Kotak Mahindra Old Mutual Life Insurance...

A N N U A L R E P O R T 2014 -15

Kotak Mahindra Old Mutual Life Insurance Limited

#KonaKonaKotak

Kotak Mahindra Old Mutual Life Insurance Limited

CONTENTS PAGE NO.

Board of Directors 3

Directors' Report 4

Management Report 34

Auditors' Report 38

Revenue Account 42

Profit & Loss Account 43

Balance Sheet 44

Schedules forming part of the Financial Statements 46

Fifteenth Annual Report 2014 - 15

Kotak Mahindra Old Mutual Life Insurance Limited3

BOARD OF DIRECTORS AS ON MARCH 31, 2015

COMPANY SECRETARY

CIN

REGISTERED OFFICE

AUDITORS

BANKERS

WEBSITE

Uday Kotak Chairman

Shailesh Devchand Vice Chairman

Shivaji Dam Non-Executive Director

Prakash Apte Independent Director

Paresh Parasnis Independent Director

Anita Ramachandran Independent Director

David Buenfil Non-Executive Director

Dipak Gupta Non-Executive Director

Gaurang Shah Non-Executive Director

G. Murlidhar Managing Director

Muralikrishna Cheruvu

U66030MH2000PLC128503

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

Walker Chandiok & Co, LLP

S.B. Billimoria & Co.

Kotak Mahindra Bank Ltd.

HDFC Bank Ltd.

Standard Chartered Bank

http://insurance.kotak.com/

DIRECTORS' REPORT

TO THE MEMBERS OF KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

FINANCIAL SUMMARY/ HIGHLIGHTS

Particulars Year ended Year endedMarch 31, 2015 March 31, 2014

DIVIDEND & RESERVES

LICENCE

INDUSTRY SCENARIO

The Directors present their Fifteenth Annual Report together with the audited accounts of your Company for the year ended March 31, 2015.

Your Company continues to demonstrate consistent performance in a challenging and competitive environment. This year your Companycontinues to be profitable, which it has achieved through a product mix and prudent management of cost. The summarised results ofoperations of your Company for the Financial Year ("FY") 2014-15 are as follows:

( in Crores)

New Business Premium 1,540 1,272

Renewal Premium 1,498 1,429

Total Premium 3,038 2,701

Profit/(Loss) before tax 326 313

Profit/ (Loss) after tax 291 291

Bonus to Policyholders 74 56

Terminal & Interim Bonus to Policyholders 9 6

Net worth 1,271 1,042

New Business Sum Assured 1,52,462 1,39,510

Assets Under Management 15,219 12,104

Your Directors have declared the following rates of bonus on participating policies for the year ended March 31, 2015:

(a) 7% (FY 2013-14 - 7%) on accumulation non-retirement products to participating life policyholders which comprises 4% bonus in additionto the guaranteed rate of 3%. Additionally, terminal bonus of 15% on accumulation account value (FY 2013-14 - 15%) for the policiesmatured and on death claim benefits paid during the year.

(b) 8% (FY 2013-14 - 8%) to Annuity participating policyholders which comprises 5% cash bonus in addition to the guaranteed rate of 3%.Additionally, terminal bonus of 10% for the policies matured and on death claim benefits paid during the year.

(c) On Conventional With Profits products:

Under Surakshit Jeevan Plan and Eternal Life Plans 2.5% Simple Reversionary bonus for policies completing 5th policy year and2.25% Simple Reversionary bonus otherwise

2.25% under Child Edu and Child Future Plan

2.5% for the regular premium paying term policies and 3% for limited premium paying term policies under Classic EndowmentPlan and Premiere Money Back Plan

For Premiere Endowment Plan, a bonus rate of 5% is guaranteed for the first five years

There have been no material changes & commitments affecting the financial position of your Company which have occurred between the endof the FY i.e March 31, 2015 and date of the report i.e. April 27, 2015.

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

The Insurance Regulatory and Development Authority of India (IRDAI) has renewed your Company's license to carry on the business of lifeinsurance and annuity for the FY 2015-16.

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

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BUSINESS AND DISTRIBUTION CHANNELS

a) Individual Business

b) Group Business

PRODUCTS

MARKETING

HUMAN RESOURCES

INFORMATION TECHNOLOGY

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

Your Company continues to focus on distribution efficiency. Investment in training Life Advisors and sales hierarchy has been stepped upto 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 agentsand brokers which also contribute to the premium income.

Group portfolio comprises of Traditional and Unit Linked products catering to gratuity ,leave encashment and superannuation needs ofemployer-employee groups. In addition, your Company also offers Term and Credit Insurance products. Your Company generated apremium income of 791 Crores (FY 2013-14 629 Crores) from group insurance business registering a growth of 26% over FY 2013-14.

Your Company launched four products on the individual side catering to customer needs such as protection, savings and also to extend supportto the lower income segment. Also, three products were launched on the group side catering to the needs of employer-employee groups.

Your Company's products have been designed such that they fulfill policyholder needs, are simple to understand and also offer competitivebenefits to the policyholder.

The Company introduced need based solutions under 'My Solutions' - wherein a bouquet of products fulfilling various customer needs wereoffered in combination. These solutions give comprehensive benefits to the customer by providing Protection and Long Term Savings.

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

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

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

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

Aided the recruitment process for life advisors by developing customized recruitment kits for different channels that aligned to needsspecific to that channel

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

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

Your Company's Human Resource department has been, for a sixth year in a row, re-certified with ISO certification. Last year, your Companyhas launched induction skilling programmes to quickly developing the skills of new joinees. You would be happy to note that your Companyhas been awarded the prestigious Golden Peacock Award for the second year in a row for these induction skilling programmes.

Your Company has launched a new technology enabled Performance Management System aimed at better aligning people to objectives anddeveloping managerial skills.

Your Company firmly believes that all employees have the right to work in an environment free from all forms of discrimination and conductwhich can be considered harassing, coercive, or disruptive, including sexual harassment. Your Company has a robust policy against SexualHarassment. Following is a summary of sexual harassment complaints received and disposed off during the year 2014-15:

No. of complaints received: 3 No. of complaints disposed off: 2

No. of cases pending disposal: 1

Last year, your Company embarked on the journey of Digitization and several initiatives have been implemented in FY 2014-15. Theseinitiatives will help in standardization of processes & institutionalising need based selling, providing anytime, anywhere, any devicepersonalised service to customers and distributors thereby increasing process efficiency and reducing turnaround times.

Key initiatives undertaken by your Company include:

Development of tab based sales solution called "Genie" which handles requirements from lead management, pre-sales and salesfulfillment

Implementation of new, responsive e-insurance portal with a simplified form and a simple process aided by an on-line virtual agent

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Implementation of new back-end processing system on I-One to provide seamless experience for all distribution channels. This has arobust underwriting rule engine and with extension of auto-underwriting to branches it has paved the way for on-line issuance ofpolicies

Your Company continues to focus on risk management and has implemented new data leakage monitoring tools and extended DRMcontrols to confidential reports

In recognition of its efforts in using technology to make transformative changes to business, your Company was awarded the EMCTransformational Award for the implementation of Source One for email monitoring, EDGE award for implementation of rule-based webBenefit Illustrator and the IDC ICONIC award for excellence in employee engagement using Genie.

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

a) Your Company's online customer portal was revamped and made responsive to any device or browser. It was also integrated with theKotak Mahindra Bank’s Net banking platform to make our customers experience seamless and convenient

b) We also collaborated with Kotak Mahindra Bank’s branches across India to act as servicing arms for renewal collection.

c) Your Company has successfully completed the first batch of Certified Customer Service Professional (CCSP) Training & certificationprogramme for the first set of customer facing employees

d) Your Company launched the refurbished Customer Telephony Interface (CTI) at the inbound contact centre enabling a better customisedgreeting and availing for them an opening for customers' useful features like - availability of details of customer calling in like name,number of times called, speedy wrap up codes etc.

e) In order to improve reachability of Certificates of Insurance (COI) to borrowers of financial institutions covered under Credit Insurance,your Company introduced the online COI portal which can be integrated with the core system of the financial institution

The Compliance function is not only the custodian of Regulatory framework but also counsels other functions within the Company on thechanging Regulations and their implications within the Industry. During the FY 2014-15 regulatory changes were implemented smoothly.

Your Company has a Compliance Policy and Risk Management framework in place, in order to mitigate risks across various functions of theCompany and suitable measures are taken to proactively manage risks at all levels. Compliance processes of your Company are alsocomplemented by an independent audit conducted across various functions. As part of good Corporate Governance, the Audit Committeereviews 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 overallrisk policies and frameworks for the Company in line with its defined risk strategy and risk tolerance. Your Company has internal controls inplace with reference to the Financial Statements and such controls are operating efficiently.

Your Company manages its investments within the overall framework laid down by the Investment Policy and provisions of IRDAI InvestmentRegulations, 2000 and Insurance Act, 2014. The Investment function works under the overall supervision of Investment Committee of theBoard. Your Company has implemented systems to help in analysis of investment portfolio, which acts as an enabler to the front-endInvestment team in asset allocation and stock selection. Further, your Company has well-staffed Investment team which has been structured foreffective function and independent checks to constantly monitor investment performance and analysis.

The total Assets under Management of the Company was 15,219 crores as at March 31, 2015 as against 12,104 crores as at March 31, 2014registering a growth of 26% over the previous year. FY 2014- 2015 was volatile for Financial Markets. During the year 10 year benchmarkGovernment Security yield has gone down from 8.80% as at March 31, 2014 to 7.80% as at March 31, 2015 and has seen a high and low of 9.10%and 7.65% respectively, while the NIFTY has gone up from 6,704 as at March 31, 2014 to 8,491 as at March 31, 2015 with a high of 8,996 and lowof 6,653 during the year.

During the year, your Company wrote 40,861 policies (as compared to 33,944 policies) in the rural sector representing 21.9% (Previous Year21.2%) of the total policies. This is against the Regulatory requirement as per the IRDAI (Obligations of Insurers to Rural and Social Sectors)Regulations, 2002 that 20% (Previous year - 20%) of the total policies written in a financial year should be from the rural sector. Outperformingthe Regulatory requirement of covering lives in the social sector, your Company covered lives 12,76,441 (Previous year 13,52,611 lives). YourCompany approaches its rural and social sector targets with a deep sense of duty and responsibility towards the community.

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

OPERATIONS AND CUSTOMER SERVICE

COMPLIANCE, RISK MANAGEMENT AND INTERNAL CONTROL

INVESTMENTS

RURAL AND SOCIAL SECTORS

CORPORATE GOVERNANCE

Annexure 1

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CAPITAL

CHANGE IN REGISTERED OFFICE/ NAME OF THE COMPANY DURING THE FINANCIAL YEAR

DIRECTORS & KEY MANAGERIAL PERSONNEL

Directors retiring by rotation

Directors appointed during the year

Resignation of Directors during the year

Declaration from Independent Directors

Board Evaluation

Key Managerial Personnel

Appointment & Remuneration of Directors & Key Managerial Personnel

Your Company continues to be among the most efficient capital users in the life insurance space and has good Asset under Management toCapital Ratio. During the year under review, the Authorised Share Capital of your Company was 625 Crores, while the Paid Up Share Capital ofyour Company was 510 Crores. There has been no capital infusion during the FY 2014-15.

There has been no change in the name and registered office of the Company during the FY 2014-15

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

Mr. Shivaji Dam (DIN: 00032568), Mr. Gaurang Shah (DIN: 00016660) and Mr. David Buenfil (DIN: 06565214), directors of the Company, areliable to retire by rotation at the ensuing Annual General Meeting of your Company. Mr. Shivaji Dam, Mr. Gaurang Shah and Mr. David Buenfil,being eligible, have offered themselves for re-appointment.

The shareholders of the Company had, at their Extraordinary General Meeting held on August 14, 2014, pursuant to section 149, 150 (2) & 152of the Companies Act, 2013, appointed the following directors as Independent Directors, not liable to retire by rotation:

Mr. Prakash Apte (DIN: 00196106) for a term of five consecutive years upto August 14, 2019

Mr. Paresh Parasnis (DIN: 02412035) for a term of three consecutive years upto August 14, 2017

Further, the shareholders of the Company had, at their Extraordinary General Meeting held on March 31, 2015, pursuant to section 149, 150 (2)& 152 of the Companies Act, 2013, appointed Ms. Anita Ramachandran (DIN 00118188) as Independent Director, not liable to retire by rotationfor a term of three consecutive years upto March 31, 2018.

The details of the Directors appointed are set out in the Corporate Governance Report annexed to this Report.

During the year, Mr. Vineet Nayyar, Independent Director had resigned from the Directorship of the Company owing to the threshold ofmaximum directorship promulgated under the new Companies Act, 2013. The Directors would like to place on record their sincere appreciationfor his contribution to the growth of the Company during his tenure on the Board since 2001.

Also, Mr. Sunil Sharma who was appointed as Alternate Director to Mr. Shailesh Devchand had resigned w.e.f. April 24, 2014 in terms of section161 of the Companies Act, 2013.

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

The Board of Directors of the Company, at their meeting held on February 3, 2015, had finalized the criteria for the performance evaluation asrequired under Companies Act, 2013 and the same would be presented to the Nomination & Remuneration Committee, Board of Directors andIndependent Directors at their respective meetings.

The Board of Directors of the Company at its meeting held on August 5, 2014 confirmed and approved the appointment of the followingofficials of the Company as "Key Managerial Personnel" pursuant to the provisions of Section 203 of the Companies Act, 2013:

i. Mr. G. Murlidhar, Managing Director

ii. Mr. Cedric Fernandes, Chief Financial Officer

iii. Mr. C. Muralikrishna, Company Secretary

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

None of the directors of the Company are in receipt of commission from the holding company.

The details of the remuneration paid to the Non-Executive Chairman, Executive and Non-Executive Directors of the Company for the yearended March 31, 2015 and the details on number of meetings of the Board of Directors of the Company is provided in detail in the CorporateGovernance Report.

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

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

The Company has adopted a Compensation Policy for its Managing Director of the Company and other employees which includes issue of stockappreciation rights as a form of variable pay, payable over a period of time. The salient features of the Compensation Policy are as follows:

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

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

• Whole-time Directors / Managing Director

• Other categories of Staff

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

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

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

• ESOPs - ESOPs are granted on a discretionary basis to employee based on their performance and potential with the objective ofretaining the employee

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

• Malus and Clawback clauses applicable on deferred variable pay

The Independent Directors of the Company receive remuneration only by way of sitting fees for attending meetings of the Board orCommittees thereof.

Remuneration paid to the Key Managing Personnel is in line with the Compensation Policy of the Company.

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

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

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

Pursuant to Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, there are no transactions to be reported underSection188(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 Schedule16 of Notes to Financial Statements.

The Company's Policy on dealing with Related Party Transactions is available on its website viz. http://insurance.kotak.com.

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

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

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

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

ONSTITUTION OF COMMITTEES

DEPOSITS

RELATED PARTY TRANSACTIONS

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

MANAGEMENT REPORT

WHISTLE BLOWER POLICY & VIGIL MECHANISM


CORPORATE SOCIAL RESPONSIBILITY

Annexure 2.

SUBSIDIARIES

FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars 2014-15

AUDITORS

SECRETARIAL AUDITOR

EXPLANATIONS/ COMMENTS BY THE BOARD

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

Your Company has its vision to positively contribute towards economic, environmental and social well-being of communities through itsCorporate Social Responsibility agenda. The Company aims at endorsing CSR activities like promoting education, enhancing vocational skillsand livelihood projects, promoting preventive healthcare and sanitation, reducing inequalities faced by socially and economically backwardgroups, environment sustainability, contributing to the Prime Minister's National Relief Fund etc.

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

Mr. Dipak Gupta Non Executive Director Chairman

Mr. Prakash Apte Independent Director Member

Mr. Gaurang Shah Non Executive Director Member

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

The CSR expenditure incurred for the period April 1, 2014 to March 31, 2015 under Section 135 of Companies Act, 2013 in the financial year2014-15 amounts to 57 lacs.

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

The CSR Committee of the Board confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives andPolicy of the Company.

The details of the CSR expenditure during the FY 2014-15 is enclosed at

The Company does not have any Subsidiaries.

( in Crores)

Foreign Exchange earned 15.58

Foreign Exchange outgo 41.49

M/s Walker Chandiok & Co. LLP and M/s S. B. Billimoria & Co., are the current Joint Statutory Auditors of the Company. M/s Walker Chandiok &Co. LLP were appointed by the members in the fourteenth Annual General Meeting, to hold office until the conclusion of the sixteenth AnnualGeneral Meeting of the Company and M/s S. B. Billimoria were appointed for a period of five years until the conclusion of the nineteenthAnnual General Meeting. These appointments were made subject to ratification by the Members in subsequent Annual General Meetings.M/s Walker Chandiok & Co. LLP have expressed that owing to other commitments, they would not be seeking reappointment. It is thereforeproposed to appoint M/s S. R. Batliboi & Associates LLP as one of the Joint Statutory Auditors in place of M/s Walker Chandiok & Co. LLP for aterm of five years. Further, M/s S. B. Billimoria & Co., being eligible for reappointment, have offered their appointment to be ratified. TheMembers are requested to consider the appointment of M/s S. R. Batliboi & Associates LLP for a term of five years subject to ratification at everygeneral meeting. Further the members are requested to consider the ratification of appointment of M/s S. B. Billimoria & Co.

Pursuant to Section 204 of the Companies Act, 2013, your Company has appointed Ms. Rupal D. Jhaveri, a Company Secretary in Practice, as itsSecretarial Auditor. The Secretarial Audit Report for the FY 2014 - 2015 is annexed to this Report.

The Board has duly reviewed the Report of the Joint Statutory Auditors on the Accounts of the Company. The observations and comments, ifany appearing in the Auditors Report are self explanatory and do not call for any further explanation/ clarification by the Board of Directorsunder section 134 of the Companies Act, 2013.

The Auditors' Report (including annexure thereof) by the Joint Statutory Auditors and the Secretarial Audit Report to the Members do notcontain any qualification or adverse remarks.

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

The provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are not applicableto the insurance industry and hence are not applicable. However, your Company has been increasingly using information technology in itsoperations.

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EMPLOYEES

DIRECTORS' RESPONSIBILITY STATEMENT

ACKNOWLEDGEMENTS

ANNEXURES:

Uday Kotak

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

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 explanationsrelating to material departures, if any;

(ii) the directors have selected such accounting policies and applied them consistently and made judgements and estimates that arereasonable 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 ofthe profit of your Company for the financial year ended March 31, 2015;

(iii) they have taken proper and sufficient care to the best of their knowledge and ability, for the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of your Company and for preventing and detecting fraudand 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 andoperating effectively.

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

• 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

ChairmanPlace: MumbaiDate: April 27, 2015


REPORT ON CORPORATE GOVERNANCE

BOARD OF DIRECTORS AND COMMITTEES

Composition, Meeting and Attendance

The Composition of the Board of Directors of the Company as on March 31, 2015 is as follows:

Name of the Directors DIN Designation

Annexure A

Composition of the Committee positions held by Directors as on March 31, 2015

In accordance to the provisions of the Corporate Governance Guidelines issued by the Insurance Regulatory & Development Authority (IRDAI),the report containing details of the Corporate Governance systems and processes of the Company for the FY 2014 - 15 is as under:

The composition of the Board of Directors and its Committees are governed by the Insurance Act and Corporate Governance Guidelines issuedby IRDAI. As on March 31, 2015, your Company has ten Directors on its Board of whom nine are Non-Executive Directors and three amongstthem are Independent Directors. The Chairman of the Board holds a Non-Executive position. The Chairman of the Audit Committee is anIndependent Director. The responsibilities of the Board inter-alia include monitoring of compliance with relevant laws, regulations, code ofconduct, formulating various policies of the Company, strategic guidance for implementation of business policy, structure a managementinformation system for review and recourse, define standards for conduct of business, servicing of policyholders, grievance redressal and riskmanagement.

Mr. Uday Kotak 00007467 Chairman

Mr. Shailesh Devchand 03456041 Vice Chairman

Mr. Shivaji Dam 00032568 Non-Executive Director

Mr. Prakash Apte 00196106 Independent Director

Mr. Paresh Parasnis* 02412035 Independent Director

Ms. Anita Ramachandran** 00118188 Independent Director - Woman Director

Mr. David Buenfil 06565214 Non-Executive Director

Mr. Dipak Gupta 00004771 Non- Executive Director

Mr. Gaurang Shah 00016660 Non-Executive Director

Mr. G. Murlidhar 03601196 Managing Director

* Mr. Paresh Parasnis was appointed as Independent Director w.e.f. August 14, 2014.

**As required under section 149(1) and 149(2) of the Companies Act, 2013, the Company is required to appoint a Woman director on the Boardon or before March 31, 2015. Accordingly, Ms. Anita Ramachandran was appointed as Woman Director w.e.f. March 31, 2015. Ms. AnitaRamachandran is also an Independent Director.

The details of the Directors like qualification, specialization, and status of directorship as well as brief profile, as at March 31, 2015, is given atenclosed with this report.

Name Position on Audit Investment Risk Asset Liability Banking Policyholders With Nomination Corporatethe Board Committee Committee Management Management Committee Protection Profits Remuneration Social

Committee Committee Committee Committee Committee ResponsibilityCommittee

Mr. Uday Kotak Chairman – – – – – – – Member –

Mr. Shailesh Devchand Vice Chairman Member Member – – – – – – –

Mr. Shivaji Dam Non-Executive Director – – – – Chairman Chairman – – –

Mr. Prakash Apte Independent Director Chairman – – – – – Member Chairman Member

Mr. Paresh Parasnis Independent Director Member – – – – – – Member –

Ms. Anita Ramachandran Independent Director – – – – – – – – –(w.e.f. March 31, 2015)

Mr. David Buenfil Non-Executive Director – – – – – – – – –

Mr. Dipak Gupta Non-Executive Director – Chairman – – Member – – – Chairman

Mr. Gaurang Shah Non-Executive Director Invitee Member Chairman Chairman Member – Chairman Invitee Member

Mr. G. Murlidhar Managing Director Invitee Member Member Member – Member Member Invitee –

(w.e.f. August 14, 2014)


ANNEXURE 1

BOARD MEETINGS

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

Availability of information to the Board:

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

DIRECTORS' REMUNERATION

ELEMENTS OF REMUNERATION & SITTING FEES OF INDIVIDUAL DIRECTORS FOR THE YEAR ENDED MARCH 31, 2015

Name of Director Sitting Fees Salaries & Perquisites Company's Commission TotalAllowances contribution

to PF andother fund

During the year four Board Meetings were held. The Meetings were held on April 25, 2014, August 05, 2014, October 21, 2014 and February 3,2015.

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

Mr. Uday Kotak 4 4

Mr. Shailesh Devchand 4 4

Mr. Shivaji Dam 4 3

Mr. Vineet Nayyar (Resigned w.e.f. 13th February 2015). 4 -

Mr. Prakash Apte 4 4

Mr. Paresh Parasnis (Appointed w.e.f. August 14, 2014). 2 2

Ms. Anita Ramachandran (Appointed w.e.f. March 31, 2015). - -

Mr. David Buenfil 4 3

Mr. Dipak Gupta 4 4

Mr. Gaurang Shah 4 4

Mr. G. Murlidhar 4 4

Mr. Sunil Sharma 1 1

The Board of Directors of your Company has an unfettered and complete access to all the information within the Company and to theemployees 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 facilitatemeaningful, informed and focused decisions at the meetings.

• Minutes of meetings of the various Committees of the Board of Directors like Audit Committee, Investment Committee, RiskManagement Committee, Asset Liability Management & Policyholders Protection 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.

( in '000)

Mr. Uday Kotak - - - - - -

Mr. Shailesh Devchand - - - - - -

Mr. Shivaji Dam 20 - - - - 20

Mr. Vineet Nayyar - - - - - -

`


Mr. Prakash Apte 230 - - - - 230

Mr. Paresh Parasnis 120 120

Ms. Anita Ramachandran - - - - - -

Mr. David Buenfil - - - - - -

Mr. Dipak Gupta - - - - - -

Mr. Gaurang Shah - - - - - -

Mr. G. Murlidhar - 19,577 2,484 22,061.23

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

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

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

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

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

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

• Scrutiny of inter corporate loans and investments

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

• Evaluation of internal financial controls and risk management systems

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

• Investigate into any matter referred herein above (i-viii) or any matter referred to it by the Board and for this purpose shall havethe power to obtain professional advice from external sources and have full access to information contained in the records of theCompany

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

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

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

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

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

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

During the FY 2014 - 15 four meetings of the Committee were held on April 25, 2014, August 05, 2014, October 20, 2014 and February 3, 2015.

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

Mr. Prakash Apte (Chairman w.e.f. July 24,2014) 3 3


Mr. Paresh Parasnis* 2 2

Mr. Shivaji Dam* 1 1

Mr. Dipak Gupta* 2 2

COMMITTEES OF THE BOARD OF DIRECTORS

1. AUDIT COMMITTEE

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


* Mr. Paresh Parasnis, Independent Director, was appointed as Member of the Audit Committee on August 5, 2014. Mr. Shivaji Dam, hadstepped down from the membership of the Audit Committee w.e.f. July 24, 2014 and Mr. Dipak Gupta ceased to be a Member of theAudit Committee w.e.f. August 5, 2014.

Presently, the Audit Committee is comprised of:

1 Mr. Prakash Apte, Chairman

2 Mr. Paresh Parasnis, Member

3 Mr. Shailesh Devchand, Member

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

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

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

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

• The Committee shall furnish a report to the Board on the performance of Investments at least on a quarterly basis and provideanalysis of its Investment portfolio and on the future outlook to enable the Board to look at possible policy changes and strategies

During the year four meetings of the Committee were held on April 24, 2014, August 04, 2014, October 20, 2014 and February 2, 2015.


Mr. Dipak Gupta (Chairman) 4 4

Mr. Shailesh Devchand, Member 4 4

Mr. Gaurang Shah, Member 4 4

Mr. G. Murlidhar (Managing Director) 4 4

Mr. Sunil Sharma (Appointed Actuary) 4 3

Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 4

Mr. Cedric Fernandes (Chief Financial Officer) 4 4

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

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

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

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

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

During the year four meetings of the Committee were held on April 17, 2014, July 24, 2014, October 8, 2014 and January 16, 2015.

Sr. No. Particulars

2. INVESTMENT COMMITTEE


3. RISK MANAGEMENT COMMITTEE



Mr. Gaurang Shah (Chairman) 4 2



Mr. Hitesh Veera (Head - Operations) 4 3


Mr. Muralikrishna Cheruvu (Compliance Officer) 4 3

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

• Setting the Company's risk/reward objectives and assess policyholder expectations

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

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

• Laying down the risk tolerance limits

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

• Placing the ALM information before the Board at periodic intervals

During the year four meetings of the Committee were held on July 25, 2014, September 30, 2014, January 02, 2015 and March 31, 2015.


Mr. Gaurang Shah (Chairman) 4 3



Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 2


The Policyholders Protection Committee comprises of an Independent Director (Chairman), the Managing Director, the AppointedActuary, the Head of Distribution (Individual Business) and the Head of Marketing. The terms of reference of the Committee include:

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

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

• Review of the mechanism at periodic intervals

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

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

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

• Provide details of insurance ombudsmen to the policyholders


4. ASSET LIABILITY MANAGEMENT COMMITTEE


5. POLICYHOLDERS PROTECTION COMMITTEE


During the year three meetings of the Committee were held on July 16, 2014, October 07, 2014 and January 27, 2015.


Mr. Shivaji Dam (Chairman) 3 3



Mr. Suresh Agarwal (Head - Distribution) 3 3

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

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

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

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

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

During the year one meeting of the Committee was held on December 16, 2014.


Mr. Dipak Gupta, Chairman 1 1

Mr. Prakash Apte, Member 1 1


In terms of section 178 of the Companies Act, 2013, the Board of Directors renamed the Remuneration Committee as "Nomination &Remuneration Committee". The Nomination & Remuneration Committee comprises of two Independent Directors and one Non -Executive Director. The terms of reference of the Committee include:

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

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

• Recommend to the Board their appointment and removal

• Carry out evaluation of every director's performance

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

During the year one meeting of the Committee was held on April 25, 2014.


6. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE


7. NOMINATION & REMUNERATION COMMITTEE



Mr. Shivaji Dam 1 1

Mr. Uday Kotak 1 1


Mr. Prakash Apte* - -

Mr. Paresh Parasnis* - -

*The Board of Directors had, in its meeting held on February 3, 2015, reconstituted the Committee as follows:

1 Mr. Prakash Apte, Chairman

2 Mr. Uday Kotak, Member

3 Mr. Paresh Parasnis, Member

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

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

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

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

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

During the year one meeting of the Committee was held on March 3, 2015.


Mr. Gaurang Shah, Chairman 1 1

Mr. Prakash Apte, Member 1 1

Mr. G. Murlidhar, Managing Director 1 1

Mr. Sunil Sharma, Appointed Actuary 1 1

Mr. Cedric Fernandes, Chief Financial Officer 1 1

Mr. Vivek Jalan, Independent Actuary 1 1

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

• Opening Bank Accounts with various banks

• Appointing signatories for operating accounts with banks

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

During the year five meetings of the Committee were held on April 29, 2014, July 15, 2014, August 26, 2014, January 2, 2015 and March17, 2015.


Sr. No. Particulars

8. WITH PROFITS COMMITTEE


9. BANKING COMMITTEE



Mr. Shivaji Dam, Chairman 5 5


Mr. Dipak Gupta, Member 1 1

The Board of Directors had inducted Mr. Dipak Gupta as a member of the Committee w.e.f. February 3, 2015

a. Claims as % of Total Premium(Claims does not include Surrender, Maturity and Survival Benefits) 7.05% 8.06%

b. Surrender, Maturity and Survival Benefits as % of Total Premium 61.61% 50.70%

a. New Business Commission as a % of New Business Premium 8.13% 9.09%

b. Total Commission as a % of Total Premium 5.08% 6.00%

a. Policy holder expenses as a % of Total Premium 20.47% 22.02%

b. Ratio of expenses of management (3b = 2b + 3a) 25.55% 28.02%

Actual Solvency Ratio 3.02 3.13

Required Solvency Ratio 1.50 1.50

Conservation Ratio 70.62% 79.94%

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

Previous Year Pure Renewal)

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

This information forms part of the Management Report.


ADDITIONAL DISCLOSURES MANDATED BY CORPORATE GOVERNANCE GUIDELINES

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

Particulars Year ending Year endingMarch 2014 March 2015

1) Claims Ratio

2) Commission Ratio

3) Expenses Ratio

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


C. CONSERVATION RATIO


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

E. DESCRIPTION OF THE RISK MANAGEMENT ARCHITECTURE


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

Total Death Claims Summary March 2014 March 2015Count ( Cr) Count ( Cr)

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

Total 73 6.39 131 11.30

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

C. Muralikrishna

` `

Claims O/S at Start of Year 82 5.64 73 6.39

Claims Intimated 16,736 235.25 22,011 280.15

Claims Settled 16,422 215.04 21,707 262.93

Claims Repudiated 323 19.46 230 11.72

Claims O/S from date of intimation at End of Year* 73 6.39 131 11.30

Less than 3 months 19 1.55 37 3.77

3 months and less than 6 months 7 0.24 16 2.04

6 months and less than 1 year 12 2.37 28 1.12

1 year and above# 35 2.23 50 4.37

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

This information is included in the Management Report.

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

Company Secretary &Vice President - Compliance

Certification for compliance of the Corporate Governance Guidelines

C. Muralikrishna



Annexure A to the Corporate Governance Report

Details of the Directors of the Company:

Name Mr. Uday Kotak

Qualification

Brief Details

Status of

Directorship

Name Mr. Shailesh Devchand

Qualification

Brief Details

Status ofDirectorship

- Non-Executive Chairman(DIN: 00007467)

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

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

Kotak Mahindra Bank Limited

Kotak Securities Limited

Kotak Mahindra Asset Management Company Limited

Kotak Mahindra Capital Company Limited

Kotak Mahindra Prime Limited

Kotak Forex Brokerage Limited

Kotak Mahindra Investments Limited

The Mahindra United World College of India

Indian Council for Research on International Economic Relations

National Institute of Securities Market

- Non Executive Vice Chairman

(DIN: 03456041)

B.Sc., F.I.A

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

His earlier experience includes group employee benefits, Life and Group Product Development, valuationand reserving sign offs, corporate strategy and business development as well as distribution channeldevelopment and economics. Mr. Devchand joined Old Mutual Group on his return to South Africa in 2004 totake on a role as Head of Business Development for Old Mutual South Africa focussing on alternativedistribution. He later played a role as Executive within Old Mutual's Retail Mass and Foundation Clusterbusiness as Chief Operating Officer - Foundation Market. Mr. Devchand currently holds the role of Director -Asian Markets for Old Mutual's Emerging Markets business.

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




Name Mr. Shivaji Dam

Qualification

Brief Details

Status of

Directorship

Name Mr. Prakash Apte

Qualification

Brief Details

Status of

Directorship

- Non Executive Director(DIN: 00032568)

B.Com, ACWA, ACA, ACS

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

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

Kotak Mahindra Trusteeship Services Limited

Kotak Mahindra Pension Fund Limited

- Independent Director(DIN: 00196106)

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

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

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

During more than 17 years of very successful leadership of Syngenta business in India, Mr. Apte has gainedvaried 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 fororganizational capability up gradation, coaching & people development.

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


Syngenta India Ltd.

Syngenta Foundation India



Name Mr. Paresh Parasnis

Qualification

Brief Details

Status of

Directorship

Name Ms. Anita Ramachandran

Qualification

Brief Details

Status of

Directorship


B. Com, F.C.A.

Mr. Paresh S. Parasnis is the Head of Piramal Foundation, one of India's leading foundations committed toaddressing social issues through high impact solutions, thought leadership and partnerships. At PiramalFoundation, Mr. Paresh is responsible for the Piramal Group's CSR activities implemented through itsinitiatives including Piramal Swasthya, Piramal Foundation for Education Leadership, Sarvajal and PiramalUdgam.

Mr. Paresh joined Piramal Foundation in August 2012. He is also active on the board of trustees of ShoshitSeva Sangh (providing education to under privileged children in Bihar) and Nadathur Trust (aiming to bringvarious stakeholders of social sector on one platform and contribute to the overall development of the socialsector).

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

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

Piramal Foundation

Piramal Udgam Data Management Solutions

Shoshit Seva Sangh


MBA (Finance) from the Jamnalal Bajaj Institute, Mumbai

Ms. Anita Ramachandran is a well known HR expert in the country and has over 35 years experience as amanagement consultant. She is also one of the first generation of women professionals to become anentrepreneur 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 1976as the first woman consultant in the firm. Ms. Anita founded Cerebrus Consultants in 1995 to focus on HRconsulting including Organisation transformation. Her reputation and innovative work helped her buildCerebrus into a national presence in 5 years. Cerebrus has offices in 5 major cities and has worked with over500 companies in South Asia. She is known as an authority in Reward management in the country and herwork in the compensation and rewards areas is well organized. She also supports many organizations insocial sectors through pro bono professional work and remains deeply committed to work with women. Shehas been the Chairperson of TIE Women and on Executive committee of TIE Mumbai and earlier on theAdvertising Standards Council of India.

Cerebrus Consultants Private Limited

Geometric Limited

Godrej & Boyce Manufacturing Co Ltd.

Swadhaar Finserve Private Limited

Rane (Madras) Limited

Aditya Birla Retail Ltd.

Lok Advisory Services P. Ltd.

3D PLM Software Solutions Ltd.




Name Mr. Dipak Gupta

Qualification

Brief Details

Status of

Directorship

Name Mr. Gaurang Shah

Qualification

Brief Details

Status of

Directorship


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

Mr. Dipak Gupta is a Non- Executive Director of the Company and has over 29 years of experience in thefinancial services sector, 23 years of which have been with the Kotak Group. He is the Joint ManagingDirector of the Kotak Mahindra Bank. He is responsible for Group HR, Adminstration, Infra, Operations andIT. He is also responsible for Asset Reconstruction Business of the Bank.

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


Kotak Mahindra Prime Limited

Kotak Forex Brokerage Limited


Kotak Mahindra Investments Limited


M.Com, ACA, ACWA, ACS

Mr. Gaurang Shah heads the Life Insurance, Asset Management and the International business of the KotakMahindra Group. He took over this assignment on May 1, 2010.

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

Mr. Shah has over 31 years of rich and varied experience in the Financial Services sector, several of which arewith the Kotak Mahindra Group. He has played a stellar role in building the Group's Consumer Bankingbusiness and Life insurance business.

He has held several positions of high responsibility over the years, including, inter alia, the Head of RetailAssets at Kotak Mahindra Bank Limited. He was also closely associated with Kotak Mahindra Primus (a jointventure between Kotak Mahindra Group and Ford Credit International), among India's leading automobilefinance companies.



Kotak Mahindra (UK) Limited

Kotak Mahindra Inc

Kotak Mahindra Asset Management (Singapore) Pte. Ltd.

Kotak Mahindra General Insurance Limited




Name Mr. David Buenfil

Qualification

Brief Details

Status of

Directorship

Name Mr. G. Murlidhar

Qualification

Brief Details

Status of

Directorship


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

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

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

He is a Chairman of Board for Old Mutual Mexico, Old Mutual Colombia, and AIVA in Uruguay.

Aiva Holding Group SA

Skandia Vida, SA. de.CV

Skandia Operadora de Fondos, SA. de.CV

Skandia Deuda Corto Plazosa. de.CV

Skandia Deuda Estrategica, SA. de.CV

Skandia Renta Variable Mexicosa. de.CV

Skandia Renta Variable Estrategicasa. de.CV

Skandia Pensionesy Censantias S.A.

Skandia Seguros de Vida SA

Skandia Holding de Colombia SA

Royal Skandia Life Assurance Limited

Old Mutual Guodian Life Insurance Company Limited

Old Mutual Mexico

Old Mutual Colombia

Aiva Uruguay

- Managing Director(DIN: 03601196)

ACA, ICWA, ACS

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

Mr. Murlidhar has a distinguished professional career spanning more than three decades across functionalareas such as Finance, Commercial, Projects, Marketing, HR, IT, Consumer distribution. He has also handledpublic issues and open offers across sectors such as BFSI, Services and Manufacturing.

Kotak Mahindra General Insurance Limited



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E 2

Form No. MGT-9

EXTRACT OF ANNUAL RETURN

as on the financial year ended on March 31, 2015

I. REGISTRATION AND OTHER DETAILS:

CIN:

Registration Date:

Name of the Company:

Category / Sub-Category of the Company:

Address of the Registered office and contact details:

Whether listed company:

Name, Address and Contact details of Registrar and Transfer Agent, if any -

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description NIC Code of the Product/ service % to total turnover of the companyof main products / services

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

Sr. No. Name And Address CIN/GLN Holding/ Subsidiary % of shares held Applicable SectionOf Company / Associate

IV. SHARE HOLDING PATTERN

(Equity Share Capital Breakup as percentage of Total Equity)

(i) Category-wise Share Holding

Category of No. of Shares held at the No. of Shares held at the end of the year % ChangeShareholders beginning of the year during

the year

Demat Physical Total % of Demat Physical Total % ofTotal Total

Shares Shares

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

I) U66030MH2000PLC128503

ii) August 31, 2000

iii) Kotak Mahindra Old Mutual Life Insurance Limited

iv) Public Company - Limited by Shares (Life Insurance Company)

v)

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

Toll Free Number : 18002098800

Email: [email protected]

vi) No

vii) Not Applicable

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

1 Life Insurance 65110 100%

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

A. Promoters

(1) Indian

Sub-total (A)(1):-

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

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

c) State Govt (s) - - - - - - - - -

d) Bodies Corp.

e) Banks / FI -

f) Any Other - - - - - - - - -

11,73,66,753 - 11,73,66,753 23% 11,73,66,753 11,73,66,753 23% -

26,02,47,974 26,02,47,974 51% - 26,02,47,974 26,02,47,974 51% -

11,73,66,753 26,02,47,974 37,76,14,727 74% 11,73,66,753 26,02,47,974 37,76,14,727 74% -


ANNEXURE 3

Category of No. of Shares held at the No. of Shares held at the end of the year % ChangeShareholders beginning of the year during

the year

Demat Physical Total % of Demat Physical Total % ofTotal Total

Shares Shares

(2) Foreign

Sub-total (A)(2):-

Total shareholding

of Promoter

(A) = (A)(1)+(A)(2)

B. Public Shareholding

1. Institutions

Sub-total (B)(1):-

2. Non-Institutions

Sub-total (B)(2):-

Total Public Shareholding(B)=(B)(1)+ (B)(2)

Grand Total (A+B+C)

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

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

c) Bodies Corp.

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

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

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)

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

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

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

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

i) Individual shareholders - - - - - - - - -

holding nominal share

capital upto 1 lakh

ii) Individual shareholders - - - - - - - - -

holding nominal share

capital in excess of

1 lakh

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

C. Shares held by Custo- - - - - - - - - -

dian for GDRs & ADRs

`

`

- 13,26,75,452 13,26,75,452 26% - 13,26,75,452 13,26,75,452 26% -

- 13,26,75,452 13,26,75,452 26% - 13,26,75,452 13,26,75,452 26% -

11,73,66,753 39,29,23,426 51,02,90,179 99.99863% 11,73,66,753 39,29,23,426 51,02,90,179 99.99863% -

- 70 70 0.00137% - 70 70 0.00137% -

- 70 70 0.00137% - 70 70 0.00137% -

- - - - - - - - -

- 70 70 0.00137% - 70 70 0.00137% -

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


1 Kotak Mahindra 26,02,47,974 51% - 26,02,47,974 51% - -Bank Limited

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

Total 39,29,23,426 77% - 39,29,23,426 77% - -

There have been no changes in the Promoters' shareholding

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 - - - -

1 Kotak Mahindra 26,02,48,044 51% - - 26,02,48,044 51% 26,02,48,044 51%Bank Limited

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

3 Kotak Mahindra 5,40,00,000 10.58% - - 5,40,00,000 10.58% 5,40,00,000 10.58%Prime Limited

4 Kotak Mahindra 6,33,66,753 12.42% - - 6,33,66,753 12.42% 6,33,66,753 12.42%Capital CompanyLimited

(ii) Shareholding of Promoters

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

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


Sr.No.

Shareholder'sName

Shareholding at the beginningof the year

Shareholding at the endof the year

No. ofShares

% of totalShares ofCompany

%of SharesPledged /

encumberredto totalshares

No. ofShares

% of totalShares ofCompany

%of SharesPledged /

encumberredto totalshares

% changein shareholdingduring

the year

Sr.No.

Shareholding at the beginningof the year

Cumulative Shareholdingduring the year

No. ofshares

% of total sharesof the company

No. ofshares

% of total sharesof the company

Sr.No.

Name ofShareholder

Shareholding at thebeginning of the year

Increase/ Decreasein Shareholding

Cumulative Shareholdingduring the year

Shareholding at theend of the year

No. ofshares

% of totalshares

No. ofshares

% oftotal

shares

No. ofshares

% oftotal

shares

No. ofshares

% of totalshares of

the company

1 Mr. Uday Kotak 10 (jointly - - - 10 (jointly - 10 (jointly -with Kotak with Kotak with KotakMahindra Mahindra Mahindra

Bank Ltd.) Bank Ltd.) Bank Ltd.)

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

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

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

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

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

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

8 Mr. Dipak Gupta 10 (jointly - - - 10 (jointly - 10 (jointly -with Kotak with Kotak with KotakMahindra Mahindra MahindraBank Ltd.) Bank Ltd.) Bank Ltd.)

9 Mr. Gaurang Shah 10 (jointly - - - 10 (jointly - 10 (jointly -with Kotak with Kotak with KotakMahindra Mahindra MahindraBank Ltd.) Bank Ltd.) Bank Ltd.)

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

11 Mr. Cedric Fernandes - - - - - - - -

12 Mr. Muralikrishna Cheruvu - - - - - - - -

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

i) Principal Amount - - - -

ii) Interest due but not paid - - - -

iii) Interest accrued but not due - - - -

- - - -

• Addition - - - -

• Reduction - - - -

- - - -

i) Principal Amount - - - -

ii) Interest due but not paid - - - -

iii) Interest accrued but not due - - - -

- - - -

(v) Shareholding of Directors and Key Managerial Personnel:

Sr. Name of Shareholder Shareholding at the Increase/ Decrease Cumulative Shareholding Shareholding at theNo. beginning of the year in Shareholding during the year end of the year

No. of % of total No. of % of total No. of % of total No. of % of totalshares shares shares shares shares shares shares shares

(V) INDEBTEDNESS

Secured Loans Unsecured Deposits Totalexcluding deposits Loans Indebtedness

Indebtedness at the beginning of the financial year

Total (i+ii+iii)

Change in Indebtedness during the financial year

Net Change

Indebtedness at the end of the financial year

Total (i+ii+iii)


VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNELA. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Sr. Particulars of Remuneration for Mr. G. Murlidhar, Managing Director TotalNo.

Total (A) 250.20

B. Remuneration to other directors:

Sr. Particulars of Remuneration Name of Directors TotalNo. Amount

(Amount in lacs rounded off to the nearest rupee)

1. Gross salary*

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 175.00

(b) Value of perquisites under section 17(2) Income-tax Act, 1961 75.20

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

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

3. Sweat Equity -

4. Commission

- As % of profit -

- Others -

5. Others, please specify

Employer Contribution towards PF -

Employer Contribution towards Superannuation -

Employer Contribution towards NPS -

Gratuity -

Cash Bonus -

Ceiling as per the Act** NA

Notes:

@ The perquisite value towards stock options includes the difference between exercise price & market price on the date of exercise. Thesame is not paid by the Company. The amount is 74,80,097/- for the Managing Director.

* Gross Salary includes Basic salary, Drivers Allowance, Professional Allowance, Reimbursement of Medical expenses, Leave TravelAllowance and Annual Incentives

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

(Amount in lacs)

Mr. Prakash Mr. Paresh Mr. Shivaji Mr. Vineet Ms. AnitaApte Parasnis Dam Nayyar Ramachandran

1 Independent Directors

• Fee for attending board 2.30 1.20 0.20 - - 3.70committee meetings

• Commission

• Others

Total (1) 2.30 1.20 0.20 - - 3.70

2 Other Non-Executive Directors - - - - - -

• Fee for attending boardcommittee meetings

• Commission

• Others

Total (2) - - - - - -

Total (B)=(1+2) 2.30 1.20 0.20 - - 3.70

Total Managerial Remuneration 2.30 1.20 0.20 - - 3.70

Overall Ceiling as per the Act NA NA NA NA NA NA

`


Note: In terms of section 149 of the Companies Act, 2013, Mr. Shivaji Dam ceased to be an Independent Director and continues to be aNon-Executive Director of the Company. Further, Mr. Vineet Nayyar has resigned as a director w.e.f February 16, 2015.

As required under 149(1) of the Companies Act, 2013, Ms. Anita Ramachandran was appointed as Woman Independent Director w.e.f.March 31, 2015.

(Amount in lacs rounded off to the nearest rupee)

Company CFO TotalSecretary

1. Gross salary*

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 42.60 65.00 107.60

(b) Value of perquisites under section Income-tax Act, 1961 1.15 11.25 12.40

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

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

3. Sweat Equity - - -

4. Commission

- As % of profit - - -

- Others - - -

5. Others, please specify

Employer Contribution towards PF - - -

Employer Contribution towards Superannuation - - -

Employer Contribution towards NPS - - -

Gratuity - - -

Cash - - -

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 70,901/- for the Company Secretary and 1,07,9,148/- for CFO.

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

Penalty - - - - -

Punishment - - - - -

Compounding - - - - -

Penalty - - - - -



Penalty - - - - -



C. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD:

Sr. Particulars of Remuneration for CFO and CS Key Managerial PersonnelNo.

Total 43.75 76.25 120.00

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Nil

Type Section of Brief Details of Penalties/ Authority [RD/ Appeal made,Companies Act Description Punishment/Compounding NCLT/ Court] if any

fees imposed

A. COMPANY

B. DIRECTORS

C. OTHER OFFICERS IN DEFAULT

` `


Form No. MR-3

SECRETARIAL AUDIT REPORT

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

[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,

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices byKotak Mahindra Old Mutual Life Insurance Limited (hereinafter called the company). Secretarial Audit was conducted in a manner thatprovided me a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing my opinion thereon.

Based on my verification of the Kotak Mahindra Old Mutual Life Insurance Limited books, papers, minute books, forms and returns filed andother records maintained by the Company and also the information provided by the Company, its officers, agents and authorisedrepresentatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period coveringthe financial year ended on March 31, 2015 complied with the statutory provisions listed hereunder and also that the Company has properBoard-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by Kotak Mahindra Old Mutual LifeInsurance Limited for the financial year ended on March 31, 2015 according to the provisions of:

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

(ii) 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;

(iii) Others laws as may be applicable-

• Insurance Act, 1938

• Insurance Amendment Act, 2014

• Guidelines & Regulations issued by the IRDA from time to time.

• Prevention of Money Laundering Act, 2002

• Shops and Establishment Act

• Workmen's Compensation Act,1923

• Payment of Wages Act, 1936

• Payment of Gratuity Act, 1972

• Payment of Bonus Act, 1965

• Minimum Wages Act, 1948

• Employment Standing Orders Act, 1946

• Industrial Disputes Act, 1947

• Employment Exchanges CNV Act, 1959

• Employees State Insurance Act, 1948

• Employees Provident Fund & Misc Provisions Act, 1952

• Contract Labour Act, 1970

• Apprentices Act, 1961

• Labour Welfare Fund Act

• Maternity Benefit Act, 1961

• Benami Transaction (Prohibition) Act, 1988

• Income Tax Act, 1961

• Wealth tax Act, 1957

• Chapter V of Finance Act, 1994 (relating to Service Tax)

• Professional Tax Act

• Vashi Cess Act


ANNEXURE 4

• J&K Sales Tax Act

• Indian Contract Act, 1872

• Indian Copyrights Act, 1957

• Trademarks Act, 1999

• Consumer Protection Act, 1986

• Negotiable Instruments Act, 1881

• Married Women's Property Act, 1874

• Telecom Regulatory Authority Act, 1997

• Information Technology Act, 2000

• Advertising Standards Council of India Regulations

• Securities Contracts Regulation Act, 1956

• Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

• Whistle Blowers Protection Act, 2011

• Foreign Contribution (Regulation) Act, 2010

• Equal Remuneration Act, 1976

I have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.mentioned above subject to the following observation:

Companies Act, 2013

The Board of Directors of the Company is constituted in accordance with the provisions of the Companies Act, 2013. The changes in thecomposition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of theAct.

Adequate notice is given to all directors to schedule the Board Meetings which was sent at least 7 days in advance. The agenda and detailednotes on agenda were also sent before the meeting, and a system exists for seeking and obtaining further information and clarifications on theagenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members' views are captured and recorded as part of the minutes.

I further report that there are adequate systems and processes in the company commensurate with the size and operations of the company tomonitor and ensure compliance with applicable laws, rules, regulations and guidelines.

I further report that during the audit period in my opinion, there are no specific events/actions having a major bearing on the company's affairsin pursuance of the above referred laws, rules, regulations, guidelines, standards, etc. referred to above.

Place: Mumbai

Date: 25th April, 2015.

FCS No: 5441

Certificate of Practice No. 4225

1. The total expenditure incurred by the company on corporate social responsibility activities is Rupees Fifty Seven lakhs only which is less than twopercent of average net profits of last three immediately preceding financial years, as prescribed under Section 135(5) of the Act.

2. The Articles of Association of the company prescribe that the company must have at least twelve directors of which six shall be independentdirectors, four nominee directors appointed by Kotak Mahindra Bank Limited (Formerly KMFL) and its affiliates and two nominee directorsappointed by Old Mutual PLC and its affiliates. However at present the company has ten directors of which three are independent directors andtwo are nominee directors.

We are informed by the management that it has been mutually agreed by both the parties to the Joint Venture to continue with the existingconstitution. The existing Articles of Association need to be amended completely in view of the provisions of the Act and recentamendments/clarifications by the Ministry of Corporate Affairs. The management would prefer to go to the shareholders only once for anapproval to amendments in its Articles of Association and hence it will be initiating steps for the same shortly.

I further report that

Rupal Dhiren Jhaveri


MANAGEMENT REPORT FOR THE YEAR ENDED MARCH 31, 2015

Validity of Registration:

Statutory Dues:

Shareholding pattern:

Investments Outside India:

Solvency margins:

Values of assets:

Application and investments of life insurance funds:

Risk exposure:

Investment Risks- Market Risk, Credit Risk and Liquidity risk :

b) Insurance Risk :

Product Approval :

Underwriting and Claims controls :

Reinsurance :

Expense Analysis :

c) Operational Risk :

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report ofInsurance Companies) Regulations, 2002, the following Management Report is submitted for the financial year ended March 31, 2015:

1. The Certificate of Registration under Section 3 of the Insurance Act ,1938 was granted by IRDAI on January 10,2001. We hereby confirm that the Company has obtained renewal of registration certificate from IRDAI till the financial year endedMarch 31, 2016 and the registration certificate was valid on March 31, 2015 and is in force as on the date of this report.

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

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

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

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

6. We hereby certify that the values of all the assets have been reviewed on the date of the Balance Sheet and to the best ofour knowledge and belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisableor market value under the several headings - "Loans", "Investments, "Agents balances", "Outstanding Premiums", "Interest, Dividendsand Rents outstanding", "Interest, Dividends and Rents accruing but not due", "Amounts due from other persons or bodies carrying oninsurance business", "Sundry Debtors"," Bills Receivable" "Advances and other assets", "Cash" and the several items specified under"Other Accounts." except debt securities which are valued at amortised cost as IRDAI regulations in case of non linked policyholder'sfunds and shareholder's investments.

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

8. The Company recognises that risk is an integral element of the business and appropriate management of risks is essentialfor 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 ascovered under the current Risk Management Framework is :

a) The investment risk is managed by creating a portfolio of differentasset classes and of varied maturities so as to spread the risk across a wide category of investee companies. Investments are made inhigh 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 theinvestment operations. The Investment Committee lays down various internal policies and norms governing the functioning of theInvestment Department. The investment strategy framed is kept appropriate to the underlying liabilities of the policyholders. TheInvestment Committee periodically discusses the investment strategy, portfolio structures, performance of the portfolio and otherissues relating to the investment portfolio. This in turn is reviewed by the Board of Directors.

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

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

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

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

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

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

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


The company has established an Operational Risk Management Framework tomanage, control and mitigate operational risks. Each function is required to ensure that all processes are documented, process risksare 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 areimplemented. Operational risks are also mitigated by audits conducted by an independent internal audit team, and anindependent concurrent audit team for the investment function. The Risk Committee meets at periodic intervals and lays downand reviews various internal policies and norms governing the risk function across the company. The Committee also reviews thetop risks, mitigations implemented and progress made by the Risk Management Function.

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

9. We hereby confirm that during the year ended March 31, 2015, your Company had no operations in othercountries.

10.

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

FY 2015 5

FY 2014 4

FY 2013 4

FY 2012 4

FY 2011 7

FY 2010 11

b) All ageing of mortality and morbidity claims registered and not settled as on March 31, 2015 has been detailed herein below(Rs. inlakhs)

30 days 11 193.85 1 0.00

30 days to 6 months 26 168.37 4 22.44

6 months to 1 year 5 9.19 - -

1 year to 5 years 10 126.09 1 1.56

5 years and above 2 4.32 - -

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

Statement of Age - wise analysis of the Unclaimed Amount of Policyholders in accordance with IRDA circular no-IRDA/F&I/CIR/CMP/174/11/2010 dated 04-11-2010 has been disclosed under Note 16 - 27 of the audited Financial Statements for theyear ended 31st March 2015.

11.

We hereby certify that as prescribed under the IRDA ( Preparation of Financial Statements and Auditor's Report of Insurance Companies)Regulations 2002, all debt securities are considered as 'held to maturity' for the purpose of valuation and are accordingly are recorded athistorical cost (excluding interest paid, if any), subject amortization of premium or accretion of discount. The premium/ discount, if any,on purchase of debt securities is amortised/accrued over the period to maturity on internal rate of return basis. Debt securities includinggovernment 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 thesecondary exchange. Listed equity shares as at the Balance sheet date are stated at the closing price on the NSE. If an equity share is notlisted or traded on the NSE, the closing price on the BSE is used. Equity shares awaiting listing are stated at historical cost subject toprovision for diminution, if any. Investments in mutual funds are valued at the previous day's Net Asset Value (NAV) of the funds in whichthey are invested. Investments in Alternative Investment Funds are valued at the latest Net Asset Value (NAV). Unrealised gains\ lossesarising due to changes in the fair value of listed equity shares, units of mutual fund and Alternative Funds are taken to the "Fair ValueChange Account" in the balance sheet.

Operational Risk Management Framework :

Fraud Management :

Operations in other countries:

Ageing of claims:

Period Average time taken for claim settlement (in days)

Period Traditional Business Linked Business

Number of Claims Amount Involved Number of Claims Amount Involved

Total 54 501.82 6 24.00

Valuation of investments:

11.1 Non linked Investments


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

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

Fixed Deposits are valued at cost.

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 Servicesof India Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond Valuer. The discount onpurchase of treasury bills, certificate of deposit, commercial papers & CBLO are amortized over the period to maturity on internal rate ofreturn basis.

The Company has adopted the National Stock Exchange of India Ltd. ("NSE") as the primary exchange and BSE Limited ("BSE") as thesecondary exchange. Listed equity shares and exchange traded funds (ETF) as at Balance Sheet date are stated at the closing price on theNSE. If an equity share or ETF is not listed or traded on the NSE, the share price on BSE is used. Equity shares awaiting listing are stated athistorical cost subject to provision for diminution, if any, in the value of such investment determined separately for each individualinvestment. Unrealized gains and losses are recognized in the respective scheme's Revenue Account.

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

Fixed Deposits are valued at cost.

12.

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 mindthe 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 InvesteeCompany, 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 havinghighest credit quality rating of AAA and equivalent. The Funds have an exposure of 83.5% in AAA and equivalent rated corporatesecurities. The company has a well-diversified portfolio across issuers and Industry segments in Corporate Securities.

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

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

b) The assets held under management are Rs 15,21,85,203 thousands as on March 31, 2015 and is having the following bifurcation:

(Amount in '000)

Government securities 59,91,750 57% 2,49,90,496 56% 1,89,39,230 19% 4,99,21,476 33%

Government 12,03,977 11% 11,43,112 3% 32,92,423 3% 56,39,512 4%Guaranteed & StateGovernment Securities

AAA Rated 25,81,032 25% 74,61,178 17% 1,53,08,827 16% 2,53,51,036 17%

AA+ and AA Rated 5,35,609 5% 24,27,919 5% 20,33,179 2% 49,96,707 3%

AA- and below Rated - 0% - 0% - 0% - 0%

Equity - 0% 58,73,528 13% 5,41,32,444 56% 6,00,05,972 39%

Others 2,07,310 2% 24,66,874 6% 35,96,317 4% 62,70,500 4%

Note : Others include Real Estate Properties, Loans, Alternative Investment Funds, Fixed deposits, Collateral Borrowing andLending Obligations, Units of mutual funds units and Net Current Assets

11.2 Linked Investments

Review of asset quality and performance of investment:

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

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

Grand Total 1,05,19,678 100% 4,43,63,106 100% 9,73,02,419 100% 15,21,85,203 100%


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

1 Classic Opportunities Fund 1,62,87,558.90 46.2% 31.9%

2 Kotak Guaranteed Growth Fund 1,21,56,074.14 26.4% 20.2%

3 Dynamic Floor Fund 1,02,81,622.60 18.0% 19.2%

4 Kotak Dynamic Bond Fund 83,99,959.02 16.0% 14.6%

5 Frontline Equity Fund 34,88,749.87 39.4% 28.3%

6 Kotak Group Bond Fund 62,05,329.28 16.6% 14.6%

7 Kotak Group Balanced Fund 28,76,503.23 29.8% 22.9%

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

Particulars Yield

Mar-15 Mar-14

Investments-Shareholders' Funds 10.1% 10.7%

Investments-Policyholders' Funds 10.3% 10.5%

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

The details of such payments for the year ended March 31, 2015 are given below:

1 Mr. Uday Kotak, Kotak Mahindra Bank Ltd Director 9658.89Mr. Dipak Gupta,Mr. Prakash Apte

2 Mr. Uday Kotak Kotak Securities Ltd Director 210.33

3 Mr. Uday Kotak, Kotak Mahindra Prime Ltd Director 5.27Mr. Dipak Gupta

4 Mr. Gaurang Shah, Kotak Life Insurance Superannuation Fund Trustees 17.00Mr. G. Murlidhar

5 Mr. G. Murlidhar Kotak Mahindra Old Mutual Life Insurance Trustees 250.00Employees Gratuity Fund

6 Mr. Shivaji Dam Kotak Education Foundation Managing Trustee 30.00

(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 andprudent so as to give a true and fair view of the state of affairs of the company at the end of the year and of the surplus under theRevenue Account and of the profit in the Profit and Loss Account for the year ended March 31, 2015;

(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the applicableprovisions of the Insurance Act 1938 / Companies Act, 1956 , for safeguarding the assets of the company and for preventing anddetecting 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.

Chairman Managing Director

MumbaiApril 27, 2015

Sr. No Fund Name AUM in '000 1 Year Fund Return 1 Year Benchmark Return

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

Sr. No. Name of the Director/s Entity in which Director is interested Interested As Expense during thefinancial year( in lakhs)

Total 10171.49

14. Responsibility Statement: The Management confirms that:

For and on behalf of Board of Directors

Uday Kotak G. Murlidhar

`


Independent Auditors' Report

To the Members of Kotak Mahindra Old Mutual Life Insurance Limited

Report on the Financial Statements

Management's Responsibility for the Financial Statements

Auditors' Responsibility

Opinion

1. We have audited the accompanying financial statements of KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED ("theCompany"), which comprise the Balance Sheet as at March 31, 2015, 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 a summary of the significant accounting policies and otherexplanatory information.

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") withrespect to the preparation of these financial statements, that give a true and fair view of the financial position, financial performanceand cash flows of the Company in accordance with the accounting principles generally accepted in India, including the provisions of theInsurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 read with Insurance Regulatory and DevelopmentAuthority of India circular IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015 (the "Insurance Act"), the Insurance Regulatory andDevelopment Authority Act, 1999 (the "IRDA Act"), the Insurance Regulatory and Development Authority (Preparation of FinancialStatements and Auditor's Report of Insurance Companies) Regulations, 2002 (the "IRDA Financial Statements Regulations"),orders/directions issued by the Insurance Regulatory and Development Authority of India (the "IRDA"/"Authority") in this regard andthe Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014 to the extentapplicable. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation andmaintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of theaccounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are freefrom material misstatement, whether due to fraud or error.

3. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements.The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controlsrelevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors, as well as evaluating the overall presentation of the financial statements.

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

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

(i) in case of Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

(ii) in case of Revenue Account, of the net surplus for the year ended on that date;

(iii) in case of Profit and Loss Account, of the profit for the year ended on that date; and

(iv) in case of Receipts and Payments Account, of the receipts and payments for the year ended on that date.


Other Matter

Report on Other Legal and Regulatory Requirements

Walker Chandiok & Co LLP S. B. Billimoria & Co.

Sudhir N. Pillai Kalpesh J. Mehta

9. The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued butliability exists as at March 31, 2015 is the responsibility of the Company's Appointed Actuary (the "Appointed Actuary"). The actuarialvaluation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability existsas at March 31, 2015 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are inaccordance with the guidelines and norms issued by the Authority and the Institute of Actuaries of India in concurrence with theAuthority. We have relied upon Appointed Actuary's certificate in this regard for forming our opinion on the valuation of liabilities forlife policies in force and for policies in respect of which premium has been discontinued but liability exists on financial statements of theCompany.

10. As required by the IRDA Financial Statements Regulations, we have issued a separate certificate dated April 27, 2015 certifying thematters specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.

11. As required by IRDA Financial Statements Regulations read with Section143(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 necessaryfor the purpose of our audit and have found them to be satisfactory;

(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from ourexamination of those books;

(c) as the Company's financial accounting system is centralized, no returns for the purposes of our audit are prepared at the branchesof the Company;

(d) the Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by thisreport are in agreement with the books of account;

(e) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act,read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent they are not inconsistent with the accounting principlesprescribed in the IRDA Financial Statements Regulations and orders/directions issued by the IRDA in this regard;

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

(g) in our opinion the accounting policies selected by the Company are appropriate and are in compliance with the applicableAccounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (asamended) and with the accounting principles prescribed in IRDA Financial Statements Regulations and orders/ directions issued bythe IRDA in this regard;

(h) on the basis of the written representations received from the directors, as on March 31, 2015 and taken on record by the Board ofDirectors, none of the directors is disqualified as on March 31, 2015 from being appointed as a director in terms of section164(2) ofthe Act;

(i) with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - ReferSchedule 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 4, andis covered by the Appointed Actuary's certificate, referred to in paragraph 9 above, on which we have placed reliance; andthe Company did not have any other long term contracts including derivative contracts for which there were any materialforeseeable losses.

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

For ForChartered Accountants Chartered AccountantsFirm's Registration No: 001076N/N500013 Firm's Registration No: 101496W

per perPartner PartnerMembership No: 105782 Membership No: 48791

Mumbai MumbaiApril 27, 2015 April 27, 2015



Independent Auditors' Certificate

Walker Chandiok & Co LLP

(Referred to in paragraph 10 of our Report on Other Legal and Regulatory Requirements forming part of the Independent Auditor's Reportdated April 27, 2015)

This certificate is issued to comply with the provisions of paragraph 3 and 4 of Schedule C of the Insurance Regulatory and DevelopmentAuthority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations 2002, ("the IRDA FinancialStatements Regulations") read with Regulation 3 of the IRDA Financial Statements Regulations.

The Company's Management is responsible for complying with the provisions of the Insurance Act, 1938 as amended by the Insurance Laws(Amendment) Act, 2015 read with Insurance Regulatory and Development Authority of India circular IRDAI/F&A/CIR/FA/059/03/2015 datedMarch 31, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act"), the IRDA FinancialStatements Regulations, orders/directions issued by the Insurance Regulatory and Development Authority of India (the "IRDA") which includesthe preparation of the Management Report. This includes collecting, collating and validating data and designing, implementing andmonitoring of internal controls suitable for ensuring compliance as aforesaid.

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

In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination ofthe books of account and other records maintained by KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED ("the Company") for theyear ended March 31, 2015, we certify that:

We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2015, and on the basis ofour review, there is no apparent mistake or material inconsistencies with the financial statements;

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

We have verified the cash balances, to the extent considered necessary, and securities relating to the Company's loans and investments asat March 31, 2015, by actual inspection or on the basis of certificates/confirmations received from the Custodian and/ or DepositoryParticipants appointed by the Company, as the case may be. As at March 31, 2015, the Company does not have reversions and lifeinterests;

The Company is not a trustee of any trust; and

No part of the assets of the Policyholders' Funds has been directly or indirectly applied in contravention to the provisions of the InsuranceAct, relating to the application and investments of the Policyholders' Funds.

001076N/ N500013 101496W

105782 48791

1.

2.

3.

4.

5.

For ForChartered Accountants Chartered AccountantsFirm's Registration No: Firm's Registration No:

per perPartner PartnerMembership No: Membership No:


S. B. Billimoria & Co.


INDEPENDENT AUDITORS' CERTIFICATE

Walker Chandiok & Co LLP S. B. Billimoria & Co.


The Board of DirectorsKotak Mahindra Old Mutual Life Insurance Limited4th Floor, Vinay Bhavya Complex,159 A, CST Road, Kalina,Santacruz (East), Mumbai - 400 098.

Dear Sirs,

[Ref: Certificate in accordance with the Regulation 13(D)(7) of the IRDA (Investment) (5th Amendment) Regulations, 2013 notified on February16, 2013 in the Gazette of India.

1. At the request of KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED ("the Company"), we have performed the proceduresstated in paragraph 2 below, for the purpose of issuing a certificate required by the Regulations, regarding the declaration andapplication of the Net Asset Value ("NAV") of the schemes of the Company as at March 31, 2015.

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

a) Obtained representation from the management that the Company has declared March 31, 2015 as a business day for acceptingapplication forms and that it has declared NAV for March 31, 2015;

b) Obtained the list of New Business applications, Renewal applications and applications for Surrender, Free-look Cancellation, FundSwitches, Partial Withdrawal and Top Ups received in respect of Unit Linked Products on March 31, 2015 (collectively referred to as"application forms"), from the Management;

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

i) the applications received on Tuesday, March 31, 2015, upto 3.00 p.m. have been appropriately stamped; and the NAV ofMarch 31, 2015 is applied for applications received by the Company upto 3.00 p.m. on Tuesday, March 31, 2015 for theselected samples; and

ii) the applications received on Tuesday, March 31, 2015, after 3.00 p.m. hours have been appropriately stamped; and the NAVof April 1, 2015 is applied for applications received by the Company after 3.00 p.m. hours on Tuesday, March 31, 2015 for theselected samples.

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

4. Based on the procedures performed by us, as mentioned in paragraph 2 above, according to the information and explanations providedto us and representation by the Company's management, we confirm that:

(a) The Company had declared March 31, 2015 as a business day for accepting applications;

(b) The Company has declared NAV for March 31, 2015;

(c) The applications received on Tuesday, March 31, 2015 upto 3.00 p.m. have been stamped as such that the NAV of March 31, 2015 isapplied for proposals received upto 3.00 p.m.; and

(d) The applications received on Tuesday, March 31, 2015 after 3.00 p.m. have been stamped as such that the NAV of the next financialyear i.e. April 01, 2015 is applied for proposals received after 3.00 p.m.

5. The concurrent auditors of the Company, Khimji Kunverji & Co., Chartered Accountants have issued a certificate dated April 16, 2015confirming the compliance with requirements of Regulation 13 (D) (5) of the Regulations. We have read the certificate and found thesame to be in order.

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

For ForChartered Accountants Chartered AccountantsFirm's Registration No: 001076N/ N500013 Firm's Registration No: 101496W

per perPartner PartnerMembership No:105782 Membership No: 48791



Particulars Schedule Year endedMarch 31, 2014

Year endedMarch 31, 2015

Premiums earned - Net

SUB-TOTAL 29,755,917 26,509,372Income from investments

SUB-TOTAL 26,393,511 10,498,660

Other Income

SUB-TOTAL 79,676 14,832TOTAL (A) 56,313,091 37,259,453

TOTAL (B) 8,973,441 7,278,460

TOTAL (C) 45,178,395 27,862,625SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 2,161,255 2,118,368APPROPRIATIONS

TOTAL (D) 2,161,255 2,118,368SURPLUS/(DEFICIT) BROUGHT FORWARD

SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 1,397,066 771,655

Total Surplus: [(a) + (b) + (c)] 1,456,840 1,132,891

(a) Premium 1 30,380,549 27,007,900

(b) Re-insurance ceded (624,632) (498,528)

(c) Re-insurance accepted – –

(a) Interest, Dividends and Rent Gross 6,592,212 6,547,821

(b) Profit on sale/ redemption of investments 14,401,531 7,675,358

(c) (Loss on sale/ redemption of investments) (1,371,714) (7,029,601)

(d) Transfer/ Gain on revaluation/change in fair value* 6,771,482 3,305,082

Contribution from Shareholders’ Account (Refer Schedule 16- Note 11) 83,987 236,589

(a) Miscellaneous income (Net) 76,872 12,984

(b) Profit on sale/disposal of fixed assets (Net) 2,804 1,848

Commission 2 1,764,067 1,343,781

Operating Expenses related to Insurance Business 3 6,690,607 5,527,881

Service Tax Expenditure (Refer schedule 16- Note 29) 294,162 299,366

Provision for doubtful debts – –

Bad debts written off – –

Provision for tax 218,557 120,138

Provisions (other than taxation)

(a) For diminution in the value of investments (Net) 48 (12,706)

(b) For standard loan assets 6,000 –

Benefits paid (Net) 4 17,852,155 18,542,229

Interim & Terminal Bonuses paid 87,842 61,388

Change in valuation of liability in respect of life policies,

(a) Gross ** 11,186,369 8,189,918

(b) Amount ceded in Reinsurance (2,944) 63,149

(c) Amount accepted in Reinsurance – –

Provision for Linked Liabilities 16,054,973 1,005,941

Transfer to Shareholders' Account (Refer Schedule 16- Note 10) 1,617,596 2,006,410

Transfer to Other Reserve – –

Balance being Funds for Future Appropriations (81,752) (403,289)

Surplus after Appropriation 625,411 515,247

771,655 256,408

Surplus after Appropriation 625,411 515,247

(a) Interim & Terminal Bonuses Paid 87,842 61,388

(b) Allocation of Bonus to Policyholders 743,587 556,256

(c) Surplus/ (Deficit) shown in the Revenue Account 625,411 515,247

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

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

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

For Walker, Chandiok & Co. LLP For Uday Kotak Shailesh Devchand Gaurang Shah

G. Murlidhar Cedric Fernandes Sunil Sharma


Chartered Accountants Chartered Accountants Chairman Vice-Chairman DirectorFirm Registration No. : Firm Registration No. :

Partner Partner Managing Director Chief Financial Officer Appointed ActuaryMembership No - Membership No -

Mumbai MumbaiApril 27, 2015 April 27, 2015 Company Secretary

S. B. Billimoria & Co


001076N/ N500013 101496W

105782 48791

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2015

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

Form A-RA

Policyholders' Account (Technical Account)(Amounts in thousands of Indian Rupees)


Particulars Schedule Year endedMarch 31, 2014


Amounts transferred from Policyholders’ Account (Technical Account) (Refer Schedule 16 - Note 10) 1,617,596 2,006,410

Income from Investments

(a) Interest, Dividends and Rent Gross 879,885 695,177

(b) Profit on sale/ redemption of investments 35,932 131,290

(c) (Loss on sale/ redemption of investments) (16,993) (94,491)

Other Income – –

Expenses other than those directly related to the insurance business 3A 13,174 7,914

Bad debts written off – –

Provisions (other than taxation)

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

(b) Provision for doubtful debts – –

(c) Others

- Corporate Social Responsibility Expenditure 5,700 –

- Contribution to the Policyholders Account (Refer Schedule 16 - Note 11) 83,987 236,589

Profit before tax 2,413,559 2,493,883

Provision for taxation

- Current Year 124,627 102,549

- Deferred tax charge / (credit) – –

Appropriations

(a) Balance at the beginning of the year 4,794,769 2,403,435

(b) Interim dividends paid during the year – –

(c) Proposed final dividend – –

(d) Tax on dividend distributed – –

(e) Transfer to reserves/ other accounts – –

Earnings Per Share (Basic and Diluted) (in ) ( Nominal value 10) (Refer Schedule 16 - Note 21) 4.49 4.69

Significant accounting policies and Notes to the accounts 16

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

SUB-TOTAL 898,824 731,976

TOTAL (A) 2,516,420 2,738,386

TOTAL (B) 102,861 244,503

Profit after tax 2,288,932 2,391,334

Profit/(Loss) carried to the Balance Sheet 7,083,701 4,794,769

` `

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2015


Form A-PL

Shareholders’ Account (Non-technical Account)(Amounts in thousands of Indian Rupees)











001076N/ N500013 101496W

105782 48791

Particulars Schedule As atMarch 31, 2014

As atMarch 31, 2015

SOURCES OF FUNDS

APPLICATION OF FUNDS

Shareholders’ Funds:

Sub-Total 12,706,966 10,418,034

Policyholders’ Funds:

SUB-TOTAL 139,031,590 110,051,674

Total 151,808,344 120,621,248

Sub-Total (A) 4,875,225 4,104,468

Sub-Total (B) 5,826,647 4,973,843Net Current Assets (C) = (A-B) (951,422) (869,375)

151,808,344 120,621,248Contingent liabilities- Refer note 5 of schedule 16Significant accounting policies and Notes to the accounts

Share Capital 5 5,102,902 5,102,902Reserves and Surplus 6 7,604,064 5,315,132Credit/[Debit] Fair Value Change Account – –

Borrowings 7 – –

Credit/[Debit] Fair Value Change Account 971,453 58,690Revaluation Reserve - Investment Property (Refer Schedule 16- Note 15(e)) 203,345 –Policy Liabilities

- Life Participating 19,694,174 15,917,697- Pension Participating 762,158 752,482- Life Non- Participating 15,573,233 9,648,972- Life Non- Participating Variable(VIP) 397,304 48,275- Pension Non-Participating Variable (VIP) 960,053 –- General Annuity 192,898 111,827- Unit Linked 1,501,029 1,432,553- Unit Linked Pension 146,246 39,227,095 131,865 28,043,671(Refer Schedule 16 - Note 4(a))

Insurance Reserves- Life Participating 1,255,645 650,155- Pension Participating 141,421 1,397,066 121,500 771,655(Refer Schedule 16 - Note 18)

Provision for Linked Liabilities- Linked Liabilities 83,108,172 74,693,382- Credit/[Debit] Fair Value Change Account 12,216,579 95,324,751 5,445,097 80,138,479

Funds for Discontinued policies (Refer Schedule 16 - Note 28)- Discontinued on account of non-payment of premium 1,907,880 1,039,179- Others – –

Funds for Future Appropriation:-Linked Liabilities 69,788 151,540Others – –

Investments- Shareholders’ 8 10,519,679 8,139,638- Policyholders’ 8A 42,863,107 31,566,578

Assets Held to Cover Linked Liabilities 8B 97,302,419 81,329,198Loans 9 1,677,304 96,912Fixed Assets 10 397,257 358,297Current AssetsCash and Bank Balances 11 2,025,464 1,598,908Advances and Other Assets 12 2,849,761 2,505,560

Current Liabilities 13 5,614,986 4,884,326Provisions 14 211,661 89,517

Miscellaneous Expenditure (To the extent not written off or adjusted)15 – –Debit Balance in Profit and Loss Account (Shareholders’ Account) – –

16The Schedules and accompanying notes are an integral part of this Balance Sheet.

BALANCE SHEET AS AT MARCH 31, 2015


Form A-BS

(Amounts in thousands of Indian Rupees)











001076N/ N500013 101496W

105782 48791

Particulars Year EndedMarch 31, 2014

Year EndedMarch 31, 2015

Schedule

Premium and Other receipt from Customer 30,753,016 27,076,799

Payments of other operating expenses (5,953,654) (5,182,871)

Payments of commission and brokerage (1,663,479) (1,254,843)

Deposits, advances and staff loans (67,226) (4,645)

Payments to the re-insurers, net of commissions and claims (264,723) (79,574)

Payment of Claims (18,163,454) (18,802,719)

Income taxes paid (Net) (299,521) (273,917)

Service Tax paid (346,275)

Purchase of fixed assets (244,136) (248,055)

Proceeds on sale of fixed assets 5,228 4,535

Interest and Dividend received on Investments (net of interest expended on purchase of investments) 7,580,780 6,709,931

Purchase of Investments (501,829,213) (659,339,415)

Sale of Investments 493,055,981 651,308,032

Investments in money market instruments and in liquid mutual funds (Net) (397,132) 322,976

Loans disbursed (1,580,392) (38,205)

Proceeds from issue of Share Capital – –

Net increase in Cash and Cash Equivalents (A+B+C) 585,800 (140,111)

Cash and cash equivalent at the beginning of the year 1,494,039 1,634,150

(a) Refer Schedule 16 Note 2(p) for accounting policy on Cash and cash equivalents

(b) Cash and cash equivalents at the end of the year includes:

Cash (including cheques on hand, drafts and stamps) 492,313 387,208

Bank Balances (including deposits) 1,488,526 1,106,831

Other short term liquid investment 99,000 –

(Forming part of investments as per schedule 8)

Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance (Schedule -11)

Cash and Cash Equivalent 2,079,839 1,494,039

Add Deposit Account - Others (More than 3 months) 44,625 104,869

Less: Deposit Accounts (Less than 3months) forming part of investments as per Schedule 8 99,000 –

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

Significant accounting policies and Notes to accounts 16

The Schedules and accompanying notes are an integral part of this Receipts and Payments Account

Cash Flows from Operating Activities

(338,140)

Net cash from/ (deployed in) Operating Activities (A) 3,994,684 1,140,090

Cash Flows from Investing Activities

Net cash deployed in Investing Activities (B) (3,408,884) (1,280,201)

Cash Flows from Financing Activities

Net cash from Financing Activities (C) – –

Cash and Cash Equivalents at end of year 2,079,839 1,494,039

Notes:

2,079,839 1,494,039

Cash & Bank Balance As per Schedule -11 2,025,464 1,598,908



RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2015(Amounts in thousands of Indian Rupees)










001076N/ N500013 101496W

105782 48791


SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS

Schedule 1 : Premium

Schedule 2 : Commission




Particulars Year endedMarch 31, 2014


First year Premium 10,614,201 7,890,724

Renewal Premium 14,978,778 14,289,752

Single Premium 4,787,570 4,827,424

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

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

Total Premium 30,380,549 27,007,900

Notes:



Commission Paid

Sub-total 1,821,737 1,372,994

Net Commission 1,764,067 1,343,781

Breakup of Gross Commission


Total 1,821,737 1,372,994

Note :

First year Premium 1,370,389 1,000,188

Renewal Premium 421,631 339,375

Single Premium 29,717 33,431

Add: Commission on Re-insurance accepted – –

Less: Commission on Re-insurance ceded (Refer Note-(b) below) (57,670) (29,213)


Agents 773,430 578,714

Brokers 172,783 183,709

Corporate Agents 875,526 610,580

Referral (2) (9)

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

(b) Profit/ Commission has been included with commission on Reinsurance ceded.



Schedule 3 : Operating Expenses Related to Insurance Business





Employees’ remuneration and welfare benefits (Refer Note-(b) below) 3,679,702 2,888,869

Travel, conveyance and vehicle running expenses 149,044 146,117

Training expenses 84,914 51,623

Rent, Rates and Taxes 421,517 416,915

Repairs 129,168 125,326

Printing and Stationery 51,902 46,219

Communication expenses 103,509 99,949

Legal and Professional charges 135,725 143,851

Medical fees 23,868 25,414

Auditors’ fees, expenses etc.

(a) as auditor 4,127 3,623

(b) as adviser or in any other capacity, in respect of

– Taxation matters – –

– Insurance Matters – –

– Management services; and – –

(c) in any other capacity (including out of pocket expenses) (Refer Note-(c) below 314 356

Advertisement and publicity 492,915 374,760

Interest and Bank charges 27,912 30,294

Distribution Expenses 322,173 298,507

Sales Promotion Expenses 279,571 174,733

Depreciation 202,600 203,716

Information Technology expenses 186,196 148,214

Electricity charges 90,500 80,505

Recruitment expenses 38,071 33,962

Brokerage 430 611

Stamp Duty 163,699 122,328

Membership and Subscription Fees 5,421 6,985

Service Tax Expenses 16,334 19,345

Miscellaneous expenses 80,995 85,659

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)

Total 6,690,607 5,527,881

Notes:

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



Employees’ remuneration and welfare benefits 11,222 6,493

Travel, conveyance and vehicle running expenses 23 18

Rent, Rates and Taxes 152 200

Printing and Stationery 8 12

Communication expenses 10 10

Legal and Professional charges 397 341

Interest and Bank charges 443 364

Depreciation 154 81

Others 765 395

Total 13,174 7,914



Schedule 4 : Benedits Paid (Net)





1. Insurance Claims

(a) Claims by Death 2,765,625 2,102,430

(b) Claims by Maturity 2,227,167 1,991,589

(c) Annuities/ Pension payment 8,954 4,750

(d) Other Benefits

– Survival Benefits 113,144 100,846

– Surrenders 13,053,883 14,541,242

– Riders 6,477 6,866

– Claim Investigation Fees 6,556 5,130

– Others (Refer note (c) below) (9,319) 96,176

2. Amount ceded in reinsurance

(a) Claims by Death (318,066) (306,724)

(b) Claims by Maturity – –

(c) Annuities/ Pension payment – –

(d) Other Benefits – –

– Survival Benefits – –

– Surrenders – –

– Riders (2,266) (76)

– Others – –

3. Amount accepted in reinsurance

(a) Claims by Death – –

(b) Claims by Maturity – –

(c) Annuities/ Pension payment – –

(d) Other Benefits – –

– Survival Benefits – –

– Surrenders – –

– Riders – –

– Others – –

(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

Sub Total (A) 18,172,487 18,849,029

Sub Total (B) (320,332) (306,800)

Sub Total (C) – –

Total (A)+(B)+(C) 17,852,155 18,542,229

Notes :



Schedule 5 : Share Capital

Schedule 6 : Reserves and Surplus

Schedule 5A : Pattern of Shareholding




(As certified by the Management)



Authorized Capital625,000,000 (2014 – 625,000,000) Equity Shares of 10 each 6,250,000 6,250,000

Issued Capital510,290,249 (2014 – 510,290,249) Equity Shares of 10 each 5,102,902 5,102,902

Subscribed Capital510,290,249 (2014 – 510,290,249) Equity Shares of 10 each 5,102,902 5,102,902

Called-up Capital510,290,249 (2014 – 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 – –

(a) Of the above, 260,248,044 (2014 – 260,248,044) Equity Shares of 10 each fully paid up are held by Kotak Mahindra Bank Limited, the holding company andits nominees, 54,000,000 (2014-54,000,000) and 63,366,753 (2014-63,366,753) fully paid-up Equity Shares of 10 each are held by Kotak Mahindra PrimeLimited and Kotak Mahindra Capital Company Limited respectively, which are subsidiaries of Kotak Mahindra Bank Limited.

`

`

`

`

`

`

Total 5,102,902 5,102,902

Notes :

Particulars As atMarch 31, 2014

As atMarch 31, 2015

Capital Reserve – –

Capital Redemption Reserve – –

Securities Premium 520,363 520,363

Revaluation Reserve – –

General Reserves – –

Less: Debit balance in Profit and Loss Account – –

Less: Amount utilized for Buy-back – –

Catastrophe Reserve – –

Other Reserve – –

Balance of profit in Profit and Loss Account 7,083,701 4,794,769

Total 7,604,064 5,315,132

Particulars As at March 31, 2014Number of Shares % Holding

As at March 31, 2015Number of Shares % Holding

Shareholders

Promoters

– Indian 377,614,797 74% 377,614,797 74%

– Foreign 132,675,452 26% 132,675,452 26%

Others – – – –

Total 510,290,249 100% 510,290,249 100%



Schedule 7 : Borrowings

Schedule 8 : Investments-Shareholders'





Debentures/ Bonds – –

Banks – –

Financial Institutions – –

Others – –

– –

As atMarch 31, 2015

Total


As atMarch 31, 2015

LONG TERM INVESTMENTS

Total 9,464,967 6,249,452SHORT TERM INVESTMENTS

Total 1,054,712 1,890,186Grand Total 10,519,679 8,139,638

Government securities and Government guaranteed bonds including Treasury Bills 5,842,397 2,326,200Other Approved Securities 1,203,977 1,675,221Other Investments(a) Shares

(aa) Equity – –(bb) Preference – –

(b) Mutual Funds – –(c) Derivative Instruments – –(d) Debentures/ Bonds 336,142 728,183(e) Other Securities (including Fixed Deposits) 81,000 180,000(f) Subsidiaries – –(g) Investment Properties – Real Estate – –Investment in Housing & infrastructure sector(a) Equity – –(b) Others 2,001,451 1,339,848Other than Approved Investments(a) Equity – –(b) Others – –

Government securities and Government guaranteed bonds including Treasury Bills 149,354 80,533Other Approved Securities – –Other Investments – –(a) Shares

(aa) Equity – –(bb) Preference – –

(b) Mutual Funds 27,310 –(c) Derivative Instruments – –(d) Debentures/ Bonds 499,153 700,474(e) Other Securities (including Fixed Deposits) 126,454 599,755(f) Subsidiaries – –(g) Investment Properties – Real Estate – –Investment in Housing & infrastructure sector(a) Equity – –(b) Others 252,441 509,424Other than Approved Investments(a) Equity – –(b) Others – –


As atMarch 31, 2015

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

- Investments in units of the funds of Kotak Mahindra Asset Management Company Ltd 9,575 –- Investment in Kotak Mahindra Prime Ltd in Debentures 125,000 589,698

(c) Investment made out of Catastrophe reserve – –(d) Particulars of Investment other than Listed Equity Securities:-

- Cost 10,519,679 8,139,638- Market Value 10,909,677 7,820,507

(e) Refer Schedule 16 – Note 2(e) for accounting policy on investments

(f) Refer Schedule 16 – Note 15(b)


As atMarch 31, 2015

In India 10,519,679 8,139,638Outside India – –


As atMarch 31, 2015


Total 41,895,532 29,560,057

SHORT TERM INVESTMENTS

Total 967,575 2,006,521

Grand Total 42,863,107 31,566,578

Government securities and Government guaranteed bonds including Treasury Bills 24,986,596 14,853,333

Other Approved Securities 1,143,112 4,185,726

Other Investments

(a) Shares

(aa) Equity 5,157,295 1,453,648

(bb) Preference – –

(b) Mutual Funds – –

(c) Derivative Instruments – –

(d) Debentures/ Bonds 3,125,035 2,254,217

(e) Other Securities (including Fixed Deposits) – –

(f) Subsidiaries – –

(g) Investment Properties – Real Estate 698,424 491,494

(h) Deposit with Clearing Corporation of India Ltd. – –

Investment in Housing & infrastructure sector

(a) Equity – 18,643

(b) Others 6,033,886 6,299,805

Other than Approved Investments

(a) Equity 716,232 3,191

(b) Others 34,952 –

Government securities and Government guaranteed bonds including Treasury Bills 3,900 22,831

Other Approved Securities

Other Investments

(a) Shares

(aa) Equity – –


(b) Mutual Funds 32,202 –


(d) Debentures/ Bonds 13,017 759,633

(e) Other Securities (including Fixed Deposits) 201,296 854,750


(g) Investment Properties – Real Estate – –


(a) Equity – –

(b) Others 717,160 369,307


(a) Equity – –

(b) Others – –



Schedule 8A : Investments-Policyholders'




As atMarch 31, 2015


- Investments in units of the funds of Kotak Mahindra Asset Management Company Ltd 11,290 –- Investment in Kotak Mahindra Prime Ltd in Debentures 10,000 409,131




(f) Refer Schedule 16 – Note 12 for securities held as margin


As atMarch 31, 2015



As atMarch 31, 2015


Total 84,911,489 71,055,217

SHORT TERM INVESTMENTS

Total 12,390,930 10,273,981

Grand Total 97,302,419 81,329,198

Notes:

Government securities and Government guaranteed bonds including Treasury Bills 17,584,003 19,147,461

Other Approved Securities 3,291,429 5,134,507

Other Investments

(a) Shares

(aa) Equity 46,912,907 34,761,484

(bb) Preference 10,612 9,286

(b) Mutual Funds – –


(d) Debentures / Bonds 4,082,845 3,605,483

(e) Other Securities (including Fixed Deposits) 190,200 190,200




(a) Equity 894,519 1,891,237

(b) Others 5,630,569 5,114,107


(a) Equity 6,314,405 1,201,452

(b) Others – –

Government securities and Government guaranteed bonds including Treasury Bills 1,355,228 16,073

Other Approved Securities 994 –

Other Investments

(a) Shares

(aa) Equity – –


(b) Mutual Funds 1,387,988


(d) Debentures/ Bonds 232,237 1,669,884

(e) Other Securities (including Fixed Deposits) 5,082,021 5,734,498



Investments in Infrastructure and Social Sector

(a) Equity Shares – –

(b) Others 2,808,038 1,306,939


(a) Equity Shares – –

(b) Others – –

Net Current Assets 1,524,424 1,546,587



Schedule 8B : Assets Held to Cover Linked liabilities




As atMarch 31, 2015


- Investments in units of the funds of Kotak Mahindra Asset Management Company Ltd including units of ETF 1,893,833 –- Investment in Kotak Mahindra Prime Ltd in Debentures 15,095 199,719




(f) Refer Schedule 16 – Note 12 for securities held as margin


As atMarch 31, 2015




Schedule 9 : Loans




As atMarch 31, 2015

SECURITY–WISE CLASSIFICATION

Total 1,677,304 96,912

BORROWER-WISE CLASSIFICATION

Total 1,677,304 96,912

PERFORMANCE-WISE CLASSIFICATION

Total 1,677,304 96,912

MATURITY-WISE CLASSIFICATION

Total 1,677,304 96,912

Notes:

Secured

Unsecured

(a) On mortgage of property

(aa) In India 1,000,000 –

(bb) Outside India – –

(b) On Shares, Bonds, Govt. Securities etc. – –

(c) Loans against policies 177,304 96,912

(d) Others 500,000 –

– –

(a) Central and State Governments – –

(b) Banks and Financial Institutions 500,000 –

(c) Subsidiaries – –

(d) Companies 1,000,000 –

(e) Loans against policies 177,304 96,912

(f) Others – Employees – –

(a) Loans classified as standard

(aa) In India 1,677,304 96,912


(b) Non-standard loans less provisions

(aa) In India – –


(a) Short term 504,095 3,819

(b) Long Term 1,173,209 93,093

Commitments made and outstanding for Loans Nil (2014 - Nil)

a) Refer Schedule 16 - Note 2(f) for accounting policy on loans

b) There was no restructuring of loan assets during the year.

c) 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 shortterm loans.

` `



Schedule 10 : Fixed Assets



Particulars Cost / Gross Block Depreciation Net Block

As on Addition On Sale/ As on For the On Sale/ As onApril 1 Adjustment April 1 yearAdjustment March 31,

2014 2014 2014

As at As at As atMarch 31, March 31, March 31,

2015 2015 2015

Goodwill – – – – – – – – – –

Intangibles - Software *# 1,007,151 115,263 57,835 1,064,579 863,914 114,996 57,835 921,075 143,504 143,237

Land-Freehold – – – – – – – – – –

Leasehold property – – – – – – – – – –

Buildings – – – – – – – – – –

Furniture and fittings ** 339,328 38,996 7,723 370,601 280,712 24,144 7,561 297,295 73,306 58,616

Information technology equipment 382,375 66,145 54,862 393,658 339,356 42,035 54,848 326,543 67,115 43,051

Vehicles 59,791 11,476 9,416 61,851 27,062 13,779 7,327 33,514 28,337 32,729

Office equipment 127,903 13,965 6,495 135,373 109,905 7,798 6,337 111,366 24,007 17,966

Capital Work-in-progress 60,988 62,698

Previous Year 1,744,405 216,815 44,672 1,916,548 1,459,137 203,797 41,985 1,620,949 358,297

* Includes licenses

** Includes leasehold improvements

# All Software are other than those generated internally

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

1,916,548 245,845 136,331 2,026,062 1,620,949 202,752 133,908 1,689,793 336,269 295,599

Grand Total 1,916,548 245,845 136,331 2,026,062 1,620,949 202,752 133,908 1,689,793 397,257 358,297

Note:

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


As atMarch 31, 2015

Cash (including cheques on hand, drafts and stamps) 492,313 387,208

Bank Balances

(a) Deposit Accounts

(aa) Short-term (due within 12 months of the date of Balance Sheet) 52,931 264,869

(bb) Others – –

(b) Current accounts 1,480,220 946,831

(c) Others – –

Money at Call and Short Notice

(a) With Banks – –

(b) With other Institutions – –

Balance with non-scheduled banks included above – –

In India 2,025,464 1,598,908

Outside India – –

Total 2,025,464 1,598,908

Cash and Bank balance

Total 2,025,464 1,598,908



Schedule 12 : Advances and Other Assets





As atMarch 31, 2015

As atMarch 31, 2015

ADVANCES

Total (A) 347,776 348,438

OTHER ASSETS

Total (B) 2,501,985 2,157,123

Total (A + B) 2,849,761 2,505,560

Notes :

107,310 53,327

As atMarch 31, 2015

Reserve deposits with ceding companies – –

Application money for investments – –

Prepayments 56,221 163,375

Advance to Directors/ Officers – –

Advance tax paid and Tax deducted at source (Refer Note (a) below) 107,310 53,327

Others :-

Advances to suppliers 130,363 94,312

Advances to employees 53,882 37,424

Income accrued on investments 1,401,746 1,298,526

Outstanding Premiums 638,772 495,637

Agents Balances (Net) (Refer Note (b) below) – –

Foreign Agencies Balances – –

Due from other entities carrying on insurance business (including reinsurers) 17,784 3,070

Due from subsidiaries/ holding company – –

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

Others :-

Security and other deposits 240,823 223,243

Service Tax Unutilised Credit 1,813 3,868

Other Receivables 201,047 132,779

(a) - Advance tax paid and Taxes deducted at source

Provision for Tax (402,089) (438,239)

Advance Tax and Tax deducted at source 509,399 491,566

(b) - Agent balances


Commission receivable 45,470 33,957

Provision for commission receivable (45,470) (33,957)

Net – –




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


As atMarch 31, 2015

For taxation (less payments and taxes deducted at source) 78,074 –

For proposed dividend – –

For dividend distribution tax – –

Others :-

Provision for gratuity 708 –

Provision for compensated absences 115,457 89,517

Provision for employee benefits 11,422 –

Provision for standard loan assets 6,000 –

Total 211,661 89,517

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


Discount Allowed in issue of shares/ debentures – –

Others – –

– –

As atMarch 31, 2015

Total

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


As atMarch 31, 2015

Agents’ balances 374,407 250,296

Balance due to other insurance companies (net) 57,082 112,488

Deposits held on re-insurance ceded – –

Premium received in advance 33,506 32,218

Unallocated premium (proposals/policy deposits) 1,113,691 636,905

Sundry creditors 46,829 46,859

Due to holding company / Fellow Subsidiary 10,190 4,759

Claims outstanding 52,582 490,140

Unclaimed Amount of Policy Holders (Refer Note (a) below) 1,078,659 543,831

Annuities due – 395

Due to Officers / Directors – –

Others:-

- Expenses Payable 2,140,119 1,663,007

- Taxes deducted at source, payable 102,697 73,276

- Statutory dues payable 33,511 38,339

- Refunds Payable 26,274 70,889

- Security Deposit 35,310 35,310

- Payable towards investments purchased 8,819 72,407

- Payable to unit linked fund (Refer Note (b) below) 501,310 813,207

a) Refer Schedule 16 - Note 27

b) Refer Schedule 16- Note 15 (d)

Total 5,614,986 4,884,326

Note:



SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTSfor the year ended 31 March 2015

Schedule 16 : Notes to the financial statements

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

1. Background

2. Summary of significant accounting policies

Basis of Preparation:

Use of Estimates:

(a) Revenue recognition :

Premium Income

Income from unit linked policies

Reinsurance premium ceded and commission thereon

Income earned on Investments

Kotak Mahindra Old Mutual Life Insurance Limited (‘the Company’), a joint venture between Kotak Mahindra Bank Limited, its affiliates and Old Mutual Plc,

was incorporated on August 31, 2000 as a Company under the Companies Act, 1956 to undertake and carry on the business of life insurance and annuity.

The Company's life insurance business comprises of individual life and group business, including participating, non participating, pension, annuity, group

gratuity, group leave encashment, group superannuation, unit linked insurance products. These products are distributed through individual agents,

corporate agents, banks, brokers, the Company's proprietary sales force and the Company website. The Company obtained a license from the Insurance

Regulatory and Development Authority of India (‘IRDAI’) dated January 10, 2001 for carrying on the business of life insurance and annuity. The license has

been renewed annually and is in force as at March 31, 2015.

The Financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to

comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 ("the Act") read with Rule 7 of the Companies (Accounts)

Rules, 2014 and other relevant provisions of Companies Act, 2013, as applicable, and in accordance with the provisions of the Insurance Act, 1938 as

amended by the Insurance Laws (Amendment) Act, 2015 read with Insurance Regulatory and Development Authority of India circular IRDAI

/F&A/CIR/FA/059/03/2015 dated 31st March 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 the (“IRDA Act”),

and the regulations framed there under ( also refer IRDAI ) the Insurance Regulatory and Development Authority (Preparation of Financial Statements

and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”), orders/directions issued by the

Insurance Regulatory and Development Authority of India (the “IRDA”/“Authority”) in this regard. The accounting policies have been consistently applied

by the Company and are consistent with those used in the previous year except where different treatment is required as per new pronouncements made by

the regulatory authorities. and the practices prevailing within the insurance industry in India. The Management evaluates all recently issued or revised

accounting pronouncements on an ongoing basis.

The preparation of financial statements in confirmity with Indian GAAP requires the Management to make judgments, estimates and assumptions

considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported

income and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions,

uncertainty about these assumptions and estimates could result in the outcome requiring a material adjustment to the carrying amounts of assets or

liabilities in future periods. The estimates and assumptions used in the financial statements are based on Management's evaluation of the relevant facts and

circumstances upto and as of the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is

accounted for prospectively.

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

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

created.

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

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

Income from 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 is accounted for as income when due.

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

accounted in accordance with the terms and conditions of the reinsurance treaties in the year in which reinsurance premium is ceded.

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

Interest income on investments is recognised on accrual basis. Accretion of discount and amortisation of premium relating to debt securities is recognised

over the period to maturity of such securities on the basis of the internal rate of return.

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

dividend is established.

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

straight line basis.





Gain/ Loss on transfer/ sale of securities is the difference between the transfer/sale price and the net amortised cost/ book value which is computed on a

Weighted average basis as on the date of transfer/sale. Sale consideration for the purpose of realised gain/loss is net of brokerage and taxes , if any.

Rental income on Investment property is recognised in the income statement on accrual basis and includes only the realised rent and does not include any

notional rent, as prescribed by IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations 2002.

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

Acquisition costs such as commission and medical fees are costs that vary with and are primarily related to the acquisition of new and renewal insurance

contracts. Such costs are recognised in the year in which they are incurred.

Benefits paid comprise of policy benefit amount, surrenders, claim investigation fees and specific claims settlement costs where applicable and change in the

outstanding provision for claims at the year end. Claims by death and surrender are accounted when intimated. Survival benefits are accounted when due.

Maturity claims are accounted on the date of maturity. Amounts recoverable from reinsurers are accounted for in the same period of the related claim.

Repudiated claims disputed before judicial authorities are provided for, based on the best judgment of the Management considering the facts and evidence

in respect of each such claims. Withdrawals under unit-linked policies are accounted in respective schemes when the associated units are cancelled.

(I) The Company provides for policy liabilities in respect of all "in force" policies and "lapsed policies" that are likely to be revived in future based on

actuarial valuation done by the Appointed Actuary in accordance with accepted actuarial practices, requirements of IRDA and the Institute of

Actuaries of India.

(ii) Liabilities in respect of unit-linked policies which have lapsed and are not likely to be revived , are shown as a separate item under the head "Funds for

Future Appropriation", until expiry of the revival period. This is as per IRDA circular no 041/IRDA/ACTL/MAR-2006 dated March 29, 2006.

(iii) Liabilities in respect of funds arising from discontinued policies are shown under a separate head in the balance sheet as " Funds for Discontinued

policies". This is as per IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.

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

The actuarial policies and assumptions are given in the Note 3 .

Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority of India (Investment Regulations),

2000 (as amended) and circulars/notifications issued by IRDAI from time to time .

Investments are recorded at cost on trade date which includes brokerage, transfer charges, transaction taxes as applicable, etc. but excludes pre acquisition

interest, if any and service tax on brokerage where cenvat credit is being claimed.

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

Gain / Loss on transfer / sale of securities is the difference between the transfer / sale price and the net amortised cost / book value which is computed on a

weighted average basis as on the date of transfer / sale. Sale consideration for the purpose of realised gain / loss is net of brokerage and taxes, if any.

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.’

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.

All debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly recorded at historical cost (excluding interest

paid, if any). Debt securities including government securities are stated at net amortised cost. Money market instruments are valued at historical cost

subject to accretion of discount. The premium/ discount, if any, on purchase of debt securities is amortised/accrued over the period to maturity on

internal rate of return.

Interest income earned on Loans

(b) Acquisition Costs

(c) Benefits Paid

(d) Liability for Policies

(e) Investments

i) Classification

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

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

Debt Securities





The Company has adopted the National Stock Exchange of India Ltd. ("NSE") as the primary exchange and BSE Limited (“BSE”) as the secondary

exchange. Listed equity shares as at Balance Sheet date are stated at the closing price on the NSE. If an equity share is not listed or traded on the NSE,

the share price on BSE is used. Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any. Unrealised gains /

losses arising due to changes in the value of listed equity shares are taken to “Fair Value Change Account” and carried forward to Balance Sheet

where the net balance is positive. Negative balance in the "Fair Value Change Account" is recognised in the Revenue Account / Profit and Loss

Account to the extent of negative balance in " Fair Value Change Account as reduced by the amount previously provided in the Revenue Account /

Profit and Loss Account. The profit or loss on actual sale of listed equity includes the accumulated changes in the fair value previously recognised

under "Fair Value Change Account".

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 & 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 & Loss Account. Any reversal of impairment loss, earlier

recognised in Revenue/ Profit and Loss Account, is recognised in the Revenue/ Profit and Loss Account.

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

Alternative Investment Funds are valued at the latest Net Asset Value (NAV).Unrealised gains / losses arising due to changes in the fair value of 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 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 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.

All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Services of India

Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond Valuer. The discount on purchase of treasury

bills, certificate of deposit, commercial papers & CBLO are amortised over the period to maturity on internal rate of return basis.

The Company has adopted the National Stock Exchange of India Ltd. ("NSE") as the primary exchange and BSE Limited (“BSE”) as the secondary

exchange. Listed equity shares and exchange traded funds (ETF) as at Balance Sheet date are stated at the closing price on the NSE. If an equity share

or ETF is not listed or traded on the NSE, the share price on BSE is used. Equity shares awaiting listing are stated at historical cost subject to provision

for diminution, if any, in the value of such investment determined separately for each individual investment. Unrealised gains and losses are

recognised in the respective scheme’s Revenue Account.

All redeemable preference shares are considered as held to maturity and stated at historical cost, subject to amortisation of premium or accretion of

discount over the period of maturity / holding on a straight line basis.

Mutual Fund Units are valued at the previous day's closing net asset value (NAV) of the fund in which they are invested.

Fixed deposits with Banks are valued at Cost

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.

Equity Shares

Mutual funds and Alternative Investment Funds

Real estate - investment property

iv) Valuation - Unit Linked Business

Debt Securities

Equity Shares and Exchange Traded Funds (ETF)

Preference Shares

Mutual Fund

Fixed deposits with Banks

v) Transfer of Investments





(f) Loans

(g) Fixed Assets and Depreciation / Amortisation

Impairment of Assets

(h) Employee Benefits

a. Short term employee benefits

b. Long term employee benefits : Post employment

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

by the IRDA are adhered to in this regard.

Fixed assets / Intangible assets have been stated at cost less accumulated depreciation / amortisation. In respect of liabilities incurred in acquisition of fixed

assets in foreign exchange, the net gain or loss arising on conversion / settlement are charged to Revenue account. Cost includes cost of purchase inclusive of

freight, duties and other incidental expenses and all expenditure like site preparation, installation costs and professional fees incurred on the asset before it

is ready to put to use. Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future benefit / functioning capability

from / of such assets. A rebuttable presumption that the useful life of an Intangible asset will not exceed 10 years from the date the asset is available for use is

considered by the Management. Gain or losses arising from the retirement or disposal of a fixed asset / intangible asset are determined as the difference

between the net disposal proceeds and the carrying amount of assets and recognised as income or expense in the Revenue Account.

Deprecation is provided on a pro-rata basis on a Straight Line Method over the estimated useful life of the assets at rates which are higher than the rates

prescribed under Schedule II of the Companies Act, 2013 in order to reflect the actual usage of the assets. The estimates of useful lives of the assets, based on

a technical evaluation, have not under gone a change on account of transition to the Companies Act, 2013. Depreciation is charged on assets from the date

the asset is capitalised and up to the date asset is last used in case of disposal.

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

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

Software (including development) expenditure 3 years

Furniture and fittings 6 years

Information technology equipment (including computers) 3 years

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

Vehicles 4 years

Office equipment 5 years

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.

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.

The Company has both defined contribution and defined benefit plan :

(i) Provident fund is a defined contribution plan and the contributions as required by the statute to the Government Provident Fund are charged

to Revenue Account/Profit and Loss Account when incurred. The Company has no further obligations.

(ii) Gratuity liability a defined benefit plan covering employees in accordance with the Payment of Gratuity Act, 1972. The Company's liability is

actuarially determined (using Projected Unit Credit Method) at the Balance Sheet date. The Company makes contribution to a Gratuity Fund

administered by trustees and managed by a life insurance Company. The net present value obligation towards the same is actuarially

determined based on the projected unit credit method as at the Balance Sheet date. Actuarial gains and losses are immediately recognised in

the Revenue Account/Profit and Loss Account and are not deferred.

(iii) Superannuation fund is a defined contribution scheme. The Company contributes a sum equivalent to 15% of eligible employees’ salary

subject to a maximum of 1 lakh per eligible employee per annum, to the Superannuation Funds administered by trustees and managed by a

Life Insurance Company. The Company recognises such contributions as an expense in the year they are incurred.

(iv) New Pension Fund is a defined contribution scheme. The Company contributes upto 10% of eligible employees’ salary per annum, to the New

Pension Fund administered by a Pension Fund Regulatory and Development Authority (PFRDA) appointed pension fund manager. The Group

recognises such contributions as an expense in the year they are incurred.

`

Other long term employee benefits includes accumulated compensate 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.

i) As per the Company policy, employees of the Company are eligible for an award after completion of a specified number of years of service

with the Group. The obligation is measured at the Balance Sheet date on the basis of an actuarial valuation using the projected unit credit

method.

ii) The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is

recognised during the period when the employee renders the service. These benefits include performance incentives.

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.

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.

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.

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance

Companies) Regulations, 2002 (referred to as ‘Accounting Regulations’) read with Accounting Standard 17 on ‘Segment Reporting’ as specified under

Section 133 of the Act , read with Rule 7 of The Companies (Accounts) Rules,2014, the Company’s primary business segments are classified into Life

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

Participating Variable business (VIP), General Annuity business, Unit Linked Life business, Unit Linked Pension business and Investment of the Shareholders’

funds.

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

Operating expenses relating to insurance business are assigned to Life Participating, Pension Participating, Life Non Participating, Life Non Participating

Variable (VIP), Pension Non Participating Variable business (VIP), General Annuity, Unit Linked Life, and Unit Linked Pension segments as follows:

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

Other expenses, which are not directly identifiable, are apportioned to the business segments on the basis of either one or a combination of the following

parameters: (a) total number of policies issued during the year, or (b) premium income, or (c) weighted premium income, or (d) sum assured during the year,

or (e) total number of policies, or (f) average assets under management, or, (g) expenses allowances, as considered appropriate by the Management. The

method of apportionment has been decided based on the nature of the expense and its logical relationship to the various business segments.

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

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

c. Other long-term employee benefits

d. Other employee benefits

(i) Accounting for Operating Leases

(j) Foreign Currency Transactions

(k) Segment reporting

Where the Company is the lessee:

Where the Company is the lessor:

Business Segments

Segmental revenues

Segmental expenses

Segmental assets and liabilities

Secondary Geographical Segments





(l) Taxation

Direct Taxes

Indirect Taxes

(m) Preliminary and Share Issue expenses

(n) Provisions and Contingencies

(o) Earnings per Share

(p) Cash and cash equivalents

(q) Employee stock option scheme

Cash Settled scheme :

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 income tax, if any, is made on an accrual basis after taking credit for allowances and exemptions in accordance with Income Tax Act,

1961. Deferred income 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 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.

Service tax liability on life insurance services and unit linked insurance plans(ULIP) is set off against the service tax credit available from service tax paid on

input services. Unutilised credits, if any, are carried forward under “Advances and Other Assets” for set-off in subsequent periods, where there is reasonable

certainty of utilisation.

Share Issue expenses in relation to increase in share capital are written off when incurred. Preliminary Expenses and Initial Share Issue expenses are

amortised over a period of 3 years. Unamortised Preliminary Expenses and Share Issue expenses are adjusted in the schedule of Share Capital as prescribed

under the IRDA Regulations.

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 measured 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.

In accordance with the requirement of Accounting Standard (AS) 20, "Earning per share", as specified under Section 133 of the Act , read with Rule 7 of The

Companies (Accounts) Rules,2014,with respect to basic earnings per share is computed by dividing the net profit or loss for the period attributable to the

equity shareholders by weighted average number of equity shares outstanding during the reporting year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average

number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

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.

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'.





(r) Fund for Future Appropriations

3. Actuarial method and assumptions

Insurance Reserve in the participating segment represents the surplus, which is not allocated to policyholders or shareholders as at the balance sheet date.

Transfer to and from the fund reflect the excess / deficit of Income over expenses / expenses over income respectively and appropriations in each accounting

period arising in the Company's policyholders fund. Any allocation to the par policyholders would also give rise to a transfer to Shareholders' Profit and Loss

account in the required proportion.

FFA in the linked segment represents surplus on the lapsed policies unlikely to be revived. This surplus is required to be held within the policyholders fund till

the time policyholder are eligible for revival of that policy

The actuarial liabilities have been calculated by the Appointed Actuary in accordance with generally accepted actuarial principles, the requirements of the

Insurance Act 1938, IRDA regulations and the prescribed guidance notes issued by the Institute of Actuaries of India. The method adopted is as follows:

a) Unit Linked Policies : A unit reserve equal to the value of the units on March 31, 2015 plus a non-unit reserve calculated on gross premium prospective

valuation method.

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

method.

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

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

deviations.

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

f) Group VIP: The higher of account value at valuation date and the fund value calculated at earned rate net of (RIY) reduction in yield. In addition a

non-unit reserve for expenses and mortality benefit provisions, if required.

g) Provision on lapsed unit-linked policies not likely to be revived is created and shown under the head Funds for Future Appropriation ( FFA ) as

required by IRDA circular no 041/IRDA/ACTL/MAR-2006 dated 29th March'2006.

h) Provision on lapsed unit-linked policies that form a part of the 'Discontinuance Fund' as required by IRDA circular no. IRDA-LIFE-CIR-MISC-235-10-

2011 and Linked Insurance Products Regulations, 2013.

i) Freelook provision is held to meet any premium refunds from freelook cancellations. The reserve held is equal to assumed probability of freelook

cancellations times the (premiums (net of stamp duty and initial commission) less the reserves at the end of month one).

The assumptions used in the Gross Premium valuation are based on best estimates together with appropriate margins for adverse deviations from

experience. The principal assumptions are interest, inflation, return to policyholders’ account, lapses, expenses, mortality and morbidity. The base

assumptions are:

Interest 5.8% p.a. to 7.11% p.a. during the first five years , 5.01% p.a. to 6.32% p.a. thereafter (2014 : 5.8% p.a. to 8.4% p.a. during

the first five years , 4.9% p.a. to 7.5% p.a. thereafter)

Inflation 6% (2014 : 6%)

Policyholders returns Rates consistent with the earning rates and charges

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

Expenses Conservative expenses levels consistent with recent experience

Mortality Based on IALM 2006-08 mortality table

Morbidity (for Critical Illness) Based on adjusted CIBT rates

Morbidity (other riders) Based on reinsurers’ rates








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5 Contingent liabilities

Total 2,334,964 844,518

6 Computation of managerial remuneration

Total 22,061 18,067

7 Capital commitments

8 Extent of risk retained and reinsured.

Individual Business

Group Business

9 a) Business for social and rural sector

Rural Sector

Social Sector

b) Corporate Social Responsibility (CSR)

Particulars 2015 2014

1. Partly paid-up investments (Uncalled commitment for contribution to IFMR Fimpact Investment Fund) 65,000 –

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

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

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

5. Statutory demands/ liabilities in dispute, not provided for (Service Tax) 2,183,149 758,973

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

7. Others – Insurance claims in appeal net of provision (Gross value of claims 3,62,608 (2014 – 335,850),

out of which reinsured 1,06,020 (2014 - 88,941) and provision held 1,70,723 (2014 - 162,314) 85,865 84,595

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


a. Salary and Perquisites 19,577 15,918

b. Contribution to provident and other funds 2,484 2,149

Note:

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

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

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

(ii) Sitting fees paid to Independent Directors amounts to 370 (2014 – 120) has been charged to the Shareholder's Account.


Estimated amount of contracts remaining to be executed on capital account and not provided for 80,929 79,784


Risk Retained (in million) 460,371 435,554

Risk Reinsured (in million) 230,209 217,906

Percentage of Risk Retained 66.66% 66.65%

Percentage of Risk Reinsured 33.34% 33.35%

Risk Retained (in million) 2,010,927 1,423,973

Risk Reinsured (in million) 631,910 514,196

Percentage of Risk Retained 76.09% 73.47%

Percentage of Risk Reinsured 23.91% 26.53%


No. of Policies 40,861 33,944

Gross Premium Underwritten 403,273 324,882

Percentage of Policies 21.94% 21.22%

No. of Policies 6 41

No. of Lives 1,276,441 1,352,611

Gross Premium Underwritten 228,867 146,744

Percentage of Policies 0.69% 4.35%

As per the provisions of the Section 135 of the Companies Act, 2013 the Company is required to contribute 31,935. The Company has contributed3,000 to the Kotak Education Foundation, 1,500 to V R 1 Foundation, 500 to Purkal Youth Development Society and 700 to Teach To Lead in the

current financial year. The Company’s CSR program is associated with the CSR initiatives of Kotak Mahindra Bank Limited (KMBL), holding Company.KMBL is building its CSR capabilities on a sustainable basis and the Company is committed to gradually increase its CSR spend in the coming years.

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10 Accumulated fund addition to participating policyholders

11 Contribution made to the policyholders’ account

12 Encumbrances on assets

Total 657,866 1,064,793

13 Operating lease commitments

Assets given on operating lease

The Board of Directors has at its meeting held on April 27, 2015 declared the following rates of bonus on participating policies:

a) On Accumulation non retirement products: 4% p.a. cash bonus in addition to the guaranteed rate of 3% costing 538,180 (2014 - 429,388) to meetan effective rate of 7%.

b) On Accumulation retirement products: 5 % p.a. cash bonus in addition to the guaranteed rate of 3% costing 32,724 (2014 - 31,658) to meet aneffective rate of 8%.

c) On the Reversionary bonus products: 2.25% Simple Reversionary bonus for all plans, except, 2.5% Simple Reversionary bonus for policies completing5th policy year in Surakshit Jeevan Plan and Eternal Life Plans, 2.5% for the regular premium paying term policies and 3% for limited premium payingterm policies in Classic Endowment Plan and Premiere Money Back Plan, the cost of bonus being 172,683 (2014 - 95,210). For Premiere EndowmentPlan, a bonus rate of 5% is guaranteed for the first five years, the cost of bonus for which is included in the mathematical reserves.

The Board of Directors had at its meeting held on April 25, 2014 declared the following rates of interim and terminal bonuses for participating policiesleaving the fund during Fy 2015 :

a) On Accumulation non retirement products: An interim bonus of 2% p.a. costing 18,097 (2014 - 9,544) for the policies matured, claimed deathbenefit or surrendered during the year. Additionally, terminal bonus of 15% p.a. costing 65,025 (2014 - 47,423) for the policies matured, claimeddeath benefit during the year.

b) On Accumulation retirement products: An interim bonus of 3% p.a. costing 2,133 (2014 - 1,823) for the policies matured, claimed death benefit orsurrendered during the year. Additionally, terminal bonus of 10% p.a. costing 2,588 ( 2014 - 2,598 ) for the policies matured, claimed death benefitduring the year.

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

In the year under review, a transfer of 92,381 (2014 : 68,627) was made from the Participating policyholders account to the shareholders account beingthe surplus in the participating policyholders accounts subject to the maximum of 1/9th of the bonus declared during the year to the participatingpolicyholders. A transfer of Nil (2014 : 8,451) was made from the General Annuity Policyholders Account, transfer of 3,25,571 (2014 : 591,321) wasmade from the Unit Linked Pension Policyholders Account and 11,99,644 (2014 : 13,38,011) was made from Unit Linked account to the shareholdersaccount which represented the surplus in those accounts.

In the year under review, the shareholders contributed 16,438 (2014 - 230,589 ) to the Life Non Participating Policyholders Account, 8,810 (2014 - 6,000)to the Life Non - Participating Variable (VIP) Policyholders Account, 36,242 (2014 - NIL) to Pension Non- Participating Variable(VIP) & 22,497 (2014 -

NIL) to General annuity policyholders account to meet fully the deficit in that account. This is subject to approval by the shareholders at the Annual GeneralMeeting. The contributions made by the Shareholder to the Policyholders account is irreversible in nature and will not be recouped to the shareholdersaccount at any point of time in future.

For the previous year, the shareholders contribution of 230,589 to the Life Non Participating Policyholders Account and 6,000 to the Life Non -Participating Variable (VIP) Policyholders Account to meet fully the deficit in those accounts has been approved by shareholders at the Annual GeneralMeeting held on August 19, 2014.

Apart from following amount of 657,866 (2014 – 1,064,793) marked under lien, there are no encumbrances on the assets of the company as at the balancesheet date. Breakup of the same are as follows :


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

With Indian Clearing Corporation Limited 15,000 15,000

With The Post Master General (Includes Guarantees 950 (2014 - 950). (Refer schedule 16- Note 5) 1,200 1,200

Securities margin with Clearing Corporation of India Ltd 493,266 900,193

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

With J & K Sales Tax Department 200 200

There are no encumbrances on assets outside India.

In accordance with Accounting Standard 19 on Accounting of Leases as specified under Section 133 of The Act , read with Rule 7 of The Companies (Accounts)Rules,2014 details of leasing arrangements entered into by the Company are given below.

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


Not later than one year 247,780 205,713

Later than one year not later than five years 542,982 556,786

Later than five years 110,290 82,694

The total operating lease rentals charged to Revenue account in the current year is 2,20,397 (2014 - 203,402)

The Company has entered into an agreement for leasing out its real estate investment property. This arrangement is in the nature of operating lease. Thereare no restrictions imposed by lease arrangement and the rent is not determined based on any contingency. The total lease payments received in respect ofsuch lease recognised in Revenue Account in the current year is 47,982 (2014 - 44,106).

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`

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

a) With Realised Gains:

Sub Total : Non Linked 22.82% 3.49%

Sub Total : Linked 33.74% 9.03%

Shareholders' Fund 16.45% 5.64%

b) Without Realised Gains:

Sub Total : Non Linked 20.80% 1.79%

Sub Total : Linked 20.07% 4.00%

Shareholders' Fund 16.26% 5.17%

Sr. Particulars Year ended Year ended

No. March 31, 2015 March 31,2014

1 New business premium income growth (segment wise)

New business premium current year / New business premium previous year

Life Participating 1.03 0.66

Pension Participating 3.41 –

Life Non Participating 1.17 1.59

Life Non - Participating Variable (VIP) 7.07 1.00

Pension Non - participating Variable (VIP) - Refer Note (b) 1.00 –

General Annuity 1.01 1.15

Unit Linked Life 1.05 0.77

Unit Linked Pension 1.58 1.82

2 Net retention ratio 97.94% 98.15%

(Net premium divided by gross premium)

3 Ratio of expenses of Management 28.02% 26.66%

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

4 Commission ratio 6.00% 5.08%

(Gross commission paid to Gross premium)

5 Ratio of policyholders’ liabilities to shareholders’ funds [refer note (a) below] 1094.69% 1057.81%

6 Growth rate of shareholders’ funds 21.97% 29.79%

7 Ratio of Surplus / (Deficit) to Policyholders’ liabilities [refer note (a) below] 1.00% 0.70%

8 Change in net worth 2,288,933 2,391,336

9 Profit after tax / Total Income 3.96% 6.25%

10 (Total real estate + loans) / (Cash + Invested Assets) 1.56% 0.48%

11 Total Investments/ Net worth 1185.85% 1161.79%

12 Total affiliated investments / (Capital + Surplus) 1.60% 14.08%

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

Non Linked - Participating 24.09% 4.07%

Non Linked - Non-Participating 20.85% 2.39%

Linked - Participating - -

Linked - Non Participating 33.74% 9.03%

Grand Total : Non Linked + Linked 23.69% 4.09%

Non Linked - Participating 22.08% 2.11%

Non Linked - Non-Participating 18.82% 1.18%

Linked - Participating - -

Linked - Non Participating 20.07% 4.00%

Grand Total : Non Linked + Linked 20.74% 2.03%

14 Conservation Ratio

Life Participating 81.93% 82.42%

Pension Participating 58.87% 85.91%

Life Non Participating 83.40% 81.26%

Life Non - Participating Variable (VIP) - -

Pension Non - participating Variable (VIP) - Refer Note (b) - -

General Annuity - -

Unit Linked Life 79.34% 67.41%

Unit Linked Pension 56.98% 42.80%

15 NPA Ratio

Gross NPA Ratio Nil Nil

Net NPA Ratio Nil Nil

Note :

(a) Policyholders’ liabilities = Policy Liabilities + Credit (Debit) Fair Value Change Account

(b) During the current year, the Company has new business segment namely "Pension Non - participating Variable (VIP)"









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

15 Investments

16 Related parties disclosures as per Accounting Standard 18

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

(a) All the investments of the Company are performing investments in accordance with the directions issued by the Insurance Regulatory andDevelopment Authority of India.

(b) For the purposes of meeting the requirement of Section 7 of the Insurance Act, 1938, the Company has earmarked securities relating to 7.17%Government of India, 2015, having face value of 150,000 in constituent SGL Account with its Bankers (2014- 7.17% Government of India, 2015,having face value of 150,000). These investments are classified under Investments - Shareholders’ (Refer Schedule 8).

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


Purchases where deliveries are pending 2,729,429 2,459,744

Sales where payments are due 2,743,620 1,830,962

(d) Others payable in schedule 13 include 501,310 (2014 : 813,207) payable to unit linked policyholders towards change in net unit liability which willbe invested on the first investment day in the next financial year. As no cash flows were involved in the current period in respect of these transactions,these amounts have not been reflected in the Receipts and Payments Account.

(e) Investment property

In accordance with the IRDA Regulations, 2002 (Preparation of Financial Statements and Auditors’ Report of Insurance Companies), the Company’sinvestment property has been revalued at the market value of the property being the lower of valuation performed by two independent valuers as atMarch 31, 2015. The real estate investment property is accordingly valued at 6,98,424 at March 31, 2015 (March 31, 2014 : 4,91,494). The historicalcost of the property is 4,95,079 (previous year 4,91,494).

The disclosures relating to related parties as required by Accounting Standard 18 on Related Parties Disclosures as specified under Section 133 of the Act ,read with Rule 7 of The Companies (Accounts) Rules, 2014 are as under.

A Related Parties where control exists

Nature of relationship Related Party

Holding Company Kotak Mahindra Bank Limited

B Related parties where transactions have taken place during the years ended March 31, 2015 and March 31, 2014

(i) Holding Company Kotak Mahindra Bank Limited

(ii) Joint Venturer Old Mutual Plc

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

(iv) Fellow Subsidiaries Kotak Mahindra Prime Limited

Kotak Securities Limited



Kotak Mahindra Trusteeship Service Limited

Kotak Investment Advisors Limited


(v) Enterprises in which key management personnel Kotak Life Insurance Superannuation Fund

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

(vi) Enterprises in which relatives of key management personnel Kotak Commodities Services Limited

have significant influence

(vii) Key management personnel Mr. G. Murlidhar, Managing Director

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16 Related parties disclosures

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

(Continued)





Nature of transaction Name of the Company / Person 2014-15 2013-14

Holding Enterprise in Fellow KeyCompany Which Subsidiaries which key Management

has ManagementSignificant Personnel haveInfluence

Enterprise in Enterprise in Holding Enterprise in Fellow Enterprise in Enterprise in KeyJoint which relative of Company Which Joint Subsidiaries which key which relative of Management

Venturer key Management Personnel Venturer has Management key Management PersonnelPersonnel have Significant Personnel have Personnel have

Significant Significant Influence Significant SignificantInfluence Influence Influence Influence

Assets

Liabilities

Transactions

Bank Balance Kotak Mahindra Bank Ltd 1,038,573 - - - - - 440,769 - - - - -Bank Deposits Kotak Mahindra Bank Ltd 52,931 - - - - - 267,138 - - - - -Commercial Paper / Bonds / Debentures Kotak Mahindra Prime Ltd - - 150,000 - - - - - 1,200,000 - - -Outstanding Receivable Kotak Securities Ltd - - 25 - - - - - - - - -Interest Income Receivable Kotak Mahindra Bank Ltd 2,401 - - - - - 1,662 - - - - -

Kotak Mahindra Prime Ltd - - 10,776 - - - - - 89,189 - - -

Outstanding Payables Kotak Mahindra Asset Management Company Ltd - - - - - - - - 393 - - -Kotak Mahindra Bank Ltd 10,214 - - - - - 5,532 - - - - -Kotak Securities Ltd - - - - - - - - 1,848 - - -Old Mutual Life Assurance Company (South Africa) Ltd - 6,249 - - - - - 6,871 - - - -

Group Insurance Policy Deposits Kotak Mahindra Bank Ltd 224 - - - - - 139 - - - - -Kotak Securities Ltd - - 275 - - - - - 264 - - -Kotak Mahindra Prime Ltd - - 1,008 - - - - - 1,010 - - -Kotak Commodities Services Limited - - - - 18 - - - - - 11 -Kotak Mahindra Asset Management Company Ltd - - 534 - - - - - 613 - - -Kotak Mahindra Capital Company Ltd - - 90 - - - - - 103 - - -

Commission Payable Kotak Mahindra Bank Ltd 151,227 - - - - - 150,143 - - - - -Kotak Mahindra Prime Ltd - - 3 - - - - - 29 - - -Kotak Securities Ltd - - 208 - - - - - 311 - - -

Purchase of Investment Kotak Mahindra Bank Ltd 12,246,106 - - - - - 21,901,775 - - - - -Bank Deposit Placed Kotak Mahindra Bank Ltd 118,165 - - - - - 725,918 - - - - -Bank Deposit Redeem Kotak Mahindra Bank Ltd 330,103 - - - - - 699,245 - - - - -Sale of Fixed Assets Kotak Mahindra Prime Ltd - - - - - - - - 763 - - -Purchase of Commercial Paper / Bonds / Debentures Kotak Mahindra Prime Ltd - - - - - - - - 750,000 - - -Sale of Commercial Paper / Bonds / Debentures Kotak Mahindra Prime Ltd - - 300,000 - - - - - 600,000 - - -Sale of Investment Kotak Mahindra Bank Ltd 466,086 - - - - - 4,149,544 - - - - -Brokerage Expenses Kotak Securities Ltd - - 18,332 - - - - - 14,923 - - -Bank Charges Kotak Mahindra Bank Ltd 4,898 - - - - - 4,236 - - - - -Commission Paid Kotak Mahindra Bank Ltd 668,771 - - - - - 524,765 - - - - -

Kotak Securities Ltd - - 2,208 - - - - - 2,844 - - -Kotak Mahindra Prime Ltd - - 281 - - - - - 376 - - -

Reimbursement from Companies Kotak Mahindra Bank Ltd 2,085 - - - - - 1,356 - - - - -Kotak Mahindra Pension Fund Ltd - - 1,500 - - - - - 1,375 - - -Kotak Mahindra Asset Management Company Ltd - - - - - - - - 2 - - -Kotak Securities Ltd - - - - - - - - 5 - - -

Reimbursement to Companies Kotak Mahindra Asset Management Company Ltd - - - - - - - - 384 - - -Kotak Mahindra Bank Ltd 292,221 - - - - - 269,790 - - - - -Kotak Securities Ltd - - 494 - - - - - 717 - - -Kotak Mahindra Prime Ltd - - 246 - - - - - 208 - - -

Remuneration of Key Management Personnel Key Management Personnel - - - - - 22,061 - - - - - 18,067Receipt of Premium Key Management Personnel - - - - - 122 - - - - - 122Interest Income Kotak Mahindra Bank Ltd 6,237 - - - - - 10,984 - - - - -

Kotak Mahindra Prime Ltd - - 39,677 - - - - - 94,047 - - -Premium Income Kotak Mahindra Asset Management Company Ltd - - 2,117 - - - - - 3,926 - - -

Kotak Mahindra Bank Ltd 1,904 - - - - - 10,262 - - - - -Kotak Mahindra Prime Ltd - - 73 - - - - - 417 - - -Kotak Commodities Services Limited - - - - 139 - - - - - 12 -Kotak Securities Ltd - - 1,250 - - - - - 362 - - -Kotak Mahindra Capital Company Ltd - - 13 - - - - - 251 - - -Kotak Investment Advisors Ltd - - - - - - - - 271 - - -Kotak Mahindra Trusteeship Service Limited - - - - - - - - 13 - - -Kotak Mahindra Old Mutual Life Insurance EmployeesGratuity Fund - - - 25,000 - - - - - - - -Kotak Life Insurance Superannuation Fund - - - 1,700 - - - - - 1,750 - -

Gratuity Fund Contribution Kotak Mahindra Old Mutual Life Insurance EmployeesGratuity Fund - - - 25,000 - - - - - - - -

Superannuation Fund Contribution Kotak Life Insurance Superannuation Fund - - - 1,700 - - - - - 1,750 - -

Assets

Liabilities

Transactions

D.

Name of person-in-charge Mr. G. Murlidhar

Designation of person-in-charge Managing Director

Occupation of person-in-charge Service

Directorship held by the person-in-charge during the year or as at March 31, 2015 Kotak Mahindra General Insurance Limited

Statement Containing names, descriptions, occupations of and directorships held by the persons in charge of Management of the business under Section11(2) of the Insurance Act, 1938





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l22

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17,3

16,3

1195

0,27

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2,91

715

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9,35

8,38

138

2,47

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925,

124

-20

6,40

214

2,69

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74,5

83,8

039,

961,

271

10,6

01,0

98-

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8,13

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2,36

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6

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Asse

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074,

534

796,

555

27,4

4830

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783,

591

617,

325

5,39

254

528

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075

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9,99

914

7,30

513

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29,0

422,

281,

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2,11

2,44

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4,10

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731,

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470,

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973,

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NetC

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(508

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427)

(154

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(13,

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863)

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21,5

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(1,6

18,6

83)

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763

(655

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)(3

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57)

(358

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)2,

187,

287

2,27

8,39

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Tota

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1316

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351

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349,

655,

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397,

304

48,2

7596

0,05

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945,

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12,7

06,9

6610

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151,

808,

344

120,

621,

248





18. Segment-wise revenue account for the year ended March 31, 2015

Particulars Life Pension Life Non Life Non General Unit Unit Linked Total

Participating Participating Participating Participating Annuity Linked Pension

Variable (VIP)

Pension Non-

Participating

Variable (VIP)

Premium Income

First Year Premium 1,574,983 (4,904) 5,080,073 339,362 934,457 - 2,629,252 60,978 10,614,201

Renewal Premium 4,926,880 52,608 3,774,578 - - - 5,693,431 531,281 14,978,778

Single Premium 25 82 3,346,862 - - 61,068 1,379,494 39 4,787,570

(a) Premium Income 6,501,888 47,786 12,201,513 339,362 934,457 61,068 9,702,177 592,298 30,380,549

(b) Reinsurance Ceded (24,050) (405) (511,701) - - - (88,361) (115) (624,632)

(c) Reinsurance accepted - - - - - - - - -

Income from Investments - - - - - - - - -

Interest, dividend & rent 1,480,484 72,441 1,033,512 9,639 21,589 13,422 3,475,531 508,491 6,615,109

Premium on investments amortised(Net) (9,518) (917) (12,998) (1,937) (850) (113) 2,798 638 (22,897)

(a) Interest, dividend & rent-Net 1,470,966 71,524 1,020,514 7,702 20,739 13,309 3,478,329 509,129 6,592,212

(b) Profit on sale/redemption of investments 443,141 8,819 259,714 2,936 563 899 12,120,042 1,565,417 14,401,531

(c) Loss on sale/redemption of investments (80,166) (3,798) (25,451) (1) (2) (21) (1,102,652) (159,623) (1,371,714)

(d) Transfer/ Gain on revaluation/change in fair value - - - - - - 6,201,179 570,303 6,771,482

Other Income - - - - - - - - -

(a) Contribution from Shareholder's Account - - 16,438 8,810 36,242 22,497 - - 83,987

(b) Miscellaneous income 21,817 98 28,572 469 1,293 (100) 24,396 327 76,872

(b) Profit/(Loss) on sale/disposal of fixed assets (Net) 600 4 1,126 31 86 6 895 56 2,804

Commission

First Year Premium 420,148 (335) 901,958 - - 0 48,981 (363) 1,370,389

Renewal Premium 160,581 465 184,472 - - - 69,283 6,830 421,631

Single Premium (1) 1 5,157 - - 815 23,744 1 29,717

Commission on Reinsurance Ceded (1,927) (67) (54,412) - - - (1,261) (4) (57,670)

Net Commission 578,801 64 1,037,175 - - 815 140,747 6,464 1,764,067

Operating Expenses related to Insurance business 1,716,845 2,034 3,915,727 11,724 32,285 3,844 986,100 22,048 6,690,607

Service Tax Expenditure - - - - - - 262,874 31,288 294,162

Provision for doubtful debts - - - - - - - - -

Bad debts written off - - - - - - - - -

Provision for tax (Fringe Benefit Tax) - - - - - - - - -

Provision for Tax 110,747 - (3,979) (1,454) - - 113,243 - 218,557

Diminution in the value of investments(Net) 24 - 24 - - - - - 48

(b) For standard loan assets 3,400 - 2,600 - - - - - 6,000

Claims by Death 178,639 2,708 2,138,456 - - 2,970 335,775 107,077 2,765,625

Annuities/Pension payment - - - - - 8,954 - - 8,954

Maturity claims, survival benefits, surrender and rider benefits. 1,202,680 80,884 246,034 - 1,040 4 11,612,844 2,254,412 15,397,908

Reinsurance :-Claims by death (10,249) (141) (269,574) 10 - (40,368) - (320,332)

Benefits paid(net) 1,371,070 83,451 2,114,916 10 1,040 11,928 11,908,251 2,361,489 17,852,155

Interim & Terminal Bonuses paid 83,121 4,721 - - - - - - 87,842

Change in valuation of Liability in respect of Life policies - - - - - - - - -

(a) Gross 3,776,477 9,676 5,927,206 349,029 960,053 81,071 68,476 14,381 11,186,369

(b) Amount ceded in reinsurance - - (2,944) - - - - - (2,944)

(c) Amount accepted in reinsurance - - - - - - - - -

Provision for linked liabilities - - - - - - 15,701,471 353,502 16,054,973

Transfer to Shareholders’-Account 88,221 4,161 - - - - 1,199,644 325,571 1,617,596

Transfer to Other Reserve - - - - - - - - -

Transfer to Funds for Future Appropriation - - - - - - (44,801) (36,951) (81,752)

S

SURPLUS/(DEFICIT) BROUGHT FORWARD 650,155 121,500 - - - - - - 771,655

(a) Interim & Terminal Bonuses Paid 83,122 4,721 - - - - - - 87,842

(b) Allocation of Bonus to Policyholders 710,863 32,724 - - - - - - 743,587

(c) Surplus/ (Deficit) shown in the Revenue Account 605,490 19,921 - - - - - - 625,411

(d) Total Surplus: [(a) + (b) + (c)] 1,399,474 57,366 - - - - - - 1,456,840

TOTAL(A) 8,334,196 124,028 12,990,725 359,309 993,378 97,658 30,336,005 3,077,792 56,313,091

TOTAL(B) 2,409,817 2,098 4,951,547 10,270 32,285 4,659 1,502,964 59,800 8,973,441

TOTAL( C) 5,230,668 97,848 8,039,178 349,039 961,093 92,999 27,678,198 2,729,372 45,178,395

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 693,711 24,082 - - - - 1,154,843 288,620 2,161,255

APPROPRIATIONS

URPLUS/(DEFICIT) AFTER APPROPRIATION 605,490 19,921 - - - - - - 625,411

SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 1,255,645 141,421 - - - - - - 1,397,066





18. Segment-wise revenue account for the year ended March 31, 2014

Particulars Life Pension Life Non Life Non General Unit Unit Linked Total

Participating Participating Participating Participating Annuity Linked Pension

Variable (VIP)

Pension Non-

Participating

Variable (VIP)

Premium Income

First Year Premium 1,530,851 (1,496) 4,339,831 48,000 - - 1,934,892 38,646 7,890,724

Renewal Premium 4,482,535 90,857 2,082,961 - - - 6,692,655 940,744 14,289,752

Single Premium 103 82 2,868,171 - - 60,246 1,898,772 50 4,827,424

(a) Premium Income 6,013,489 89,443 9,290,963 48,000 - 60,246 10,526,319 979,440 27,007,900

(b) Reinsurance Ceded (17,466) (356) (421,699) - - - (58,915) (92) (498,528)

(c) Reinsurance accepted - - - - - - - - -

Income from Investments - - - - - - - - -

Interest, dividend & rent 1,211,985 82,263 657,529 35 - 10,837 3,926,914 669,081 6,558,644

Premium on investments amortised(Net) (10,591) (591) (3,749) - - (101) 3,535 674 (10,823)

(a) Interest, dividend & rent-Net 1,201,394 81,672 653,780 35 - 10,736 3,930,449 669,755 6,547,821

(b) Profit on sale/redemption of investments 351,236 20,619 137,658 - - 1,551 6,174,485 989,809 7,675,358

(c) Loss on sale/redemption of investments (75,678) (3,554) (45,992) - - - (5,915,474) (988,903) (7,029,601)

(d) Transfer/Gain on revaluation - - - - - - 3,008,026 297,056 3,305,082

Other Income - - - - - - - - -

(a) Contribution from Shareholder's Account - - 230,589 6,000 - - - - 236,589

(b) Miscellaneous income 8,517 57 3,525 16 - 21 4,549 (3,701) 12,984

(c) Profit(Loss) on Sale of Fixed Assets 412 6 636 3 - 4 720 67 1,848

Commission

First Year Premium 367,839 (108) 614,335 - - - 18,700 (578) 1,000,188

Renewal Premium 151,889 1,166 100,449 - - - 73,314 12,557 339,375

Single Premium 4 1 976 - - 875 31,575 - 33,431

Commission on Reinsurance Ceded (3,039) (72) (24,913) - - - (1,185) (4) (29,213)

Net Commission 516,693 987 690,847 - - 875 122,404 11,975 1,343,781

Operating Expenses related to Insurance business 1,446,982 5,564 3,072,994 6,769 - 745 935,949 58,878 5,527,881

Service Tax Expenditure - - - - - - 263,007 36,359 299,366

Provision for doubtful debts - - - - - - - - -

Bad debts written off - - - - - - - - -

Provision for Tax 86,211 - (38,120) (990) - - 136,335 (63,298) 120,138

Diminution in the value of investments(Net) (5,342) - (1,194) - - - (6,016) (154) (12,706)

Claims by Death 148,487 2,296 1,589,402 - - 1,500 276,841 83,904 2,102,430

Annuities/Pension payment - - - - - 4,750 - - 4,750

Maturity claims, survival benefits, surrender and rider benefits. 858,506 81,200 472,003 - - 2 12,667,444 2,662,694 16,741,849

Reinsurance :-Claims by death (12,859) - (309,910) - - - 15,969 - (306,800)

Benefits paid(net) 994,134 83,496 1,751,495 - - 6,252 12,960,254 2,746,598 18,542,229

Interim Bonuses paid 56,967 4,421 - - - - - - 61,388

Change in valuation of Liability in respect of Life policies - - - - - - - - -

(a) Gross 3,856,802 39,002 4,311,017 48,275 - 56,235 (123,536) 2,123 8,189,918

(b) Amount ceded in reinsurance - - 62,421 - - - 728 - 63,149

(c) Amount accepted in reinsurance - - - - - - - - -

Provision for linked liabilities - - - - - - 2,240,504 (1,234,563) 1,005,941

APPROPRIATIONS

Transfer to Shareholders’-Account 64,618 4,009 - - - 8,451 1,338,011 591,321 2,006,410

Transfer to Other Reserves (to be specified) - - - - - - - - -

Transfer to Funds for Future Appropriation - - - - - - (197,481) (205,808) (403,289)

SURPLUS/(DEFICIT) BROUGHT FORWARD 185,317 71,091 - - - - - - 256,408

(a) Interim Bonuses Paid 56,967 4,421 - - - - - - 61,388

(b) Allocation of Bonus to Policyholders 524,598 31,658 - - - - - - 556,256

(c) Surplus/ (Deficit) shown in the Revenue Account 464,839 50,408 - - - - - - 515,247

(d) Total Surplus: [(a) + (b) + (c)] 1,046,404 86,487 - - - - - - 1,132,891

TOTAL(A) 7,481,904 187,887 9,849,460 54,054 - 72,558 17,670,159 1,943,431 37,259,453

TOTAL(B) 2,044,544 6,551 3,724,527 5,779 - 1,620 1,451,679 43,760 7,278,460

TOTAL( C) 4,907,903 126,919 6,124,933 48,275 - 62,487 15,077,950 1,514,158 27,862,625

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 529,457 54,417 - - - 8,451 1,140,530 385,513 2,118,368

SURPLUS/(DEFICIT) AFTER APPROPRIATION 464,839 50,408 - - - - - - 515,247

SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 650,156 121,499 - - - - - - 771,655





19 Statement showing the Controlled Fund (IRDA Cir No: IRDA/F&I/CIR/F&A/045/03/2010 dtd March 17, 2010)

( in crores)2013-14

( in crores)2014-15

` `

1 Computation of Controlled fund as per the Balance Sheet

Policyholders' Fund (Life Fund)

Participating

Non-participating

Linked

Funds for Future Appropriations 6.98 15.15

Total (A) 13,792.67 11,014.45

Shareholders' Fund

Total (B) 1,270.70 1,041.80

Total (C ) - -

Total shareholders' funds (B+C) 1,270.70 1,041.80

Controlled Fund (Total (A+B+C)) 15,063.37 12,056.26

Individual Assurance 2,094.98 1,656.79

Individual Pension 90.36 87.40

Any other - -

Individual Assurance 843.80 437.55

Group Assurance 713.52 527.35

Life Variable (VIP) 39.73 4.83

Pension Variable (VIP) 96.01 -

Individual Annuity 19.29 11.18

Any other - -

- -

Individual Assurance 7,932.40 6,564.19

Group Assurance - -

Individual Pension 961.69 937.60

Group Superannuation 65.13 52.43

Group Gratuity 928.78 719.99

Any other - -

Paid up Capital 510.29 510.29

Reserves & Surpluses 760.41 531.51

Fair Value Change - -

Misc. expenses not written off - -

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





19 Statement showing the Controlled Fund (IRDA Cir No: IRDA/F&I/CIR/F&A/045/03/2010 dtd March 17, 2010)

( in crores)2014-15

( in crores)2013-14

` `

2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account

Net Premium 2,975.59 2,650.94

Total Income 5,631.31 3,725.95

Total Outgo 5,407.00 3,473.78

Surplus of the Policyholders' Fund 224.30 252.17

Less: transferred to Shareholders' Account 161.76 200.64

Net In Flow / Outflow 12,347.70 11,170.68

Closing Balance of Controlled Fund 15,063.37 12,056.26

As Per Balance Sheet 15,063.37 12,056.26

3 Reconciliation with Shareholders' and Policyholders' Fund

3.1 Policyholders' Funds - Traditional-PAR and NON-PAR

Total 9,894.98 8,289.36

As per Balance Sheet 9,894.98 8,289.36

Difference, if any - -

Closing Balance of the Shareholders'' fund 1,270.70 1,041.80



Opening Balance of Controlled Fund 12,056.26 10,880.03

Add: Inflow

Income

Premium Income 3,038.05 2,700.79

Less: Reinsurance ceded (62.46) (49.85)

Investment Income 2,639.35 1,049.87

Other Income 7.97 1.48

Funds transferred from Shareholders' Accounts 8.40 23.66

Less: Outgo

(i) Benefits paid (Net) 1,785.22 1,854.22

(ii) Interim Bonus Paid 8.78 6.14

(iii) Change in Valuation of Liability 2,715.66 885.57

(iv) Commission 176.41 134.38

(v) Operating Expenses 699.08 581.45

(vi) Provision for Taxation 21.86 12.01

Net Flow in Policyholders' account 62.54 51.52

Add: Net income in Shareholders' Fund 228.90 239.13

Add: change in valuation Liabilities 2,715.67 885.57

Add: Increase in Paid up Capital - -


Policyholders' Funds

Opening Balance of the Policyholders' Fund 2,725.09 1,836.19

Add: Surplus/(deficit) of the Revenue Account 62.54 51.52


Total 3,897.69 2,725.09



3.2 Policyholders' Funds - Linked

Opening Balance of the Policyholders' Fund 8,289.36 8,241.16

Add: Surplus/(deficit) of the Revenue Account - -


Shareholders' Funds

Opening Balance of Shareholders' Fund 1,041.80 802.67

Add: net income of Shareholders' account (P&L) 228.90 239.13

Add: Infusion of Capital - -





20 Summary of financial statements

Sr. No. Particulars 2015 2014 2013 2012 2011

1 Gross premium income 30,380,549 27,007,900 27,777,846 29,374,331 29,755,081

2 Net premium income 29,755,917 26,509,372 27,239,915 28,929,202 29,409,630

3 Income from investments (Net of Amortisation) 26,393,511 10,498,660 9,612,551 2,566,029 6,536,736

4 Other income 163,663 251,421 430,425 16,875 129,726

6 Commission & Brokerage 1,764,067 1,343,781 1,174,124 1,121,193 1,301,669

7 Operating expenses related to insurance business including Provision for Tax 7,203,326 5,947,385 5,791,388 5,546,027 5,800,575

8 Provisions for Diminution in value of investments (net) 48 (12,706) 12,706 - -

9 Provisions for standard loan assets 6,000 - - - -

11 Benefits paid 17,852,155 18,542,229 17,821,346 14,349,423 10,361,522

12 Interim Bonus Paid 87,842 61,388 24,194 2,533 -

13 Increase in actuarial liability 11,183,425 8,253,067 5,381,113 2,838,027 2,334,675

14 Provision for Linked Liabilities 16,054,973 1,005,941 6,003,643 6,459,042 15,410,771

16 Total income under shareholders’ Account 2,516,420 2,738,386 2,344,123 2,036,569 1,121,240

17 Total Expenses under shareholder's Accounts 102,861 244,503 419,470 4,087 96,495

18 Profit/ (Loss) before tax 2,413,559 2,493,883 1,924,653 2,032,483 1,024,745

19 Provision for tax 124,627 102,549 27,270 - -

20 Profit/ (Loss) after tax 2,288,932 2,391,334 1,897,383 2,032,483 1,024,745

21 Balance at the beginning of the year 4,794,769 2,403,435 506,052 (1,526,430) (2,551,175)

22 Profit/ (Loss) carried to Balance Sheet 7,083,701 4,794,769 2,403,435 506,053 (1,526,430)

Total Funds 41,798,959 28,874,015 20,047,027 14,533,631 11,674,996

Total Investments 42,863,107 31,566,578 22,612,172 17,328,641 12,836,740

Yield on Investments (%) 23.69% 4.09% 12.79% 0 8.63%

Total Funds 12,706,966 10,418,034 8,026,700 6,129,319 4,096,836

Total Investments 10,519,679 8,139,638 6,296,974 4,303,890 3,222,635

Yield on Investments (%) 16.45% 5.64% 11.21% 0 8.03%

24 Yield on Total Investments 22.03% 4.46% 12.40% 8.50% 8.50%

25 Paid up Equity Capital 5,102,902 5,102,902 5,102,902 5,102,902 5,102,902

26 Net Worth 12,706,966 10,418,034 8,026,700 6,129,319 4,096,836

27 Total Assets 151,808,344 120,621,247 108,800,272 96,269,144 85,636,339

28 Earnings per share ( ) 4.49 4.69 3.72 4.00 2.01

29 Book Value per share ( ) 24.90 20.42 15.73 12.01 8.03

Policyholders’ Account

5 Total Income 56,313,091 37,259,453 37,282,891 31,512,106 36,076,092

10 Total Expenses 8,973,441 7,278,460 6,978,218 6,667,220 7,102,244

15 Surplus/ (Deficit) (before appropriation) 2,161,255 2,118,368 1,074,377 11,958,629 866,880

Shareholders’ Account

23 (A) Policyholders’ account:

(B) Shareholders’ account:

`

`





21 Earnings per share


22 Employee share option plans (ESOP)

Stock appreciation rights (SARs)



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

(b) Restructured Assets

24 (a) Disclosure of certain expenses


(b) Disclosure other works given to Auditors

Name Particulars Nature 2015 2014

Earnings Per Share is calculated by dividing the Profits/(Loss) in the Shareholders’ Account by the weighted average number of equity shares outstandingduring the year. The numbers used in calculating basic and diluted earnings per equity share are as follows :

Profit/ (Loss) as per profit and loss account available for equity shareholders for both basic

and diluted earnings per equity share of 10 each ( '000) 2,288,932 2,391,334

Weighted average number of shares 510,290,249 510,290,249

Earnings per share before exceptional items (Basic and Diluted) 4.49 4.69

Earnings per share (Basic and Diluted) 4.49 4.69

Face value per share 10 10

At the General Meetings of the holding company, Kotak Mahindra Bank Limited, (“the Bank”), the shareholders of the Bank had unanimously passedSpecial Resolutions on July 5, 2007 and August 21, 2007 to grant options to the eligible Employees of the Bank and its subsidiary companies. Pursuant tothese resolutions, ‘Kotak Mahindra Equity Option Scheme 2007’ had been formulated and adopted.

Consequent to the above, the Bank has granted stock options to employees of the Company. In accordance with the SEBI Guidelines and the guidance noteon “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 underESOSs over the exercise price of the option is amortised on a straight-line basis over the vesting period. The Company has reimbursed the Bank 284 (2014 -

1,133) during the year on account of such costs and the same is forming part of Employee costs and included under the head “Employees' remunerationand welfare benefits” in Schedule-3

During the year , the Company had granted SARs of the equity shares of the holding company, Kotak Mahindra Bank Limited, to eligible employees as andwhen deemed fit. The SARs are to be settled in cash and will vest in the manner as provided in the scheme / grant letters to such eligible employees.

The contractual life (equivalent to the vesting period) of the SARs ranges from within one year to four years.

Detail of activity under SARs plan is summarised below:

No. of SARs

Outstanding at the beginning of the year 42,915 45,271

Granted during the year 52,060 41,678

Exercised during the year 63,247 42,508

Expired during the year Nil Nil

Transferred during the year Nil 185

Forfeited during the year 1,811 1,341

Outstanding at the end of the year 29,917 42,915

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

Total Employee Compensation Cost pertaining to share-based payment plans 72,871 37,324

Closing balance of liability for cash-settled options 25,207 21,230

Had the Company recorded the compensation cost computed on the basis of fair valuation method instead of intrinsic value method, employeecompensation cost would have been lower by 61 (Previous Year higher by 6) and the profit after tax would have been higher by 61 ( Previous year lowerby 6). Consequently there is no significant impact on EPS.

The Company has not received any intimation from “suppliers” regarding their status under the Micro, Small and Medium Enterprises DevelopmentAct, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the saidAct have not been given.

There are no assets including loans subject to re-structuring (March 31, 2014 : Nil)

As required under Circular no 067/IRDA/F&A/CIR/MAR -08 dated March 28, 2008, expenses incurred under the following heads are as follows:

(I.) Outsourcing Expenses 5,64,947 271,180

(ii) Business Development 3,05,837 191,967

(iii) Marketing Support 94,161 151,656

Pursuant to clause 7.1 (g) of Corporate Governance Guidelines issued by IRDA on August 5, 2009 the remuneration paid to Auditors for services otherthan statutory / concurrent / internal audit are disclosed below:

Walker Chandiok & Co LLP Statutory Auditor Certification Work 125 129

Khimji Kunverji & Co. Concurrent Auditor Certification Work 80 50

KPMG Advisory Services Pvt. Ltd. Related party of Internal Auditor IT Support Services 2,960 2,400

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25A Unit Linked Disclosures - Revenue Account

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Linked Income (recovered from linked funds)

Schedule-UL1

Particulars Life Linked Unit Pension Linked Unit Linked Group Unit Total

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

Fund Administration charges

TOTAL (UL-1) 2,360,640 384,790 84,360 2,829,790

Fund Management charge 1,060,727 134,639 66,264 1,261,630

Policy Administration charge 413,011 107,155 - 520,166

Surrender charge 173,050 83,524 - 256,574

Partial withdrawal charge 17 - - 17

Subscription lapse forfeiture charges 51,339 8,087 - 59,426

Discontinuance Charges 7,209 - - 7,209

Switching charge 404 86 - 490

Mortality charge 348,802 939 8,765 358,506

Rider Premium charge 39,193 - - 39,193

Guarantee Charges 4,595 7,474 - 12,069

Miscellaneous charge 2,215 43 58 2,316

Service tax and Education Cess 260,078 42,843 9,273 312,194



25A Unit Linked Disclosures - Revenue Account

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Linked Income (recovered from linked funds)

Schedule-UL1

Particulars Life Linked Unit Pension Linked Unit Linked Group Unit Total

Fund Administration charges

TOTAL (UL-1) 2,625,927 615,893 84,137 3,325,957

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

Fund Management charge 930,584 132,651 60,017 1,123,252

Policy Administration charge 480,532 144,793 - 625,325

Surrender charge 290,358 170,299 1 460,658

Partial withdrawal charge 6 - - 6

Subscription lapse forfeiture charges 151,985 89,734 - 241,719

Discontinuance Charges 8,937 - - 8,937

Switching charge 271 36 - 307

Mortality charge 426,001 1,196 14,790 441,987

Rider Premium charge 40,662 - - 40,662

Guarantee Charges 4,577 7,782 - 12,359

Miscellaneous charge 1,973 63 67 2,103

Service tax and Education Cess 290,041 69,339 9,262 368,642

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (continued)for the year ended 31 March 2015




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25B Unit Linked Disclosures - Fund Balance Sheet

Form A-BS(UL)

Fund Balance Sheet for the Year Ended 31st March 2015

Current Previous Current Previous Current Previous Current PreviousYear Year Year Year Year Year Year Year

Sources of FundsPolicyholders' Funds:

Total 32,400 375,261 1,539,893 1,744,037 161,303 184,856 1,907,881 1,039,209

Application of Funds

Total 32,400 375,261 1,539,893 1,744,037 161,303 184,856 1,907,881 1,039,209Net Asset Value (NAV) per Unit:

Policyholder contribution F-1 (10,168) 357,079 1,342,962 1,657,864 139,200 173,856 1,696,633 954,459

Appr/Ex-Appr Reserve - - - - - - - -

Revenue Account 42,568 18,182 196,931 86,173 22,103 11,000 211,248 84,750

Investments F-2 32,392 375,018 1,482,416 1,586,368 161,265 187,428 1,899,774 1,045,080

Current Assets F-3 9 280 57,504 157,787 120 71 24,660 11

Less: Current Liabilities and Provisions F-4 1 37 27 118 82 2,643 16,553 5,882

Net current assets 8 243 57,477 157,669 38 (2,572) 8,107 (5,871)

(a) Net Asset as per Balance Sheet

(Total Assets less Current Liabilities and Provisions) 32,400 375,261 1,539,893 1,744,037 161,303 184,856 1,907,881 1,039,209

(b) Number of Units outstanding 2,808,386 35,338,968 103,879,349 127,835,405 10,866,801 13,530,118 136,637,137 80,857,621

(c) NAV per Unit (a)/(b) ( ) 11.5369 10.6189 14.8239 13.6428 14.8436 13.6626 13.9631 12.8523`

Particulars Schedule Kotak Group Money Market Pension Money Market Discontinued PolicyMoney Market Fund Fund Fund II 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


Form A-BS(UL)




Total 423,254 389,196 85,241 87,549 203,482 166,637 8,399,959 7,942,120


Total 423,254 389,196 85,241 87,549 203,482 166,637 8,399,959 7,942,120

Net Asset Value (NAV) per Unit:

Policyholder contribution F-1 224,809 250,533 44,198 59,542 134,532 126,587 6,690,762 7,292,113

Appr/Ex-Appr Reserve – – – – – – – –

Revenue Account 198,445 138,663 41,043 28,007 68,950 40,050 1,709,197 650,007

Investments F-2 409,475 386,263 83,033 84,598 203,097 161,469 8,045,324 7,482,715

Current Assets F-3 42,829 26,251 8,282 4,532 17,498 8,088 982,093 730,962

Less: Current Liabilities and Provisions F-4 29,050 23,318 6,074 1,581 17,113 2,920 627,458 271,557

Net current assets 13,779 2,933 2,208 2,951 385 5,168 354,635 459,405

(a) Net Asset as per Balance Sheet 423,254 389,196 85,241 87,549 203,482 166,637 8,399,959 7,942,120

(Total Assets less Current Liabilities and Provisions)


(c) NAV per Unit (a)/(b) ( ) 23.1075 19.5601 23.5300 19.9272 23.9016 20.1679 25.1413 21.6653`

Particulars Schedule Kotak Dynamic Kotak Pension Kotak Group Kotak DynamicGilt Fund Gilt Fund Gilt Fund 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






Form A-BS(UL)




Total 991,394 1,099,850 6,205,330 4,359,290 136,878 69,186 229,750 418,510


Total 991,394 1,099,850 6,205,330 4,359,290 136,878 69,186 229,750 418,510


Policyholder contribution F-1 722,472 968,564 4,562,384 3,433,472 112,254 59,002 90,485 312,955


Revenue Account 268,922 131,286 1,642,946 925,818 24,624 10,184 139,265 105,555

Investments F-2 964,767 1,062,552 5,837,646 4,126,120 131,737 67,153 325,022 404,698

Current Assets F-3 104,180 75,978 806,092 401,122 15,412 4,741 7,321 14,289

Less: Current Liabilities and Provisions F-4 77,553 38,680 438,408 167,952 10,271 2,708 102,593 477

Net current assets 26,627 37,298 367,684 233,170 5,141 2,033 (95,272) 13,812

(a) Net Asset as per Balance Sheet 991,394 1,099,850 6,205,330 4,359,290 136,878 69,186 229,750 418,510



(c) NAV per Unit (a)/(b) ( ) 25.2188 21.7434 26.5544 22.7758 14.7681 12.7005 21.4414 19.4608`

Particulars Schedule Kotak Pension Kotak Group Kotak Group Secure Kotak DynamicBond Fund Bond Fund Capital Fund Floating Rate Fund

ULIF-017-15/04/04- ULGF-004-15/04/04- ULGF-016-12/04/11- ULIF-020-07/12/04-PNBNDFND-107 BNDFND-107 SECCAPFND-107 DYFLTRFND-107


Form A-BS(UL)


Particulars Schedule Kotak Pension Kotak Group Kotak Group Kotak Group Kotak GroupFloating Rate Fund Floating Rate Fund 60M FMP 27/11/2013 59M FMP 08/12/2013 57M FMP 07/04/2016

ULIF-022-07/12/04- ULGF-005-07/12/04- ULGF-012-03/12/08- ULGF-014-22/01/09- ULGF-017-14/07/11-PNFLTRFND-107 FLTRFND-107 60FM271113-107 59FM081213-107 57FM070416-107


Current PreviousYear Year

Sources of Funds

Policyholders' Funds:

Total 51,511 56,398 169,466 335,781 260,236 244,556


Total 51,511 56,398 169,466 335,781 260,236 244,556


Policyholder contribution F-1 29,896 39,528 83,620 282,143 (35,049) (35,049) (11,702) (11,702) 183,766 190,991

Appr/Ex-Appr Reserve – – – – – – – – – –

Revenue Account 21,615 16,870 85,846 53,638 35,049 35,049 11,702 11,702 76,470 53,565

– – – –

Investments F-2 50,643 54,869 165,846 329,578 – – – – 206,696 205,710

Current Assets F-3 1,116 1,538 3,624 6,240 – – – – 54,222 39,603

Less: Current Liabilities and Provisions F-4 248 9 4 37 – – – – 682 757

Net current assets 868 1,529 3,620 6,203 – – – – 53,540 38,846

– – – –

(a) Net Asset as per Balance Sheet 51,511 56,398 169,466 335,781 – – – – 260,236 244,556

(Total Assets less Current

Liabilities and Provisions)

(b) Number of Units outstanding 2,393,158 2,885,959 7,591,755 16,625,336 – – – – 18,721,827 19,283,511

(c) NAV per Unit (a)/(b) ( ) 21.5242 19.5423 22.3224 20.1970 – – – – 13.9001 12.6821`






Form A-BS(UL)


Particulars Schedule Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced FundBalanced Fund Balanced Fund Balanced 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



Sources of Funds


Total 188,621 172,429 1,118,725 1,145,396 2,290,729 2,331,793 2,876,504 2,114,364 351,368 193,778


Total 188,621 172,429 1,118,725 1,145,396 2,290,729 2,331,793 2,876,504 2,114,364 351,368 193,778


Policyholder contribution F-1 (43,071) (14,175) 342,083 616,656 1,067,223 1,593,702 1,578,917 1,435,980 282,682 180,908


Revenue Account 231,692 186,604 776,642 528,740 1,223,506 738,091 1,297,587 678,384 68,686 12,870

Investments F-2 186,826 168,930 1,148,222 1,116,435 2,261,968 2,262,305 2,798,208 1,982,810 337,205 176,528

Current Assets F-3 8,182 6,453 63,361 49,854 125,923 101,083 179,262 163,600 26,740 22,577

Less: Current Liabilities and Provisions F-4 6,387 2,954 92,858 20,893 97,162 31,595 100,966 32,046 12,577 5,327

Net current assets 1,795 3,499 (29,497) 28,961 28,761 69,488 78,296 131,554 14,163 17,250

(a) Net Asset as per Balance Sheet 188,621 172,429 1,118,725 1,145,396 2,290,729 2,331,793 2,876,504 2,114,364 351,368 193,778



(b) Number of Units outstanding 3,810,360 4,499,390 26,209,591 33,333,943 52,786,783 66,729,881 57,488,101 54,855,850 20,139,743 14,349,282

(c) NAV per Unit (a)/(b) ( ) 49.5018 38.3228 42.6838 34.3612 43.3959 34.9438 50.0365 38.5440 17.4465 13.5044`


Form A-BS(UL)


Particulars Schedule Pension Balanced Fund II Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak AggressiveGrowth Fund Growth Fund Growth 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



Sources of Funds


Total 51,607 48,201 668,953 564,496 12,156,075 12,163,529 194,236 216,590 3,063,061 2,508,647


Total 51,607 48,201 668,953 564,496 12,156,075 12,163,529 194,236 216,590 3,063,061 2,508,647


Policyholder contribution F-1 35,403 43,283 115,641 184,806 6,286,165 9,074,221 90,690 157,564 1,213,885 1,551,854


Revenue Account 16,204 4,918 553,312 379,690 5,869,910 3,089,308 103,546 59,026 1,849,176 956,793

Investments F-2 51,044 46,832 665,657 556,703 12,142,457 11,854,364 194,352 211,941 3,064,838 2,475,750

Current Assets F-3 2,333 2,173 6,629 15,827 557,081 535,805 8,614 7,767 18,658 73,581

Less: Current Liabilities and Provisions F-4 1,770 804 3,333 8,034 543,463 226,640 8,730 3,118 20,435 40,684

Net current assets 563 1,369 3,296 7,793 13,618 309,165 (116) 4,649 (1,777) 32,897

(a) Net Asset as per Balance Sheet 51,607 48,201 668,953 564,496 12,156,075 12,163,529 194,236 216,590 3,063,061 2,508,647




(c) NAV per Unit (a)/(b) ( ) 17.0629 13.2470 58.2597 43.6094 49.6014 39.2351 21.0755 16.7154 59.4334 42.6384`






Form A-BS(UL)


Particulars Schedule Frontline Equity Fund Pension Frontline Kotak Opportunities Kotak Pension Classic OpportunitiesEquity 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



Sources of Funds


Total 3,488,750 1,755,388 366,006 259,110 9,910,534 7,423,366 281,538 163,424 16,287,560 9,172,603


Total 3,488,750 1,755,388 366,006 259,110 9,910,534 7,423,366 281,538 163,424 16,287,560 9,172,603


Policyholder contribution F-1 2,455,192 1,522,123 250,767 240,642 5,255,101 5,857,776 173,217 133,886 10,741,114 7,983,785


Revenue Account 1,033,558 233,265 115,239 18,468 4,655,433 1,565,590 108,321 29,538 5,546,446 1,188,818

Investments F-2 3,473,344 1,737,539 367,897 260,110 9,819,323 7,398,990 281,353 165,047 16,036,927 9,100,494

Current Assets F-3 47,598 97,776 1,817 7,018 102,499 269,895 581 5,588 276,864 415,942

Less: Current Liabilities and Provisions F-4 32,192 79,927 3,708 8,018 11,288 245,519 396 7,211 26,231 343,833

Net current assets 15,406 17,849 (1,891) (1,000) 91,211 24,376 185 (1,623) 250,633 72,109

(a) Net Asset as per Balance Sheet 3,488,750 1,755,388 366,006 259,110 9,910,534 7,423,366 281,538 163,424 16,287,560 9,172,603




(c) NAV per Unit (a)/(b) ( ) 18.5639 13.3170 19.7080 14.1137 36.8731 25.2684 20.9456 14.4220 20.5541 14.0626`


Form A-BS(UL)


Particulars Schedule Pension Classic Dynamic Floor Kotak Group Kotak Pension Dynamic FloorOpportunities Fund Fund Dynamic Floor Fund Floor Fund 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-1077 DYFLRFND2-107



Sources of Funds


Total 1,864,237 1,506,391 10,281,621 10,252,945 38,245 38,236 593,150 667,752 7,072,464 6,644,516


Total 1,864,237 1,506,391 10,281,621 10,252,945 38,245 38,236 593,150 667,752 7,072,464 6,644,516


Policyholder contribution F-1 1,173,203 1,407,251 8,295,778 9,754,039 16,312 22,648 505,100 669,650 5,730,166 6,307,921


Revenue Account 691,034 99,140 1,985,843 498,906 21,933 15,588 88,050 (1,898) 1,342,298 336,595

Investments F-2 1,844,242 1,509,599 10,171,003 10,317,706 38,001 38,342 586,180 672,455 6,987,697 6,674,653

Current Assets F-3 22,457 51,087 467,480 359,351 1,583 1,508 26,078 21,710 340,299 255,145

Less: Current Liabilities and Provisions F-4 2,462 54,295 356,862 424,112 1,339 1,614 19,108 26,413 255,532 285,282

Net current assets 19,995 (3,208) 110,618 (64,761) 244 (106) 6,970 (4,703) 84,767 (30,137)

(a) Net Asset as per Balance Sheet 1,864,237 1,506,391 10,281,621 10,252,945 38,245 38,236 593,150 667,752 7,072,464 6,644,516




(c) NAV per Unit (a)/(b) ( ) 21.1800 14.3908 22.7506 19.2861 23.4560 19.7825 14.5933 12.3696 14.6911 12.4006`






Form A-BS(UL)


Particulars Schedule Pension Floor Fund II Guarantee Fund Pension Guarantee Peak Guarantee Kotak AdvantageFund Fund I Multiplier Fund

ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULIF-024-07/02/06-PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 ADVMULFND-107



Sources of Funds


Total 1,176,885 1,294,238 494,341 473,561 1,371,974 1,373,076 284,414 296,572 15,592 16,936


Total 1,176,885 1,294,238 494,341 473,561 1,371,974 1,373,076 284,414 296,572 15,592 16,936


Policyholder contribution F-1 1,002,182 1,295,661 422,313 468,423 1,173,516 1,374,601 212,378 269,008 (2,210) 148


Revenue Account 174,703 (1,423) 72,028 5,138 198,458 (1,525) 72,036 27,564 17,802 16,788

Investments F-2 1,160,142 1,296,788 488,317 473,887 1,360,548 1,387,361 281,071 302,332 15,236 16,360

Current Assets F-3 52,627 52,971 22,848 20,071 60,783 45,545 12,131 9,159 358 582

Less: Current Liabilities and Provisions F-4 35,884 55,520 16,824 20,397 49,357 59,830 8,788 14,919 2 6

Net current assets 16,743 (2,549) 6,024 (326) 11,426 (14,285) 3,343 (5,760) 356 576

(a) Net Asset as per Balance Sheet 1,176,885 1,294,238 494,341 473,561 1,371,974 1,373,076 284,414 296,572 15,592 16,936



(b) Number of Units outstanding 80,538,708 104,963,522 32,110,234 36,428,473 93,392,682 110,759,172 19,299,463 23,716,368 977,348 1,130,090

(c) NAV per Unit (a)/(b) ( ) 14.6127 12.3304 15.3951 12.9998 14.6904 12.3970 14.7368 12.5049 15.9536 14.9865`


Form A-BS(UL)




Total – – 14,628 14,987 2,625 4,438 97,302,420 81,329,198


Total – – 14,628 14,987 2,625 4,438 97,302,420 81,329,198


Policyholder contribution F-1 (182,484) (182,484) 1,910 3,189 (129,885) (127,910) 64,064,340 67,934,678


Revenue Account 182,484 182,484 12,718 11,798 132,510 132,348 33,238,080 13,392,108

Investments F-2 – – 14,309 14,428 2,489 4,307 95,777,988 79,782,611

Current Assets F-3 – – 321 568 136 133 4,558,208 4,064,267

Less: Current Liabilities and Provisions F-4 – – 2 9 0 2 3,033,776 2,517,680

Net current assets – – 319 559 136 131 1,524,432 1,546,587

(a) Net Asset as per Balance Sheet – – 14,628 14,987 2,625 4,438 97,302,420 81,329,198


(b) Number of Units outstanding – – 912,640 999,221 160,652 288,232 3,993,377,538 4,150,466,609

(c) NAV per Unit (a)/(b) ( ) – – 16.0290 14.9987 16.3390 15.3978`

Particulars Schedule Kotak Advantage Kotak Advantage Kotak Advantage TotalPlus Fund Multiplier Fund II Plus Fund II

ULIF-023-06/02/06- ULIF-026-21/04/06- ULIF-027-21/04/06-ADVPLSFND-107 ADVMULFND2-107 ADVPLSFND2-107





25C Unit Linked Disclosures - Fund Revenue Account

Form A-RA(UL)

Fund Revenue Sheet for the Year Ended 31st March 2015


Interest income 25,897 18,143 137,556 77,633 14,943 11,933 118,165 59,536

Dividend income

Profit on sale of investment 1,031 819 8,404 4,577 917 618 6,321 3,063

Profit on inter fund transfer / sale of investment 247 413 55 317 3 48 94 289

Loss on sale of investment (37) (20) (371) (1,103) (39) (229) (367) (1,913)

Loss on inter fund transfer / sale of investment (76) (31) (184) (215) (10) (46) (23) (115)

Miscellaneous Income (0) (0) 0

Unrealised Gain/Loss* 10,909

Fund administration expenses

Fund management expenses 2,377 1,514 9,719 5,382 1,058 830 7,655 3,544

Service tax and Education Cess 294 187 1,201 665 131 103 946 438

Other charges : F-5 5 0 23,782 19,201 3,522 6,646

Add: Fund revenue account at the beginning of the year 18,182 559 86,173 30,212 11,000 6,255 84,750 27,872

Fund revenue account at the end of the year 42,568 18,182 196,931 86,173 22,103 11,000 211,248 84,750

* Net Change in Mark to Market value of Investments

– – – – – – – –

– – – – –

– – – – – – –

– – – – – – – –

– –

Total (A) 27,062 19,324 145,460 81,209 15,814 12,324 135,099 60,860

Total (B) 2,676 1,701 34,702 25,248 4,711 7,579 8,601 3,982

Net Income for the year (A-B) 24,386 17,623 110,758 55,961 11,103 4,745 126,498 56,878

Particulars Schedule Kotak Group Money Market Pension Money Market Discontinued PolicyMoney Market Fund Fund Fund II 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


Form A-RA(UL)



Interest income 31,493 36,148 6,684 8,555 13,738 13,683 641,413 639,797

Dividend income

Profit on sale of investment 34,465 21,066 7,376 5,481 15,389 7,888 596,012 415,925

Profit on inter fund transfer / sale of investment 111 559 80 136 0 51 1,475 18,802

Loss on sale of investment (3,501) (41,884) (718) (10,094) (1,442) (16,116) (101,596) (688,240)

Loss on inter fund transfer / sale of investment (607) (567) (96) (842) (108) (3) (828) (10,483)

Miscellaneous Income (0) 0

Unrealised Gain/Loss* 6,871 (1,360) 1,472 (102) 2,954 (579) 129,074 (48,054)


Fund management expenses 3,907 4,335 833 1,031 1,365 1,313 93,854 90,205

Service tax and Education Cess 483 536 103 127 169 162 11,600 11,149

Other charges : F-5 4,660 4,970 826 3,548 97 481 100,906 110,033

Add: Fund revenue account at the beginning of the year 138,663 134,541 28,007 29,579 40,050 37,082 650,007 533,647

Fund revenue account at the end of the year 198,445 138,663 41,043 28,007 68,950 40,050 1,709,197 650,007


– – – – – – – –

– – – – – –

– – – – – – – –

Total (A) 68,832 13,962 14,798 3,134 30,531 4,924 1,265,550 327,747

Total (B) 9,050 9,840 1,762 4,706 1,631 1,956 206,360 211,387

Net Income for the year (A-B) 59,782 4,122 13,036 (1,572) 28,900 2,968 1,059,190 116,360

Particulars Schedule Kotak Dynamic Kotak Pension Kotak Group Kotak DynamicGilt Fund Gilt Fund Gilt Fund 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






Form A-RA(UL)



Interest income 84,107 96,334 389,307 365,916 7,849 6,352 31,623 25,770

Dividend income

Profit on sale of investment 78,440 64,635 364,583 253,457 7,340 4,602 6,897 13,660

Profit on inter fund transfer / sale of investment 1,280 3,356 400 12,292 150 343 623 251

Loss on sale of investment (14,242) (106,995) (59,479) (402,836) (1,094) (6,723) (268) (1,533)

Loss on inter fund transfer / sale of investment (31) (2,705) (2) (16,665) (53) (954) (83) (278)

Miscellaneous Income 0 0 (0) (0)

Unrealised Gain/Loss* 15,687 (6,749) 73,657 (25,058) 1,268 (318) 4,244 1,102


Fund management expenses 12,293 13,557 38,147 34,350 878 680 4,655 3,878

Service tax and Education Cess 1,519 1,676 4,715 4,246 108 84 575 479

Other charges : F-5 13,793 23,488 8,476 14,138 34 309 4,096 3,963

Add: Fund revenue account at the beginning of the year 131,286 122,131 925,818 791,446 10,184 7,955 105,555 74,903

Fund revenue account at the end of the year 268,922 131,286 1,642,946 925,818 24,624 10,184 139,265 105,555


– – – – – – – –

– – – –

– – – – – – – –

Total (A) 165,241 47,876 768,466 187,106 15,460 3,302 43,036 38,972

Total (B) 27,605 38,721 51,338 52,734 1,020 1,073 9,326 8,320

Net Income for the year (A-B) 137,636 9,155 717,128 134,372 14,440 2,229 33,710 30,652

Particulars Schedule Kotak Pension Kotak Group Kotak Group Secure Kotak DynamicBond Fund Bond Fund Capital Fund Floating Rate Fund

ULIF-017-15/04/04- ULGF-004-15/04/04- ULGF-016-12/04/11- ULIF-020-07/12/04-PNBNDFND-107 BNDFND-107 SECCAPFND-107 DYFLTRFND-107


Form A-RA(UL)


Particulars Schedule Kotak Pension Kotak Group Kotak Group Kotak Group Kotak GroupFloating Rate Fund Floating Rate Fund 60M FMP 27/11/2013 59M FMP 08/12/2013 57M FMP 07/04/2016

ULIF-022-07/12/04- ULGF-005-07/12/04- ULGF-012-03/12/08- ULGF-014-22/01/09- ULGF-017-14/07/11-PNFLTRFND-107 FLTRFND-107 60FM271113-107 59FM081213-107 57FM070416-107

Current Previous Current Previous Current Previous Current Previous Current PreviousYear Year Year Year Year Year Year Year Year Year

Total (A) 5,825 6,508 35,368 16,129 - 4,074 - 1,595 24,028 20,461

Total (B) 1,080 1,457 3,160 1,501 - 323 - 105 1,123 1,058

Net Income for the year (A-B) 4,745 5,051 32,208 14,628 - 3,751 - 1,490 22,905 19,403

Interest income 4,281 4,260 25,826 11,033 – 5,047 – 1,840 23,041 21,748

Dividend income – – – – – – – – – –

Profit on sale of investment 952 2,431 6,778 4,179 - (1,344) - (623) 0 0

Profit on inter fund transfer /sale of investment 50 83 1,979 30 - - - - - -

Loss on sale of investment (39) (285) (298) (339) - - - - - -

Loss on inter fund transfer /sale of investment (4) (116) (52) (46) - - - (440) - -

Miscellaneous Income - 0 - 0 - (0) - - - (0)

Unrealised Gain/Loss* 585 135 1,135 1,272 - 371 - 818 987 (1,287)

Fund administration expenses – – – – – – – – – –

Fund management expenses 635 640 2,546 1,084 - 288 - 94 1,000 942

Service tax and Education Cess 78 79 315 134 - 36 - 12 123 116

Other charges : F-5 367 738 299 283 - (0) - (0) - -

Add: Fund revenue account atthe beginning of the year 16,870 11,819 53,638 39,010 35,049 31,298 11,702 10,212 53,565 34,162

Fund revenue account at theend of the year 21,615 16,870 85,846 53,638 35,049 35,049 11,702 11,702 76,470 53,565







Form A-RA(UL)


Particulars Schedule Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Group Balanced FundBalanced Fund Balanced Fund Balanced 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


Total (A) 49,911 25,211 272,986 98,834 536,639 214,726 647,783 248,520 66,381 18,418

Total (B) 4,823 5,631 25,084 43,681 51,224 76,576 28,580 19,486 10,565 7,269

Net Income for the year (A-B) 45,088 19,580 247,902 55,153 485,415 138,150 619,203 229,034 55,816 11,149

Interest income 6,166 7,023 56,992 74,333 112,504 159,938 82,447 69,984 8,560 4,920

Dividend income 1,183 1,750 4,777 6,061 9,521 13,505 15,042 16,626 1,450 1,149

Profit on sale of investment 33,818 18,210 145,917 106,455 289,598 248,252 395,845 140,898 34,626 7,961

Profit on inter fund transfer /sale of investment 49 2,975 180 1,451 974 5,077 – 297 – 186

Loss on sale of investment (2,011) (13,912) (15,707) (104,976) (31,315) (231,370) (26,513) (131,484) (2,791) (8,611)

Loss on inter fund transfer /sale of investment (10) (189) – (938) (220) (2,905) (11) (2,227) – (147)

Miscellaneous Income – 0 – (0) – 0 – (0) – (0)

Unrealised Gain/Loss* 10,716 9,354 80,827 16,448 155,577 22,229 180,973 154,426 24,536 12,960


Fund management expenses 2,407 2,549 15,356 15,745 30,125 33,927 24,550 19,097 3,467 1,845

Service tax and Education Cess 298 315 1,898 1,946 3,724 4,193 3,034 2,360 428 228

Other charges : F-5 2,118 2,767 7,830 25,990 17,375 38,456 996 (1,971) 6,670 5,196

Add: Fund revenue account atthe beginning of the year 186,604 167,024 528,740 473,587 738,091 599,941 678,384 449,350 12,870 1,721

Fund revenue account at theend of the year 231,692 186,604 776,642 528,740 1,223,506 738,091 1,297,587 678,384 68,686 12,870



Form A-RA(UL)


Particulars Schedule Pension Balanced Fund II Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak AggressiveGrowth Fund Growth Fund Growth 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


Total (A) 14,671 7,025 191,128 88,845 3,102,735 1,279,253 52,383 23,274 981,051 467,446

Total (B) 3,385 3,318 17,506 17,650 322,133 424,456 7,863 12,004 88,668 93,982

Net Income for the year (A-B) 11,286 3,707 173,622 71,195 2,780,602 854,797 44,520 11,270 892,383 373,464

Interest income 1,786 1,847 12,403 11,931 505,818 707,998 8,231 12,340 4,878 6,600

Dividend income 344 488 5,244 6,667 64,551 89,721 1,117 1,613 30,392 37,875

Profit on sale of investment 8,793 5,261 126,378 51,957 1,765,291 1,310,970 32,310 23,725 682,969 274,811

Profit on inter fund transfer /sale of investment 2,870 55 - 360 5,573 14,803 40 85 7,333 41

Loss on sale of investment (633) (4,082) (5,049) (29,430) (158,245) (1,134,940) (2,733) (21,070) (29,225) (147,349)

Loss on inter fund transfer /sale of investment (17) (93) (6) (107) (1,209) (17,923) (53) (66) (20) (376))

Miscellaneous Income – 0 – (0) – 0 – 0 – (0)

Unrealised Gain/Loss* 1,528 3,549 52,158 47,467 920,956 308,624 13,471 6,647 284,724 295,844


Fund management expenses 731 721 9,516 8,499 185,181 201,342 3,146 3,605 45,951 40,169

Service tax and Education Cess 90 89 1,176 1,050 22,888 24,886 389 446 5,679 4,965

Other charges : F-5 2,564 2,508 6,814 8,101 114,064 198,228 4,328 7,954 37,038 48,848

Add: Fund revenue account atthe beginning of the year 4,918 1,211 379,690 308,495 3,089,308 2,234,511 59,026 47,756 956,793 583,329

Fund revenue account at theend of the year 16,204 4,918 553,312 379,690 5,869,910 3,089,308 103,546 59,026 1,849,176 956,793







Form A-RA(UL)


Particulars Schedule Frontline Equity Fund Pension Frontline Kotak Opportunities Kotak Pension Classic OpportunitiesEquity 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


Total (A) 877,759 262,968 113,007 45,881 3,460,973 1,210,462 87,775 27,353 4,761,889 1,386,448

Total (B) 77,466 54,955 16,236 20,820 371,130 380,512 8,992 10,079 404,261 373,310

Net Income for the year (A-B) 800,293 208,013 96,771 25,061 3,089,843 829,950 78,783 17,274 4,357,628 1,013,138

Interest income 7,458 5,814 675 833 10,999 18,442 414 487 30,442 30,765

Dividend income 26,501 19,794 3,475 3,697 92,564 106,275 2,273 2,336 124,590 118,112

Profit on sale of investment 435,415 103,735 68,481 24,127 2,048,748 801,174 45,137 17,843 2,279,847 795,988

Profit on inter fund transfer /sale of investment 6 50 407 14 1,365 298 1 333 10 361

Loss on sale of investment (35,679) (74,087) (3,932) (14,641) (129,412) (494,181) (3,632) (11,221) (172,459) (530,473)

Loss on inter fund transfer /sale of investment (37) (181) (1) (88) (12) (1,528) (7) (70) (26) (805)

Miscellaneous Income – 0 – (0) – 0 – (0) – (0)

Unrealised Gain/Loss* 444,095 207,843 43,902 31,939 1,436,721 779,982 43,589 17,645 2,499,485 972,500


Fund management expenses 36,979 18,493 4,561 3,308 178,120 141,873 4,743 3,147 172,374 108,840

Service tax and Education Cess 4,571 2,286 564 409 22,016 17,535 586 389 21,305 13,453

Other charges : F-5 35,916 34,176 11,111 17,103 170,994 221,104 3,663 6,543 210,582 251,017

Add: Fund revenue account atthe beginning of the year 233,265 25,252 18,468 (6,593) 1,565,590 735,640 29,538 12,264 1,188,818 175,680

Fund revenue account at theend of the year 1,033,558 233,265 115,239 18,468 4,655,433 1,565,590 108,321 29,538 5,546,446 1,188,818



Form A-RA(UL)


Particulars Schedule Pension Classic Dynamic Floor Kotak Group Kotak Pension Dynamic FloorOpportunities Fund Fund Dynamic Floor Fund Floor Fund 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-1077 DYFLRFND2-107


Total (A) 689,615 257,598 1,946,942 621,952 6,868 2,510 121,755 42,765 1,282,838 403,775

Total (B) 97,721 133,326 460,005 546,497 523 4,201 31,807 57,574 277,135 364,425

Net Income for the year (A-B) 591,894 124,272 1,486,937 75,455 6,345 (1,691) 89,948 (14,809) 1,005,703 39,350

Interest income 1,678 4,160 424,825 615,336 1,499 3,054 25,810 45,590 276,782 396,458

Dividend income 18,690 23,242 77,996 60,123 261 324 4,885 4,517 51,960 39,620

Profit on sale of investment 427,403 182,040 1,606,732 1,001,477 5,792 5,471 102,422 71,550 1,073,493 584,196

Profit on inter fund transfer /sale of investment 1,073 22 438 13,510 - 27 201 1,642 234 13,924

Loss on sale of investment (25,377) (108,055) (200,807) (1,213,006) (679) (6,144) (12,304) (88,568) (136,518) (755,598)

Loss on inter fund transfer /sale of investment (29) (574) (609) (3,015) (0) (636) (121) (321) (107) (2,113)

Miscellaneous Income – 0 – (0) – 0 – –) – (0)

Unrealised Gain/Loss* 266,177 156,763 38,367 147,527 (5) 414 862 8,355 16,994 127,288


Fund management expenses 23,688 20,627 184,171 180,623 466 656 11,301 13,233 94,624 89,740

Service tax and Education Cess 2,930 2,549 22,764 22,325 58 81 1,397 1,636 11,695 11,092

Other charges : F-5 71,103 110,150 253,070 343,548 (1) 3,464 19,109 42,704 170,816 263,594

Add: Fund revenue account atthe beginning of the year 99,140 (25,132) 498,906 423,451 15,588 17,279 (1,898) 12,911 336,595 297,245

Fund revenue account at theend of the year 691,034 99,140 1,985,843 498,906 21,933 15,588 88,050 (1,898) 1,342,298 336,595







Form A-RA(UL)


Particulars Schedule Pension Floor Fund II Guarantee Fund Pension Guarantee Peak Guarantee Kotak AdvantageFund Fund I Multiplier Fund

ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULIF-024-07/02/06-PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 ADVMULFND-107


Total (A) 241,763 81,686 89,426 28,971 261,077 86,048 54,578 20,966 1,559 1,163

Total (B) 65,637 118,874 22,536 35,378 61,094 130,885 10,106 16,911 545 1,039

Net Income for the year (A-B) 176,126 (37,188) 66,890 (6,407) 199,983 (44,837) 44,472 4,055 1,014 124

Interest income 50,691 81,724 19,011 28,236 55,765 86,081 11,545 20,160 1,358 1,516

Dividend income 9,705 8,355 3,615 2,847 10,496 8,747 2,202 1,995 – –

Profit on sale of investment 204,387 128,481 75,240 42,588 218,876 133,390 46,374 33,603 48 37

Profit on inter fund transfer /sale of investment 560 3,383 – 594 196 2,936 5 583 – 31

Loss on sale of investment (25,274) (161,239) (9,387) (54,313) (27,790) (167,379) (5,619) (39,300) (23) (70)

Loss on inter fund transfer /sale of investment (133) (333) – (1) – (999) (96) (66) – (29)

Miscellaneous Income – – – (0) – 0 – (0) – (0)

Unrealised Gain/Loss* 1,827 21,315 947 9,020 3,534 23,272 167 3,991 176 (322)


Fund management expenses 17,380 18,540 6,619 6,427 19,081 19,484 5,173 5,883 485 540

Service tax and Education Cess 2,148 2,292 818 794 2,358 2,408 639 727 60 67

Other charges : F-5 46,109 98,042 15,099 28,156 39,655 108,992 4,294 10,301 – 432

Add: Fund revenue account atthe beginning of the year (1,423) 35,765 5,138 11,545 (1,525) 43,312 27,564 23,509 16,788 16,664

Fund revenue account at theend of the year 174,703 (1,423) 72,028 5,138 198,458 (1,525) 72,036 27,564 17,802 16,788



Form A-RA(UL)



Interest income 15 1,163 1,452 201 326 3,276,024 3,801,092

Dividend income 562,836 575,440

Profit on sale of investment 6 24 18 5 73 13,288,875 6,914,729

Profit on inter fund transfer / sale of investment 11 7 9 5 28,075 100,027

Loss on sale of investment (38) (78) (1,246,646) (6,823,885)

Loss on inter fund transfer / sale of investment (0) (4,881) (69,238)

Miscellaneous Income (0) (0)

Unrealised Gain/Loss* 2 295 (134) 44 (58) 6,771,486 3,305,083


Fund management expenses 6 435 535 83 133 1,261,636 1,123,252

Service tax and Education Cess 1 54 66 10 16 155,940 138,834

Other charges : F-5 211 42 230 231 1,412,221 2,063,873

Add: Fund revenue account at the beginning of the year 182,484 182,668 11,798 11,362 132,348 132,387 13,392,108 8,914,824

Fund revenue account at the end of the year 182,484 182,484 12,718 11,798 132,510 132,348 33,238,080 13,392,108


–

– – – – – –

–

– –

– – – –

– – – – –

– – – – – –

–

– – – – – – – –

–

–

– –

Total (A) 34 1,451 1,267 255 341 22,675,769 7,803,244

Total (B) 218 531 831 93 380 2,829,797 3,325,959

Net Income for the year (A-B) (184) 920 436 162 (39) 19,845,972 4,477,285

–

–

–

Particulars Schedule Kotak Advantage Kotak Advantage Kotak Advantage TotalPlus Fund Multiplier Fund II Plus Fund II






25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet


Schedule: F-1

POLICYHOLDERS' CONTRIBUTION


Current Previous Current Previous Current PreviousYear Year Year Year Year Year

Opening balance 357,079 (559) 1,657,864 508,995 173,856 88,344 954,459 432,081 250,533 346,359 59,542 90,281 126,587 133,62031,456 357,638 1,223,134 1,687,675 108,655 154,050 1,202,613 743,383 189,089 136,649 15,966 8,126 35,449 18,980

398,703 0 1,538,036 538,806 143,311 68,538 460,439 221,005 214,813 232,475 31,310 38,865 27,504 26,013

Closing balance (10,168) 357,079 1,342,962 1,657,864 139,200 173,856 1,696,633 954,459 224,809 250,533 44,198 59,542 134,532 126,587

* Additions represents units creation and deductions represents units cancellation

Add: Additions during the year*

Less: Deductions during the year*

Particulars Kotak Group Money Money Market Pension Money Discontinued Kotak Dynamic Kotak Pension Kotak GroupMarket Fund Fund Market Fund II Policy Fund Gilt Fund Gilt Fund Gilt 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- ULIF-008-27/06/03- ULGF-002-27/06/03-MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107 DYGLTFND-107 PNGLTFND-107 GLTFND-107

Schedule: F-2

INVESTMENTS



Total 32,392 375,018 1,482,416 1,586,368 161,265 187,428 1,899,774 1,045,080 409,475 386,263 83,033 84,598 203,097 161,469

Total - - - - - - - - - - - - - -

GRAND TOTAL 32,392 375,018 1,482,416 1,586,368 161,265 187,428 1,899,774 1,045,080 409,475 386,263 83,033 84,598 203,097 161,469

Approved InvestmentsGovernment Bonds - - - - - - 1,206,355 - 384,307 340,916 78,030 76,366 175,808 135,113Corporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity - - - - - - - - - - - - - -Money Market 31,495 375,018 1,477,349 1,586,368 161,265 187,428 606,340 1,045,080 6,992 45,346 1,498 8,232 17,978 26,356Fixed Deposits - - - - - - - - - - - - - -Mutual Funds 897 - 5,067 - - - 87,079 - 18,176 - 3,505 - 9,311 -

Other InvestmentsCorporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity - - - - - - - - - - - - - -Money Market - - - - - - - - - - - - - -Mutual Funds - - - - - - - - - - - - - -Venture Capital - - - - - - - - - - - - - -PTC - - - - - - - - - - - - - -Infrastructure Development Fund - - - - - - - - - - - - - -

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%



Schedule: F-3

CURRENT ASSETS



Total 9 280 57,504 157,787 120 71 24,660 11 42,829 26,251 8,282 4,532 17,498 8,088

Accrued Interest - - - - - - 24,639 - 7,894 6,215 1,617 1,378 3,609 2,425Cash & Bank Balance 1 156 78 287 120 71 21 11 15 116 4 412 30 442Dividend Receivable - - - - - - - - - - - - - -Receivable for Sale of Investments - - - - - - - - 32,876 12,900 6,661 2,709 13,840 5,167Unit Collection A/c# - - - - - - - - - - - - - -Margin Money - - - - - - - - - - - - - -Share Application Money - - - - - - - - - - - - - -Other Current Assets (for Investments) 8 124 57,426 157,500 - - - - 2,044 7,020 - 33 19 54









Schedule: F-1




Opening balance 7,292,112 6,133,906 968,564 935,716 3,433,472 3,440,568 59,002 83,271 312,955 196,356 39,528 38,710 282,143 18,2692,744,815 3,888,901 240,742 462,610 1,795,635 981,424 70,165 19,114 124,980 230,265 5,359 11,641 102,383 286,062

3,346,165 2,730,694 486,834 429,762 666,723 988,520 16,913 43,383 347,450 113,666 14,991 10,823 300,906 22,188

Closing balance 6,690,762 7,292,113 722,472 968,564 4,562,384 3,433,472 112,254 59,002 90,485 312,955 29,896 39,528 83,620 282,143




Particulars Kotak Dynamic Kotak Pension Kotak Group Kotak Group Secure Kotak Dynamic Kotak Pension Kotak GroupBond Fund Bond Fund Bond Fund Capital Fund Floating Rate Fund Floating Rate Fund Floating Rate Fund

ULIF-015-15/04/04- ULIF-017-15/04/04- ULGF-004-15/04/04- ULGF-016-12/04/11- ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04-DYBNDFND-107 PNBNDFND-107 BNDFND-107 SECCAPFND-107 DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107

Schedule: F-2

INVESTMENTS



Total 8,045,324 7,482,714 964,767 1,062,552 5,837,646 4,126,120 131,737 67,153 325,022 404,697 50,643 54,869 165,846 329,578

Total - - - - - - - - - - - - - -

GRAND TOTAL 8,045,324 7,482,714 964,767 1,062,552 5,837,646 4,126,120 131,737 67,153 325,022 404,697 50,643 54,869 165,846 329,578

Approved InvestmentsGovernment Bonds 4,896,193 4,990,066 596,192 692,906 3,586,646 2,651,230 79,494 43,645 147,860 84,733 23,148 10,558 72,260 65,147Corporate Bonds 1,013,125 1,218,560 120,680 179,895 620,427 684,428 16,294 10,904 48,294 150,923 6,546 21,201 24,652 116,090Infrastructure Bonds 1,782,321 966,959 202,214 122,838 1,139,594 491,418 22,246 8,351 46,153 51,097 7,024 7,014 22,083 40,082Equity - - - - - - - - - - - - - -Money Market 243,106 180,330 31,288 38,913 233,618 202,194 7,065 3,801 80,190 117,945 11,532 16,097 39,229 108,260Fixed Deposits 20,600 126,800 9,100 28,000 39,250 96,850 450 450 - - - - - -Mutual Funds 89,979 - 5,293 - 218,111 - 6,188 - 2,525 - 2,393 - 7,622 -

Other InvestmentsCorporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity - - - - - - - - - - - - - -Money Market - - - - - - - - - - - - - -Mutual Funds - - - - - - - - - - - - - -Venture Capital - - - - - - - - - - - - - -PTC - - - - - - - - - - - - - -Infrastructure Development Fund - - - - - - - - - - - - - -




Schedule: F-3

CURRENT ASSETS



Total 982,093 730,962 104,180 75,978 806,092 401,122 15,412 4,741 7,321 14,289 1,116 1,538 3,624 6,240

Accrued Interest 218,508 233,038 28,852 34,098 161,754 129,107 3,360 2,009 7,319 7,797 1,114 1,061 3,617 5,762Cash & Bank Balance 62 3,246 6 815 71 2,242 7 233 2 227 2 171 5 232Dividend Receivable - - - - - - - - - - - - - -Receivable for Sale of Investments 626,805 288,807 75,322 40,270 470,075 152,960 10,201 2,496 - 505 - 192 - -Unit Collection A/c# - - - - - - - - - - - - - -Margin Money - - - - - - - - - - - - - -Share Application Money - - - - - - - - - - - - - -Other Current Assets (for Investments) 136,718 205,871 - 795 174,192 116,813 1,844 3 - 5,760 - 114 2 246









Schedule: F-1




Opening balance (35,049) 39,759 (11,702) 16,864 190,991 198,641 (14,175) 37,007 616,656 808,384 1,593,702 2,398,130 1,435,980 1,382,651- 0 - 0 - 160 24,164 17,763 99,443 119,705 202,626 244,540 356,450 223,929

- 74,808 - 28,566 7,225 7,810 53,060 68,945 374,016 311,433 729,105 1,048,968 213,513 170,600

Closing balance (35,049) (35,049) (11,702) (11,702) 183,766 190,991 (43,071) (14,175) 342,083 616,656 1,067,223 1,593,702 1,578,917 1,435,980




Particulars Kotak Group 60M Kotak Group 59M Kotak Group 57M Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak GroupFMP 27/11/2013 FMP 08/12/2013 FMP 07/04/2016 Balanced Fund Balanced Fund Balanced Fund Balanced Fund

ULGF-012-03/12/08- ULGF-014-22/01/09- ULGF-017-14/07/11- ULIF-009-27/06/03- ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03-60FM271113-107 59FM081213-107 57FM070416-107 DYBALFND-107 GRTBALFND-107 PNBALFND-107 BALFND-107

Schedule: F-2

INVESTMENTS



Total - - - - 206,696 205,710 173,437 164,991 1,082,234 1,102,575 2,134,364 2,233,826 2,603,224 1,934,761

Total - - - - - - 13,389 3,939 65,988 13,860 127,604 28,480 194,984 48,048

GRAND TOTAL - - - - 206,696 205,710 186,826 168,930 1,148,222 1,116,435 2,261,968 2,262,305 2,798,208 1,982,810

Approved InvestmentsGovernment Bonds - - - - - - 45,928 44,976 385,592 477,984 757,023 980,922 686,123 498,400Corporate Bonds - - - - 20,128 19,877 8,628 9,349 71,234 104,705 142,036 215,111 114,999 110,397Infrastructure Bonds - - - - 66,040 65,304 12,661 9,516 139,317 102,515 262,719 189,889 252,996 110,344Equity - - - - - - 94,802 90,741 448,114 301,923 876,205 617,403 1,386,451 1,093,014Money Market - - - - - - 5,719 10,013 30,142 94,112 59,128 156,852 80,508 111,281Fixed Deposits - - - - 120,528 120,528 396 396 1,535 21,335 5,248 73,648 2,326 11,326Mutual Funds - - - - - - 5,303 - 6,300 - 32,005 - 79,821 -

Other InvestmentsCorporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity - - - - - - 13,389 3,939 65,988 13,860 127,604 28,480 194,984 48,048Money Market - - - - - - - - - - - - - -Mutual Funds - - - - - - - - - - - - - -Venture Capital - - - - - - - - - - - - - -PTC - - - - - - - - - - - - - -Infrastructure Development Fund - - - - - - - - - - - - - -




Schedule: F-3

CURRENT ASSETS



Total - - - - 54,222 39,603 8,182 6,453 63,361 49,854 125,923 101,083 179,262 163,600

Accrued Interest - - - - 54,219 39,475 1,847 1,752 15,595 23,546 30,683 51,227 27,662 21,893Cash & Bank Balance - - - - 3 4 3 295 9 621 16 239 30 273Dividend Receivable - - - - - - 3 49 8 151 17 306 34 536Receivable for Sale of Investments - - - - - - 6,251 3,772 47,749 21,094 93,376 44,418 92,968 44,632Unit Collection A/c# - - - - - - - - - - - - - -Margin Money - - - - - - - - - - - - - -Share Application Money - - - - - - - - - - - - - -Other Current Assets (for Investments) - - - - - 124 78 585 - 4,442 1,831 4,893 58,568 96,266









Schedule: F-1




Opening balance 180,908 119,279 43,283 58,254 184,806 281,719 9,074,221 12,462,985 157,564 224,790 1,551,854 2,016,483 1,522,123 1,288,171185,713 103,167 29,702 18,474 41,680 31,542 730,171 788,345 27,452 29,439 265,492 189,558 1,652,689 719,011

83,939 41,538 37,582 33,445 110,845 128,455 3,518,227 4,177,109 94,326 96,665 603,461 654,187 719,620 485,059

Closing balance 282,682 180,908 35,403 43,283 115,641 184,806 6,286,165 9,074,221 90,690 157,564 1,213,885 1,551,854 2,455,192 1,522,123




Particulars Balanced Fund Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension Kotak Aggressive Frontline EquityFund II Growth Fund Growth Fund Growth Fund Growth Fund Fund

ULIF-037-21/12/09- 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- ULIF-034-17/12/09-BALKFND-107 PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107 AGRGWTFND-107 FRLEQUFND-107

Schedule: F-2

INVESTMENTS



Total 314,462 172,583 47,476 45,669 603,453 538,816 11,305,349 11,650,555 180,970 208,488 2,741,136 2,373,022 3,067,494 1,675,305

Total 22,743 3,945 3,568 1,163 62,204 17,886 837,108 203,809 13,382 3,453 323,702 102,728 405,850 62,234

GRAND TOTAL 337,205 176,528 51,044 46,832 665,657 556,703 12,142,457 11,854,364 194,352 211,941 3,064,838 2,475,750 3,473,344 1,737,539

Approved InvestmentsGovernment Bonds 75,718 42,769 12,246 12,555 100,896 62,164 3,278,001 4,386,918 53,141 75,307 - - - -Corporate Bonds 11,535 7,206 2,112 1,108 5,257 11,112 640,726 1,000,795 10,966 16,619 - - - -Infrastructure Bonds 25,242 11,567 3,470 2,452 43,248 43,514 1,254,579 1,174,333 13,080 12,608 - - - -Equity 163,169 91,745 24,518 26,208 439,599 402,972 5,778,012 4,432,702 92,683 78,658 2,609,902 2,311,500 2,950,159 1,511,238Money Market 23,374 19,293 2,970 3,335 - 17,183 279,401 532,456 3,315 24,982 120,841 51,359 116,325 163,516Fixed Deposits 4 4 9 9 1,871 1,871 27,951 123,351 313 313 10,162 10,162 551 551Mutual Funds 15,420 - 2,151 - 12,582 - 46,679 - 7,472 - 231 - 459 -

Other InvestmentsCorporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity 22,743 3,945 3,568 1,163 62,204 17,886 837,108 203,809 13,382 3,453 323,702 102,728 405,850 62,234Money Market - - - - - - - - - - - - - -Mutual Funds - - - - - - - - - - - - - -Venture Capital - - - - - - - - - - - - - -PTC - - - - - - - - - - - - - -Infrastructure Development Fund - - - - - - - - - - - - - -




Schedule: F-3

CURRENT ASSETS



Total 26,740 22,577 2,333 2,173 6,629 15,827 557,081 535,805 8,614 7,767 18,658 73,581 47,598 97,776

Accrued Interest 2,958 1,850 484 455 4,063 3,829 143,827 229,749 2,030 2,908 622 633 34 34Cash & Bank Balance 29 9 5 425 5 50 44 483 3 491 89 496 70 283Dividend Receivable 2 46 1 13 13 198 125 2,218 2 39 73 1,122 41 730Receivable for Sale of Investments 11,054 3,404 1,696 1,057 2,473 11,566 413,085 273,561 6,579 4,303 14,952 67,130 16,185 37,385Unit Collection A/c# - - - - - - - - - - - - - -Margin Money - - - - - - - - - - - - - -Share Application Money - - - - - - - - - - - - - -Other Current Assets (for Investments) 12,697 17,268 147 223 75 184 0 29,794 - 26 2,922 4,200 31,268 59,344









Schedule: F-1




Opening balance 240,642 261,203 5,857,776 6,522,783 133,886 158,137 7,983,785 7,824,377 1,407,251 1,615,198 9,754,039 10,314,134 22,648 40,344152,673 87,266 1,551,543 1,173,468 111,957 46,164 5,259,556 2,233,894 421,793 296,928 1,360,418 1,706,686 1,125 3,281

142,548 107,827 2,154,218 1,838,475 72,626 70,415 2,502,227 2,074,486 655,841 504,875 2,818,679 2,266,781 7,461 20,977

Closing balance 250,767 240,642 5,255,101 5,857,776 173,217 133,886 10,741,114 7,983,785 1,173,203 1,407,251 8,295,778 9,754,039 16,312 22,648




Particulars Pension Frontline Kotak Opportunities Kotak Pension Classic Pension Classic Dynamic Floor Kotak GroupEquity Fund Fund Opportunities Fund Opportunities Fund Opportunities Fund Fund Dynamic Floor Fund

ULIF-044-11/01/10- ULIF-029-02/10/08- ULIF-032-17/07/09- ULIF-033-16/12/09- ULIF-042-07/01/10- ULIF-028-14/11/06- ULGF-015-07/01/10-PNFRLEQFND-107 OPPFND-107 PNOPPFND-107 CLAOPPFND-107 PNCLAOPFND-107 DYFLRFND-107 DYFLRFND-107

Schedule: F-2

INVESTMENTS



Total 322,926 250,110 8,369,255 6,839,389 239,576 152,839 13,710,411 8,451,971 1,570,007 1,395,080 9,996,909 10,207,287 37,374 37,897

Total 44,971 10,000 1,450,068 559,601 41,777 12,208 2,326,516 648,523 274,235 114,519 174,094 110,419 627 445

GRAND TOTAL 367,897 260,110 9,819,323 7,398,990 281,353 165,046 16,036,927 9,100,494 1,844,242 1,509,599 10,171,003 10,317,705 38,001 38,342

Approved InvestmentsGovernment Bonds - - - - - - - - - - 2,674,264 3,754,120 10,037 13,966Corporate Bonds - - - - - - - - - - 690,376 1,136,415 244 2,258Infrastructure Bonds - - - - - - - - - - 1,098,794 1,057,494 4,458 4,142Equity 314,750 231,315 8,278,540 6,653,992 235,167 148,151 13,376,438 8,001,901 1,559,568 1,353,168 4,258,119 4,014,709 15,388 16,186Money Market 7,652 18,704 78,390 173,151 3,988 4,557 330,692 446,922 10,038 41,511 940,216 200,865 5,625 1,000Fixed Deposits 92 92 12,245 12,245 130 130 3,148 3,148 401 401 6,783 43,683 345 345Mutual Funds 432 - 80 - 291 - 133 - - - 328,357 - 1,277 -

Other InvestmentsCorporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity 44,971 10,000 1,450,068 559,601 41,777 12,208 2,326,516 648,523 274,235 114,519 174,094 110,419 627 445Money Market - - - - - - - - - - - - - -Mutual Funds - - - - - - - - - - - - - -Venture Capital - - - - - - - - - - - - - -PTC - - - - - - - - - - - - - -Infrastructure Development Fund - - - - - - - - - - - - - -




Schedule: F-3

CURRENT ASSETS



Total 1,817 7,018 102,499 269,895 581 5,588 276,864 415,942 22,457 51,087 467,480 359,351 1,583 1,508

Accrued Interest 6 6 750 763 8 8 193 196 25 25 136,654 200,770 411 480Cash & Bank Balance 8 4 28 347 6 175 44 500 74 50 1,692 1,535 10 180Dividend Receivable 7 112 309 4,105 7 92 403 4,885 60 834 538 2,718 2 11Receivable for Sale of Investments 1,796 6,138 86,239 230,697 560 5,037 45,124 246,140 22,298 47,497 311,576 119,248 1,160 457Unit Collection A/c# - - - - - - - - - - - - - -Margin Money - - - - - - - - - - - - - -Share Application Money - - - - - - - - - - - - - -Other Current Assets (for Investments) - 758 15,173 33,983 - 276 231,100 164,221 - 2,681 17,020 35,080 - 380









Schedule: F-1




Opening balance 669,650 844,771 6,307,921 6,732,451 1,295,661 1,545,430 468,423 496,752 1,374,601 1,582,851 269,008 389,554 148 5,36873,853 90,351 1,120,080 1,293,993 144,336 226,507 80,679 87,427 151,344 204,983 5,524 10,413 - 0

238,403 265,472 1,697,835 1,718,523 437,815 476,276 126,789 115,756 352,429 413,233 62,154 130,959 2,358 5,220

Closing balance 505,100 669,650 5,730,166 6,307,921 1,002,182 1,295,661 422,313 468,423 1,173,516 1,374,601 212,378 269,008 (2,210) 148




Particulars Kotak Pension Dynamic Floor Pension Floor Guarantee Fund Pension Peak Guarantee Kotak AdvantageFloor Fund Fund II Fund II Guarantee Fund Fund I Multiplier Fund

ULIF-031-13/07/09- ULIF-035-17/12/09- ULIF-043-08/01/10- ULIF-048-05/02/10- ULIF-038-21/12/09- ULIF-049-14/02/10- ULIF-024-07/02/06-PNFLRFND-107 DYFLRFND2-107 PNFLRKFND2-107 GRTFND-107 PNGRTFND-107 PKGRTFND1-107 ADVMULFND-107

Schedule: F-2

INVESTMENTS



Total 576,321 665,290 6,863,909 6,599,001 1,140,156 1,282,270 479,799 468,523 1,336,484 1,371,843 276,388 299,059 15,236 16,361

Total 9,859 7,165 123,788 75,651 19,986 14,518 8,518 5,364 24,064 15,518 4,683 3,274 - -

GRAND TOTAL 586,180 672,455 6,987,697 6,674,652 1,160,142 1,296,788 488,317 473,887 1,360,548 1,387,361 281,071 302,332 15,236 16,361

Approved InvestmentsGovernment Bonds 156,369 249,485 1,789,603 2,431,112 306,802 473,983 130,687 174,526 363,927 511,246 79,327 114,486 6,045 8,611Corporate Bonds 41,301 77,430 486,120 694,972 84,966 136,413 30,756 50,469 96,658 148,824 18,892 29,142 1,013 998Infrastructure Bonds 52,887 63,949 685,638 608,799 112,246 120,831 40,174 37,610 122,771 123,039 16,691 23,215 3,290 3,253Equity 245,795 260,143 2,997,140 2,752,163 503,535 528,258 208,841 195,192 583,566 564,656 118,266 118,769 - -Money Market 56,196 13,533 662,213 91,227 96,113 22,069 46,906 10,445 110,955 23,347 30,214 13,182 4,605 3,499Fixed Deposits 750 750 2,727 20,727 716 716 280 280 731 731 264 264 - -Mutual Funds 23,023 - 240,468 - 35,778 - 22,155 - 57,876 - 12,734 - 283 -

Other InvestmentsCorporate Bonds - - - - - - - - - - - - - -Infrastructure Bonds - - - - - - - - - - - - - -Equity 9,859 7,165 123,788 75,651 19,986 14,518 8,518 5,364 24,064 15,518 4,683 3,274 - -Money Market - - - - - - - - - - - - - -Mutual Funds - - - - - - - - - - - - - -Venture Capital - - - - - - - - - - - - - -PTC - - - - - - - - - - - - - -Infrastructure Development Fund - - - - - - - - - - - - - -




Schedule: F-3

CURRENT ASSETS



Total 26,078 21,710 340,299 255,145 52,627 52,971 22,848 20,071 60,783 45,545 12,131 9,159 358 582

Accrued Interest 7,699 12,724 90,648 121,956 15,547 23,634 5,958 8,380 17,469 25,347 3,409 5,154 354 410Cash & Bank Balance 103 245 1,214 1,227 185 464 87 171 212 124 54 138 4 172Dividend Receivable 32 177 377 1,866 65 359 27 132 74 382 15 81 - -Receivable for Sale of Investments 18,063 7,985 213,491 78,040 35,943 15,145 14,978 5,488 41,589 16,063 8,653 3,572 - -Unit Collection A/c# - - - - - - - - - - - - - -Margin Money - - - - - - - - - - - - - -Share Application Money - - - - - - - - - - - - - -Other Current Assets (for Investments) 181 579 34,569 52,056 887 13,369 1,798 5,900 1,439 3,629 - 214 - -









Schedule: F-1




Opening balance (182,484) (181,189) 3,189 8,469 (127,910) (127,939) 67,937,097 71,809,313Add: Additions during the year* - - - 257 - - 21,940,898 18,933,769Less: Deductions during the year* - 1,295 1,279 5,537 1,975 (29) 25,813,655 22,808,404

Closing balance (182,484) (182,484) 1,910 3,189 (129,885) (127,910) 64,064,340 67,934,678


Particulars Kotak Advantage Kotak Advantage Kotak Advantage TotalPlus Fund Multiplier Fund II Plus Fund II


Schedule: F-2

INVESTMENTS

Approved InvestmentsGovernment Bonds - - 6,812 8,681 2,389 3,308 22,167,226 23,416,201Corporate Bonds - - 2,032 2,003 - - 4,329,995 6,157,207Infrastructure Bonds - - 3,300 3,244 - - 7,435,235 5,455,378Equity - - - - - - 47,558,728 35,796,709Money Market - - 1,733 500 - 1,000 6,056,203 6,191,262Fixed Deposits - - - - - - 268,904 699,104Mutual Funds - - 432 - 100 - 1,387,988 -

Other InvestmentsCorporate Bonds - - - - - - - -Infrastructure Bonds - - - - - - - -Equity - - - - - - 6,573,709 2,066,750Money Market - - - - - - - -Mutual Funds - - - - - - - -Venture Capital - - - - - - - -PTC - - - - - - - -Infrastructure Development Fund - - - - - - - -

% of Approved Investments to Total 0.00% 0.00% 100.00% 100.00% 100.00% 100.00% 93.14% 97.41%% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.86% 2.59%


Total - - 14,309 14,428 2,489 4,307 89,204,279 77,715,861

Total - - - - - - 6,573,709 2,066,750

GRAND TOTAL - - 14,309 14,428 2,489 4,307 95,777,988 79,782,611



Schedule: F-3

CURRENT ASSETS

Accrued Interest - - 320 366 60 69 1,025,820 1,200,530Cash & Bank Balance - - 1 202 76 64 4,528 17,931Dividend Receivable - - - - - - 2,233 21,161Receivable for Sale of Investments - - - - - - 2,743,619 1,799,835Unit Collection A/c# - - - - - - - -Margin Money - - - - - - - -Share Application Money - - - - - - - -Other Current Assets (for Investments) - - - - - - 782,008 1,024,808


Total - - 321 568 136 133 4,558,208 4,064,267





Total 5 0 23,782 19,201 3,522 6,646 - - 4,660 4,970 826 3,548 97 481

Policy Administration charge - - 10,942 8,819 2,121 1,824 - - 1,244 1,486 481 692 - -

Surrender charge - - 268 328 607 1,675 - - 962 703 470 1,437 - -

Switching charge - - 13 6 - 1 - - 4 2 - - - -

Mortality charge 4 0 8,637 6,424 0 - - - 1,970 2,078 24 30 86 428

Rider Premium charge - - 178 161 - - - - 158 198 - - - -

Partial withdrawal charge - - - - - - - - - - - - - -

Discontinuance Charges - - 940 987 - - - - 18 16 - - - -

Guarantee Charges - - 141 - 409 - - - 1 - - - - -

Subscription lapse forfeiture charges - - - 176 (2) 2,012 - - (273) (170) (259) 986 - -

Transaction Charges - - - - - - - - - - - - - -

Miscellaneous charge - - 40 162 0 402 - - 33 54 5 2 - -

Service Tax and Education Cess 1 - 2,623 2,138 387 732 - - 543 603 105 401 11 53

*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








Schedule: F-4

CURRENT LIABILITIES

Break up of Other Expenses Under ULIP

Schedule: F-5

OTHER EXPENSES*



Total 1 37 27 118 82 2,643 16,553 5,882 29,050 23,318 6,074 1,581 17,113 2,920

Payable for Purchase of Investments - - - - - - - - 29,026 7,106 5,893 1,564 17,101 2,902

Other Current Liabilities 1 37 27 118 82 2,643 16,553 5,882 24 16,212 181 17 12 19

Unit Payable a/c# - - - - - - - - - - - - - -





Total 100,906 110,033 13,793 23,488 8,476 14,138 34 309 4,096 3,963 367 738 299 283

Policy Administration charge 45,815 45,510 12,707 15,485 - - - - 614 549 209 265 - -

Surrender charge 1,819 5,307 2,675 6,379 - - - - 467 372 122 178 - -

Switching charge 85 55 3 2 - - - - 3 2 - - - -

Mortality charge 37,126 42,055 44 58 7,544 12,570 (21) 229 2,421 2,101 9 11 266 252

Rider Premium charge 2,207 1,894 - - - - - - 55 49 - - - -

Partial withdrawal charge 0 - - - - - - - - - - - - -

Discontinuance Charges 2,605 1,983 - - - - - - 47 9 - - - -

Guarantee Charges 22 - - - - - - - 11 - - - - -

Subscription lapse forfeiture charges 173 711 (3,223) (1,178) - - - - (0) 420 (17) 201 - -


Miscellaneous charge (80) 222 2 5 - 14 58 52 24 33 1 1 - -

Service Tax and Education Cess 11,134 12,296 1,585 2,736 932 1,554 (3) 28 454 428 43 82 33 31










Schedule: F-4

CURRENT LIABILITIES


Schedule: F-5

OTHER EXPENSES*



Total 627,458 271,557 77,553 38,680 438,408 167,952 10,271 2,708 102,593 477 248 9 4 37

Payable for Purchase of Investments 621,599 268,093 74,783 37,558 435,186 145,119 10,220 2,408 - - - - - -

Other Current Liabilities 5,859 3,464 2,770 1,122 3,222 22,833 51 300 102,593 477 248 9 4 37

Unit Payable a/c# - - - - - - - - - - - - - -





Total - (0) - (0) - - 2,118 2,767 7,830 25,990 17,375 38,456 996 (1,971)

Policy Administration charge - - - - - - 170 200 3,650 5,228 15,921 23,903 - -

Surrender charge - - - - - - 71 315 2,516 4,115 4,173 12,894 - -

Switching charge - - - - - - - - - - 1 2 - -

Mortality charge - - - - - - 1,030 1,137 778 4,728 857 1,096 886 1,228

Rider Premium charge - - - - - - 435 267 - - - - - -

Partial withdrawal charge - - - - - - - - - - - - - -

Discontinuance Charges - - - - - - - - - - - - - -

Guarantee Charges - - - - - - - - 28 - - - - -

Subscription lapse forfeiture charges - - - - - - (5) 299 (21) 9,111 (5,861) (4,769) - -


Miscellaneous charge - (0) - (0) - - 185 242 15 19 36 47 - 2

Service Tax and Education Cess - - - - - - 232 307 864 2,789 2,248 5,283 110 (3,201)










Schedule: F-4

CURRENT LIABILITIES


Schedule: F-5

OTHER EXPENSES*



Total - - - - 682 757 6,387 2,954 92,858 20,893 97,162 31,595 100,966 32,046

Payable for Purchase of Investments - - - - - - 6,329 2,906 48,046 15,340 95,943 30,742 100,350 31,570

Other Current Liabilities - - - - 682 757 58 48 44,812 5,553 1,219 853 616 476

Unit Payable a/c# - - - - - - - - - - - - - -





Total 6,670 5,196 2,564 2,508 6,814 8,101 114,064 198,228 4,328 7,954 37,038 48,848 35,916 34,176

Policy Administration charge 2,331 1,746 952 1,251 919 1,139 56,806 83,563 1,441 2,233 5,214 6,708 14,301 11,365

Surrender charge 44 113 1,134 751 219 630 14,929 41,488 2,443 3,822 1,925 5,702 2,963 4,798

Switching charge 3 2 - - 0 - 2 9 - - 10 7 15 10

Mortality charge 3,133 2,165 - - 3,311 3,783 34,321 52,302 - - 17,228 20,080 11,434 8,743

Rider Premium charge 168 194 - - 1,248 1,129 - - - - 7,571 7,557 1,207 1,205

Partial withdrawal charge - - - - - - 1 2 - - 1 1 - -

Discontinuance Charges 196 322 - - - - - - - - - - 452 750

Guarantee Charges - - - - 56 - 338 - - - 590 - 27 -

Subscription lapse forfeiture charges 41 68 196 230 - 85 (5,195) (2,138) (33) 893 (503) 1,520 1,479 3,503


Miscellaneous charge 9 10 - - 318 447 88 434 - - 969 1,847 15 22

Service Tax and Education Cess 745 576 282 276 743 889 12,774 22,568 477 1,006 4,033 5,426 4,023 3,780










Schedule: F-4

CURRENT LIABILITIES


Schedule: F-5

OTHER EXPENSES*



Total 12,577 5,327 1,770 804 3,333 8,034 543,463 226,640 8,730 3,118 20,435 40,684 32,192 79,927

Payable for Purchase of Investments 12,526 5,288 1,757 791 3,302 6,564 427,430 150,659 6,704 2,581 20,283 37,931 32,046 79,643

Other Current Liabilities 51 39 13 13 31 1,470 116,033 75,981 2,026 537 152 2,753 146 284

Unit Payable a/c# - - - - - - - - - - - - - -





Total 11,111 17,103 170,994 221,104 3,663 6,543 210,582 251,017 71,103 110,150 253,070 343,548 (1) 3,464

Policy Administration charge 5,222 5,980 64,073 75,252 1,523 1,391 79,186 74,401 28,487 38,505 76,608 95,864 - -

Surrender charge 3,577 6,137 32,229 44,298 1,733 3,772 22,699 40,404 28,144 36,991 58,045 67,262 - -

Switching charge 9 6 41 41 4 1 87 54 20 11 35 41 - -

Mortality charge 4 2 52,447 67,225 - - 54,334 54,589 - - 81,444 103,925 (1) 84

Rider Premium charge - - 3,460 2,090 - - 8,263 9,520 - - 8,580 9,489 - -

Partial withdrawal charge - - 11 2 - - 1 1 - - 2 1 - -

Discontinuance Charges - - - - - - 2,610 4,013 - - - - - -

Guarantee Charges - - - - - - - - - - 50 - - -

Subscription lapse forfeiture charges 1,077 3,095 (313) 8,300 - 655 19,988 40,319 6,622 22,518 192 28,840 - -


Miscellaneous charge - - 211 (454) - - 81 59 - - 277 200 - -

Service Tax and Education Cess 1,222 1,883 18,835 24,350 403 724 23,333 27,658 7,830 12,125 27,837 37,926 (0) 3,380










Schedule: F-4

CURRENT LIABILITIES


Schedule: F-5

OTHER EXPENSES*



Total 3,708 8,018 11,288 245,519 396 7,211 26,231 343,833 2,462 54,295 356,862 424,112 1,339 1,614

Payable for Purchase of Investments 1,617 7,276 10,677 242,595 371 5,339 25,560 342,329 1,926 50,402 351,355 415,683 1,312 1,596

Other Current Liabilities 2,091 742 611 2,924 25 1,872 671 1,504 536 3,893 5,507 8,429 27 18

Unit Payable a/c# - - - - - - - - - - - - - -





Total 19,109 42,704 170,816 263,594 46,109 98,042 15,099 28,156 39,655 108,992 4,294 10,301 - 432

Policy Administration charge 4,449 6,513 47,561 63,802 22,424 30,716 3,424 4,653 11,220 16,036 153 247 - -

Surrender charge 13,349 21,946 28,133 60,597 12,827 35,585 3,315 7,234 12,271 38,731 2,444 6,682 - 0

Switching charge 16 3 104 42 31 8 1 - 3 2 1 - - -

Mortality charge - - 36,641 50,904 - - 1,268 2,162 - - 1,244 1,510 - 52

Rider Premium charge - - 5,661 6,910 - - - - - - - - - -

Partial withdrawal charge - - 1 1 - - 1 - - - - - - -

Discontinuance Charges - - 310 637 - - 30 220 - - - - - -

Guarantee Charges - - - - - - 3,331 - 7,066 - - - - -

Subscription lapse forfeiture charges (851) 9,373 33,731 51,763 5,726 20,911 2,067 7,565 4,711 34,809 (22) 728 - 332


Miscellaneous charge - 1 29 50 - 2 0 3,207 - 7,380 1 2 - -

Service Tax and Education Cess 2,146 4,868 18,645 28,888 5,101 10,820 1,662 3,115 4,384 12,034 473 1,133 - 48










Schedule: F-4

CURRENT LIABILITIES


Schedule: F-5

OTHER EXPENSES*



Total 19,108 26,413 255,532 285,282 35,884 55,520 16,824 20,397 49,357 59,830 8,788 14,919 2 6

Payable for Purchase of Investments 18,720 26,129 252,125 282,941 35,204 55,049 16,584 19,858 48,623 58,050 8,571 11,580 - -

Other Current Liabilities 388 284 3,407 2,341 680 471 240 539 734 1,780 217 3,339 2 6

Unit Payable a/c# - - - - - - - - - - - - - -



Policy Administration charge - - - - - - 520,166 625,325

Surrender charge - 3 - - - 3 256,574 460,656

Switching charge - - - - - - 489 308

Mortality charge - - 37 37 - - 358,507 441,987

Rider Premium charge - - - - - - 39,193 40,662

Partial withdrawal charge - - - - - - 17 6

Discontinuance Charges - - - - - - 7,208 8,938

Guarantee Charges - - - - - - 12,069 -

Subscription lapse forfeiture charges - 185 - 168 - 202 59,426 241,720

Transaction Charges - - - - - - - -

Miscellaneous charge - (0) - - - - 2,316 14,463

Service Tax and Education Cess - 23 5 25 - 26 156,256 229,808




Total - 211 42 230 - 231 1,412,221 2,063,873








Schedule: F-4

CURRENT LIABILITIES


Schedule: F-5

OTHER EXPENSES*

Payable for Purchase of Investments - - - - - - 2,721,171 2,347,591

Other Current Liabilities - - 2 9 0 2 312,605 170,089

Unit Payable a/c# - - - - - - - -


Total - - 2 9 0 2 3,033,776 2,517,680



Sr. Fund Names SFIN Year of *ReturnsNo. Inception

2015 2014 2013 2012 2011 2010 2009 Inception

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 2003-04 8.64% NA NA NA 44.40% 8.81% 12.71% 15.37%

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 2009-10 8.66% 8.69% 9.37% 8.55% 5.02% NA NA 48.24%

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 2009-10 8.64% 8.58% 9.22% 8.43% 5.27% NA NA 48.44%

4 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 2003-04 18.14% 1.79% 11.96% 6.61% 6.79% 6.06% 12.16% 131.08%

5 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 2003-04 18.08% 1.85% 11.93% 6.58% 6.66% 5.83% 12.42% 135.30%

6 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 2003-04 18.51% 1.93% 12.15% 6.89% 7.01% 6.50% 12.94% 139.02%

7 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 2004-05 16.04% 3.34% 11.72% 9.35% 6.90% 9.35% 14.68% 151.41%

8 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 2004-05 15.98% 3.34% 11.61% 9.48% 6.85% 9.58% 15.12% 152.19%

9 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 2004-05 16.59% 3.77% 12.21% 10.30% 8.37% 11.59% 14.52% 165.54%

10 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 2004-05 10.18% 11.59% 8.56% 7.65% 5.83% 4.82% 8.92% 114.41%

11 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 2004-05 10.14% 11.54% 8.56% 7.61% 5.91% 4.67% 9.07% 115.24%

12 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 2004-05 10.52% 11.99% 9.08% 8.08% 6.28% 5.33% 9.39% 123.22%

13 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 2008-09 NA NA 9.46% 8.13% 3.33% 10.61% NA NA

14 Kotak Group 59M FMP 08/12/2013 ULGF-014-22/01/09-59FM081213-107 2008-09 NA NA 9.60% 8.46% 4.06% 9.88% NA NA

15 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2003-04 29.17% 12.20% 8.97% -1.44% 8.91% 36.85% -19.14% 395.02%

16 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 2003-04 24.22% 6.90% 9.30% 3.13% 6.93% 23.11% -13.06% 326.84%

17 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 2003-04 24.19% 6.88% 9.34% 3.17% 6.84% 22.64% -12.57% 333.96%

18 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 2003-04 29.82% 12.49% 9.11% -1.12% 9.41% 34.88% -18.75% 400.37%

19 Balanced Fund ULIF-037-21/12/09-BALKFND-107 2009-10 29.19% 11.60% 8.91% -1.53% 8.48% NA NA 74.47%

20 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 2009-10 28.81% 12.06% 8.52% -0.96% 8.08% NA NA 70.63%

21 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 2003-04 33.59% 14.90% 8.11% -4.57% 10.26% 44.21% -27.25% 482.60%

22 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 2003-04 26.42% 8.22% 8.78% 1.54% 7.57% 26.22% -20.41% 396.01%

23 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 2008-09 26.08% 8.17% 8.80% 1.52% 7.77% 26.48% NA 110.76%

24 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 2004-05 39.39% 18.13% 6.87% -7.41% 10.97% 74.61% -33.89% 494.33%

25 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 2005-06 6.45% 3.57% 6.97% -0.36% 4.82% 19.10% -2.33% 59.54%

26 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 2005-06 NA NA 5.56% 13.06% 5.94% 17.83% -0.69% NA

27 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 2006-07 6.87% 4.10% 6.82% -0.76% 4.98% 19.07% -2.52% 60.29%

28 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 2006-07 6.11% 4.42% 6.55% 2.27% 4.50% 17.37% -0.69% 63.39%

29 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 2009-10 39.40% 17.73% 7.31% -6.80% 11.91% NA NA 85.64%

30 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 2009-10 39.64% 18.11% 7.43% -6.96% 11.34% NA NA 97.08%

31 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2008-09 45.93% 15.58% 7.63% -5.25% 11.84% 92.99% NA 268.73%

32 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 2009-10 45.23% 15.26% 7.52% -4.98% 11.51% NA NA 109.46%

33 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 2009-10 46.16% 16.17% 8.43% -4.53% 12.32% NA NA 105.54%

34 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 2009-10 47.18% 16.67% 8.06% -4.42% 11.82% NA NA 111.80%

35 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 2006-07 17.96% 4.11% 7.70% 0.23% 6.98% 22.34% 9.97% 127.51%

36 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 2009-10 18.57% 4.72% 9.07% 0.67% 6.76% NA NA 134.56%

37 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 2009-10 17.98% 3.96% 8.89% -1.54% 5.07% NA NA 45.93%

38 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 2009-10 18.47% 4.60% 9.24% -0.12% 7.19% NA NA 46.91%

39 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2009-10 18.51% 4.52% 9.31% 0.16% 7.62% NA NA 46.13%

40 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 2009-10 18.43% 4.60% 9.29% 0.40% 7.62% NA NA 53.95%

41 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 2009-10 18.50% 4.52% 9.36% 0.08% 7.57% NA NA 46.90%

42 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 2009-10 17.85% 4.34% 8.77% 0.26% 6.34% NA NA 47.37%

43 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 2010-11 8.64% 8.35% 9.73% 8.09% NA NA NA 39.63%

44 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 2011-12 16.28% 3.71% 12.16% NA NA NA NA 47.68%

45 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 2011-12 9.60% 8.56% 10.07% NA NA NA NA 39.00%

Note: Annual Absolute returns are calculated in those funds for which units existed in the fund for the full financial year. Inother cases , it has been mentioned as NA

1 - Unit Created on 12/08/2013

13 - Last unit redeemed on 27/11/2013




25E Unit Linked Disclosures - Other Disclosures

Fund Performance of Unit Linked Funds as on 31-03-2015 (Absolute Growth %)




Sr. Related Parties SFIN Kotak Securities Kotak Mahindra Kotak Mahindra Kotak Mahindra Kotak MahindraNo. Ltd - Brokerage Prime Ltd - Prime Ltd - Bank Ltd - FD Bank Ltd - Repo

Interest Income Ammortisation Interest Income Interest Incomeon Debenture's Income on CP's earned earned

Grand Total 18,693 7,063 - 183 -

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 - 1,483 - - -

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 - 271 - - -

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 - 899 - - -

11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 - - - - -

12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 - - - - -

13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - - - - -

14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 - - - - -

15 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 - - - - -



18 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 61 - - 0 -

19 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 249 113 - 1 -

20 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 474 270 - 2 -

21 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 796 143 - 4 -

22 Balanced Fund ULIF-037-21/12/09-BALKFND-107 83 - - 0 -

23 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 17 - - 0 -

24 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 268 - - 1 -

25 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 3,035 1,178 - 16 -

26 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 55 - - 0 -

27 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 1,541 - - 8 -

28 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 1,392 - - 7 -

29 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 174 - - 1 -

30 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 3,219 - - 72 -

31 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 86 - - 1 -

32 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 4,611 - - 45 -

33 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 650 - - 14 -

34 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 966 1,374 - 5 -

35 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 4 - - 0 -

36 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 59 87 - 0 -

37 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 645 844 - 4 -

38 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 117 157 - 1 -

39 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 44 43 - 0 -

40 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 126 157 - 1 -

41 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 25 43 - 0 -

42 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 - - - - -

43 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - - - -

44 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - - - - -

45 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - - - - -

1 - Unit Created on 12/08/2013 16 - Last unit redeemed on 05/12/2013

15 - Last unit redeemed on 27/11/2013 43 - Last unit redeemed on 19/07/2013



Statement Showing Receipts and Payments made to Related Parties




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 4,025 0.05%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 1,006 0.10%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 3,019 0.05%

11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 - -

12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 - -

13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 - -

14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 - -

15 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 - -



18 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 - -

19 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 - -

20 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 1,006 0.04%

21 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 - -

22 Balanced Fund ULIF-037-21/12/09-BALKFND-107 - -

23 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 - -

24 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 - -

25 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 3,019 0.02%

26 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 - -

27 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - -

28 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 - -

29 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 - -

30 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - -

31 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - -

32 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - -

33 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - -

34 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 2,013 0.02%

35 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 - -

36 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 - -

37 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 1,006 0.01%

38 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 - -

39 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 - -

40 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 - -

41 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 - -

42 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 - -

43 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - -

44 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - -

45 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - -

* This amount represents total exposure to promoter group as a percentage of total fund size.



Grand Total * 15,095 0.02%



Statement Showing Company wise Details of Investments held in Promoter Group




Sr. Fund name SFIN

No.

Mfund Highest NAV Lowest NAV Closing NAV

Code

1 KMMF Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 11.54 10.62 11.54

2 MMFK Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 14.82 13.65 14.82

3 PMMFK Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 14.84 13.67 14.84

4 DDCN Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 13.96 12.86 13.96

5 DGILT Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 23.15 19.34 23.11

6 PGILT Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 23.57 19.70 23.53

7 KGILT Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 23.94 19.95 23.90

8 DBOND Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 25.15 21.45 25.14

9 PBOND Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 25.23 21.53 25.22

10 KBOND Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 26.56 22.56 26.55

11 KGSC Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 14.77 12.58 14.77

12 DFRF Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 21.44 19.42 21.44

13 PFRF Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 21.52 19.50 21.52

14 KFRF Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 22.32 20.15 22.32

15 KFMP4 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 0.00 0.00 0.00



18 DBGF Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 50.81 38.13 49.50

19 GBGF Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 43.51 34.13 42.68

20 PBGF Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 44.25 34.71 43.40

21 KBGF Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 51.32 38.35 50.04

22 BGFFK Balanced Fund ULIF-037-21/12/09-BALKFND-107 17.89 13.44 17.45

23 PBGFK Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 17.53 13.18 17.06

24 DHEGF Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 60.36 43.42 58.26

25 GHEGF Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 50.84 38.99 49.60

26 PHEGF Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 21.60 16.62 21.08

27 NLIIA Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 62.29 42.44 59.43

28 FRONTK Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 19.42 13.26 18.56

29 PFRONK Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 20.63 14.05 19.71

30 OPPF Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 38.47 25.18 36.87

31 POPF Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 21.87 14.37 20.95

32 CLASK Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 21.42 14.02 20.55

33 PCLASK Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 22.09 14.34 21.18

34 DYFF Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 23.41 19.17 22.75

35 KYFF Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 24.10 19.66 23.46

36 PNFF Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 15.02 12.29 14.59

37 DYFFK Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 15.12 12.33 14.69

38 PNFFK Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 15.04 12.26 14.61

39 GGFK Guarantee Fund ULIF-048-05/02/10-GRTFND-107 15.84 12.92 15.40

40 PGFK Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 15.12 12.32 14.69

41 GGPK Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 15.16 12.43 14.74

42 KAMF Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 15.95 14.94 15.95

43 KAPF Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 0.00 0.00 0.00

44 KAM2 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 16.03 14.95 16.03

45 KAP2 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 16.34 15.36 16.34

Note: The above NAVs are without Appropriation/Expropriation Charges.





NAV Highest Lowest & closing at the end of the year




Sr. Fund name SFIN Annualised Average Daily Assets Annualised Expense

No. Expense of the Funds Ratio

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 2,671 297,134 0.90%

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 10,921 1,619,839 0.67%

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 1,189 176,385 0.67%

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 8,601 1,530,881 0.56%

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 4,390 390,664 1.12%

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 934 83,087 1.12%

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 1,532 170,417 0.90%

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 105,454 7,820,862 1.35%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 13,813 1,024,417 1.35%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 42,862 4,768,258 0.90%

11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 986 97,500 1.01%

12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 5,230 387,896 1.35%

13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 712 52,834 1.35%

14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 2,861 318,256 0.90%

15 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 - - -


17 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 1,123 249,922 0.45%

18 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2,705 185,214 1.46%

19 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 17,253 1,181,089 1.46%

20 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 33,849 2,317,266 1.46%

21 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 27,585 2,454,947 1.12%

22 Balanced Fund ULIF-037-21/12/09-BALKFND-107 3,895 256,770 1.52%

23 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 821 54,153 1.52%

24 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 10,692 634,389 1.69%

25 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 208,069 12,344,796 1.69%

26 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 3,534 209,669 1.69%

27 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 51,630 2,871,767 1.80%

28 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 41,550 2,739,095 1.52%

29 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 5,125 337,839 1.52%

30 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 200,136 8,905,468 2.25%

31 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 5,329 237,144 2.25%

32 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 193,679 12,767,882 1.52%

33 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 26,616 1,754,598 1.52%

34 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 206,935 10,523,528 1.97%

35 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 524 37,325 1.40%

36 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 12,699 645,793 1.97%

37 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 106,318 7,008,789 1.52%

38 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 19,529 1,287,407 1.52%

39 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 7,436 490,232 1.52%

40 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 21,439 1,413,354 1.52%

41 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 5,812 295,571 1.97%

42 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 545 16,176 3.37%

43 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - -

44 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 489 14,494 3.37%

45 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 93 2,762 3.37%





Annualised Expense ratio to average daily assets of the Fund




Sr. Fund name SFIN Code Annualised Average Daily Assets Annualised Income

No. Income of the Funds Ratio

1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 27,062 297,134 9.11%

2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 145,460 1,619,839 8.98%

3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 15,814 176,385 8.97%

4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 135,099 1,530,881 8.82%

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 68,831 390,664 17.62%

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 14,798 83,087 17.81%

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 30,531 170,417 17.92%

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 1,265,549 7,820,862 16.18%

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 165,241 1,024,417 16.13%

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 768,466 4,768,258 16.12%

11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 15,460 97,500 15.86%

12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 43,036 387,896 11.09%

13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 5,825 52,834 11.02%

14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 35,368 318,256 11.11%



17 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 24,028 249,922 9.61%

18 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 49,911 185,214 26.95%

19 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 272,986 1,181,089 23.11%

20 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 536,639 2,317,266 23.16%

21 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 647,783 2,454,947 26.39%

22 Balanced Fund ULIF-037-21/12/09-BALKFND-107 66,381 256,770 25.85%

23 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 14,671 54,153 27.09%

24 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 191,128 634,389 30.13%

25 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 3,102,735 12,344,796 25.13%

26 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 52,383 209,669 24.98%

27 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 981,049 2,871,767 34.16%

28 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 877,759 2,739,095 32.05%

29 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 113,007 337,839 33.45%

30 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 3,460,973 8,905,468 38.86%

31 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 87,775 237,144 37.01%

32 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 4,761,888 12,767,882 37.30%

33 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 689,615 1,754,598 39.30%

34 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 1,946,942 10,523,528 18.50%

35 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 6,868 37,325 18.40%

36 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 121,755 645,793 18.85%

37 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 1,282,839 7,008,789 18.30%

38 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 241,763 1,287,407 18.78%

39 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 89,424 490,232 18.24%

40 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 261,077 1,413,354 18.47%

41 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 54,578 295,571 18.47%

42 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 1,559 16,176 9.64%

43 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - -

44 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 1,450 14,494 10.01%

45 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 255 2,762 9.23%





Annualised Income ratio to Average daily assets of the Fund




Investment Type

Sr. Fund Name SFIN Corporate Bonds Equities Government Government Grand TotalNo. Guaranteed Securities

Bonds

Grand Total 222,206 11,865,258 116,775 12,341 12,216,580

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 - - - 10,909 10,909

5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - 2,775 698 3,473

6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - 569 149 718

7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - 1,157 370 1,527

8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 65,745 - 25,638 (1,034) 90,348

9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 7,037 - 3,123 (337) 9,823

10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 38,236 - 15,105 (551) 52,790

11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 805 - 309 (17) 1,096

12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 1,719 - 1,091 2,785 5,595

13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 266 - 151 384 801

14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 635 - 625 1,212 2,473



17 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 688 - - - 688

18 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 516 29,349 276 (14) 30,127

19 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 4,892 126,531 2,659 9 134,091

20 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 9,003 253,514 5,284 (138) 267,663

21 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 6,533 386,753 3,315 64 396,665

22 Balanced Fund ULIF-037-21/12/09-BALKFND-107 742 38,626 321 (22) 39,667

23 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 157 6,249 73 0 6,479

24 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 842 136,373 450 2,530 140,195

25 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 41,382 1,710,913 22,588 (1,141) 1,773,742

26 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 642 27,823 392 (10) 28,847

27 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - 799,960 - - 799,960

28 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 - 715,066 - - 715,066

29 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 - 88,504 - - 88,504

30 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - 2,628,407 - - 2,628,407

31 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - 68,306 - - 68,306

32 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - 3,830,879 - - 3,830,879

33 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - 496,419 - - 496,419

34 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 22,279 249,076 15,523 (442) 286,436

35 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 149 908 66 2 1,125

36 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 1,214 15,073 793 (78) 17,002

37 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 12,918 170,943 9,605 (1,016) 192,451

38 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2,100 31,591 1,469 (478) 34,683

39 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 787 12,145 791 (340) 13,382

40 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 2,376 34,705 2,114 (879) 38,316

41 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 446 7,144 513 (263) 7,840

42 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 (5) - - (170) (175)

43 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - - - -

44 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 100 - 2 103 206

45 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - - - 57 57





Fundwise Disclosure of Appreciation /(Depreciation) in value of Investment Segregated Classwise




Industry Pension Money % of TotalMarket Fund II Funds

ULIF-039-28/12/09-PNMNMKFND-107

Financial and insurance activities

Total 140,844 87.32%

Financial and insurance activities - Housing Sector - Debt

Total 20,420 12.66%

Others

Grand Total 161,302 100.00%

Industry Kotak Dynamic % ofGilt Fund Total Funds

ULIF-006-27/06/03-DYGLTFND-107

GOVT. of INDIA

Total 272,638 64.41%

State Development Loan

PFC CP - 28.04.2015 14,408 8.93%

State Bank of Patiala CD - 30.12.2015 14,199 8.80%

EXIM CD - 16.03.2016 13,411 8.32%

PNB CD - 10.12.2015 14,926 9.25%

IL & FS CP 24.02.16 12,928 8.02%

L&T Finance CP - 03.03.2016 13,852 8.59%

Sundaram Fin CP - 10.02.16 14,855 9.21%

Axis Bank CD - 19.01.2016 14,506 8.99%

Canara Bank CD - 17.02.2016 14,886 9.23%

Corporation Bank CD - 11.03.2016 12,873 7.98%

ICICI Home Finance Co Ltd CP 25.11.15 8,035 4.98%

HDFC Ltd CP - 21.10.15 12,385 7.68%

Net Current Assets 38 0.02%

1.44% INFLATION INDEX GS 2023 8,362 1.98%

6.90% GOI - 13.07.2019 691 0.16%

7.16% GOI - 20.05.2023 3,485 0.82%

7.28% GOI - 03.06.2019 2,375 0.56%

7.46% GOI - 28.08.17 11 0.00%

7.80% GOI - 03.05.2020 3,069 0.72%

7.94% GOI - 24.05.21 428 0.10%

8.00% GOI Oil Bond - 23.03.26 502 0.12%

8.08% GOI - 02.08.2022 1,398 0.33%

8.20% GOI - 24.09.2025 3,199 0.76%

8.28% GOI - 15.02.32 490 0.12%

8.30% Fertilizer Co GOI - 07.12.23 5,764 1.36%

8.30% GOI - 02.07.2040 71,725 16.95%

8.30% GOI - 31.12.2042 62,653 14.80%

8.30% GOI 2040 ZCG - 02.07.2015 39 0.01%

8.32% GOI - 02.08.2032 428 0.10%

8.83% GOI - 25.11.2023 3,393 0.80%

9.23% GOI - 23.12.2043 67,216 15.88%

8.17% GOI - 01.12.2044 319 0.08%

8.27% GOI - 09.06.2020 36,903 8.72%

8.60% GOI - 02.06.2028 188 0.04%

7.95% MAH SDL - 03.07.2023 10,672 2.52%

8.31% GJ SDL - 03.02.2020 2,731 0.65%

8.52% GJ SDL - 19.01.2021 7,987 1.89%

8.91% MAH SDL - 05.09.2022 8,180 1.93%


Industry Kotak Group Money % ofFunds

ULGF-001-27/06/03-MNMKFND-107

Industry Money Market % ofFunds

ULIF-041-05/01/10-MNMKKFND-107

TotalMarket Fund

GOVT. of INDIA

Total 19,806 61.13%


Total 9,610 29.66%

Others


Grand Total 32,400 100.00%

TotalFund


Total 1,296,258 84.18%


Total 186,159 12.09%

Others

Grand Total 1,539,893 100.00%

91 Days T Bill - 14.05.2015 19,806 61.13%

Birla Sun Life Cash Plus - Growth - Direct Plan 294 0.91%

ICICI Prudential Liquid - Direct Plan - Growth 288 0.89%

Kotak Floater Short Term-(Growth) - Direct 315 0.97%

PFC CP - 28.04.2015 2,981 9.20%

State Bank of Hyderabad CD - 08.06.2015 2,954 9.12%


- Housing Sector - Debt 2,976 9.19%


Birla Sun Life Cash Plus - Growth - Direct Plan 1,663 0.11%

ICICI Prudential Liquid - Direct Plan - Growth 1,628 0.10%

Kotak Floater Short Term-(Growth) - Direct 1,777 0.12%

PFC CP - 28.04.2015 133,643 8.68%


EXIM CD - 16.03.2016 122,552 7.96%

PNB CD - 10.12.2015 134,143 8.71%

IL & FS CP 24.02.16 127,893 8.31%

L&T Finance CP - 03.03.2016 129,290 8.40%

Sundaram Fin CP - 10.02.16 132,305 8.59%

Axis Bank CD - 19.01.2016 134,955 8.76%

Canara Bank CD - 17.02.2016 134,908 8.76%


ICICI Home Finance Co Ltd CP 25.11.15 72,789 4.73%

HDFC Ltd CP - 21.10.15 113,370 7.36%

Net Current Assets 57,476 3.73%


Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level





Industry Kotak Dynamic % ofGilt Fund Total Funds

ULIF-006-27/06/03-DYGLTFND-107

Total 111,669 26.38%

Others

Grand Total 423,254 100.00%

Industry Kotak Pension % ofGilt Fund Total Funds

ULIF-008-27/06/03-PNGLTFND-107

GOVT. of INDIA

Total 55,479 65.08%

8.92% KA SDL - 07.03.2022 5,551 1.31%

8.94% GJ SDL - 07.03.2022 535 0.13%

8.98% PN SDL - 14.10.2021 8,290 1.96%

8.99% MP SDL - 07.03.2022 15,990 3.78%

9.18% PN SDL 2021 - 09.11.2021 900 0.21%

9.29% MP SDL - 16.01.2024 382 0.09%

9.35% MH SDL - 30.01.2024 233 0.06%

9.37% GJ SDL - 04.12.2023 4,022 0.95%

9.39% GJ SDL - 20.11.2023 13,946 3.29%

8.05% GJ SDL - 25.02.2025 606 0.14%

8.06% KA SDL - 11.02.2025 607 0.14%

8.84% MAH SDL - 16.10.2024 1,207 0.29%

8.87% TN SDL - 16.10.2024 599 0.14%

9.01% KA SDL - 25.06.2024 557 0.13%

9.11% MP SDL - 28.05.2024 9,958 2.35%

9.14% KA SDL - 28.05.2024 780 0.18%

9.40% MP SDL - 30.01.2024 471 0.11%

8.63% MH SDL - 09.01.2023 11,009 2.60%

8.99% MP SDL - 09.07.2024 6,456 1.53%

Financial and insurance activities 25,168 5.95%



6.90% GOI - 13.07.2019 148 0.17%

7.16% GOI - 20.05.2023 691 0.81%

7.28% GOI - 03.06.2019 429 0.50%

7.80% GOI - 03.05.2020 646 0.76%

7.94% GOI - 24.05.21 90 0.11%

8.00% GOI Oil Bond - 23.03.26 103 0.12%

8.08% GOI - 02.08.2022 386 0.45%

8.20% GOI - 24.09.2025 789 0.93%

8.28% GOI - 15.02.32 99 0.12%


8.30% GOI - 02.07.2040 14,528 17.04%

8.30% GOI - 31.12.2042 12,665 14.86%

8.30% GOI 2040 ZCG - 02.07.2015 19 0.02%

8.32% GOI - 02.08.2032 88 0.10%

8.83% GOI - 25.11.2023 673 0.79%

9.23% GOI - 23.12.2043 13,584 15.93%

8.17% GOI - 01.12.2044 66 0.08%

8.27% GOI - 09.06.2020 7,483 8.78%

8.60% GOI - 02.06.2028 37 0.04%

Industry Kotak Pension % ofGilt Fund Total Funds

ULIF-008-27/06/03-PNGLTFND-107


Total 22,551 26.46%

Others

Grand Total 85,242 100.00%

Industry Kotak Group % of TotalGilt Fund Funds

ULGF-002-27/06/03-GLTFND-107

GOVT. of INDIA

7.95% MAH SDL - 03.07.2023 2,337 2.74%

8.31% GJ SDL - 03.02.2020 505 0.59%

8.52% GJ SDL - 19.01.2021 1,628 1.91%

8.91% MAH SDL - 05.09.2022 1,726 2.02%

8.92% KA SDL - 07.03.2022 1,178 1.38%

8.94% GJ SDL - 07.03.2022 114 0.13%

8.98% PN SDL - 14.10.2021 1,824 2.14%

8.99% MP SDL - 07.03.2022 2,342 2.75%

9.18% PN SDL 2021 - 09.11.2021 209 0.25%

9.29% MP SDL - 16.01.2024 81 0.10%

9.35% MH SDL - 30.01.2024 50 0.06%

9.37% GJ SDL - 04.12.2023 984 1.15%

9.39% GJ SDL - 20.11.2023 2,956 3.47%

8.05% GJ SDL - 25.02.2025 124 0.15%

8.06% KA SDL - 11.02.2025 124 0.15%

8.84% MAH SDL - 16.10.2024 246 0.29%

8.87% TN SDL - 16.10.2024 131 0.15%

9.01% KA SDL - 25.06.2024 119 0.14%

9.11% MP SDL - 28.05.2024 2,124 2.49%

9.14% KA SDL - 28.05.2024 168 0.20%

9.40% MP SDL - 30.01.2024 96 0.11%

8.63% MH SDL - 09.01.2023 2,182 2.56%

8.99% MP SDL - 09.07.2024 1,303 1.53%

Financial and insurance activities 5,004 5.87%



6.90% GOI - 13.07.2019 296 0.15%

7.16% GOI - 20.05.2023 1,520 0.75%

7.28% GOI - 03.06.2019 1,012 0.50%

7.80% GOI - 03.05.2020 1,288 0.63%

7.94% GOI - 24.05.21 179 0.09%

7.95% Oil Bond - 18.01.25 199 0.10%

8.00% GOI Oil Bond - 23.03.26 225 0.11%

8.08% GOI - 02.08.2022 1,132 0.56%

8.20% GOI - 24.09.2025 2,182 1.07%

8.28% GOI - 15.02.32 217 0.11%


8.30% GOI - 02.07.2040 33,420 16.42%

8.30% GOI - 31.12.2042 30,126 14.80%

8.30% GOI 2040 ZCG - 02.07.2015 9 0.00%

8.32% GOI - 02.08.2032 190 0.09%

8.83% GOI - 25.11.2023 1,480 0.73%

9.23% GOI - 23.12.2043 30,100 14.79%







Industry Kotak Group % of TotalGilt Fund Funds

ULGF-002-27/06/03-GLTFND-107

Total 127,713 62.76%


Total 48,095 23.64%


Total 27,289 13.41%

Others

Grand Total 203,483 100.00%

8.17% GOI - 01.12.2044 143 0.07%

8.27% GOI - 09.06.2020 17,830 8.76%

8.60% GOI - 02.06.2028 83 0.04%

7.95% MAH SDL - 03.07.2023 4,979 2.45%

8.31% GJ SDL - 03.02.2020 1,011 0.50%

8.52% GJ SDL - 19.01.2021 2,566 1.26%

8.91% MAH SDL - 05.09.2022 5,622 2.76%

8.92% KA SDL - 07.03.2022 1,720 0.85%

8.94% GJ SDL - 07.03.2022 235 0.12%

8.98% PN SDL - 14.10.2021 3,994 1.96%

8.99% MP SDL - 07.03.2022 5,836 2.87%

9.18% PN SDL 2021 - 09.11.2021 226 0.11%

9.29% MP SDL - 16.01.2024 165 0.08%

9.35% MH SDL - 30.01.2024 95 0.05%

9.37% GJ SDL - 04.12.2023 1,841 0.90%

9.39% GJ SDL - 20.11.2023 5,844 2.87%

8.05% GJ SDL - 25.02.2025 269 0.13%

8.06% KA SDL - 11.02.2025 272 0.13%

8.84% MAH SDL - 16.10.2024 547 0.27%

8.87% TN SDL - 16.10.2024 275 0.14%

9.01% KA SDL - 25.06.2024 249 0.12%

9.11% MP SDL - 28.05.2024 4,217 2.07%

9.14% KA SDL - 28.05.2024 337 0.17%

9.40% MP SDL - 30.01.2024 188 0.09%

8.63% MH SDL - 09.01.2023 4,804 2.36%

8.99% MP SDL - 09.07.2024 2,803 1.38%




CBLO - 06.04.2015 17,978 8.84%


Industry Kotak Dynamic % of TotalBond Fund Funds

ULIF-015-15/04/04-DYBNDFND-107

GOVT. of INDIA

Total 4,251,198 50.61%



6.35% OMC GOI BOND - 23.12.2024 178 0.00%

6.83% GOI - 19.01.39 743 0.01%

6.90% GOI - 13.07.2019 31,612 0.38%

7.02% GOI - 17.08.2016 3,755 0.04%

7.16% GOI - 20.05.2023 71,815 0.86%

7.28% GOI - 03.06.2019 11,681 0.14%

7.46% GOI - 28.08.17 69 0.00%

7.50% GOI - 10.08.34 546 0.01%

7.94% GOI - 24.05.21 9,113 0.11%

7.95% GOI - 28.08.32 400 0.00%

7.95% GOI Fertilizer Bond - 18.02.26 2,846 0.03%

8.00% GOI Oil Bond - 23.03.26 10,500 0.13%

8.08% GOI - 02.08.2022 2,531 0.03%

8.26% GOI - 02.08.27 1,092 0.01%

8.28% GOI - 15.02.32 3,558 0.04%


8.30% GOI - 02.07.2040 964,046 11.48%

8.30% GOI - 31.12.2042 916,381 10.91%

8.30% GOI 2040 ZCG - 02.07.2015 112 0.00%

8.32% GOI - 02.08.2032 5,114 0.06%

8.35% GOI - 14.05.22 961 0.01%

8.79% GOI - 08.11.2021 1,223 0.01%

8.83% GOI - 25.11.2023 66,280 0.79%

9.23% GOI - 23.12.2043 1,100,459 13.10%

8.17% GOI - 01.12.2044 3,006 0.04%

8.27% GOI - 09.06.2020 762,112 9.07%

8.60% GOI - 02.06.2028 3,870 0.05%

10.05% Bajaj Finance Ltd - 10.01.2017 74,595 0.89%

10.75% Shriram Transport Finance Co Ltd 24.10.2016 52,247 0.62%

11.15% REC - 24.10.2018 11,954 0.14%

7.40% Canara Bank- 29.04.2015 4,995 0.06%

8.80% REC - 29.11.2020 13,274 0.16%

8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016 5,029 0.06%

8.80% Sundaram Finance - 03.06.16 124,861 1.49%

8.83% EXIM- 09.01.2023 20,574 0.25%

8.85% Tata Sons - 02.05.2018 52,188 0.62%

8.89% IDFC - 02.12.20 15,323 0.18%

8.90% PFC - 18.03.2028 6,303 0.08%

8.94% PFC - 25.03.2028 15,793 0.19%

8.99% Tata Sons - 07.06.2020 8,079 0.10%

9.02% REC - 19.11.2022 2,077 0.02%

9.05% SBH Perpetual Bond Call- 20.09.2020 32,906 0.39%

9.25% IDFC - 13.09.19 30,488 0.36%

9.36% PFC - 01.08.2021 5,249 0.06%

9.38% REC - 06.11.2018 1,042 0.01%

9.45% PFC - 01.09.2026 2,167 0.03%

9.64% PFC - 15.12.2016 4,070 0.05%

9.70% ANDHRA BANK FD - 07.04.2016 20,600 0.25%

9.70% PFC - 31.01.2020 16,868 0.20%

9.78% Tata Sons - 13.01.2019 143,724 1.71%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 25,235 0.30%






Industry Kotak Dynamic % of TotalBond Fund Funds

ULIF-015-15/04/04-DYBNDFND-107

Total 1,432,627 17.06%

Others

Grand Total 8,399,959 100.00%

Industry Kotak Pension % of TotalBond Fund Funds

ULIF-017-15/04/04-PNBNDFND-107

GOVT. of INDIA

9.85% Tata Sons - 21.05.2017 9,200 0.11%

9.87% Tata Sons - 17.07.2017 1,022 0.01%

9.90% Tata Sons - 09.03.2016 11,109 0.13%

9.90% Tata Sons - 20.03.2019 43,841 0.52%

9.98% ICICI Perpetual Bond -CALL 13.09.16. 61,171 0.73%




9.36% IDFC - 21.08.24 2,133 0.03%

8.84% PFC - 04.03.2023 6,163 0.07%


9.43% Tata Sons - 02.06.2019 13,355 0.16%


PFC CP - 28.04.2015 27,822 0.33%

Oriental Bank of Commerce CD - 06.04.2015 191,431 2.28%

8.55% PFC - 09.12.2021 26,217 0.31%

8.65% REC 2019- 15.01.2019 2,023 0.02%

8.80% REC - 25.10.2020 25,519 0.30%

9.20% PFC - 07.07.2021 10,380 0.12%

9.4321% KMPL - 28.12.2015 4,025 0.05%

Bajaj Finance Ltd ZCB - 08.04.2015 43,898 0.52%

Financial and insurance activities - Housing Sector - Debt 702,958 8.37%

State Development Loan 644,995 7.68%

Electricity, gas, steam and air conditioning supply 496,263 5.91%

Warehousing and support activities for transportation 409,908 4.88%

Manufacture of basic metals 84,415 1.00%

Civil engineering 17,640 0.21%

Manufacture of coke and refined petroleum products 4,326 0.05%

Wholesale trade, except of motor vehicles and motorcycles 994 0.01%



6.35% OMC GOI BOND - 23.12.2024 26 0.00%

6.83% GOI - 19.01.39 129 0.01%

6.90% GOI - 13.07.2019 1,647 0.17%

7.16% GOI - 20.05.2023 8,779 0.88%

7.28% GOI - 03.06.2019 1,481 0.15%

7.50% GOI - 10.08.34 88 0.01%

7.94% GOI - 24.05.21 1,239 0.12%

7.95% GOI - 28.08.32 64 0.01%

7.95% GOI Fertilizer Bond - 18.02.26 458 0.05%

8.00% GOI Oil Bond - 23.03.26 1,293 0.13%

8.26% GOI - 02.08.27 174 0.02%

8.28% GOI - 15.02.32 440 0.04%


8.30% GOI - 02.07.2040 116,349 11.74%

8.30% GOI - 31.12.2042 110,897 11.19%


Industry Kotak Pension % of TotalBond Fund Funds

ULIF-017-15/04/04-PNBNDFND-107

Total 515,434 51.99%


Total 170,383 17.19%

Others

Grand Total 991,394 100.00%

8.30% GOI 2040 ZCG - 02.07.2015 47 0.00%

8.32% GOI - 02.08.2032 633 0.06%

8.35% GOI - 14.05.22 124 0.01%

8.79% GOI - 08.11.2021 191 0.02%

8.83% GOI - 25.11.2023 8,103 0.82%

9.23% GOI - 23.12.2043 132,154 13.33%

8.17% GOI - 01.12.2044 373 0.04%

8.27% GOI - 09.06.2020 91,608 9.24%

8.60% GOI - 02.06.2028 481 0.05%



11.15% REC - 24.10.2018 1,087 0.11%

8.80% REC - 29.11.2020 2,042 0.21%

8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016 1,006 0.10%


8.83% EXIM- 09.01.2023 2,057 0.21%

8.85% Tata Sons - 02.05.2018 6,022 0.61%

8.89% IDFC - 02.12.20 1,021 0.10%

8.90% PFC - 18.03.2028 1,050 0.11%

8.94% PFC - 25.03.2028 2,106 0.21%

8.99% Tata Sons - 07.06.2020 1,010 0.10%


9.70% ANDHRA BANK FD - 07.04.2016 9,100 0.92%

9.70% PFC - 31.01.2020 2,109 0.21%

9.78% Tata Sons - 13.01.2019 17,705 1.79%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 4,206 0.42%

9.85% Tata Sons - 21.05.2017 1,022 0.10%

9.90% Tata Sons - 09.03.2016 2,020 0.20%

9.90% Tata Sons - 20.03.2019 5,219 0.53%





8.84% PFC - 04.03.2023 1,027 0.10%


9.43% Tata Sons - 02.06.2019 2,055 0.21%


PFC CP - 28.04.2015 3,478 0.35%


8.55% PFC - 09.12.2021 3,025 0.31%

8.80% REC - 25.10.2020 3,062 0.31%

9.20% PFC - 07.07.2021 1,038 0.10%

9.4321% KMPL - 28.12.2015 1,006 0.10%














Industry Kotak Group % of TotalBond Fund Funds

ULGF-004-15/04/04-BNDFND-107

GOVT. of INDIA

Total 3,106,089 50.06%


1.44% INFLATION INDEX GS 2023 148,154 2.39%10.79% GOI - 19.05.2015 5,028 0.08%6.35% OMC GOI BOND - 23.12.2024 103 0.00%6.83% GOI - 19.01.39 446 0.01%6.90% GOI - 13.07.2019 20,519 0.33%7.16% GOI - 20.05.2023 50,119 0.81%7.28% GOI - 03.06.2019 6,986 0.11%7.50% GOI - 10.08.34 339 0.01%7.94% GOI - 24.05.21 5,306 0.09%7.95% GOI - 28.08.32 251 0.00%7.95% GOI Fertilizer Bond - 18.02.26 1,759 0.03%8.00% GOI Oil Bond - 23.03.26 7,101 0.11%8.26% GOI - 02.08.27 674 0.01%8.28% GOI - 15.02.32 2,311 0.04%8.30% Fertilizer Co GOI - 07.12.23 9,840 0.16%8.30% GOI - 02.07.2040 707,856 11.41%8.30% GOI - 31.12.2042 692,782 11.17%8.30% GOI 2040 ZCG - 02.07.2015 140 0.00%8.32% GOI - 02.08.2032 3,357 0.05%8.35% GOI - 14.05.22 509 0.01%8.79% GOI - 08.11.2021 724 0.01%8.83% GOI - 25.11.2023 46,266 0.75%9.23% GOI - 23.12.2043 834,697 13.45%8.17% GOI - 01.12.2044 2,062 0.03%8.27% GOI - 09.06.2020 556,285 8.96%8.60% GOI - 02.06.2028 2,475 0.04%

10.05% Bajaj Finance Ltd - 10.01.2017 45,983 0.74%10.75% Shriram Transport Finance Co Ltd 24.10.2016 28,821 0.47%11.15% REC - 24.10.2018 6,521 0.11%8.80% REC - 17.11.2019 1,019 0.02%8.80% REC - 29.11.2020 9,190 0.15%8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016 4,023 0.07%8.80% Sundaram Finance - 03.06.16 83,906 1.35%8.83% EXIM- 09.01.2023 14,402 0.23%8.85% Tata Sons - 02.05.2018 32,115 0.52%8.89% IDFC - 02.12.20 7,151 0.12%8.90% PFC - 18.03.2028 3,151 0.05%8.94% PFC - 25.03.2028 15,793 0.25%8.99% Tata Sons - 07.06.2020 5,049 0.08%9.02% REC - 19.11.2022 1,039 0.02%9.05% SBH Perpetual Bond Call- 20.09.2020 20,566 0.33%9.25% IDFC - 13.09.19 7,114 0.11%9.64% PFC - 15.12.2016 3,052 0.05%9.70% ANDHRA BANK FD - 07.04.2016 39,250 0.63%9.70% PFC - 31.01.2020 7,380 0.12%9.78% Tata Sons - 13.01.2019 85,401 1.38%9.80% Bajaj Finance Ltd - 17.10.2016 36,628 0.59%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 17,875 0.29%9.85% Tata Sons - 21.05.2017 5,111 0.08%9.90% Tata Sons - 09.03.2016 6,059 0.10%9.90% Tata Sons - 20.03.2019 27,140 0.44%9.98% ICICI Perpetual Bond -CALL 13.09.16. 33,644 0.54%Birla Sun Life Cash Plus - Growth - Direct Plan 71,574 1.15%ICICI Prudential Liquid - Direct Plan - Growth 70,067 1.13%

Industry Kotak Group % of TotalBond Fund Funds

ULGF-004-15/04/04-BNDFND-107

Total 1,145,448 18.46%

Others

Grand Total 6,205,329 100.00%

Industry Kotak Group Secure % of TotalCapital Fund Funds

ULGF-016-12/04/11-SECCAPFND-107

GOVT. of INDIA

Total 68,066 49.73%

Kotak Floater Short Term-(Growth) - Direct 76,471 1.23%9.36% IDFC - 21.08.24 2,133 0.03%8.84% PFC - 04.03.2023 4,109 0.07%9.35% Bajaj Finance Ltd - 31.10.2017 23,177 0.37%9.43% Tata Sons - 02.06.2019 8,218 0.13%9.85% Shriram Transport Finance Co Ltd 15.07.2017 56,015 0.90%PFC CP - 28.04.2015 28,813 0.46%Oriental Bank of Commerce CD - 06.04.2015 139,704 2.25%8.55% PFC - 09.12.2021 18,150 0.29%8.65% REC 2019- 15.01.2019 3,035 0.05%8.80% REC - 25.10.2020 18,373 0.30%9.20% PFC - 07.07.2021 18,685 0.30%9.4321% KMPL - 28.12.2015 3,019 0.05%Bajaj Finance Ltd ZCB - 08.04.2015 9,877 0.16%IL & FS CP 24.02.16 46,645 0.75%

State Development Loan 480,557 7.74%Financial and insurance activities - Housing Sector - Debt 476,346 7.68%Electricity, gas, steam and air conditioning supply 337,248 5.43%Warehousing and support activities for transportation 218,561 3.52%Manufacture of basic metals 58,826 0.95%Civil engineering 13,489 0.22%Manufacture of coke and refined petroleum products 1,081 0.02%Net Current Assets 367,684 5.92%

1.44% INFLATION INDEX GS 2023 2,815 2.06%6.35% OMC GOI BOND - 23.12.2024 2 0.00%6.83% GOI - 19.01.39 11 0.01%6.90% GOI - 13.07.2019 287 0.21%7.16% GOI - 20.05.2023 1,176 0.86%7.28% GOI - 03.06.2019 168 0.12%7.50% GOI - 10.08.34 7 0.00%7.94% GOI - 24.05.21 102 0.07%7.95% GOI - 28.08.32 5 0.00%7.95% GOI Fertilizer Bond - 18.02.26 36 0.03%8.00% GOI Oil Bond - 23.03.26 172 0.13%8.26% GOI - 02.08.27 14 0.01%8.28% GOI - 15.02.32 55 0.04%8.30% Fertilizer Co GOI - 07.12.23 228 0.17%8.30% GOI - 02.07.2040 15,718 11.48%8.30% GOI - 31.12.2042 14,964 10.93%8.30% GOI 2040 ZCG - 02.07.2015 3 0.00%8.32% GOI - 02.08.2032 80 0.06%8.35% GOI - 14.05.22 8 0.01%8.79% GOI - 08.11.2021 15 0.01%8.83% GOI - 25.11.2023 1,091 0.80%9.23% GOI - 23.12.2043 18,545 13.55%8.17% GOI - 01.12.2044 49 0.04%8.27% GOI - 09.06.2020 12,455 9.10%8.60% GOI - 02.06.2028 60 0.04%






Industry Kotak Dynamic % of TotalFloating Rate Fund FundsULIF-020-07/12/04-

DYFLTRFND-107


Total 131,009 57.02%

GOVT. of INDIA

Total 123,660 53.82%


Total 46,153 20.09%


Total 24,200 10.53%

Others

Grand Total 229,750 100.00%

EXIM Floater INCMTBMK + 100 bps - 09.08.2016 23,222 10.11%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 25,071 10.91%Birla Sun Life Cash Plus - Growth - Direct Plan 829 0.36%ICICI Prudential Liquid - Direct Plan - Growth 811 0.35%Kotak Floater Short Term-(Growth) - Direct 885 0.39%State Bank of Patiala CD - 30.12.2015 23,508 10.23%Bank of India CD - 09.06.15 9,840 4.28%IL & FS CP 24.02.16 18,468 8.04%Axis Bank CD - 19.01.2016 8,517 3.71%Canara Bank CD - 17.02.2016 8,374 3.64%Corporation Bank CD - 11.03.2016 11,484 5.00%

7.28% GOI - 03.06.2019 7,375 3.21%8.19% GOI - 16.01.2020 18,144 7.89%8.28% GOI - 21.09.2027 2,453 1.07%8.33% GOI - 09.07.2026 6,685 2.91%GOI FRB - 21.12.2020 27,801 12.10%6.49% GOI - 08.06.2015 45,350 19.74%6.05% GOI - 12.06.2019 15,852 6.90%

HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 26,290 11.44%LIC Housing Finance Ltd INBMK+120BPS -29.07.16 19,863 8.65%

7.95% MAH SDL - 03.07.2023 3,771 1.64%8.51% PN SDL - 10.04.2023 4,602 2.00%9.65% TN SDL - 12.03.2024 7,836 3.41%9.37% MAH SDL - 04.12.2023 7,991 3.48%

Net Current Assets (95,272) -41.46%

Industry Kotak Group Secure % of TotalCapital Fund Funds

ULGF-016-12/04/11-SECCAPFND-107


Total 30,049 21.95%

Others

Grand Total 136,878 100.00%

Industry Discontinued % of TotalPolicy Fund Funds

ULIF-050-23/03/11-DISPOLFND-107

GOVT. of INDIA

Total 1,206,355 63.23%

Total 604,819 31.70%Others

Grand Total 1,907,882 100.00%

10.05% Bajaj Finance Ltd - 10.01.2017 1,022 0.75%10.75% Shriram Transport Finance Co Ltd 24.10.2016 455 0.33%8.80% Sundaram Finance - 03.06.16 1,998 1.46%8.83% EXIM- 09.01.2023 1,029 0.75%8.85% Tata Sons - 02.05.2018 1,004 0.73%9.05% SBH Perpetual Bond Call- 20.09.2020 1,028 0.75%9.70% ANDHRA BANK FD - 07.04.2016 450 0.33%9.78% Tata Sons - 13.01.2019 2,083 1.52%9.80% Bajaj Finance Ltd - 17.10.2016 1,017 0.74%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,051 0.77%9.90% Tata Sons - 20.03.2019 1,044 0.76%9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,019 0.75%Birla Sun Life Cash Plus - Growth - Direct Plan 2,031 1.48%ICICI Prudential Liquid - Direct Plan - Growth 1,988 1.45%Kotak Floater Short Term-(Growth) - Direct 2,170 1.59%9.35% Bajaj Finance Ltd - 31.10.2017 2,015 1.47%9.85% Shriram Transport Finance Co Ltd 15.07.2017 1,018 0.75%PFC CP - 28.04.2015 497 0.36%Oriental Bank of Commerce CD - 06.04.2015 3,096 2.26%CBLO - 06.04.2015 2,996 2.19%9.20% PFC - 07.07.2021 1,038 0.76%

State Development Loan 11,428 8.35%Financial and insurance activities - Housing Sector - Debt 8,893 6.50%Electricity, gas, steam and air conditioning supply 7,240 5.29%Warehousing and support activities for transportation 5,552 4.06%Manufacture of basic metals 510 0.37%Net Current Assets 5,141 3.75%

6.49% GOI - 08.06.2015 1,206,355 63.23%

Financial and insurance activitiesBirla Sun Life Cash Plus - Growth - Direct Plan 28,575 1.50%ICICI Prudential Liquid - Direct Plan - Growth 27,974 1.47%Kotak Floater Short Term-(Growth) - Direct 30,530 1.60%PFC CP - 28.04.2015 8,938 0.47%State Bank of Patiala CD - 30.12.2015 6,946 0.36%EXIM CD - 16.03.2016 74,826 3.92%State Bank of Hyderabad CD - 08.06.2015 68,933 3.61%PNB CD - 10.12.2015 8,200 0.43%IL & FS CP 24.02.16 12,928 0.68%L&T Finance CP - 03.03.2016 87,732 4.60%Sundaram Fin CP - 10.02.16 84,954 4.45%Axis Bank CD - 19.01.2016 6,528 0.34%Canara Bank CD - 17.02.2016 68,850 3.61%Corporation Bank CD - 11.03.2016 88,905 4.66%

Financial and insurance activities - Housing Sector - Debt 88,601 4.65%Net Current Assets 8,107 0.42%








Industry Kotak Pension % of TotalFloating Rate Fund FundsULIF-022-07/12/04-

PNFLTRFND-107


Total 20,470 39.74%

GOVT. of INDIA

Total 19,322 37.51%


Total 7,024 13.64%

Others

Grand Total 51,511 100.00%

Industry Kotak Group % of TotalFloating Rate Fund Funds

ULGF-005-07/12/04-FLTRFND-107


Total 71,503 42.19%

EXIM Floater INCMTBMK + 100 bps - 09.08.2016 4,039 7.84%

L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 2,507 4.87%





Bank of India CD - 09.06.15 1,378 2.67%

IL & FS CP 24.02.16 2,770 5.38%

Axis Bank CD - 19.01.2016 1,123 2.18%

Canara Bank CD - 17.02.2016 1,302 2.53%


7.28% GOI - 03.06.2019 1,036 2.01%

8.19% GOI - 16.01.2020 2,959 5.74%

8.28% GOI - 21.09.2027 324 0.63%

8.33% GOI - 09.07.2026 932 1.81%

GOI FRB - 21.12.2020 5,339 10.37%

6.49% GOI - 08.06.2015 6,575 12.76%

6.05% GOI - 12.06.2019 2,157 4.19%

HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 4,045 7.85%

LIC Housing Finance Ltd INBMK+120BPS -29.07.16 2,979 5.79%









CBLO - 06.04.2015 999 0.59%

Bank of India CD - 09.06.15 4,133 2.44%

IL & FS CP 24.02.16 9,234 5.45%

Axis Bank CD - 19.01.2016 4,399 2.59%

Canara Bank CD - 17.02.2016 4,280 2.53%


Industry Kotak Group % of TotalFloating Rate Fund Funds

ULGF-005-07/12/04-FLTRFND-107

GOVT. of INDIA

Total 59,643 35.19%


Total 22,083 13.03%

Others

Grand Total 169,466 100.00%

Industry Kotak Group % of Total57M FMP 07/04/2016 Funds

ULGF-017-14/07/11-57FM070416-107


Total 157,910 60.68%


Total 32,304 12.41%

Others

Grand Total 260,236 100.00%

7.28% GOI - 03.06.2019 3,883 2.29%

8.19% GOI - 16.01.2020 7,203 4.25%

8.28% GOI - 21.09.2027 648 0.38%

8.33% GOI - 09.07.2026 2,702 1.60%

GOI FRB - 21.12.2020 14,073 8.30%

6.49% GOI - 08.06.2015 22,880 13.50%

6.05% GOI - 12.06.2019 8,254 4.87%

HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 13,145 7.76%

LIC Housing Finance Ltd INBMK+120BPS -29.07.16 8,938 5.27%



9.17% IDBI FD - 07.04.2016 10,100 3.88%

9.25% IOB FD - 07.04.2016 19,900 7.65%

9.25% OBC FD - 07.04.2016 9,900 3.80%

9.25% OBC FD1 - 07.04.2016 9,628 3.70%

9.25% SBBJ FD - 07.04.2016 9,900 3.80%

9.25% SBH FD - 07.04.2016 20,000 7.69%

9.50% SYNDICATE BANK FD - 07.04.2016 20,500 7.88%

9.62% PFC - 29.06.2016 17,253 6.63%

9.70% ANDHRA BANK FD - 07.04.2016 20,600 7.92%

9.75% Tata Sons - 21.04.2016 20,129 7.73%

9.60% HDFC - 07.04.2016 20,157 7.74%

9.74% LIC Housing Finance - 15.07.2016 12,147 4.67%









Industry Kotak Dynamic % of TotalBalanced Fund Funds

ULIF-009-27/06/03-DYBALFND-107


Total 43,815 23.23%

GOVT. of INDIA

Total 39,087 20.72%

10.05% Bajaj Finance Ltd - 10.01.2017 1,022 0.54%10.75% Shriram Transport Finance Co Ltd 24.10.2016 465 0.25%8.80% Sundaram Finance - 03.06.16 999 0.53%8.85% Tata Sons - 02.05.2018 1,004 0.53%8.99% Tata Sons - 07.06.2020 1,010 0.54%9.78% Tata Sons - 13.01.2019 1,042 0.55%9.80% Bajaj Finance Ltd - 17.10.2016 1,017 0.54%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,051 0.56%Axis Bank Ltd 5,267 2.79%HDFC Bank Ltd 6,290 3.34%ICICI Bank Ltd 4,021 2.13%IndusInd Bank Limited 2,765 1.47%Infrastructure Development Finance Company Ltd 912 0.48%State Bank of India 1,776 0.94%YES BANK LTD 2,607 1.38%Birla Sun Life Cash Plus - Growth - Direct Plan 1,740 0.92%ICICI Prudential Liquid - Direct Plan - Growth 1,704 0.90%Kotak Floater Short Term-(Growth) - Direct 1,859 0.99%9.36% IDFC - 21.08.24 1,067 0.57%8.75% HDFC Bank FD NSE - 09.08.2015 159 0.08%9.00% HDFC Bank FD BSE - 24.07.2015 75 0.04%9.00% HDFC Bank FD NSE - 24.07.2015 162 0.09%L I C Housing Finance Ltd 827 0.44%Max India Ltd 587 0.31%Sundaram Finance Limited 61 0.03%9.85% Shriram Transport Finance Co Ltd 15.07.2017 1,018 0.54%Oriental Bank of Commerce CD - 06.04.2015 1,797 0.95%PNB CD - 10.12.2015 1,511 0.80%


6.35% OMC GOI BOND - 23.12.2024 2 0.00%

6.83% GOI - 19.01.39 11 0.01%

6.90% GOI - 13.07.2019 311 0.16%

7.16% GOI - 20.05.2023 670 0.36%

7.28% GOI - 03.06.2019 112 0.06%

7.50% GOI - 10.08.34 6 0.00%

7.94% GOI - 24.05.21 90 0.05%

7.95% GOI - 28.08.32 5 0.00%


8.00% GOI Oil Bond - 23.03.26 99 0.05%

8.26% GOI - 02.08.27 13 0.01%

8.28% GOI - 15.02.32 25 0.01%

8.30% Fertilizer Co GOI - 07.12.23 138 0.07%

8.30% GOI - 02.07.2040 8,824 4.68%

8.30% GOI - 31.12.2042 8,404 4.46%

8.30% GOI 2040 ZCG - 02.07.2015 19 0.01%

8.32% GOI - 02.08.2032 48 0.01%

8.35% GOI - 14.05.22 8 0.00%

8.79% GOI - 08.11.2021 14 0.01%

8.83% GOI - 25.11.2023 619 0.33%

9.23% GOI - 23.12.2043 10,063 5.34%

8.17% GOI - 01.12.2044 29 0.02%

8.27% GOI - 09.06.2020 6,967 3.69%

8.60% GOI - 02.06.2028 36 0.02%

Industry Kotak Dynamic % of TotalBalanced Fund Funds

ULIF-009-27/06/03-DYBALFND-107

Others

Grand Total 188,620 100.00%

Industry Kotak Guaranteed % of TotalBalanced Fund Funds

ULIF-010-27/06/03-GRTBALFND-107

GOVT. of INDIA

Computer programming, consultancy and related activities 15,450 8.19%

Manufacture of motor vehicles, trailers and semi-trailers 10,834 5.74%


Mfg of pharmaceuticals, medicinal chemical & botanical products 9,606 5.09%

Exchange Traded Fund 8,099 4.29%



Manufacture of food products 5,851 3.10%

Manufacture of other non-metallic mineral products 5,709 3.03%

Manufacture of tobacco products 4,453 2.38%



Manufacture of other transport equipment 2,081 1.10%

Manufacture of computer, electronic and optical products 1,441 0.76%

Manufacture of machinery and equipment n.e.c. 1,359 0.72%

Other manufacturing 1,306 0.69%

Manufacture of beverages 1,254 0.67%

Land transport and transport via pipelines 1,140 0.60%

Manufacture of electrical equipment 1,066 0.57%

Mining of metal ores 1,042 0.55%

Electricity, gas, steam and air conditioning supply 990 0.52%

Accommodation 977 0.52%

Manufacture of chemicals and chemical products 830 0.44%

Information service activities 543 0.29%


1.44% INFLATION INDEX GS 2023 25,962 2.32%6.01% GOI - 25.03.2028 2,278 0.20%6.35% OMC GOI BOND - 23.12.2024 19 0.00%6.83% GOI - 19.01.39 101 0.01%6.90% GOI - 13.07.2019 3,152 0.28%7.16% GOI - 20.05.2023 5,417 0.48%7.28% GOI - 03.06.2019 1,015 0.09%7.50% GOI - 10.08.34 58 0.01%7.94% GOI - 24.05.21 914 0.08%7.95% GOI - 28.08.32 45 0.00%7.95% GOI Fertilizer Bond - 18.02.26 287 0.03%8.00% GOI Oil Bond - 23.03.26 804 0.07%8.26% GOI - 02.08.27 127 0.01%8.28% GOI - 15.02.32 217 0.02%8.30% Fertilizer Co GOI - 07.12.23 1,139 0.10%8.30% GOI - 02.07.2040 71,379 6.38%8.30% GOI - 31.12.2042 68,001 6.08%8.30% GOI 2040 ZCG - 02.07.2015 119 0.01%8.32% GOI - 02.08.2032 422 0.04%8.35% GOI - 14.05.22 87 0.01%8.79% GOI - 08.11.2021 132 0.01%8.83% GOI - 25.11.2023 5,000 0.45%9.23% GOI - 23.12.2043 81,514 7.29%









Total 324,583 29.01%


Total 223,564 19.98%

Others

8.17% GOI - 01.12.2044 230 0.02%8.27% GOI - 09.06.2020 55,843 4.99%8.60% GOI - 02.06.2028 321 0.03%

10.05% Bajaj Finance Ltd - 10.01.2017 6,131 0.55%10.75% Shriram Transport Finance Co Ltd 24.10.2016 4,982 0.45%8.80% REC - 29.11.2020 1,021 0.09%8.80% Sundaram Finance - 03.06.16 999 0.09%8.83% EXIM- 09.01.2023 2,058 0.18%8.85% Tata Sons - 02.05.2018 4,014 0.36%8.89% IDFC - 02.12.20 1,022 0.09%8.94% PFC - 25.03.2028 1,053 0.09%8.99% Tata Sons - 07.06.2020 1,010 0.09%9.05% SBH Perpetual Bond Call- 20.09.2020 2,057 0.18%9.35% IIFCL - 17.11.23 1,078 0.10%9.70% PFC - 31.01.2020 1,054 0.09%9.78% Tata Sons - 13.01.2019 12,498 1.12%9.80% Bajaj Finance Ltd - 17.10.2016 6,105 0.55%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 3,154 0.28%9.85% Tata Sons - 21.05.2017 1,022 0.09%9.90% Tata Sons - 09.03.2016 1,010 0.09%9.90% Tata Sons - 20.03.2019 3,132 0.28%9.98% ICICI Perpetual Bond -CALL 13.09.16. 3,059 0.27%Axis Bank Ltd 25,194 2.25%HDFC Bank Ltd 30,920 2.76%ICICI Bank Ltd 18,202 1.63%IndusInd Bank Limited 13,479 1.20%Infrastructure Development Finance Company Ltd 4,384 0.39%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 2,507 0.22%State Bank of India 8,463 0.76%YES BANK LTD 12,625 1.13%Birla Sun Life Cash Plus - Growth - Direct Plan 2,067 0.18%ICICI Prudential Liquid - Direct Plan - Growth 2,024 0.18%Kotak Floater Short Term-(Growth) - Direct 2,209 0.20%8.75% HDFC Bank FD NSE - 09.08.2015 616 0.06%9.00% HDFC Bank FD BSE - 24.07.2015 290 0.03%9.00% HDFC Bank FD NSE - 24.07.2015 629 0.06%L I C Housing Finance Ltd 4,345 0.39%Max India Ltd 2,693 0.24%Sundaram Finance Limited 288 0.03%9.35% Bajaj Finance Ltd - 31.10.2017 3,023 0.27%9.43% Tata Sons - 02.06.2019 1,027 0.09%9.85% Shriram Transport Finance Co Ltd 15.07.2017 7,129 0.64%Oriental Bank of Commerce CD - 06.04.2015 13,980 1.25%PNB CD - 10.12.2015 4,818 0.43%8.55% PFC - 09.12.2021 2,017 0.18%8.80% REC - 25.10.2020 2,041 0.18%9.20% PFC - 07.07.2021 1,038 0.09%Bajaj Finance Ltd ZCB - 08.04.2015 1,097 0.10%

Computer programming, consultancy and related activities 75,313 6.73%Financial and insurance activities - Housing Sector - Debt 62,290 5.57%State Development Loan 61,009 5.46%Manufacture of motor vehicles, trailers and semi-trailers 51,450 4.60%



Industry Kotak Pension % of TotalBalanced Fund Funds

ULIF-011-27/06/03-PNBALFND-107

GOVT. of INDIA

Total 633,331 27.65%

Mfg of pharmaceuticals, medicinal chemical & botanical products 45,120 4.03%Electricity, gas, steam and air conditioning supply 42,014 3.76%Exchange Traded Fund 40,576 3.63%Warehousing and support activities for transportation 37,111 3.32%Civil engineering 34,762 3.11%Manufacture of food products 28,636 2.56%Manufacture of other non-metallic mineral products 26,446 2.36%Manufacture of tobacco products 18,151 1.62%Manufacture of coke and refined petroleum products 13,237 1.18%Manufacture of other transport equipment 10,397 0.93%Other manufacturing 6,616 0.59%Manufacture of machinery and equipment n.e.c. 6,534 0.58%Manufacture of computer, electronic and optical products 6,265 0.56%Manufacture of beverages 5,881 0.53%Land transport and transport via pipelines 5,548 0.50%Mining of metal ores 5,074 0.45%Manufacture of electrical equipment 5,042 0.45%Accommodation 4,536 0.41%Manufacture of chemicals and chemical products 3,476 0.31%Information service activities 2,523 0.23%Manufacture of basic metals 2,068 0.18%Net Current Assets (29,497) -2.64%

Grand Total 1,118,725 100.00%


6.35% OMC GOI BOND - 23.12.2024 41 0.00%

6.83% GOI - 19.01.39 235 0.01%

6.90% GOI - 13.07.2019 6,526 0.28%

7.16% GOI - 20.05.2023 10,570 0.46%

7.28% GOI - 03.06.2019 1,959 0.09%

7.50% GOI - 10.08.34 128 0.01%

7.94% GOI - 24.05.21 1,805 0.08%

7.95% GOI - 28.08.32 98 0.00%


8.00% GOI Oil Bond - 23.03.26 1,545 0.07%

8.20% OMC GOI Special Bond - 12.02.24 1,140 0.05%

8.26% GOI - 02.08.27 286 0.01%

8.28% GOI - 15.02.32 418 0.02%


8.30% GOI - 02.07.2040 139,325 6.08%

8.30% GOI - 31.12.2042 132,710 5.79%

8.30% GOI 2040 ZCG - 02.07.2015 436 0.02%

8.32% GOI - 02.08.2032 812 0.04%

8.35% GOI - 14.05.22 177 0.01%

8.79% GOI - 08.11.2021 289 0.01%

8.83% GOI - 25.11.2023 9,755 0.43%

9.23% GOI - 23.12.2043 158,980 6.94%

8.17% GOI - 01.12.2044 449 0.02%

8.27% GOI - 09.06.2020 109,909 4.80%

8.60% GOI - 02.06.2028 616 0.03%










Total 460,540 20.10%

Others



8.80% REC - 29.11.2020 2,042 0.09%


8.83% EXIM- 09.01.2023 3,086 0.13%

8.85% Tata Sons - 02.05.2018 7,025 0.31%

8.89% IDFC - 02.12.20 2,043 0.09%

8.94% PFC - 25.03.2028 2,106 0.09%

8.99% Tata Sons - 07.06.2020 1,010 0.04%

9.35% IIFCL - 17.11.23 2,155 0.09%

9.70% PFC - 31.01.2020 2,109 0.09%

9.78% Tata Sons - 13.01.2019 24,995 1.09%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 5,257 0.23%

9.85% Tata Sons - 21.05.2017 2,045 0.09%

9.90% Tata Sons - 09.03.2016 2,020 0.09%

9.90% Tata Sons - 20.03.2019 7,307 0.32%


Axis Bank Ltd 49,120 2.14%

HDFC Bank Ltd 59,990 2.62%

ICICI Bank Ltd 36,113 1.58%

IndusInd Bank Limited 26,217 1.14%

Infrastructure Development Finance Company Ltd 8,510 0.37%


State Bank of India 16,490 0.72%

YES BANK LTD 24,593 1.07%




8.75% HDFC Bank FD NSE - 09.08.2015 2,110 0.09%

9.00% HDFC Bank FD BSE - 24.07.2015 991 0.04%

9.00% HDFC Bank FD NSE - 24.07.2015 2,147 0.09%

L I C Housing Finance Ltd 8,323 0.36%

Max India Ltd 5,214 0.23%

Sundaram Finance Limited 561 0.02%

8.84% PFC - 04.03.2023 1,027 0.04%


9.43% Tata Sons - 02.06.2019 2,055 0.09%



PNB CD - 10.12.2015 9,352 0.41%

8.55% PFC - 09.12.2021 4,033 0.18%

8.80% REC - 25.10.2020 4,083 0.18%

9.20% PFC - 07.07.2021 1,038 0.05%

9.4321% KMPL - 28.12.2015 1,006 0.04%











Grand Total 2,290,729 100.00%

Industry Kotak Group % of TotalBalanced Fund Funds

ULGF-003-27/06/03-BALFND-107


Warehousing and support activities for transportation 71,689 3.13%Civil engineering 67,542 2.95%













Accommodation 8,890 0.39%

Manufacture of chemicals and chemical products 7,275 0.32%


Information service activities 4,790 0.21%


10.05% Bajaj Finance Ltd - 10.01.2017 10,219 0.33%10.75% Shriram Transport Finance Co Ltd 24.10.2016 4,980 0.17%8.80% REC - 29.11.2020 2,042 0.07%8.80% Sundaram Finance - 03.06.16 10,988 0.38%8.83% EXIM- 09.01.2023 3,086 0.11%8.85% Tata Sons - 02.05.2018 8,029 0.28%8.89% IDFC - 02.12.20 1,022 0.04%8.94% PFC - 25.03.2028 2,106 0.07%8.99% Tata Sons - 07.06.2020 1,010 0.04%9.70% PFC - 31.01.2020 1,054 0.04%9.78% Tata Sons - 13.01.2019 11,456 0.40%9.80% Bajaj Finance Ltd - 17.10.2016 16,279 0.57%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 9,463 0.33%9.85% Tata Sons - 21.05.2017 1,022 0.04%9.90% Tata Sons - 09.03.2016 1,010 0.04%9.90% Tata Sons - 20.03.2019 5,219 0.18%9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,137 0.25%Axis Bank Ltd 77,740 2.70%HDFC Bank Ltd 93,741 3.26%ICICI Bank Ltd 57,394 2.00%IndusInd Bank Limited 41,458 1.44%Infrastructure Development Finance Company Ltd 12,971 0.45%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 2,507 0.09%State Bank of India 26,283 0.91%YES BANK LTD 38,711 1.35%Birla Sun Life Cash Plus - Growth - Direct Plan 26,193 0.91%ICICI Prudential Liquid - Direct Plan - Growth 25,642 0.89%Kotak Floater Short Term-(Growth) - Direct 27,985 0.97%8.75% HDFC Bank FD NSE - 09.08.2015 937 0.03%9.00% HDFC Bank FD BSE - 24.07.2015 439 0.02%9.00% HDFC Bank FD NSE - 24.07.2015 950 0.03%L I C Housing Finance Ltd 11,907 0.41%Max India Ltd 8,445 0.29%








ULGF-003-27/06/03-BALFND-107

Total 635,091 22.08%

GOVT. of INDIA

Total 603,608 20.98%

Others

Sundaram Finance Limited 789 0.03%8.84% PFC - 04.03.2023 1,027 0.04%9.35% Bajaj Finance Ltd - 31.10.2017 5,038 0.18%9.43% Tata Sons - 02.06.2019 2,055 0.07%9.85% Shriram Transport Finance Co Ltd 15.07.2017 10,185 0.35%PFC CP - 28.04.2015 6,955 0.24%Oriental Bank of Commerce CD - 06.04.2015 26,163 0.91%PNB CD - 10.12.2015 22,105 0.77%8.55% PFC - 09.12.2021 4,033 0.14%8.80% REC - 25.10.2020 4,083 0.14%9.20% PFC - 07.07.2021 1,038 0.04%Bajaj Finance Ltd ZCB - 08.04.2015 2,195 0.08%

1.44% INFLATION INDEX GS 2023 30,132 1.05%6.35% OMC GOI BOND - 23.12.2024 18 0.00%6.83% GOI - 19.01.39 88 0.00%6.90% GOI - 13.07.2019 3,399 0.12%7.16% GOI - 20.05.2023 9,927 0.35%7.28% GOI - 03.06.2019 3,943 0.14%7.50% GOI - 10.08.34 58 0.00%7.94% GOI - 24.05.21 1,142 0.04%7.95% GOI - 28.08.32 47 0.00%7.95% GOI Fertilizer Bond - 18.02.26 284 0.01%8.00% GOI Oil Bond - 23.03.26 1,427 0.05%8.19% GOI - 16.01.2020 7,102 0.25%8.20% OMC GOI Special Bond - 12.02.24 195 0.01%8.26% GOI - 02.08.27 130 0.00%8.28% GOI - 15.02.32 342 0.01%8.30% Fertilizer Co GOI - 07.12.23 1,995 0.07%8.30% GOI - 02.07.2040 131,396 4.57%8.30% GOI - 31.12.2042 125,006 4.35%8.30% GOI 2040 ZCG - 02.07.2015 103 0.00%8.32% GOI - 02.08.2032 670 0.02%8.35% GOI - 14.05.22 103 0.00%8.79% GOI - 08.11.2021 126 0.00%8.83% GOI - 25.11.2023 9,152 0.32%9.23% GOI - 23.12.2043 149,757 5.21%8.17% GOI - 01.12.2044 414 0.01%8.27% GOI - 09.06.2020 104,120 3.60%8.60% GOI - 02.06.2028 506 0.02%6.49% GOI - 08.06.2015 15,460 0.54%6.05% GOI - 12.06.2019 6,566 0.23%

Computer programming, consultancy and related activities 230,650 8.02%Manufacture of motor vehicles, trailers and semi-trailers 156,241 5.43%Mfg of pharmaceuticals, medicinal chemical & botanical products 140,999 4.90%Financial and insurance activities - Housing Sector - Debt 129,938 4.52%Exchange Traded Fund 117,130 4.07%Civil engineering 102,764 3.57%Manufacture of food products 84,354 2.93%Manufacture of other non-metallic mineral products 82,616 2.87%State Development Loan 82,515 2.87%Electricity, gas, steam and air conditioning supply 73,808 2.57%Manufacture of tobacco products 64,139 2.23%Warehousing and support activities for transportation 58,130 2.02%Manufacture of coke and refined petroleum products 45,541 1.58%Manufacture of other transport equipment 30,971 1.08%


ULGF-003-27/06/03-BALFND-107

Grand Total 2,876,503 100.00%

Industry Balanced % of TotalFundI Funds

ULIF-037-21/12/09-BALKFND-107


Total 96,403 27.44%














10.75% Shriram Transport Finance Co Ltd 24.10.2016 322 0.09%

8.80% Sundaram Finance - 03.06.16 999 0.28%

8.83% EXIM- 09.01.2023 1,029 0.29%

8.85% Tata Sons - 02.05.2018 2,007 0.57%

8.89% IDFC - 02.12.20 1,022 0.29%

9.40% REC - 20.07.2017 1,020 0.29%

9.62% PFC - 29.06.2016 1,015 0.29%

9.78% Tata Sons - 13.01.2019 1,042 0.30%


9.90% Tata Sons - 20.03.2019 1,044 0.30%











9.36% IDFC - 21.08.24 1,067 0.30%

8.75% HDFC Bank FD NSE - 09.08.2015 1 0.00%

9.00% HDFC Bank FD BSE - 24.07.2015 1 0.00%

9.00% HDFC Bank FD NSE - 24.07.2015 1 0.00%


Max India Ltd 978 0.28%


8.84% PFC - 04.03.2023 1,027 0.29%


9.43% Tata Sons - 02.06.2019 1,027 0.29%


PFC CP - 28.04.2015 994 0.28%


State Bank of Patiala CD - 30.12.2015 940 0.27%

CBLO - 06.04.2015 15,981 4.55%







Industry Balanced % of TotalFundI Funds

ULIF-037-21/12/09-BALKFND-107

GOVT. of INDIA

Total 67,098 19.10%

Others

Grand Total 351,367 100.00%


6.01% GOI - 25.03.2028 138 0.04%

6.35% OMC GOI BOND - 23.12.2024 1 0.00%

6.83% GOI - 19.01.39 6 0.00%

6.90% GOI - 13.07.2019 277 0.08%

7.16% GOI - 20.05.2023 1,167 0.33%

7.28% GOI - 03.06.2019 159 0.05%

7.46% GOI - 28.08.17 3 0.00%

7.50% GOI - 10.08.34 4 0.00%

7.94% GOI - 24.05.21 112 0.03%

7.95% GOI - 28.08.32 3 0.00%


8.00% GOI Oil Bond - 23.03.26 167 0.05%

8.26% GOI - 02.08.27 8 0.00%

8.28% GOI - 15.02.32 39 0.01%


8.30% GOI - 02.07.2040 15,617 4.44%

8.30% GOI - 31.12.2042 14,842 4.22%

8.30% GOI 2040 ZCG - 02.07.2015 2 0.00%

8.32% GOI - 02.08.2032 76 0.02%

8.35% GOI - 14.05.22 9 0.00%

8.79% GOI - 08.11.2021 9 0.00%

8.83% GOI - 25.11.2023 1,076 0.31%

9.23% GOI - 23.12.2043 17,774 5.06%

8.17% GOI - 01.12.2044 49 0.01%

8.27% GOI - 09.06.2020 12,515 3.56%

8.60% GOI - 02.06.2028 57 0.02%


























Industry Pension Balanced % of TotalFund II Funds

ULIF-046-24/01/10-PNBALFND2-107


Total 14,442 27.98%

GOVT. of INDIA

Total 10,452 20.25%

Others

10.75% Shriram Transport Finance Co Ltd 24.10.2016 101 0.20%8.85% Tata Sons - 02.05.2018 1,004 1.94%Axis Bank Ltd 1,426 2.76%HDFC Bank Ltd 1,718 3.33%ICICI Bank Ltd 956 1.85%IndusInd Bank Limited 736 1.43%Infrastructure Development Finance Company Ltd 248 0.48%State Bank of India 460 0.89%YES BANK LTD 674 1.31%Birla Sun Life Cash Plus - Growth - Direct Plan 706 1.37%ICICI Prudential Liquid - Direct Plan - Growth 691 1.34%Kotak Floater Short Term-(Growth) - Direct 754 1.45%9.36% IDFC - 21.08.24 1,066 2.07%8.75% HDFC Bank FD NSE - 09.08.2015 4 0.01%9.00% HDFC Bank FD BSE - 24.07.2015 2 0.00%9.00% HDFC Bank FD NSE - 24.07.2015 4 0.01%L I C Housing Finance Ltd 223 0.43%Max India Ltd 149 0.29%Sundaram Finance Limited 15 0.03%9.35% Bajaj Finance Ltd - 31.10.2017 1,008 1.95%Oriental Bank of Commerce CD - 06.04.2015 499 0.97%CBLO - 06.04.2015 1,998 3.87%

1.44% INFLATION INDEX GS 2023 697 1.35%6.01% GOI - 25.03.2028 78 0.15%6.35% OMC GOI BOND - 23.12.2024 1 0.00%6.83% GOI - 19.01.39 4 0.01%6.90% GOI - 13.07.2019 86 0.17%7.16% GOI - 20.05.2023 179 0.35%7.28% GOI - 03.06.2019 34 0.07%7.50% GOI - 10.08.34 2 0.00%7.94% GOI - 24.05.21 26 0.05%7.95% GOI - 28.08.32 2 0.00%7.95% GOI Fertilizer Bond - 18.02.26 9 0.02%8.00% GOI Oil Bond - 23.03.26 27 0.05%8.26% GOI - 02.08.27 4 0.01%8.28% GOI - 15.02.32 8 0.02%8.30% Fertilizer Co GOI - 07.12.23 38 0.07%8.30% GOI - 02.07.2040 2,314 4.48%8.30% GOI - 31.12.2042 2,162 4.19%8.30% GOI 2040 ZCG - 02.07.2015 3 0.01%8.32% GOI - 02.08.2032 16 0.03%8.35% GOI - 14.05.22 2 0.00%8.79% GOI - 08.11.2021 4 0.01%8.83% GOI - 25.11.2023 163 0.32%9.23% GOI - 23.12.2043 2,673 5.18%8.17% GOI - 01.12.2044 7 0.01%8.27% GOI - 09.06.2020 1,901 3.68%8.60% GOI - 02.06.2028 12 0.02%

Computer programming, consultancy and related activities 4,157 8.06%Manufacture of motor vehicles, trailers and semi-trailers 2,801 5.43%Mfg of pharmaceuticals, medicinal chemical & botanical products 2,436 4.72%Exchange Traded Fund 2,176 4.22%







Industry Pension Balanced % of TotalFund II Funds

ULIF-046-24/01/10-PNBALFND2-107

Grand Total 51,606 100.00%

Industry Kotak Dynamic % of TotalGrowth Fund Funds

ULIF-012-27/06/03-DYGWTFND-107


Total 169,317 25.31%








Manufacture of coke and refined petroleum products 789 1.53%

Manufacture of other transport equipment 627 1.21%

Financial and insurance activities - Housing Sector - Debt 473 0.92%

Manufacture of machinery and equipment n.e.c. 382 0.74%

Manufacture of computer, electronic and optical products 382 0.74%

Other manufacturing 353 0.69%

Manufacture of beverages 311 0.60%

Land transport and transport via pipelines 293 0.57%

Manufacture of electrical equipment 285 0.55%

Accommodation 255 0.49%

Mining of metal ores 216 0.42%


Manufacture of chemicals and chemical products 140 0.27%


10.70% IRFC - 11.09.23 1,155 0.17%

11.15% REC - 24.10.2018 10,868 1.65%

8.80% PFC - 15.01.2025 1,035 0.15%

8.80% REC - 29.11.2020 1,021 0.15%

9.02% REC - 19.11.2022 2,077 0.31%

9.57% IRFC - 31.05.2021 1,064 0.16%

9.64% PFC - 15.12.2016 2,035 0.30%

9.70% PFC - 15.12.2018 4,176 0.62%

9.75% REC - 11.11.2021. 4,293 0.64%

9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 5,257 0.79%











9.36% IDFC - 21.08.24 5,333 0.80%

8.75% HDFC Bank FD NSE - 09.08.2015 743 0.11%

9.00% HDFC Bank FD BSE - 24.07.2015 356 0.05%

9.00% HDFC Bank FD NSE - 24.07.2015 772 0.12%




Industry Kotak Dynamic % of TotalGrowth Fund Funds

ULIF-012-27/06/03-DYGWTFND-107

GOVT. of INDIA

Total 91,570 13.69%

Others

Grand Total 668,953 100.00%

Industry Kotak Guaranteed % of TotalGrowth Fund Funds

ULIF-013-27/06/03-GRTGWTFND-107

GOVT. of INDIA

7.02% GOI - 17.08.2016 1,584 0.24%

7.16% GOI - 20.05.2023 7,753 1.16%

7.28% GOI - 03.06.2019 5,016 0.75%

7.40% GOI 2035 - 09.09.35 46 0.01%

8.20% OMC GOI 2023-10.11.23 1,940 0.29%

8.28% GOI - 15.02.32 39 0.01%

8.28% GOI - 21.09.2027 10,307 1.54%

8.30% GOI - 02.07.2040 10,504 1.56%

8.30% GOI - 31.12.2042 13,139 1.96%

8.33% GOI - 07.06.36 69 0.01%

8.83% GOI - 12.12.2041 51 0.01%

8.97% GOI - 05.12.2030 1,047 0.16%

9.23% GOI - 23.12.2043 14,419 2.16%

8.17% GOI - 01.12.2044 5,222 0.78%

8.27% GOI - 09.06.2020 20,434 3.05%


12.30% GOI - 02.07.2016 5,259 0.04%

6.01% GOI - 25.03.2028 2,218 0.02%

6.05% GOI 2019 - 02.02.19 60 0.00%

6.35% OMC GOI BOND - 23.12.2024 176 0.00%

6.83% GOI - 19.01.39 1,174 0.01%

6.90% GOI - 13.07.2019 22,914 0.19%

































Total 2,753,373 22.65%


7.16% GOI - 20.05.2023 45,818 0.38%

7.28% GOI - 03.06.2019 8,666 0.07%

7.35% GOI 2024- 22.06.24 2,290 0.02%

7.46% GOI - 28.08.17 893 0.01%

7.50% GOI - 10.08.34 545 0.00%

7.80% GOI - 11.04.2021 3,855 0.03%

7.94% GOI - 24.05.21 8,101 0.07%

7.95% GOI - 28.08.32 430 0.00%

7.95% GOI Fertilizer Bond - 18.02.26 2,715 0.02%

8.00% GOI Oil Bond - 23.03.26 6,690 0.06%

8.07% GOI Jan 15, 2017 4,522 0.04%

8.08% GOI - 02.08.2022 101 0.00%

8.20% OMC GOI Special Bond - 12.02.24 1,011 0.01%

8.26% GOI - 02.08.27 1,229 0.01%

8.28% GOI - 15.02.32 1,827 0.02%


8.30% GOI - 02.07.2040 599,585 4.93%

8.30% GOI - 31.12.2042 572,789 4.71%

8.30% GOI 2040 ZCG - 02.07.2015 1,608 0.01%

8.32% GOI - 02.08.2032 3,480 0.03%

8.35% GOI - 14.05.22 790 0.01%

8.79% GOI - 08.11.2021 1,263 0.01%

8.83% GOI - 25.11.2023 42,286 0.35%

9.23% GOI - 23.12.2043 687,128 5.65%

8.17% GOI - 01.12.2044 1,954 0.02%

8.27% GOI - 09.06.2020 475,874 3.91%

8.60% GOI - 02.06.2028 2,699 0.02%

7.59% GOI 2016-12.04.16 499 0.00%



11.15% REC - 24.10.2018 1,087 0.01%

8.10% IIFCL - 08.04.24 987 0.01%

8.70% PFC- 14.05.2025 1,030 0.01%

8.78% PFC - 15.11.2020 1,020 0.01%

8.80% REC - 29.11.2020 8,169 0.07%


8.83% EXIM- 09.01.2023 14,402 0.12%

8.85% Tata Sons - 02.05.2018 17,061 0.14%

8.89% IDFC - 02.12.20 10,215 0.08%

8.94% PFC - 25.03.2028 9,476 0.08%

8.99% PFC - 15.01.2021 3,091 0.03%

8.99% Tata Sons - 07.06.2020 4,039 0.03%

9.02% REC - 19.11.2022 1,039 0.01%

9.05% BOB Perpetual Bond Call- 27.08.2020 6,172 0.05%


9.05% SBI Perpetual Bond Call - 27.01.2020 4,111 0.03%

9.25% OBC FD1 - 07.04.2016 272 0.00%

9.35% IIFCL - 17.11.23 8,621 0.07%

9.38% REC - 06.11.2018 2,084 0.02%

9.44% PFC - 23.09.2021 1,035 0.01%

9.48% REC - 10.08.2021 2,097 0.02%

9.64% PFC - 15.12.2016 6,105 0.05%

9.78% Tata Sons - 13.01.2019 96,857 0.80%



Total 2,481,563 20.41%

Others


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 22,081 0.18%

9.85% Tata Sons - 21.05.2017 8,178 0.09%

9.87% Tata Sons - 17.07.2017 3,065 0.03%

9.90% Tata Sons - 09.03.2016 10,099 0.08%

9.90% Tata Sons - 20.03.2019 32,359 0.27%

9.96% PFC 2017 - 18.05.17 1,032 0.01%










YES BANK LTD 160,949 1.32%




9.36% IDFC - 21.08.24 2,133 0.02%

8.75% HDFC Bank FD NSE - 09.08.2015 11,142 0.09%

9.00% HDFC Bank FD BSE - 24.07.2015 5,222 0.04%

9.00% HDFC Bank FD NSE - 24.07.2015 11,315 0.09%



Sundaram Finance Limited 5,144 0.05%

8.84% PFC - 04.03.2023 4,109 0.03%


9.43% Tata Sons - 02.06.2019 9,246 0.08%


PFC CP - 28.04.2015 19,873 0.16%


Bank of India CD - 09.06.15 2,953 0.02%

PNB CD - 10.12.2015 41,093 0.34%

8.55% PFC - 09.12.2021 16,133 0.13%

8.65% REC 2019- 15.01.2019 1,012 0.01%

8.80% REC - 25.10.2020 16,332 0.13%

9.20% PFC - 07.07.2021 6,228 0.05%

9.4321% KMPL - 28.12.2015 3,019 0.02%























Grand Total 12,156,074 100.00%

Industry Kotak Pension % of TotalGrowth Fund Funds

ULIF-030-07/01/09-PNGWTFND-107


Total 45,239 23.29%

GOVT. of INDIA













Telecommunications 22,653 0.19%



10.75% Shriram Transport Finance Co Ltd 24.10.2016 750 0.39%


8.85% Tata Sons - 02.05.2018 1,004 0.52%

9.78% Tata Sons - 13.01.2019 1,041 0.54%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,051 0.54%

9.90% Tata Sons - 20.03.2019 1,044 0.54%






Infrastructure Development Finance Company Ltd 738 0.38%






8.75% HDFC Bank FD NSE - 09.08.2015 126 0.06%

9.00% HDFC Bank FD BSE - 24.07.2015 59 0.03%

9.00% HDFC Bank FD NSE - 24.07.2015 128 0.07%

L I C Housing Finance Ltd 893 0.46%

Max India Ltd 558 0.29%




1.44% INFLATION INDEX GS 2023 4,108 2.12%6.35% OMC GOI BOND - 23.12.2024 3 0.00%6.83% GOI - 19.01.39 19 0.01%6.90% GOI - 13.07.2019 514 0.26%7.16% GOI - 20.05.2023 739 0.38%7.28% GOI - 03.06.2019 147 0.08%

Industry Kotak Pension % of TotalGrowth Fund Funds

ULIF-030-07/01/09-PNGWTFND-107

Total 44,333 22.82%

Others

Grand Total 194,236 100.00%

Industry Kotak Aggressive % of TotalGrowth Fund Funds

ULIF-018-13/09/04-AGRGWTFND-107


7.50% GOI - 10.08.34 10 0.01%7.94% GOI - 24.05.21 142 0.07%7.95% GOI - 28.08.32 8 0.00%7.95% GOI Fertilizer Bond - 18.02.26 47 0.02%8.00% GOI Oil Bond - 23.03.26 109 0.05%8.26% GOI - 02.08.27 23 0.01%8.28% GOI - 15.02.32 30 0.02%8.30% Fertilizer Co GOI - 07.12.23 155 0.08%8.30% GOI - 02.07.2040 9,624 4.95%8.30% GOI - 31.12.2042 9,161 4.72%8.30% GOI 2040 ZCG - 02.07.2015 32 0.02%8.32% GOI - 02.08.2032 59 0.03%8.35% GOI - 14.05.22 13 0.01%8.79% GOI - 08.11.2021 22 0.01%8.83% GOI - 25.11.2023 681 0.35%9.23% GOI - 23.12.2043 10,999 5.66%8.17% GOI - 01.12.2044 32 0.02%8.27% GOI - 09.06.2020 7,611 3.92%8.60% GOI - 02.06.2028 45 0.02%

Axis Bank Ltd 145,672 4.76%HDFC Bank Ltd 171,436 5.60%ICICI Bank Ltd 110,505 3.61%IndusInd Bank Limited 86,145 2.81%Infrastructure Development Finance Company Ltd 24,395 0.80%

Computer programming, consultancy and related activities 15,503 7.98%Manufacture of motor vehicles, trailers and semi-trailers 10,765 5.54%Mfg of pharmaceuticals, medicinal chemical & botanical products 9,358 4.82%State Development Loan 8,808 4.53%Exchange Traded Fund 8,182 4.21%Financial and insurance activities - Housing Sector - Debt 7,660 3.94%Civil engineering 6,805 3.50%Manufacture of food products 5,887 3.03%Warehousing and support activities for transportation 5,847 3.01%Manufacture of other non-metallic mineral products 5,662 2.93%Manufacture of tobacco products 3,769 1.94%Manufacture of coke and refined petroleum products 2,704 1.39%Manufacture of other transport equipment 2,134 1.10%Other manufacturing 1,377 0.71%Manufacture of machinery and equipment n.e.c. 1,351 0.70%Manufacture of computer, electronic and optical products 1,307 0.67%Manufacture of beverages 1,196 0.62%Land transport and transport via pipelines 1,118 0.58%Mining of metal ores 1,032 0.53%Manufacture of electrical equipment 1,027 0.53%Accommodation 1,020 0.53%Electricity, gas, steam and air conditioning supply 990 0.51%Manufacture of chemicals and chemical products 764 0.39%Information service activities 513 0.26%Net Current Assets (115) -0.06%







Industry Kotak Aggressive % of TotalGrowth Fund Funds

ULIF-018-13/09/04-AGRGWTFND-107

Total 830,447 27.11%

Computer programming, consultancy and related activities

Total 427,913 13.97%

Others

Grand Total 3,063,061 100.00%

Industry Dynamic Floor % of TotalFund Funds

ULIF-028-14/11/06-DYFLRFND-107


State Bank of India 48,813 1.59%YES BANK LTD 71,672 2.34%Birla Sun Life Cash Plus - Growth - Direct Plan 76 0.00%ICICI Prudential Liquid - Direct Plan - Growth 74 0.00%Kotak Floater Short Term-(Growth) - Direct 81 0.00%8.75% HDFC Bank FD NSE - 09.08.2015 4,103 0.13%9.00% HDFC Bank FD BSE - 24.07.2015 1,913 0.06%9.00% HDFC Bank FD NSE - 24.07.2015 4,146 0.14%L I C Housing Finance Ltd 24,501 0.80%Max India Ltd 16,074 0.52%CBLO - 06.04.2015 59,428 1.94%Oriental Bank of Commerce CD - 10.06.2015 41,521 1.36%State Bank of Hyderabad CD - 08.06.2015 19,892 0.65%

HCL Technologies Ltd 95,556 3.12%Infosys Ltd 228,789 7.47%Tata Consultancy Services Ltd 91,273 2.98%Tech Mahindra Ltd 12,295 0.40%


Mfgofpharmaceuticals,medicinal chemical&botanicalproducts 255,645 8.37%


















Bank of Baroda 18,735 0.15%10.05% Bajaj Finance Ltd - 10.01.2017 41,896 0.41%10.75% Shriram Transport Finance Co Ltd 24.10.2016 46,767 0.45%11% PFC - 15.09.18 1,080 0.01%8.60% IRFC 2019 - 11.06.2019 7,120 0.07%8.60% PFC 2024 - 07.08.2024 2,039 0.02%8.68% IRFC - 29.11.2021 1,020 0.01%8.78% PFC - 15.11.2020 3,060 0.03%



8.79% IRFC - 04.05.2030 2,113 0.02%8.80% PFC - 15.01.2025 4,142 0.04%8.80% REC - 29.11.2020 7,148 0.07%8.80% Sundaram Finance - 03.06.16 82,908 0.81%8.83% EXIM- 09.01.2023 11,316 0.11%8.85% Tata Sons - 02.05.2018 13,047 0.13%8.89% IDFC - 02.12.20 10,215 0.10%8.94% PFC - 25.03.2028 7,370 0.07%8.99% PFC - 15.01.2021 1,030 0.01%8.99% Tata Sons - 07.06.2020 4,039 0.04%9.05% PFC - 15.12.2025 1,038 0.01%9.05% SBH Perpetual Bond Call- 20.09.2020 15,425 0.15%9.15% EXIM Bank - 30.03.2021 2,080 0.02%9.25% IDFC - 13.09.19 27,439 0.27%9.35% IIFCL - 17.11.23 1,078 0.01%9.36% PFC - 01.08.2021 3,149 0.03%9.38% REC - 06.11.2018 1,042 0.01%9.40% REC - 20.07.2017 4,082 0.04%9.44% PFC - 23.09.2021 20,701 0.20%9.57% EXIM- 10.01.2024 2,154 0.02%9.62% PFC - 29.06.2016 1,015 0.01%9.64% PFC - 15.12.2016 6,105 0.06%9.75% Tata Sons - 21.04.2016 3,019 0.03%9.78% Tata Sons - 13.01.2019 35,410 0.34%9.80% Bajaj Finance Ltd - 17.10.2016 46,802 0.46%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 35,749 0.35%9.85% Tata Sons - 21.05.2017 9,200 0.09%9.87% Tata Sons - 17.07.2017 1,022 0.01%9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 35,215 0.34%9.90% Tata Sons - 09.03.2016 9,089 0.09%9.90% Tata Sons - 20.03.2019 26,096 0.25%9.98% ICICI Perpetual Bond -CALL 13.09.16. 46,898 0.46%9.98% Tata Sons - 10.04.2015 3,000 0.03%Axis Bank Ltd 116,121 1.13%Cairn India Ltd 14,791 0.14%Coal India Ltd 56,807 0.55%HDFC Bank Ltd 242,082 2.35%Housing Development Finance Corp. Ltd 251,922 2.45%ICICI Bank Ltd 222,857 2.17%IndusInd Bank Limited 46,721 0.45%Infrastructure Development Finance Company Ltd 39,141 0.38%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 22,564 0.22%Punjab National Bank 13,122 0.13%State Bank of India 100,663 0.98%YES BANK LTD 35,763 0.35%Birla Sun Life Cash Plus - Growth - Direct Plan 107,751 1.05%ICICI Prudential Liquid - Direct Plan - Growth 105,483 1.03%Kotak Floater Short Term-(Growth) - Direct 115,123 1.12%9.36% IDFC - 21.08.24 1,067 0.01%8.75% HDFC Bank FD NSE - 09.08.2015 2,843 0.03%9.00% HDFC Bank FD BSE - 24.07.2015 1,244 0.01%9.00% HDFC Bank FD NSE - 24.07.2015 2,696 0.03%8.84% PFC - 04.03.2023 3,082 0.03%9.35% Bajaj Finance Ltd - 31.10.2017 18,138 0.18%9.43% Tata Sons - 02.06.2019 6,164 0.06%9.85% Shriram Transport Finance Co Ltd 15.07.2017 26,480 0.26%Oriental Bank of Commerce CD - 06.04.2015 95,266 0.93%









Total 3,154,378 30.68%

GOVT. of INDIA

Total 2,231,777 21.71%

Others

State Bank of Patiala CD - 30.12.2015 94 0.00%CBLO - 06.04.2015 99,880 0.97%8.55% PFC - 09.12.2021 13,108 0.13%8.65% REC 2019- 15.01.2019 1,012 0.01%8.80% REC - 25.10.2020 13,270 0.13%9.20% PFC - 07.07.2021 5,190 0.05%9.4321% KMPL - 28.12.2015 2,013 0.02%Bajaj Finance Ltd ZCB - 08.04.2015 34,021 0.33%Axis Bank CD - 19.01.2016 30,416 0.30%Bank of Baroda CD - 08.06.2015 356,661 3.47%Bank of India CD - 18.03.16 111,748 1.09%Canara Bank CD - 10.06.2015 237,221 2.31%

1.44% INFLATION INDEX GS 2023 199,571 1.95%10.25% GOI - 30.05.21 8 0.00%6.35% OMC GOI BOND - 23.12.2024 185 0.00%6.83% GOI - 19.01.39 637 0.01%6.90% GOI - 13.07.2019 28,313 0.28%7.16% GOI - 20.05.2023 36,580 0.36%7.28% GOI - 03.06.2019 6,129 0.06%7.46% GOI - 28.08.17 2,570 0.02%7.50% GOI - 10.08.34 402 0.00%7.94% GOI - 24.05.21 5,600 0.05%7.95% GOI - 28.08.32 268 0.00%7.95% GOI Fertilizer Bond - 18.02.26 2,323 0.02%8.00% GOI Oil Bond - 23.03.26 5,067 0.05%8.08% GOI - 02.08.2022 6,075 0.06%8.20% GOI - 15.02.22 9,782 0.10%8.20% GOI - 24.09.2025 3,179 0.03%8.20% OMC GOI Special Bond - 12.02.24 80 0.00%8.26% GOI - 02.08.27 815 0.01%8.28% GOI - 15.02.32 1,439 0.01%8.30% Fertilizer Co GOI - 07.12.23 7,615 0.07%8.30% GOI - 02.07.2040 482,393 4.69%8.30% GOI - 31.12.2042 460,310 4.48%8.30% GOI 2040 ZCG - 02.07.2015 721 0.01%8.32% GOI - 02.08.2032 2,675 0.03%8.35% GOI - 14.05.22 607 0.01%8.79% GOI - 08.11.2021 1,341 0.01%8.83% GOI - 25.11.2023 33,672 0.33%9.23% GOI - 23.12.2043 550,554 5.35%8.17% GOI - 01.12.2044 1,485 0.01%8.27% GOI - 09.06.2020 379,174 3.69%8.60% GOI - 02.06.2028 2,207 0.02%

Computer programming, consultancy and related activities 744,107 7.24%Electricity, gas, steam and air conditioning supply 570,203 5.55%Financial and insurance activities - Housing Sector - Debt 495,292 4.82%State Development Loan 442,487 4.30%Mfg of pharmaceuticals, medicinal chemical & botanical products 361,798 3.52%Manufacture of motor vehicles, trailers and semi-trailers 356,695 3.47%Manufacture of tobacco products 279,612 2.72%Manufacture of coke and refined petroleum products 278,907 2.71%Civil engineering 269,503 2.62%Manufacture of chemicals and chemical products 214,083 2.08%



Grand Total 10,281,623 100.00%

Industry Kotak Group % of TotalDynamic Floor Fund FundsULGF-015-07/01/10-

DYFLRFND-107


Total 12,726 33.28%

GOVT. of INDIA

Manufacture of basic metals 151,174 1.47%Telecommunications 123,540 1.20%Manufacture of other non-metallic mineral products 112,247 1.09%Manufacture of other transport equipment 103,413 1.01%Extraction of crude petroleum and natural gas 96,665 0.94%Warehousing and support activities for transportation 60,053 0.58%Mining of metal ores 54,678 0.53%Manufacture of machinery and equipment n.e.c. 37,471 0.36%Information service activities 32,921 0.32%Net Current Assets 110,619 1.08%

Bank of Baroda 68 0.16%10.75% Shriram Transport Finance Co Ltd 24.10.2016 244 0.64%8.90% PFC - 18.03.2028 1,050 2.75%Axis Bank Ltd 419 1.10%Cairn India Ltd 53 0.14%Coal India Ltd 205 0.54%HDFC Bank Ltd 874 2.29%Housing Development Finance Corp. Ltd 910 2.38%ICICI Bank Ltd 805 2.11%IndusInd Bank Limited 169 0.44%Infrastructure Development Finance Company Ltd 142 0.37%Punjab National Bank 48 0.12%State Bank of India 364 0.95%YES BANK LTD 128 0.33%Birla Sun Life Cash Plus - Growth - Direct Plan 419 1.10%ICICI Prudential Liquid - Direct Plan - Growth 410 1.07%Kotak Floater Short Term-(Growth) - Direct 448 1.17%8.75% HDFC Bank FD NSE - 09.08.2015 142 0.37%9.00% HDFC Bank FD BSE - 24.07.2015 64 0.17%9.00% HDFC Bank FD NSE - 24.07.2015 139 0.37%Oriental Bank of Commerce CD - 06.04.2015 399 1.04%CBLO - 06.04.2015 2,497 6.53%Axis Bank CD - 19.01.2016 94 0.24%Bank of Baroda CD - 08.06.2015 1,379 3.61%Bank of India CD - 18.03.16 370 0.97%Canara Bank CD - 10.06.2015 886 2.32%

1.44% INFLATION INDEX GS 2023 850 2.23%6.35% OMC GOI BOND - 23.12.2024 1 0.00%6.83% GOI - 19.01.39 5 0.01%6.90% GOI - 13.07.2019 123 0.32%7.16% GOI - 20.05.2023 136 0.36%7.28% GOI - 03.06.2019 22 0.06%7.50% GOI - 10.08.34 2 0.01%7.94% GOI - 24.05.21 21 0.06%7.95% GOI - 28.08.32 2 0.01%7.95% GOI Fertilizer Bond - 18.02.26 13 0.03%8.00% GOI Oil Bond - 23.03.26 18 0.05%8.26% GOI - 02.08.27 4 0.01%







Industry Kotak Group % of TotalDynamic Floor Fund FundsULGF-015-07/01/10-

DYFLRFND-107

Total 8,371 21.89%

Others

Grand Total 38,244 100.00%

Industry Kotak Pension % of TotalFloor Fund Funds

ULIF-031-13/07/09-PNFLRFND-107


8.28% GOI - 15.02.32 5 0.01%8.30% Fertilizer Co GOI - 07.12.23 28 0.07%8.30% GOI - 02.07.2040 1,794 4.69%8.30% GOI - 31.12.2042 1,711 4.47%8.30% GOI 2040 ZCG - 02.07.2015 21 0.05%8.32% GOI - 02.08.2032 10 0.02%8.35% GOI - 14.05.22 2 0.01%8.79% GOI - 08.11.2021 7 0.02%8.83% GOI - 25.11.2023 125 0.33%9.23% GOI - 23.12.2043 2,046 5.35%8.17% GOI - 01.12.2044 5 0.01%8.27% GOI - 09.06.2020 1,413 3.69%8.60% GOI - 02.06.2028 7 0.02%

Bank of Baroda 1,081 0.18%




8.83% EXIM- 09.01.2023 1,029 0.17%

8.89% IDFC - 02.12.20 1,022 0.17%


9.25% IDFC - 13.09.19 2,033 0.39%

9.78% Tata Sons - 13.01.2019 2,083 0.35%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,052 0.18%

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 3,107 0.52%

9.90% Tata Sons - 09.03.2016 1,010 0.17%

9.90% Tata Sons - 20.03.2019 2,088 0.35%



Computer programming, consultancy and related activities 2,687 7.03%Financial and insurance activities - Housing Sector - Debt 2,067 5.41%Electricity, gas, steam and air conditioning supply 1,824 4.74%State Development Loan 1,667 4.36%Mfg of pharmaceuticals, medicinal chemical & botanical products 1,308 3.43%Manufacture of motor vehicles, trailers and semi-trailers 1,289 3.37%Manufacture of tobacco products 1,010 2.64%Manufacture of coke and refined petroleum products 1,001 2.62%Civil engineering 896 2.34%Manufacture of chemicals and chemical products 772 2.02%Telecommunications 446 1.17%Manufacture of other non-metallic mineral products 404 1.06%Manufacture of other transport equipment 377 0.98%Extraction of crude petroleum and natural gas 349 0.91%Manufacture of basic metals 240 0.63%Mining of metal ores 198 0.52%Manufacture of machinery and equipment n.e.c. 135 0.35%Information service activities 119 0.31%Warehousing and support activities for transportation 115 0.30%Net Current Assets 243 0.64%



Total 185,927 31.35%

GOVT. of INDIA

Total 132,097 22.27%

Cairn India Ltd 854 0.14%Coal India Ltd 3,278 0.55%HDFC Bank Ltd 13,968 2.35%Housing Development Finance Corp. Ltd 14,537 2.45%ICICI Bank Ltd 12,859 2.17%IndusInd Bank Limited 2,695 0.45%Infrastructure Development Finance Company Ltd 2,260 0.38%Punjab National Bank 757 0.13%State Bank of India 5,808 0.98%YES BANK LTD 1,956 0.33%Birla Sun Life Cash Plus - Growth - Direct Plan 7,555 1.27%ICICI Prudential Liquid - Direct Plan - Growth 7,396 1.25%Kotak Floater Short Term-(Growth) - Direct 8,072 1.36%8.75% HDFC Bank FD NSE - 09.08.2015 312 0.05%9.00% HDFC Bank FD BSE - 24.07.2015 138 0.02%9.00% HDFC Bank FD NSE - 24.07.2015 299 0.05%9.35% Bajaj Finance Ltd - 31.10.2017 1,008 0.17%9.85% Shriram Transport Finance Co Ltd 15.07.2017 2,037 0.34%Oriental Bank of Commerce CD - 06.04.2015 5,492 0.93%CBLO - 06.04.2015 7,991 1.35%8.55% PFC - 09.12.2021 1,008 0.17%8.80% REC - 25.10.2020 1,021 0.17%Bajaj Finance Ltd ZCB - 08.04.2015 2,195 0.37%Axis Bank CD - 19.01.2016 1,778 0.30%Bank of Baroda CD - 08.06.2015 20,586 3.47%Bank of India CD - 18.03.16 6,475 1.09%Canara Bank CD - 10.06.2015 13,873 2.34%

1.44% INFLATION INDEX GS 2023 13,782 2.34%12.30% GOI - 02.07.2016 526 0.09%6.35% OMC GOI BOND - 23.12.2024 14 0.00%6.83% GOI - 19.01.39 67 0.01%6.90% GOI - 13.07.2019 1,821 0.31%7.16% GOI - 20.05.2023 2,122 0.36%7.28% GOI - 03.06.2019 371 0.06%7.50% GOI - 10.08.34 30 0.01%7.94% GOI - 24.05.21 354 0.06%7.95% GOI - 28.08.32 19 0.00%7.95% GOI Fertilizer Bond - 18.02.26 178 0.03%8.00% GOI Oil Bond - 23.03.26 295 0.05%8.20% GOI - 15.02.22 713 0.12%8.26% GOI - 02.08.27 60 0.01%8.28% GOI - 15.02.32 85 0.01%8.30% Fertilizer Co GOI - 07.12.23 444 0.07%8.30% GOI - 02.07.2040 28,020 4.72%8.30% GOI - 31.12.2042 26,760 4.51%8.30% GOI 2040 ZCG - 02.07.2015 72 0.01%8.32% GOI - 02.08.2032 158 0.03%8.35% GOI - 14.05.22 39 0.01%8.79% GOI - 08.11.2021 102 0.02%8.83% GOI - 25.11.2023 1,955 0.33%9.23% GOI - 23.12.2043 31,990 5.39%8.17% GOI - 01.12.2044 87 0.01%8.27% GOI - 09.06.2020 21,904 3.69%8.60% GOI - 02.06.2028 129 0.02%









Others

Grand Total 593,147 100.00%

Industry Dynamic Floor % of TotalFund II Funds

ULIF-035-17/12/09-DYFLRFND2-107

Financial and insurance activitiesBank of Baroda 13,190 0.19%10.05% Bajaj Finance Ltd - 10.01.2017 28,612 0.40%10.75% Shriram Transport Finance Co Ltd 24.10.2016 29,397 0.42%8.45% EXIM Bank - 08.09.2015 15,983 0.23%8.60% IRFC 2019 - 11.06.2019 5,086 0.07%8.70% PFC- 14.05.2020 1,017 0.01%8.80% REC - 29.11.2020 4,085 0.06%8.80% Sundaram Finance - 03.06.16 65,926 0.93%8.83% EXIM- 09.01.2023 8,230 0.12%8.85% Tata Sons - 02.05.2018 10,036 0.14%8.89% IDFC - 02.12.20 6,129 0.09%8.94% PFC - 25.03.2028 5,264 0.07%8.99% Tata Sons - 07.06.2020 3,030 0.04%9.05% SBH Perpetual Bond Call- 20.09.2020 10,283 0.15%9.25% IDFC - 13.09.19 22,358 0.32%9.38% REC - 06.11.2018 1,042 0.01%9.40% REC - 20.07.2017 2,041 0.03%9.44% PFC - 23.09.2021 14,491 0.20%9.64% PFC - 15.12.2016 3,052 0.04%9.70% PFC - 31.01.2020 2,109 0.03%9.78% Tata Sons - 13.01.2019 24,995 0.35%9.80% Bajaj Finance Ltd - 17.10.2016 28,488 0.40%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 28,389 0.40%9.85% Tata Sons - 21.05.2017 5,111 0.07%9.87% Tata Sons - 17.07.2017 1,022 0.01%9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 22,786 0.32%9.90% Tata Sons - 09.03.2016 5,049 0.07%9.90% Tata Sons - 20.03.2019 16,701 0.24%9.98% ICICI Perpetual Bond -CALL 13.09.16. 34,664 0.49%Axis Bank Ltd 81,750 1.16%















Extraction of crude petroleum and natural gas 5,582 0.94%







ULIF-035-17/12/09-DYFLRFND2-107

Total 2,228,679 31.51%

GOVT. of INDIA

Cairn India Ltd 10,414 0.15%Coal India Ltd 39,997 0.57%HDFC Bank Ltd 170,443 2.41%Housing Development Finance Corp. Ltd 177,384 2.51%ICICI Bank Ltd 156,906 2.22%IndusInd Bank Limited 32,893 0.47%Infrastructure Development Finance Company Ltd 27,542 0.39%L&T Finance Ltd NSE Mibor +1.55% - 28.10.2016 15,043 0.21%Punjab National Bank 9,238 0.13%State Bank of India 70,872 1.00%YES BANK LTD 25,883 0.37%Birla Sun Life Cash Plus - Growth - Direct Plan 78,910 1.12%ICICI Prudential Liquid - Direct Plan - Growth 77,249 1.09%Kotak Floater Short Term-(Growth) - Direct 84,309 1.19%9.36% IDFC - 21.08.24 1,067 0.02%8.75% HDFC Bank FD NSE - 09.08.2015 1,148 0.02%9.00% HDFC Bank FD BSE - 24.07.2015 499 0.01%9.00% HDFC Bank FD NSE - 24.07.2015 1,081 0.02%8.84% PFC - 04.03.2023 2,054 0.03%9.35% Bajaj Finance Ltd - 31.10.2017 14,108 0.20%9.43% Tata Sons - 02.06.2019 4,109 0.06%9.85% Shriram Transport Finance Co Ltd 15.07.2017 25,461 0.35%Oriental Bank of Commerce CD - 06.04.2015 65,308 0.92%CBLO - 06.04.2015 85,897 1.21%8.55% PFC - 09.12.2021 9,075 0.13%8.65% REC 2019- 15.01.2019 1,012 0.01%8.80% REC - 25.10.2020 9,187 0.13%9.20% PFC - 07.07.2021 4,152 0.06%9.4321% KMPL - 28.12.2015 1,006 0.01%Bajaj Finance Ltd ZCB - 08.04.2015 23,047 0.33%Axis Bank CD - 19.01.2016 19,934 0.28%Bank of Baroda CD - 08.06.2015 244,570 3.46%Bank of India CD - 18.03.16 76,318 1.08%Canara Bank CD - 10.06.2015 162,247 2.29%

1.44% INFLATION INDEX GS 2023 127,695 1.81%12.30% GOI - 02.07.2016 2,630 0.04%6.35% OMC GOI BOND - 23.12.2024 118 0.00%6.83% GOI - 19.01.39 522 0.01%6.90% GOI - 13.07.2019 16,098 0.23%7.16% GOI - 20.05.2023 24,997 0.36%7.28% GOI - 03.06.2019 4,232 0.06%7.35% GOI 2024- 22.06.24 2,107 0.03%7.50% GOI - 10.08.34 255 0.00%7.94% GOI - 24.05.21 3,675 0.05%7.95% GOI - 28.08.32 160 0.00%7.95% GOI Fertilizer Bond - 18.02.26 1,495 0.02%8.00% GOI Oil Bond - 23.03.26 3,472 0.05%8.08% GOI - 02.08.2022 1,215 0.02%8.19% GOI - 16.01.2020 5,174 0.07%8.20% GOI - 15.02.22 5,910 0.08%8.26% GOI - 02.08.27 486 0.01%8.28% GOI - 15.02.32 969 0.01%8.28% GOI - 21.09.2027 1,764 0.02%8.30% Fertilizer Co GOI - 07.12.23 5,200 0.07%8.30% GOI - 02.07.2040 330,295 4.67%








ULIF-035-17/12/09-DYFLRFND2-107

Total 1,520,927 21.50%

Others

Grand Total 7,072,464 100.00%

Industry Pension Floor % of TotalFund II Funds

ULIF-043-08/01/10-PNFLRKFND2-107


8.30% GOI - 31.12.2042 315,077 4.45%8.30% GOI 2040 ZCG - 02.07.2015 347 0.00%8.32% GOI - 02.08.2032 1,804 0.03%8.35% GOI - 14.05.22 396 0.01%8.79% GOI - 08.11.2021 856 0.01%8.83% GOI - 25.11.2023 23,011 0.33%9.23% GOI - 23.12.2043 376,817 5.33%GOI FRB - 21.12.2020 1,662 0.02%8.17% GOI - 01.12.2044 1,016 0.01%8.27% GOI - 09.06.2020 259,987 3.68%8.60% GOI - 02.06.2028 1,485 0.02%

Bank of Baroda 2,215 0.19%10.05% Bajaj Finance Ltd - 10.01.2017 5,109 0.42%10.75% Shriram Transport Finance Co Ltd 24.10.2016 5,980 0.51%8.80% REC - 29.11.2020 1,021 0.07%8.80% Sundaram Finance - 03.06.16 12,986 1.10%8.83% EXIM- 09.01.2023 2,058 0.17%8.85% Tata Sons - 02.05.2018 2,007 0.16%8.89% IDFC - 02.12.20 1,022 0.09%8.94% PFC - 25.03.2028 1,053 0.09%9.05% SBH Perpetual Bond Call- 20.09.2020 2,057 0.17%9.25% IDFC - 13.09.19 4,065 0.35%9.40% REC - 20.07.2017 1,020 0.09%9.57% IRFC - 31.05.2021 1,064 0.09%9.75% Tata Sons - 21.04.2016 1,007 0.09%9.78% Tata Sons - 13.01.2019 3,124 0.27%9.80% Bajaj Finance Ltd - 17.10.2016 6,105 0.52%9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 5,257 0.45%9.85% Tata Sons - 21.05.2017 1,022 0.09%

Computer programming, consultancy and related activities 523,943 7.41%Electricity, gas, steam and air conditioning supply 360,625 5.10%Financial and insurance activities - Housing Sector - Debt 314,986 4.45%State Development Loan 268,676 3.80%Mfg of pharmaceuticals, medicinal chemical & botanical products 254,608 3.60%Manufacture of motor vehicles, trailers and semi-trailers 251,003 3.55%Manufacture of tobacco products 196,877 2.78%Manufacture of coke and refined petroleum products 195,815 2.77%Civil engineering 187,796 2.66%Manufacture of chemicals and chemical products 150,649 2.13%Manufacture of basic metals 96,759 1.37%Telecommunications 87,493 1.24%Manufacture of other non-metallic mineral products 78,983 1.12%Manufacture of other transport equipment 72,769 1.03%Extraction of crude petroleum and natural gas 68,027 0.96%Warehousing and support activities for transportation 41,072 0.58%Mining of metal ores 38,477 0.54%Manufacture of machinery and equipment n.e.c. 26,368 0.37%Information service activities 23,166 0.33%Net Current Assets 84,766 1.20%



Total 353,173 30.01%

GOVT. of INDIA

9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 5,179 0.44%9.90% Tata Sons - 09.03.2016 1,010 0.09%9.90% Tata Sons - 20.03.2019 3,132 0.27%9.98% ICICI Perpetual Bond -CALL 13.09.16. 4,078 0.35%Axis Bank Ltd 13,728 1.17%Cairn India Ltd 1,748 0.15%Coal India Ltd 6,714 0.57%HDFC Bank Ltd 28,616 2.43%Housing Development Finance Corp. Ltd 29,777 2.53%ICICI Bank Ltd 26,344 2.24%IndusInd Bank Limited 5,523 0.47%Infrastructure Development Finance Company Ltd 4,631 0.39%Punjab National Bank 1,551 0.13%State Bank of India 11,900 1.01%YES BANK LTD 3,888 0.33%Birla Sun Life Cash Plus - Growth - Direct Plan 11,741 1.00%ICICI Prudential Liquid - Direct Plan - Growth 11,493 0.98%Kotak Floater Short Term-(Growth) - Direct 12,544 1.07%8.75% HDFC Bank FD NSE - 09.08.2015 305 0.03%9.00% HDFC Bank FD BSE - 24.07.2015 130 0.01%9.00% HDFC Bank FD NSE - 24.07.2015 281 0.02%9.35% Bajaj Finance Ltd - 31.10.2017 2,015 0.17%9.43% Tata Sons - 02.06.2019 1,027 0.09%9.85% Shriram Transport Finance Co Ltd 15.07.2017 3,055 0.26%Oriental Bank of Commerce CD - 06.04.2015 10,885 0.92%8.55% PFC - 09.12.2021 1,008 0.09%8.80% REC - 25.10.2020 2,041 0.17%9.20% PFC - 07.07.2021 1,038 0.09%Bajaj Finance Ltd ZCB - 08.04.2015 4,390 0.37%Axis Bank CD - 19.01.2016 3,556 0.30%Bank of Baroda CD - 08.06.2015 40,877 3.48%Bank of India CD - 18.03.16 12,951 1.10%Canara Bank CD - 10.06.2015 27,845 2.37%

1.44% INFLATION INDEX GS 2023 25,249 2.15%12.30% GOI - 02.07.2016 2,104 0.18%6.35% OMC GOI BOND - 23.12.2024 24 0.00%6.83% GOI - 19.01.39 119 0.01%6.90% GOI - 13.07.2019 1,789 0.15%7.16% GOI - 20.05.2023 4,274 0.36%7.28% GOI - 03.06.2019 742 0.06%7.50% GOI - 10.08.34 56 0.00%7.94% GOI - 24.05.21 697 0.06%7.95% GOI - 28.08.32 35 0.00%7.95% GOI Fertilizer Bond - 18.02.26 320 0.03%8.00% GOI Oil Bond - 23.03.26 596 0.05%8.08% GOI - 02.08.2022 506 0.04%8.20% GOI - 15.02.22 1,325 0.11%8.26% GOI - 02.08.27 107 0.01%8.28% GOI - 15.02.32 173 0.01%8.30% Fertilizer Co GOI - 07.12.23 909 0.08%8.30% GOI - 02.07.2040 55,954 4.75%8.30% GOI - 31.12.2042 53,520 4.55%8.30% GOI 2040 ZCG - 02.07.2015 84 0.01%8.32% GOI - 02.08.2032 321 0.03%8.35% GOI - 14.05.22 76 0.01%









Total 260,841 22.16%

Others

Grand Total 1,176,885 100.00%

Industry Guarantee % of TotalFund Funds

ULIF-048-05/02/10-GRTFND-107

8.79% GOI - 08.11.2021 182 0.02%8.83% GOI - 25.11.2023 3,936 0.33%9.23% GOI - 23.12.2043 63,864 5.43%8.17% GOI - 01.12.2044 174 0.02%8.27% GOI - 09.06.2020 43,440 3.69%8.60% GOI - 02.06.2028 265 0.02%


Bank of Baroda 919 0.19%




8.83% EXIM- 09.01.2023 1,029 0.21%

8.85% Tata Sons - 02.05.2018 1,004 0.20%

8.89% IDFC - 02.12.20 1,022 0.21%


9.25% IDFC - 13.09.19 2,033 0.41%

9.44% PFC - 23.09.2021 1,035 0.21%

9.64% PFC - 15.12.2016 1,017 0.21%

9.78% Tata Sons - 13.01.2019 1,041 0.21%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 2,103 0.44%


9.90% Tata Sons - 20.03.2019 1,044 0.21%



Cairn India Ltd 725 0.15%

Coal India Ltd 2,786 0.56%


Housing Development Finance Corp. Ltd 12,354 2.50%


Computer programming, consultancy and related activities 87,908 7.47%Financial and insurance activities - Housing Sector - Debt 55,878 4.75%Electricity, gas, steam and air conditioning supply 55,307 4.70%State Development Loan 45,961 3.91%Mfg of pharmaceuticals, medicinal chemical & botanical products 42,798 3.64%Manufacture of motor vehicles, trailers and semi-trailers 42,202 3.59%Manufacture of tobacco products 33,037 2.81%Manufacture of coke and refined petroleum products 32,741 2.78%Civil engineering 32,419 2.75%Manufacture of chemicals and chemical products 25,324 2.15%Manufacture of basic metals 19,105 1.62%Telecommunications 14,350 1.22%Manufacture of other non-metallic mineral products 13,279 1.13%Manufacture of other transport equipment 12,235 1.04%Extraction of crude petroleum and natural gas 11,435 0.97%Warehousing and support activities for transportation 7,352 0.62%Mining of metal ores 6,469 0.55%Manufacture of machinery and equipment n.e.c. 4,433 0.38%Information service activities 3,895 0.33%Net Current Assets 16,743 1.42%


ULIF-048-05/02/10-GRTFND-107

Total 159,951 32.36%

GOVT. of INDIA

Total 108,584 21.97%

Others



Punjab National Bank 644 0.13%






8.75% HDFC Bank FD NSE - 09.08.2015 117 0.02%

9.00% HDFC Bank FD BSE - 24.07.2015 51 0.01%

9.00% HDFC Bank FD NSE - 24.07.2015 111 0.02%




CBLO - 06.04.2015 6,992 1.41%

8.55% PFC - 09.12.2021 1,008 0.20%

8.80% REC - 25.10.2020 1,021 0.21%


Axis Bank CD - 19.01.2016 1,404 0.29%

Bank of Baroda CD - 08.06.2015 17,139 3.47%

Bank of India CD - 18.03.16 5,365 1.09%

Canara Bank CD - 10.06.2015 11,413 2.31%


12.30% GOI - 02.07.2016 2,104 0.43%

6.01% GOI - 25.03.2028 643 0.13%

6.35% OMC GOI BOND - 23.12.2024 8 0.00%

6.83% GOI - 19.01.39 38 0.01%

6.90% GOI - 13.07.2019 1,187 0.24%

7.16% GOI - 20.05.2023 1,756 0.36%

7.28% GOI - 03.06.2019 285 0.06%

7.50% GOI - 10.08.34 18 0.00%

7.94% GOI - 24.05.21 255 0.05%

7.95% GOI - 28.08.32 11 0.00%


8.00% GOI Oil Bond - 23.03.26 243 0.05%

8.20% GOI - 15.02.22 408 0.08%

8.26% GOI - 02.08.27 35 0.01%

8.28% GOI - 15.02.32 69 0.01%


8.30% GOI - 02.07.2040 23,177 4.69%

8.30% GOI - 31.12.2042 22,106 4.47%

8.30% GOI 2040 ZCG - 02.07.2015 26 0.01%

8.32% GOI - 02.08.2032 128 0.03%

8.35% GOI - 14.05.22 28 0.01%

8.79% GOI - 08.11.2021 61 0.01%

8.83% GOI - 25.11.2023 1,615 0.33%

9.23% GOI - 23.12.2043 26,472 5.35%

8.17% GOI - 01.12.2044 71 0.01%

8.27% GOI - 09.06.2020 18,195 3.68%

8.60% GOI - 02.06.2028 105 0.02%










ULIF-048-05/02/10-GRTFND-107

Grand Total 494,341 100.00%

Industry Pension Guarantee % of TotalFund Funds

ULIF-038-21/12/09-PNGRTFND-107




















Bank of Baroda 2,568 0.17%



8.80% REC - 29.11.2020 1,021 0.07%


8.83% EXIM- 09.01.2023 2,058 0.15%

8.85% Tata Sons - 02.05.2018 2,007 0.15%

8.89% IDFC - 02.12.20 1,022 0.07%

8.94% PFC - 25.03.2028 1,053 0.08%

8.99% Tata Sons - 07.06.2020 1,010 0.07%


9.25% IDFC - 13.09.19 5,081 0.37%

9.40% REC - 20.07.2017 1,021 0.07%

9.70% PFC - 31.01.2020 1,054 0.08%

9.78% Tata Sons - 13.01.2019 4,166 0.30%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 7,360 0.54%

9.85% Tata Sons - 21.05.2017 1,022 0.07%


9.90% Tata Sons - 09.03.2016 1,010 0.07%

9.90% Tata Sons - 20.03.2019 3,131 0.23%



Cairn India Ltd 2,028 0.15%







Punjab National Bank 1,798 0.13%




Total 426,158 31.06%

GOVT. of INDIA

Total 303,003 22.09%

Others





8.75% HDFC Bank FD NSE - 09.08.2015 309 0.02%

9.00% HDFC Bank FD BSE - 24.07.2015 133 0.01%

9.00% HDFC Bank FD NSE - 24.07.2015 288 0.02%


9.43% Tata Sons - 02.06.2019 1,027 0.07%



8.55% PFC - 09.12.2021 2,017 0.15%

8.80% REC - 25.10.2020 2,041 0.15%

9.20% PFC - 07.07.2021 1,038 0.08%


Axis Bank CD - 19.01.2016 4,024 0.29%

Bank of Baroda CD - 08.06.2015 47,574 3.47%

Bank of India CD - 18.03.16 14,894 1.09%

Canara Bank CD - 10.06.2015 31,780 2.32%


12.30% GOI - 02.07.2016 5,259 0.38%

6.01% GOI - 25.03.2028 2,091 0.15%

6.35% OMC GOI BOND - 23.12.2024 26 0.00%

6.83% GOI - 19.01.39 123 0.01%

6.90% GOI - 13.07.2019 2,967 0.22%

7.16% GOI - 20.05.2023 4,892 0.36%

7.28% GOI - 03.06.2019 823 0.06%

7.50% GOI - 10.08.34 58 0.00%

7.94% GOI - 24.05.21 742 0.06%

7.95% GOI - 28.08.32 36 0.00%


8.00% GOI Oil Bond - 23.03.26 683 0.05%

8.20% GOI - 15.02.22 1,325 0.10%

8.26% GOI - 02.08.27 112 0.01%

8.28% GOI - 15.02.32 194 0.01%


8.30% GOI - 02.07.2040 64,377 4.69%

8.30% GOI - 31.12.2042 61,428 4.48%

8.30% GOI 2040 ZCG - 02.07.2015 82 0.01%

8.32% GOI - 02.08.2032 361 0.03%

8.35% GOI - 14.05.22 81 0.01%

8.79% GOI - 08.11.2021 190 0.01%

8.83% GOI - 25.11.2023 4,503 0.33%

9.23% GOI - 23.12.2043 73,464 5.35%

8.17% GOI - 01.12.2044 199 0.01%

8.27% GOI - 09.06.2020 50,628 3.69%

8.60% GOI - 02.06.2028 298 0.02%














Grand Total 1,371,974 100.00%

Industry Peak Guarantee % of TotalFund I Funds

ULIF-049-14/02/10-PKGRTFND1-107

















Bank of Baroda 520 0.18%




8.85% Tata Sons - 02.05.2018 1,004 0.35%

9.25% IDFC - 13.09.19 1,016 0.36%


9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,052 0.37%


9.90% Tata Sons - 20.03.2019 1,044 0.37%



Cairn India Ltd 410 0.14%







Punjab National Bank 364 0.13%


YES BANK LTD 907 0.32%




8.75% HDFC Bank FD NSE - 09.08.2015 110 0.04%

9.00% HDFC Bank FD BSE - 24.07.2015 48 0.02%

9.00% HDFC Bank FD NSE - 24.07.2015 105 0.04%




CBLO - 06.04.2015 6,992 2.46%


Axis Bank CD - 19.01.2016 842 0.30%

Bank of Baroda CD - 08.06.2015 9,948 3.50%

Industry Peak Guarantee % of TotalFund I Funds

ULIF-049-14/02/10-PKGRTFND1-107

Total 92,119 32.39%

GOVT. of INDIA

Total 64,476 22.67%

Others

Grand Total 284,413 100.00%

Bank of India CD - 18.03.16 3,145 1.11%

Canara Bank CD - 10.06.2015 6,691 2.35%


12.30% GOI - 02.07.2016 1,578 0.56%

6.01% GOI - 25.03.2028 556 0.20%

6.35% OMC GOI BOND - 23.12.2024 6 0.00%

6.83% GOI - 19.01.39 33 0.01%

6.90% GOI - 13.07.2019 603 0.21%

7.16% GOI - 20.05.2023 1,023 0.36%

7.28% GOI - 03.06.2019 171 0.06%

7.50% GOI - 10.08.34 15 0.01%

7.94% GOI - 24.05.21 156 0.05%

7.95% GOI - 28.08.32 11 0.00%


8.00% GOI Oil Bond - 23.03.26 141 0.05%

8.20% GOI - 15.02.22 408 0.14%

8.26% GOI - 02.08.27 27 0.01%

8.28% GOI - 15.02.32 40 0.01%


8.30% GOI - 02.07.2040 13,469 4.74%

8.30% GOI - 31.12.2042 12,892 4.53%

8.30% GOI 2040 ZCG - 02.07.2015 23 0.01%

8.32% GOI - 02.08.2032 74 0.03%

8.35% GOI - 14.05.22 17 0.01%

8.79% GOI - 08.11.2021 45 0.02%

8.83% GOI - 25.11.2023 942 0.33%

9.23% GOI - 23.12.2043 15,352 5.40%

8.17% GOI - 01.12.2044 42 0.01%

8.27% GOI - 09.06.2020 10,508 3.69%

8.60% GOI - 02.06.2028 61 0.02%



























Industry Kotak Opportunities % of TotalFund Funds

ULIF-029-02/10/08-OPPFND-107


Total 2,369,047 23.90%


Total 1,213,628 12.25%

Others

Grand Total 9,910,534 100.00%






YES BANK LTD 256,881 2.59%




8.75% HDFC Bank FD NSE - 09.08.2015 4,987 0.05%

9.00% HDFC Bank FD BSE - 24.07.2015 2,292 0.02%

9.00% HDFC Bank FD NSE - 24.07.2015 4,966 0.05%




CBLO - 06.04.2015 17,978 0.18%


HCL Technologies Ltd 222,266 2.25%

Infosys Ltd 617,203 6.23%

Tata Consultancy Services Ltd 223,159 2.25%

Tech Mahindra Ltd 151,000 1.52%

















Manufacture of rubber and plastics products 68,452 0.69%

Manufacture of textiles 68,018 0.69%


Construction of buildings 56,013 0.57%

Real estate activities 55,255 0.56%

Manufacture of wood & products of wood & cork, except furniture 54,301 0.55%




Industry Kotak Pension % of TotalOpportunities Fund FundsULIF-032-17/07/09-

PNOPPFND-107


Total 69,140 24.56%


Total 34,488 12.25%

Others

Grand Total 281,538 100.00%










8.75% HDFC Bank FD NSE - 09.08.2015 53 0.02%

9.00% HDFC Bank FD BSE - 24.07.2015 24 0.01%

9.00% HDFC Bank FD NSE - 24.07.2015 53 0.02%




CBLO - 06.04.2015 3,496 1.24%

Oriental Bank of Commerce CD - 10.06.2015 492 0.17%




































Industry Classic Opportunities % of TotalFund Funds

ULIF-033-16/12/09-CLAOPPFND-107


Total 3,997,282 24.54%


Total 1,961,025 12.04%

Others

Grand Total 16,287,559 100.00%






YES BANK LTD 419,074 2.57%




8.75% HDFC Bank FD NSE - 09.08.2015 1,292 0.01%

9.00% HDFC Bank FD BSE - 24.07.2015 586 0.00%

9.00% HDFC Bank FD NSE - 24.07.2015 1,270 0.01%





CBLO - 06.04.2015 27,966 0.17%

Bank of India CD - 09.06.15 3,445 0.02%

EXIM CD - 16.03.2016 20,441 0.13%







Manufacture of motor vehicles, trailers and semi-trailers 1,482,801 9.10%

Mfg of pharmaceuticals, medicinal chemical & botanical products 1,370,477 8.41%

Manufacture of other non-metallic mineral products 1,012,300 6.22%





















GOVT. of INDIA 29,708 0.18%



Industry Pension Classic % of TotalOpportunities Fund FundsULIF-042-07/01/10-PNCLAOPFND-107


Total 439,468 23.57%


Total 229,002 12.28%

Others

Grand Total 1,864,238 100.00%







8.75% HDFC Bank FD NSE - 09.08.2015 172 0.01%

9.00% HDFC Bank FD BSE - 24.07.2015 72 0.00%

9.00% HDFC Bank FD NSE - 24.07.2015 157 0.01%









































Industry Frontline % of TotalEquity Fund Funds

ULIF-034-17/12/09-FRLEQUFND-107


Total 893,513 25.61%


Total 483,334 13.85%

Others

Grand Total 3,488,750 100.00%











8.75% HDFC Bank FD NSE - 09.08.2015 222 0.01%

9.00% HDFC Bank FD BSE - 24.07.2015 104 0.00%

9.00% HDFC Bank FD NSE - 24.07.2015 225 0.01%




CBLO - 06.04.2015 39,952 1.15%




























Industry Pension Frontline % of TotalEquity Fund Funds

ULIF-044-11/01/10-PNFRLEQFND-107


Total 90,208 24.65%


Total 51,330 14.02%

Others

Grand Total 366,009 100.00%











8.75% HDFC Bank FD NSE - 09.08.2015 39 0.01%

9.00% HDFC Bank FD BSE - 24.07.2015 17 0.00%

9.00% HDFC Bank FD NSE - 24.07.2015 36 0.01%




CBLO - 06.04.2015 4,994 1.36%


































Industry Kotak Advantage % of TotalMultiplier Fund Funds

ULIF-024-07/02/06-ADVMULFND-107


Total 6,915 44.35%

GOVT. of INDIA

Total 6,045 38.77%

Others

Grand Total 15,592 100.00%

Industry Kotak Advantage % of TotalPlus Fund Funds

ULIF-023-06/02/06-ADVPLSFND-107

Others

Grand Total - 0.00%

9.62% PFC - 29.06.2016 1,015 6.51%

9.75% Tata Sons - 19.07.2016 1,012 6.49%




CBLO - 06.04.2015 2,497 16.01%

State Bank of Hyderabad CD - 08.06.2015 985 6.32%

Axis Bank CD - 19.01.2016 1,123 7.20%

12.30% GOI - 02.07.2016 1,578 10.12%

7.02% GOI - 17.08.2016 2,197 14.09%

8.79% GOI - 08.11.2021 943 6.05%

7.59% GOI 2016-12.04.16 1,327 8.51%




Net Current Assets - 0.00%

Industry Kotak Advantage % of TotalMultiplier Fund II Funds

ULIF-026-21/04/06-ADVMULFND2-107

GOVT. of INDIA

Total 6,812 46.56%


Total 5,241 35.83%

Others

Grand Total 14,629 100.00%

Industry Kotak Advantage % of TotalPlus Fund II Funds

ULIF-027-21/04/06-ADVPLSFND2-107

GOVT. of INDIA

Total 2,389 91.02%

Others

Grand Total 2,625 100.00%

7.02% GOI - 17.08.2016 2,364 16.16%

7.46% GOI - 28.08.17 2,207 15.08%

8.20% OMC GOI 2023-10.11.23 118 0.81%

7.59% GOI 2016-12.04.16 2,123 14.51%

9.70% PFC - 15.12.2018 1,044 7.14%

9.75% Tata Sons - 19.07.2016 1,012 6.92%





State Bank of Hyderabad CD - 08.06.2015 985 6.73%

Axis Bank CD - 19.01.2016 749 5.12%


Financial and insurance activities - Housing Sector - Debt 993 6.79%


7.46% GOI - 28.08.17 893 34.01%

7.59% GOI 2016-12.04.16 1,496 57.01%

Financial and insurance activities 100 3.81%








26 Details of penal actions taken by various Government Authorities (IRDA Cir No.005/IRDA/F&A/CIR/MAY-09 dtd May 07, 2009)

Authority Non- Amount

compliance/ Penalty Penalty Paid PenaltyViolation Awarded Waived/Reduced

Penalties levied during the year ended March 31, 2015

Penalties levied during the year ended March 31, 2014

Authority Non- Amount

compliance/ Penalty Penalty Paid PenaltyViolation Awarded Waived/Reduced

1. Insurance Regulatory and Development Authority Nil Nil Nil Nil

2. Service Tax Authorities Nil Nil Nil Nil

3. Income Tax Authorities Nil Nil Nil Nil

4. Any other Tax Authorities Nil Nil Nil Nil

5. Enforcement Directorate/Adjudicating Authority/ Tribunalor any Authority under FEMA Nil Nil Nil Nil

6. Registrar of Companies/ NCLT/ CLB/ Department of CorporateAffairs or any Authority under Companies Act, 1956. Nil Nil Nil Nil

7. Penalty awarded by any Court/ Tribunal for any matterincluding claim settlement but excluding compensation Nil Nil Nil Nil

8.

9. Competition Commission of India Nil Nil Nil Nil

10. Any other Central/ State/ Local Government/ Nil Nil Nil Nil

of India"

Securities and Exchange Board of India *" NA NA NA NA

Statutory Authority

* Post listing

1. Insurance Regulatory and Development Authority of India" Nil Nil Nil Nil

2. Service Tax Authorities Nil Nil Nil Nil

3. Income Tax Authorities Nil Nil Nil Nil

4. Any other Tax Authorities Nil Nil Nil Nil

5. Enforcement Directorate/Adjudicating Authority/ Tribunalor any Authority under FEMA Nil Nil Nil Nil

6. Registrar of Companies/ NCLT/ CLB/ Department of CorporateAffairs or any Authority under Companies Act, 1956. Nil Nil Nil Nil

7. Penalty awarded by any Court/ Tribunal for any matterincluding claim settlement but excluding compensation Nil Nil Nil Nil

8. Securities and Exchange Board of India *" NA NA NA NA

9. Competition Commission of India Nil Nil Nil Nil

10. Any other Central/ State/ Local Government/ Nil Nil Nil NilStatutory Authority

* Post listing



SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Continued)for the year ended 31 March 2015

27. Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders(IRDA circular no. - IRDA/F&I/CIR/CMP/174/11/2010, dated 04-11-2010)

Particulars Total Age-wise AnalysisAmount 1-6 7-12 13-18 19-24 25-30 31-36 Beyond 362014-15 months months months months months months months

Total

Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at March 31, 2015

100,749 41,400 23,020 5,307 5,996 8,335 5,048 680 10,963

566,840 559,887 2,990 839 1,159 296 806 574 289

86,844 73,392 10,334 2,128 278 39 60 47 566

324,226 71,357 54,738 21,794 9,718 20,545 47,018 48,686 50,370

Claims settled but not paid to thepolicyholders/Insured due to any reasons 47,482 16,669 13,208 3,287 2,071 2,774 3,910 5,563except under litigation from theinsured/policyholders

Sum due to the insured/policyholders onmaturity or otherwise 13,211 9,517 710 1,774 827 98 41 244

Any excess collection of the premium/tax orany other charges which is refundable to thepolicyholders either as terms of conditions of 11,940 10,506 695 169 37 133 71 329the policy or as may be directed by theAuthority but not refunded so far

Cheques issued but not encashed by thepolicyholder/insured 471,198 79,411 66,593 146,203 93,000 45,727 19,631 20,633

Up to 1month

1,078,659 746,036 91,082 30,068 17,151 29,215 52,932 49,987 62,188

Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at March 31, 2014

Particulars Total Age-wise AnalysisAmount 1-6 7-12 13-18 19-24 25-30 31-36 Beyond 362013-14 months months months months months months months

Total 543,831 116,103 81,206 151,433 95,935 48,732 23,653 26,769

Claims settled but not paid to thepolicyholders/Insured due to any reasonsexcept under litigation from theinsured/policyholders

Sum due to the insured/policyholders onmaturity or otherwise

Any excess collection of the premium/tax orany other charges which is refundable to thepolicyholders either as terms of conditions ofthe policy or as may be directed by theAuthority but not refunded so far

Cheques issued but not encashed by thepolicyholder/insured





28. Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.

2014-15 2013-14

1. Amount refunded to the policyholders Nil Nil

2. Amount transferred to the "Funds for discontinued policies"

(Fund Value as on March 31, 15)

3. Number of policies discontinued during the financial year

4.

Product wise -

5. Policies revived during the year (w.r.t. Discontinued Policies)

No. of policies

% of policies revived

6. Charges imposed on account of discontinued policies

7. Charges readjusted on account of revival of discontinued policies

1,907,880 1,039,179

5,981 6,461

Percentage of discontinued to total policies during the year : -

K38 - Kotak Wealth Insurance 10.88% 16.57%

K40 - Kotak Headstart Child Assure 15.60% 13.62%

K41 - Kotak Secure Invest Insurance 10.07% 16.80%

K42 - Kotak Ace Investment 13.11% 14.87%

K44 - Kotak Platinum 20.61% 12.63%

K51 - Kotak Invest Maxima Plan 13.19% 11.55%

K64 - Kotak Headstart Child Assure 1.87% 0.00%

K65 - Kotak Invest Maxima Plan 1.73% 0.00%

K66 - Kotak Wealth Insurance 4.46% 0.00%

K67 - Kotak Ace Investment 2.83% 0.00%

K68 - Kotak Platinum 1.95% 0.00%

5,016 5,061

9,356 10,837

53.61% 46.70%

7,790 9,805

(581) (868)









29. Prior year comparatives

Account Head Balance reported on ReclassifiedMarch 31, 2014 Reclassification Balance as on Remarks

March 31, 2014Sch No Amount Amount

1. Schedule-3 Operating Expenses Related to 3

Insurance Business.

2. Schedule-12 Advances and Other Assets 12

3. Schedule-13 Current Liabilities 13

30. Employee benefits

(a) Accumulated Compensated Absences


Actuarial assumptions used

(b) Long Term Service Awards

Prior year amounts have not been reclassified except for the following in order to improve the disclosure and presentation of theaccounts

318,711 (299,366) 19,345

80,436 52,343 132,779

60,146 52,343 112,489

The Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet conducted byan independent actuary.

Defined benefit obligation 115,457 89,517

Expenses recognised in the income statement during the year 33,946 4,655

Discount rate 7.98% 9.34%

Salary escalation rate 8.50% 8.50%

Mortality table Indian Assured Lives Mortality Indian Assured Lives Mortality(2006-08) Ult table (2006-08) Ult table

The Company accrues the liability for Long Term Service Awards based on the actuarial valuation as at the balance sheet dateconducted by an Actuary.

Reclassification hasbeen done to showservice tax on Unitlinked on the face ofRevenue Account.

Reclassification hasbeen done to showBalance due to otherentities carrying oninsurance businessunder Schedule 13Current Liabilities.

Reclassification hasbeen done to showBalance due fromother entities carryingon insurance businessunder Schedule 12Advances and OtherAssets.

(c ) Gratuity

Change in Defined benefit obligations :

Liability at the end of the year 161,076 121,630

Change in plan assets

Closing Fair Value of Plan assets 160,368 132,166

Net Asset/ (Liabilities) disclosed under “Other Receivables in Sch-12 ” (708) 10,536

Expenses recognised for the year :-

Net gratuity expenses included in "Employees' remuneration & welfare benefits (Sch-3) 36,758 10,486

Reconciliation of the Liability recognised in the Balance Sheet


Investment details of plan assets

Total 100.00% 100.00%

In accordance with Payment of Gratuity Act, 1972 the Company provides for gratuity, a defined benefit retirement plancovering all employees. The plan provides a lump sum payment to vested employees at retirement or termination ofemployment based on the respective employee’s salary and the years of employment with the Company subject to maximumof 10 lakhs per employee.

The gratuity benefit is provided to the employees through a fund administered by the Board of Trustees of Kotak MahindraOld Mutual Life Insurance Employees Gratuity Fund. The Company is responsible for settling the gratuity obligation throughcontributions to the fund. The plan is fully funded.

Liability at the beginning of the year 121,630 125,842

Transfer of liabilities funded during the year Nil Nil

Current service cost 12,746 31,914

Interest cost 11,955 12,474

Actuarial (gain)/loss on obligations 33,050 (28,777)

Past Service Cost Nil Nil

Liabilities Assumed on transfer of employee (514) (1,407)

Benefits paid (17,792) (18,416)

Fair value of plan asset at the beginning of the year 132,166 127,041

Expected return on plan assets 9,997 10,925

Contributions by the employer for the year 25,000 18,416

Actuarial gain / (loss) 10,996 (5,800)

Benefits paid (17,792) (18,416)

Closing Fair Value of Plan assets 160,368 132,166




Expected return on plan assets (9,997) (10,925)

Actuarial (gain)/loss 22,053 (22,977)

Past Service Cost Nil Nil

Net (Asset)/ Liability at the beginning of the year 121,630 125,842



Actuarial (gain)/loss on obligations 33,050 (28,777)

Liabilities Assumed on transfer of employee (514) (1,407)

Benefits paid (17,792) (18,416)

The plan assets are invested in insurer managed funds. Major categories of plan assetsas a percentage of fair value of total plan assets:

Government securities 52.51% 63.39%

Bonds, debentures and other fixed income instruments 26.49% 26.62%

Money market instruments 12.44% 9.99%

Equity 8.56% -

`

Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits isgiven below.

2015 2014





Actuarial assumptions used 2015 2014

Discount rate (p.a.) 7.98% 9.34%

Expected rate of return on assets (p.a.) 7.50% 7.50%

Salary escalation rate (p.a.) 8.50% 8.50%

Expected future contribution from employer for next financial year 15,000 15,000

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion andother relevant factors such as supply and demand in the employment market.

Defined Benefit Obligation 161,076 121,630 125,842 109,207 94,422

Plan Assets 160,368 132,166 127,040 - -

Surplus / (Deficit) (708) 10,536 1,198 (109,207) (94,422)

Exp. Adj. on Plan Liabilities 13,300 (2,855) (17,917) (406) (18,985)

Exp. Adj. on Plan Assets 10,996 (5,800) 190 - -

The eligible permanent employees of the Company, who have opted for the scheme, are entitled to receive retirement benefitsunder the superannuation scheme operated by the Company. The contribution for the year amounts to 1,700 (2014 - 1,750)

In accordance with Indian regulations, employees of the Company are entitled to receive benefits under the provident fund, adefined contribution plan, in which, both the employee and the Company contribute monthly at a determined rate. Thesecontributions are made to government administered provident fund. The employee contributes 12% of his or her basic salary andthe Company contributes an equal amount. The Company's contribution for the year amounts to 1,26,224 (2014 - 112,978)

The eligible employees of the Company, who have opted for the scheme, are entitled for this benefit. The Company's contributionfor the year amounts to 4,262 (2014 - 3,650 ).

Experience Adjustments Period Ended

2015 2014 2013 2012 2011

(d) Superannuation

(e) Provident fund

(f) New Pension Scheme

` `

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For Walker, Chandiok & Co. LLP Uday Kotak Shailesh Devchand Gaurang Shah



Chartered Accountants Chartered Accountants Chairman Vice-Chairman Director

Partner Partner Managing Director Chief Financial Officer Appointed Actuary


For S.B.Billimoria & Co


ICAI Firm Registration No : ICAI Firm Registration No :001076N / N500013 101496W

Membership No - 105782 Membership No - 48791

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