January Life Insurance Aditya Birla Sun Life Insurance Company Limited

Transcription

1 Group Fund Factsheet January 2019 Life Insurance Aditya Birla Sun Life Insurance Company Limited

2 LIFE INSURANCE Aditya Birla Sun Life Insurance Company Limited PROTECTING INVESTING FINANCING ADVISING Index Market Outlook Fund Managers Profile Fund Performance Secure Fund Stable Fund Stable Fund 2 Growth Fund Growth Fund 2 Growth Advantage Fund Money Market Fund Money Market Fund 2 Short Term Fund Short Term Fund 2 Income Advantage Fund Gilt Fund Bond Fund Fixed Interest Fund Fixed Interest Fund 2 Page No

3 Feb18 Mar18 Apr18 May18 Jun18 Aug18 Sep18 Oct18 Nov18 Dec18 Dec17 Feb18 Mar18 Apr18 May18 Jun18 Aug18 Sep18 Oct18 Nov18 Market Update Economy Review The key events in the month were Domestic Factors a) Budget: Fiscal deficit for has been pegged at 3.4% of GDP, similar to the revised target for b) GDP: As per CSO estimates, India's GDP expected to rise to 7.2% during compared to 6.7% in the previous fiscal. During the first half of the current fiscal, GDP grew at 7.6%. c) Credit Growth: Credit growth for the fortnight ended 4th January 19 came at 14.5% from 15.1% in the month of December 18. d) Trade Deficit: Trade deficit in December 18 was US$13.1bn compared to US$16.7 bn in November 18. Exports grew 0.3% against 0.7% in previous month. Imports contracted by 2.4% against 4.3% in November 18. Global Factors a) IMF Global Growth Forecast: IMF revised down its estimates for global growth at 3.5% for CY19 and 3.6% for CY20. It retained India s growth at 7.5% for FY20. b) Brexit: Brexit deal was crushed in the UK parliament by a very large margin of 230 votes. c) ECB: ECB left its policy rate unchanged in its January 19 meet. Draghi acknowledged that Eurozone growth was likely to be weaker than earlier estimated. d) FED: The US Federal Reserve has left its lending rates and Fed commentary turned dovish. e) China GDP: GDP growth slowed to a 28year low in 2018 at 6.6%. Domestic macro economic data. On the economy front, IIP dropped to 0.5% in November 18 vs 8.4% in October 18. This was led by slowdown in momentum after the festive season along with unfavorable base. IIP Source: Tradingeconomics.com InflationCPI came in at 18 month low, at 2.2% in December 18 against 2.3% in November 18. WPI came in at 3.8% in December 18 v/s 4.6% in November Inflation CPI WPI Source: Tradingeconomics.com

4 Market Update Outlook for Equities In January, Sensex and Nifty remained flat on concerns of global macro slowdown and India s budget underway. The government introduced 10% job and education quota for economically weaker sections. In the budget, government has focussed on providing fiscal benefit to certain section of the societyfarmers and middle class. The government announced a new scheme (PMKISAN) which entails direct payment of Rs 6,000 per annum to 120 mn small and marginal farmers, rebate for individual taxpayers with taxable income below Rs 5,00,000, which would entail savings up to Rs 12,500 per annum and several benefits to homeowners. Subsequently, consumption will boost economic growth as disposable income increases in the hands of the middle class and farmers. FIIs turned net sellers in the month of January 19. They sold around $75 mn in January 19. While, DIIs has been investing constantly, they invested $464 mn in January 19. Markets currently trades at 17.3x, one Year forward earnings, in line with 10year average as macroeconomic concerns ease with earnings growth recovery in sight. India s economic growth is expected to remain strong. Key driver will be private consumption supported by investments in infrastructure. We expect earnings growth of 18% CAGR for FY19 and FY20. Investors in equity funds can continue to invest for longterm as corporate earnings are expected to revive from the current levels. BSE NSE INDEX 31 29Dec17 31Dec18 30Nov17 % Change Nifty Sensex BSE 100 Dow Jones Nikkei % 0.52% 0.95% 7.17% 3.79% Hang Seng % Feb18 Mar18 Apr18 May18 Jun18 Aug18 Sep18 Oct18 Nov18 Dec Nasdaq % Outlook for The interim budget for announced higher than expected gross borrowing number of Rs 7.1tn and additional borrowing of Rs 325bn (including Rs 80bn Tbills) in This has spooked markets. Yields rose by over 20 bps intraday. Revenue estimates especially on GST do not appear realistic even for next fiscal hence overhang of likely additional borrowing remains. Liquidity environment though continues to be supportive, courtesy RBI OMO purchases worth Rs 2.36tn have been conducted till January and Rs 375 bn announced for February. Banking system liquidity which had turned negative by Rs 1tn post GST outflows in January has come back into positive territory. January also saw crude oil prices rebounding on OPEC supply cuts and moving up nearly 20% from lows. FOMC meeting was more dovish than anticipated, FED rate hike bets have receded. Global risk off sentiment is visible in gold prices as they touched a 9 month high. Yield on the 10 year government bond has risen to 7.48% from 7.37% in the month of January. In the near term, we expect yields to be in the range of 7.75% to 7.50%. Corporate bond spread over gsec is likely to be around 100 basis points. 10 Yr GSec Yield 5 year Corporate Bond Spread Key Indices 10 Year GSec 31 31Dec18 % Change 7.28% 7.37% 1.24% Percentage (%) bps 5 Year GSec 90 Day T Bill 364 Day TBill 7.34% 7.19% 2.04% 6.50% 6.75% 3.85% 6.73% 6.92% 2.82% 0.0 Feb18 Mar18 Apr18 May18 Jun18 Aug18 Sep18 Oct18 Nov18 Dec18 30 Call Rates 6.39% 6.33% 0.94%

5 Fund Managers Profile Mr. Sameer Mistry Mr. Sameer Mistry Joint Vice President Investments Mr. Sameer Mistry Joined ABSLI in January He has over 18 years of experience in Research and Fund Management. Prior to joining us, he worked as a Fund Manager with Reliance Capital Asset Management, Tata Mutual Fund and SBI Life Insurance. Sameer has done his BE (Electronics & Telecom) as well as a an MBA in Finance. Mr. Parin Vora Assistant Vice President Investments Mr. Parin Vora has been with ABSLI since October 2007 and is primarily responsible for Fixed Income trading and Fund Management. He has 18 years of experience in Fixed Income Industry and was associated with Birla Sun Life Securities & Mata Securities. Parin has done his MBA in Finance from Welingkar s Institute of Management and DPMIR from Narsee Monjee Institute of Management Studies. Fund SFIN No Fund Manager Group Money Market Fund Group Money Market Fund2 Group Short Term Fund Group Short Term Fund 2 Group Income Advantage Fund Group Gilt Fund Group Bond Fund Group Fixed Interest Fund Group Fixed Interest Fund 2 ULGF00824/08/04BSLIGRMMKT109 ULGF01928/11/11BSLGRMMKT2109 ULGF01322/09/08BSLGSHTDBT109 ULGF02128/11/11BSLGSHTDB2109 ULGF01425/02/10BSLGINCADV109 ULGF00630/05/03BSLIGRGILT109 ULGF00530/05/03BSLIGRBOND109 ULGF00416/07/02BSLGFIXINT109 ULGF01728/11/11BSLGFXINT2109 Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Mr. Parin Vora Balaced Fund Group Secure Fund Group Stable Fund Group Stable Fund 2 Group Growth Fund Group Growth Fund 2 Group Growth Advantage Fund Fund SFIN No Manager ULGF00212/06/01BSLGSECURE109 Mr. Sameer Mistry Mr. Parin Vora ULGF00312/06/01BSLGSTABLE109 Mr. Sameer Mistry Mr. Parin Vora ULGF02228/11/11BSLGSTABL2109 Mr. Sameer Mistry Mr. Parin Vora ULGF00112/06/01BSLGGROWTH109 Mr. Sameer Mistry Mr. Parin Vora ULGF01828/11/11BSLGROWTH2109 Mr. Sameer Mistry Mr. Parin Vora ULGF01026/11/07BSLIGGRADV109 Mr. Sameer Mistry Mr. Parin Vora Fund Manager Mr. Parin Vora Mr. Sameer Mistry No. of Funds Managed Fund Balanced Fund Fund 9 6 6

6 Fund Performance as on 31st January 2019 Group Funds Figures in percentage (%) Returns Absolute CAGR Period 1 month 3 months 6 months 1 Year 2 Years 3 Years 4 Years 5 Years Since Inception Secure Fund Stable Stable Growth Growth Fund Fund 2 Fund Fund Returns Period Growth Advantage Money Money Short Term Short Term Market Fund Market Fund 2 Fund Fund 2 Absolute CAGR 1 month 3 months 6 months 1 Year 2 Years 3 Years 4 Years 5 Years Since Inception Returns Absolute CAGR Period 1 month 3 months 6 months 1 Year 2 Years 3 Years 4 Years 5 Years Secure Stable Stable 2 Growth Growth 2 Growth Advantage Money Market Money Market 2 Short Term Fund Short Term 2 Income Advantage Gilt Fund Bond Fund Fixed Interest Fixed Interest 2 Since Inception Fund Name Income Advantage Fund Weightage 20% 35% 35% 50% 50% 60% BSE 100 BSE 100 BSE 100 BSE 100 BSE 100 BSE 100 Gilt Fund Bond Fund Fixed Fixed Interest Fund Interest Fund 2 70% 55% 55% 40% 40% 30% 100% 100% 85% 70% 15% 85% 85% Benchmark Composition Index Weightage Index Weightage Index Crisil Composite Bond Fund Index Crisil Composite Bond Fund Index Crisil Composite Bond Fund Index Crisil Composite Bond Fund Index Crisil Composite Bond Fund Index Crisil Composite Bond Fund Index Crisil Short Term Bond Fund Index Crisil Short Term Bond Fund Index Crisil Composite Bond Fund Index Crisil Medium Term Bond Fund Index Crisil AA Medium Term Bond Fund Index Crisil Composite Bond Fund Index Crisil Composite Bond Fund Index Disclaimer: This document is issued by ABSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Aditya Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment with respect to any matter contained herein. The investment risk in investment portfolio is borne by the policyholder. The name of the funds do not in any way indicate their quality, future prospects or returns. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance ofinvestment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions Insurance is the subject matter of solicitation. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS: IRDA clarifies to public that IRDA or its officials do not involve inactivities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number. * Duration for Money Market Instrument and FD s is considered as "Zero". 10% 10% 10% 10% 10% 10% 100% 100% 15% 15% 15% 15% SFIN ULGF00212/06/01BSLGSECURE109 ULGF00312/06/01BSLGSTABLE109 ULGF02228/11/11BSLGSTABL2109 ULGF00112/06/01BSLGGROWTH109 ULGF01828/11/11BSLGROWTH2109 ULGF01026/11/07BSLIGGRADV109 ULGF00824/08/04BSLIGRMMKT109 ULGF01928/11/11BSLGRMMKT2109 ULGF01322/09/08BSLGSHTDBT109 ULGF02128/11/11BSLGSHTDB2109 ULGF01425/02/10BSLGINCADV109 ULGF00630/05/03BSLIGRGILT109 ULGF00530/05/03BSLIGRBOND109 ULGF00416/07/02BSLGFIXINT109 ULGF01728/11/11BSLGFXINT

7 Group Secure Fund ULGF00212/06/01BSLGSECURE109 Fund Manager: Sameer Mistry () & Parin Vora () Total Experience: 18 years & 18 years Objective: This investment fund option helps build your capital and generate better returns at moderate level of risk, over a medium or longterm period through a balance of investment in equity and debt. Strategy: To generate better return with moderate level of risk through active management of fixed income portfolio and focus on creating long term equity portfolio which will enhance yield of composite portfolio with low level of risk appetite. Date of Inception: 19Jun01 Exposure to equities has slightly increased to 19.79% from 19.71%, GSecs has decreased to 34.87% from 35.43% and MMI has increased to 14.13% from 13.29% on a MOM basis. Over 87% of the debt portfolio remains invested in highest rated instruments. The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Asset held as on 31st January 2019: ` Cr GOVERNMENT SECURITIES: 34.87% 9.20% GOI 2030 (MD 30/09/2030) 10.13% 8.83% GOI 2023 (MD 25/11/2023) 3.74% 8.60% GOI 2028 (MD 02/06/2028) 3.38% 8.33% GOI 2026 (MD 09/07/2026) 2.66% 9.23% GOI 2043 (MD 23/12/2043) 2.39% 8.13% GOI 2045 (MD 22/06/2045) 1.17% 7.16% GOI 2023 (MD 20/05/2023) 0.90% 8.17% GOI 2044 (MD 01/12/2044) 0.89% 8.32% GOI (MD 02/08/2032) 0.81% 8.15% GOI 2022 (MD 11/06/2022) 0.77% Other Government Securities 8.04% NAV as on 31st January 2019: ` Benchmark: BSE 100, Crisil Composite Bond Fund Index & : 14.13% CORPORATE DEBT: 31.21% 8.45% HDFC Ltd. MD (18/05/2026) (Series P 012) 1.89% 9.00% Godrej & Boyce Man Co Ltd. MD (22/04/21) (Step Up) 1.14% 8.75% HDFC Ltd. (04/03/2021) (Series P002) (Put Opt 14/0) 1.14% 7.50 HDFC Ltd. (MD 07/07/2020) 1.12% 8.15% Tata Steel Ltd (MD 01/10/2026) 1.07% 9.25% Reliance Jio Infocomm Limited (MD 16/06/2024) 1.03% 8.30% REC Ltd. (MD 10/04/2025) 0.94% 7.80% Apollo Tyres Limited Series C Maturity 30Th Apr % 9.30% LIC Housing Finance Ltd (MD 14/09/2022) 0.70% 9.60% Hindalco Industries Ltd. (MD 02/08/2022) 0.69% Other Corporate 20.60% Modified Duration: 4.57 years EQUITY: 19.79% HDFC Bank Limited 1.91% Reliance Industries Limited 1.60% ICICI Bank Limited 1.32% Infosys Limited 1.18% Housing Development Finance Corporation 1.12% ITC Limited 0.95% Tata Consultancy Services Limited 0.76% Larsen & Toubro Limited 0.76% Axis Bank Limited 0.70% Kotak Mahindra Bank Limited 0.67% Other 8.82% Secure 14.13% 19.79% GSecs 34.87% Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul % SECTORAL ALLOCATION BANKING SOFTWARE / IT 13.20% FMCG 10.06% OIL AND GAS 9.66% CAPITAL GOODS 9.09% FINANCIAL SERVICES 6.99% PHARMACEUTICALS 5.20% AUTOMOBILE 3.42% CEMENT 3.41% RETAILING 2.60% OTHERS 11.31% 25.05% 31.21% A % AA+ AA AA 5.85% 0.96% 6.02% 52.06% ( 20 %) ( 80 %)

8 Group Stable Fund ULGF00312/06/01BSLGSTABLE109 Fund Manager: Sameer Mistry () & Parin Vora () Total Experience: 18 years & 18 years Objective: This investment fund option helps you grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return. This fund is suitable for those who want to earn higher return on investment through balanced exposure to equity and debt securities. Strategy: To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders. Date of Inception: 31Aug01 Over 89% of the debt portfolio remains invested in highest rated instruments. The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 4.60 years Benchmark: BSE 100, Crisil Composite Bond Fund Index & GOVERNMENT SECURITIES: 27.66% 9.23% GOI 2043 (MD 23/12/2043) 5.57% 8.33% GOI 2026 (MD 09/07/2026) 4.77% 8.83% GOI 2023 (MD 25/11/2023) 3.45% 9.20% GOI 2030 (MD 30/09/2030) 2.75% 8.28% GOI (MD 15/02/2032) 2.19% 8.60% GOI 2028 (MD 02/06/2028) 1.75% 8.08% GOI (MD 02/08/2022) 1.05% 8.30% GOI 2040 (MD 02/07/2040) 0.87% 8.15% GOI 2022 (MD 11/06/2022) 0.84% 7.59% GOI 2026 (MD 11/01/2026) 0.83% Other Government Securities 3.56% : 20.80% CORPORATE DEBT: 17.18% 7.85% Indian Hotels Co Ltd (MD 15/04/2022) S1 2.92% 8.75% LIC Housing Finance Ltd (MD 08/12/2028) 2.51% 9.475% Aditya Birla Finance Ltd G8 (MD 18/03/2022) 1.70% 9.00 HDFC Ltd. (MD 29/11/2028) Series U % 7.80% Apollo Tyres Limited Series B Maturity 28Th Apr % 8.90% LIC Housing Finance Ltd (10/08/2020) 0.83% 8.40% PGC (MD 27/05/2027) [I] 0.82% 7.58% PNB Housing Finance Ltd (MD 15/03/2021) 0.81% 7.89% PGC (LVIII) (MD 09/03/2027) 0.79% 9.25% LIC Housing Finance Ltd (MD 01/01/2023) 0.78% Other Corporate 2.73% EQUITY: 34.36% HDFC Bank Limited 3.24% Reliance Industries Limited 2.72% ICICI Bank Limited 2.23% Infosys Limited 1.98% Housing Development Finance Corporation 1.93% ITC Limited 1.62% Tata Consultancy Services Limited 1.38% Larsen & Toubro Limited 1.34% Axis Bank Limited 1.19% Kotak Mahindra Bank Limited 1.15% Other 15.59% Stable 17.18% 34.36% Jan12 Jul12 Jan13 Jul13 Jan14 BANKING SOFTWARE / IT SECTORAL ALLOCATION FMCG OIL AND GAS CAPITAL GOODS FINANCIAL SERVICES PHARMACEUTICALS CEMENT AUTOMOBILE RETAILING OTHERS Jul14 Jan15 Jul15 Jan % 3.41% 3.29% 2.96% Jul % 9.48% 9.31% 8.02% Jan17 Jul % 11.55% 24.46% 20.80% 20.31% GSecs 27.66% (34%) (66%) AA A % AA AA+ 2.69% 0.06% 10.49% 65.85%

9 Group Stable Fund 2 ULGF02228/11/11BSLGSTABL2109 Fund Manager: Sameer Mistry () & Parin Vora () Total Experience: 18 years & 18 years Objective: This investment fund option helps you grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return. This fund is suitable for those who want to earn higher return on investment through balanced exposure to equity and debt securities. Strategy: To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders. Date of Inception: 28Nov11 100% of the debt portfolio remains invested in highest rated instruments. The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Asset held as on 31st January 2019: ` 2.52 Cr NAV as on 31st January 2019: ` Modified Duration: 5.09 years Benchmark: BSE 100, Crisil Composite Bond Fund Index & GOVERNMENT SECURITIES: 57.30% 7.80% GOI (MD 11/04/2021) 18.19% 9.20% GOI 2030 (MD 30/09/2030) 8.86% 9.23% GOI 2043 (MD 23/12/2043) 6.97% 7.95% GOI 2032 ( ) 6.12% 7.59% GOI 2026 (MD 11/01/2026) 6.01% 9.15% GOI 2024 (MD 14/11/2024) 5.60% 7.16% GOI 2023 (MD 20/05/2023) 5.56% CORPORATE DEBT: 4.36% EQUITY: 34.81% 10.70% IRFC (MD 11/09/2023) 4.36% HDFC Bank Limited 3.29% Reliance Industries Limited 2.80% ICICI Bank Limited 2.44% Infosys Limited 2.08% Housing Development Finance Corporation 1.96% ITC Limited 1.70% Tata Consultancy Services Limited 1.36% Larsen & Toubro Limited 1.35% Axis Bank Limited 1.20% Kotak Mahindra Bank Limited 1.20% Other 15.42% : 3.53% Stable % 4.36% 34.81% GSecs 57.30% Jan15 Jul15 Jan16 Jul16 Jan17 Jul17 SECTORAL ALLOCATION BANKING SOFTWARE / IT 13.16% 25.34% 7.08% FMCG OIL AND GAS 10.35% 9.88% 92.92% CAPITAL GOODS 8.76% FINANCIAL SERVICES 7.03% PHARMACEUTICALS AUTOMOBILE CEMENT 5.11% 3.53% 3.43% 0.88 (35%) POWER 2.60% OTHERS 10.81% 1.64 (65%)

10 Group Growth Fund ULGF00112/06/01BSLGGROWTH109 Fund Manager: Sameer Mistry () & Parin Vora () Total Experience: 18 years & 18 years Objective: The objective of this investment fund option is to achieve optimum balance between growth and stability to provide longterm capital appreciation with balanced level of risk by investing in fixed income securities and high quality equity security. This fund option is for those who are willing to take average to high level of risk to earn attractive returns over a long period of time. Strategy: The strategy is to invest into fixed income securities & maintaining diversified equity portfolio along with active fund management policyholder s wealth in long run. Date of Inception: 31Aug01 Over 96% of the debt portfolio remains invested in highest rated instruments. The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 4.80 years Benchmark: BSE 100, Crisil Composite Bond Fund Index & GOVERNMENT SECURITIES: 28.30% 8.83% GOI 2023 (MD 25/11/2023) 6.29% 8.33% GOI 2026 (MD 09/07/2026) 3.60% 8.60% GOI 2028 (MD 02/06/2028) 2.20% 9.53% State Developement Gujrat 2024 (MD 12/02/2024) 1.82% 9.20% GOI 2030 (MD 30/09/2030) 1.72% 9.23% GOI 2043 (MD 23/12/2043) 1.61% 7.95% GOI 2032 ( ) 1.56% 8.20% GOI (MD 15/02/2022) 1.50% 8.17% GOI 2044 (MD 01/12/2044) 1.27% 7.75% Power Finance Corpn. Ltd. (MD 22/03/2027) 1.16% Other Government Securities 5.56% CORPORATE DEBT: 16.53% 7.89% Can Fin Homes Ltd. MD (18/05/2022) Series % 9.34% REC Ltd. (MD 25/08/2024) 1.66% 8.70% PFC Ltd. (MD 14/05/2020) 1.45% 8.55% PFC Ltd. (09/12/2021) Srs % 8.45% HDFC Ltd. MD (18/05/2026) (Series P 012) 1.37% 7.35% BPCL Ltd (MD 10/03/2022) 1.30% 7.58% PNB Housing Finance Ltd (MD 15/03/2021) 0.85% 7.89% PGC (LVIII) (MD 09/03/2027) 0.83% 9.02% REC Ltd. (MD 19/11/2022) 0.63% 9.23% LIC Housing Finance Ltd (MD 13/12/2022) 0.53% Other Corporate 3.97% EQUITY: 49.50% HDFC Bank Limited 4.64% Reliance Industries Limited 3.99% ICICI Bank Limited 3.21% Infosys Limited 2.94% Housing Development Finance Corporation 2.78% ITC Limited 2.27% Larsen & Toubro Limited 1.95% Tata Consultancy Services Limited 1.89% Axis Bank Limited 1.74% Kotak Mahindra Bank Limited 1.68% Other 22.40% : 5.67% Growth 5.67% 16.53% GSecs 28.30% 49.50% Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul17 SECTORAL ALLOCATION BANKING SOFTWARE / IT FMCG OIL AND GAS 13.22% 9.83% 9.64% 24.66% 35.62% AA+ AA 2.82% 1.03% 60.52% CAPITAL GOODS 9.21% FINANCIAL SERVICES 6.92% PHARMACEUTICALS 5.17% AUTOMOBILE CEMENT 3.38% 3.33% (49 %) MANUFACTURING 3.04% OTHERS 11.60% (51 %)

11 Group Growth Fund 2 ULGF01828/11/11BSLGROWTH2109 Fund Manager: Sameer Mistry () & Parin Vora () Total Experience: 18 years & 18 years Objective: The objective of this investment fund option is to achieve optimum balance between growth and stability to provide longterm capital appreciation with balanced level of risk by investing in fixed income securities and high quality equity security. This fund option is for those who are willing to take average to high level of risk to earn attractive returns over a long period of time. Strategy: The strategy is to invest into fixed income securities & maintaining diversified equity portfolio along with active fund management policyholder s wealth in long run. Date of Inception: 28Nov11 100% of the debt portfolio remains invested in highest rated instruments. The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 4.01 years Benchmark: BSE 100, Crisil Composite Bond Fund Index & GOVERNMENT SECURITIES: 21.31% 7.95% GOI 2032 ( ) 7.93% 7.59% GOI 2026 (MD 11/01/2026) 6.49% 9.23% GOI 2043 (MD 23/12/2043) 3.01% 8.83% GOI 2023 (MD 25/11/2023) 2.73% 8.83% GOI 2041 (MD 12/12/2041) 1.15% CORPORATE DEBT: 16.64% 8.35% LIC Housing Finance Ltd. (MD 23/10/2020) 5.16% 9.04% REC Ltd. (MD 12/10/2019) 3.88% 8.40% Nuclear Power Corp Of India Ltd (C) (MD 28/11/2027) SE 2.59% 7.69% BPCL Ltd (MD 16/01/2023) 2018 Series I 2.52% 7.89% Power Grid Corporation (LVIII) (MD 09/03/2027) 2.49% EQUITY: 49.55% HDFC Bank Limited 5.12% Reliance Industries Limited 4.01% ICICI Bank Limited 3.35% Infosys Limited 2.95% Housing Development Finance Corporation 2.78% ITC Limited 2.44% Tata Consultancy Services Limited 2.04% Larsen & Toubro Limited 1.95% Axis Bank Limited 1.74% Kotak Mahindra Bank Limited 1.68% Other 21.50% : 12.50% Growth % 16.64% GSecs 21.31% 49.55% Jan15 Jul15 Jan16 Jul16 Jan17 Jul17 SECTORAL ALLOCATION BANKING 26.02% SOFTWARE / IT FMCG OIL AND GAS 13.63% 10.21% 9.90% 33.38% 66.62% CAPITAL GOODS 9.01% FINANCIAL SERVICES 7.00% PHARMACEUTICALS AUTOMOBILE CEMENT RETAILING 4.53% 3.46% 3.46% 2.71% (50 %) OTHERS 10.08% (50 %)

12 Group Growth Advantage Fund ULGF01026/11/07BSLIGGRADV109 Fund Manager: Sameer Mistry () & Parin Vora () Total Experience: 18 years & 18 years Objective: The Objective of the fund is to provide blend of fixed return by investing in debt & money market instruments and capital appreciation by predominantly investing in equities of fundamentally strong and large blue chip companies. Strategy: The fund option will invest at least 40% and maximum of 60% in fundamentally strong and large blue chip companies and minimum 40% in and money market Instruments. The Strategy of the fund is to build and actively manage a welldiversified equity portfolio of value & growth driven stocks by following a researchfocused investment approach. While appreciating the high risk associated with equities, the fund would attempt to maximize the riskreturn payoff for the longterm advantage of the policyholders. The fund will also explore the option of having exposure to quality mid cap stocks. The Fund Manager would endeavor to outperform the benchmark. The nonequity portion of the fund will be invested in highrated debt and money market instruments and fixed deposits. Date of Inception: 18Feb08 100% of the debt portfolio remains invested in highest rated instruments. The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 3.88 years Benchmark: BSE 100, Crisil Composite Bond Fund Index & GOVERNMENT SECURITIES: 16.10% 9.20% GOI 2030 (MD 30/09/2030) 8.00% 8.33% GOI 2026 (MD 09/07/2026) 3.13% 8.83% GOI 2023 (MD 25/11/2023) 1.91% 8.60% GOI 2028 (MD 02/06/2028) 1.28% 8.83% GOI 2041 (MD 12/12/2041) 1.07% 9.23% GOI 2043 (MD 23/12/2043) 0.70% 7.88% GOI 2030 (MD 19/03/2030) 0.01% CORPORATE DEBT: 8.89% 7.89% Power Grid Corporation (LVIII) (MD 09/03/2027) 4.63% 9.475% Aditya Birla Finance Ltd G8 (MD 18/03/2022) 1.86% 8.57% REC Ltd. (MD 21/12/2024) 1.20% 9.05% Petronet LNG Ltd (MD 28/10/2019) 0.84% 8.43% LIC Housing Finance Ltd. (MD 10/07/2026) Put 12/ % EQUITY: 58.37% HDFC Bank Limited 5.54% Reliance Industries Limited 4.77% ICICI Bank Limited 3.74% Infosys Limited 3.51% Housing Development Finance Corporation 3.33% ITC Limited 2.84% Tata Consultancy Services Limited 2.29% Larsen & Toubro Limited 2.27% Axis Bank Limited 2.07% Kotak Mahindra Bank Limited 1.99% Other 26.02% : 16.65% Growth Advantage GSecs 16.10% 8.89% 16.65% 58.37% Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul17 SECTORAL ALLOCATION BANKING SOFTWARE / IT FMCG 13.34% 10.11% 24.65% 23.68% 76.32% OIL AND GAS 9.70% CAPITAL GOODS 8.81% FINANCIAL SERVICES 7.06% PHARMACEUTICALS 5.46% AUTOMOBILE CEMENT MANUFACTURING 3.45% 3.41% 2.95% (58%) OTHERS 11.05% (42%)

13 Group Money Market Fund ULGF00824/08/04BSLIGRMMKT109 Fund Manager: Parin Vora Total Experience: 18 years Objective: The primary objective of the investment fund option is to provide reasonable returns, at a high level of safety and liquidity for capital conversation for the policyholder. Strategy: The strategy of investment fund option is to make judicious investments in high quality debt and money market instruments protect capital of the policyholder with very low level of risk. Date of Inception: 30Mar05 Over 95% of the fund is invested in highest rated instruments. The fund continues to maintain very low maturity profile. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 0.13 years Benchmark: GOVERNMENT SECURITIES: 8.48% 364 Days Tbill (MD 03/10/2019) 5.53% 364 Days Tbill (MD 10/10/2019) 2.95% : 35.61% Money Market CORPORATE DEBT: 55.90% 8.12% ONGC Mangalore Petrochemicals Limited (MD 10/06/2 7.75% 7.85% HDFC Ltd (MD 21/06/2019) 6.19% 7.72% IRFC (MD 07/06/2019) Srs % 7.8% Power Finance Corporation Ltd (MD 07/06/2019) 5.80% 8.90% Steel Authority Of India (MD 01/05/2019) Call Fr 01/ % 9.02% REC Ltd. (MD 19/11/2019) 3.90% 8.78% Indiabulls Housing Finance Ltd (MD 22/08/2019) 3.89% 7.79% HDB Fin.Ser.Ltd SRA/1/104 Op 1 (MD 14/06/2019) 2.71% 6.91% NHPC Ltd (MD 15/09/2019) W1 2.69% 8.54% NHPC Ltd (MD 26/11/2019) (SR S2) 2.33% Other Corporate 10.01% 35.61% 9.74% GSecs 8.48% AA 5.33% 55.90% 58.85% A % Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul (100%)

14 Group Money Market Fund 2 ULGF01928/11/11BSLGRMMKT2109 Fund Manager: Parin Vora Total Experience: 18 years Objective: The primary objective of the investment fund option is to provide reasonable returns, at a high level of safety and liquidity for capital conversation for the policyholder. Strategy: The strategy of investment fund option is to make judicious investments in high quality debt and money market instruments protect capital of the policyholder with very low level of risk. Date of Inception: 28NOV11 100% of the fund is invested in highest rated instruments. The fund continues to maintain very low maturity profile. Asset held as on 31st January 2019: ` 0.31 Cr NAV as on 31st January 2019: ` Benchmark: % : % Money Market % Jan15 Jul15 Jan16 Jul16 Jan17 Jul (100%)

15 Group Short Term Fund ULGF01322/09/08BSLGSHTDBT109 Fund Manager: Parin Vora Total Experience: 18 years Objective: This ABSLI fund option helps to provide capital preservation at a high level of safety & liquidity through judicious investments in high quality shortterm debt instruments. Strategy: To actively manage the fund by building a portfolio of fixed income instruments with shortterm duration. The quality & duration of the assets purchased would aim to minimize the credit risk & liquidity risk of the portfolio. Fund will maintain reasonable level of liquidity. Date of Inception: 10Dec08 Exposure to Corporate has decreased to 77.63% from 83.73% and MMI has increased to 22.37% from 16.27% on a MOM basis. Over 88% of the fund is invested in highest rated instruments. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 1.83 years Benchmark: Crisil Short Term Bond Fund Index CORPORATE DEBT: 77.63% 9.70% Power Finance Corpn. Ltd. (MD 09/06/2021) 7.47% 9.10%Fullerton India Credit Co.Ltd. (15/12/2021) S68 OptII 7.41% 8.60% ONGC Petro Additions Limited (MD 11/03/2022) 7.33% HDB Financial Services Limited Series 124 ZCB MD 29/10/ % 9.04% REC Ltd. (MD 12/10/2019) 5.46% 9.90 HDFC Ltd. (MD 10/06/2021) 4.50% 7.85% Indian Hotels Co Ltd (MD 15/04/2022) S1 4.29% 8.90% Indiabulls Housing Finance Ltd SR. III B (MD 26/ % 8.84% Power Grid Corpn. Of India Ltd. (MD 21/10/2019) 3.64% 8.44% HDFC Bank Ltd. Infra Bond (MD 28/12/2028) 3.62% Other Corporate 24.47% 5.05% AA AA+ 2.21% 9.65% 83.09% 22.37% 77.63% : 22.37% Short Term (100%) Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul17

16 Group Short Term Fund 2 ULGF02128/11/11BSLGSHTDB2109 Fund Manager: Parin Vora Total Experience: 18 years Objective: This ABSLI fund option helps to provide capital preservation at a high level of safety & liquidity through judicious investments in high quality shortterm debt instruments. Strategy: To actively manage the fund by building a portfolio of fixed income instruments with shortterm duration. The quality & duration of the assets purchased would aim to minimize the credit risk &liquidity risk of the portfolio. Fund will maintain reasonable level of liquidity. Date of Inception: 28Nov11 Exposure to Corporate has decreased to 73.68% from 74.11% and MMI has increased to 26.32% from 25.89% on a MOM basis. Over 79% of the fund is invested in highest rated instruments. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 1.47 years Benchmark: Crisil Short Term Bond Fund Index CORPORATE DEBT: 73.68% 7.90% Nirma Ltd SR III(MD 28/02/2020) 8.08% 7.35% BPCL Ltd (MD 10/03/2022) 8.00% 9.51% LIC Housing Finance Ltd (MD 24/07/2019) 7.12% 8.12% ONGC Mangalore Petrochemicals Limited (MD 10/06/2019) 7.07% 7.55% Tube Investments Of India Ltd (MD 20/02/2020) 7.03% 8.70% Power Finance Corporation Ltd. (MD 14/05/2020) 6.76% 8.44% HDFC Bank Ltd. Infra Bond (MD 28/12/2028) 5.30% 7.48% GRUH Finance Ltd (MD 10/06/19) F % 7.85% NABARD (MD 31/05/2019) 3.53% 7.95% HDFC Bank Ltd Series1 2016/17 (MD 21/09/2026) 3.44% Other Corporate 12.06% AA 12.65% 14.53% AA+ 8.15% 64.67% 26.32% 73.68% : 26.32% Short Term (100%) Jan15 Jul15 Jan16 Jul16 Jan17 Jul17

17 Group Income Advantage Fund ULGF01425/02/10BSLGINCADV109 Fund Manager: Parin Vora Total Experience: 18 years Objective: To provide capital preservation and regular income, at a high level of safety over a medium term horizon by investing in high quality debt instruments. Strategy: To build and actively manage a portfolio of high quality fixed income instruments with mediumterm duration. The fund will invest in government securities, high rated corporate bonds, high quality money market instruments and other fixed income securities. The quality of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity. Date of Inception: 23Mar10 Over 96% of the fund remains invested in highest rated instruments. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 4.29 years Benchmark: Crisil Composite Bond Fund index & GOVERNMENT SECURITIES: 46.59% 8.83% GOI 2023 (MD 25/11/2023) 13.38% 9.23% GOI 2043 (MD 23/12/2043) 6.19% 8.20% GOI (MD 15/02/2022) 5.51% 7.50% GOI 2034 ( ) 5.21% 7.95% GOI 2032 ( ) 5.17% 8.08% GOI (MD 02/08/2022) 2.72% 8.15% GOI FCI SB Bonds (MD 16/10/2022) 2.67% 7.59% GOI 2026 (MD 11/01/2026) 2.54% 8.30% Fertilizer Co GOI (MD 07/12/2023) 1.50% 8.13% GOI 2045 (MD 22/06/2045) 0.79% Other Government Securities 0.90% : 9.24% Gr. Inc Adv CORPORATE DEBT: 44.17% HDFC Ltd. ZCB (MD 10/05/2021) Srs P % 8.44% HDFC Bank Ltd. Infra Bond (MD 28/12/2028) 6.29% 9.37% Power Finance Corporation Ltd (MD 19/08/2024) 5.23% 9.15% Export Import Bank Of India (MD 05/09/2022) 5.19% 8.00% Reliance Jio Infocomm Limited (MD 07/04/2023) 4.99% LIC Housing Finance Ltd. Tr 363 ZCB (MD 25/02/2020) 4.03% 2% Tata Steel Ltd (MD 23/04/2022) 3.70% 8.30% REC Ltd. (MD 10/04/2025) 2.50% 9.34% REC Ltd. (MD 25/08/2024) 2.09% 9.90 HDFC Ltd. (MD 10/06/2021) 1.30% Other Corporate 2.54% 9.24% 44.17% A1+ AA 3.75% 3.78% GSecs 46.59% 51.11% 41.36% Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul (100%)

18 Group Gilt Fund ULGF00630/05/03BSLIGRGILT109 Fund Manager: Parin Vora Total Experience: 18 years Objective: The investment fund option aims to deliver safe and consistent returns over a longterm period by investing in government securities for capital preservation of the policyholder. Strategy: The investment fund option strategy is to invest in government securities, maintaining a medium to longterm duration of the portfolio to achieve capital conversation. Date of Inception: 28Apr04 Exposure to GSecs has decreased to 73.96% from 74.54% and MMI has increased to 26.04% from 25.46% on a MOM basis. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 7.08 years GOVERNMENT SECURITIES: 73.96% 8.83% GOI 2041 (MD 12/12/2041) 26.44% 9.23% GOI 2043 (MD 23/12/2043) 17.67% 8.17% GOI 2044 (MD 01/12/2044) 11.94% 9.15% GOI 2024 (MD 14/11/2024) 3.28% 9.20% GOI 2030 (MD 30/09/2030) 2.95% 8.83% GOI 2023 (MD 25/11/2023) 2.81% 8.30% GOI 2042 (MD 31/12/2042) 2.45% 8.28% GOI 2027 (MD 21/09/2027) 1.98% 8.15% GOI 2022 (MD 11/06/2022) 1.94% 8.20% GOI Oil SPL Bond 2023 (MD 10/11/2023) 1.28% Other Government Securities 1.23% : 26.04% 26.04% GSecs 73.96% % (100%)

19 Group Bond Fund ULGF00530/05/03BSLIGRBOND109 Fund Manager: Parin Vora Total Experience: 18 years Objective: The investment fund option aims to achieve capital preservation along with stable returns by investing in corporate bonds over mediumterm period. Strategy: The fund follows a strategy to invest in high credit rated corporate bonds, maintaining a shortterm duration of the portfolio at a medium level of risk to achieve capital conservation. Date of Inception: 28Jan07 Exposure to Corporate has increased to 85.95% from 83.33% and MMI has decreased to 14.05% from 16.67% on a MOM basis. Over 77% of the fund remains invested in highest rated instruments. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 2.62 years Benchmark: Crisil Medium Term Bond Index, Crisil AA Medium Term Bond Index & CORPORATE DEBT: 85.95% LIC Housing Finance Ltd. ZCB Opt1 (MD 25/03/2021) 6.86% 8.30% REC Ltd. (MD 10/04/2025) 4.00% 9.05% Petronet LNG Ltd (MD 28/10/2019) 3.10% 7.55% Tube Investments Of India Ltd (MD 20/02/2020) 2.93% Bharti Telecom Ltd. ZCB (MD 19/02/2021) Series % 9.50% HDFC Ltd (MD 13/08/2024) 2.80% 9.15% Axis Bank (MD 31/12/2022) 2.76% 2% Tata Steel Ltd (MD 23/04/2022) 2.76% 8.60% India Infradebt Ltd (MD 08/01/2021) Series I 2.76% 8.54% NPC Of India Limited (MD 15/03/2 2.72% Other Corporate 52.34% : 14.05% Gr.Bond 14.05% AA % 1.63% A1+ AA 0.89% A+ AA 2.92% 0.77% 8.29% 85.95% 74.69% Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul (100%)

20 Group Fixed Interest Fund ULGF00416/07/02BSLGFIXINT109 Fund Manager: Parin Vora Total Experience: 18 years Objective: The investment fund option with full exposure in debt market instrument, aims to achieve value creation at low risk over alongterm horizon by investing into high quality fixed interest securities. Strategy: Active fund management at a medium level of risk by having entire exposure to government securities, corporate bonds maintaining medium to longterm duration of the portfolio to achieve capital conservation. Date of Inception: 18Nov02 Exposure to Corporate has slightly increased to 55.89% from 55.62% GSecs has decreased to 36.78% from 37.18% and MMI has slightly increased to 7.33% from 7.20% on a MOM basis. Over 83% of the fund remains invested in highest rated instruments. Asset held as on 31st January 2019: ` Cr NAV as on 31st January 2019: ` Modified Duration: 5.03 years Benchmark: Crisil Composite Bond Fund index & GOVERNMENT SECURITIES: 36.78% 8.13% GOI 2045 (MD 22/06/2045) 5.21% 7.61% GOI 2030 (MD 09/05/2030) 5.14% 7.59% GOI 2026 (MD 11/01/2026) 4.38% 8.97% GOI 2030 (MD 05/12/2030) 3.66% 8.33% GOI 2026 (MD 09/07/2026) 3.66% 8.60% GOI 2028 (MD 02/06/2028) 3.50% 8.83% GOI 2041 (MD 12/12/2041) 2.44% 8.17% GOI 2044 (MD 01/12/2044) 2.07% 8.67% State Developement Maharashtra 2026 (MD 24/02/2026) 1.93% 7.72% GOI 2025 (MD 25/05/2025) 1.90% Other Government Securities 2.88% : 7.33% Fixed Interest CORPORATE DEBT: 55.89% 9.05% Reliance Industries Ltd (MD 17/10/2028) 3.89% 9.25% Reliance Jio Infocomm Limited (MD 16/06/2024) 2.80% 8.30% REC Ltd. (MD 10/04/2025) 2.79% 10.90% Au Small Finance Bank Limited (MD 30/05/2025) 2.50% 9.05 HDFC Ltd. Series U001 (MD 16/10/2028) 2.43% LIC Housing Finance Ltd. ZCB Opt1 (MD 25/03/2021) 2.31% 8.75% HDFC Ltd. (04/03/2021) (Series P002) (Put Opt 14/0) 2.27% 9.24% LIC Housing Finance Ltd (MD 30/09/2024) 2.23% 9.55% Hindalco Industries Ltd. (MD 27/06/2022) 2.21% 8.00% Reliance Jio Infocomm Limited (MD 16/04/2023) 2.18% Other Corporate 30.28% 7.33% GSecs 36.78% AA AA 6.20% 3.91% AA+ 6.68% 55.89% 43.53% Jan12 Jul12 Jan13 Jul13 Jan14 Jul14 Jan15 Jul15 Jan16 Jul16 Jan17 Jul % 1, (100%)

21 Group Fixed Interest Fund 2 ULGF01728/11/11BSLGFXINT2109 Fund Manager: Parin Vora Total Experience: 18 years Objective: The investment fund option with full exposure in debt market instrument, aims to achieve value creation at low risk over alongterm horizon by investing into high quality fixed interest securities. Strategy: Active fund management at a medium level of risk by having entire exposure to government securities, corporate bonds maintaining medium to longterm duration of the portfolio to achieve capital conservation. Date of Inception: 28Nov11 Exposure to GSecs has slightly increased to 95.69% from 95.60% and MMI has slightly decreased to 4.31% from 4.40% on a MOM basis. 100% of the fund remains invested in highest rated instruments. Asset held as on 31st January 2019: ` 3.37 Cr NAV as on 31st January 2019: ` Modified Duration: 4.88 years Benchmark: Crisil Composite Bond Fund index & GOVERNMENT SECURITIES: 95.69% 8.20% GOI 2025 (MD 24/09/2025) 95.69% 4.31% GSecs 95.69% : 4.31% FIF % Jan15 Jul15 Jan16 Jul16 Jan17 Jul (100%)