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Exide Life Insurance Investment Philosophy 5

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Exide Life Insurance Investment Philosophy 5 2016 - 2017 Contents • Exide Life Insurance Fact Sheet 3-4 • Exide Life Insurance Investment Philosophy 5 • Market Review & Outlook for Markets 7-10 • Risk-Return Profile of Funds 11 • Fund Fact Sheet - Exide Life Debt Fund 12-13 • Fund Fact Sheet - Exide Life Secure Fund 14-16 • Fund Fact Sheet - Exide Life Preserve Fund 17-19 • Fund Fact Sheet - Exide Life Balance Fund 20-22 • Fund Fact Sheet - Exide Life Active Asset Allocation Fund 23-25 • Fund Fact Sheet - Exide Life Growth Fund 26-29 • Fund Fact Sheet - Exide Life Guaranteed Growth Fund 30-32 • Fund Fact Sheet - Exide Life Prime Equity Fund 33-35 • Fund Fact Sheet - Exide Life Mid Cap Fund 36-37 • Fund Fact Sheet - Exide Life Equity Fund 38-40 • Fund Fact Sheet - Exide Life Guaranteed NAV Fund 41-43 • Fund Fact Sheet - Exide Life Pension Debt Fund 44-45 • Fund Fact Sheet - Exide Life Pension Preserver Fund 46-48 • Fund Fact sheet - Exide Life Pension Equity Fund 49-51 • Fund Fact Sheet - Exide Life Prime Equity Pension Fund 52-54 • Fund Fact Sheet - Exide Life Pension Liquid Fund 55-56 • Fund Fact Sheet - Exide Life Group Debt Fund 57-58 • Fund Fact Sheet - Exide Life Group Secure Fund 59-61 • Fund Fact Sheet - Exide Life Group Balance Fund 62-64 • Fund Fact Sheet - Exide Life Group Growth Fund 65-66 • Glossary 67 Annual Fund Review 02 Annual Fund Review 03 Annual Fund Review 04 Exide Life Insurance Investment Philosophy Our policyholders are investing their hard earned money with specific objectives of protection and longer-term investment returns. Two of the basic expectations of our customers are thus, Safety and Returns, and we need to balance both these expectations in terms of the asset-allocation, underlying investments, and subsequent monitoring. These customer expectations are an important consideration in our investment management philosophy and strategy. The underlying investment philosophy is to ensure safety and deliver consistent, stable returns over the longer-term, for a given level of risk. This is achieved with a well-defined and disciplined investment process. There is an emphasis on compliance and robust risk-management in the investment process, both pre-investment and post- investment. As a company and as an investment team, we focus on the long-term. Investment Team Profile Shyamsunder Bhat, Chief Investment Officer (CIO) has an experience of 22 years in fund management. He joined Exide Life Insurance in September 2010. Prior to joining Exide Life Insurance, Shyam has worked with two mutual fund companies - initially as a part of the start-up team in 1994 at Tata Asset Manage- ment Ltd. for 10 years (1994- 2004), followed by Principal PNB Asset Management, where he then worked for more than 6 years (2004- 2010). Shyam is an Electrical Engineer from VJTI (Mumbai) and a post-graduate in Management (M.M.S. Finance) from Narsee Monjee Institute of Management Studies (Mumbai). SHYAMSUNDER BHAT Chief Investment Officer(CIO) Shobit Gupta, Senior Vice President (Investments), Fixed Income, has over 18 years of experience in Fixed Income and Foreign Exchange markets. He has worked extensively in the field of Foreign exchange and Interest Rate derivatives at ABN AMRO Bank and has handled Fixed Income portfolios at Asset Management companies like Kotak Mahindra Mutual Fund and Principal Asset Management Co. He is a Graduate in Economics, Maths, Statistics, PGDBA from ICFAI Delhi and CFA from ICFAI Hyderabad and CFA Institute - USA. SHOBIT GUPTA Senior Vice President (Investments) - Fixed Income Pranav Parekh Sumeet Hinduja Fund Manager - Fixed Income portfolio Fund Managers - Equity portfolio Annual Fund Review 05 Risk Control Risk management is an integral part of our investment process. The company has well-defined risk policies and processes covering both portfolio and process risk. Further, the company has systems and software in place to monitor compliance of Regulations and Investments norms on a daily basis. The operating policy for each asset class defines the framework within which the investments are made in specific funds. All our current equity investments are in securities within the BSE-500/CNX500 index, and predominantly from within the BSE-200 index. The portfolio is well-diversified across companies and industries as a risk-mitigation measure. The debt portfolio of the company is mostly invested in assets of the highest credit quality i.e. Government of India securities, and AAA rated securities issued by blue-chip companies, and finally, a small exposure to AA rated securities. The key risk management policy adopted is maintaining high standards of credit quality of the portfolio and maintaining optimum duration depending on the market outlook. The exposure to stocks and duration of bonds changes over time based on an in-depth analysis of the factors affecting these markets. Finally, a reasonable level of liquidity is maintained within the respective funds so as to enable smooth redemption process on account of switches or claims, in line with the liquidity norms prescribed in our investment policy. Annual Fund Review 06 Indian Economy : Review And Outlook India’s GDP growth decelerated in FY17 to 7.1% yoy, lower than 7.9% and 7.2% in the prior two years. The growth in FY17 was driven primarily by Government consumption, activities linked to the infrastructure sector and services. GVA also went down from 7.9% to 6.6% yoy. The sharp deceleration in fixed capital formation is a concern. The fiscal deficit for FY17 was within the targeted 3.5% (from 3.9% in Fy16), and is projected to reduce further to 3.2% in Fy18. GDP and GVA are expected to rise further in Fy18, given that FY17 had effect of demonetisation. However the nominal GDP growth is likely to rise to double digits. On an annual basis, there was a 4.9% in Industrial Production in Fy17 vs 3.4% growth in Fy16. Consumer price inflation averaged 4.5% in Fy17 vs an average of 4.9% in Fy16. Core inflation during Fy17 stood at 4.0% down from 4.7% in Fy16. Wholesale price inflation bounced back to positive territory in FY17, with an annual figure of 1.7% for Fy17 (as compared to annual -2.5% in FY16). India’s trade deficit fell further 11% to US $ 106.5 billion, primarily due to moderate crude prices and appreciating Rupee and it is at lowest level in last 9 years. The current account deficit narrowed by 32% to US$15bn (0.7% of GDP) in Fy17, and is the lowest since Fy08. The Indian Rupee strengthened by approximately 1% for the year and the forex reserves rose by 2% to $ 370 billion during the year. Annual Fund Review 07 Indian Economy : Review And Outlook Macro-economic Indicators: The Macro Economic Indicators for the last 12 months are as shown: Economic Indicators April, 16 May, 16 Jun, 16 July, 16 Aug, 16 Sept, 16 Oct, 16 Nov, 16 Dec, 16 Jan, 17 Feb, 17 Mar, 17 Trade Balance (US$ billion) (4.9) (6.3) (8.1) (7.7) (7.8) (8.9) (11.1) (13.4) (10.5) (9.6) (7.7) (10.5) Exports (US$ billion) 20.9 22.2 22.6 21.7 21.6 22.9 23.3 20.1 24.0 22.3 25.5 29.1 Exports (YoY) (5.6) (1.6) 1.1 (6.9) 0.1 4.7 8.8 2.5 6.4 5.1 22.5 27.2 Imports (US$ billion) 25.8 28.4 30.7 29.3 29.3 31.8 34.5 33.5 34.5 31.9 33.2 39.7 Imports (YoY) (23.0) (13.4) (8.5) (19.3) (13.6) (0.9) 10.7 12.0 1.2 10.6 21.2 45.3 Foreign Exchange Reserves 363.1 360.2 360.8 365.5 366.8 372.0 367.2 365.3 360.3 361.6 362.8 370.0 (US$ billion) Rs/US$1 (period average) 66.4 67.0 67.3 67.2 66.9 66.7 66.7 67.7 67.8 68.1 67.0 65.8 M1 (YoY) 14.4 12.2 13.7 13.6 14.6 20.4 14.8 (12.3) (18.6) (13.7) (10.5) 3.6 M3 (YOY) 10.8 9.9 10.3 10.1 10.0 13.6 10.4 8.5 6.6 6.4 6.5 10.6 Bank Loans 9.9 9.6 9.3 8.6 9.1 12.3 8.8 6.5 6.2 4.3 4.3 9.6 (Non-food credit, YOY) Deposit Growth Rate (YoY) 9.4 8.9 9.1 8.3 8.9 12.8 9.2 15.6 15.7 12.7 12.0 15.9 364 day T-Bill Yield 6.9 7.0 6.9 6.8 6.7 6.6 6.5 6.2 6.2 6.3 6.3 6.2 91 day T-Bill Yield 6.8 6.9 6.8 6.6 6.6 6.5 6.4 6.1 6.2 6.2 6.2 5.9 10 yr Government Bond Yield 7.4 7.5 7.5 7.3 7.1 6.9 6.7 6.5 6.4 6.4 6.7 6.8 Industrial Production 6.5 8.0 8.9 5.2 4.9 5.7 4.9 5.7 2.6 3.0 0.8 3.8 Manufacturing (% YOY) 5.5 8.6 8.6 6.3 6.6 6.7 5.9 4.9 0.9 1.9 0.1 2.4 Consumer Durable Goods 13.8 14.7 9.5 4.8 12.2 14.3 5.3 10.9 (4.3) (5.0) (8.0) (3.9) Primary Goods 12.6 4.6 8.2 4.2 (1.0) 2.2 5.2 5.5 7.4 3.8 0.8 5.9 Capital Goods 8.1 13.9 14.3 8.3 0.6 (7.5) (4.7) 5.4 (6.1) (0.2) (2.0) 9.6 Intermediate Goods 0.0 4.5 6.2 2.4 4.6 1.8 4.7 5.7 2.1 3.3 2.2 2.8 Consumer Price Index (YoY) 5.5 5.8 5.8 6.1 5.0 4.4 4.2 3.6 3.4 3.2 3.7 3.9 Wholesale Price Index (1.1) (0.9) (0.1) 0.6 1.1 1.4 1.3 1.8 2.1 4.3 5.5 5.1 (YoY - All commodities) Equity markets review and outlook After an 8.9% correction during the financial year 2015-2016, the Nifty rallied close to 19% during the financial year 2016-2017.
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