Annual Report 2013-14 1
Directors’ ReportTo the Members of Kotak Mahindra Old Mutual Life insurance Limited
Your Directors take great pleasure in presenting their Fourteenth Report on the business and operations of your Company together with the Audited Financial Statements for the year ended March 31, 2014.
FINANCIAL RESULTS
Your Company continues to demonstrate consistent performance in a challenging and competitive environment. This year your Company continues to be profitable, which it has achieved through a better product mix and prudent management of capital and cost. The summarised results of Operations of your Company for the Financial Year 2013-14 are as follows:
(` in Crores)
Particulars Year endedMarch 31, 2014
Year endedMarch 31, 2013
New Business Premium 1,272 1,188
Renewal Premium 1,429 1,590
Total Premium 2,701 2,778
Profit/(Loss) before tax 313 212
Profit/ (Loss) after tax 291 203
Bonus to Policyholders 57 43
Terminal Bonus to Policyholders 5 1.65
Net worth 1,042 803
New Business Sum Assured 139,510 106,847
Assets Under Management 12,104 10,964
Your Directors have declared the following rates of bonus on participating policies for the year ended 31st March 2014:
(a) 7% (2013 – 7%) on accumulation non-retirement products to participating life policyholders which comprises 4% bonus in addition to the guaranteed rate of 3%. An interim bonus of 2% p.a. for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 15% on accumulation account value (2013 – 15%) for the policies matured and on death claim benefits paid during the year.
(b) 8% (2013 – 8%) on accumulation pension products to pension participating policyholders which comprises 5% bonus in addition to the guaranteed rate of 3%. An interim bonus of 3% p.a. for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 10% on accumulation account value (2013 – 10%) for the policies matured and on death claim benefits paid during the year.
(c) On Conventional With Profits products:
• UnderSurakshitJeevanPlanandEternalLifePlans2.25%SimpleReversionarybonusforpoliciescompleting5thpolicyyearand2%SimpleReversionary bonus otherwise.
• 2%underChildEduandChildFuturePlan,
• 2.5%fortheregularpremiumpayingtermpoliciesand3%forlimitedpremiumpayingtermpoliciesunderClassicEndowmentPlanandPremiere Money Back Plan,
• ForPremiereEndowmentPlan,abonusrateof5%isguaranteedforthefirstfiveyears.
DIVIDEND
Your Directors do not recommend any dividend for the current year.
CAPITAL
Your Company is among the most efficient capital users in the life insurance space and has good Assets under Management to Capital ratio. During the year under review, the Authorised Share Capital of your Company was ` 625 Crores, while the Paid-up Share Capital of your Company was ` 510 Crores. There has been no capital infusion during 2013-14.
Kotak Mahindra Old Mutual Life Insurance Limited2
LICENCE
The Insurance Regulatory and Development Authority has renewed your Company’s licence to carry on the business of life insurance and annuity for the year 2014-15.
INDUSTRY SCENARIO
Theprivate industryhaswitnesseda fall of4% innewbusinesspremiumsover theprevious year.From January2014, the Life Insurance Industrywitnessed a major change in the way business was conducted. Over 400 life insurance schemes operating in the market were withdrawn and replaced with new schemes, complying with new product guidelines issued by the IRDA, which aims to make policies more customer friendly.
PRODUCTS
In view of the new product guidelines, your Company revamped its entire product portfolio, comprising Individual and Group Products. Your company launched twenty products and seven riders on the individual side catering to various customer needs such as protection, savings, investment and additional protection by way of riders.
Your company’s products have been designed such that they fulfill policyholder needs well, yet are simple to understand and offer competitive returns and benefits to the policyholder. The company also introduced ‘MySolutions’ – wherein a bouquet of products fulfilling various customer needs were offered in combination, setting a new benchmark in the industry.
Your company launched nine products and nine riders on the group side catering to the needs of employer–employee and non-employer employee groups.
BUSINESS AND DISTRIBUTION CHANNELS
a) Individual Business
The year witnessed increased focus towards traditional products and an increasing trend towards long-term selling, which augurs well for the Industry. Your Company has driven protection and long term savings (PALTS) across its distribution verticals.
Your Company continues to focus on distribution efficiency. Investment in training Life Advisors and sales hierarchy has been stepped up to ensure that the distribution team is equipped to meet customers’ expectations.
KotakMahindra Bank has a 36% share(on an adjusted premium (APE)basis taking single premium as one tenth)of individual new businesspremiums for the Financial Year 2013-14. Besides Kotak Mahindra Bank, your company has agency tie-ups with cooperative banks, commercial banks, corporate agents and brokers which also contribute to the premium income.
b) Group Business
Group portfolio comprises of Traditional and Unit Linked products catering to gratuity, leave encashment and superannuation needs of employer-employee groups. In addition, your company also offers Term and Credit Insurance products. Your Company generated a premium income of ` 629 Crores (FY 2012-13 ` 500 Crores) from group insurance business representing a growth of 25.68% over FY 2012-13.
MARKETING
Your Company’s marketing efforts during the year were focused on strengthening your Company’s core purpose of ‘adding value to people’s lives through Protection & Long Term Savings’ (PALTS), and, reinforcing the culture of customer-centricity in every outreach. To this end, your company:
Made concentrated efforts to understand customer insights through usage and attitude studies, so that it could develop or revamp products, 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 needs specific to that channel
HUMAN RESOURCES
Your Company’s Human Resource department has been, for a fifth year in a row, re-certified with ISO certification. Last year, your Company has successfully completed restructuring exercise across major zones in the organization, which has led to productivity improvement besides rationalization of managerial spans, and better role clarity across various levels. Restructuring was supported by a rigorous execution discipline frame work. In recognition ofitsefforts,yourcompanywasawardedthe‘ExecutionExcellenceAward2013-14’forthebestexecutionfor4DXinIndiabyFranklinCovey.
Annual Report 2013-14 3
Your company also augmented this transformation initiative through robust Sales training processes and by building managerial skills in the areas of team and people leadership. Your company has adopted a Lean Problem solving approach to bring about process improvement and effective problem solving across various parts of the organization.
INFORMATION TECHNOLOGY
Several initiatives have been taken to empower distribution channels to achieve growth, improve persistency, to enhance customer service and improve process efficiency. Key initiatives undertaken by your company include:
Implementation of ‘KARMA’, an execution management system
Implementation of web and mobile compatible Lead Management System for Sales Managers and Life Advisors
New and robust e-insurance portal, and a new portal for Group customers
In order to ensure risk-free infrastructure, your company’s data security backbone have been augmented with additional tools such as Data Leak Prevention and Document Rights Management.
Inrecognitionofitseffortsinusingtechnologytomaketransformativechangestobusiness,yourcompanywasawardedtheEMCTransformationalAward for the implementation of end-user data protection using Avamar technology.
OPERATIONS AND CUSTOMER SERVICE
Regulatory changes in the Product Guidelines necessitated changes in systems and operations. In addition to making these changes seamlessly during the year, your company has also implemented several measures to improve service to our customers. These measures include:
1. Remodelling of close to 50 branches to improve customer experience at the branch, including having specially demarcated areas to receive and seat customers, dedicated customer meeting and interaction rooms, dedicated customer information boards and writing ledges, priority service to elderlycustomersandladycustomerswithchildren,andwelltrainedanddedicatedBranchOperationsExecutivesforservingcustomersbetter
2. Implementation of a fund benchmarking tool to help customer service executives resolve fund related queries from customers and implementation of a Retention Business Illustration tool.
3. Phased rollout of pre-conversion verification calling system to ensure customer need alignment to product features and to facilitate Know Your Customer (KYC) compliance.
4. Shifting most paper based communication to electronic mode, and actively pursuing customers to opt for the same, to ensure quick and effective delivery of customer communication and faster resolution of customer queries
A testimony of its standing among customers, your company was adjudged the most trusted private life insurer in the Business world Most Trusted Companies Survey 2013.
COMPLIANCE AND INTERNAL CONTROL
The Compliance function is not only the custodian of Regulatory framework but also counsels other functions within the Company on the changing Regulations and their implications within the Industry. During the Financial year all Regulatory changes were implemented in a seamless and time bound manner.
Your Company has a Compliance Policy and Risk Management framework in place, in order to mitigate risks across various functions of the Company and suitable measures are taken to proactively manage risks at all levels. Compliance processes of your Company are also complemented by an independent audit conducted across various functions. As part of good Corporate Governance, the Audit Committee reviews findings of Internal Auditors who report directly to the Audit Committee.
INVESTMENTS
Your Company manages its investments within the overall framework laid down by the Investment Policy and provisions of IRDA Investment Regulations, 2000 and Insurance Act, 1938. The Investment function works under the overall supervision of Investment Committee of the Board. Your Company has implemented systems to help in analysis of investment portfolio, which acts as an enabler to the front-end Investment team in asset allocation and stock selection. Further, your Company has well-staffed Investment team which has been structured for effective function and independent checks to constantly monitor investment performance and analysis.
The total Assets under Management for the Traditional and Unit Linked Funds was ` 12,104 crores as at March 31, 2014 as against ` 10,964 crores as at March 31, 2013 registering a growth of 10% over the previous year. Financial Year 2013- 2014 was volatile for Financial Markets. During the year 10 year benchmark Government Security yield has gone up from 7.95% as at March 31, 2013 to 8.80% as at March 31, 2014 and has seen a high and low of 9.23% and 7.11% respectively, while the NIFTY has gone up from 5,683 as at March 31, 2013 to 6,704 as at March 31, 2014 with a high of 6,730 and low of 5,119 during the year.
Kotak Mahindra Old Mutual Life Insurance Limited4
RURAL AND SOCIAL SECTORS
During the year, your Company wrote 33944 policies (Previous year – 36091) in the rural sector representing 21.2 % (Previous year – 21.3 %) of the total policies. This is against the Regulatory requirement as per the IRDA (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. Outperforming the Regulatory requirement of covering 55,000 lives in the social sector, your Company covered 1352611 lives (Previous year - 509279 lives). Your Company approaches its rural and social sector targets with a deep sense of duty and responsibility towards the society.
CORPORATE GOVERNANCE
Your Company has consciously endeavoured to follow the policy of transparency and accountability and holds the interest of its stakeholders paramount. Your Company has implemented the requirement of Corporate Governance circular issued by IRDA. (Note: A separate section pertaining to Corporate Governance compliance is appended to this document).
BOARD OF DIRECTORS AND COMMITTEES
AsonMarch31,2014,yourCompanyhasnineDirectorsonitsBoard.EightoftheDirectorsareNon-Executive,outofwhichthreeareIndependentDirectors.TheChairmanoftheBoardholdsaNon-ExecutivepositionandChairmanofAuditCommitteeisanIndependentDirector.
Mr. Dipak Gupta, Director of your Company, is liable to retire by rotation at the ensuing Annual General Meeting of your Company. Mr. Dipak Gupta, being eligible, offers himself for re-appointment.
The detailed composition of the Board and various Committees along with the list of meetings held, are disclosed as part of the annexed report on Corporate Governance.
During the year, Mr. David Buenfil, representing Old Mutual Plc., was appointed as a Director.
AUDITORS
CNK & Associates LLP (formerly M/s Contractor, Nayak & Kishnadwala), Chartered Accountants and Walker Chandiok & Co. LLP Chartered Accountants, theJointAuditorsofyourCompany,holdofficeuntiltheconclusionoftheensuingAnnualGeneralMeetingofyourCompany.CNK&AssociatesLLPhave advised that owing to prior commitments they would not be seeking reappointment. It is therefore proposed to appoint M/s S.B. Billimoria & Co. as one of the joint auditors in place of CNK & Associates LLP. Walker Chandiok & Co. LLP being eligible, have offered themselves for reappointment. ShareholdersarerequestedtoconsiderappointmentofS.B.Billimoria&Co.andWalkerChandiok&Co.LLPasJointStatutoryAuditorsoftheCompanyin the ensuing Annual General Meeting.
MANAGEMENT REPORT
Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Management Report forms a part of the financial statements.
STATUTORY INFORMATION
PUBLIC DEPOSITS:
During the period under review, your Company has not accepted any deposits from the public.
PARTICULARS OF EMPLOYEES:
TheinformationrequiredunderSection217(2A)oftheCompaniesAct,1956,readwiththeCompanies(ParticularsofEmployees)Rules,1975formspart of the Annual Report and any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary at the Registered Office of the Company. The Company shall then send the information to the concerned shareholder (s) who seeks such information.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND EXPENDITURE:
1. Conservation of Energy and Technology Absorption
The particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 pertaining to conservation of energy do not apply to life insurance industry and hence are not applicable.
Information Technology
Your Company leverages information technology as a strategic tool to gain competitive advantage and to improve productivity and efficiency of the organisation. Our platforms are designed to service scale and are capable of handling high customer and transaction volumes. We have used technology to deliver process improvements, innovation and to add value to our services to the customers.
Annual Report 2013-14 5
2. Foreign Exchange Earnings and Expenditure
(` in Crores)
Particulars 2013-14
ForeignExchangeearned 5.63
ForeignExchangeexpenditure 14.04
DIRECTORS’ RESPONSIBILITY STATEMENT
Based on representations from the Management, your Directors state, in pursuance of Section 217(2AA) of the Companies Act, 1956, that:
a. Your Company has, in the preparation of the annual accounts for the year ended 31st March, 2014, followed the applicable accounting standards alongwith proper explanations relating to material departures, if any;
b. The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of your Company as at 31st March, 2014, of the surplus in the Revenue Account and the -profit in the Profit and Loss Account of your Company for the financial year ended 31st March, 2014;
c. The Directors have taken proper and sufficient care to the best of their knowledge and ability, for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities; and
d. The Directors have prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
The Directors thank the Insurance Regulatory and Development Authority for its continuous support. The Directors are grateful for the continued faith that the policyholders have reposed. The Directors acknowledge the support extended by their shareholders and express their appreciation of employees for their efforts, teamwork and professionalism.
For and on behalf of the Board of Directors
Uday KotakChairman
MumbaiApril 25, 2014
Kotak Mahindra Old Mutual Life Insurance Limited6
Management Report for the year ended March 31, 2014
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Board of Directors presents its Management Report for the year ended March 31, 2014.
1. Validity of Registration: Your Directors confirm that the registration granted to the Company by the Insurance Regulatory and Development Authority is valid on this date.
2. Statutory Dues: Your Directors certify that all the dues payable to the statutory authorities have been duly paid.
3. Shareholding pattern: Your Directors confirm that the shareholding pattern and transfer of shares during the year are in accordance with the statutory and regulatory requirements
4. Investment of policyholders’ funds: During the year, your Company has not directly or indirectly invested outside India the funds of the holders of policies issued in India.
5. Solvency margins: Your Directors confirm that the solvency margins as required by regulations prescribed by Insurance Regulatory and Development Authority of India have been maintained.
6. Values of assets: Your Directors certify that the values of all the assets have been reviewed on the date of the Balance Sheet and that the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under the several headings – “Loans”, “Investments”(except fixed income securities held in the Shareholders’ account and non-linked Policyholders’ account which are carried at amortised cost as indicated in this paragraph), “Agents balances”, “Outstanding Premiums”, “Interest, Dividends and Rents outstanding”, “Interest, Dividends and Rents accruing but not due”, “Amounts due from other persons or bodies carrying on insurance business”, “Sundry Debtors”,” Bills Receivable” “Advances and other assets”, “ Cash” and the several items specified under “Other Accounts.”
All debt securities held under Shareholder and Non Linked Policyholder investments are considered as ‘held to maturity’ for the purpose of valuation and are accordingly stated at historical cost i.e. at net amortized cost in the Balance Sheet. As at March 31, 2014 the market value of these investments are lower by ` 1,988,418 thousand. The lower market value is attributable to the rise in yields since their purchase.
7. Application of life insurance funds: Your Directors certify that no part of the life insurance fund has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 (4 of 1938) relating to the application and investment of the life insurance funds.
8. Risk exposure: Your Company recognises the risks associated with the life insurance business and plans to manage it by adopting prudent policies commensurate with the needs of the life insurance business. The key risks affecting the operations of the Company are underwriting risks, investment risks and operational risks.
The underwriting risk is managed by the Company’s underwriting function and further by establishing reinsurance treaties with various reinsurance companies. All risks above the pre-determined retention limits are reinsured.
The investment risk is managed by creating a portfolio of different asset classes and of varied maturities so as to spread the risk across a wide category of investee companies. Your Company has constituted an Investment Committee of the Board of Directors, which acts as the policy making body for the investment operations. The Investment Committee lays down various internal policies and norms governing the functioning of the Investment Department. The investment strategy framed is kept appropriate to the underlying liabilities of the policyholders. The Investment Committee periodically discusses the investment strategy, portfolio structures, performance of the portfolio and other issues relating to the investment portfolio. This is then approved by the Board of Directors. The Investment Committee has in turn constituted the Asset & Liability Management Committee (ALM) and Credit Committee. The Asset & Liability Management Committee (ALM) reviews the Asset Liability Management Strategy, Investment Risk Management Strategy and other related risks periodically. The Credit Committee approves the credit limit for each Investee Company and approves the initial investment in any company. The committee also does a periodical review of the existing exposure of debt investments in other companies.
ThecompanyhasestablishedaRiskManagementFrameworktomanage,controlandmitigateoperationalrisks.Eachfunctionisrequiredtoensurethat all processes are documented, process risks are identified and that steps are taken to mitigate identified operational risks. An independent risk management function, in turn, reviews the risks identified, the effectiveness of the operational controls and ensures that risk mitigation steps suggested are implemented. Operational risks are also mitigated by audits conducted by an independent internal audit team, and an independent concurrent audit team for the investment function. The Risk Committee meets at periodic intervals and lays down and reviews various internal policies and norms governing the risk function across the company. The Committee also reviews the top risks, mitigations implemented and progress made by the Risk Management Function.
9. Operations in other countries: Your Directors confirm that during the year ended March 31, 2014, your Company had no operations in other countries.
Annual Report 2013-14 7
10. Ageing of claims: Claims registered and not settled
(` in lakhs)
Period Traditional Business Linked Business
Number of Claims Amount Involved Number of Claims Amount Involved
30 days 584 337.62 4451 4462.94
30 days to 6 months 10 79.76
6 months to 1 year 1 7.69
1 year to 5 years 2 12.01 4 0.36
5 years and above 2 4.32 2 0.65
Total 599 441.40 4457 4463.95
Claims remain unpaid for greater than 30 days for want of proof of title or the cause of death or pending other necessary documentation, to determine and discharge the claim liability.
Statement of Age – wise analysis of the Unclaimed Amount of Policyholders in accordance with IRDA circular no- IRDA/F&I/CIR/CMP/174/11/2010 dated 04-11-2010 has been disclosed under Note 16 - 27 of the audited Financial Statements for the year ended March 31, 2014.
11. Valuation of investments:
For the Shareholders’ and non-linked policyholders’ investments your company considers its debt securities as ‘held to maturity’ and measures them at amortised cost. Accretion of discount and amortisation of premium relating to debt securities is recognized over the maturity period on internal rateofreturnbasis.ListedequitysharesasattheBalancesheetdatearestatedattheclosingpriceontheNSE.IfanequityshareisnotlistedortradedontheNSE,theclosingpriceontheBSEisused.Equitysharesawaitinglistingarestatedathistoricalcostsubjecttoprovisionfordiminution,if any. Unrealized gains/ losses arising due to changes in the fair 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 recognized 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. 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
In respect of the unit-linked business, all securities are valued on a ‘Mark to Market’ basis. The discount on purchase of treasury bills, certificate of deposit, Collateral Borrowing and Lending Obligations (CBLO) and commercial papers are amortized over the period to maturity on internal rate of return basis.
12. Review of asset quality and performance of investment: Your directors confirm that all the investments are performing investments. Your Company has investments in commercial bank fixed deposits and investments in debt securities issued by the Government of India, State Governments, public financial institutions, selected banks and public and private sector undertakings with AA- and above rating / guaranteed by the Government. Shares quotedonIndianStockExchangesandrealestateisalsoapartofyourCompany’sinvestmentportfolio.
13. Responsibility Statement: Your Directors state that:
(a) In the preparation of financial statements, the applicable accounting standards, principles and policies have been followed;
(b) The accounting policies have been adopted and applied consistently and the judgements and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the year and of the surplus under the Revenue Account and of the profit in the Profit and Loss Account for the year ended March 31, 2014;
(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the applicable provisions of the Insurance Act 1938 (4 of 1938) / Companies Act, 1956 (1 of 1956), for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The financial statements are prepared on a going concern basis;
(e) An internal audit system commensurate with the size and nature of the business exists and is operating effectively.
Kotak Mahindra Old Mutual Life Insurance Limited8
14 Schedule of payments made to individuals, firms, companies and organizations in which the Directors are interested:
Your Company has made the following payments 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 the financial year
( ` in lakhs)
1 Mr. Uday Kotak, Mr. Dipak Gupta Mr. Prakash Apte
Kotak Mahindra Bank Ltd Director 7987.90
2 Mr. Uday Kotak Kotak Securities Ltd Director 184.84
3 Mr. Uday Kotak, Mr. Dipak Gupta
Kotak Mahindra Prime Ltd Director 5.85
4 Mr. Uday Kotak, Mr. Gaurang Shah
Kotak Mahindra Asset Management Company Ltd Director 3.84
5 Mr. Gaurang Shah,Mr. G. Murlidhar
Kotak Life Insurance Superannuation Fund Trustees 17.50
Total 8199.93
For and on behalf of Board of Directors
Uday Kotak G. Murlidhar
Chairman Managing Director
Mumbai
April 25, 2014
Annual Report 2013-14 9
Report on Corporate GovernanceThe Corporate Governance Report, as per the provisions of Insurance Regulatory and Development Authority’s (IRDA) Guidelines on Corporate Governance is as under:
BOARD OF DIRECTORS AND COMMITTEES
Composition, Meeting and Attendance
The composition of the Board of Directors and its Committees are governed by the Insurance Act, 1938 and Corporate Governance Guidelines issued byIRDA.AsonMarch31,2014,yourCompanyhasnineDirectorsonitsBoardofwhomeightareNon-ExecutiveDirectorsandthreeamongstthemareIndependentDirectors.TheChairmanoftheBoardholdsaNon-Executiveposition.TheChairmanoftheAuditCommitteeisanIndependentDirector.The responsibilities of the Board inter-alia include monitoring of compliance with relevant laws, regulations, code of conduct, formulating various policies of the Company, strategic guidance for implementation of business policy, structure a management information system for review and recourse, define standards for conduct of business, servicing of policyholders, grievance redressal and risk management.
A brief profile of the Directors as on March 31, 2014, along with the other Directorships and Committee Membership held by them are given hereunder:
1. Mr. Uday Kotak- Non-Executive Chairman
Mr.UdayKotak, aged55 years, holds aBachelors degree inCommerce andanMBA from Jamnalal Bajaj InstituteofManagement Studies,Mumbai.HeistheExecutiveVice-ChairmanandManagingDirectorofKotakMahindraBankLimitedanditsprincipalfounderandpromoter.UnderMr.Kotak’s leadership, over the past 28 years, Kotak Mahindra group has established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds. Mr. Kotak is the recipient of several prestigious awards. He is a memberoftheGovernmentofIndia’shighlevelcommitteeonFinancingInfrastructure,thePrimaryMarketAdvisoryCommitteeofSEBI,MemberoftheBoardofGovernorsofIndianCouncilforResearchonInternationalEconomicRelations,NationalInstituteofSecuritiesMarketsandNationalCouncil of CII. He is also a Governing Member of the Mahindra United World College of India.
He is also on the Board of Kotak Mahindra Asset Management Company Limited, Kotak Mahindra Capital Company Limited, Kotak Mahindra Prime Limited, Kotak Mahindra Investments Limited, Kotak Forex Brokerage Limited and Kotak Securities Limited.
Mr. Uday Kotak is also a member of the Investor Relations (Shareholders’/Investors’ Grievance) Committee of Kotak Mahindra Bank Limited, Chairman of the Audit Committees of Kotak Mahindra Capital Company Limited and Kotak Securities Limited and member of the Audit Committee of Kotak Mahindra Asset Management Company Limited.
2. Mr. Shailesh Devchand- Non Executive Vice Chairman
Mr. Shailesh Devchand (B.Sc., F.I.A), a South African of Indian origin, is by profession a qualified Actuary through the Institute of Actuaries in London (1998). His career spans over 20 years in the financial services industry across several roles ranging from Development Actuary at Liberty Group inSouthAfrica, toSeniorConsultantandCountryExecutiveMalaysia foraSingapore-basedactuarialanddistributionconsultingfirm. Mr.Devchandspent4yearsinAsiauntiltheendof2003onvariousconsultingassignmentsacrossSouthEastAsiaforseveralLifeandGeneralinsurers as well as regulatory bodies.
His earlier experience includes group employee benefits, Life and Group Product Development, valuation and reserving sign offs, corporate strategy and business development as well as distribution channel development and economics. Mr. Devchand joined Old Mutual Group on his return to South Africa in 2004 to take on a role as Head of Business Development for Old Mutual South Africa focussing on alternative distribution. He laterplayedaroleasExecutivewithinOldMutual’sRetailMassandFoundationClusterbusinessasChiefOperatingOfficer-FoundationMarket. Mr.DevchandcurrentlyholdstheroleofDirector–AsianMarketsforOldMutual’sEmergingMarketsbusiness.
Mr. Shailesh Devchand is the member of Investment and Audit Committee of the Company and is also the Vice Chairman of the Board of Directors.
3. Mr. Shivaji Dam- Independent Director
Mr. Shivaji Dam, B.Com, ACMA, ACA, ACS, has a strong accounting and cost accounting background with over 30 years’ experience of which 21 years have been with the Kotak Group. He has experience in fields such as Corporate Finance, Proprietary Investments, Investment Banking and operating management within the Kotak Group. He is one of the founding Directors of the Company. He led the Kotak group into the life insurance business and was Managing Director of the Company for four years.
He is member of the Audit Committee and Chairman of the Banking Committee,Remuneration Committee, With Profits Committee and Policyholder Protection Committee of the Company. Mr. Dam is also on the Board of Kotak Mahindra Trusteeship Services Limited & Kotak Mahindra Pension Fund Limited.
Mr. Dam is presently involved in philanthropic activities around education and livelihood for children /youth from under privileged families.
Kotak Mahindra Old Mutual Life Insurance Limited10
4. Mr. Vineet Nayyar- Independent Director
Mr.VineetNayyaristheExecutiveViceChairmanofTechMahindra.
An accomplished leader with decades of experience, he has led several organizations across industries, creating high performance teams and successful businesses. In a career spanning over 40 years, Mr. Nayyar has worked with the Government of India, international multilateral agencies and in the corporate sector (both public and private).
He started his career with the Indian Administrative Service and held a series of senior positions, including that of a District Magistrate, Secretary -Agriculture&RuralDevelopment for theGovernmentofHaryana andDirector,Departmentof EconomicAffairs,Governmentof India.Healsoworkedwith theWorldBankforover10years inaseriesofseniorassignments, includingsuccessive termsas theChief for theEnergy,InfrastructureandtheFinanceDivisionsforEastAsiaandPacific.
Mr. Nayyar was also the founding Chairman and Managing Director of the state-owned Gas Authority of India and has served as the Managing DirectorofHCLCorporationLtd.,andastheViceChairmanofHCLTechnologiesLtd.Hewasalsoaco-founderandChiefExecutiveOfficerofHCLPerot Systems. He received a master’s degree in development economics from Williams College, Massachusetts.
In addition to his responsibilities at Tech Mahindra, his principal directorships include his serving as a director on the boards of Venturbay Consultants Private Limited, Mahindra Logisoft Business Solutions Limited, Tech Mahindra (Thailand) Limited, Tech Mahindra (Beijing) IT services Limited,MahindraHolidaysandResortsIndiaLimited,MahindraUnitedWorldCollegeofIndia,TheGreatEasternShippingCompanyLimited,Greatship(India)Ltd,VidyaInvestmentsPrivateLimited,VidyaEducationInvestmentPrivateLimited,MauryaEducationCompanyPrivateLimited,TechMahindra(Americas)Inc,TechMahindraFoundation,EsselSocialWelfareFoundation(formerly-HPSSocialWelfareFoundation).
HeservesasChairmanofSupervisoryBoardofTechMahindraGmbH.HeisalsoatrusteeofVidyaEducationFoundation,CathedralVidyaTrustandMahindraEducationFoundation.
Mr.NayyaralongwithMr.CPGurnaniwasrecognizedwiththeErnstandYoungEntrepreneuroftheyear(Manager)AwardinFebruary2014.
5. Mr. Prakash Apte- Independent Director
Mr.PrakashApte,BachelorofEngineeringfromPuneUniversity&PGDMfromMumbaiUniversity,hasbeentheManagingDirectorofSyngentaIndiaforadecade& iscurrently itsNon-ExecutiveChairman.Syngenta IndiaLimited isoneofthe leadingagribusinesscompanies in India&Syngenta Group is one of the largest investor in agriculture research and a leading agri business across the world.
Mr. Apte in a career spanning over 34 years has considerable experience in various areas of management and business leadership. In the first phase of his career, Mr. Apte worked in Larsen & Toubro, Uhde India and in Ciba Geigy in various positions of responsibility in the project management and technical operations. While in Ciba and later on in the merged entity Novartis, Mr. Apte assumed the role as a business head. When Syngenta was formed resulting from merger/demerger of Agri businesses belonging to Astra Zeneca and Novartis, Mr. Apte took over the responsibility as Managing Director & Country President for Syngenta in India.
During more than 16 years of very successful leadership of Syngenta business in India, Mr. Apte has gained varied knowledge in various aspects of business such as vision & strategy development, business integration & transformation, operation excellence etc. and he has been involved with many initiatives for organizational capability up gradation, coaching & people development.
Mr. Apte was instrumental in setting up the Syngenta Foundation India which focuses on providing knowledge and support for adopting scientific growing systems to recourse poor farmers and enabling their access to market.
ApartfrombeingNon-ExecutiveChairmanofSyngentaIndia,Mr.AptealsoservesontheBoardofaprivatesectorBank.
6. Mr. Dipak Gupta- Non Executive Director
Mr.DipakGupta,B.E.(Electronics),PGDM-IIM,Ahmedabad,isaNon-ExecutiveDirectoroftheCompanyandhasover28yearsofexperienceinthe financial services sector, 22 years of which have been with the Kotak Group. He is responsible for Group HR, Admin, Infra, Operations and IT. He is also responsible for Asset Reconstruction Business of the Bank.
Mr. Dipak Gupta is the Chairman of Investment Committee and a member of the Audit Committee of the Company.
Mr. Dipak Gupta was responsible for leading the Kotak Group’s initiatives into the banking arena. Prior to joining the Kotak Group, he was with A. F. Ferguson & Company for approximately six years. He is on the Board of Kotak Mahindra Bank Limited, Kotak Mahindra Prime Limited, Kotak Forex Brokerage Limited, Kotak Mahindra Capital Company Limited and Kotak Mahindra Investments Limited.
7. Mr. Gaurang Shah- Non Executive Director
Mr. Gaurang Shah heads the Life Insurance, Asset Management and the International business of the Kotak Mahindra Group. He took over this assignment on May 1, 2010.
In his immediate prior assignment, Mr. Shah was the Managing Director of Kotak Mahindra Old Mutual Life Insurance Limited. Under his stewardship, the Company booked profits for the first time ever in 2009, joining ranks of the select first private Indian life insurers to book profits, thereby opening a new chapter in the annals of private life insurance business in India.
Annual Report 2013-14 11
Mr. Shah has over 30 years of rich and varied experience in the Financial Services sector, several of which are with the Kotak Mahindra Group. He has played a stellar role in building the Group’s Consumer Banking business and Life insurance business.
He has held several positions of high responsibility over the years, including, inter alia, the Head of Retail Assets at Kotak Mahindra Bank Limited. He was also closely associated with Kotak Mahindra Primus (a joint venture between Kotak Mahindra Group and Ford Credit International), among India’s leading automobile finance companies.
Mr. Shah is a Chartered Accountant, Company Secretary and Cost Accountant.
He is a member of the Investment Committee and the With Profits Committee and Chairman of Asset Liability Committee and Risk Management Committee of the Company.
8. Mr. G. Murlidhar- Managing Director
Mr.MurlidhartookchargeasManagingDirectorinJune2011.Mr.MurlidharisafoundermemberoftheCompany,and,hasservedtheCompanyin various capacities of increasing responsibility over the years. In his immediate prior assignment, he was the Company’s Chief Operating Officer, where he was instrumental in establishing a strong operations and service backbone for the Company.
Mr. Murlidhar has a distinguished professional career spanning more than three decades across functional areas such as Finance, Commercial, Projects, Marketing, HR, IT, Consumer distribution. He has also handled public issues and open offers across sectors such as BFSI, Services and Manufacturing.
Mr. Murlidhar is a Chartered Accountant, Company Secretary and Cost Accountant.
9. Mr. David Buenfil- Non Executive Director
Mr. David Buenfil joined Skandia Mexico as Commercial Director, developing the company´s product, and sales strategy since inception. In 2007, hewaspromotedtoChiefExecutiveOfficerMexico,andlaterin2009,healsotookresponsibilityfortheSkandiabusinessesinColombia,andthegrowthstrategyforOldMutualinLatinAmerica.In2013,Mr.BuenfilwasnamedChiefExecutiveOfficerforLatinAmerica,andAsiaaspartoftheOldMutualEmergingMarketsExecutiveCommittee.
Mr.BuenfilobtainedanundergraduatedegreewithHonorsinElectricalEngineeringatKetteringUniversityandlaterobtainedanMBA,fromtheWharton School, and an M.A. in International Studies from the lauder Institute at the University of Pennsylvania.
Prior to joining Skandia (OldMutual) in 2002, his experiences include being the Director for DFJ Americas Fund, Being a founding partnerin Vidalink do Brasil, a Pharmacy Benefit Management company; and was the Country Manager for Mexico at Haden Inc., a supplier to the automotive industry. Other professional experiences include, being a consultant at Booz Allen & Hamilton in Brazil, and a manufacturing engineer for General Motors in the USA, Mexico, and Germany.
10. Mr. Sunil Sharma (Alternate Director to Mr. Shailesh Devchand)
Mr. Sunil Sharma (MSc, FIAI, FIA) is an Actuary by profession, qualified through the Institute of Actuaries of India (IAI) and is also a Fellow of Institute and Faculty of Actuaries (IFA), UK. He joined the Company in March 2012 and is currently the Appointed Actuary and Chief Risk officer of the Company.
Mr.Sharmahasmorethan24yearsofexperienceintheareasofLifeandHealthdirectInsuranceandreinsurancebusinessglobally.HisExperienceinclude Product Development, experience analysis and feedback into pricing process, Group business Management, Life & Health reinsurance pricing, reinsurance Treaty Agreements, Client Management, Statutory reserving, Shareholder’s Valuation, Risk and capital Management and the management of with profit business.
Mr. Sharma started his career in LIC, 24 years back where he gained significant experience in the area of Individual and group Business Management. HeplayedamajorroleintheareaofproductDevelopmentinGEFinancialAssurancebasedoutofRichmond,USAandlaterhewasinstrumentalinsettinguptheActuarialCOEinGEIndia.HeplayedakeyActuarialManagementroleinSwissReformorethansevenyear’stenureinIndia,SingaporeandUKMarkets.BeforeJoiningtheCompany,Mr.SharmawasHeadofActuarialinICICIPrudentialLifeInsuranceLtd.
Mr. Sharma is a member of the Investment Committee, Risk Management Committee, Asset Liability Management Committee and Policyholder Protection Committee of the Company.
Composition of the Board of Directors and the Committee positions held by Directors as on 31st March 2014
Name Position on the Board
Audit Committee
Investment Committee
Risk Management Committee
Asset Liability Management Committee
Policyholder Protection Committee
With Profits Committee
Remuneration Committee
Mr. Uday Kotak Chairman - - - - - - Member
Mr. Shailesh Devchand Vice Chairman Member Member - - - - Member
Mr. Shivaji Dam Independent Director
Chairman - - - Chairman Chairman Chairman
Kotak Mahindra Old Mutual Life Insurance Limited12
Name Position on the Board
Audit Committee
Investment Committee
Risk Management Committee
Asset Liability Management Committee
Policyholder Protection Committee
With Profits Committee
Remuneration Committee
Mr. Vineet Nayyar Independent Director
- - - - - - -
Mr. Prakash Apte Independent Director
- - - - - - -
Mr.Dipak Gupta Non-ExecutiveDirector
Member Chairman - - - - Invitee
Mr. Gaurang Shah Non-ExecutiveDirector
Invitee Member Chairman Chairman - Member Invitee
Mr. David Buenfil (w.e.f. April 29, 2013)
Non-ExecutiveDirector
- - - - - - Invitee
Mr. G. Murlidhar Managing Director
Invitee Member Member Member Member Member Invitee
Mr.SunilSharma(w.e.f.January30, 2014)
Alternate Director to Mr. Shailesh Devchand
Invitee Member Member Member Member Member
BOARD MEETINGS
During the year, under review, four Board Meetings were held. The Meetings were held on April 29, 2013, August 02, 2013, October 23, 2013 and January31,2014.
The details of attendance of Directors at the Board meetings are as follows:
Directors No. of meetings held during the tenure of the Member
No. of meetings attended
Mr. Uday Kotak 4 4
Mr. Shailesh Devchand 4 3
Mr.Shivaji Dam 4 4
Mr. Vineet Nayyar 4 -
Mr. Prakash Apte 4 4
Mr.Dipak Gupta 4 4
Mr. Gaurang Shah 4 4
Mr. David Buenfil (w.e.f. April 29, 2013) 4 2
Mr. G. Murlidhar 4 4
Mr.SunilSharma(w.e.f.January30,2014) 1 1
DIRECTORS’ REMUNERATION
Elements of Remuneration package of Individual Directors for the year ended March 31, 2014
(` in ‘000)
Name of Director Sitting Fees Salaries & Allowances
Perquisites Company’s contribution
to PF
Commission Total
Mr. Uday Kotak - - - - - -
Mr. Shailesh Devchand - - - - - -
Mr.Shivaji Dam 80 - - - - 80
Mr. Vineet Nayyar - - - - - -
Annual Report 2013-14 13
(` in ‘000)
Name of Director Sitting Fees Salaries & Allowances
Perquisites Company’s contribution
to PF
Commission Total
Mr. Prakash Apte 40 - - - - 40
Mr.Dipak Gupta - - - - - -
Mr. Gaurang Shah - - - - - -
Mr.David Buenfil(w.e.f. April 29, 2013)
- - - - - -
Mr. G. Murlidhar - 15918 - 2149 - 18067
Mr. Sunil Sharma (w.e.f. January30,2014)
- - - - - -
COMMITTEES OF THE BOARD OF DIRECTORS
The Board has constituted several committees and delegated various functions and responsibilities to such Committees, as mandated by the Corporate Governance Guidelines issued by IRDA. The details of the various Committees are as under:
1. AUDIT COMMITTEE
TheAuditCommitteeoftheCompanycomprisesof3Non-ExecutiveDirectors.TheChairmanoftheCommitteeisanIndependentDirector.Theterms of reference of the Audit Committee are as follows:
a. Financial Reporting
• RecommendtheappointmentofStatutoryAuditorsandInternalAuditorsandensurethattheyareindependentbeforerecommendingtheir appointment
• Overseetheexternalauditcoverage
• Reviewaccountingpolicies
• Examinethefinancialstatements,financialreporting,statementofcashflowsanddisclosureonanannualandquarterlybasis
b. Corporate Governance
• Reviewcorporatepoliciesrelatingtocompliancewithlawsandregulations,ethics,conflictofinterestandinvestigationofmisconductand fraud
• Reviewthescopeandfindingsofinternalaudit
• Investigateanyactivitywithinitstermsofreference
• SeekinformationfromanyemployeeoftheCompany
• Obtainoutsidelegalorotherprofessionaladvice
• Secureattendanceofoutsiderswithrelevantexpertise,ifitconsiderednecessary
• Approvepaymentstostatutoryauditorsforanyotherservicesrenderedbythestatutoryauditors
• Review theannualfinancial statementsbefore submission to theBoard forapproval,withparticular reference todisclosureofanyrelated party transactions
• ReviewthefunctioningoftheWhistleBlowerPolicyoftheCompany
c. Corporate Control
• Overseetheinternalauditfunction
• Reviewandapprovetheinternalauditresources,plansandbudgets
• Reviewauditreports,preparedbyInternalandStatutoryAuditorsandspecialauditinvestigations
• Reviewreliabilityandintegrityoffinancialandoperationinformation
• Reviewoperatingcontrolsystemsestablishedtoensurecompliancewithpolicies,plans,procedures,lawsandregulations
Any other matter relating to Audit, Internal Control, Internal Audit or related matter which may be referred by the Board to the Committee.
Kotak Mahindra Old Mutual Life Insurance Limited14
Duringtheyearunderreview,fourmeetingsoftheCommitteewereheldonApril26,2013,August01,2013,October22,2013andJanuary31,2014.
The details of the attendance of the Members at the Committee meetings are as follows:
Name of Member of the Committee No. of meetings held during the tenure of the Member
No. of meetings attended by the Member
Mr.Shivaji Dam (Chairman w.e.f. April 24.2013) 4 4
Mr. Shailesh Devchand 4 3
Mr.Dipak Gupta 4 4
2. INVESTMENT COMMITTEE
TheInvestmentCommitteeoftheCompanycomprisesof3Non-ExecutiveDirectors,theManagingDirector,theChiefInvestmentOfficer,theChief Financial Officer and the Appointed Actuary. The terms of reference of the Investment Committee are as follows:
• TheCommitteeshallberesponsibleforlayingdownanoverallinvestmentpolicyandoperationalframeworkfortheinvestmentoperationsof the insurer. The policy should focus on a prudential Asset Liability Management (ALM) supported by robust internal control systems. The Investment policy and operational framework shall inter alia encompass aspects concerning liquidity for smooth operations, compliance with prudential regulatory norms on investments, risk management/mitigation strategies to ensure commensurate yield on investments and above all protection of the investments based on the performance of investments and the evaluation of dynamic market condition.
• TheMembersoftheCommitteeshallnotbesolelyinfluencedbythecreditratingagencies.TheCommitteeshallindependentlyreviewtherequirement to be carried out by the Investment Team.
• TheCommitteeshallalsoputinplaceaneffectivereportingsystemtoensurecompliancewiththepolicysetoutbyitapartfromInternal/Concurrent Audit mechanisms for a sustained and on going monitoring of Investment Operations.
• TheCommitteeshallfurnishareporttotheBoardontheperformanceofInvestmentsatleastonaquarterlybasisandprovideanalysisofitsInvestment portfolio and on the future outlook to enable the Board to look at possible policy changes and strategies.
Duringtheyearunderreview,fourmeetingsoftheCommitteewereheldonApril26,2013,August01,2013,October22,2013andJanuary30,2014.
The details of the attendance of the Members at the Committee meetings are as follows:
Name of Member of the Committee No. of meetings held during the tenure of the Member
No. of meetings attended by the Member
Mr.Dipak Gupta (Chairman) 4 4
Mr. Shailesh Devchand 4 3
Mr. Gaurang Shah 4 4
Mr. G. Murlidhar 4 4
Mr. Sunil Sharma (Appointed Actuary) 4 4
Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 4
Mr. Cedric Fernandes (Chief Financial Officer) 4 4
3. RISK MANAGEMENT COMMITTEE
TheRiskManagementCommitteecomprisesofoneNon-ExecutiveDirector(Chairman),theManagingDirector,theAppointedActuary,HeadofOperations, Head of Compliance and the Chief Financial Officer. The terms of reference of the Committee include:
• AssisttheBoardineffectiveoperationoftheriskmanagementsystembyperformingspecialisedanalysisandqualityreviews
• Maintainingagroup-wideandaggregatedviewontheriskprofileoftheinsurerinadditiontothesoloandindividualriskprofile
• ReporttotheBoarddetailsontheriskexposuresandtheactionstakentomanagetheexposures
• Advise theBoardwith regard to riskmanagementdecisions in relation to strategic andoperationalmatters suchas corporate strategy,mergers & acquisitions and related matters
Annual Report 2013-14 15
Duringtheyearunderreview,fourmeetingsoftheCommitteewereheldonApril18,2013,July19,2013,October17,2013andJanuary24,2014.
The details of the attendance of the Members at the Committee meetings are as follows:
Name of Member of the Committee No. of meetings held during the tenure of the Member
No. of meetings attended by the Member
Mr. Gaurang Shah (Chairman) 4 2
Mr. G. Murlidhar (Managing Director) 4 4
Mr. Sunil Sharma (Appointed Actuary) 4 4
Mr. Hitesh Veera (Head - Operations) 4 4
Mr. R. Mahesh Kumar (Compliance Officer) (upto May 31, 2013)
1 1
Mr. Cedric Fernandes (Chief Financial Officer) 4 4
Mr. C. Muralikrishna (Compliance Officer) 1 1
4. ASSET LIABILITY MANAGEMENT COMMITTEE
TheAssetLiabilityManagement(ALM)CommitteecomprisesofaNon-ExecutiveDirector(Chairman),theManagingDirector,theChiefFinancialOfficer, the Chief Investment Officer and the Appointed Actuary. The terms of reference of the Committee are as follows:
• SettingtheCompany’srisk/rewardobjectivesandassesspolicyholderexpectations
• Quantifyingthelevelofriskexposureandassessingtheexpectedrewardsandcostsassociatedwiththeriskexposure
• FormulatingandimplementingoptimalALMstrategiesandmeetingrisk/rewardobjectives.Thestrategiesmustbelaiddownbothatproductlevel and enterprise level
• Layingdowntherisktolerancelimits
• MonitoringriskexposuresatperiodicintervalsandrevisingALMstrategieswhererequired
• PlacingtheALMinformationbeforetheBoardatperiodicintervals
Duringtheyearunderreview,fourmeetingsoftheCommitteewereheldonJune27,2013,October03,2013,December06,2013andMarch28, 2014.
The details of the attendance of the Members at the Committee meetings are as follows:
Name of Member of the Committee No. of meetings held during the tenure of the Member
No. of meetings attended by the Member
Mr. Gaurang Shah (Chairman) 4 4
Mr. G. Murlidhar(Managing Director) 4 4
Mr. Sunil Sharma (Appointed Actuary) 4 4
Mr. Sudhakar Shanbhag (Chief Investment Officer) 4 4
Mr. Cedric Fernandes (Chief Financial Officer) 4 4
5. POLICYHOLDER PROTECTION COMMITTEE
The Policyholder Protection Committee comprises of an Independent Director (Chairman), the Managing Director, the Appointed Actuary, the Head of Distribution (Individual Business) and the Head of Marketing. The terms of reference of the Committee include:
• Puttinginplaceproperproceduresandeffectivemechanismtoaddresscomplaintsandgrievancesofpolicyholdersincludingmis-sellingbyintermediaries
• EnsurecompliancewiththestatutoryrequirementsaslaiddownintheRegulatoryframeworkrelatingtopolicyholdersprotection
• Reviewofthemechanismatperiodicintervals
• Ensure adequacy of disclosure of “material information” to the policyholders. These disclosures shall, for the present, complywith therequirements laid down by the Authority both at the point of sale and at periodic intervals
• Reviewthestatusofcomplaintsatperiodicintervalstothepolicyholders
Kotak Mahindra Old Mutual Life Insurance Limited16
• ProvidethedetailsofgrievancesatperiodicintervalsinsuchformatsasmaybeprescribedbytheAuthority
• Providedetailsofinsuranceombudsmentothepolicyholders
Duringtheyearunderreview,fourmeetingsoftheCommitteewereheldonJuly18,2013,October04,2013,December27,2013andMarch21,2014.
The details of the attendance of the Members at the Committee meetings are as follows:
Name of Member of the Committee No. of meetings held during the tenure of the Member
No. of meetings attended by the Member
Mr.Shivaji Dam (Chairman) 4 4
Mr. G. Murlidhar(Managing Director) 4 4
Mr. Sunil Sharma (Appointed Actuary) 4 4
Mr. Suresh Agarwal (Head – Distribution) 4 4
Ms.ElizabethVenkataraman(Sr.VicePresident-Marketing) 4 4
ADDITIONAL DISCLOSURES MANDATED BY CORPORATE GOVERNANCE GUIDELINES
A. Financial and operating ratios namely, incurred claim, commission and expenses ratios
Particulars Year endingMarch 2014
Year endingMarch 2013
1) Claims Ratio
a. Claims as % of Total Premium (Claims does not include Surrender, Maturity and Survival Benefits)
7.07% 5.22%
b. Surrender, Maturity and Survival Benefits as % of Total Premium 61.59% 58.94%
2) Commission Ratio
a. New Business Commission as a % of New Business Premium 8.13% 7.71%
b. Total Commission as a % of Total Premium 5.08% 4.31%
3) Expenses Ratio
a. Policy holder expenses as a % of Total Premium (Policy holder expenses includes service tax to the extent borne by the Company)
20.47% 19.21%
b. Ratio of expenses of management (3b = 2b + 3a) (Policy holder expenses includes service tax to the extent borne by the Company)
25.55% 23.52%
B. Actual Solvency margin/RATIO details vis –a-vis the required margin
Particulars Year endingMarch 2014
Year endingMarch 2013
Actual Solvency Ratio:
With FNRSM 3.02 2.93
Without FNRSM 2.20 2.27
Required Solvency Ratio 1.50 1.50
* FNRSM – Funds Not Required for Solvency Margin
C. CONSERVATION RATIO
Particulars Year endingMarch 2014
Year endingMarch 2013
Conservation Ratio(Current Year Pure Renewal) / (Previous Year New Business Premium + Previous Year Pure Renewal)
70.62% 71.95%
Annual Report 2013-14 17
D. Financial performance including growth rate and current financial position of the insurer
This information is provided under Financial Results section of the Directors’ Report.
E. Description of the risk management architecture
This information forms part of the Management Report.
F. Details of number of claims intimated, disposed off and pending with details of duration
Total Death Claims Summary March 2014 March 2013
Count (` Cr) Count (` Cr)
Claims O/S at Start of Year 82 5.64 188 10.70
Claims Intimated 16736 235.25 11683 180.74
Claims Settled 16422 215.04 11532 167.69
Claims Repudiated 323 19.46 257 18.12
ClaimsO/SfromdateofintimationatEndofYear* 73 6.39 82 5.64
*AgeingforClaimsO/SfromdateofinceptionatEndofYear
Less than 3 months 19 1.55 27 2.73
3 months and less than 6 months 7 0.24 06 0.74
6 months and less than 1 year 12 2.37 10 0.43
1 year and above 35 2.23 39 1.73
Total 73 6.39 82 5.64
G. All pecuniary relationships or transactions of the Non-Executive Directors vis-à-vis the insurer
This information is included in the Management Report.
Certification for compliance of the Corporate Governance GuidelinesI, C. Muralikrishna hereby certify that the Company has complied with the Corporate Governance guidelines for Insurance Companies as amended from time to time and nothing has been concealed or suppressed.
C. MuralikrishnaCompany Secretary & Vice President – Compliance
Kotak Mahindra Old Mutual Life Insurance Limited18
Independent Auditors’ ReportTo the Members of Kotak Mahindra Old Mutual Life Insurance Limited
Report on the Financial Statements
1. We have audited the accompanying financial statements of Kotak Mahindra Old Mutual Life Insurance Limited (“the Company”) which comprise the Balance Sheet as at March 31, 2014, the related Revenue Account (also called “the Policyholders’ Account” or “the Technical Account”), the Profit and Loss Account (also called “the Shareholders’ Account” or “the Non-Technical Account”) and the Receipts and Payments Account for the year then ended, and notes to the financial statements.
Management’s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and the receipts and payments of the Company in accordance with accounting principles generally accepted in India, including the provisions of the Insurance Act, 1938 (“the Insurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (“the IRDA Act”), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (“the IRDA Financial Statements Regulations”) and the Accounting Standards notified under the Companies Act, 1956 (“the Act”) read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Company’s internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
5. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations, the Act to the extent applicable and in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to Insurance Companies:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;
(b) in the case of Revenue Account, of the net surplus for the year ended on that date;
(c) in the case of Profit and Loss Account, of the profit for the year ended on that date; and
(d) in the case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.
Report on Other Legal and Regulatory Requirements
6. As required by the IRDA Financial Statements Regulations, we have issued a separate certificate dated April 25, 2014 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the IRDA Financial Statements Regulations.
7. As required by the IRDA Financial Statements Regulations, read with section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of an audit and have found them to be satisfactory;
(b) In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company, so far as appears from our examination 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 branches of the Company;
(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by the report are in agreement with the books of account;
Annual Report 2013-14 19
(e) In our opinion and to the best of our information and according to the explanations given to us , investments have been valued in accordance with the provisions of the Insurance Act, the Regulations and / or orders / directions issued by IRDA in this regard;
(f) The accounting policies selected by the Company are appropriate and are in compliance with the applicable Accounting Standards under the Companies Act, 1956 (“the Act”) read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and the Rules framed there under and with the accounting principles as prescribed in the IRDA Financial Statements Regulations and orders / directions issued by IRDA in this regard; and
(g) On the basis of written representations received from the directors of the Company, as on March 31, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act.
Other Matter
8. The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary (“the Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at March 31, 2014 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory Development Authority (“IRDA”/”Authority”) and the Actuarial Society of India in concurrence with the Authority. We have relied upon Appointed Actuary’s certificate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists on financial statements of the Company.
For Walker Chandiok & Co LLP For CNK & Associates LLPChartered Accountants Chartered AccountantsFirm’s Registration No: 001076N Firm’s Registration No: 101961W
per Khushroo B. Panthaky per Hiren ShahPartner PartnerMembership No:42423 Membership No: 100052
Mumbai MumbaiApril 25, 2014 April 25, 2014
Kotak Mahindra Old Mutual Life Insurance Limited20
Independent Auditors’ CertificateIn accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by Kotak Mahindra Old Mutual Life Limited (“the Company”) for the year ended March 31, 2014, we certify that:
1. We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2014, and on the basis of our review, there is no apparent mistake or material inconsistencies with the financial statements;
2. Based on management representations and compliance certificates submitted to the Board of Directors by the officers of the Company charged with compliance and the same being noted by the Board, we certify that the Company has complied with the terms and conditions of registration stipulated by Insurance Regulatory and Development Authority (IRDA);
3. We have verified the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at March 31, 2014, by actual inspection or on the basis of certificates/confirmations received from the Custodian and/ or Depository Participants appointed by the Company, as the case may be. As at March 31, 2014, the Company does not have reversions and life interests;
4. The Company is not a trustee of any trust; and
5. No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938, relating to the application and investments of the Policyholders’ Funds.
This certificate is issued to comply with Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (“the Regulations”) read with Regulation 3 of the IRDA Financial Statements Regulations and is not intended to be used or distributed for any other purpose.
For Walker Chandiok & Co LLP For CNK & Associates LLPChartered Accountants Chartered AccountantsFirm’s Registration No: 001076N Firm’s Registration No: 101961W
per Khushroo B. Panthaky per Hiren ShahPartner PartnerMembership No:42423 Membership No: 100052
Mumbai MumbaiApril 25, 2014 April 25, 2014
Annual Report 2013-14 21
Independent Auditors’ CertificateThe Board of Directors
Kotak Mahindra Old Mutual Life Insurance LimitedKotakTowers,7thfloor,BuildingNo.21,Infinity Park, General A.K.Vaidya Marg Malad(East),Mumbai–400097
Dear Sirs,
[Ref: Certificate in accordance with the Regulation 13(D)(7) of the IRDA (Investment) (5th Amendment) Regulations, 2013 notified on February 16, 2013 in the Gazette of India.
1. At the request of Kotak Mahindra Old Mutual Life Insurance Limited (“the Company”), we have performed the procedures stated in paragraph 2 below, for the purpose of issuing a certificate required by the Regulations, regarding the declaration and application of the Net Asset Value (“NAV”) of the schemes of the Company as at March 31, 2014.
2. In this connection, we have performed the following procedures:
a) Obtained representation from the management that the Company has declared March 31, 2014 as a business day for accepting application forms and that it has declared NAV for March 31, 2014;
b) Obtained the list of New Business applications, Renewal applications and applications for Surrender, Free- look Cancellation, Fund Switches, Partial Withdrawal and Top Ups received in respect of Unit Linked Products on March 31, 2014 and April 1, 2014 (collectively referred to as “application forms”), from the Management;
c) Selected samples of application forms from listing mentioned in paragraph 2(b) above and for the samples selected verified whether:
i) the applications received on Monday, March 31, 2014, upto 3.00 p.m. hours have been processed with the NAV of March 31 2014; and
ii) the applications received on Monday, March 31, 2014, after 3.00 p.m. hours have been processed with the NAV of April 1, 2014.
3. The compliance with conditions stated in the Regulations is the responsibility of the Company’s management. Our responsibility is to perform the above-mentioned procedures on the particulars and state our findings. We performed the above-mentioned procedures, in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (“ICAI”). The above-mentioned procedures include examining evidence supporting the particulars on a test basis. Further, our scope of work did not involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression of an opinion on the financial statements, specified elements, accounts or items thereof, for the purpose of this certificate. Accordingly, we do not express such opinion.
4. Based on the procedures performed by us, as mentioned in paragraph 2 above, according to the information and explanations provided to us and representation by the Company’s management, we confirm that:
(a) The Company had declared March 31, 2014 as a business day for accepting applications;
(b) The Company has declared NAV for March 31, 2014;
(c) The applications received on Monday, March 31, 2014 upto 3.00 p.m. have been processed with the NAV of March 31, 2014; and
(d) The applications received on Monday, March 31, 2014 after 3.00 p.m. have been processed with the NAV of the next business day i.e. April 01, 2014.
5. This certificate is issued at the request of the Company solely for use of the Company as per Regulation 13 (D) (7) of the Regulations and is not intended to be used or distributed for any other purpose.
For Walker Chandiok & Co LLP For CNK & Associates LLPChartered Accountants Chartered AccountantsFirm’s Registration No: 001076N Firm’s Registration No: 101961W
per Khushroo B. Panthaky per Hiren ShahPartner PartnerMembership No:42423 Membership No: 100052
Mumbai MumbaiApril 25, 2014 April 25, 2014
Kotak Mahindra Old Mutual Life Insurance Limited22
FORM A-RA
Revenue Account for the year ended March 31, 2014 Policyholders’ Account (Technical Account)
(Amounts in thousands of Indian Rupees)
Particulars Schedule Year ended March 31, 2014
Year ended March 31, 2013
Premiums earned - net
(a) Premium 1 27,007,900 27,777,846
(b) Re-insurance ceded (498,528) (537,931)
(c) Re-insurance accepted - -
Income from investments
(a) Interest, Dividends and Rent Gross- Net of accretion/amortization of Discount/Premium (Refer Schedule 16- Note 15 (d))
6,547,821 5,322,089
(b) Profit on sale / redemption of investments 7,675,358 7,077,492
(c) (Loss on sale / redemption of investments) (7,029,601) (2,697,846)
(d) Transfer / Gain on revaluation / change in fair value 3,305,082 (89,184)
Contribution from Shareholders’ Account (Refer Schedule 16- Note 11) 236,589 412,221
Other Income
(a) Miscellaneous income (Net) 12,984 20,551
(b) Profit / (Loss) on sale / disposal of fixed assets (Net) 1,848 (2,347)
TOTAL (A) 37,259,453 37,282,891
Commission 2 1,343,781 1,174,124
OperatingExpensesrelatedtoInsuranceBusiness 3 5,827,247 5,732,751
Provision for doubtful debts - -
Bad debts written off - -
Provision for tax 120,138 58,637
Provisions (other than taxation)
(a) For diminution in the value of investments (Net) (12,706) 12,706
(b) Others - -
TOTAL (B) 7,278,460 6,978,218
Benefits paid (net) 4 18,542,229 17,821,346
Interim & Terminal Bonuses paid 61,388 24,194
Change in valuation of liability in respect of life policies,
(a) Gross (Refer Schedule 16- Note 29) 8,189,918 5,394,859
(b) Amount ceded in Reinsurance (Refer Schedule 16- Note 29) 63,149 (13,746)
(c) Amount accepted in Reinsurance - -
Provision for Linked Liabilities 1,005,941 6,003,643
TOTAL (C) 27,862,625 29,230,296
SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 2,118,368 1,074,377
APPROPRIATIONS
Transfer to Shareholders’ Account (Refer Schedule 16- Note 10) 2,006,410 1,825,020
Transfer to Other Reserve - -
RegistrationNo:107;DateofRegistration:January10,2001CIN : U66030MH2000PLC128503
Annual Report 2013-14 23
Particulars Schedule Year ended March 31, 2014
Year ended March 31, 2013
Balance being Funds for Future Appropriations (403,289) (883,295)
Surplus after Appropriation 515,247 132,652
TOTAL (D) 2,118,368 1,074,377
SURPLUS/(DEFICIT) BROUGHT FORWARD 256,408 123,756
Surplus after Appropriation 515,247 132,652
SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 771,655 256,408
(a) Interim & Terminal Bonuses Paid 61,388 24,194
(b) Allocation of Bonus to Policyholders 556,256 423,356
(c) Surplus / (Deficit) shown in the Revenue Account 515,247 132,652
Total Surplus: [(a) + (b) + (c)] 1,132,891 580,202
The Schedules and accompanying notes are an integral part of this Revenue Account
As required by Section 40-B (4) of the Insurance Act, 1938, we certify that all expenses of Management in respect of life insurance business transacted in India by the Insurer have been fully recognized in this Revenue Account.
As per our report of even date attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLPChartered AccountantsICAI Firm Registration No : 001076N
For CNK and Associates LLPChartered AccountantsICAI Firm Registration No : 101961W
Uday KotakChairman
Shailesh DevchandVice-Chairman
Gaurang ShahDirector
Khushroo B. PanthakyPartnerMembership No- 42423
Hiren ShahPartnerMembership No- 100052
G. MurlidharManaging Director
Cedric FernandesChief Financial Officer
Sunil SharmaAppointed Actuary
Muralikrishna CheruvuCompany Secretary
MumbaiApril 25, 2014
MumbaiApril 25, 2014
RegistrationNo:107;DateofRegistration:January10,2001CIN : U66030MH2000PLC128503
Kotak Mahindra Old Mutual Life Insurance Limited24
FORM A-PL
Profit And Loss Account for the year ended March 31, 2014 Shareholders’ Account (Non-technical Account)
(Amounts in thousands of Indian Rupees)
Particulars Schedule Year ended March 31, 2014
Year ended March 31, 2013
Amounts transferred from Policyholders’ Account (Technical Account) (Refer Schedule 16- Note 10)
2,006,410 1,825,020
Income from Investments(a) Interest, Dividends and Rent Gross- Net of amortisation (Refer Schedule 16- Note
15 (d)) 695,177 519,542
(b) Profit on sale/ redemption of investments 131,290 19,076 (c) (Loss on sale/ redemption of investments) (94,491) (19,515)Other Income - - TOTAL (A) 2,738,386 2,344,123 Expensesotherthanthosedirectlyrelatedtotheinsurancebusiness 7,914 7,249 Bad debts written off - - Provisions (other than taxation)(a) For diminution in the value of investments (Net) - - (b) Provision for doubtful debts - - (c) Others - Contribution to the Policyholders Fund (Refer Schedule 16- Note 11) 236,589 412,221 TOTAL (B) 244,503 419,470 Profit before tax 2,493,883 1,924,653 Provision for taxation- Current Year 102,549 27,270 - EarlierYear - - Profit after tax 2,391,334 1,897,383 Appropriations(a) Balance at the beginning of the year 2,403,435 506,052 (b) Interim dividends paid during the year - - (c) Proposed final dividend - - (d) Tax on dividend distributed - - (e) Transfer to reserves/ other accounts - - Profit/(Loss) carried to the Balance Sheet 4,794,769 2,403,435 EarningsPerShare(BasicandDiluted)(in` ) (Refer Schedule 16 - Note 21) 4.69 3.72 The Schedules and accompanying notes are an integral part of this Profit and Loss Account.
As per our report of even date attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLPChartered AccountantsICAI Firm Registration No : 001076N
For CNK and Associates LLPChartered AccountantsICAI Firm Registration No : 101961W
Uday KotakChairman
Shailesh DevchandVice-Chairman
Gaurang ShahDirector
Khushroo B. PanthakyPartnerMembership No- 42423
Hiren ShahPartnerMembership No- 100052
G. MurlidharManaging Director
Cedric FernandesChief Financial Officer
Sunil SharmaAppointed Actuary
Muralikrishna CheruvuCompany Secretary
MumbaiApril 25, 2014
MumbaiApril 25, 2014
RegistrationNo:107;DateofRegistration:January10,2001CIN : U66030MH2000PLC128503
Annual Report 2013-14 25
FORM A-BS
Balance Sheet as at March 31, 2014 (Amounts in thousands of Indian Rupees)
Particulars Schedule As at March 31 , 2014 As at March 31 , 2013
SOURCES OF FUNDS
Shareholders’ Funds:
Share Capital 5 5,102,902 5,102,902
Reserves and Surplus 6 5,315,132 2,923,798
Credit/[Debit] Fair Value Change Account - -
Sub-Total 10,418,034 8,026,700
Borrowings 7 - -
Policyholders’ Funds:
Credit/[Debit] Fair Value Change Account 58,690 15
Policy Liabilities
- Life Participating 15,917,697 12,060,895
- Pension Participating 752,482 713,480
- Life Non- Participating 9,648,972 5,275,534
- Life Non- Participating Variable(VIP) 48,275 -
- General Annuity 111,827 55,591
- Unit Linked 1,432,553 1,555,361
- Unit Linked Pension 131,865 28,043,671 129,742 19,790,603
(Refer Schedule 16- Note 4)
Insurance Reserves
- Life Participating 650,155 185,316
- Pension Participating 121,500 71,092
- Life Non- Participating - -
- Life Non- Participating Variable(VIP) - -
- General Annuity - -
- Unit Linked Life - -
- Unit Linked Pension - 771,655 - 256,408
(Refer Schedule 16- Note 18)
Provision for Linked Liabilities
- Linked Liabilities 74,693,382 77,571,750
- Fair Value Change 5,445,097 80,138,479 2,140,015 79,711,765
Sub-Total 109,012,495 99,758,791
Funds for Discontinued policies (Refer Schedule 16- Note 28)
- Discontinued on account of non-payment of premium 1,039,179 459,952
- Others - -
Funds for Future Appropriation:-Linked Liabilities 151,540 554,829
Others - -
Total 120,621,248 108,800,272
APPLICATION OF FUNDS
RegistrationNo:107;DateofRegistration:January10,2001CIN : U66030MH2000PLC128503
Kotak Mahindra Old Mutual Life Insurance Limited26
Particulars Schedule As at March 31 , 2014 As at March 31 , 2013
Investments
– Shareholders’ 8 8,139,638 6,296,974
– Policyholders’ 8A 31,566,578 22,612,172
Assets Held to Cover Linked Liabilities 8B 81,329,198 80,726,548
Loans 9 96,912 58,707
Fixed Assets 10 358,297 316,726
Current Assets
Cash and Bank Balances 11 1,598,908 1,634,150
Advances and Other Assets 12 2,453,218 1,949,330
Sub-Total (A) 4,052,126 3,583,480
Current Liabilities 13 4,831,984 4,699,650
Provisions 14 89,517 94,685
Sub-Total (B) 4,921,501 4,794,335
Net Current Assets (C) = (A-B) (869,375) (1,210,855)
MiscellaneousExpenditure(Totheextentnotwrittenofforadjusted)
15 -
Debit Balance in Profit and Loss Account (Shareholders’ Account)
- -
120,621,248 108,800,272
The Schedules and accompanying notes are an integral part of this Balance Sheet.
As per our report of even date attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLPChartered AccountantsICAI Firm Registration No : 001076N
For CNK and Associates LLPChartered AccountantsICAI Firm Registration No : 101961W
Uday KotakChairman
Shailesh DevchandVice-Chairman
Gaurang ShahDirector
Khushroo B. PanthakyPartnerMembership No- 42423
Hiren ShahPartnerMembership No- 100052
G. MurlidharManaging Director
Cedric FernandesChief Financial Officer
Sunil SharmaAppointed Actuary
Muralikrishna CheruvuCompany Secretary
MumbaiApril 25, 2014
MumbaiApril 25, 2014
RegistrationNo:107;DateofRegistration:January10,2001CIN : U66030MH2000PLC128503
Annual Report 2013-14 27
Statement of Receipts and Payments for the year ended March 31, 2014
(Amounts in thousands of Indian Rupees)
Particulars Year Ended March 31, 2014
YearEndedMarch 31, 2013
Cash Flows from Operating ActivitiesPremium and Other receipt from Customer 27,076,799 27,672,358 Payments of other operating expenses (5,182,871) (5,027,020)Payments of commission and brokerage (1,254,843) (1,159,504)Advances/ Loans / Deposits placed (4,645) 21,514 Reinsurance premium (net of claims and commission) (79,574) (303,780)Claims paid (18,802,719) (18,049,152)Income-tax paid (273,917) (82,784)Service Tax paid (338,140) (391,779)Net cash from/ (deployed in) Operating Activities (A) 1,140,090 2,679,853 Cash Flows from Investing ActivitiesPurchase of fixed assets (248,055) (191,949)Interest and Dividend received on Investments (net of interest expended on purchase of investments) 6,709,931 5,362,951 Purchase of Investment (659,234,546) (375,857,007)Sale of Investment 651,308,032 364,468,316 Investments in money market instruments and in liquid mutual funds (Net) 322,976 3,733,506 Proceeds on sale of fixed assets 4,535 7,248 Loan granted against policies (38,205) 4,945 Net cash deployed in Investing Activities (B) (1,175,332) (2,471,990)Cash Flows from Financing ActivitiesProceeds from issue of Share Capital - - Net cash from Financing Activities (C) - - Net increase in Cash and Cash Equivalents ( A+B+C) (35,242) 207,863 Cash and cash equivalent at the beginning of the year 1,634,150 1,426,287 Cash and Cash Equivalents at end of year 1,598,908 1,634,150 Notes:Cash and cash equivalents at the end of the year includes:Cash (including cheques on hand, drafts and stamps) 387,208 565,194 Bank Balances (including deposits) 1,211,700 1,068,956 1,598,908 1,634,150 The above Statement of Receipts and Payments has been prepared as prescribed by Insurance Regulatory (Preparation of Financial Statements & Auditor’s Report of Insurance Companies) Regulations, 2002 under the ‘Direct Method’ laid out in Accounting Standard 3 – ‘Cash Flow Statements’ issued by the Institute of Chartered Accountants of India.
As per our report of even date attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLPChartered AccountantsICAI Firm Registration No : 001076N
For CNK and Associates LLPChartered AccountantsICAI Firm Registration No : 101961W
Uday KotakChairman
Shailesh DevchandVice-Chairman
Gaurang ShahDirector
Khushroo B. PanthakyPartnerMembership No- 42423
Hiren ShahPartnerMembership No- 100052
G. MurlidharManaging Director
Cedric FernandesChief Financial Officer
Sunil SharmaAppointed Actuary
Muralikrishna CheruvuCompany Secretary
MumbaiApril 25, 2014
MumbaiApril 25, 2014
RegistrationNo:107;DateofRegistration:January10,2001CIN : U66030MH2000PLC128503
Kotak Mahindra Old Mutual Life Insurance Limited28
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars Year Ended March 31, 2014
YearEnded March 31, 2013
SCHEDULE 1 - Premium
First year Premium 7,890,724 7,493,522
Renewal Premium 14,289,752 15,896,802
Single Premium 4,827,424 4,387,522
Total Premium 27,007,900 27,777,846
Notes:
(a) All the premium income relates to business in India
(b) Refer Schedule 16- Note 2(a)
SCHEDULE 2 - Commission
Commission Paid
First year Premium 1,000,188 870,652
Renewal Premium 339,375 281,774
Single Premium 33,431 44,790
Sub-total 1,372,994 1,197,216
Add: Commission on Re-insurance accepted - -
Less: Commission on Re-insurance ceded(Refer Note-(b) below) (29,213) (23,092)
Net Commission 1,343,781 1,174,124
Breakup of Gross Commission
Agents 578,714 442,160
Brokers 183,709 215,587
Corporate Agents 610,580 539,262
Referral (9) 207
Total 1,372,994 1,197,216
Note :
(a) Refer Schedule 16 - Note 2(b)
(b) Profit/ Commission has been adjusted with Reinsurance ceded.
SCHEDULE 3 - Operating Expenses Related to Insurance Business
Employees’remunerationandwelfarebenefits(ReferNote-(b)below) 2,888,869 2,674,082
Travel, conveyance and vehicle running expenses 146,117 121,544
Training expenses 51,623 28,785
Rent, Rates and Taxes 416,915 394,453
Repairs 125,326 109,048
Printing and Stationery 46,219 45,842
Communication expenses 99,949 93,581
Annual Report 2013-14 29
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars Year Ended March 31, 2014
YearEnded March 31, 2013
Legal and Professional charges 143,851 111,101
Medical fees 25,414 37,784
Auditors’ fees, expenses etc.
(a) as auditor 3,623 3,545
(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) 356 297
Advertisement and publicity 374,760 434,519
DistributionExpenses 298,507 449,478
SalesPromotionExpenses 174,733 116,490
Interest and Bank charges 30,294 26,124
Depreciation 203,716 231,226
Information Technology expenses 148,214 149,901
Electricitycharges 80,505 67,399
Recruitment expenses 33,962 44,488
Brokerage 611 696
Stamp Duty 122,328 124,118
Membership and Subscription Fees 6,985 3,224
PreliminaryandShareissueExpenses - -
ServiceTaxExpenditure(ReferNote-(d)below) 318,711 396,993
Other expenses 85,659 68,033
Total 5,827,247 5,732,751
Notes:
a) Refer Schedule 16 - Note 2 (k) and Note 24
b) Refer Schedule 16 -Note 2(h) , Note 6 & Note 22 and Note 30
c) Refer Schedule 16 -Note 24(b)
d) Refer Schedule 16 -Note 24(c)
SCHEDULE 4 - Benefits Paid (Net)
1. Insurance Claims
(a) Claims by Death 2,102,430 1,750,938
(b) Claims by Maturity 1,991,589 664,389
(c) Annuities/ Pension payment (Refer Note-(c) below) 4,750 620
Kotak Mahindra Old Mutual Life Insurance Limited30
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars Year Ended March 31, 2014
YearEnded March 31, 2013
(d) Other Benefits
- Survival Benefits (Refer Note-(c) below) 100,846 57,440
- Surrenders 14,541,242 15,648,897
- Riders 6,866 8,491
- Claim Investigation Fees 5,130 5,080
- Others (Refer note (d) below) 96,176 69,284
Sub Total (A) 18,849,029 18,205,139
2. Amount ceded in reinsurance
(a) Claims by Death (306,724) (381,962)
(b) Claims by Maturity - -
(c) Annuities/ Pension payment - -
(d) Other Benefits - -
- Survival Benefits - -
- Surrenders - -
- Riders (76) (1,831)
- Others - -
Sub Total (B) (306,800) (383,793)
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 - -
Sub Total (C) - -
Total (A)+(B)+(C) 18,542,229 17,821,346
Notes :
(a) Refer Schedule 16 - Note 2(e)
(b) All the claims are paid in India.
(c) Refer Schedule 16 - Note 29 for regrouping of previous year figures.
(d) Includes provision for policy related claims.
Annual Report 2013-14 31
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SCHEDULE 5 - Share Capital
Authorized Capital
625,000,000(2013–625,000,000)EquitySharesof` 10 each 6,250,000 6,250,000
Issued Capital
510,290,249(2013–510,290,249)EquitySharesof` 10 each 5,102,902 5,102,902
Subscribed Capital
510,290,249(2013–510,290,249)EquitySharesof` 10 each 5,102,902 5,102,902
Called-up Capital
510,290,249(2013–510,290,249)EquitySharesof` 10 each 5,102,902 5,102,902
Less: Calls unpaid - -
Add: Shares forfeited (Amount originally paid up) - -
Less:ParValueofEquitySharesboughtback - -
Less:PreliminaryExpenses - -
Less:Expensesonissueofshares - -
Total 5,102,902 5,102,902
Notes:
(a) Oftheabove,260,248,044(2013–260,248,044)EquitySharesof` 10 each fully paid up are held by Kotak Mahindra Bank Limited, the holding companyanditsnominees,54,000,000(2013-54,000,000)and63,366,753(2013-63,366,753)fullypaid-upEquitySharesof` 10 each are held by Kotak Mahindra Prime Limited and Kotak Mahindra Capital Company Limited respectively, which are subsidiaries of Kotak Mahindra Bank Limited.
Particulars As at March 31, 2014 As at March 31, 2013
Number of Shares % Holding Number of Shares % Holding
SCHEDULE 5A - Pattern of Shareholding (As certified by the Management)
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%
Kotak Mahindra Old Mutual Life Insurance Limited32
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SCHEDULE 6 - Reserves and Surplus
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 4,794,769 2,403,435
Total 5,315,132 2,923,798
SCHEDULE 7 - Borrowings
Debentures/ Bonds - -
Banks - -
Financial Institutions - -
Others - -
Total - -
SCHEDULE 8 - Investments-Shareholders’
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 2,326,200 1,164,861
Other Approved Securities 1,675,221 1,330,588
Other Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 728,183 916,811
(e) Other Securities (including Fixed Deposits) 180,000 270,900
(f) Subsidiaries - -
(g) InvestmentProperties–RealEstate - -
Investment in Housing & infrastructure sector
(I) Approved Investments
(a) Equity - -
(b) Others 1,339,848 1,667,650
(II) Other than Approved Investments
(a) Equity - -
(b) Others - -
Annual Report 2013-14 33
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
Other than Approved Investments
(a) Equity - -
(b) Others - -
Total 6,249,452 5,350,810
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 80,533 157,352
Other Approved Securities - -
Other Investments - -
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 700,474 26,703
(e) Other Securities (including Fixed Deposits) 599,755 751,109
(f) Subsidiaries - -
(g) InvestmentProperties–RealEstate - -
Investment in Housing & infrastructure sector
(I) Approved Investments - -
(a) Equity - -
(b) Others 509,424 11000
(II) Other than Approved Investments
(a) Equity - -
(b) Others - -
Other than Approved Investments
(a) Equity - -
(b) Others - -
Total 1,890,186 946,164
Grand Total 8,139,638 6,296,974
Notes:
(a) Investment in Kotak Mahindra Prime Ltd in Debentures 589,698 490,000
(b) ParticularsofInvestmentotherthanListedEquitySecurities:-
- Cost 8,139,639 6,296,974
- Market Value 7,820,507 6,269,625
(c) Refer Schedule 16 – Notes 2(d)
(d) Refer Schedule 16 – Notes 15(b)
Kotak Mahindra Old Mutual Life Insurance Limited34
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SCHEDULE 8A - Investments-Policyholders’
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 14,853,333 9,807,656
Other Approved Securities 4,185,726 3,929,671
Other Investments
(a) Shares
(aa) Equity 1,453,648 494,006
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 2,254,217 669,217
(e) Other Securities (including Fixed Deposits) - 141,200
(f) Subsidiaries - -
(g) InvestmentProperties–RealEstate 491,494 490,694
Investment in Housing & infrastructure sector
(I) Approved Investments - -
(a) Equity 18,643 78,341
(b) Others 6,299,805 5,544,849
(II) Other than Approved Investments
(a) Equity 3,191 -
(b) Others - -
Total 29,560,057 21,155,634
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 22,831 -
Other Approved Securities
Other Investments - -
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 759,633 302,165
(e) Other Securities (including Fixed Deposits) 854,750 1,061,966
(f) Subsidiaries - -
(g) InvestmentProperties–RealEstate - -
Investment in Housing & infrastructure sector
(I) Approved Investments
(a) Equity - -
(b) Others 369,307 42,367
Annual Report 2013-14 35
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
(II) Other than Approved Investments
(a) Equity - -
(b) Others - -
Other than Approved Investments
(a) Equity - -
(b) Others - 50,040
Total 2,006,521 1,456,538
Grand Total 31,566,578 22,612,172
Notes:
(a) Investments in Kotak Mahindra Prime Ltd in Debenture 409,131 60,000
(b) ParticularsofInvestmentotherthanListedEquitySecurities:-
- Cost 30,091,097 22,039,825
- Market Value 28,421,811 22,100,383
(c) Refer Schedule 16- Notes 2 (d)
SCHEDULE 8B - Investments-Unit Linked
LONG TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 19,147,461 9,882,503
Other Approved Securities 5,134,507 3,944,009
Other Investments
(a) Shares
(aa) Equity 34,761,484 34,725,504
(bb) Preference 9,286 -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures / Bonds 3,605,483 4,052,299
(e) Other Securities (including Fixed Deposits) 190,200 467,400
(f) Subsidiaries - -
(g) InvestmentProperties–RealEstate - -
Investment in Housing & infrastructure sector
(I) Approved Investments - -
(a) Equity 1,891,237 1,804,279
(b) Others 5,114,107 9,172,412
(II) Other than Approved Investments - -
(a) Equity - -
(b) Others - -
Other than Approved Investments
(a) Equity 1,201,452 3,216,624
(b) Others - -
Total 71,055,217 67,265,030
Kotak Mahindra Old Mutual Life Insurance Limited36
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 16,073 28,638
Other Approved Securities - -
Other Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds
(c) Derivative Instruments - -
(d) Debentures / Bonds 1,669,884 947,960
(e) Other Securities (including Fixed Deposits) 5,734,498 8,634,807
(f) Subsidiaries - -
(g) InvestmentProperties–RealEstate - -
Investments in Infrastructure and Social Sector
(I) Approved Investments - -
(a) EquityShares - -
(b) Others 1,306,939 395,564
(II) Other than Approved Investments
(a) Equity - -
(b) Others - -
Other than Approved Investments
(a) EquityShares - -
(b) Others - -
Net Current Assets 1,546,587 3,454,549
Total 10,273,981 13,461,518
Grand Total 81,329,198 80,726,548
Notes:
(a) Investment in Kotak Mahindra Prime Ltd in Debentures’ 199,719 500,958
(b) ParticularsofInvestmentotherthanListedEquitySecurities:-
- Cost 42,155,297 37,521,473
- Market Value 41,921,890 37,525,590
(c) Refer Schedule 16 Notes 2(d)
Annual Report 2013-14 37
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SCHEDULE 9 - Loans
SECURITY–WISE CLASSIFICATION
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities etc. - -
(c) Loans against policies 96,912 58,707
(d) Others - -
Unsecured - -
Total 96,912 58,707
BORROWER-WISE CLASSIFICATION
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 96,912 58,707
(f) Others–Employees - -
Total 96,912 58,707
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard
(aa) In India 96,912 58,707
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total 96,912 58,707
MATURITY-WISE CLASSIFICATION
(a) Short term 3,819 1,984
(b) Long Term 93,093 56,723
Total 96,912 58,707
Commitments made and outstanding for Loans ` Nil ( 2013- ` Nil)
Notes:
a) Refer Schedule 16 - Note 2(f)
b) There was no restructuring of loan assets during the year.
Kotak Mahindra Old Mutual Life Insurance Limited38
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
SCHEDULE 10 - Fixed Assets
(Amounts in thousands of Indian Rupees)
Particulars Cost/ Gross Block Depreciation Net Block
As on April 1,
2013
Addition On Sale/ Adjustment
As at March 31,
2014
As on April 1,
2013
For the year
On Sale/ Adjustment
As at March 31,
2014
As at March 31,
2014
As at March 31,
2013
Goodwill - - - - - - - - - -
Intangibles - Software *
909,481 97,670 - 1,007,151 747,511 116,403 - 863,914 143,237 161,970
Land-Freehold - - - - - - - - - -
Leasehold property - - - - - - - - - -
Buildings - - - - - - - - - -
Furniture and fittings **
302,523 48,332 11,527 339,328 259,587 31,576 10,451 280,712 58,616 42,936
Information technology equipment
364,593 36,838 19,024 382,407 325,047 33,203 18,894 339,356 43,051 39,546
Vehicles 46,887 21,257 8,353 59,791 21,418 12,852 7,208 27,062 32,729 25,469
Office equipment 120,921 12,718 5,768 127,871 105,574 9,763 5,432 109,905 17,966 15,347
1,744,405 216,815 44,672 1,916,548 1,459,137 203,797 41,985 1,620,949 295,599 285,268
Capital Work-in-progress
62,698 31,458
Grand Total 1,744,405 216,815 44,672 1,916,548 1,459,137 203,797 41,985 1,620,949 358,297 316,726
Previous Year 1,694,212 181,695 131,502 1,744,405 1,349,760 231,285 121,908 1,459,137 316,726
* Includes licenses
** Includes leasehold improvements
Note:
Refer Schedule 16 – Notes 2(g)
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SCHEDULE 11 - Cash and Bank Balances
Cash (including cheques on hand, drafts and stamps) 387,208 565,194
Bank Balances
(a) Deposit Accounts
(aa) Short-term (due within 12 months of the date of Balance Sheet) 264,869 231,138
(bb) Others - -
(b) Current accounts 946,831 837,818
(c) Others - -
Annual Report 2013-14 39
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
Money at Call and Short Notice
(a) With Banks - -
(b) With other Institutions - -
Total 1,598,908 1,634,150
Balance with non-scheduled banks included above - -
Cash and Bank balance
In India 1,598,908 1,634,150
Outside India - -
Total 1,598,908 1,634,150
SCHEDULE 12 - Advances and Other Assets
ADVANCES
Reserve deposits with ceding companies - -
Application money for investments - -
Prepayments 163,375 199,086
Advance to Directors/ Officers - -
Advance tax paid and T.D.S (Refer Note (a) below) 53,327 2,411
Advances to suppliers 94,312 126,856
Advances to employees 37,424 62,627
Total (A) 348,438 390,980
OTHER ASSETS
Income accrued on investments 1,298,526 934,728
Outstanding Premiums 495,637 391,955
Agents Balances - -
Foreign Agencies Balances - -
Due from other entities carrying on insurance business (including reinsurers) 3,070 35,009
Due from subsidiaries/ holding company - -
Deposits pursuant to Section 7 of Insurance Act, 1938 - -
Security and other deposits 223,243 144,968
Service Tax Unutilised Credit 3,868 1,500
Other Receivables 80,436 50,190
Total (B) 2,104,780 1,558,350
Total (A + B) 2,453,218 1,949,330
Notes :
(a) - Advance tax paid and Taxes deducted at source
Provision for Tax (438,239) (215,552)
Advance Tax and Tax deducted at source 491,566 217,963
53,327 2,411
Kotak Mahindra Old Mutual Life Insurance Limited40
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Amounts in thousands of Indian Rupees)
Particulars As at March 31, 2014
As at March 31, 2013
SCHEDULE 13 - Current Liabilities
Agents’ balances 250,296 180,099
Balance due to other insurance companies (net) 60,146 -
Deposits held on re-insurance ceded - -
Premium received in advance (Refer Note (a) below) 32,218 33,414
Unallocated premium (proposals/policy deposits) (Refer Note (a) below) 636,905 431,911
Sundry creditors (Refer Note (a) below) 46,859 47,232
Due to holding company / Fellow Subsidiary 4,759 4,034
Claims outstanding (Refer Note (a) below) 490,140 294,436
Unclaimed Amount of Policy Holders (Refer Note (a) and (b) below) 543,831 665,790
Annuities due (Refer Note (a) below) 395 111
Due to Officers / Directors - -
Accrued expenses 1,663,007 1,532,937
Taxes deducted at source, payable 73,276 69,108
Statutory dues payable 38,339 33,840
Others - Payable
- Refunds Payable (Refer Note (a) below) 70,889 58,285
- Security Deposit (Refer Note (a) below) 35,310 35,310
- Investments Purchased to be settled 72,407 -
- Payable to unit linked schemes (Refer Note (c) below) 813,207 1,313,143
Total 4,831,984 4,699,650
Note:
a) Refer Schedule 16 - Note 29 for regrouping of previous year figures.
b) Refer Schedule 16 - Note 27
c) Refer Schedule 16 - Note 15 (e)
SCHEDULE 14 - Provisions
For taxation - -
For proposed dividend - -
For dividend distribution tax - -
Provision for gratuity - -
Provision for leave encashment 89,517 94,685
Others - -
Total 89,517 94,685
SCHEDULE 15 - Miscellaneous Expenditure
(To the extent not written off or adjusted)
Discount Allowed in issue of shares/ debentures - -
Others - -
Total - -
Annual Report 2013-14 41
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Schedule 16 : Notes to the financial statements
1. Background
Kotak Mahindra Old Mutual Life Insurance Limited (‘the Company’) 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 obtained a license from the Insurance Regulatory and DevelopmentAuthority(‘IRDA’)datedJanuary10,2001forcarryingonthebusinessoflifeinsuranceandannuity.Thelicensehasbeenrenewedregularly and is in force as at March 31, 2014.
2. Summary of significant accounting policies
Basis of Preparation:
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 notified under Section 211(3C) of the Companies Act, 1956 (“the 1956 Act”) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 (“the 2013 Act”) in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act/ 2013 Act, as applicable, and in accordance with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999 and the regulations framed there under to the extent applicable and the practices prevailing within the insurance industry in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.
Use of Estimates:
The preparation of financial statements requires the Management to make judgements, 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 significant accounting policies adopted by the Company are as follows:
(a) Revenue recognition :
Premium Income
Premium is recognized as income when due from policyholders except on unit linked policies, where the premium is recognized when associated units are created.
In accordance with the terms of insurance policies, uncollected premium on lapsed policies is not recognized as income until revived.
Top Up/Lump sum contributions are accounted as a part of single premium.
Income from linked policies, which include asset management fees and other charges, if any, are recovered from the linked fund in accordance with the terms and conditions of the policies.
Reinsurance premium ceded is accounted as an expense at the time of recognition of the premium income in accordance with the treaty arrangements with the re-insurers.
Profit / Commission on reinsurance ceded is accounted as income in the period in which reinsurance is ceded .
Reinsurance premium and reinsurance commission are recognized over the period of the risk.
Income earned on Investments
Interest income is recognized on accrual basis. Dividend income for quoted shares is recognized on ex-dividend date, for non quoted shares the dividend is recognised when the right to receive the dividend is established. Accretion of discount and amortization of premium relating to debt securities is recognized over the maturity period of such securities on internal rate of return.
Gain/ Loss on transfer/ sale of securities is the difference between the transfer/sale price and the net amortized cost/ book value which is computed on a Weighted average basis as on the date of transfer/sale. Sale consideration for the purpose of realized gain/loss is net of brokerage and taxes , if any.
Rental income is recognised in the income statement on the straight line basis over the lease period .
(b) Acquisition Costs
Acquisition costs such as commission and medical fees are costs that vary with and are primarily related to the acquisition of new and renewal insurance contracts. Such costs are recognized in the year in which they are incurred.
Kotak Mahindra Old Mutual Life Insurance Limited42
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
(c) Liability for Policies
(i) The Company provides for policy liabilities in respect of all “in force” policies and “lapsed policies” that are likely to be revived in future based on actuarial valuation done by the Appointed Actuary in accordance with accepted actuarial practices , requirements of 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 .
2. Summary of significant accounting policies (Continued)
(d) Investments
Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment Regulations), 2000 (as amended) and circulars/notifications issued by IRDA from time to time .
Investments are recorded at cost on trade date which includes brokerage, transfer charges, transaction taxes as applicable, etc. but excludes preacquisition interest, if any and service tax on brokerage where cenvat credit is being claimed.
i) Classification
Investments maturing within twelve months from the Balance Sheet date and investments made with the specific intention to dispose them off within twelve months from the Balance Sheet date are classified as ‘Short Term Investments.’ Investments other than Short Term Investments are classified as ‘Long Term Investments.’
ii) Basis of allocation of Investment & Income thereon between Policyholder Account & Shareholder Account
The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments are specifically procured and held for policyholders and shareholders’ funds independently from their inception and the income thereon is also tracked separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.
iii) Valuation -Shareholder’s Investments and non-linked policy-holders Investments
Debt Securities
All debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly recorded at historical cost (excluding interest paid, if any). Debt securities including government securities are stated at net amortized cost. The premium/ discount, if any, on purchase of debt securities is amortized/accrued over the period to maturity on internal rate of return.
Equity Shares
TheCompanyhasadoptedtheNationalStockExchangeofIndiaLtd.(“NSE”)astheprimaryexchangeandBSELimited(“BSE”)asthesecondaryexchange.ListedequitysharesasatBalanceSheetdatearestatedattheclosingpriceontheNSE.IfanequityshareisnotlistedortradedontheNSE,thesharepriceonBSEisused.Equitysharesawaitinglistingarestatedathistoricalcostsubjecttoprovisionfor diminution, if any. Unrealized gains / losses arising due to changes in the fair 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 recognized 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 recognized 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 recognized 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 recognized as expense in Revenue/Profit & Loss Account. Any reversal of impairment loss, earlier recognized in Revenue/ Profit and Loss Account, is recognized in the Revenue/ Profit and Loss Account.
Annual Report 2013-14 43
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
iv) Valuation -Unit Linked Business
Debt Securities
All Government securities, except treasury bills, for linked business are valued at prices obtained from CRISIL Ltd. Debt Securities other than Government Securities are valued on the basis of CRISIL Bond valuer.The discount on purchase of treasury bills, certificate of deposit, commercial papers & CBLO are amortized over the period to maturity on internal rate of return basis.
Equity Shares
TheCompanyhasadoptedtheNationalStockExchangeofIndiaLtd.(“NSE”)astheprimaryexchangeandBSELimited(“BSE”)asthesecondaryexchange.ListedequitysharesasatBalanceSheetdatearestatedattheclosingpriceontheNSE.IfanequityshareisnotlistedortradedontheNSE,thesharepriceonBSEisused.Equitysharesawaitinglistingarestatedathistoricalcostsubjecttoprovisionfor diminution, if any, in the value of such investment determined separately for each individual investment. Unrealized gains and losses are recognized in the respective scheme’s Revenue Account.
Mutual Fund Units are valued at the previous day’s closing net asset value (NAV) of the fund in which they are invested.
Real estate investment property represents land or building held for investment purposes. 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
v) Transfer of Investments
Transfer of investments 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 amortized cost or market value. Transfer of Investments between unit-linked funds are done at market price.
(e) Benefits Paid
Benefits paid comprise of policy benefit amount, surrenders, claim investigation fees and specific claims settlement costs where applicable and change in the outstanding provision for claims at the year end. Surrender and claims by death 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.
(f) Loans
Loans are stated at historical cost, subject to provision for impairment, if any. Interest on loan, if any, is accrued when due. Norms laid down undercircularNo32/2/F&A/Circular/169/Jan/2006-07issuedbytheIRDAareadheredtointhisregard.
(g) Fixed Assets and Depreciation / Amortisation
Fixed assets are stated at cost including incidental expenses less accumulated depreciation. 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. Intangible assets comprising software are stated at cost less amortization. Significant expenditure on improvements to software are capitalised when it is probable that such expenditure will enable the asset to generate future economic benefits in excess of its originally assessed standard of performance and such expenditure can be measured and attributed to the assets reliably.
Depreciation/ amortization is provided under the straight-line method( SLM) with reference to the management’s assessment of the estimated useful lives of the assets or the rates and in themanner specified by Schedule XIV of theCompaniesAct, 1956,whichever is higher.Depreciation is charged on assets from the date the asset is capitalized 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.
Estimatedusefullivesoverwhichassetsaredepreciatedareasfollows:
Leasehold improvements Over the period of lease subject to a maximum of 6 years
Information technology equipment (including software) 3 years
Furniture and fittings 6 years
Vehicles 4 years
Office equipment 5 years
Kotak Mahindra Old Mutual Life Insurance Limited44
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors.Impairmentoccurswherethecarryingvalueexceedsthepresentvalueoffuturecashflowsexpectedtoarisefromthecontinuinguseof 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.
(h) Employee Benefits
a. Provident fund is a defined contribution plan and the contributions as required by the statute to Government Provident Fund are charged to Revenue Account/Profit and Loss Account when due.
b. Gratuity liability is a defined benefit and is wholly funded. The company accounts for the liability for future gratuity benefits based on an actuarial valuation. 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.
c. Superannuation fund is a defined contribution scheme. The Company contributes a sum equivalent to 15% (previous year 15%), subject to a maximum of `1 lakh, of eligible employees’ salary to a Superannuation Fund administered by the trustees.
d. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employee is recognized during the period when the employee renders the service. These benefits include performance incentives.
e. The Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The net present value of the Company’s obligation is determined based on the projected unit credit method as at the Balance Sheet date.
f. Actuarial gains/losses are immediately taken to the Revenue account/Profit and Loss Account and are not deferred.
g. The Company contributes up to 10% of eligible employees’ salary per annum, to the New Pension Fund administered by a PFRDA appointed pension fund manager. The Company recognises such contributions as an expense in the year they are incurred.
(i) Accounting for Operating Leases
Where the Company is the lessee:
Leases where the lessor effectively retain substantially all the risks and benefits of ownership over the lease term are classified as operating leases. Operating lease rentals are recognized as an expense in the Revenue/ Profit and Loss Account on a straight line basis over the lease term.
Where the Company is the lessor:
Leases in which the Company does not transfer substantially all the risks and benefits of the ownership of assets are classified as operating leases. Lease income of operating asset is recognised in the Revenue/Profit and Loss Account on a straight line basis over the lease term.
(j) Foreign Currency Transactions
Transactions denominated in foreign currency are recorded at the rate of exchange prevailing on the transaction date. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are translated using the rate of exchange prevailing on that date.
ExchangedifferenceseitheronsettlementorontranslationarerecognizedintheRevenueAccount/ProfitandLossAccount,asapplicable.
(k) Segment reporting
Business Segments
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (referred to as ‘Accounting Regulations’) read with Accounting Standard 17 on ‘Segment Reporting’ prescribed in Companies (Accounting Rules), 2006 , the Company’s business in India is classified into Life Participating business, Pension Participating business, Life Non Participating business, Life Non Participating Variable business (VIP), General Annuity business, Unit Linked Life business, Unit Linked Pension business and Investment of the Shareholders’ funds.
Segmental revenues
All segment revenues are directly attributed to the respective individual segments. There are no inter-segment revenues.
Annual Report 2013-14 45
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Segmental expenses
Operating expenses relating to insurance business are assigned to Life Participating, Pension Participating, Life Non Participating, Life Non Participating Variable (VIP), General Annuity, Unit Linked Life, and Unit Linked Pension segments as follows:
Expensesdirectlyidentifiabletothebusinesssegmentsareallocatedonanactualbasis.
Other expenses, which are not directly identifiable, are apportioned to the business segments on the basis of either on one or a combination of some 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) first year commission, or (f) total number of policies, or (g) renewal commission, or , (h) average assets under management, or, (i) expenses allowances, as considered appropriate by the Management. The method of apportionment has been decided based on the nature of the expense and its logical relationship to the various business segments.
Segmental assets and liabilities
Segment assets and liabilities include those that are employed by a segment in its operating activity.
Secondary Geographical Segments
There are no reportable geographical segments since all business is written in India and the company does not distinguish any reportable regions in India.
(l) Taxation
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 recognized for future tax consequences attributable to timing differences between income as determined by the financial statements and the recognition for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty backed by convincing evidence that such deferred assets can be realized.
Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantially 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.
The company allocates income tax to the each 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.
(m) Preliminary and Share Issue expenses
ShareIssueexpensesinrelationtoincreaseinsharecapitalarewrittenoffwhenincurred.PreliminaryExpensesandInitialShareIssueexpensesareamortizedoveraperiodof3years.UnamortizedPreliminaryExpensesandShareIssueexpensesareadjustedinthescheduleofShareCapital as prescribed under the IRDA Regulations.
(n) Service tax
Service tax liability on premium and unit-linked charges are set-off against available cenvat credits. Unutilized credits, if any, are carried forward under “Advances and Other Assets” for set-off in subsequent periods.
(o) Provisions and Contingencies
Provisionisrecognisedwhenthereisapresentobligationasaresultofpastevent;itisprobablethatanoutflowofresourceswillberequiredto settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date andadjustedtoreflectthecurrentbestestimates.
ContingentLiabilitiesarenotrecognizedbutaredisclosed inthenotesunlesstheoutflowofresources is remote.Contingentassetsareneither recognised nor disclosed in the financial statements.
(p) Earnings per Share
The 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.
Kotak Mahindra Old Mutual Life Insurance Limited46
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
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.
(q) Employee stock option scheme
Equity-settled scheme :
In accordancewith SEBI (Employees StockOption Scheme and Employee Stock Purchase) Guidelines, 1999 and the guidance note on“AccountingforEmployeeShare-basedPayments”issuedbytheInstituteofCharteredAccountantsofIndia,theexcess,ifany,ofthemarketpriceofshareprecedingthedateofgrantoftheoptionunderESOPsovertheexercisepriceofoptionisamortisedonastraight-linebasisover the vesting period.
Cash Settled scheme :-
The cost of cash-settled transactions (stock appreciation rights) is measured initially using intrinsic value method at the grant date taking into account the terms and conditions upon which the instruments were granted. This intrinsic value is amortised on a straight-line basis over the vesting period with a recognition of corresponding liability. This liability is remeasured at each balance sheet date up to and including thesettlementdatewithchangesinintrinsicvaluerecognisedintheRevenue/Profitandlossaccountin‘Employees’remuneration&welfarebenefits’.
3 Actuarial method and assumptions
The actuarial liabilities have been calculated by the Appointed Actuary in accordance with generally accepted actuarial principles, the requirements of the Insurance Act 1938, IRDA regulations and the prescribed guidance notes of the Institute of Actuaries of India. The method adopted is as follows:
a) Unit Linked Policies : A unit reserve equal to the value of the units on March 31, 2014 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. Individual conventional business/Group where premiums are guaranteed for more than one year: Gross premium prospective method.
c) Group one year renewable: calculated as the risk premium for the unexpired term with an allowance for expenses and a margin for adverse deviations.
d) Group fund based/VIP: fund equal to premiums net of deductions accumulated with guaranteed interest plus a non-unit reserve to provide for expense and mortality.
e) Provision on lapsed unit-linked policies not likely to be revived is created and shown under the head Funds for Future Appropriation as required by IRDA circular no 041/IRDA/ACTL/MAR-2006 dated 29th March’2006.
f) 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.Theprincipalassumptionsareinterest,inflation,returntopolicyholders’account,lapses,expenses,mortalityandmorbidity.Thebaseassumptions are:
Interest 5.8% p.a. to 8.4% p.a. during the first five years , 4.9% p.a. to 7.5% p.a. thereafter ( 2013 : 5.7% p.a. to 7.8% p.a. during the first five years , 4.9% p.a. to 7.0% p.a. thereafter)
Inflation 6% (2013 : 6.5%)
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 (P.Y. 1994-96) mortality table
Morbidity (for Critical Illness) Based on adjusted CIBT rates.
Morbidity (other riders) Based on reinsurers’ rates
Annual Report 2013-14 47
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
4 Policy liabilities
(Forming part of Policyholders’ Funds)
Particulars 2014 2013
Life Participating
Pension Participating
Life Non Participating
Life Non Participating
Variable (VIP)
General Annuity
Unit Linked
Unit Linked
Pension
Total Life Participating
Pension Participating
Life Non Participating
Life Non Participating
Variable (VIP)
General Annuity
Unit Linked
Unit Linked
Pension
Total
At the beginning of the year
12,060,895 713,480 5,275,534 - 55,591 1,555,361 129,742 19,790,603 8,696,073 635,796 3,043,846 - - 1,916,780 116,994 14,409,489
Add: Change in valuation against policies in force
3,332,203 7,344 4,373,438 48,275 56,236 (122,808) 2,123 7,696,812 2,970,679 48,471 2,231,688 - 55,591 (361,419) 12,748 4,957,758
Add: Bonus to policyholders (Refer Note 10 below)*
524,598 31,658 - - - - - 556,256 394,143 29,213 - - - - - 423,356
At end of the year 15,917,696 752,482 9,648,972 48,275 111,827 1,432,553 131,865 28,043,670 12,060,895 713,480 5,275,534 - 55,591 1,555,361 129,742 19,790,603
* Forms part of “Change in Valuation of Liability in respect of life policies-Gross” in the Revenue Account
Note: The Policyholder Liabilities are adequately backed by Policyholder Investments, Cash and Bank Balances and Other assets. (Please refer to Schedule no 16- Note-17).
5 Contingent liabilities
Particulars 2014 2013
1. Partly paid-up investments - -
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 1,020
5. Statutory demands/ liabilities in dispute, not provided for (Service Tax) 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 ` 335,850 (2013 – ` 327,257), out of which reinsured ` 88,941 (2013 - ` 1,02,455) and provision ` 162,314 (2013 ` 1,10,540)
84,595 114,262
Total 844,518 115,282
6 Computation of managerial remuneration
(i) ManagingDirector’sremuneration,whichisincludedunder“Employees’remunerationandwelfarebenefits”,isasfollows:
Particulars 2014 2013
a. Salary and Perquisites 15,918 13,960
b. Contribution to provident and other funds 2,149 1,985
Total 18,067 15,945
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 (except in case of final settlement). Gratuity and leave encashment is accrued based on an actuarial valuation for the Company’s overall liability.
(ii) Sitting fees paid to Independent Directors amounts to ` 120 (2013 – ` 200).
Kotak Mahindra Old Mutual Life Insurance Limited48
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
7 Capital commitments
Particulars 2014 2013
Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountandnotprovidedfor (net of advances)
79,784 59,862
8 Extent of risk retained and reinsured.
Particulars 2014 2013
Risk Retained (in million) 1,859,527 1,344,402
Risk Reinsured (in million) 732,103 804,799
Percentage of Risk Retained 71.75% 62.55%
Percentage of Risk Reinsured 28.25% 37.45%
9 Business sector-wise
Particulars 2014 2013
Rural Sector
No. of Policies 33,944 36,091
Gross Premium Underwritten 324,882 396,615
Percentage of Policies 21.22% 21.30%
Social Sector
No. of Policies 41 18
No. of Lives 1,352,611 509,272
Gross Premium Underwritten 146,744 36,668
Percentage of Policies 4.35% 2.33%
10 Accumulated fund addition to participating policyholders
The Board of Directors has at its meeting held on April 25, 2014 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 ` 429,388 (2013- ` 317,964) to meet an effective rate of 7%.
b) On Accumulation retirement products: 5 % p.a. cash bonus in addition to the guaranteed rate of 3% costing ` 31,658 (2013- ` 29,213) to meet an effective rate of 8%.
c) On the Reversionary bonus products: 2% Simple Reversionary bonus for all plans, 2.25% Simple Reversionary bonus for policies completing 5thpolicy year in Surakshit Jeevan Plan and Eternal Life Plans, 2.5% for the regular premiumpaying termpolicies and3% for limitedpremiumpayingtermpoliciesinClassicEndowmentPlanandPremiereMoneyBackPlan,thecostofbonusbeing` 95,210 (2013- ` 76,179). ForPremiereEndowmentPlan,abonus rateof5% isguaranteedfor thefirstfiveyears, thecostofbonus forwhich is included in themathematical reserves.
The Board of Directors had at its meeting held on April 29, 2013 declared the following rates of interim and terminal bonuses for participating policies leaving the fund during FY2014:
a) On Accumulation non retirement products: An interim bonus of 2% p.a. costing ` 9,544 ( 2013 - ` 6,519 ) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 15% p.a. costing ` 47,423 (2013 - ` 14,009 ) for the policies matured, claimed death benefit during the year.
b) On Accumulation retirement products: An interim bonus of 3% p.a. costing ` 1,823 (2013 - ` 1,173) for the policies matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 10% p.a. costing ` 2,598 ( 2013 - ` 2,493 ) for the policies matured, claimed death benefit during the year.
Transfer from the policyholders’ account to the shareholder’s account
In the year under review, a transfer of ` 68,627 (2013: ` 49,728) was made from the Participating policyholders account to the shareholders account being the surplus in the participating policyholders accounts subject to the maximum of 1/9th of the bonus declared during the year to
Annual Report 2013-14 49
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
the participating policyholders. A transfer of ̀ 8,451 ( 2013 : Nil ) was made from the General Annuity Policyholders Account, transfer of ̀ 591,321 (2013 : ` 469,922 ) was made from the Unit Linked Pension Policyholders Account and ` 13,38,011 (2013: ` 13,05,370) was made from Unit Linked account to the shareholders account which represented the surplus in those accounts.
11 Contribution made to the policyholders’ account
In the year under review, the shareholders contributed ` 230,589 (2013 - ` 408,008 ) to the Life Non Participating Policyholders Account, ` 6,000 (2013 - ` Nil ) to the Life Non - Participating Variable (VIP) Policyholders Account & ` Nil (2013-` 4,213 ) to General annuity policyholders account to meet fully the deficit in that account.
12 Encumbrances on assets
Apart from following amount of ` 1,064,793 (2013 – ` 420,247) marked under lien, there are no encumbrances on the assets of the company as at the balance sheet date. Breakup of the same are as follows :
Particulars 2014 2013
With National Securities Clearing Corporation Limited 65,000 65,000
With Indian Clearing Corporation Limited 15,000 15,000
With The Post Master General 1,200 1,200
Securities margin with CCIL 900,193 314,147
Cash margin with CCIL 83,200 24,700
WithJ&KSalesTaxDepartment 200 200
Total 1,064,793 420,247
13 Operating lease commitments
In accordance with Accounting Standard 19 on Accounting of Leases issued by the Institute of Chartered Accountants of India, details of leasing arrangements entered into by the company are given below.
The Company has taken various office and residential premises on operating lease and leave and license agreements. Lease payments are recognized in the Revenue Account under ‘Rent, Rates and Taxes’. The lease term varies from three to nine years and renewable at the option of the company. There are no restriction imposed by lease arrangements. There are no sub leases. The future minimum lease payments under non-cancellable operating lease period for such premises are as follows:
Particulars 2014 2013
Not later than one year 205,713 185,473
Later than one year not later than five years 556,786 573,297
Later than five years 82,694 65,953
The total operating lease rentals charged to Revenue account in the current year is ` 203,402 (2013 - ` 183,614)
14 (a) Ratios (in per cent/ times)
Sr. no.
Particulars 2014 2013
1 New business premium income growth
Life Participating 0.66 1.15
Pension Participating - (0.01)
Life Non Participating 1.59 1.37
Life Non - Participating Variable(VIP) 1.00 -
General Annuity 1.15 -
Unit Linked Life 0.77 0.80
Unit Linked Pension 1.82 0.24
2 Net retention ratio 98.15% 98.06%
3 Ratio of expenses of management 26.66% 24.95%
4 Commission ratio (Gross) 5.08% 4.31%
5 Ratio of policyholders’ liabilities to shareholders’ funds 1057.81% 1255.48%
6 Growth rate of shareholders’ funds 29.79% 30.96%
Kotak Mahindra Old Mutual Life Insurance Limited50
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Sr. no.
Particulars 2014 2013
7 Ratio of surplus to policyholders’ liabilities 0.70% 0.25%
8 Change in net worth 2,391,336 1,897,383
9 Profit after tax/ Total Income 6.25% 5.00%
10 (Total real estate + loans)/ (Cash + Invested Assets) 0.48% 0.49%
11 Total Investments/ Net worth 1161.79% 1365.89%
12 Total affiliated investments/ (Capital + Surplus) 14.08% 16.09%
13 InvestmentYield(GrossandNet)-ExcludingLinkedFund
a) With Realised Gains:
Non Linked - Participating 4.07% 13.17%
Non Linked - Non-Participating 2.39% 12.70%
Sub Total : Non Linked 3.49% 13.04%
Linked - Participating - -
Linked - Non Participating 9.03% 11.70%
Sub Total : Linked 9.03% 11.70%
Grand Total : Non Linked + Linked 4.09% 12.79%
Shareholders’ Fund 5.64% 11.21%
b) Without Realised Gains:
Non Linked - Participating 2.11% 12.16%
Non Linked - Non-Participating 1.18% 12.67%
Sub Total : Non Linked 1.79% 12.30%
Linked - Participating - -
Linked - Non Participating 4.00% 11.58%
Sub Total : Linked 4.00% 11.58%
Grand Total : Non Linked + Linked 2.03% 12.16%
Shareholders’ Fund 5.17% 11.21%
14 Conservation Ratio
Life Participating 82.42% 79.13%
Pension Participating 85.91% 88.29%
Life Non Participating 81.26% 72.60%
Life Non - Participating Variable(VIP) - -
General Annuity - -
Unit Linked Life 67.41% 69.19%
Unit Linked Pension 42.80% 73.74%
15 NPA Ratio
Gross NPA Ratio Nil Nil
Net NPA Ratio Nil Nil
14 (b) Computation under Rule 17D of insurance Rules, 1939
During the current year, the Company has made computations for Rule 17D of Insurance Rules, 1939, forming part of IRDA regulations. This ratioiscomputedonthebasisthatGroupGratuity,SuperannuationandLeaveEncashmentpolicycontractsare,unlessspecificallyterminated,automatically renewed on the First Renewal date and on the same day of each year, thereafter. As such policies are generally perpetual in nature, first year premiums on such policy contracts have been treated as regular term policies with a twelve year term.
15 Investments
(a) All the investments of the Company are performing investments in accordance with the directions issued by the Insurance Regulatory and Development Authority.
(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 (2013- 7.27% Government of India, 2013, having face value of ` 150,000). These investments are classified under Investments - Shareholders’ (Refer Schedule 8).
Annual Report 2013-14 51
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(c) Value of contracts in relation to investments for:
Particulars 2014 2013
Purchases where deliveries are pending 2,459,744 367,478
Sales where payments are due 1,830,962 1,377,387
(d) Particulars 2014 2013
Revenue Account Profit & Loss Account
Revenue Account Profit & Loss Account
Interest, Dividends and Rent- Gross 6,082,185 691,145 5,072,150 504,679
Add/(Less) : Discount on accretion/(Premium on investments amortized )
465,636 4,031 249,939 14,863
Interest, Dividends and Rent- Net of amortisation
6,547,821 695,177 5,322,089 519,542
(e) Others payable in schedule 13 include ̀ 813,207 ( 2013 : ̀ 1,313,143 ) payable to unit linked policyholders towards change in net unit liability whichwillbeinvestedonthefirstinvestmentdayinthenextfinancialyear.Asnocashflowswereinvolvedinthecurrentperiodinrespectofthesetransactions,theseamountshavenotbeenreflectedintheCashFlowStatements.
16 Related parties disclosures
The disclosures relating to related parties as required by Accounting Standard 18 on Related Parties Disclosures by the Institute of Chartered Accountants of India 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, 2014 and March 31, 2013
(i) Holding Company Kotak Mahindra Bank Limited
(ii) JointVenturer Old Mutual Plc
(iii) Enterpriseinwhichjointventurerhassignificantinfluence Old Mutual Life Assurance Company (South Africa) Limited
(iv) Fellow Subsidiaries Kotak Mahindra Prime Limited
Kotak Securities Limited
Kotak Mahindra Capital Company Limited
Kotak Mahindra Asset Management Company Limited
Kotak Mahindra Trusteeship Service Limited
Kotak Investment Advisors Limited
Kotak Mahindra Pension Fund Limited
(v) Enterprises in which key management personnel havesignificantinfluence
Kotak Life Insurance Superannuation Fund
KotakMahindraOldMutualLifeInsuranceEmployeesGratuityFund
(vi) Enterprisesinwhichrelativesofkeymanagementpersonnelhavesignificantinfluence
Kotak Commodities Services Limited
(vii) Key management personnel Non-ExecutiveDirectors
Mr Uday Kotak, Chairman
Mr Shailesh Devchand, Vice-Chairman
Mr Dipak Gupta, Director
Mr Gaurang Shah, Director
Mr Ralph Mupita (up to March 27, 2013)
Mr David Buenfil (w.e.f. 29-04-2013)
Managing Director
Mr G. Murlidhar
Kotak Mahindra Old Mutual Life Insurance Limited52
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
C. The following are transactions and closing balances of related parties in the ordinary course of business:
Nature of transaction Name of the Company / Person
2013-14 2012-13
Holding Company
Joint Venturer
Fellow Subsidiaries
Others Holding Company
JointVenturer
Fellow Subsidiaries
Others
Assets / Liabilities
Bank Balance Kotak Mahindra Bank Ltd 440,769 - - - 439,731 - - -
Bank Deposits Kotak Mahindra Bank Ltd 267,138 - - - 240,465 - - -
Commercial Paper / Bonds / Debentures
Kotak Mahindra Prime Ltd
- - 1,200,000 - - - 1,050,958 -
Group Insurance Policy Deposits
Kotak Mahindra Bank Ltd 139 - - - 258 - - -
Kotak Securities Ltd - - 264 - - - 361 -
Kotak Mahindra Prime Ltd
- - 1,010 - - - 1,001 -
Kotak Commodities Services Limited
- - - 11 - - - 23
Kotak Mahindra Asset Management Company Ltd
- - 613 - - - 320 -
Kotak Mahindra Capital Company Ltd
- - 103 - - - 42 -
Share Capital Kotak Mahindra Bank Ltd 2,602,480 - - - 2,602,480 - - -
Kotak Mahindra Prime Ltd
- - 540,000 - - - 540,000 -
Kotak Mahindra Capital Company Ltd
- - 633,668 - - - 633,668 -
Old Mutual Plc - 1,326,755 - - - 1,326,755 - -
Outstanding Receivable / (Payables)
Kotak Mahindra Asset Management Company Ltd
- - (393) - - - - -
Kotak Mahindra Bank Ltd (5,532) - - - (4,004) - - -
Kotak Securities Ltd - - (1,848) - - - (205) -
Old Mutual Life Assurance Company (South Africa) Ltd
- - - (6,871) - - - (7,211)
Commission Payable Kotak Mahindra Bank Ltd 150,143 - - - 103,214 - - -
Kotak Mahindra Prime Ltd
- - 29 - - - 41 -
Kotak Securities Ltd - - 311 - - - 989 -
Interest Income/ Receivable / (Payable)
Kotak Mahindra Bank Ltd 1,662 - - - 2,495 - - -
Kotak Mahindra Prime Ltd
- - 89,189 - - - 73,535 -
Transactions
Purchase of Fixed Assets Kotak Securities Ltd - - - - - - 273 -
Purchase of Investment Kotak Mahindra Bank Ltd 21,901,775 - - - 20,897,300 - - -
Sale of Fixed Assets Kotak Mahindra Bank Ltd - - - - 14 - - -
Kotak Mahindra Prime Ltd
- - 763 - - - - -
Bank Deposit Placed Kotak Mahindra Bank Ltd 725,918 - - - 621,762 - - -
Bank Deposit Redeem Kotak Mahindra Bank Ltd 699,245 574,126 - - -
Purchase of Commercial Paper / Bonds / Debentures
Kotak Mahindra Prime Ltd
- - 750,000 - - - 1,000,000 -
Sale of Commercial Paper / Bonds / Debentures
Kotak Mahindra Prime Ltd
- - 600,000 - - - - -
Sale of Investment Kotak Mahindra Bank Ltd 4,149,544 - - - 2,780,006 - - -
Annual Report 2013-14 53
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Nature of transaction Name of the Company / Person
2013-14 2012-13
Holding Company
Joint Venturer
Fellow Subsidiaries
Others Holding Company
JointVenturer
Fellow Subsidiaries
Others
BrokerageExpenses Kotak Securities Ltd - - 14,923 - - - 15,462 -
Bank Charges Kotak Mahindra Bank Ltd 4,236 - - - 4,271
Commission Paid Kotak Mahindra Bank Ltd 524,765 - - - 413,577 - - -
Kotak Securities Ltd - - 2,844 - - - 8,520 -
Kotak Mahindra Prime Ltd
- - 376 - - - 516 -
Reimbursements from Companies
Kotak Mahindra Bank Ltd 1,356 - - - 1,244 - - -
Kotak Mahindra Pension Fund Ltd
- - 1,375 - - - - -
Kotak Mahindra Asset Management Company Ltd
- - 2 - - - - -
Kotak Securities Ltd - - 5 - - - - -
Reimbursements to Companies
Kotak Mahindra Asset Management Company Ltd
- - 384 - - - - -
Kotak Mahindra Bank Ltd 269,790 - - - 272,164 - - -
Kotak Securities Ltd - - 717 - - - 398 -
Kotak Mahindra Prime Ltd
- - 208 - - - - -
Remuneration of Key Management Personnel
Key Management Personnel
- - - 18,067 - - - 15,945
Receipt of Premium Key Management Personnel
- - - 267 - - - 297
Interest Income/(Expense)
Kotak Mahindra Bank Ltd 10,984 - - - 26,785 - - -
Kotak Mahindra Prime Ltd
- - 94,047 - - - 120,347 -
Premium Income Kotak Mahindra Asset Management Company Ltd
- - 3,926 - - - 334 -
Kotak Mahindra Bank Ltd 10,262 - - - 10,409 - - -
Kotak Mahindra Prime Ltd
- - 417 - - - 485 -
Kotak Commodities Services Limited
- - - 12 - - - 126
Kotak Securities Ltd - - 362 - - - 1,856 -
Kotak Mahindra Capital Company Ltd
- - 251 - - - 360 -
Kotak Investment Advisors Ltd
- - 271 - - - 303 -
Kotak Mahindra Trusteeship Service Limited
- - 13 - - - 14 -
Gratuity Fund Contribution
Kotak Mahindra Old Mutual Life Insurance EmployeesGratuityFund
- - - - - - - 126,855
Superannuation Fund Contribution
Kotak Life Insurance Superannuation Fund
- - - 1,750 - - - 2,089
Kotak Mahindra Old Mutual Life Insurance Limited54
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
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SOUR
CES
OF FU
NDS
Shar
ehol
ders’
Fund
s Sh
are
Capi
tal
- -
- -
- -
- -
- -
- -
- -
- -
5,1
02,9
02
5,1
02,9
02
5,1
02,9
02
5,1
02,9
02
Rese
rves
and
Sur
plus
- -
- -
- -
- -
- -
- -
- -
- -
5,3
15,1
32
2,9
23,7
98
5,3
15,1
32
2,9
23,7
98
Cred
it/De
bit F
air V
alue
chan
ge a
ccou
nt -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
Sub-
Tota
l -
- -
- -
- -
- -
- -
- -
- -
- 10
,418
,034
8
,026
,700
1
0,41
8,03
4 8
,026
,700
Bo
rrow
ings
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Polic
yhol
ders
’ Fun
ds:
Cred
it/[D
ebit]
Fair
Valu
e Ch
ange
Acc
ount
33,
931
- 1
,507
1
5 6
,645
-
- -
- -
16,
607
- -
- -
- -
- 5
8,69
0 1
5
Polic
y Liab
ilities
15,9
17,6
97
12,0
60,8
95
752
,482
7
13,4
80
9,6
48,9
72
5,2
75,5
34
48,
275
- 1
11,8
27
55,
591
1,4
32,5
53
1,5
55,3
61
131
,865
1
29,7
42
- -
- -
28,
043,
671
19,
790,
603
Insu
ranc
e re
serv
e 6
50,1
55
185
,316
1
21,5
00
71,
092
- -
- -
- -
- -
- -
- -
- -
771
,655
2
56,4
08
Linke
d lia
bilit
ies -
- -
- -
- -
- -
- 70
,370
,059
68
,708
,782
9
,768
,420
11
,002
,983
-
- -
- 8
0,13
8,47
9 7
9,71
1,76
5 Fu
nds f
or D
iscon
tinue
d po
licies
- -
- -
- -
- -
- -
1,0
39,1
79
459
,952
-
- -
- -
- 1
,039
,179
4
59,9
52
Fund
s for
Futu
re
Appr
opria
tion:
Link
ed
Liabi
lities
- -
- -
- -
- -
- -
106
,723
3
04,2
04
44,
817
250
,625
-
- -
- 1
51,5
40
554
,829
Sub-
Tota
l16
,601
,783
12
,246
,211
8
75,4
89
784
,587
9
,655
,617
5
,275
,534
4
8,27
5 -
111
,827
5
5,59
1 72
,965
,121
71
,028
,299
9
,945
,102
11
,383
,350
-
- -
- 11
0,20
3,21
4 10
0,77
3,57
2 To
tal
16,6
01,7
83
12,2
46,2
11
875
,489
7
84,5
87
9,6
55,6
17
5,2
75,5
34
48,
275
- 1
11,8
27
55,
591
72,9
65,1
21
71,0
28,2
99
9,9
45,1
02
11,3
83,3
50
- -
10,4
18,0
34
8,0
26,7
00
120,
621,
248
108,
800,
272
APPL
ICAT
ION
OF
FUND
SIn
vestm
ents
17,2
67,4
29
12,0
60,3
75
942
,917
8
97,9
95
9,3
58,3
81
5,3
91,8
24
47,
488
- 1
42,6
90
56,
900
3,0
19,0
55
3,5
56,8
71
788
,618
6
48,2
07
- -
8,1
39,6
38
6,2
96,9
74
39,
706,
216
28,
909,
146
Asse
ts he
ld to
cove
r lin
ked
liabi
lities
- -
- -
- -
- -
- -
71,5
16,7
18
69,4
86,0
25
9,8
12,4
80
11,2
40,5
23
- -
- -
81,
329,
198
80,
726,
548
Loan
s aga
inst
polic
ies 4
8,88
2 4
4,33
8 -
- -
- -
- -
- 4
8,03
0 1
4,36
9 -
- -
- -
- 9
6,91
2 5
8,70
7 Su
b-To
tal
17,3
16,3
11
12,1
04,7
13
942
,917
8
97,9
95
9,3
58,3
81
5,3
91,8
24
47,
488
- 1
42,6
90
56,
900
74,5
83,8
03
73,0
57,2
65
10,6
01,0
98
11,8
88,7
30
- -
8,1
39,6
38
6,2
96,9
74
121,
132,
326
109,
694,
401
Fixed
Ass
ets
- -
- -
- -
- -
- -
- -
- -
358
,297
3
16,7
26
- -
358
,297
3
16,7
26
Curre
nt A
sset
sCa
sh a
nd B
ank
Balan
ces
4,0
64
1,1
90
907
2
29
555
1
,112
5
45
- 2
92
88
2,3
96
60,
474
347
9
3 1
,583
,588
1
,569
,430
6
,214
1
,534
1
,598
,908
1
,634
,150
Rein
sura
nce
prem
ium
fo
r fut
ure
perio
d 9
,291
8
,967
1
77
277
6
6,35
4 6
1,63
9 -
- -
- 3
8,22
2 3
4,07
9 4
7 6
0 -
- -
- 1
14,0
91
105
,022
Adva
nces
Inc
ludi
ng
Adva
nce
Tax &
Pr
ovisi
on fo
r Tax
- -
- -
- -
- -
- -
- -
- -
234
,347
2
85,9
58
- -
234
,347
2
85,9
58
Inco
me
accr
ued
on
inve
stmen
ts 4
42,1
81
322
,715
2
3,62
3 2
6,58
3 3
49,3
57
136
,650
-
- 3
,428
1
,313
9
1,81
8 1
03,6
56
27,
321
18,
753
- -
360
,798
3
25,0
58
1,2
98,5
26
934
,728
Balan
ce d
ue fr
om
rein
sura
nce
com
pani
es 5
,607
3
,357
(4
80)
(915
) 1
8,65
2 1
5,55
2 -
- -
- (2
0,69
9) 1
7,04
6 (1
0) (3
1) -
- -
- 3
,070
3
5,00
9
Outst
andi
ng P
rem
ium
331
,111
2
76,2
85
7,3
78
5,0
24
157
,148
1
10,6
46
- -
- -
- -
- -
- -
- -
495
,637
3
91,9
55
Othe
r Ass
ets
- -
- -
- -
- -
- -
11,
662
13,
194
1,3
72
1,7
90
294
,513
1
81,6
74
- -
307
,547
1
96,6
58
Tota
l Cur
rent
Ass
ets
792
,254
6
12,5
14
31,
605
31,
198
592
,066
3
25,5
99
545
-
3,7
20
1,4
01
123
,399
2
28,4
49
29,
077
20,
665
2,1
12,4
48
2,0
37,0
62
367
,012
3
26,5
92
4,0
52,1
26
3,5
83,4
80
Curre
nt Li
abili
ties &
Pr
ovisi
ons
Agen
ts’ B
alanc
es 1
07,6
18
83,
577
439
4
20
92,
098
45,
377
- -
138
8
6 4
4,30
5 4
5,34
9 5
,698
5
,290
-
- -
- 2
50,2
96
180
,099
Ba
lance
due
to
rein
sura
nce
com
pani
es 4
,941
-
(1,2
49)
- 2
9,02
5 -
- -
- -
27,
470
- (4
1) -
- -
- -
60,
146
-
Claim
s Out
stand
ing
27,
391
10,
997
7,1
70
5,8
70
9,1
83
24,
141
- -
395
1
11
381
,656
1
83,6
40
64,
740
69,
788
- -
- -
490
,535
2
94,5
47
Uncla
imed
Bala
nces
-Po
licy H
olde
rs 2
7,48
5 1
3,69
3 5
,225
4
,150
6
5,34
7 2
2,31
4 -
- 4
54
41
415
,115
5
34,0
05
30,
205
55,
288
- 3
6,29
9 -
- 5
43,8
31
665
,790
Curre
nt Li
abilit
ies 3
70,4
93
33,
482
451
9
9 2
93,6
82
24,
209
- -
7
44
976
,759
1
,359
,048
2
3,59
1 3
,138
1
,822
,193
2
,139
,194
-
- 3
,487
,176
3
,559
,214
Pr
ovisi
ons
- -
- -
- -
- -
- -
- -
- -
89,
517
94,
685
- -
89,
517
94,
685
Cont
rol A
ccou
nt 9
68,8
54
329
,267
8
6,99
7 1
34,0
67
(194
,505
) 3
25,8
48
(242
) -
33,
589
2,4
28
(103
,224
) 1
35,3
73
560
,880
3
92,5
41
559
,035
8
3,61
0 (1
,911
,384
)(1
,403
,134
) -
- To
tal C
urre
nt Li
abilit
ies 1
,506
,782
4
71,0
16
99,
033
144
,606
2
94,8
30
441
,889
(2
42)
- 3
4,58
3 2
,710
1
,742
,081
2
,257
,415
6
85,0
73
526
,045
2
,470
,745
2
,353
,788
(1
,911
,384
)(1
,403
,134
)4,
921,
501
4,7
94,3
35
Net C
urre
nt A
sset
s (7
14,5
28)
141
,498
(6
7,42
8) (1
13,4
08)
297
,236
(1
16,2
90)
787
-
(30,
863)
(1,3
09)
(1,6
18,6
82)
(2,0
28,9
66)
(655
,996
) (5
05,3
80)
(358
,297
) (3
16,7
26)
2,2
78,3
96
1,7
29,7
26
(869
,375
) (1
,210
,855
)M
iscell
aneo
us
Expe
nditu
re(T
othe
exte
nt n
ot w
ritte
n of
f or
adj
uste
d)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Debi
t Bala
nce
in P
rofit
an
d Lo
ss A
ccou
nt
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Tota
l Ass
ets
16,6
01,7
83
12,2
46,2
11
875
,489
7
84,5
87
9,6
55,6
17
5,2
75,5
34
48,
275
- 1
11,8
27
55,
591
72,9
65,1
21
71,0
28,2
99
9,9
45,1
02
11,3
83,3
50
- -
10,4
18,0
34
8,0
26,7
00
120,
621,
248
108,
800,
272
*Not
e : T
he P
olicy
hold
er Li
abilit
ies a
nd Li
nked
Liab
ilities
are
ade
quat
ely b
acke
d by
pol
icyho
lder
inve
stmen
ts, C
ash
and
Bank
Bala
nces
and
Oth
er a
sset
s
Annual Report 2013-14 55
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
18. Segment-wise revenue account for the year ended March 31, 2014
Life Participating
Pension Participating
Life Non Participating
Life Non Participating
Variable (VIP)
General Annuity
Unit Linked
Unit Linked
Pension
Total
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 amortized(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/change in fair value
- - - - - 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/disposal of fixed assets (Net)
412 6 636 3 4 720 67 1,848
TOTAL(A) 7,481,904 187,887 9,849,460 54,054 72,558 17,670,159 1,943,431 37,259,453
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
OperatingExpensesrelatedtoInsurance business
1,446,982 5,564 3,072,994 6,769 745 1,198,956 95,237 5,827,247
Provision for doubtful debts - - - - - - - -
Bad debts written off - - - - - - - -
Provision for Tax 86,211 - (38,120) (990) - 136,335 (63,298) 120,138
Kotak Mahindra Old Mutual Life Insurance Limited56
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Life Participating
Pension Participating
Life Non Participating
Life Non Participating
Variable (VIP)
General Annuity
Unit Linked
Unit Linked
Pension
Total
Diminution in the value of investments(Net)
(5,342) - (1,194) - - (6,016) (154) (12,706)
TOTAL(B) 2,044,544 6,551 3,724,527 5,779 1,620 1,451,679 43,760 7,278,460
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 & Terminal 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
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
APPROPRIATIONS
Transfer to Shareholders’-Account
64,618 4,009 - - 8,451 1,338,011 591,321 2,006,410
Transfer to Other Reserve - - - - - - - -
Transfer to Funds for Future Appropriation
- - - - - (197,481) (205,808) (403,289)
SURPLUS/(DEFICIT) AFTER APPROPRIATION
464,839 50,408 - - - - - 515,247
SURPLUS/(DEFICIT) BROUGHT FORWARD
185,317 71,091 - - - - - 256,408
SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET
650,156 121,499 - - - - - 771,655
(a) Interim & Terminal 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
Annual Report 2013-14 57
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
18. Segment-wise revenue account for the year ended March 31, 2013
Life Participating
Pension Participating
Life Non Participating
Life Non Participating
Variable (VIP)
General Annuity
Unit Linked
Unit Linked
Pension
Total
Premium Income
First Year Premium 2,302,772 (217) 2,678,689 - - 2,491,099 21,179 7,493,522
Renewal Premium 3,135,578 105,980 1,166,499 - - 9,261,010 2,227,735 15,896,802
Single Premium 50 39 1,865,475 - 52,532 2,469,352 74 4,387,522
(a) Premium Income 5,438,400 105,802 5,710,663 - 52,532 14,221,461 2,248,988 27,777,846
(b) Reinsurance Ceded (15,409) (309) (450,164) - - (71,945) (105) (537,932)
(c) Reinsurance accepted - - - - - - - -
Income from Investments - - - - - - - -
Interest, dividend & rent 821,833 61,695 339,899 - 1,911 3,428,380 659,779 5,313,497
Premium on investments amortized(Net)
(3,979) (9) 2,151 - (12) 9,188 1,253 8,592
(a) Interest, dividend & rent-Net
817,854 61,686 342,050 - 1,899 3,437,568 661,032 5,322,089
(b) Profit on sale/redemption of investments
158,424 6,514 8,725 - 126 5,900,591 1,003,113 7,077,493
(c) Loss on sale/redemption of investments
(56,620) (4,190) (7,495) - - (2,258,038) (371,503) (2,697,846)
(d) Transfer/Gain on revaluation
- - - - - (92,689) 3,505 (89,184)
Other Income - - - - - - - -
(a) Contribution from Shareholder's Account
- - 408,008 - 4,213 - - 412,221
(b) Miscellaneous income 13,392 130 (4,189) - 50 8,877 2,292 20,552
(c) Profit(Loss) on Sale of Fixed Assets
(459) (9) (482) - (4) (1,207) (186) (2,347)
TOTAL(A) 6,355,582 169,624 6,007,116 - 58,816 21,144,618 3,547,136 37,282,892
Commission
First Year Premium 533,446 (84) 310,809 - - 28,586 (2,105) 870,652
Renewal Premium 85,435 1,435 46,012 - (10) 114,077 34,825 281,774
Single Premium - 1 329 - 905 43,554 1 44,790
Commission on Reinsurance Ceded
(846) (1) (19,573) - - (2,669) (3) (23,092)
Net Commission 618,035 1,351 337,577 - 895 183,548 32,718 1,174,124
OperatingExpensesrelatedtoInsurance business
1,560,375 6,075 2,317,793 - 1,710 1,657,789 189,011 5,732,753
Provision for doubtful debts - - - - - - - -
Bad debts written off - - - - - - - -
Provision for Tax 8,421 - (22,961) - - 73,177 - 58,637
Diminution in the value of investments(Net)
5,342 - 1,194 - - 6,016 154 12,706
TOTAL(B) 2,192,173 7,426 2,633,603 - 2,605 1,920,530 221,883 6,978,220
Kotak Mahindra Old Mutual Life Insurance Limited58
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Life Participating
Pension Participating
Life Non Participating
Life Non Participating
Variable (VIP)
General Annuity
Unit Linked
Unit Linked
Pension
Total
Claims by Death 127,601 2,171 1,131,267 - - 413,772 76,126 1,750,937
Annuities/Pension payment - - - - - - - -
Maturity claims, survival benefits, surrender and rider benefits.
510,786 45,933 310,841 - 620 12,361,137 3,224,885 16,454,202
Reinsurance :-Claims by death (9,960) - (300,282) - - (73,551) - (383,793)
Benefits paid(net) 628,427 48,104 1,141,826 - 620 12,701,358 3,301,011 17,821,346
Interim Bonuses paid 20,519 3,671 - - - - - 24,190
Change in valuation of Liability in respect of Life policies
- - - - - - - -
(a) Gross 3,364,823 77,683 2,196,647 - 55,591 (420,480) 71,670 5,345,934
(b) Amount ceded in reinsurance
- - 35,040 - - 142 - 35,182
(c) Amount accepted in reinsurance
- - - - - - - -
Provision for linked liabilities - - - - - 6,229,444 (225,801) 6,003,643
TOTAL( C) 4,013,769 129,458 3,373,513 - 56,211 18,510,464 3,146,880 29,230,295
SURPLUS/(DEFICIT) (D)=(A)-(B)-(C)
149,640 32,740 - - - 713,624 178,373 1,074,377
APPROPRIATIONS
Transfer to Shareholders’-Account
46,074 3,654 - - - 1,305,370 469,922 1,825,020
Transfer to Other Reserves (to be specified)
- - - - - - - -
Transfer to Funds for Future Appropriation
- - - - - (591,746) (291,549) (883,295)
SURPLUS/(DEFICIT) AFTER APPROPRIATION
103,566 29,086 - - - - - 132,652
SURPLUS/(DEFICIT)BROUGHTFORWARD
81,751 42,005 - - - - - 123,756
SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET
185,317 71,091 - - - - - 256,408
(a) Interim Bonuses Paid 20,519 3,671 - - - - - 24,190
(b) Allocation of Bonus to Policyholders
394,143 29,213 - - - - - 423,356
(c) Surplus/ (Deficit) shown in the Revenue Account
103,566 29,086 - - - - - 132,652
(d) Total Surplus: [(a) + (b) + (c)]
518,228 61,970 - - - - - 580,198
Annual Report 2013-14 59
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
19 Statement showing the Controlled Fund (IRDA Cir No: IRDA/F&I/CIR/F&A/045/03/2010 dtd March 17, 2010)
(` in crores) (` in crores)
2013-14 2012-13
1 Computation of Controlled fund as per the Balance Sheet
Policyholders’ Fund (Life Fund)
Participating
Individual Assurance 1,656.79 1,224.62
Individual Pension 87.40 78.46
Any other - -
Non-participating
Individual Assurance 437.55 201.30
Group Assurance 527.35 326.26
Life Variable (VIP) 4.83
Individual Annuity 11.18 5.56
Any other - -
Linked
Individual Assurance 6,564.19 6,443.91
Group Assurance - -
Individual Pension 937.60 1,062.42
Group Superannuation 52.43 50.86
Group Gratuity 719.99 628.50
Any other - -
Funds for Future Appropriations 15.15 55.48
Total (A) 11,014.45 10,077.36
Shareholders’ Fund
Paid up Capital 510.29 510.29
Reserves & Surpluses 531.51 292.38
Fair Value Change
Total (B) 1,041.80 802.67
Misc. expenses not written off - -
Credit / (Debit) from P&L A/c. - -
Total (C ) - -
Total shareholders’ funds (B+C) 1,041.80 802.67
Controlled Fund (Total (A+B+C)) 12,056.26 10,880.03
Kotak Mahindra Old Mutual Life Insurance Limited60
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
(` in crores) (` in crores)
2013-14 2012-13
2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account
Opening Balance of Controlled Fund 10,880.03 9,626.88
Add:Inflow
Income
Premium Income 2,700.79 2,777.78
Less: Reinsurance ceded (49.85) (53.79)
Net Premium 2,650.94 2,723.99
Investment Income 1,049.87 961.26
Other Income 1.48 1.82
Funds transferred from Shareholders’ Accounts 23.66 41.22
Total Income 3,725.95 3,728.29
Less: Outgo
(i) Benefits paid (Net) 1,854.22 1,782.14
(ii) Interim Bonus Paid 6.14 2.42
(iii) Change in Valuation of Liability 885.57 1,050.15
(iv) Commission 134.38 117.41
(v) OperatingExpenses 581.45 574.55
(vi) Provision for Taxation 12.01 5.86
Total Outgo 3,473.78 3,532.52
Surplus of the Policyholders’ Fund 252.17 195.77
Less: transferred to Shareholders’ Account 200.64 182.50
Net Flow in Policyholders’ account 51.52 13.27
Add: Net income in Shareholders’ Fund 239.13 189.74
Net In Flow / Outflow 11,170.68 9,829.88
Add: change in valuation Liabilities 885.57 1,050.15
Add: Increase in Paid up Capital - -
Closing Balance of Controlled Fund 12,056.26 10,880.04
As Per Balance Sheet 12,056.26 10,880.04
Difference, if any - -
Annual Report 2013-14 61
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(` in crores) (` in crores)
2013-14 2012-13
3 Reconciliation with Shareholders’ and Policyholders’ Fund
Policyholders’ Funds
3.1 Policyholders’ Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders’ Fund 1,836.19 1,249.95
Add: Surplus/(deficit) of the Revenue Account 51.52 13.27
Add: change in valuation Liabilities 837.38 572.97
Total 2,725.09 1,836.19
As per Balance Sheet 2,725.09 1,836.19
Difference, if any - -
3.2 Policyholders’ Funds - Linked
Opening Balance of the Policyholders’ Fund 8,241.16 7,764.00
Add: Surplus/(deficit) of the Revenue Account - -
Add: change in valuation Liabilities 48.20 477.16
Total 8,289.36 8,241.16
As per Balance Sheet 8,289.36 8,241.16
Difference, if any - -
Shareholders’ Funds
Opening Balance of Shareholders’ Fund 802.67 612.93
Add: net income of Shareholders’ account (P&L) 239.13 189.74
Add: Infusion of Capital - -
Closing Balance of the Shareholders’’ fund 1,041.80 802.67
As per Balance Sheet 1,041.80 802.67
Difference, if any - -
Kotak Mahindra Old Mutual Life Insurance Limited62
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
20 Summary of financial statements
Sr. no.
Particulars 2014 2013 2012 2011 2010
Policyholders’ Account
1 Gross premium income 27,007,900 27,777,846 29,374,331 29,755,081 28,680,489
2 Net premium income 26,509,372 27,239,915 28,929,202 29,409,630 28,498,526
3 Income from investments (Net of Amortisation)
10,498,660 9,612,551 2,566,029 6,536,736 10,539,243
4 Other income 251,421 430,425 16,875 129,726 205,920
5 Total Income 37,259,453 37,282,891 31,512,106 36,076,092 39,243,689
6 Commission & Brokerage 1,343,781 1,174,124 1,121,193 1,301,669 1,679,165
7 Operating expenses related to insurance business including Provision for Tax
5,947,385 5,791,388 5,546,027 5,800,575 5,738,369
8 Provisions for Diminution in value of investments (net)
(12,706) 12,706 - - (71,688)
9 Total Expenses 7,278,460 6,978,218 6,667,220 7,102,244 7,345,846
10 Benefits paid 18,542,229 17,821,346 14,349,423 10,361,522 4,966,829
11 Interim Bonus Paid 61,388 24,194 2,533 - -
12 Increase in actuarial liability 8,253,067 5,381,113 2,838,027 2,334,675 2,165,947
13 Provision for Linked Liabilities 1,005,941 6,003,643 6,459,042 15,410,771 23,075,443
14 Surplus/ (Deficit) (before appropriation)
2,118,368 1,074,377 11,958,629 866,880 1,689,624
Shareholders’ Account
15 Total income under shareholders’ Account
2,738,386 2,344,123 2,036,569 1,121,240 912,744
16 TotalExpensesundershareholder’sAccounts
244,503 419,470 4,087 96,495 220,498
17 Profit/ (Loss) before tax 2,493,883 1,924,653 2,032,483 1,024,745 692,246
18 Provision for tax 102,549 27,270 - - -
19 Profit/ (Loss) after tax 2,391,334 1,897,383 2,032,483 1,024,745 692,246
20 Balance at the beginning of the year 2,403,435 506,052 (1,526,430) (2,551,175) (3,243,421)
21 Profit/ (Loss) carried to Balance Sheet
4,794,769 2,403,435 506,053 (1,526,430) (2,551,175)
22 (A) Policyholders’ account:
Total Funds 28,874,015 20,047,027 14,533,631 11,674,996 9,339,430
Total Investments 31,566,578 22,612,172 17,328,641 12,836,740 10,147,431
Yield on Investments (%) 4.09% 12.79% 7.04% 8.63% 7.69%
(B) Shareholders’ account:
Total Funds 10,418,034 8,026,700 6,129,319 4,096,836 3,072,090
Total Investments 8,139,638 6,296,974 4,303,890 3,222,635 2,491,819
Yield on Investments (%) 5.64% 11.21% 7.42% 8.03% 8.90%
23 Yield on Total Investments 4.46% 12.40% 7.12% 8.50% 7.96%
24 PaidupEquityCapital 5,102,902 5,102,902 5,102,902 5,102,902 5,102,902
25 Net Worth 10,418,034 8,026,700 6,129,319 4,096,836 3,072,090
26 Total Assets 120,621,247 108,800,272 96,269,144 85,636,339 66,871,017
27 Earningspershare(`) 4.69 3.72 4 2.01 1.36
28 Book Value per share ( `) 20.42 15.73 12.01 8.03 6.07
Annual Report 2013-14 63
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
21 Earnings per share
EarningsPerShare is calculatedbydividing theProfits/(Loss) in theShareholders’Accountby theweightedaveragenumberofequity sharesoutstanding during the year. The numbers used in calculating basic and diluted earnings per equity share are as follows :
Particulars 2014 2013
Profit/ (Loss) before taxation and before exceptional items 2,493,883 1,924,653
Profit/ (Loss) after taxation 2,391,334 1,897,383
Weighted average number of shares 510,290,249 510,290,249
Earningspersharebeforeexceptionalitems(BasicandDiluted) 4.69 3.72
Earningspershare(BasicandDiluted) 4.69 3.72
Face value per share ` 10 ` 10
22 Employee share option plans (ESOP)
At the General Meetings of the holding company, Kotak Mahindra Bank Limited, (“the Bank”), the shareholders of the Bank had unanimously passedSpecialResolutionson5thJuly,2007and21stAugust,2007tograntoptionstotheeligibleEmployeesoftheBankanditssubsidiarycompanies.Pursuanttotheseresolutions,‘KotakMahindraEquityOptionScheme2007’hadbeenformulatedandadopted.
Consequenttotheabove,theBankhasgrantedstockoptionstoemployeesoftheCompany.InaccordancewiththeSEBIGuidelinesandtheguidancenoteon“AccountingforEmployeeSharebasedpayments”,theexcess,ifany,ofthemarketpriceoftheshare,precedingthedateofgrantoftheoptionunderESOSsovertheexercisepriceoftheoptionisamortisedonastraight-linebasisoverthevestingperiod. TheCompanyhas reimbursed the Bank ` 1,133 (2013 - `3,109)duringtheyearonaccountofsuchcostsandthesameisformingpartofEmployeecostsandincludedunderthehead“Employees’remunerationandwelfarebenefits”inSchedule-3
Stock appreciation rights (SARs)
During the year , the Company had granted SARs of the equity shares of the holding company, Kotak Mahindra Bank Limited, to eligible employees as and when deemed fit. The SARs are to be settled in cash and will vest in the manner as provided in the scheme / grant 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 summarized below:
No. of SARs
Particulars 2014 2013
Outstanding at the beginning of the year 45,271 39,200
Granted during the year 41,678 18,869
Exercisedduringtheyear 42,508 9,800
Expiredduringtheyear Nil Nil
Transferred during the year 185 490
Forfeited during the year 1,341 2,508
Outstanding at the end of the year 42,915 45,271
EffectofgrantofESOP&SARstoemployeesontheRevenue/ProfitandLoss Accountandonitsfinancialposition
Particulars 2014 2013
TotalEmployeeCompensationCostpertainingtoshare-basedpaymentplans 37,324 15,549
Closing balance of liability for cash-settled options 21,230 16,123
Had the company recorded the compensation cost computed on the basis of fair valuation method in stead of intrinsic value method, employee compensation cost would have been lower by ` 6 (Previous Year higher by ` 6) and the profit after tax would have been higher by ` 6 ( Previous year lower by `6).ConsequentlythereisnosignificantimpactonEPS.
Kotak Mahindra Old Mutual Life Insurance Limited64
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
23 Micro, Small and Medium Enterprises Development Act, 2006.
TheCompanyhasnotreceivedanyintimationfrom“suppliers”regardingtheirstatusundertheMicro,SmallandMediumEnterprisesDevelopmentAct, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.
24 (a) Disclosure of certain expenses
As required under Circular no 067/IRDA/F&A/CIR/MAR -08 dated March 28, 2008, expenses incurred under the following heads are as follows:
Particulars 2014 2013
(i) OutsourcingExpenses 271,180 137,801
(ii) Business Development 191,967 124,687
(iii) Marketing Support 151,656 262,851
(b) Disclosure other works given to Auditors
Pursuant to clause 7.1 (g) of Corporate Governance Guidelines issued by IRDA on August 5, 2009 the remuneration paid to Statutory Auditors for services other than statutory audit are disclosed below:
Name Nature 2014 2013
Walker Chandiok & Co LLP Certification Work 129 83
(c) Service Tax Expenditure
ThedetailsofServiceTaxExpenseschargedtoOperatingExpenses(Schedule-3)isdisclosedasbelow:
Particulars 2014 2013
Service tax recovered from the fund of the ULIP Policyholders 299,366 392,639
Service tax borne by the Company 19,345 4,354
318,711 396,993
25 Unit Linked Disclosures Norms
Unit Linked Disclosures made hereunder are in accordance with the instructions received from the Insurance Regulatory & Development Authority videcircularnumbers054/IRDA/FandA/FEB-07datedFebruary20,2007andIRDA/F&A/001/Apr-07dated16thApril,2007
25A Unit Linked Disclosures - Revenue Account
REVENUE ACCOUNT FOR THE YEAR ENDED 31st March 2014
Policyholders’ Account (Technical Account)
Particulars Schedule Linked Life Linked Pension Linked Group Total Unit Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2) (3)=(1) + (2)
(4) (5) (6)=(4) + (5)
(7) (8) (9)= (7) + (8)
(10)=(3)+ (6)+(9)
Premiums earned – net
(a) Premium 197,145 8,877,981 9,075,126 54,722 924,718 979,440 24,052 1,427,140 1,451,192 11,505,758
(b) Reinsurance ceded (58,610) (58,610) (91) (91) (305) (305) (59,006)
Income from Investments
(a) Interest, Dividend & Rent - Gross (Net of amortization)
181,038 3,262,198 3,443,236 39,389 630,366 669,755 3,245 483,968 487,213 4,600,204
(b) Profit on sale/redemption of investments
124,062 5,660,953 5,785,015 25,012 964,797 989,809 465 389,004 389,469 7,164,293
Annual Report 2013-14 65
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Linked Life Linked Pension Linked Group Total Unit Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2) (3)=(1) + (2)
(4) (5) (6)=(4) + (5)
(7) (8) (9)= (7) + (8)
(10)=(3)+ (6)+(9)
(c) Loss on sale/redemption of investments
(10,663) (5,374,071) (5,384,734) (284) (988,619) (988,903) (305) (530,434) (530,739) (6,904,376)
(d) Unrealised gain/(loss) #
- 2,890,023 2,890,023 - 297,057 297,057 - 118,002 118,002 3,305,082
(e) Misc. Income - - - 0 0 - - - 0
Other income:
(a) Linked Income UL1 2,625,927 (2,625,927) - 615,893 (615,893) - 84,137 (84,137) - -
(b ) Contribution from the Shareholders’ a/c
- - - -
(c ) Other Income 4,053 4,053 (3,701) (3,701) 496 496 848
(d ) Loss on Sale of Fixed asset
621 621 67 67 99 99 787
TOTAL (A) 3,063,573 12,691,157 15,754,730 731,007 1,212,426 1,943,433 111,885 1,803,543 1,915,427 19,613,590
Commission 121,933 - 121,933 11,976 - 11,976 472 - 472 134,381
OperatingExpensesrelated to Insurance Business
1,115,566 - 1,115,566 95,238 - 95,238 83,389 - 83,389 1,294,193
Provision for Taxation 138,269 - 138,269 (63,298) - (63,298) (1,934) - (1,934) 73,037
Diminution in the value of investments(Net)
(6,014) - (6,014) (154) - (154) (3) - (3) (6,171)
TOTAL (B) 1,369,754 - 1,369,754 43,762 - 43,762 81,924 - 81,924 1,495,440
Benefits Paid (Net) UL2 201,494 11,821,227 12,022,721 26,669 2,719,929 2,746,598 7,444 930,088 937,532 15,706,851
Interim Bonus Paid - - - -
Change in Valuation Liability
(121,992) 1,324,737 1,202,745 2,123 (1,234,563) (1,232,440) (815) 915,767 914,952 885,257
TOTAL (C) 79,502 13,145,964 13,225,466 28,792 1,485,366 1,514,158 6,629 1,845,855 1,852,484 16,592,108
SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C)
1,614,317 (454,807) 1,159,510 658,453 (272,940) 385,513 23,332 (42,313) (18,981) 1,526,042
APPROPRIATIONS
Insurance reserve at the beginning of the year
-
Transfer to Shareholders’ a/c
1,356,991 1,356,991 591,321 591,321 (18,981) (18,981) 1,929,331
Funds available for future appropriations
(197,481) (197,481) (205,808) (205,808) - (403,289)
Total (D) 1,356,991 (197,481) 1,159,510 591,321 (205,808) 385,513 (18,981) - (18,981) 1,526,042
# Note : Unrealised Gain Loss in Non Unit Linked portion is as follows:
(d) Unrealised gain/(loss) - - - - - - - - - -
Kotak Mahindra Old Mutual Life Insurance Limited66
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25A Unit Linked Disclosures - Revenue Account
Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements
Schedule-UL1 for the year ended 31 March 2014
Linked Income (recovered from linked funds)*
Particulars Life Linked Unit Pension Linked Unit
Linked Group Unit
Total
(1) (2) (3) (4)= (1)+(2)+(3)
Fund Administration charges -
Fund Management charge 930,584 132,651 60,017 1,123,252
Policy Administration charge 480,532 144,793 - 625,325
Surrender charge** 451,286 260,033 1 711,320
Switching charge 271 36 - 307
Mortality charge 426,001 1,196 14,790 441,987
Rider Premium charge 40,662 - - 40,662
Partial withdrawal charge - - - -
Miscellaneous charge 6,550 7,845 67 14,462
ServicetaxandEducationCess 290,041 69,339 9,262 368,642
TOTAL (UL-1) 2,625,927 615,893 84,137 3,325,957
* (net of service tax, if any)
** Surrender charge includes partial surrender charge
25A Unit Linked Disclosures - Revenue Account
Schedule–UL2 for the year ended 31 March 2014
BENEFITS PAID [NET]
Sl. No.
Particulars Linked Life Linked Pension Linked Group Total Unit Linked
Non Unit Unit Linked Life Non-Unit Unit Linked Pension
Non-Unit Unit Linked Group
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10)=(3)+ (6)+(9)
1 Insurance Claims
(a) Claims by Death 164,598 104,775 269,373 1,088 82,816 83,904 7,468 - 7,468 360,745
(b) Claims by Maturity - 849,543 849,543 - 80,592 80,592 - 522,300 522,300 1,452,435
(c) Annuities / Pension payment
- - - - - - - - - -
(d) Other benefits -
- Survival - - - - - - - - - -
- Surrender 10,866,909 10,866,909 - 2,556,521 2,556,521 - 407,788 407,788 13,831,218
- Others 20,866 - 20,866 25,581 - 25,581 37 - 37 46,484
Sub Total (A) 185,464 11,821,227 12,006,691 26,669 2,719,929 2,746,598 7,505 930,088 937,593 15,690,882
2 Amount Ceded in reinsurance
(a) Claims by Death 16,030 - 16,030 - - - (61) - (61) 15,969
(b) Claims by Maturity - - - - - - - - - -
Annual Report 2013-14 67
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Sl. No.
Particulars Linked Life Linked Pension Linked Group Total Unit Linked
Non Unit Unit Linked Life Non-Unit Unit Linked Pension
Non-Unit Unit Linked Group
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10)=(3)+ (6)+(9)
(c) Annuities / Pension payment
- - - - - - - - - -
(d) Other benefits - - - - - - - - - -
- Surrender - - - - - - - - - -
- Survival - - - - - - - - - -
Sub Total (B) 16,030 - 16,030 - - - (61) - (61) 15,969
TOTAL (A) - (B) 201,494 11,821,227 12,022,721 26,669 2,719,929 2,746,598 7,444 930,088 937,532 15,706,851
Benefits paid to claimants:
In India 201,494 11,821,227 12,022,721 26,669 2,719,929 2,746,598 7,444 930,088 937,532 15,706,851
Outside India - - - - - - - - - -
TOTAL (UL2) 201,494 11,821,227 12,022,721 26,669 2,719,929 2,746,598 7,444 930,088 937,532 15,706,851
REVENUE ACCOUNT FOR THE YEAR ENDED 31st March 2013
Policyholders’ Account (Technical Account)
Particulars Schedule Linked Life Linked Pension Linked Group Total Unit Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2) (3)=(1) + (2)
(4) (5) (6)=(4) + (5)
(7) (8) (9)= (7) + (8)
(10)=(3)+ (6)+(9)
Premiums earned – net
(a) Premium 305,918 12,091,977 12,397,895 12,742 2,185,299 2,198,041 15,052 1,859,461 1,874,513 16,470,449
(b) Reinsurance ceded (70,545) - (70,545) (105) - (105) (1,400) - (1,400) (72,050)
Income from Investments
(a) Interest, Dividend & Rent - Gross (Net of amortization)
260,200 2,787,392 3,047,592 30,383 607,444 637,828 826 412,355 413,181 4,098,601
(b) Profit on sale/redemption of investments
14,174 5,627,303 5,641,477 2,790 965,110 967,900 56 294,270 294,326 6,903,703
(c) Loss on sale/redemption of investments
(9,929) (2,154,738) (2,164,667) (3,199) (355,262) (358,462) (91) (106,321) (106,412) (2,629,541)
(d) Unrealised gain/(loss) #
- (103,946) (103,946) - 3,505 3,505 - 11,257 11,257 (89,184)
(e) Misc. Income - - - - - - - - - -
Other income:
(a) Linked Income UL1 2,736,001 (2,736,001) - 648,549 (648,549) - 66,503 (66,503) - -
(b ) Contribution from the Shareholders’ a/c
- - - - - - - - - -
(c ) Other Income 7,088 - 7,088 2,292 - 2,292 1,788 - 1,788 11,168
(d ) Loss on Sale of Fixed asset
(1,048) - (1,048) (185) - (185) (158) - (158) (1,391)
TOTAL (A) 3,241,859 15,511,987 18,753,846 693,267 2,757,547 3,450,814 82,576 2,404,519 2,487,095 24,691,755
Kotak Mahindra Old Mutual Life Insurance Limited68
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Linked Life Linked Pension Linked Group Total Unit Linked
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total
(1) (2) (3)=(1) + (2)
(4) (5) (6)=(4) + (5)
(7) (8) (9)= (7) + (8)
(10)=(3)+ (6)+(9)
Commission 183,432 - 183,432 32,730 - 32,730 105 - 105 216,267
OperatingExpensesrelated to Insurance Business
1,584,764 - 1,584,764 187,146 - 187,146 74,888 - 74,888 1,846,798
Provision for Taxation 74,692 - 74,692 - - - (1,515) - (1,515) 73,177
Diminution in the value of investments(Net)
6,013 - 6,013 154 - 154 3 - 3 6,170
TOTAL (B) 1,848,901 - 1,848,901 220,030 0 220,030 73,481 0 73,481 2,142,412
Benefits Paid (Net) UL2 269,532 11,979,909 12,249,441 7,872 3,253,628 3,261,500 8,705 482,726 491,431 16,002,372
Interim Bonus Paid - - - - - - - - - -
Change in Valuation Liability
(372,926) 4,292,928 3,920,002 11,671 (225,801) (214,130) 12,584 1,936,517 1,949,101 5,654,973
TOTAL (C) (103,394) 16,272,837 16,169,443 19,543 3,027,827 3,047,370 21,289 2,419,243 2,440,532 21,657,345
SURPLUS/ (DEFICIT) (D) =(A)-(B)-(C)
1,496,352 (760,850) 735,502 453,694 (270,280) 183,414 (12,193) (14,724) (26,917) 891,999
APPROPRIATIONS
Insurance reserve at the beginning of the year
Transfer to Shareholders’ a/c
1,327,248 - 1,327,248 474,962 - 474,962 (26,917) - (26,917) 1,775,294
Funds available for future appropriations
- (591,746) (591,746) - (291,549) (291,548) - - - (883,295)
Total (D) 1,327,248 (591,746) 735,502 474,962 (291,549) 183,414 (26,917) - (26,917) 891,999
# Note : Unrealised Gain Loss in Non Unit Linked portion is as follows:
(d) Unrealised gain/(loss) (6,013) - - (154) - - - - - -
Schedule-UL1 for the year ended 31 March 2013
Linked Income (recovered from linked funds)*
Particulars Life Linked Unit Pension Linked Unit
Linked Group Unit
Total
(1) (2) (3) (4)= (1)+(2)+(3)
Fund Administration charges
Fund Management charge 1,057,996 175,200 51,435 1,284,631
Policy Administration charge 307,071 198,461 - 505,532
Surrender charge** 802,944 263,534 - 1,066,478
Switching charge 112 10 - 121
Mortality charge 510,230 1,435 15,052 526,718
Rider Premium charge 49,494 - - 49,494
Partial withdrawal charge - - - -
Miscellaneous charge 8,154 9,909 16 18,079
TOTAL (UL-1) 2,736,001 648,549 66,503 3,451,053
* (net of service tax, if any)
** Surrender charge includes partial surrender charge
Annual Report 2013-14 69
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Schedule–UL2 for the year ended 31 March 2013
BENEFITS PAID [NET]
Sl. No.
Particulars Linked Life Linked Pension Linked Group Total Unit Linked
Non Unit Unit Linked Life Non-Unit Unit Linked Pension
Non-Unit Unit Linked Group
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10)=(3)+ (6)+(9)
1 Insurance Claims
(a) Claims by Death 308,725 95,435 404,160 (997) 77,123 76,126 9,613 - 9,613 489,899
(b) Claims by Maturity - 12,423 12,423 - 3,377 3,377 - 353,589 353,589 369,389
(c) Annuities / Pension payment
- - - - - - - - - -
(d) Other benefits - - - - - - - - - -
- Survival - - - - - - - - - -
- Surrender - 11,872,051 11,872,051 - 3,173,128 3,173,128 - 129,137 129,137 15,174,316
- Others 33,360 - 33,360 8,869 - 8,869 90 - 90 42,319
Sub Total (A) 342,085 11,979,909 12,321,994 7,872 3,253,628 3,261,500 9,703 482,726 492,429 16,075,923
2 Amount Ceded in reinsurance
(a) Claims by Death (72,553) - (72,553) - - - (998) - (998) (73,551)
(b) Claims by Maturity - - - - - - - - - -
(c) Annuities / Pension payment
- - - - - - - - - -
(d) Other benefits - - - - - - - - - -
- Surrender - - - - - - - - - -
- Survival - - - - - - - - - -
Sub Total (B) (72,553) - (72,553) - - - (998) - (998) (73,551)
TOTAL (A) - (B) 269,532 11,979,909 12,249,441 7,872 3,253,628 3,261,500 8,705 482,726 491,431 16,002,372
Benefits paid to claimants:
In India 269,532 11,979,909 12,249,441 7,872 3,253,628 3,261,500 8,705 482,726 491,431 16,002,372
Outside India - - - - - - - - - -
TOTAL (UL2) 269,532 11,979,909 12,249,441 7,872 3,253,628 3,261,500 8,705 482,726 491,431 16,002,372
Kotak Mahindra Old Mutual Life Insurance Limited70
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25B Unit Linked Disclosures - Fund Balance Sheet
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2014
Particulars Schedule Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 357,079 (559) 1,657,864 508,995 173,856 88,344 954,459 432,081
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 18,182 559 86,173 30,212 11,000 6,255 84,750 27,872
Total 375,261 - 1,744,037 539,207 184,856 94,599 1,039,209 459,953
Application of Funds
Investments F-2 375,018 - 1,586,368 473,084 187,428 93,653 1,045,080 455,329
Current Assets F-3 280 - 157,787 66,158 71 953 11 8,581
Less: Current Liabilities and Provisions
F-4 37 - 118 35 2,643 7 5,882 3,957
Net current assets 243 - 157,669 66,123 (2,572) 946 (5,871) 4,624
Total 375,261 - 1,744,037 539,207 184,856 94,599 1,039,209 459,953
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
375,261 - 1,744,037 539,207 184,856 94,599 1,039,209 459,953
(b) Number of Units outstanding
35,338,968 - 127,835,405
42,956,739 13,530,118 7,518,230 80,857,621 38,777,395
(c) NAV per Unit (a)/(b) (`) 10.6189 - 13.6428 12.5523 13.6626 12.5826 12.8523 11.8614
Particulars Schedule Kotak Dynamic Gilt Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 250,533 346,359 59,542 90,281 126,587 133,620 7,292,113 6,133,906
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 138,663 134,541 28,007 29,579 40,050 37,082 650,007 533,647
Total 389,196 480,900 87,549 119,860 166,637 170,702 7,942,120 6,667,553
Application of Funds
Investments F-2 386,263 458,585 84,598 119,408 161,469 167,866 7,482,715 5,885,163
Current Assets F-3 26,251 22,373 4,532 2,515 8,088 3,342 730,962 792,544
Annual Report 2013-14 71
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Kotak Dynamic Gilt Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Less: Current Liabilities and Provisions
F-4 23,318 58 1,581 2,063 2,920 506 271,557 10,154
Net current assets 2,933 22,315 2,951 452 5,168 2,836 459,405 782,390
Total 389,196 480,900 87,549 119,860 166,637 170,702 7,942,120 6,667,553
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
389,196 480,900 87,549 119,860 166,637 170,702 7,942,120 6,667,553
(b) Number of Units outstanding
19,897,470 25,024,773 4,393,447 6,126,109 8,262,510 8,627,462 366,582,073 318,019,974
(c) NAV per Unit (a)/(b) (`) 19.5601 19.2170 19.9272 19.5655 20.1679 19.7859 21.6653 20.9658
Particulars Schedule Kotak Pension Bond Fund
Kotak Group Bond Fund Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 968,564 935,716 3,433,472 3,440,568 59,002 83,271 312,955 196,356
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 131,286 122,131 925,818 791,446 10,184 7,955 105,555 74,903
Total 1,099,850 1,057,847 4,359,290 4,232,014 69,186 91,226 418,510 271,259
Application of Funds
Investments F-2 1,062,552 977,230 4,126,120 3,699,702 67,153 84,185 404,698 289,557
Current Assets F-3 75,978 81,810 401,122 539,853 4,741 7,176 14,289 103,212
Less: Current Liabilities and Provisions
F-4 38,680 1,193 167,952 7,541 2,708 135 477 121,510
Net current assets 37,298 80,617 233,170 532,312 2,033 7,041 13,812 (18,298)
Total 1,099,850 1,057,847 4,359,290 4,232,014 69,186 91,226 418,510 271,259
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
1,099,850 1,057,847 4,359,290 4,232,014 69,186 91,226 418,510 271,259
(b) Number of Units outstanding
50,583,235 50,274,860 191,400,105
192,819,351
5,447,503 7,449,118 21,505,300 15,553,703
(c) NAV per Unit (a)/(b) (`) 21.7434 21.0413 22.7758 21.9481 12.7005 12.2465 19.4608 17.4402
Kotak Mahindra Old Mutual Life Insurance Limited72
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 39,528 38,710 282,143 18,269 (35,049) 39,759 (2,416) (2,416)
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 16,870 11,819 53,638 39,010 35,049 31,298 2,416 2,416
Total 56,398 50,529 335,781 57,279 0 71,057 0 0
Application of Funds
Investments F-2 54,869 52,298 329,578 58,723 - 68,600 - -
Current Assets F-3 1,538 19,830 6,240 22,017 - 2,615 - -
Less: Current Liabilities and Provisions
F-4 9 21,599 37 23,461 - 158 - -
Net current assets 1,529 (1,769) 6,203 (1,444) - 2,457 - -
Total 56,398 50,529 335,781 57,279 - 71,057 - -
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
56,398 50,529 335,781 57,279 - 71,057 - -
(b) Number of Units outstanding
2,885,959 2,884,117 16,625,336 3,176,074 - 4,698,327 - -
(c) NAV per Unit (a)/(b) (`) 19.5423 17.5199 20.1970 18.0346 - 15.1240 - -
Particulars Schedule Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 (11,702) 16,864 190,991 198,641 (14,175) 37,007 616,656 808,383
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 11,702 10,212 53,565 34,162 186,604 167,024 528,740 473,587
Total (0) 27,076 244,556 232,803 172,429 204,031 1,145,396 1,281,970
Application of Funds
Investments F-2 - 26,251 205,710 206,997 168,930 198,051 1,116,435 1,233,867
Current Assets F-3 - 868 39,603 26,525 6,453 6,089 49,854 52,094
Less: Current Liabilities and Provisions
F-4 - 43 757 719 2,954 109 20,893 3,991
Net current assets - 825 38,846 25,806 3,499 5,980 28,961 48,103
Total - 27,076 244,556 232,803 172,429 204,031 1,145,396 1,281,970
Annual Report 2013-14 73
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
- 27,076 244,556 232,803 172,429 204,031 1,145,396 1,281,970
(b) Number of Units outstanding
- 1,900,298 19,283,511 19,927,502 4,499,390 5,973,653 33,333,943 39,882,244
(c) NAV per Unit (a)/(b) (`) - 14.2484 12.6821 11.6825 38.3228 34.1551 34.3612 32.1439
Particulars Schedule Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 1,593,702 2,398,130 1,435,980 1,382,651 180,908 119,278 43,283 58,254
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 738,091 599,941 678,384 449,350 12,870 1,721 4,918 1,211
Total 2,331,793 2,998,071 2,114,364 1,832,001 193,778 120,999 48,201 59,465
Application of Funds
Investments F-2 2,262,305 2,875,541 1,982,810 1,862,974 176,528 108,806 46,832 58,973
Current Assets F-3 101,083 130,037 163,600 64,127 22,577 13,244 2,173 1,791
Less: Current Liabilities and Provisions
F-4 31,595 7,507 32,046 95,100 5,327 1,051 804 1,299
Net current assets 69,488 122,530 131,554 (30,973) 17,250 12,193 1,369 492
Total 2,331,793 2,998,071 2,114,364 1,832,001 193,778 120,999 48,201 59,465
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
2,331,793 2,998,071 2,114,364 1,832,001 193,778 120,999 48,201 59,465
(b) Number of Units outstanding
66,729,881 91,700,055 54,855,850 53,464,314 14,349,282 9,999,199 3,638,627 5,030,340
(c) NAV per Unit (a)/(b) (`) 34.9438 32.6943 38.5440 34.2659 13.5044 12.1009 13.2470 11.8213
Kotak Mahindra Old Mutual Life Insurance Limited74
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 184,806 281,719 9,074,221 12,462,986 157,564 224,790 1,551,854 2,016,483
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 379,690 308,495 3,089,308 2,234,511 59,026 47,756 956,793 583,329
Total 564,496 590,214 12,163,529 14,697,497 216,590 272,546 2,508,647 2,599,812
Application of Funds
Investments F-2 556,703 599,006 11,854,364 14,205,673 211,941 255,642 2,475,750 2,594,789
Current Assets F-3 15,827 6,129 535,805 508,703 7,767 19,430 73,581 7,283
Less: Current Liabilities and Provisions
F-4 8,034 14,921 226,640 16,879 3,118 2,526 40,684 2,260
Net current assets 7,793 (8,792) 309,165 491,824 4,649 16,904 32,897 5,023
Total 564,496 590,214 12,163,529 14,697,497 216,590 272,546 2,508,647 2,599,812
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
564,496 590,214 12,163,529 14,697,497 216,590 272,546 2,508,647 2,599,812
(b) Number of Units outstanding
12,944,362 15,550,644 310,016,862 405,397,425 12,957,486 17,637,306 58,835,416 72,027,826
(c) NAV per Unit (a)/(b) (`) 43.6094 37.9543 39.2351 36.2545 16.7154 15.4528 42.6384 36.0945
Particulars Schedule Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 1,522,123 1,288,171 240,642 261,203 5,857,776 6,522,783 133,886 158,137
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 233,265 25,252 18,468 (6,593) 1,565,590 735,640 29,538 12,264
Total 1,755,388 1,313,423 259,110 254,610 7,423,366 7,258,423 163,424 170,401
Application of Funds
Investments F-2 1,737,539 1,265,647 260,110 255,271 7,398,990 7,203,770 165,047 171,212
Current Assets F-3 97,776 48,590 7,018 367 269,895 67,027 5,588 837
Less: Current Liabilities and Provisions
F-4 79,927 814 8,018 1,028 245,519 12,374 7,211 1,648
Net current assets 17,849 47,776 (1,000) (661) 24,376 54,653 (1,623) (811)
Total 1,755,388 1,313,423 259,110 254,610 7,423,366 7,258,423 163,424 170,401
Annual Report 2013-14 75
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
1,755,388 1,313,423 259,110 254,610 7,423,366 7,258,423 163,424 170,401
(b) Number of Units outstanding
131,815,228 116,114,346 18,358,755 21,306,398 293,780,465 332,020,301 11,331,531 13,618,439
(c) NAV per Unit (a)/(b) (`) 13.3170 11.3115 14.1137 11.9499 25.2684 21.8614 14.4220 12.5125
Particulars Schedule Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 7,983,785 7,824,377 1,407,251 1,615,199 9,754,039 10,314,133 22,648 40,344
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account 1,188,818 175,680 99,140 (25,132) 498,906 423,451 15,588 17,279
Total 9,172,603 8,000,057 1,506,391 1,590,067 10,252,945 10,737,584 38,236 57,623
Application of Funds
Investments F-2 9,100,494 7,793,615 1,509,599 1,580,659 10,317,706 10,312,207 38,342 60,115
Current Assets F-3 415,942 239,355 51,087 13,149 359,351 435,894 1,508 2,351
Less: Current Liabilities and Provisions
F-4 343,833 32,913 54,295 3,741 424,112 10,517 1,614 4,843
Net current assets 72,109 206,442 (3,208) 9,408 (64,761) 425,377 (106) (2,492)
Total 9,172,603 8,000,057 1,506,391 1,590,067 10,252,945 10,737,584 38,236 57,623
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
9,172,603 8,000,057 1,506,391 1,590,067 10,252,945 10,737,584 38,236 57,623
(b) Number of Units outstanding
652,267,988 660,853,667 104,677,054 128,916,725 531,622,883 579,613,549 1,932,832 3,050,356
(c) NAV per Unit (a)/(b) (`) 14.0626 12.1056 14.3908 12.3341 19.2861 18.5254 19.7825 18.8907
Kotak Mahindra Old Mutual Life Insurance Limited76
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Kotak Pension Floor Fund Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 669,650 844,770 6,307,921 6,732,451 1,295,661 1,545,430 468,423 496,752
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account (1,898) 12,911 336,595 297,245 (1,423) 35,765 5,138 11,545
Total 667,752 857,681 6,644,516 7,029,696 1,294,238 1,581,195 473,561 508,297
Application of Funds
Investments F-2 672,455 832,293 6,674,653 6,669,049 1,296,788 1,513,558 473,887 483,678
Current Assets F-3 21,710 37,583 255,145 367,975 52,971 85,103 20,071 25,688
Less: Current Liabilities and Provisions
F-4 26,413 12,195 285,282 7,328 55,520 17,466 20,397 1,069
Net current assets (4,703) 25,388 (30,137) 360,647 (2,549) 67,637 (326) 24,619
Total 667,752 857,681 6,644,516 7,029,696 1,294,238 1,581,195 473,561 508,297
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
667,752 857,681 6,644,516 7,029,696 1,294,238 1,581,195 473,561 508,297
(b) Number of Units outstanding
53,983,195 72,082,543 535,821,939 592,931,251 104,963,522 134,034,378 36,428,473 40,898,293
(c) NAV per Unit (a)/(b) (`) 12.3696 11.8986 12.4006 11.8558 12.3304 11.7969 12.9998 12.4283
Particulars Schedule Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 1,374,601 1,582,851 269,008 389,554 148 5,368 (182,484) (181,189)
Appr/Ex-ApprReserve - - - - - - - -
Revenue Account (1,525) 43,312 27,564 23,509 16,788 16,664 182,484 182,668
Total 1,373,076 1,626,163 296,572 413,063 16,936 22,032 (0) 1,479
Application of Funds
Investments F-2 1,387,361 1,564,633 302,332 410,244 16,360 21,040 - 1,452
Current Assets F-3 45,545 63,665 9,159 18,063 582 1,006 - 28
Less: Current Liabilities and Provisions
F-4 59,830 2,135 14,919 15,244 6 14 - 1
Net current assets (14,285) 61,530 (5,760) 2,819 576 992 - 27
Total 1,373,076 1,626,163 296,572 413,063 16,936 22,032 - 1,479
Net Asset Value (NAV) per Unit:
Annual Report 2013-14 77
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
1,373,076 1,626,163 296,572 413,063 16,936 22,032 - 1,479
(b) Number of Units outstanding
110,759,172 137,100,444 23,716,368 34,465,553 1,130,090 1,522,626 - 90,520
(c) NAV per Unit (a)/(b) (`) 12.3970 11.8611 12.5049 11.9848 14.9865 14.4700 - 16.3392
Particulars Schedule Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Sources of Funds
Policyholders’ Funds:
Policyholder contribution F-1 3,189 8,469 (127,910) (127,939) 67,934,678 71,809,313
Appr/Ex-ApprReserve - - - - - -
Revenue Account 11,798 11,362 132,348 132,387 13,394,520 8,917,234
Total 14,987 19,831 4,438 4,448 81,329,198 80,726,547
Application of Funds
Investments F-2 14,428 19,262 4,307 4,339 79,782,611 77,271,998
Current Assets F-3 568 580 133 111 4,064,267 3,916,670
Less: Current Liabilities and Provisions F-4 9 11 2 2 2,517,680 462,121
Net current assets 559 569 131 109 1,546,587 3,454,549
Total 14,987 19,831 4,438 4,448 81,329,198 80,726,547
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions)
14,987 19,831 4,438 4,448 81,329,198 80,726,547
(b) Number of Units outstanding 999,221 1,376,358 288,232 301,670
(c) NAV per Unit (a)/(b) (`) 14.9987 14.4084 15.3978 14.7458
Kotak Mahindra Old Mutual Life Insurance Limited78
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25C Unit Linked Disclosures - Fund Revenue Account
Form A-RA(UL)
Fund Revenue Account for the Year Ended 31st March 2014
Particulars Schedule Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 18,143 - 77,633 38,714 11,933 7,411 59,536 25,669
Dividend income - - - - - - - -
Profit on sale of investment 819 - 4,577 2,176 618 402 3,063 1,447
Profit on inter fund transfer / sale of investment
413 - 317 404 48 62 289 160
Loss on sale of investment (20) - (1,103) (17) (229) (7) (1,913) (2)
Loss on inter fund transfer / sale of investment
(31) - (215) (162) (46) (37) (115) (83)
Miscellaneous Income (0) - - - (0) - 0 -
Unrealised Gain/Loss - - - - - - - -
Total (A) 19,324 - 81,209 41,115 12,324 7,832 60,860 27,191
Fund administration expenses - - - - - - - -
Fund management expenses 1,701 - 6,047 2,973 933 575 3,982 1,074
Other charges : F-5 0 - 19,201 12,603 6,646 3,154 - -
Total (B) 1,701 - 25,248 15,576 7,579 3,729 3,982 1,074
Net Income for the year (A-B)
17,623 - 55,961 25,539 4,745 4,103 56,878 26,117
Add: Fund revenue account at the beginning of the year
559 559 30,212 4,673 6,255 2,152 27,872 1,755
Fund revenue account at the end of the year
18,182 559 86,173 30,212 11,000 6,255 84,750 27,872
Particulars Schedule Kotak Dynamic Gilt Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 36,148 39,697 8,555 12,609 13,683 11,438 639,797 373,995
Dividend income - - - - - - - -
Profit on sale of investment 21,066 22,544 5,481 7,162 7,888 6,657 415,925 170,198
Profit on inter fund transfer / sale of investment
559 1,102 136 544 51 155 18,802 5,682
Loss on sale of investment (41,884) (3,877) (10,094) (1,518) (16,116) (1,124) (688,240) (54,976)
Loss on inter fund transfer / sale of investment
(567) (164) (842) (286) (3) (44) (10,483) (169)
Miscellaneous Income (0) - - - 0 - - -
Unrealised Gain/Loss (1,360) 426 (102) 759 (579) (37) (48,054) 15,715
Total (A) 13,962 59,728 3,134 19,270 4,924 17,045 327,747 510,445
Annual Report 2013-14 79
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Kotak Dynamic Gilt Fund Kotak Pension Gilt Fund Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Fund administration expenses - - - - - - - -
Fund management expenses 4,870 5,400 1,158 1,714 1,475 1,247 101,354 57,238
Other charges : F-5 4,970 9,689 3,548 5,173 481 486 110,033 66,827
Total (B) 9,840 15,089 4,706 6,887 1,956 1,733 211,387 124,065
Net Income for the year (A-B)
4,122 44,639 (1,572) 12,383 2,968 15,312 116,360 386,380
Add: Fund revenue account at the beginning of the year
134,541 89,902 29,579 17,196 37,082 21,770 533,647 147,267
Fund revenue account at the end of the year
138,663 134,541 28,007 29,579 40,050 37,082 650,007 533,647
Particulars Schedule Kotak Pension Bond Fund
Kotak Group Bond Fund Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 96,334 73,817 365,916 277,029 6,352 4,900 25,770 23,605
Dividend income - - - - - - - -
Profit on sale of investment 64,635 32,259 253,457 121,084 4,602 2,291 13,660 3,791
Profit on inter fund transfer / sale of investment
3,356 1,738 12,292 8,109 343 246 251 340
Loss on sale of investment (106,995) (10,824) (402,836) (38,059) (6,723) (808) (1,533) (390)
Loss on inter fund transfer / sale of investment
(2,705) (595) (16,665) (869) (954) (32) (278) (86)
Miscellaneous Income 0 - 0 - (0) - (0) -
Unrealised Gain/Loss (6,749) 3,317 (25,058) 12,806 (318) 223 1,102 (477)
Total (A) 47,876 99,712 187,106 380,100 3,302 6,820 38,972 26,783
Fund administration expenses - - - - - - - -
Fund management expenses 15,233 11,159 38,596 27,893 764 576 4,357 3,781
Other charges : F-5 23,488 35,174 14,138 11,004 309 682 3,963 2,660
Total (B) 38,721 46,333 52,734 38,897 1,073 1,258 8,320 6,441
Net Income for the year (A-B)
9,155 53,379 134,372 341,203 2,229 5,562 30,652 20,342
Add: Fund revenue account at the beginning of the year
122,131 68,752 791,446 450,243 7,955 2,393 74,903 54,561
Fund revenue account at the end of the year
131,286 122,131 925,818 791,446 10,184 7,955 105,555 74,903
Kotak Mahindra Old Mutual Life Insurance Limited80
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 4,260 5,035 11,033 9,142 5,047 7,745 - 557
Dividend income - - - - - - - -
Profit on sale of investment 2,431 853 4,179 1,496 (1,344) 26 - 22
Profit on inter fund transfer / sale of investment
83 193 30 500 - - - -
Loss on sale of investment (285) (83) (339) (122) - - - -
Loss on inter fund transfer / sale of investment
(116) (23) (46) (65) - - - -
Miscellaneous Income 0 - 0 - (0) - - -
Unrealised Gain/Loss 135 (288) 1,272 (412) 371 (613) - 27
Total (A) 6,508 5,687 16,129 10,539 4,074 7,158 - 606
Fund administration expenses - - - - - - - -
Fund management expenses 719 803 1,218 978 323 496 - 43
Other charges : F-5 738 2,750 283 1,191 (0) - - -
Total (B) 1,457 3,553 1,501 2,169 323 496 - 43
Net Income for the year (A-B)
5,051 2,134 14,628 8,370 3,751 6,662 - 563
Add: Fund revenue account at the beginning of the year
11,819 9,685 39,010 30,640 31,298 24,636 2,416 1,853
Fund revenue account at the end of the year
16,870 11,819 53,638 39,010 35,049 31,298 2,416 2,416
Particulars Schedule Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 1,840 2,741 21,748 20,615 7,023 7,916 74,333 76,870
Dividend income - - - - 1,750 1,950 6,061 8,037
Profit on sale of investment (623) 35 0 184 18,210 23,927 106,455 108,129
Profit on inter fund transfer / sale of investment
- - - 114 2,975 314 1,451 968
Loss on sale of investment - - - - (13,912) (8,415) (104,976) (38,490)
Loss on inter fund transfer / sale of investment
(440) - - - (189) (236) (938) (1,677)
Miscellaneous Income - - (0) - 0 - (0) -
Unrealised Gain/Loss 818 (35) (1,287) 1,590 9,354 (4,041) 16,448 (10,278)
Annual Report 2013-14 81
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Total (A) 1,595 2,741 20,461 22,503 25,211 21,415 98,834 143,559
Fund administration expenses - - - - - - - -
Fund management expenses 105 158 1,058 1,071 2,864 3,094 17,691 20,065
Other charges : F-5 (0) - - - 2,767 3,970 25,990 44,036
Total (B) 105 158 1,058 1,071 5,631 7,064 43,681 64,101
Net Income for the year (A-B)
1,490 2,583 19,403 21,432 19,580 14,351 55,153 79,458
Add: Fund revenue account at the beginning of the year
10,212 7,629 34,162 12,730 167,024 152,673 473,587 394,129
Fund revenue account at the end of the year
11,702 10,212 53,565 34,162 186,604 167,024 528,740 473,587
Particulars Schedule Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 159,938 217,777 69,984 59,758 4,920 2,960 1,847 1,893
Dividend income 13,505 24,182 16,626 14,218 1,149 686 488 441
Profit on sale of investment 248,252 367,669 140,898 146,289 7,961 5,236 5,261 4,283
Profit on inter fund transfer / sale of investment
5,077 8,046 297 1,706 186 34 55 75
Loss on sale of investment (231,370) (117,726) (131,484) (61,206) (8,611) (2,746) (4,082) (1,973)
Loss on inter fund transfer / sale of investment
(2,905) (6,926) (2,227) (1,220) (147) (33) (93) (16)
Miscellaneous Income 0 - (0) - (0) - (0) -
Unrealised Gain/Loss 22,229 (66,427) 154,426 (3,231) 12,960 1,237 3,549 289
Total (A) 214,726 426,595 248,520 156,314 18,418 7,374 7,025 4,992
Fund administration expenses - - - - - - - -
Fund management expenses 38,120 57,118 21,457 17,913 2,073 1,235 810 795
Other charges : F-5 38,456 115,638 (1,971) 1,269 5,196 3,714 2,508 1,456
Total (B) 76,576 172,756 19,486 19,182 7,269 4,949 3,318 2,251
Net Income for the year (A-B)
138,150 253,839 229,034 137,132 11,149 2,425 3,707 2,741
Add: Fund revenue account at the beginning of the year
599,941 346,102 449,350 312,218 1,721 (704) 1,211 (1,530)
Fund revenue account at the end of the year
738,091 599,941 678,384 449,350 12,870 1,721 4,918 1,211
Kotak Mahindra Old Mutual Life Insurance Limited82
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 11,931 12,330 707,998 781,073 12,340 16,406 6,600 3,200
Dividend income 6,667 7,969 89,721 126,149 1,613 2,721 37,875 45,444
Profit on sale of investment 51,957 91,086 1,310,970 1,642,237 23,725 36,536 274,811 526,355
Profit on inter fund transfer / sale of investment
360 3,804 14,803 21,587 85 486 41 3,915
Loss on sale of investment (29,430) (30,369) (1,134,940) (563,737) (21,070) (13,093) (147,349) (176,272)
Loss on inter fund transfer / sale of investment
(107) (1,096) (17,923) (15,685) (66) (624) (376) (312)
Miscellaneous Income (0) - 0 - 0 - 0 -
Unrealised Gain/Loss 47,467 (21,656) 308,624 (263,656) 6,647 (4,983) 295,844 (143,250)
Total (A) 88,845 62,068 1,279,253 1,727,968 23,274 37,449 467,446 259,080
Fund administration expenses - - - - - - - -
Fund management expenses 9,549 10,843 226,228 280,540 4,050 5,942 45,134 52,178
Other charges : F-5 8,101 13,172 198,228 450,465 7,954 15,990 48,848 96,052
Total (B) 17,650 24,015 424,456 731,005 12,004 21,932 93,982 148,230
Net Income for the year (A-B)
71,195 38,053 854,797 996,963 11,270 15,517 373,464 110,850
Add: Fund revenue account at the beginning of the year
308,495 270,442 2,234,511 1,237,548 47,756 32,239 583,329 472,479
Fund revenue account at the end of the year
379,690 308,495 3,089,308 2,234,511 59,026 47,756 956,793 583,329
Particulars Schedule Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 5,814 2,031 833 345 18,442 9,489 487 260
Dividend income 19,794 17,003 3,697 3,284 106,275 112,872 2,336 3,364
Profit on sale of investment 103,735 116,900 24,127 24,978 801,174 1,026,733 17,843 31,699
Profit on inter fund transfer / sale of investment
50 1,199 14 6 298 3,993 333 3,389
Loss on sale of investment (74,087) (62,420) (14,641) (12,255) (494,181) (372,908) (11,221) (10,662)
Loss on inter fund transfer / sale of investment
(181) (172) (88) (6) (1,528) (262) (70) (162)
Miscellaneous Income (0) - 0 - (0) - 0 -
Unrealised Gain/Loss 207,843 19,448 31,939 4,685 779,982 (39,180) 17,645 (2,612)
Total (A) 262,968 93,989 45,881 21,037 1,210,462 740,737 27,353 25,276
Annual Report 2013-14 83
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Fund administration expenses - - - - - - - -
Fund management expenses 20,779 17,338 3,717 3,509 159,408 167,995 3,536 4,888
Other charges : F-5 34,176 28,472 17,103 9,863 221,104 174,751 6,543 7,167
Total (B) 54,955 45,810 20,820 13,372 380,512 342,746 10,079 12,055
Net Income for the year (A-B)
208,013 48,179 25,061 7,665 829,950 397,991 17,274 13,221
Add: Fund revenue account at the beginning of the year
25,252 (22,927) (6,593) (14,258) 735,640 337,649 12,264 (957)
Fund revenue account at the end of the year
233,265 25,252 18,468 (6,593) 1,565,590 735,640 29,538 12,264
Particulars Schedule Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 30,765 14,461 4,160 2,300 615,336 492,132 3,054 3,663
Dividend income 118,112 100,006 23,242 19,216 60,123 74,828 324 550
Profit on sale of investment 795,988 663,104 182,040 136,083 1,001,477 656,440 5,471 5,211
Profit on inter fund transfer / sale of investment
361 2,197 22 380 13,510 11,785 27 144
Loss on sale of investment (530,473) (309,286) (108,055) (61,552) (1,213,006) (300,600) (6,144) (2,721)
Loss on inter fund transfer / sale of investment
(805) (259) (574) (12) (3,015) (8,765) (636) (49)
Miscellaneous Income 0 - 0 - 0 - (0) -
Unrealised Gain/Loss 972,500 161,849 156,763 32,933 147,527 115,259 414 937
Total (A) 1,386,448 632,072 257,598 129,348 621,952 1,041,079 2,510 7,735
Fund administration expenses - - - - - - - -
Fund management expenses 122,293 104,895 23,176 21,109 202,949 214,903 737 1,061
Other charges : F-5 251,017 189,389 110,150 52,909 343,548 369,291 3,464 436
Total (B) 373,310 294,284 133,326 74,018 546,497 584,194 4,201 1,497
Net Income for the year (A-B)
1,013,138 337,788 124,272 55,330 75,455 456,885 (1,691) 6,238
Add: Fund revenue account at the beginning of the year
175,680 (162,108) (25,132) (80,462) 423,451 (33,434) 17,279 11,041
Fund revenue account at the end of the year
1,188,818 175,680 99,140 (25,132) 498,906 423,451 15,588 17,279
Kotak Mahindra Old Mutual Life Insurance Limited84
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Schedule Kotak Pension Floor Fund Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 45,590 50,627 396,458 293,070 81,724 67,660 28,236 20,999
Dividend income 4,517 8,092 39,620 43,889 8,355 10,042 2,847 3,094
Profit on sale of investment 71,550 88,959 584,196 444,547 128,481 105,479 42,588 31,498
Profit on inter fund transfer / sale of investment
1,642 1,945 13,924 4,250 3,383 731 594 416
Loss on sale of investment (88,568) (34,313) (755,598) (174,272) (161,239) (39,576) (54,313) (12,279)
Loss on inter fund transfer / sale of investment
(321) (665) (2,113) (2,860) (333) (1,089) (1) (99)
Miscellaneous Income - - 0 - - - (0) -
Unrealised Gain/Loss 8,355 8,665 127,288 55,423 21,315 13,722 9,020 4,017
Total (A) 42,765 123,310 403,775 664,047 81,686 156,969 28,971 47,646
Fund administration expenses - - - - - - - -
Fund management expenses 14,870 21,658 100,831 97,232 20,832 22,565 7,222 7,010
Other charges : F-5 42,704 77,739 263,594 181,677 98,042 65,624 28,156 22,258
Total (B) 57,574 99,397 364,425 278,909 118,874 88,189 35,378 29,268
Net Income for the year (A-B)
(14,809) 23,913 39,350 385,138 (37,188) 68,780 (6,407) 18,378
Add: Fund revenue account at the beginning of the year
12,911 (11,002) 297,245 (87,893) 35,765 (33,015) 11,545 (6,833)
Fund revenue account at the end of the year
(1,898) 12,911 336,595 297,245 (1,423) 35,765 5,138 11,545
Particulars Schedule Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 86,081 69,479 20,160 19,108 1,516 3,039 15 110
Dividend income 8,747 10,486 1,995 2,757 - 35 - -
Profit on sale of investment 133,390 110,215 33,603 27,007 37 619 6 23
Profit on inter fund transfer / sale of investment
2,936 937 583 669 31 95 11 -
Loss on sale of investment (167,379) (40,527) (39,300) (10,661) (70) (393) - (1)
Loss on inter fund transfer / sale of investment
(999) (717) (66) (65) (29) (61) (0) -
Miscellaneous Income 0 - (0) - (0) - (0) -
Unrealised Gain/Loss 23,272 13,448 3,991 4,254 (322) 455 2 (5)
Total (A) 86,048 163,321 20,966 43,069 1,163 3,789 34 127
Annual Report 2013-14 85
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Schedule Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Fund administration expenses - - - - - - - -
Fund management expenses 21,893 23,366 6,610 7,970 607 1,253 7 49
Other charges : F-5 108,992 80,716 10,301 8,826 432 75 211 (4)
Total (B) 130,885 104,082 16,911 16,796 1,039 1,328 218 45
Net Income for the year (A-B)
(44,837) 59,239 4,055 26,273 124 2,461 (184) 82
Add: Fund revenue account at the beginning of the year
43,312 (15,927) 23,509 (2,764) 16,664 14,203 182,668 182,586
Fund revenue account at the end of the year
(1,525) 43,312 27,564 23,509 16,788 16,664 182,484 182,668
Particulars Schedule Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Interest income 1,452 1,589 326 596 3,801,092 3,165,860
Dividend income - 16 - - 575,440 641,331
Profit on sale of investment 18 276 73 47 6,914,729 6,794,195
Profit on inter fund transfer / sale of investment 9 2 - 69 100,025 92,489
Loss on sale of investment (78) (236) - (1) (6,823,885) (2,570,498)
Loss on inter fund transfer / sale of investment - (3) - (140) (69,239) (45,824)
Miscellaneous Income (0) - (0) - 0 -
Unrealised Gain/Loss (134) 350 (58) 167 3,305,082 (89,184)
Total (A) 1,267 1,994 341 738 7,803,244 7,988,369
Fund administration expenses - - - - - -
Fund management expenses 601 674 149 258 1,262,086 1,284,631
Other charges : F-5 230 62 231 20 2,063,873 2,166,428
Total (B) 831 736 380 278 3,325,959 3,451,059
Net Income for the year (A-B) 436 1,258 (39) 460 4,477,285 4,537,310
Add: Fund revenue account at the beginning of the year 11,362 10,104 132,387 131,927 8,917,234 4,379,924
Fund revenue account at the end of the year 11,798 11,362 132,348 132,387 13,394,519 8,917,234
Kotak Mahindra Old Mutual Life Insurance Limited86
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25D Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet
Schedules to Fund Balance Sheet
FundBalanceSheetfortheYearEnded31stMarch2014
Schedule: F-1
POLICYHOLDERS’ CONTRIBUTION
Particulars Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance (559) (559) 508,995 424,529 88,344 62,986 432,081 148,292
Add: Additions during the year*
357,638 - 1,687,675 319,441 154,050 42,556 743,383 421,434
Less: Deductions during the year*
0 - 538,806 234,975 68,538 17,198 221,005 137,645
Closing balance 357,079 (559) 1,657,864 508,995 173,856 88,344 954,459 432,081
Particulars Kotak Dynamic Gilt Fund
Kotak Pension Gilt Fund
Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 346,359 400,035 90,281 173,405 133,620 110,964 6,133,906 3,064,085
Add: Additions during the year*
136,649 103,957 8,126 24,732 18,980 41,469 3,888,901 4,258,492
Less: Deductions during the year*
232,475 157,633 38,865 107,856 26,013 18,813 2,730,694 1,188,671
Closing balance 250,533 346,359 59,542 90,281 126,587 133,620 7,292,113 6,133,906
Particulars Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 935,716 598,052 3,440,568 2,130,338 83,271 32,431 196,356 238,607
Add: Additions during the year*
462,610 718,407 981,424 1,688,260 19,114 59,097 230,265 15,063
Less: Deductions during the year*
429,762 380,743 988,520 378,030 43,383 8,257 113,666 57,314
Closing balance 968,564 935,716 3,433,472 3,440,568 59,002 83,271 312,955 196,356
* Additions represents units creation and deductions represents units cancellation
Annual Report 2013-14 87
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 38,710 66,788 18,269 115,862 39,759 48,159 (2,416) 4,892
Add: Additions during the year*
11,641 5,978 286,062 75,554 0 - - -
Less: Deductions during the year*
10,823 34,056 22,188 173,147 74,808 8,400 - 7,308
Closing balance 39,528 38,710 282,143 18,269 (35,049) 39,759 (2,416) (2,416)
Particulars Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 16,864 20,114 198,641 207,408 37,007 62,766 808,384 1,048,960
Add: Additions during the year*
0 - 160 - 17,763 16,879 119,705 142,162
Less: Deductions during the year*
28,566 3,250 7,810 8,767 68,945 42,638 311,433 382,739
Closing balance (11,702) 16,864 190,991 198,641 (14,175) 37,007 616,656 808,383
Particulars Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 2,398,130 4,297,053 1,382,651 1,207,264 119,279 65,033 58,254 42,388
Add: Additions during the year*
244,540 471,918 223,929 365,800 103,167 68,113 18,474 29,436
Less: Deductions during the year*
1,048,968 2,370,841 170,600 190,413 41,538 13,867 33,445 13,570
Closing balance 1,593,702 2,398,130 1,435,980 1,382,651 180,908 119,279 43,283 58,254
* Additions represents units creation and deductions represents units cancellation
Kotak Mahindra Old Mutual Life Insurance Limited88
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 281,719 421,122 12,462,985 16,939,818 224,790 363,787 2,016,483 2,621,453
Add: Additions during the year*
31,542 54,792 788,345 1,272,228 29,439 63,665 189,558 302,692
Less: Deductions during the year*
128,455 194,195 4,177,109 5,749,060 96,665 202,662 654,187 907,662
Closing balance 184,806 281,719 9,074,221 12,462,986 157,564 224,790 1,551,854 2,016,483
Particulars Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 1,288,171 1,059,863 261,203 201,972 6,522,783 7,026,936 158,137 220,072
Add: Additions during the year*
719,011 483,509 87,266 89,687 1,173,468 1,527,785 46,164 67,357
Less: Deductions during the year*
485,059 255,201 107,827 30,456 1,838,475 2,031,938 70,415 129,292
Closing balance 1,522,123 1,288,171 240,642 261,203 5,857,776 6,522,783 133,886 158,137
Particulars Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 7,824,377 6,180,474 1,615,198 1,164,673 10,314,134 10,535,067 40,344 82,681
Add: Additions during the year*
2,233,894 2,625,721 296,928 621,125 1,706,686 2,650,416 3,281 8,029
Less: Deductions during the year*
2,074,486 981,818 504,875 170,599 2,266,781 2,871,350 20,977 50,366
Closing balance 7,983,785 7,824,377 1,407,251 1,615,199 9,754,039 10,314,133 22,648 40,344
* Additions represents units creation and deductions represents units cancellation
Annual Report 2013-14 89
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Pension Floor Fund
Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 844,771 1,164,725 6,732,451 5,581,742 1,545,430 1,286,294 496,752 406,096
Add: Additions during the year*
90,351 261,353 1,293,993 2,045,385 226,507 534,351 87,427 139,609
Less: Deductions during the year*
265,472 581,308 1,718,523 894,676 476,276 275,215 115,756 48,953
Closing balance 669,650 844,770 6,307,921 6,732,451 1,295,661 1,545,430 468,423 496,752
Particulars Pension Guarantee Fund Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 1,582,851 1,301,331 389,554 349,055 5,368 32,560 (181,189) (181,185)
Add: Additions during the year*
204,983 403,301 10,413 80,130 0 6 - 0
Less: Deductions during the year*
413,233 121,781 130,959 39,631 5,220 27,198 1,295 4
Closing balance 1,374,601 1,582,851 269,008 389,554 148 5,368 (182,484) (181,189)
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Opening balance 8,469 11,898 (127,939) (114,007) 71,809,313 71,226,277
Add: Additions during the year* 257 0 - 16,486 18,933,769 22,116,381
Less: Deductions during the year* 5,537 3,429 (29) 30,418 22,808,404 21,533,345
Closing balance 3,189 8,469 (127,910) (127,939) 67,934,678 71,809,313
* Additions represents units creation and deductions represents units cancellation
Kotak Mahindra Old Mutual Life Insurance Limited90
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Schedules to Fund Revenue Account
Schedule: F-2
INVESTMENTS
Particulars Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds - - - - - - - -
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity - - - - - - - -
Money Market 375,018 - 1,586,368 473,084 187,428 93,653 1,045,080 455,329
Mutual Funds - - - - - - - -
Total 375,018 - 1,586,368 473,084 187,428 93,653 1,045,080 455,329
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity - - - - - - - -
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total - - - - - - - -
GRAND TOTAL 375,018 - 1,586,368 473,084 187,428 93,653 1,045,080 455,329
% of Approved Investments to Total
100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
% of Other Investments to Total
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Particulars Kotak Dynamic Gilt Fund
Kotak Pension Gilt Fund
Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 340,916 438,319 76,366 117,331 135,113 160,522 4,990,066 2,139,392
Corporate Bonds - - - - - - 1,218,560 1,183,886
Infrastructure Bonds - - - - - - 966,959 1,496,982
Equity - - - - - - - -
Money Market 45,347 20,266 8,232 2,077 26,356 7,344 307,130 1,064,903
Mutual Funds - - - - - - - -
Total 386,263 458,585 84,598 119,408 161,469 167,866 7,482,715 5,885,163
Other Investments
Annual Report 2013-14 91
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Dynamic Gilt Fund
Kotak Pension Gilt Fund
Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity - - - - - - - -
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total - - - - - - - -
GRAND TOTAL 386,263 458,585 84,598 119,408 161,469 167,866 7,482,715 5,885,163
% of Approved Investments to Total
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%
Particulars Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 692,906 368,220 2,651,230 1,259,555 43,645 31,564 84,733 138,065
Corporate Bonds 179,895 194,169 684,428 727,448 10,904 16,548 150,923 24,119
Infrastructure Bonds 122,838 225,973 491,418 827,097 8,351 21,374 51,097 27,754
Equity - - - - - - - -
Money Market 66,913 188,868 299,044 885,602 4,253 14,699 117,945 99,619
Mutual Funds - - - - - - - -
Total 1,062,552 977,230 4,126,120 3,699,702 67,153 84,185 404,698 289,557
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity - - - - - - - -
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total - - - - - - - -
GRAND TOTAL 1,062,552 977,230 4,126,120 3,699,702 67,153 84,185 404,698 289,557
% of Approved Investments to Total
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%
Kotak Mahindra Old Mutual Life Insurance Limited92
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 10,558 25,910 65,147 28,417 - - - -
Corporate Bonds 21,201 4,020 116,090 5,025 - 16,235 - -
Infrastructure Bonds 7,014 4,974 40,081 5,947 - 50,739 - -
Equity - - - - - - - -
Money Market 16,096 17,394 108,260 19,334 - 1,626 - -
Mutual Funds - - - - - - - -
Total 54,869 52,298 329,578 58,723 - 68,600 - -
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity - - - - - - - -
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total - - - - - - - -
GRAND TOTAL 54,869 52,298 329,578 58,723 - 68,600 - -
% of Approved Investments to Total
100.00% 100.00% 100.00% 100.00% 0.00% 100.00% 0.00% 0.00%
% of Other Investments to Total
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Particulars Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds - - - - 44,976 32,352 477,984 296,550
Corporate Bonds - 10,147 19,878 20,122 9,349 10,002 104,705 102,516
Infrastructure Bonds - 16,104 65,304 66,346 9,516 25,564 102,515 222,021
Equity - - - - 90,741 104,070 301,923 429,007
Money Market - - 120,528 120,529 10,409 17,813 115,448 148,596
Mutual Funds - - - - - - - -
Total - 26,251 205,710 206,997 164,991 189,801 1,102,575 1,198,690
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Annual Report 2013-14 93
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Equity - - - - 3,939 8,250 13,860 35,177
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total - - - - 3,939 8,250 13,860 35,177
GRAND TOTAL - 26,251 205,710 206,997 168,930 198,051 1,116,435 1,233,867
% of Approved Investments to Total
0.00% 100.00% 100.00% 100.00% 97.67% 95.83% 98.76% 97.15%
% of Other Investments to Total
0.00% 0.00% 0.00% 0.00% 2.33% 4.17% 1.24% 2.85%
Particulars Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 980,922 676,235 498,400 306,999 42,769 16,924 12,555 9,668
Corporate Bonds 215,111 226,122 110,397 80,714 7,206 4,926 1,108 2,999
Infrastructure Bonds 189,889 464,625 110,344 181,881 11,567 19,025 2,452 9,268
Equity 617,403 1,010,022 1,093,014 930,853 91,745 56,573 26,208 31,122
Money Market 230,500 411,356 122,607 291,518 19,296 7,096 3,346 3,462
Mutual Funds - - - - - - - -
Total 2,233,825 2,788,360 1,934,762 1,791,965 172,583 104,544 45,669 56,519
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 28,480 87,181 48,048 71,009 3,945 4,262 1,163 2,454
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total 28,480 87,181 48,048 71,009 3,945 4,262 1,163 2,454
GRAND TOTAL 2,262,305 2,875,541 1,982,810 1,862,974 176,528 108,806 46,832 58,973
% of Approved Investments to Total
98.74% 96.97% 97.58% 96.19% 97.77% 96.08% 97.52% 95.84%
% of Other Investments to Total
1.26% 3.03% 2.42% 3.81% 2.23% 3.92% 2.48% 4.16%
Kotak Mahindra Old Mutual Life Insurance Limited94
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 62,164 65,755 4,386,918 2,862,794 75,307 51,901 - -
Corporate Bonds 11,112 28,256 1,000,795 909,886 16,619 21,182 - -
Infrastructure Bonds 43,514 52,800 1,174,333 2,214,355 12,608 32,763 - -
Equity 402,972 413,233 4,432,702 6,252,749 78,658 115,287 2,311,501 2,296,724
Money Market 19,055 6,370 655,807 1,444,099 25,296 24,499 61,521 109,845
Mutual Funds - - - - - - - -
Total 538,817 566,414 11,650,555 13,683,883 208,488 245,632 2,373,022 2,406,569
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 17,886 32,592 203,809 521,790 3,453 10,010 102,728 188,220
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total 17,886 32,592 203,809 521,790 3,453 10,010 102,728 188,220
GRAND TOTAL 556,703 599,006 11,854,364 14,205,673 211,941 255,642 2,475,750 2,594,789
% of Approved Investments to Total
96.79% 94.56% 98.28% 96.33% 98.37% 96.08% 95.85% 92.75%
% of Other Investments to Total
3.21% 5.44% 1.72% 3.67% 1.63% 3.92% 4.15% 7.25%
Particulars Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds - - - - - - - -
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 1,511,238 1,096,417 231,315 221,363 6,653,993 6,156,577 148,152 139,932
Money Market 164,067 83,881 18,795 16,337 185,396 221,902 4,687 11,286
Mutual Funds - - - - - - - -
Total 1,675,305 1,180,298 250,110 237,700 6,839,389 6,378,479 152,839 151,218
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 62,234 85,349 10,000 17,571 559,601 825,291 12,208 19,994
Annual Report 2013-14 95
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total 62,234 85,349 10,000 17,571 559,601 825,291 12,208 19,994
GRAND TOTAL 1,737,539 1,265,647 260,110 255,271 7,398,990 7,203,770 165,047 171,212
% of Approved Investments to Total
96.42% 93.26% 96.16% 93.12% 92.44% 88.54% 92.60% 88.32%
% of Other Investments to Total
3.58% 6.74% 3.84% 6.88% 7.56% 11.46% 7.40% 11.68%
Particulars Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds - - - - 3,754,120 1,876,363 13,966 12,864
Corporate Bonds - - - - 1,136,415 635,599 2,258 4,028
Infrastructure Bonds - - - - 1,057,494 1,382,684 4,142 12,154
Equity 8,001,901 6,535,428 1,353,168 1,342,355 4,014,709 5,107,018 16,186 22,926
Money Market 450,070 403,830 41,912 59,876 244,549 1,161,527 1,345 7,475
Mutual Funds - - - - - - - -
Total 8,451,971 6,939,258 1,395,080 1,402,231 10,207,287 10,163,191 37,897 59,447
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 648,523 854,357 114,519 178,428 110,419 149,016 445 668
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total 648,523 854,357 114,519 178,428 110,419 149,016 445 668
GRAND TOTAL 9,100,494 7,793,615 1,509,599 1,580,659 10,317,706 10,312,207 38,342 60,115
% of Approved Investments to Total
92.87% 89.04% 92.41% 88.71% 98.93% 98.55% 98.84% 98.89%
% of Other Investments to Total
7.13% 10.96% 7.59% 11.29% 1.07% 1.45% 1.16% 1.11%
Kotak Mahindra Old Mutual Life Insurance Limited96
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Pension Floor Fund
Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 249,485 191,602 2,431,112 1,568,383 473,983 345,967 174,526 110,300
Corporate Bonds 77,430 67,033 694,972 578,362 136,413 131,370 50,469 47,122
Infrastructure Bonds 63,949 136,797 608,799 1,214,037 120,832 286,913 37,611 89,787
Equity 260,143 305,669 2,752,163 2,485,447 528,258 563,653 195,192 178,990
Money Market 14,283 122,184 111,955 749,938 22,784 169,167 10,725 52,252
Mutual Funds - - - - - - - -
Total 665,290 823,285 6,599,001 6,596,167 1,282,270 1,497,070 468,523 478,451
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 7,165 9,008 75,652 72,882 14,518 16,488 5,364 5,227
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total 7,165 9,008 75,652 72,882 14,518 16,488 5,364 5,227
GRAND TOTAL 672,455 832,293 6,674,653 6,669,049 1,296,788 1,513,558 473,887 483,678
% of Approved Investments to Total
98.93% 98.92% 98.87% 98.91% 98.88% 98.91% 98.87% 98.92%
% of Other Investments to Total
1.07% 1.08% 1.13% 1.09% 1.12% 1.09% 1.13% 1.08%
Particulars Pension Guarantee Fund
Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 511,246 360,234 114,486 94,451 8,610 8,817 - 1,165
Corporate Bonds 148,824 147,268 29,142 40,184 998 4,076 - -
Infrastructure Bonds 123,039 296,539 23,215 76,616 3,253 5,290 - -
Equity 564,656 582,595 118,769 151,774 - - - -
Money Market 24,078 161,037 13,446 42,778 3,499 2,857 - 287
Mutual Funds - - - - - - - -
Total 1,371,843 1,547,673 299,058 405,803 16,360 21,040 - 1,452
Other Investments
Corporate Bonds - - - - - - - -
Infrastructure Bonds - - - - - - - -
Equity 15,518 16,960 3,274 4,441 - - - -
Annual Report 2013-14 97
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Pension Guarantee Fund
Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Money Market - - - - - - - -
Mutual Funds - - - - - - - -
Total 15,518 16,960 3,274 4,441 - - - -
GRAND TOTAL 1,387,361 1,564,633 302,332 410,244 16,360 21,040 - 1,452
% of Approved Investments to Total
98.88% 98.92% 98.92% 98.92% 100.00% 100.00% 0.00% 100.00%
% of Other Investments to Total
1.12% 1.08% 1.08% 1.08% 0.00% 0.00% 0.00% 0.00%
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Approved Investments
Government Bonds 8,681 8,043 3,308 4,339 23,416,201 13,609,004
Corporate Bonds 2,003 3,042 - - 6,157,207 5,246,406
Infrastructure Bonds 3,244 5,294 - - 5,455,378 9,471,702
Equity - - - - 35,796,709 36,529,783
Money Market 500 2,883 1,000 - 6,890,366 9,198,479
Mutual Funds - - - - - -
Total 14,428 19,262 4,307 4,339 77,715,861 74,055,374
Other Investments
Corporate Bonds - - - - - -
Infrastructure Bonds - - - - - -
Equity - - - - 2,066,750 3,216,624
Money Market - - - - - -
Mutual Funds - - - - - -
Total - - - - 2,066,750 3,216,624
GRAND TOTAL 14,428 19,262 4,307 4,339 79,782,611 77,271,998
% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 97.41% 95.84%
% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 2.59% 4.16%
Kotak Mahindra Old Mutual Life Insurance Limited98
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Schedules to Fund Revenue Account
Schedule: F - 3
CURRENT ASSETS
Particulars Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest - - - - - - - -
Cash & Bank Balance 156 - 287 59 71 228 11 224
Dividend Receivable - - - - - - - -
Receivable for Sale of Investments
- - - - - - - -
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
124 - 157,500 66,099 - 725 - 8,357
Total 280 - 157,787 66,158 71 953 11 8,581
Particulars Kotak Dynamic Gilt Fund
Kotak Pension Gilt Fund
Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 6,215 8,866 1,378 2,358 2,425 3,225 233,038 177,203
Cash & Bank Balance 116 178 412 157 442 117 3,246 296
Dividend Receivable - - - - - - - -
Receivable for Sale of Investments
12,900 1 2,709 0 5,167 0 288,807 176,712
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
7,020 13,328 33 - 54 - 205,871 438,333
Total 26,251 22,373 4,532 2,515 8,088 3,342 730,962 792,544
# Represents inter fund receivables or payables, if any
Particulars Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 34,098 33,651 129,107 121,396 2,009 2,445 7,797 5,974
Cash & Bank Balance 815 105 2,242 498 233 316 227 126
Annual Report 2013-14 99
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Dividend Receivable - - - - - - - -
Receivable for Sale of Investments
40,270 32,640 152,960 88,093 2,496 2,728 505 97,112
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
795 15,414 116,813 329,866 3 1,687 5,760 -
Total 75,978 81,810 401,122 539,853 4,741 7,176 14,289 103,212
Particulars Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 1,061 1,057 5,762 1,243 - 2,596 - -
Cash & Bank Balance 171 40 232 369 - 19 - -
Dividend Receivable - - - - - - - -
Receivable for Sale of Investments
192 18,435 - 20,385 - - - -
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
114 298 246 20 - - - -
Total 1,538 19,830 6,240 22,017 - 2,615 - -
Particulars Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest - 863 39,475 26,091 1,752 2,878 23,546 24,737
Cash & Bank Balance - 5 4 434 295 139 621 30
Dividend Receivable - - - - 49 91 151 379
Receivable for Sale of Investments
- - - - 3,772 2,798 21,094 25,148
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
- - 124 - 585 183 4,442 1,800
Total - 868 39,603 26,525 6,453 6,089 49,854 52,094
# Represents inter fund receivables or payables, if any
Kotak Mahindra Old Mutual Life Insurance Limited100
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 51,227 61,730 21,893 20,494 1,850 1,159 455 637
Cash & Bank Balance 239 75 273 59 9 62 425 345
Dividend Receivable 306 890 536 737 46 47 13 27
Receivable for Sale of Investments
44,418 59,802 44,632 14,738 3,404 1,322 1,057 782
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
4,893 7,540 96,266 28,099 17,268 10,654 223 -
Total 101,083 130,037 163,600 64,127 22,577 13,244 2,173 1,791
Particulars Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 3,829 4,546 229,749 247,995 2,908 4,476 633 702
Cash & Bank Balance 50 164 483 8,137 491 47 496 315
Dividend Receivable 198 351 2,218 5,566 39 111 1,122 2,023
Receivable for Sale of Investments
11,566 - 273,561 232,888 4,303 14,796 67,130 -
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
184 1,068 29,794 14,117 26 - 4,200 4,243
Total 15,827 6,129 535,805 508,703 7,767 19,430 73,581 7,283
Particulars Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 34 38 6 6 763 846 8 9
Cash & Bank Balance 283 441 4 168 347 94 175 237
Dividend Receivable 730 943 112 193 4,105 6,122 92 148
Receivable for Sale of Investments
37,385 - 6,138 - 230,697 20,244 5,037 443
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
59,344 47,168 758 - 33,983 39,721 276 -
Total 97,776 48,590 7,018 367 269,895 67,027 5,588 837
# Represents inter fund receivables or payables, if any
Annual Report 2013-14 101
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 196 218 25 28 200,770 134,729 480 860
Cash & Bank Balance 500 174 50 71 1,535 14,696 180 45
Dividend Receivable 4,885 6,324 834 1,321 2,718 3,568 11 16
Receivable for Sale of Investments
246,140 26,100 47,497 4,318 119,248 246,245 457 1,430
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
164,221 206,539 2,681 7,411 35,080 36,656 380 -
Total 415,942 239,355 51,087 13,149 359,351 435,894 1,508 2,351
Particulars Kotak Pension Floor Fund
Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 12,724 13,244 121,956 104,322 23,634 23,175 8,380 7,418
Cash & Bank Balance 245 1,576 1,227 6,655 464 5,225 171 459
Dividend Receivable 177 216 1,866 1,720 359 390 132 124
Receivable for Sale of Investments
7,985 22,547 78,040 166,570 15,145 37,910 5,488 12,471
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
579 - 52,056 88,708 13,369 18,403 5,900 5,216
Total 21,710 37,583 255,145 367,975 52,971 85,103 20,071 25,688
Particulars Pension Guarantee Fund
Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 25,347 23,794 5,154 6,274 410 693 - 23
Cash & Bank Balance 124 209 138 204 172 313 - 5
Dividend Receivable 382 405 81 106 - - - -
Receivable for Sale of Investments
16,063 39,257 3,572 11,479 - - - -
Unit Collection A/c# - - - - - - - -
Other Current Assets (for Investments)
3,629 - 214 - - - - 0
Total 45,545 63,665 9,159 18,063 582 1,006 - 28
# Represents inter fund receivables or payables, if any
Kotak Mahindra Old Mutual Life Insurance Limited102
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Accrued Interest 366 457 69 79 1,200,530 1,072,534
Cash & Bank Balance 202 123 64 32 17,930 43,268
Dividend Receivable - - - - 21,161 31,823
Receivable for Sale of Investments - - - - 1,799,836 1,377,395
Unit Collection A/c# - - - - - -
Other Current Assets (for Investments) - - - - 1,024,810 1,391,650
Total 568 580 133 111 4,064,267 3,916,670
# Represents inter fund receivables or payables, if any
Schedules to Fund Revenue Account
Schedule: F - 4
CURRENT LIABILITIES
Particulars Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
- - - - - - - -
Other Current Liabilities 37 - 118 35 2,643 7 5,882 3,957
Unit Payable a/c - - - - - - - -
Total 37 - 118 35 2,643 7 5,882 3,957
Particulars Kotak Dynamic Gilt Fund
Kotak Pension Gilt Fund
Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
7,106 - 1,564 - 2,902 - 268,093 9,113
Other Current Liabilities 16,212 58 17 2,063 19 506 3,464 1,041
Unit Payable a/c - - - - - - - -
Total 23,318 58 1,581 2,063 2,920 506 271,557 10,154
Annual Report 2013-14 103
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
37,558 1,017 145,119 7,075 2,408 1 - 112,513
Other Current Liabilities 1,122 176 22,833 466 300 134 477 8,997
Unit Payable a/c - - - - - - - -
Total 38,680 1,193 167,952 7,541 2,708 135 477 121,510
Particulars Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
- 20,587 - 23,124 - - - -
Other Current Liabilities 9 1,012 37 337 - 158 - -
Unit Payable a/c - - - - - - - -
Total 9 21,599 37 23,461 - 158 - -
Particulars Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
- - - - 2,906 74 15,340 1,198
Other Current Liabilities - 43 757 719 48 35 5,553 2,793
Unit Payable a/c - - - - - - - -
Total - 43 757 719 2,954 109 20,893 3,991
Particulars Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
30,742 3,428 31,570 94,861 5,288 1,032 791 10
Other Current Liabilities 853 4,079 476 239 39 19 13 1,289
Unit Payable a/c - - - - - - - -
Total 31,595 7,507 32,046 95,100 5,327 1,051 804 1,299
Kotak Mahindra Old Mutual Life Insurance Limited104
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
6,564 14,797 150,659 14,009 2,581 17 37,931 1,022
Other Current Liabilities 1,470 124 75,981 2,870 537 2,509 2,753 1,238
Unit Payable a/c - - - - - - - -
Total 8,034 14,921 226,640 16,879 3,118 2,526 40,684 2,260
Particulars Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
79,643 602 7,276 113 242,595 10,594 5,339 368
Other Current Liabilities 284 212 742 915 2,924 1,780 1,872 1,280
Unit Payable a/c - - - - - - - -
Total 79,927 814 8,018 1,028 245,519 12,374 7,211 1,648
Particulars Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
342,329 31,615 50,402 3,477 415,683 8,105 1,596 1
Other Current Liabilities 1,504 1,298 3,893 264 8,429 2,412 18 4,842
Unit Payable a/c - - - - - - - -
Total 343,833 32,913 54,295 3,741 424,112 10,517 1,614 4,843
Particulars Kotak Pension Floor Fund
Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
26,129 1,012 282,941 6,087 55,049 1,018 19,858 4
Other Current Liabilities 284 11,183 2,341 1,241 471 16,448 539 1,065
Unit Payable a/c - - - - - - - -
Total 26,413 12,195 285,282 7,328 55,520 17,466 20,397 1,069
Annual Report 2013-14 105
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Pension Guarantee Fund
Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments
58,050 1,018 11,580 3 - - - -
Other Current Liabilities 1,780 1,117 3,339 15,241 6 14 - 1
Unit Payable a/c - - - - - - - -
Total 59,830 2,135 14,919 15,244 6 14 - 1
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Payable for Purchase of Investments - - - - 2,347,591 367,896
Other Current Liabilities 9 11 2 2 170,089 94,225
Unit Payable a/c - - - - - -
Total 9 11 2 2 2,517,680 462,121
Break up of Other Expenses Under ULIP
Schedule: F- 5
OTHER EXPENSES*
Particulars Kotak Group Money Market Fund
Money Market Fund Pension Money Market Fund II
Discontinued Policy Fund
ULGF-001-27/06/03-MNMKFND-107
ULIF-041-05/01/10-MNMKKFND-107
ULIF-039-28/12/09-PNMNMKFND-107
ULIF-050-23/03/11-DISPOLFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge - - 8,819 6,244 1,824 1,511 - -
Surrender charge - - 1,491 514 3,687 1,249 - -
Switching charge - - 6 1 1 - - -
Mortality charge 0 - 6,424 5,652 - - - -
Rider Premium charge - - 161 80 - - - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge - - 162 112 402 394 - -
Service Tax^ - - 2,138 - 732 - - -
Total 0 - 19,201 12,603 6,646 3,154 - -
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
^ For the current year, service tax on the charges deducted from the funds has been segregated and shown as a separate line item
Kotak Mahindra Old Mutual Life Insurance Limited106
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Dynamic Gilt Fund
Kotak Pension Gilt Fund
Kotak Group Gilt Fund Kotak Dynamic Bond Fund
ULIF-006-27/06/03-DYGLTFND-107
ULIF-008-27/06/03-PNGLTFND-107
ULGF-002-27/06/03-GLTFND-107
ULIF-015-15/04/04-DYBNDFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 1,486 835 692 1,110 - - 45,510 25,084
Surrender charge 549 6,165 2,423 4,029 - - 8,001 7,825
Switching charge 2 - - - - - 55 24
Mortality charge 2,078 2,404 30 31 428 486 42,055 32,273
Rider Premium charge 198 217 - - - - 1,894 1,388
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 54 68 2 3 - - 222 233
Service Tax^ 603 - 401 - 53 - 12,296 -
Total 4,970 9,689 3,548 5,173 481 486 110,033 66,827
Particulars Kotak Pension Bond Fund
Kotak Group Bond Fund
Kotak Group Secure Capital Fund
Kotak Dynamic Floating Rate Fund
ULIF-017-15/04/04-PNBNDFND-107
ULGF-004-15/04/04-BNDFND-107
ULGF-016-12/04/11-SECCAPFND-107
ULIF-020-07/12/04-DYFLTRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 15,485 10,494 - - - - 549 (1,256)
Surrender charge 5,202 24,615 1 0 - - 801 2,349
Switching charge 2 - - - - - 2 0
Mortality charge 58 62 12,570 11,128 229 543 2,101 1,492
Rider Premium charge - - - - - - 49 37
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 5 3 13 (124) 52 139 33 38
Service Tax^ 2,736 - 1,554 - 28 - 428 -
Total 23,488 35,174 14,138 11,004 309 682 3,963 2,660
Particulars Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 265 384 - - - - - -
Surrender charge 379 2,351 - - - - - -
Switching charge - - - - - - - -
Mortality charge 11 14 252 1,191 - - - -
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
^ For the current year, service tax on the charges deducted from the funds has been segregated and shown as a separate line item
Annual Report 2013-14 107
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Pension Floating Rate Fund
Kotak Group Floating Rate Fund
Kotak Group 60M FMP 27/11/2013
Kotak Group 50M FMP 27/02/2013
ULIF-022-07/12/04-PNFLTRFND-107
ULGF-005-07/12/04-FLTRFND-107
ULGF-012-03/12/08-60FM271113-107
ULGF-013-12/01/09-50FM270213-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Rider Premium charge - - - - - - - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 1 1 - - (0) - - -
Service Tax^ 82 - 31 - - - - -
Total 738 2,750 283 1,191 (0) - - -
Particulars Kotak Group 59M FMP 08/12/2013
Kotak Group 57M FMP 07/04/2016
Kotak Dynamic Balanced Fund
Kotak Guaranteed Balanced Fund
ULGF-014-22/01/09-59FM081213-107
ULGF-017-14/07/11-57FM070416-107
ULIF-009-27/06/03-DYBALFND-107
ULIF-010-27/06/03-GRTBALFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge - - - - 200 268 5,228 545
Surrender charge - - - - 614 1,889 13,226 37,152
Switching charge - - - - - - - 2
Mortality charge - - - - 1,137 1,186 4,728 6,238
Rider Premium charge - - - - 267 322 - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge (0) - - - 242 305 19 99
Service Tax^ - - - - 307 - 2,789 -
Total (0) - - - 2,767 3,970 25,990 44,036
Particulars Kotak Pension Balanced Fund
Kotak Group Balanced Fund
Balanced Fund Pension Balanced Fund II
ULIF-011-27/06/03-PNBALFND-107
ULGF-003-27/06/03-BALFND-107
ULIF-037-21/12/09-BALKFND-107
ULIF-046-24/01/10-PNBALFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 23,903 39,594 - - 1,746 1,479 1,251 1,427
Surrender charge 8,125 74,658 - - 503 246 981 28
Switching charge 2 - - - 2 1 - -
Mortality charge 1,096 1,325 1,228 1,269 2,165 1,782 - -
Rider Premium charge - - - - 194 204 - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 47 61 2 - 10 2 - -
Service Tax^ 5,283 - (3,201) - 576 - 276 -
Total 38,456 115,638 (1,971) 1,269 5,196 3,714 2,508 1,455
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
^ For the current year, service tax on the charges deducted from the funds has been segregated and shown as a separate line item
Kotak Mahindra Old Mutual Life Insurance Limited108
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Particulars Kotak Dynamic Growth Fund
Kotak Guaranteed Growth Fund
Kotak Pension Growth Fund
Kotak Aggressive Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
ULIF-013-27/06/03-GRTGWTFND-107
ULIF-030-07/01/09-PNGWTFND-107
ULIF-018-13/09/04-AGRGWTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 1,139 1,583 83,563 43,071 2,233 3,579 6,708 9,737
Surrender charge 714 5,185 39,352 329,435 4,715 12,411 7,223 49,569
Switching charge - - 9 1 - - 7 6
Mortality charge 3,783 4,328 52,302 77,393 - - 20,080 24,170
Rider Premium charge 1,129 1,503 - - - - 7,557 10,344
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 447 573 434 565 - - 1,847 2,226
Service Tax^ 889 - 22,568 - 1,006 - 5,426 -
Total 8,101 13,172 198,228 450,465 7,954 15,990 48,848 96,052
Particulars Frontline Equity Fund Pension Frontline Equity Fund
Kotak Opportunities Fund
Kotak Pension Opportunities Fund
ULIF-034-17/12/09-FRLEQUFND-107
ULIF-044-11/01/10-PNFRLEQFND-107
ULIF-029-02/10/08-OPPFND-107
ULIF-032-17/07/09-PNOPPFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 11,365 11,598 5,980 7,629 75,252 7,346 1,391 2,240
Surrender charge 9,051 4,701 9,232 2,232 52,600 83,728 4,427 4,926
Switching charge 10 3 6 1 41 18 1 1
Mortality charge 8,743 10,833 2 1 67,225 81,164 - -
Rider Premium charge 1,205 1,319 - - 2,090 2,462 - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 22 18 - - (454) 33 - -
Service Tax^ 3,780 - 1,883 - 24,350 - 724 -
Total 34,176 28,472 17,103 9,863 221,104 174,751 6,543 7,167
Particulars Classic Opportunities Fund
Pension Classic Opportunities Fund
Dynamic Floor Fund Kotak Group Dynamic Floor Fund
ULIF-033-16/12/09-CLAOPPFND-107
ULIF-042-07/01/10-PNCLAOPFND-107
ULIF-028-14/11/06-DYFLRFND-107
ULGF-015-07/01/10-DYFLRFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 74,401 76,285 38,505 47,272 95,864 45,607 - -
Surrender charge 84,736 38,922 59,509 5,630 96,103 182,602 - 0
Switching charge 54 25 11 7 41 19 - -
Mortality charge 54,589 63,053 - - 103,925 128,316 84 436
Rider Premium charge 9,520 11,029 - - 9,489 12,418 - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 59 75 - - 200 329 - -
Service Tax^ 27,658 - 12,125 - 37,926 - 3,380 -
Total 251,017 189,389 110,150 52,909 343,548 369,291 3,464 436
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
^ For the current year, service tax on the charges deducted from the funds has been segregated and shown as a separate line item
Annual Report 2013-14 109
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Particulars Kotak Pension Floor Fund
Dynamic Floor Fund II Pension Floor Fund II Guarantee Fund
ULIF-031-13/07/09-PNFLRFND-107
ULIF-035-17/12/09-DYFLRFND2-107
ULIF-043-08/01/10-PNFLRKFND2-107
ULIF-048-05/02/10-GRTFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 6,513 11,343 63,802 68,052 30,716 43,952 4,653 6,607
Surrender charge 31,319 66,396 112,998 40,378 56,496 21,670 15,019 9,187
Switching charge 3 - 42 17 8 2 - -
Mortality charge - - 50,904 65,015 - - 2,162 3,035
Rider Premium charge - - 6,910 8,172 - - - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 1 - 50 43 2 - 3,207 3,429
Service Tax^ 4,868 - 28,888 - 10,820 - 3,115 -
Total 42,704 77,739 263,594 181,677 98,042 65,624 28,156 22,258
Particulars Pension Guarantee Fund
Peak Guarantee Fund I Kotak Advantage Multiplier Fund
Kotak Advantage Plus Fund
ULIF-038-21/12/09-PNGRTFND-107
ULIF-049-14/02/10-PKGRTFND1-107
ULIF-024-07/02/06-ADVMULFND-107
ULIF-023-06/02/06-ADVPLSFND-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge 16,036 27,943 247 3,969 - - - -
Surrender charge 73,540 43,328 7,409 3,106 332 - 188 -
Switching charge 2 - - 1 - - - -
Mortality charge - - 1,510 1,749 52 75 - (4)
Rider Premium charge - - - - - - - -
Partial withdrawal charge - - - - - - - -
Miscellaneous charge 7,380 9,445 2 1 - - (0) -
Service Tax^ 12,034 - 1,133 - 48 - 23 -
Total 108,992 80,716 10,301 8,826 432 75 211 (4)
Particulars Kotak Advantage Multiplier Fund II
Kotak Advantage Plus Fund II
Total
ULIF-026-21/04/06-ADVMULFND2-107
ULIF-027-21/04/06-ADVPLSFND2-107
Current Year
Previous Year
Current Year
Previous Year
Current Year
Previous Year
Policy Administration charge - - - - 625,325 505,533
Surrender charge 168 - 205 - 711,320 1,066,478
Switching charge - - - - 308 122
Mortality charge 37 62 - 20 441,987 526,720
Rider Premium charge - - - - 40,662 49,495
Partial withdrawal charge - - - - - -
Miscellaneous charge - - - - 14,464 18,080
Service Tax^ 25 - 26 - 229,807 -
Total 230 62 231 20 2,063,873 2,166,428
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
^ For the current year, service tax on the charges deducted from the funds has been segregated and shown as a separate line item
Kotak Mahindra Old Mutual Life Insurance Limited110
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25E Unit Linked Disclosures - Other Disclosures
Fund Performance of Unit Linked Funds as on 31.03.2014 (Absolute Growth % )
Sr No
Fund Names SFIN Year of Inception
*Returns
2014 2013 2012 2011 2010 2009 Inception
1 Kotak Group Money Market Fund
ULGF-001-27/06/03-MNMKFND-107
2003-04 NA NA NA 44.40% 8.81% 12.71% 6.19%
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107
2009-10 8.69% 9.37% 8.55% 5.02% NA NA 36.43%
3 Pension Money Market Fund II
ULIF-039-28/12/09-PNMNMKFND-107
2009-10 8.58% 9.22% 8.43% 5.27% NA NA 36.63%
4 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107
2003-04 1.79% 11.96% 6.61% 6.79% 6.06% 12.16% 95.60%
5 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107
2003-04 1.85% 11.93% 6.58% 6.66% 5.83% 12.42% 99.27%
6 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107
2003-04 1.93% 12.15% 6.89% 7.01% 6.50% 12.94% 101.68%
7 Kotak Dynamic Bond Fund
ULIF-015-15/04/04-DYBNDFND-107
2004-05 3.34% 11.72% 9.35% 6.90% 9.35% 14.68% 116.65%
8 Kotak Pension Bond Fund
ULIF-017-15/04/04-PNBNDFND-107
2004-05 3.34% 11.61% 9.48% 6.85% 9.58% 15.12% 117.43%
9 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107
2004-05 3.77% 12.21% 10.30% 8.37% 11.59% 14.52% 127.76%
10 Kotak Dynamic Floating Rate Fund
ULIF-020-07/12/04-DYFLTRFND-107
2004-05 11.59% 8.56% 7.65% 5.83% 4.82% 8.92% 94.61%
11 Kotak Pension Floating Rate Fund
ULIF-022-07/12/04-PNFLTRFND-107
2004-05 11.54% 8.56% 7.61% 5.91% 4.67% 9.07% 95.42%
12 Kotak Group Floating Rate Fund
ULGF-005-07/12/04-FLTRFND-107
2004-05 11.99% 9.08% 8.08% 6.28% 5.33% 9.39% 101.97%
13 Kotak Group 60M FMP 27/11/2013
ULGF-012-03/12/08-60FM271113-107
2008-09 NA 9.46% 8.13% 3.33% 10.61% NA NA
14 Kotak Group 50M FMP 27/02/2013
ULGF-013-12/01/09-50FM270213-107
2008-09 NA NA 8.40% 3.98% 9.61% NA NA
15 Kotak Group 59M FMP 08/12/2013
ULGF-014-22/01/09-59FM081213-107
2008-09 NA 9.60% 8.46% 4.06% 9.88% NA NA
16 Kotak Dynamic Balanced Fund
ULIF-009-27/06/03-DYBALFND-107
2003-04 12.20% 8.97% -1.44% 8.91% 36.85% -19.14% 283.23%
17 Kotak Guaranteed Balanced Fund
ULIF-010-27/06/03-GRTBALFND-107
2003-04 6.90% 9.30% 3.13% 6.93% 23.11% -13.06% 243.61%
18 Kotak Pension Balanced Fund
ULIF-011-27/06/03-PNBALFND-107
2003-04 6.88% 9.34% 3.17% 6.84% 22.64% -12.57% 249.44%
19 Kotak Group Balanced Fund
ULGF-003-27/06/03-BALFND-107
2003-04 12.49% 9.11% -1.12% 9.41% 34.88% -18.75% 285.44%
20 Balanced Fund ULIF-037-21/12/09-BALKFND-107
2009-10 11.60% 8.91% -1.53% 8.48% NA NA 35.04%
Annual Report 2013-14 111
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Sr No
Fund Names SFIN Year of Inception
*Returns
2014 2013 2012 2011 2010 2009 Inception
21 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107
2009-10 12.06% 8.52% -0.96% 8.08% NA NA 32.47%
22 Kotak Dynamic Growth Fund
ULIF-012-27/06/03-DYGWTFND-107
2003-04 14.90% 8.11% -4.57% 10.26% 44.21% -27.25% 336.09%
23 Kotak Guaranteed Growth Fund
ULIF-013-27/06/03-GRTGWTFND-107
2003-04 8.22% 8.78% 1.54% 7.57% 26.22% -20.41% 292.35%
24 Kotak Pension Growth Fund
ULIF-030-07/01/09-PNGWTFND-107
2008-09 8.17% 8.80% 1.52% 7.77% 26.48% NA 67.15%
25 Kotak Aggressive Growth Fund
ULIF-018-13/09/04-AGRGWTFND-107
2004-05 18.13% 6.87% -7.41% 10.97% 74.61% -33.89% 326.38%
26 Kotak Advantage Multiplier Fund
ULIF-024-07/02/06-ADVMULFND-107
2005-06 3.57% 6.97% -0.36% 4.82% 19.10% -2.33% 49.87%
27 Kotak Advantage Plus Fund
ULIF-023-06/02/06-ADVPLSFND-107
2005-06 NA 5.56% 13.06% 5.94% 17.83% -0.69% NA
28 Kotak Advantage Multiplier Fund II
ULIF-026-21/04/06-ADVMULFND2-107
2006-07 4.10% 6.82% -0.76% 4.98% 19.07% -2.52% 49.99%
29 Kotak Advantage Plus Fund II
ULIF-027-21/04/06-ADVPLSFND2-107
2006-07 4.42% 6.55% 2.27% 4.50% 17.37% -0.69% 53.98%
30 FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107
2009-10 17.73% 7.31% -6.80% 11.91% NA NA 33.17%
31 PensionFrontlineEquityFund
ULIF-044-11/01/10-PNFRLEQFND-107
2009-10 18.11% 7.43% -6.96% 11.34% NA NA 41.14%
32 Kotak Opportunities Fund
ULIF-029-02/10/08-OPPFND-107
2008-09 15.58% 7.63% -5.25% 11.84% 92.99% NA 152.68%
33 Kotak Pension Opportunities Fund
ULIF-032-17/07/09-PNOPPFND-107
2009-10 15.26% 7.52% -4.98% 11.51% NA NA 44.22%
34 Classic Opportunities Fund
ULIF-033-16/12/09-CLAOPPFND-107
2009-10 16.17% 8.43% -4.53% 12.32% NA NA 40.63%
35 Pension Classic Opportunities Fund
ULIF-042-07/01/10-PNCLAOPFND-107
2009-10 16.68% 8.06% -4.42% 11.82% NA NA 43.91%
36 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107
2006-07 4.11% 7.70% 0.23% 6.98% 22.34% 9.97% 92.86%
37 Kotak Group Dynamic Floor Fund
ULGF-015-07/01/10-DYFLRFND-107
2009-10 4.72% 9.07% 0.67% 6.76% NA NA 22.79%
38 Kotak Pension Floor Fund
ULIF-031-13/07/09-PNFLRFND-107
2009-10 3.96% 8.89% -1.54% 5.07% NA NA 23.70%
39 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107
2009-10 4.60% 9.24% -0.12% 7.19% NA NA 24.01%
40 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107
2009-10 4.52% 9.31% 0.16% 7.62% NA NA 23.30%
41 Guarantee Fund ULIF-048-05/02/10-GRTFND-107
2009-10 4.60% 9.29% 0.40% 7.62% NA NA 30.00%
Kotak Mahindra Old Mutual Life Insurance Limited112
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Sr No
Fund Names SFIN Year of Inception
*Returns
2014 2013 2012 2011 2010 2009 Inception
42 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107
2009-10 4.52% 9.36% 0.08% 7.57% NA NA 23.97%
43 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107
2009-10 4.34% 8.77% 0.26% 6.34% NA NA 25.05%
44 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107
2010-11 8.35% 9.73% 8.09% NA NA NA 28.52%
45 Kotak Group Secure Capital Fund
ULGF-016-12/04/11-SECCAPFND-107
2011-12 3.71% 12.16% NA NA NA NA 27.01%
46 Kotak Group 57M FMP 07/04/2016
ULGF-017-14/07/11-57FM070416-107
2011-12 8.56% 10.07% NA NA NA NA 26.82%
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
14 - Last unit redeemed on 28/02/2013
15 - Last unit redeemed on 05/12/2013
27 - Last unit redeemed on 19/07/2013
25E Unit Linked Disclosures - Other Disclosures
Statement Showing Receipts and Payments made to Related Parties
Sr No
Related Parties SFIN Kotak Securities Ltd - Brokerage
Paid
Kotak Mahindra Prime Ltd -
Interest Income on Debenture’s
Kotak Mahindra Bank Ltd - FD
Interest Income earned
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 - 2,629 -
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 - 447 -
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 - 1,638 -
11 Kotak Group Secure Capital Fund
ULGF-016-12/04/11-SECCAPFND-107 - 13 -
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 - - -
Annual Report 2013-14 113
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Sr No
Related Parties SFIN Kotak Securities Ltd - Brokerage
Paid
Kotak Mahindra Prime Ltd -
Interest Income on Debenture’s
Kotak Mahindra Bank Ltd - FD
Interest Income earned
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 - - -
16 Kotak Group 50M FMP 27/02/2013
ULGF-013-12/01/09-50FM270213-107 - - -
17 Kotak Group 59M FMP 08/12/2013
ULGF-014-22/01/09-59FM081213-107 - - -
18 Kotak Group 57M FMP 07/04/2016
ULGF-017-14/07/11-57FM070416-107 - - -
19 Kotak Dynamic Balanced Fund
ULIF-009-27/06/03-DYBALFND-107 40 7 2
20 Kotak Guaranteed Balanced Fund
ULIF-010-27/06/03-GRTBALFND-107 160 308 4
21 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 371 608 9
22 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 379 281 19
23 Balanced Fund ULIF-037-21/12/09-BALKFND-107 28 - 1
24 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 12 - 1
25 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 148 - 7
26 Kotak Guaranteed Growth Fund
ULIF-013-27/06/03-GRTGWTFND-107 2,229 2,508 66
27 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 42 7 1
28 Kotak Aggressive Growth Fund
ULIF-018-13/09/04-AGRGWTFND-107 833 - 40
29 FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107 465 - 22
30 PensionFrontlineEquityFund ULIF-044-11/01/10-PNFRLEQFND-107 83 - 4
31 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2,763 - 327
32 Kotak Pension Opportunities Fund
ULIF-032-17/07/09-PNOPPFND-107 67 - 7
33 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 3,121 - 384
34 Pension Classic Opportunities Fund
ULIF-042-07/01/10-PNCLAOPFND-107 592 - 67
35 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 2,291 2,759 -
36 Kotak Group Dynamic Floor Fund
ULGF-015-07/01/10-DYFLRFND-107 14 - -
37 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 171 265 -
38 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 1,521 1,790 -
39 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 323 406 -
Kotak Mahindra Old Mutual Life Insurance Limited114
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Sr No
Related Parties SFIN Kotak Securities Ltd - Brokerage
Paid
Kotak Mahindra Prime Ltd -
Interest Income on Debenture’s
Kotak Mahindra Bank Ltd - FD
Interest Income earned
40 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 109 150 -
41 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 339 428 -
42 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 69 133 -
43 Kotak Advantage Multiplier Fund
ULIF-024-07/02/06-ADVMULFND-107 - - -
44 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - -
45 Kotak Advantage Multiplier Fund II
ULIF-026-21/04/06-ADVMULFND2-107 - - -
46 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - - -
Grand Total 16,170 14,377 961
25E Unit Linked Disclosures - Other Disclosures
Statement Showing Company wise Details of Investments held in Promoter Group
Sr No
Fund name SFIN Kotak Mahindra Prime Ltd - Debentures
Amount Percentage
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - -
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - -
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - -
4 Discontinued Policy Fund ULIF-006-27/06/03-DYGLTFND-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 33,952 0.44%
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 5,992 0.55%
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 19,972 0.47%
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 - -
16 Kotak Group 50M FMP 27/02/2013 ULGF-013-12/01/09-50FM270213-107 - -
17 Kotak Group 59M FMP 08/12/2013 ULGF-014-22/01/09-59FM081213-107 - -
18 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 - -
19 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 - -
20 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 3,994 0.35%
Annual Report 2013-14 115
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Sr No
Fund name SFIN Kotak Mahindra Prime Ltd - Debentures
Amount Percentage
21 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 7,989 0.34%
22 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 3,994 0.20%
23 Balanced Fund ULIF-037-21/12/09-BALKFND-107 - -
24 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 - -
25 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 - -
26 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 35,949 0.30%
27 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 - -
28 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - -
29 FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107 - -
30 PensionFrontlineEquityFund ULIF-044-11/01/10-PNFRLEQFND-107 - -
31 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - -
32 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - -
33 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - -
34 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - -
35 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 41,941 0.41%
36 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 - -
37 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 3,995 0.60%
38 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 25,963 0.39%
39 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 5,992 0.47%
40 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 1,997 0.44%
41 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 5,992 0.42%
42 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 1,997 0.67%
43 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 - -
44 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - -
45 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 - -
46 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - -
Grand Total * 199,719 0.25%
* This amount represents total exposure to promoter group as a percentage of total fund size
Kotak Mahindra Old Mutual Life Insurance Limited116
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25E Unit Linked Disclosures - Other Disclosures
NAV Highest Lowest & closing at the end of the year
Sr. No
Mfund Code
Fund Name SFIN Highest NAV
Lowest NAV
Closing NAV
1 KMMF Kotak Group Money Market Fund
ULGF-001-27/06/03-MNMKFND-107 10.62 10.00 10.62
2 MMFK Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 13.64 12.55 13.64
3 PMMFK Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 13.66 12.59 13.66
4 DDCN Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 12.85 11.86 12.85
5 DGILT ULIF-006-27/06/03-DYGLTFND-107
ULIF-006-27/06/03-DYGLTFND-107 20.65 18.13 19.56
6 PGILT Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 21.04 18.45 19.93
7 KGILT Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 21.28 18.69 20.17
8 DBOND Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 22.21 19.84 21.67
9 PBOND Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 22.29 19.92 21.74
10 KBOND Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 23.28 20.81 22.78
11 KGSC Kotak Group Secure Capital Fund
ULGF-016-12/04/11-SECCAPFND-107 12.96 11.64 12.70
12 DFRF Kotak Dynamic Floating Rate Fund
ULIF-020-07/12/04-DYFLTRFND-107 19.46 17.44 19.46
13 PFRF Kotak Pension Floating Rate Fund
ULIF-022-07/12/04-PNFLTRFND-107 19.54 17.52 19.54
14 KFRF Kotak Group Floating Rate Fund
ULGF-005-07/12/04-FLTRFND-107 20.20 18.04 20.20
15 KFMP4 Kotak Group 60M FMP 27/11/2013
ULGF-012-03/12/08-60FM271113-107 15.93 15.13 -
16 KFMP5 Kotak Group 50M FMP 27/02/2013
ULGF-013-12/01/09-50FM270213-107 - - -
17 KFMP6 Kotak Group 59M FMP 08/12/2013
ULGF-014-22/01/09-59FM081213-107 15.04 14.25 -
18 KFMP7 Kotak Group 57M FMP 07/04/2016
ULGF-017-14/07/11-57FM070416-107 12.68 11.69 12.68
19 DBGF Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 38.32 32.56 38.32
20 GBGF Kotak Guaranteed Balanced Fund
ULIF-010-27/06/03-GRTBALFND-107 34.36 30.81 34.36
21 PBGF Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 34.94 31.33 34.94
22 KBGF Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 38.54 32.70 38.54
23 BGFFK Balanced Fund ULIF-037-21/12/09-BALKFND-107 13.50 11.53 13.50
24 PBGFK Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 13.25 11.28 13.25
25 DHEGF Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 43.61 36.00 43.61
26 GHEGF Kotak Guaranteed Growth Fund
ULIF-013-27/06/03-GRTGWTFND-107 39.24 34.71 39.24
Annual Report 2013-14 117
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Sr. No
Mfund Code
Fund Name SFIN Highest NAV
Lowest NAV
Closing NAV
27 PHEGF Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 16.72 14.80 16.72
28 NLIIA Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 42.64 33.92 42.64
29 FRONTK FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107 13.32 10.66 13.32
30 PFRONK PensionFrontlineEquityFund ULIF-044-11/01/10-PNFRLEQFND-107 14.11 11.25 14.11
31 OPPF Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 25.27 19.95 25.27
32 POPF Kotak Pension Opportunities Fund
ULIF-032-17/07/09-PNOPPFND-107 14.42 11.43 14.42
33 CLASK Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 14.06 11.11 14.06
34 PCLASK Pension Classic Opportunities Fund
ULIF-042-07/01/10-PNCLAOPFND-107 14.39 11.32 14.39
35 DYFF Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 19.76 17.52 19.29
36 KYFF Kotak Group Dynamic Floor Fund
ULGF-015-07/01/10-DYFLRFND-107 20.09 17.94 19.78
37 PNFF Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 12.69 11.24 12.37
38 DYFFK Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 12.65 11.22 12.40
39 PNFFK Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 12.59 11.15 12.33
40 GGFK Guarantee Fund ULIF-048-05/02/10-GRTFND-107 13.26 11.76 13.00
41 PGFK Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 12.66 11.21 12.40
42 GGPK Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 12.77 11.36 12.50
43 KAMF Kotak Advantage Multiplier Fund
ULIF-024-07/02/06-ADVMULFND-107 14.99 14.24 14.99
44 KAPF Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 16.97 16.33 -
45 KAM2 Kotak Advantage Multiplier Fund II
ULIF-026-21/04/06-ADVMULFND2-107 15.00 14.19 15.00
46 KAP2 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 15.40 14.67 15.40
Note:TheaboveNAVsarewithoutAppropriation/ExpropriationCharges.
1 - Unit Created on 12/08/2013
15 - Last unit redeemed on 27/11/2013
16 - Last unit redeemed on 28/02/2013
17 - Last unit redeemed on 05/12/2013
44 - Last unit redeemed on 19/07/2013
Kotak Mahindra Old Mutual Life Insurance Limited118
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
25E Unit Linked Disclosures - Other Disclosures
Annualised Expense ratio to average daily assets of the Fund
Sr No
Fund Name SFIN Annualised Expense
Average Daily Assets of the Funds
Annualised Expense
Ratio
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 1,701 298,988 0.90%
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 6,048 897,033 0.67%
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 933 138,351 0.67%
4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 3,982 708,764 0.56%
5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 4,870 433,454 1.12%
6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 1,158 103,086 1.12%
7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 1,475 164,124 0.90%
8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 101,354 7,516,796 1.35%
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 15,233 1,129,723 1.35%
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 38,596 4,293,645 0.90%
11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 764 75,548 1.01%
12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 4,357 323,143 1.35%
13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 719 53,320 1.35%
14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 1,217 135,437 0.90%
15 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 323 72,644 0.67%
16 Kotak Group 50M FMP 27/02/2013 ULGF-013-12/01/09-50FM270213-107 - - -
17 Kotak Group 59M FMP 08/12/2013 ULGF-014-22/01/09-59FM081213-107 105 27,428 0.56%
18 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 1,059 235,573 0.45%
19 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2,864 196,093 1.46%
20 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 17,691 1,211,108 1.46%
21 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 38,120 2,609,641 1.46%
22 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 21,457 1,909,649 1.12%
23 Balanced Fund ULIF-037-21/12/09-BALKFND-107 2,073 136,627 1.52%
24 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 811 53,437 1.52%
25 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 9,549 566,572 1.69%
26 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 226,228 13,422,212 1.69%
27 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 4,050 240,299 1.69%
28 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 45,134 2,510,434 1.80%
29 FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107 20,779 1,369,786 1.52%
30 PensionFrontlineEquityFund ULIF-044-11/01/10-PNFRLEQFND-107 3,717 245,006 1.52%
31 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 159,408 7,093,202 2.25%
32 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 3,536 157,346 2.25%
Annual Report 2013-14 119
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Sr No
Fund Name SFIN Annualised Expense
Average Daily Assets of the Funds
Annualised Expense
Ratio
33 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 122,292 8,061,877 1.52%
34 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 23,176 1,527,856 1.52%
35 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 202,948 10,320,763 1.97%
36 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 737 52,487 1.40%
37 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 14,869 756,156 1.97%
38 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 100,831 6,647,100 1.52%
39 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 20,832 1,373,311 1.52%
40 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 7,221 476,032 1.52%
41 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 21,893 1,443,219 1.52%
42 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 6,610 336,139 1.97%
43 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 607 17,996 3.37%
44 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 6 617 3.37%
45 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 601 17,832 3.37%
46 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 149 4,420 3.37%
1 - Unit Created on 12/08/2013
15 - Last unit redeemed on 27/11/2013
16 - Last unit redeemed on 28/02/2013
17 - Last unit redeemed on 05/12/2013
44 - Last unit redeemed on 19/07/2013
25E Unit Linked Disclosures - Other Disclosures
Annualised Income ratio to Average daily assets of the Fund
Sr No
Fund Name SFIN code Annualised Income
Average Daily Assets of the Funds
Annualised Income Ratio
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 19,324 298,988 10.21%
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 81,209 897,033 9.05%
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 12,323 138,351 8.91%
4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 60,860 708,764 8.59%
5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 13,962 433,454 3.22%
6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 3,134 103,086 3.04%
7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 4,924 164,124 3.00%
8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 327,747 7,516,796 4.36%
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 47,876 1,129,723 4.24%
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 187,106 4,293,645 4.36%
11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 3,302 75,548 4.37%
12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 38,972 323,143 12.06%
13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 6,508 53,320 12.20%
Kotak Mahindra Old Mutual Life Insurance Limited120
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Sr No
Fund Name SFIN code Annualised Income
Average Daily Assets of the Funds
Annualised Income Ratio
14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 16,129 135,437 11.91%
15 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 4,074 72,644 8.49%
16 Kotak Group 50M FMP 27/02/2013 ULGF-013-12/01/09-50FM270213-107 - - -
17 Kotak Group 59M FMP 08/12/2013 ULGF-014-22/01/09-59FM081213-107 1,595 27,428 8.52%
18 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 20,461 235,573 8.69%
19 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 25,211 196,093 12.86%
20 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 98,834 1,211,108 8.16%
21 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 214,726 2,609,641 8.23%
22 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 248,520 1,909,649 13.01%
23 Balanced Fund ULIF-037-21/12/09-BALKFND-107 18,418 136,627 13.48%
24 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 7,025 53,437 13.15%
25 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 88,845 566,572 15.68%
26 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 1,279,253 13,422,212 9.53%
27 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 23,274 240,299 9.69%
28 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 467,446 2,510,434 18.62%
29 FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107 262,968 1,369,786 19.20%
30 PensionFrontlineEquityFund ULIF-044-11/01/10-PNFRLEQFND-107 45,881 245,006 18.73%
31 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 1,210,462 7,093,202 17.07%
32 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 27,353 157,346 17.38%
33 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 1,386,448 8,061,877 17.20%
34 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 257,597 1,527,856 16.86%
35 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 621,952 10,320,763 6.03%
36 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 2,510 52,487 4.78%
37 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 42,765 756,156 5.66%
38 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 403,775 6,647,100 6.07%
39 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 81,686 1,373,311 5.95%
40 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 28,971 476,032 6.09%
41 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 86,048 1,443,219 5.96%
42 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 20,966 336,139 6.24%
43 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 1,163 17,996 6.46%
44 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 34 617 18.29%
45 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 1,267 17,832 7.11%
46 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 341 4,420 7.71%
1 - Unit Created on 12/08/2013
15 - Last unit redeemed on 27/11/2013
16 - Last unit redeemed on 28/02/2013
17 - Last unit redeemed on 05/12/2013
44 - Last unit redeemed on 19/07/2013
Annual Report 2013-14 121
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
25E Unit Linked Disclosures - Other Disclosures
Fundwise Disclosure of Appreciation /(Depreciation) in value of Investment Segregated Classwise
Sr No Fund Name SFIN Investment Type
Corporate Bonds
Equities Government Guaranteed
Bonds
Government Securities
Grand Total
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 - - - - -
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 - - - - -
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 - - - - -
4 Discontinued Policy Fund ULIF-006-27/06/03-DYGLTFND-107 - - - - -
5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 - - (3,315) (83) (3,398)
6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 - - (723) (31) (754)
7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 - - (1,416) (10) (1,426)
8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 (42,647) - (2,122) 6,044 (38,725)
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 (6,341) - (351) 827 (5,865)
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 (22,746) - (1,143) 3,022 (20,867)
11 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 (195) - (28) 50 (173)
12 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 1,682 - 66 (398) 1,350
13 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 250 - 19 (53) 216
14 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 1,021 - 440 (123) 1,338
15 Kotak Group 60M FMP 27/11/2013 ULGF-012-03/12/08-60FM271113-107 - - - - -
16 Kotak Group 50M FMP 27/02/2013 ULGF-013-12/01/09-50FM270213-107 - - - - -
17 Kotak Group 59M FMP 08/12/2013 ULGF-014-22/01/09-59FM081213-107 - - - - -
18 Kotak Group 57M FMP 07/04/2016 ULGF-017-14/07/11-57FM070416-107 (299) - - - (299)
19 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 (303) 19,721 (54) 46 19,410
20 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 (3,757) 57,322 (504) 205 53,266
21 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 (8,603) 121,620 (1,532) 602 112,087
22 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 (4,291) 219,723 (320) 580 215,692
23 Balanced Fund ULIF-037-21/12/09-BALKFND-107 (212) 15,347 (44) 40 15,131
24 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 (39) 4,998 (15) 7 4,951
25 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 (1,110) 89,653 (244) (263) 88,036
26 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 (41,193) 896,429 (4,836) 2,387 852,787
27 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 (471) 15,805 (38) 82 15,378
28 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 - 515,236 - - 515,236
29 FrontlineEquityFund ULIF-034-17/12/09-FRLEQUFND-107 - 270,970 - - 270,970
30 PensionFrontlineEquityFund ULIF-044-11/01/10-PNFRLEQFND-107 - 44,602 - - 44,602
31 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 - 1,191,686 - - 1,191,686
32 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 - 24,717 - - 24,717
33 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 - 1,331,395 - - 1,331,395
34 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 - 230,243 - - 230,243
Kotak Mahindra Old Mutual Life Insurance Limited122
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Sr No Fund Name SFIN Investment Type
Corporate Bonds
Equities Government Guaranteed
Bonds
Government Securities
Grand Total
35 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 (42,838) 296,868 (8,114) 2,151 248,067
36 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 (121) 1,231 7 14 1,131
37 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 (3,150) 19,763 (530) 58 16,141
38 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 (26,597) 205,893 (4,436) 596 175,456
39 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 (5,806) 39,637 (853) (121) 32,857
40 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 (1,463) 14,523 (376) (248) 12,436
41 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 (5,435) 42,026 (1,156) (653) 34,782
42 Peak Guarantee Fund I ULIF-049-14/02/10-PKGRTFND1-107 (909) 9,078 (271) (227) 7,671
43 Kotak Advantage Multiplier Fund ULIF-024-07/02/06-ADVMULFND-107 (57) - (17) (277) (351)
44 Kotak Advantage Plus Fund ULIF-023-06/02/06-ADVPLSFND-107 - - - - -
45 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 15 - (20) (84) (89)
46 Kotak Advantage Plus Fund II ULIF-027-21/04/06-ADVPLSFND2-107 - - - 13 13
Grand Total (215,615) 5,678,486 (31,926) 14,153 5,445,098
1 - Unit Created on 12/08/2013
15 - Last unit redeemed on 27/11/2013
16 - Last unit redeemed on 28/02/2013
17 - Last unit redeemed on 05/12/2013
44 - Last unit redeemed on 19/07/2013
25E Unit Linked Disclosures - Other Disclosures
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Money Market Fund
% of Total Funds
ULGF-001-27/06/03-MNMKFND-107
Financial and insurance activities
Andhra Bank CD - 17.09.2014 28,458 7.58%
Bajaj Finance Limited CP - 02.12.2014 12,668 3.38%
Bajaj Finance Limited CP - 11.11.2014 14,151 3.77%
Bajaj Finance Limited CP - 23.04.2014 497 0.13%
Bank of India CD - 13.03.15 23,005 6.13%
Canara Bank CD - 01.12.2014 12,630 3.37%
Corporation Bank CD - 13.03.2015 15,176 4.04%
EXIMCD-13.12.2014 33,828 9.01%
HDFC Ltd CP - 02.12.14 27,241 7.26%
HDFC Ltd CP - 16.06.14 4,902 1.31%
ICICI Bank CD - 22.09.14 31,112 8.29%
IDFC CP - 07.08.14 24,184 6.44%
L&T Finance CP - 07.10.2014 31,359 8.36%
Oriental Bank of Commerce CD - 01.12.2014 27,802 7.41%
PNB CD - 02.03.2015 32,291 8.60%
RECLtdCP-31.07.14 24,228 6.46%
Annual Report 2013-14 123
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry Kotak Group Money Market Fund
% of Total Funds
ULGF-001-27/06/03-MNMKFND-107
Sundaram Fin CP - 18.09.14 31,486 8.40%
Total 375,018 99.94%
NCA 243 0.06%
Grand Total 375,261 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Money Market Fund % of Total Funds
ULIF-041-05/01/10-MNMKKFND-107
Financial and insurance activities
Bajaj Finance Limited CP - 02.12.2014 5,636 0.32%
Bajaj Finance Limited CP - 11.11.2014 46,228 2.65%
Bajaj Finance Limited CP - 23.04.2014 53,205 3.05%
Bank of Baroda CD - 10.12.2014 106,736 6.12%
Bank of Baroda CD - 22.01.2015 38,989 2.24%
Bank of India CD - 13.03.15 99,382 5.70%
Canara Bank CD - 01.12.2014 106,597 6.11%
CBLO - 02.04.2014 10,497 0.60%
Corporation Bank CD - 02.09.2014 193 0.01%
Corporation Bank CD - 12.12.2014 44,643 2.56%
Corporation Bank CD - 13.03.2015 59,821 3.43%
EXIMCD-13.12.2014 107,778 6.18%
HDFC Ltd CP - 02.12.14 37,574 2.15%
HDFC Ltd CP - 16.06.14 66,754 3.83%
ICICI Bank CD - 22.09.14 8,145 0.47%
IDFC CP - 07.08.14 112,319 6.44%
L&T Finance CP - 07.10.2014 49,013 2.81%
Oriental Bank of Commerce CD - 16.12.2014 111,318 6.38%
Oriental Bank of Commerce CD - 20.03.2015 15,249 0.87%
PNB CD - 02.03.2015 26,479 1.52%
PNB CD - 02.06.2014 34,457 1.98%
RECLtdCP-31.07.14 110,585 6.34%
State Bank of Mysore CD - 24.09.2014 63,026 3.61%
State Bank of Patiala CD - 01.12.2014 106,970 6.13%
Sundaram BNP Paribas Home Finance CP - 15.05.14 51,447 2.95%
Sundaram Fin CP - 18.09.14 7,169 0.41%
Vijaya Bank CD - 03.06.2014 99,182 5.70%
Total 1,579,392 90.56%
Others
Manufacture of coke and refined petroleum products 6,976 0.40%
NCA 157,669 9.04%
Grand Total 1,744,037 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited124
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Money Market Fund II
% of Total Funds
ULIF-039-28/12/09-PNMNMKFND-107
Financial and insurance activities
Bajaj Finance Limited CP - 11.11.2014 6,604 3.57%
Bajaj Finance Limited CP - 23.04.2014 7,459 4.04%
Bank of Baroda CD - 10.12.2014 14,576 7.89%
Bank of Baroda CD - 22.01.2015 2,792 1.51%
Bank of India CD - 13.03.15 6,441 3.48%
Canara Bank CD - 01.12.2014 15,269 8.26%
CBLO - 02.04.2014 500 0.27%
Corporation Bank CD - 02.09.2014 771 0.42%
Corporation Bank CD - 12.12.2014 5,639 3.05%
Corporation Bank CD - 13.03.2015 3,221 1.74%
EXIMCD-13.12.2014 15,316 8.29%
HDFC Ltd CP - 02.12.14 4,227 2.29%
HDFC Ltd CP - 16.06.14 10,309 5.58%
ICICI Bank CD - 22.09.14 1,629 0.88%
IDFC CP - 07.08.14 15,011 8.12%
L&T Finance CP - 07.10.2014 5,709 3.09%
Oriental Bank of Commerce CD - 16.12.2014 13,339 7.22%
Oriental Bank of Commerce CD - 20.03.2015 184 0.10%
PNB CD - 02.03.2015 923 0.50%
PNB CD - 02.06.2014 984 0.53%
RECLtdCP-31.07.14 12,616 6.82%
State Bank of Mysore CD - 24.09.2014 7,378 3.99%
State Bank of Patiala CD - 01.12.2014 14,608 7.90%
Sundaram BNP Paribas Home Finance CP - 15.05.14 6,926 3.75%
Vijaya Bank CD - 03.06.2014 13,502 7.29%
Total 185,933 100.58%
Others
Manufacture of coke and refined petroleum products 1,494 0.81%
Net Current Assets -2,571 -1.39%
Grand Total 184,856 100.00%
Annual Report 2013-14 125
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Discontinued Policy Fund
% of Total Funds
ULIF-050-23/03/11-DISPOLFND-107
Financial and insurance activities
Bajaj Finance Limited CP - 02.12.2014 7,515 0.72%
Bajaj Finance Limited CP - 11.11.2014 13,208 1.27%
Bajaj Finance Limited CP - 23.04.2014 50,735 4.88%
Bank of Baroda CD - 10.12.2014 66,769 6.42%
Bank of Baroda CD - 22.01.2015 27,925 2.69%
Bank of India CD - 13.03.15 73,616 7.08%
Canara Bank CD - 01.12.2014 70,971 6.83%
CBLO - 02.04.2014 8,498 0.82%
Corporation Bank CD - 12.12.2014 23,496 2.26%
Corporation Bank CD - 13.03.2015 41,415 3.99%
EXIMCD-13.12.2014 71,414 6.87%
HDFC Ltd CP - 16.06.14 65,358 6.29%
ICICI Bank CD - 22.09.14 6,989 0.67%
IDFC CP - 07.08.14 73,598 7.08%
L&T Finance CP - 07.10.2014 37,153 3.58%
Oriental Bank of Commerce CD - 16.12.2014 72,615 6.99%
Oriental Bank of Commerce CD - 20.03.2015 2,205 0.21%
PNB CD - 02.03.2015 10,149 0.98%
PNB CD - 02.06.2014 14,275 1.37%
RECLtdCP-31.07.14 73,229 7.05%
State Bank of Mysore CD - 24.09.2014 43,674 4.20%
State Bank of Patiala CD - 01.12.2014 72,375 6.96%
Sundaram BNP Paribas Home Finance CP - 15.05.14 40,584 3.91%
Vijaya Bank CD - 03.06.2014 66,850 6.44%
Total 1,034,616 99.56%
Others
Manufacture of coke and refined petroleum products 10,464 1.00%
Net Current Assets (5,871) -0.56%
Grand Total 1,039,209 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited126
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Gilt Fund
% of Total Funds
ULIF-006-27/06/03-DYGLTFND-107
GOVT. of INDIA
10.25% GOI - 30.05.21 152 0.04%
7.16% GOI - 20.05.2023 60,130 15.45%
7.17% GOI - 14.06.2015 6,628 1.70%
7.28% GOI - 03.06.2019 9,471 2.43%
7.46% GOI - 28.08.17 10 0.00%
7.59% GOI 2016 7,307 1.88%
7.94% GOI - 24.05.21 10,437 2.68%
8.08% GOI - 02.08.2022 3,628 0.93%
8.20% GOI - 24.09.2025 5,249 1.35%
8.24% GOI - 15.02.27 45,733 11.75%
8.28% GOI - 15.02.32 6,895 1.77%
8.28% GOI - 21.09.2027 48,969 12.58%
8.30% GOI 2040 ZCG - 02.01.2015 38 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 39 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 36 0.01%
8.32% GOI - 02.08.2032 1,330 0.34%
8.83% GOI - 25.11.2023 54,346 13.96%
9.20% GOI - 30.09.2030 7,116 1.84%
Total 267,514 68.73%
State Development Loan
8.31%GJSDL-03.02.2020 2,567 0.66%
8.52%GJSDL-19.01.2021 7,505 1.93%
8.70%GJSDL-20.09.2016 9,085 2.33%
8.91% MAH SDL - 05.09.2022 12,937 3.32%
8.92% KA SDL - 07.03.2022 5,159 1.33%
8.94%GJSDL-07.03.2022 2,145 0.55%
8.98% PN SDL - 14.10.2021 11,678 3.00%
8.99% MP SDL - 07.03.2022 21,379 5.49%
9.18% PN SDL 2021 - 09.11.2021 947 0.25%
Total 73,402 18.86%
Financial and insurance activities
Bank of India CD - 13.03.15 7,914 2.03%
Canara Bank CD - 01.12.2014 5,938 1.53%
CBLO - 02.04.2014 9,996 2.57%
Oriental Bank of Commerce CD - 01.12.2014 6,220 1.60%
PNB CD - 02.06.2014 3,938 1.01%
Vijaya Bank CD - 03.06.2014 11,340 2.91%
Total 45,346 11.65%
Net Current Assets 2,934 0.76%
Grand Total 389,196 100.00%
Annual Report 2013-14 127
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Gilt Fund
% of Total Funds
ULIF-008-27/06/03-PNGLTFND-107
GOVT. of INDIA
7.16% GOI - 20.05.2023 13,248 15.13%
7.17% GOI - 14.06.2015 1,200 1.37%
7.28% GOI - 03.06.2019 2,221 2.54%
7.59% GOI 2016 1,737 1.98%
7.94% GOI - 24.05.21 2,149 2.46%
8.08% GOI - 02.08.2022 917 1.05%
8.20% GOI - 24.09.2025 1,280 1.46%
8.24% GOI - 15.02.27 10,204 11.65%
8.28% GOI - 15.02.32 2,099 2.40%
8.28% GOI - 21.09.2027 10,848 12.39%
8.30% GOI 2040 ZCG - 02.01.2015 18 0.02%
8.30% GOI 2040 ZCG - 02.07.2014 19 0.02%
8.30% GOI 2040 ZCG - 02.07.2015 17 0.02%
8.32% GOI - 02.08.2032 192 0.22%
8.83% GOI - 25.11.2023 12,178 13.91%
9.20% GOI - 30.09.2030 1,565 1.79%
Total 59,892 68.41%
State Development Loan
8.31%GJSDL-03.02.2020 475 0.54%
8.52%GJSDL-19.01.2021 1,529 1.75%
8.70%GJSDL-20.09.2016 2,319 2.65%
8.91% MAH SDL - 05.09.2022 4,028 4.60%
8.92% KA SDL - 07.03.2022 1,095 1.25%
8.94%GJSDL-07.03.2022 544 0.62%
8.98% PN SDL - 14.10.2021 2,296 2.62%
8.99% MP SDL - 07.03.2022 3,749 4.28%
9.18% PN SDL 2021 - 09.11.2021 440 0.51%
Total 16,475 18.82%
Others
Financial and insurance activities 8,232 9.40%
Net Current Assets 2,950 3.37%
Grand Total 87,549 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited128
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Gilt Fund % of Total Funds
ULGF-002-27/06/03-GLTFND-107
GOVT. of INDIA
7.16% GOI - 20.05.2023 23,863 14.32%
7.17% GOI - 14.06.2015 2,515 1.51%
7.28% GOI - 03.06.2019 3,584 2.15%
7.59% GOI 2016 2,665 1.60%
7.94% GOI - 24.05.21 3,955 2.37%
7.95% Oil Bond - 18.01.25 182 0.11%
8.08% GOI - 02.08.2022 1,045 0.63%
8.20% GOI - 24.09.2025 1,988 1.19%
8.24% GOI - 15.02.27 18,583 11.15%
8.28% GOI - 15.02.32 4,128 2.48%
8.28% GOI - 21.09.2027 19,531 11.72%
8.30% GOI 2040 ZCG - 02.01.2015 8 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 9 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 8 0.00%
8.32% GOI - 02.08.2032 497 0.30%
8.83% GOI - 25.11.2023 22,123 13.28%
9.20% GOI - 30.09.2030 2,904 1.73%
Total 107,588 64.56%
State Development Loan
8.31%GJSDL-03.02.2020 950 0.57%
8.52%GJSDL-19.01.2021 2,411 1.45%
8.70%GJSDL-20.09.2016 3,449 2.07%
8.91% MAH SDL - 05.09.2022 4,744 2.85%
8.92% KA SDL - 07.03.2022 1,599 0.96%
8.94%GJSDL-07.03.2022 1,939 1.16%
8.98% PN SDL - 14.10.2021 3,746 2.25%
8.99% MP SDL - 07.03.2022 8,476 5.09%
9.18% PN SDL 2021 - 09.11.2021 211 0.12%
Total 27,525 16.52%
Financial and insurance activities
Bank of India CD - 13.03.15 3,221 1.93%
Canara Bank CD - 01.12.2014 2,168 1.30%
CBLO - 02.04.2014 12,496 7.50%
Oriental Bank of Commerce CD - 01.12.2014 2,262 1.36%
PNB CD - 02.06.2014 1,772 1.06%
Vijaya Bank CD - 03.06.2014 4,437 2.67%
Total 26,356 15.82%
Others
Net Current Assets 5,168 3.10%
Grand Total 166,637 100.00%
Annual Report 2013-14 129
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Bond Fund
% of Total Funds
ULIF-015-15/04/04-DYBNDFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 258,135 3.25%
6.35% OMC GOI BOND - 23.12.2024 161 0.00%
6.83% GOI - 19.01.39 642 0.01%
6.90% GOI - 13.07.2019 27,389 0.34%
7.16% GOI - 20.05.2023 702,627 8.85%
7.17% GOI - 14.06.2015 6,086 0.08%
7.38% GOI 2015 - 03.09.2015 4,907 0.06%
7.46% GOI - 28.08.17 67 0.00%
7.50% GOI - 10.08.34 474 0.01%
7.94% GOI - 24.05.21 1,233 0.02%
7.95% GOI - 28.08.32 355 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 2,578 0.03%
8.08% GOI - 02.08.2022 2,337 0.03%
8.24% GOI - 15.02.27 268,863 3.39%
8.26% GOI - 02.08.27 986 0.01%
8.28% GOI - 21.09.2027 863,139 10.87%
8.30% GOI - 31.12.2042 2 0.00%
8.30% GOI 2040 ZCG - 02.01.2015 107 0.00%
8.30% GOI 2040 ZCG - 02.07.2014 111 0.00%
8.30% GOI 2040 ZCG - 02.07.2015 103 0.00%
8.79% GOI - 08.11.2021 8,690 0.11%
8.83% GOI - 25.11.2023 1,314,875 16.56%
9.20% GOI - 30.09.2030 658,565 8.29%
Total 4,122,432 51.91%
Financial and insurance activities
10.00% KMPL - 12.09.2014 16,947 0.21%
10.05% Bajaj Finance Ltd - 10.01.2017 90,285 1.14%
10.05% Bajaj Finance Ltd - 11.08.2014 39,886 0.50%
10.70% IRFC - 11.09.23 8,643 0.11%
10.75% Magma Fincorp Ltd-07.08.2014 98,834 1.24%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 51,371 0.65%
11.05% KMPL - 30.05.2014 17,005 0.21%
11.15%REC-24.10.2018 11,614 0.15%
7.40% Canara Bank- 29.04.2015 4,906 0.06%
7.50% HDFC - 22.11.2015 969 0.01%
7.90% IIFCL - 28.04.24 52,482 0.66%
8.20% IRFC - 27.04.2023 12,995 0.16%
Kotak Mahindra Old Mutual Life Insurance Limited130
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Bond Fund
% of Total Funds
ULIF-015-15/04/04-DYBNDFND-107
8.20% IRFC - 27.04.2024 2,774 0.03%
8.26% IIFCL - 23.08.28 16,792 0.21%
8.30% PFC - 15.05.2018 P/C 15.05.2015 9,893 0.12%
8.46% IIFCL - 30.08.28 27,423 0.35%
8.48% HDFC - 17.05.2016 3,908 0.05%
8.50% IRFC - 22.06.2020 958 0.01%
8.55% IRFC - 03.02.2020 9,625 0.12%
8.60% LIC Housing Finance - 20.06.2018 5,768 0.07%
8.72% NABARD - 19.02.2018 P 19.05.2014 44,942 0.57%
8.75%REC-12.07.2025 10,321 0.13%
8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016 4,796 0.06%
8.80% Sundaram Finance - 03.06.16 103,651 1.31%
8.82%REC-12.04.2023 3,812 0.05%
8.83%EXIM-09.01.2023 2,862 0.04%
8.84%REC-16.10.2014 3,987 0.05%
8.85% Tata Sons - 02.05.2018 10,591 0.13%
8.89% IDFC - 02.12.20 31,700 0.40%
8.89% LIC Housing Finance - 25.04.2023 8,449 0.11%
8.90% PFC - 18.03.2028 5,688 0.07%
8.91% PFC - 15.10.2017 5,911 0.07%
8.94% PFC - 25.03.2028 7,602 0.10%
8.95% HDFC - 19.10.2020 14,409 0.18%
8.99% Tata Sons - 07.06.2020 8,557 0.11%
9.00% SBH FD - 11.06.2014 27,000 0.34%
9.02%REC-19.11.2022 3,860 0.05%
9.05% SBH Perpetual Bond Call- 20.09.2020 30,733 0.39%
9.07%EXIM-11.09.2017 4,935 0.06%
9.09% IRFC - 29.03.2026 4,900 0.06%
9.09% IRFC - 31.03.2026 24,393 0.31%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 27,902 0.35%
9.15%EXIM-20.07.2015P/C20.01.2015 8,966 0.11%
9.20% SBT - 31.07.2017 5,963 0.08%
9.23% LIC Housing Finance - 13.12.2022 3,853 0.05%
9.25% IDFC - 13.09.19 29,687 0.37%
9.36% PFC - 01.08.2021 4,929 0.06%
9.38%REC-06.11.2018 1,002 0.01%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 8,991 0.11%
9.43% IRFC - 23.05.18 10,034 0.13%
Annual Report 2013-14 131
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Bond Fund
% of Total Funds
ULIF-015-15/04/04-DYBNDFND-107
9.45% PFC - 01.09.2026 1,974 0.02%
9.50% SBT FD - 05.07.2014 9,900 0.12%
9.50% SBT FD - 09.07.2014 29,700 0.37%
9.50% SBT FD - 15.07.2014 9,900 0.12%
9.50% SBT FD - 16.07.2014 29,700 0.37%
9.60% HDFC - 07.08.2015 14,958 0.19%
9.64% PFC - 15.12.2016 3,999 0.05%
9.70% ANDHRA BANK FD - 07.04.2016 20,600 0.26%
9.70% PFC - 31.01.2020 4,010 0.05%
9.74% LIC Housing Finance - 15.07.2016 7,983 0.10%
9.75% HDFC 07.12.16 - PC 07.01.13 22,034 0.28%
9.75% LIC Housing Finance - 24.03.2018 10,996 0.14%
9.75%REC-11.11.2021. 8,067 0.10%
9.75% Tata Sons - 19.07.2016 7,986 0.10%
9.78% Tata Sons - 13.01.2019 197,253 2.48%
9.80% Bajaj Finance Ltd - 17.10.2016 59,029 0.74%
9.8265% IDFC 2017 P/C 23.08.13 6,991 0.09%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 18,203 0.23%
9.85% Sundaram Finance - 01.10.14 24,921 0.31%
9.85% Tata Sons - 21.05.2017 9,007 0.11%
9.87% Tata Sons - 17.07.2017 998 0.01%
9.90% HDFC - 10.06.2021 P - 10.07.12 5,024 0.06%
9.90% Tata Sons - 09.03.2016 11,025 0.14%
9.90% Tata Sons - 20.03.2019 22,092 0.28%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 52,241 0.66%
9.99% Sundaram Finance - 03.08.2015 28,903 0.36%
Bajaj Finance Limited CP - 23.04.2014 73,615 0.93%
CBLO - 02.04.2014 25,494 0.32%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 1,012 0.01%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 71,150 0.90%
PNB CD - 02.06.2014 81,220 1.06%
Total 1,817,489 22.88%
State Development Loan
7.95% MAH SDL - 03.07.2023 43,299 0.55%
8.31%GJSDL-03.02.2020 10,980 0.14%
8.54% MAH SDL - 19.01.2021 12,897 0.16%
8.58%GJSDL-23.01.2023 3,689 0.05%
8.62% MAH SDL - 20.02.2023 8,967 0.11%
Kotak Mahindra Old Mutual Life Insurance Limited132
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Bond Fund
% of Total Funds
ULIF-015-15/04/04-DYBNDFND-107
8.70%GJSDL-20.09.2016 17,894 0.23%
8.74% KA SDL - 22.08.2016 24,779 0.31%
8.80% TN SDL - 25.10.2022 1,154 0.01%
8.90% KA SDL - 19.12.2022 2,857 0.04%
8.90% TN SDL - 20.09.2022 1,265 0.02%
8.94%GJSDL-07.03.2022 14,624 0.18%
8.98% PN SDL - 14.10.2021 6,725 0.08%
8.99% MP SDL - 07.03.2022 1,858 0.02%
9.18% PN SDL 2021 - 09.11.2021 2,908 0.04%
9.19% KA SDL 2021 - 09.11.2021 5,855 0.07%
9.24% MH SDL - 16.01.2024 21,885 0.28%
9.25% KA SDL - 16.01.2024 5,083 0.06%
9.25% MH SDL - 09.10.2023 32,663 0.41%
9.35% MH SDL - 30.01.2024 11,020 0.14%
9.37%GJSDL-04.12.2023 472 0.01%
9.39%GJSDL-20.11.2023 32,947 0.41%
9.47% TN SDL - 26.03.2024 144,583 1.82%
9.50% KA SDL - 18.12.2023 44,340 0.56%
9.50% MAH SDL - 18.12.2023 91,936 1.16%
9.51% MAH SDL - 11.09.2023 22,249 0.28%
9.55% KA SDL - 12.02.2024 33,442 0.42%
9.63% MH SDL - 12.02.2024 91,080 1.15%
9.65% TN SDL - 12.03.2024 11,159 0.14%
9.69% PN SDL - 12.02.2024 111,994 1.41%
9.72% PN SDL - 28.08.2023 8,055 0.10%
9.75%GJSDL-26.02.2024 42,215 0.53%
9.87% PN SDL - 14.08.2023 2,760 0.03%
Total 867,634 10.92%
Others
Electricity,gas,steamandairconditioningsupply 484,915 6.11%
Wholesale trade, except of motor vehicles and motorcycles 86,770 1.09%
Manufacture of basic metals 72,545 0.91%
Civil engineering 16,681 0.21%
Telecommunications 10,044 0.13%
Manufacture of coke and refined petroleum products 4,205 0.05%
Net Current Assets 459,405 5.79%
Grand Total 7,942,120 100.00%
Annual Report 2013-14 133
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Bond Fund
% of Total Funds
ULIF-017-15/04/04-PNBNDFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 36,738 3.34%
6.35% OMC GOI BOND - 23.12.2024 24 0.00%
6.83% GOI - 19.01.39 111 0.01%
6.90% GOI - 13.07.2019 4,054 0.37%
7.16% GOI - 20.05.2023 97,850 8.90%
7.17% GOI - 14.06.2015 906 0.08%
7.38% GOI 2015 - 03.09.2015 745 0.07%
7.50% GOI - 10.08.34 76 0.01%
7.94% GOI - 24.05.21 276 0.03%
7.95% GOI - 28.08.32 57 0.01%
7.95% GOI Fertilizer Bond - 18.02.26 415 0.04%
8.24% GOI - 15.02.27 37,430 3.40%
8.26% GOI - 02.08.27 157 0.01%
8.28% GOI - 21.09.2027 120,197 10.93%
8.30% GOI 2040 ZCG - 02.01.2015 45 0.00%
8.30% GOI 2040 ZCG - 02.07.2014 47 0.00%
8.30% GOI 2040 ZCG - 02.07.2015 43 0.00%
8.79% GOI - 08.11.2021 1,352 0.12%
8.83% GOI - 25.11.2023 182,112 16.56%
9.20% GOI - 30.09.2030 91,139 8.29%
Total 573,774 52.17%
Financial and insurance activities
10.00% KMPL - 12.09.2014 2,991 0.27%
10.05% Bajaj Finance Ltd - 10.01.2017 13,041 1.19%
10.70% IRFC - 11.09.23 1,080 0.10%
10.75% Magma Fincorp Ltd-07.08.2014 14,975 1.36%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 7,615 0.69%
11.05% KMPL - 30.05.2014 3,001 0.27%
11.15%REC-24.10.2018 1,056 0.10%
7.90% IIFCL - 28.04.24 9,785 0.89%
8.20% IRFC - 27.04.2023 1,856 0.17%
8.26% IIFCL - 23.08.28 2,963 0.27%
8.30% PFC - 15.05.2018 P/C 15.05.2015 1,979 0.18%
8.46% IIFCL - 30.08.28 4,063 0.37%
8.48% HDFC - 17.05.2016 977 0.09%
8.55% IRFC - 03.02.2020 1,925 0.18%
8.60% LIC Housing Finance - 20.06.2018 961 0.09%
8.72% NABARD - 19.02.2018 P 19.05.2014 5,992 0.54%
Kotak Mahindra Old Mutual Life Insurance Limited134
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Bond Fund
% of Total Funds
ULIF-017-15/04/04-PNBNDFND-107
8.75%REC-12.07.2025 3,753 0.34%
8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016 959 0.09%
8.80% Sundaram Finance - 03.06.16 15,645 1.42%
8.85% Tata Sons - 02.05.2018 1,926 0.18%
8.89% IDFC - 02.12.20 4,803 0.44%
8.89% LIC Housing Finance - 25.04.2023 1,878 0.17%
8.90% PFC - 18.03.2028 948 0.09%
8.94% PFC - 25.03.2028 950 0.09%
8.95% HDFC - 19.10.2020 1,921 0.17%
8.99% Tata Sons - 07.06.2020 1,902 0.17%
9.00% SBH FD - 11.06.2014 9,000 0.82%
9.05% SBH Perpetual Bond Call- 20.09.2020 4,657 0.42%
9.07%EXIM-11.09.2017 987 0.09%
9.09% IRFC - 31.03.2026 3,903 0.35%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 3,986 0.36%
9.15%EXIM-20.07.2015P/C20.01.2015 996 0.09%
9.20% SBT - 31.07.2017 994 0.09%
9.23% LIC Housing Finance - 13.12.2022 963 0.09%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 999 0.09%
9.43% IRFC - 23.05.18 1,003 0.09%
9.50% SBT FD - 05.07.2014 9,900 0.90%
9.60% HDFC - 07.08.2015 1,994 0.18%
9.70% ANDHRA BANK FD - 07.04.2016 9,100 0.83%
9.75% HDFC 07.12.16 - PC 07.01.13 3,005 0.27%
9.75% LIC Housing Finance - 24.03.2018 1,999 0.18%
9.75%REC-11.11.2021. 1,008 0.09%
9.75% Tata Sons - 19.07.2016 998 0.09%
9.78% Tata Sons - 13.01.2019 27,035 2.46%
9.80% Bajaj Finance Ltd - 17.10.2016 9,004 0.82%
9.85% Sundaram Finance - 01.10.14 2,990 0.27%
9.85% Tata Sons - 21.05.2017 1,001 0.09%
9.90% HDFC - 10.06.2021 P - 10.07.12 1,005 0.09%
9.90% Tata Sons - 09.03.2016 2,005 0.18%
9.90% Tata Sons - 20.03.2019 3,013 0.27%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 9,042 0.82%
9.99% Sundaram Finance - 03.08.2015 4,983 0.45%
Bajaj Finance Limited CP - 23.04.2014 8,456 0.77%
CBLO - 02.04.2014 6,997 0.64%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 10,870 0.99%
Oriental Bank of Commerce CD - 20.03.2015 16,076 1.46%
Annual Report 2013-14 135
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Bond Fund
% of Total Funds
ULIF-017-15/04/04-PNBNDFND-107
PNB CD - 02.06.2014 7,384 0.68%
Total 274,298 24.94%
State Development Loan
7.95% MAH SDL - 03.07.2023 6,312 0.57%
8.54% MAH SDL - 19.01.2021 2,388 0.22%
8.58%GJSDL-23.01.2023 589 0.05%
8.62% MAH SDL - 20.02.2023 1,440 0.13%
8.70%GJSDL-20.09.2016 2,624 0.24%
8.80% TN SDL - 25.10.2022 210 0.02%
8.90% KA SDL - 19.12.2022 425 0.04%
8.90% TN SDL - 20.09.2022 204 0.02%
8.94%GJSDL-07.03.2022 3,836 0.35%
8.98% PN SDL - 14.10.2021 796 0.07%
8.99% MP SDL - 07.03.2022 343 0.03%
9.18% PN SDL 2021 - 09.11.2021 1,141 0.10%
9.19% KA SDL 2021 - 09.11.2021 1,065 0.10%
9.24% MH SDL - 16.01.2024 3,048 0.28%
9.25% MH SDL - 09.10.2023 4,573 0.42%
9.35% MH SDL - 30.01.2024 1,535 0.14%
9.37%GJSDL-04.12.2023 66 0.01%
9.39%GJSDL-20.11.2023 4,613 0.42%
9.47% TN SDL - 26.03.2024 19,906 1.81%
9.50% KA SDL - 18.12.2023 6,202 0.56%
9.50% MAH SDL - 18.12.2023 12,893 1.17%
9.51% MAH SDL - 11.09.2023 3,099 0.28%
9.55% KA SDL - 12.02.2024 4,692 0.43%
9.63% MH SDL - 12.02.2024 12,588 1.14%
9.65% TN SDL - 12.03.2024 1,563 0.14%
9.69% PN SDL - 12.02.2024 15,612 1.42%
9.72% PN SDL - 28.08.2023 1,221 0.11%
9.75%GJSDL-26.02.2024 5,728 0.52%
9.87% PN SDL - 14.08.2023 419 0.04%
Total 119,131 10.83%
Others
Electricity,gas,steamandairconditioningsupply 61,987 5.64%
Wholesale trade, except of motor vehicles and motorcycles 20,185 1.84%
Manufacture of basic metals 10,231 0.93%
Civil engineering 2,944 0.27%
Net Current Assets 37,300 3.38%
Grand Total 1,099,850 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited136
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Bond Fund
% of Total Funds
ULGF-004-15/04/04-BNDFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 136,314 3.13%
10.79% GOI - 19.05.2015 5,101 0.12%
6.35% OMC GOI BOND - 23.12.2024 93 0.00%
6.83% GOI - 19.01.39 386 0.01%
6.90% GOI - 13.07.2019 14,997 0.34%
7.16% GOI - 20.05.2023 374,661 8.59%
7.17% GOI - 14.06.2015 3,436 0.08%
7.38% GOI 2015 - 03.09.2015 2,840 0.07%
7.50% GOI - 10.08.34 294 0.01%
7.94% GOI - 24.05.21 1,202 0.03%
7.95% GOI - 28.08.32 223 0.01%
7.95% GOI Fertilizer Bond - 18.02.26 1,594 0.04%
8.24% GOI - 15.02.27 144,982 3.33%
8.26% GOI - 02.08.27 608 0.01%
8.28% GOI - 21.09.2027 459,838 10.55%
8.30% GOI 2040 ZCG - 02.01.2015 134 0.00%
8.30% GOI 2040 ZCG - 02.07.2014 140 0.00%
8.30% GOI 2040 ZCG - 02.07.2015 129 0.00%
8.79% GOI - 08.11.2021 5,137 0.12%
8.83% GOI - 25.11.2023 699,860 16.05%
9.20% GOI - 30.09.2030 350,161 8.03%
Total 2,202,130 50.52%
Financial and insurance activities
10.00% KMPL - 12.09.2014 9,969 0.23%
10.05% Bajaj Finance Ltd - 10.01.2017 48,152 1.10%
10.05% Bajaj Finance Ltd - 11.08.2014 19,943 0.46%
10.70% IRFC - 11.09.23 5,402 0.12%
10.75% Magma Fincorp Ltd-07.08.2014 58,901 1.35%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 28,338 0.65%
11.05% KMPL - 30.05.2014 10,003 0.23%
11.15%REC-24.10.2018 6,335 0.15%
7.90% IIFCL - 28.04.24 35,581 0.82%
8.20% IRFC - 27.04.2023 6,498 0.15%
8.20% IRFC - 27.04.2024 925 0.02%
8.26% IIFCL - 23.08.28 9,878 0.23%
8.30% PFC - 15.05.2018 P/C 15.05.2015 5,936 0.14%
8.46% IIFCL - 30.08.28 15,235 0.35%
Annual Report 2013-14 137
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Bond Fund
% of Total Funds
ULGF-004-15/04/04-BNDFND-107
8.48% HDFC - 17.05.2016 1,954 0.04%
8.55% IRFC - 03.02.2020 5,775 0.13%
8.60% LIC Housing Finance - 20.06.2018 3,845 0.09%
8.75%REC-12.07.2025 6,568 0.15%
8.80%REC-17.11.2019 965 0.02%
8.80% SBI Upper Tier II - 05.06.2021 Call 05.06.2016 3,837 0.09%
8.80% Sundaram Finance - 03.06.16 62,582 1.44%
8.82%REC-12.04.2023 1,906 0.04%
8.83%EXIM-09.01.2023 954 0.02%
8.84%REC-16.10.2014 2,991 0.07%
8.85% Tata Sons - 02.05.2018 5,777 0.13%
8.89% IDFC - 02.12.20 18,252 0.42%
8.89% LIC Housing Finance - 25.04.2023 5,633 0.13%
8.90% PFC - 18.03.2028 2,844 0.07%
8.94% PFC - 25.03.2028 3,801 0.09%
8.95% HDFC - 19.10.2020 8,645 0.20%
8.99% Tata Sons - 07.06.2020 5,705 0.13%
9.00% SBH FD - 11.06.2014 18,000 0.41%
9.05% SBH Perpetual Bond Call- 20.09.2020 18,626 0.43%
9.07%EXIM-11.09.2017 2,961 0.07%
9.09% IRFC - 31.03.2026 13,660 0.31%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 2,989 0.07%
9.14%EXIM-01.08.2022 1,962 0.05%
9.15%EXIM-20.07.2015P/C20.01.2015 5,977 0.14%
9.18% HDFC - 12.02.2018 5,881 0.13%
9.20% SBT - 31.07.2017 3,975 0.09%
9.23% LIC Housing Finance - 13.12.2022 3,853 0.09%
9.25% IDFC - 13.09.19 6,927 0.16%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 5,994 0.14%
9.43% IRFC - 23.05.18 5,017 0.12%
9.50% SBT FD - 05.07.2014 9,900 0.23%
9.50% SBT FD - 09.07.2014 19,800 0.45%
9.50% SBT FD - 15.07.2014 9,900 0.23%
9.60% HDFC - 07.08.2015 8,975 0.21%
9.64% PFC - 15.12.2016 2,999 0.07%
9.70% ANDHRA BANK FD - 07.04.2016 39,250 0.90%
9.75% HDFC 07.12.16 - PC 07.01.13 11,017 0.25%
9.75% LIC Housing Finance - 24.03.2018 5,998 0.14%
Kotak Mahindra Old Mutual Life Insurance Limited138
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Bond Fund
% of Total Funds
ULGF-004-15/04/04-BNDFND-107
9.75%REC-11.11.2021. 3,025 0.07%
9.75% Tata Sons - 19.07.2016 3,993 0.09%
9.78% Tata Sons - 13.01.2019 102,131 2.34%
9.80% Bajaj Finance Ltd - 17.10.2016 33,016 0.76%
9.8265% IDFC 2017 P/C 23.08.13 5,992 0.14%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,011 0.02%
9.85% Sundaram Finance - 01.10.14 13,956 0.32%
9.85% Tata Sons - 21.05.2017 5,004 0.11%
9.90% HDFC - 10.06.2021 P - 10.07.12 2,010 0.05%
9.90% Tata Sons - 09.03.2016 6,014 0.14%
9.90% Tata Sons - 20.03.2019 13,054 0.30%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 31,144 0.71%
9.99% Sundaram Finance - 03.08.2015 15,946 0.37%
Bajaj Finance Limited CP - 23.04.2014 497 0.01%
Canara Bank CD - 01.12.2014 20,718 0.48%
CBLO - 02.04.2014 20,492 0.47%
Corporation Bank CD - 13.03.2015 32,191 0.74%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 40,516 0.93%
Oriental Bank of Commerce CD - 20.03.2015 64,303 1.48%
PNB CD - 02.06.2014 63,991 1.43%
Total 1,085,795 24.91%
State Development Loan
7.95% MAH SDL - 03.07.2023 23,805 0.55%
8.54% MAH SDL - 19.01.2021 8,312 0.19%
8.58%GJSDL-23.01.2023 2,267 0.05%
8.62% MAH SDL - 20.02.2023 5,528 0.13%
8.70%GJSDL-20.09.2016 9,739 0.22%
8.74% KA SDL - 22.08.2016 1,388 0.03%
8.80% TN SDL - 25.10.2022 744 0.02%
8.90% KA SDL - 19.12.2022 1,751 0.04%
8.90% TN SDL - 20.09.2022 764 0.02%
8.94%GJSDL-07.03.2022 10,098 0.23%
8.98% PN SDL - 14.10.2021 3,410 0.08%
8.99% MP SDL - 07.03.2022 1,246 0.03%
9.18% PN SDL 2021 - 09.11.2021 2,446 0.06%
9.19% KA SDL 2021 - 09.11.2021 4,981 0.11%
9.24% MH SDL - 16.01.2024 11,434 0.26%
9.25% MH SDL - 09.10.2023 17,387 0.40%
Annual Report 2013-14 139
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Bond Fund
% of Total Funds
ULGF-004-15/04/04-BNDFND-107
9.35% MH SDL - 30.01.2024 5,757 0.13%
9.37%GJSDL-04.12.2023 246 0.01%
9.39%GJSDL-20.11.2023 17,539 0.40%
9.47% TN SDL - 26.03.2024 76,986 1.77%
9.50% KA SDL - 18.12.2023 23,287 0.53%
9.50% MAH SDL - 18.12.2023 48,707 1.12%
9.51% MAH SDL - 11.09.2023 11,625 0.27%
9.55% KA SDL - 12.02.2024 17,549 0.40%
9.63% MH SDL - 12.02.2024 48,367 1.11%
9.65% TN SDL - 12.03.2024 5,940 0.14%
9.69% PN SDL - 12.02.2024 59,185 1.36%
9.72% PN SDL - 28.08.2023 4,656 0.11%
9.75%GJSDL-26.02.2024 22,397 0.51%
9.87% PN SDL - 14.08.2023 1,558 0.02%
Total 449,099 10.30%
Others
Electricity,gas,steamandairconditioningsupply 249,129 5.71%
Wholesale trade, except of motor vehicles and motorcycles 76,705 1.76%
Manufacture of basic metals 42,354 0.97%
Telecommunications 10,044 0.23%
Civil engineering 9,812 0.23%
Manufacture of coke and refined petroleum products 1,051 0.02%
Net Current Assets 233,171 5.35%
Grand Total 4,359,290 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Secure Capital Fund
% of Total Funds
ULGF-016-12/04/11-SECCAPFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 2,254 3.26%
6.35% OMC GOI BOND - 23.12.2024 2 0.00%
6.83% GOI - 19.01.39 9 0.01%
6.90% GOI - 13.07.2019 243 0.35%
7.16% GOI - 20.05.2023 6,109 8.83%
7.17% GOI - 14.06.2015 54 0.08%
7.38% GOI 2015 - 03.09.2015 49 0.07%
7.50% GOI - 10.08.34 6 0.01%
Kotak Mahindra Old Mutual Life Insurance Limited140
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Secure Capital Fund
% of Total Funds
ULGF-016-12/04/11-SECCAPFND-107
7.94% GOI - 24.05.21 25 0.04%
7.95% GOI - 28.08.32 4 0.01%
7.95% GOI Fertilizer Bond - 18.02.26 33 0.05%
8.24% GOI - 15.02.27 2,359 3.41%
8.26% GOI - 02.08.27 13 0.02%
8.28% GOI - 21.09.2027 7,477 10.81%
8.30% GOI 2040 ZCG - 02.01.2015 3 0.00%
8.30% GOI 2040 ZCG - 02.07.2014 3 0.00%
8.30% GOI 2040 ZCG - 02.07.2015 3 0.00%
8.79% GOI - 08.11.2021 106 0.15%
8.83% GOI - 25.11.2023 11,349 16.40%
9.20% GOI - 30.09.2030 5,678 8.21%
Total 35,779 51.71%
Financial and insurance activities
10.05% Bajaj Finance Ltd - 10.01.2017 1,003 1.45%
10.75% Magma Fincorp Ltd-07.08.2014 998 1.44%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 447 0.65%
11.25% HDFC - 04.09.2018 1,058 1.53%
8.45%REC-19.02.2015 993 1.44%
8.72% NABARD - 19.02.2018 P 19.05.2014 1,997 2.89%
8.80% Sundaram Finance - 03.06.16 1,956 2.83%
8.89% IDFC - 02.12.20 961 1.39%
9.25% IDFC - 13.09.19 990 1.43%
9.70% ANDHRA BANK FD - 07.04.2016 450 0.65%
9.78% Tata Sons - 13.01.2019 1,001 1.45%
9.80% Bajaj Finance Ltd - 17.10.2016 1,000 1.45%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,005 1.45%
Bajaj Finance Limited CP - 23.04.2014 497 0.72%
CBLO - 02.04.2014 1,499 2.17%
Oriental Bank of Commerce CD - 20.03.2015 919 1.33%
PNB CD - 02.06.2014 886 1.26%
Total 17,660 25.53%
State Development Loan
7.95% MAH SDL - 03.07.2023 379 0.55%
8.31%GJSDL-03.02.2020 207 0.30%
8.54% MAH SDL - 19.01.2021 210 0.30%
8.58%GJSDL-23.01.2023 47 0.07%
8.62% MAH SDL - 20.02.2023 114 0.16%
Annual Report 2013-14 141
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Secure Capital Fund
% of Total Funds
ULGF-016-12/04/11-SECCAPFND-107
8.65% KA SDL - 20.03.2023 67 0.10%
8.70%GJSDL-20.09.2016 151 0.22%
8.80% TN SDL - 25.10.2022 18 0.03%
8.90% KA SDL - 19.12.2022 26 0.04%
8.90% TN SDL - 20.09.2022 16 0.02%
8.94%GJSDL-07.03.2022 144 0.21%
8.98% PN SDL - 14.10.2021 68 0.10%
8.99% MP SDL - 07.03.2022 21 0.03%
9.18% PN SDL 2021 - 09.11.2021 69 0.10%
9.19% KA SDL 2021 - 09.11.2021 90 0.13%
9.24% MH SDL - 16.01.2024 191 0.28%
9.25% KA SDL - 16.01.2024 131 0.19%
9.25% MH SDL - 09.10.2023 286 0.41%
9.35% MH SDL - 30.01.2024 96 0.14%
9.37%GJSDL-04.12.2023 4 0.01%
9.39%GJSDL-20.11.2023 288 0.42%
9.47% TN SDL - 26.03.2024 1,243 1.80%
9.50% KA SDL - 18.12.2023 387 0.56%
9.50% MAH SDL - 18.12.2023 805 1.16%
9.51% MAH SDL - 11.09.2023 194 0.28%
9.55% KA SDL - 12.02.2024 294 0.42%
9.63% MH SDL - 12.02.2024 792 1.14%
9.65% TN SDL - 12.03.2024 97 0.14%
9.69% PN SDL - 12.02.2024 979 1.41%
9.72% PN SDL - 28.08.2023 71 0.10%
9.75%GJSDL-26.02.2024 358 0.52%
9.87% PN SDL - 14.08.2023 23 0.03%
Total 7,866 11.37%
Others
Electricity,gas,steamandairconditioningsupply 4,350 6.29%
Wholesale trade, except of motor vehicles and motorcycles 1,009 1.46%
Manufacture of basic metals 487 0.70%
Net Current Assets 2,035 2.94%
Grand Total 69,186 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited142
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Floating Rate Fund
% of Total Funds
ULIF-020-07/12/04-DYFLTRFND-107
Financial and insurance activities
Bajaj Finance Limited CP - 11.11.2014 8,963 2.14%
Bank of Baroda CD - 22.01.2015 9,122 2.18%
CBLO - 02.04.2014 1,499 0.36%
EXIMFloaterINCMTBMK+100bps-09.08.2016 27,316 6.53%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 29,356 7.01%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 37,819 9.04%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 21,740 5.19%
Oriental Bank of Commerce CD - 16.12.2014 19,445 4.65%
PNB CD - 02.06.2014 22,151 5.29%
State Bank of Mysore CD - 24.09.2014 28,076 6.71%
State Bank of Patiala CD - 01.12.2014 1,692 0.40%
Vijaya Bank CD - 03.06.2014 10,553 2.53%
Total 217,732 52.03%
Wholesale trade, except of motor vehicles and motorcycles
9.95% FCI - 07.03.22 85,788 20.50%
Total 85,788 20.50%
GOVT. of INDIA
6.90% GOI - 13.07.2019 9,143 2.18%
7.38% GOI 2015 - 03.09.2015 688 0.16%
8.19% GOI - 16.01.2020 25,368 6.06%
8.33% GOI - 09.07.2026 6,075 1.45%
GOI FRB - 21.12.2020 29,642 7.09%
Total 70,916 16.94%
Others
Manufacture of coke and refined petroleum products 16,444 3.93%
State Development Loan 13,817 3.30%
Net Current Assets 13,813 3.30%
Grand Total 418,510 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floating Rate Fund
% of Total Funds
ULIF-022-07/12/04-PNFLTRFND-107
Financial and insurance activities
Bajaj Finance Limited CP - 11.11.2014 1,415 2.51%
Bank of Baroda CD - 22.01.2015 1,396 2.48%
EXIMFloaterINCMTBMK+100bps-09.08.2016 4,047 7.18%
Annual Report 2013-14 143
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floating Rate Fund
% of Total Funds
ULIF-022-07/12/04-PNFLTRFND-107
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 4,049 7.18%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 5,043 8.94%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 2,965 5.26%
Oriental Bank of Commerce CD - 16.12.2014 2,724 4.83%
PNB CD - 02.06.2014 1,969 3.49%
State Bank of Mysore CD - 24.09.2014 4,025 7.14%
Vijaya Bank CD - 03.06.2014 1,577 2.78%
Total 29,210 51.79%
Wholesale trade, except of motor vehicles and motorcycles
9.95% FCI - 07.03.22 12,111 21.47%
Total 12,111 21.47%
GOVT. of INDIA
6.90% GOI - 13.07.2019 1,371 2.43%
8.19% GOI - 16.01.2020 2,805 4.97%
8.33% GOI - 09.07.2026 846 1.50%
GOI FRB - 21.12.2020 3,700 6.57%
Total 8,722 15.47%
Others
Manufacture of coke and refined petroleum products 2,990 5.30%
State Development Loan 1,836 3.25%
Net Current Assets 1,529 2.72%
Grand Total 56,398 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Floating Rate Fund
% of Total Funds
ULGF-005-07/12/04-FLTRFND-107
Financial and insurance activities
Bajaj Finance Limited CP - 11.11.2014 3,774 1.12%
Bank of Baroda CD - 22.01.2015 6,050 1.80%
Bank of India CD - 13.03.15 14,723 4.38%
CBLO - 02.04.2014 5,998 1.79%
Corporation Bank CD - 02.09.2014 17,815 5.31%
EXIMFloaterINCMTBMK+100bps-09.08.2016 19,222 5.72%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 23,283 6.93%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 30,255 9.01%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 16,799 5.00%
Oriental Bank of Commerce CD - 16.12.2014 15,406 4.59%
PNB CD - 02.06.2014 24,612 7.33%
Kotak Mahindra Old Mutual Life Insurance Limited144
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Floating Rate Fund
% of Total Funds
ULGF-005-07/12/04-FLTRFND-107
State Bank of Mysore CD - 24.09.2014 12,936 3.85%
Vijaya Bank CD - 03.06.2014 2,960 0.90%
Total 193,833 57.73%
Wholesale trade, except of motor vehicles and motorcycles
9.95% FCI - 07.03.22 66,612 19.84%
Total 66,612 19.84%
GOVT. of INDIA
6.90% GOI - 13.07.2019 28,527 8.50%
8.19% GOI - 16.01.2020 10,287 3.06%
8.33% GOI - 09.07.2026 2,456 0.73%
GOI FRB - 21.12.2020 14,558 4.34%
Total 55,828 16.63%
Others
State Development Loan 9,318 2.78%
Manufacture of coke and refined petroleum products 3,987 1.19%
Net Current Assets 6,203 1.83%
Grand Total 335,781 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group 57M FMP 07/04/2016
% of Total Funds
ULGF-017-14/07/11-57FM070416-107
Financial and insurance activities
9.17% IDBI FD - 07.04.2016 10,100 4.13%
9.25% IOB FD - 07.04.2016 19,900 8.14%
9.25% OBC FD - 07.04.2016 9,900 4.05%
9.25% OBC FD1 - 07.04.2016 9,628 3.94%
9.25%SBBJFD-07.04.2016 9,900 4.05%
9.25% SBH FD - 07.04.2016 20,000 8.18%
9.50%SYNDICATEBANKFD-07.04.2016 20,500 8.38%
9.60% HDFC - 07.04.2016 19,939 8.15%
9.62% PFC - 29.06.2016 17,059 6.98%
9.70% ANDHRA BANK FD - 07.04.2016 20,600 8.42%
9.74% LIC Housing Finance - 15.07.2016 11,975 4.90%
9.75% Tata Sons - 21.04.2016 19,877 8.12%
Total 189,378 77.44%
Others
Electricity,gas,steamandairconditioningsupply 16,332 6.68%
Net Current Assets 38,846 15.88%
Grand Total 244,556 100.00%
Annual Report 2013-14 145
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Balanced Fund
% of Total Funds
ULIF-009-27/06/03-DYBALFND-107
Financial and insurance activities
Bank of Baroda 538 0.31%
10.05% Bajaj Finance Ltd - 10.01.2017 1,003 0.58%
10.05% Tata Sons - 16.06.2014 1,000 0.58%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 457 0.27%
7.90% IIFCL - 28.04.24 890 0.52%
8.72% NABARD - 19.02.2018 P 19.05.2014 999 0.58%
8.80% Sundaram Finance - 03.06.16 978 0.57%
8.91% PFC - 15.10.2017 985 0.57%
9%HDFCBankFDNSE-05.08.2014 158 0.09%
9.00%HDFCBankFDBSE-24.07.2014 75 0.04%
9.00%HDFCBankFDNSE-24.07.2014 162 0.09%
9.09% IRFC - 29.03.2026 980 0.57%
9.78% Tata Sons - 13.01.2019 1,001 0.58%
9.80% Bajaj Finance Ltd - 17.10.2016 1,000 0.58%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,011 0.59%
Axis Bank Ltd 2,855 1.66%
Bank of Baroda CD - 11.07.2014 682 0.40%
CBLO - 02.04.2014 1,999 1.16%
Corporation Bank CD - 12.12.2014 1,034 0.60%
HDFC Bank Ltd 6,309 3.66%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 1,012 0.59%
Housing Development Finance Corp. Ltd 4,662 2.70%
ICICI Bank Ltd 6,068 3.52%
IndusInd Bank Limited 2,172 1.26%
Infrastructure Development Finance Company Ltd 653 0.38%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 988 0.57%
Oriental Bank of Commerce CD - 20.03.2015 919 0.53%
PNB CD - 02.06.2014 3,938 2.28%
Shriram Transport Finance Co. Ltd 725 0.42%
State Bank of India 991 0.57%
State Bank of Patiala CD - 01.12.2014 943 0.55%
YESBANKLTD 525 0.30%
Total 47,712 27.67%
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 2,530 1.47%
6.35% OMC GOI BOND - 23.12.2024 2 0.00%
6.83% GOI - 19.01.39 9 0.01%
6.90% GOI - 13.07.2019 280 0.16%
7.16% GOI - 20.05.2023 6,619 3.84%
7.17% GOI - 14.06.2015 63 0.04%
Kotak Mahindra Old Mutual Life Insurance Limited146
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Balanced Fund
% of Total Funds
ULIF-009-27/06/03-DYBALFND-107
7.38% GOI 2015 - 03.09.2015 50 0.03%
7.50% GOI - 10.08.34 5 0.00%
7.94% GOI - 24.05.21 36 0.02%
7.95% GOI - 28.08.32 4 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 28 0.02%
8.24% GOI - 15.02.27 2,328 1.35%
8.26% GOI - 02.08.27 12 0.01%
8.28% GOI - 21.09.2027 7,557 4.38%
8.30% GOI 2040 ZCG - 02.01.2015 18 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 19 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 17 0.01%
8.79% GOI - 08.11.2021 93 0.05%
8.83% GOI - 25.11.2023 12,461 7.23%
9.20% GOI - 30.09.2030 4,392 2.54%
Total 36,523 21.18%
Others
Computer programming, consultancy and related activities 15,088 8.75%
State Development Loan 8,453 4.90%
Manufacture of coke and refined petroleum products 7,769 4.51%
Electricity,gas,steamandairconditioningsupply 6,898 4.00%
Manufacture of motor vehicles, trailers and semi-trailers 6,705 3.89%
Mfg of pharmaceuticals, medicinal chemical & botanical products 6,698 3.88%
Manufacture of tobacco products 6,296 3.65%
Civil engineering 5,684 3.30%
Manufacture of other non-metallic mineral products 3,735 2.17%
Extractionofcrudepetroleumandnaturalgas 3,413 1.98%
Telecommunications 1,804 1.05%
Manufacture of beverages 1,657 0.96%
Manufacture of other transport equipment 1,395 0.81%
Information service activities 1,227 0.71%
Manufacture of chemicals and chemical products 1,204 0.70%
Water transport 1,066 0.62%
Manufacture of basic metals 1,046 0.61%
Manufacture of leather and related products 1,024 0.59%
Wholesale trade, except of motor vehicles and motorcycles 1,009 0.59%
Manufacture of machinery and equipment n.e.c. 866 0.50%
Manufacture of food products 858 0.50%
Other manufacturing 800 0.46%
Net Current Assets 3,499 2.02%
Grand Total 172,429 100.00%
Annual Report 2013-14 147
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Balanced Fund
% of Total Funds
ULIF-010-27/06/03-GRTBALFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 24,916 2.18%
6.01% GOI - 25.03.2028 2,021 0.18%
6.35% OMC GOI BOND - 23.12.2024 17 0.00%
6.83% GOI - 19.01.39 87 0.01%
6.90% GOI - 13.07.2019 2,765 0.24%
7.16% GOI - 20.05.2023 65,669 5.73%
7.17% GOI - 14.06.2015 630 0.06%
7.38% GOI 2015 - 03.09.2015 514 0.04%
7.50% GOI - 10.08.34 50 0.00%
7.94% GOI - 24.05.21 2,800 0.24%
7.95% GOI - 28.08.32 39 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 260 0.02%
8.24% GOI - 15.02.27 25,327 2.21%
8.26% GOI - 02.08.27 115 0.01%
8.28% GOI - 21.09.2027 80,479 7.03%
8.30% GOI 2040 ZCG - 02.01.2015 114 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 118 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 109 0.01%
8.79% GOI - 08.11.2021 937 0.08%
8.83% GOI - 25.11.2023 135,596 11.84%
9.20% GOI - 30.09.2030 47,872 4.19%
Total 390,435 34.09%
Financial and insurance activities
Bank of Baroda 2,482 0.22%
10.00% KMPL - 12.09.2014 1,994 0.17%
10.05% Bajaj Finance Ltd - 10.01.2017 9,028 0.79%
10.05% Tata Sons - 16.06.2014 4,001 0.35%
10.70% IRFC - 11.09.23 1,080 0.09%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 4,898 0.43%
11.05% KMPL - 30.05.2014 2,001 0.17%
7.90% IIFCL - 28.04.24 4,448 0.39%
8.00%REC-05.08.2014 994 0.09%
8.20% IRFC - 27.04.2023 928 0.08%
8.26% IIFCL - 23.08.28 1,976 0.17%
8.30% PFC - 15.05.2018 P/C 15.05.2015 989 0.09%
8.46% IIFCL - 30.08.28 3,047 0.27%
8.55% IRFC - 03.02.2020 963 0.08%
8.72% NABARD - 19.02.2018 P 19.05.2014 9,987 0.87%
8.75%REC-12.07.2025 938 0.08%
8.80% Sundaram Finance - 03.06.16 978 0.09%
8.85% Tata Sons - 02.05.2018 963 0.08%
Kotak Mahindra Old Mutual Life Insurance Limited148
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Balanced Fund
% of Total Funds
ULIF-010-27/06/03-GRTBALFND-107
8.89% IDFC - 02.12.20 3,842 0.34%
8.89% LIC Housing Finance - 25.04.2023 939 0.08%
8.90% PFC - 18.03.2028 948 0.08%
8.94% PFC - 25.03.2028 950 0.08%
8.99% Tata Sons - 07.06.2020 951 0.08%
9%HDFCBankFDNSE-05.08.2014 616 0.05%
9.00%HDFCBankFDBSE-24.07.2014 290 0.03%
9.00%HDFCBankFDNSE-24.07.2014 629 0.05%
9.05% SBH Perpetual Bond Call- 20.09.2020 1,863 0.16%
9.07%EXIM-11.09.2017 987 0.09%
9.09% IRFC - 31.03.2026 1,951 0.17%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 2,989 0.26%
9.15%EXIM-20.07.2015P/C20.01.2015 996 0.09%
9.20% SBT - 31.07.2017 994 0.09%
9.35% IIFCL - 17.11.23 998 0.09%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 999 0.09%
9.43% IRFC - 23.05.18 1,003 0.09%
9.50% SBT FD - 09.07.2014 9,900 0.86%
9.50% SBT FD - 15.07.2014 9,900 0.86%
9.60% HDFC - 07.08.2015 997 0.09%
9.75% HDFC - 10.01.2017 1,003 0.09%
9.75% LIC Housing Finance - 24.03.2018 1,000 0.09%
9.75%REC-11.11.2021. 1,008 0.09%
9.78% Tata Sons - 13.01.2019 18,023 1.57%
9.80% Bajaj Finance Ltd - 17.10.2016 6,003 0.52%
9.8265% IDFC 2017 P/C 23.08.13 3,995 0.35%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 3,034 0.26%
9.85% Sundaram Finance - 01.10.14 7,975 0.70%
9.85% Tata Sons - 21.05.2017 1,001 0.09%
9.90% Tata Sons - 09.03.2016 1,002 0.09%
9.90% Tata Sons - 20.03.2019 2,008 0.18%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 3,014 0.26%
Andhra Bank CD - 17.09.2014 6,021 0.53%
Axis Bank Ltd 9,445 0.82%
Bajaj Finance Limited CP - 23.04.2014 2,487 0.22%
Bank of Baroda CD - 11.07.2014 7,213 0.63%
CBLO - 02.04.2014 7,997 0.70%
Corporation Bank CD - 02.09.2014 4,598 0.40%
Corporation Bank CD - 12.12.2014 10,244 0.89%
Corporation Bank CD - 13.03.2015 6,442 0.56%
HDFC Bank Ltd 20,497 1.79%
HDFC Ltd CP - 02.12.14 13,151 1.15%
Annual Report 2013-14 149
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Balanced Fund
% of Total Funds
ULIF-010-27/06/03-GRTBALFND-107
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 2,025 0.18%
Housing Development Finance Corp. Ltd 13,038 1.14%
ICICI Bank Ltd 20,691 1.81%
IndusInd Bank Limited 6,173 0.54%
Infrastructure Development Finance Company Ltd 2,560 0.22%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 2,521 0.22%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 7,906 0.69%
Oriental Bank of Commerce CD - 20.03.2015 4,593 0.40%
PNB CD - 02.06.2014 24,612 2.15%
RECLtdCP-31.07.14 3,882 0.34%
Shriram Transport Finance Co. Ltd 2,616 0.23%
State Bank of India 3,264 0.28%
State Bank of Patiala CD - 04.09.2014 2,873 0.25%
YESBANKLTD 2,497 0.22%
Total 330,849 28.89%
Others
State Development Loan 87,549 7.64%
Electricity,gas,steamandairconditioningsupply 65,053 5.68%
Computer programming, consultancy and related activities 50,698 4.43%
Manufacture of motor vehicles, trailers and semi-trailers 24,524 2.14%
Manufacture of coke and refined petroleum products 23,580 2.06%
Mfg of pharmaceuticals, medicinal chemical & botanical products 23,000 2.01%
Civil engineering 21,555 1.88%
Manufacture of tobacco products 20,692 1.81%
Manufacture of other non-metallic mineral products 11,808 1.03%
Wholesale trade, except of motor vehicles and motorcycles 11,102 0.97%
Extractionofcrudepetroleumandnaturalgas 10,516 0.92%
Telecommunications 6,058 0.53%
Manufacture of beverages 5,017 0.44%
Manufacture of other transport equipment 4,903 0.43%
Manufacture of chemicals and chemical products 4,733 0.41%
Information service activities 4,005 0.35%
Manufacture of basic metals 3,963 0.35%
Manufacture of machinery and equipment n.e.c. 3,525 0.31%
Water transport 3,437 0.30%
Manufacture of leather and related products 3,300 0.29%
Manufacture of food products 3,090 0.27%
Other manufacturing 3,043 0.27%
Net Current Assets 28,961 2.50%
Grand Total 1,145,396 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited150
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 51,235 2.20%
6.35% OMC GOI BOND - 23.12.2024 37 0.00%
6.83% GOI - 19.01.39 203 0.01%
6.90% GOI - 13.07.2019 5,828 0.25%
7.00% GOI Fertilizer Bond - 10.12.22 75 0.00%
7.02% GOI - 17.08.2016 955 0.04%
7.16% GOI - 20.05.2023 133,676 5.73%
7.17% GOI - 14.06.2015 1,355 0.06%
7.38% GOI 2015 - 03.09.2015 1,115 0.05%
7.50% GOI - 10.08.34 111 0.00%
7.94% GOI - 24.05.21 8,535 0.37%
7.95% GOI - 28.08.32 87 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 580 0.02%
8.20% OMC GOI Special Bond - 12.02.24 1,050 0.05%
8.24% GOI - 15.02.27 51,510 2.21%
8.26% GOI - 02.08.27 258 0.01%
8.28% GOI - 21.09.2027 163,681 7.02%
8.30% GOI 2040 ZCG - 02.01.2015 418 0.02%
8.30% GOI 2040 ZCG - 02.07.2014 435 0.02%
8.30% GOI 2040 ZCG - 02.07.2015 401 0.02%
8.79% GOI - 08.11.2021 2,051 0.09%
8.83% GOI - 25.11.2023 275,566 11.82%
9.20% GOI - 30.09.2030 97,285 4.17%
Total 796,447 34.16%
Financial and insurance activities
Bank of Baroda 5,122 0.22%
10.00% KMPL - 12.09.2014 3,988 0.17%
10.05% Bajaj Finance Ltd - 10.01.2017 18,057 0.77%
10.05% Tata Sons - 16.06.2014 9,003 0.39%
10.70% IRFC - 11.09.23 2,161 0.09%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 10,465 0.45%
11.05% KMPL - 30.05.2014 4,001 0.17%
7.90% IIFCL - 28.04.24 9,785 0.42%
8.20% IRFC - 27.04.2023 2,785 0.12%
8.20% IRFC - 27.04.2024 925 0.04%
8.26% IIFCL - 23.08.28 3,951 0.17%
8.30% PFC - 15.05.2018 P/C 15.05.2015 1,979 0.08%
Annual Report 2013-14 151
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
8.38% HDFC - 20.05.2018 950 0.04%
8.46% IIFCL - 30.08.28 6,094 0.26%
8.55% IRFC - 03.02.2020 2,888 0.12%
8.72% NABARD - 19.02.2018 P 19.05.2014 20,973 0.90%
8.75%REC-12.07.2025 1,877 0.08%
8.80% Sundaram Finance - 03.06.16 2,934 0.13%
8.83%EXIM-09.01.2023 954 0.04%
8.85% Tata Sons - 02.05.2018 1,926 0.08%
8.89% IDFC - 02.12.20 7,685 0.33%
8.89% LIC Housing Finance - 25.04.2023 2,816 0.12%
8.90% PFC - 18.03.2028 948 0.04%
8.94% PFC - 25.03.2028 950 0.04%
8.99% Tata Sons - 07.06.2020 1,902 0.08%
9%HDFCBankFDNSE-05.08.2014 2,110 0.09%
9.00%HDFCBankFDBSE-24.07.2014 991 0.04%
9.00%HDFCBankFDNSE-24.07.2014 2,147 0.09%
9.00% SBH FD - 11.06.2014 9,000 0.39%
9.07%EXIM-11.09.2017 987 0.04%
9.09% IRFC - 29.03.2026 1,960 0.08%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 6,975 0.30%
9.15%EXIM-20.07.2015P/C20.01.2015 1,992 0.09%
9.20% SBT - 31.07.2017 1,988 0.09%
9.23% LIC Housing Finance - 13.12.2022 963 0.04%
9.35% IIFCL - 17.11.23 1,997 0.09%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 1,998 0.09%
9.43% IRFC - 23.05.18 2,007 0.09%
9.50% SBT FD - 09.07.2014 29,700 1.27%
9.50% SBT FD - 15.07.2014 29,700 1.27%
9.60% HDFC - 07.08.2015 1,994 0.09%
9.75% HDFC - 10.01.2017 2,006 0.09%
9.75% LIC Housing Finance - 24.03.2018 1,999 0.09%
9.75%REC-11.11.2021. 1,008 0.04%
9.78% Tata Sons - 13.01.2019 37,048 1.59%
9.80% Bajaj Finance Ltd - 17.10.2016 13,006 0.56%
9.8265% IDFC 2017 P/C 23.08.13 4,994 0.21%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 5,056 0.22%
9.85% Sundaram Finance - 01.10.14 16,946 0.73%
9.85% Tata Sons - 21.05.2017 2,001 0.09%
Kotak Mahindra Old Mutual Life Insurance Limited152
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
9.90% HDFC - 10.06.2021 P - 10.07.12 1,005 0.04%
9.90% Tata Sons - 09.03.2016 2,005 0.09%
9.90% Tata Sons - 20.03.2019 4,017 0.17%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,032 0.30%
Andhra Bank CD - 17.09.2014 12,137 0.52%
Axis Bank Ltd 19,274 0.83%
Bajaj Finance Limited CP - 23.04.2014 5,471 0.23%
Bank of Baroda CD - 11.07.2014 14,523 0.62%
CBLO - 02.04.2014 5,498 0.24%
Corporation Bank CD - 02.09.2014 4,693 0.20%
Corporation Bank CD - 12.12.2014 21,335 0.91%
Corporation Bank CD - 13.03.2015 13,161 0.56%
HDFC Bank Ltd 40,482 1.74%
HDFC Ltd CP - 02.12.14 28,180 1.21%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 2,025 0.09%
Housing Development Finance Corp. Ltd 26,812 1.15%
ICICI Bank Ltd 42,411 1.82%
IndusInd Bank Limited 12,632 0.54%
Infrastructure Development Finance Company Ltd 5,221 0.22%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 5,043 0.22%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 2,965 0.13%
Oriental Bank of Commerce CD - 20.03.2015 9,186 0.39%
PNB CD - 02.06.2014 29,535 1.27%
RECLtdCP-31.07.14 2,426 0.10%
Shriram Transport Finance Co. Ltd 6,152 0.26%
State Bank of India 6,280 0.27%
State Bank of Patiala CD - 04.09.2014 6,894 0.30%
Sundaram Fin CP - 18.09.14 3,813 0.16%
YESBANKLTD 5,242 0.22%
Total 651,142 27.92%
Others
State Development Loan 184,475 7.91%
Electricity,gas,steamandairconditioningsupply 132,224 5.67%
Computer programming, consultancy and related activities 103,580 4.44%
Manufacture of motor vehicles, trailers and semi-trailers 50,276 2.16%
Manufacture of coke and refined petroleum products 48,352 2.07%
Mfg of pharmaceuticals, medicinal chemical & botanical products 47,250 2.03%
Civil engineering 43,937 1.88%
Annual Report 2013-14 153
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Balanced Fund
% of Total Funds
ULIF-011-27/06/03-PNBALFND-107
Manufacture of tobacco products 42,394 1.82%
Manufacture of other non-metallic mineral products 24,132 1.03%
Wholesale trade, except of motor vehicles and motorcycles 22,204 0.95%
Extractionofcrudepetroleumandnaturalgas 21,303 0.91%
Telecommunications 12,383 0.53%
Manufacture of beverages 10,336 0.44%
Manufacture of other transport equipment 10,187 0.44%
Manufacture of basic metals 10,168 0.44%
Manufacture of chemicals and chemical products 9,735 0.42%
Information service activities 8,208 0.35%
Manufacture of machinery and equipment n.e.c. 7,206 0.31%
Water transport 7,031 0.30%
Manufacture of leather and related products 6,743 0.29%
Manufacture of food products 6,365 0.27%
Other manufacturing 6,228 0.27%
Net Current Assets 69,487 2.99%
Grand Total 2,331,793 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Balanced Fund
% of Total Funds
ULGF-003-27/06/03-BALFND-107
Financial and insurance activities
Bank of Baroda 6,660 0.31%
10.00% KMPL - 12.09.2014 1,994 0.09%
10.05% Bajaj Finance Ltd - 10.01.2017 9,028 0.43%
10.05% Tata Sons - 16.06.2014 4,001 0.19%
10.70% IRFC - 11.09.23 1,080 0.05%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 4,896 0.23%
11.05% KMPL - 30.05.2014 2,001 0.09%
7.90% IIFCL - 28.04.24 7,116 0.34%
8.20% IRFC - 27.04.2023 928 0.04%
8.26% IIFCL - 23.08.28 1,976 0.09%
8.30% PFC - 15.05.2018 P/C 15.05.2015 989 0.05%
8.46% IIFCL - 30.08.28 3,047 0.14%
8.55% IRFC - 03.02.2020 963 0.05%
8.72% NABARD - 19.02.2018 P 19.05.2014 9,987 0.47%
8.75%REC-12.07.2025 938 0.04%
8.80% Sundaram Finance - 03.06.16 10,756 0.51%
Kotak Mahindra Old Mutual Life Insurance Limited154
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Balanced Fund
% of Total Funds
ULGF-003-27/06/03-BALFND-107
8.82%REC-12.04.2023 953 0.05%
8.85% Tata Sons - 02.05.2018 963 0.05%
8.89% IDFC - 02.12.20 2,882 0.14%
8.89% LIC Housing Finance - 25.04.2023 939 0.04%
8.90% PFC - 18.03.2028 948 0.04%
8.91% PFC - 15.10.2017 6,896 0.33%
8.94% PFC - 25.03.2028 950 0.04%
8.99% Tata Sons - 07.06.2020 951 0.04%
9%HDFCBankFDNSE-05.08.2014 937 0.04%
9.00%HDFCBankFDBSE-24.07.2014 439 0.02%
9.00%HDFCBankFDNSE-24.07.2014 950 0.04%
9.00% SBH FD - 11.06.2014 9,000 0.43%
9.07%EXIM-11.09.2017 987 0.05%
9.09% IRFC - 29.03.2026 6,860 0.32%
9.09% IRFC - 31.03.2026 1,951 0.09%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 2,989 0.14%
9.15%EXIM-20.07.2015P/C20.01.2015 996 0.05%
9.20% SBT - 31.07.2017 994 0.05%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 999 0.05%
9.43% IRFC - 23.05.18 1,003 0.05%
9.60% HDFC - 07.08.2015 997 0.05%
9.75% HDFC - 10.01.2017 1,003 0.05%
9.75% LIC Housing Finance - 24.03.2018 1,000 0.05%
9.75%REC-11.11.2021. 1,008 0.05%
9.78% Tata Sons - 13.01.2019 11,014 0.52%
9.80% Bajaj Finance Ltd - 17.10.2016 6,003 0.28%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 9,101 0.43%
9.85% Sundaram Finance - 01.10.14 4,984 0.24%
9.85% Tata Sons - 21.05.2017 1,001 0.05%
9.90% Tata Sons - 09.03.2016 1,002 0.05%
9.90% Tata Sons - 20.03.2019 2,008 0.09%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 2,009 0.10%
Axis Bank Ltd 33,388 1.58%
Bajaj Finance Limited CP - 23.04.2014 2,487 0.12%
Bank of Baroda CD - 11.07.2014 7,700 0.36%
CBLO - 02.04.2014 16,994 0.80%
Corporation Bank CD - 12.12.2014 10,432 0.49%
HDFC Bank Ltd 74,932 3.54%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 10,123 0.48%
Housing Development Finance Corp. Ltd 49,591 2.35%
ICICI Bank Ltd 75,642 3.58%
Annual Report 2013-14 155
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Balanced Fund
% of Total Funds
ULGF-003-27/06/03-BALFND-107
IndusInd Bank Limited 26,050 1.23%
Infrastructure Development Finance Company Ltd 7,962 0.38%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 2,521 0.12%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 6,917 0.33%
Oriental Bank of Commerce CD - 20.03.2015 9,186 0.43%
PNB CD - 02.06.2014 49,225 2.33%
RECLtdCP-31.07.14 970 0.05%
Shriram Transport Finance Co. Ltd 8,588 0.41%
State Bank of India 10,198 0.48%
State Bank of Patiala CD - 01.12.2014 13,290 0.63%
YESBANKLTD 6,374 0.30%
Total 573,647 27.13%
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 25,232 1.19%
6.35% OMC GOI BOND - 23.12.2024 16 0.00%
6.83% GOI - 19.01.39 76 0.00%
6.90% GOI - 13.07.2019 2,772 0.13%
7.16% GOI - 20.05.2023 70,263 3.32%
7.17% GOI - 14.06.2015 616 0.03%
7.38% GOI 2015 - 03.09.2015 485 0.02%
7.50% GOI - 10.08.34 50 0.00%
7.94% GOI - 24.05.21 238 0.01%
7.95% GOI - 28.08.32 41 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 258 0.01%
8.20% OMC GOI Special Bond - 12.02.24 180 0.01%
8.24% GOI - 15.02.27 27,297 1.29%
8.26% GOI - 02.08.27 117 0.01%
8.28% GOI - 21.09.2027 86,240 4.08%
8.30% GOI 2040 ZCG - 02.01.2015 99 0.00%
8.30% GOI 2040 ZCG - 02.07.2014 103 0.00%
8.30% GOI 2040 ZCG - 02.07.2015 95 0.00%
8.79% GOI - 08.11.2021 890 0.04%
8.83% GOI - 25.11.2023 145,658 6.89%
9.20% GOI - 30.09.2030 51,424 2.46%
Total 412,150 19.49%
Others
Computer programming, consultancy and related activities 186,466 8.82%
Manufacture of coke and refined petroleum products 89,877 4.25%
State Development Loan 86,251 4.08%
Manufacture of motor vehicles, trailers and semi-trailers 82,832 3.92%
Mfg of pharmaceuticals, medicinal chemical & botanical products 82,216 3.89%
Kotak Mahindra Old Mutual Life Insurance Limited156
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Balanced Fund
% of Total Funds
ULGF-003-27/06/03-BALFND-107
Manufacture of tobacco products 77,144 3.65%
Electricity,gas,steamandairconditioningsupply 69,417 3.28%
Civil engineering 68,814 3.25%
Manufacture of other non-metallic mineral products 45,387 2.15%
Extractionofcrudepetroleumandnaturalgas 37,839 1.79%
Telecommunications 21,975 1.04%
Manufacture of beverages 20,438 0.97%
Manufacture of other transport equipment 16,677 0.79%
Information service activities 14,869 0.70%
Manufacture of chemicals and chemical products 14,588 0.69%
Wholesale trade, except of motor vehicles and motorcycles 13,121 0.62%
Water transport 13,046 0.62%
Manufacture of basic metals 12,556 0.59%
Manufacture of leather and related products 12,472 0.59%
Manufacture of machinery and equipment n.e.c. 10,581 0.50%
Manufacture of food products 10,479 0.50%
Other manufacturing 9,967 0.47%
Net Current Assets 131,555 6.22%
Grand Total 2,114,364 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Balanced Fund % of Total Funds
ULIF-037-21/12/09-BALKFND-107
Financial and insurance activities
Bank of Baroda 541 0.28%
10.05% Bajaj Finance Ltd - 10.01.2017 1,003 0.52%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 317 0.16%
7.90% IIFCL - 28.04.24 890 0.46%
8.45%REC-19.02.2015 993 0.51%
8.72% NABARD - 19.02.2018 P 19.05.2014 999 0.52%
8.80% Sundaram Finance - 03.06.16 978 0.50%
8.84%REC-16.10.2014 997 0.51%
9%HDFCBankFDNSE-05.08.2014 1 0.00%
9.00%HDFCBankFDBSE-24.07.2014 1 0.00%
9.00%HDFCBankFDNSE-24.07.2014 1 0.00%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 996 0.51%
9.40%REC-20.07.2017 996 0.51%
9.62% PFC - 29.06.2016 1,003 0.52%
9.78% Tata Sons - 13.01.2019 1,001 0.52%
Axis Bank Ltd 2,896 1.49%
Annual Report 2013-14 157
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Balanced Fund % of Total Funds
ULIF-037-21/12/09-BALKFND-107
Bajaj Finance Limited CP - 23.04.2014 497 0.26%
Bank of Baroda CD - 11.07.2014 682 0.35%
CBLO - 02.04.2014 6,997 3.61%
Corporation Bank CD - 12.12.2014 752 0.39%
HDFC Bank Ltd 6,033 3.11%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 1,012 0.52%
Housing Development Finance Corp. Ltd 4,524 2.33%
ICICI Bank Ltd 6,713 3.46%
IndusInd Bank Limited 1,933 1.00%
Infrastructure Development Finance Company Ltd 613 0.32%
Oriental Bank of Commerce CD - 20.03.2015 4,593 2.37%
PNB CD - 02.06.2014 4,922 2.54%
Shriram Transport Finance Co. Ltd 737 0.38%
State Bank of India 1,049 0.54%
State Bank of Patiala CD - 01.12.2014 848 0.44%
YESBANKLTD 541 0.30%
Total 56,059 28.93%
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 1,985 1.02%
10.25% GOI - 30.05.21 14 0.01%
6.01% GOI - 25.03.2028 122 0.06%
6.35% OMC GOI BOND - 23.12.2024 1 0.00%
6.83% GOI - 19.01.39 5 0.00%
6.90% GOI - 13.07.2019 198 0.10%
7.16% GOI - 20.05.2023 6,013 3.10%
7.17% GOI - 14.06.2015 41 0.02%
7.38% GOI 2015 - 03.09.2015 32 0.02%
7.46% GOI - 28.08.17 3 0.00%
7.50% GOI - 10.08.34 3 0.00%
7.94% GOI - 24.05.21 15 0.01%
7.95% GOI - 28.08.32 3 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 17 0.01%
8.24% GOI - 15.02.27 2,366 1.22%
8.26% GOI - 02.08.27 7 0.00%
8.28% GOI - 21.09.2027 7,423 3.83%
8.30% GOI 2040 ZCG - 02.01.2015 2 0.00%
8.30% GOI 2040 ZCG - 02.07.2014 2 0.00%
8.30% GOI 2040 ZCG - 02.07.2015 2 0.00%
8.79% GOI - 08.11.2021 58 0.03%
8.83% GOI - 25.11.2023 12,582 6.49%
9.20% GOI - 30.09.2030 4,439 2.31%
Total 35,333 18.23%
Kotak Mahindra Old Mutual Life Insurance Limited158
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Balanced Fund % of Total Funds
ULIF-037-21/12/09-BALKFND-107
Others
Computer programming, consultancy and related activities 16,014 8.26%
Manufacture of coke and refined petroleum products 7,560 3.90%
State Development Loan 7,435 3.84%
Manufacture of motor vehicles, trailers and semi-trailers 7,165 3.70%
Electricity,gas,steamandairconditioningsupply 6,829 3.52%
Mfg of pharmaceuticals, medicinal chemical & botanical products 6,677 3.45%
Manufacture of tobacco products 6,421 3.31%
Civil engineering 5,729 2.96%
Manufacture of other non-metallic mineral products 3,615 1.87%
Extractionofcrudepetroleumandnaturalgas 3,283 1.69%
Wholesale trade, except of motor vehicles and motorcycles 2,019 1.04%
Telecommunications 1,857 0.96%
Manufacture of beverages 1,652 0.85%
Manufacture of other transport equipment 1,306 0.67%
Information service activities 1,163 0.60%
Manufacture of chemicals and chemical products 1,070 0.55%
Water transport 1,010 0.52%
Manufacture of leather and related products 950 0.49%
Manufacture of basic metals 912 0.47%
Other manufacturing 846 0.44%
Manufacture of machinery and equipment n.e.c. 831 0.43%
Manufacture of food products 793 0.41%
Net Current Assets 17,249 8.91%
Grand Total 193,778 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Balanced Fund II
% of Total Funds
ULIF-046-24/01/10-PNBALFND2-107
Financial and insurance activities
Bank of Baroda 159 0.33%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 99 0.21%
9%HDFCBankFDNSE-05.08.2014 4 0.01%
9.00%HDFCBankFDBSE-24.07.2014 2 0.00%
9.00%HDFCBankFDNSE-24.07.2014 4 0.01%
Axis Bank Ltd 797 1.65%
Bajaj Finance Limited CP - 23.04.2014 497 1.03%
Bank of Baroda CD - 11.07.2014 195 0.40%
CBLO - 02.04.2014 1,000 2.07%
Corporation Bank CD - 12.12.2014 282 0.58%
Annual Report 2013-14 159
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Balanced Fund II
% of Total Funds
ULIF-046-24/01/10-PNBALFND2-107
HDFC Bank Ltd 1,692 3.51%
Housing Development Finance Corp. Ltd 1,203 2.50%
ICICI Bank Ltd 1,846 3.83%
IndusInd Bank Limited 629 1.30%
Infrastructure Development Finance Company Ltd 192 0.40%
PNB CD - 02.06.2014 984 2.04%
Shriram Transport Finance Co. Ltd 200 0.41%
State Bank of India 247 0.51%
State Bank of Patiala CD - 01.12.2014 377 0.78%
YESBANKLTD 153 0.34%
Total 10,562 21.91%
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 609 1.26%
6.01% GOI - 25.03.2028 69 0.14%
6.35% OMC GOI BOND - 23.12.2024 1 0.00%
6.83% GOI - 19.01.39 3 0.01%
6.90% GOI - 13.07.2019 74 0.15%
7.16% GOI - 20.05.2023 1,707 3.54%
7.17% GOI - 14.06.2015 17 0.03%
7.38% GOI 2015 - 03.09.2015 14 0.03%
7.50% GOI - 10.08.34 2 0.00%
7.94% GOI - 24.05.21 12 0.03%
7.95% GOI - 28.08.32 2 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 8 0.02%
8.24% GOI - 15.02.27 653 1.35%
8.26% GOI - 02.08.27 4 0.01%
8.28% GOI - 21.09.2027 2,069 4.29%
8.30% GOI 2040 ZCG - 02.01.2015 3 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 3 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 3 0.01%
8.79% GOI - 08.11.2021 26 0.05%
8.83% GOI - 25.11.2023 3,484 7.23%
9.20% GOI - 30.09.2030 1,230 2.56%
Total 9,993 20.73%
Others
Computer programming, consultancy and related activities 4,473 9.28%
Electricity,gas,steamandairconditioningsupply 2,847 5.91%
State Development Loan 2,562 5.32%
Manufacture of coke and refined petroleum products 2,146 4.45%
Manufacture of motor vehicles, trailers and semi-trailers 2,008 4.17%
Kotak Mahindra Old Mutual Life Insurance Limited160
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Balanced Fund II
% of Total Funds
ULIF-046-24/01/10-PNBALFND2-107
Mfg of pharmaceuticals, medicinal chemical & botanical products 1,994 4.14%
Manufacture of tobacco products 1,842 3.82%
Civil engineering 1,598 3.32%
Manufacture of other non-metallic mineral products 1,127 2.34%
Wholesale trade, except of motor vehicles and motorcycles 1,009 2.09%
Extractionofcrudepetroleumandnaturalgas 885 1.84%
Telecommunications 531 1.10%
Manufacture of beverages 498 1.03%
Manufacture of chemicals and chemical products 369 0.77%
Manufacture of other transport equipment 367 0.76%
Information service activities 358 0.74%
Water transport 314 0.65%
Manufacture of leather and related products 302 0.63%
Manufacture of basic metals 292 0.61%
Manufacture of machinery and equipment n.e.c. 260 0.54%
Manufacture of food products 249 0.52%
Other manufacturing 244 0.51%
Net Current Assets 1,371 2.82%
Grand Total 48,201 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Growth Fund
% of Total Funds
ULIF-012-27/06/03-DYGWTFND-107
Financial and insurance activities
Bank of Baroda 2,424 0.43%
10.70% IRFC - 11.09.23 1,080 0.19%
11.15%REC-24.10.2018 10,558 1.87%
8.45%REC-19.02.2015 993 0.18%
8.80% PFC - 15.01.2025 948 0.17%
8.80%REC-29.11.2020 960 0.17%
9%HDFCBankFDNSE-05.08.2014 743 0.13%
9.00%HDFCBankFDBSE-24.07.2014 356 0.06%
9.00%HDFCBankFDNSE-24.07.2014 772 0.14%
9.02%REC-19.11.2022 1,930 0.34%
9.09% IRFC - 31.03.2026 1,951 0.35%
9.57% IRFC - 31.05.2021 1,004 0.18%
9.64% PFC - 15.12.2016 2,000 0.35%
9.70% PFC - 15.12.2018 4,015 0.71%
Annual Report 2013-14 161
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Growth Fund
% of Total Funds
ULIF-012-27/06/03-DYGWTFND-107
9.75%REC-11.11.2021. 4,034 0.71%
9.8265% IDFC 2017 P/C 23.08.13 4,994 0.88%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 5,056 0.90%
Axis Bank Ltd 12,163 2.15%
CBLO - 02.04.2014 7,997 1.42%
HDFC Bank Ltd 27,216 4.82%
Housing Development Finance Corp. Ltd 17,976 3.18%
ICICI Bank Ltd 28,274 5.01%
IndusInd Bank Limited 9,972 1.77%
Infrastructure Development Finance Company Ltd 2,985 0.53%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 2,965 0.53%
Oriental Bank of Commerce CD - 20.03.2015 9,186 1.63%
Shriram Transport Finance Co. Ltd 3,170 0.56%
State Bank of India 3,730 0.66%
YESBANKLTD 2,365 0.42%
Total 171,817 30.44%
Computer programming, consultancy and related activities
HCL Technologies Ltd 5,801 1.03%
Infosys Ltd 27,178 4.81%
Tata Consultancy Services Ltd 26,150 4.63%
Tech Mahindra Ltd 3,469 0.61%
Wipro Ltd 4,981 0.89%
Total 67,579 11.97%
Others
GOVT. of INDIA 55,756 9.88%
Manufacture of coke and refined petroleum products 33,130 5.87%
Manufacture of motor vehicles, trailers and semi-trailers 30,464 5.40%
Mfg of pharmaceuticals, medicinal chemical & botanical products 30,303 5.37%
Manufacture of tobacco products 28,289 5.01%
Civil engineering 24,668 4.37%
Manufacture of other non-metallic mineral products 16,850 2.98%
Extractionofcrudepetroleumandnaturalgas 13,955 2.47%
Electricity,gas,steamandairconditioningsupply 12,245 2.17%
Telecommunications 8,166 1.45%
Manufacture of beverages 7,527 1.33%
State Development Loan 6,408 1.14%
Manufacture of other transport equipment 6,227 1.10%
Kotak Mahindra Old Mutual Life Insurance Limited162
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Growth Fund
% of Total Funds
ULIF-012-27/06/03-DYGWTFND-107
Wholesale trade, except of motor vehicles and motorcycles 6,056 1.07%
Manufacture of chemicals and chemical products 5,748 1.02%
Information service activities 5,597 0.99%
Water transport 4,886 0.87%
Manufacture of basic metals 4,762 0.84%
Manufacture of leather and related products 4,676 0.83%
Manufacture of machinery and equipment n.e.c. 3,956 0.70%
Manufacture of food products 3,932 0.70%
Other manufacturing 3,707 0.66%
Net Current Assets 7,792 1.37%
Grand Total 564,496 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 226,066 1.86%
10.25% GOI - 30.05.21 3,644 0.03%
12.30% GOI - 02.07.2016 5,373 0.04%
6.01% GOI - 25.03.2028 1,967 0.02%
6.05% GOI 2019 - 02.02.19 57 0.00%
6.35% OMC GOI BOND - 23.12.2024 158 0.00%
6.83% GOI - 19.01.39 1,015 0.01%
6.90% GOI - 13.07.2019 16,525 0.14%
6.90% OIL SPL - 04.02.2026 4 0.00%
7.00% GOI Fertilizer Bond - 10.12.22 23 0.00%
7.02% GOI - 17.08.2016 2,899 0.02%
7.16% GOI - 20.05.2023 599,637 4.93%
7.17% GOI - 14.06.2015 5,930 0.05%
7.35% GOI 2024- 22.06.24 2,092 0.02%
7.38% GOI 2015 - 03.09.2015 4,965 0.04%
7.50% GOI - 10.08.34 473 0.00%
7.56% GOI 2014 - 03.11.14 2,976 0.02%
7.59% GOI 2016 746 0.01%
7.75% OMC GOI BOND - 28.11.2021 6,692 0.06%
7.80% GOI - 03.05.2020 4,704 0.04%
7.80% GOI - 11.04.2021 3,599 0.03%
Annual Report 2013-14 163
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
7.94% GOI - 24.05.21 1,413 0.01%
7.95% GOI - 28.08.32 381 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 2,460 0.02%
8.07%GOIJan15,2017 4,430 0.04%
8.08% GOI - 02.08.2022 93 0.00%
8.20% OMC GOI Special Bond - 12.02.24 932 0.01%
8.24% GOI - 15.02.27 229,332 1.89%
8.26% GOI - 02.08.27 1,109 0.01%
8.28% GOI - 21.09.2027 735,227 6.04%
8.30% Fertilizer Co GOI - 07.12.23 935 0.01%
8.30% GOI - 02.07.2040 4,594 0.04%
8.30% GOI 2040 ZCG - 02.01.2015 1,542 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 1,606 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 1,480 0.01%
8.35% GOI - 14.05.22 3,738 0.03%
8.79% GOI - 08.11.2021 8,962 0.07%
8.83% GOI - 25.11.2023 1,233,852 10.14%
9.20% GOI - 30.09.2030 437,406 3.60%
Total 3,559,037 29.26%
Financial and insurance activities
Bank of Baroda 36,334 0.30%
10.00% KMPL - 12.09.2014 17,944 0.15%
10.05% Bajaj Finance Ltd - 10.01.2017 80,253 0.66%
10.05% Bajaj Finance Ltd - 11.08.2014 39,886 0.33%
10.05% Tata Sons - 16.06.2014 36,010 0.30%
10.10% HDFC - 13.09.2017 5,095 0.04%
10.25% Tata Sons - 13.05.2014 21,994 0.18%
10.70% IRFC - 11.09.23 8,643 0.07%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 46,769 0.38%
11.05% KMPL - 30.05.2014 18,005 0.15%
11.15%REC-24.10.2018 1,056 0.01%
6.75% Canara Bank 31.05.2014 9,949 0.08%
7.60% HDFC - 08.12.17 2,844 0.02%
7.90% IIFCL - 28.04.24 24,017 0.20%
8.00%REC-05.08.2014 19,871 0.16%
8.10% IIFCL - 08.04.24 905 0.01%
8.20% IRFC - 27.04.2023 12,067 0.10%
8.20% IRFC - 27.04.2024 1,849 0.02%
Kotak Mahindra Old Mutual Life Insurance Limited164
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
8.26% IIFCL - 23.08.28 15,804 0.13%
8.30% PFC - 15.05.2018 P/C 15.05.2015 9,893 0.08%
8.35% HDFC - 19.07.2015 8,882 0.07%
8.35%REC-04.09.2014 20,850 0.17%
8.38% HDFC - 20.05.2018 3,801 0.03%
8.46% IIFCL - 30.08.28 26,408 0.22%
8.48% HDFC - 17.05.2016 4,885 0.04%
8.55% IRFC - 03.02.2020 10,588 0.09%
8.60% IRFC 2019 - 11.06.2019 11,629 0.10%
8.60% LIC Housing Finance - 20.06.2018 1,923 0.02%
8.60% PFC 2014 - 07.08.2014 996 0.01%
8.70% PFC- 14.05.2025 940 0.01%
8.72% NABARD - 19.02.2018 P 19.05.2014 118,847 0.98%
8.75%REC-12.07.2025 11,259 0.09%
8.78% PFC - 15.11.2020 959 0.01%
8.80% Sundaram Finance - 03.06.16 77,249 0.64%
8.82%REC-12.04.2023 4,765 0.04%
8.83%EXIM-09.01.2023 1,908 0.02%
8.84%REC-16.10.2014 10,965 0.09%
8.85% Tata Sons - 02.05.2018 9,628 0.08%
8.89% IDFC - 02.12.20 33,621 0.28%
8.89% LIC Housing Finance - 25.04.2023 9,388 0.08%
8.90% PFC - 18.03.2028 4,740 0.04%
8.94% PFC - 25.03.2028 6,652 0.05%
8.99% PFC - 15.01.2021 2,907 0.02%
8.99% Tata Sons - 07.06.2020 9,508 0.08%
9%HDFCBankFDNSE-05.08.2014 11,142 0.09%
9.00%HDFCBankFDBSE-24.07.2014 5,222 0.04%
9.00%HDFCBankFDNSE-24.07.2014 11,315 0.09%
9.00% SBH FD - 11.06.2014 36,000 0.30%
9.05% BOB Perpetual Bond Call- 27.08.2020 5,608 0.05%
9.05% SBH Perpetual Bond Call- 20.09.2020 1,863 0.02%
9.05% SBI Perpetual Bond Call - 27.01.2020 3,744 0.03%
9.07%EXIM-11.09.2017 5,921 0.05%
9.09% IRFC - 29.03.2026 8,820 0.07%
9.09% IRFC - 31.03.2026 17,563 0.14%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 40,856 0.34%
9.15%EXIM-20.07.2015P/C20.01.2015 8,966 0.07%
Annual Report 2013-14 165
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
9.15%EXIMBank08.03.2021 977 0.01%
9.18% HDFC - 12.02.2018 5,881 0.05%
9.20% SBT - 31.07.2017 7,951 0.07%
9.23% LIC Housing Finance - 13.12.2022 3,853 0.03%
9.25% OBC FD1 - 07.04.2016 272 0.00%
9.35% IIFCL - 17.11.23 7,987 0.07%
9.38%REC-06.11.2018 2,004 0.02%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 8,991 0.07%
9.43% IRFC - 23.05.18 12,041 0.10%
9.44% PFC - 23.09.2021 995 0.01%
9.48%REC-10.08.2021 1,969 0.02%
9.50% SBT FD - 09.07.2014 29,700 0.24%
9.50% SBT FD - 15.07.2014 29,700 0.24%
9.60% HDFC - 07.08.2015 13,961 0.11%
9.64% PFC - 15.12.2016 5,999 0.05%
9.75% HDFC - 10.01.2017 7,023 0.06%
9.75% LIC Housing Finance - 24.03.2018 9,997 0.08%
9.75%REC-11.11.2021. 6,050 0.05%
9.78% Tata Sons - 13.01.2019 118,152 0.97%
9.80% Bajaj Finance Ltd - 17.10.2016 56,028 0.46%
9.8265% IDFC 2017 P/C 23.08.13 17,977 0.15%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 21,237 0.17%
9.85% Sundaram Finance - 01.10.14 76,756 0.63%
9.85% Tata Sons - 21.05.2017 8,006 0.07%
9.87% Tata Sons - 17.07.2017 2,994 0.02%
9.90% HDFC - 10.06.2021 P - 10.07.12 5,024 0.04%
9.90% Tata Sons - 09.03.2016 10,023 0.08%
9.90% Tata Sons - 20.03.2019 19,079 0.16%
9.96% PFC 2017 - 18.05.17 1,014 0.01%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 28,130 0.23%
Axis Bank Ltd 130,785 1.08%
Bajaj Finance Limited CP - 02.12.2014 33,769 0.28%
Bajaj Finance Limited CP - 23.04.2014 22,383 0.18%
Bank of Baroda CD - 11.07.2014 65,303 0.54%
CBLO - 02.04.2014 500 0.00%
Corporation Bank CD - 02.09.2014 18,982 0.16%
Corporation Bank CD - 12.12.2014 115,400 0.95%
Corporation Bank CD - 13.03.2015 31,843 0.26%
Kotak Mahindra Old Mutual Life Insurance Limited166
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
Corporation Bank CD - 25.06.2014 3,240 0.03%
EXIMCD-13.12.2014 6,578 0.05%
HDFC Bank Ltd 286,858 2.36%
HDFC Ltd CP - 02.12.14 122,584 1.01%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 10,123 0.08%
Housing Development Finance Corp. Ltd 186,435 1.53%
ICICI Bank Ltd 299,797 2.46%
IDFC CP - 07.08.14 1,936 0.02%
IndusInd Bank Limited 96,064 0.79%
Infrastructure Development Finance Company Ltd 37,685 0.31%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 5,043 0.04%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 66,209 0.54%
PNB CD - 02.03.2015 27,678 0.23%
PNB CD - 02.06.2014 24,612 0.20%
Shriram Transport Finance Co. Ltd 45,278 0.37%
State Bank of India 46,876 0.39%
State Bank of Patiala CD - 01.12.2014 24,506 0.20%
State Bank of Patiala CD - 04.09.2014 25,837 0.21%
Sundaram Fin CP - 18.09.14 5,243 0.04%
Vijaya Bank CD - 03.06.2014 2,062 0.02%
YESBANKLTD 36,567 0.28%
Total 3,259,453 26.80%
Others
State Development Loan 827,881 6.81%
Computer programming, consultancy and related activities 745,278 6.13%
Electricity,gas,steamandairconditioningsupply 737,042 6.06%
Manufacture of motor vehicles, trailers and semi-trailers 360,667 2.97%
Manufacture of coke and refined petroleum products 353,466 2.91%
Mfg of pharmaceuticals, medicinal chemical & botanical products 339,729 2.79%
Manufacture of tobacco products 304,643 2.50%
Civil engineering 303,928 2.50%
Manufacture of other non-metallic mineral products 174,500 1.43%
Extractionofcrudepetroleumandnaturalgas 153,517 1.26%
Telecommunications 97,084 0.80%
Manufacture of beverages 77,216 0.63%
Manufacture of basic metals 73,367 0.60%
Manufacture of other transport equipment 71,997 0.59%
Manufacture of chemicals and chemical products 69,653 0.57%
Annual Report 2013-14 167
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Guaranteed Growth Fund
% of Total Funds
ULIF-013-27/06/03-GRTGWTFND-107
Information service activities 59,024 0.49%
Manufacture of machinery and equipment n.e.c. 51,808 0.43%
Water transport 50,690 0.42%
Manufacture of leather and related products 48,758 0.40%
Manufacture of food products 45,587 0.37%
Wholesale trade, except of motor vehicles and motorcycles 45,417 0.37%
Other manufacturing 44,623 0.37%
Net Current Assets 309,164 2.54%
Grand Total 12,163,529 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Growth Fund
% of Total Funds
ULIF-030-07/01/09-PNGWTFND-107
Financial and insurance activities
Bank of Baroda 650 0.30%
10.05% Bajaj Finance Ltd - 10.01.2017 1,003 0.46%
10.05% Tata Sons - 16.06.2014 1,000 0.46%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 738 0.34%
7.90% IIFCL - 28.04.24 890 0.41%
8.72% NABARD - 19.02.2018 P 19.05.2014 1,997 0.92%
8.80% Sundaram Finance - 03.06.16 1,956 0.90%
9%HDFCBankFDNSE-05.08.2014 126 0.06%
9.00%HDFCBankFDBSE-24.07.2014 59 0.03%
9.00%HDFCBankFDNSE-24.07.2014 128 0.06%
9.09% IRFC - 29.03.2026 980 0.45%
9.1150% LIC Housing Finance - 11.02.18 - P - 11.09.14 996 0.46%
9.75%REC-11.11.2021. 1,008 0.47%
9.78% Tata Sons - 13.01.2019 3,004 1.39%
9.80% Bajaj Finance Ltd - 17.10.2016 1,000 0.46%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 1,011 0.47%
9.85% Sundaram Finance - 01.10.14 997 0.46%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,005 0.46%
Andhra Bank CD - 17.09.2014 1,242 0.57%
Axis Bank Ltd 2,381 1.10%
Bank of Baroda CD - 11.07.2014 1,170 0.54%
CBLO - 02.04.2014 5,498 2.54%
Corporation Bank CD - 02.09.2014 958 0.44%
Kotak Mahindra Old Mutual Life Insurance Limited168
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Growth Fund
% of Total Funds
ULIF-030-07/01/09-PNGWTFND-107
Corporation Bank CD - 12.12.2014 1,692 0.78%
Corporation Bank CD - 13.03.2015 1,012 0.47%
HDFC Bank Ltd 5,142 2.37%
HDFC Ltd CP - 02.12.14 1,879 0.87%
Housing Development Finance Corp. Ltd 3,487 1.61%
ICICI Bank Ltd 5,375 2.48%
IndusInd Bank Limited 1,695 0.78%
Infrastructure Development Finance Company Ltd 660 0.30%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 988 0.46%
Oriental Bank of Commerce CD - 20.03.2015 2,297 1.06%
PNB CD - 02.06.2014 7,384 3.41%
RECLtdCP-31.07.14 970 0.45%
Shriram Transport Finance Co. Ltd 787 0.36%
State Bank of India 761 0.35%
State Bank of Patiala CD - 04.09.2014 383 0.18%
YESBANKLTD 507 0.25%
Total 64,816 29.93%
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 4,033 1.86%
6.35% OMC GOI BOND - 23.12.2024 2 0.00%
6.83% GOI - 19.01.39 16 0.01%
6.90% GOI - 13.07.2019 464 0.21%
7.16% GOI - 20.05.2023 10,493 4.84%
7.17% GOI - 14.06.2015 106 0.05%
7.38% GOI 2015 - 03.09.2015 86 0.04%
7.50% GOI - 10.08.34 8 0.00%
7.94% GOI - 24.05.21 58 0.03%
7.95% GOI - 28.08.32 7 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 43 0.02%
8.24% GOI - 15.02.27 4,044 1.87%
8.26% GOI - 02.08.27 21 0.01%
8.28% GOI - 21.09.2027 12,879 5.95%
8.30% GOI 2040 ZCG - 02.01.2015 31 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 32 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 30 0.01%
8.79% GOI - 08.11.2021 158 0.07%
8.83% GOI - 25.11.2023 21,680 10.01%
9.20% GOI - 30.09.2030 7,667 3.56%
Annual Report 2013-14 169
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Growth Fund
% of Total Funds
ULIF-030-07/01/09-PNGWTFND-107
Total 61,858 28.56%
Others
State Development Loan 13,449 6.21%
Computer programming, consultancy and related activities 13,141 6.07%
Electricity,gas,steamandairconditioningsupply 9,728 4.49%
Manufacture of coke and refined petroleum products 6,713 3.10%
Manufacture of motor vehicles, trailers and semi-trailers 6,376 2.94%
Mfg of pharmaceuticals, medicinal chemical & botanical products 6,034 2.79%
Manufacture of tobacco products 5,373 2.48%
Civil engineering 5,035 2.32%
Manufacture of other non-metallic mineral products 3,093 1.43%
Extractionofcrudepetroleumandnaturalgas 2,683 1.24%
Wholesale trade, except of motor vehicles and motorcycles 2,019 0.93%
Telecommunications 1,566 0.72%
Manufacture of beverages 1,358 0.63%
Manufacture of other transport equipment 1,295 0.60%
Manufacture of chemicals and chemical products 1,238 0.57%
Information service activities 1,042 0.48%
Manufacture of machinery and equipment n.e.c. 921 0.43%
Water transport 893 0.41%
Manufacture of leather and related products 859 0.40%
Manufacture of basic metals 856 0.40%
Manufacture of food products 810 0.37%
Other manufacturing 785 0.36%
Net Current Assets 4,649 2.14%
Grand Total 216,590 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Aggressive Growth Fund
% of Total Funds
ULIF-018-13/09/04-AGRGWTFND-107
Financial and insurance activities
Bank of Baroda 14,015 0.56%
9%HDFCBankFDNSE-05.08.2014 4,103 0.16%
9.00%HDFCBankFDBSE-24.07.2014 1,913 0.08%
9.00%HDFCBankFDNSE-24.07.2014 4,145 0.17%
Axis Bank Ltd 70,273 2.80%
Bank of Baroda CD - 11.07.2014 32,651 1.30%
Kotak Mahindra Old Mutual Life Insurance Limited170
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Aggressive Growth Fund
% of Total Funds
ULIF-018-13/09/04-AGRGWTFND-107
CBLO - 02.04.2014 7,497 0.30%
HDFC Bank Ltd 153,545 6.12%
Housing Development Finance Corp. Ltd 100,722 4.02%
ICICI Bank Ltd 164,391 6.55%
IndusInd Bank Limited 56,062 2.23%
Infrastructure Development Finance Company Ltd 17,312 0.69%
Shriram Transport Finance Co. Ltd 18,112 0.72%
State Bank of India 21,137 0.84%
State Bank of Mysore CD - 24.09.2014 11,211 0.45%
YESBANKLTD 13,570 0.54%
Total 690,659 27.53%
Computer programming, consultancy and related activities
HCL Technologies Ltd 33,566 1.34%
Infosys Ltd 155,244 6.19%
Tata Consultancy Services Ltd 157,036 6.26%
Tech Mahindra Ltd 19,708 0.79%
Wipro Ltd 28,444 1.13%
Total 393,998 15.71%
Others
Manufacture of coke and refined petroleum products 188,527 7.52%
Manufacture of motor vehicles, trailers and semi-trailers 175,575 7.00%
Mfg of pharmaceuticals, medicinal chemical & botanical products 174,728 6.97%
Manufacture of tobacco products 161,128 6.42%
Civil engineering 140,811 5.61%
Manufacture of other non-metallic mineral products 96,852 3.86%
Extractionofcrudepetroleumandnaturalgas 79,171 3.16%
Telecommunications 46,981 1.87%
Manufacture of beverages 43,516 1.73%
Manufacture of other transport equipment 35,809 1.43%
Electricity,gas,steamandairconditioningsupply 33,911 1.35%
Manufacture of chemicals and chemical products 33,183 1.32%
Information service activities 32,113 1.28%
Water transport 28,277 1.13%
Manufacture of basic metals 27,105 1.08%
Manufacture of leather and related products 26,752 1.07%
Manufacture of machinery and equipment n.e.c. 22,831 0.91%
Manufacture of food products 22,526 0.90%
Other manufacturing 21,296 0.85%
Net Current Assets 32,898 1.30%
Grand Total 2,508,647 100.00%
Annual Report 2013-14 171
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Frontline Equity Fund % of Total Funds
ULIF-034-17/12/09-FRLEQUFND-107
Financial and insurance activities
Bank of Baroda 8,440 0.48%
9%HDFCBankFDNSE-05.08.2014 222 0.01%
9.00%HDFCBankFDBSE-24.07.2014 104 0.01%
9.00%HDFCBankFDNSE-24.07.2014 225 0.01%
Axis Bank Ltd 47,250 2.69%
Bank of Baroda CD - 10.12.2014 3,856 0.22%
Bank of Baroda CD - 11.07.2014 97,466 5.55%
Bank of Baroda CD - 22.01.2015 6,702 0.38%
CBLO - 02.04.2014 6,498 0.37%
Corporation Bank CD - 13.03.2015 3,773 0.21%
HDFC Bank Ltd 104,428 5.95%
Housing Development Finance Corp. Ltd 68,928 3.93%
ICICI Bank Ltd 107,306 6.11%
IDFC CP - 07.08.14 4,842 0.28%
IndusInd Bank Limited 38,315 2.18%
Infrastructure Development Finance Company Ltd 9,558 0.54%
Oriental Bank of Commerce CD - 01.12.2014 15,738 0.90%
Oriental Bank of Commerce CD - 20.03.2015 9,186 0.52%
PNB CD - 02.03.2015 9,226 0.53%
Shriram Transport Finance Co. Ltd 12,103 0.69%
State Bank of India 19,624 1.12%
State Bank of Mysore CD - 24.09.2014 6,228 0.35%
YESBANKLTD 8,574 0.50%
Total 588,592 33.53%
Computer programming, consultancy and related activities
HCL Technologies Ltd 22,799 1.30%
Infosys Ltd 101,084 5.76%
Tata Consultancy Services Ltd 101,303 5.77%
Tech Mahindra Ltd 13,393 0.76%
Wipro Ltd 19,295 1.10%
Total 257,874 14.69%
Others
Manufacture of motor vehicles, trailers and semi-trailers 123,079 7.01%
Manufacture of coke and refined petroleum products 118,344 6.74%
Mfg of pharmaceuticals, medicinal chemical & botanical products 111,636 6.36%
Manufacture of tobacco products 102,279 5.83%
Civil engineering 95,467 5.44%
Kotak Mahindra Old Mutual Life Insurance Limited172
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Frontline Equity Fund % of Total Funds
ULIF-034-17/12/09-FRLEQUFND-107
Manufacture of other non-metallic mineral products 58,210 3.32%
Extractionofcrudepetroleumandnaturalgas 53,620 3.05%
Telecommunications 29,563 1.68%
Manufacture of beverages 25,903 1.48%
Manufacture of other transport equipment 21,832 1.24%
Manufacture of chemicals and chemical products 20,506 1.17%
Electricity,gas,steamandairconditioningsupply 19,698 1.12%
Information service activities 18,610 1.06%
Manufacture of basic metals 18,381 1.05%
Water transport 15,648 0.89%
Manufacture of food products 15,567 0.89%
Manufacture of leather and related products 14,704 0.84%
Manufacture of machinery and equipment n.e.c. 14,464 0.82%
Other manufacturing 13,561 0.77%
Net Current Assets 17,850 1.02%
Grand Total 1,755,388 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Frontline Equity Fund
% of Total Funds
ULIF-044-11/01/10-PNFRLEQFND-107
Financial and insurance activities
Bank of Baroda 1,377 0.53%
9%HDFCBankFDNSE-05.08.2014 39 0.01%
9.00%HDFCBankFDBSE-24.07.2014 17 0.01%
9.00%HDFCBankFDNSE-24.07.2014 36 0.01%
Axis Bank Ltd 7,269 2.81%
Bank of Baroda CD - 10.12.2014 564 0.22%
Bank of Baroda CD - 11.07.2014 7,310 2.82%
Bank of Baroda CD - 22.01.2015 465 0.18%
CBLO - 02.04.2014 5,498 2.12%
Corporation Bank CD - 13.03.2015 552 0.21%
HDFC Bank Ltd 15,853 6.12%
Housing Development Finance Corp. Ltd 11,054 4.27%
ICICI Bank Ltd 16,331 6.30%
IDFC CP - 07.08.14 484 0.19%
IndusInd Bank Limited 5,537 2.14%
Infrastructure Development Finance Company Ltd 1,634 0.63%
Annual Report 2013-14 173
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Frontline Equity Fund
% of Total Funds
ULIF-044-11/01/10-PNFRLEQFND-107
Oriental Bank of Commerce CD - 01.12.2014 2,262 0.87%
PNB CD - 02.03.2015 1,568 0.61%
Shriram Transport Finance Co. Ltd 1,865 0.72%
State Bank of India 2,654 1.02%
YESBANKLTD 1,353 0.52%
Total 83,722 32.31%
Computer programming, consultancy and related activities
HCL Technologies Ltd 3,317 1.28%
Infosys Ltd 15,590 6.02%
Tata Consultancy Services Ltd 15,374 5.93%
Tech Mahindra Ltd 2,050 0.79%
Wipro Ltd 2,944 1.14%
Total 39,275 15.16%
Others
Manufacture of coke and refined petroleum products 18,408 7.10%
Manufacture of motor vehicles, trailers and semi-trailers 17,793 6.87%
Mfg of pharmaceuticals, medicinal chemical & botanical products 17,045 6.58%
Manufacture of tobacco products 15,697 6.06%
Civil engineering 14,404 5.56%
Manufacture of other non-metallic mineral products 9,390 3.62%
Extractionofcrudepetroleumandnaturalgas 7,933 3.06%
Telecommunications 4,658 1.80%
Manufacture of beverages 4,244 1.64%
Electricity,gas,steamandairconditioningsupply 3,388 1.31%
Manufacture of other transport equipment 3,377 1.30%
Manufacture of chemicals and chemical products 3,335 1.29%
Information service activities 3,047 1.18%
Water transport 2,724 1.05%
Manufacture of basic metals 2,520 0.97%
Manufacture of leather and related products 2,491 0.96%
Manufacture of food products 2,349 0.91%
Manufacture of machinery and equipment n.e.c. 2,190 0.85%
Other manufacturing 2,120 0.82%
Net Current Assets (1,000) -0.40%
Grand Total 259,110 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited174
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Opportunities Fund
% of Total Funds
ULIF-029-02/10/08-OPPFND-107
Financial and insurance activities
Bank of Baroda 56,247 0.76%
9%HDFCBankFDNSE-05.08.2014 4,987 0.07%
9.00%HDFCBankFDBSE-24.07.2014 2,292 0.03%
9.00%HDFCBankFDNSE-24.07.2014 4,966 0.07%
Axis Bank Ltd 208,792 2.81%
Bank of Baroda CD - 10.12.2014 17,492 0.24%
Bank of Baroda CD - 11.07.2014 85,283 1.15%
Bank of Baroda CD - 22.01.2015 22,433 0.30%
Corporation Bank CD - 13.03.2015 1,012 0.01%
HDFC Bank Ltd 440,176 5.93%
Housing Development Finance Corp. Ltd 278,767 3.76%
ICICI Bank Ltd 456,913 6.16%
IDFC CP - 07.08.14 3,874 0.05%
IndusInd Bank Limited 141,008 1.90%
Infrastructure Development Finance Company Ltd 76,630 1.03%
Oriental Bank of Commerce CD - 01.12.2014 29,874 0.40%
PNB CD - 02.03.2015 11,902 0.16%
Shriram Transport Finance Co. Ltd 74,724 1.01%
State Bank of India 80,614 1.09%
Vijaya Bank CD - 03.06.2014 1,282 0.02%
YESBANKLTD 65,089 0.86%
Total 2,064,357 27.81%
Computer programming, consultancy and related activities
HCL Technologies Ltd 82,742 1.11%
Infosys Ltd 419,371 5.65%
Tata Consultancy Services Ltd 397,894 5.36%
Tech Mahindra Ltd 65,665 0.88%
Wipro Ltd 126,177 1.71%
Total 1,091,849 14.71%
Others
Mfg of pharmaceuticals, medicinal chemical & botanical products 549,869 7.41%
Manufacture of motor vehicles, trailers and semi-trailers 533,748 7.19%
Manufacture of coke and refined petroleum products 493,026 6.64%
Civil engineering 431,991 5.82%
Manufacture of tobacco products 408,035 5.50%
Manufacture of other non-metallic mineral products 378,565 5.10%
Telecommunications 195,594 2.63%
Annual Report 2013-14 175
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Opportunities Fund
% of Total Funds
ULIF-029-02/10/08-OPPFND-107
Extractionofcrudepetroleumandnaturalgas 184,365 2.48%
Manufacture of other transport equipment 145,558 1.96%
Manufacture of food products 144,202 1.94%
Information service activities 136,295 1.84%
Other manufacturing 102,358 1.38%
Manufacture of beverages 78,507 1.06%
Manufacture of machinery and equipment n.e.c. 76,904 1.04%
Manufacture of electrical equipment 76,388 1.03%
Electricity,gas,steamandairconditioningsupply 75,597 1.02%
Manufacture of basic metals 64,138 0.86%
Mining of metal ores 62,086 0.84%
Real estate activities 48,449 0.65%
Manufacture of chemicals and chemical products 45,901 0.62%
Water transport 11,207 0.15%
Net Current Assets 24,377 0.32%
Grand Total 7,423,366 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Opportunities Fund
% of Total Funds
ULIF-032-17/07/09-PNOPPFND-107
Financial and insurance activities
Bank of Baroda 1,246 0.76%
9%HDFCBankFDNSE-05.08.2014 53 0.03%
9.00%HDFCBankFDBSE-24.07.2014 24 0.01%
9.00%HDFCBankFDNSE-24.07.2014 53 0.03%
Axis Bank Ltd 4,656 2.85%
Bank of Baroda CD - 10.12.2014 376 0.23%
Bank of Baroda CD - 11.07.2014 1,462 0.89%
Bank of Baroda CD - 22.01.2015 745 0.46%
Corporation Bank CD - 13.03.2015 184 0.11%
HDFC Bank Ltd 9,823 6.01%
Housing Development Finance Corp. Ltd 6,481 3.97%
ICICI Bank Ltd 10,163 6.22%
IndusInd Bank Limited 2,922 1.79%
Infrastructure Development Finance Company Ltd 1,709 1.05%
Oriental Bank of Commerce CD - 01.12.2014 1,791 1.10%
Shriram Transport Finance Co. Ltd 1,696 1.04%
Kotak Mahindra Old Mutual Life Insurance Limited176
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Opportunities Fund
% of Total Funds
ULIF-032-17/07/09-PNOPPFND-107
State Bank of India 1,805 1.10%
YESBANKLTD 1,450 0.89%
Total 46,639 28.54%
Computer programming, consultancy and related activities
HCL Technologies Ltd 1,837 1.12%
Infosys Ltd 9,386 5.74%
Tata Consultancy Services Ltd 8,985 5.50%
Tech Mahindra Ltd 1,472 0.90%
Wipro Ltd 2,822 1.73%
Total 24,502 14.99%
Others
Mfg of pharmaceuticals, medicinal chemical & botanical products 12,162 7.44%
Manufacture of motor vehicles, trailers and semi-trailers 11,924 7.30%
Manufacture of coke and refined petroleum products 11,087 6.78%
Civil engineering 9,586 5.87%
Manufacture of tobacco products 9,152 5.60%
Manufacture of other non-metallic mineral products 7,926 4.85%
Telecommunications 4,363 2.67%
Extractionofcrudepetroleumandnaturalgas 4,125 2.52%
Manufacture of other transport equipment 3,251 1.99%
Manufacture of food products 3,243 1.98%
Information service activities 3,033 1.86%
Other manufacturing 2,304 1.41%
Manufacture of beverages 1,755 1.07%
Manufacture of machinery and equipment n.e.c. 1,717 1.05%
Electricity,gas,steamandairconditioningsupply 1,680 1.03%
Manufacture of basic metals 1,432 0.88%
Manufacture of electrical equipment 1,405 0.86%
Mining of metal ores 1,386 0.85%
Real estate activities 1,088 0.67%
Manufacture of chemicals and chemical products 1,037 0.63%
Water transport 250 0.15%
Net Current Assets (1,623) -0.99%
Grand Total 163,424 100.00%
Annual Report 2013-14 177
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Classic Opportunities Fund
% of Total Funds
ULIF-033-16/12/09-CLAOPPFND-107
Financial and insurance activities
Bank of Baroda 66,057 0.72%
9%HDFCBankFDNSE-05.08.2014 1,292 0.01%
9.00%HDFCBankFDBSE-24.07.2014 586 0.01%
9.00%HDFCBankFDNSE-24.07.2014 1,270 0.01%
Axis Bank Ltd 253,933 2.77%
Bank of Baroda CD - 10.12.2014 21,159 0.23%
Bank of Baroda CD - 11.07.2014 141,326 1.54%
Bank of Baroda CD - 22.01.2015 57,897 0.63%
CBLO - 02.04.2014 6,498 0.07%
Corporation Bank CD - 13.03.2015 17,026 0.19%
HDFC Bank Ltd 536,781 5.85%
Housing Development Finance Corp. Ltd 357,703 3.90%
ICICI Bank Ltd 554,182 6.04%
IDFC CP - 07.08.14 5,811 0.06%
IndusInd Bank Limited 159,885 1.74%
Infrastructure Development Finance Company Ltd 93,189 1.02%
Oriental Bank of Commerce CD - 01.12.2014 100,082 1.09%
PNB CD - 02.03.2015 66,797 0.73%
Shriram Transport Finance Co. Ltd 89,552 0.98%
State Bank of India 101,069 1.10%
State Bank of Mysore CD - 24.09.2014 8,432 0.09%
State Bank of Patiala CD - 04.09.2014 12,031 0.13%
Vijaya Bank CD - 03.06.2014 9,862 0.11%
YESBANKLTD 79,319 0.87%
Total 2,741,739 29.89%
Computer programming, consultancy and related activities
HCL Technologies Ltd 96,515 1.05%
Infosys Ltd 510,626 5.57%
Tata Consultancy Services Ltd 472,388 5.15%
Tech Mahindra Ltd 79,893 0.87%
Wipro Ltd 153,460 1.67%
Total 1,312,882 14.31%
Others
Manufacture of motor vehicles, trailers and semi-trailers 645,725 7.04%
Mfg of pharmaceuticals, medicinal chemical & botanical products 645,233 7.03%
Manufacture of coke and refined petroleum products 589,921 6.43%
Civil engineering 522,352 5.69%
Kotak Mahindra Old Mutual Life Insurance Limited178
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Classic Opportunities Fund
% of Total Funds
ULIF-033-16/12/09-CLAOPPFND-107
Manufacture of tobacco products 493,210 5.38%
Manufacture of other non-metallic mineral products 429,667 4.68%
Telecommunications 236,092 2.57%
Extractionofcrudepetroleumandnaturalgas 221,938 2.42%
Manufacture of other transport equipment 176,659 1.93%
Manufacture of food products 173,255 1.89%
Information service activities 156,634 1.71%
Other manufacturing 124,491 1.36%
Manufacture of beverages 95,539 1.04%
Manufacture of machinery and equipment n.e.c. 93,662 1.02%
Electricity,gas,steamandairconditioningsupply 90,456 0.99%
Manufacture of electrical equipment 80,503 0.88%
Manufacture of basic metals 77,937 0.85%
Mining of metal ores 74,726 0.81%
Manufacture of chemicals and chemical products 54,842 0.60%
Real estate activities 49,472 0.54%
Water transport 13,560 0.15%
Net Current Assets 72,108 0.79%
Grand Total 9,172,603 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Classic Opportunities Fund
% of Total Funds
ULIF-042-07/01/10-PNCLAOPFND-107
Financial and insurance activities
Bank of Baroda 11,431 0.76%
9%HDFCBankFDNSE-05.08.2014 172 0.01%
9.00%HDFCBankFDBSE-24.07.2014 72 0.00%
9.00%HDFCBankFDNSE-24.07.2014 157 0.01%
Axis Bank Ltd 42,571 2.83%
Bank of Baroda CD - 10.12.2014 3,574 0.24%
Bank of Baroda CD - 11.07.2014 24,367 1.62%
CBLO - 02.04.2014 1,500 0.10%
Corporation Bank CD - 13.03.2015 3,221 0.21%
HDFC Bank Ltd 89,773 5.96%
Housing Development Finance Corp. Ltd 56,625 3.76%
ICICI Bank Ltd 93,356 6.20%
IndusInd Bank Limited 28,779 1.91%
Annual Report 2013-14 179
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Classic Opportunities Fund
% of Total Funds
ULIF-042-07/01/10-PNCLAOPFND-107
Infrastructure Development Finance Company Ltd 15,622 1.04%
Oriental Bank of Commerce CD - 01.12.2014 1,131 0.08%
PNB CD - 02.03.2015 1,107 0.07%
Shriram Transport Finance Co. Ltd 15,158 1.01%
State Bank of India 16,621 1.10%
State Bank of Mysore CD - 24.09.2014 6,612 0.44%
YESBANKLTD 13,261 0.87%
Total 425,110 28.22%
Computer programming, consultancy and related activities
HCL Technologies Ltd 16,417 1.09%
Infosys Ltd 85,350 5.67%
Tata Consultancy Services Ltd 80,904 5.37%
Tech Mahindra Ltd 13,393 0.89%
Wipro Ltd 25,716 1.70%
Total 221,780 14.72%
Others
Mfg of pharmaceuticals, medicinal chemical & botanical products 111,538 7.40%
Manufacture of motor vehicles, trailers and semi-trailers 108,674 7.21%
Manufacture of coke and refined petroleum products 100,086 6.64%
Civil engineering 87,943 5.84%
Manufacture of tobacco products 82,991 5.51%
Manufacture of other non-metallic mineral products 76,336 5.07%
Telecommunications 39,810 2.64%
Extractionofcrudepetroleumandnaturalgas 37,481 2.49%
Manufacture of other transport equipment 29,657 1.97%
Manufacture of food products 29,276 1.94%
Information service activities 27,434 1.82%
Other manufacturing 20,882 1.39%
Manufacture of beverages 16,022 1.06%
Manufacture of electrical equipment 15,751 1.05%
Manufacture of machinery and equipment n.e.c. 15,672 1.04%
Electricity,gas,steamandairconditioningsupply 15,441 1.03%
Manufacture of basic metals 13,073 0.87%
Mining of metal ores 12,588 0.84%
Real estate activities 10,474 0.70%
Manufacture of chemicals and chemical products 9,297 0.62%
Water transport 2,282 0.15%
Net Current Assets (3,207) -0.22%
Grand Total 1,506,391 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited180
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds
ULIF-028-14/11/06-DYFLRFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 198,868 1.94%
10.25% GOI - 30.05.21 10,558 0.10%
6.35% OMC GOI BOND - 23.12.2024 166 0.00%
6.83% GOI - 19.01.39 550 0.01%
6.90% GOI - 13.07.2019 10,578 0.10%
7.00% GOI Fertilizer Bond - 10.12.22 156 0.00%
7.02% GOI - 17.08.2016 11,061 0.11%
7.16% GOI - 20.05.2023 538,670 5.25%
7.17% GOI - 14.06.2015 6,664 0.06%
7.38% GOI 2015 - 03.09.2015 6,264 0.06%
7.46% GOI - 28.08.17 2,494 0.02%
7.50% GOI - 10.08.34 349 0.00%
7.59% GOI 2016 2,156 0.02%
7.75% OMC GOI BOND - 28.11.2021 3,346 0.03%
7.94% GOI - 24.05.21 2,787 0.03%
7.95% GOI - 28.08.32 237 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 2,105 0.02%
8.08% GOI - 02.08.2022 2,711 0.03%
8.15% GOI FCI Bonds - 16.10.22 2,340 0.02%
8.20% GOI - 15.02.22 9,091 0.09%
8.20% OMC GOI Special Bond - 12.02.24 74 0.00%
8.24% GOI - 15.02.27 208,330 2.03%
8.26% GOI - 02.08.27 735 0.01%
8.28% GOI - 21.09.2027 591,234 5.77%
8.30% GOI 2040 ZCG - 02.01.2015 691 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 720 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 663 0.01%
8.79% GOI - 08.11.2021 8,251 0.08%
8.83% GOI - 25.11.2023 1,061,272 10.35%
9.20% GOI - 30.09.2030 392,693 3.84%
Total 3,075,814 30.00%
Financial and insurance activities
Bank of Baroda 21,788 0.21%
10.00% KMPL - 12.09.2014 20,935 0.20%
10.05% Bajaj Finance Ltd - 10.01.2017 70,221 0.68%
10.05% Bajaj Finance Ltd - 11.08.2014 29,914 0.29%
10.30% Tata Sons - 23.04.2014 5,002 0.05%
Annual Report 2013-14 181
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds
ULIF-028-14/11/06-DYFLRFND-107
10.35% HDFC 2017 - 16.05.17 5,122 0.05%
10.70% IRFC - 11.09.23 7,563 0.07%
10.75% Magma Fincorp Ltd-07.08.2014 2,995 0.03%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 45,982 0.45%
11% PFC - 15.09.18 1,050 0.01%
11.05% KMPL - 30.05.2014 21,006 0.20%
11.15% HDFC - 06.08.2018 12,645 0.12%
11.25% HDFC - 04.09.2018 19,042 0.19%
7.90% IIFCL - 28.04.24 61,377 0.60%
8.00%REC-05.08.2014 9,935 0.10%
8.20% IRFC - 27.04.2024 925 0.01%
8.26% IIFCL - 23.08.28 21,731 0.21%
8.26% LIC Housing Finance - 08.07.2015 5,917 0.06%
8.30% PFC - 15.05.2018 P/C 15.05.2015 8,904 0.09%
8.35% HDFC - 19.07.2015 987 0.01%
8.35%REC-04.09.2014 6,950 0.07%
8.38% HDFC - 20.05.2018 3,801 0.04%
8.46% IIFCL - 30.08.28 32,502 0.32%
8.48% HDFC - 17.05.2016 2,931 0.03%
8.50% IRFC - 22.06.2020 15,334 0.15%
8.55% IRFC - 03.02.2020 5,775 0.06%
8.60% PFC 2024 - 07.08.2024 1,872 0.02%
8.68% IRFC - 29.11.2021 953 0.01%
8.72% NABARD - 19.02.2018 P 19.05.2014 120,844 1.18%
8.75%REC-12.07.2025 6,568 0.06%
8.78% PFC - 15.11.2020 2,878 0.03%
8.79% IRFC - 04.05.2030 1,897 0.02%
8.80% PFC - 15.01.2025 3,791 0.04%
8.80% Sundaram Finance - 03.06.16 100,718 0.98%
8.82%REC-12.04.2023 4,765 0.05%
8.83%EXIM-09.01.2023 1,908 0.02%
8.85% Tata Sons - 02.05.2018 10,591 0.10%
8.89% IDFC - 02.12.20 32,661 0.32%
8.89% LIC Housing Finance - 25.04.2023 3,755 0.04%
8.90% PFC - 18.03.2028 2,844 0.03%
8.91% PFC - 15.10.2017 8,866 0.09%
8.94% PFC - 25.03.2028 5,702 0.06%
8.95% IRFC Ltd- 10.03.2025 1,943 0.02%
Kotak Mahindra Old Mutual Life Insurance Limited182
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds
ULIF-028-14/11/06-DYFLRFND-107
8.95% PFC- 30.03.2020 970 0.01%
8.98% HDFC - 26.11.2020 10,573 0.10%
8.99% PFC - 15.01.2021 969 0.01%
8.99% Tata Sons - 07.06.2020 7,607 0.07%
9%HDFCBankFDNSE-05.08.2014 2,843 0.03%
9.00%HDFCBankFDBSE-24.07.2014 1,244 0.01%
9.00%HDFCBankFDNSE-24.07.2014 2,696 0.03%
9.00% SBH FD - 11.06.2014 27,000 0.26%
9.05% PFC - 15.12.2025 947 0.01%
9.05% SBH Perpetual Bond Call- 20.09.2020 13,970 0.14%
9.07%EXIM-11.09.2017 4,935 0.05%
9.09% IRFC - 29.03.2026 10,780 0.11%
9.09% IRFC - 31.03.2026 16,587 0.16%
9.14%EXIM-01.08.2022 3,925 0.04%
9.15%EXIM-20.07.2015P/C20.01.2015 8,966 0.09%
9.15%EXIMBank-30.03.2021 1,956 0.02%
9.20% SBT - 31.07.2017 9,938 0.10%
9.23% LIC Housing Finance - 13.12.2022 2,890 0.03%
9.25% IDFC - 13.09.19 26,718 0.26%
9.25% LIC Housing Finance - 12.11.2022 13,520 0.13%
9.35% IIFCL - 17.11.23 998 0.01%
9.36% PFC - 01.08.2021 2,957 0.03%
9.38%REC-06.11.2018 1,002 0.01%
9.40%REC-20.07.2017 3,984 0.04%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 8,991 0.09%
9.43% IRFC - 23.05.18 7,024 0.07%
9.44% PFC - 23.09.2021 19,901 0.19%
9.50% HDFC - 13.09.2017 1,985 0.02%
9.50% SBT FD - 05.07.2014 9,900 0.10%
9.57%EXIM-10.01.2024 1,997 0.02%
9.62% PFC - 29.06.2016 1,003 0.01%
9.64% PFC - 15.12.2016 5,999 0.06%
9.75% HDFC - 10.01.2017 5,016 0.05%
9.75% HDFC 07.12.16 - PC 07.01.13 12,019 0.12%
9.75% LIC Housing Finance - 24.03.2018 8,997 0.09%
9.75%REC-11.11.2021. 6,050 0.06%
9.75% Tata Sons - 21.04.2016 2,982 0.03%
9.78% Tata Sons - 13.01.2019 146,187 1.43%
Annual Report 2013-14 183
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds
ULIF-028-14/11/06-DYFLRFND-107
9.80% Bajaj Finance Ltd - 17.10.2016 56,028 0.55%
9.8265% IDFC 2017 P/C 23.08.13 4,994 0.05%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 54,609 0.53%
9.85%REC-28.09.17 15,185 0.15%
9.85% Tata Sons - 21.05.2017 9,007 0.09%
9.87% Tata Sons - 17.07.2017 998 0.01%
9.90% HDFC - 10.06.2021 P - 10.07.12 9,043 0.09%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 34,460 0.34%
9.90% Tata Sons - 09.03.2016 9,021 0.09%
9.90% Tata Sons - 20.03.2019 17,071 0.17%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 46,213 0.45%
9.98% Tata Sons - 10.04.2015 3,010 0.03%
Axis Bank Ltd 72,444 0.71%
Bajaj Finance Limited CP - 23.04.2014 16,912 0.16%
Bank of Baroda CD - 22.01.2015 11,603 0.11%
Cairn India Ltd 32,058 0.31%
CBLO - 02.04.2014 18,493 0.18%
Coal India Ltd 29,191 0.28%
HDFC Bank Ltd 224,827 2.19%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 50,614 0.49%
Housing Development Finance Corp. Ltd 223,040 2.18%
ICICI Bank Ltd 231,954 2.26%
IndusInd Bank Limited 34,227 0.33%
Infrastructure Development Finance Company Ltd 31,403 0.31%
L&T Finance CP - 07.10.2014 35,195 0.34%
L&TFinanceLtdNSEMibor+1.55%-28.10.2016 12,606 0.12%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 43,480 0.42%
Oriental Bank of Commerce CD - 20.03.2015 22,966 0.22%
PNB CD - 02.03.2015 27,678 0.27%
PNB CD - 02.06.2014 55,033 0.54%
Punjab National Bank 17,388 0.17%
RECLtdCP-31.07.14 3,882 0.04%
State Bank of India 94,092 0.87%
Vijaya Bank CD - 03.06.2014 6,111 0.06%
Total 2,723,752 26.57%
Others
State Development Loan 678,307 6.62%
Electricity,gas,steamandairconditioningsupply 663,959 6.48%
Kotak Mahindra Old Mutual Life Insurance Limited184
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Funds
ULIF-028-14/11/06-DYFLRFND-107
Computer programming, consultancy and related activities 658,458 6.42%
Manufacture of tobacco products 349,685 3.41%
Manufacture of coke and refined petroleum products 327,293 3.19%
Manufacture of motor vehicles, trailers and semi-trailers 296,243 2.89%
Mfg of pharmaceuticals, medicinal chemical & botanical products 243,676 2.38%
Civil engineering 234,959 2.29%
Manufacture of basic metals 201,445 1.96%
Manufacture of chemicals and chemical products 178,087 1.74%
Extractionofcrudepetroleumandnaturalgas 116,908 1.14%
Manufacture of other transport equipment 114,695 1.12%
Manufacture of other non-metallic mineral products 103,261 1.01%
Wholesale trade, except of motor vehicles and motorcycles 78,723 0.77%
Telecommunications 78,361 0.76%
Mining of metal ores 70,840 0.69%
Manufacture of beverages 40,445 0.39%
Warehousing and support activities for transportation 34,782 0.34%
Manufacture of machinery and equipment n.e.c. 31,810 0.31%
Real estate activities 16,202 0.16%
Net Current Assets (64,760) -0.64%
Grand Total 10,252,945 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Dynamic Floor Fund
% of Total Funds
ULGF-015-07/01/10-DYFLRFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 847 2.21%
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 133 0.35%
7.00% GOI Fertilizer Bond - 10.12.22 5 0.01%
7.16% GOI - 20.05.2023 1,980 5.18%
7.17% GOI - 14.06.2015 36 0.10%
7.38% GOI 2015 - 03.09.2015 34 0.09%
7.50% GOI - 10.08.34 2 0.00%
7.94% GOI - 24.05.21 4 0.01%
7.95% GOI - 28.08.32 2 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 12 0.03%
Annual Report 2013-14 185
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Dynamic Floor Fund
% of Total Funds
ULGF-015-07/01/10-DYFLRFND-107
8.24% GOI - 15.02.27 755 1.98%
8.26% GOI - 02.08.27 4 0.01%
8.28% GOI - 21.09.2027 2,171 5.68%
8.30% GOI 2040 ZCG - 02.01.2015 20 0.05%
8.30% GOI 2040 ZCG - 02.07.2014 21 0.05%
8.30% GOI 2040 ZCG - 02.07.2015 19 0.05%
8.79% GOI - 08.11.2021 45 0.12%
8.83% GOI - 25.11.2023 3,880 10.15%
9.20% GOI - 30.09.2030 1,442 3.78%
Total 11,417 29.86%
Financial and insurance activities
Bank of Baroda 88 0.23%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 239 0.63%
8.90% PFC - 18.03.2028 948 2.48%
9%HDFCBankFDNSE-05.08.2014 142 0.37%
9.00%HDFCBankFDBSE-24.07.2014 64 0.17%
9.00%HDFCBankFDNSE-24.07.2014 139 0.36%
Axis Bank Ltd 292 0.76%
Cairn India Ltd 129 0.34%
CBLO - 02.04.2014 1,000 2.61%
Coal India Ltd 118 0.31%
HDFC Bank Ltd 907 2.37%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 1,012 2.65%
Housing Development Finance Corp. Ltd 900 2.35%
ICICI Bank Ltd 936 2.45%
IndusInd Bank Limited 138 0.36%
Infrastructure Development Finance Company Ltd 127 0.33%
Punjab National Bank 70 0.18%
State Bank of India 380 1.00%
Total 7,629 19.95%
Others
Electricity,gas,steamandairconditioningsupply 2,703 7.07%
Computer programming, consultancy and related activities 2,649 6.93%
State Development Loan 2,550 6.67%
Wholesale trade, except of motor vehicles and motorcycles 2,019 5.28%
Manufacture of tobacco products 1,412 3.69%
Manufacture of coke and refined petroleum products 1,300 3.40%
Manufacture of motor vehicles, trailers and semi-trailers 1,195 3.13%
Kotak Mahindra Old Mutual Life Insurance Limited186
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Dynamic Floor Fund
% of Total Funds
ULGF-015-07/01/10-DYFLRFND-107
Mfg of pharmaceuticals, medicinal chemical & botanical products 982 2.57%
Civil engineering 865 2.26%
Manufacture of chemicals and chemical products 717 1.88%
Extractionofcrudepetroleumandnaturalgas 471 1.23%
Manufacture of other transport equipment 463 1.21%
Manufacture of basic metals 457 1.20%
Manufacture of other non-metallic mineral products 415 1.08%
Telecommunications 316 0.83%
Mining of metal ores 286 0.75%
Manufacture of beverages 164 0.43%
Warehousing and support activities for transportation 140 0.37%
Manufacture of machinery and equipment n.e.c. 128 0.34%
Real estate activities 65 0.17%
Net Current Assets (107) -0.30%
Grand Total 38,236 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 13,734 2.06%
10.25% GOI - 30.05.21 1,161 0.17%
12.30% GOI - 02.07.2016 537 0.08%
6.35% OMC GOI BOND - 23.12.2024 12 0.00%
6.83% GOI - 19.01.39 58 0.01%
6.90% GOI - 13.07.2019 1,855 0.28%
7.16% GOI - 20.05.2023 35,375 5.30%
7.17% GOI - 14.06.2015 498 0.07%
7.38% GOI 2015 - 03.09.2015 469 0.07%
7.50% GOI - 10.08.34 26 0.00%
7.94% GOI - 24.05.21 248 0.04%
7.95% GOI - 28.08.32 17 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 161 0.02%
8.20% GOI - 15.02.22 663 0.10%
8.24% GOI - 15.02.27 13,602 2.04%
8.26% GOI - 02.08.27 54 0.01%
8.28% GOI - 21.09.2027 38,763 5.80%
8.30% GOI 2040 ZCG - 02.01.2015 69 0.01%
Annual Report 2013-14 187
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
8.30% GOI 2040 ZCG - 02.07.2014 71 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 66 0.01%
8.79% GOI - 08.11.2021 626 0.09%
8.83% GOI - 25.11.2023 69,488 10.41%
9.20% GOI - 30.09.2030 25,741 3.86%
Total 203,294 30.44%
Financial and insurance activities
Bank of Baroda 1,411 0.21%
10.00% KMPL - 12.09.2014 1,994 0.30%
10.05% Bajaj Finance Ltd - 10.01.2017 5,016 0.75%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 3,302 0.49%
11.05% KMPL - 30.05.2014 2,001 0.30%
11.15% HDFC - 06.08.2018 1,054 0.16%
11.25% HDFC - 04.09.2018 1,058 0.16%
7.90% IIFCL - 28.04.24 4,448 0.67%
8.26% IIFCL - 23.08.28 1,976 0.30%
8.30% PFC - 15.05.2018 P/C 15.05.2015 989 0.15%
8.46% IIFCL - 30.08.28 2,031 0.30%
8.50% IRFC - 22.06.2020 958 0.14%
8.72% NABARD - 19.02.2018 P 19.05.2014 8,988 1.35%
8.80% Sundaram Finance - 03.06.16 6,845 1.03%
8.85% Tata Sons - 02.05.2018 963 0.14%
8.89% IDFC - 02.12.20 2,882 0.43%
8.99% Tata Sons - 07.06.2020 951 0.14%
9%HDFCBankFDNSE-05.08.2014 312 0.05%
9.00%HDFCBankFDBSE-24.07.2014 138 0.02%
9.00%HDFCBankFDNSE-24.07.2014 299 0.04%
9.05% SBH Perpetual Bond Call- 20.09.2020 931 0.14%
9.09% IRFC - 29.03.2026 2,940 0.44%
9.09% IRFC - 31.03.2026 976 0.15%
9.15%EXIM-20.07.2015P/C20.01.2015 996 0.15%
9.20% SBT - 31.07.2017 994 0.15%
9.25% IDFC - 13.09.19 1,979 0.30%
9.25% LIC Housing Finance - 12.11.2022 1,931 0.29%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 999 0.15%
9.75% LIC Housing Finance - 24.03.2018 1,000 0.15%
9.75%REC-11.11.2021. 1,008 0.15%
9.78% Tata Sons - 13.01.2019 9,012 1.35%
9.80% Bajaj Finance Ltd - 17.10.2016 4,002 0.60%
Kotak Mahindra Old Mutual Life Insurance Limited188
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 4,045 0.61%
9.85%REC-28.09.17 1,012 0.15%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 3,041 0.46%
9.90% Tata Sons - 09.03.2016 1,002 0.15%
9.90% Tata Sons - 20.03.2019 1,004 0.15%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 4,019 0.60%
Axis Bank Ltd 4,691 0.70%
Bajaj Finance Limited CP - 23.04.2014 1,990 0.30%
Cairn India Ltd 2,078 0.31%
CBLO - 02.04.2014 1,999 0.30%
Coal India Ltd 1,891 0.28%
HDFC Bank Ltd 14,566 2.18%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 5,061 0.76%
Housing Development Finance Corp. Ltd 14,448 2.16%
ICICI Bank Ltd 15,020 2.25%
IndusInd Bank Limited 2,217 0.33%
Infrastructure Development Finance Company Ltd 2,039 0.31%
L&T Finance CP - 07.10.2014 5,232 0.78%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 2,965 0.44%
Punjab National Bank 1,126 0.17%
RECLtdCP-31.07.14 1,941 0.29%
State Bank of India 6,089 0.91%
Vijaya Bank CD - 03.06.2014 1,872 0.28%
Total 173,732 26.02%
Others
State Development Loan 46,190 6.92%
Computer programming, consultancy and related activities 42,576 6.38%
Electricity,gas,steamandairconditioningsupply 42,527 6.37%
Manufacture of tobacco products 22,630 3.39%
Manufacture of coke and refined petroleum products 21,345 3.20%
Manufacture of motor vehicles, trailers and semi-trailers 19,227 2.88%
Civil engineering 15,873 2.38%
Mfg of pharmaceuticals, medicinal chemical & botanical products 15,814 2.37%
Manufacture of basic metals 13,234 1.98%
Manufacture of chemicals and chemical products 11,559 1.73%
Extractionofcrudepetroleumandnaturalgas 7,589 1.14%
Manufacture of other transport equipment 7,446 1.12%
Manufacture of other non-metallic mineral products 6,704 1.00%
Telecommunications 5,087 0.76%
Annual Report 2013-14 189
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Pension Floor Fund
% of Total Funds
ULIF-031-13/07/09-PNFLRFND-107
Wholesale trade, except of motor vehicles and motorcycles 5,046 0.76%
Mining of metal ores 4,600 0.69%
Manufacture of beverages 2,608 0.39%
Warehousing and support activities for transportation 2,258 0.34%
Manufacture of machinery and equipment n.e.c. 2,065 0.31%
Real estate activities 1,051 0.16%
Net Current Assets (4,703) -0.73%
Grand Total 667,752 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Funds
ULIF-035-17/12/09-DYFLRFND2-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 127,245 1.92%
10.25% GOI - 30.05.21 9,185 0.14%
12.30% GOI - 02.07.2016 2,687 0.04%
6.35% OMC GOI BOND - 23.12.2024 106 0.00%
6.83% GOI - 19.01.39 451 0.01%
6.90% GOI - 13.07.2019 4,687 0.07%
7.02% GOI - 17.08.2016 17,737 0.27%
7.16% GOI - 20.05.2023 346,982 5.22%
7.17% GOI - 14.06.2015 4,241 0.06%
7.35% GOI 2024- 22.06.24 1,924 0.03%
7.38% GOI 2015 - 03.09.2015 4,017 0.06%
7.50% GOI - 10.08.34 221 0.00%
7.75% OMC GOI BOND - 28.11.2021 3,680 0.06%
7.94% GOI - 24.05.21 1,326 0.02%
7.95% GOI - 28.08.32 142 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 1,354 0.02%
8.08% GOI - 02.08.2022 1,122 0.02%
8.20% GOI - 15.02.22 5,492 0.08%
8.24% GOI - 15.02.27 133,838 2.01%
8.26% GOI - 02.08.27 439 0.01%
8.28% GOI - 21.09.2027 380,579 5.73%
8.30% GOI 2040 ZCG - 02.01.2015 332 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 346 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 319 0.00%
8.79% GOI - 08.11.2021 5,267 0.08%
Kotak Mahindra Old Mutual Life Insurance Limited190
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Funds
ULIF-035-17/12/09-DYFLRFND2-107
8.83% GOI - 25.11.2023 682,703 10.27%
9.20% GOI - 30.09.2030 252,823 3.80%
Total 1,989,245 29.94%
Financial and insurance activities
Bank of Baroda 14,943 0.22%
10.00% KMPL - 12.09.2014 12,960 0.20%
10.05% Bajaj Finance Ltd - 10.01.2017 45,142 0.68%
10.05% Bajaj Finance Ltd - 11.08.2014 19,943 0.30%
10.70% IRFC - 11.09.23 4,322 0.07%
10.75% Magma Fincorp Ltd-07.08.2014 9,983 0.15%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 28,904 0.44%
11.05% KMPL - 30.05.2014 13,004 0.20%
11.15% HDFC - 06.08.2018 6,322 0.10%
11.25% HDFC - 04.09.2018 12,695 0.19%
7.90% IIFCL - 28.04.24 32,023 0.48%
8.00%REC-05.08.2014 1,987 0.03%
8.20% IRFC - 27.04.2024 925 0.01%
8.26% IIFCL - 23.08.28 13,829 0.21%
8.30% PFC - 15.05.2018 P/C 15.05.2015 5,936 0.09%
8.38% HDFC - 20.05.2018 950 0.01%
8.46% IIFCL - 30.08.28 21,329 0.32%
8.48% HDFC - 17.05.2016 1,954 0.03%
8.50% IRFC - 22.06.2020 8,626 0.13%
8.55% IRFC - 03.02.2020 3,850 0.06%
8.70% PFC- 14.05.2020 958 0.01%
8.72% NABARD - 19.02.2018 P 19.05.2014 75,902 1.14%
8.75%REC-12.07.2025 3,753 0.06%
8.80% Sundaram Finance - 03.06.16 64,538 0.97%
8.82%REC-12.04.2023 2,859 0.04%
8.83%EXIM-09.01.2023 954 0.01%
8.85% Tata Sons - 02.05.2018 5,777 0.09%
8.89% IDFC - 02.12.20 20,173 0.30%
8.89% LIC Housing Finance - 25.04.2023 2,816 0.04%
8.90% PFC - 18.03.2028 2,844 0.04%
8.94% PFC - 25.03.2028 3,801 0.06%
8.98% HDFC - 26.11.2020 3,845 0.06%
8.99% Tata Sons - 07.06.2020 5,705 0.09%
9%HDFCBankFDNSE-05.08.2014 1,148 0.02%
Annual Report 2013-14 191
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Funds
ULIF-035-17/12/09-DYFLRFND2-107
9.00%HDFCBankFDBSE-24.07.2014 499 0.01%
9.00%HDFCBankFDNSE-24.07.2014 1,081 0.02%
9.00% SBH FD - 11.06.2014 18,000 0.27%
9.05% SBH Perpetual Bond Call- 20.09.2020 9,313 0.14%
9.07%EXIM-11.09.2017 2,961 0.04%
9.09% IRFC - 29.03.2026 3,920 0.06%
9.09% IRFC - 31.03.2026 8,781 0.13%
9.15%EXIM-20.07.2015P/C20.01.2015 4,981 0.07%
9.20% SBT - 31.07.2017 8,945 0.13%
9.23% LIC Housing Finance - 13.12.2022 1,926 0.03%
9.25% IDFC - 13.09.19 20,781 0.31%
9.25% LIC Housing Finance - 12.11.2022 6,760 0.10%
9.38%REC-06.11.2018 1,002 0.02%
9.40%REC-20.07.2017 1,992 0.03%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 4,995 0.08%
9.43% IRFC - 23.05.18 4,014 0.06%
9.44% PFC - 23.09.2021 13,931 0.21%
9.64% PFC - 15.12.2016 2,999 0.05%
9.75% HDFC - 10.01.2017 4,013 0.06%
9.75% HDFC 07.12.16 - PC 07.01.13 2,003 0.03%
9.75% LIC Housing Finance - 24.03.2018 4,998 0.08%
9.75%REC-11.11.2021. 3,025 0.05%
9.78% Tata Sons - 13.01.2019 94,121 1.42%
9.80% Bajaj Finance Ltd - 17.10.2016 35,017 0.53%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 27,304 0.41%
9.85%REC-28.09.17 17,210 0.26%
9.85% Tata Sons - 21.05.2017 5,004 0.08%
9.87% Tata Sons - 17.07.2017 998 0.02%
9.90% HDFC - 10.06.2021 P - 10.07.12 5,024 0.08%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 22,297 0.34%
9.90% Tata Sons - 09.03.2016 5,011 0.08%
9.90% Tata Sons - 20.03.2019 11,046 0.17%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 34,158 0.51%
Axis Bank Ltd 49,685 0.75%
Bajaj Finance Limited CP - 23.04.2014 13,927 0.21%
Cairn India Ltd 22,000 0.33%
CBLO - 02.04.2014 13,495 0.20%
Kotak Mahindra Old Mutual Life Insurance Limited192
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Funds
ULIF-035-17/12/09-DYFLRFND2-107
Coal India Ltd 20,029 0.30%
HDFC Bank Ltd 154,286 2.32%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 38,467 0.58%
Housing Development Finance Corp. Ltd 153,032 2.30%
ICICI Bank Ltd 159,170 2.40%
IndusInd Bank Limited 23,485 0.35%
Infrastructure Development Finance Company Ltd 21,490 0.32%
L&T Finance CP - 07.10.2014 29,963 0.45%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 25,693 0.39%
Oriental Bank of Commerce CD - 20.03.2015 12,677 0.19%
PNB CD - 02.03.2015 14,854 0.22%
Punjab National Bank 11,924 0.18%
State Bank of India 64,561 0.97%
Vijaya Bank CD - 03.06.2014 6,311 0.06%
Total 1,677,859 25.25%
Others
Computer programming, consultancy and related activities 451,789 6.80%
State Development Loan 441,867 6.65%
Electricity,gas,steamandairconditioningsupply 406,044 6.11%
Manufacture of tobacco products 240,082 3.61%
Manufacture of coke and refined petroleum products 222,119 3.34%
Manufacture of motor vehicles, trailers and semi-trailers 202,809 3.05%
Mfg of pharmaceuticals, medicinal chemical & botanical products 166,759 2.51%
Civil engineering 159,482 2.40%
Manufacture of basic metals 132,412 1.99%
Manufacture of chemicals and chemical products 121,952 1.84%
Extractionofcrudepetroleumandnaturalgas 80,038 1.20%
Manufacture of other transport equipment 78,536 1.18%
Manufacture of other non-metallic mineral products 70,638 1.06%
Telecommunications 54,656 0.82%
Mining of metal ores 48,513 0.73%
Wholesale trade, except of motor vehicles and motorcycles 45,417 0.68%
Manufacture of beverages 27,761 0.42%
Warehousing and support activities for transportation 23,814 0.36%
Manufacture of machinery and equipment n.e.c. 21,770 0.33%
Real estate activities 11,092 0.17%
Net Current Assets (30,138) -0.44%
Grand Total 6,644,516 100.00%
Annual Report 2013-14 193
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II % of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 25,160 1.94%
10.25% GOI - 30.05.21 2,217 0.17%
12.30% GOI - 02.07.2016 2,149 0.17%
6.35% OMC GOI BOND - 23.12.2024 22 0.00%
6.83% GOI - 19.01.39 103 0.01%
6.90% GOI - 13.07.2019 948 0.07%
7.16% GOI - 20.05.2023 67,668 5.23%
7.17% GOI - 14.06.2015 875 0.07%
7.38% GOI 2015 - 03.09.2015 849 0.07%
7.50% GOI - 10.08.34 48 0.00%
7.94% GOI - 24.05.21 359 0.03%
7.95% GOI - 28.08.32 31 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 290 0.02%
8.08% GOI - 02.08.2022 467 0.04%
8.20% GOI - 15.02.22 1,231 0.10%
8.24% GOI - 15.02.27 26,046 2.01%
8.26% GOI - 02.08.27 97 0.01%
8.28% GOI - 21.09.2027 73,865 5.71%
8.30% GOI 2040 ZCG - 02.01.2015 81 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 84 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 78 0.01%
8.79% GOI - 08.11.2021 1,125 0.09%
8.83% GOI - 25.11.2023 132,629 10.25%
9.20% GOI - 30.09.2030 49,105 3.77%
Total 385,527 29.79%
Financial and insurance activities
Bank of Baroda 2,868 0.22%
10.00% KMPL - 12.09.2014 2,991 0.23%
10.05% Bajaj Finance Ltd - 10.01.2017 9,028 0.70%
10.70% IRFC - 11.09.23 1,080 0.08%
10.75% Magma Fincorp Ltd-07.08.2014 2,995 0.23%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 5,879 0.45%
11.05% KMPL - 30.05.2014 3,001 0.23%
11.15% HDFC - 06.08.2018 2,107 0.16%
11.25% HDFC - 04.09.2018 3,174 0.25%
7.90% IIFCL - 28.04.24 7,116 0.55%
8.26% IIFCL - 23.08.28 2,963 0.23%
8.30% PFC - 15.05.2018 P/C 15.05.2015 989 0.08%
Kotak Mahindra Old Mutual Life Insurance Limited194
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II % of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
8.46% IIFCL - 30.08.28 4,063 0.31%
8.50% IRFC - 22.06.2020 1,917 0.15%
8.55% IRFC - 03.02.2020 963 0.07%
8.72% NABARD - 19.02.2018 P 19.05.2014 15,979 1.23%
8.75%REC-12.07.2025 938 0.07%
8.80% Sundaram Finance - 03.06.16 12,712 0.98%
8.82%REC-12.04.2023 953 0.07%
8.85% Tata Sons - 02.05.2018 963 0.07%
8.89% IDFC - 02.12.20 3,842 0.30%
8.90% PFC - 18.03.2028 948 0.07%
8.94% PFC - 25.03.2028 950 0.07%
8.99% Tata Sons - 07.06.2020 951 0.07%
9%HDFCBankFDNSE-05.08.2014 305 0.02%
9.00%HDFCBankFDBSE-24.07.2014 130 0.01%
9.00%HDFCBankFDNSE-24.07.2014 281 0.02%
9.05% SBH Perpetual Bond Call- 20.09.2020 1,863 0.14%
9.07%EXIM-11.09.2017 987 0.08%
9.09% IRFC - 29.03.2026 1,960 0.15%
9.09% IRFC - 31.03.2026 2,927 0.23%
9.15%EXIM-20.07.2015P/C20.01.2015 996 0.08%
9.20% SBT - 31.07.2017 1,988 0.15%
9.25% IDFC - 13.09.19 3,958 0.31%
9.25% LIC Housing Finance - 12.11.2022 966 0.07%
9.40%REC-20.07.2017 996 0.08%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 999 0.08%
9.43% IRFC - 23.05.18 1,003 0.08%
9.57% IRFC - 31.05.2021 1,004 0.08%
9.75% HDFC - 10.01.2017 1,003 0.08%
9.75% LIC Housing Finance - 24.03.2018 1,000 0.08%
9.75%REC-11.11.2021. 1,008 0.08%
9.75% Tata Sons - 21.04.2016 994 0.08%
9.78% Tata Sons - 13.01.2019 14,018 1.08%
9.80% Bajaj Finance Ltd - 17.10.2016 7,003 0.54%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 8,090 0.63%
9.85%REC-28.09.17 3,037 0.23%
9.85% Tata Sons - 21.05.2017 1,001 0.08%
9.90% HDFC - 10.06.2021 P - 10.07.12 1,005 0.08%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 5,068 0.39%
Annual Report 2013-14 195
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II % of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
9.90% Tata Sons - 09.03.2016 1,002 0.08%
9.90% Tata Sons - 20.03.2019 2,008 0.16%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,032 0.54%
Axis Bank Ltd 9,540 0.74%
Bajaj Finance Limited CP - 23.04.2014 2,984 0.23%
Cairn India Ltd 4,224 0.33%
CBLO - 02.04.2014 5,998 0.46%
Coal India Ltd 3,845 0.30%
HDFC Bank Ltd 29,623 2.29%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 9,111 0.70%
Housing Development Finance Corp. Ltd 29,380 2.27%
ICICI Bank Ltd 30,560 2.36%
IndusInd Bank Limited 4,509 0.35%
Infrastructure Development Finance Company Ltd 4,123 0.32%
L&T Finance CP - 07.10.2014 4,756 0.37%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 5,929 0.46%
Punjab National Bank 2,288 0.18%
RECLtdCP-31.07.14 3,882 0.30%
State Bank of India 12,392 0.96%
Vijaya Bank CD - 03.06.2014 3,455 0.27%
Total 329,601 25.47%
Others
State Development Loan 88,456 6.83%
Computer programming, consultancy and related activities 86,723 6.70%
Electricity,gas,steamandairconditioningsupply 78,027 6.03%
Manufacture of tobacco products 46,089 3.56%
Manufacture of coke and refined petroleum products 43,433 3.36%
Manufacture of motor vehicles, trailers and semi-trailers 38,923 3.01%
Mfg of pharmaceuticals, medicinal chemical & botanical products 32,003 2.47%
Civil engineering 31,098 2.40%
Manufacture of basic metals 26,642 2.06%
Manufacture of chemicals and chemical products 23,402 1.81%
Extractionofcrudepetroleumandnaturalgas 15,363 1.19%
Manufacture of other transport equipment 15,071 1.16%
Manufacture of other non-metallic mineral products 13,557 1.05%
Telecommunications 10,293 0.80%
Mining of metal ores 9,310 0.72%
Wholesale trade, except of motor vehicles and motorcycles 7,065 0.55%
Kotak Mahindra Old Mutual Life Insurance Limited196
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II % of Total Funds
ULIF-043-08/01/10-PNFLRKFND2-107
Manufacture of beverages 5,324 0.41%
Warehousing and support activities for transportation 4,572 0.35%
Manufacture of machinery and equipment n.e.c. 4,178 0.32%
Real estate activities 2,129 0.16%
Net Current Assets (2,548) -0.20%
Grand Total 1,294,238 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Guarantee Fund % of Total Funds
ULIF-048-05/02/10-GRTFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 9,038 1.91%
10.25% GOI - 30.05.21 633 0.13%
12.30% GOI - 02.07.2016 2,149 0.45%
6.01% GOI - 25.03.2028 570 0.12%
6.35% OMC GOI BOND - 23.12.2024 7 0.00%
6.83% GOI - 19.01.39 33 0.01%
6.90% GOI - 13.07.2019 1,164 0.25%
7.16% GOI - 20.05.2023 24,523 5.18%
7.17% GOI - 14.06.2015 303 0.06%
7.38% GOI 2015 - 03.09.2015 286 0.06%
7.50% GOI - 10.08.34 16 0.00%
7.94% GOI - 24.05.21 80 0.02%
7.95% GOI - 28.08.32 10 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 97 0.02%
8.20% GOI - 15.02.22 379 0.08%
8.24% GOI - 15.02.27 9,520 2.01%
8.26% GOI - 02.08.27 32 0.01%
8.28% GOI - 21.09.2027 27,035 5.71%
8.30% GOI 2040 ZCG - 02.01.2015 25 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 26 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 24 0.01%
8.79% GOI - 08.11.2021 377 0.08%
8.83% GOI - 25.11.2023 48,522 10.25%
9.20% GOI - 30.09.2030 17,944 3.77%
Total 142,793 30.15%
Financial and insurance activities
Bank of Baroda 1,059 0.22%
Annual Report 2013-14 197
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Guarantee Fund % of Total Funds
ULIF-048-05/02/10-GRTFND-107
10.00% KMPL - 12.09.2014 997 0.21%
10.05% Bajaj Finance Ltd - 10.01.2017 3,009 0.64%
10.75% Magma Fincorp Ltd-07.08.2014 1,997 0.42%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 2,046 0.43%
11.05% KMPL - 30.05.2014 1,000 0.21%
11.15% HDFC - 06.08.2018 1,054 0.22%
11.25% HDFC - 04.09.2018 1,058 0.22%
7.90% IIFCL - 28.04.24 2,669 0.56%
8.26% IIFCL - 23.08.28 988 0.21%
8.46% IIFCL - 30.08.28 1,016 0.21%
8.50% IRFC - 22.06.2020 958 0.20%
8.72% NABARD - 19.02.2018 P 19.05.2014 5,992 1.27%
8.80% Sundaram Finance - 03.06.16 4,889 1.03%
8.89% IDFC - 02.12.20 1,921 0.41%
8.91% PFC - 15.10.2017 985 0.21%
9%HDFCBankFDNSE-05.08.2014 117 0.02%
9.00%HDFCBankFDBSE-24.07.2014 51 0.01%
9.00%HDFCBankFDNSE-24.07.2014 111 0.02%
9.05% SBH Perpetual Bond Call- 20.09.2020 931 0.20%
9.14%EXIM-01.08.2022 2,944 0.62%
9.20% SBT - 31.07.2017 994 0.21%
9.25% IDFC - 13.09.19 1,979 0.42%
9.25% LIC Housing Finance - 12.11.2022 966 0.20%
9.44% PFC - 23.09.2021 995 0.21%
9.64% PFC - 15.12.2016 1,000 0.21%
9.78% Tata Sons - 13.01.2019 5,006 1.06%
9.80% Bajaj Finance Ltd - 17.10.2016 3,001 0.63%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 2,023 0.43%
9.85%REC-28.09.17 1,012 0.21%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 2,027 0.43%
9.90% Tata Sons - 20.03.2019 1,004 0.21%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 2,009 0.42%
Axis Bank Ltd 3,520 0.74%
Bajaj Finance Limited CP - 23.04.2014 995 0.21%
Cairn India Ltd 1,558 0.33%
CBLO - 02.04.2014 1,499 0.32%
Coal India Ltd 1,419 0.30%
HDFC Bank Ltd 10,930 2.31%
Kotak Mahindra Old Mutual Life Insurance Limited198
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Guarantee Fund % of Total Funds
ULIF-048-05/02/10-GRTFND-107
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 3,037 0.64%
Housing Development Finance Corp. Ltd 10,842 2.29%
ICICI Bank Ltd 11,278 2.38%
IndusInd Bank Limited 1,664 0.35%
Infrastructure Development Finance Company Ltd 1,525 0.32%
L&T Finance CP - 07.10.2014 3,329 0.70%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 2,965 0.63%
PNB CD - 02.06.2014 1,969 0.42%
Punjab National Bank 845 0.18%
RECLtdCP-31.07.14 970 0.20%
State Bank of India 4,574 0.97%
Vijaya Bank CD - 03.06.2014 1,185 0.27%
Total 121,912 25.74%
Others
Computer programming, consultancy and related activities 32,031 6.76%
State Development Loan 31,733 6.70%
Electricity,gas,steamandairconditioningsupply 23,960 5.06%
Manufacture of tobacco products 17,054 3.60%
Manufacture of coke and refined petroleum products 16,168 3.41%
Manufacture of motor vehicles, trailers and semi-trailers 14,388 3.04%
Mfg of pharmaceuticals, medicinal chemical & botanical products 11,837 2.50%
Civil engineering 11,396 2.41%
Manufacture of basic metals 9,431 1.99%
Manufacture of chemicals and chemical products 8,652 1.83%
Extractionofcrudepetroleumandnaturalgas 5,681 1.20%
Manufacture of other transport equipment 5,572 1.18%
Manufacture of other non-metallic mineral products 5,013 1.06%
Telecommunications 3,806 0.80%
Mining of metal ores 3,441 0.73%
Wholesale trade, except of motor vehicles and motorcycles 3,028 0.64%
Manufacture of beverages 1,970 0.42%
Warehousing and support activities for transportation 1,690 0.36%
Manufacture of machinery and equipment n.e.c. 1,545 0.33%
Real estate activities 787 0.17%
Net Current Assets (327) -0.08%
Grand Total 473,561 100.00%
Annual Report 2013-14 199
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 26,602 1.94%
10.25% GOI - 30.05.21 2,112 0.15%
12.30% GOI - 02.07.2016 5,373 0.39%
6.01% GOI - 25.03.2028 1,854 0.14%
6.35% OMC GOI BOND - 23.12.2024 24 0.00%
6.83% GOI - 19.01.39 106 0.01%
6.90% GOI - 13.07.2019 2,638 0.19%
7.16% GOI - 20.05.2023 72,114 5.25%
7.17% GOI - 14.06.2015 923 0.07%
7.38% GOI 2015 - 03.09.2015 879 0.06%
7.50% GOI - 10.08.34 50 0.00%
7.94% GOI - 24.05.21 274 0.02%
7.95% GOI - 28.08.32 32 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 303 0.02%
8.20% GOI - 15.02.22 1,231 0.09%
8.24% GOI - 15.02.27 27,912 2.03%
8.26% GOI - 02.08.27 101 0.01%
8.28% GOI - 21.09.2027 79,094 5.76%
8.30% GOI 2040 ZCG - 02.01.2015 79 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 82 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 76 0.01%
8.79% GOI - 08.11.2021 1,169 0.09%
8.83% GOI - 25.11.2023 142,066 10.35%
9.20% GOI - 30.09.2030 52,533 3.82%
Total 417,627 30.42%
Financial and insurance activities
Bank of Baroda 3,065 0.22%
10.00% KMPL - 12.09.2014 2,991 0.22%
10.05% Bajaj Finance Ltd - 10.01.2017 9,028 0.66%
10.70% IRFC - 11.09.23 1,080 0.08%
10.75% Magma Fincorp Ltd-07.08.2014 6,988 0.51%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 6,302 0.46%
11.05% KMPL - 30.05.2014 3,001 0.22%
11.15% HDFC - 06.08.2018 2,107 0.15%
11.25% HDFC - 04.09.2018 3,174 0.23%
7.90% IIFCL - 28.04.24 7,116 0.52%
8.00%REC-05.08.2014 994 0.07%
8.26% IIFCL - 23.08.28 2,963 0.22%
8.30% PFC - 15.05.2018 P/C 15.05.2015 989 0.07%
8.45%REC-19.02.2015 993 0.07%
8.46% IIFCL - 30.08.28 5,078 0.37%
8.50% IRFC - 22.06.2020 1,917 0.14%
8.55% IRFC - 03.02.2020 963 0.07%
8.72% NABARD - 19.02.2018 P 19.05.2014 16,978 1.24%
Kotak Mahindra Old Mutual Life Insurance Limited200
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
8.80% Sundaram Finance - 03.06.16 13,690 1.00%
8.82%REC-12.04.2023 953 0.07%
8.85% Tata Sons - 02.05.2018 963 0.07%
8.89% IDFC - 02.12.20 4,803 0.35%
8.90% PFC - 18.03.2028 948 0.07%
8.94% PFC - 25.03.2028 950 0.07%
8.99% Tata Sons - 07.06.2020 951 0.07%
9%HDFCBankFDNSE-05.08.2014 309 0.02%
9.00%HDFCBankFDBSE-24.07.2014 133 0.01%
9.00%HDFCBankFDNSE-24.07.2014 288 0.02%
9.05% SBH Perpetual Bond Call- 20.09.2020 931 0.07%
9.07%EXIM-11.09.2017 987 0.07%
9.09% IRFC - 31.03.2026 2,927 0.21%
9.14%EXIM-01.08.2022 3,925 0.29%
9.15%EXIM-20.07.2015P/C20.01.2015 996 0.07%
9.20% SBT - 31.07.2017 1,988 0.14%
9.25% IDFC - 13.09.19 4,948 0.36%
9.25% LIC Housing Finance - 12.11.2022 1,931 0.14%
9.40%REC-20.07.2017 996 0.07%
9.41% NABARD - 16.07.2015 P/C 16.07.2014 999 0.07%
9.75% LIC Housing Finance - 24.03.2018 1,000 0.07%
9.75%REC-11.11.2021. 1,008 0.07%
9.78% Tata Sons - 13.01.2019 15,019 1.09%
9.80% Bajaj Finance Ltd - 17.10.2016 8,004 0.58%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 7,079 0.52%
9.85%REC-28.09.17 3,037 0.22%
9.85% Tata Sons - 21.05.2017 1,001 0.07%
9.90% HDFC - 10.06.2021 P - 10.07.12 1,005 0.07%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 5,068 0.37%
9.90% Tata Sons - 09.03.2016 1,002 0.07%
9.90% Tata Sons - 20.03.2019 2,008 0.15%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 7,032 0.51%
Axis Bank Ltd 10,190 0.74%
Bajaj Finance Limited CP - 23.04.2014 3,482 0.25%
Cairn India Ltd 4,510 0.33%
CBLO - 02.04.2014 3,998 0.29%
Coal India Ltd 4,107 0.30%
HDFC Bank Ltd 31,632 2.30%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 9,111 0.66%
Housing Development Finance Corp. Ltd 31,379 2.29%
ICICI Bank Ltd 32,639 2.38%
IndusInd Bank Limited 4,816 0.35%
Infrastructure Development Finance Company Ltd 4,411 0.32%
L&T Finance CP - 07.10.2014 9,988 0.73%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 8,894 0.65%
Annual Report 2013-14 201
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Guarantee Fund
% of Total Funds
ULIF-038-21/12/09-PNGRTFND-107
PNB CD - 02.06.2014 3,938 0.29%
Punjab National Bank 2,446 0.18%
RECLtdCP-31.07.14 1,941 0.14%
State Bank of India 13,244 0.98%
Total 353,332 25.73%
Others
State Development Loan 93,620 6.82%
Computer programming, consultancy and related activities 92,675 6.75%
Electricity,gas,steamandairconditioningsupply 78,440 5.71%
Manufacture of tobacco products 49,333 3.59%
Manufacture of coke and refined petroleum products 45,345 3.30%
Manufacture of motor vehicles, trailers and semi-trailers 41,611 3.03%
Mfg of pharmaceuticals, medicinal chemical & botanical products 34,216 2.49%
Civil engineering 33,053 2.41%
Manufacture of basic metals 27,674 2.02%
Manufacture of chemicals and chemical products 25,019 1.82%
Extractionofcrudepetroleumandnaturalgas 16,425 1.20%
Manufacture of other transport equipment 16,113 1.17%
Manufacture of other non-metallic mineral products 14,502 1.06%
Telecommunications 11,008 0.80%
Wholesale trade, except of motor vehicles and motorcycles 10,093 0.74%
Mining of metal ores 9,953 0.72%
Manufacture of beverages 5,695 0.41%
Warehousing and support activities for transportation 4,885 0.36%
Manufacture of machinery and equipment n.e.c. 4,468 0.33%
Real estate activities 2,276 0.17%
Net Current Assets (14,287) -1.05%
Grand Total 1,373,076 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Peak Guarantee Fund I % of Total Funds
ULIF-049-14/02/10-PKGRTFND1-107
GOVT. of INDIA
1.44%INFLATIONINDEXGS2023 5,970 2.01%
10.25% GOI - 30.05.21 528 0.18%
12.30% GOI - 02.07.2016 1,612 0.54%
6.01% GOI - 25.03.2028 493 0.17%
6.35% OMC GOI BOND - 23.12.2024 6 0.00%
6.83% GOI - 19.01.39 28 0.01%
6.90% GOI - 13.07.2019 516 0.17%
7.16% GOI - 20.05.2023 15,937 5.37%
7.17% GOI - 14.06.2015 216 0.07%
7.38% GOI 2015 - 03.09.2015 206 0.07%
7.50% GOI - 10.08.34 13 0.00%
Kotak Mahindra Old Mutual Life Insurance Limited202
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Peak Guarantee Fund I % of Total Funds
ULIF-049-14/02/10-PKGRTFND1-107
7.94% GOI - 24.05.21 68 0.02%
7.95% GOI - 28.08.32 10 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 73 0.02%
8.20% GOI - 15.02.22 379 0.13%
8.24% GOI - 15.02.27 6,102 2.06%
8.26% GOI - 02.08.27 24 0.01%
8.28% GOI - 21.09.2027 17,395 5.87%
8.30% GOI 2040 ZCG - 02.01.2015 22 0.01%
8.30% GOI 2040 ZCG - 02.07.2014 22 0.01%
8.30% GOI 2040 ZCG - 02.07.2015 21 0.01%
8.79% GOI - 08.11.2021 275 0.09%
8.83% GOI - 25.11.2023 31,169 10.51%
9.20% GOI - 30.09.2030 11,574 3.91%
Total 92,659 31.24%
Financial and insurance activities
Bank of Baroda 644 0.22%
10.00% KMPL - 12.09.2014 997 0.34%
10.05% Bajaj Finance Ltd - 10.01.2017 2,006 0.68%
10.75% Magma Fincorp Ltd-07.08.2014 998 0.34%
10.75% Shriram Transport Finance Co Ltd 24.10.2016 1,456 0.49%
11.05% KMPL - 30.05.2014 1,000 0.34%
11.15% HDFC - 06.08.2018 1,054 0.36%
7.90% IIFCL - 28.04.24 1,779 0.60%
8.26% IIFCL - 23.08.28 988 0.33%
8.46% IIFCL - 30.08.28 1,016 0.34%
8.50% IRFC - 22.06.2020 958 0.32%
8.72% NABARD - 19.02.2018 P 19.05.2014 3,995 1.35%
8.80% Sundaram Finance - 03.06.16 2,934 0.99%
8.89% IDFC - 02.12.20 961 0.32%
8.91% PFC - 15.10.2017 985 0.33%
9%HDFCBankFDNSE-05.08.2014 110 0.04%
9.00%HDFCBankFDBSE-24.07.2014 48 0.02%
9.00%HDFCBankFDNSE-24.07.2014 105 0.04%
9.14%EXIM-01.08.2022 981 0.33%
9.25% IDFC - 13.09.19 990 0.33%
9.25% LIC Housing Finance - 12.11.2022 966 0.33%
9.78% Tata Sons - 13.01.2019 1,001 0.34%
9.80% Bajaj Finance Ltd - 17.10.2016 2,001 0.67%
9.85% HDFC Bank 2019 - 17.03.2024 CALL 17.03.2019 2,023 0.68%
9.90% State Bank of Patiala - 28.09.2022 CALL 28.09.2017 1,014 0.34%
9.90% Tata Sons - 20.03.2019 1,004 0.34%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,005 0.34%
Axis Bank Ltd 2,141 0.72%
Bajaj Finance Limited CP - 23.04.2014 995 0.34%
Cairn India Ltd 948 0.32%
Annual Report 2013-14 203
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Peak Guarantee Fund I % of Total Funds
ULIF-049-14/02/10-PKGRTFND1-107
CBLO - 02.04.2014 4,998 1.69%
Coal India Ltd 863 0.29%
HDFC Bank Ltd 6,646 2.24%
HDFC Ltd Floater 5 Year INBMK + 120 bps - 18.01.2016 2,025 0.68%
Housing Development Finance Corp. Ltd 6,592 2.22%
ICICI Bank Ltd 6,853 2.31%
IndusInd Bank Limited 1,012 0.34%
Infrastructure Development Finance Company Ltd 934 0.31%
L&T Finance CP - 07.10.2014 2,378 0.80%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 1,976 0.67%
PNB CD - 02.06.2014 2,953 1.00%
Punjab National Bank 514 0.17%
RECLtdCP-31.07.14 970 0.33%
State Bank of India 2,779 0.94%
Vijaya Bank CD - 03.06.2014 885 0.28%
Total 79,481 26.80%
Others
State Development Loan 21,828 7.36%
Computer programming, consultancy and related activities 19,415 6.55%
Electricity,gas,steamandairconditioningsupply 15,136 5.10%
Manufacture of tobacco products 10,321 3.48%
Manufacture of coke and refined petroleum products 9,504 3.20%
Manufacture of motor vehicles, trailers and semi-trailers 8,790 2.96%
Civil engineering 7,341 2.48%
Mfg of pharmaceuticals, medicinal chemical & botanical products 7,228 2.44%
Manufacture of basic metals 5,317 1.79%
Manufacture of chemicals and chemical products 5,289 1.78%
Extractionofcrudepetroleumandnaturalgas 3,468 1.17%
Manufacture of other transport equipment 3,402 1.15%
Manufacture of other non-metallic mineral products 3,065 1.03%
Telecommunications 2,326 0.78%
Mining of metal ores 2,104 0.71%
Wholesale trade, except of motor vehicles and motorcycles 2,019 0.68%
Manufacture of beverages 1,183 0.40%
Warehousing and support activities for transportation 1,032 0.35%
Manufacture of machinery and equipment n.e.c. 944 0.32%
Real estate activities 481 0.16%
Net Current Assets (5,761) -1.93%
Grand Total 296,572 100.00%
Kotak Mahindra Old Mutual Life Insurance Limited204
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Advantage Multiplier Fund
% of Total Funds
ULIF-024-07/02/06-ADVMULFND-107
GOVT. of INDIA
12.30% GOI - 02.07.2016 1,612 9.52%
7.02% GOI - 17.08.2016 2,144 12.66%
7.56% GOI 2014 - 03.11.14 276 1.63%
7.59% GOI 2016 2,209 13.04%
8.79% GOI - 08.11.2021 883 5.21%
Total 7,124 42.06%
Financial and insurance activities
9.62% PFC - 29.06.2016 1,003 5.93%
9.74% LIC Housing Finance - 15.07.2016 998 5.89%
9.75% Tata Sons - 19.07.2016 998 5.89%
CBLO - 02.04.2014 3,499 20.66%
Total 6,498 38.37%
Others
State Development Loan 1,487 8.78%
Electricity,gas,steamandairconditioningsupply 1,252 7.39%
Net Current Assets 575 3.40%
Grand Total 16,936 100.00%
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Advantage Multiplier Fund II
% of Total Funds
ULIF-026-21/04/06-ADVMULFND2-107
GOVT. of INDIA
7.02% GOI - 17.08.2016 2,308 15.40%
7.46% GOI - 28.08.17 2,142 14.29%
7.56% GOI 2014 - 03.11.14 547 3.65%
7.59% GOI 2016 2,586 17.26%
8.20% OMC GOI 2023-10.11.23 107 0.71%
Total 7,690 51.31%
Financial and insurance activities
9.70% PFC - 15.12.2018 1,004 6.70%
9.75% Tata Sons - 19.07.2016 998 6.66%
9.98% ICICI Perpetual Bond -CALL 13.09.16. 1,005 6.70%
CBLO - 02.04.2014 500 3.33%
LIC Housing Finance Ltd INBMK+120BPS -29.07.16 988 6.60%
Total 4,495 29.99%
Others
Electricity,gas,steamandairconditioningsupply 1,252 8.35%
State Development Loan 991 6.61%
Net Current Assets 559 3.74%
Grand Total 14,987 100.00%
Annual Report 2013-14 205
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Advantage Plus Fund II
% of Total Funds
ULIF-027-21/04/06-ADVPLSFND2-107
GOVT. of INDIA
7.46% GOI - 28.08.17 1,733 39.04%
7.59% GOI 2016 1,575 35.49%
Total 3,308 74.53%
Financial and insurance activities
CBLO - 02.04.2014 1,000 22.52%
Total 1,000 22.52%
Others
Net Current Assets 130 2.95%
Grand Total 4,438 100.00%
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-compliance/Violation
Amount
Penalty Awarded
Penalty Paid Penalty 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. EnforcementDirectorate/AdjudicatingAuthority/TribunaloranyAuthorityunderFEMA
Nil Nil Nil Nil
6. Registrar of Companies/ NCLT/CLB/ Department of Corporate Affairs or any Authority under Companies Act, 1956.
Nil Nil Nil Nil
7. Penalty awarded by any Court/ Tribunal for any matter including claim settlement but excluding compensation
Nil Nil Nil Nil
8. SecuritiesandExchangeBoardofIndia* Nil Nil Nil Nil
9. Competition Commission of India Nil Nil Nil Nil
10. Any other Central/State/Local Government /Statutory Authority
Nil Nil Nil Nil
Kotak Mahindra Old Mutual Life Insurance Limited206
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
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 Amount
Age-wise Analysis
2013-14 1-6 months
7-12 months
13-18 months
19-24 months
25-30 months
31-36 months
Beyond 36 months
Claims settled but not paid to the policyholders/Insured due to any reasons except under litigation from the insured/policyholders
47,482 16,669 13,208 3,287 2,071 2,774 3,910 5,563
Sum due to the insured/policyholders on maturity or otherwise
13,211 9,517 710 1,774 827 98 41 244
Any excess collection of the premium/tax or any other charges which is refundable to the policyholders either as terms of conditions of the policy or as may be directed by the Authority but not refunded so far
11,940 10,506 695 169 37 133 71 329
Cheques issued but not encashed by the policyholder/insured
471,198 79,411 66,593 146,203 93,000 45,727 19,631 20,633
Total 543,831 116,103 81,206 151,433 95,935 48,732 23,653 26,769
28 Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.
2013-14 2012-13
1. Amount refunded to the policyholders Nil Nil
2. Amount transferred to the “Funds for discontinued policies” 1,039,179 459,952
( Fund Value as on March 31, 14 )
3. Number of policies discontinued during the financial year 6,461 5,977
4. Percentage of discontinued to total policies during the year : -
Product wise -
K38 - Kotak Wealth Insurance 16.57% 17.32%
K40 - Kotak Headstart Child Assure 13.62% 15.42%
K41 - Kotak Secure Invest Insurance 16.80% 15.23%
K42 - Kotak Ace Investment 14.87% 16.27%
K44 - Kotak Platinum 12.63% 7.35%
K51 - Kotak Invest Maxima Plan 11.55% 1.78%
5. Policies revived during the year (w. r. t. Discontinued Policies) 5,061 4,564
No. of policies 10,837 13,032
% of policies revived 46.70% 35.02%
6. Charges imposed on account of discontinued policies 9,805 13,520
7. Charges readjusted on account of revival of discontinued policies (868) (4,596)
Annual Report 2013-14 207
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
29 Prior year comparatives
Prior year amounts have not been reclassified except for the following in order to improve the disclosure and presentation of the accounts
Account Head Balance reported on March 31,2013
Reclassification Reclassified Balance as on
March 31, 2013
Remarks
Sch No Amount Amount
1. Schedule-4 Benefit Paid 4 Reclassification has been done to show annuities/pension payments for better disclosure
Other Benefits
- Survival Benefits 58,060 (620) 57,440
- Annuities/ Pension payment - 620 620
2. Form A-Revenue Account Reclassification has been done to show the correct balance under “Amount ceded in Reinsurance” for better disclosure
Change in valuation of liability in respect of life policies
(a) Gross 5,345,931 48,928 5,394,859
(b) Amount ceded in Reinsurance 35,182 (48,928) (13,746)
3. Current Liabilitities 13 Reclassification has been done to show Other payable separately for better disclosure
Unallocated premium (proposals/policy deposit)
559,908 (127,997) 431,911
Premium received in advance - 33,414 33,414
Unclaimed amount of policyholders 629,491 36,299 665,790
Others - Payable
- Refunds Payable - 58,284 58,284
4. Sundry creditors,Due to holding co and Others-payable
13 Reclassification has been done for better disclosure
Sundry creditors 82,572 (35,340) 47,232
Due to holding company / Fellow Subsidiary
4,004 30 4,034
Others - Payable
- Security Deposit - 35,310 35,310
5. Claims outstanding and Annuity Due
13 Reclassification has been done to show Annuity Dues separately for better disclosure Claims outstanding 294,547 (111) 294,436
Annuities due - 111 111
Kotak Mahindra Old Mutual Life Insurance Limited208
Schedule forming part of the Financial Statements for the year ended 31 March 2014
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
(Currency: In thousands of Indian Rupees unless otherwise stated)
30 Employee benefits
(a) Gratuity
In accordance with Payment of Gratuity Act, 1972 the Company provides for gratuity, a defined benefit retirement plan covering all employees. The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s salary and the years of employment with the Company subject to maximum of ` 10 lakhs per employee. The additional liability due to the enhancement of the limit to ` 10 lakhs per employee has been fully charged to Revenue/Profit & Loss account.
The gratuity benefit is provided to the employees through a fund administered by the Board of Trustees of Kotak Mahindra Old Mutual Life InsuranceEmployeesGratuityFund..Thecompanyisresponsibleforsettlingthegratuityobligationthroughcontributionstothefund.Theplan is fully funded.
Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is given below.
2014 2013
Change in Defined benefit obligations :
Liability at the beginning of the year 125,842 109,207
Transfer of liabilities funded during the year Nil Nil
Current service cost 31,914 26,371
Interest cost 12,474 11,579
Actuarial (gain)/loss on obligations (28,777) 1,904
Past Service Cost Nil Nil
Liabilities Assumed on transfer of employee (1,407) (583)
Benefits paid (18,416) (22,636)
Liability at the end of the year 121,630 125,842
Change in plan assets
Fair value of plan asset at the beginning of the year 127,041 Nil
Expectedreturnonplanassets 10,925 Nil
Contributions by the employer for the year 18,416 149,487
Actuarial (gain)/loss (5,800) 190
Benefits paid (18,416) (22,636)
Closing Fair Value of Plan assets 132,166 127,041
Closing Fair Value of Plan assets 132,166 127,041
Liability at the end of the year 121,630 125,842
Net Asset/ (Liabilities) disclosed under “Other Receivables in Sch-12 ” 10,536 1,199
Expenses recognised for the year :-
Current service cost 31,914 26,371
Interest cost 12,474 11,579
Expectedreturnonplanassets (10,925) Nil
Actuarial (gain)/loss (22,977) 1,715
Past Service Cost Nil
Net gratuity expenses included in “Employees’ remuneration & welfare benefits (Sch-3)
10,486 39,665
Reconciliation of the Liability recognised in the Balance Sheet
Net (Asset)/ Liability at the beginning of the year 125,842 109,207
Current service cost 31,914 26,371
Interest cost 12,474 11,579
Actuarial (gain)/loss on obligations (28,777) 1,904
Liabilities Assumed on transfer of employee (1,407) (583)
Benefits paid (18,416) (22,636)
Liability at the end of the year 121,630 125,842
Annual Report 2013-14 209
Schedule forming part of the Financial Statements for the year ended 31 March 2014(Currency: In thousands of Indian Rupees unless otherwise stated)
Registration No: 107; Date of Registration: January 10, 2001CIN : U66030MH2000PLC128503
2014 2013
Actuarial assumptions used
Discount rate (p.a.) 9.34% 8.24%
Expectedrateofreturnonassets(p.a.) 7.50% 7.50%
Salary escalation rate (p.a.) 8.50% 8.50%
Theestimatesoffuturesalaryincreases,consideredinactuarialvaluation,takeaccountofinflation,seniority,promotionandotherrelevantfactors such as supply and demand in the employment market.
(b) Superannuation
The eligible permanent employees of the Company, who have opted for the scheme, are entitled to receive retirement benefits under the superannuation scheme operated by the Company. The contribution for the year amounts to ` 1,750 (2013- ` 2,089)
(c) Provident fund
In accordance with Indian regulations, employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan, in which, both the employee and the Company contribute monthly at a determined rate. These contributions are made to government administered provident fund. The employee contributes 12% of his or her basic salary and the Company contributes an equal amount. The Company’s contribution for the year amounts to ` 112,978 (2013 - ` 110,634)
(d) Accumulated Compensated Absences
The Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet conducted by an independent actuary.
(e) New Pension Scheme
The eligible employees of the Company, who have opted for the scheme, are entitled for this benefit. The Company’s contribution for the year amounts to ` 3,650/- (2013- ` 2,888 ).
As per our report of even date attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLPChartered AccountantsICAI Firm Registration No : 001076N
For CNK and Associates LLPChartered AccountantsICAI Firm Registration No : 101961W
Uday KotakChairman
Shailesh DevchandVice-Chairman
Gaurang ShahDirector
Khushroo B. PanthakyPartnerMembership No- 42423
Hiren ShahPartnerMembership No- 100052
G. MurlidharManaging Director
Cedric FernandesChief Financial Officer
Sunil SharmaAppointed Actuary
Muralikrishna CheruvuCompany Secretary
MumbaiApril 25, 2014
MumbaiApril 25, 2014