Kotak Mahindra Life Insurance Company Limited
Kotak Mahindra Life Insurance Company Limited
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01 Statutory Reports
Financial Statements
Contents
Board of Directors.................................................................................................... 02
Directors’ Report...................................................................................................... 03
Management Report............................................................................................... 33
Auditors’ Report....................................................................................................... 40
Revenue Account..................................................................................................... 49
Balance Sheet........................................................................................................... 51
Board of Directors
BOARD OF DIRECTORS AS ON 31ST MARCH, 2022
Uday Kotak Non-Executive Director – Chairman
Prakash Apte Independent Director
Paresh Parasnis Independent Director
Anita Ramachandran Independent Director – Woman Director
Shivaji Dam Non-Executive Director
Dipak Gupta Non-Executive Director
Gaurang Shah Non-Executive Director
G. Murlidhar Non-Executive Director
Mahesh Balasubramanian Managing Director
COMPANY SECRETARY
Muralikrishna Cheruvu
CIN
U66030MH2000PLC128503
REGISTERED OFFICE
2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400 051
AUDITORS
M/s S. R. Batliboi & Associates, LLP
M/s Haribhakti & Co., LLP
BANKERS
Kotak Mahindra Bank Ltd.
Standard Chartered Bank
ICICI Bank Ltd.
HDFC Bank Ltd.
WEBSITE
https://kotaklife.com/
03 Board of Directors
Directors’ Report
Statutory Reports
Financial Statements
Directors’ Report
TO THE MEMBERS OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED
The Directors present their Twenty Second Annual Report together with the audited accounts of your Company for the year ended 31st March, 2022.
FINANCIAL HIGHLIGHTS
Your Company has demonstrated a consistent performance in a competitive environment. This year too the Company continues to be profitable, which it
has achieved mainly through product mix and process efficiency. The summarized results of operations of the Company for the financial year (FY) 2021-
22 are as below:
(` in crore)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
New Business Premium 6,143 5,257
Renewal Premium 6,872 5,844
Total Premium 13,015 11,100
Profit/(Loss) before tax 641 942
Profit/(Loss) after tax 469 736
Bonus to Policyholders 679 592
Net worth 4,389 4,045
New Business Sum Assured 226,480 218,975
Assets Under Management 55,563 46,518
The second wave of COVID 19 had led to an unprecedented increase in fatalities in the country and consequently, the death claims were reported to the
Company. The Company received and paid Gross Claims of ` 567 crore (Net of Reinsurance ` 348 crore) during the Q1FY22. The Company’s profits in the
current year have been impacted by the death claims on account of COVID 19 which have receded in the last quarter.
POLICYHOLDER BONUSES
The cost of regular/cash/reversionary bonuses declared by the Board of Directors for FY 2021-22 is approximately ` 611 crore, an increase of ` 70 crore
from the cost of regular/cash/reversionary bonuses declared in FY 2020-21. Additionally, interim and terminal bonuses of ` 68 crore were paid during FY
2021-22 to policy exits.
CAPITAL
Your Company continues to be amongst the most efficient users of capital in the life insurance space and has a good Assets under Management to Capital
ratio. During the year under review, the Authorized Share Capital of your Company was ` 625 crore, while the paid up share capital of your Company was
` 510 crore. There has been no capital infusion during the FY 2021-22.
The Company has paid the annual fees to IRDAI for the FY 2022-23. Accordingly, the Certificate of Registration is valid as on 31st March, 2022 and the
same continues to be in force.
INDUSTRY SCENARIO
The industry as a whole registered positive growth of 15.7% in total Adjusted Individual New Business Premium terms (i.e. Single Premium as one tenth),
whereas private sector registered a growth of 21.9%. Your Company registered a growth of 16.2%.
Your Company generated a total premium income of ` 13,015 Crores [includes New Business ` 6,143 Crores & Renewal ` 6,872 Crores] FY 2021-22 vs of
` 11,100 Crores [includes New Business ` 5,256 Crores & Renewal ` 5,844 Crores] from Insurance business registering a growth of 17.3% over FY 2020- 21.
Individual Business
The Company has endeavoured to maintain a balanced focus towards traditional products and Unit Linked products. The Company has driven Protection
and Long Term Savings Products (PALTS) across its distribution verticals.
The Company continues to focus on distribution efficiency. Investment in training Life Advisors and sales hierarchy has been stepped up to ensure
productivity is improved and the distribution team is equipped to meet customers’ expectations.
The Company has diversified set of of Corporate Agents, Bancassurance Partners and Brokers who contributed to our premium income.
Group Business
Group portfolio comprises of traditional and unit linked products catering to gratuity, leave encashment and superannuation needs of employer-employee
groups. In addition, the Company also offers Term and Credit Insurance products. The Company generated a premium income of ` 3,253 crore [includes
New Business ` 2,842 crore and Renewal ` 412 crore] FY 2021-22 vs ` 2,619 crore [includes New Business ` 2,312 crore and Renewal ` 307 crore] from
Group Insurance business registering a growth of 24.2% over FY 2020-21.
PRODUCTS
During the financial year 2021-22, Kotak Life Insurance launched a product, Kotak Fortune Maximizer, a participating plan offering multiple options and
flexibility to avail immediate cash bonus payout or deferred cash bonus to get higher benefits.
With increasing focus on digital platform, we launched Kotak eInvest, low cost unit linked plan catering to multiple needs of long term savings, child’s future
and retirement along with market linked returns
Another new annuity product launched – Kotak Assured Pension offering choice of multiple annuity options that pays regular stream of income on
immediate basis or post deferment period and Kotak Saral Pension, simplified annuity plan to make customers choice simpler to avail regular income for
life time for self and spouse.
MARKETING
Your Company’s marketing efforts during the year were focused on activities centred around driving the brand promise, improving customer experience,
and launching a new product.
Released the digital brand campaign Karo #LifeKiSearch Shuru aimed at the industry push for increasing awareness of life insurance as a product.
The campaign aims to address the issue of procrastinating when it comes to making life insurance purchase-related decisions
Established a new online identity in the form of kotaklife.com, after phasing out the earlier address insurance.kotak.com
Introduced 5-Star Rating program for our Life Advisors as an industry-first initiative to drive customer centricity in our distribution channels
Launched a flagship product, Kotak Fortune Maximiser with the positioning of Bada Socho. The concept of Think Big was used to nudge conversation
around financial planning
HUMAN RESOURCES
Your Company strives to distinguish itself from the peers and aspires to be counted amongst the best places to work across various sectors. During the
year under review, the Company has strengthened its people strategy to enable business by way of scaling capacity, strengthening capability and improving
organisational efficiency. The Company continued to focus on developing leadership capability as well as technical and functional capabilities of employees
in order to meet future talent requirement.
Our focus on human capital continued to manifest as Building Capacity, Strengthening Capability and enhancing the employee experience.
Employee Engagement: We improved the employee engagement score from 73% to 83% in the U-Matter survey (a Voice of Employee Survey) carried
out in 2021. Basis the feedback from the survey, robust cross-functional action plan has been planned with specific focus in the areas of work tasks,
enabling infrastructure, improving work life balance, trust in action and rewards and recognition
Leadership Development: Segmented approach for leadership development was done aligned to the strategic business requirements. Entire set of
employees are plotted in a 9 box matrix - 3X3 - Performance Vs Potential
Skill Transformation: To build digital acumen and to meet evolving business needs w.r.t talent capabilities, skill transformation framework has been
designed in terms of Assess Employees- Skill development – Evaluate ecosystem. Milestones have been designed for prioritization of skills and
to understand Organization level scorecard on the key emerging digital competencies. Some of the key areas identified are Design thinking, Data
analytics, New business models etc.
Talent Acquisition: Infusion of fresh talent from graduate and management campuses specific to specialized roles both in sales and non-sales
functions. The Company launched KLGM program for attracting talent from Tier 1 B-schools and premier institutes of India
Care and Connect: COVID-19 leaves (COVID-19 Care for near ones, Bereavement leave in case of any unfortunate event in the family, Self-Care
COVID-19 Leaves, along with vaccination leaves) were introduced during the year. Employee vaccination drives were arranged by the Company for
employees and their family. ‘Silent Hour’ during work hours got introduced this year for better employee mental health. Wellness sessions were
conducted by experts to help employees on emotional well-being
Financial Statements
Diversity and Inclusion: In order to increase the diversity of the organization and foster inclusion, a number of initiatives were undertaken
– ‘Womann ki baat’- A quarterly event for inspiring Kotak Life women employees through stories of women leaders
– Women’s Week celebration - This was weeklong celebration with various online and offline events around the theme of #Breakthebias
– Transcendence – A mentorship program for young women talents by successful senior women in the organization. 19 women, identified as
high-potential talent were mentored by 15 senior leaders of the organisation, on career planning throughout the year
– A workshop on women workplace safety was conducted across 12 sessions for 300 women
1. Customer experience
a. Your Company’s customer servicing footprint moved further in the digital direction, with more than 70% of all service requests originating
through digital mechanisms. 15 new service requests were enabled through an instant, OTP-based mechanism
b. WhatsApp and Chatbot gained greater prominence as channels for customer servicing. We saw 90% of our customers prefer these channels
for our top-3 service requests
c. Several initiatives were undertaken to reduce the policy-issuance time under the umbrella of ‘Rapid Issuance.’ Notable among these was the
introduction of a Video Verification process that allows customers to interact with an agent and confirm their policy conditions prior to its login
in Kotak Life’s systems
2. Distributor engagement
a. KLI Recruit, an onboarding platform for prospective life advisors, saw 100% adoption by the relevant channels
b. Boost, a mobile app aimed at providing full visibility and transparency to life advisors, saw more than 25,000 registrations in FY 2021-22
c. Zest, a mobile app aimed at extending the Boost functionalities to our frontline sales employees, was launched, and received positive feedback
b. Direct to customer sales journey was launched for eInvest product and several new sales journeys were offered to Kotak Mahindra Bank
customers on the bank’s mobile and net-banking platforms
4. Data as an asset
a. Embarked on organization-scale Data Warehouse project, bringing in structured and unstructured data from multiple systems and applications
into a single repository
b. Data thus collected will enable business analytics for sharp decision-making, data analytics for modeling, and seamless integration with
applications through Data APIs
The Company continues to offer multiple options to its customers for ease of transacting in the new world, which includes WhatsApp and Web Chat
self-servicing, Online policy manager for placing service requests and payments, Structured Web Form on the website to log queries and an Empowered
frontline with Single System for instant processing post CRM (ACE) implementation.
Various initiatives have been started by the Company during last year, including the below key implementations:
Digitizing New Business Requirement Fulfilment: Requirement module enhanced to make it accessible and easy to use by digitizing the existing
offline process of document scanning
Rapid Issuance: A significant step towards Digital transformation, starting right from digitally verifying all documents on frontend along with Pre
Login Verification journey, automating flow in subsequent systems at New business and underwriting stage
SMQ (Short Medical Questionnaire) implementation in alignment with reinsurance treaties – Due to change in reinsurance treaties revised
underwriting guidelines have been implemented which are critical from risk perspective and a shift in Group business to individual line of business
APLVC (Assisted Pre Login Verification Call) - This implementation furthers our digital adoption, from manual verification calling
Your Company has a Compliance Policy and Risk Management framework in place, in order to mitigate risks across various functions of the Company
and suitable measures are taken to proactively manage risks at all levels. As part of good Corporate Governance, the Audit Committee reviews findings of
Internal Auditors who report directly to the Audit Committee.
Your Company has a Risk Management Committee for developing and promoting the risk management culture of the Company. It sets overall risk policies
and frameworks for the Company in line with its defined risk strategy and risk tolerance. The Board of Directors confirms that your Company has laid
down set of standards, processes and structure which enables to implement internal financial controls across the organization with reference to Financial
Statements and that such controls are adequate and are operating effectively.
In June 2020, IASB published amendments to IFRS 17 including a deferral of the effective date of the Standard by two years, i.e., globally IFRS 17 is effective
from annual periods beginning on or after 1st January, 2023.
In order to remain converged with IFRS amended standards, in December 2020, Institute of Chartered Accountants of India (ICAI) has issued an exposure
draft of Amendments to Ind AS117, Insurance Contracts applicable with effect from 1st April 2023. Further, in February 2022, Accounting Standards Board
has issued Exposure Draft of amendments in Ind AS 117 corresponding to IASB’s amendments in IFRS 117 on Initial Application of IFRS 17 and IFRS 9-
Comparative Information - Amendments to IFRS 17. The final date of Ind AS implementation is yet to be announced.
INVESTMENTS
Your Company manages its investments within the overall framework laid down by the Investment Policy and provisions of IRDAI (Investment) Regulations, 2016
and Insurance Act, 1938 as amended from time to time. The investment function works under the overall supervision of Investment Committee of the Board.
Your Company’s investment objective is to ensure that returns on policyholders’ funds are consistent with the protection, safety and liquidity of such funds,
while ensuring that the liabilities in respect of each of the funds are supported by a diversified pool of investments and assets, held under the respective
funds wherein the asset classes, asset allocation and asset selection are compliant with the nature of liabilities, investment objective for each of the funds.
Investment risk is managed by creating a portfolio of different asset classes and of varied maturities depending on the fund objective so as to spread
risk across a wide category of the investee companies, groups as well as the industries in accordance with the prudential exposure norms and regulation
stipulated by the IRDAI. Investment Committee which acts as the policy making body for the investment operations, periodically discusses the investment
strategy, portfolio structures, performance of the portfolio and other issues relating to the investment portfolio. The Asset and Liability Management
Committee reviews the asset liability management strategy, investment risk, and other related risks periodically.
The total Assets under Management of the Company was ` 55,563 crore as at 31st March, 2022 as against ` 46,518 crore as at 31st March, 2021 registering
a growth of 19% over the previous year. FY 2021-2022 was volatile for financial markets. During the year, 10 year benchmark Government Security yield has
gone up from 6.16% as at 31st March, 2021 to 6.82% as at 31st March, 2022 and has seen a high and low of 6.89% and 5.97% respectively, while the NIFTY
has gone up from 14,691 as at 31st March, 2021 to 17,465 as at 31st March, 2022 with a high of 18,477 and low of 14,296 during the year.
CORPORATE GOVERNANCE
Your Company has consciously endeavoured to follow the policy of transparency and accountability and holds the interest of its stakeholders’ paramount.
Your Company has implemented the Corporate Governance Guidelines issued by IRDAI vide its circular dated 18 th May, 2016. (Note: A separate report
pertaining to the Corporate Governance compliances is enclosed as Annexure 1).
Financial Statements
The Board of Directors in its meeting held on 27th April, 2021 approved appointment of Mr. G. Murlidhar as the Non-Executive Director of the Company
w.e.f 1st May, 2021, which was further approved by the Members at the Twenty First Annual General Meeting of the Company held on 12th May, 2021.
The Company has also received declarations from all its Directors as per Section 164 of the Companies Act, 2013, confirming they are not disqualified
from being appointed as Directors of the Company.
The Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking inputs of all the Directors on
various aspects of Board/Committee Governance.
The Independent Directors of the Company had separately met on 24th March, 2022. In this meeting the Independent Directors had reviewed the performance
of Non-Independent Directors, and Board as a whole; and also performance of the Chairperson. They also assessed the quality, quantity and timelines of
flow of information between the Company management and the Board.
Pursuant to the provisions of Section 203 of the Companies Act, 2013 read with the ‘Guidelines for Corporate Governance for insurers in India’ issued by
IRDAI, the key managerial personnel of the Company are:
The Nomination and Remuneration Committee recommends the appointment of Directors and key managerial personnel to the Board. The Committee
considers the qualifications, fit and proper status, positive attributes as per the suitability of the role and independent status as may be required of the
candidate before such appointment.
The Company has adopted a Nomination and Remuneration Policy which includes issue of stock appreciation rights and Employee Stock Option as a form
of variable pay, payable over a period of time which is available on our website at:
https://www.kotaklife.com/assets/images/uploads/why_kotak/Nomination_Remuneration_Policy.pdf
The salient features of the Nomination and Remuneration Policy are as follows:
Objective of the Policy is to maintain fair, consistent and equitable compensation practices in alignment with the Company’s core values and strategic
business goals
Any variation in the Policy to be with approval of the Nomination and Remuneration Committee
The Independent Directors and Non-Executive Director of the Company were paid remuneration by way of sitting fees for attending meetings of the Board
or Committees and the Profit related Commission, details of which are available in the section titled ‘Directors’ and KMPs’ Remuneration in the Corporate
Governance Report. The Non-Executive and Independent Directors may also be paid commission with reference to the net profits of the Company, within
the limits as approved by the Board. In line with the Companies Act, 2013, Independent Directors are not entitled to Stock Options.
Quantitative Disclosures
The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of Executive Directors/Whole Time Directors/
Managing Director and CEO:
Sr.
Particulars As on 31st March, 2022
No.
1. Number of WTD/CEO/MD having received a variable remuneration 2
award during the financial year Mr. G. Murlidhar1 Mr. Mahesh Balasubramanian1
(Upto 30th April, 2021) (w.e.f. 1st May, 2021)
2. Number and total amount of sign on awards made during the financial year Nil Nil
3. Details of guaranteed bonus, if any, paid as joining/sign on bonus Nil Nil
4. Total amount of outstanding deferred remuneration, split into cash, Cash – ` 2,35,00,000 Cash – Nil
shares and share linked instruments and other form as on ESOP – Nil
31st March, 2021. SAR – Nil
5. Total amount of deferred remuneration paid out in the financial year ESOP Perk: 21,277,465/- ESOP Perk: Nil
SARS Payout: 14,550,105/- SARS Payout: Nil
6 Breakup of amount of remuneration awarded for the financial year to Fixed: Gross Salary: ` 2,210,925/- Fixed: Gross Salary: ` 16,958,333/-
show fixed and variable, deferred and non-deferred: (April 2021) (May 2021 – March 2022)
Fixed Variable: Deferred Cash: Variable: Non Deferred Cash: Nil
Variable a. ` 4,212,000/- (pertaining to Total Bonus : Nil
Non-Deferred FY 20-21 paid in August, 2021)
Share Linked Instrument b. Total Bonus: ` 30,000,000/-
(out of which ` 6,500,000/-
pertaining to FY 21-22 paid in
February, 2022)
Gratuity (F&F settlement): ` 2,000,000*/-
Financial Statements
Note-
1 (a) The managerial remuneration is in accordance with the requirements of section 34A of the Insurance Act, 1938 and within the limits approved
by IRDAI
(b) Mr. Mahesh Balasubramanian has taken over as Managing Director of the Company from Mr. G Murlidhar with effect from 1st May, 2021
(c) The managerial remuneration does not include provision for gratuity and leave encashment, as provision for gratuity and leave encashment
liability is determined actuarially for the Company as a whole and accordingly have not been considered in the above information
(d) * Amount of ` 2,000 thousands (Previous year NIL) paid as gratuity to Mr. G. Murlidhar, consequent to the expiry of tenure of Managing Director
of the Company on 30th April, 2021 and as full and final settlement
(e) Managerial remuneration in excess of the limits prescribed by the IRDAI has been charged to the Shareholder’s Profit and Loss Account
(f) During the year, the Company has paid an amount of ` 10,223 thousands (Previous year NIL) to Mr. Mahesh Balasubramanian pertaining to the
cost of outstanding variable remuneration for the past services rendered to Kotak Mahindra General Insurance Company Limited. As per approval
dated 25th March, 2022 vide reference no. IRDA/Non-Life/2016-2017/359, this amount has been borne by Kotak Mahindra General Insurance
Company Limited and hence is not included above.
CONSTITUTION OF COMMITTEES
The details of the constitution and terms of reference of the Committees of the Board of Directors are provided in the Corporate Governance Report.
DEPOSITS
During the period under review, your Company has not accepted any deposits from the public.
Pursuant to Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, there are no transactions to be reported under Section 188(1)
of the Companies Act, 2013.
All related party transactions as required under Accounting Standard 18 are reported in related party disclosures under Note 16 C of Schedule 16 of Notes
to Financial Statements.
MANAGEMENT REPORT
Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s
Report of Insurance Companies) Regulations, 2002, the Management Report forms a part of the financial statements.
WHISTLE BLOWER POLICY, VIGIL MECHANISM AND POLICY AGAINST SEXUAL HARASSMENT
Your Company is committed to maintain a high standard of compliance and provide its employees and directors with the highest standards of transparency,
probity, and accountability. The Company has a Whistle Blower Policy and a framework in place to develop a culture wherein it is safe and acceptable for all
employees and directors to raise genuine concerns in good faith, and in a responsible as well as effective manner. This enables disclosure of information,
which an individual believes is malpractice, serious irregularity, unethical business conduct, abuse or wrongdoing or violation of any law.
The purpose of the Whistle Blower Policy is to provide a framework to promote a responsible vigil mechanism for the Company. The Policy protects an
employee and a director from discharge or retaliation or discrimination when the employee or director reports in good faith, the existence of any of the
aforesaid activity.
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 protects against sexual harassment of women at
workplace and for the prevention and redressal of complaints of sexual harassment. The Company has its internal policy on Prevention and Redressal
of sexual harassment at the workplace which ensures that no aggrieved employee refrains from justice. The Company has also constituted the Internal
Committee to address complaints about Sexual harassment of women at the workplace which ensures the earliest redressal of compliant.
Your Company has a robust policy and a framework in place against Sexual Harassment. Following is a summary of sexual harassment complaints
received and disposed off during the FY 2021-22:
Mr. Dipak Gupta, Non-Executive Director and Chairman of the CSR Committee
Your Company’s CSR Committee is responsible to identify, execute and monitor CSR projects, to assist the Board in fulfilling its CSR objectives, to ensure
compliance of CSR regulations and to oversee reporting and disclosure of CSR activity. Further, your Company’s CSR Committee makes recommendations
to the Board to review and approve the CSR Policy, Annual Action Plan, CSR Projects including its budget, design, scope, expenditure payments and related
matters.
Your Company’s CSR policy sets out your Company’s vision, mission, governance and CSR focus areas to fulfill its inclusive agenda across many
geographies of India. The Policy also highlights your Company’s intent to contribute towards the economic, environmental and social growth of the nation
and also reflects the organisation’s commitment to contribute towards United Nation’s (UN) Sustainable Development Goals (SDGs). Your Company has
enhanced its CSR footprint in FY 2021-22, in accordance with the guidelines led out in the CSR Policy, by focusing on sustainable, scalable and perceptible
CSR Projects, spreading in focused geographies and aligning to SDGs and the national narrative.
The Company’s CSR policy is available on the Company’s website viz. URL:https://www.kotaklife.com/why-kotak-life/corporate-governance
Your Company’s CSR Projects and CSR Project Expenditure are compliant with the CSR mandate as specified under Section 134, Section 135 read with
schedule VII of the Act along with the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from time to time and in line with the
Government of India’s notifications issued from time-to-time.
The average net profit of the Company as prescribed under the Act for the last three financial years preceding 31st March, 2021 is ₹596.96 crore. The
prescribed CSR expenditure for FY 2021-22 required under Section 135, of the Act and the Companies (Corporate Social Responsibility Policy) Rules 2014,
as amended from time to time for FY 2021-22 is ₹11.94 crore.
The actual CSR Expenditure for the period 1st April, 2021 to 31st March, 2022 as required under Section 135 of the Act, and the Companies (Corporate Social
Responsibility Policy) Rules, 2014 as amended from time to time is ` 11.94 crore, which resulted in excess CSR spend of ` 11,928/- for FY 2021-22. Of this
amount, the Company’s spend on CSR Project Expenditure is ` 7.06 crore for FY 2021-22, and the balance ` 4.88 crore is on account of the unutilised
CSR Project Expenditure of Ongoing CSR Projects of FY 2021-22, and ` 4.88 crore has been transferred to the Kotak Mahindra Life Insurance Company
Limited Unspent CSR Account FY 2021-22 in April 2022. Your Company is committed to utilize the unutilised CSR Project Expenditure of Ongoing CSR
Projects Expenditure FY 2021-22 of ` 4.88 crore within the stipulated three years i.e. from 1st April, 2022 to 31st March, 2025, which is towards completion
of the Board approved Ongoing CSR Projects which have been initiated in FY 2021-22 and continue to be under implementation as on 31st March, 2022.
The excess CSR spend of ` 11,928/- for FY 2021-22 is being carried forward to succeeding financial year(s) and would be available for set-off in those
financial year(s). The details are more particularly described in the section of Annual Report on CSR activities for FY 2021-22.
The implementation of the CSR projects in FY 2021-22 had been done either directly and/or through implementing partner organisations having proven
track record. Also, your Company’s employees have been actively volunteering and providing on ground support for the Company’s various CSR initiatives,
including specific COVID-19 relief operations.
The details of CSR programmes and expenditure under Section 135 of the Act, for FY 2021-22 are annexed to this report as Annexure 2.
SUBSIDIARIES
The Company does not have any Subsidiaries.
ANNUAL RETURN
As per Section 92(3) of the Companies Act, 2013, the Company’s Annual Return for the FY 2021-22 shall be available on the Company’s website viz. URL:
https://www.kotaklife.com/why-kotak-life/corporate-governance
AUDITORS
M/s. S. R. Batliboi and Associates LLP and M/s Haribhakti and Co., LLP, are the current Joint Statutory Auditors of the Company.
M/s. S. R. Batliboi and Associates LLP, Chartered Accountants, (Firm Regd. No. 101049W), were re-appointed for second term of five years by the members in
their Twentieth Annual General Meeting to hold office until the conclusion of the Twenty Fifth Annual General Meeting. However, the Company intends to use
the expertise of one of its network firm for certain non-audit services. Accordingly, to prevent future independence impairment issues, M/s S.R. Batliboi and
Associates LLP offered to step down as the Statutory Auditors of the Company after completion of the statutory audit for the year ended 31st March, 2022.
M/s Haribhakti and Co., LLP, Chartered Accountant, (Firm Regd. No. 103523W), were appointed for a period of five years by the members in their Seventeenth
Annual General Meeting to hold office until the conclusion of the Twenty Second Annual General Meeting. Their term as a Joint Statutory Auditor shall
expire on the conclusion of Twenty Second AGM.
In view of above, the Board of Directors in its Meeting held on 29 th April, 2022 has recommended the appointment of M/s M. M. Nissim and Co. LLP, Chartered
Accountants (Regd. No. 107122W/W100672) in place of M/s S.R. Batliboi and Associates LLP, Chartered Accountants and M/s Price Waterhouse LLP
(Regd. No. 301112E/E300264) in place of M/s Haribhakti and Co. LLP, Chartered Accountant, as the Joint Statutory Auditors of the Company for a term of
five consecutive years to hold office from the conclusion of the ensuing Twenty Second Annual General Meeting till the conclusion of the Twenty Seventh
Annual General Meeting, which shall be subject to the approval of the Members in the ensuing Annual General Meeting.
Financial Statements
The Company has received certificates from the proposed auditors confirming their eligibility and willingness for the reappointment pursuant to Section 139
(1) of the Companies Act, 2013 and as per the requirement stipulated by IRDAI. The auditors have further certified that they have subjected themselves to
the peer review process of the Institute of Chartered Accountants of India (ICAI) and they hold a valid certificate issued by the ‘Peer Review Board’ of ICAI.
The Resolutions seeking approval to their appointments is included in the Notice of the ensuing Annual General Meeting.
SECRETARIAL AUDITOR
Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, your Company has appointed M/s. Parikh and Associates, Company Secretary in Practice, as its Secretarial Auditor. The Secretarial Audit Report
in the prescribed format i.e. Form No. MR-3 for the FY 2021–22 is annexed to this Report as Annexure 3. The Auditor has not made any qualification,
reservation or adverse remark or disclaimer in his Report for FY 2021-22.
The Board has duly reviewed the Report of the Secretarial Auditor of the Company.
The Auditors’ Report (including annexure thereof) by the Joint Statutory Auditors to the Members does not contain any qualification or adverse remarks.
All the recommendations of the Audit Committee were considered and accepted by the Board.
EMPLOYEES
In terms of the Proviso to Section 136(1) of the Companies Act, 2013, the Directors’ Report is being sent to all shareholders excluding the aforesaid annexure.
The annexure is available for inspection at the Registered Office of your Company. Any shareholder interested in obtaining a copy of the said annexure may
write to the Company Secretary at the Registered Office of your Company.
i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material
departures, if any
ii. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of your Company as at the end of the financial year and of the profit of your Company
for the financial year ended 31st March, 2022
iii. they have taken proper and sufficient care to the best of their knowledge and ability, for the maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities
iv. the annual accounts have been prepared on a going concern basis
v. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating
effectively
COVID-19 branch safety protocols were defined and communicated to all front line employees and branch (Facility Management Group) FMG. COVID -19
employee guidelines were defined to highlight individual safety measures required to be taken by all employees and instructions to be followed on being
tested positive for COVID-19.
Regular check-ins were done by HR team members on employees and their family members who were tested positive for COVID-19
Emergency response services like Ambulance service, Diagnostic services, medicine and equipment delivery services, COVID Bed/Isolation facility
identification services etc. were made available to employees and their family members who were tested COVID-19 positive
Mediclaim Insurance 24x7 virtual helpdesk to support them with queries related to cashless hospitalization was also provided
Special volunteer teams were formed and Specific Tie-Ups Isolation facilities services were made available in select cities across India
RT PCR test cost reimbursement, Vaccination cost reimbursement, Wellness Allowance of ` 1,000 pm and extended mediclaim benefits were made
available to employees
In critical cases, where an employee was in urgent need of financial support, emergency financial Assistance (Upto ` 5 lakh) for treatment of COVID-19
for employee and/or his/her dependents was made available post necessary approvals from GMC members
ACKNOWLEDGEMENTS
The Directors thank the Insurance Regulatory and Development Authority of India for its continuous support. The Directors are grateful for the continued faith
that the policyholders have reposed. The Directors acknowledge the support extended by their shareholders and express their appreciation of employees
for their efforts, teamwork and professionalism.
ANNEXURES:
Annexure 1 – Corporate Governance Report
Sd/- Sd/-
Place : Mumbai
Date : 29 th April, 2022
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Statutory Reports
Financial Statements
ANNEXURE 1
Report on Corporate Governance
In view of extensive changes to the governance of the companies brought about by the Companies Act, 2013, the Insurance Regulatory and Development
Authority of India (IRDAI) issued new Guidelines on Corporate Governance for insurers in India on 18 th May, 2016.
In accordance with the provisions of the said Guidelines, the report containing details of the Corporate Governance systems and processes of the Company
for the FY 2021-22 is as under:
The Composition of the Board of Directors of the Company as on 31st March, 2022 is as follows:
Name of the Directors DIN Designation
Mr. Uday Kotak 00007467 Chairman
Mr. Shivaji Dam 00032568 Non-Executive Director
Mr. Prakash Apte 00196106 Independent Director
Mr. Paresh Parasnis 02412035 Independent Director
Ms. Anita Ramachandran 00118188 Independent Director - Woman Director
Mr. Dipak Gupta 00004771 Non- Executive Director
Mr. Gaurang Shah 00016660 Non-Executive Director
Mr. G. Murlidhar1 03601196 Non-Executive Director
Mr. Mahesh Balasubramanian1 02089182 Managing Director
Note-
1 The term of Mr. G. Murlidhar as the Managing Director of the Company ended on 30 th April, 2021. With effect from 1st May, 2021, Mr. Mahesh Balasubramanian was appointed as
the Managing Director of the Company for a period of three years pursuant to the approval of the Members in the Extraordinary General Meeting held on 26th March, 2021 and the
IRDAI approval and Mr. G. Murlidhar was appointed as the Non-Executive Director of the Company.
The details of the Directors such as qualification, specialization and status of directorship as well as brief profile, as at 31st March, 2022, are given at
Annexure A enclosed with this report.
BOARD MEETINGS
During the year, six Board Meetings were held. The details of attendance of Directors at the Board meetings held during the year are as follows:
Name of the Director Nature of Directorship Designation Meeting Meeting Meeting Meeting Meeting Meeting
in the Dated Dated Dated Dated Dated Dated
Committee/ 27th April, 27th May, 16th June, 19 th July, 20 th 21st
Board 2021 2021 2021 2021 October, January,
2021 2022
Mr. Uday Kotak Non-Executive Director Chairman Present Present Present Present Present Present
Mr. Shivaji Dam Non-Executive Director Member Absent Absent Present Present Present Present
Mr. Prakash Apte Independent Director Member Present Present Present Present Present Present
Mr. Paresh Parasnis Independent Director Member Present Present Present Present Present Present
Ms. Anita Ramachandran Independent Director Member Present Present Present Present Present Present
Mr. Dipak Gupta Non-Executive Director Member Present Absent Present Present Present Present
Mr. Gaurang Shah Non-Executive Director Member Present Present Present Present Present Present
Mr. G. Murlidhar Non-Executive Director2 Member Present Present Present Present Present Present
Mr. Mahesh Balasubramanian Managing Director2 Member N.A. Present Present Present Present Present
Note-
2 T he term of Mr. G. Murlidhar as the Managing Director of the Company ended on 30 th April, 2021. With effect from 1st May, 2021, Mr. Mahesh Balasubramanian was appointed as
the Managing Director of the Company for a period of three years pursuant to the approval of the Members in the Extraordinary General Meeting held on 26th March, 2021 and the
IRDAI approval and Mr. G. Murlidhar was appointed as the Non-Executive Director of the Company.
The Board is apprised with all the information pertaining to the following:
Minutes of meetings of the various Committees of the Board of Directors like Audit Committee, Investment Committee, Risk Management Committee,
Asset Liability Management Committee, Banking Committee, Policyholders’ Protection Committee, With Profits Committee, Nomination and
Remuneration Committee and Corporate Social Responsibility Committee
General notices of interest received from Directors of the Company
Quarterly/Half Yearly/Annual Financial Statements of the Company
Information pertaining to the policies of the Company
Updates on the Regulatory and Statutory Compliances of the Company
State of affairs of the Company vide detailed updates by the Managing Director
Elements of Remuneration and Sitting Fees of Individual Directors for the year ended 31st March, 2022
(` in thousands)
Note-
3 ` 7.50 lakh for FY 2021-22 is subject to the approval by the Shareholders in the ensuing Annual General Meeting.
4 (a) The managerial remuneration is in accordance with the requirements of section 34A of the Insurance Act, 1938 and within the limits approved by IRDAI
(b) Mr. Mahesh Balasubramanian has taken over as Managing Director of the Company from Mr. G Murlidhar with effect from 1st May, 2021
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(c) The managerial remuneration does not include provision for gratuity and leave encashment, as provision for gratuity and leave encashment liability is determined actuarially
for the Company as a whole and accordingly have not been considered in the above information
(d) * Includes amount of ` 2,000 thousands (Previous year NIL) paid as gratuity to Mr. G. Murlidhar, consequent to the expiry of tenure of Managing Director of the Company on
30 th April, 2021
(e) Managerial remuneration in excess of the limits prescribed by the IRDAI has been charged to the Shareholder’s Profit and Loss Account
(f) During the year, the Company has paid an amount of ` 10,223 thousands (Previous year NIL) to Mr. Mahesh Balasubramanian pertaining to the cost of outstanding variable
remuneration for the past services rendered to Kotak Mahindra General Insurance Company Limited. As per approval dated 25th March, 2022 vide reference no. IRDA/Non-
Life/2016-2017/359, this amount has been borne by Kotak Mahindra General Insurance Company Limited and hence is not included above.
Note-
1. AUDIT COMMITTEE
The Audit Committee of the Company comprises of three Non-Executive Directors. The Chairman of the Committee is an Independent Director.
Recommend appointment of remuneration and terms of appointment of auditors of the Company (internal/statutory/Concurrent)
Review and monitor the auditors’ independence and performance and effectiveness of audit process
Approval or any subsequent modification of transactions of the Company with related parties
Monitoring the end use of funds raised through public offers and related matters
Investigate into any matter referred to it by the Board and for this purpose shall have the power to obtain professional advice from external
sources and have full access to information contained in the records of the Company
Call for comments of the auditors about internal control systems, discuss the nature and scope of audit before commencement of audit,
discuss the observations of the auditors and review of financial statements before their submission to the Board, discussion on issues related
to internal and statutory auditors and the management of the Company, post audit discussion to address areas of concerns as may be required
Oversee financial statements, financial reporting, statement of cash flow and disclosure processes on annual and quarterly basis
Setting up of procedures and processes to address concerns relating to adequacy of checks and control mechanisms
Oversee efficient functioning of internal audit and review its reports, monitor progress made in rectification of irregularities and changes in
processes wherever deficiencies have come to notice
Oversight on procedures established to attend to issues relating to maintenance of books of accounts, administration procedures, transactions
and other matters having bearing on the financial position of the Company
Any additional work other than statutory/internal audit that is entrusted to the auditor or any of its associated persons or companies shall be
specifically approved by the Board of Directors keeping in mind the necessity to maintain the independence and integrity of the audit relationship
and in compliance with provisions of Section 144 of the Companies Act
Discuss with the statutory auditors before the audit commences, about the nature and scope of audit as well as have post-audit discussions
to address areas of concern
Review/take note/approve:
a) Quarterly investments made by the Company
b) Quarterly statement of significant transactions and/or arrangements
Any other matter relating to Audit, Internal Control, Internal Audit or related matter which may be referred by the Board to the Committee
Oversee the progress of the Ind AS implementation process and report to the Board of Directors
Act as a Compliance Committee to discuss the level of compliance in the Company and any associated risks and to monitor and report to the
Board on any significant compliance breaches
Overseeing Stewardship activities
During the year, five meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings held during
the year are as follows:
Name of the Director Nature of Directorship Designation Meeting Meeting Meeting Meeting Meeting
in the Dated Dated Dated Dated Dated
Committee/ 26th April, 19 th July, 2021 20 th October, 29 th 21st January,
Board 2021 2021 November, 2022
2021
Mr. Prakash Apte Independent Director Chairman Present Present Present Present Present
Mr. Paresh Parasnis Independent Director Member Present Present Present Present Present
Mr. Gaurang Shah Non-Executive Director Member Present Present Present Present Present
2. INVESTMENT COMMITTEE
The Investment Committee of the Company comprises of Three Non-Executive Directors, the Managing Director, the Chief Investment Officer, the
Chief Financial Officer, the Chief Risk Officer and the Appointed Actuary. Members of the Committee are familiar and conversant with the various
Acts, Rules, Regulations, Guidelines, Circulars, etc., issued by the Authority as amended from time to time.
During the year, four meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings held during
the year are as follows:
Name of the Nature of Designation in Meeting Meeting Meeting Meeting
Director/KMP Directorship/KMP the Committee/ Dated Dated Dated Dated
Board 26th April, 2021 16th July, 2021 19 th October, 20 th January,
2021 2022
Mr. Dipak Gupta Non-Executive Director Chairman Present Present Present Present
Mr. Gaurang Shah Non-Executive Director Member Present Present Present Present
Mr. G. Murlidhar7 Non-Executive Director Member Present Present Present Present
Mr. Mahesh Balasubramanian7 Managing Director Member N.A. Present Present Present
Mr. R. Jayaraman Appointed Actuary Member Present Present Present Present
Mr. Sunil Sharma Chief Risk Officer Member Present Absent Present Present
Mr. Cedric Fernandes Chief Financial Officer Member Present Present Present Present
Ms. Radhavi Deshpande8 Chief Investment Officer Member Present Present Present Present
Note-
7 he Board in its Meeting held on 27th April, 2021 re-constituted the Statutory Committees w.e.f. 1st May, 2021 to include Mr. Mahesh Balasubramanian where the Managing
T
Director is a Member. Mr. G. Murlidhar, Non-Executive Director, continued to remain the Committee Member
8 he Committee stood reconstituted to include Ms. Radhavi Deshpande, Chief Investment Officer, as the Member of the Committee w.e.f. date of her joining i.e. 15th April, 2021
T
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During the year, four meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings during the
year are as follows:
Name of the Nature of Designation in Meeting Dated Meeting Meeting Meeting Dated
Director/KMP Directorship/KMP the Committee/ 16th April, 2021 Dated Dated 14th January,
Board (Adjourned 13 th July, 2021 11th October, 2022
Meeting held on 2021
22nd April, 2021)8A
Mr. Gaurang Shah Non-Executive Director Chairman Present Absent Present Present
Mr. G. Murlidhar9 Non-Executive Director Member Present Present Present Present
Mr. Mahesh Managing Director Member N.A. Present Present Present
Balasubramanian9
Mr. R. Jayaraman10 Appointed Actuary Member N.A. N.A. Present Present
Mr. Sunil Sharma Chief Risk Officer Member Present Present Present Present
Mr. Cedric Fernandes Chief Financial Officer Member Present Present Present Present
Mr. Hitesh Veera Head of Operations Member Present Present Present Present
Mr. Muralikrishna Cheruvu Chief Compliance Officer and Member Present Present Present Present
Company Secretary
Note-
8A Pending agenda items were discussed in the adjourned Meeting held on 22nd April, 2021 with the same quorum present.
9 he Board in its Meeting held on 27th April, 2021 re-constituted the Statutory Committees w.e.f. 1st May, 2021 to include Mr. Mahesh Balasubramanian where the Managing
T
Director is a Member. Mr. G. Murlidhar, Non-Executive Director, continued to remain the Committee Member
10 The Board in its meeting dated 19th July, 2021 reconstituted the Risk Management Committee to include Mr. R. Jayaraman, Appointed Actuary, as the Member of the
Committee
Ensure that the liabilities are backed by appropriate assets and manage mismatches between assets and liabilities to ensure they remain within
acceptable monitored tolerances for liquidity, solvency and the risk profile of the entity
Reviewing, approving and monitoring systems, controls and reporting used to manage balance sheet risks including any mitigation strategies
Regular review and monitoring of mismatch between assets and liabilities and the acceptable tolerance limits for mismatch, if any
Ensure that the management and valuation of all assets and liabilities comply with standards, prevailing legislation and internal and external
reporting requirements
Review the key methodologies and assumptions including actuarial assumptions, used to value assets and liabilities
Manage the capital requirements at the Company level using the regulatory solvency requirements
Review, approve and monitor capital plans and related decisions over capital transactions (e.g. dividend payments, acquisitions, disposals etc.)
During the year four meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings are as follows:
Note-
11 Mr. G. Murlidhar ceased to be the Member of the Committee w.e.f. 19 th July, 2021
12 he Board in its meeting held on 27th April, 2021 re-constituted the Statutory Committees w.e.f. 1st May, 2021 to include Mr. Mahesh Balasubramanian where the Managing
T
Director is a Member
13 The Committee stood reconstituted to include Ms. Radhavi Deshpande, Chief Investment Officer, as the Member of the Committee w.e.f. date of her jonining i.e. 15th April,
2021.
Recommend a policy on customer education for approval of the Board and ensure proper implementation of the same
Adopting standard operating procedures to treat the customer fairly including time-frames for policy and claims servicing parameters and
monitoring implementation thereof
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Put in place a framework for review of awards given by Insurance Ombudsman/Consumer Forums on need basis
Analyse the root cause of customer complaints, identify market conduct issues and advise the management appropriately about rectifying
systemic issues, if any
Review all the awards given by Insurance Ombudsman/Consumer Forums remaining unimplemented for more than three (3) months with
reasons thereof and report the same to the Board for initiating remedial action, where necessary
Review of Claims Report, including status of outstanding claims with ageing of outstanding claims on need basis
Status of settlement of other customer benefit payouts like Surrenders, Loan, Partial withdrawal requests etc.
During the year, four meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings during the
year are as follows:
Note-
14 he Board in its Meeting held on 27th April, 2021 re-constituted the Statutory Committees w.e.f. 1st May, 2021 to include Mr. Mahesh Balasubramanian where the Managing
T
Director is a Member. Mr. G. Murlidhar, Non-Executive Director, continued to remain the Committee Member
15 he Board in its meeting dated 19 th July, 2021 reconstituted the Risk Management Committee to include Mr. R. Jayaraman, Appointed Actuary, as the Member of the
T
Committee
To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate activities to be undertaken by the
Company in areas or subject, specified in Schedule VII to the Companies Act, 2013
To monitor the Corporate Social Responsibility Policy of the Company from time to time
To, separately, place a report on projects or programmes or CSR activities undertaken in collaboration with other Companies, if any, in
accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014
To ensure that the funds disbursed have been utilised for the purposes and in the manner as approved by it
To monitor the implementation of the ongoing project with reference to the approved timelines and year-wise allocation
To formulate and recommend to the Board, an annual action plan in pursuance of the Company’s CSR Policy
To undertake impact assessment of CSR Projects, through independent agency, as and when applicable, pursuant to the provisions of the Act
During the year, two meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings held during
the year are as follows:
Identify persons qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down
Shall specify the manner for effective evaluation of performance of Board, its Committees and individual Directors and review its implementation
and compliance.
Formulate the criteria for determining qualifications, positive attributes and independence of an Independent Director
Recommend to the Board the appointment and removal of Directors and senior management
Recommend to the Board a Remuneration policy for the directors, key managerial personnel and other employees
The remuneration package shall be aligned appropriately with the performance objectives laid down for the Key Management Persons
Ensure that the remuneration packages of the Key Management Persons of the Company are as per the Remuneration Policy approved by the
Board
The Committee should scrutinize the declarations of intending applicants before the appointment/reappointment/election of directors by the
shareholders at the General Meetings and also scrutinize the applications and details submitted by the aspirants for appointment as the Key
Management Persons
During the year, one meeting of the Committee was held. The details of the attendance of the Members at the Committee meeting held during the
year is as follows:
Reviewing and approving the appropriateness of the asset share calculation performed by the Appointed Actuary including both the methodology
and assumptions used and the justification for any change
Reviewing the bonus earning capacity computed by the Appointed Actuary including its calculation and sensitivity analysis; and the
appropriateness of the bonus declaration recommended by the Appointed Actuary
Reviewing the sustainability of surrender value scales for participating policies and any changes to special surrender value with justification
Reviewing the level of Funds for Future Appropriation (FFA) in the participating funds and its treatment
Signing off the Annual Report of the Company’s WPC, to be appended to the Actuarial Report and Abstract (ARA)
Determining the share of assets attributable to the policyholders, investment income attributable to the participating fund of policyholders and
expenses allocated to the policyholders
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During the year, two meetings of the Committee were held. The details of the attendance of the Members at the Committee meetings held during
the year are as follows:
Note-
16 The Board in its Meeting held on 27th April, 2021 re-constituted the Statutory Committees w.e.f. 1st May, 2021 to include Mr. Mahesh Balasubramanian where the Managing
Director is a Member. Mr. G. Murlidhar, Non-Executive Director, continued to remain the Committee Member.
9. BANKING COMMITTEE
The Board of Directors had, in its meeting held on 6th February, 2001 formed a Banking Committee to have operational efficiency in opening/
closing and operating the Bank Accounts of the Company. The Committee is Chaired by Mr. Shivaji Dam, Non-Executive Director of the Company.
Mr. Dipak Gupta and Mr. Gaurang Shah, Non-Executive Directors of the Company, are also the Members of the Committee.
During the year, the Committee considered and approved the proposals for opening and operating bank accounts via resolutions passed by circulation.
A. FINANCIAL AND OPERATING RATIOS NAMELY, INCURRED CLAIM, COMMISSION AND EXPENSES RATIOS
Year ending Year ending
Particulars
March 2022 March 2021
1) Claims Ratio
a. Claims as % of Total Premium 12.90% 9.13%
(Claims does not include Surrender, Maturity and Survival Benefits)
b. Surrender, Maturity and Survival Benefits as % of Total Premium 31.80% 27.81%
2) Commission Ratio
a. New Business Commission as a % of New Business Premium 6.0% 6.0%
b. Total Commission as a % of Total Premium 4.5% 4.7%
3) Expenses Ratio
a. Policy holder expenses as a % of Total Premium 12.7% 13.5%
b. Ratio of expenses of management 17.2% 18.2%
(3b = 2b + 3a)
C. CONSERVATION RATIO
Year ending Year ending
Particulars
March 2022 March 2021
Conservation Ratio (Individual) 89.4% 85.0%
(Current Year Pure Renewal)/(Previous Year New Business Premium + Previous Year Pure Renewal)
D. FINANCIAL PERFORMANCE INCLUDING GROWTH RATE AND CURRENT FINANCIAL POSITION OF THE INSURER
This information is provided under Financial Results section of the Directors’ Report.
F. DETAILS OF NUMBER OF DEATH CLAIMS INTIMATED, DISPOSED OFF AND PENDING WITH DETAILS OF DURATION
March 2022 March 2021
Total Death Claims Summary
Count (` Cr) Count (` Cr)
Claims O/S at Start of Year 443 35.46 171 20.07
Claims Intimated 135,790 2,329.77 94,028 1,201.50
Claims Settled 135,606 2,281.46 93,619 1,165.90
Claims Repudiated 279 42.80 137 20.20
Claims Rejected 0 0.00 0 0.00
Claims Unclaimed17 (in the Year) 0 0.00 0 0.00
Claims O/S from date of intimation at End of Year17 348 40.97 443 35.46
*Ageing for Claims O/S from date of inception at End of
Year
Less than 3 months 213 26.60 296 23.82
3 months and less than 6 months 69 5.60 96 9.42
6 months and less than 1 year 44 3.36 37 0.88
1 year and above 22 5.40 14 1.34
Total 348 40.97 443 35.46
Note-
I, Muralikrishna Cheruvu hereby certify that to the best of my knowledge and information available with me, the Company has complied with the Guidelines
on Corporate Governance for Insurance Companies issued by IRDAI vide its Circular No. IRDAI/FandA/GDL/CG/100/05/2016 dated 18 th May, 2016 and as
amended from time to time and nothing has been concealed or suppressed.
Sd/-
Muralikrishna Cheruvu
Chief Compliance Officer and Company Secretary
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Mr. Uday Kotak is also a member of the Stakeholders Relationship Committee of the Bank and Chairman of the Audit
Committee of Kotak Mahindra Capital Company Limited.
Mr. Dam is presently involved in philanthropic activities around education and livelihood for children/youth from under
privileged families.
Status of other Directorship Kotak Mahindra Trusteeship Services Limited
During more than 41 years of very successful professional career, Mr. Apte has gained varied knowledge in various aspects
of business such as vision and strategy development, business integration and transformation, operation excellence etc.
and he has been involved with many initiatives for organizational capability up gradation, coaching and people development.
Mr. Apte was instrumental in setting up the Syngenta Foundation India which focuses on providing knowledge and support
for adopting scientific growing systems to recourse poor farmers and enabling their access to market.
Apart from Syngenta India, Mr. Apte is presently Chairman of Kotak Mahindra Bank Limited and serves on the Boards of
Fine Organics Limited
Status of other Directorship Kotak Mahindra Bank Limited
From August 2012 to March 2021, he was heading the Piramal Foundation, one of India’s leading foundations committed
to addressing social issues through high impact solutions, thought leadership and partnerships. At Piramal Foundation,
he was responsible for the Piramal Group’s philanthropic activities (implemented through initiatives focused on primary
healthcare, education leadership and safe drinking water) and working with the board on strategy, governance and building
a broader eco-system oriented partnership mandate.
He continues to engage with the development sector by mentoring social entrepreneurs and through his strategic
engagement on governing boards of leading non profit organisations like ARMMAN, Collective Good Foundation and
Shoshit Seva Sangh.
Prior to joining the Piramal Foundation, he served as Executive Director and Chief Operating Officer with HDFC Life
Insurance Company Limited. During his tenure with HDFC Life (2000-2012) he was a Member of various Board Committees
and Chair/Member of Management Committees. He has worked in various senior roles with HDFC Limited (1984-2000)
and with Hindustan Lever Limited for two years (1982-84). He has also been a consultant to the World Bank and the Asian
Development Bank.
He has rich experience of over 37 years with major strengths in strategy, board engagement, project management and
building and executing robust servicing models.
Status of other Directorship Invesco Asset Management (India) Private Limited
Piramal Foundation, USA
EAII Advisors Pvt. Limited
Mr. Paresh Parasnis is also a Chairman of the Audit Committee of Invesco Asset Management (India) Private Limited.
Ms. Anita began her career in the Management Consultancy division of AF Ferguson and Co. in Mumbai in 1976 and
worked there for 19 years and was finally a Director. Ms. Anita founded Cerebrus Consultants in 1995 to focus on HR
consulting including Organisation transformation. Her reputation and innovative work helped her build Cerebrus into a
national presence in 5 years. Cerebrus has offices in 5 major cities and has worked with over 700 companies in South Asia.
She is known as an authority in Reward management in the country and for her work in Strategic HR. Anita has advised a
large number of companies in the BFSI sector. She also supports many organizations in social sectors through pro bono
professional work and remains deeply committed to work with women. She has been the Chairperson of TIE Women and
on Executive committee of TIE Mumbai and earlier on in the Advertising Standards Council of India.
Status of other Directorship Cerebrus Consultants Private Limited
Godrej and Boyce Manufacturing Co. Limited
Rane (Madras) Limited
Aditya Birla Housing Finance Limited
FSN E-Commerce Ventures Private Limited
Grasim Industries Limited
Metropolis Healthcare Limited
Happiest Minds Technologies Limited
Essel Mining and Industries Limited
25 Report on Corporate
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Statutory Reports
Financial Statements
He is a highly networked individual in the BFSI space with exceptional Interpersonal, presentation and relationship
management skills with a keen understanding of industry dynamics. An enthusiastic leader and team player with flair for
entrepreneurship. He has been a change agent with ability to conceptualize new business ideas, models and opportunities,
evolve strategies, build teams, innovate products/process and drive successful execution.
His areas of experience include Corporate Governance, Profit Centre Management, Investor Relations and Fund Raising,
Business Strategy and Planning, Digital and Technology. He has worked across BFSI with exposure to Retail Assets,
Liabilities, Investments, Life Insurance, General Insurance, Broking, Credit Policy, Collections, Underwriting, Reinsurance,
Risk Management etc.
He has been a founder Member of Kotak Mahindra General Insurance Company Limited and he was the Managing Director
and CEO of the said Company.
Status of other Directorship NIL
Financial Statements
ANNEXURE 2
Details of CSR activities and spends U/S 135 of The Companies Act, 2013 read with The Companies (Corporate Social Responsibility) Rules, 2014
for the FY 2021-22
The CSR approach of your Company is charted out in its Board approved CSR policy. This policy sets out your Company’s vision, mission, governance,
and CSR focus areas to fulfil its inclusive growth agenda in India. It also demonstrates your Company’s contribution towards the economic,
environmental and social growth of the nation and is also committed to contribute towards United Nation’s (UN) Sustainable Development Goals
(SDGs)
3 Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the
company: https://www.kotaklife.com/why-kotak-life/corporate-governance
4 Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social
responsibility Policy) Rules, 2014, if applicable (attach the report) : N.A.
5 Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014
and amount required for set off for the financial year, if any : Nil
Sr. Financial Year Amount available for set-off Amount required to be set-off
No. from preceding financial years for the financial year, if any
1 Nil Nil
(Amount in Rupees)
6 Average net profit of the company as per section 135(5). 5,969,593,163.51
7 (a) Two percent of average net profit of the company as per section 135(5) 119,391,863.27
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years -
(c) Amount required to be set off for the financial year, if any -
(d) Total CSR obligation for the financial year (7a+7b-7c). 119,391,863.27
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Sr. Name of the Project Item from the list of activities in Local Location of the Project Amount Amount spent Amount transferred to Mode of Mode of Implementation - Through
No. Schedule VII to the Act area project duration allocated for the in the current Unspent CSR Account Implementation Implementing Agency
(Yes/ (in project financial Year for the project as per - Direct
No) months) (in `) (in `) Section 135(6) (Yes/No).
State District Name CSR Registration
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. Name of the Project Item from the list of activities in Local area (Yes/ Location of the project Amount spent for Mode of Mode of implementation -
No. schedule VII to the Act No) the project implementation - Through implementing agency
Direct (Yes/No)
State District Name CSR registration
number
1 Direct CSR Programme Disaster management, Yes West Bengal Kolkata 19,953,791 Yes N.A. N.A.
on Relief and including relief, rehabilitation
Rehabilitation for and reconstruction activities
Covid-19
Total 19,953,791.00
Sr.
Particular (Amount in `)
No.
(i) Two percent of average net profit of the company as per section 135(5) 119,391,863
(ii) Total amount spent for the Financial Year 119,403,791
(iii) Excess amount spent for the financial year [(ii)-(i)] 11,928
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any 0
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 11,928
9 (a) Details of Unspent CSR amount for the preceding three financial years:
Sr. Preceding Financial Year Amount transferred to Unspent Amount spent in the Amount transferred to any fund specified under Amount remaining to
No. CSR Account under section reporting Financial Year Schedule VII as per section 135(6), if any be spent in succeeding
135 (6) (in `) (in `) financial years
Name of the Fund Amount Date of transfer
1 FY 2020-21 17,100,000 17,100,000 NIL NIL NIL NIL
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):(Amount in `)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sr. Project ID Name of the Project Financial Year in Project duration Total amount Amount spent on Cumulative amount Status of
No. which the project allocated for the the project in the spent at the end of the project -
was commenced project (in ` ) reporting financial reporting financial Completed/
year (in ` ) year (in ` ) Ongoing
1 05 CSR Project on Healthcare FY 2020-21 15 57,100,000 17,100,000 57,100,000 Completed
10 In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year.
(asset-wise details).
(a) Date of creation or acquisition of the capital asset(s). FY 2021-22 (i) Under construction hospital and hence asset is not created
(ii) Invoices available for inspection
(b) Amount of CSR spent for creation or acquisition of capital asset. 10,184,490
(Amount in `)
(c) Details of the entity or public authority or beneficiary under 1) The Eastern India Heart Care and Research
whose name such capital asset is registered, their address etc. Foundation
2) Wockhardt Foundation
(d) Provide details of the capital asset(s) created or acquired For The Eastern India Heart Care and Research
(including complete address and location of the capital asset). Foundation:-
HB Block, 36/A/2, Salt Lake City, Sector-III,
Directors’ Report
Kolkata-700106
11 Specify the reason(s), if the company has failed to spend two per cent Not applicable
Financial Statements
Sd/- Sd/-
(Pursuant to section 204 (1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Kotak
Mahindra Life Insurance Company Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company, the
information to the extent provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, the
explanations and clarifications given to us and the representations made by the Management and considering the relaxations granted by The Ministry of
Corporate Affairs warranted due to the spread of the COVID-19 pandemic, we hereby report that in our opinion, the Company has, during the audit period
covering the financial year ended on 31st March, 2022, generally complied with the statutory provisions listed hereunder and also that the Company has
proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records made available to us and maintained by the Company for
the financial year ended on 31st March, 2022 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct
Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not applicable to the Company
during the audit period)
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; (Not applicable to the Company during the audit
period)
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and amendments from time to
time; (Not applicable to the Company during the audit period)
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and The Securities and Exchange Board of
India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; (Not applicable to the Company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and The Securities and Exchange Board
of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; (Not applicable to the Company during the audit period)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies
Act and dealing with client; (Not applicable to the Company during the audit period)
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 and The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2021 and amendments from time to time; (Not applicable to the Company during the audit period)
and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; (Not applicable to the Company during the audit period)
Insurance Act, 1938 and Regulations, Guidelines and Directions issued by the Insurance Regulatory and Development Authority of India (IRDAI)
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings.
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, standards etc. mentioned above.
We report that the Company has spent an amount of ` 7.062 crore against the amount of ` 11.940 crore to be spent during the year towards Corporate
Social Responsibility and has transferred the balance amount of ` 4.878 crore on 25th April, 2022 to the Unspent CSR Account, in accordance with the
Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.
Financial Statements
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent
Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with
the provisions of the Act.
Adequate notice was given to all directors to schedule the Board Meetings. Agenda and detailed notes on agenda were sent at least seven days in advance
for meetings other than those held at shorter notice, and a system exists for seeking and obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the meeting.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor
and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period no event occurred which had bearing on the Company’s affairs in pursuance of the above referred laws,
rules, regulations, standards, guidelines etc.
Sd/-
Sarvari Shah
Partner
FCS No: 9697 CP No: 11717
Place : Mumbai UDIN : F009697D000237804
Date : 29 th April, 2022 PR No.: 1129/2021
This Report is to be read with our letter of even date which is annexed as Annexure A and Forms an integral part of this report.
‘ANNEXURE A’
To,
The Members
KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these
secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of
the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the
process and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management Representation about the Compliance of laws, rules and regulations and happening of events
etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our
examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
Sd/-
Sarvari Shah
Partner
FCS No: 9697 CP No: 11717
Place : Mumbai UDIN : F009697D000237804
Date : 29 th April, 2022 PR No.: 1129/2021
Financial Statements
Management Report
For the year ended 31st March, 2022
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies)
Regulations, 2002, and circulars/guidelines issued by IRDAI thereafter, the following Management Report is submitted for the financial year ended 31st
March, 2022:
1. Certificate of Registration: The Certificates of Registration under Section 3 of the Insurance Act, 1938 was granted by IRDAI on 10 th January, 2001.
Pursuant to Section 3 read with Section 3A as amended by Insurance Laws (Amendment) Act, 2015, the process of annual renewal of the Certificate
of Registration issued to insurers was deleted. Consequently, the Certificate of Registration granted by the IRDAI to insurers continues to be in force
provided the insurers pay the annual fees within prescribed time and in prescribed manner.
The Company has paid the annual fees to IRDAI for the FY 2022-23. The Certificate of Registration is valid as on 31st March, 2022 and the same
continues to be in force.
2. Statutory Dues: We hereby certify that all the dues payable to the statutory authorities have been duly paid except those under dispute or disclosed
under contingent liabilities in the notes to accounts forming part of the financial statements.
3. Shareholding pattern: We hereby confirm that the shareholding pattern was in accordance with the requirements of the Insurance Act, 1938 as
amended by the Insurance Laws (Amendment) Act, 2015, (Act) and the Insurance Regulatory and Development Authority (Registration of Indian
Insurance Companies) Regulations, 2000. There was no capital infusion during the year under review. The detailed break-up of the shareholding
pattern is available in Schedule 5A forming part of the financial statements.
4. Investments outside India: We hereby declare that no investments directly or indirectly have been made outside India from the funds of the holders
of policies issued in India.
5. Solvency margins: We hereby confirm that the company has maintained solvency margins as prescribed under Section 64VA of the Insurance Act,
1938 as amended by the Insurance Laws (Amendment) Act, 2015 and the regulations prescribed by IRDAI (Assets, Liabilities and Solvency margin
of Insurers) Regulations, 2016.
The actual solvency ratio as compared to required minimum solvency ratio of 150% as at 31st March, 2022 is 273% (31st March, 2021: 290%).
6. Values of assets: We hereby certify that the values of all the assets have been reviewed on the date of the Balance Sheet and to the best of our
knowledge and belief the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value
under the several headings – ‘Loans’, ‘Investments’, ‘Agents balances’, ‘Outstanding Premiums’, ‘Interest, Dividends and Rents outstanding’, ‘Interest,
Dividends and Rents accruing but not due’, ‘Amounts due from other persons or bodies carrying on insurance business’, ‘Sundry Debtors’,’ Bills
Receivable’, ‘Advances and other assets’, ‘ Cash’ and the several items specified under ‘Other Accounts’.
7. Application and investments of life insurance funds: We hereby certify that no part of the life insurance fund has been directly or indirectly applied
in contravention of the provisions of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015, and all investments made are
in accordance with IRDAI (Investment) Regulations, 2016, and orders/directions issued by IRDAI thereafter.
8. Risk exposure and Mitigation Strategies: The Company recognises that risk is an integral element of the business and appropriate management
of risks is essential for the generation of value to both its policyholders and shareholders. The risk governance structure of the Company consists
of the Board of Directors, the Risk Management Committee (RMC) and Investment Committee (IC) and their sub-committees.
The risk philosophy of the Company is outlined in the Board approved risk management policy which is reviewed by the Board of Directors once a
year. The Board approved risk policy details identification, measurement, monitoring and control standards relating to the various individual risks,
namely investment (market, credit and liquidity), insurance, operational risks, data and cybersecurity risks.
The Board periodically reviews the potential impact of strategic risks such as changes in macro-economic factors, government policies, regulatory
environment and tax regime on the business plan of the Company. In addition to these risks, the life insurance industry faces a number of emerging
risks. The Covid-19 pandemic during the current financial year posed several challenges for the insurance companies.
The risk management framework of the company enables to identify, assess, monitor and control its exposures to all these risks within its overall
risk appetite consistently, objectively and holistically. The key aspects of the company’s risk management framework are as follows;
a) Investment Risks-, Market Risk, Credit Risk, Liquidity risk and Interest Rate Risk.
The investment risk is managed by creating a portfolio of different asset classes and of varied maturities so as to spread the risk across a wide
category of investee companies. Investments are made in high quality assets which covers the company liabilities both by nature and term to
the extent necessary and possible.
The Company has constituted an Investment Committee, Subcommittee 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 including derivative arrangements, portfolio structures, performance of the portfolio and other
issues relating to the investment portfolio. This is reviewed by the Board of Directors.
Market risks, credit risk, liquidity risk and interest rate risk form a part of the investment risk framework. The company seeks to minimize these
risks through set policies in place. The Investment Committee has constituted the Asset and Liability Management Committee (ALM) and
Credit Committee. The Asset and 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.
Market risk:
To manage the interest risk, the Company monitors the duration of assets and liabilities for different portfolios on quarterly basis in ALCO.
Further, expected cash-flows of the assets and liabilities are monitored closely to identify any potential re-investment risk.
Investment strategy for each line of business is laid down so that the assets are appropriately matched by the nature and duration of liabilities.
Strategic Asset Allocation (SAA) is provided for each asset class and the investment front office team takes tactical investment decision
within the stated range. All investments are made strictly in compliance to the IRDAI Investment Regulations issued from time to time. Market
risk is measured using certain real world stress test scenarios. The results provide insights into the ability the Company has in terms of asset
allocation. The Company’s product mix is monitored to evaluate level and concentration of market risk within overall risks of the Company.
Credit risk:
The Company manages the credit risk as below:
Exposure limits for companies, groups and industries are in accordance with IRDAI (Investment) Regulations, 2016, and regulations/
orders/directions issued by IRDAI thereafter.
Internal risk assessment and constant monitoring of the Investment portfolio for change in credit ratings.
Limit Credit Exposure by setting a range for investments in Corporate Bonds, in the context of risk reward framework.
Counterparty risk is mitigated by placing reinsurance only with reputed and highly rated reinsurers.
Counterparty credit risk under derivative transactions is mitigated through exchange of margin once the threshold is crossed.
Liquidity risk:
Liquidity risk is monitored on a regular basis to ensure sufficient liquidity is maintained to meet short-term obligations by timing the cash
inflows and outflows through cash flow matching and by maintaining an adequate mix of liquid assets.
b) Insurance Risk
Due to the inherent nature of the Insurance Business, the company is exposed to a number of insurance risks namely mortality, morbidity,
persistency and expense risk which are mitigated as follows:
c) Reinsurance controls
The company uses competitive reinsurance arrangements, including catastrophe reinsurance to manage insurance risk. These
arrangements are with financially sound reinsurers.
d) Experience analysis
The Company conducts its experience analysis periodically to ensure that corrective action can be initiated at the earliest opportunity
and that assumptions used in product pricing, reserving and embedded value reporting are in line with experience. The Company actively
monitors its claims experience, persistency levels and expense ratios. In the current situation of Covid-19 pandemic, the Company has
been closely monitoring the overall mortality experience including the deaths on account of Covid-19.
Persistency risk
a) Product features:
The Company uses features like bonuses, guaranteed additions and additional allocation of units to encourage policyholders to continue
with the policy. However, such features are included strictly in compliance with the IRDAI product regulations issued from time to time.
Financial Statements
b) Experience analysis:
The Company conducts its persistency experience analysis to ensure that corrective action can be initiated at the earliest opportunity
and that assumptions used in product pricing are in line with experience.
c) Service initiatives:
The Company uses a combination of proactive and reactive interventions to manage persistency. The interventions could include sending
communication via various media like email, mailers, SMS to customers, reminders and telephonic interaction with customers, and visits
to customers. Customers are encouraged to do direct digital payments for new business and also for renewals (ECS, Enach, etc) so that
policies are renewed seamlessly.
Expense risk
The company minimizes its expense risk by the use of stringent expense control mechanisms. The company also conducts its experience
analysis regularly to ensure corrective action can be initiated at the earliest opportunity and that the assumptions used in product pricing and
reserving are in line with experience.
The company seeks to minimize the potential impact of all insurance risks by an on-going monitoring of insurance risk experience, implementation
of appropriate controls and adjusting its products and processes accordingly.
c) Operational Risk
Operational risks are the risk of loss, resulting from inadequate or failed internal processes, people and systems or from external events. The
company seeks to minimize the impact of these risks by regular monitoring of processes, systems and procedures, implementation of controls
and ensuring backups for both systems and data are maintained.
The Company’s internal auditors review the processes, systems and procedures regularly. Reports of the auditors as well as the actions taken
are reported to the Audit Committee of the Board.
The Company has a BCP framework to ensure resilience and continuity of key services at a minimum acceptable level to achieve business
presence in the market place, while ensuring safety of human resources. This includes systems and processes for management of risk and
business continuity plans for critical processes which are tested periodically. The Company reviews the business continuity plan periodically
and has updated the BCP based on the learnings from the current situation of the Covid-19 pandemic.
Fraud Management
The company follows both a proactive and reactive approach to manage fraud. Proactive management is done by using triggers to identify
suspected frauds and through random sample checks. Reactive management is done through incident management. The company ensures
implementation of controls to prevent repeat incidents, financial recovery process and disciplinary action against involved employees.
Outsourcing Controls
Processes of the Company are outsourced as permitted under the regulatory guidelines. The Company carries out required due-diligence for
any new activity or vendor empanelment. The Outsourcing Committee meets at periodic intervals and monitors compliance to the Outsourcing
Policy in the company.
d) Compliance Risk
The company has a board approved Compliance policy in place to monitor compliance risk. The policy defines the processes to ensure
adherence and compliance to the standards and procedures relating to compliance. The company has clearly defined and enforced the
accountability of departments through a self-assessment compliance mechanism and periodic regulatory reporting calendar. Compliance
department maintains trackers for timely regulatory submissions. Sound compliance management process and information systems with a
strong control culture have proven to be effective in managing compliance risks.
9. Operations in other countries: We hereby confirm that during the year ended 31st March, 2022, your Company had no operations in other countries.
a) The average time taken by the company from the date of submission of the final requirement by the claimant to despatch of claim payment,
in respect of mortality and morbidity claims are as follows
b) All ageing of mortality and morbidity claims registered and not settled as on 31st March, 2022 has been detailed herein below (` in lakh)
Linked Business
(` in lakh)
0 to 30 days 30 days to 6 months to 1 year to 5 years and Total
6 months 1 year 5 years above
Period
Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount
of Claims Involved of Claims Involved of Claims Involved of Claims Involved of Claims Involved of Claims Involved
FY 2021-22 0 0 5 249.01 2 0.10 1 0.05 0 0 8 249.16
FY 2020-21 4 0.40 2 5.84 0 0 0 0 0 0 6 6.24
FY 2019-20 0 0 0 0 0 0 0 0 0 0 0 0
FY 2018-19 0 0 0 0 1 120.00 0 0 0 0 1 120.00
FY 2017-18 0 0 0 0 0 0 0 0 0 0 0 0
Claims remain unpaid for want of proof of title or cause of death or pending other necessary documentation, to determine and discharge the
claim liability.
Statement of Age–wise analysis of the Unclaimed Amount of Policyholders in accordance with IRDA circular no. IRDA/FandA/CIR/
Misc/173/07/2017 dated 25th July, 2017 has been disclosed under Note 16 – 27(a) of the audited Financial Statements for the year ended 31st
March, 2022.
Financial Statements
c) Valuation of investments:
The Company has adopted the National Stock Exchange of India Limited (NSE) as the primary exchange and BSE Limited (BSE) as the
secondary exchange. Listed shares as at the Balance sheet date are stated at the closing price on the NSE. If any share/security is not
listed or traded on the NSE, the closing price on the BSE is used. Unlisted shares/security or shares awaiting listing are stated at historical
cost subject to provision for diminution, if any. In case of REIT and InvIT, where market quote is not available for the last 30 days, the
Units shall be valued as per the latest NAV (not more than 6 months old) of the Units published by the trust. Investments in mutual funds
are valued at the latest Net Asset Value (NAV) of the funds in which they are invested. Investments in Alternative Investment Funds are
valued at the latest Net Asset Value (NAV). Unrealised gains\losses arising due to changes in the fair value of listed shares/security, units
of mutual fund, REIT, InvIT and Alternative Funds are taken to the ‘Fair Value Change Account’ in the balance sheet.
IRDAI master circular for Investment Regulations, 2016 allows insurers to deal in rupee denominated interest rate derivatives to hedge
the volatility of returns from future fixed income investments, due to variations in market interest rates. Forward Rate Agreements (FRAs)
contracted to hedge highly probable forecasted transactions on insurance contracts in life business are recognised at fair value, on the
date on which the agreements are entered into and are re-measured at the fair value on the Balance Sheet date. Such agreements which
are Interest rate derivative contracts for hedging of highly probable forecasted transactions on insurance contracts are accounted for
in the manner specified in accordance with ‘Guidance Note on Accounting for Derivative Contracts’ issued by the Institute of Chartered
Accountants of India (ICAI).
All redeemable unlisted preference shares are considered as held to maturity and stated at historical cost.
Real estate investment property represents land or building held for investment purpose to earn rental income or for capital appreciation
and is not occupied by the company. Such investment property is initially valued at cost including any direct attributable cost. Investment
in the real estate investment property is valued at historical cost subject to revaluation, if any. Revaluation of the investment property is
done at least once in three years. Any change in the carrying amount of the investment property is recognised in revaluation reserve in
the Balance Sheet. Impairment loss, if any, exceeding the amount in revaluation reserve is recognised as expenses in the Revenue/Profit
and Loss Account.
Loans are stated at historical cost, subject to provision for impairment, if any. Norms laid down under Master Circular – IRDAI (Investment)
Regulations, 2016 and Master Circular on preparation of Financial Statements and Filing Returns of Life Insurance Business issued by
the IRDA are adhered to in this regard.
Fixed Deposits are valued at cost. The investments in AT1 Bonds have been valued at an applicable market yield rates provided by CRISIL
on the basis of Crisil Bond Valuer.
Impairment provision on investments is done in accordance with the company’s policy on impairment.
COVID-19 has had an extraordinary impact on macroeconomic conditions in India and around the world post declaration of it as a
pandemic by World Health Organisation in March 2020. Nation-wide lockdown in April-May 2020 followed by localised lockdown were
imposed to restrict the spread in areas with significant number of cases. The restrictions were gradually lifted leading to improvement in
economic activity. This was followed by two waves of COVID-19 with outbreak of new variants which led to the re-imposition of regional
lockdowns which were subsequently lifted supported by administration of the COVID vaccines to a large population in the country.
India is emerging from the COVID-19 pandemic. The extent to which any new wave of COVID-19 pandemic will impact the Company’s
results will depend on ongoing as well as future developments, including, among other things, any new information concerning the severity
of the COVID-19 pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.
All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Services
of India Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond Valuer. The discount
on purchase of treasury bills, cash management bills, certificate of deposit, commercial papers and TREPS are amortized over the period
to maturity on internal rate of return basis.
The Company has adopted the National Stock Exchange of India Limited (NSE) as the primary exchange and BSE Limited (BSE) as the
secondary exchange. Listed shares and exchange traded funds (ETF) as at Balance Sheet date are stated at the closing price on the
NSE. If a share or ETF is not listed or traded on the NSE, the share price on BSE is used. Shares awaiting listing are stated at historical
cost subject to provision for diminution, if any, in the value of such investment determined separately for each individual investment.
Unrealized gains and losses are recognized in the respective scheme’s Revenue Account.
Investments in mutual funds are valued at the latest Net Asset Value (NAV) of the funds in which they are invested
All redeemable unlisted preference shares are considered as held to maturity and stated at historical cost.
a) Investments are made in accordance with the Regulatory norms and fund mandates for Unit Linked Funds.
The primary aim while Investing is to generate adequate return while minimising risk. The Investment is also made keeping in mind the Asset
and Liability requirement to the respective funds.
The equity portfolio is also well diversified and equity selection is made after appropriate research and analysis of the Investee Company,
Investee Group and Industry of the Company to which it belongs to.
In Fixed income segment, the company has invested predominantly in Government Securities and Corporate Securities having highest credit
quality rating of AAA and equivalent constituting 99.76% of the total investments, other than Equity Investment. The company has a well-
diversified portfolio across issuers and Industry segments in Corporate Securities.
To meet the liquidity requirements, some portion is invested in TREPS, liquid schemes of leading mutual funds and other money market
instruments of high credit rating.
In view of the aforementioned prudent practices, the high quality of assets is maintained in all portfolios and asset classes.
b) The assets held under management are ` 55,562.61 crore as on 31st March, 2022 and is having the following bifurcation:
(` in crore)
Shareholder’s Fund PH - Non Linked Funds PH - Unit Linked Funds Total
Investment Category
Amount % age Amount % age Amount % age Amount % age
Investments in Sovereign 3,168.65 84.2% 20,319.97 69.8% 4,853.52 21.4% 28,342.15 51.0%
instruments
AAA or Equivalent 451.18 12.0% 5,800.95 19.9% 4,357.70 19.2% 10,609.83 19.1%
AA+ or AA - 0.0% 6.48 0.0% 36.17 0.2% 42.65 0.1%
AA- or lower up to A+ or 1.70 0.0% 17.90 0.1% - 0.0% 19.60 0.0%
Equivalent
A or lower than A or Equivalent - 0.0% 28.16 0.1% - 0.0% 28.16 0.1%
Unrated - 0.0% - 0.0% - 0.0% - 0.0%
NPA - 0.0% - 0.0% - 0.0% - 0.0%
Equity and other Instruments 141.01 3.7% 2,932.71 10.1% 13,446.51 59.3% 16,520.22 29.7%
Grand Total 3,762.54 100% 29,106.17 100% 22,693.90 100.00% 55,562.61 100%
Note: Equity and Other Investments include Equity, Preference shares, Alternate Investment Fund, Exchanged Traded Funds, Real Estate Properties, Fixed deposits,
Policy loan and Net Current Assets.
a) Returns generated by major Unit Linked themes as against their respective benchmarks over 1 year and 3 years are given below:
Note: Returns calculated on the basis of mean yield, without considering unrealised gain/loss
Financial Statements
13) Details of payments made to individuals, firms, companies and organizations in which the Directors are interested:
The details of such payments for the year ended 31st March, 2022 are given below:
(` in lakh)
Sr. Name of the Director/s Entity in which Director is Interested As Expense during Expense during
No. interested the financial the financial year
year FY 21-22 FY 20-21
1 Mr. Uday Kotak Kotak Mahindra Bank Limited Managing Director and CEO 40,355.72 29,465.32
Mr. Dipak Gupta Jt. Managing Director
Mr. Prakash Apte Chairman
Mr. Gaurang Shah Wholetime Director
2 Mr. Uday Kotak Kotak Securities Limited Directors on the board of Kotak 420.27 225.98
Mahindra Bank as :
Managing Director and CEO
Mr Dipak Gupta Jt. Managing Director
Mr. Prakash Apte Chairman
Mr. Gaurang Shah Wholetime Director
3 Mr. Uday Kotak Kotak Mahindra Prime Limited Chairman 864.03 0.03
4 Mr. Uday Kotak BSS Micro Finance Limited Directors on the board of Kotak 768.88 214.74
Mahindra Bank as :
Managing Director and CEO
Mr Dipak Gupta Jt. Managing Director
Mr. Prakash Apte Chairman
Mr. Gaurang Shah Wholetime Director
5 Mr. Gaurang Shah Kotak Mahindra General Director 180.70 46.19
Mr. Mahesh Balasubramanian Insurance Company Limited Director (ceased w.e.f. 20th January,
2022)
Mr. G. Murlidhar Director
6 Mr Dipak Gupta Kotak Investment Advisors Director 0.55 9.90
Mr. Gaurang Shah Limited Director
7 Mr. Gaurang Shah Kotak Mahindra Asset Director 0.18 0.01
Management Company
Limited
8 Mr Dipak Gupta Kotak Mahindra Capital Director 1,013.87 -
Company Limited
9 Mr. G. Murlidhar Kotak Mahindra Pension Fund Director 21.20 -
Limited
10 Mr. Gaurang Shah Kotak Life Insurance Trustees 14.13 17.75
Mr. Mahesh Balasubramanian Superannuation Fund
Mr. G. Murlidhar
11 Mr. Shivaji Dam Kotak Education Foundation Managing Trustee - 100.00
12 Mr. Gaurang Shah Kotak Mahindra Life Insurance Trustees 620.00 1,050.00
Employees Gratuity Fund
Mr. Mahesh Balasubramanian
Mr. G. Murlidhar
13 Ms. Anita Ramachandran Dignity Foundation Trustee 0.78 1.01
Total 44,260.31 31,130.93
Sd/- Sd/-
Uday Kotak Mahesh Balasubramanian
Chairman Managing Director
Mumbai 29th April, 2022
To
The Members of
Opinion
We have audited the accompanying financial statements of Kotak Mahindra Life Insurance Company Limited (‘the Company’), which comprise the Balance
Sheet as at 31st March, 2022, 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, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information
required by provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the ‘Insurance Act’), the Insurance Regulatory
and Development Authority Act, 1999 (the ‘IRDA Act’), the Insurance Regulatory and Development Authority (Preparation of Financial Statements and
Auditor’s Report of Insurance Companies) Regulations, 2002 (the ‘IRDA Financial Statements Regulations’), circulars/orders/directions issued by the
Insurance Regulatory and Development Authority of India (the ‘IRDAI’) in this regard and the Companies Act, 2013, as amended (the ‘Act’) in the manner
so required and give a true and fair view in conformity with the Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2006, as amended (‘Accounting Standards’) and other accounting principles generally accepted in India, as applicable to
insurance companies, of the state of affairs of the Company as at 31st March, 2022, its net surplus, its profits and its receipts and payments for the year
ended on that date.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the Director’s Report along with Annexures
and Management Report but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether such other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial
statements that give a true and fair view of the state of affairs, net surplus, profit and receipts and payments of the Company in accordance with the
provisions of the Insurance Act, the IRDA Act, the IRDA Financial Statements Regulations, the circulars/orders/directions issued by the IRDAI in this regard
and Accounting Standards and other accounting principles generally accepted in India, as applicable to the insurance companies.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets
of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Company’s financial reporting process.
41 Independent
Auditors’ Report
Statutory Reports
Financial Statements
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, to design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial
controls with reference to Financial Statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Other Matter
The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at
31st March, 2022 is the responsibility of the Company’s Appointed Actuary (the ‘Appointed Actuary’) and has been duly certified by him. 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 31st March,
2022 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and
norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon Appointed Actuary’s certificate in this
regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but
liability exists in financial statements of the Company.
2. As required by IRDA Financial Statements Regulations, read with Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit;
(b) In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law
have been kept by the Company so far as it appears from our examination of those books;
(c) As the Company’s financial accounting system is centralised, no returns for the purpose of our audit are prepared at the branches of the
Company;
(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account dealt with by this Report are
in agreement with the books of accounts;
(e) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act,
to the extent not inconsistent with the accounting principles prescribed in the IRDA Financial Statements Regulations, the Insurance Act, the
IRDA Act and circulars/orders/directions issued by the IRDAI in this regard.
(f) In our opinion and to the best of our information and according to the explanations given to us, investments have been valued in accordance
with the provisions of the Insurance Act, the IRDA Financial Statements Regulations, the IRDA Act and/or circulars/orders/directions issued
by the IRDAI in this regard;
(g) In our opinion, the accounting policies selected by the Company are appropriate and are in compliance with the applicable Accounting Standards
specified under Section 133 of the Act and with the accounting principles as prescribed in the IRDA Financial Statements Regulations and
circulars/orders/directions issued by the IRDAI in this regard;
(h) In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid/provided by the Company
to its directors during the year is in accordance with the provisions of section 197 of the Act read with Section 34A of the Insurance Act, 1938;
(i) On the basis of the written representations received from the directors as on 31st March, 2022 and taken on record by the Board of Directors,
none of the directors are disqualified as on 31st March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act;
(j) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in ‘Annexure A’ to this report;
(k) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Schedule 16
Note 5 to the financial statements;
(ii) The liability for insurance contracts, is determined by the Company’s Appointed Actuary as per Schedule 16 Note 3 and Note 4, and is
covered by the Appointed Actuary’s certificate, referred to in Other Matter paragraph above, on which we have placed reliance; and the
Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company for the
year ended 31st March, 2022.
(iv) a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,
no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person(s) or entity(ies), including foreign entities (‘Intermediaries’), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the company (‘Ultimate Beneficiaries’) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, , other than as disclosed in the notes to accounts,
no funds have been received by the company from any person(s) or entity(ies), including foreign entities (‘Funding Parties’), with
the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our
notice that has caused us to believe that the representations sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement
(v) The dividend declared or paid during the year by the Company is in compliance with section 123 of the Act.
(vi) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the
ensuing Annual General Meeting. The amount of dividend proposed is in compliance with section 123 of the Act, as applicable.
For S. R. Batliboi and Associates LLP For Haribhakti and Co. LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number: ICAI Firm Registration No:
101049W/E300004 103523W/W100048
43 Independent
Auditors’ Report
Statutory Reports
Financial Statements
Annexure ‘A’
TO THE INDEPENDENT AUDITORS’ REPORT
(Referred to in paragraph 2 (j) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)
Report on the Internal Financial Controls with reference to Financial Statements under Clause (i) of Sub-section 3 of Section 143
of the Companies Act, 2013 (the ‘Act’)
We have audited the internal financial controls with reference to financial statements of Kotak Mahindra Life Insurance Company Limited (the ‘Company’)
as of 31st March, 2022 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based on our audit. We
conducted our audit in accordance with the Guidance Note issued by the Institute of Chartered Accountants of India and the Standards on Auditing
prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements
and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of
internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial
controls with reference to financial statements.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal
financial controls with reference to financial statements were operating effectively as at 31st March, 2022, based on the internal control with reference to
financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by
the Institute of Chartered Accountants of India.
Other Matter
The actuarial valuation of liabilities for life policies in force and policies where premium is discontinued is required to be certified by the Appointed Actuary as
per the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations,
2002 (the ‘IRDA Financial Statements Regulations’), and has been relied upon by us, as mentioned in ‘Other Matter’ para of our audit report on the financial
statements of the Company as at and for the year ended 31st March, 2022. Accordingly, the internal financial controls with reference to financial statements
in respect of the valuation and accuracy of the aforesaid actuarial valuation is also certified by the Appointed Actuary and has been relied upon by us.
For S. R. Batliboi and Associates LLP For Haribhakti and Co. LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number: ICAI Firm Registration No:
101049W/E300004 103523W/W100048
45 Independent
Auditors’ Report
Statutory Reports
Financial Statements
To,
The Board of Directors
Independent Auditors’ Certificate in accordance with Schedule I(B)(11)(d) of Insurance Regulatory and Development Authority of
India (Investment) Regulations, 2016 (the ‘IRDAI Regulations’).
1. This Certificate is issued to KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED (the ‘Company’) in accordance with the terms of our
engagement letter with the Company dated 22nd June, 2021.
2. We, the Statutory Auditors’ of the Company, have been requested by the Management of the Company having its registered office at the above
mentioned address to issue a certificate regarding the declaration and application of the Net Asset Value (‘NAV’) of the schemes as at 31st March,
2022 in terms Schedule I(B)(11)(d) of the IRDAI Regulations.
Management’s Responsibility
3. The Management of the Company is responsible for compliance with the IRDAI Regulations for declaration and application of NAV of the schemes as
at 31st March, 2022, including preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility
includes collecting, collating and validating data and the design, implementation and maintenance of adequate internal control that were operating
effectively relevant to declaration and application of NAV of the schemes that is free from material misstatement, whether due to fraud or error.
c) The NAV of 31st March, 2022 has been applied to applications received on Thursday, 31st March, 2022 upto 3.00 p.m.; and
d) The NAV post 31st March, 2022 has been applied to applications received on Thursday, 31st March, 2022 after 3.00 p.m.
a) Obtained representation from the management that the Company has declared 31st March, 2022 as a business day for accepting application
forms and that it has declared NAV for 31st March, 2022;
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 31st March, 2022 (collectively referred to as ‘application forms’),
from the Management;
c) Relied upon the Certificate issued by the Concurrent Auditor to the Company in this regards;
d) Selected samples of application forms from listing mentioned in paragraph 5(b) above and verified whether:
i) the applications received on Thursday, 31st March, 2022, upto 3.00 p.m. have been processed with NAV of 31st March, 2022; and
ii) the applications received on Thursday, 31st March, 2022, after 3.00 p.m. have been processed with NAV after 31st March, 2022.
6. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by the
Institute of Chartered Accountants of India (ICAI). This Guidance Note requires that we comply with the ethical requirements of the Code of Ethics
issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits
and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements issued by ICAI.
Opinion
8. On the basis of our examination and the information, explanations and representation provided to us by the Company, in our opinion:
a) The Company has declared NAV for 31st March, 2022 which was a business day for accepting applications;
b) The applications received on Thursday, 31st March, 2022 upto 3.00 p.m. have been processed with NAV of 31st March, 2022; and
c) The applications received on Thursday, 31st March, 2022 after 3.00 p.m. have been processed with NAV of any business day after 31st March,
2022.
Restriction on Use
9. This certificate is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts as per Schedule I (B) (11)
(d) of the IRDAI Regulations and is not intended to be and should not be used for any other purpose without our prior consent. Accordingly, we do not
accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands
it may come without our prior consent in writing. We have no responsibility to update this certificate for any events or circumstances occurring after
the date of this certificate.
For S. R. Batliboi and Associates LLP For Haribhakti and Co. LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number: ICAI Firm Registration No:
101049W/E300004 103523W/W100048
47 Independent
Auditors’ Report
Statutory Reports
Financial Statements
To,
The Board of Directors
Independent Auditors’ Certificate as referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ forming part
of the Independent Auditor’s Report dated 29th April, 2022.
1. This certificate is issued to KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED (the ‘Company’) in accordance with the terms of our
engagement letter with the Company dated 22nd June, 2021.
2. We, the Statutory Auditors’ of the Company, have been requested by the Management of the Company having its registered office at the above
mentioned address to issue a certificate regarding the compliance with the provisions of paragraph 3 and 4 of Schedule C of the Insurance Regulatory
and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (‘the IRDA Financial
Statements Regulations’) read with Regulation 3 of the IRDA Financial Statements Regulations.
Management’s Responsibility
3. The Management of the Company is responsible for complying with the provisions of the Insurance Act, 1938 as amended by the Insurance Laws
(Amendment) Act, 2015 (the ‘Insurance Act’), the Insurance Regulatory and Development Authority Act, 1999 (the ‘IRDA Act’), the IRDA Financial
Statements Regulations, orders/directions issued by the Insurance Regulatory and Development Authority of India (the ‘IRDAI’) which includes
the preparation of the Management Report. This responsibility includes collecting, collating and validating data and designing, implementing and
monitoring of adequate internal controls suitable for ensuring compliance as aforesaid.
5. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by the
Institute of Chartered Accountants of India (ICAI). This Guidance Note requires that we comply with the ethical requirements of the Code of Ethics
issued by the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits
and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements issued by ICAI.
Opinion
7. In accordance with the information, explanations and representations given to us and to the best of our knowledge and belief and based on our
examination of the books of account and other records maintained by the Company for the year ended 31st March, 2022, we report that:
a. We have reviewed the Management Report attached to the financial statements for the year ended 31st March, 2022, and on the basis of our
review, there is no apparent mistake or material inconsistency with the financial statements;
b. Based on the Management representations and compliance certificates submitted to the Board of Directors by the officers of the Company
charged with compliance and the same being noted by the Board, the Company has complied with the terms and conditions of registration
stipulated by IRDAI;
c. We have verified the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at
31st March, 2022, 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 31st March, 2022, the Company does not have reversions and life interests;
e. No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act,
relating to the application and investments of the Policyholders’ Funds.
Restriction on Use
8. This certificate is issued at the request of the Company solely for use of the Company for inclusion in the annual accounts in order to comply with the
provisions of paragraph 3 and 4 of Schedule C of the IRDA Financial Statements Regulations read with Regulation 3 of the IRDA Financial Statements
Regulations and is not intended to be and should not be used for any other purpose without our prior consent. Accordingly, we do not accept or
assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may
come without our prior consent in writing. We have no responsibility to update this certificate for any events or circumstances occurring after the
date of this certificate.
For S. R. Batliboi and Associates LLP For Haribhakti and Co. LLP
Chartered Accountants Chartered Accountants
ICAI Firm Registration Number: ICAI Firm Registration No:
101049W/E300004 103523W/W100048
Financial Statements
As per our report of even date attached For and on behalf of the Board of Directors
For S.R. Batliboi and Associates LLP For Haribhakti and Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah
Chartered Accountants Chartered Accountants Chairman Director Director
ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660
101049W/E300004 103523W/W100048
Muralikrishna Cheruvu
Mumbai Mumbai Company Secretary
29th April, 2022 29th April, 2022
Kotak Mahindra Life Insurance Company Limited
50
As per our report of even date attached For and on behalf of the Board of Directors
For S.R. Batliboi and Associates LLP For Haribhakti and Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah
Chartered Accountants Chartered Accountants Chairman Director Director
ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660
101049W/E300004 103523W/W100048
Muralikrishna Cheruvu
Mumbai Mumbai Company Secretary
29th April, 2022 29th April, 2022
Financial Statements
As per our report of even date attached For and on behalf of the Board of Directors
For S.R. Batliboi and Associates LLP For Haribhakti and Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah
Chartered Accountants Chartered Accountants Chairman Director Director
ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660
101049W/E300004 103523W/W100048
Muralikrishna Cheruvu
Mumbai Mumbai Company Secretary
29th April, 2022 29th April, 2022
As per our report of even date attached For and on behalf of the Board of Directors
For S.R. Batliboi and Associates LLP For Haribhakti and Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah
Chartered Accountants Chartered Accountants Chairman Director Director
ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660
101049W/E300004 103523W/W100048
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
SCHEDULE 1 PREMIUM
(` in thousands)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
First year Premium 31,890,265 29,783,895
Renewal Premium 68,723,493 58,437,066
Single Premium 29,537,390 22,781,250
Total Premium 130,151,148 111,002,211
Premium Income from Business written :
In India 130,151,148 111,002,211
Outside India - -
Total Premiums 130,151,148 111,002,211
Notes:
(a) Refer Schedule 16 - Note 2(a) for accounting policy on premium recognition
SCHEDULE 2 COMMISSION
(` in thousands)
Year ended Year ended
Particulars
31st March, 2022 31st March, 2021
Commission Paid
Direct - First year Premium 2,966,127 2,632,379
- Renewal Premium 2,096,133 1,855,435
- Single Premium 716,429 529,918
Sub total 5,778,689 5,017,732
Add: Commission on Re-insurance accepted - -
Less: Commission on Re-insurance ceded - -
Net Commission 5,778,689 5,017,732
Rewards and/or remuneration to agents,brokers or other intermediaries 124,149 212,319
Total Commission including Rewards 5,902,838 5,230,051
Channel wise breakup of Commission and Rewards( Excluding reinsurance commission)
Individual Agents 2,012,718 2,032,631
Corporate Agents 3,432,403 2,826,817
Brokers 290,745 259,345
Referral 47 470
Micro Agents 150,733 108,309
Direct Business - Online - -
Direct Business - Others - -
Common Service Centre (CSC) 27 -
Web Aggregators 160 289
IMF 47 102
POS 15,958 2,088
Total 5,902,838 5,230,051
Commission and Rewards on (Excluding Reinsurance) Business written :
In India 5,902,838 5,230,051
Outside India - -
Note :
(a) Refer Schedule 16 - Note 2(b) for accounting policy on acquisition cost.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
Year ended Year ended 31st
Particulars
31st March, 2022 March, 2021
3. Amount accepted in reinsurance
(a) Claims by Death - -
(b) Claims by Maturity - -
(c) Annuities/Pension payment - -
(d) Other Benefits - -
― Survival Benefits - -
― Surrenders/Withradawal - -
― Discontinuance payments
― Riders - -
― Health - -
― Provision for Legal and Ombudsman etc - -
― Unclaimed appreciation expense - -
Sub Total (C) - -
Benefits Paid (Net) (A)+(B)+('C) 58,179,264 40,999,014
In India 58,179,264 40,999,014
Outside India - -
Notes :
(a) Refer Schedule 16 - Note 2(c) for accounting policy on Benefits paid
(b) All the claims are paid in India
(c) Includes provision for policy related claims
(d) Claims include specific claims settlement costs, wherever applicable
(e) Legal, other fees and expenses also form part of the claims cost, wherever applicable.
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
SCHEDULE 7 BORROWINGS
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
Debentures/Bonds - -
Banks - -
Financial Institutions - -
Others - -
Total - -
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
In India 37,625,424 34,761,613
Outside India - -
Notes: (` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
(a) Investment in fixed deposits/debentures Holding Company - Kotak Mahindra Bank Limited - -
(b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - -
(c) Investment made out of Catastrophe reserve - -
(d) Particulars of Investment other than Listed Equity Securities and Derivative Instruments:-
- Cost 37,620,758 34,766,381
- Market Value 38,713,069 37,726,099
(e) The historical cost of those Investments whose reported valued is based on fair value is as given below
(including Unlisted Securities)
- Reported Value 1,410,058 1,386,228
- Historical Cost 1,405,391 1,390,997
(f) Refer Schedule 16 – Note 2(e) for accounting policy on investments
(g) Refer Schedule 16 – Note 15
(h) Refer Schedule 16 – Note 12 for securities held as margin
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
SHORT TERM INVESTMENTS
Government securities and Government guaranteed bonds including Treasury Bills 11,454,809 13,980
Other Approved Securities 2,800 -
Other Investments
(a) Shares
(aa) Equity - -
(bb) Preference - -
(b) Mutual Funds - -
(c) Derivative Instruments - -
(d) Debentures/Bonds 450,230 -
(e) Other Securities (including Fixed Deposits) 8,844,945 9,785,732
(f) Subsidiaries - -
(g) Investment Properties – Real Estate - -
Investment in Housing and infrastructure sector
(a) Equity - -
(b) Others 308,201 272,144
Other than Approved Investments
(a) Equity - -
(b) Others - -
Total 21,060,985 10,071,856
Grand Total 290,321,979 236,042,315
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
In India 290,321,979 236,042,315
Outside India - -
Notes: (` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
(a) Investment in fixed deposits/debentures Holding Company - Kotak Mahindra Bank Limited - -
(b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - -
(c) Investment made out of Catastrophe reserve - -
(d) Particulars of Investment other than Listed Equity Securities and Derivative Instruments:-
- Cost 271,954,471 222,697,016
- Market Value 275,170,018 234,023,962
(e) The historical cost of those Investments whose reported valued is based on fair value is as given below
(including Unlisted Securities)
- Reported Value 23,610,075 17,623,254
- Historical Cost 21,051,592 16,101,327
(f) Refer Schedule 16 – Note 2(e) for accounting policy on investments
(g) Refer Schedule 16 – Note 15
(h) Refer Schedule 16 – Note 12 for securities held as margin
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
In India 226,939,001 193,733,869
Outside India - -
Notes: (` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
(a) Investment in fixed deposits/debentures Holding Company - Kotak Mahindra Bank Limited - -
(b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates
- Investment in unit of the funds managed by Kotak Mahindra Asset Management Company 4,741,092 3,781,468
Limitedincluding units of ETF
(c) Investment made out of Catastrophe reserve - -
(d) Particulars of Investment other than Listed Equity Securities and Derivative Instruments:-
- Cost 94,674,255 91,224,345
- Market Value 95,241,523 92,098,510
(e) The historical cost of those Investments whose reported valued is based on fair value is as given below
(including Fixed Deposits and Net Current Assets)
- Reported Value 226,939,001 193,733,869
- Historical Cost 190,126,221 163,366,675
(f) Other Than Approved Investments (a) Equity includes Exchange Traded Funds 13,296,455 10,624,748
(g) Refer Schedule 16 – Note 2(e) for accounting policy on investments - -
(h) Refer Schedule 16 – Note 15 - -
(i) Refer Schedule 16 – Note 12 for securities held as margin - -
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
SCHEDULE 9 LOANS
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
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 739,677 642,898
(d) Others - -
Unsecured - -
Total 739,677 642,898
BORROWER-WISE CLASSIFICATION
(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Companies - -
(e) Loans against policies 739,677 642,898
(f) Others- Employees - -
Total 739,677 642,898
PERFORMANCE-WISE CLASSIFICATION
(a) Loans classified as standard
(aa) In India 739,677 642,898
(bb) Outside India - -
(b) Non-standard loans less provisions
(aa) In India - -
(bb) Outside India - -
Total 739,677 642,898
MATURITY-WISE CLASSIFICATION
(a) Short term 66,660 44,493
(b) Long Term 673,017 598,405
Total 739,677 642,898
Commitments made and outstanding for Loans ₹ Nil (2021- ₹ Nil)
Notes:
a) Refer Schedule 16 - Note 2(f) on accounting policy of Loans
b) There was no restructuring of loan assets during the period.
c) Short term loans include those loans which are repayable within 12 months from the date of Balance Sheet. Long term loans
are the loans other than short term loans.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Previous Year 3,533,196 405,267 142,078 3,796,385 2,828,756 425,469 127,539 3,126,686 844,481
* Includes licenses
** Includes leasehold improvements
# All Software are other than those generated internally
Note:
Refer Schedule 16 – Note 2(g) for accounting policy on Fixed Assets and Depreciation/Amortization
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Notes :
(a) Breakup of Cash (including cheques on hand, drafts and stamps)
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
Cash in hand 147,845 142,970
Postal franking and Revenue Stamps 79,209 57,649
Cheques in hand 992,472 853,035
Total 1,219,526 1,053,654
b) Amount in current account includes amount of ` Nil (` 17,100) thousands kept in a separate bank account and earmarked for CSR spend
c) Cheques on hand amount to ` 992,472 (` 853,035)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
OTHER ASSETS
Income accrued on investments 7,125,437 5,919,794
Outstanding Premiums 3,489,063 3,040,591
Agents Balances 49,041 48,872
Less: Provision for commission receivable (49,041) - (48,872) -
Foreign Agencies Balances - -
Due from other entities carrying on insurance business (including 645,289 135,752
reinsurers)
Due from subsidiaries/holding company 132 149
Deposit with Reserve Bank of India [Pursuant to - -
erstwhile section 7 of Insurance Act, 1938]
Others :-
Security and other deposits 395,282 370,857
Advance GST and Unutilised Credit 441,929 394,983
Investment -Unclaimed 438,288 373,828
Income on Unclaimed amount of Policy Holders 27,034 26,848
Investment sold awaiting settlement (Refer Note (c) below) 266,540 -
Net Derivatives Assets (used for hedging Interest Rate Risk) (Refer Note 1,316,251 383,307
(b) and (c) below) #
Other Receivables (Refer Note (c) below) 616,136 568,643
Total (B) 14,761,381 11,214,752
Notes :
(a) Advance tax paid and Taxes deducted at source (` in thousands)
Particulars As at 31st March, 2022 As at 31st March, 2021
Provision for Tax (1,027,675) (1,037,351)
Advance Tax and Tax deducted at source 1,250,489 1,217,165
Total 222,814 179,814
(b) Refer Schedule 16 note 15 (e)
(c) Refer Schedule 16 Note 29
(d) Refer Schedule 16 Note 7
# inlcuding interest receivable on Margin paid
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Note:
a) Refer Schedule 16 - Note 27
b) Refer Schedule 16 - Note 15(c)
c) Refer Schedule 16 - Note 15(e)(b)
d) Refer Schedule 16 - Note 29
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
SCHEDULE 14 PROVISIONS
(` in thousands)
As at As at
Particulars
31st March, 2022 31st March, 2021
For taxation (less payments and taxes deducted at source)-Refer Note (a) below 3,568,831 2,253,157
For proposed dividends - -
For dividend distribution tax - -
Others:-
Provision for compensated absences 195,658 207,910
Provision for other employee benefits 42,144 27,803
Provision for other investments 175,918 429,840
Total 3,982,551 2,918,710
Notes:
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
1 Background
Kotak Mahindra Life Insurance Company Limited (‘the Company’), a subsidiary of the Kotak Mahindra Bank Limited, was incorporated on August
31, 2000 as a Company under the Companies Act, 2013 to undertake and carry on the business of life insurance and annuity. The Company’s life
insurance business comprises of individual life and group business, including participating, non-participating, pension, annuity, group gratuity, group
leave encashment, group superannuation, unit linked insurance products and health products. Riders providing additional benefits are offered under
some of these products. These products are distributed through individual agents, corporate agents, banks, brokers, the Company’s proprietary sales
force and the Company website. The Company obtained a license from the Insurance Regulatory and Development Authority of India (‘IRDAI’) dated
10 th January, 2001 for carrying on the business of life insurance and annuity. Pursuant to Section 3 read with Section 3A as amended by Insurance
Laws (Amendment) Act, 2015, the process of annual renewal of the Certificate of Registration issued to insurers under Section 3 of the Insurance
Act, 1938, was deleted. Consequently, the said certificate continues to be in force.
Kotak Mahindra Group holds 100% of the equity shareholding in Kotak Mahindra Life Insurance Company Limited.
Basis of Preparation:
The financial statements of the Company have been prepared in accordance with the provisions of the Insurance Act, 1938 as amended by the
Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and Development Authority Act, 1999 the (‘IRDA Act’) and the regulations
framed there under, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance
Companies) Regulations, 2002 (the ‘IRDA Financial Statements Regulations’), the Master Circular on Preparation of Financial Statements and Filing
of Returns of Life Insurance Business Ref No. IRDA/FandA/Cir/232/12/2013 dated 11th December, 2013 (‘the Master Circular’), circulars/orders/
directions issued by the Insurance Regulatory and Development Authority of India (the ‘IRDAI’/’Authority’) in this regard and in accordance with the
Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on accrual basis. The Company has prepared
these financial statements to comply in all material respects with the Accounting Standards notified under Section 133 of the Companies Act, 2013
read with paragraph 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016. The accounting
policies have been consistently applied by the Company and are consistent with those used in the previous year except for the changes, if any, in
accounting policies disclosed hereafter.
Use of Estimates:
The preparation of financial statements in conformity with generally accepted accounting principles in India (‘Indian GAAP’) requires the Management
to make judgments, estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on
the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates
used in preparation of the financial statements are prudent and reasonable. Actual results could differ from the estimates. Any revision in accounting
estimate is recognised prospectively in current and future periods.
Note on COVID - 19
COVID-19 has had an extraordinary impact on macroeconomic conditions in India and around the world post declaration of it as a pandemic by World
Health Organisation in March 2020. Nation-wide lockdown in April-May 2020 followed by localised lockdown were imposed to restrict the spread in
areas with significant number of cases. The restrictions were gradually lifted leading to improvement in economic activity. This was followed by two
waves of COVID-19 with outbreak of new variants which led to the re-imposition of regional lockdowns which were subsequently lifted supported by
administration of the COVID vaccines to a large population in the country.
India is emerging from the Covid-19 pandemic. The extent to which any new wave of COVID-19 pandemic will impact the Company’s results will
depend on ongoing as well as future developments, including, among other things, any new information concerning the severity of the COVID-19
pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.
Premium Income
Premium (net of GST) is recognised as income when due from policyholders except on unit linked policies, where the premium is recognised
when associated units are created.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Profit commission on reinsurance ceded is accounted as income in the year of final determination of profit. Profit commission on reinsurance
ceded is netted off against premium ceded on reinsurance.
Dividend income for quoted shares is recognised on ex-dividend date, and for non quoted shares the dividend is recognised when the right to
receive the dividend is established.
Gain/Loss on transfer/sale of securities is the difference between the transfer/sale price and the net amortised cost/book value which is
computed on a weighted average basis as on the date of transfer/sale. Sale consideration for the purpose of realised gain/loss is net of
brokerage and taxes , if any.
Rental income on Investment property is recognised in the income statement on accrual basis and includes only the realisable rent and does
not include any notional rent as prescribed by IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies)
Regulations 2002. Costs related to operating and maintenance of investment property are recognised as expense in the Revenue Account.
(ii) Liabilities in respect of funds arising from discontinued policies are shown under a separate head in the balance sheet as ‘Funds for
Discontinued policies’. This is as per IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.
(iii) Linked liabilities comprise of unit liability representing the fund value of policies.
(e) Investments
Investments are made in accordance with the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 and the
regulations framed there under, the Insurance Regulatory and Development Authority Act, 1999, Insurance Regulatory and Development
Authority of India (Investment) Regulations, 2016 , the Insurance Regulatory and Development Authority (Preparation of Financial Statements
and Auditor’s Report of Insurance Companies) Regulations, 2002, orders/directions issued by the Insurance Regulatory and Development
Authority of India in this regard and in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention
on accrual basis.
Annual Report 2021-22
Overview
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Investments are recorded at cost on trade date which includes brokerage, transfer charges, transaction taxes as applicable, etc. but excludes
pre acquisition interest, if any and Goods and Service Tax on brokerage where input tax credit is being claimed.
Bonus entitlements are recognised as investments on the ‘ex- bonus date’. Rights entitlements are recognised as investments on the ‘ex-rights date’.
Gain/Loss on transfer/sale of securities is the difference between the transfer/sale price and the net amortised cost/book value which is
computed on a weighted average basis as on the date of transfer/sale. Sale consideration for the purpose of realised gain/loss is net of
brokerage and taxes, if any.
i) Classification
Investments maturing or having put or call option within twelve months from the Balance Sheet date and investments made with the
specific intention to dispose them off within twelve months from the Balance Sheet date are classified as ‘Short Term Investments.’
Investments other than Short Term Investments are classified as ‘Long Term Investments.’
ii) Basis of allocation of Investment and Income thereon between Policyholder Account and 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.
Debt Securities
All debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly recorded at historical cost (excluding
interest paid, if any). Debt securities including government securities are stated at net amortised cost. Money market instruments like treasury
bills, certificate of deposit, commercial papers and Triparty Repo (TREPS) are valued at historical cost subject to accretion of discount. The
premium/discount, if any, on purchase of debt securities is amortised/accrued over the period to maturity on internal rate of return.
In case of InvIT, where market quote is not available for the last 30 days, the Units shall be valued as per the latest NAV (not more than 6
months old) of the Units published by the trust.
All redeemable unlisted preference shares are considered as held to maturity and stated at historical cost
The investment in AT1 Bonds have been valued at an applicable market yield rates provided by CRISIL on the basis of Crisil Bond Valuer
Real estate - Investment Property and units of Real Estate Investment Trust (REIT)
Real estate investment property represents building held for investment purpose to earn rental income or for capital appreciation and is
not occupied by the Company. Such Investment property is initially valued at cost including any direct attributable cost. Investment in
real estate investment property is valued at historical cost plus revaluation, if any. Revaluation of the investment property is done at least
once in three years. Any change in the carrying amount of the investment property is accounted to Revaluation Reserve. Impairment
loss, if any, exceeding revaluation reserve is recognised as expenses in the Revenue/Profit and Loss Account.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Unlisted units of REIT awaiting listing are stated at historical cost subject to provision for diminution, if any. Unrealised gains/losses arising
due to changes in the value of listed units of REIT are taken to ‘Fair Value Change Account’ and carried forward to Balance Sheet where
the net balance is positive. Negative balance in the ‘Fair Value Change Account’ is recognised in the Revenue Account/Profit and Loss
Account to the extent of negative balance in ‘Fair Value Change Account’ as reduced by the amount previously provided in the Revenue
Account/Profit and Loss Account. The profit or loss on actual sale of units of REIT includes the accumulated changes in the fair value
previously recognised under ‘Fair Value Change Account’. Investment in units of REIT are valued at market value (last Quoted price should
not be later than 30 days). Where Market Quote is not available for the last 30 days, the units shall be valued as per the latest NAV (not
more than 6 months old) of the units published by the trust.
Derivative Instruments
Certain Guaranteed products offered by the company assure the policy holders a fixed rate of return for premiums to be received in the
future and the Company is exposed to interest rate risk on account of Re-investment of interest and principal maturities at future date
and Guarantee risk on premiums from already written policies. IRDAI master circular for Investment Regulations, 2016 allows insurers
to deal in rupee denominated interest rate derivatives to hedge the volatility of returns from future fixed income investments, due to
variations in market interest rates.
The Company has well defined Board approved Derivative Policy and Process document setting out the strategic objectives, risk measures
and functioning of the derivative transactions as per the hedging strategy. The Company is following hedge accounting for all derivative
transactions.
For derivatives which are designated in a Cash Flow Hedges relationship, hedge effectiveness is ascertained at the time of inception of
the hedge and periodically thereafter as per guidelines laid down for Derivatives. The accounting is done in accordance with ‘Guidance
Note on Accounting for Derivatives Contracts’ issued by The Institute of Chartered Accountants of India (ICAI) in June 2015 effective
from FY 2017.
At the inception of the hedge, the Company documents the relationship between the hedging instrument and the hedged item, the risk
management objective, strategy for undertaking the hedge and the methods used to assess the hedge effectiveness. Hedge effectiveness
is the degree to which changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk are offset by
changes in the fair value or cash flows of the hedging instrument.
• The portion of fair value gain/loss on the Interest Rate Derivative that is determined to be an effective hedge is recognized directly
in equity account i.e. ‘Hedge Fluctuation Reserve’ and shown in balance sheet as part of the ‘Change in Fair Value’.
• The ineffective portion of the change in fair value of such instruments is recognized in the Revenue Account in the period in which
they arise.
• If the hedging relationship ceases to be effective or it becomes probable that the expected forecasted transaction will no longer
occur, hedge accounting is discontinued and the cumulative gains or losses that were recognized earlier in Hedge Fluctuation
Reserve shall be reclassified to the Revenue Account in the same period or periods during which the hedged forecasted cash flows
affect the Revenue Account.
• Initial Recognition: All derivatives are initially recognized in the Balance sheet at their fair value, which usually represents their cost.
• Subsequent Recognition: All derivatives are subsequently re-measured at their fair value, with change in fair value is recognized as
per hedge accounting principles. All derivatives are carried as assets when the fair values are positive and as liabilities when the
fair values are negative.
A Forward Rate Agreement (‘FRA’) transaction is that whereby Company agrees to buy underlying security at fixed yield at future date. The
Company is using FRA instruments to hedge interest rate risk arising out of premiums from already written policies and re-investment
risk of interest and principal maturities at future date.
Impairment of Investments
The Company assesses at each Balance Sheet date whether there is any indication of impairment of investments or reversal of impairment
loss earlier recognised based on an approved criteria for impairment on investments. In case of impairment in the value of investment
as at the balance sheet date which is other than temporary, the amount of loss is recognised as an expense in the Revenue/Profit and
Loss Account to the extent of difference between the remeasured fair value of the investment and its acquisition cost as reduced by any
previous impairment loss recognised as expense in Revenue/Profit and Loss Account. Any reversal of impairment loss, earlier recognised
in Revenue/Profit and Loss Account, is recognised in the Revenue/Profit and Loss Account.
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Debt Securities
All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Services
of India Limited (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond Valuer. The discount
on purchase of treasury bills, certificate of deposit, commercial papers and Triparty Repo (TREPS) are amortised over the period to
maturity on internal rate of return basis. Unrealised gains and losses on such valuations are recognised in the respective scheme’s
Revenue Account.
Mutual Fund
Mutual Fund units are valued at the latest NAV of the fund in which they are invested. Unrealised gains and losses on such valuations are
recognised in the respective scheme’s Revenue Account.
v) Transfer of Investments
Transfer of investments (other than debt securities) from Shareholders’ fund to the Policyholders’ fund is at book value or market price,
whichever is lower. Transfer of debt securities from Shareholders’ to Policyholders’ fund is transacted at the lower of net amortised cost
or market value. Transfer of Investments between unit-linked funds are done at prevailing market price.
(f) Loans
Loans are stated at historical cost (net of repayments), subject to provision for impairment losses and Non Performing Assets (NPA), if any.
Norms laid down under Master Circular – IRDAI (Investment) Regulations, 2016 and Master Circular on preparation of Financial Statements
and Filing Returns of Life Insurance Business issued by the IRDAI are adhered to in this regard.
Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and impairment, if any. Cost includes the purchase price and any other cost
which can be directly attributed to bringing the asset to its working condition for its intended use. Subsequent expenditure incurred on existing
fixed assets is expensed out except where such expenditure increases the future economic benefits from the existing assets.
Intangible Assets
Expenditure incurred on application software and their customisation or further development is recognised as an intangible asset. The same is
capitalised under fixed assets if such expenditure results in a benefit of enduring nature. Other software expenses are expensed in the period
in which they are incurred. Intangible assets are stated at cost less accumulated depreciation/amortisation.
In respect of liabilities incurred in acquisition of fixed assets in foreign exchange, the net gain or loss arising on conversion/settlement are
charged to Revenue account. Cost includes cost of purchase inclusive of freight, duties and other incidental expenses and all expenditure
like site preparation, installation costs and professional fees incurred on the asset before it is ready to put to use. Subsequent expenditure
incurred on assets put to use is capitalised only when it increases the future benefit/functioning capability from/of such assets. A rebuttable
presumption that the useful life of an Intangible asset will not exceed 10 years from the date the asset is available for use is considered by the
Management. Losses arising from the retirement of and gains or losses arising from disposal of Fixed Assets which are carried at cost, are
recognised in the Revenue Account.
Assets not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost and related incidental
expenses.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Depreciation/Amortisation
Deprecation is provided on a pro-rata basis on a Straight Line Method over the estimated useful life of the assets at rates which are equal to
or higher than the rates prescribed under Schedule II of the Companies Act, 2013 in order to reflect the actual usage of the assets.
Assets costing individually less than ` 5,000 are depreciated fully in the year of acquisition.
Estimated useful lives of assets based on technical evaluation by management are as follows:
Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external
factors. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use
of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher
of the asset’s net sales price or present value as determined above. After impairment, depreciation is provided on the revised carrying amount
of the asset over it’s remaining useful life. When there is an indication that an impairment loss recognised for an asset in earlier accounting
periods no longer exists or may have decreased, such reversal of impairment loss is recognised.
(i) Provident fund is a defined contribution plan and the contributions as required by the statute to the Government Provident Fund
are charged to Revenue Account/Profit and Loss Account when incurred. The Company has no further obligations.
(ii) Gratuity liability a defined benefit plan covering employees in accordance with the Payment of Gratuity Act, 1972. The Company’s
liability is actuarially determined (using Projected Unit Credit Method) at the Balance Sheet date. The Company makes contribution
to a Gratuity Fund administered by trustees and managed by a life insurance Company. The net present value obligation towards
the same is actuarially determined based on the projected unit credit method as at the Balance Sheet date. Actuarial gains and
losses are immediately recognised in the Revenue Account/Profit and Loss Account and are not deferred.
(iii) Superannuation fund is a defined contribution scheme. The Company contributes a sum equivalent to 15% of eligible employees’
salary subject to a maximum of ` 1.5 lakh per eligible employee per annum, to the Superannuation Funds administered by trustees
and managed by a Life Insurance Company. The Company recognises such contributions as an expense in the year they are
incurred.
(iv) National Pension Scheme is a defined contribution scheme. The company contributes upto 10% of eligible employees’ salary per
annum, to the National Pension Scheme administered by a Pension Fund Regulatory and Development Authority (PFRDA) appointed
pension fund manager. The company recognises such contributions as an expense in the year they are incurred.
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
ii) The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees
is recognised during the period when the employee renders the service. These benefits include performance incentives.
Business Segments
In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of
Insurance Companies) Regulations, 2002 (referred to as ‘Accounting Regulations’) read with Accounting Standard 17 on ‘Segment Reporting’
as specified under Section 133 of the Companies Act 2013, the Company’s primary business segments are classified into Life Participating
business, Pension Participating business, Life Non Participating business , Pension Non Participating business, Health Non Participating, Life
Non Participating Variable Insurance business (VIP), Pension Non Participating Variable Insurance business (VIP), General Annuity business,
Unit Linked Life business, Unit Linked Pension business and Investment of the Shareholders’ funds.
Segmental revenues
All segment revenues are directly attributed to the respective business segments. There are no inter-segment revenues.
Segmental expenses
Operating expenses relating to insurance business are assigned to Life Participating, Pension Participating, Life Non Participating, Pension Non
Participating, Health Non Participating, Life Non Participating Variable Insurance (VIP), Pension Non Participating Variable Insurance (VIP),
General Annuity, Unit Linked Life and Unit Linked Pension segments as follows:
Expenses directly identifiable to the business segments are allocated on an actual basis.
Other expenses, which are not directly identifiable, are apportioned to the business segments on the basis of either one or a combination of
the following parameters:
(a) total number of policies issued during the year, or (b) premium income, or (c) weighted premium income, or (d) sum assured, or (e) total
number of policies, or (f) average assets under management, or, (g) expenses allowances, as considered appropriate by the Management. The
method of apportionment has been decided based on the nature of the expense and its logical relationship to the various business segments.
The Company’s expense allocation policy is subject to annual review by the Board.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(l) Taxation
Direct Taxes
Income tax expenses comprises of current tax (i.e. amount of tax for the year determined in accordance with the Income Tax Act, 1961) and
deferred tax charge or credit (reflecting the tax effects of timing difference between accounting income and taxable income for the year).
Provision for current tax is made in accordance with the provisions of section 44 of the Income Tax Act, 1961 read with Rules contained in the
first schedule and other relevant provision of the Income Tax Act, 1961 as applicable to a Company carrying on Life insurance business. Deferred
tax is recognised for future tax consequences attributable to timing differences between income as determined by the financial statements
and the recognition for tax purposes.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future. However, where
there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is virtual certainty
backed by convincing evidence that such deferred tax assets can be realised.
Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted before the balance
sheet date. Changes in deferred tax assets/liabilities on account of changes in enacted tax rates are given effect to in the Revenue account/
Profit and Loss Account in the period of the change. At each reporting date, the Company reassesses unrecognised deferred tax assets. It
recognises deferred tax assets to the extent that it has become reasonably or virtually certain, as the case may be, that sufficient future taxable
income will be available against which such deferred tax assets can be realised. Deferred tax assets and deferred tax liabilities are off set when
there is legally enforceable right to set-off assets against liabilities representing current tax and where the deferred tax assets and deferred tax
liabilities relate to taxes on income levied by the same governing taxation laws.
The Company allocates income tax to the line of business in order to ensure that the expenses pertaining to and identifiable with a particular
line of business are represented as such to enable a more appropriate presentation of the financial statements. Accordingly, tax charge/credit
on surplus/deficit arising from each line of business is disclosed separately in the Segmental Revenue account.
Indirect Taxes
The Goods and Services Tax (GST) liability is accrued separately for each state. The liability is set off against input tax credit (ITC) taken on
input services for the respective states. The Unutilised Credits (ITC) , if any, are carried forward under ‘Advances and Other Assets’ for set-off
in subsequent periods, where there is reasonable certainty for utilisation.
Contingent liabilities are not recognised but are disclosed in the notes when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources or it cannot be reliably estimated. When there is a possible obligation or a present obligation in
respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognised
nor disclosed in the financial statements.
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.
The cost of cash-settled transactions, stock appreciation rights (SARs), having grant date on or before 31st March, 2021 is measured initially
using intrinsic value method at the grant date taking into account the terms and conditions upon which the instruments were granted. The
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Company has changed its accounting policy from intrinsic value method to fair value method for all share-linked instruments granted after
31st March, 2021.The fair value is estimated using Black-Scholes model.
The intrinsic/fair value is amortised on a straight-line basis over the vesting period with a recognition of corresponding liability. This liability
is remeasured at each balance sheet date up to and including the vesting date with changes in intrinsic/fair value recognised in the profit and
loss account in ‘Payments to and provision for employees’.
The actuarial liabilities have been calculated by the Appointed Actuary in accordance with the generally accepted actuarial principles, the requirements
of the Insurance Act, relevant regulations issued by IRDAI and the Actuarial Practice Standard and Guidance notes of the Institute of Actuaries of
India. The method adopted is as follows:
a) Unit Linked Policies: A unit reserve equal to the value of the units on 31st March, 2022 plus a non-unit reserve calculated on gross premium
prospective valuation method.
b) Par policies (accumulation contracts): The value of the accumulated fund plus a non-unit reserve calculated on gross premium prospective
valuation method.
c) Individual conventional business/Group where premiums are guaranteed for more than one year: Gross premium prospective method.
d) Group one year renewable: Calculated as maximum of the risk premium for the unexpired term with an allowance for expenses and a mortality
margin for adverse deviations and unearned premium reserves.
Group traditional fund based: The account value as at valuation date. In addition, a non-unit reserve for expenses and mortality benefit provisions,
if required.
e) Group Unit Linked Policies: A unit reserve equal to the value of the units on 31st March 2022 plus a non-unit reserve calculated on gross premium
prospective valuation method.
f) Provision on lapsed unit-linked policies that form a part of the ‘Discontinuance Fund’ as required by IRDA circular no. IRDA-LIFE-CIR-
MISC-235-10-2011 and Linked Insurance Products Regulations, 2013.
g) Freelook provision is held to meet any premium refunds from freelook cancellations. The reserve held is equal to assumed probability of freelook
cancellations times the (premiums (net of stamp duty and initial commission) less the reserves at the end of month one).
The assumptions used in the Gross Premium valuation are based on the best estimates together with appropriate margins for adverse
deviations from experience. The principal assumptions are interest rate, inflation, return to policyholders’ account, lapses, expenses, mortality
and morbidity. The base assumptions are:
Interest 5.97% p.a. to 6.72% p.a.for first five years, 5.27% p.a. to 6.03% p.a. thereafter
Inflation 6% p.a.
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 Expenses levels consistent with recent experience
Mortality Based on IALM 2012-14 mortality table
Morbidity (for Health Plan) Based on adjusted CIBT rates.
Morbidity (for Critical Illness) Based on adjusted CIBT rates.
Morbidity (other riders) Based on reinsurers’ rates
Company has settled the claims due to COVID 19 claims last year and the impact of COVID 19 on mortality has been reducing. The Prudence
in the Best Estimate (BE) mortality basis and Margins for Adverse deviation (MAD) will help to meet expected additional claims (if any) due
to COVID-19. The Company reinsures mortality with an optimum level of retention on guaranteed premiums bases, with financially strong
reinsurers. The Company carries out resilience test on balance sheet and its impact on solvency margin. The company has a strong solvency
ratio of 273% against required solvency ratio of 150%.
Life Pension Life Non Pension Non Health Life Non Pension Non General Unit Unit Total Life Pension Life Pension Health Life Non Pension Non General Unit Unit
Participating Participating Participating Participating Participating Participating Annuity Linked ** Linked Participating Participating Non Non Participating Participating Annuity Linked ** Linked
Total
Variable Variable Pension ** Participating Participating Variable Variable Pension
(VIP) (VIP) (VIP) (VIP) **
* Forms part of ‘Change in Valuation of Liability in respect of life policies-Gross’ in the Revenue Account
** Unit Linked and Unit Linked Pension reserves represent the non unit portion of the ULIP Portfolio
Forming Part of the Financial Statements as at 31
st
Note:
(a) The Policyholder Liabilities are adequately backed by Policyholder Investments, Cash and Bank Balances and Other assets. (Please refer to Schedule no 16- Note-17).
(b) There are no long term contract including derivative contracts where there is any material foreseeable losses other than those considered in the determination of policy liabilities by Appointed Actuary for
insurance contracts.
Registration No: 107; Date of Registration: 10 th January, 2001
March, 2022
Overview
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(ii) The remuneration paid by the company to the Non-executive Directors in accordance with IRDAI (Remuneration of Non-
executive Directors of Private Sector Insurers) Guidelines, 2016 is as follows:
(` in thousands)
FY 2021-22 FY 2020-21
Name of the Non-executive Director Profit related Profit related
Sitting Fees Sitting Fees
commission commission
1. Mr. Shivaji Dam 360 750 390 800
2. Mr. Prakash Apte 690 750 900 800
3. Mr. Paresh Parasnis 570 750 750 800
4. Ms. Anita Ramachandran 420 750 570 800
Total 2,040 3,000 2,610 3,200
These expenses have been charged to Shareholder's Profit and Loss Account.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
8 Extent of risk retained and reinsured (As computed by company's appointed actuary) (` in thousands)
Particulars FY 2021-22 FY 2020-21
Individual Business
Risk Retained (in million) 1,267,376 1,121,918
Risk Reinsured (in million) 1,478,204 1,257,240
Percentage of Risk Retained 46.16% 47.16%
Percentage of Risk Reinsured 53.84% 52.84%
Group Business
Risk Retained (in million) 4,965,801 5,402,521
Risk Reinsured (in million) 1,724,146 2,546,232
Percentage of Risk Retained 74.23% 67.97%
Percentage of Risk Reinsured 25.77% 32.03%
Social Sector
No. of Policies (count) 29 123
No. of Lives (count) 9,580,400 6,736,586
Gross Premium Underwritten ( ` in' 000) 4,020,546 1,871,447
Percentage of Lives* 59.75% 43.30%
Total Business Procured** 21,476,878 16,034,246
Note:
IRDAI(Obligations of insurers to rural and social sectors) Regulation, 2015 mandates the Company to cover atleast 5% of the total business
procured in the preceding financial year (in terms of lives) from the social sector and 20% of the total number of policies written in the year
from the rural sector.
**total number of policies issued incase of individual insurance and number of lives covered in case of Group Insurance (FY 2019-20 -
15,557,587).
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
Details of ongoing CSR projects under Section 135(6) of the Act
Amount
required to be Balance as at 31st March
Balance as at 1st April, 2021 Amount spent during the year
spent during 2022
the year
In Separate
In Separate From the From Separate
With the With CSR Unspent
CSR Unspent Company’s CSR Unspent
Company Company account
account Bank account account
(Refer Note)
FY 20-21 17,100 - - 17,100 - -
FY 21-22 - - 99,450 50,672 - 48,778* -
* The amount of 48,778 thousands was transferred to Unspent CSR account on 25th April, 2022
(` in thousands)
Details of CSR expenditure under Section 135(5) of the Act in respect of other than ongoing projects
Balance Amount deposited Amount required Amount spent Balance
unspent as at in Specified Fund of to be spent during during the year unspent as at
1st April 2021 Schedule VII of the the year 31st March 2022
Act within 6 months
FY 21-22 - - 19,954 19,954 -
(` in thousands)
Details of excess CSR expenditure under Section 135(5) of the Act
Balance excess spent Amount required to be Amount spent Balance excess spent
as at 1st April 2021 spent during the year during the year as at 31st March 2022
- 119,392 119,404* 12
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
a) On Accumulation non retirement products: 4% p.a. regular bonus in addition to the guaranteed rate of 3% costing `808,601 (2021 - ` 923,101)
to meet an effective rate of 7%.
b) On Accumulation retirement products: 5% p.a. regular bonus in addition to the guaranteed rate of 3% costing `25,038 (2021 - ` 28,299) to meet
an effective rate of 8%.
4.20% for policies completing more than 15 policy years in Surakshit Jeevan Plan and Eternal Life Plans;
4.20% for policies completing more than 10 policy years in Child Edu Plan;
3.75% for policies completing more than 5 policy years in Child Future Plans;
v) 2.50% for policies with regular premium paying term , 2.60% for limited premium paying term policies with minimum premium
paying term of 10 years and 2.75% for limited premium paying term of 7 years for policies completing 5 or less policy years,
2.80% for the regular premium paying term policies, 2.95% for limited premium paying term policies with minimum premium paying
term of 10 years and 3.10% for policies with premium paying term of 7 years for policies completing more than 5 policy years in Classic
Endowment Plan.
vi) 2.70% for policies with premium paying term of 8 years, 2.75% for policies with premium paying term of 10
years and 2.85% for policies with premium paying term of 12 years for policies completing 5 or less policy years,
3.10% for the policies with premium paying term of 8 years, 3.15% for the policies with premium paying term of 10 years and 3.25% for
policies with premium paying term of 12 years for policies completing more than 5 policy years in Premier Money Back Plan;
vii) 3.10% for premium paying term of 8 years, 3.15% for premium paying term of 12 years, 3.20% for premium paying
term of 15 years and 3.35% for premium paying term of 20 years for policies completing 5 or less policy years,
3.50% for premium paying term of 8 years, 3.55% for premium paying term of 12 years, 3.60% for premium paying term of 15 years and
3.80% for premium paying term of 20 years for policies completing more than 5 policy years in Premier Life Plan
viii) 2.90% for the policies with premium paying term of 8 years, 3.25% for the policies with premium paying term of 10
years and 3.50% for policies with premium paying term of 12 years for policies completing 5 or less policy years,
3.25% for the policies with premium paying term of 8 years, 3.65% for the policies with premium paying term of 10 years and 3.95% for
policies with premium paying term of 12 years for policies completing more than 5 policy years in Premier Income Plan;
ix) Cash bonus of 3.25% for premium paying term of 6 years, 3.15% for premium paying term of 8 years, 3.05% for premium paying term of
10 years, 3.00% for premium paying term of 12 years and 2.95% for premium paying term of 15 years; Cash bonus on paid up additions
of 2.85% for Smart Life Plan;
x) Cash bonus of 3.30% for premium paying term of 6 years, 3.25% for premium paying term of 8 years, 3.20% for premium paying term of
10 years, 3.10% for premium paying term of 12 years and 3.10% for premium paying term of 15 years for Fortune Maximiser Plan;
xi) 3.25% for the regular premium paying term policies, 3.75% for limited premium paying term policies with premium paying term of 10 or
15 years and 4.25% for limited premium paying term policies with premium paying term of 5 or 7 years for policies completing more than
5 policy years in Premier Endowment Plan
xii) 4.40% for the regular premium paying term policies, 4.55% for limited premium paying term policies and 5.50% for single premium policies
completing more than 5 policy years in Premier Pension Plan
xiii) For Premier Endowment Plan and Premier Pension plans, a Guaranteed Addition rate of 5% of Sum Assured is applicable for the first
five years for regular and limited premium paying policies and 2% for single premium policies, the provision for which is included in the
mathematical reserves.
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
a) On Accumulation non retirement products: An interim bonus of 4% p.a. costing ` 108,551 ( 2021 - ` 66,881 ) for the policies
matured, claimed death benefit or surrendered during the year. Additionally, terminal bonus of 15% p.a. for Money Back Plan, 12.5%
for Endowment Plan, 10% for Child Advantage and Capital Multiplier Plans costing `350,851 (2021 - ` 191,695) for the policies
matured, claimed death benefit during the year.
b) On Accumulation retirement products: An interim bonus of 5% p.a. costing ` 2,129 (2021 - ` 3,046) for the policies matured, claimed
death benefit or surrendered during the year. Additionally, terminal bonus of 10% p.a. costing ` 3,502 ( 2021 - ` 4,892) for the policies
matured, claimed death benefit during the year.
3.50% for policies exiting after more than 10 policy years in Surakshit Jeevan Plan and Eternal Life Plans;
4.20% for policies exiting after more than 10 policy years in Child Edu Plan;
iv) 3.50% for policies exiting within 5 or less policy years and
3.75% for policies exiting after more than 5 policy years in Child Future Plans;
v) 2.5% for the regular premium paying term policies, 2.6% for limited premium paying term policies with minimum premium
paying term of 10 years and 2.75% for policies with premium paying term of 7 years exiting within the first 5 policy years, and
2.8% for the regular premium paying term policies, 2.95% for limited premium paying term policies with minimum premium
paying term of 10 years and 3.10% for policies with premium paying term of 7 years exiting after completion of 5 policy years
in Classic Endowment Plan;
vi) 2.7% for the policies with premium paying term of 8 years, 2.75% for the policies with premium paying term
of 10 years and 2.85% for policies with premium paying term of 12 years exiting within the first 5 policy years,
3.1% for the policies with premium paying term of 8 years, 3.15% for the policies with premium paying term of 10 years and
3.25% for policies with premium paying term of 12 years exiting after completion of 5 policy years in Premier Money Back Plan;
vii) 3.25% for premium paying term of 8 years, 3.3% for premium paying term of 12 years, 3.35% for premium paying
term of 15 years and 3.5% for premium paying term of 20 years for policies exiting within 5 or less policy years,
3.65% for premium paying term of 8 years, 3.7% for premium paying term of 12 years, 3.75% for premium paying term of 15
years and 3.95% for premium paying term of 20 years for policies exiting after 5 policy years in Premier Life Plan
viii) 2.9% for the policies with premium paying term of 8 years, 3.25% for the policies with premium paying term of 10 years and
3.5% for policies with premium paying term of 12 years exiting in Premier Income Plan;
ix) 3.25% for premium paying term of 6 years, 3.15% for premium paying term of 8 years, 3.05% for premium paying term of
10 years, 3% for premium paying term of 12 years and 2.95% for premium paying term of 15 years; cash bonus on paid up
additions of 2.85% for policies exiting in Smart Life Plan;
x) 3.25% for the regular premium paying term policies, 3.75% for limited premium paying term policies with premium paying term
of 10 or 15 years and 4.25% for limited premium paying term policies with premium paying term of 5 or 7 years for policies
exiting after completion of 5 policy years in Premier Endowment Plan
xi) 4.4% for the regular premium paying term policies, 4.55% for limited premium paying term policies and 5.5% for single premium
policies exiting after 5 policy years in Premier Pension Plan costing `15,241 (2021 - ` 7,741) for the policies which claimed
death benefit or surrendered during the year.
xii) Additionally, terminal bonus of 1.5% for Sukhi Jeevan, 3.00% for Surakshit Jeevan, 3% for Eternal Life and 2.50% for Child
Edu Plans for each completed policy year for the policies matured, claimed death benefit during the year with minimum of 10
policy years completed, special terminal bonus of 1.5% for Surakshit Jeevan for each completed policy year for the policies
matured during the year with minimum of 10 policy years completed, special survival bonus of 2% for Eternal Life Plans for
each premium term for the policies completing their full premium term during the year costing ` 202,261(2021 - ` 227,826)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
For the previous year, the shareholders contribution of ` 23,410 to General annuity policyholders account, ` 18,104 to Health account and ` 29,344
to the Pension Non- Participating policyholders account to meet fully the deficit in those accounts has been approved by shareholders at the Annual
General Meeting held on 12th May 2021
12 Encumbrances on assets
Apart from following amount of ` 3,803,720 (2021 – ` 3,593,552) marked under lien, there are no encumbrances on the assets of the Company as
at the balance sheet date. Breakup of the same is as follows :
(` in thousands)
Particulars FY 2021-22 FY 2020-21
Assets deposited with Clearing Corporation of India Limitedin the form of Securities * 3,158,458 3,438,448
Assets deposited for Margin for Equity Purchase Transaction with the Exchange * 527,158 -
Assets deposited with Clearing Corporation of India Limitedin the form of Cash* 103,100 103,100
Fixed Deposit against Bank Guarantee to Post Master General towards purchase of postage on policy 2,004 2,004
welcome kit document (Against Guarantees of ` 2004)
Fixed Deposit against Bank Guarantee in favour of UIDAI towards enabling Aadhar Authentication Service 2,500 2,500
(Against Guarantees of ` 2500)
Lien against Amount recovered from an ex-employee kept in a separate bank account 10,500 -
With National Securities Clearing Corporation Limited * - 47,500
Total 3,803,720 3,593,552
There are no encumbrances on assets outside India.
*Refer Schedule 8, 8A and 8B
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:
(` in thousands)
Particulars FY 2021-22 FY 2020-21
Not later than one year 401,028 328,182
Later than one year not later than five years 1,156,410 1,225,078
Later than five years 174,678 203,765
The total operating lease rentals charged to Revenue account in the current year is ` 320,934 (2021 - ` 313,253)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
Sr. Year ended Year ended
Particulars
No. 31st March, 2022 31st March, 2021
1 New business premium income growth (segment wise)
(New business premium current year - New business premium previous year)/New business
premium previous year
Life Participating (16.46)% 28.32%
Pension Participating (12.75)% 90.40%
Life Non Participating 36.88% (6.55)%
Life Non - Participating Variable(VIP) (Product is no more offered for sale) (100.00)% (1614.36)%
Pension Non - participating Variable (VIP) (Product is no more offered for sale) (100.00)% (274.98)%
General Annuity 37.99% 1.43%
Unit Linked Life 2.30% 36.82%
Unit Linked Pension 332.30% (67.50)%
Pension Non - participating (New segment added in Feb 2020) (88.17)% 154.52%
Health (Since new segment added from October 2020, growth ratio of previous year is nil) 13.73% 0.00%
2 Net retention ratio 98.18% 98.21%
(Net premium divided by gross premium)
3 Ratio of expenses of Management 17.20% 18.20%
(Expenses of Management including commission divided by the total gross direct premium)
4 Commission ratio 4.54% 4.71%
(Gross commission paid to Gross premium)
5 Ratio of policyholders’ liabilities to shareholders’ funds [refer note (a) below] 1158.75% 1042.62%
6 Growth rate of shareholders’ funds 8.52% 20.63%
7 Ratio of Surplus/(Deficit) to Policyholders’ liabilities [refer note (a) below] 0.58% 1.30%
8 Change in net worth 3,446,763 6,917,167
9 Profit after tax/Total Income 2.65% 4.12%
10 (Total real estate + loans)/(Cash + Invested Assets) 0.50% 0.58%
11 Total Investments/(Capital + Surplus) 1264.21% 1148.29%
12 Total affiliated investments/(Capital + Surplus) 0.00% 0.00%
13 Investment Yield (Gross and Net) - Excluding Linked Fund
a) Without Unrealised gains:
Non Linked - Participating 7.39% 7.60%
Non Linked - Non-Participating 6.98% 7.17%
Sub Total : Non Linked 7.14% 7.34%
Linked - Participating NA NA
Linked - Non Participating 8.52% 8.21%
Sub Total : Linked 8.52% 8.21%
Grand Total : Non Linked + Linked 7.16% 7.36%
Shareholders' Fund 7.27% 6.88%
b) With Unrealised gains:
Non Linked - Participating 4.44% 7.95%
Non Linked - Non-Participating 3.69% 7.09%
Sub Total : Non Linked 3.99% 7.44%
Linked - Participating NA NA
Linked - Non Participating 6.10% 6.78%
Sub Total : Linked 6.10% 6.78%
Grand Total : Non Linked + Linked 4.01% 7.42%
Shareholders' Fund 2.02% 6.35%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
Sr. Year ended Year ended
Particulars
No. 31st March, 2022 31st March, 2021
14 Conservation Ratio
Life Participating 89.78% 85.13%
Pension Participating 89.53% 84.51%
Life Non Participating 87.57% 80.39%
Life Non - Participating Variable(VIP) (Product is no more offered for sale) 0.00% 0.00%
Pension Non - participating Variable (VIP) (Product is no more offered for sale) 0.00% 0.00%
General Annuity( Single Premium product, hence ratio is nil ) 0.00% 0.00%
Unit Linked Life 53.33% 57.65%
Unit Linked Pension 8.63% 3.49%
Pension Non - participating (One year product, hence ratio is nil) 0.00% 0.00%
Health (New segment added in October 2020, hence previous year ratio is nil) 66.79% 0.00%
15 Persistency Ratio#*
Persistency Ratio - Premium Basis ( Regular Premium/Limited Premium Payment under Individual
category)
For 13th month 82.4% 83.6%
For 25th month 75.2% 74.1%
For 37th month 65.9% 65.6%
For 49th month 62.1% 60.8%
For 61st month 51.5% 51.1%
Persistency Ratio - Premium Basis ( Single Premium/Fully paid-up under Individual category)
For 13th month 100.0% 100.0%
For 25th month 100.0% 100.0%
For 37th month 100.0% 100.0%
For 49th month 100.0% 100.0%
For 61st month 87.7% 83.4%
Persistency Ratio - Number of Policy Basis ( Regular Premium/Limited Premium Payment under
Individual category)
For 13th month 76.9% 80.2%
For 25th month 71.6% 71.0%
For 37th month 62.9% 61.5%
For 49th month 57.4% 56.0%
For 61st month 51.0% 50.0%
Persistency Ratio - Number of Policy Basis ( Single Premium/Fully paid-up under Individual category)
For 13th month 100.0% 100.0%
For 25th month 100.0% 100.0%
For 37th month 100.0% 100.0%
For 49th month 100.0% 100.0%
For 61st month 83.9% 82.3%
16 NPA Ratio
Shareholders' Funds
Gross NPA Ratio 0.00% 0.00%
Net NPA Ratio 0.00% 0.00%
Policyholders' Funds
Gross NPA Ratio 0.00% 0.11%
Net NPA Ratio 0.00% 0.00%
17 Solvency Ratio 2.73 2.90
Note :
(a) Policyholders’ liabilities = Policyholder’s Funds
# The persistency ratios reported are in accordance with the revised circular IRDA/ACT/CIR/MISC/035/01/2014 dated 23rd January, 2014. The premium persistency ratio
allows for lapses, surrenders, paid ups as well as premium reductions and is expressed in terms of annualized premiums.
*The persistency ratios have been calculated for the policies issued in the March to February period of the relevant years. For eg: the 13th month persistency for current year is
calculated for the policies issued from 1st March 2020 to 28th February 2021.
(b) The persistency ratios and solvency ratio has been computed by company’s appointed actuary
(c) Prior period’s figures have been regrouped/reclassified wherever necessary
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
15 Investments
(a) All the investments of the Company are performing investments in accordance with the directions issued by IRDAI.
(` in thousands)
Particulars FY 2021-22 FY 2020-21
Purchases where deliveries are pending 917,001 93,723
Sales where receivables are pending* 1,188,374 453,362
(c) Others payable in Schedule 13 include ` 1,415,146 (2021 : ` 1,238,015) payable to unit linked policyholders towards change in net unit liability
and ` 3,181 (2021 : ` 3,279) payable to Unclaimed Policyholders (2021 - receivables from Unclaimed Policyholder) which will be invested on the
first investment day in the next financial year. Since, no cash flows were involved in the current period in respect of these transactions, these
amounts have not been reflected in the Receipts and Payments account
(i) In accordance with the IRDA Financial Statements Regulations, the Company’s investment properties have been revalued at least once
in three years .The market value of a property is taken at being the lower of the valuations performed by two independent valuers. The
real estate investment property is valued at ` 2,082,950 at Mar 31, 2022 (previous year `2,082,950). The historical cost of the property
is ` 1,585,581 (previous year ` 1,585,581).
(ii) The company has invested in Infrastructure Investment Trust (InvITs) amounting to ` 580,500 (previous year Nil).
(e) Derivatives
(a) Nature and Term of Outstanding Derivative Contract: Forward rate Agreement
(` in thousands)
Total notional principal amount of forward rate agreement undertaken during the year
(i) FY 2021-22 FY 2020-21
(instrument-wise)
11,335,925 23,006,347
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in thousands)
(ii) Total notional principal amount of forward rate agreement outstanding as on end of the
FY 2021-22 FY 2020-21
year (instrument-wise)
(iii) Notional principal amount of forward rate agreement outstanding and not ‘highly Nil Nil
effective’ as at Balance Sheet date
(iv) Mark-to-market value of forward rate agreement outstanding and not ‘highly effective’ as Nil Nil
at Balance Sheet date
(v) Net Margin Money Received/(Paid) inlcuding interest receivable on Margin paid (1,316,250) (383,307)
(vi) Loss which would be incurred if counter party failed to fulfil their obligation under 76,592 144,830
agreements
(b) The fair value mark to market (MTM) gains or (losses) in respect of Forward Rate Agreement outstanding as at the Balance Sheet date
is stated below:
(` in thousands)
Hedging Instrument FY 2021-22 FY 2020-21
07.19% GOI - 15.09.2060 (147,593) (16,704)
6.80% GOI - 15.12.2060 - 5,299
7.06% GOI - 10.10.2046 (13,564) (14,518)
7.16% GOI - 20.09.2050 (475,738) (143,060)
7.63% GOI - 17.06.2059 (24,350) 34,048
7.72% GOI - 15.06.2049 (15,500) 73,290
8.17% GOI - 01.12.2044 - (7,100)
6.67% GOI - 17.12.2050 (21,963) -
6.99% GOI - 15.12.2051 (33,429) -
6.95% GOI - 16.12.2061 (56,598) -
6.76% GOI - 22.02.2061 (76,530) -
7.72% GOI - 26.10.2055 (365,729) (168,105)
8.13% GOI - 22.06.2045 (8,666) (1,625)
Grand Total (1,239,659) (238,477)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
c) The fair value mark to market (MTM) gains or (losses) in respect of Forward Rate Agreement outstanding as at the Balance Sheet date
(` in thousands)
Amount taken to Amount Amount The fair value mark
Hedge Fluctuation taken to Revenue taken to Revenue to market (MTM)
Reserve* and PandL for and PandL gains or (losses) in
Ineffective hedge for Ineffective respect of Forward
Particulars
portion Rate Agreement
of Effective outstanding as
hedge** at the
Balance Sheet date
Changes in the fair value during the Year (906,721) - (90,701) (1,239,659)
*The amount is included in the Credit/[Debit] Fair Value Change Account under the Policyholders Funds in Balance Sheet
**The amount is included in the ‘Transfer/Gain on revaluation/change in fair value’
(` in thousands)
Particulars FY 2021-22 FY 2020-21
Balance at the beginning of the year 203,771 71,024
Add: Changes in fair value during the year (1,108,253) 134,156
Less: Amounts reclassified to Revenue/Profit and Loss Account 2,239 1,408
Balance at the end of the year (906,721) 203,771
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(ii) Key Management Personnel and their relatives G. Murlidhar, Managing Director (Managing Director upto 30th April, 2021)
Vijaylakshmi Murlidhar (Spouse)
Sharada Gangadharan (Mother)
Rajan Gangadharan (Brother)
Goutam Murlidhar (Son)
Pranav Murlidhar (Son)
(iv) Enterprises over which Key Management Kotak Life Insurance Superannuation Fund
Personnel have significant influence
Kotak Mahindra Life Insurance Employees Gratuity Fund
(v) Enterprises over which individuals mentioned Komaf Financial Services Private Limited
in (iii) above or their relatives have significant
influence with whom transactions have taken
place
C. The following are transactions and closing balances of related parties in the ordinary course of business: (Out of Policyholder’s Fund)
FY 2021-22 FY 2020-21
Holding Fellow Enterprises Key Holding Fellow Enterprises Key
Company Subsidiaries over which Key management Company Subsidiaries over which Key management
management personnel management personnel
personnel/ personnel/
Nature of transaction Name of the Company/Person Individuals Individuals
have have significant
significant influence
influence
Schedules
Subsidiaries Subsidiaries
Assets
(Amounts in thousands of Indian Rupees)
Prepaid Insurance Premium Kotak Mahindra General Insurance Company Limited - 1,421 - - - 1,304 - -
Advance Premium Paid Kotak Mahindra General Insurance Company Limited - 289 - - - 398 - -
Liabilities
Registration No: 107; Date of Registration: 10 th January, 2001
Insurance Premium Paid Kotak Mahindra General Insurance Company Limited - 4,099 - - - 3,670 - -
Claims Received Kotak Mahindra General Insurance Company Limited - 1,023 - - - 241 - -
March, 2022
Premium Income Kotak Mahindra General Insurance Company Limited - 1,631 - - - 663 - -
st
D. Statement Containing names, descriptions, occupations of and directorships held by the persons in charge of Management of the business under Section 11(3) of the
Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015
Name of person-in-charge Mahesh Balasubramanian
Designation of person-in-charge Managing Director
Occupation of person-in-charge Service
Directorship held by the person-in-charge during the year or as at 31st March, 2022 Kotak Mahindra General Insurance Company Limited
(Ceased to be director w.e.f 20th January, 2022)
Schedules
Overview
Statutory Reports
Financial Statements
Sub-Total 109,710,565 2,183,621 160,197,543 3,573,158 179,823 - - 10,983,548 225,353,497 5,818,902 - 37,625,424 555,626,081
Fixed Assets - - - - - - - - - - 835,367 - 835,367
Deferred Tax Asset - - -
Current Assets -
Cash and Bank Balances 18,609 1,154 15,846 163,925 23 - - 272 9,741 2 5,584,211 731 5,794,514
Advances Including Advance Tax and - - - - - - - - - - 472,623 - 472,623
Provision for Tax
Income accrued on investments 1,793,297 32,651 4,277,052 71,059 2,731 - - 175,603 70,304 1,995 - 700,745 7,125,437
Balance due from reinsurance companies (3,001) (48) 665,974 - (9,462) - - - (8,168) (6) 645,289
Outstanding Premium 1,747,508 13,342 1,713,211 - 15,002 - - - - - - - 3,489,063
Other current Assets * 6,739 - 346,714 7,198 925 - - 112,905 28,437 17,451 3,470,537 5,622,585 9,613,491
Total Current Assets 3,563,152 47,099 7,018,797 242,182 9,219 - - 288,780 100,314 19,442 9,527,371 6,324,061 27,140,417
Current Liabilities and Provisions
Agents' Balances 296,715 1,350 515,434 - 3,727 - - 8,210 92,372 63 - - 917,871
Balance due to reinsurance companies - - 400,091 - - - - - 17 - - - 400,108
Claims Outstanding 250,001 3,878 1,000,571 - 1,375 - - 50,451 1,855,833 7,622 3,169,731
Unclaimed Balances-Policy Holders 465,322 465,322
Current Liabilities and Provisions * 5,346,602 288,579 9,186,563 8,403 148,628 - - 78,914 1,021,531 69,196 9,897,416 52,780 26,098,612
Total Current Liabilities 5,893,318 293,807 11,102,659 8,403 153,730 - - 137,575 2,969,753 76,881 10,362,738 52,780 31,051,644
Net Current Assets (2,330,166) (246,708) (4,083,862) 233,779 (144,511) - - 151,205 (2,869,439) (57,439) (835,367) 6,271,281 (3,911,227)
Miscellaneous Expenditure (To the extent not - - - - - - - - - - -
written off or adjusted)
Total Assets 107,380,399 1,936,913 156,113,681 3,806,937 35,312 - - 11,134,753 222,484,058 5,761,463 - 43,896,705 552,550,221
Note : The Policyholder Liabilities and Linked Liabilities are adequately backed by policyholder investments, Cash and Bank Balances and Other assets
*includes inter segment
# Includes Movement of Hedge Fluctuation reserve of ` (906,721) thousands
17. Segmental balance sheet as at 31st March, 2021
95
Particulars Life Pension Life Non Pension Non Health Life Non Pension Non General Unit Linked Unit Linked Unallocated Shareholders Total
Participating Participating Participating Participating Participating Participating Annuity Pension
Variable (VIP) Variable (VIP)
SOURCES OF FUNDS
Shareholders' Funds
Share Capital - - - - - - - - - - - 5,102,902 5,102,902
Reserves and Surplus - - - - - - - - - - - 35,351,808 35,351,808
Credit/[Debit] Fair Value Change Account - - - - - - - - - - - (4,768) (4,768)
Sub-Total - - - - - - - - - - - 40,449,942 40,449,942
Schedules
Borrowings - - - - - - - - - - - - -
Policyholders’ Funds:
Credit/[Debit] Fair Value Change Account# 651,338 17,891 559,100 - - - - - - - - - 1,228,329
(Amounts in thousands of Indian Rupees)
Total 87,313,175 1,559,665 124,416,405 6,482,556 21,017 - - 7,140,407 188,406,932 6,399,554 - 40,449,942 462,189,653
APPLICATION OF FUNDS
Investments 90,716,794 1,710,167 125,179,478 6,201,695 52,766 - - 7,518,819 4,502,764 159,832 - 34,761,613 270,803,928
Registration No: 107; Date of Registration: 10 th January, 2001
Total Current Liabilities 6,904,121 187,316 6,283,902 55,203 32,650 - - 508,650 3,573,680 131,856 8,171,952 22,923 25,872,254
Net Current Assets (3,847,830) (150,502) (923,819) 280,861 (31,749) - - (378,412) (3,499,426) (128,494) (844,481) 5,688,329 (3,835,523)
Miscellaneous Expenditure (To the extent not - - - - - - - - - - -
written off or adjusted)
Overview
Total Assets 87,313,175 1,559,665 124,416,405 6,482,556 21,017 - - 7,140,407 188,406,932 6,399,554 - 40,449,942 462,189,653
Note :
Statutory Reports
The Policyholder Liabilities and Linked Liabilities are adequately backed by policyholder investments, Cash and Bank Balances and Other assets
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
18 Segment-wise revenue account for the period ended 31st March, 2022
Pension
Pension Life Non-
Life Pension Life Non Non- General Unit Linked
Non Health Participating Unit Linked Total
Participating Participating Participating Participating Annuity Pension
Participating Variable(VIP)
Variable(VIP)
Premiums earned - net
(a) Premiums
First Year Premium 7,122,341 101,597 9,197,086 652,930 71,843 - - - 13,045,940 1,698,528 31,890,265
Renewal Premium 26,132,863 220,226 28,737,599 - 42,222 - - - 13,552,680 37,903 68,723,493
Single Premium - 10,384 16,411,788 - 22 - - 3,811,399 9,303,797 - 29,537,390
(a) Premium 33,255,204 332,207 54,346,473 652,930 114,087 - - 3,811,399 35,902,417 1,736,431 130,151,148
(b) Reinsurance Ceded (29,505) (111) (2,172,527) - (25,000) - - - (147,632) (14) (2,374,789)
(c) Reinsurance accepted - - - - - - - - - - -
SUB-TOTAL 33,225,699 332,096 52,173,946 652,930 89,087 - - 3,811,399 35,754,785 1,736,417 127,776,359
Income from Investments
(a) Interest, Dividends and Rent Gross 6,497,008 131,956 9,596,311 227,484 7,745 - - 635,542 6,304,877 321,065 23,721,988
(b) Profit on sale/redemption of investments 727,208 13,641 416,229 5,946 - - - 599 16,513,020 167,089 17,843,732
(c) Loss on sale/redemption of investments (137,774) (612) (195,363) (47,177) - - - (3,569) (2,820,265) (99,567) (3,304,327)
(d) Transfer/Gain on revaluation - - (90,701) - - - - - 6,307,514 108,826 6,325,639
SUB-TOTAL 7,086,442 144,985 9,726,476 186,253 7,745 - - 632,572 26,305,146 497,413 44,587,032
Contribution from Shareholders’ Account towards Excess EOM - - - - - - - - - - -
Other Income
(a) Miscellaneous income 7,146 62 9,988 118 7 - - 2,412 6,616 319 26,668
(b) Income on Unclaimed amount of Policyholders - - - - - - - - 17,329 - 17,329
(c) Profit/(Loss) on sale/disposal of fixed assets (Net) 1,230 12 2,011 24 4 - - 141 1,328 64 4,814
SUB-TOTAL 8,376 74 11,999 142 11 - - 2,553 25,273 383 48,811
TOTAL(A) 40,320,517 477,155 61,912,421 839,325 96,843 - - 4,446,524 62,085,204 2,234,213 172,412,202
Commission
First Year Premium 1,024,367 5,208 1,726,851 - 21,341 - - - 188,360 - 2,966,127
Renewal Premium 843,675 3,092 1,031,261 - 2,122 - - - 215,587 396 2,096,133
Single Premium - 202 486,935 - - - - 51,691 177,601 - 716,429
Commission on Reinsurance Ceded - - - - - - - - - - -
Net Commission 1,868,042 8,502 3,245,047 - 23,463 - - 51,691 581,548 396 5,778,689
Rewards 42,876 218 72,278 - 893 - - - 7,884 - 124,149
Total Commission including Rewards 1,910,918 8,720 3,317,325 - 24,356 - - 51,691 589,432 396 5,902,838
Operating Expenses related to Insurance business 6,672,891 9,415 8,011,039 19,442 37,871 - - 139,939 1,552,823 41,319 16,484,739
Goods and Services Tax on ULIP Charges - - - - - - - - 829,469 3,561 833,030
Provision for doubtful debts - - - - - - - - - - -
Bad debts written off 51,283 - 76,924 - - - - - - - 128,207
Provision for taxation 1,316,078 (105) 13,122 (3,441) 2,785 - - (23,123) 46,243 (3,779) 1,347,780
Provisions (other than taxation)
(a) For Diminution in the value of investments(Net) (130,275) - (117,827) - - - - - - - (248,102)
(b) For standard loan assets - - - - - - - - - - -
TOTAL(B) 9,820,895 18,030 11,300,583 16,001 65,012 - - 168,507 3,017,967 41,497 24,448,492
Claims by Death 1,067,509 10,911 20,044,617 - - - - 155,696 929,362 16,033 22,224,128
Annuities/Pension payment - - - - - - - 479,936 - - 479,936
Maturity claims, survival benefits, surrender/withdrawal, health
8,812,621 63,826 3,058,385 3,551,355 4,365 - - 176 22,740,282 2,707,460 40,938,470
and rider benefits.
Reinsurance :-Claims by death/health/riders (31,835) - (5,230,708) - (3,175) - - - (197,552) - (5,463,270)
Benefits paid (net) 9,848,295 74,737 17,872,294 3,551,355 1,190 - - 635,808 23,472,092 2,723,493 58,179,264
Interim and Terminal Bonuses paid 676,784 5,752 - - - - - - - - 682,536
Change in valuation of Liability in respect of Life policies
(a) Gross ** 18,904,453 253,402 35,724,514 (2,675,620) 26,543 - - 3,994,347 236,769 (2,868) 56,461,540
(b) Amount ceded in reinsurance - - (3,107,094) - (12,247) - - - 3 - (3,119,338)
(c) Amount accepted in reinsurance - - - - - - - - - - -
Provision for Linked Liabilities and Funds for Discontinued
- - - - - - - - 33,860,355 (655,223) 33,205,132
Policies
TOTAL( C) 29,429,532 333,891 50,489,714 875,735 15,486 - - 4,630,155 57,569,219 2,065,402 145,409,134
SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 1,070,090 125,234 122,124 (52,411) 16,345 - - (352,138) 1,498,018 127,314 2,554,576
Contribution from Shareholders' Account (Refer Schedule
- - - 52,411 - - - 352,138 - - 404,549
16 - Note 11)
AMOUNT AVAILABLE FOR APPROPRIATION 1,070,090 125,234 122,124 - 16,345 - - - 1,498,018 127,314 2,959,125
APPROPRIATIONS
Transfer to Shareholders' Account 750,643 4,274 122,124 - 16,345 - - - 1,498,018 127,314 2,518,718
Transfer to Other Reserve - - - - - - - - - - -
Funds for Future Appropriations -Provision for lapsed policies
unlikely to - - - - - - - - - - -
be revived
Balance being Funds for Future Appropriations 319,447 120,960 - - - - - - - - 440,407
TOTAL(D) 1,070,090 125,234 122,124 - 16,345 - - - 1,498,018 127,314 2,959,125
SURPLUS/(DEFICIT) BROUGHT FORWARD 2,516,791 430,071 - - - - - - - - 2,946,862
Surplus after Appropriation 319,447 120,960 - - - - - - - - 440,407
SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE
2,836,238 551,031 - - - - - - - - 3,387,269
SHEET
(a) Interim and Terminal Bonuses Paid 676,784 5,752 - - - - - - - - 682,536
(b) Allocation of Bonus to Policyholders 6,079,006 32,719 - - - - - - - - 6,111,725
(c) Surplus/(Deficit) shown in the Revenue Account 319,447 120,960 - - - - - - - - 440,407
Total Surplus: [(a) + (b) + (c)] 7,075,237 159,431 - - - - - - - - 7,234,668
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Segment-wise revenue account for the period ended 31st March, 2021
Life Pension Life Non Pension Health -Life Non- Pension General Unit Linked Unit Linked Total
Participating Participating Participating Non Participating Non- Annuity Pension
Participating Variable(VIP) Participating
Variable(VIP)
Premiums earned - net
(a) Premiums
First Year Premium 8,525,381 116,591 8,354,186 5,520,777 63,190 (1,619,840) (3,763,004) - 12,193,708 392,906 29,783,895
Renewal Premium 20,580,883 129,388 24,463,185 - 29 - - - 13,217,390 46,191 58,437,066
Single Premium - 11,762 10,354,876 - - - - 2,762,059 9,652,553 - 22,781,250
(a) Premium 29,106,264 257,741 43,172,247 5,520,777 63,219 (1,619,840) (3,763,004) 2,762,059 35,063,651 439,097 111,002,211
(b) Reinsurance Ceded (24,370) (120) (1,821,725) - (13,685) (1) - - (127,226) (24) (1,987,151)
(c) Reinsurance accepted - - - - - - - - - - -
SUB-TOTAL 29,081,894 257,621 41,350,522 5,520,777 49,534 (1,619,841) (3,763,004) 2,762,059 34,936,425 439,073 109,015,060
Income from Investments
(a) Interest, Dividends and Rent Gross 5,749,211 108,320 7,852,403 243,704 655 55,269 86,108 425,256 5,651,761 352,366 20,525,053
(b) Profit on sale/redemption of investments 750,935 5,143 297,581 61,351 - 98,603 133,743 - 11,318,711 507,555 13,173,622
(c) Loss on sale/redemption of investments (208,497) (3,270) (162,567) (22,485) - - (1,986) - (3,634,602) (130,390) (4,163,797)
(d) Transfer/Gain on revaluation - - (219,750) - - - - - 35,746,772 377,790 35,904,812
SUB-TOTAL 6,291,649 110,193 7,767,667 282,570 655 153,872 217,865 425,256 49,082,642 1,107,321 65,439,690
Contribution from Shareholders’ Account towards Excess EOM
Other Income
(a) Miscellaneous income 3,505 16 3,168 282 (6) (83) (192) 142 1,862 40 8,734
(b) Income on Unclaimed amount of Policyholders - - - - - - - - 14,500 - 14,500
(c) Profit/(Loss) on sale/disposal of fixed assets (Net) (1,579) (14) (2,342) (300) (3) 88 204 (150) (1,903) (24) (6,023)
SUB-TOTAL 1,926 2 826 (18) (9) 5 12 (8) 14,459 16 17,211
TOTAL(A) 35,375,469 367,816 49,119,015 5,803,329 50,180 (1,465,964) (3,545,127) 3,187,307 84,033,526 1,546,410 174,471,961
Commission
First Year Premium 1,216,455 3,614 1,269,692 - 17,187 - - - 125,431 - 2,632,379
Renewal Premium 737,698 1,912 900,232 - 2 - - - 215,118 473 1,855,435
Single Premium - 115 303,324 - - - - 39,721 186,758 - 529,918
Commission on Reinsurance Ceded - - - - - - - - - - -
Net Commission 1,954,153 5,641 2,473,248 - 17,189 - - 39,721 527,307 473 5,017,732
Rewards 98,115 291 102,410 - 1,386 - - - 10,117 - 212,319
Total Commission including Rewards 2,052,268 5,932 2,575,658 - 18,575 - - 39,721 537,424 473 5,230,051
Operating Expenses related to Insurance business 7,379,629 10,796 6,094,583 38,249 31,512 25 1 97,622 1,303,634 10,818 14,966,869
Goods and Services Tax on ULIP Charges - - - - - - - - 697,763 5,289 703,052
Provision for doubtful debts - - - - - - - - - - -
Bad debts written off - - - - - - - - - - -
Provision for taxation 1,172,599 - 411,651 - (3,085) 11,006 - - 133,622 - 1,725,793
Provisions (other than taxation)
(a) For Diminution in the value of investments(Net) (15,645) - (45,944) - - - - - - - (61,589)
(b) For standard loan assets (723) - (1,086) - - - - - - - (1,809)
TOTAL(B) 10,588,128 16,728 9,034,862 38,249 47,002 11,031 1 137,343 2,672,443 16,580 22,562,367
Claims by Death 594,238 2,146 10,912,480 - - 15 - 155,665 505,302 13,880 12,183,726
Annuities/Pension payment - - - - - - - 308,633 - - 308,633
Maturity claims, survival benefits, surrender/withdrawal, health 6,474,707 80,756 1,350,541 1,236,087 265 813,653 94,669 907 18,884,780 1,635,943 30,572,308
and rider benefits.
Reinsurance :-Claims by death/health/riders (14,719) - (1,977,210) - - - - - (73,724) - (2,065,653)
Benefits paid (net) 7,054,226 82,902 10,285,811 1,236,087 265 813,668 94,669 465,205 19,316,358 1,649,823 40,999,014
Interim and Terminal Bonuses paid 494,142 7,938 - - - - - - - - 502,080
Change in valuation of Liability in respect of Life policies
(a) Gross ** 16,221,716 174,905 28,737,493 4,558,337 39,202 (2,355,247) (3,791,217) 2,608,169 (37,868) (51,176) 46,104,314
(b) Amount ceded in reinsurance - - (1,359,970) - (18,185) - - - (3) - (1,378,158)
(c) Amount accepted in reinsurance - - - - - - - - - - -
Provision for Linked Liabilities and Funds for Discontinued - - - - - - - - 60,567,465 (308,788) 60,258,677
Policies
TOTAL( C) 23,770,084 265,745 37,663,334 5,794,424 21,282 (1,541,579) (3,696,548) 3,073,374 79,845,952 1,289,859 146,485,927
SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 1,017,257 85,343 2,420,819 (29,344) (18,104) 64,584 151,420 (23,410) 1,515,131 239,971 5,423,667
Contribution from Shareholders' Account (Refer Schedule - - - 29,344 18,104 - - 23,410 - - 70,858
16 - Note 11)
Amount Available For Appropriation 1,017,257 85,343 2,420,819 - - 64,584 151,420 - 1,515,131 239,971 5,494,525
APPROPRIATIONS
Transfer to Shareholders' Account 652,868 4,557 2,420,819 - - 64,584 151,420 - 1,515,131 239,971 5,049,350
Transfer to Other Reserve - - - - - - - - - - -
Funds for Future Appropriations -Provision for lapsed policies - - - - - - - - - - -
unlikely to be revived
Balance being Funds for Future Appropriations 364,389 80,786 - - - - - - - - 445,175
TOTAL(D) 1,017,257 85,343 2,420,819 - - 64,584 151,420 - 1,515,131 239,971 5,494,525
SURPLUS/(DEFICIT) BROUGHT FORWARD 2,152,402 349,285 - - - - - - - - 2,501,687
Surplus after Appropriation 364,389 80,786 - - - - - - - - 445,175
SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE 2,516,791 430,071 - - - - - - - - 2,946,862
SHEET
(a) Interim and Terminal Bonuses Paid 494,142 7,938 - - - - - - - - 502,080
(b) Allocation of Bonus to Policyholders 5,381,669 33,074 - - - - - - - - 5,414,743
(c) Surplus/(Deficit) shown in the Revenue Account 364,389 80,786 - - - - - - - - 445,175
Total Surplus: [(a) + (b) + (c)] 6,240,200 121,798 - - - - - - - - 6,361,998
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
19 Statement showing the Controlled Fund (IRDA Cir No: IRDA/FandI/CIR/FandA/045/03/2010 dtd 17th March, 2010)
(` in crore)
Particulars FY 2021-22 FY 2020-21
1 Computation of Controlled fund as per the Balance Sheet
Policyholders' Fund (Life Fund)
Participating
Individual Assurance 10,547.21 8,624.82
Individual Pension 188.78 151.34
Any other - -
Non-participating
Individual Assurance 12,138.16 9,703.58
Group Assurance 3,503.77 2,676.62
Group Non Unit Linked Pension 380.69 648.26
Life Variable (VIP) - -
Pension Variable (VIP) - -
Individual Annuity 1,113.48 714.04
Individual Health 3.53 2.10
Any other - -
Linked
Individual Assurance 17,161.52 14,410.90
Group Assurance - -
Individual Pension 120.57 121.75
Group Superannuation 455.58 520.21
Group Gratuity 5,086.89 4,427.79
Any other - -
Funds for Future Appropriations - -
Total (A) 50,700.18 42,001.40
Shareholders' Fund
Paid up Capital 510.29 510.29
Reserves and Surpluses 3,878.91 3,535.18
Fair Value Change 0.47 (0.48)
Total (B) 4,389.67 4,044.99
Misc. expenses not written off - -
Credit/(Debit) from PandL A/c. - -
Total (C ) - -
Total shareholders' funds (B+C) 4,389.67 4,044.99
Controlled Fund (Total (A+B-C)) 55,089.85 46,046.39
2 Reconciliation of the Controlled Fund from Revenue and Profit and Loss Account
Opening Balance of Controlled Fund 46,046.40 34,811.68
Add: Inflow
Income
Premium Income 13,015.11 11,100.22
Less: Reinsurance ceded (237.48) (198.72)
Net Premium 12,777.63 10,901.50
Investment Income 4,445.88 6,543.97
Other Income 4.88 1.72
Funds transferred from Shareholders' Accounts 40.45 7.09
Total Income 17,268.83 17,454.28
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` in crore)
Particulars FY 2021-22 FY 2020-21
Less: Outgo
(i) Benefits paid (Net) 5,817.93 4,099.90
(ii) Interim and Terminal Bonus Paid 68.25 50.21
(iii) Change in Valuation of Liability 8,654.73 10,498.48
(iv) Commission 590.28 523.01
(v) Operating Expenses 1,706.97 1,560.65
(vi) Provision for Taxation 134.78 172.58
Total Outgo 16,972.94 16,904.83
Surplus of the Policyholders' Fund 295.91 549.45
Less: transferred to Shareholders' Account 251.87 504.94
Net Flow in Policyholders' account 44.04 44.51
Add: Net income in Shareholders' Fund 425.38 691.93
Net In Flow/Outflow 46,515.82 35,548.12
Add: change in valuation Liabilities 8,654.73 10,498.48
Add: Increase in Paid up Capital - -
Add: Change in Fair Value change 0.94 (0.21)
Less: Dividend Paid 81.64
Closing Balance of Controlled Fund 55,089.85 46,046.39
As Per Balance Sheet 55,089.85 46,046.39
Difference, if any - -
3 Reconciliation with Shareholders' and Policyholders' Fund
Policyholders' Funds
3.1 Policyholders' Funds - Traditional-PAR and NON-PAR
Opening Balance of the Policyholders' Fund 22,520.75 17,994.71
Add: Surplus/(deficit) of the Revenue Account 44.04 44.52
Add: change in valuation Liabilities 5,310.83 4,481.52
Total 27,875.62 22,520.75
As per Balance Sheet 27,875.62 22,520.75
Difference, if any - -
3.2 Policyholders' Funds - Linked
Opening Balance of the Policyholders' Fund 19,480.65 13,463.69
Add: Surplus/(deficit) of the Revenue Account - -
Add: change in valuation Liabilities 3,343.90 6,016.96
Total 22,824.55 19,480.65
As per Balance Sheet 22,824.55 19,480.65
Difference, if any - -
Shareholders' Funds
Opening Balance of Shareholders' Fund 4,044.99 3,353.28
Add: net income of Shareholders' account (Profit and Loss Account) 425.38 691.93
Add: Infusion of Capital - -
Add: Change in Fair Value Change 0.94 (0.21)
Less: Dividend Paid 81.64 -
Closing Balance of the Shareholders' fund 4,389.67 4,044.99
As per Balance Sheet 4,389.67 4,044.99
Difference, if any - -
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
(` In lakh)
Sr.
Particulars FY 2021-22 FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18
no.
Policyholders’ Account
1 Gross premium income 1,301,511 1,110,022 1,034,008 816,829 659,867
2 Net premium income 1,277,764 1,090,151 1,019,775 805,065 651,147
3 Income from investments (Net of 445,870 654,397 22,369 219,143 176,183
Amortisation)
4 Other income 488 172 299 809 322
5 Total Income 1,724,122 1,744,720 1,042,443 1,025,017 827,651
6 Commission 59,028 52,301 54,995 50,134 40,046
7 Brokerage - - - - -
8 Operating expenses related to insurance 174,460 156,699 152,314 136,277 114,372
business including Fringe Benefit Tax
9 Provision for Tax 13,478 17,258 20,214 6,027 3,671
10 Provisions for Diminution in value of (2,481) (616) 3,665 828 363
investments (net)
11 Provisions for standard loan assets - (18) (5) (19) (11)
12 Total Expenses 244,485 225,624 231,184 193,247 158,441
13 Benefits paid 581,793 409,990 357,223 293,570 277,093
14 Interim Bonus Paid 6,825 5,021 2,692 1,953 1,547
15 Increase in actuarial liability 533,422 447,262 469,306 362,664 250,569
16 Provision for Linked Liabilities 332,051 602,587 (59,210) 129,267 108,767
17 Surplus/(Deficit) 25,546 54,237 41,249 44,318 31,234
18 Contribution from Shareholders' Account 4,045 709 2,159 1,722 431
19 Surplus/(Deficit) (before appropriation) 29,591 54,945 43,408 46,040 31,665
Shareholders’ Account
20 Total income under shareholders’ Account 51,868 75,070 66,846 55,465 44,865
21 Total Expenses under shareholder's 5,697 2,581 3,147 2,412 1,413
Accounts
22 Profit/(Loss) before tax 46,171 72,489 63,699 53,053 43,452
23 Provision for tax 3,633 3,296 2,881 2,329 2,111
24 Profit/(Loss) after tax 42,538 69,193 60,818 50,724 41,341
25 Balance at the beginning of the year 348,314 279,121 218,304 167,580 126,239
26 Profit/(Loss) carried to Balance Sheet 382,688 348,314 279,121 218,304 167,580
Miscellaneous
27 (A) Policyholders’ account:
Total Funds 2,817,145 2,280,058 1,814,435 1,368,342 1,007,744
Total Investments 2,910,617 2,366,852 1,873,224 1,406,016 1,057,609
Yield on Investments (%) 7.16% 7.42% 13.66% 8.84% 7.14%
(B) Shareholders’ account:
Total Funds 438,967 404,499 335,328 274,536 223,813
Total Investments 376,254 347,616 283,474 230,982 190,493
Yield on Investments (%) 7.27% 6.35% 16.66% 8.71% 5.12%
28 Yield on Total Investments 7.17% 7.27% 14.10% 8.82% 6.78%
29 Paid up Equity Capital 51,029 51,029 51,029 51,029 51,029
30 Net Worth 438,967 404,499 335,328 274,536 223,813
31 Total Assets 5,525,502 4,621,897 3,484,514 3,036,839 2,496,251
32 Earnings per share ( `) 8.34 13.56 11.92 9.94 8.10
33 Book Value per share ( `) 86.02 79.27 65.71 53.80 43.86
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Further, pursuant to the Scheme of Amalgamation of ING Vysya Bank (IVBL) with the Bank, the Bank has renamed and adopted the ESOP Schemes
of the erstwhile IVBL, as given below:
(a) Kotak Mahindra Bank Limited (IVBL) Employees Stock Option Scheme 2007
(b) Kotak Mahindra Bank Limited (IVBL) Employee Stock Option Scheme 2010; and
(c) Kotak Mahindra Bank Limited (IVBL) Employees Stock Option Scheme 2013
Consequent to the above, the Bank has granted stock options to employees of the Company. As per regulatory guidelines, the Bank has started
recovering fair value computed as per Black-Scholes method for all stock options granted after 31st March, 2021. In accordance with the SEBI
Guidelines and the guidance note on ‘Accounting for Employee Share based payments’, the intrinsic value (for options granted on or before 31st
March 2021)/fair value of the option is amortised on a straight-line basis over the vesting period. The Company has reimbursed the Bank ` 20,628
thousand (Previous Year ` Nil thousands)during the year on account of such costs and the same is forming part of Employee costs and included
under the head ‘Reimbursement of expense on ESOP cost’ under Schedule 3 Employee Benefit Expenses.
The contractual life (which is equivalent to the vesting period) of the SARs outstanding ranges from One to Four years.
No. of SARs
Particulars FY 2021-22 FY 2020-21
Outstanding at the beginning of the year 70,366 92,494
Granted during the year 22,020 18,970
Additions/Reduction due to transfer/resignation of employees (4,943) (2,023)
Exercised during the year 36,314 39,075
Expired during the year Nil Nil
Outstanding at the end of the year 51,129 70,366
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Effect of grant of ESOP and SARs to employees on the Revenue/Profit and Loss Account and on its financial position
Had the Company recorded the compensation cost computed on the basis of fair valuation method instead of intrinsic value method, employee
compensation cost would have been higher by ` 13,805 (Previous Year higher by ` 28,349) and the surplus would have been lower by `10,022 (Previous
year lower by `22,163 ).
(ii) On 27th April, 2021, the Board of Directors of the Company had proposed a final dividend of ` 1.60 per share amounting to ` 816,464
thousands in respect of the year ending 31st March, 2021 subject to the approval of shareholders at the Annual General Meeting. This
was subsequently approved in Annual General Meeting and paid in FY 2021-22
(e) Rule 11(e) and (f) of Cos (Audit and Auditors) Amendment rules
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Company to or in any other person(s) or entity(ies), including foreign entities (‘Intermediaries’) with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or
indirectly lend or invest in other persons or entities identified by or on behalf of the Company (‘Ultimate Beneficiaries’) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
Unit Linked Disclosures made hereunder are in accordance with the instructions received from the Insurance Regulatory and Development Authority vide circular numbers 054/
IRDA/F and A/FEB-07 dated 20 th February, 2007 and IRDA/FandA/001/Apr-07 dated 16th April, 2007
Particulars Schedule Linked Life Linked Pension Linked Group Total Unit
Schedules
Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Linked
(1) (2) (3)=(1) + (4) (5) (6)=(4) + (7) (8) (9)= (7) (10)=(3)+
(Amounts in thousands of Indian Rupees)
(b) Profit on sale/redemption of investments 40,492 15,240,229 15,280,721 5,969 161,119 167,089 - 1,232,299 1,232,299 16,680,109
(c) Loss on sale/redemption of investments - (1,955,225) (1,955,225) - (99,567) (99,567) - (865,040) (865,040) (2,919,832)
(d) Unrealised gain/(loss) # - 5,623,194 5,623,194 - 108,826 108,826 - 684,319 684,319 6,416,340
Registration No: 107; Date of Registration: 10 th January, 2001
(e) Misc. Income 5,327 - 5,327 319 - 319 1,289 - 1,289 6,935
Other income:
March, 2022
(a) Linked Income UL1 3,386,733 (3,386,733) - 64,251 (64,251) - 437,095 (437,095) - -
(b) Contribution from the Shareholders' a/c - - - - - - - - - -
(c) Other Income - - - - - - - - - -
(d) Income on Unclaimed amount of Policyholders 17,329 - 17,329 - - - - - - 17,329
(e) Profit/(loss) on sale/disposal of fixed assets(net) 1,023 - 1,023 64 - 64 305 - 305 1,392
TOTAL (A) 4,222,303 46,115,342 50,337,645 78,800 2,155,412 2,234,212 447,863 11,299,698 11,747,561 64,319,418
Commission 591,236 - 591,236 396 - 396 429 - 429 592,061
Operating Expenses related to Insurance Business 1,062,836 - 1,062,836 10,818 - 10,818 240,798 - 240,798 1,314,452
GST and Service Tax Expenditure on linked charges - 745,769 745,769 - 3,561 3,561 - 83,700 83,700 833,030
Provision for Taxation 56,953 - 56,953 (3,779) - (3,779) (10,711) - (10,711) 42,464
Diminution in the value of investments(Net) - - - - - - - - - -
TOTAL (B) 1,711,026 745,769 2,456,796 7,434 3,561 10,996 230,516 83,700 314,216 2,782,007
Benefits Paid (Net) UL2 402,556 18,092,328 18,494,884 (83,581) 2,807,074 2,723,493 344,320 4,632,888 4,977,208 26,195,585
Interim Bonus Paid - - - - - - - -
Schedules
Change in Valuation Liability 228,968 27,277,245 27,506,213 (2,868) (655,223) (658,091) 7,804 6,583,110 6,590,914 33,439,036
TOTAL (C) 631,524 45,369,573 46,001,097 (86,449) 2,151,851 2,065,402 352,124 11,215,998 11,568,122 59,634,621
SURPLUS/(DEFICIT) (D) =(A)-(B)-(C) 1,879,752 - 1,879,752 157,815 - 157,815 (134,777) - (134,777) 1,902,791
APPROPRIATIONS
Overview
IRDA/F and A/FEB-07 dated 20 th February, 2007 and IRDA/FandA/001/Apr-07 dated 16th April, 2007
(a) Interest, Dividend and Rent - Gross 231,417 3,309,620 3,541,036 13,137 339,229 352,366 9,402 2,101,323 2,110,725 6,004,127
st
(Net of amortization)
(b) Profit on sale/redemption of investments 50,537 9,526,321 9,576,858 10,520 497,035 507,555 1,020 1,740,832 1,741,852 11,826,266
(c) Loss on sale/redemption of investments 0 (3,155,271) (3,155,271) - (130,390) (130,390) - (479,331) (479,331) (3,764,992)
Registration No: 107; Date of Registration: 10 th January, 2001
(d) Unrealised gain/(loss) # - 33,862,177 33,862,177 - 377,790 377,790 - 1,884,595 1,884,595 36,124,562
(e) Misc. Income 1,619 - 1,619 40 - 40 243 - 243 1,902
March, 2022
Other income:
(a) Linked Income UL1 2,788,044 (2,788,044) - 69,712 (69,712) - 337,741 (337,741) - -
(b) Contribution from the Shareholders' a/c - - - - - - - - - -
(c) Other Income - - - - - - - - - -
(d) Income on Unclaimed amount of Policyholders 14,500 - 14,500 - - - - - - 14,500
(e ) Profit/(loss) on sale/disposal of fixed assets(net) (1,413) - (1,413) (24) - (24) (490) - (490) (1,926)
TOTAL (A) 3,721,941 66,029,867 69,751,808 95,138 1,451,271 1,546,409 351,076 13,930,643 14,281,719 85,579,936
Commission 536,952 - 536,952 473 - 473 473 - 473 537,897
Operating Expenses related to Insurance Business 1,062,836 - 1,062,836 10,818 - 10,818 240,798 - 240,798 1,314,452
GST and Service Tax Expenditure on linked charges - 631,352 631,352 - 5,289 5,289 - 66,410 66,410 703,052
Provision for Taxation 150,174 - 150,174 - - - (16,553) - (16,553) 133,622
Diminution in the value of investments(Net) - - - - - - - - - -
TOTAL (B) 1,749,963 631,352 2,381,315 11,291 5,289 16,580 224,718 66,410 291,128 2,689,023
Benefits Paid (Net) UL2 314,690 16,006,948 16,321,638 (104,948) 1,754,770 1,649,822 306,386 2,688,334 2,994,720 20,966,180
Interim Bonus Paid - - - - - - - - - -
Change in Valuation Liability (45,531) 49,391,567 49,346,036 (51,176) (308,788) (359,964) 7,660 11,175,899 11,183,559 60,169,631
TOTAL (C) 269,159 65,398,515 65,667,674 (156,124) 1,445,982 1,289,858 314,046 13,864,233 14,178,279 81,135,811
SURPLUS/(DEFICIT) (D) =(A)-(B)-(C) 1,702,819 - 1,702,819 239,971 - 239,971 (187,688) - (187,688) 1,755,102
APPROPRIATIONS
Insurance reserve at the beginning of the year - - - - - - - - - -
Transfer to Shareholders' a/c 1,702,819 - 1,702,819 239,971 - 239,971 (187,688) - (187,688) 1,755,102
Funds available for future appropriations - - - - - - - - - -
Total (D) 1,702,819 - 1,702,819 239,971 - 239,971 (187,688) - (187,688) 1,755,102
# Represents the deemed realised gain as per norms specified by the Authority
Overview
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedule-UL1
Linked Income (recovered from linked funds)
Linked Life Linked Pension Linked Group Total
Particulars
(1) (2) (3) (4)= (1)+(2)+(3)
Fund Administration charges
Fund Management charge 1,571,774 63,005 324,206 1,958,984
Policy Administration charge 433,129 5,089 - 438,218
Surrender charge - - 1 1
Partial withdrawal charge 478 - - 478
Subscription lapse forfeiture charges (431) - - (431)
Discontinuance Charges 21,118 - - 21,118
Switching charge 611 20 - 631
Mortality charge 735,823 358 13,535 749,715
Rider Premium charge 19,417 - - 19,417
Guarantee Charges 718 1,231 - 1,949
Miscellaneous charge 5,407 9 - 5,417
TOTAL (UL-1) 2,788,044 69,712 337,741 3,195,496
1 Insurance Claims
(a) Claims by Death 447,057 462,321 909,378 624 15,408 16,033 19,984 - 19,984 945,395
(Amounts in thousands of Indian Rupees)
(b) Claims by Maturity 16 6,210,401 6,210,417 537 2,123,936 2,124,473 3,542,720 3,542,720 11,877,611
(c) Annuities/Pension payment - - - - - - - - - -
(d) Other benefits
- Survival 102,306 (102,306) - - - - - - - -
- Surrender - 9,335,349 9,335,349 - 577,809 577,809 - 1,414,962 1,414,962 11,328,120
Forming Part of the Financial Statements as at 31
st
- Others 50,729 2,186,563 2,237,292 (84,743) 89,920 5,177 324,336 (324,795) (459) 2,242,011
Sub Total (A) 600,108 18,092,328 18,692,436 (83,581) 2,807,074 2,723,493 344,320 4,632,888 4,977,208 26,393,136
2 Amount Ceded in
Registration No: 107; Date of Registration: 10 th January, 2001
reinsurance
(a) Claims by Death (197,552) - (197,552) - - - - - - (197,552)
March, 2022
Schedule–UL2
BENEFITS PAID [NET]
Sr. Particulars Linked Life Linked Pension Linked Group Total Unit Linked
No.
Linked Linked
Non Unit Unit Linked Life Non-Unit Unit Non-Unit Unit
Pension Group
(1) (2) (3)=(1)+(2) (4) (5) (6)=(4)+(5) (7) (8) (9)=(7)+(8) (10)=(3)+(6)+(9)
1 Insurance Claims
Schedules
(a) Claims by Death 241,360 253,210 494,570 480 13,400 13,880 10,732 - 10,732 519,182
(b) Claims by Maturity 53,289 6,478,868 6,532,157 (0) 961,985 961,985 2,848,892 2,848,892 10,343,034
(Amounts in thousands of Indian Rupees)
Sub Total (A) 388,414 16,006,948 16,395,362 (104,948) 1,754,770 1,649,822 306,386 2,688,334 2,994,720 21,039,904
2 Amount Ceded in
reinsurance
Registration No: 107; Date of Registration: 10 th January, 2001
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Group Money Money Market Pension Money Discontinued
Market Fund Fund Market Fund II Policy Fund
ULGF-001-27/06/03- ULIF-041-05/01/10- ULIF-039-28/12/09- ULIF-050-23/03/11-
Particulars Schedule
MNMKFND-107 MNMKKFND-107 PNMNMKFND-107 DISPOLFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (49,476) (49,427) 5,314,127 5,502,701 (29,716) (28,651) 4,840,629 4,604,348
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 79,964 79,754 1,205,541 1,083,058 52,567 52,034 1,276,973 1,082,412
Total 30,488 30,328 6,519,667 6,585,759 22,852 23,383 6,117,602 5,686,760
Application of Funds
Investments F-2 29,991 29,989 6,316,894 6,355,625 22,493 22,992 6,496,420 5,800,218
Current Assets F-3 499 340 202,898 230,276 359 516 37,278 71,609
Less: Current Liabilities and Provisions F-4 1 1 125 142 1 124 416,096 185,067
Net current assets 498 339 202,774 230,135 359 392 (378,817) (113,458)
Total 30,488 30,328 6,519,667 6,585,759 22,852 23,383 6,117,602 5,686,760
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 30,488 30,328 6,519,667 6,585,759 22,852 23,383 6,117,602 5,686,760
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 1,660,448 1,661,960 293,599,827 305,457,302 1,041,503 1,093,255 301,049,333 288,305,264
(c) NAV per Unit (a)/(b) (`) 18.3616 18.2481 22.2060 21.5603 21.9410 21.3888 20.3209 19.7248
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Dynamic Kotak Pension Kotak Group Kotak Dynamic
Gilt Fund Gilt Fund Gilt Fund Bond Fund
ULIF-006-27/06/03- ULIF-008-27/06/03- ULGF-002-27/06/03- ULIF-015-15/04/04-
Particulars Schedule
DYGLTFND-107 PNGLTFND-107 GLTFND-107 DYBNDFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 1,609,687 1,680,386 (49,630) (44,867) 1,030,329 964,016 10,589,314 11,869,388
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 497,112 463,021 67,731 66,872 392,310 353,935 6,461,826 6,095,292
Total 2,106,799 2,143,407 18,101 22,005 1,422,640 1,317,951 17,051,140 17,964,681
Application of Funds
Investments F-2 2,042,284 2,073,943 17,406 21,553 1,345,971 1,282,585 16,802,891 17,428,492
Current Assets F-3 69,325 69,540 695 453 80,693 35,404 421,208 536,955
Less: Current Liabilities and Provisions F-4 4,811 75 1 1 4,025 38 172,959 767
Net current assets 64,514 69,464 695 453 76,669 35,366 248,249 536,189
Total 2,106,799 2,143,407 18,101 22,005 1,422,640 1,317,951 17,051,140 17,964,681
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 2,106,799 2,143,407 18,101 22,005 1,422,640 1,317,951 17,051,140 17,964,681
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 54,942,521 57,377,737 460,669 584,321 35,347,364 33,708,993 407,529,685 442,004,315
(c) NAV per Unit (a)/(b) (`) 38.3455 37.3561 39.2933 37.6596 40.2474 39.0979 41.8402 40.6437
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Pension Kotak Group Kotak Group Short Term Kotak Group Secure
Bond Fund Bond Fund Bond Fund Capital Fund
ULIF-017-15/04/04- ULGF-004-15/04/04- ULGF-018-18/12/13- ULGF-016-12/04/11-
Particulars Schedule
PNBNDFND-107 BNDFND-107 SHTRMBND-107 SECCAPFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (413,598) (403,309) 14,603,338 14,339,462 656,990 853,337 5,724,163 5,661,687
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 489,367 485,858 8,863,222 8,128,248 281,822 243,476 1,709,517 1,489,855
Total 75,769 82,549 23,466,560 22,467,709 938,812 1,096,813 7,433,679 7,151,542
Application of Funds
Investments F-2 74,048 80,324 22,911,352 21,744,398 931,921 1,013,750 7,254,542 6,983,124
Current Assets F-3 2,089 2,228 706,604 723,981 15,774 83,093 249,364 168,651
Less: Current Liabilities and Provisions F-4 368 3 151,396 669 8,883 30 70,227 232
Net current assets 1,721 2,225 555,208 723,312 6,891 83,063 179,137 168,418
Total 75,769 82,549 23,466,560 22,467,709 938,812 1,096,813 7,433,679 7,151,542
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 75,769 82,549 23,466,560 22,467,709 938,812 1,096,813 7,433,679 7,151,542
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 1,778,826 2,023,219 513,496,901 508,457,262 62,255,179 75,460,992 296,728,220 294,468,170
(c) NAV per Unit (a)/(b) (`) 42.5949 40.8007 45.6995 44.1880 15.0801 14.5348 25.0521 24.2863
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Dynamic Floating Kotak Pension Floating Kotak Group Floating Kotak Dynamic
Rate Fund Rate Fund Rate Fund Balanced Fund
ULIF-020-07/12/04- ULIF-022-07/12/04- ULGF-005-07/12/04- ULIF-009-27/06/03-
Particulars Schedule
DYFLTRFND-107 PNFLTRFND-107 FLTRFND-107 DYBALFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 22,087 9,132 (22,897) (21,727) 659,946 981,159 (147,861) (136,833)
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 208,690 204,304 29,750 29,547 388,133 344,333 337,219 320,601
Total 230,778 213,437 6,853 7,820 1,048,079 1,325,493 189,358 183,768
Application of Funds
Investments F-2 226,882 206,996 6,434 7,073 1,049,527 1,306,358 188,096 180,872
Current Assets F-3 3,905 6,449 419 748 14,972 19,171 2,214 2,903
Less: Current Liabilities and Provisions F-4 10 8 0 0 16,420 37 952 8
Net current assets 3,895 6,441 418 747 (1,448) 19,134 1,262 2,896
Total 230,778 213,437 6,853 7,820 1,048,079 1,325,493 189,358 183,768
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 230,778 213,437 6,853 7,820 1,048,079 1,325,493 189,358 183,768
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 7,233,866 6,896,601 213,173 250,586 30,508,276 40,006,426 2,120,221 2,257,429
(c) NAV per Unit (a)/(b) (`) 31.9024 30.9481 32.1455 31.2079 34.3539 33.1320 89.3105 81.4058
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Guaranteed Balanced Kotak Pension Kotak Group Balanced
Fund Balanced Fund Balanced Fund Fund
ULIF-010-27/06/03- ULIF-011-27/06/03- ULGF-003-27/06/03- ULIF-037-21/12/09-
Particulars Schedule
GRTBALFND-107 PNBALFND-107 BALFND-107 BALKFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (735,517) (672,085) (1,372,161) (1,320,231) 10,971,800 9,311,940 1,905,745 1,736,099
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 1,055,846 1,036,242 1,802,550 1,783,363 7,505,924 5,399,591 948,056 664,835
Total 320,329 364,156 430,389 463,133 18,477,724 14,711,531 2,853,802 2,400,934
Application of Funds
Investments F-2 324,849 359,524 423,596 458,475 18,318,185 14,495,197 2,806,154 2,332,872
Current Assets F-3 5,580 9,116 9,180 7,567 288,551 216,823 60,962 68,169
Less: Current Liabilities and Provisions F-4 10,100 4,483 2,387 2,909 129,012 489 13,313 107
Net current assets (4,520) 4,633 6,793 4,658 159,539 216,334 47,648 68,062
Total 320,329 364,156 430,389 463,133 18,477,724 14,711,531 2,853,802 2,400,934
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 320,329 364,156 430,389 463,133 18,477,724 14,711,531 2,853,802 2,400,934
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 5,124,764 6,186,166 6,962,881 7,846,113 180,646,187 164,052,090 84,665,121 80,508,603
(c) NAV per Unit (a)/(b) (`) 62.5061 58.8663 61.8119 59.0270 102.2868 89.6760 33.7069 29.8221
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Pension Balanced Kotak Dynamic Kotak Guaranteed Kotak Pension
Fund II Growth Fund Growth Fund Growth Fund
ULIF-046-24/01/10- ULIF-012-27/06/03- ULIF-013-27/06/03- ULIF-030-07/01/09-
Particulars Schedule
PNBALFND2-107 DYGWTFND-107 GRTGWTFND-107 PNGWTFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (21,354) (22,865) (323,972) (258,805) (4,833,839) (3,774,726) (133,651) (132,535)
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 28,237 27,733 982,291 879,040 8,512,880 8,263,155 158,094 156,935
Total 6,883 4,868 658,320 620,235 3,679,041 4,488,430 24,442 24,400
Application of Funds
Investments F-2 6,514 4,319 641,668 613,665 3,670,648 4,492,309 23,682 23,397
Current Assets F-3 370 549 18,342 6,799 58,614 54,655 762 1,005
Less: Current Liabilities and Provisions F-4 0 0 1,690 228 50,221 58,534 2 2
Net current assets 369 549 16,651 6,570 8,393 (3,879) 761 1,003
Total 6,883 4,868 658,320 620,235 3,679,041 4,488,430 24,442 24,400
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 6,883 4,868 658,320 620,235 3,679,041 4,488,430 24,442 24,400
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 222,616 171,678 5,448,817 6,035,304 53,343,836 69,318,005 863,680 905,769
(c) NAV per Unit (a)/(b) (`) 30.9207 28.3537 120.8188 102.7679 68.9684 64.7513 28.2999 26.9384
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Aggressive Frontline Equity Pension Frontline Kotak Opportunities
Growth Fund Fund Equity Fund Fund
ULIF-018-13/09/04- ULIF-034-17/12/09- ULIF-044-11/01/10- ULIF-029-02/10/08-
Particulars Schedule
AGRGWTFND-107 FRLEQUFND-107 PNFRLEQFND-107 OPPFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (925,294) (579,543) 6,773,879 4,848,724 (149,607) (150,446) (870,550) (640,457)
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 3,821,494 3,356,100 7,306,292 5,224,965 210,433 202,718 10,898,572 9,372,848
Total 2,896,200 2,776,558 14,080,171 10,073,689 60,825 52,273 10,028,022 8,732,391
Application of Funds
Investments F-2 2,887,888 2,784,487 14,031,884 9,990,250 60,391 51,859 9,999,668 8,686,896
Current Assets F-3 27,900 1,194 154,302 83,872 436 416 44,308 52,022
Less: Current Liabilities and Provisions F-4 19,589 9,124 106,016 433 3 2 15,954 6,527
Net current assets 8,311 (7,929) 48,286 83,439 434 414 28,354 45,495
Total 2,896,200 2,776,558 14,080,171 10,073,689 60,825 52,273 10,028,022 8,732,391
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 2,896,200 2,776,558 14,080,171 10,073,689 60,825 52,273 10,028,022 8,732,391
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 23,052,226 26,015,936 330,458,842 286,006,814 1,477,349 1,460,820 130,723,885 134,640,664
(c) NAV per Unit (a)/(b) (`) 125.6365 106.7253 42.6079 35.2218 41.1718 35.7831 76.7115 64.8570
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Pension Opportunities Classic Opportunities Pension Classic Dynamic Floor
Fund Fund Opportunities Fund Fund
ULIF-032-17/07/09- ULIF-033-16/12/09- ULIF-042-07/01/10- ULIF-028-14/11/06-
Particulars Schedule
PNOPPFND-107 CLAOPPFND-107 PNCLAOPFND-107 DYFLRFND-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (173,497) (170,364) 52,651,277 42,505,831 (891,267) (880,460) 1,973,302 2,280,681
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 186,710 184,828 41,042,008 28,210,457 1,100,654 1,076,624 4,511,259 4,208,210
Total 13,213 14,463 93,693,285 70,716,288 209,387 196,164 6,484,561 6,488,891
Application of Funds
Investments F-2 13,057 13,947 92,533,646 69,941,330 209,116 195,096 6,396,344 6,383,307
Current Assets F-3 157 517 1,339,787 832,185 280 1,077 134,677 105,974
Less: Current Liabilities and Provisions F-4 1 1 180,148 57,227 9 9 46,460 389
Net current assets 156 516 1,159,639 774,958 271 1,068 88,217 105,585
Total 13,213 14,463 93,693,285 70,716,288 209,387 196,164 6,484,561 6,488,891
Net Asset Value (NAV) per Unit: 196,164 6,484,561 6,488,891
(a) Net Asset as per Balance Sheet (Total 13,213 14,463 93,693,285 70,716,288 209,387 5,313,525 200,547,079 212,272,663
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 327,502 403,446 2,093,513,946 1,878,953,387 5,051,523 36.9178 32.3344 30.5687
(c) NAV per Unit (a)/(b) (`) 40.3452 35.8498 44.7541 37.6360 41.4503
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Kotak Group Dynamic Kotak Pension Dynamic Floor Pension Floor
Floor Fund Floor Fund Fund II Fund II
ULGF-015-07/01/10- ULIF-031-13/07/09- ULIF-035-17/12/09- ULIF-043-08/01/10-
Particulars Schedule
DYFLRFND-107 PNFLRFND-107 DYFLRFND2-107 PNFLRKFND2-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 7,563 7,415 (164,343) (160,340) 349,675 754,419 (255,934) (252,263)
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 35,160 33,399 186,680 184,829 3,109,311 2,882,341 342,742 337,159
Total 42,724 40,814 22,337 24,489 3,458,986 3,636,761 86,808 84,896
Application of Funds
Investments F-2 41,442 39,554 21,668 24,153 3,406,717 3,682,185 84,961 82,623
Current Assets F-3 1,283 1,262 670 338 75,501 72,381 1,850 2,277
Less: Current Liabilities and Provisions F-4 2 2 1 1 23,232 117,805 4 4
Net current assets 1,281 1,260 669 336 52,269 (45,424) 1,846 2,273
Total 42,724 40,814 22,337 24,489 3,458,986 3,636,761 86,808 84,896
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 42,724 40,814 22,337 24,489 3,458,986 3,636,761 86,808 84,896
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 1,292,545 1,288,012 1,073,858 1,271,746 163,596,026 183,952,997 4,175,738 4,351,358
(c) NAV per Unit (a)/(b) (`) 33.0538 31.6878 20.8010 19.2563 21.1435 19.7701 20.7885 19.5101
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Guarantee Pension Guarantee Kotak Group Kotak Advantage
Fund Fund Prudent Fund Multiplier Fund II
ULIF-048-05/02/10- ULIF-038-21/12/09- ULGF-019-04/07/17- ULIF-026-21/04/06-
Particulars Schedule
GRTFND-107 PNGRTFND-107 KGPFFND-107 ADVMULFND2-107
Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 (98,905) (76,873) (238,113) (230,970) 2,249,088 1,140,992 (13,596) (13,596)
Appr/Ex-Appr Reserve - - - - - - - -
Revenue Account 153,857 146,496 442,426 422,807 223,978 112,605 13,640 13,640
Total 54,952 69,623 204,314 191,837 2,473,066 1,253,597 44 44
Application of Funds
Investments F-2 56,256 71,936 207,080 197,334 2,288,792 1,247,455 39 36
Current Assets F-3 1,306 1,094 2,616 2,963 187,597 29,221 5 8
Less: Current Liabilities and Provisions F-4 2,610 3,407 5,382 8,459 3,323 23,079 0 0
Net current assets (1,305) (2,314) (2,767) (5,497) 184,274 6,142 5 8
Total 54,952 69,623 204,314 191,837 2,473,066 1,253,597 44 44
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 54,952 69,623 204,314 191,837 2,473,066 1,253,597 44 44
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 2,152,904 3,042,567 8,284,564 8,629,768 172,252,561 92,523,009 2,252 2,252
(c) NAV per Unit (a)/(b) (`) 25.5244 22.8829 24.6620 22.2297 14.3572 13.5490 19.6680 19.5938
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Form A-BS(UL)
Fund Balance Sheet for the Year Ended 31st March 2022
Total
Particulars Schedule
Current Previous
Year Year
Sources of Funds
Policyholders' Funds:
Policyholder contribution F-1 110,018,163 99,030,348
Appr/Ex-Appr Reserve - -
Revenue Account 116,920,838 94,703,521
Total 226,939,001 193,733,869
Application of Funds
Investments F-2 224,171,401 190,710,495
Current Assets F-3 4,223,335 3,503,798
Less: Current Liabilities and Provisions F-4 1,455,735 480,424
Net current assets 2,767,600 3,023,374
Total 226,939,001 193,733,869
Net Asset Value (NAV) per Unit:
(a) Net Asset as per Balance Sheet (Total 226,939,001 193,733,869
Assets less Current Liabilities and
Provisions)
(b) Number of Units outstanding 5,485,226,713 5,235,166,526
(c) NAV per Unit (a)/(b) (`)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
25D Unit Linked Disclosures - Schedules to Fund Revenue and Fund Balance Sheet
Schedules to Fund Balance Sheet
Fund Balance Sheet for the Year Ended 31st March 2022
Schedule: F-1
POLICYHOLDERS’ CONTRIBUTION
Kotak Group Money Money Market Pension Money Discontinued Kotak Dynamic
Market Fund Fund Market Fund II Policy Fund Gilt Fund
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance (49,427) (49,118) 5,502,701 4,454,124 (28,651) 11,126 4,604,348 2,950,202 1,680,386 637,980
Add: Additions during the year* 30,116 3,408,758 8,449,814 7,482,074 7,840 34,501 5,061,779 4,560,499 1,303,579 2,538,800
Less: Deductions during the year* 30,165 3,409,067 8,638,389 6,433,496 8,905 74,277 4,825,498 2,906,353 1,374,278 1,496,394
Closing balance (49,476) (49,427) 5,314,127 5,502,701 (29,716) (28,651) 4,840,629 4,604,348 1,609,687 1,680,386
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds - - - - - - 2,687,305 3,410,199 1,912,629 1,933,994
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity - - - - - - - - - -
Money Market 29,991 29,989 6,316,894 6,355,625 22,493 22,992 3,809,115 2,390,019 129,655 139,949
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 29,991 29,989 6,316,894 6,355,625 22,493 22,992 6,496,420 5,800,218 2,042,284 2,073,943
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity - - - - - - - - - -
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total - - - - - - - - - -
GRAND TOTAL 29,991 29,989 6,316,894 6,355,625 22,493 22,992 6,496,420 5,800,218 2,042,284 2,073,943
% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance (44,867) (43,233) 964,016 920,281 11,869,388 6,751,061 (403,309) (294,789) 14,339,462 12,224,540
Add: Additions during the year* 631 1,443 152,822 1,194,267 14,302,635 15,760,358 6,137 30,580 3,377,067 5,192,871
Less: Deductions during the year* 5,394 3,076 86,509 1,150,532 15,582,710 10,642,031 16,426 139,100 3,113,190 3,077,950
Closing balance (49,630) (44,867) 1,030,329 964,016 10,589,314 11,869,388 (413,598) (403,309) 14,603,338 14,339,462
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds 16,907 19,553 1,257,654 1,170,626 9,347,288 11,828,733 33,185 35,378 12,470,649 14,596,488
Corporate Bonds - - - - 1,885,089 1,558,614 4,248 4,308 2,578,258 2,211,922
Infrastructure Bonds - - - - 3,093,287 2,897,015 29,617 31,642 4,061,390 3,777,094
Equity - - - - - - - - - -
Money Market 500 1,999 88,317 111,959 2,477,227 1,140,871 6,998 8,997 3,801,055 1,156,721
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 17,406 21,553 1,345,971 1,282,585 16,802,891 17,425,232 74,048 80,324 22,911,352 21,742,224
Other Investments
Corporate Bonds - - - - - 3,260 - - - 2,173
Infrastructure Bonds - - - - - - - - - -
Equity - - - - - - - - - -
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total - - - - - 3,260 - - - 2,173
GRAND TOTAL 17,406 21,553 1,345,971 1,282,585 16,802,891 17,428,492 74,048 80,324 22,911,352 21,744,398
% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 99.98% 100.00% 100.00% 100.00% 99.99%
% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.01%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance 853,337 746,312 5,661,687 4,226,777 9,132 29,502 (21,727) (20,867) 981,159 865,930
Add: Additions during the year* 10,794 200,861 4,391,362 1,568,346 145,257 136,430 80 89 478,382 232,821
Less: Deductions during the year* 207,141 93,836 4,328,886 133,436 132,302 156,799 1,250 949 799,595 117,591
Closing balance 656,990 853,337 5,724,163 5,661,687 22,087 9,132 (22,897) (21,727) 659,946 981,159
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds 450,809 286,705 3,625,162 4,891,636 149,331 143,045 5,934 7,073 792,783 924,727
Corporate Bonds 114,430 143,769 895,813 660,741 10,072 9,971 - - 70,502 89,739
Infrastructure Bonds 243,165 217,410 1,281,685 1,260,025 - - - - - -
Equity - - - - - - - - - -
Money Market 123,516 365,866 1,451,882 170,721 67,479 53,980 500 - 186,243 291,893
Fixed Deposits - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 931,921 1,013,750 7,254,542 6,983,124 226,882 206,996 6,434 7,073 1,049,527 1,306,358
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity - - - - - - - - - -
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total - - - - - - - - - -
GRAND TOTAL 931,921 1,013,750 7,254,542 6,983,124 226,882 206,996 6,434 7,073 1,049,527 1,306,358
% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance (136,833) (127,386) (672,085) (443,144) (1,320,231) (1,267,018) 9,311,940 7,179,520 1,736,099 1,575,543
Add: Additions during the year* 19,518 14,193 16,544 24,645 17,423 29,174 2,496,532 5,066,262 1,108,314 954,840
Less: Deductions during the year* 30,546 23,641 79,975 253,586 69,353 82,386 836,671 2,933,843 938,667 794,285
Closing balance (147,861) (136,833) (735,517) (672,085) (1,372,161) (1,320,231) 10,971,800 9,311,940 1,905,745 1,736,099
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds 43,996 46,561 104,699 120,966 158,853 176,131 4,124,266 4,517,768 673,991 748,617
Corporate Bonds 3 2,014 27,445 31,882 32,484 29,131 648,117 428,526 109,084 84,323
Infrastructure Bonds 18,412 20,092 91,610 95,944 100,511 102,253 1,013,913 872,723 137,974 125,897
Equity 97,647 93,220 38,012 46,050 47,082 39,260 8,016,632 6,431,238 1,244,930 1,029,298
Money Market 16,495 7,997 51,169 53,930 75,869 103,911 2,017,182 448,923 253,179 70,822
Fixed Deposits - 48 - - - - - 2,765 - 574
Mutual Funds - - - - - - - - - -
Total 176,553 169,931 312,933 348,771 414,799 450,687 15,820,110 12,701,944 2,419,158 2,059,531
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity 11,543 10,941 11,916 10,753 8,797 7,788 2,498,076 1,793,253 386,996 273,341
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total 11,543 10,941 11,916 10,753 8,797 7,788 2,498,076 1,793,253 386,996 273,341
GRAND TOTAL 188,096 180,872 324,849 359,524 423,596 458,475 18,318,185 14,495,197 2,806,154 2,332,872
% of Approved Investments to Total 93.86% 93.95% 96.33% 97.01% 97.92% 98.30% 86.36% 87.63% 86.21% 88.28%
% of Other Investments to Total 6.14% 6.05% 3.67% 2.99% 2.08% 1.70% 13.64% 12.37% 13.79% 11.72%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance (22,865) (2,477) (258,805) (207,663) (3,774,726) (2,979,521) (132,535) (129,963) (579,543) (362,484)
Add: Additions during the year* 4,540 2,232 26,089 27,444 132,677 222,062 1,308 1,162 178,938 281,596
Less: Deductions during the year* 3,029 22,620 91,256 78,586 1,191,790 1,017,267 2,425 3,734 524,690 498,655
Closing balance (21,354) (22,865) (323,972) (258,805) (4,833,839) (3,774,726) (133,651) (132,535) (925,294) (579,543)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds 2,331 1,474 101,268 87,650 1,338,139 1,380,371 9,304 9,378 - -
Corporate Bonds 0 - - - 208,732 165,926 0 - - -
Infrastructure Bonds - - 46,073 47,800 601,940 632,170 3,576 3,670 - -
Equity 2,228 1,523 386,703 369,653 596,139 708,485 2,363 1,965 2,232,343 2,227,110
Money Market 1,500 1,000 - 16,994 735,769 1,416,764 7,998 7,997 38,488 39,985
Fixed Deposits - 4 - 227 - - - - - 1,400
Mutual Funds - - - - - - - - - -
Total 6,059 4,001 534,044 522,323 3,480,719 4,303,716 23,240 23,010 2,270,831 2,268,495
Other Investments
Corporate Bonds - - - - - 2,173 - - - -
Infrastructure Bonds - - - - - - - - - -
Equity 455 318 107,624 91,342 189,929 186,419 441 386 617,058 515,992
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total 455 318 107,624 91,342 189,929 188,593 441 386 617,058 515,992
GRAND TOTAL 6,514 4,319 641,668 613,665 3,670,648 4,492,309 23,682 23,397 2,887,888 2,784,487
% of Approved Investments to Total 93.01% 92.63% 83.23% 85.12% 94.83% 95.80% 98.14% 98.35% 78.63% 81.47%
% of Other Investments to Total 6.99% 7.37% 16.77% 14.88% 5.17% 4.20% 1.86% 1.65% 21.37% 18.53%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance 4,848,724 5,085,675 (150,446) (40,197) (640,457) (351,239) (170,364) (157,084) 42,505,831 39,197,708
Add: Additions during the year* 6,838,179 3,855,678 12,816 27,827 783,924 665,804 621 441 39,079,726 29,067,378
Less: Deductions during the year* 4,913,024 4,092,630 11,978 138,075 1,014,017 955,022 3,754 13,721 28,934,281 25,759,255
Closing balance 6,773,879 4,848,724 (149,607) (150,446) (870,550) (640,457) (173,497) (170,364) 52,651,277 42,505,831
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds - - - - - - - - - -
Corporate Bonds - - 5 - - - 1 - - -
Infrastructure Bonds - - - - - - - - - -
Equity 10,040,308 7,640,551 45,117 38,393 7,755,655 6,898,124 9,949 10,314 70,582,085 54,028,679
Money Market 717,777 208,923 6,998 5,998 201,937 127,953 1,500 1,999 3,157,517 2,909,933
Fixed Deposits - 4,758 - 54 - 4,207 - 11 - 31,736
Mutual Funds - - - - - - - - - -
Total 10,758,085 7,854,233 52,119 44,445 7,957,592 7,030,284 11,450 12,324 73,739,602 56,970,348
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity 3,273,799 2,136,016 8,272 7,414 2,042,076 1,656,612 1,607 1,623 18,794,044 12,970,982
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total 3,273,799 2,136,016 8,272 7,414 2,042,076 1,656,612 1,607 1,623 18,794,044 12,970,982
GRAND TOTAL 14,031,884 9,990,250 60,391 51,859 9,999,668 8,686,896 13,057 13,947 92,533,646 69,941,330
% of Approved Investments to Total 76.67% 78.62% 86.30% 85.70% 79.58% 80.93% 87.70% 88.36% 79.69% 81.45%
% of Other Investments to Total 23.33% 21.38% 13.70% 14.30% 20.42% 19.07% 12.30% 11.64% 20.31% 18.55%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance (880,460) (262,281) 2,280,681 2,438,158 7,415 7,376 (160,340) (142,898) 754,419 2,018,817
Add: Additions during the year* 24,721 57,142 546,789 554,248 148 39 2,456 2,837 328,456 754,663
Less: Deductions during the year* 35,528 675,321 854,168 711,725 - 0 6,459 20,279 733,201 2,019,060
Closing balance (891,267) (880,460) 1,973,302 2,280,681 7,563 7,415 (164,343) (160,340) 349,675 754,419
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds - - 2,457,525 3,033,418 25,981 16,736 15,696 16,157 1,395,456 1,628,936
Corporate Bonds 24 - 432,739 329,438 1,051 2,063 0 - 313,897 302,900
Infrastructure Bonds - - 1,356,916 1,154,170 4,580 5,962 2,110 3,182 768,070 778,806
Equity 157,987 137,886 917,973 925,320 2,861 2,379 2,908 2,420 526,318 577,864
Money Market 21,993 30,989 916,375 693,112 6,498 11,996 500 1,999 230,626 241,911
Fixed Deposits - 297 - - - - - - - -
Mutual Funds - - - - - - - - - -
Total 180,004 169,171 6,081,527 6,135,459 40,972 39,135 21,214 23,759 3,234,367 3,530,417
Other Investments
Corporate Bonds - - - 1,087 - - - - - 1,087
Infrastructure Bonds - - - - - - - - - -
Equity 29,112 25,924 314,817 246,761 471 419 454 394 172,350 150,681
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total 29,112 25,924 314,817 247,848 471 419 454 394 172,350 151,768
GRAND TOTAL 209,116 195,096 6,396,344 6,383,307 41,442 39,554 21,668 24,153 3,406,717 3,682,185
% of Approved Investments to Total 86.08% 86.71% 95.08% 96.12% 98.86% 98.94% 97.90% 98.37% 94.94% 95.88%
% of Other Investments to Total 13.92% 13.29% 4.92% 3.88% 1.14% 1.06% 2.10% 1.63% 5.06% 4.12%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Opening balance (252,263) (16,944) (76,873) 58,716 (230,970) 60,225 1,140,992 563,154 (13,596) (13,596)
Add: Additions during the year* 9,796 34,479 4,172 63,167 13,632 181,261 1,324,912 692,681 - (0)
Less: Deductions during the year* 13,467 269,799 26,203 198,756 20,775 472,456 216,816 114,843 - -
Closing balance (255,934) (252,263) (98,905) (76,873) (238,113) (230,970) 2,249,088 1,140,992 (13,596) (13,596)
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
Approved Investments
Government Bonds 31,975 34,432 11,121 11,333 35,744 38,969 992,145 833,182 39 36
Corporate Bonds 6,169 6,300 1,020 1,030 3,127 3,211 98,373 46,280 - -
Infrastructure Bonds 21,515 24,220 12,165 14,522 24,168 25,843 154,846 62,951 - -
Equity 8,747 7,307 20,861 29,640 84,641 93,878 306,759 157,547 - -
Money Market 14,995 8,997 9,997 13,995 54,983 30,989 642,342 102,861 - -
Fixed Deposits - - - 33 - 66 - - - -
Mutual Funds - - - - - - - - - -
Total 83,402 81,256 55,165 70,553 202,664 192,956 2,194,466 1,202,822 39 36
Other Investments
Corporate Bonds - - - - - - - - - -
Infrastructure Bonds - - - - - - - - - -
Equity 1,559 1,367 1,092 1,384 4,416 4,378 94,325 44,632 - -
Money Market - - - - - - - - - -
Mutual Funds - - - - - - - - - -
Venture Capital - - - - - - - - - -
PTC - - - - - - - - - -
Infrastructure Development Fund - - - - - - - - - -
Total 1,559 1,367 1,092 1,384 4,416 4,378 94,325 44,632 - -
GRAND TOTAL 84,961 82,623 56,256 71,936 207,080 197,334 2,288,792 1,247,455 39 36
% of Approved Investments to Total 98.16% 98.35% 98.06% 98.08% 97.87% 97.78% 95.88% 96.42% 100.00% 100.00%
% of Other Investments to Total 1.84% 1.65% 1.94% 1.92% 2.13% 2.22% 4.12% 3.58% 0.00% 0.00%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.
# Represents inter fund receivables or payables, if any
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Sr Year of *Returns
Fund Names SFIN code
No Inception 2021 2020 2019 2018 2017 2016 2015 2014 Inception
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 2003-04 0.62% 12.70% 13.29% 5.80% 4.89% 4.01% 7.34% 8.64% 83.62%
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 2009-10 2.99% 4.19% 6.05% 6.94% 6.17% 7.33% 8.01% 8.66% 122.06%
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 2009-10 2.58% 3.27% 5.91% 6.96% 6.19% 7.36% 8.04% 8.64% 119.41%
4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 2010-11 3.02% 3.86% 5.61% 6.31% 5.79% 6.57% 7.45% 8.64% 103.21%
5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 2003-04 2.65% 6.05% 13.11% 8.75% 4.56% 10.94% 6.85% 18.14% 283.46%
6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 2003-04 4.34% 5.66% 12.07% 8.91% 4.63% 10.96% 6.89% 18.08% 292.93%
7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 2003-04 2.94% 6.48% 13.01% 8.91% 4.96% 11.18% 6.96% 18.51% 302.47%
8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 2004-05 2.94% 7.14% 12.85% 7.85% 4.35% 10.91% 7.12% 16.04% 318.40%
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 2004-05 4.40% 6.87% 13.27% 7.85% 4.20% 10.90% 7.24% 15.98% 325.95%
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 2004-05 3.42% 7.87% 13.29% 8.32% 4.93% 11.39% 7.56% 16.59% 357.00%
11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 2015-16 3.75% 5.93% 8.10% 7.09% 6.18% 8.23% NA NA 50.80%
12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 2011-12 3.15% 7.79% 12.88% 8.10% 5.01% 11.01% 7.26% 16.28% 150.52%
13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 2004-05 3.08% 4.47% 7.01% 6.32% 5.20% 7.66% 7.22% 10.18% 219.02%
14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 2004-05 3.00% 4.59% 7.28% 6.50% 5.19% 7.64% 7.16% 10.14% 221.46%
15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 2004-05 3.69% 5.03% 7.23% 7.11% 5.61% 8.21% 7.67% 10.52% 243.54%
16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 2018-19 5.97% 15.97% 5.67% NA NA NA NA NA 43.57%
17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2003-04 9.71% 31.94% -9.97% 9.72% 7.57% 16.92% 0.32% 29.17% 793.11%
18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 2003-04 6.18% 8.04% -7.50% 9.24% 6.65% 16.27% 1.88% 24.22% 525.06%
19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 2003-04 4.72% 7.11% -7.66% 9.24% 6.39% 16.13% 1.90% 24.19% 518.12%
20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 2003-04 14.06% 39.77% -8.86% 9.82% 8.24% 17.64% 0.61% 29.82% 922.87%
21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 2009-10 13.03% 38.01% -10.11% 9.13% 7.61% 16.86% 0.40% 29.19% 237.07%
22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 2009-10 9.05% 34.53% -10.76% 9.18% 7.36% 17.60% 0.41% 28.81% 209.21%
23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 2003-04 17.56% 52.96% -17.60% 10.15% 8.48% 19.76% -2.20% 33.59% 1108.19%
24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 2003-04 6.51% 7.56% -11.97% 9.21% 7.10% 17.34% 0.44% 26.42% 589.68%
25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 2008-09 5.05% 4.96% -11.71% 9.49% 7.28% 16.77% 0.56% 26.08% 183.00%
26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 2004-05 17.72% 72.27% -25.76% 10.26% 10.07% 22.34% -5.44% 39.39% 1156.37%
27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 2009-10 20.97% 76.76% -25.23% 10.44% 10.16% 23.07% -4.11% 39.40% 326.08%
28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 2009-10 15.06% 66.32% -24.09% 11.09% 9.97% 22.97% -4.27% 39.64% 311.72%
29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 2008-09 18.28% 70.09% -23.77% 6.37% 9.83% 24.03% -6.37% 45.93% 667.12%
30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 2009-10 12.54% 59.32% -20.76% 6.29% 9.85% 23.79% -6.19% 45.23% 303.45%
31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 2009-10 18.91% 70.45% -23.09% 7.19% 10.67% 24.66% -5.55% 46.16% 347.54%
32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 2009-10 12.28% 62.64% -23.10% 7.24% 10.68% 24.96% -6.04% 47.18% 314.50%
33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 2006-07 5.78% 8.59% -5.26% 8.58% 5.94% 14.56% -0.89% 17.96% 223.34%
34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 2009-10 4.31% 5.92% -2.03% 8.74% 5.86% 13.81% -0.62% 18.57% 105.16%
35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 2009-10 8.02% 6.42% -5.05% 8.38% 6.00% 14.58% -0.79% 17.98% 108.01%
36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 2009-10 6.95% 9.51% -6.12% 8.77% 6.20% 15.21% -1.64% 18.47% 111.44%
37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 2009-10 6.55% 8.14% -6.03% 8.84% 6.42% 15.31% -1.62% 18.51% 107.89%
38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 2009-10 11.54% 22.06% -6.48% 9.02% 7.78% 12.72% -1.68% 18.43% 155.24%
39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 2009-10 10.94% 24.08% -6.50% 9.03% 7.84% 12.84% -1.69% 18.50% 146.62%
40 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 2006-07 0.38% 1.47% 4.64% 4.27% 3.15% 2.14% 4.80% 6.87% 96.68%
Note:Annual Absolute returns are calculated in those funds for which units existed in the fund for the full financial year. In other cases, it has been mentioned as NA.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
* This amount represents total exposure to promoter group as a percentage of total fund size
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Highest and Lowest NAV during the year and closing at the end of the year
Sr.
Fund Name SFIN code Highest NAV Lowest NAV Closing NAV
No
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 18.40 18.25 18.36
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 22.21 21.56 22.21
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 21.94 21.39 21.94
4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 20.32 19.73 20.32
5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 38.58 37.36 38.35
6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 39.29 37.67 39.29
7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 40.43 39.10 40.25
8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 42.07 40.65 41.84
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 42.59 40.80 42.59
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 45.89 44.19 45.70
11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 15.08 14.54 15.08
12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 25.18 24.29 25.05
13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 31.90 30.95 31.90
14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 32.15 31.21 32.15
15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 34.35 33.14 34.35
16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 14.50 13.57 14.36
17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 92.51 80.01 89.31
18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 62.65 58.77 62.51
19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 61.88 58.99 61.81
20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 105.62 88.75 102.29
21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 34.84 29.53 33.71
22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 31.07 28.06 30.92
23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 125.93 100.96 120.82
24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 69.41 64.58 68.97
25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 28.30 26.93 28.30
26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 133.27 104.22 125.64
27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 45.21 34.38 42.61
28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 43.12 34.81 41.17
29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 81.51 63.24 76.71
30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 42.63 34.88 40.35
31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 47.39 36.73 44.75
32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 43.55 35.96 41.45
33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 32.70 30.52 32.33
34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 33.06 31.68 33.05
35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 20.80 19.23 20.80
36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 21.29 19.73 21.14
37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 20.79 19.49 20.79
38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 26.24 22.70 25.52
39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 25.57 22.02 24.66
40 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 19.93 19.51 19.67
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Average Daily
Sr Annualised Annualised
Fund Name SFIN Assets of the
No Expense Expense Ratio
Funds
1 Kotak Group Money Market Fund ULGF-001-27/06/03-MNMKFND-107 89 9,414 0.94%
2 Money Market Fund ULIF-041-05/01/10-MNMKKFND-107 43,529 6,147,991 0.71%
3 Pension Money Market Fund II ULIF-039-28/12/09-PNMNMKFND-107 169 23,847 0.71%
4 Discontinued Policy Fund ULIF-050-23/03/11-DISPOLFND-107 39,268 6,655,565 0.59%
5 Kotak Dynamic Gilt Fund ULIF-006-27/06/03-DYGLTFND-107 25,649 2,173,577 1.18%
6 Kotak Pension Gilt Fund ULIF-008-27/06/03-PNGLTFND-107 260 22,065 1.18%
7 Kotak Group Gilt Fund ULGF-002-27/06/03-GLTFND-107 12,789 1,354,715 0.94%
8 Kotak Dynamic Bond Fund ULIF-015-15/04/04-DYBNDFND-107 254,423 17,967,015 1.42%
9 Kotak Pension Bond Fund ULIF-017-15/04/04-PNBNDFND-107 1,186 83,746 1.42%
10 Kotak Group Bond Fund ULGF-004-15/04/04-BNDFND-107 210,899 22,340,459 0.94%
11 Kotak Group Short Term Bond Fund ULGF-018-18/12/13-SHTRMBND-107 9,972 1,056,314 0.94%
12 Kotak Group Secure Capital Fund ULGF-016-12/04/11-SECCAPFND-107 82,407 7,759,333 1.06%
13 Kotak Dynamic Floating Rate Fund ULIF-020-07/12/04-DYFLTRFND-107 2,931 207,007 1.42%
14 Kotak Pension Floating Rate Fund ULIF-022-07/12/04-PNFLTRFND-107 104 7,354 1.42%
15 Kotak Group Floating Rate Fund ULGF-005-07/12/04-FLTRFND-107 11,243 1,190,923 0.94%
16 Kotak Group Prudent Fund ULGF-019-04/07/17-KGPFFND-107 23,643 2,011,951 1.18%
17 Kotak Dynamic Balanced Fund ULIF-009-27/06/03-DYBALFND-107 2,947 193,312 1.52%
18 Kotak Guaranteed Balanced Fund ULIF-010-27/06/03-GRTBALFND-107 5,315 347,372 1.53%
19 Kotak Pension Balanced Fund ULIF-011-27/06/03-PNBALFND-107 6,978 455,758 1.53%
20 Kotak Group Balanced Fund ULGF-003-27/06/03-BALFND-107 196,472 16,868,935 1.16%
21 Balanced Fund ULIF-037-21/12/09-BALKFND-107 41,744 2,645,045 1.58%
22 Pension Balanced Fund II ULIF-046-24/01/10-PNBALFND2-107 94 5,917 1.58%
23 Kotak Dynamic Growth Fund ULIF-012-27/06/03-DYGWTFND-107 11,692 668,675 1.75%
24 Kotak Guaranteed Growth Fund ULIF-013-27/06/03-GRTGWTFND-107 74,398 4,216,311 1.76%
25 Kotak Pension Growth Fund ULIF-030-07/01/09-PNGWTFND-107 435 24,584 1.77%
26 Kotak Aggressive Growth Fund ULIF-018-13/09/04-AGRGWTFND-107 55,741 2,995,201 1.86%
27 Frontline Equity Fund ULIF-034-17/12/09-FRLEQUFND-107 189,247 12,074,156 1.57%
28 Pension Frontline Equity Fund ULIF-044-11/01/10-PNFRLEQFND-107 910 57,819 1.57%
29 Kotak Opportunities Fund ULIF-029-02/10/08-OPPFND-107 228,872 9,784,692 2.34%
30 Kotak Pension Opportunities Fund ULIF-032-17/07/09-PNOPPFND-107 336 14,321 2.34%
31 Classic Opportunities Fund ULIF-033-16/12/09-CLAOPPFND-107 1,312,234 83,447,883 1.57%
32 Pension Classic Opportunities Fund ULIF-042-07/01/10-PNCLAOPFND-107 3,273 208,393 1.57%
33 Dynamic Floor Fund ULIF-028-14/11/06-DYFLRFND-107 135,790 6,591,554 2.06%
34 Kotak Group Dynamic Floor Fund ULGF-015-07/01/10-DYFLRFND-107 618 41,962 1.47%
35 Kotak Pension Floor Fund ULIF-031-13/07/09-PNFLRFND-107 484 23,445 2.06%
36 Dynamic Floor Fund II ULIF-035-17/12/09-DYFLRFND2-107 57,116 3,598,031 1.59%
37 Pension Floor Fund II ULIF-043-08/01/10-PNFLRKFND2-107 1,357 85,298 1.59%
38 Guarantee Fund ULIF-048-05/02/10-GRTFND-107 1,092 68,568 1.59%
39 Pension Guarantee Fund ULIF-038-21/12/09-PNGRTFND-107 3,215 201,833 1.59%
40 Kotak Advantage Multiplier Fund II ULIF-026-21/04/06-ADVMULFND2-107 2 44 3.54%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Dynamic Gilt % of Total Industry Kotak Dynamic Gilt % of Total
Fund Funds Fund Funds
ULIF-006-27/06/03- ULIF-006-27/06/03-
DYGLTFND-107 DYGLTFND-107
8.30% GOI 2040 ZCG - 02.07.2026 162 0.01% 7.54% KA SDL - 22.11.2027 2,432 0.12%
8.30% GOI 2040 ZCG - 02.01.2027 157 0.01% 7.84% MH SDL - 13.07.2026 2,397 0.11%
8.30% GOI 2040 ZCG - 02.07.2027 151 0.01% 6.95% MH SDL - 30.06.2032 2,246 0.11%
8.30% GOI 2040 ZCG - 02.01.2028 144 0.01% 8.30% Fertilizer Co GOI - 07.12.23 2,118 0.10%
7.06% GOI - 10.10.2046 88 0.00% 8.25% MH SDL - 13.05.2025 1,820 0.09%
8.97% GOI - 05.12.2030 82 0.00% 7.04% GJ SDL - 07.08.2026 1,013 0.05%
8.32% GOI - 02.08.2032 50 0.00% 8.34% PN SDL - 30.05.2028 846 0.04%
8.28% GOI - 21.09.2027 44 0.00% 7.95% GOI Fertilizer Bond - 18.02.26 787 0.04%
8.24% GOI - 15.02.27 35 0.00% 6.90% OIL SPL - 04.02.2026 765 0.04%
8.30% GOI 2040 ZCG - 02.01.2023 0 0.00% 9.72% PN SDL - 28.08.2023 712 0.03%
Central Government Securities Total 1,454,362 69.03% 7.34% TS SDL -19.01.2034 685 0.03%
State Government Securities and 8.90% KA SDL - 19.12.2022 618 0.03%
Other Approved Securities 8.72% TN SDL -19.09.2026 589 0.03%
6.24% MH SDL - 11.08.2026 84,546 4.01% 8.25% MH SDL - 10.06.2025 545 0.03%
7.08% MP SDL - 09.03.2029 78,236 3.71% 8.26% MH SDL -02.01.2029 511 0.02%
8.15% GOI FCI Bonds - 16.10.22 38,756 1.84% 8.52% KA SDL - 28.11.2028 490 0.02%
7.05% AP SDL 01.09.2035 36,409 1.73% 8.32% KA SDL - 06.02.2029 475 0.02%
6.97% KA SDL - 26.02.2028 35,882 1.70% 8.44% RJ SDL - 27.06.2028 468 0.02%
7.71% GJ SDL - 01.03.2027 26,853 1.27% 9.50% MAH SDL - 18.12.2023 438 0.02%
7.38% MP SDL - 14.09.2026 26,458 1.26% 8.37% MP SDL - 05.12.2028 395 0.02%
7.65% RJ SDL - 29.11.2027 19,556 0.93% 8.84% PN SDL - 11.06.2024 318 0.02%
6.65% Fertilizer Co GOI - 29.01.23 15,873 0.75% 9.39% MAH SDL - 20.11.2023 305 0.01%
9.25% RJ SDL - 09.10.2023 14,329 0.68% 8.29% TN SDL - 29.07.2025 296 0.01%
7.20% GJ SDL - 14.06.2027 12,538 0.60% 8.27% TN SDL - 13.01.2026 295 0.01%
8.18% HR Uday SDL 15.06.2023 12,409 0.59% 8.38% TN SDL - 27.01.2026 276 0.01%
7.62% KA SDL - 01.11.2027 12,200 0.58% 8.23% GOI FCI - 12.02.27 252 0.01%
7.26% HR SDL 28.06.2027 11,957 0.57% 8.62% HR SDL 03.09.2028 245 0.01%
7.65% TN SDL -06.12.2027 11,372 0.54% 8.43% RJ SDL - 08.08.2028 241 0.01%
7.05% TS SDL -01.09.2035 10,585 0.50% 8.63% RJ SDL - 03.09.2028 230 0.01%
9.39% GJ SDL - 20.11.2023 10,526 0.50% 8.28% TN SDL -21.02.2028 214 0.01%
8.91% MAH SDL - 05.09.2022 9,006 0.43% 8.58% GJ SDL - 31.10.2028 204 0.01%
7.00% GOI Fertilizer Bond - 10.12.22 7,940 0.38% 9.35% MH SDL - 30.01.2024 141 0.01%
8.84% TN SDL - 18.07.2022 5,773 0.27% 8.05% TN SDL -18.04.2028 140 0.01%
9.04% KA SDL - 10.09.2024 5,570 0.26% 9.37% GJ SDL - 04.12.2023 128 0.01%
6.99% UP SDL - 27.10.2031 5,237 0.25% 8.54% RJ SDL - 04.07.2028 126 0.01%
7.20% MH SDL -09.08.2027 4,621 0.22% 8.29% HR SDL 14.03.2028 123 0.01%
9.29% PN SDL - 09.10.2023 4,436 0.21% 8.03% FCI SPL Bonds - 15.12.24 121 0.01%
7.59% GJ SDL - 15.02.2027 3,611 0.17% 8.57% RJ SDL - 11.07.2028 112 0.01%
8.57% HR SDL 04.07.2028 3,359 0.16% 8.20% OMC GOI -15.09.24 112 0.01%
6.35% OMC GOI BOND - 23.12.2024 2,830 0.13% 8.28% RJ SDL - 14.03.2028 111 0.01%
8.63% MH SDL - 09.01.2023 2,572 0.12% 8.42% MP SDL - 08.08.2028 111 0.01%
7.59% KA SDL - 29.03.2027 2,461 0.12% 8.21% TN SDL - 24.06.2025 100 0.00%
Annual Report 2021-22
Overview
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
8.28% TN SDL -21.02.2028 4,780 0.03% 5.78% HDFC - 25.11.2025 297,496 1.74%
8.23% GOI FCI - 12.02.27 4,666 0.03% 8.55% HDFC - 27.03.2029 279,913 1.64%
7.34% TS SDL -19.01.2034 4,161 0.02% HDFC LimitedCP - 27.01.2023 268,668 1.58%
8.58% GJ SDL - 31.10.2028 4,128 0.02% HDFC LimitedCP - 03.03.2023 233,074 1.37%
8.58% GJ SDL - 23.01.2023 4,001 0.02% 7.25% HDFC - 17.06.2030 134,233 0.79%
9.35% MH SDL - 30.01.2024 3,618 0.02% 6.99% HDFC - 13.02.2023 91,936 0.54%
7.65% TN SDL -06.12.2027 3,580 0.02% 9.39% LIC Housing Finance - 78,236 0.46%
23.08.2024 - P - 26.08.15
8.29% TN SDL - 29.07.2025 3,417 0.02%
Kotak Mahindra Life Insurance Company Limited
152
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Investments in Housing Finance Total 1,828,584 10.72% 8.13% PGC - 25.04.2023 11,365 0.07%
8.56% REC - 29.11.2028 259,296 1.52% 9.33% IRFC - 10.05.2026 9,975 0.06%
6.99% IRFC - 04.06.2041 156,985 0.92% 7.83% IRFC - 21.03.2027 9,523 0.06%
7.85% PFC - 03.04.2028 153,507 0.90% 7.54% REC - 30.12.2026 9,398 0.06%
10.08% IOT Utkal Energy Services 69,802 0.41% 8.13% PGC - 25.04.2031 8,561 0.05%
Limited - 20.03.2024 8.13% PGC - 25.04.2026 8,511 0.05%
10.08% IOT Utkal Energy Services 59,891 0.35% 8.85% PGC - 19.10.2024 8,035 0.05%
Limited - 20.03.2025 8.85% PGC - 19.10.2023 7,903 0.05%
8.67% PFC - 18.11.2028 56,001 0.33% 8.13% PGC - 25.04.2028 7,483 0.04%
6.73% IRFC - 06.07.2035 55,606 0.33% 9.02% REC - 19.11.2022 7,173 0.04%
8.57% REC - 21.12.2024 55,534 0.33% 8.90% PFC - 18.03.2028 6,631 0.04%
10.08% IOT Utkal Energy Services 53,760 0.32% 8.27% REC - 06.02.2025 6,377 0.04%
Limited - 20.03.2023
7.95% REC - 12.03.2027 6,351 0.04%
10.08% IOT Utkal Energy Services 49,448 0.29%
Limited - 20.03.2026 7.37% NTPC - 14.12.2031 6,141 0.04%
7.63% PFC - 14.08.2026 49,245 0.29% 9.46% PFC - 01.08.2026 5,555 0.03%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
6.45% GOI - 07.10.2029 86,337 0.37% 6.24% MH SDL - 11.08.2026 665,202 2.83%
6.97% GOI - 06.09.2026 54,483 0.23% 8.54% REC - 15.11.2028 421,086 1.79%
182 Days T Bill - 21.04.2022 49,900 0.21% 6.45% REC - 07.01.2031 378,667 1.61%
5.22% GOI - 15.06.2025 41,948 0.18% 7.08% MP SDL - 09.03.2029 358,951 1.53%
7.63% GOI - 17.06.2059 35,751 0.15% 6.99% UP SDL - 27.10.2031 298,525 1.27%
5.15% GOI - 09.11.2025 35,455 0.15% 7.05% AP SDL 01.09.2035 243,657 1.04%
6.22% GOI - 16.03.2035 31,349 0.13% 6.42% NABARD - 25.11.2030 157,314 0.67%
8.15% GOI - 24.11.2026 25,526 0.11% 7.65% RJ SDL - 29.11.2027 141,610 0.60%
7.17% GOI - 08.01.2028 20,861 0.09% 7.05% TS SDL -01.09.2035 138,191 0.59%
7.40% GOI 2035 - 09.09.35 14,688 0.06% 7.43% NABARD - 31.01.2030 122,459 0.52%
6.76% GOI - 22.02.2061 12,392 0.05% 7.62% KA SDL - 01.11.2027 88,349 0.38%
6.83% GOI - 19.01.39 10,158 0.04% 7.26% HR SDL 28.06.2027 86,588 0.37%
8.83% GOI - 12.12.2041 8,059 0.03% 6.85% NABARD - 21.03.2031 39,779 0.17%
8.30% GOI 2040 ZCG - 02.07.2022 5,527 0.02% 7.20% MH SDL -09.08.2027 38,832 0.17%
8.30% GOI 2040 ZCG - 02.07.2023 5,269 0.02% 8.09% REC - 21.03.2028 34,489 0.15%
8.30% GOI 2040 ZCG - 02.01.2024 5,129 0.02% 8.30% Fertilizer Co GOI - 07.12.23 34,447 0.15%
8.30% GOI 2040 ZCG - 02.07.2024 4,975 0.02% 7.60% PFC - 20.02.2027 33,491 0.14%
8.30% GOI 2040 ZCG - 02.01.2025 4,804 0.02% 8.80% REC - 22.01.2029 32,648 0.14%
8.30% GOI 2040 ZCG - 02.07.2025 4,635 0.02% 7.10% PFC - 11.01.2027 31,963 0.14%
8.30% GOI 2040 ZCG - 02.01.2026 4,474 0.02% 8.06% REC - 27.03.2028 24,566 0.10%
8.30% GOI 2040 ZCG - 02.07.2026 4,324 0.02% 6.95% MH SDL - 30.06.2032 23,952 0.10%
8.30% GOI 2040 ZCG - 02.01.2027 4,188 0.02% 7.95% GOI Fertilizer Bond - 18.02.26 19,763 0.08%
5.74% GOI - 15.11.2026 4,064 0.02% 8.20% NABARD - 09.03.2028 18,449 0.08%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
8.40% Oil Bond - 29.03.26 4,288 0.02% 8.56% REC - 29.11.2028 387,302 1.65%
8.20% OMC GOI 2023-10.11.23 4,179 0.02% 6.99% IRFC - 04.06.2041 208,986 0.89%
7.00% GOI Fertilizer Bond - 10.12.22 4,074 0.02% 7.85% PFC - 03.04.2028 192,678 0.82%
8.34% PN SDL - 30.05.2028 3,985 0.02% 5.45% NTPC - 15.10.2025 169,812 0.72%
8.29% TN SDL - 29.07.2025 3,924 0.02% 8.67% PFC - 18.11.2028 79,060 0.34%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
7.59% GOI - 11.01.2026 42,096 4.48% Net Current Assets -4,002 -0.43%
Central Government Securities Total 350,861 37.37% Grand Total 938,812 100.00%
Financial and insurance activities
7.35% Bajaj Finance Limited- 81,366 8.67% Industry Kotak Group Secure % of Total
Capital Fund Funds
10.11.2022
Hero Fincorp LimitedCP - 11.11.2022 48,539 5.17% ULGF-016-12/04/11-
SECCAPFND-107
5.10% Sundaram Finance - 01.12.2023 30,048 3.20%
Central Government Securities
Interest Receivable-Before Ex 10,893 1.16%
GOI FRB - 22.09.2033 702,674 9.45%
9.30% EXIM- 11.05.2022 3,016 0.32%
6.10% GOI - 12.07.2031 416,204 5.60%
Financial and insurance activities Total 173,863 18.52%
6.95% GOI - 16.12.2061 246,943 3.32%
Investments in Housing Finance
GOI FRB - 04.10.2028 191,427 2.58%
9.05% HDFC - 20.11.2023 52,634 5.61%
5.32% NHB - 01.09.2023 50,382 5.37% 5.63% GOI - 12.04.2026 152,903 2.06%
5.78% HDFC - 25.11.2025 19,767 2.11% 6.79% GOI - 26.12.2029 126,750 1.71%
9.25% LIC Housing Finance - 12,275 1.31% 6.54% GOI - 17.01.2032 123,876 1.67%
12.11.2022 182 Days T Bill - 19.05.2022 109,475 1.47%
Investments in Housing Finance Total 135,059 14.39% GOI FRB - 07.11.2024 108,692 1.46%
Infrastructure Related Activities 91 Days T Bill - 07.04.2022 107,540 1.45%
5.45% NTPC - 15.10.2025 79,912 8.51% 6.64% GOI - 16.06.2035 72,133 0.97%
7.70% REC - 10.12.2027 10,527 1.12% 6.99% GOI - 15.12.2051 70,648 0.95%
7.33% IRFC - 28.08.2027 5,163 0.55% 7.69% GOI - 17.06.2043 60,406 0.81%
9.35% REC - 15.06.2022 4,039 0.43% 7.37% GOI - 16.04.2023 58,804 0.79%
9.37% PFC - 19.08.2024 3,240 0.35% 6.84% GOI - 19.12.2022 50,865 0.68%
7.85% PFC - 03.04.2028 3,176 0.34% 364 Days T Bill - 28.04.2022 50,067 0.67%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Secure % of Total Industry Kotak Group Secure % of Total
Capital Fund Funds Capital Fund Funds
ULGF-016-12/04/11- ULGF-016-12/04/11-
SECCAPFND-107 SECCAPFND-107
6.79% GOI - 15.05.2027 45,992 0.62% 6.42% NABARD - 25.11.2030 38,605 0.52%
5.22% GOI - 15.06.2025 34,475 0.46% 7.08% MP SDL - 09.03.2029 35,763 0.48%
6.45% GOI - 07.10.2029 25,582 0.34% 7.43% NABARD - 31.01.2030 31,134 0.42%
6.97% GOI - 06.09.2026 16,144 0.22% 8.24% NABARD - 22.03.2029 25,832 0.35%
5.15% GOI - 09.11.2025 15,856 0.21% 7.62% KA SDL - 01.11.2027 20,613 0.28%
07.19% GOI - 15.09.2060 12,440 0.17% 7.26% HR SDL 28.06.2027 20,202 0.27%
8.15% GOI - 24.11.2026 6,440 0.09% 6.85% NABARD - 21.03.2031 15,912 0.21%
7.40% GOI 2035 - 09.09.35 3,527 0.05% 7.20% MH SDL -09.08.2027 11,096 0.15%
6.83% GOI - 19.01.39 3,304 0.04% 8.80% REC - 22.01.2029 10,883 0.15%
1.44% INFLATION INDEX GS 2023 2,648 0.04% 8.90% MH SDL -19.12.2022 10,613 0.14%
9.20% GOI - 30.09.2030 2,286 0.03% 8.40% Oil Bond - 29.03.26 8,576 0.12%
5.74% GOI - 15.11.2026 2,167 0.03% 6.90% OIL SPL - 04.02.2026 7,627 0.10%
8.30% GOI 2040 ZCG - 02.07.2022 2,097 0.03% 8.09% REC - 21.03.2028 7,544 0.10%
8.30% GOI 2040 ZCG - 02.07.2023 1,999 0.03% 6.95% MH SDL - 30.06.2032 7,498 0.10%
8.30% GOI 2040 ZCG - 02.01.2024 1,946 0.03% 7.60% PFC - 20.02.2027 7,326 0.10%
8.83% GOI - 12.12.2041 1,932 0.03% 7.95% GOI Fertilizer Bond - 18.02.26 7,239 0.10%
8.30% GOI 2040 ZCG - 02.07.2024 1,887 0.03% 8.06% REC - 27.03.2028 6,409 0.09%
8.30% GOI 2040 ZCG - 02.01.2025 1,822 0.02% 8.20% OMC GOI 2023-10.11.23 6,164 0.08%
8.30% GOI 2040 ZCG - 02.07.2025 1,758 0.02% 7.59% GJ SDL - 15.02.2027 5,988 0.08%
8.30% GOI 2040 ZCG - 02.01.2026 1,697 0.02% 8.29% NABARD - 24.01.2029 5,385 0.07%
8.30% GOI 2040 ZCG - 02.07.2026 1,640 0.02% 7.10% PFC - 11.01.2027 5,155 0.07%
8.30% GOI 2040 ZCG - 02.01.2027 1,589 0.02% 8.44% RJ SDL - 27.06.2028 4,816 0.06%
8.30% GOI 2040 ZCG - 02.07.2027 1,530 0.02% 8.01% REC - 24.03.2028 4,235 0.06%
8.30% GOI 2040 ZCG - 02.01.2028 1,462 0.02% 7.00% GOI Fertilizer Bond - 10.12.22 4,227 0.06%
6.76% GOI - 22.02.2061 1,314 0.02% 7.59% KA SDL - 29.03.2027 4,158 0.06%
9.23% GOI - 23.12.2043 775 0.01% 7.54% KA SDL - 22.11.2027 4,109 0.06%
8.97% GOI - 05.12.2030 516 0.01% 7.02% MH SDL -10.03.2029 3,989 0.05%
7.06% GOI - 10.10.2046 510 0.01% 7.04% GJ SDL - 07.08.2026 3,924 0.05%
8.28% GOI - 21.09.2027 284 0.00% 8.23% GOI FCI - 12.02.27 3,641 0.05%
8.32% GOI - 02.08.2032 280 0.00% 8.72% TN SDL -19.09.2026 3,607 0.05%
8.24% GOI - 15.02.27 224 0.00% 6.65% Fertilizer Co GOI - 29.01.23 3,428 0.05%
8.30% GOI 2040 ZCG - 02.01.2023 1 0.00% 8.56% NABARD - 14.11.2028 3,302 0.04%
Central Government Securities Total 2,845,534 38.28% 8.20% NABARD - 09.03.2028 3,256 0.04%
State Government Securities and 8.32% KA SDL - 06.02.2029 3,007 0.04%
Other Approved Securities 9.29% PN SDL - 09.10.2023 2,930 0.04%
6.24% MH SDL - 11.08.2026 146,759 1.97% 8.26% MH SDL -02.01.2029 2,899 0.04%
6.45% REC - 07.01.2031 126,222 1.70% 8.52% KA SDL - 28.11.2028 2,852 0.04%
8.54% REC - 15.11.2028 110,754 1.49% 7.34% TS SDL -19.01.2034 2,612 0.04%
6.99% UP SDL - 27.10.2031 109,983 1.48% 8.21% TN SDL - 24.06.2025 2,352 0.03%
7.05% AP SDL 01.09.2035 55,683 0.75% 8.30% Fertilizer Co GOI - 07.12.23 2,227 0.03%
7.05% TS SDL -01.09.2035 49,653 0.67% 8.28% TN SDL -21.02.2028 2,178 0.03%
7.65% RJ SDL - 29.11.2027 43,887 0.59% 7.20% GJ SDL - 14.06.2027 2,098 0.03%
Kotak Mahindra Life Insurance Company Limited
160
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Secure % of Total Industry Kotak Group Secure % of Total
Capital Fund Funds Capital Fund Funds
ULGF-016-12/04/11- ULGF-016-12/04/11-
SECCAPFND-107 SECCAPFND-107
9.39% MAH SDL - 20.11.2023 1,980 0.03% 8.58% GJ SDL - 23.01.2023 50 0.00%
9.69% PN SDL - 12.02.2024 1,935 0.03% 9.37% GJ SDL - 04.12.2023 42 0.00%
8.38% TN SDL - 27.01.2026 1,918 0.03% 9.35% MH SDL - 30.01.2024 35 0.00%
8.03% FCI SPL Bonds - 15.12.24 1,854 0.02% 8.90% KA SDL - 19.12.2022 28 0.00%
8.80% TN SDL - 25.10.2022 1,760 0.02% 9.87% PN SDL - 14.08.2023 24 0.00%
7.65% TN SDL -06.12.2027 1,697 0.02% 8.62% MAH SDL - 20.02.2023 18 0.00%
8.37% MP SDL - 05.12.2028 1,637 0.02% 8.90% TN SDL - 20.09.2022 17 0.00%
8.27% TN SDL - 13.01.2026 1,562 0.02% 8.25% MH SDL - 10.06.2025 12 0.00%
8.43% RJ SDL - 08.08.2028 1,469 0.02% 9.65% TN SDL - 12.03.2024 3 0.00%
8.01% OIL MKTG GOI - 15.12.2023 1,449 0.02% State Government Securities and 1,046,711 14.08%
8.63% RJ SDL - 03.09.2028 1,415 0.02% Other Approved Securities Total
8.29% HR SDL 14.03.2028 1,309 0.02% TREPS and Other Money Market
Securities
8.58% GJ SDL - 31.10.2028 1,246 0.02%
TREPS - 04.04.2022 986,193 13.27%
8.28% RJ SDL - 14.03.2028 1,182 0.02%
TREPS and Other Money Market 986,193 13.27%
6.95% HR SDL 02.06.2033 1,174 0.02% Securities Total
8.20% OMC GOI -15.09.24 1,141 0.02% Financial and insurance activities 735,100 9.89%
9.50% MAH SDL - 18.12.2023 1,134 0.02% Investments in Housing Finance 714,726 9.61%
8.29% TN SDL - 29.07.2025 1,130 0.02% Infrastructure Related Activities 691,906 9.31%
8.40% Oil Bond -28.03.25 1,068 0.01% Net Current Assets 179,137 2.41%
8.55% RJ SPL SDL - 18.10.2022 1,021 0.01% Real estate activities 130,057 1.75%
8.54% RJ SDL - 04.07.2028 947 0.01% Manufacture of coke and refined 84,593 1.14%
8.34% PN SDL - 30.05.2028 910 0.01% petroleum products
8.05% TN SDL -18.04.2028 902 0.01% Infrastructure - Long Term Bonds 19,723 0.27%
-BFSI
8.20% OMC GOI Special Bond - 12.02.24 837 0.01%
Grand Total 7,433,679 100.00%
8.57% RJ SDL - 11.07.2028 756 0.01%
8.42% MP SDL - 08.08.2028 682 0.01% Industry Discontinued % of Total
8.49% RJ SDL - 21.08.2028 530 0.01% Policy Fund Funds
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial and insurance activities Total 968,008 15.82% Industry Kotak Pension % of Total
TREPS and Other Money Market 14,495 0.24% Floating Rate Fund Funds
Securities ULIF-022-07/12/04-
Net Current Assets -378,817 -6.19% PNFLTRFND-107
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
8.30% GOI 2040 ZCG - 02.01.2027 138 0.04% Max Financial Services Limited 372 0.12%
8.30% GOI 2040 ZCG - 02.07.2027 133 0.04% Angel Broking Limited 330 0.10%
8.30% GOI 2040 ZCG - 02.01.2028 127 0.04% Aavas Financiers Limited 275 0.09%
6.97% GOI - 06.09.2026 124 0.04% Shriram Transport Finance Co. Limited 213 0.07%
9.23% GOI - 23.12.2043 93 0.03% Financial and insurance activities Total 37,759 11.79%
8.28% GOI - 21.09.2027 38 0.01% 9.39% LIC Housing Finance - 3,215 1.00%
23.08.2024 - P - 26.08.15
5.74% GOI - 15.11.2026 33 0.01%
5.78% HDFC - 25.11.2025 2,965 0.93%
8.24% GOI - 15.02.27 29 0.01%
9.24% LIC Housing Finance - 30.09.2024 2,133 0.67%
6.76% GOI - 22.02.2061 15 0.00%
7.83% LIC Housing Finance - 2,061 0.64%
8.30% GOI 2040 ZCG - 02.01.2023 0 0.00% 25.09.2026 P 26.11.2020
Central Government Securities Total 50,517 15.77% 9.47% LIC Housing Finance - 23.08.2024 1,074 0.34%
TREPS and Other Money Market 8.50% LIC Housing Finance - 29.08.2025 1,064 0.33%
Securities
8.52% LIC Housing Finance - 03.03.2025 1,058 0.33%
TREPS - 04.04.2022 43,986 13.73%
8.40% HDFC - 23.01.2025 1,055 0.33%
TREPS and Other Money Market 43,986 13.73%
Securities Total 8.47% LIC Housing Finance - 1,049 0.33%
15.06.2026 P 15.07.19
Financial and insurance activities
9.25% LIC Housing Finance - 12.11.2022 1,023 0.32%
7.09% HDB Financial services Limited- 5,128 1.60%
17.04.2023 9.30% LIC Housing Finance - 14.09.2022 1,017 0.32%
7.35% Bajaj Finance Limited- 5,085 1.59% Investments in Housing Finance Total 34,132 10.66%
10.11.2022 Computer programming, consultancy 6,886 2.15%
ICICI Bank Limited 3,642 1.14% and related activities
8.5383% Bajaj Finance Limited- 3,020 0.94% Others - Exchange Traded Funds 6,456 2.02%
07.06.2022 Manufacture of coke and refined 5,509 1.72%
5.10% Sundaram Finance - 01.12.2023 3,005 0.94% petroleum products
8.83% EXIM- 09.01.2023 2,059 0.64% Manufacture of chemicals and 3,605 1.13%
chemical products
7.10% Bajaj Finance Limited- 2,044 0.64%
10.02.2023 Manufacture of motor vehicles, 2,779 0.87%
trailers and semi-trailers
7.50% Sundaram Finance - 07.11.2022 2,035 0.64%
Civil engineering 1,755 0.55%
5.65% Bajaj Finance Limited- 1,974 0.62%
10.05.2024 Mfg of pharmaceuticals, medicinal 1,753 0.55%
chemical and botanical products
Axis Bank Limited 1,720 0.54%
Manufacture of basic metals 1,423 0.44%
State Bank of India 1,344 0.42%
Manufacture of other non-metallic 1,241 0.39%
8.02% EXIM- 20.04.2026 1,058 0.33% mineral products
9.14% EXIM- 01.08.2022 1,015 0.32% Infrastructure - Long Term Bonds -BFSI 1,040 0.32%
HDFC Bank Limited 1,000 0.31% Wholesale trade, except of motor 1,026 0.32%
SBI Life Insurance Company Limited 914 0.29% vehicles and motorcycles
Bajaj Finance Limited 878 0.27%
Kotak Mahindra Life Insurance Company Limited
166
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
9.37% GJ SDL - 04.12.2023 300 0.07% TREPS and Other Money Market
Securities
8.43% RJ SDL - 08.08.2028 298 0.07%
TREPS - 04.04.2022 64,480 14.98%
8.52% KA SDL - 28.11.2028 295 0.07%
TREPS and Other Money Market 64,480 14.98%
8.28% MH SDL - 29.07.2025 292 0.07% Securities Total
8.26% MH SDL -02.01.2029 281 0.07% Infrastructure Related Activities
8.05% TN SDL -18.04.2028 266 0.06% 8.56% REC - 29.11.2028 7,659 1.78%
6.95% MH SDL - 30.06.2032 263 0.06% 7.85% PFC - 03.04.2028 4,235 0.98%
8.63% RJ SDL - 03.09.2028 260 0.06% 10.08% IOT Utkal Energy Services 4,044 0.94%
8.27% TN SDL - 13.01.2026 234 0.05% Limited - 20.03.2025
8.21% TN SDL - 24.06.2025 215 0.05% 10.08% IOT Utkal Energy Services 3,505 0.81%
Limited - 20.03.2027
7.65% TN SDL -06.12.2027 215 0.05%
8.57% REC - 21.12.2024 3,204 0.74%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
8.13% PGC - 25.04.2029 2,125 0.49% Net Current Assets 6,793 1.58%
7.70% REC - 10.12.2027 2,105 0.49% Others - Exchange Traded Funds 6,346 1.47%
10.08% IOT Utkal Energy Services 1,814 0.42% 7.05% Embassy Office Parks REIT - 3,971 0.92%
Limited - 20.03.2024 18.10.2026
Bharti Airtel Limited 1,626 0.38% Real estate activities Total 3,971 0.92%
8.85% PGC - 19.10.2025 1,363 0.32% Manufacture of chemicals and 3,445 0.80%
chemical products
8.85% PGC - 19.10.2024 1,339 0.31%
Manufacture of basic metals 2,495 0.58%
8.85% PGC - 19.10.2023 1,317 0.31%
Mfg of pharmaceuticals, medicinal 2,384 0.55%
9.35% PGC - 29.08.2026 1,114 0.26% chemical and botanical products
9.33% IRFC - 10.05.2026 1,108 0.26% Manufacture of motor vehicles, 2,264 0.53%
9.35% PGC - 29.08.2025 1,106 0.26% trailers and semi-trailers
8.63% REC - 25.08.2028 1,104 0.26% Infrastructure - Long Term Bonds -BFSI 2,081 0.48%
8.93% PGC - 20.10.2026 1,101 0.26% Civil engineering 1,939 0.45%
8.67% PFC - 18.11.2028 1,098 0.26% Manufacture of tobacco products 1,840 0.43%
8.78% NHPC - 11.02.2026 1,086 0.25% Manufacture of other non-metallic 1,231 0.29%
mineral products
8.78% NHPC - 11.02.2025 1,078 0.25%
Manufacture of other transport 1,200 0.28%
8.40% PGC - 27.05.2029 1,073 0.25%
equipment
8.13% PGC - 25.04.2028 1,069 0.25%
Other manufacturing 832 0.19%
8.48% PFC - 09.12.2024 1,062 0.25%
Extraction of crude petroleum and 826 0.19%
7.95% REC - 12.03.2027 1,059 0.25% natural gas
8.90% PFC - 18.03.2023 1,036 0.24% Manufacture of beverages 556 0.13%
9.02% REC - 19.11.2022 1,025 0.24% Manufacture of food products 463 0.11%
10.08% IOT Utkal Energy Services 822 0.19% Grand Total 430,389 100.00%
Limited - 20.03.2023
Power Grid Corporation of India Limited 665 0.15% Industry Kotak Group % of Total
National Thermal Power Corporation 587 0.14% Balanced Fund Funds
Limited ULGF-003-27/06/03-
10.08% IOT Utkal Energy Services 557 0.13% BALFND-107
Limited - 20.03.2026 Central Government Securities
8.54% NHPC - 26.11.2028 545 0.13% GOI FRB - 22.09.2033 781,474 4.23%
Adani Ports and Special Economic Zone 468 0.11% 6.10% GOI - 12.07.2031 312,589 1.69%
Limited
6.54% GOI - 17.01.2032 239,662 1.30%
GAIL (India) Limited 238 0.06%
6.95% GOI - 16.12.2061 213,202 1.15%
Bharti Airtel Limited Partly Paid Up 61 0.01%
6.64% GOI - 16.06.2035 193,377 1.05%
Infrastructure Related Activities Total 60,620 14.09%
7.61% GOI - 09.05.2030 157,035 0.85%
Investments in Housing Finance 43,367 10.08%
GOI FRB - 04.10.2028 155,180 0.84%
Financial and insurance activities 39,480 9.17%
5.63% GOI - 12.04.2026 154,730 0.84%
Computer programming, consultancy 9,118 2.12%
and related activities 91 Days T Bill - 07.04.2022 111,138 0.60%
GOI FRB - 07.11.2024 110,054 0.60%
182 Days T Bill - 19.05.2022 109,973 0.60%
Annual Report 2021-22
Overview
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
7.37% GOI - 16.04.2023 48,294 0.26% 5.65% Bajaj Finance Limited- 119,414 0.65%
10.05.2024
7.69% GOI - 17.06.2043 45,501 0.25%
Housing Development Finance Corp. 110,824 0.60%
364 Days T Bill - 28.04.2022 43,085 0.23% Limited
6.45% GOI - 07.10.2029 22,729 0.12% 7.09% HDB Financial services Limited- 70,767 0.38%
8.30% GOI - 31.12.2042 16,866 0.09% 17.04.2023
9.20% GOI - 30.09.2030 15,311 0.08% Angel Broking Limited 67,874 0.37%
6.97% GOI - 06.09.2026 14,343 0.08% 5.10% Sundaram Finance - 01.12.2023 49,079 0.27%
5.15% GOI - 09.11.2025 9,616 0.05% Aavas Financiers Limited 43,588 0.24%
8.13% GOI - 22.06.2045 6,248 0.03% Shriram Transport Finance Co. Limited 41,917 0.23%
6.76% GOI - 22.02.2061 4,255 0.02% 7.50% Sundaram Finance - 07.11.2022 37,643 0.20%
7.40% GOI 2035 - 09.09.35 3,681 0.02% 8.5383% Bajaj Finance Limited- 33,222 0.18%
07.06.2022
6.83% GOI - 19.01.39 3,222 0.02%
7.10% Bajaj Finance Limited- 32,704 0.18%
8.83% GOI - 12.12.2041 1,982 0.01%
10.02.2023
5.74% GOI - 15.11.2026 1,336 0.01%
Max Financial Services Limited 28,075 0.15%
8.30% GOI 2040 ZCG - 02.07.2022 1,066 0.01%
6.87% Muthoot Finance Limited- 26,064 0.14%
8.30% GOI 2040 ZCG - 02.07.2023 1,016 0.01% 27.02.2025
8.30% GOI 2040 ZCG - 02.01.2024 989 0.01% Bandhan Bank Limited 22,098 0.12%
8.30% GOI 2040 ZCG - 02.07.2024 959 0.01% PB Fintech Limited 20,889 0.11%
8.30% GOI 2040 ZCG - 02.01.2025 926 0.01% 7.40% Muthoot Finance Limited- 12,187 0.07%
8.30% GOI 2040 ZCG - 02.07.2025 894 0.00% 05.01.2024
8.30% GOI 2040 ZCG - 02.01.2026 863 0.00% 8.02% EXIM- 20.04.2026 8,464 0.05%
8.30% GOI 2040 ZCG - 02.07.2026 834 0.00% 8.83% EXIM- 09.01.2023 7,207 0.04%
8.30% GOI 2040 ZCG - 02.01.2027 808 0.00% 8.87% EXIM- 30.10.2029 4,389 0.02%
8.30% GOI 2040 ZCG - 02.07.2027 778 0.00% 8.15% EXIM- 21.01.2030 3,204 0.02%
8.30% GOI 2040 ZCG - 02.01.2028 743 0.00% 8.15% EXIM- 05.03.2025 3,193 0.02%
9.23% GOI - 23.12.2043 714 0.00% 9.14% EXIM- 01.08.2022 3,044 0.02%
7.06% GOI - 10.10.2046 532 0.00% 8.80% EXIM- 15.03.2023 2,073 0.01%
8.97% GOI - 05.12.2030 478 0.00% 9.15% EXIM- 05.09.2022 2,035 0.01%
8.28% GOI - 21.09.2027 320 0.00% 7.62% EXIM- 01.09.2026 1,051 0.01%
8.32% GOI - 02.08.2032 256 0.00% 8.94% EXIM- 31.12.2022 1,029 0.01%
8.24% GOI - 15.02.27 191 0.00% 8.88% EXIM- 18.10.2022 1,022 0.01%
8.30% GOI 2040 ZCG - 02.01.2023 0 0.00% 9.30% EXIM- 11.05.2022 1,005 0.01%
Central Government Securities Total 3,158,144 17.09% Financial and insurance activities Total 2,847,720 15.41%
Financial and insurance activities Computer programming, consultancy 1,533,754 8.30%
and related activities
ICICI Bank Limited 724,799 3.92%
TREPS and Other Money Market 1,453,048 7.86%
State Bank of India 341,131 1.85% Securities
Axis Bank Limited 294,418 1.59%
Kotak Mahindra Life Insurance Company Limited
170
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Net Current Assets 159,539 0.86% 5.15% GOI - 09.11.2025 1,630 0.06%
Manufacture of wood and products of 134,772 0.73% 6.76% GOI - 22.02.2061 847 0.03%
wood and cork, except furniture 7.40% GOI 2035 - 09.09.35 638 0.02%
Construction of buildings 131,707 0.71% 6.83% GOI - 19.01.39 399 0.01%
Manufacture of food products 113,443 0.61% 8.83% GOI - 12.12.2041 346 0.01%
Manufacture of machinery and 110,111 0.60% 9.23% GOI - 23.12.2043 301 0.01%
equipment n.e.c. 5.74% GOI - 15.11.2026 214 0.01%
Real estate activities 105,237 0.57% 8.30% GOI 2040 ZCG - 02.07.2022 176 0.01%
Human health activities 103,049 0.56% 8.30% GOI 2040 ZCG - 02.07.2023 168 0.01%
Manufacture of other transport 92,780 0.50% 8.30% GOI 2040 ZCG - 02.01.2024 164 0.01%
equipment
8.30% GOI 2040 ZCG - 02.07.2024 159 0.01%
Manufacture of electrical equipment 89,165 0.48% 8.30% GOI 2040 ZCG - 02.01.2025 153 0.01%
Activities of head offices; 76,982 0.42% 8.30% GOI 2040 ZCG - 02.07.2025 148 0.01%
management consultancy activities
8.30% GOI 2040 ZCG - 02.01.2026 143 0.01%
Manufacture of rubber and plastics 31,414 0.17%
products 8.30% GOI 2040 ZCG - 02.07.2026 138 0.00%
8.30% GOI 2040 ZCG - 02.01.2027 134 0.00%
Infrastructure - Long Term Bonds -BFSI 13,481 0.07%
8.30% GOI 2040 ZCG - 02.07.2027 129 0.00%
Grand Total 18,477,724 100.00%
8.30% GOI 2040 ZCG - 02.01.2028 123 0.00%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
State Government Securities and 940 13.66% Aavas Financiers Limited 2,189 0.33%
Other Approved Securities Total Max Financial Services Limited 2,060 0.31%
Financial and insurance activities 559 8.13% Shriram Transport Finance Co. Limited 1,504 0.23%
Net Current Assets 369 5.37% PB Fintech Limited 476 0.07%
Computer programming, consultancy 358 5.20% Financial and insurance activities Total 113,808 17.29%
and related activities Central Government Securities 79,824 12.13%
Others - Exchange Traded Funds 328 4.76% Computer programming, consultancy
Manufacture of coke and refined 276 4.01% and related activities
petroleum products Infosys Limited 42,288 6.42%
Manufacture of basic metals 138 2.00% Tata Consultancy Services Limited 16,280 2.47%
Infrastructure Related Activities 138 2.00% HCL Technologies Limited 4,851 0.74%
Mfg of pharmaceuticals, medicinal 132 1.92% Zensar Technologies Limited 4,327 0.66%
chemical and botanical products
Wipro Limited 3,227 0.49%
Manufacture of tobacco products 123 1.78%
Mphasis Limited 3,026 0.46%
Manufacture of chemicals and 122 1.77%
chemical products Computer programming, consultancy 73,998 11.24%
and related activities Total
Civil engineering 115 1.67%
Others - Exchange Traded Funds 51,628 7.84%
Manufacture of motor vehicles, 97 1.41%
trailers and semi-trailers Investments in Housing Finance 37,536 5.70%
Other manufacturing 96 1.40% Manufacture of coke and refined 36,547 5.55%
Manufacture of other non-metallic 73 1.06% petroleum products
mineral products Manufacture of chemicals and 36,083 5.48%
Manufacture of other transport 50 0.73% chemical products
equipment Manufacture of motor vehicles, 22,728 3.45%
Manufacture of food products 43 0.62% trailers and semi-trailers
Air transport 22 0.32% State Government Securities and 21,444 3.26%
Extraction of crude petroleum and 15 0.21% Other Approved Securities
natural gas Infrastructure Related Activities 18,304 2.78%
Grand Total 6,883 100.00% Civil engineering 18,053 2.74%
Industry Kotak Dynamic % of Total Net Current Assets 16,651 2.53%
Growth Fund Funds
Mfg of pharmaceuticals, medicinal 16,237 2.47%
ULIF-012-27/06/03- chemical and botanical products
DYGWTFND-107
Manufacture of basic metals 14,701 2.23%
Financial and insurance activities
Wholesale trade, except of motor 12,541 1.90%
ICICI Bank Limited 37,692 5.73% vehicles and motorcycles
State Bank of India 16,557 2.51%
Manufacture of other non-metallic 11,398 1.73%
Axis Bank Limited 15,983 2.43% mineral products
Bajaj Finance Limited 10,084 1.53% Manufacture of beverages 9,332 1.42%
HDFC Bank Limited 10,017 1.52%
Construction of buildings 8,185 1.24%
SBI Life Insurance Company Limited 8,946 1.36%
Manufacture of computer, electronic 7,649 1.16%
and optical products
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Air transport 6,437 0.98% 364 Days T Bill - 28.04.2022 10,173 0.28%
Other manufacturing 6,046 0.92% 5.63% GOI - 12.04.2026 7,418 0.20%
Manufacture of wood and products of 6,033 0.92% 8.13% GOI - 22.06.2045 5,181 0.14%
wood and cork, except furniture 8.15% GOI - 24.11.2026 4,817 0.13%
Manufacture of food products 5,431 0.82% 6.45% GOI - 07.10.2029 3,905 0.11%
Manufacture of machinery and 5,324 0.81% 6.97% GOI - 06.09.2026 2,464 0.07%
equipment n.e.c. 7.40% GOI 2035 - 09.09.35 2,442 0.07%
Retail trade, except of motor vehicles 5,268 0.80% 5.15% GOI - 09.11.2025 1,780 0.05%
and motorcycles 6.83% GOI - 19.01.39 1,779 0.05%
Human health activities 4,578 0.70% 8.83% GOI - 12.12.2041 1,356 0.04%
Manufacture of other transport 4,425 0.67% 8.30% GOI 2040 ZCG - 02.07.2022 1,231 0.03%
equipment
8.30% GOI 2040 ZCG - 02.07.2023 1,174 0.03%
Manufacture of electrical equipment 3,263 0.50% 8.30% GOI 2040 ZCG - 02.01.2024 1,142 0.03%
Activities of head offices; 3,145 0.48% 8.30% GOI 2040 ZCG - 02.07.2024 1,108 0.03%
management consultancy activities
8.30% GOI 2040 ZCG - 02.01.2025 1,070 0.03%
Manufacture of rubber and plastics 1,722 0.26%
8.30% GOI 2040 ZCG - 02.07.2025 1,032 0.03%
products
8.30% GOI 2040 ZCG - 02.01.2026 997 0.03%
Grand Total 658,320 100.00%
8.30% GOI 2040 ZCG - 02.07.2026 963 0.03%
8.30% GOI 2040 ZCG - 02.01.2027 933 0.03%
Industry Kotak Guaranteed % of Total
Growth Fund Funds 8.30% GOI 2040 ZCG - 02.07.2027 898 0.02%
ULIF-013-27/06/03- 8.30% GOI 2040 ZCG - 02.01.2028 859 0.02%
GRTGWTFND-107 6.76% GOI - 22.02.2061 716 0.02%
Central Government Securities 9.23% GOI - 23.12.2043 555 0.02%
GOI FRB - 22.09.2033 181,600 4.94% 8.97% GOI - 05.12.2030 421 0.01%
1.44% INFLATION INDEX GS 2023 132,066 3.59% 7.06% GOI - 10.10.2046 388 0.01%
6.10% GOI - 12.07.2031 79,747 2.17% 8.32% GOI - 02.08.2032 244 0.01%
6.95% GOI - 16.12.2061 68,218 1.85% 8.28% GOI - 21.09.2027 238 0.01%
7.88% GOI - 19.03.2030 51,239 1.39% 8.24% GOI - 15.02.27 177 0.00%
6.54% GOI - 17.01.2032 48,366 1.31% 8.30% GOI 2040 ZCG - 02.01.2023 0 0.00%
6.67% GOI - 15.12.2035 45,328 1.23% Central Government Securities Total 941,903 25.60%
6.64% GOI - 16.06.2035 34,858 0.95% TREPS and Other Money Market
7.69% GOI - 17.06.2043 29,564 0.80% Securities
GOI FRB - 04.10.2028 29,223 0.79% TREPS - 04.04.2022 635,802 17.28%
6.99% GOI - 15.12.2051 26,130 0.71% TREPS and Other Money Market 635,802 17.28%
Securities Total
91 Days T Bill - 07.04.2022 25,986 0.71%
State Government Securities and
182 Days T Bill - 19.05.2022 25,876 0.70%
Other Approved Securities
GOI FRB - 07.11.2024 25,724 0.70%
6.85% NABARD - 21.03.2031 60,663 1.65%
5.74% GOI - 15.11.2026 25,676 0.70%
8.54% REC - 15.11.2028 54,829 1.49%
6.67% GOI - 17.12.2050 22,864 0.62%
6.24% MH SDL - 11.08.2026 45,463 1.24%
7.37% GOI - 16.04.2023 17,653 0.48%
8.24% NABARD - 22.03.2029 30,138 0.82%
6.79% GOI - 15.05.2027 16,322 0.44%
7.65% RJ SDL - 29.11.2027 22,755 0.62%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
8.64% PGC - 08.07.2025 6,804 0.18% 8.13% PGC - 25.04.2031 1,070 0.03%
8.65% PFC - 28.12.2024 6,410 0.17% 8.30% REC - 10.04.2025 1,066 0.03%
8.13% PGC - 25.04.2029 6,376 0.17% 8.13% PGC - 25.04.2025 1,064 0.03%
10.08% IOT Utkal Energy Services 6,190 0.17% 8.13% PGC - 25.04.2026 1,064 0.03%
Limited - 20.03.2024 8.82% REC - 12.04.2023 1,039 0.03%
9.09% IRFC - 29.03.2026 5,506 0.15% 8.93% PGC - 20.10.2022 1,023 0.03%
8.85% PGC - 19.10.2025 5,451 0.15% Bharti Airtel Limited Partly Paid Up 401 0.01%
8.85% PGC - 19.10.2024 5,356 0.15% Infrastructure Related Activities Total 394,384 10.72%
7.09% REC - 17.10.2022 5,065 0.14% Financial and insurance activities 343,056 9.32%
9.33% IRFC - 10.05.2026 4,433 0.12% Investments in Housing Finance 235,555 6.40%
8.78% NHPC - 11.02.2025 4,311 0.12% Computer programming, consultancy 111,856 3.04%
8.48% PFC - 09.12.2024 4,247 0.12% and related activities
7.95% REC - 12.03.2027 4,234 0.12% Others - Exchange Traded Funds 108,359 2.95%
8.85% PGC - 19.10.2023 3,951 0.11% Manufacture of coke and refined 73,964 2.01%
9.35% PGC - 29.08.2028 3,406 0.09% petroleum products
8.93% PGC - 20.10.2028 3,343 0.09% Manufacture of chemicals and 54,391 1.48%
chemical products
9.35% PGC - 29.08.2026 3,342 0.09%
Manufacture of motor vehicles, 41,728 1.13%
9.35% PGC - 29.08.2025 3,317 0.09% trailers and semi-trailers
8.63% REC - 25.08.2028 3,311 0.09% Civil engineering 28,784 0.78%
8.78% NHPC - 11.02.2026 3,259 0.09% Real estate activities
8.10% NTPC - 27.05.2026 3,194 0.09%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Activities of head offices; 4,973 0.14% 8.57% REC - 21.12.2024 1,068 4.37%
management consultancy activities 10.08% IOT Utkal Energy Services 984 4.02%
Extraction of crude petroleum and 3,054 0.08% Limited - 20.03.2025
natural gas 10.08% IOT Utkal Energy Services 452 1.85%
Manufacture of wood and products of 1,497 0.04% Limited - 20.03.2027
wood and cork, except furniture Bharti Airtel Limited 91 0.37%
Grand Total 3,679,041 100.00% Power Grid Corporation of India Limited 40 0.16%
Industry Kotak Pension % of Total National Thermal Power Corporation 36 0.15%
Growth Fund Funds Limited
ULIF-030-07/01/09- Adani Ports and Special Economic 30 0.12%
PNGWTFND-107 Zone Limited
TREPS and Other Money Market GAIL (India) Limited 16 0.06%
Securities
Bharti Airtel Limited Partly Paid Up 4 0.01%
TREPS - 04.04.2022 7,998 32.72%
Infrastructure Related Activities Total 2,719 11.13%
TREPS and Other Money Market 7,998 32.72%
Securities Total State Government Securities and 2,343 9.59%
Other Approved Securities
Central Government Securities
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Manufacture of coke and refined 246 1.01% Financial and insurance activities
petroleum products HDFC Bank Limited 1,397 2.54%
Manufacture of chemicals and 196 0.80% ICICI Bank Limited 1,101 2.00%
chemical products 7.35% Bajaj Finance Limited- 1,017 1.85%
Manufacture of basic metals 152 0.62% 10.11.2022
Manufacture of motor vehicles, 134 0.55% Housing Development Finance Corp. 937 1.71%
trailers and semi-trailers Limited
Mfg of pharmaceuticals, medicinal 119 0.49% Axis Bank Limited 425 0.77%
chemical and botanical products Bajaj Finance Limited 414 0.75%
Manufacture of tobacco products 111 0.45% State Bank of India 411 0.75%
Civil engineering 106 0.43% Bajaj Finserv Limited 222 0.40%
Manufacture of other transport 64 0.26% IndusInd Bank Limited 132 0.24%
equipment HDFC Standard Life Insurance 109 0.20%
Extraction of crude petroleum and 56 0.23% Company Limited
natural gas SBI Life Insurance Company Limited 107 0.19%
Other manufacturing 46 0.19% Coal India Limited 83 0.15%
Manufacture of other non-metallic 40 0.16% Financial and insurance activities Total 6,354 11.56%
mineral products
State Government Securities and
Manufacture of food products 23 0.09% Other Approved Securities
Manufacture of beverages 17 0.07% 7.10% PFC - 11.01.2027 1,031 1.88%
Grand Total 24,442 100.00% 9.72% PN SDL - 28.08.2023 437 0.80%
8.90% KA SDL - 19.12.2022 364 0.66%
Industry Guarantee Fund % of Total
Funds 8.30% Fertilizer Co GOI - 07.12.23 337 0.61%
ULIF-048-05/02/10-
GRTFND-107 8.58% GJ SDL - 23.01.2023 165 0.30%
8.72% TN SDL -19.09.2026 164 0.30%
Infrastructure Related Activities
8.84% PN SDL - 11.06.2024 158 0.29%
7.85% PFC - 03.04.2028 3,176 5.78%
7.04% GJ SDL - 07.08.2026 153 0.28%
9.30% PGC - 28.06.2024 1,357 2.47%
6.65% Fertilizer Co GOI - 29.01.23 149 0.27%
9.30% PGC - 28.06.2022 1,264 2.30%
9.87% PN SDL - 14.08.2023 147 0.27%
8.57% REC - 21.12.2024 1,068 1.94%
7.20% MH SDL -09.08.2027 138 0.25%
7.95% REC - 12.03.2027 1,059 1.93%
8.44% RJ SDL - 27.06.2028 132 0.24%
7.63% PFC - 14.08.2026 1,048 1.91%
8.32% KA SDL - 06.02.2029 119 0.22%
Bharti Airtel Limited 810 1.47%
9.35% MH SDL - 30.01.2024 117 0.21%
Power Grid Corporation of India Limited 377 0.69%
9.69% PN SDL - 12.02.2024 116 0.21%
National Thermal Power Corporation 326 0.59%
Limited 8.52% KA SDL - 28.11.2028 114 0.21%
Adani Ports and Special Economic 290 0.53% 9.29% PN SDL - 09.10.2023 113 0.21%
Zone Limited
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
9.39% MAH SDL - 20.11.2023 86 0.16% Manufacture of coke and refined 2,059 3.75%
petroleum products
8.38% TN SDL - 27.01.2026 73 0.13%
Manufacture of chemicals and 1,762 3.21%
7.95% GOI Fertilizer Bond - 18.02.26 71 0.13% chemical products
8.37% MP SDL - 05.12.2028 68 0.12% Mfg of pharmaceuticals, medicinal 1,317 2.40%
8.43% RJ SDL - 08.08.2028 68 0.12% chemical and botanical products
8.63% RJ SDL - 03.09.2028 65 0.12% Manufacture of motor vehicles, 1,154 2.10%
trailers and semi-trailers
8.90% TN SDL - 20.09.2022 63 0.12%
Manufacture of basic metals 1,064 1.94%
8.28% TN SDL -21.02.2028 62 0.11%
Manufacture of tobacco products 897 1.63%
8.58% GJ SDL - 31.10.2028 53 0.10%
Civil engineering 880 1.60%
8.62% MAH SDL - 20.02.2023 52 0.09%
Manufacture of other transport 539 0.98%
9.37% GJ SDL - 04.12.2023 48 0.09%
equipment
7.65% TN SDL -06.12.2027 47 0.09%
Manufacture of other non-metallic 527 0.96%
8.29% TN SDL - 29.07.2025 46 0.08% mineral products
8.28% MH SDL - 29.07.2025 44 0.08% Manufacture of food products 348 0.63%
8.34% PN SDL - 30.05.2028 40 0.07% Other manufacturing 347 0.63%
8.05% TN SDL -18.04.2028 39 0.07% Manufacture of beverages 313 0.57%
8.54% RJ SDL - 04.07.2028 36 0.06% Extraction of crude petroleum and 304 0.55%
8.29% HR SDL 14.03.2028 35 0.06% natural gas
9.39% GJ SDL - 20.11.2023 33 0.06% Net Current Assets -1,305 -2.37%
8.57% RJ SDL - 11.07.2028 32 0.06% Grand Total 54,952 100.00%
8.28% RJ SDL - 14.03.2028 32 0.06% Industry Pension Guarantee % of Total
8.42% MP SDL - 08.08.2028 29 0.05% Fund Funds
8.21% TN SDL - 24.06.2025 29 0.05% ULIF-038-21/12/09-
PNGRTFND-107
8.49% RJ SDL - 21.08.2028 25 0.05%
TREPS and Other Money Market
8.56% MH SDL -11.07.2028 23 0.04%
Securities
8.62% HR SDL 03.09.2028 17 0.03%
TREPS - 04.04.2022 54,983 26.91%
8.30% KA SDL - 20.02.2029 14 0.03%
TREPS and Other Money Market 54,983 26.91%
9.65% TN SDL - 12.03.2024 11 0.02% Securities Total
8.25% MH SDL - 10.06.2025 11 0.02% Financial and insurance activities
7.39% MH SDL - 09.11.2026 9 0.02% HDFC Bank Limited 5,652 2.77%
8.00% KA SDL - 17.01.2028 9 0.02% ICICI Bank Limited 4,450 2.18%
7.33% MH SDL -13.09.2027 7 0.01% Housing Development Finance Corp. 3,794 1.86%
8.03% FCI SPL Bonds - 15.12.24 5 0.01% Limited
8.20% OMC GOI -15.09.24 3 0.01% 8.83% EXIM- 09.01.2023 2,059 1.01%
7.00% GOI Fertilizer Bond - 10.12.22 3 0.01% Axis Bank Limited 1,721 0.84%
8.05% GJ SDL - 31.01.2028 2 0.00% Bajaj Finance Limited 1,692 0.83%
State Government Securities and Other 5,645 10.27% State Bank of India 1,663 0.81%
Approved Securities Total 8.02% EXIM- 20.04.2026 1,058 0.52%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Coal India Limited 337 0.16% Infrastructure - Long Term Bonds 2,070 1.01%
-BFSI
Financial and insurance activities Total 24,733 12.11%
Manufacture of food products 1,407 0.69%
Infrastructure Related Activities
Other manufacturing 1,405 0.69%
Bharti Airtel Limited 3,276 1.60%
Manufacture of beverages 1,269 0.62%
8.57% REC - 21.12.2024 2,136 1.05%
Extraction of crude petroleum and 1,229 0.60%
7.70% REC - 10.12.2027 2,105 1.03% natural gas
6.73% IRFC - 06.07.2035 1,917 0.94% Net Current Assets -2,767 -1.35%
Power Grid Corporation of India Limited 1,525 0.75% Grand Total 204,314 100.00%
National Thermal Power Corporation 1,320 0.65%
Limited Industry Kotak Aggressive % of Total
Growth Fund Funds
Adani Ports and Special Economic 1,173 0.57%
Zone Limited ULIF-018-13/09/04-
AGRGWTFND-107
8.95% PFC - 10.10.2028 1,117 0.55%
Financial and insurance activities
8.63% REC - 25.08.2028 1,104 0.54%
ICICI Bank Limited 208,382 7.20%
9.09% IRFC - 29.03.2026 1,101 0.54%
State Bank of India 104,426 3.61%
9.34% REC - 25.08.2024 1,081 0.53%
Axis Bank Limited 91,820 3.17%
8.13% PGC - 25.04.2029 1,063 0.52%
HDFC Bank Limited 72,265 2.50%
7.95% REC - 12.03.2027 1,059 0.52%
Housing Development Finance Corp. 61,350 2.12%
7.63% PFC - 14.08.2026 1,048 0.51% Limited
8.84% PFC - 04.03.2023 1,034 0.51% Bajaj Finance Limited 54,733 1.89%
7.09% REC - 17.10.2022 1,013 0.50% SBI Life Insurance Company Limited 30,193 1.04%
8.49% NTPC - 25.03.2025 71 0.03% Shriram Transport Finance Co. Limited 14,564 0.50%
Infrastructure Related Activities Total 23,145 11.33% Max Financial Services Limited 8,028 0.28%
Central Government Securities 18,143 8.88% Financial and insurance activities Total 645,759 22.30%
State Government Securities and 17,601 8.61% Others - Exchange Traded Funds
Other Approved Securities
SBI ETF Nifty Bank 140,362 4.85%
Computer programming, consultancy 13,382 6.55%
and related activities Kotak Banking ETF - Dividend Payout 105,741 3.65%
Option
Manufacture of coke and refined 8,391 4.11%
petroleum products ICICI Prudential Bank ETF Nifty Bank Index 104,044 3.59%
Manufacture of chemicals and 7,148 3.50% ICICI Prudential IT ETF 30,558 1.06%
chemical products Others - Exchange Traded Funds Total 380,705 13.14%
Investments in Housing Finance 6,249 3.06% Computer programming, consultancy
Mfg of pharmaceuticals, medicinal 5,336 2.61% and related activities
chemical and botanical products Infosys Limited 218,393 7.54%
Manufacture of motor vehicles, 4,684 2.29% Tata Consultancy Services Limited 107,789 3.72%
trailers and semi-trailers
Mphasis Limited 18,586 0.64%
Manufacture of basic metals 4,308 2.11%
HCL Technologies Limited 17,162 0.59%
Manufacture of tobacco products 3,629 1.78%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Manufacture of rubber and plastics 4,457 0.15% 8.30% GOI 2040 ZCG - 02.01.2025 2,233 0.03%
products 8.30% GOI 2040 ZCG - 02.07.2025 2,155 0.03%
Grand Total 2,896,200 100.00% 6.76% GOI - 22.02.2061 2,097 0.03%
8.30% GOI 2040 ZCG - 02.01.2026 2,080 0.03%
Industry Kotak Advantage % of Total
Multiplier Fund II Funds 8.30% GOI 2040 ZCG - 02.07.2026 2,010 0.03%
ULIF-026-21/04/06- 8.30% GOI 2040 ZCG - 02.01.2027 1,947 0.03%
ADVMULFND2-107
8.30% GOI 2040 ZCG - 02.07.2027 1,875 0.03%
Central Government Securities
8.30% GOI 2040 ZCG - 02.01.2028 1,792 0.03%
7.17% GOI - 08.01.2028 36 81.39%
6.97% GOI - 06.09.2026 1,773 0.03%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Industry Dynamic Floor Fund % of Total
Funds Funds
ULIF-028-14/11/06- ULIF-028-14/11/06-
DYFLRFND-107 DYFLRFND-107
9.23% GOI - 23.12.2043 1,296 0.02% 8.10% NTPC - 27.05.2026 6,389 0.10%
8.97% GOI - 05.12.2030 999 0.02% 7.36% PGC - 18.10.2026 6,263 0.10%
7.06% GOI - 10.10.2046 737 0.01% 8.13% PGC - 25.04.2023 6,199 0.10%
5.74% GOI - 15.11.2026 710 0.01% 9.33% IRFC - 10.05.2026 5,541 0.09%
8.32% GOI - 02.08.2032 563 0.01% 10.08% IOT Utkal Energy Services 5,464 0.08%
8.28% GOI - 21.09.2027 544 0.01% Limited - 20.03.2025
8.24% GOI - 15.02.27 418 0.01% 10.08% IOT Utkal Energy Services 5,457 0.08%
Limited - 20.03.2026
8.30% GOI 2040 ZCG - 02.01.2023 1 0.00%
7.54% REC - 30.12.2026 5,221 0.08%
Central Government Securities Total 1,833,408 28.27%
8.73% NTPC - 07.03.2023 5,174 0.08%
Infrastructure Related Activities
7.33% IRFC - 28.08.2027 5,163 0.08%
6.99% IRFC - 04.06.2041 142,267 2.19%
9.64% PGC - 31.05.2022 5,042 0.08%
8.56% REC - 29.11.2028 119,254 1.84%
8.78% NHPC - 11.02.2025 4,311 0.07%
7.85% PFC - 03.04.2028 87,870 1.36%
8.80% PFC - 15.01.2025 4,292 0.07%
8.57% REC - 21.12.2024 32,039 0.49%
8.27% REC - 06.02.2025 4,252 0.07%
6.73% IRFC - 06.07.2035 27,803 0.43%
Ashoka Buildcon Limited 4,016 0.06%
7.63% PFC - 14.08.2026 26,194 0.40%
9.46% PFC - 01.08.2026 3,333 0.05%
7.70% REC - 10.12.2027 23,160 0.36%
8.94% PFC - 25.03.2028 3,322 0.05%
8.67% PFC - 18.11.2028 23,059 0.36%
9.09% IRFC - 29.03.2026 3,304 0.05%
9.34% REC - 25.08.2024 21,617 0.33%
8.40% NPC - 28.11.2026 3,266 0.05%
7.34% PGC - 15.07.2034 20,904 0.32%
8.40% PGC - 27.05.2029 3,218 0.05%
Bharti Airtel Limited 20,298 0.31%
8.13% PGC - 25.04.2028 3,207 0.05%
9.25% PGC - 26.12.2023 15,993 0.25%
8.30% REC - 10.04.2025 3,197 0.05%
10.08% IOT Utkal Energy Services 15,213 0.23%
Limited - 20.03.2023 8.13% PGC - 25.04.2025 3,192 0.05%
10.08% IOT Utkal Energy Services 11,740 0.18% 8.13% PGC - 25.04.2026 3,192 0.05%
Limited - 20.03.2024 8.90% PFC - 18.03.2023 3,109 0.05%
7.27% IRFC - 15.06.2027 11,334 0.17% 8.84% PFC - 04.03.2023 3,103 0.05%
8.85% PGC - 19.10.2025 10,902 0.17% 9.02% REC - 19.11.2022 3,074 0.05%
8.64% PGC - 08.07.2025 10,887 0.17% 7.37% NTPC - 14.12.2031 3,071 0.05%
8.30% NTPC - 15.01.2029 10,768 0.17% 7.09% REC - 17.10.2022 3,039 0.05%
8.65% PFC - 28.12.2024 10,683 0.16% 9.30% PGC - 28.06.2025 2,752 0.04%
9.30% PGC - 28.06.2023 10,485 0.16% 8.85% PGC - 19.10.2027 2,748 0.04%
8.13% PGC - 25.04.2029 9,564 0.15% 8.85% PGC - 19.10.2026 2,745 0.04%
7.95% REC - 12.03.2027 9,527 0.15% 8.85% PGC - 19.10.2024 2,678 0.04%
8.63% REC - 25.08.2028 8,829 0.14% 8.85% PGC - 19.10.2023 2,634 0.04%
6.85% IRFC - 29.10.2040 8,616 0.13% 8.13% PGC - 25.04.2031 2,140 0.03%
9.30% PGC - 28.06.2024 8,142 0.13% 8.60% PFC 2024 - 07.08.2024 2,127 0.03%
8.78% NHPC - 11.02.2026 7,603 0.12% 8.82% REC - 12.04.2023 2,078 0.03%
8.48% PFC - 09.12.2024 7,433 0.11% 8.93% PGC - 20.10.2022 2,045 0.03%
9.35% PGC - 29.08.2028 6,813 0.11% 9.30% PGC - 28.06.2022 1,264 0.02%
8.93% PGC - 20.10.2028 6,686 0.10% 9.05% PFC - 15.12.2025 1,088 0.02%
9.35% PGC - 29.08.2026 6,683 0.10% 7.93% PGC - 20.05.2028 1,060 0.02%
9.35% PGC - 29.08.2025 6,634 0.10%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Industry Dynamic Floor Fund % of Total
Funds Funds
ULIF-028-14/11/06- ULIF-028-14/11/06-
DYFLRFND-107 DYFLRFND-107
Bharti Airtel Limited Partly Paid Up 591 0.01% 9.69% PN SDL - 12.02.2024 3,909 0.06%
8.49% NTPC - 25.03.2025 521 0.01% 7.20% GJ SDL - 14.06.2027 3,860 0.06%
Infrastructure Related Activities Total 882,886 13.62% 9.39% MAH SDL - 20.11.2023 3,816 0.06%
State Government Securities and 8.38% TN SDL - 27.01.2026 3,668 0.06%
Other Approved Securities 8.58% GJ SDL - 23.01.2023 3,538 0.05%
8.54% REC - 15.11.2028 130,493 2.01% 7.59% KA SDL - 29.03.2027 3,441 0.05%
6.99% UP SDL - 27.10.2031 74,070 1.14% 7.54% KA SDL - 22.11.2027 3,401 0.05%
6.45% REC - 07.01.2031 63,111 0.97% 9.87% PN SDL - 14.08.2023 3,212 0.05%
7.05% AP SDL 01.09.2035 42,155 0.65% 7.95% GOI Fertilizer Bond - 18.02.26 3,092 0.05%
6.42% NABARD - 25.11.2030 32,814 0.51% 8.43% RJ SDL - 08.08.2028 2,961 0.05%
6.24% MH SDL - 11.08.2026 27,916 0.43% 8.90% KA SDL - 19.12.2022 2,906 0.04%
7.05% TS SDL -01.09.2035 26,502 0.41% 8.37% MP SDL - 05.12.2028 2,884 0.04%
7.43% NABARD - 31.01.2030 20,756 0.32% 8.63% RJ SDL - 03.09.2028 2,839 0.04%
8.65% NABARD - 08.06.2028 19,939 0.31% 8.28% TN SDL -21.02.2028 2,660 0.04%
7.65% RJ SDL - 29.11.2027 18,996 0.29% 9.35% MH SDL - 30.01.2024 2,554 0.04%
7.10% PFC - 11.01.2027 17,528 0.27% 8.58% GJ SDL - 31.10.2028 2,046 0.03%
7.62% KA SDL - 01.11.2027 17,056 0.26% 7.02% MH SDL -10.03.2029 1,986 0.03%
7.26% HR SDL 28.06.2027 16,717 0.26% 7.65% TN SDL -06.12.2027 1,950 0.03%
8.09% REC - 21.03.2028 14,011 0.22% 8.29% TN SDL - 29.07.2025 1,928 0.03%
7.60% PFC - 20.02.2027 13,606 0.21% 8.90% TN SDL - 20.09.2022 1,740 0.03%
8.80% REC - 22.01.2029 13,059 0.20% 8.05% TN SDL -18.04.2028 1,725 0.03%
8.06% REC - 27.03.2028 12,817 0.20% 8.34% PN SDL - 30.05.2028 1,684 0.03%
8.30% Fertilizer Co GOI - 07.12.23 12,550 0.19% 9.72% PN SDL - 28.08.2023 1,550 0.02%
8.72% TN SDL -19.09.2026 7,074 0.11% 8.54% RJ SDL - 04.07.2028 1,549 0.02%
8.56% NABARD - 14.11.2028 6,605 0.10% 8.29% HR SDL 14.03.2028 1,523 0.02%
8.20% NABARD - 09.03.2028 6,512 0.10% 8.57% RJ SDL - 11.07.2028 1,390 0.02%
9.17% PN SDL - 11.04.2022 6,506 0.10% 8.28% RJ SDL - 14.03.2028 1,375 0.02%
8.29% NABARD - 24.01.2029 6,462 0.10% 8.21% TN SDL - 24.06.2025 1,289 0.02%
6.65% Fertilizer Co GOI - 29.01.23 6,398 0.10% 8.42% MP SDL - 08.08.2028 1,269 0.02%
8.01% REC - 24.03.2028 6,352 0.10% 8.62% MAH SDL - 20.02.2023 1,119 0.02%
8.91% MAH SDL - 05.09.2022 6,004 0.09% 7.59% GJ SDL - 15.02.2027 1,087 0.02%
8.44% RJ SDL - 27.06.2028 5,714 0.09% 8.49% RJ SDL - 21.08.2028 1,068 0.02%
9.50% MAH SDL - 18.12.2023 5,643 0.09% 9.35% IIFCL - 17.11.23 1,067 0.02%
8.57% HR SDL 04.07.2028 5,257 0.08% 9.37% GJ SDL - 04.12.2023 1,049 0.02%
9.29% PN SDL - 09.10.2023 5,156 0.08% 7.54% NABARD - 29.03.2032 1,046 0.02%
8.32% KA SDL - 06.02.2029 4,972 0.08% 8.56% MH SDL -11.07.2028 973 0.01%
8.52% KA SDL - 28.11.2028 4,836 0.07% 8.28% MH SDL - 29.07.2025 962 0.01%
8.15% GOI FCI Bonds - 16.10.22 4,582 0.07% 7.04% GJ SDL - 07.08.2026 915 0.01%
7.20% MH SDL -09.08.2027 4,540 0.07% 7.34% TS SDL -19.01.2034 883 0.01%
8.26% MH SDL -02.01.2029 4,415 0.07% 8.62% HR SDL 03.09.2028 769 0.01%
6.95% MH SDL - 30.06.2032 4,114 0.06% 6.95% HR SDL 02.06.2033 645 0.01%
8.27% TN SDL - 13.01.2026 3,984 0.06% 9.39% GJ SDL - 20.11.2023 628 0.01%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund % of Total Industry Dynamic Floor Fund % of Total
Funds Funds
ULIF-028-14/11/06- ULIF-028-14/11/06-
DYFLRFND-107 DYFLRFND-107
8.30% KA SDL - 20.02.2029 574 0.01% Manufacture of beverages 22,489 0.35%
7.39% MH SDL - 09.11.2026 453 0.01% Other manufacturing 20,373 0.31%
8.51% PN SDL - 10.04.2023 414 0.01% Air transport 16,107 0.25%
8.00% KA SDL - 17.01.2028 400 0.01% Manufacture of wood and products of 14,703 0.23%
7.33% MH SDL -13.09.2027 329 0.01% wood and cork, except furniture
9.65% TN SDL - 12.03.2024 313 0.00% Manufacture of food products 13,389 0.21%
8.03% FCI SPL Bonds - 15.12.24 232 0.00% Manufacture of machinery and 12,917 0.20%
equipment n.e.c.
8.25% MH SDL - 10.06.2025 225 0.00%
Manufacture of other transport 10,982 0.17%
8.20% OMC GOI -15.09.24 166 0.00% equipment
7.00% GOI Fertilizer Bond - 10.12.22 133 0.00% Activities of head offices; 10,303 0.16%
8.20% OMC GOI 2023-10.11.23 121 0.00% management consultancy activities
8.05% GJ SDL - 31.01.2028 106 0.00% Manufacture of electrical equipment 9,740 0.15%
8.84% PN SDL - 11.06.2024 89 0.00% Retail trade, except of motor vehicles 9,371 0.14%
and motorcycles
8.20% OMC GOI Special Bond - 83 0.00%
12.02.24 Construction of buildings 9,021 0.14%
9.37% MAH SDL - 04.12.2023 23 0.00% Manufacture of rubber and plastics 7,804 0.12%
products
State Government Securities and 766,837 11.83%
Other Approved Securities Total Human health activities 4,367 0.07%
Financial and insurance activities 643,904 9.93% Extraction of crude petroleum and 4,029 0.06%
natural gas
TREPS and Other Money Market 628,804 9.70%
Securities Grand Total 6,484,561 100.00%
Investments in Housing Finance 578,448 8.92%
Industry Kotak Pension % of Total
Computer programming, consultancy 176,531 2.72% Floor Fund Funds
and related activities
ULIF-031-13/07/09-
Others - Exchange Traded Funds 159,707 2.46% PNFLRFND-107
Manufacture of coke and refined 116,222 1.79% Central Government Securities
petroleum products
1.44% INFLATION INDEX GS 2023 8,079 36.17%
Net Current Assets 88,217 1.36%
8.13% GOI - 22.06.2045 306 1.37%
Manufacture of chemicals and 85,582 1.32%
7.40% GOI 2035 - 09.09.35 225 1.01%
chemical products
8.17% GOI - 01.12.2044 208 0.93%
Manufacture of motor vehicles, 68,421 1.06%
trailers and semi-trailers 6.83% GOI - 19.01.39 162 0.72%
Real estate activities 59,568 0.92% 8.83% GOI - 12.12.2041 123 0.55%
Civil engineering 42,383 0.65% 8.30% GOI 2040 ZCG - 02.07.2022 107 0.48%
Manufacture of basic metals 36,807 0.57% 8.30% GOI 2040 ZCG - 02.01.2023 105 0.47%
Mfg of pharmaceuticals, medicinal 36,710 0.57% 8.30% GOI 2040 ZCG - 02.07.2023 102 0.46%
chemical and botanical products 8.30% GOI 2040 ZCG - 02.01.2024 99 0.44%
Infrastructure - Long Term Bonds 35,373 0.55% 8.30% GOI 2040 ZCG - 02.07.2024 96 0.43%
-BFSI
8.30% GOI 2040 ZCG - 02.01.2025 93 0.42%
Wholesale trade, except of motor 28,046 0.43%
8.30% GOI 2040 ZCG - 02.07.2025 90 0.40%
vehicles and motorcycles
8.30% GOI 2040 ZCG - 02.01.2026 87 0.39%
Manufacture of computer, electronic 25,687 0.40%
and optical products 8.30% GOI 2040 ZCG - 02.07.2026 84 0.37%
Manufacture of other non-metallic 25,422 0.39% 8.30% GOI 2040 ZCG - 02.01.2027 81 0.36%
mineral products 8.30% GOI 2040 ZCG - 02.07.2027 78 0.35%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
8.43% RJ SDL - 08.08.2028 116 0.52% TREPS and Other Money Market 500 2.24%
Securities
8.63% RJ SDL - 03.09.2028 113 0.51%
Manufacture of coke and refined 295 1.32%
8.37% MP SDL - 05.12.2028 112 0.50% petroleum products
8.28% TN SDL -21.02.2028 110 0.49% Others - Exchange Traded Funds 266 1.19%
8.58% GJ SDL - 31.10.2028 89 0.40% Manufacture of chemicals and 242 1.08%
8.62% MAH SDL - 20.02.2023 86 0.38% chemical products
8.29% TN SDL - 29.07.2025 82 0.37% Manufacture of basic metals 184 0.83%
7.65% TN SDL -06.12.2027 80 0.36% Manufacture of motor vehicles, 154 0.69%
trailers and semi-trailers
8.05% TN SDL -18.04.2028 69 0.31%
Mfg of pharmaceuticals, medicinal 148 0.66%
8.34% PN SDL - 30.05.2028 65 0.29%
chemical and botanical products
8.29% HR SDL 14.03.2028 63 0.28%
Manufacture of tobacco products 134 0.60%
9.37% GJ SDL - 04.12.2023 63 0.28%
Civil engineering 133 0.59%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
6.83% GOI - 19.01.39 19 0.04% Financial and insurance activities 1,758 4.12%
8.30% GOI 2040 ZCG - 02.07.2022 10 0.02% Computer programming, consultancy 485 1.14%
and related activities
8.30% GOI 2040 ZCG - 02.01.2023 10 0.02%
Others - Exchange Traded Funds 334 0.78%
8.30% GOI 2040 ZCG - 02.07.2023 9 0.02%
Manufacture of coke and refined 283 0.66%
8.30% GOI 2040 ZCG - 02.01.2024 9 0.02% petroleum products
8.30% GOI 2040 ZCG - 02.07.2024 9 0.02% Manufacture of chemicals and 225 0.53%
8.30% GOI 2040 ZCG - 02.01.2025 9 0.02% chemical products
8.30% GOI 2040 ZCG - 02.07.2025 8 0.02% Manufacture of basic metals 174 0.41%
8.30% GOI 2040 ZCG - 02.01.2026 8 0.02% Manufacture of motor vehicles, 160 0.38%
8.30% GOI 2040 ZCG - 02.07.2026 8 0.02% trailers and semi-trailers
8.30% GOI 2040 ZCG - 02.01.2027 8 0.02% Mfg of pharmaceuticals, medicinal 140 0.33%
chemical and botanical products
8.30% GOI 2040 ZCG - 02.07.2027 7 0.02%
Civil engineering 131 0.31%
8.30% GOI 2040 ZCG - 02.01.2028 7 0.02%
Manufacture of tobacco products 124 0.29%
9.23% GOI - 23.12.2043 6 0.01%
Manufacture of other transport 83 0.19%
8.97% GOI - 05.12.2030 5 0.01%
equipment
7.06% GOI - 10.10.2046 4 0.01%
Extraction of crude petroleum and 62 0.15%
8.32% GOI - 02.08.2032 2 0.01% natural gas
8.28% GOI - 21.09.2027 2 0.01%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Dynamic % of Total Industry Dynamic Floor Fund II % of Total
Floor Fund Funds Funds
ULIF-035-17/12/09-
ULGF-015-07/01/10- DYFLRFND2-107
DYFLRFND-107
8.30% GOI 2040 ZCG - 02.01.2026 1,242 0.04%
Other manufacturing 56 0.13%
8.30% GOI 2040 ZCG - 02.07.2026 1,200 0.03%
Manufacture of other non-metallic 53 0.12%
8.30% GOI 2040 ZCG - 02.01.2027 1,163 0.03%
mineral products
8.30% GOI 2040 ZCG - 02.07.2027 1,120 0.03%
Manufacture of beverages 35 0.08%
8.30% GOI 2040 ZCG - 02.01.2028 1,070 0.03%
Manufacture of food products 29 0.07%
9.23% GOI - 23.12.2043 822 0.02%
Grand Total 42,724 100.00%
5.74% GOI - 15.11.2026 640 0.02%
Industry Dynamic Floor Fund II % of Total 8.97% GOI - 05.12.2030 606 0.02%
Funds
ULIF-035-17/12/09- 7.06% GOI - 10.10.2046 531 0.02%
DYFLRFND2-107
8.32% GOI - 02.08.2032 342 0.01%
Central Government Securities
8.28% GOI - 21.09.2027 328 0.01%
GOI FRB - 22.09.2033 216,746 6.27%
8.24% GOI - 15.02.27 253 0.01%
1.44% INFLATION INDEX GS 2023 97,761 2.83%
8.30% GOI 2040 ZCG - 02.01.2023 0 0.00%
6.79% GOI - 26.12.2029 90,588 2.62%
Central Government Securities Total 949,318 27.44%
GOI FRB - 04.10.2028 54,305 1.57%
State Government Securities and
6.79% GOI - 15.05.2027 50,941 1.47% Other Approved Securities
6.64% GOI - 16.06.2035 45,681 1.32% 8.54% REC - 15.11.2028 91,016 2.63%
5.63% GOI - 12.04.2026 44,468 1.29% 6.24% MH SDL - 11.08.2026 54,237 1.57%
6.10% GOI - 12.07.2031 40,683 1.18% 7.08% MP SDL - 09.03.2029 25,853 0.75%
7.69% GOI - 17.06.2043 38,271 1.11% 7.65% RJ SDL - 29.11.2027 23,874 0.69%
6.54% GOI - 17.01.2032 37,604 1.09% 7.05% AP SDL 01.09.2035 23,176 0.67%
91 Days T Bill - 07.04.2022 31,982 0.92% 7.43% NABARD - 31.01.2030 22,831 0.66%
182 Days T Bill - 19.05.2022 31,847 0.92% 6.42% NABARD - 25.11.2030 21,233 0.61%
GOI FRB - 07.11.2024 31,763 0.92% 7.62% KA SDL - 01.11.2027 14,895 0.43%
6.99% GOI - 15.12.2051 29,327 0.85% 7.26% HR SDL 28.06.2027 14,598 0.42%
6.95% GOI - 16.12.2061 29,295 0.85% 7.05% TS SDL -01.09.2035 13,647 0.39%
7.37% GOI - 16.04.2023 19,590 0.57% 8.65% NABARD - 08.06.2028 12,185 0.35%
364 Days T Bill - 28.04.2022 12,567 0.36% 7.10% PFC - 11.01.2027 11,342 0.33%
8.15% GOI - 24.11.2026 8,280 0.24% 7.20% MH SDL -09.08.2027 10,636 0.31%
6.45% GOI - 07.10.2029 4,687 0.14% 6.45% REC - 07.01.2031 9,709 0.28%
7.40% GOI 2035 - 09.09.35 3,696 0.11% 8.80% REC - 22.01.2029 8,706 0.25%
6.97% GOI - 06.09.2026 2,958 0.09% 8.09% REC - 21.03.2028 8,622 0.25%
6.83% GOI - 19.01.39 2,588 0.07% 8.06% REC - 27.03.2028 8,545 0.25%
5.15% GOI - 09.11.2025 2,565 0.07% 7.60% PFC - 20.02.2027 8,373 0.24%
8.83% GOI - 12.12.2041 2,026 0.06% 8.30% Fertilizer Co GOI - 07.12.23 8,072 0.23%
8.30% GOI 2040 ZCG - 02.07.2022 1,534 0.04% 7.04% GJ SDL - 07.08.2026 7,340 0.21%
8.30% GOI 2040 ZCG - 02.07.2023 1,463 0.04% 9.72% PN SDL - 28.08.2023 6,096 0.18%
8.30% GOI 2040 ZCG - 02.01.2024 1,424 0.04% 8.90% KA SDL - 19.12.2022 5,130 0.15%
8.30% GOI 2040 ZCG - 02.07.2024 1,381 0.04% 8.90% MAH SDL - 20.09.2022 4,877 0.14%
6.76% GOI - 22.02.2061 1,357 0.04% 8.56% NABARD - 14.11.2028 4,403 0.13%
8.30% GOI 2040 ZCG - 02.01.2025 1,333 0.04% 8.58% GJ SDL - 23.01.2023 4,342 0.13%
8.30% GOI 2040 ZCG - 02.07.2025 1,287 0.04% 8.20% NABARD - 09.03.2028 4,341 0.13%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Industry Dynamic Floor Fund II % of Total
Funds Funds
ULIF-035-17/12/09- ULIF-035-17/12/09-
DYFLRFND2-107 DYFLRFND2-107
8.72% TN SDL -19.09.2026 4,312 0.12% 8.21% TN SDL - 24.06.2025 782 0.02%
8.29% NABARD - 24.01.2029 4,308 0.12% 8.62% MAH SDL - 20.02.2023 719 0.02%
8.01% REC - 24.03.2028 4,235 0.12% 9.37% GJ SDL - 04.12.2023 691 0.02%
6.65% Fertilizer Co GOI - 29.01.23 3,937 0.11% 8.28% MH SDL - 29.07.2025 657 0.02%
9.17% PN SDL - 11.04.2022 3,503 0.10% 8.49% RJ SDL - 21.08.2028 648 0.02%
9.50% MAH SDL - 18.12.2023 3,485 0.10% 8.56% MH SDL -11.07.2028 589 0.02%
8.44% RJ SDL - 27.06.2028 3,450 0.10% 9.39% GJ SDL - 20.11.2023 474 0.01%
8.32% KA SDL - 06.02.2029 3,158 0.09% 8.62% HR SDL 03.09.2028 471 0.01%
9.29% PN SDL - 09.10.2023 3,131 0.09% 8.30% KA SDL - 20.02.2029 400 0.01%
8.26% MH SDL -02.01.2029 3,045 0.09% 7.34% TS SDL -19.01.2034 396 0.01%
8.52% KA SDL - 28.11.2028 3,018 0.09% 7.39% MH SDL - 09.11.2026 281 0.01%
7.59% KA SDL - 29.03.2027 3,004 0.09% 8.00% KA SDL - 17.01.2028 238 0.01%
7.54% KA SDL - 22.11.2027 2,969 0.09% 7.33% MH SDL -13.09.2027 203 0.01%
8.27% TN SDL - 13.01.2026 2,467 0.07% 9.65% TN SDL - 12.03.2024 174 0.01%
9.69% PN SDL - 12.02.2024 2,424 0.07% 8.25% MH SDL - 10.06.2025 154 0.00%
7.20% GJ SDL - 14.06.2027 2,391 0.07% 8.03% FCI SPL Bonds - 15.12.24 138 0.00%
9.39% MAH SDL - 20.11.2023 2,325 0.07% 8.20% OMC GOI -15.09.24 102 0.00%
6.95% MH SDL - 30.06.2032 2,276 0.07% 9.37% MAH SDL - 04.12.2023 95 0.00%
9.87% PN SDL - 14.08.2023 2,063 0.06% 7.00% GOI Fertilizer Bond - 10.12.22 82 0.00%
7.95% GOI Fertilizer Bond - 18.02.26 1,840 0.05% 8.05% GJ SDL - 31.01.2028 62 0.00%
8.43% RJ SDL - 08.08.2028 1,797 0.05% 8.84% PN SDL - 11.06.2024 21 0.00%
8.37% MP SDL - 05.12.2028 1,785 0.05% State Government Securities and 522,534 15.11%
8.63% RJ SDL - 03.09.2028 1,727 0.05% Other Approved Securities Total
8.58% GJ SDL - 31.10.2028 1,657 0.05% 8.56% REC - 29.11.2028 83,150 2.40%
8.91% MAH SDL - 05.09.2022 1,628 0.05% 7.85% PFC - 03.04.2028 53,992 1.56%
8.28% TN SDL -21.02.2028 1,586 0.05% 8.57% REC - 21.12.2024 19,223 0.56%
8.51% PN SDL - 10.04.2023 1,346 0.04% 6.73% IRFC - 06.07.2035 19,174 0.55%
7.02% MH SDL -10.03.2029 1,182 0.03% 7.63% PFC - 14.08.2026 16,764 0.48%
8.29% TN SDL - 29.07.2025 1,179 0.03% 7.70% REC - 10.12.2027 14,738 0.43%
7.65% TN SDL -06.12.2027 1,176 0.03% 9.34% REC - 25.08.2024 12,970 0.37%
8.05% TN SDL -18.04.2028 1,047 0.03% 8.65% PFC - 28.12.2024 11,751 0.34%
8.34% PN SDL - 30.05.2028 1,039 0.03% Bharti Airtel Limited 11,548 0.33%
8.54% RJ SDL - 04.07.2028 937 0.03% 8.67% PFC - 18.11.2028 10,981 0.32%
8.29% HR SDL 14.03.2028 911 0.03% 10.08% IOT Utkal Energy Services 10,929 0.32%
Limited - 20.03.2025
8.38% TN SDL - 27.01.2026 911 0.03%
8.30% NTPC - 15.01.2029 10,768 0.31%
7.59% GJ SDL - 15.02.2027 871 0.03%
7.34% PGC - 15.07.2034 10,452 0.30%
8.57% RJ SDL - 11.07.2028 840 0.02%
8.93% PGC - 20.10.2026 9,908 0.29%
8.90% TN SDL - 20.09.2022 829 0.02%
9.30% PGC - 28.06.2024 9,499 0.27%
8.28% RJ SDL - 14.03.2028 821 0.02%
6.85% IRFC - 29.10.2040 8,616 0.25%
8.42% MP SDL - 08.08.2028 784 0.02%
7.27% IRFC - 15.06.2027 8,243 0.24%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Industry Dynamic Floor Fund II % of Total
Funds Funds
ULIF-035-17/12/09- ULIF-035-17/12/09-
DYFLRFND2-107 DYFLRFND2-107
9.25% PGC - 26.12.2023 7,996 0.23% 8.94% PFC - 25.03.2028 1,107 0.03%
9.09% IRFC - 29.03.2026 7,709 0.22% 8.30% REC - 10.04.2025 1,066 0.03%
8.64% PGC - 08.07.2025 6,804 0.20% 7.93% PGC - 20.05.2028 1,060 0.03%
7.95% REC - 12.03.2027 6,351 0.18% Ashoka Buildcon Limited 1,048 0.03%
7.36% PGC - 18.10.2026 6,263 0.18% 8.93% PGC - 20.10.2022 1,023 0.03%
8.54% NHPC - 26.11.2028 5,999 0.17% 8.49% NTPC - 25.03.2025 365 0.01%
8.63% REC - 25.08.2028 5,518 0.16% Bharti Airtel Limited Partly Paid Up 341 0.01%
8.85% PGC - 19.10.2025 5,451 0.16% Infrastructure Related Activities Total 479,878 13.87%
8.13% PGC - 25.04.2029 5,313 0.15% Financial and insurance activities
9.35% PGC - 29.08.2028 4,542 0.13% 7.35% Bajaj Finance Limited- 92,554 2.68%
8.93% PGC - 20.10.2028 4,457 0.13% 10.11.2022
9.35% PGC - 29.08.2026 4,456 0.13% ICICI Bank Limited 48,657 1.41%
9.35% PGC - 29.08.2025 4,423 0.13% 8.5383% Bajaj Finance Limited- 43,290 1.25%
07.06.2022
8.78% NHPC - 11.02.2026 4,345 0.13%
7.09% HDB Financial services Limited- 28,717 0.83%
8.10% NTPC - 27.05.2026 4,259 0.12% 17.04.2023
8.48% PFC - 09.12.2024 4,247 0.12% 5.10% Sundaram Finance - 01.12.2023 25,040 0.72%
7.54% REC - 30.12.2026 4,177 0.12% State Bank of India 24,814 0.72%
8.13% PGC - 25.04.2023 4,133 0.12% Axis Bank Limited 24,251 0.70%
7.33% IRFC - 28.08.2027 4,130 0.12% Bajaj Finance Limited 14,244 0.41%
9.30% PGC - 28.06.2025 4,128 0.12% HDFC Bank Limited 14,098 0.41%
10.08% IOT Utkal Energy Services 3,341 0.10% 5.65% Bajaj Finance Limited- 13,817 0.40%
Limited - 20.03.2026 10.05.2024
9.33% IRFC - 10.05.2026 3,325 0.10% SBI Life Insurance Company Limited 12,780 0.37%
8.85% PGC - 19.10.2026 2,745 0.08% 8.83% EXIM- 09.01.2023 12,356 0.36%
8.85% PGC - 19.10.2023 2,634 0.08% 8.02% EXIM- 20.04.2026 11,638 0.34%
9.46% PFC - 01.08.2026 2,222 0.06% 6.87% Muthoot Finance Limited- 8,020 0.23%
8.40% NPC - 28.11.2026 2,177 0.06% 27.02.2025
8.78% NHPC - 11.02.2025 2,156 0.06% Housing Development Finance Corp. 7,805 0.23%
Limited
8.40% PGC - 27.05.2029 2,145 0.06%
Angel Broking Limited 5,380 0.16%
8.13% PGC - 25.04.2031 2,140 0.06%
8.87% EXIM- 30.10.2029 4,389 0.13%
8.13% PGC - 25.04.2028 2,138 0.06%
8.15% EXIM- 21.01.2030 4,272 0.12%
8.13% PGC - 25.04.2025 2,128 0.06%
8.15% EXIM- 05.03.2025 4,257 0.12%
8.13% PGC - 25.04.2026 2,128 0.06%
9.14% EXIM- 01.08.2022 4,058 0.12%
8.27% REC - 06.02.2025 2,126 0.06%
Aavas Financiers Limited 3,132 0.09%
8.82% REC - 12.04.2023 2,078 0.06%
8.80% EXIM- 15.03.2023 3,110 0.09%
8.90% PFC - 18.03.2023 2,073 0.06%
7.50% Sundaram Finance - 07.11.2022 3,052 0.09%
8.84% PFC - 04.03.2023 2,069 0.06%
7.40% Muthoot Finance Limited- 3,047 0.09%
9.02% REC - 19.11.2022 2,049 0.06%
05.01.2024
7.37% NTPC - 14.12.2031 2,047 0.06%
Shriram Transport Finance Co. Limited 2,233 0.06%
7.09% REC - 17.10.2022 2,026 0.06%
7.62% EXIM- 01.09.2026 2,101 0.06%
8.85% PGC - 19.10.2027 1,374 0.04%
8.94% EXIM- 31.12.2022 2,058 0.06%
8.85% PGC - 19.10.2024 1,339 0.04%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Dynamic Floor Fund II % of Total Industry Dynamic Floor Fund II % of Total
Funds Funds
ULIF-035-17/12/09- ULIF-035-17/12/09-
DYFLRFND2-107 DYFLRFND2-107
8.88% EXIM- 18.10.2022 2,044 0.06% Activities of head offices; 6,392 0.18%
9.15% EXIM- 05.09.2022 2,035 0.06% management consultancy activities
9.30% EXIM- 11.05.2022 2,011 0.06% Manufacture of other transport 6,183 0.18%
equipment
PB Fintech Limited 1,163 0.03%
Construction of buildings 5,821 0.17%
7.22% EXIM- 03.08.2027 1,028 0.03%
Manufacture of electrical equipment 5,246 0.15%
Max Financial Services Limited 505 0.01%
Extraction of crude petroleum and 2,634 0.08%
Financial and insurance activities Total 431,955 12.49% natural gas
Investments in Housing Finance 336,369 9.72% Grand Total 3,458,986 100.00%
Computer programming, consultancy 97,914 2.83%
and related activities Industry Pension Floor Fund II % of Total
Funds
Others - Exchange Traded Funds 95,664 2.77% ULIF-043-08/01/10-
PNFLRKFND2-107
TREPS and Other Money Market 76,976 2.23%
Securities Infrastructure Related Activities
Manufacture of coke and refined 72,143 2.09% 7.85% PFC - 03.04.2028 3,176 3.66%
petroleum products 8.57% REC - 21.12.2024 2,136 2.46%
Net Current Assets 52,270 1.51% 6.73% IRFC - 06.07.2035 1,917 2.21%
Manufacture of chemicals and 45,368 1.31% 9.30% PGC - 28.06.2024 1,357 1.56%
chemical products
9.25% PGC - 26.12.2023 1,333 1.54%
Manufacture of motor vehicles, 38,940 1.13%
trailers and semi-trailers 9.09% IRFC - 29.03.2026 1,101 1.27%
Real estate activities 31,770 0.92% 9.34% REC - 25.08.2024 1,081 1.25%
Infrastructure - Long Term Bonds 26,031 0.75% 8.13% PGC - 25.04.2029 1,063 1.22%
-BFSI 7.70% REC - 10.12.2027 1,053 1.21%
Civil engineering 24,551 0.71% 7.63% PFC - 14.08.2026 1,048 1.21%
Mfg of pharmaceuticals, medicinal 22,232 0.64% 6.85% IRFC - 29.10.2040 957 1.10%
chemical and botanical products Bharti Airtel Limited 315 0.36%
Retail trade, except of motor vehicles 15,042 0.43% Power Grid Corporation of India Limited 140 0.16%
and motorcycles
National Thermal Power Corporation 124 0.14%
Manufacture of other non-metallic 14,965 0.43% Limited
mineral products
Adani Ports and Special Economic 107 0.12%
Wholesale trade, except of motor 14,887 0.43% Zone Limited
vehicles and motorcycles
8.49% NTPC - 25.03.2025 63 0.07%
Manufacture of basic metals 14,754 0.43%
GAIL (India) Limited 54 0.06%
Manufacture of beverages 13,641 0.39%
Bharti Airtel Limited Partly Paid Up 12 0.01%
Air transport 9,070 0.26%
Infrastructure Related Activities Total 17,036 19.62%
Manufacture of wood and products of 8,478 0.25%
wood and cork, except furniture Central Government Securities
Manufacture of computer, electronic 8,390 0.24% 1.44% INFLATION INDEX GS 2023 13,772 15.86%
and optical products 7.40% GOI 2035 - 09.09.35 335 0.39%
Other manufacturing 8,108 0.23% 6.83% GOI - 19.01.39 240 0.28%
Manufacture of food products 7,614 0.22% 8.83% GOI - 12.12.2041 183 0.21%
Manufacture of machinery and 7,302 0.21% 8.30% GOI 2040 ZCG - 02.07.2022 157 0.18%
equipment n.e.c.
8.30% GOI 2040 ZCG - 02.07.2023 150 0.17%
Manufacture of rubber and plastics 6,547 0.19%
8.30% GOI 2040 ZCG - 02.01.2024 146 0.17%
products
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II % of Total Industry Pension Floor Fund II % of Total
Funds Funds
ULIF-043-08/01/10- ULIF-043-08/01/10-
PNFLRKFND2-107 PNFLRKFND2-107
8.30% GOI 2040 ZCG - 02.07.2024 142 0.16% 7.20% MH SDL -09.08.2027 293 0.34%
8.30% GOI 2040 ZCG - 02.01.2025 137 0.16% 8.27% TN SDL - 13.01.2026 280 0.32%
8.30% GOI 2040 ZCG - 02.07.2025 132 0.15% 8.26% MH SDL -02.01.2029 276 0.32%
8.30% GOI 2040 ZCG - 02.01.2026 127 0.15% 8.38% TN SDL - 27.01.2026 262 0.30%
8.30% GOI 2040 ZCG - 02.07.2026 123 0.14% 9.39% MAH SDL - 20.11.2023 252 0.29%
8.30% GOI 2040 ZCG - 02.01.2027 119 0.14% 7.20% GJ SDL - 14.06.2027 229 0.26%
8.30% GOI 2040 ZCG - 02.07.2027 115 0.13% 7.95% GOI Fertilizer Bond - 18.02.26 186 0.21%
8.30% GOI 2040 ZCG - 02.01.2028 110 0.13% 8.43% RJ SDL - 08.08.2028 180 0.21%
9.23% GOI - 23.12.2043 78 0.09% 8.63% RJ SDL - 03.09.2028 173 0.20%
8.13% GOI - 22.06.2045 74 0.09% 8.37% MP SDL - 05.12.2028 171 0.20%
8.97% GOI - 05.12.2030 61 0.07% 8.28% TN SDL -21.02.2028 164 0.19%
7.06% GOI - 10.10.2046 46 0.05% 8.90% TN SDL - 20.09.2022 160 0.18%
5.22% GOI - 15.06.2025 39 0.05% 8.62% MAH SDL - 20.02.2023 154 0.18%
8.32% GOI - 02.08.2032 35 0.04% 8.58% GJ SDL - 31.10.2028 140 0.16%
8.28% GOI - 21.09.2027 33 0.04% 8.29% TN SDL - 29.07.2025 128 0.15%
8.24% GOI - 15.02.27 25 0.03% 9.37% GJ SDL - 04.12.2023 126 0.15%
6.22% GOI - 16.03.2035 3 0.00% 7.65% TN SDL -06.12.2027 120 0.14%
6.45% GOI - 07.10.2029 3 0.00% 8.05% TN SDL -18.04.2028 104 0.12%
6.97% GOI - 06.09.2026 2 0.00% 8.34% PN SDL - 30.05.2028 101 0.12%
8.30% GOI 2040 ZCG - 02.01.2023 0 0.00% 8.28% MH SDL - 29.07.2025 100 0.12%
Central Government Securities Total 16,389 18.88% 8.54% RJ SDL - 04.07.2028 94 0.11%
State Government Securities and 8.29% HR SDL 14.03.2028 93 0.11%
Other Approved Securities 9.39% GJ SDL - 20.11.2023 91 0.10%
9.72% PN SDL - 28.08.2023 1,289 1.48% 8.57% RJ SDL - 11.07.2028 84 0.10%
8.09% REC - 21.03.2028 1,078 1.24% 8.28% RJ SDL - 14.03.2028 84 0.10%
8.06% REC - 27.03.2028 1,068 1.23% 8.21% TN SDL - 24.06.2025 82 0.09%
7.60% PFC - 20.02.2027 1,047 1.21% 8.42% MP SDL - 08.08.2028 77 0.09%
7.10% PFC - 11.01.2027 1,031 1.19% 8.49% RJ SDL - 21.08.2028 65 0.07%
8.30% Fertilizer Co GOI - 07.12.23 859 0.99% 8.56% MH SDL -11.07.2028 58 0.07%
8.58% GJ SDL - 23.01.2023 490 0.56% 8.62% HR SDL 03.09.2028 47 0.05%
8.72% TN SDL -19.09.2026 428 0.49% 8.30% KA SDL - 20.02.2029 35 0.04%
9.50% MAH SDL - 18.12.2023 400 0.46% 7.39% MH SDL - 09.11.2026 32 0.04%
6.65% Fertilizer Co GOI - 29.01.23 392 0.45% 8.00% KA SDL - 17.01.2028 25 0.03%
8.84% PN SDL - 11.06.2024 374 0.43% 8.25% MH SDL - 10.06.2025 25 0.03%
9.87% PN SDL - 14.08.2023 359 0.41% 7.33% MH SDL -13.09.2027 20 0.02%
8.44% RJ SDL - 27.06.2028 346 0.40% 8.03% FCI SPL Bonds - 15.12.24 15 0.02%
9.29% PN SDL - 09.10.2023 328 0.38% 8.20% OMC GOI -15.09.24 12 0.01%
7.04% GJ SDL - 07.08.2026 325 0.37% 7.00% GOI Fertilizer Bond - 10.12.22 9 0.01%
9.35% MH SDL - 30.01.2024 319 0.37% 8.05% GJ SDL - 31.01.2028 6 0.01%
9.69% PN SDL - 12.02.2024 312 0.36% State Government Securities and 15,297 17.62%
8.32% KA SDL - 06.02.2029 299 0.34% Other Approved Securities Total
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Pension Floor Fund II % of Total Industry Pension Floor Fund II % of Total
Funds Funds
ULIF-043-08/01/10- ULIF-043-08/01/10-
PNFLRKFND2-107 PNFLRKFND2-107
TREPS and Other Money Market Extraction of crude petroleum and 193 0.22%
Securities natural gas
TREPS - 04.04.2022 14,995 17.27% Other manufacturing 172 0.20%
TREPS and Other Money Market 14,995 17.27% Manufacture of beverages 104 0.12%
Securities Total Manufacture of food products 94 0.11%
Financial and insurance activities Grand Total 86,808 100.00%
7.35% Bajaj Finance Limited- 3,051 3.51%
10.11.2022 Industry Kotak % of Total
Opportunities Fund Funds
8.83% EXIM- 09.01.2023 2,059 2.37%
ULIF-029-02/10/08-
8.02% EXIM- 20.04.2026 1,058 1.22%
OPPFND-107
ICICI Bank Limited 505 0.58%
Financial and insurance activities
Housing Development Finance Corp. 478 0.55%
ICICI Bank Limited 618,297 6.17%
Limited
State Bank of India 334,196 3.33%
HDFC Bank Limited 365 0.42%
HDFC Bank Limited 279,419 2.79%
8.52% KA SDL - 28.11.2028 289 0.33%
Axis Bank Limited 256,604 2.56%
Bajaj Finance Limited 218 0.25%
Bajaj Finance Limited 242,039 2.41%
State Bank of India 212 0.24%
SBI Life Insurance Company Limited 144,698 1.44%
Axis Bank Limited 212 0.24%
Housing Development Finance Corp. 134,128 1.34%
Bajaj Finserv Limited 102 0.12%
Limited
IndusInd Bank Limited 59 0.07%
Angel Broking Limited 65,313 0.65%
HDFC Standard Life Insurance 47 0.05%
PB Fintech Limited 58,582 0.58%
Company Limited
Aavas Financiers Limited 53,719 0.54%
Coal India Limited 43 0.05%
Max Financial Services Limited 31,962 0.32%
Financial and insurance activities Total 8,698 10.02%
Financial and insurance activities Total 2,218,958 22.13%
Investments in Housing Finance 4,190 4.83%
Computer programming, consultancy
Net Current Assets 1,846 2.13%
and related activities
Computer programming, consultancy 1,453 1.67%
Infosys Limited 685,913 6.84%
and related activities
Tata Consultancy Services Limited 231,940 2.31%
Infrastructure - Long Term Bonds -BFSI 1,040 1.20%
HCL Technologies Limited 127,057 1.27%
Others - Exchange Traded Funds 1,016 1.17%
Wipro Limited 109,718 1.09%
Manufacture of coke and refined 852 0.98%
petroleum products Mphasis Limited 91,641 0.91%
Manufacture of chemicals and 710 0.82% Zensar Technologies Limited 51,147 0.51%
chemical products Persistent Systems Limited 50,350 0.50%
Manufacture of basic metals 539 0.62% Computer programming, consultancy 1,347,767 13.44%
Manufacture of motor vehicles, 468 0.54% and related activities Total
trailers and semi-trailers Others - Exchange Traded Funds 948,712 9.46%
Mfg of pharmaceuticals, medicinal 437 0.50% Manufacture of coke and refined 817,213 8.15%
chemical and botanical products petroleum products
Manufacture of tobacco products 385 0.44% Manufacture of chemicals and 701,409 6.99%
Civil engineering 378 0.44% chemical products
Manufacture of other non-metallic 261 0.30% Manufacture of motor vehicles, 433,086 4.32%
mineral products trailers and semi-trailers
Manufacture of other transport 251 0.29% Civil engineering 431,152 4.30%
equipment
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Manufacture of other transport 46,918 0.47% Mfg of pharmaceuticals, medicinal 395 2.99%
equipment chemical and botanical products
Net Current Assets 28,354 0.28% Manufacture of basic metals 288 2.18%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Zensar Technologies Limited 449,046 0.48% Manufacture of electrical equipment 427,240 0.46%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level
Industry Kotak Group Prudent % of Total Industry Kotak Group Prudent % of Total
Fund Funds Fund Funds
ULGF-019-04/07/17- ULGF-019-04/07/17-
KGPFFND-107 KGPFFND-107
6.83% GOI - 19.01.39 74 0.00% State Government Securities and 289,419 11.70%
7.06% GOI - 10.10.2046 23 0.00% Other Approved Securities Total
Central Government Securities Total 739,970 29.92% Net Current Assets 184,274 7.45%
TREPS and Other Money Market 541,332 21.89% Financial and insurance activities 164,629 6.66%
Securities Infrastructure Related Activities 124,024 5.01%
State Government Securities and Investments in Housing Finance 88,877 3.59%
Other Approved Securities Computer programming, consultancy 57,373 2.32%
6.24% MH SDL - 11.08.2026 89,332 3.61% and related activities
6.99% UP SDL - 27.10.2031 33,668 1.36% Others - Exchange Traded Funds 48,158 1.95%
9.50% GJ SDL - 11.09.2023 31,799 1.29% Manufacture of coke and refined 41,991 1.70%
6.85% NABARD - 21.03.2031 21,879 0.88% petroleum products
7.08% MP SDL - 09.03.2029 21,379 0.86% Manufacture of chemicals and 26,301 1.06%
chemical products
7.05% AP SDL 01.09.2035 17,429 0.70%
Real estate activities 24,820 1.00%
7.05% TS SDL -01.09.2035 11,195 0.45%
Manufacture of motor vehicles, 19,357 0.78%
6.45% REC - 07.01.2031 8,738 0.35% trailers and semi-trailers
8.70% REC - 28.09.2028 5,503 0.22% Civil engineering 13,963 0.56%
8.92% RJ SDL - 21.11.2022 5,135 0.21% Mfg of pharmaceuticals, medicinal 12,049 0.49%
9.25% HR SDL 09.10.2023 4,768 0.19% chemical and botanical products
6.42% NABARD - 25.11.2030 3,860 0.16% Manufacture of basic metals 11,682 0.47%
7.65% RJ SDL - 29.11.2027 3,460 0.14% Manufacture of computer, electronic 9,792 0.40%
8.54% REC - 15.11.2028 3,290 0.13% and optical products
8.24% NABARD - 22.03.2029 3,229 0.13% Wholesale trade, except of motor 9,175 0.37%
vehicles and motorcycles
6.90% OIL SPL - 04.02.2026 2,294 0.09%
Retail trade, except of motor vehicles 8,120 0.33%
7.95% GOI Fertilizer Bond - 18.02.26 2,287 0.09%
and motorcycles
8.23% GOI FCI - 12.02.27 2,218 0.09%
Manufacture of other non-metallic 7,928 0.32%
7.62% KA SDL - 01.11.2027 2,158 0.09% mineral products
8.30% Fertilizer Co GOI - 07.12.23 2,148 0.09% Manufacture of beverages 6,225 0.25%
7.26% HR SDL 28.06.2027 2,116 0.09% Other manufacturing 5,975 0.24%
7.43% NABARD - 31.01.2030 2,076 0.08% Air transport 5,340 0.22%
6.95% MH SDL - 30.06.2032 1,780 0.07% Manufacture of food products 4,430 0.18%
8.03% FCI SPL Bonds - 15.12.24 1,090 0.04% Manufacture of wood and products of 4,402 0.18%
7.00% GOI Fertilizer Bond - 10.12.22 1,067 0.04% wood and cork, except furniture
8.01% OIL MKTG GOI - 15.12.2023 1,066 0.04% Manufacture of machinery and 4,280 0.17%
8.15% GOI FCI Bonds - 16.10.22 734 0.03% equipment n.e.c.
7.59% GJ SDL - 15.02.2027 656 0.03% Manufacture of other transport 3,636 0.15%
equipment
6.95% HR SDL 02.06.2033 529 0.02%
Manufacture of electrical equipment 3,444 0.14%
7.34% TS SDL -19.01.2034 450 0.02%
Human health activities 3,236 0.13%
7.59% KA SDL - 29.03.2027 436 0.02%
Activities of head offices; 2,607 0.11%
7.54% KA SDL - 22.11.2027 431 0.02% management consultancy activities
7.02% MH SDL -10.03.2029 263 0.01% Manufacture of rubber and plastics 1,339 0.05%
7.04% GJ SDL - 07.08.2026 166 0.01% products
8.58% GJ SDL - 31.10.2028 64 0.00% Extraction of crude petroleum and 712 0.03%
natural gas
Grand Total 2,473,066 100.00%
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
26 Details of penal actions taken by various Government Authorities (IRDA Cir No.005/IRDA/FandA/CIR/MAY-09 dtd 07th May, 2009)
Non- Amount
Authority compliance/ Penalty Penalty Waived/
Violation Penalty Paid
Awarded Reduced
1. Insurance Regulatory and Development Authority of India Nil Nil Nil Nil
2. Goods and Service Tax Authorities Nil Nil Nil Nil
3. Income Tax Authorities Nil Nil Nil Nil
4. Any other Tax Authorities Nil Nil Nil Nil
5. Enforcement Directorate/Adjudicating Authority/Tribunal or Nil Nil Nil Nil
any Authority under FEMA
6. Registrar of Companies/NCLT/CLB/Department of Nil Nil Nil Nil
Corporate Affairs or any Authority under Companies Act,
1956.
7. Penalty awarded by any Court/Tribunal for any matter Nil Nil Nil Nil
including claim settlement but excluding compensation
8. Securities and Exchange Board of India NA NA NA NA
9. Competition Commission of India Nil Nil Nil Nil
10. Any other Central/State/Local Government/Statutory Nil Nil Nil Nil
Authority
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
27 (a) Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders (IRDAI Circular no. IRDA/FandA/CIR/
Misc/28/11/2020 )
In accordance with IRDAI master circular on unclaimed amounts of policyholders dated 17th November, 2020, the company maintains a single
segregated fund to manage all unclaimed amounts. The amount is invested in money market instruments, liquid mutual funds and fixed deposit
of scheduled banks.
The amount in the unclaimed fund has been disclosed in schedule 12 as ‘ Investment - Unclaimed’ alongwith ‘Income on unclaimed amount of
policy holders’. Investment income accruing to the fund is disclosed in the revenue account. Such investment income net of fund management
charges is disclosed in schedule 4 ‘Benefits paid as ‘Unclaimed appreciation expense’
As per IRDA guidelines, the details of the unclaimed amounts of the policyholders or insured’s are mentioned below:
Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at 31st March, 2022
Total
Age-wise Analysis
Amount
Particulars FY More
0-6 7-12 13-18 19-24 25-30 31-36 37-120
2021- than 120
months months months months months months Months
22 months*
Claims settled but not paid to the 86,173 436 36,761 10,207 1,175 1,917 3,803 31,856 19
policyholders/Insured due to any
reasons except under litigation from
the insured/policyholders
Sum due to the insured/policyholders 185,200 833 64,128 33,369 31,158 32,580 5,667 17,462 4
on maturity or otherwise
Any excess collection of the premium/ 14,152 1,370 6,943 1,563 626 1,220 541 1,874 15
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
Cheques issued but not encashed by 179,797 140 6,100 22,677 9,630 11,386 3,910 104,166 21,789
the policyholder/insured
Total Amount 465,322 2,778 113,932 67,815 42,589 47,102 13,921 155,358 21,826
*Amounts under the head ‘More than 120 months’ petains to those cases whose ageing was less than 10 years as on 30th September, 2021
but more than 10 years as on 31st March, 2022
Statement of Age-wise Analysis of the Unclaimed Amount of the Policyholders as at 31st March, 2021
Total
Age-wise Analysis
Amount
Particulars FY More
0-6 7-12 13-18 19-24 25-30 31-36 37-120
2020- than 120
months months months months months months Months
21 months*
Claims settled but not paid to the 69,109 4 2,907 3,918 3,990 4,403 12,661 40,444 781
policyholders/Insured due to any
reasons except under litigation from
the insured/policyholders
Sum due to the insured/policyholders 110,142 37 59,926 26,692 7,240 3,186 1,648 11,413 -
on maturity or otherwise
Any excess collection of the premium/ 7,251 36 2,572 1,859 932 682 317 836 16
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
Cheques issued but not encashed by 214,175 - 28,504 20,312 6,054 7,803 4,674 140,773 6,053
the policyholder/insured
Total 400,676 77 93,909 52,781 18,216 16,075 19,300 193,467 6,850
*Amounts under the head ‘More than 120 months’ petains to those cases whose ageing was less than 10 years as on 30th September, 2020 but more than 10 years
as on 31st March, 2021
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
27 (b) Handling of the unclaimed amounts pertaining to the policyholders (IRDAI Circular no. - IRDA/FandA/CIR/
Misc/282/11/2020)
(` in thousands)
FY 2021-22 FY 2020-21
Particular
Policy Dues Income Accrued Policy Dues Income Accrued
Opening Balance 373,828 26,848 315,294 25,485
Add: Amount transferred to Unclaimed Fund 466,368 - 341,984 -
Add: Cheques issued out of the unclaimed amount but not 8,599 - 3,208 -
encashed by the policyholders (To be included only when
the cheques are stale)
Add: Investment Income on Unclaimed Fund - 17,329 - 14,500
Less: Amount of claims paid during the year 391,600 13,199 283,636 12,760
Less: Amount transferred to SCWF (net of claims paid in 18,907 3,944 3,023 377
respect of amounts transferred earlier)
Closing Balance of Unclaimed Amount Fund 438,288 27,034 373,828 26,848
28 Disclosures relating to discontinued policies. IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010.
(` in thousands)
FY 2021-22 FY 2020-21
Fund for Discontinues Policies
Opening Balance of Funds for Discontinued Policies 5,686,574 3,844,306
Add : Fund of policies discontinued during the year 5,061,779 4,560,499
Less : Fund of policies revived during the year (2,605,320) (1,682,360)
Add : Net Income/Gains on investment of the Fund 234,093 214,298
Less : Fund Management Charges levied (39,268) (29,531)
Less : Amount refunded to policyholders during the year (2,220,436) (1,220,637)
Closing Balance of Fund for Discontinued Policies 6,117,423 5,686,574
Other disclosures
1. Amount refunded to the policyholders 2,220,436 1,220,637
2. Amount transferred to the ‘Funds for discontinued policies’ 6,117,423 5,686,574
(Fund Value as on 31st March, 2022)
3. Number of policies discontinued during the financial year 9,966 11,174
4. % of discontinued to total policies during the year : -
Product wise -
K38 - Kotak Wealth Insurance 0.15% 0.34%
K40 - Kotak Headstart Child Assure 0.83% 0.83%
K41 - Kotak Secure Invest Insurance 0.07% 0.00%
K42 - Kotak Ace Investment 0.09% 0.31%
K44 - Kotak Platinum 0.29% 0.39%
K51 - Kotak Invest Maxima Plan 0.01% 0.09%
K64 - Kotak Headstart Child Assure 1.16% 4.46%
K65 - Kotak Invest Maxima Plan 2.23% 4.86%
K66 - Kotak Wealth Insurance 4.72% 8.66%
K67 - Kotak Ace Investment 0.00% 0.06%
K68 - Kotak Platinum 0.00% 0.33%
K84-Kotak Platinum 6.09% 11.45%
K86-Kotak Ace Investment 4.83% 9.34%
K97-Kotak Wealth Optima Regular (K97A) 11.91% 0.00%
L01- Kotak Platinum 8.51% 5.99%
L02-Kotak Ace Investment 14.61% 12.25%
L04-Kotak Invest Maxima 2.28% 0.25%
K83-Kotak Single Invest Advantage 0.01% 0.01%
L17-Kotak Platinum Regular 5.76% 0.00%
L20-Kotak Wealth Optima Regular 1.75% 0.00%
5. Policies revived during the year 8,627 9,168
No. of policies 14,931 17,737
% of policies revived 57.78% 51.69%
6. Charges imposed on account of discontinued policies 16,162 22,167
7. Charges readjusted on account of revival of discontinued policies (1,868) (1,049)
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
30 Employee benefits
(c) Gratuity
In accordance with Payment of Gratuity Act, 1972 the Company provides for gratuity, a defined benefit retirement plan covering all employees.
The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s
salary and the years of employment with the Company subject to maximum of ` 20 lakh per employee.
The gratuity benefit is provided to the employees through a fund administered by the Board of Trustees of Kotak Mahindra Life Insurance
Employees Gratuity Fund. The Company is responsible for settling the gratuity obligation through contributions to the fund. The plan is fully
funded.
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
30 Employee benefits
(c) Gratuity
Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is given below.
Particulars FY 2021-22 FY 2020-21
Change in Defined benefit obligations :
Liability at the beginning of the year 437,879 373,678
Transfer of liabilities funded during the year Nil Nil
Current service cost 65,936 62,153
Interest cost 29,469 26,112
Actuarial (gain)/loss on obligations 15,789 (134)
Past Service Cost Nil Nil
Liabilities Assumed on transfer of employee (4,819) 302
Benefits paid (42,875) (24,232)
Liability at the end of the year 501,379 437,879
Change in plan assets
Fair value of plan asset at the beginning of the year 489,566 384,886
Expected return on plan assets 32,274 24,993
Contributions by the employer for the year 62,000 105,000
Actuarial gain/(loss) (4,202) (1,081)
Benefits paid (42,875) (24,232)
Closing Fair Value of Plan assets 536,763 489,566
Closing Fair Value of Plan assets 536,763 489,566
Liability at the end of the year 501,379 437,879
Net Asset/(Liabilities) disclosed under ‘Other Receivables in Sch-12’ 35,385 51,687
Expenses recognised for the year :-
Current service cost 65,935 62,153
Interest cost 29,469 26,112
Expected return on plan assets (32,274) (24,993)
Actuarial (gain)/loss 19,991 947
Past Service Cost Nil 1,501
Net gratuity expenses included in ‘Employees' remuneration and welfare benefits’ (Sch-3) 83,121 65,720
Reconciliation of the Liability recognised in the Balance Sheet
Net (Asset)/Liability at the beginning of the year 437,879 373,678
Current service cost 65,935 62,153
Interest cost 29,469 26,112
Actuarial (gain)/loss on obligations 15,789 (134)
Past Service Cost Nil Nil
Liabilities Assumed on transfer of employee (4,819) 302
Benefits paid (42,875) (24,232)
Liability at the end of the year 501,379 437,879
Investment details of plan assets
The plan assets are invested in insurer managed funds. Major categories of plan assets as a
percentage of fair value of total plan assets:
Government securities 45.04% 59.86%
Bonds, debentures and other fixed income instruments 23.20% 23.92%
Money market instruments 14.86% 4.85%
Equity 15.54% 9.74%
Others 1.36% 1.64%
Total 100.00% 100.00%
Financial Statements
Schedules st
Forming Part of the Financial Statements as at 31 March, 2022
(Amounts in thousands of Indian Rupees)
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant
factors such as supply and demand in the employment market. (As computed by actuary and relied upon by auditors)
(d) Superannuation
The eligible permanent employees of the Company, who have opted for the scheme, are entitled to receive retirement benefits under the
superannuation scheme operated by the Company. The contribution for the year amounts to ` 1,413 (2021 - ` 1,775)
30 Employee benefits
As per our report of even date attached For and on behalf of the Board of Directors
For S.R. Batliboi and Associates LLP For Haribhakti and Co. LLP Uday Kotak Paresh Parasnis Gaurang Shah
Chartered Accountants Chartered Accountants Chairman Director Director
ICAI Firm Registration No : ICAI Firm Registration No : DIN : 00007467 DIN : 02412035 DIN : 00016660
101049W/E300004 103523W/W100048
Muralikrishna Cheruvu
Mumbai Mumbai Company Secretary
29th April, 2022 29th April, 2022
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CIN: U66030MH2000PLC128503