.11.2051 3 0.05% Manufacture of basic metals 388 0.09% 9.23% GOI - 23.12.2043 1 0.02% Manufacture of beverages 277 0.06% Central Government Securities Total 3,296 50.08% Manufacture of other non-metallic 266 0.06% State Government Securities and mineral products Other Approved Securities Manufacture of food products 229 0.05% 9.72% PN SDL - 28.08.2023 329 5.00% Extraction of crude petroleum and 180 0.04% 8.90% KA SDL - 19.12.2022 285 4.33% natural gas 9.29% PN SDL - 09.10.2023 249 3.78% Other manufacturing 179 0.04% 9.69% PN SDL - 12.02.2024 141 2.14% Broadcasting and programming 81 0.02% activities 8.30% Fertilizer Co GOI - 07.12.23 130 1.98% Net Current Assets -83,814 -19.42% 8.58% GJ SDL - 23.01.2023 126 1.91% Grand Total 431,584 100.00% 9.35% MH SDL - 30.01.2024 123 1.87%
210 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Peak Guarantee % of Industry Kotak Aggressive % of Fund I Total Growth Fund Total Funds Funds ULIF-049-14/02/10- ULIF-018-13/09/04- PKGRTFND1-107 AGRGWTFND-107 9.51% MAH SDL - 11.09.2023 117 1.78% Axis Bank Ltd 48,072 2.72% 9.87% PN SDL - 14.08.2023 111 1.69% State Bank of India 28,513 1.61% 8.84% PN SDL - 11.06.2024 92 1.40% Bajaj Finance Ltd 28,076 1.59% 9.50% MAH SDL - 18.12.2023 88 1.34% Max Financial Services Ltd 17,012 0.96% 8.98% PN SDL - 14.10.2021 88 1.34% Housing Development Finance Corp. 15,230 0.86% Ltd 8.21% TN SDL - 24.06.2025 66 1.00% HDFC Standard Life Insurance 12,556 0.71% 8.27% TN SDL - 13.01.2026 50 0.76% Company Ltd 8.90% TN SDL - 20.09.2022 48 0.73% ICICI Lombard General Insurance 10,249 0.58% 9.39% MAH SDL - 20.11.2023 47 0.71% Company Ltd 8.25% MH SDL - 10.06.2025 42 0.64% SBI Life Insurance Company Ltd 8,462 0.48% 8.38% TN SDL - 27.01.2026 42 0.64% Mahindra & Mahindra Financial 6,875 0.39% 9.65% TN SDL - 12.03.2024 41 0.62% Services Ltd 8.62% MAH SDL - 20.02.2023 39 0.59% 7.15% HDFC Bank FD NSE - 6,059 0.34% 05.08.2020 9.37% GJ SDL - 04.12.2023 30 0.46% AU Small Finance Bank Ltd 4,314 0.24% 8.28% MH SDL - 29.07.2025 26 0.40% 7.00% HDFC Bank FD NSE - 4,103 0.23% 8.29% TN SDL - 29.07.2025 25 0.38% 21.08.2020 9.39% GJ SDL - 20.11.2023 21 0.32% Financial and insurance activities 359,029 20.29% 7.39% MH SDL - 09.11.2026 5 0.08% Total 8.00% KA SDL - 17.01.2028 5 0.08% Manufacture of chemicals and 7.00% GOI Fertilizer Bond - 10.12.22 2 0.03% chemical products 8.20% OMC GOI -15.09.24 2 0.03% Hindustan Unilever Ltd 58,198 3.29% State Government Securities and 2,370 36.01% Asian Paints Ltd 43,652 2.47% Other Approved Securities Total S R F Ltd 34,758 1.96% Financial and insurance activities 263 4.00% Coromandel International Ltd 30,514 1.72% Net Current Assets -61,838 -939.64% P I Industries Ltd 28,031 1.58% Grand Total 6,581 100.00% Dabur India Ltd 24,378 1.38% Emami Ltd 10,604 0.60% Industry Kotak Aggressive % of Colgate Palmolive India Ltd 8,769 0.50% Growth Fund Total Funds Manufacture of chemicals and 238,904 13.50% ULIF-018-13/09/04- chemical products Total AGRGWTFND-107 Computer programming, Financial and insurance activities consultancy and related activities ICICI Bank Ltd 99,048 5.60% Infosys Ltd 120,751 6.82% HDFC Bank Ltd 70,460 3.98% Tata Consultancy Services Ltd 42,807 2.42%
211 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Aggressive % of Growth Fund Total Growth Fund Total Funds Funds ULIF-018-13/09/04- ULIF-018-13/09/04- AGRGWTFND-107 AGRGWTFND-107 HCL Technologies Ltd 38,985 2.20% Air transport 4,550 0.26% Computer programming, 202,543 11.45% Human health activities 4,458 0.25% consultancy and related activities Accommodation 3,906 0.22% Total Manufacture of wearing apparel 2,578 0.15% Manufacture of coke and refined petroleum products Activities of head offices; 2,142 0.12% management consultancy activities Reliance Industries Ltd 153,567 8.68% Broadcasting and programming 359 0.02% Bharat Petroleum Corporation Ltd 29,956 1.69% activities Hindustan Petroleum Corporation Ltd 17,869 1.01% Grand Total 1,769,675 100.00% Manufacture of coke and refined 201,392 11.38% petroleum products Total Industry Kotak Advantage % of Others - Exchange Traded Funds Multiplier Fund II Total Funds SBI ETF Nifty Bank 136,647 7.72% ULIF-026-21/04/06- Kotak Banking ETF - Dividend Payout 63,921 3.61% ADVMULFND2-107 Option State Government Securities and Others - Exchange Traded Funds 200,568 11.33% Other Approved Securities Total 8.56% TN SDL - 22.06.2021 33 75.00% Manufacture of other non-metallic 104,039 5.88% State Government Securities and 33 75.00% mineral products Other Approved Securities Total Infrastructure Related Activities 95,883 5.42% Net Current Assets 7 15.91% Civil engineering 65,314 3.69% Central Government Securities 4 9.09% TREPS & Other Money Market 63,999 3.62% Grand Total 44 100.00% Securities
Manufacture of motor vehicles, 40,273 2.28% Industry Dynamic Floor % of trailers and semi-trailers Fund Total Funds Manufacture of other transport 35,791 2.02% ULIF-028-14/11/06- equipment DYFLRFND-107 Manufacture of food products 35,245 1.99% TREPS & Other Money Market Mfg of pharmaceuticals, medicinal 26,991 1.53% Securities chemical & botanical products TREPS - 03.04.2020 1,594,965 25.76% Other manufacturing 25,055 1.42% TREPS & Other Money Market 1,594,965 25.76% Manufacture of rubber and plastics 22,276 1.26% Securities Total products State Government Securities and Manufacture of basic metals 14,349 0.81% Other Approved Securities Land transport and transport via 12,928 0.73% 8.24% NABARD - 22.03.2029 205,532 3.32% pipelines 8.70% REC - 28.09.2028 192,468 3.11% Net Current Assets 7,103 0.40% 8.54% REC - 15.11.2028 180,721 2.92%
212 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund Total Fund Total Funds Funds ULIF-028-14/11/06- ULIF-028-14/11/06- DYFLRFND-107 DYFLRFND-107 7.25% TN SDL -31.03.2027 136,827 2.21% 7.04% RJ SDL - 04.03.2030 5,765 0.09% 7.35% MP SDL - 31.03.2029 116,368 1.88% 7.04% MP SDL - 04.03.2030 5,757 0.09% 8.22% NABARD - 13.12.2028 77,030 1.24% 9.29% PN SDL - 09.10.2023 5,323 0.09% 7.65% RJ SDL - 29.11.2027 23,605 0.38% 8.57% HR SDL 04.07.2028 5,314 0.09% 8.65% NABARD - 08.06.2028 19,816 0.32% 8.32% KA SDL - 06.02.2029 5,026 0.08% 8.50% NABARD - 27.02.2029 19,733 0.32% 8.52% KA SDL - 28.11.2028 4,890 0.08% 7.10% PFC - 11.01.2027 17,042 0.28% 8.15% GOI FCI Bonds - 16.10.22 4,749 0.08% 7.62% KA SDL - 01.11.2027 16,952 0.27% 8.26% MH SDL -02.01.2029 4,466 0.07% 7.26% HR SDL 28.06.2027 16,360 0.26% 9.51% MAH SDL - 11.09.2023 4,225 0.07% 8.12% NHPC - 22.03.2029 16,188 0.26% 9.69% PN SDL - 12.02.2024 4,050 0.07% 8.59% GJ SDL - 24.08.2021 15,877 0.26% 8.27% TN SDL - 13.01.2026 3,992 0.06% 8.15% NABARD - 28.03.2029 15,063 0.24% 9.39% MAH SDL - 20.11.2023 3,938 0.06% 6.97% KA SDL - 26.02.2028 14,664 0.24% 7.20% GJ SDL - 14.06.2027 3,778 0.06% 8.09% REC - 21.03.2028 13,856 0.22% 8.38% TN SDL - 27.01.2026 3,680 0.06% 7.60% PFC - 20.02.2027 13,380 0.22% 8.58% GJ SDL - 23.01.2023 3,644 0.06% 8.80% REC - 22.01.2029 13,159 0.21% 9.18% PN SDL - 09.11.2021 3,483 0.06% 8.30% Fertilizer Co GOI - 07.12.23 12,848 0.21% 7.59% KA SDL - 29.03.2027 3,379 0.05% 8.06% REC - 27.03.2028 12,646 0.20% 7.54% KA SDL - 22.11.2027 3,376 0.05% 8.24% PGC - 14.02.2029 11,943 0.19% 9.87% PN SDL - 14.08.2023 3,352 0.05% 7.20% MH SDL -09.08.2027 9,930 0.16% 7.95% GOI Fertilizer Bond - 18.02.26 3,091 0.05% 8.42% NABARD - 13.02.2029 8,734 0.14% 8.90% KA SDL - 19.12.2022 3,039 0.05% 8.53% MH SDL - 27.10.2020 7,970 0.13% 8.43% RJ SDL - 08.08.2028 2,990 0.05% 8.72% TN SDL -19.09.2026 7,136 0.12% 8.37% MP SDL - 05.12.2028 2,908 0.05% 9.17% PN SDL - 11.04.2022 6,914 0.11% 8.63% RJ SDL - 03.09.2028 2,873 0.05% 8.98% PN SDL - 14.10.2021 6,862 0.11% 8.28% TN SDL -21.02.2028 2,673 0.04% 8.56% NABARD - 14.11.2028 6,599 0.11% 9.35% MH SDL - 30.01.2024 2,634 0.04% 8.29% NABARD - 24.01.2029 6,498 0.10% 8.94% GJ SDL - 07.03.2022 2,544 0.04% 6.65% Fertilizer Co GOI - 29.01.23 6,453 0.10% 8.58% GJ SDL - 31.10.2028 2,069 0.03% 8.20% NABARD - 09.03.2028 6,452 0.10% 8.47% PN SDL - 27.04.2021 2,029 0.03% 8.91% MAH SDL - 05.09.2022 6,312 0.10% 8.59% TN SDL - 08.06.2021 1,956 0.03% 8.01% REC - 24.03.2028 6,255 0.10% 7.65% TN SDL -06.12.2027 1,938 0.03% 9.50% MAH SDL - 18.12.2023 5,825 0.09% 8.29% TN SDL - 29.07.2025 1,932 0.03% 8.44% RJ SDL - 27.06.2028 5,772 0.09% 8.90% TN SDL - 20.09.2022 1,827 0.03%
213 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund Total Fund Total Funds Funds ULIF-028-14/11/06- ULIF-028-14/11/06- DYFLRFND-107 DYFLRFND-107 8.05% TN SDL -18.04.2028 1,736 0.03% 8.20% OMC GOI Special Bond - 85 0.00% 12.02.24 8.34% PN SDL - 30.05.2028 1,697 0.03% 9.37% MAH SDL - 04.12.2023 24 0.00% 9.72% PN SDL - 28.08.2023 1,613 0.03% State Government Securities and 1,404,487 22.69% 8.54% RJ SDL - 04.07.2028 1,566 0.03% Other Approved Securities Total 8.29% HR SDL 14.03.2028 1,532 0.02% Infrastructure Related Activities 8.57% RJ SDL - 11.07.2028 1,406 0.02% 8.56% REC - 29.11.2028 142,504 2.30% 8.28% RJ SDL - 14.03.2028 1,383 0.02% 7.85% PFC - 03.04.2028 86,485 1.40% 8.21% TN SDL - 24.06.2025 1,290 0.02% 8.23% IRFC - 29.03.2029 78,349 1.27% 8.42% MP SDL - 08.08.2028 1,281 0.02% 8.30% NTPC - 15.01.2029 60,636 0.98% 8.62% MAH SDL - 20.02.2023 1,152 0.02% 8.05% NTPC - 05.05.2026 59,785 0.97% 9.35% IIFCL - 17.11.23 1,106 0.02% 8.65% PFC - 28.12.2024 45,644 0.74% 9.37% GJ SDL - 04.12.2023 1,082 0.02% 9.30% PGC - 28.06.2027 42,153 0.68% 8.49% RJ SDL - 21.08.2028 1,079 0.02% 8.67% PFC - 18.11.2028 35,090 0.57% 7.59% GJ SDL - 15.02.2027 1,069 0.02% 7.95% IRFC - 12.06.2029 34,913 0.56% 7.54% NABARD - 29.03.2032 1,043 0.02% 8.57% REC - 21.12.2024 32,589 0.53% 8.56% MH SDL -11.07.2028 983 0.02% 7.63% PFC - 14.08.2026 26,251 0.42% 8.28% MH SDL - 29.07.2025 964 0.02% 8.30% IRFC - 25.03.2029 25,865 0.42% 7.04% GJ SDL - 07.08.2026 904 0.01% 8.64% PGC - 08.07.2025 24,832 0.40% 8.62% HR SDL 03.09.2028 777 0.01% 7.32% NTPC - 17.07.2029 24,462 0.40% 9.39% GJ SDL - 20.11.2023 648 0.01% 8.35% IRFC - 13.03.2029 23,755 0.38% 8.30% KA SDL - 20.02.2029 580 0.01% 7.70% REC - 10.12.2027 22,789 0.37% 7.39% MH SDL - 09.11.2026 450 0.01% 7.49% IRFC - 30.05.2027 22,494 0.36% 8.51% PN SDL - 10.04.2023 424 0.01% 9.34% REC - 25.08.2024 22,180 0.36% 8.00% KA SDL - 17.01.2028 401 0.01% 8.55% IRFC - 21.02.2029 21,912 0.35% 9.65% TN SDL - 12.03.2024 324 0.01% 7.34% PGC - 15.07.2034 20,719 0.33% 7.33% MH SDL -13.09.2027 323 0.01% 7.83% IRFC - 21.03.2027 16,560 0.27% 8.03% FCI SPL Bonds - 15.12.24 236 0.00% 9.25% PGC - 26.12.2023 16,424 0.27% 8.25% MH SDL - 10.06.2025 225 0.00% 10.08% IOT Utkal Energy Services 16,044 0.26% 8.20% OMC GOI -15.09.24 169 0.00% Limited - 20.03.2023 7.00% GOI Fertilizer Bond - 10.12.22 135 0.00% 9.09% IRFC - 31.03.2026 12,408 0.20% 8.20% OMC GOI 2023-10.11.23 123 0.00% 10.08% IOT Utkal Energy Services 12,188 0.20% 8.05% GJ SDL - 31.01.2028 106 0.00% Limited - 20.03.2024 8.84% PN SDL - 11.06.2024 91 0.00% 7.85% IRFC - 01.07.2034 11,632 0.19%
214 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund Total Fund Total Funds Funds ULIF-028-14/11/06- ULIF-028-14/11/06- DYFLRFND-107 DYFLRFND-107 7.27% IRFC - 15.06.2027 11,024 0.18% 9.48% REC - 10.08.2021 4,168 0.07% 8.85% PGC - 19.10.2025 10,985 0.18% 8.99% PFC - 15.01.2021 4,090 0.07% 9.30% PGC - 28.06.2023 10,916 0.18% 9.35% PGC - 29.08.2020 4,051 0.07% 8.13% PGC - 25.04.2029 9,527 0.15% 9.46% PFC - 01.08.2026 3,410 0.06% 7.95% REC - 12.03.2027 9,398 0.15% 9.09% IRFC - 29.03.2026 3,384 0.05% 8.63% REC - 25.08.2028 8,749 0.14% 8.94% PFC - 25.03.2028 3,305 0.05% 9.30% PGC - 28.06.2024 8,302 0.13% 8.40% NPC - 28.11.2026 3,260 0.05% 8.78% NHPC - 11.02.2026 7,757 0.13% 8.40% IRFC - 08.01.2029 3,249 0.05% 8.48% PFC - 09.12.2024 7,543 0.12% 8.40% PGC - 27.05.2029 3,229 0.05% 7.89% PGC - 09.03.2027 7,305 0.12% 8.13% PGC - 25.04.2026 3,224 0.05% 9.35% PGC - 29.08.2026 6,838 0.11% 8.13% PGC - 25.04.2025 3,222 0.05% 9.35% PGC - 29.08.2028 6,793 0.11% 8.30% REC - 10.04.2025 3,221 0.05% 9.35% PGC - 29.08.2025 6,730 0.11% 8.90% PFC - 18.03.2023 3,212 0.05% 8.93% PGC - 20.10.2028 6,632 0.11% 8.84% PFC - 04.03.2023 3,205 0.05% 8.10% NTPC - 27.05.2026 6,451 0.10% 9.02% REC - 19.11.2022 3,202 0.05% 8.13% PGC - 25.04.2023 6,333 0.10% 8.13% PGC - 25.04.2028 3,161 0.05% 9.20% PFC - 07.07.2021 6,214 0.10% 9.36% PFC - 01.08.2021 3,118 0.05% 7.36% PGC - 18.10.2026 6,207 0.10% 7.09% REC - 17.10.2022 3,074 0.05% 7.55% IRFC - 12.04.2030 6,182 0.10% 7.37% NTPC - 14.12.2031 3,064 0.05% 9.33% IRFC - 10.05.2026 5,680 0.09% 9.30% PGC - 28.06.2025 2,814 0.05% 10.08% IOT Utkal Energy Services 5,657 0.09% 8.85% PGC - 19.10.2026 2,791 0.05% Limited - 20.03.2025 8.85% PGC - 19.10.2024 2,741 0.04% 10.08% IOT Utkal Energy Services 5,613 0.09% 8.85% PGC - 19.10.2027 2,738 0.04% Limited - 20.03.2026 8.85% PGC - 19.10.2023 2,714 0.04% 9.64% PGC - 31.05.2022 5,356 0.09% 8.85% PGC - 19.10.2021 2,600 0.04% 8.73% NTPC - 07.03.2023 5,344 0.09% 8.64% PGCIL - 08.07.2020 2,515 0.04% 9.75% REC - 11.11.2021. 5,271 0.09% 8.60% PFC 2024 - 07.08.2024 2,154 0.03% 8.20% PGC - 23.01.2022 5,158 0.08% 8.13% PGC - 25.04.2031 2,150 0.03% 7.54% REC - 30.12.2026 5,075 0.08% 8.82% REC - 12.04.2023 2,144 0.03% 7.33% IRFC - 28.08.2027 5,060 0.08% 8.93% PGC - 20.10.2022 2,131 0.03% 8.36% REC - 22.09.2020 5,011 0.08% 9.57% IRFC - 31.05.2021 2,082 0.03% 8.78% NHPC - 11.02.2025 4,397 0.07% 9.61% PFC - 29.06.2021 2,080 0.03% 8.80% PFC - 15.01.2025 4,373 0.07% 8.20% IRFC - 27.04.2020 2,003 0.03% 8.27% REC - 06.02.2025 4,303 0.07%
215 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund Total Fund Total Funds Funds ULIF-028-14/11/06- ULIF-028-14/11/06- DYFLRFND-107 DYFLRFND-107 9.30% PGC - 28.06.2022 1,333 0.02% 9.14% EXIM- 01.08.2022 7,451 0.12% 8.85% PGC - 19.10.2020 1,269 0.02% 8.87% EXIM- 30.10.2029 6,624 0.11% 9.05% PFC - 15.12.2025 1,110 0.02% 8.15% EXIM- 05.03.2025 6,438 0.10% 10.08% IOT Utkal Energy Services 1,050 0.02% 8.15% EXIM- 21.01.2030 6,413 0.10% Limited - 20.03.2022 8.83% EXIM- 09.01.2023 6,408 0.10% 8.68% IRFC - 29.11.2021 1,045 0.02% 7.9886% Bajaj Finance Ltd - 6,009 0.10% 7.93% PGC - 20.05.2028 1,042 0.02% 25.05.2020 8.93% PGC - 20.10.2021 1,041 0.02% 8.80% EXIM- 15.03.2023 5,358 0.09% 8.78% PFC - 15.11.2020 1,016 0.02% 8.94% EXIM- 31.12.2022 4,278 0.07% 8.49% NTPC - 25.03.2025 528 0.01% 8.88% EXIM- 18.10.2022 4,253 0.07% Infrastructure Related Activities 1,261,787 20.38% 7.15% HDFC Bank FD NSE - 3,940 0.06% Total 05.08.2020 Financial and insurance activities 9.15% EXIM- 05.09.2022 3,200 0.05% Mahindra and Mahindra Financial 91,185 1.47% 9.30% EXIM- 11.05.2022 3,187 0.05% Services Ltd Floater - 13.07 7.62% EXIM- 01.09.2026 3,161 0.05% 8.25% EXIM- 23.06.2031 69,126 1.12% 9.00% EXIM- 07.02.2022 3,136 0.05% 8.12% EXIM- 25.04.2031 54,065 0.87% 7.00% HDFC Bank FD NSE - 2,843 0.05% 7.35% Bajaj Finance Ltd - 10.11.2022 53,051 0.86% 21.08.2020 8.11% EXIM- 11.07.2031 44,980 0.73% 9.57% EXIM- 10.01.2024 2,211 0.04% 7.09% HDB Financial services Ltd - 44,773 0.72% 9.15% EXIM Bank - 30.03.2021 2,061 0.03% 17.04.2023 7.22% EXIM- 03.08.2027 1,007 0.02% 7.50% Sundaram Finance - 07.11.2022 37,661 0.61% Financial and insurance activities 647,505 10.46% 9.10% Shriram Transport Finance Co 31,559 0.51% Total Ltd 12.07.2021 Investments in Housing Finance 8.75% KMPL - 28.09.2021 26,765 0.43% Companies 8.02% EXIM- 20.04.2026 20,261 0.33% 9.05% HDFC - 16.10.2028 144,602 2.34% 8.5383% Bajaj Finance Ltd - 18,732 0.30% 8.55% HDFC - 27.03.2029 143,858 2.32% 07.06.2022 7.35% HDFC - 10.02.2025 56,626 0.91% 8.65% Mahindra and Mahindra Fin 16,868 0.27% 6.99% HDFC - 13.02.2023 40,979 0.66% Services Ltd - 19.03.21 9.19% LIC Housing Finance - 34,258 0.55% 7.10% Bajaj Finance Ltd - 10.02.2023 15,298 0.25% 06.06.2023 P - 06.02.20 9.05% SBH Perpetual Bond Call- 14,114 0.23% 7.83% LIC Housing Finance - 32,830 0.53% 20.09.2020 25.09.2026 P 26.11.2020 7.02% EXIM- 25.11.2031 11,080 0.18% 9.39% LIC Housing Finance - 31,694 0.51% 8.89% IDFC Bank - 02.12.20 10,108 0.16% 23.08.2024 - P - 26.08.15 7.30% KMPL - 14.10.2020 9,901 0.16%
216 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Fund Total Floor Fund Total Funds Funds ULIF-028-14/11/06- ULIF-031-13/07/09- DYFLRFND-107 PNFLRFND-107 9.24% LIC Housing Finance - 28,318 0.46% TREPS & Other Money Market 30.09.2024 Securities 7.50% HDFC - 08.01.2025 26,953 0.44% TREPS - 03.04.2020 12,500 31.31% 8.47% LIC Housing Finance - 18,942 0.31% TREPS & Other Money Market 12,500 31.31% 15.06.2026 P 15.07.19 Securities Total 8.52% LIC Housing Finance - 13,832 0.22% Central Government Securities 03.03.2025 1.44% INFLATION INDEX GS 2023 6,928 17.36% 8.98% HDFC - 26.11.2020 11,160 0.18% 8.13% GOI - 22.06.2045 320 0.80% 9.00% HDFC - 29.11.2028 10,936 0.18% 7.40% GOI 2035 - 09.09.35 233 0.58% 8.50% LIC Housing Finance - 9,534 0.15% 8.17% GOI - 01.12.2044 218 0.55% 29.08.2025 6.83% GOI - 19.01.39 168 0.42% 9.47% LIC Housing Finance - 7,671 0.12% 23.08.2024 8.83% GOI - 12.12.2041 129 0.32% 8.50% LIC Housing Finance - 6,511 0.11% 8.30% GOI 2040 ZCG - 02.07.2020 107 0.27% 04.06.2025 8.30% GOI 2040 ZCG - 02.01.2021 104 0.26% 9.30% LIC Housing Finance - 6,356 0.10% 8.30% GOI 2040 ZCG - 02.07.2021 102 0.26% 14.09.2022 8.30% GOI 2040 ZCG - 02.01.2022 99 0.25% 9.90% HDFC - 11.11.2021 5,233 0.08% 8.30% GOI 2040 ZCG - 02.07.2022 97 0.24% 8.40% HDFC - 23.01.2025 4,254 0.07% 8.30% GOI 2040 ZCG - 02.01.2023 94 0.24% 9.25% LIC Housing Finance - 4,247 0.07% 8.30% GOI 2040 ZCG - 02.07.2023 91 0.23% 12.11.2022 8.30% GOI 2040 ZCG - 02.01.2024 88 0.22% 8.55% LIC Housing Finance - 3,230 0.05% 14.08.2025 8.30% GOI 2040 ZCG - 02.07.2024 85 0.21% 9.23% LIC Housing Finance - 3,189 0.05% 8.30% GOI 2040 ZCG - 02.01.2025 83 0.21% 13.12.2022 8.30% GOI 2040 ZCG - 02.07.2025 80 0.20% Investments in Housing Finance 645,213 10.42% 8.30% GOI 2040 ZCG - 02.01.2026 76 0.19% Companies Total 8.30% GOI 2040 ZCG - 02.07.2026 72 0.18% Central Government Securities 353,033 5.70% 8.30% GOI 2040 ZCG - 02.01.2027 70 0.18% Infrastructure - Long Term Bonds 205,250 3.32% -BFSI 8.30% GOI 2040 ZCG - 02.07.2027 67 0.17% Net Current Assets 73,704 1.19% 8.30% GOI 2040 ZCG - 02.01.2028 65 0.16% Manufacture of basic metals 5,069 0.08% 9.23% GOI - 23.12.2043 54 0.14% Mfg of pharmaceuticals, medicinal 0 0.00% 8.15% GOI - 24.11.2026 51 0.13% chemical & botanical products 8.97% GOI - 05.12.2030 41 0.10% Grand Total 6,191,013 100.00% 7.80% GOI - 03.05.2020 35 0.09% 7.06% GOI - 10.10.2046 32 0.08% 8.32% GOI - 02.08.2032 23 0.06%
217 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Floor Fund Total Floor Fund Total Funds Funds ULIF-031-13/07/09- ULIF-031-13/07/09- PNFLRFND-107 PNFLRFND-107 8.28% GOI - 21.09.2027 22 0.06% 7.65% TN SDL -06.12.2027 80 0.20% 8.24% GOI - 15.02.27 16 0.04% 8.05% TN SDL -18.04.2028 69 0.17% Central Government Securities Total 9,650 24.17% 8.34% PN SDL - 30.05.2028 66 0.17% State Government Securities and 9.37% GJ SDL - 04.12.2023 65 0.16% Other Approved Securities 8.29% HR SDL 14.03.2028 63 0.16% 8.54% REC - 15.11.2028 1,095 2.74% 8.54% RJ SDL - 04.07.2028 62 0.16% 7.10% PFC - 11.01.2027 1,002 2.51% 8.28% RJ SDL - 14.03.2028 57 0.14% 8.72% TN SDL -19.09.2026 280 0.70% 8.57% RJ SDL - 11.07.2028 56 0.14% 9.50% MAH SDL - 18.12.2023 271 0.68% 8.28% MH SDL - 29.07.2025 54 0.14% 6.65% Fertilizer Co GOI - 29.01.23 251 0.63% 8.21% TN SDL - 24.06.2025 54 0.14% 9.51% MAH SDL - 11.09.2023 244 0.61% 8.42% MP SDL - 08.08.2028 50 0.13% 8.44% RJ SDL - 27.06.2028 228 0.57% 9.39% GJ SDL - 20.11.2023 47 0.12% 9.29% PN SDL - 09.10.2023 222 0.56% 8.49% RJ SDL - 21.08.2028 43 0.11% 9.87% PN SDL - 14.08.2023 207 0.52% 8.56% MH SDL -11.07.2028 39 0.10% 8.32% KA SDL - 06.02.2029 199 0.50% 9.18% PN SDL - 09.11.2021 37 0.09% 9.69% PN SDL - 12.02.2024 192 0.48% 8.62% HR SDL 03.09.2028 31 0.08% 7.04% GJ SDL - 07.08.2026 192 0.48% 8.30% KA SDL - 20.02.2029 25 0.06% 8.52% KA SDL - 28.11.2028 191 0.48% 7.39% MH SDL - 09.11.2026 21 0.05% 8.84% PN SDL - 11.06.2024 190 0.48% 8.00% KA SDL - 17.01.2028 17 0.04% 8.26% MH SDL -02.01.2029 187 0.47% 8.98% PN SDL - 14.10.2021 16 0.04% 8.27% TN SDL - 13.01.2026 183 0.46% 8.30% Fertilizer Co GOI - 07.12.23 14 0.04% 8.38% TN SDL - 27.01.2026 171 0.43% 8.25% MH SDL - 10.06.2025 13 0.03% 9.39% MAH SDL - 20.11.2023 167 0.42% 7.33% MH SDL -13.09.2027 12 0.03% 9.35% MH SDL - 30.01.2024 167 0.42% 8.03% FCI SPL Bonds - 15.12.24 10 0.03% 7.20% GJ SDL - 14.06.2027 148 0.37% 8.20% OMC GOI -15.09.24 8 0.02% 8.90% TN SDL - 20.09.2022 139 0.35% 7.00% GOI Fertilizer Bond - 10.12.22 6 0.02% 7.95% GOI Fertilizer Bond - 18.02.26 122 0.31% 8.05% GJ SDL - 31.01.2028 4 0.01% 8.43% RJ SDL - 08.08.2028 117 0.29% 9.65% TN SDL - 12.03.2024 3 0.01% 8.63% RJ SDL - 03.09.2028 114 0.29% State Government Securities and 7,785 19.50% 8.37% MP SDL - 05.12.2028 113 0.28% Other Approved Securities Total 8.28% TN SDL -21.02.2028 111 0.28% Investments in Housing Finance Companies 8.58% GJ SDL - 31.10.2028 90 0.23% 9.05% HDFC - 16.10.2028 1,104 2.77% 8.62% MAH SDL - 20.02.2023 88 0.22% 8.50% LIC Housing Finance - 29.08.2025 1,059 2.65% 8.29% TN SDL - 29.07.2025 82 0.21%
218 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Floor Fund Total Dynamic Floor Fund Total Funds Funds ULIF-031-13/07/09- ULGF-015-07/01/10- PNFLRFND-107 DYFLRFND-107 8.47% LIC Housing Finance - 1,052 2.64% 8.30% GOI 2040 ZCG - 02.01.2021 10 0.03% 15.06.2026 P 15.07.19 8.30% GOI 2040 ZCG - 02.07.2020 10 0.03% 7.83% LIC Housing Finance - 1,026 2.57% 8.30% GOI 2040 ZCG - 02.07.2022 9 0.02% 25.09.2026 P 26.11.2020 8.30% GOI 2040 ZCG - 02.01.2022 9 0.02% Investments in Housing Finance 4,241 10.62% Companies Total 8.30% GOI 2040 ZCG - 02.01.2023 9 0.02% Infrastructure Related Activities 8.30% GOI 2040 ZCG - 02.07.2021 9 0.02% 8.40% IRFC - 08.01.2029 1,083 2.71% 8.30% GOI 2040 ZCG - 02.01.2024 8 0.02% 7.95% IRFC - 12.06.2029 1,058 2.65% 8.30% GOI 2040 ZCG - 02.07.2024 8 0.02% 7.70% REC - 10.12.2027 1,036 2.60% 8.30% GOI 2040 ZCG - 02.07.2023 8 0.02% 7.49% IRFC - 30.05.2027 1,022 2.56% 8.30% GOI 2040 ZCG - 02.01.2025 8 0.02% 8.49% NTPC - 25.03.2025 31 0.08% 8.30% GOI 2040 ZCG - 02.07.2026 7 0.02% Infrastructure Related Activities 4,230 10.60% 8.30% GOI 2040 ZCG - 02.01.2026 7 0.02% Total 8.30% GOI 2040 ZCG - 02.07.2025 7 0.02% Net Current Assets 764 1.91% 8.30% GOI 2040 ZCG - 02.07.2027 6 0.02% Financial and insurance activities 749 1.88% 8.30% GOI 2040 ZCG - 02.01.2027 6 0.02% Grand Total 39,919 100.00% 9.23% GOI - 23.12.2043 6 0.02% 8.30% GOI 2040 ZCG - 02.01.2028 6 0.02% Industry Kotak Group % of 8.97% GOI - 05.12.2030 5 0.01% Dynamic Floor Fund Total Funds 7.06% GOI - 10.10.2046 4 0.01% ULGF-015-07/01/10- DYFLRFND-107 8.32% GOI - 02.08.2032 2 0.01% TREPS & Other Money Market 8.28% GOI - 21.09.2027 2 0.01% Securities 8.24% GOI - 15.02.27 2 0.01% TREPS - 03.04.2020 12,500 32.47% 7.80% GOI - 03.05.2020 2 0.01% TREPS & Other Money Market 12,500 32.47% Central Government Securities Total 8,116 21.08% Securities Total State Government Securities and Central Government Securities Other Approved Securities 7.27% GOI - 08.04.2026 4,192 10.89% 8.15% GOI FCI Bonds - 16.10.22 2,111 5.48% 7.88% GOI - 19.03.2030 1,927 5.01% 8.70% REC - 28.09.2028 1,106 2.87% 9.20% GOI - 30.09.2030 1,180 3.07% 8.54% REC - 15.11.2028 1,095 2.84% 1.44% INFLATION INDEX GS 2023 543 1.41% 8.15% NABARD - 28.03.2029 1,076 2.80% 8.15% GOI - 24.11.2026 62 0.16% 7.65% RJ SDL - 29.11.2027 226 0.59% 7.40% GOI 2035 - 09.09.35 28 0.07% 7.20% MH SDL -09.08.2027 121 0.31% 6.83% GOI - 19.01.39 19 0.05% 7.62% KA SDL - 01.11.2027 113 0.29% 8.83% GOI - 12.12.2041 15 0.04% 7.26% HR SDL 28.06.2027 109 0.28%
219 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Dynamic Floor Fund Total Dynamic Floor Fund Total Funds Funds ULGF-015-07/01/10- ULGF-015-07/01/10- DYFLRFND-107 DYFLRFND-107 8.30% Fertilizer Co GOI - 07.12.23 56 0.15% 8.54% RJ SDL - 04.07.2028 7 0.02% 9.72% PN SDL - 28.08.2023 55 0.14% 8.29% HR SDL 14.03.2028 6 0.02% 8.72% TN SDL -19.09.2026 30 0.08% 8.90% TN SDL - 20.09.2022 6 0.02% 6.65% Fertilizer Co GOI - 29.01.23 28 0.07% 8.62% MAH SDL - 20.02.2023 6 0.02% 7.04% GJ SDL - 07.08.2026 27 0.07% 8.57% RJ SDL - 11.07.2028 5 0.01% 9.50% MAH SDL - 18.12.2023 24 0.06% 8.28% RJ SDL - 14.03.2028 5 0.01% 8.44% RJ SDL - 27.06.2028 24 0.06% 8.42% MP SDL - 08.08.2028 5 0.01% 7.54% KA SDL - 22.11.2027 23 0.06% 8.21% TN SDL - 24.06.2025 5 0.01% 9.29% PN SDL - 09.10.2023 23 0.06% 8.49% RJ SDL - 21.08.2028 4 0.01% 7.59% KA SDL - 29.03.2027 23 0.06% 9.37% GJ SDL - 04.12.2023 4 0.01% 8.32% KA SDL - 06.02.2029 23 0.06% 8.56% MH SDL -11.07.2028 4 0.01% 8.26% MH SDL -02.01.2029 22 0.06% 8.28% MH SDL - 29.07.2025 3 0.01% 8.52% KA SDL - 28.11.2028 22 0.06% 8.30% KA SDL - 20.02.2029 3 0.01% 8.58% GJ SDL - 23.01.2023 20 0.05% 8.62% HR SDL 03.09.2028 3 0.01% 9.87% PN SDL - 14.08.2023 19 0.05% 8.00% KA SDL - 17.01.2028 2 0.01% 9.39% MAH SDL - 20.11.2023 17 0.04% 7.39% MH SDL - 09.11.2026 2 0.01% 9.69% PN SDL - 12.02.2024 17 0.04% 9.39% GJ SDL - 20.11.2023 2 0.01% 7.20% GJ SDL - 14.06.2027 16 0.04% 7.33% MH SDL -13.09.2027 1 0.00% 8.27% TN SDL - 13.01.2026 16 0.04% 8.20% OMC GOI -15.09.24 1 0.00% 9.51% MAH SDL - 11.09.2023 15 0.04% 8.25% MH SDL - 10.06.2025 1 0.00% 8.38% TN SDL - 27.01.2026 15 0.04% 9.65% TN SDL - 12.03.2024 1 0.00% 8.37% MP SDL - 05.12.2028 13 0.03% 7.00% GOI Fertilizer Bond - 10.12.22 1 0.00% 7.95% GOI Fertilizer Bond - 18.02.26 13 0.03% 8.03% FCI SPL Bonds - 15.12.24 1 0.00% 8.84% PN SDL - 11.06.2024 13 0.03% State Government Securities and 6,674 17.34% Other Approved Securities Total 8.43% RJ SDL - 08.08.2028 12 0.03% Infrastructure Related Activities 8.63% RJ SDL - 03.09.2028 12 0.03% 9.30% PGC - 28.06.2023 1,365 3.55% 8.28% TN SDL -21.02.2028 11 0.03% 8.85% PGC - 19.10.2021 1,300 3.38% 8.58% GJ SDL - 31.10.2028 10 0.03% 8.90% PFC - 18.03.2028 1,099 2.85% 9.35% MH SDL - 30.01.2024 9 0.02% 8.63% REC - 25.08.2028 1,094 2.84% 8.29% TN SDL - 29.07.2025 9 0.02% 7.85% PFC - 03.04.2028 1,042 2.71% 8.34% PN SDL - 30.05.2028 8 0.02% 8.49% NTPC - 25.03.2025 2 0.01% 7.65% TN SDL -06.12.2027 7 0.02% Infrastructure Related Activities 5,902 15.33% 8.05% TN SDL -18.04.2028 7 0.02% Total
220 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Dynamic Floor Fund Total Fund II Total Funds Funds ULGF-015-07/01/10- ULIF-035-17/12/09- DYFLRFND-107 DYFLRFND2-107 Financial and insurance activities 3,375 8.77% 8.09% REC - 21.03.2028 8,526 0.19% Investments in Housing Finance 1,104 2.87% 8.06% REC - 27.03.2028 8,431 0.19% Companies 8.30% Fertilizer Co GOI - 07.12.23 8,264 0.18% Net Current Assets 824 2.14% 7.60% PFC - 20.02.2027 8,234 0.18% Grand Total 38,495 100.00% 9.18% PN SDL - 09.11.2021 7,327 0.16% 7.04% GJ SDL - 07.08.2026 7,257 0.16% Industry Dynamic Floor % of Fund II Total 9.72% PN SDL - 28.08.2023 6,344 0.14% Funds ULIF-035-17/12/09- 8.90% KA SDL - 19.12.2022 5,363 0.12% DYFLRFND2-107 8.90% MAH SDL - 20.09.2022 5,118 0.11% TREPS & Other Money Market 7.04% RJ SDL - 04.03.2030 4,619 0.10% Securities 7.04% MP SDL - 04.03.2030 4,613 0.10% TREPS - 03.04.2020 1,218,974 26.89% 8.58% GJ SDL - 23.01.2023 4,472 0.10% TREPS & Other Money Market 1,218,974 26.89% 8.56% NABARD - 14.11.2028 4,399 0.10% Securities Total 8.72% TN SDL -19.09.2026 4,350 0.10% State Government Securities and Other Approved Securities 8.29% NABARD - 24.01.2029 4,332 0.10% 8.24% NABARD - 22.03.2029 221,758 4.89% 8.20% NABARD - 09.03.2028 4,301 0.09% 8.70% REC - 28.09.2028 158,178 3.49% 8.01% REC - 24.03.2028 4,170 0.09% 8.54% REC - 15.11.2028 127,052 2.80% 6.65% Fertilizer Co GOI - 29.01.23 3,971 0.09% 7.25% TN SDL -31.03.2027 109,461 2.41% 9.17% PN SDL - 11.04.2022 3,723 0.08% 7.35% MP SDL - 31.03.2029 93,095 2.05% 9.50% MAH SDL - 18.12.2023 3,598 0.08% 8.22% NABARD - 13.12.2028 64,011 1.41% 8.44% RJ SDL - 27.06.2028 3,484 0.08% 7.65% RJ SDL - 29.11.2027 29,668 0.65% 9.29% PN SDL - 09.10.2023 3,233 0.07% 7.20% MH SDL -09.08.2027 23,261 0.51% 8.32% KA SDL - 06.02.2029 3,193 0.07% 8.50% NABARD - 27.02.2029 18,637 0.41% 8.26% MH SDL -02.01.2029 3,079 0.07% 8.12% NHPC - 22.03.2029 15,109 0.33% 8.52% KA SDL - 28.11.2028 3,052 0.07% 7.62% KA SDL - 01.11.2027 14,804 0.33% 7.59% KA SDL - 29.03.2027 2,950 0.07% 7.26% HR SDL 28.06.2027 14,287 0.32% 7.54% KA SDL - 22.11.2027 2,947 0.07% 8.65% NABARD - 08.06.2028 12,110 0.27% 9.51% MAH SDL - 11.09.2023 2,906 0.06% 6.97% KA SDL - 26.02.2028 11,749 0.26% 9.69% PN SDL - 12.02.2024 2,511 0.06% 7.10% PFC - 11.01.2027 11,027 0.24% 8.27% TN SDL - 13.01.2026 2,472 0.05% 8.80% REC - 22.01.2029 8,772 0.19% 9.39% MAH SDL - 20.11.2023 2,398 0.05% 8.42% NABARD - 13.02.2029 8,734 0.19% 7.20% GJ SDL - 14.06.2027 2,340 0.05% 8.24% PGC - 14.02.2029 8,686 0.19% 8.98% PN SDL - 14.10.2021 2,306 0.05%
221 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund II Total Fund II Total Funds Funds ULIF-035-17/12/09- ULIF-035-17/12/09- DYFLRFND2-107 DYFLRFND2-107 9.87% PN SDL - 14.08.2023 2,153 0.05% 8.00% KA SDL - 17.01.2028 239 0.01% 7.95% GOI Fertilizer Bond - 18.02.26 1,840 0.04% 7.33% MH SDL -13.09.2027 199 0.00% 8.43% RJ SDL - 08.08.2028 1,814 0.04% 9.65% TN SDL - 12.03.2024 181 0.00% 8.37% MP SDL - 05.12.2028 1,800 0.04% 8.25% MH SDL - 10.06.2025 154 0.00% 8.63% RJ SDL - 03.09.2028 1,747 0.04% 8.03% FCI SPL Bonds - 15.12.24 141 0.00% 9.35% MH SDL - 30.01.2024 1,731 0.04% 8.20% OMC GOI -15.09.24 104 0.00% 8.91% MAH SDL - 05.09.2022 1,712 0.04% 9.37% MAH SDL - 04.12.2023 98 0.00% 8.58% GJ SDL - 31.10.2028 1,675 0.04% 7.00% GOI Fertilizer Bond - 10.12.22 83 0.00% 8.28% TN SDL -21.02.2028 1,594 0.04% 8.05% GJ SDL - 31.01.2028 63 0.00% 8.51% PN SDL - 10.04.2023 1,379 0.03% 8.84% PN SDL - 11.06.2024 22 0.00% 8.29% TN SDL - 29.07.2025 1,182 0.03% State Government Securities and 1,135,475 25.05% Other Approved Securities Total 7.65% TN SDL -06.12.2027 1,168 0.03% Infrastructure Related Activities 8.05% TN SDL -18.04.2028 1,054 0.02% 8.56% REC - 29.11.2028 99,753 2.20% 8.34% PN SDL - 30.05.2028 1,047 0.02% 8.23% IRFC - 29.03.2029 60,103 1.33% 8.54% RJ SDL - 04.07.2028 948 0.02% 7.85% PFC - 03.04.2028 53,142 1.17% 8.29% HR SDL 14.03.2028 916 0.02% 8.30% IRFC - 25.03.2029 44,186 0.97% 8.38% TN SDL - 27.01.2026 914 0.02% 8.30% NTPC - 15.01.2029 42,229 0.93% 8.90% TN SDL - 20.09.2022 871 0.02% 8.05% NTPC - 05.05.2026 41,636 0.92% 7.59% GJ SDL - 15.02.2027 856 0.02% 8.40% IRFC - 08.01.2029 37,905 0.84% 8.57% RJ SDL - 11.07.2028 850 0.02% 8.65% PFC - 28.12.2024 32,603 0.72% 8.94% GJ SDL - 07.03.2022 848 0.02% 9.30% PGC - 28.06.2027 25,292 0.56% 8.28% RJ SDL - 14.03.2028 826 0.02% 7.95% IRFC - 12.06.2029 24,333 0.54% 8.42% MP SDL - 08.08.2028 791 0.02% 8.67% PFC - 18.11.2028 21,931 0.48% 8.21% TN SDL - 24.06.2025 782 0.02% 8.57% REC - 21.12.2024 19,553 0.43% 8.62% MAH SDL - 20.02.2023 740 0.02% 8.35% IRFC - 13.03.2029 18,356 0.40% 9.37% GJ SDL - 04.12.2023 713 0.02% 8.64% PGC - 08.07.2025 17,934 0.40% 8.28% MH SDL - 29.07.2025 658 0.01% 8.55% IRFC - 21.02.2029 17,530 0.39% 8.49% RJ SDL - 21.08.2028 655 0.01% 7.85% IRFC - 01.07.2034 16,919 0.37% 8.56% MH SDL -11.07.2028 595 0.01% 7.63% PFC - 14.08.2026 16,801 0.37% 9.39% GJ SDL - 20.11.2023 490 0.01% 7.49% IRFC - 30.05.2027 16,359 0.36% 8.62% HR SDL 03.09.2028 477 0.01% 8.93% PGC - 20.10.2026 14,565 0.32% 8.30% KA SDL - 20.02.2029 404 0.01% 7.70% REC - 10.12.2027 14,502 0.32% 7.39% MH SDL - 09.11.2026 279 0.01% 9.34% REC - 25.08.2024 13,308 0.29%
222 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund II Total Fund II Total Funds Funds ULIF-035-17/12/09- ULIF-035-17/12/09- DYFLRFND2-107 DYFLRFND2-107 7.83% IRFC - 21.03.2027 12,420 0.27% 8.36% REC - 22.09.2020 3,006 0.07% 10.08% IOT Utkal Energy Services 11,315 0.25% 8.85% PGC - 19.10.2026 2,791 0.06% Limited - 20.03.2025 8.85% PGC - 19.10.2023 2,714 0.06% 7.34% PGC - 15.07.2034 10,359 0.23% 8.85% PGC - 19.10.2021 2,600 0.06% 9.30% PGC - 28.06.2024 9,686 0.21% 9.46% PFC - 01.08.2026 2,273 0.05% 9.25% PGC - 26.12.2023 8,212 0.18% 8.78% NHPC - 11.02.2025 2,199 0.05% 7.27% IRFC - 15.06.2027 8,017 0.18% 8.40% NPC - 28.11.2026 2,173 0.05% 9.09% IRFC - 31.03.2026 7,896 0.17% 8.40% PGC - 27.05.2029 2,153 0.05% 9.09% IRFC - 29.03.2026 7,896 0.17% 8.27% REC - 06.02.2025 2,151 0.05% 7.55% IRFC - 12.04.2030 7,212 0.16% 8.13% PGC - 25.04.2031 2,150 0.05% 7.95% REC - 12.03.2027 6,265 0.14% 8.13% PGC - 25.04.2026 2,149 0.05% 7.36% PGC - 18.10.2026 6,207 0.14% 8.13% PGC - 25.04.2025 2,148 0.05% 8.54% NHPC - 26.11.2028 5,983 0.13% 8.82% REC - 12.04.2023 2,144 0.05% 8.85% PGC - 19.10.2025 5,492 0.12% 8.90% PFC - 18.03.2023 2,141 0.05% 8.63% REC - 25.08.2028 5,468 0.12% 8.84% PFC - 04.03.2023 2,136 0.05% 8.13% PGC - 25.04.2029 5,293 0.12% 9.02% REC - 19.11.2022 2,135 0.05% 7.89% PGC - 09.03.2027 5,218 0.12% 8.13% PGC - 25.04.2028 2,108 0.05% 9.35% PGC - 29.08.2026 4,559 0.10% 9.48% REC - 10.08.2021 2,084 0.05% 9.35% PGC - 29.08.2028 4,528 0.10% 8.20% PGC - 23.01.2022 2,063 0.05% 9.35% PGC - 29.08.2025 4,487 0.10% 7.09% REC - 17.10.2022 2,049 0.05% 8.78% NHPC - 11.02.2026 4,433 0.10% 8.99% PFC - 15.01.2021 2,045 0.05% 8.93% PGC - 20.10.2028 4,421 0.10% 7.37% NTPC - 14.12.2031 2,043 0.05% 8.48% PFC - 09.12.2024 4,310 0.10% 9.35% PGC - 29.08.2020 2,026 0.04% 8.10% NTPC - 27.05.2026 4,300 0.09% 8.20% IRFC - 27.04.2020 2,003 0.04% 8.13% PGC - 25.04.2023 4,222 0.09% 8.85% PGC - 19.10.2024 1,370 0.03% 9.30% PGC - 28.06.2025 4,221 0.09% 8.85% PGC - 19.10.2027 1,369 0.03% 7.32% NTPC - 17.07.2029 4,077 0.09% 8.94% PFC - 25.03.2028 1,102 0.02% 7.54% REC - 30.12.2026 4,060 0.09% 8.30% REC - 10.04.2025 1,074 0.02% 7.33% IRFC - 28.08.2027 4,048 0.09% 8.93% PGC - 20.10.2022 1,065 0.02% 10.08% IOT Utkal Energy Services 3,437 0.08% 7.93% PGC - 20.05.2028 1,042 0.02% Limited - 20.03.2026 8.93% PGC - 20.10.2021 1,041 0.02% 9.33% IRFC - 10.05.2026 3,408 0.08% 9.61% PFC - 29.06.2021 1,040 0.02% 9.75% REC - 11.11.2021. 3,163 0.07% 8.49% NTPC - 25.03.2025 370 0.01% 9.20% PFC - 07.07.2021 3,107 0.07%
223 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Dynamic Floor % of Fund II Total Fund II Total Funds Funds ULIF-035-17/12/09- ULIF-035-17/12/09- DYFLRFND2-107 DYFLRFND2-107 Infrastructure Related Activities 899,617 19.85% 8.88% EXIM- 18.10.2022 2,126 0.05% Total 9.30% EXIM- 11.05.2022 2,125 0.05% Financial and insurance activities 7.62% EXIM- 01.09.2026 2,107 0.05% 7.35% Bajaj Finance Ltd - 10.11.2022 97,420 2.15% 9.00% EXIM- 07.02.2022 2,091 0.05% 8.5383% Bajaj Finance Ltd - 66,056 1.46% 7.15% HDFC Bank FD NSE - 1,580 0.03% 07.06.2022 05.08.2020 Mahindra and Mahindra Financial 63,128 1.39% 7.00% HDFC Bank FD NSE - 1,148 0.03% Services Ltd Floater - 13.07 21.08.2020 8.25% EXIM- 23.06.2031 50,765 1.12% 7.22% EXIM- 03.08.2027 1,007 0.02% 8.12% EXIM- 25.04.2031 40,008 0.88% Financial and insurance activities 546,562 12.06% 8.11% EXIM- 11.07.2031 30,718 0.68% Total 7.09% HDB Financial services Ltd - 26,673 0.59% Investments in Housing Finance 17.04.2023 Companies 9.10% Shriram Transport Finance Co 19,724 0.44% 9.05% HDFC - 16.10.2028 124,733 2.75% Ltd 12.07.2021 8.55% HDFC - 27.03.2029 54,082 1.19% 8.75% KMPL - 28.09.2021 18,834 0.42% 7.50% HDFC - 08.01.2025 41,466 0.91% 8.35% Sundaram Finance - 31.05.2021 15,838 0.35% 7.35% HDFC - 10.02.2025 41,458 0.91% 9.05% SBH Perpetual Bond Call- 13,106 0.29% 6.99% HDFC - 13.02.2023 32,983 0.73% 20.09.2020 9.39% LIC Housing Finance - 28,416 0.63% 8.83% EXIM- 09.01.2023 12,816 0.28% 23.08.2024 - P - 26.08.15 8.65% Mahindra and Mahindra Fin 11,907 0.26% 9.19% LIC Housing Finance - 21,412 0.47% Services Ltd - 19.03.21 06.06.2023 P - 06.02.20 8.02% EXIM- 20.04.2026 11,730 0.26% 7.83% LIC Housing Finance - 20,519 0.45% 7.30% KMPL - 14.10.2020 9,901 0.22% 25.09.2026 P 26.11.2020 7.02% EXIM- 25.11.2031 8,058 0.18% 9.24% LIC Housing Finance - 16,337 0.36% 30.09.2024 8.89% IDFC Bank - 02.12.20 6,065 0.13% 8.47% LIC Housing Finance - 11,576 0.26% 8.87% EXIM- 30.10.2029 4,416 0.10% 15.06.2026 P 15.07.19 8.15% EXIM- 05.03.2025 4,292 0.09% 7.90% HDFC - 24.08.2026 10,402 0.23% 8.15% EXIM- 21.01.2030 4,275 0.09% 9.00% HDFC - 29.11.2028 8,749 0.19% 9.14% EXIM- 01.08.2022 4,258 0.09% 8.52% LIC Housing Finance - 8,512 0.19% 7.9886% Bajaj Finance Ltd - 4,006 0.09% 03.03.2025 25.05.2020 9.25% LIC Housing Finance - 7,432 0.16% 8.80% EXIM- 15.03.2023 3,215 0.07% 12.11.2022 7.50% Sundaram Finance - 07.11.2022 2,897 0.06% 8.50% LIC Housing Finance - 6,356 0.14% 8.94% EXIM- 31.12.2022 2,139 0.05% 29.08.2025 9.15% EXIM- 05.09.2022 2,133 0.05%
224 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Pension Floor % of Fund II Total Fund II Total Funds Funds ULIF-035-17/12/09- ULIF-043-08/01/10- DYFLRFND2-107 PNFLRKFND2-107 9.47% LIC Housing Finance - 4,383 0.10% 6.83% GOI - 19.01.39 249 0.08% 23.08.2024 8.83% GOI - 12.12.2041 192 0.06% 8.50% LIC Housing Finance - 4,341 0.10% 8.30% GOI 2040 ZCG - 02.07.2020 157 0.05% 04.06.2025 8.30% GOI 2040 ZCG - 02.01.2021 154 0.05% 9.30% LIC Housing Finance - 4,237 0.09% 14.09.2022 8.30% GOI 2040 ZCG - 02.07.2021 150 0.05% 9.90% HDFC - 11.11.2021 4,187 0.09% 8.30% GOI 2040 ZCG - 02.01.2022 146 0.05% 8.98% HDFC - 26.11.2020 4,058 0.09% 8.30% GOI 2040 ZCG - 02.07.2022 142 0.05% 8.55% LIC Housing Finance - 2,153 0.05% 8.30% GOI 2040 ZCG - 02.01.2023 138 0.04% 14.08.2025 8.30% GOI 2040 ZCG - 02.07.2023 134 0.04% 8.40% HDFC - 23.01.2025 2,127 0.05% 8.30% GOI 2040 ZCG - 02.01.2024 129 0.04% 9.23% LIC Housing Finance - 2,126 0.05% 8.30% GOI 2040 ZCG - 02.07.2024 126 0.04% 13.12.2022 8.30% GOI 2040 ZCG - 02.01.2025 122 0.04% Investments in Housing Finance 462,045 10.19% 8.30% GOI 2040 ZCG - 02.07.2025 118 0.04% Companies Total 8.30% GOI 2040 ZCG - 02.01.2026 112 0.04% Central Government Securities 326,251 7.20% 8.30% GOI 2040 ZCG - 02.07.2026 107 0.03% Infrastructure - Long Term Bonds 67,197 1.48% -BFSI 6.84% GOI - 19.12.2022 105 0.03% Manufacture of basic metals 1,064 0.02% 8.30% GOI 2040 ZCG - 02.01.2027 102 0.03% Net Current Assets -124,445 -2.75% 8.30% GOI 2040 ZCG - 02.07.2027 99 0.03% Grand Total 4,532,740 100.00% 8.30% GOI 2040 ZCG - 02.01.2028 95 0.03% 9.23% GOI - 23.12.2043 82 0.03% Industry Pension Floor % of 8.13% GOI - 22.06.2045 78 0.03% Fund II Total Funds 7.80% GOI - 03.05.2020 70 0.02% ULIF-043-08/01/10- PNFLRKFND2-107 8.97% GOI - 05.12.2030 63 0.02% 7.06% GOI - 10.10.2046 49 0.02% TREPS & Other Money Market Securities 8.32% GOI - 02.08.2032 36 0.01% TREPS - 03.04.2020 70,998 23.15% 8.28% GOI - 21.09.2027 33 0.01% TREPS & Other Money Market 70,998 23.15% 8.24% GOI - 15.02.27 25 0.01% Securities Total Central Government Securities Total 59,194 19.30% Central Government Securities Infrastructure Related Activities 7.27% GOI - 08.04.2026 41,917 13.67% 8.56% REC - 29.11.2028 9,866 3.22% 1.44% INFLATION INDEX GS 2023 11,809 3.85% 7.85% PFC - 03.04.2028 5,210 1.70% 8.20% GOI - 15.02.22 1,374 0.45% 8.23% IRFC - 29.03.2029 4,293 1.40% 8.15% GOI - 24.11.2026 733 0.24% 8.05% NTPC - 05.05.2026 4,270 1.39% 7.40% GOI 2035 - 09.09.35 348 0.11%
225 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Floor % of Industry Pension Floor % of Fund II Total Fund II Total Funds Funds ULIF-043-08/01/10- ULIF-043-08/01/10- PNFLRKFND2-107 PNFLRKFND2-107 8.65% PFC - 28.12.2024 3,260 1.06% 8.09% REC - 21.03.2028 1,066 0.35% 8.67% PFC - 18.11.2028 2,193 0.72% 8.06% REC - 27.03.2028 1,054 0.34% 8.57% REC - 21.12.2024 2,173 0.71% 7.60% PFC - 20.02.2027 1,029 0.34% 8.40% IRFC - 08.01.2029 2,166 0.71% 7.10% PFC - 11.01.2027 1,002 0.33% 8.35% IRFC - 13.03.2029 2,160 0.70% 8.94% GJ SDL - 07.03.2022 973 0.32% 7.95% IRFC - 12.06.2029 2,116 0.69% 8.30% Fertilizer Co GOI - 07.12.23 879 0.29% 7.85% IRFC - 01.07.2034 2,115 0.69% 9.18% PN SDL - 09.11.2021 699 0.23% 7.83% IRFC - 21.03.2027 2,070 0.67% 7.20% MH SDL -09.08.2027 640 0.21% 9.30% PGC - 28.06.2024 1,384 0.45% 8.58% GJ SDL - 23.01.2023 505 0.16% 8.64% PGC - 08.07.2025 1,380 0.45% 9.51% MAH SDL - 11.09.2023 483 0.16% 9.25% PGC - 26.12.2023 1,369 0.45% 8.72% TN SDL -19.09.2026 432 0.14% 8.85% PGC - 19.10.2021 1,300 0.42% 9.50% MAH SDL - 18.12.2023 412 0.13% 9.09% IRFC - 29.03.2026 1,128 0.37% 6.65% Fertilizer Co GOI - 29.01.23 395 0.13% 8.93% PGC - 20.10.2026 1,120 0.37% 8.84% PN SDL - 11.06.2024 382 0.12% 9.34% REC - 25.08.2024 1,109 0.36% 9.87% PN SDL - 14.08.2023 374 0.12% 8.55% IRFC - 21.02.2029 1,096 0.36% 8.44% RJ SDL - 27.06.2028 350 0.11% 8.13% PGC - 25.04.2029 1,059 0.35% 9.29% PN SDL - 09.10.2023 339 0.11% 7.63% PFC - 14.08.2026 1,050 0.34% 9.35% MH SDL - 30.01.2024 329 0.11% 7.70% REC - 10.12.2027 1,036 0.34% 8.98% PN SDL - 14.10.2021 326 0.11% 7.55% IRFC - 12.04.2030 1,030 0.34% 9.69% PN SDL - 12.02.2024 324 0.11% 7.49% IRFC - 30.05.2027 1,022 0.33% 7.04% GJ SDL - 07.08.2026 322 0.10% 8.49% NTPC - 25.03.2025 64 0.02% 8.32% KA SDL - 06.02.2029 303 0.10% Infrastructure Related Activities 57,039 18.60% 8.52% KA SDL - 28.11.2028 292 0.10% Total 8.27% TN SDL - 13.01.2026 281 0.09% State Government Securities and 8.26% MH SDL -02.01.2029 279 0.09% Other Approved Securities 8.38% TN SDL - 27.01.2026 263 0.09% 8.70% REC - 28.09.2028 15,486 5.05% 9.39% MAH SDL - 20.11.2023 260 0.08% 8.54% REC - 15.11.2028 12,048 3.93% 7.20% GJ SDL - 14.06.2027 224 0.07% 8.22% NABARD - 13.12.2028 5,425 1.77% 7.95% GOI Fertilizer Bond - 18.02.26 186 0.06% 8.50% NABARD - 27.02.2029 2,193 0.72% 8.43% RJ SDL - 08.08.2028 181 0.06% 9.72% PN SDL - 28.08.2023 1,341 0.44% 8.63% RJ SDL - 03.09.2028 175 0.06% 8.65% NABARD - 08.06.2028 1,101 0.36% 8.37% MP SDL - 05.12.2028 173 0.06% 8.42% NABARD - 13.02.2029 1,092 0.36% 8.90% TN SDL - 20.09.2022 168 0.05% 8.12% NHPC - 22.03.2029 1,079 0.35%
226 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Floor % of Industry Pension Floor % of Fund II Total Fund II Total Funds Funds ULIF-043-08/01/10- ULIF-043-08/01/10- PNFLRKFND2-107 PNFLRKFND2-107 8.28% TN SDL -21.02.2028 165 0.05% 8.12% EXIM- 25.04.2031 3,244 1.06% 8.62% MAH SDL - 20.02.2023 158 0.05% 7.35% Bajaj Finance Ltd - 10.11.2022 2,894 0.94% 8.58% GJ SDL - 31.10.2028 142 0.05% 8.11% EXIM- 11.07.2031 2,194 0.72% 9.37% GJ SDL - 04.12.2023 130 0.04% 8.83% EXIM- 09.01.2023 2,136 0.70% 8.29% TN SDL - 29.07.2025 128 0.04% 9.05% SBH Perpetual Bond Call- 2,016 0.66% 20.09.2020 7.65% TN SDL -06.12.2027 119 0.04% Mahindra and Mahindra Financial 2,004 0.65% 8.05% TN SDL -18.04.2028 105 0.03% Services Ltd Floater - 13.07 8.34% PN SDL - 30.05.2028 101 0.03% 8.75% KMPL - 28.09.2021 1,983 0.65% 8.28% MH SDL - 29.07.2025 101 0.03% 9.10% Shriram Transport Finance Co 1,972 0.64% 8.54% RJ SDL - 04.07.2028 95 0.03% Ltd 12.07.2021 9.39% GJ SDL - 20.11.2023 94 0.03% 8.02% EXIM- 20.04.2026 1,066 0.35% 8.29% HR SDL 14.03.2028 93 0.03% 8.89% IDFC Bank - 02.12.20 1,011 0.33% 8.28% RJ SDL - 14.03.2028 85 0.03% 7.02% EXIM- 25.11.2031 1,007 0.33% 8.57% RJ SDL - 11.07.2028 85 0.03% 8.65% Mahindra and Mahindra Fin 992 0.32% 8.21% TN SDL - 24.06.2025 82 0.03% Services Ltd - 19.03.21 8.42% MP SDL - 08.08.2028 78 0.03% 7.30% KMPL - 14.10.2020 990 0.32% 8.49% RJ SDL - 21.08.2028 65 0.02% 7.15% HDFC Bank FD NSE - 411 0.13% 05.08.2020 8.56% MH SDL -11.07.2028 59 0.02% 7.00% HDFC Bank FD NSE - 305 0.10% 8.62% HR SDL 03.09.2028 47 0.02% 21.08.2020 8.30% KA SDL - 20.02.2029 36 0.01% Financial and insurance activities 28,545 9.31% 7.39% MH SDL - 09.11.2026 32 0.01% Total 8.00% KA SDL - 17.01.2028 25 0.01% Infrastructure - Long Term Bonds 7,340 2.39% 8.25% MH SDL - 10.06.2025 25 0.01% -BFSI 7.33% MH SDL -13.09.2027 19 0.01% Net Current Assets -4,636 -1.51% 8.03% FCI SPL Bonds - 15.12.24 15 0.00% Grand Total 306,705 100.00% 8.20% OMC GOI -15.09.24 12 0.00% Industry Kotak % of 7.00% GOI Fertilizer Bond - 10.12.22 9 0.00% Opportunities Fund Total Funds 8.05% GJ SDL - 31.01.2028 6 0.00% ULIF-029-02/10/08- State Government Securities and 56,976 18.58% OPPFND-107 Other Approved Securities Total Financial and insurance activities Investments in Housing Finance 31,249 10.19% ICICI Bank Ltd 261,659 4.88% Companies HDFC Bank Ltd 204,608 3.81% Financial and insurance activities Housing Development Finance Corp. 165,851 3.09% 8.25% EXIM- 23.06.2031 4,320 1.41% Ltd
227 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak % of Opportunities Fund Total Opportunities Fund Total Funds Funds ULIF-029-02/10/08- ULIF-029-02/10/08- OPPFND-107 OPPFND-107 Bajaj Finance Ltd 101,933 1.90% Atul Ltd 2,967 0.06% Axis Bank Ltd 86,985 1.62% Manufacture of chemicals and 601,390 11.21% chemical products Total HDFC Standard Life Insurance 64,018 1.19% Company Ltd Computer programming, consultancy and related activities ICICI Lombard General Insurance 61,600 1.15% Company Ltd Infosys Ltd 301,563 5.62% SBI Life Insurance Company Ltd 47,508 0.89% Tata Consultancy Services Ltd 207,828 3.87% AU Small Finance Bank Ltd 32,371 0.60% HCL Technologies Ltd 60,040 1.12% HDFC Asset Management Co Ltd 32,112 0.60% Computer programming, 569,431 10.61% consultancy and related activities State Bank of India 23,192 0.43% Total Max Financial Services Ltd 22,950 0.43% Manufacture of coke and refined 467,555 8.71% Mahindra & Mahindra Financial 16,812 0.31% petroleum products Services Ltd Infrastructure Related Activities 288,002 5.37% Aavas Financiers Ltd 15,574 0.29% Manufacture of other non-metallic 259,450 4.83% 7.15% HDFC Bank FD NSE - 7,258 0.14% mineral products 05.08.2020 Mfg of pharmaceuticals, medicinal 228,884 4.26% 7.00% HDFC Bank FD NSE - 4,987 0.09% chemical & botanical products 21.08.2020 Civil engineering 190,365 3.55% Financial and insurance activities 1,149,418 21.42% Manufacture of food products 135,603 2.53% Total TREPS & Other Money Market 131,998 2.46% Others - Exchange Traded Funds Securities SBI ETF Nifty Bank 349,195 6.51% Manufacture of motor vehicles, 111,612 2.08% Kotak Banking ETF - Dividend Payout 208,230 3.88% trailers and semi-trailers Option Other manufacturing 76,604 1.43% ICICI Prudential Bank ETF Nifty Bank 82,982 1.55% Manufacture of machinery and 69,126 1.29% Index equipment n.e.c. Others - Exchange Traded Funds 640,407 11.93% Retail trade, except of motor 59,053 1.10% Total vehicles and motorcycles Manufacture of chemicals and Manufacture of basic metals 47,027 0.88% chemical products Warehousing and support activities 43,320 0.81% Hindustan Unilever Ltd 288,673 5.38% for transportation Asian Paints Ltd 111,829 2.08% Manufacture of electrical 40,160 0.75% P I Industries Ltd 70,325 1.31% equipment S R F Ltd 69,741 1.30% Air transport 39,782 0.74% Dabur India Ltd 36,288 0.68% Land transport and transport via 34,649 0.65% Coromandel International Ltd 21,567 0.40% pipelines
228 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Pension % of Opportunities Fund Total Opportunities Fund Total Funds Funds ULIF-029-02/10/08- ULIF-032-17/07/09- OPPFND-107 PNOPPFND-107 Manufacture of rubber and plastics 33,445 0.62% Manufacture of chemicals and chemical products products Construction of buildings 32,683 0.61% Hindustan Unilever Ltd 1,009 5.20% Net Current Assets 30,427 0.57% Asian Paints Ltd 392 2.02% Manufacture of wearing apparel 24,190 0.45% S R F Ltd 223 1.15% Architecture & engineering 23,674 0.44% P I Industries Ltd 221 1.14% activities,technical testing, analysis Colgate Palmolive India Ltd 159 0.82% Manufacture of other transport 22,093 0.41% Dabur India Ltd 116 0.60% equipment Manufacture of chemicals and chemical 2,120 10.92% Human health activities 10,098 0.19% products Total Accommodation 5,139 0.10% TREPS & Other Money Market Securities Broadcasting and programming 984 0.02% TREPS - 03.04.2020 2,000 10.30% activities TREPS & Other Money Market Securities 2,000 10.30% Total Grand Total 5,366,569 100.00% Others - Exchange Traded Funds 1,929 9.94%
Industry Kotak Pension % of Computer programming, consultancy and 1,890 9.74% Opportunities Fund Total related activities Funds Manufacture of coke and refined 1,583 8.15% ULIF-032-17/07/09- petroleum products PNOPPFND-107 Infrastructure Related Activities 1,012 5.21% Financial and insurance activities Civil engineering 659 3.39% ICICI Bank Ltd 785 4.04% Mfg of pharmaceuticals, medicinal 607 3.13% HDFC Bank Ltd 747 3.85% chemical & botanical products Housing Development Finance Corp. Ltd 503 2.59% Manufacture of other non-metallic 568 2.93% Axis Bank Ltd 438 2.26% mineral products
Bajaj Finance Ltd 288 1.48% Manufacture of motor vehicles, trailers 520 2.68% HDFC Standard Life Insurance Company Ltd 209 1.08% and semi-trailers
SBI Life Insurance Company Ltd 196 1.01% Net Current Assets 423 2.18%
ICICI Lombard General Insurance Company 171 0.88% Warehousing and support activities for 355 1.83% Ltd transportation
HDFC Asset Management Co Ltd 135 0.70% Manufacture of food products 293 1.51%
AU Small Finance Bank Ltd 88 0.45% Manufacture of machinery and 287 1.48% equipment n.e.c. 7.15% HDFC Bank FD NSE - 05.08.2020 77 0.40% Other manufacturing 240 1.24% State Bank of India 66 0.34% Air transport 182 0.94% 7.00% HDFC Bank FD NSE - 21.08.2020 53 0.27% Manufacture of rubber and plastics 172 0.89% Financial and insurance activities Total 3,756 19.35% products
Land transport and transport via pipelines 167 0.86%
229 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Classic % of Opportunities Fund Total Opportunities Fund Total Funds Funds ULIF-032-17/07/09- ULIF-033-16/12/09- PNOPPFND-107 CLAOPPFND-107 Retail trade, except of motor vehicles and 156 0.80% 7.00% HDFC Bank FD NSE - 1,292 0.00% motorcycles 21.08.2020 Manufacture of other transport 148 0.76% Financial and insurance activities 8,228,946 20.83% equipment Total Construction of buildings 106 0.55% Others - Exchange Traded Funds Manufacture of basic metals 106 0.55% SBI ETF Nifty Bank 2,460,277 6.23% Accommodation 80 0.41% Kotak Banking ETF - Dividend Payout 1,479,301 3.74% Manufacture of tobacco products 34 0.18% Option Broadcasting and programming activities 20 0.10% ICICI Prudential Bank ETF Nifty Bank 608,913 1.54% Grand Total 19,413 100.00% Index Others - Exchange Traded Funds 4,548,491 11.51% Industry Classic % of Total Opportunities Fund Total Manufacture of chemicals and Funds ULIF-033-16/12/09- chemical products CLAOPPFND-107 Hindustan Unilever Ltd 2,068,788 5.24% Financial and insurance activities Asian Paints Ltd 800,917 2.03% ICICI Bank Ltd 1,868,289 4.73% P I Industries Ltd 504,872 1.28% HDFC Bank Ltd 1,494,016 3.78% S R F Ltd 495,227 1.25% Housing Development Finance Corp. 1,196,092 3.03% Dabur India Ltd 286,473 0.73% Ltd Coromandel International Ltd 173,647 0.44% Bajaj Finance Ltd 729,652 1.85% Atul Ltd 21,318 0.05% Axis Bank Ltd 628,930 1.59% Manufacture of chemicals and 4,351,242 11.01% HDFC Standard Life Insurance 460,614 1.17% chemical products Total Company Ltd Computer programming, ICICI Lombard General Insurance 437,640 1.11% consultancy and related activities Company Ltd Infosys Ltd 2,154,433 5.45% SBI Life Insurance Company Ltd 345,777 0.88% Tata Consultancy Services Ltd 1,494,756 3.78% AU Small Finance Bank Ltd 237,358 0.60% HCL Technologies Ltd 424,955 1.08% HDFC Asset Management Co Ltd 226,395 0.57% Computer programming, 4,074,144 10.31% State Bank of India 195,542 0.49% consultancy and related activities Max Financial Services Ltd 159,427 0.40% Total Mahindra & Mahindra Financial 125,526 0.32% Manufacture of coke and refined 3,390,234 8.58% Services Ltd petroleum products Aavas Financiers Ltd 120,540 0.31% Infrastructure Related Activities 2,040,182 5.16% 7.15% HDFC Bank FD NSE - 1,856 0.00% Manufacture of other non-metallic 1,860,700 4.71% 05.08.2020 mineral products
230 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Classic % of Industry Pension Classic % of Opportunities Fund Total Opportunities Fund Total Funds Funds ULIF-033-16/12/09- ULIF-042-07/01/10- CLAOPPFND-107 PNCLAOPFND-107 Mfg of pharmaceuticals, medicinal 1,706,216 4.32% Financial and insurance activities chemical & botanical products ICICI Bank Ltd 30,389 4.99% Civil engineering 1,370,503 3.47% HDFC Bank Ltd 23,457 3.85% TREPS & Other Money Market 1,332,479 3.37% Housing Development Finance Corp. 19,066 3.13% Securities Ltd Manufacture of food products 978,144 2.48% Bajaj Finance Ltd 11,453 1.88% Net Current Assets 819,021 2.07% Axis Bank Ltd 9,849 1.62% Manufacture of motor vehicles, 789,828 2.00% HDFC Standard Life Insurance 7,322 1.20% trailers and semi-trailers Company Ltd Other manufacturing 539,787 1.37% ICICI Lombard General Insurance 7,194 1.18% Manufacture of machinery and 497,291 1.26% Company Ltd equipment n.e.c. SBI Life Insurance Company Ltd 5,513 0.91% Retail trade, except of motor 408,854 1.03% HDFC Asset Management Co Ltd 3,826 0.63% vehicles and motorcycles AU Small Finance Bank Ltd 3,724 0.61% Manufacture of basic metals 348,824 0.88% Max Financial Services Ltd 2,767 0.45% Warehousing and support activities 320,252 0.81% for transportation State Bank of India 2,620 0.43% Manufacture of electrical 300,055 0.76% Mahindra & Mahindra Financial 1,711 0.28% equipment Services Ltd Air transport 284,392 0.72% Aavas Financiers Ltd 1,497 0.25% Land transport and transport via 242,949 0.61% 7.15% HDFC Bank FD NSE - 229 0.04% pipelines 05.08.2020 Construction of buildings 238,575 0.60% 7.00% HDFC Bank FD NSE - 172 0.03% 21.08.2020 Manufacture of rubber and plastics 237,642 0.60% products Financial and insurance activities 130,789 21.49% Total Architecture & engineering 170,967 0.43% activities,technical testing, analysis Others - Exchange Traded Funds Manufacture of wearing apparel 167,243 0.42% SBI ETF Nifty Bank 40,674 6.68% Manufacture of other transport 156,810 0.40% Kotak Banking ETF - Dividend Payout 24,088 3.96% equipment Option Human health activities 72,202 0.18% ICICI Prudential Bank ETF Nifty Bank 9,561 1.57% Index Accommodation 36,187 0.09% Others - Exchange Traded Funds 74,323 12.21% Broadcasting and programming 1,115 0.00% Total activities Manufacture of chemicals and Grand Total 39,513,275 100.00% chemical products Hindustan Unilever Ltd 33,057 5.43%
231 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Classic % of Industry Pension Classic % of Opportunities Fund Total Opportunities Fund Total Funds Funds ULIF-042-07/01/10- ULIF-042-07/01/10- PNCLAOPFND-107 PNCLAOPFND-107 Asian Paints Ltd 12,884 2.12% Air transport 4,597 0.76% P I Industries Ltd 8,215 1.35% Manufacture of electrical 4,343 0.71% equipment S R F Ltd 8,105 1.33% Land transport and transport via 3,946 0.65% Dabur India Ltd 3,843 0.63% pipelines Coromandel International Ltd 1,904 0.31% Construction of buildings 3,908 0.64% Atul Ltd 335 0.06% Manufacture of rubber and plastics 3,901 0.64% Manufacture of chemicals and 68,343 11.23% products chemical products Total Manufacture of wearing apparel 2,935 0.48% Computer programming, Architecture & engineering 2,644 0.43% consultancy and related activities activities,technical testing, analysis Infosys Ltd 34,375 5.65% Manufacture of other transport 2,567 0.42% Tata Consultancy Services Ltd 23,920 3.93% equipment HCL Technologies Ltd 6,847 1.13% Human health activities 886 0.15% Computer programming, 65,142 10.71% Accommodation 606 0.10% consultancy and related activities Broadcasting and programming 196 0.03% Total activities Manufacture of coke and refined 54,018 8.88% Net Current Assets -86 -0.01% petroleum products Grand Total 608,500 100.00% Infrastructure Related Activities 33,418 5.49% Manufacture of other non-metallic 29,627 4.87% mineral products Industry Frontline Equity % of Fund Total Mfg of pharmaceuticals, medicinal 26,122 4.29% Funds chemical & botanical products ULIF-034-17/12/09- FRLEQUFND-107 Civil engineering 22,083 3.63% Financial and insurance activities Manufacture of food products 15,396 2.53% ICICI Bank Ltd 324,921 5.53% Manufacture of motor vehicles, 12,788 2.10% trailers and semi-trailers HDFC Bank Ltd 211,964 3.61% TREPS & Other Money Market 12,500 2.05% Axis Bank Ltd 143,838 2.45% Securities Bajaj Finance Ltd 102,711 1.75% Other manufacturing 8,624 1.42% State Bank of India 101,163 1.72% Manufacture of machinery and 7,801 1.28% Max Financial Services Ltd 55,387 0.94% equipment n.e.c. ICICI Lombard General Insurance 52,672 0.90% Retail trade, except of motor 6,799 1.12% Company Ltd vehicles and motorcycles HDFC Standard Life Insurance 42,724 0.73% Manufacture of basic metals 5,498 0.90% Company Ltd Warehousing and support activities 4,786 0.79% SBI Life Insurance Company Ltd 40,832 0.70% for transportation
232 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Frontline Equity % of Industry Frontline Equity % of Fund Total Fund Total Funds Funds ULIF-034-17/12/09- ULIF-034-17/12/09- FRLEQUFND-107 FRLEQUFND-107 Housing Development Finance Corp. 40,422 0.69% ICICI Prudential Bank ETF Nifty Bank 15,449 0.26% Ltd Index Mahindra & Mahindra Financial 29,977 0.51% Others - Exchange Traded Funds 644,318 10.97% Services Ltd Total Cholamandalam Financial Holdings Ltd 21,690 0.37% Manufacture of coke and refined petroleum products AU Small Finance Bank Ltd 18,539 0.32% Reliance Industries Ltd 461,438 7.86% 7.15% HDFC Bank FD NSE - 329 0.01% 05.08.2020 Bharat Petroleum Corporation Ltd 93,256 1.59% 7.00% HDFC Bank FD NSE - 222 0.00% Hindustan Petroleum Corporation Ltd 49,957 0.85% 21.08.2020 Manufacture of coke and refined 604,651 10.30% Financial and insurance activities 1,187,391 20.22% petroleum products Total Total Infrastructure Related Activities 313,505 5.34% Manufacture of chemicals and TREPS & Other Money Market 305,999 5.21% chemical products Securities Hindustan Unilever Ltd 221,929 3.78% Manufacture of other non-metallic 295,434 5.03% Asian Paints Ltd 143,909 2.45% mineral products Coromandel International Ltd 103,038 1.75% Civil engineering 242,267 4.13% S R F Ltd 99,141 1.69% Manufacture of motor vehicles, 133,706 2.28% trailers and semi-trailers P I Industries Ltd 87,505 1.49% Manufacture of other transport 106,963 1.82% Dabur India Ltd 76,372 1.30% equipment Colgate Palmolive India Ltd 56,726 0.97% Manufacture of food products 104,614 1.78% Emami Ltd 31,633 0.54% Mfg of pharmaceuticals, medicinal 92,100 1.57% Manufacture of chemicals and 820,253 13.97% chemical & botanical products chemical products Total Manufacture of rubber and plastics 60,407 1.03% Computer programming, products consultancy and related activities Other manufacturing 55,842 0.95% Infosys Ltd 402,280 6.85% Net Current Assets 48,529 0.83% Tata Consultancy Services Ltd 160,313 2.73% Construction of buildings 45,106 0.77% HCL Technologies Ltd 100,389 1.71% Land transport and transport via 41,637 0.71% Computer programming, 662,982 11.29% pipelines consultancy and related activities Manufacture of basic metals 38,253 0.65% Total Activities of head offices; 18,298 0.31% Others - Exchange Traded Funds management consultancy activities SBI ETF Nifty Bank 430,155 7.33% Air transport 15,021 0.26% Kotak Banking ETF - Dividend Payout 198,714 3.38% Accommodation 14,277 0.24% Option Human health activities 12,700 0.22%
233 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Frontline Equity % of Industry Pension Frontline % of Fund Total Equity Fund Total Funds Funds ULIF-034-17/12/09- ULIF-044-11/01/10- FRLEQUFND-107 PNFRLEQFND-107 Manufacture of wearing apparel 7,379 0.13% Computer programming, 14,343 12.02% consultancy and related activities Broadcasting and programming 200 0.00% Total activities Manufacture of coke and refined Grand Total 5,871,832 100.00% petroleum products Reliance Industries Ltd 10,509 8.81% Industry Pension Frontline % of Equity Fund Total Bharat Petroleum Corporation Ltd 2,119 1.78% Funds ULIF-044-11/01/10- Hindustan Petroleum Corporation Ltd 1,013 0.85% PNFRLEQFND-107 Manufacture of coke and refined 13,641 11.44% Financial and insurance activities petroleum products Total ICICI Bank Ltd 6,766 5.67% Others - Exchange Traded Funds HDFC Bank Ltd 5,926 4.97% SBI ETF Nifty Bank 7,644 6.41% Axis Bank Ltd 3,478 2.92% Kotak Banking ETF - Dividend Payout 4,313 3.62% Option State Bank of India 2,270 1.90% Others - Exchange Traded Funds 11,957 10.02% Bajaj Finance Ltd 1,844 1.55% Total HDFC Standard Life Insurance 1,379 1.16% TREPS & Other Money Market 11,500 9.64% Company Ltd Securities ICICI Lombard General Insurance 1,366 1.15% Manufacture of chemicals and 9,619 8.06% Company Ltd chemical products SBI Life Insurance Company Ltd 801 0.67% Infrastructure Related Activities 6,545 5.49% Max Financial Services Ltd 570 0.48% Manufacture of other non-metallic 5,442 4.56% Cholamandalam Financial Holdings Ltd 500 0.42% mineral products Mahindra & Mahindra Financial 247 0.21% Civil engineering 5,066 4.25% Services Ltd Manufacture of motor vehicles, 2,313 1.94% 7.15% HDFC Bank FD NSE - 53 0.04% trailers and semi-trailers 05.08.2020 Manufacture of other transport 1,928 1.62% 7.00% HDFC Bank FD NSE - 39 0.03% equipment 21.08.2020 Manufacture of food products 1,751 1.47% AU Small Finance Bank Ltd 20 0.02% Manufacture of basic metals 1,503 1.26% Financial and insurance activities 25,259 21.17% Other manufacturing 1,472 1.23% Total Mfg of pharmaceuticals, medicinal 1,448 1.21% Computer programming, chemical & botanical products consultancy and related activities Manufacture of rubber and plastics 988 0.83% Infosys Ltd 8,114 6.80% products Tata Consultancy Services Ltd 3,880 3.25% Air transport 983 0.82% HCL Technologies Ltd 2,349 1.97% Construction of buildings 978 0.82%
234 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 Frontline % of Industry Kotak Group % of Equity Fund Total Prudent Fund Total Funds Funds ULIF-044-11/01/10- ULGF-019-04/07/17- PNFRLEQFND-107 KGPFFND-107
Land transport and transport via 835 0.70% 8.30% Fertilizer Co GOI - 07.12.23 2,199 0.38% pipelines 8.50% NABARD - 27.02.2029 2,193 0.38% Manufacture of tobacco products 715 0.60% 7.62% KA SDL - 01.11.2027 2,145 0.37% Net Current Assets 588 0.49% 7.26% HR SDL 28.06.2027 2,070 0.36% Accommodation 363 0.30% Broadcasting and programming 34 0.03% 7.20% MH SDL -09.08.2027 1,586 0.27% activities 8.03% FCI SPL Bonds - 15.12.24 1,108 0.19%
Retail trade, except of motor 18 0.02% 8.01% OIL MKTG GOI - 15.12.2023 1,085 0.19% vehicles and motorcycles 7.00% GOI Fertilizer Bond - 10.12.22 1,083 0.19% Grand Total 119,289 100.00% 8.15% GOI FCI Bonds - 16.10.22 761 0.13%
Industry Kotak Group % of 7.59% GJ SDL - 15.02.2027 645 0.11% Prudent Fund Total 7.59% KA SDL - 29.03.2027 428 0.07% Funds ULGF-019-04/07/17- 7.54% KA SDL - 22.11.2027 428 0.07% KGPFFND-107 7.04% GJ SDL - 07.08.2026 164 0.03% State Government Securities and Other Approved Securities 8.58% GJ SDL - 31.10.2028 65 0.01%
9.50% GJ SDL - 11.09.2023 32,973 5.66% State Government Securities and 129,925 22.32% Other Approved Securities Total 8.70% REC - 28.09.2028 14,380 2.47% TREPS & Other Money Market 9.18% PN SDL - 09.11.2021 10,533 1.81% Securities
6.97% KA SDL - 26.02.2028 8,854 1.52% TREPS - 03.04.2020 92,498 15.89%
8.24% NABARD - 22.03.2029 8,654 1.49% TREPS & Other Money Market 92,498 15.89% 8.92% RJ SDL - 21.11.2022 5,377 0.92% Securities Total
9.25% HR SDL 09.10.2023 4,914 0.84% Central Government Securities
8.22% NABARD - 13.12.2028 4,340 0.75% 7.88% GOI - 19.03.2030 42,005 7.21%
7.65% RJ SDL - 29.11.2027 4,300 0.74% 7.69% GOI - 17.06.2043 25,343 4.35%
7.04% RJ SDL - 04.03.2030 3,481 0.60% 6.45% GOI - 07.10.2029 9,730 1.67%
7.04% MP SDL - 04.03.2030 3,476 0.60% 8.24% GOI - 10.11.2033 4,979 0.86%
8.54% REC - 15.11.2028 3,286 0.56% 9.20% GOI - 30.09.2030 1,180 0.20%
8.74% PN SDL - 14.12.2021 2,623 0.45% 8.15% GOI - 24.11.2026 367 0.06%
7.95% GOI Fertilizer Bond - 18.02.26 2,286 0.39% 6.84% GOI - 19.12.2022 237 0.04%
6.90% OIL SPL - 04.02.2026 2,257 0.39% 6.83% GOI - 19.01.39 77 0.01%
8.23% GOI FCI - 12.02.27 2,231 0.38% 7.06% GOI - 10.10.2046 24 0.00% Central Government Securities Total 83,942 14.42%
235 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Prudent Fund Total Prudent Fund Total Funds Funds ULGF-019-04/07/17- ULGF-019-04/07/17- KGPFFND-107 KGPFFND-107
Financial and insurance activities SBI Life Insurance Company Ltd 642 0.11%
9.10% Shriram Transport Finance Co 9,862 1.69% Mahindra & Mahindra Financial 462 0.08% Ltd 12.07.2021 Services Ltd
7.35% Bajaj Finance Ltd - 10.11.2022 8,681 1.49% Cholamandalam Financial Holdings Ltd 270 0.05%
7.09% HDB Financial services Ltd - 7,621 1.31% Financial and insurance activities 83,679 14.37% 17.04.2023 Total
Mahindra and Mahindra Financial 7,014 1.20% Infrastructure Related Activities Services Ltd Floater - 13.07 7.32% NTPC - 17.07.2029 14,269 2.45% ICICI Bank Ltd 6,001 1.03% 8.56% REC - 29.11.2028 10,962 1.88% 8.5383% Bajaj Finance Ltd - 5,916 1.02% 8.30% NTPC - 15.01.2029 10,828 1.86% 07.06.2022 7.85% PFC - 03.04.2028 10,420 1.79% 7.62% EXIM- 01.09.2026 5,268 0.90% 10.08% IOT Utkal Energy Services 9,778 1.68% HDFC Bank Ltd 4,260 0.73% Limited - 20.03.2027 7.50% Sundaram Finance - 07.11.2022 3,863 0.66% Bharti Airtel Ltd 3,499 0.60% 7.10% Bajaj Finance Ltd - 10.02.2023 3,825 0.66% 8.23% IRFC - 29.03.2029 3,220 0.55% 8.25% EXIM- 23.06.2031 3,240 0.56% 8.30% IRFC - 25.03.2029 2,155 0.37% Axis Bank Ltd 2,744 0.47% 8.64% PGC - 08.07.2025 1,380 0.24% 8.12% EXIM- 25.04.2031 2,163 0.37% 8.93% PGC - 20.10.2026 1,120 0.19% Bajaj Finance Ltd 1,830 0.31% 8.55% IRFC - 21.02.2029 1,096 0.19% State Bank of India 1,664 0.29% 8.54% NHPC - 26.11.2028 1,088 0.19% 8.11% EXIM- 11.07.2031 1,097 0.19% 8.40% IRFC - 08.01.2029 1,083 0.19% Max Financial Services Ltd 1,041 0.18% 8.35% IRFC - 13.03.2029 1,080 0.19% 8.65% Mahindra and Mahindra Fin 992 0.17% 7.95% IRFC - 12.06.2029 1,058 0.18% Services Ltd - 19.03.21 7.93% PGC - 20.05.2028 1,042 0.18% 8.75% KMPL - 28.09.2021 991 0.17% 7.55% IRFC - 12.04.2030 1,030 0.18% 7.30% KMPL - 14.10.2020 990 0.17% 7.49% IRFC - 30.05.2027 1,022 0.18% 8.35% Sundaram Finance - 31.05.2021 990 0.17% Petronet L N G Ltd 638 0.11% Housing Development Finance Corp. 772 0.13% Ltd Gujarat Gas Ltd 85 0.01%
ICICI Lombard General Insurance 755 0.13% Infrastructure Related Activities 76,853 13.20% Company Ltd Total
HDFC Standard Life Insurance 725 0.12% Investments in Housing Finance 35,387 6.08% Company Ltd Companies
236 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (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 % of Industry Kotak Group % of Prudent Fund Total Prudent Fund Total Funds Funds ULGF-019-04/07/17- ULGF-019-04/07/17- KGPFFND-107 KGPFFND-107
Infrastructure - Long Term Bonds 17,416 2.99% Manufacture of other transport 1,254 0.22% -BFSI equipment
Manufacture of chemicals and 12,171 2.09% Other manufacturing 1,042 0.18% chemical products Manufacture of rubber and plastics 1,015 0.17% Others - Exchange Traded Funds 10,484 1.80% products
Computer programming, 9,634 1.65% Land transport and transport via 539 0.09% consultancy and related activities pipelines
Manufacture of coke and refined 9,573 1.64% Manufacture of basic metals 428 0.07% petroleum products Construction of buildings 420 0.07% Manufacture of other non-metallic 3,860 0.66% Air transport 239 0.04% mineral products Accommodation 225 0.04% Net Current Assets 3,551 0.61% Human health activities 195 0.03% Civil engineering 3,057 0.53% Retail trade, except of motor 86 0.01% Manufacture of motor vehicles, 1,635 0.28% vehicles and motorcycles trailers and semi-trailers Manufacture of wearing apparel 85 0.01% Manufacture of food products 1,553 0.27% Activities of head offices; 19 0.00% Mfg of pharmaceuticals, medicinal 1,426 0.24% management consultancy activities chemical & botanical products Grand Total 582,191 100.00%
237 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 26 Details of penal actions taken by various Government Authorities (IRDA Cir No. 005/IRDA/F&A/CIR/MAY-09 dtd May 07, 2009)
Penalties levied during the year ended March 31, 2020 Amount Non-compliance/ Penalty Penalty Penalty Waived/ Authority Violation Awarded Paid Reduced 1. Insurance Regulatory and Development Authority Nil Nil Nil Nil of India 2. Goods and 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/ Nil Nil Nil Nil Tribunal or any Authority under FEMA 6. Registrar of Companies/ NCLT/CLB/ Department Nil Nil Nil Nil of Corporate Affairs or any Authority under Companies Act, 1956. 7. Penalty awarded by any Court/ Tribunal for any Nil Nil Nil Nil matter including claim settlement but excluding compensation 8. Securities and Exchange Board of India NA NA NA NA 9. Competition Commission of India Nil Nil Nil Nil 10. Any other Central/State/Local Government / Nil Nil Nil Nil Statutory Authority
Penalties levied during the year ended March 31, 2019 Amount Non-compliance/ Penalty Penalty Penalty Waived/ Authority Violation Awarded Paid Reduced 1. Insurance Regulatory and Development Authority Nil Nil Nil Nil 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/ Nil Nil Nil Nil Tribunal or any Authority under FEMA 6. Registrar of Companies/ NCLT/CLB/ Department Nil Nil Nil Nil of Corporate Affairs or any Authority under Companies Act, 1956. 7. Penalty awarded by any Court/ Tribunal for any Nil Nil Nil Nil matter including claim settlement but excluding compensation 8. Securities and Exchange Board of India NA NA NA NA 9. Competition Commission of India Nil Nil Nil Nil 10. Any other Central/State/Local Government / Nil Nil Nil Nil Statutory Authority
238 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 27 (a) Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders (Circular no. IRDA/F&A/CIR/ Misc/173/07/2017 )
Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at March 31, 2020 Total Amount Age-wise Analysis 0-6 7-12 13-18 19-24 25-30 31-36 36-120 Particulars 2019-20 months months months months months months Months* Claims settled but not paid to the 97,805 - 9,788 9,795 13,982 9,125 2,882 52,233 policyholders/Insured due to any reasons except under litigation from the insured/ policyholders Sum due to the insured/policyholders on 50,495 - 18,547 11,390 3,260 11,703 313 5,283 maturity or otherwise Any excess collection of the premium/tax 7,306 1,053 3,081 1,097 1,107 396 182 390 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 Cheques issued but not encashed by the 185,173 0 11,720 10,528 7,449 7,399 1,670 146,406 policyholder/insured Total Amount 340,779 1,053 43,135 32,810 25,799 28,623 5,047 204,313
*Amount under head ‘36-120 months’ includes 2959 cases amounting to ` 1927 whose ageing was less than 10 years as on 30th September, 2019 but more than 10 years as on 31st March, 2020
Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at March 31, 2019 Total Amount Age-wise Analysis 0-6 7-12 13-18 19-24 25-30 31-36 36-120 Particulars 2018-19 months months months months months months Months* Claims settled but not paid to the 88,913 - 15,385 5,694 8,734 2,765 22,248 34,088 policyholders/Insured due to any reasons except under litigation from the insured/ policyholders Sum due to the insured/policyholders on 50,273 - 30,243 12,974 1,197 4,503 53 1,303 maturity or otherwise Any excess collection of the premium/tax 1,831 88 1,204 199 29 134 1 175 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 Cheques issued but not encashed by the 213,330 9,909 20,542 5,613 7,203 3,005 5,127 161,931 policyholder/insured Total 354,347 9,997 67,375 24,480 17,162 10,408 27,429 197,497
*Amount under head ‘36-120 months’ includes 122 cases amounting to ` 474 whose ageing was less than 10 years as on 30th September, 2018 but more than 10 years as on 31st March, 2019
239 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 27 (b) Handling of the unclaimed amounts pertaining to the policyholders (IRDAI Circular no. - IRDA/F&A/CIR/ Misc/173/07/2017) (` in Lakhs) Particular 2019-20 2018-19 Opening Balance 3,543.47 3,226.34 Add: Amount transferred to unclaimed Amount 1,135.56 1,487.47 Add: Cheques issued out of the unclaimed amount but not encashed by the policyholders 4,317.21 1,471.33 (To be included only when the cheques are stale) Add: Investment Income 173.43 250.98 Less: Amount paid during the year 5,692.22 2,849.42 Less: Amount transferred to SCWF (net of claims paid in respect of amounts transferred 69.65 43.23 earlier) Closing Balance of Unclaimed Amount 3,407.79 3,543.47
28 Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010. Particulars 2019-20 2018-19 Fund for Discontinued Policies Opening Balance of Funds for Discontinued Policies 2,461,751 1,613,605 Add : Fund of policies discontinued during the year 3,236,288 2,081,171 Less : Fund of policies revived during the year (1,173,360) (877,784) Add : Net Income/ Gains on investment of the Fund 204,547 145,253 Less : Fund Management Charges levied (20,175) (12,739) Less : Amount refunded to policyholders during the year (864,744) (487,754) Closing Balance of Fund for Discontinued Policies 3,844,306 2,461,751 Other disclosures 1. Amount refunded to the policyholders 864,744 487,754 2. Amount transferred to the "Funds for discontinued policies (Fund Value as on March 31, 3,844,306 2,461,751 2020) 3. Number of policies discontinued during the financial year 9,207 7,861 4. % of discontinued to total policies during the year : - Product wise - K38 - Kotak Wealth Insurance 0.37% 0.71% K40 - Kotak Headstart Child Assure 0.42% 0.67% K41 - Kotak Secure Invest Insurance 0.34% 0.27% K42 - Kotak Ace Investment 0.27% 0.56% K44 - Kotak Platinum 0.35% 0.45% K51 - Kotak Invest Maxima Plan 0.04% 0.11% K64 - Kotak Headstart Child Assure 5.82% 6.95% K65 - Kotak Invest Maxima Plan 5.47% 6.87% K66 - Kotak Wealth Insurance 8.38% 7.67% K67 - Kotak Ace Investment 2.84% 6.63% K68 - Kotak Platinum 4.41% 7.93% K84-Kotak Platinum 10.06% 6.68% K86-Kotak Ace Investment 10.18% 10.14% L01- Kotak Platinum 0.05% 0.00%
240 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars 2019-20 2018-19 5. Policies revived during the year 8,108 8,069 No. of policies 15,503 15,069 % of policies revived 52.30% 53.55% 6. Charges imposed on account of discontinued policies 21,484 16,835 7. Charges readjusted on account of revival of discontinued policies (1,013) (877)
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
S.No Account Head Balance reported on Reclassification Reclassified Remarks March 31,2019 Balance as on March 31, 2020 Schedule No Amount Amount 1 Rewards 3 266,158 (266,158) - As per IRDAI Circular dated October 4, 2019 having reference number IRDA/ Rewards 2 - 266,158 266,158 F&A/CIR/MISC/184/10/2019, rewards has been shown as separate line item in Schedule 2 2 General 3 456,495 (59,821) 396,674 Expenses incurred towards salary of administration and temporary staff has now been included other expenses in Employees’ remuneration and welfare benefits for better presentation in line Employees’ 3 7,780,902 59,821 7,840,723 with Industry disclosure practice remuneration and welfare benefits 3 Employees’ 3A 32,219 (25,207) 7,012 As per IRDAI Circular dated October remuneration and 4, 2019 having reference number welfare benefits IRDA/F&A/CIR/MISC/184/10/2019, Managerial Remuneration over and Contribution to P&L - 25,207 25,207 above the specified limit has been the Policyholders shown as separate line item in Profit and towards Managerial Loss account Remuneration over and above the specified limit 4 Other Benefits - 4 34,988 (34,988) - For other benefits mentioned in Others schedule of benefits paid, details have been specified for better presentation in Provision for Legal 4 - 9,890 9,890 line with Industry disclosure practice and Ombudsman etc Unclaimed 4 - 25,098 25,098 appreciation expense
241 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated) 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 2019-20 2018-19 Defined benefit obligation 159,642 129,798 Expenses recognised in the income statement during the year 36,878 41,221 Actuarial assumptions used Discount rate 6.40% 7.15% Salary escalation rate 0.00% until year 1 inclusive, 7.00% then 7.00 % Mortality table Indian Assured Lives Indian Assured Lives Mortality (2012-14) Ult table Mortality (2012-14) Ult table
(b) Long Term Service Awards The Company accrues the liability for Long Term Service Awards based on the actuarial valuation as at the balance sheet date conducted by Internal 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 ` 20 lakhs per employee.
The gratuity benefit is provided to the employees through a fund administered by the Board of Trustees of Kotak Mahindra Life Insurance Employees Gratuity Fund. The Company is responsible for settling the gratuity obligation through contributions to the fund. The plan is fully funded.
Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is given below.
Particulars 2019-20 2018-19
Change in Defined benefit obligations : Liability at the beginning of the year 316,417 269,149 Transfer of liabilities funded during the year Nil Nil Current service cost 57,603 50,981 Interest cost 25,055 23,693 Actuarial (gain)/loss on obligations (4,174) 2,733 Past Service Cost Nil Nil Liabilities Assumed on transfer of employee (799) (253) Benefits paid (20,424) (29,887) Liability at the end of the year 373,678 316,417 Change in plan assets Fair value of plan asset at the beginning of the year 325,077 280,637 Expected return on plan assets 22,611 20,094
242 Annual Report 2019-20 Consolidated Financial Bank Reports and Persevere. Pioneer. Prosper. Financial Highlights Statements Statements Schedules
Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars 2019-20 2018-19 Contributions by the employer for the year 82,500 47,500 Actuarial gain / (loss) (24,877) 6,732 Benefits paid (20,424) (29,887) Closing Fair Value of Plan assets 384,886 325,077 Closing Fair Value of Plan assets 384,886 325,077 Liability at the end of the year 373,678 316,417 Net Asset/ (Liabilities) disclosed under “Other Receivables in Sch-12” 11,208 8,660 Expenses recognised for the year :-
Current service cost 57,603 50,981 Interest cost 25,055 23,693 Expected return on plan assets (22,611) (20,094) Actuarial (gain)/loss 20,703 (3,999) Past Service Cost 1,501 1,501 Net gratuity expenses included in "Employees' remuneration & 82,251 52,082 welfare benefits" (Sch-3) Reconciliation of the Liability recognised in the Balance Sheet Net (Asset)/ Liability at the beginning of the year 316,417 269,149 Current service cost 57,603 50,981 Interest cost 25,055 23,693 Actuarial (gain)/loss on obligations (4,174) 2,733 Past Service Cost Nil Nil Liabilities Assumed on transfer of employee (799) (253) Benefits paid (20,424) (29,887) Liability at the end of the year 373,678 316,417 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: Government securities 23.07% 36.85% Bonds, debentures and other fixed income instruments 38.55% 25.65% Money market instruments 9.07% 3.49% Equity 28.50% 32.24% Others 0.81% 1.77% Total 100.00% 100.00%
243 Registration No: 107; Date of registration: January 10, 2001 Schedules forming part of the financial statements for the year ended March 31, 2020 (Currency: In thousands of Indian Rupees unless otherwise stated)
Actuarial assumptions used 2019-20 2018-19 Discount rate (p.a.) 6.40% 7.15% Expected rate of return on assets (p.a.) 7.00% 7.50% Salary escalation rate (p.a.) 0.00% until year 1 7.00% inclusive, then 7.00 % Expected future contribution from employer for next financial year Nil Nil
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) Period Ended Experience Adjustments 2019-20 2018-19 2017-18 2016-17 2015-16 Defined Benefit Obligation 373,678 316,417 269,149 216,503 191,677 Plan Assets 384,886 325,077 280,637 242,904 192,592 Surplus / (Deficit) 11,208 8,660 11,488 26,401 915 Exp. Adj. on Plan Liabilities (3,143) (13,581) (150) (2,133) (5,341) Exp. Adj. on Plan Assets (24,877) 6,732 (2,923) 13,878 (1,852)
(d) Superannuation The eligible permanent employees of the Company, who have opted for the scheme, are entitled to receive retirement benefits under the superannuation scheme operated by the Company. The contribution for the year amounts to ` 1,800 (2019 - ` 1,863)
(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 ` 251,965 (2019 - ` 222,503)
(f) National Pension Scheme The eligible employees of the Company, who have opted for the scheme, are entitled for this benefit. The Company’s contribution for the year amounts to ` 11,348 (2019 - ` 7,167).
As per our report of even date attached For and on behalf of the Board of Directors For S.R. Batliboi & Associates LLP For Haribhakti & Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah Chartered Accountants Chartered Accountants Chairman Director Director ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660 101049W/E300004 103523W/W100048 Sarvesh Warty Purushottam Nyati G. Murlidhar Cedric Fernandes Sunil Sharma Partner Partner Managing Director Chief Financial Officer Appointed Actuary Membership No- 121411 Membership No- 118970 DIN : 03601196 Mumbai Mumbai Muralikrishna Cheruvu April 29, 2020 April 29, 2020 Company Secretary
244 Annual Report 2019-20 Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Website: www.kotak.com
BSE: 500247 | NSE: KOTAKBANK | Bloomberg: KMB:IN
CIN: L65110MH1985PLC038137 concept and design at WyattPrism Communications