Aviva Investor. July 2017

Transcription

1 IN ULIP PRODUCTS THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO SHALL BE BORNE BY THE POLICY HOLDER THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR. Aviva Investor Disclaimer/Disclosure Aviva Life Insurance Company India Limited Aviva Towers,Sector road,opp.golf Course, DLF Phase-V,Sector 43,Gurgoan,Haryana Tel:+91(0) , Fax: +91(0) Registered office:2nd Floor,Prakashdeep Building, 7,Tolstoy Marg, New Delhi

2 MARKET REVIEW Equity Commentary: Domestic markets continued to scale up to life highs during the month, with Nifty rising by 5.8%. Midcap stocks continued to underperform, with the NSE Midcap Index rising by 4.4%. Banks and Metals were the best performing sectors for the month, while FMCG and Pharma were the key laggards. Domestic markets were enthused with the Goods and Services Tax (GST), India's biggest tax reform, finally being implemented without any major hiccups. A majority of states are abolishing border checkposts post GST, easing the flow of physical goods transportation. India s CPI and WPI for the month of June 2017 came significantly better than expectations at 1.5% and 0.9% respectively. Core inflation also eased to 3.9% from 4.3% MoM. The Indian Met Department stated that rainfall stood at 102% of Long Period Average (LPA). India s Nikkei Market Manufacturing PMI for Jun 2017 stood at 50.9, slightly lower MoM. BJP formally announced that they will be joining the coalition with Nitish Kumar in Bihar which also improved market sentiments. U.S Federal Reserve meeting minutes continued with a hawkish tone, with officials debating the timing of balance-sheet reductions. U.S. government bonds pulled back, with the yield on the 10-year U.S. Treasury note rising to 2.36%. The Federal Reserve kept interest rates unchanged and said it expected to start winding down its massive holdings of bonds relatively soon. The European Central Bank also left its key interest rates unchanged as expected and delayed discussion over whether to wind down its bondbuying program. China s Caixin Manufacturing PMI improved to 50.4 in June 2017 after dropping into a contraction zone in the previous month. Eurozone Manufacturing PMI continued to improve MoM to 57.4 a 72 month high. China s GDP growth came slightly better than expectations at 6.9%. Outlook The disruption caused in Q1 due to fears of implementation of GST is expected to ease in Q2 onwards. Similarly, the de-stocking across the wholesale channels is likely to reverse and support the economy pick up. Also, political developments in the Eurozone and concerns on slightly hawkish tone adopted by some central banks can keep markets volatile in near term. Indian equity markets are also expected to move in sync in the short term. However, over the medium to long term, domestic growth and corporate earnings will drive Indian markets more than global issues. Going ahead, there are sufficient catalysts for domestic economy to gain momentum and potential for a further uptrend in the equity markets 1) India s growth rates continue to remain amongst the best globally. Despite the strong growth, inflation is remains contained, led by low oil prices and declining food inflation. 2) While GST has caused short term disruption in the trade channels, the benefits through a) better supply chain management b) shift in trade to the organised segment c) better tax collection, is expected to flow through in the medium to long term 3) The Government has ramped up rural spending to alleviate the distress in rural economy. This combined with the thrust on infrastructure spends, expectations of normal monsoons and wider implementation of DBT can lead to a boost in rural consumption spends. 4) Domestic markets have seen earnings downgrade over the last two years. Overall business fundamentals have improved over the past year and we now expect healthy earnings growth in FY18 & FY19, partly aided by a favourable base. 5) High frequency indicators such as PMI, employment data, CPI for major economies have been trending upwards suggesting signs of recovery in Global growth

3 MARKET REVIEW Fixed Income Outlook: RBI in its third Bi-monthly Monetary Policy gave the market what it had been clamouring for by cutting the Repo Rate by 25bps to 6.00% from 6.25%. Likewise, the +/- 25bps window around the Repo Rate has also been maintained with the MSF window and Reverse Repo window rates cut to 6.25% and 5.75% respectively. The MPC has also maintained its neutral stance laying rest to the assumption that a change in stance would need to precede a rate-cut. Even though the RBI has highlighted pain points such as the implementation of the 7th Pay Commission in respect of HRA and Farm loan waivers, positives such as healthy monsoon and effective supply management are likely to balance them out. Overall, the MPC does not seem overly concerned with the CPI Inflation trajectory at this point and would consider it under control. However, the MPC has brought the point of twin deficits under serious focus in this policy and highlighted that the need of the hour is for private investment to pick up and support the public spending. which has remained bullish, rallied further on upbeat economic data. However domestic liquidity conditions are likely to remain in the surplus mode for some more time. RBI is expected to manage the liquidity periodically, which will keep the short term rates on the higher side of the policy corridor and keep the floor on the falling yields of long stocks. We expect bond markets to trade rangebound. Further progress of the monsoon is the key factor to watch in the near term along with the impact of implementation of the 7th pay commission at the state level. On domestic macro front, Headline CPI inflation decelerated further to 1.5% YoY in June from 2.2% YoY in May. This deceleration was sharper than consensus. Food prices contracted 2.1% YoY in June, as compared to -1.0% YoY in May. On a seasonal sequential basis, food prices declined by 0.7% MoM in June, at the same rate as in May; the overall consumer price index contracted 0.3% in June versus 0.2% in May. CPI inflation ex-food and fuel decelerated to 3.9% YoY in June from 4.3% YoY in May. The deceleration was fairly broad-based across segments but was most pronounced in the transport and communication, education, and health categories. India s wholesale price-based inflation eased to its lowest level in eleven months as costs of food articles and fuel declined. WPI slipped to 0.90% in June compared to 2.17% in May and -0.90% in the year ago period. The primary articles component contracted for the second straight month, declining to its lowest level since Aug The index fell 3.9% last month compared to -1.79% a month ago and a growth of 5.7% in Jun The decline was mainly led by a fall in prices of vegetables (-21.2%), pulses (-25.5%) and cereals (1.9%). Prices of pulses declined sharply on an annualized and month-on-month basis aided by good monsoons and a bumper harvest in However on a monthly basis, prices of vegetables rose 9.98% reflecting the recent supply crunch and farmer protests that resulted in damage to crops, thereby inflating prices of commodities like onion, tomato and potato. Industrial production as measured by IIP grew by 1.7% in May-17, moderating from 2.8% growth observed in Apr-17. This growth was largely led by an exceptional improvement in the production of consumer non-durables. As per sectoral classification, Mining, Manufacturing and Electricity grew by 1.52%, 6.38% and 5.38% respectively on sequential basis. Fiscal deficit in the first quarter of the current fiscal was Rs 4.42 lakh crore or 80.8% of Budget Estimates for versus 61.1% last fiscal. The government aims to restrict the deficit to 3.2 per cent of GDP in the current fiscal as against 3.5 per cent in As per the data released by the Controller General of Accounts, tax revenue was Rs 1,77,337 crore or 14.5% of the estimate. Total receipts (from revenue and non-debt capital) of the government during the April-June quarter was Rs 2,09,046 crore or 13.1% of the estimates for the current year. Total expenditure of the government during April-June was Rs 6,50,731 crore or 30.3% of the entire year estimates. The revenue deficit during the three month period was over Rs 3,83,101 crore or 119.1% of the estimates. On Global macro front, the US has expanded at a faster pace in Q2 after a weak Q1, supported by steadily improving labour market conditions, increasing consumer spending, upbeat consumer confidence helped by softer than expected inflation, and improving industrial production. Policy and political risks, however, continue to cloud the outlook. In the Euro area, the recovery has broadened across constituent economies on the back of falling unemployment and a pickup in private consumption; political uncertainty has receded substantially. In Japan, a modest but steady expansion has been taking hold, underpinned by strengthening exports, accelerating industrial production and wage reflation. Outlook Fixed Income markets rallied during the month on account of falling inflation, normal monsoon and robust foreign inflows. FII s bought around $3.2 billion in in the Indian bond markets. Year till date FII s inflows in bond markets have reached $ 20 Billion. 10 year benchmark security closed the month at 6.47% versus the 6.51% last month. Bond yields in major advanced economies have hardened on expectations of monetary policy normalisation. In the currency markets, the US dollar weakened further and fell to a multi-month low in July on weak inflation and uncertainty around the policies of the US administration. The euro,

4 Bond Fund ULIF01306/02/2008LIFEDEBTFU122 Investment Objective: The investment objective of the debt fund is to provide progressive Goverment Securities 36.88% capital growth with relatively lower investment risks. 7.35% GOI % 8.27% GOI % The risk profile for this fund is Low 6.57% GOI % NAV as on July 31,2017: % Tamil Nadu SDL % Inception Date: 06-Feb % GOI % Fund Manager: Nitin Garg 6.79% GOI % 8.13% GOI % Fund v/s Benchmark Return (%) Corporate Bonds 54.56% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Housing Development Finance Corporation Ltd. 7.66% Portfolio return 0.98% 5.34% 10.30% 10.42% 10.80% 9.50% Power Finance Corporation Ltd. 7.45% Benchmark** 0.98% 5.14% 10.00% 10.66% 11.00% 7.62% Mahindra & Mahindra Ltd. 7.07% Tata Sons Ltd. 6.28% Reliance Capital Ltd. 5.77% Targeted Asset Allocation (%) Power Grid Corporation of India Ltd. 4.99% Security Type Min Max L&T Infra Debt Fund Ltd. 4.95% Cash and Money Market Instruments 0.00% 40.00% Adani Ports and Special Economic Zone Ltd. 4.09% Government and other Debt Securities 60.00% % Yes Bank Ltd. 4.02% Indian Railway Finance Corporation Ltd. 1.87% 0.41% Cash and Money Markets 8.56% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity 0.00 Debt 5.43 Total 5.43 Modified Duration # Security Type Duration Fixed Income Investments % 55% 37% 38.41% 36.88% Goverment Securities Corporate Bonds Cash and Money Markets 14% 7.07% 4.99% 48% 38% Warehousing & support for transp. 4.09% 8.56% Sovereign AAA AA+

5 Secure Fund ULIF00627/01/2004LIFESECURE122 Investment Objective: The investment objective of the fund is to provide progressive returns on your investment and carry capital guarantee as defined in the policy terms & conditions. The risk profile for this fund is Low Equities 15.64% HDFC Bank Ltd. 1.50% Reliance Industries Ltd. 1.03% Infosys Ltd. 1.02% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 0.81% Inception Date: 27-Jan-04 ICICI Bank Ltd. 0.81% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 0.81% Larsen & Toubro Ltd. 0.64% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 0.52% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 0.49% Portfolio return 1.53% 6.72% 11.38% 10.44% 10.81% 8.57% Lakshmi Vilas Bank Ltd. 0.35% Benchmark** 1.70% 6.37% 11.06% 10.50% 10.87% 7.69% 7.66% Goverment Securities 30.38% 6.79% GOI % Targeted Asset Allocation (%) 7.73% GOI % Security Type Min Max 6.79% GOI % Cash and Money Market Instrument 0.00% 40.00% 8.27% GOI % Equity 0.00% 20.00% 7.35% GOI % Government and other Debt Securities 60.00% % 6.57% GOI % 6.84% GOI % 9.2% GOI % 8.28% GOI % Asset Class Wise AUM 8.13% GOI % Asset Class AUM (in Cr.) 0.92% Equity Corporate Bonds 39.50% Debt Mahindra & Mahindra Ltd. 8.53% Total Yes Bank Ltd. 6.15% Adani Ports and Special Economic Zone Ltd. 3.20% Modified Duration # Reliance Gas Transportation Infrastructure Ltd. 3.00% Security Type Duration Power Finance Corporation Ltd. 2.65% Fixed Income Investments 5.76 Power Finance Corporation Ltd. 2.60% LIC Housing Finance Ltd. 2.46% L&T Infra Debt Fund Ltd. 1.94% Rural Electrification Corporation 1.60% L&T Infra Debt Fund Ltd. 1.20% 6.17% Cash and Money Markets 14.48% 14% 16% 40% 30.38% 28.35% 30% 9.44% Equities Goverment Securities Corporate Bonds Cash and Money Markets 5.43% Warehousing & support for transp. 3.29% 11% 1.51% 1.27% 52% 37% 0.99% 0.81% 0.48% Sovereign AAA AA %

6 Protector Fund ULIF00911/07/2006LIFPROTECT122 Investment Objective: Progressive return on your investment by investing majority portion in debt securities, with a minimum exposure to equities. The risk profile for this fund is Low Equities 15.80% HDFC Bank Ltd. 1.50% Infosys Ltd. 1.02% Reliance Industries Ltd. 1.02% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 0.81% Inception Date: 11-Jul-06 ICICI Bank Ltd. 0.81% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 0.81% Larsen & Toubro Ltd. 0.63% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 0.52% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 0.49% Portfolio return 1.52% 6.71% 11.43% 10.71% 10.91% 8.32% Lakshmi Vilas Bank Ltd. 0.35% Benchmark** 1.70% 6.37% 11.06% 10.50% 10.87% 8.45% 7.84% Goverment Securities 30.57% 7.73% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 6.79% GOI % Cash and Money Market Instruments 0.00% 40.00% 8.27% GOI % Equity 0.00% 20.00% 7.35% GOI % Government and other Debt Securities 60.00% % 6.57% GOI % 8.4% GOI % 6.84% GOI % 8.13% GOI % Asset Class Wise AUM 7.16% GOI % Asset Class AUM (in Cr.) Corporate Bonds 40.04% Equity 7.07 Mahindra & Mahindra Ltd. 7.42% Debt Yes Bank Ltd. 4.87% Total L&T Infra Debt Fund Ltd. 3.57% Reliance Gas Transportation Infrastructure Ltd. 3.21% Modified Duration # Adani Ports and Special Economic Zone Ltd. 2.97% Security Type Duration Power Finance Corporation Ltd. 2.71% Fixed Income Investments 5.77 Power Finance Corporation Ltd. 2.71% 14% 16% Power Grid Corporation of India Ltd. 2.41% Tata Sons Ltd. 2.39% Reliance Capital Ltd. 1.86% 5.92% Cash and Money Markets 13.59% 40% 30.57% 29.45% 30% Equities Goverment Securities Corporate Bonds Cash and Money Markets 12% Warehousing & support for transp. 8.55% 6.20% 3.06% 1.51% 1.26% 0.97% 51% 37% 0.81% 0.48% Sovereign AAA AA %

7 Balanced Fund ULIF00106/06/2002LIFBALANCE122 Investment Objective: The fund is designed to provide long-term cumulative capital growth while controlling risk, by availing opportunities in debt and equity markets. The risk profile for this fund is Medium Equities 37.26% HDFC Bank Ltd. 3.54% Infosys Ltd. 2.42% Reliance Industries Ltd. 2.42% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 1.92% Inception Date: 06-Jun-02 ICICI Bank Ltd. 1.92% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 1.92% Larsen & Toubro Ltd. 1.47% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 1.23% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 1.15% Portfolio return 2.39% 8.30% 13.21% 10.45% 10.49% 13.72% Lakshmi Vilas Bank Ltd. 0.82% Benchmark** 2.66% 8.02% 12.45% 10.20% 10.63% 11.02% 18.45% Goverment Securities 26.87% 6.79% GOI % Targeted Asset Allocation (%) 7.73% GOI % Security Type Min Max 6.57% GOI % Cash and Money Market Instruments 0.00% 40.00% 6.79% GOI % Equity 0.00% 45.00% 6.84% GOI % Government and other Debt Securities 50.00% 90.00% 7.35% GOI % 8.97% GOI % 8.13% GOI % 7.16% GOI % Asset Class Wise AUM 8.24% GOI % Asset Class AUM (in Cr.) 0.31% Equity Corporate Bonds 30.66% Debt Rural Electrification Corporation 3.41% Total Tata Motors Ltd. 2.48% Reliance Capital Ltd. 2.33% Modified Duration # Indian Railway Finance Corporation Ltd. 2.31% Security Type Duration Reliance Gas Transportation Infrastructure Ltd. 2.23% Fixed Income Investments 6.06 Power Finance Corporation Ltd. 2.03% Power Finance Corporation Ltd. 1.69% Mahindra & Mahindra Ltd. 1.60% Adani Ports and Special Economic Zone Ltd. 1.36% Housing Development Finance Corporation Ltd. 1.30% 9.92% Cash and Money Markets 5.21% 31% 5% 37% 34.59% 26.87% 27% Equities Goverment Securities Corporate Bonds Cash and Money Markets 6.77% 4.80% 4% 8% 3.56% 2.97% 2.27% 44% 44% 1.92% Warehousing & support for transp. 1.57% 1.12% Sovereign AAA AA AA %

8 Growth Fund ULIF00527/01/2004LIFEGROWTH122 Investment Objective: The fund is designed to provide long-term cumulative capital growth while managing the risk of a relatively high exposure to equity markets. The policy holder gets the full benefit of a rise in the market. The risk profile for this fund is High Equities 77.51% HDFC Bank Ltd. 5.66% Reliance Industries Ltd. 4.95% Infosys Ltd. 4.77% NAV as on July 31,2017: Kotak Mahindra Mutual Fund 4.72% Inception Date: 27-Jan-04 ITC Ltd. 4.06% Fund Manager: Krishna sanghavi, Nitin Garg ICICI Bank Ltd. 4.01% Housing Development Finance Corporation Ltd. 3.77% Fund v/s Benchmark Return (%) Larsen & Toubro Ltd. 2.90% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Kotak Mahindra Bank Ltd. 2.10% Portfolio return 4.07% 12.01% 17.94% 10.92% 10.79% 14.46% State Bank of India 1.94% Benchmark** 4.61% 11.37% 15.09% 9.36% 9.90% 12.32% 38.63% Goverment Securities 9.47% 7.73% GOI % Targeted Asset Allocation (%) 8.27% GOI % Security Type Min Max 6.79% GOI % Cash and Money Market Instruments 0.00% 40.00% 7.35% GOI % Equity 30.00% 85.00% 7.16% GOI % Government and other Debt Securities 0.00% 50.00% 8.13% GOI % 6.79% GOI % 8.83% GOI % 6.57% GOI % Asset Class Wise AUM 8.83% GOI % Asset Class AUM (in Cr.) 0.41% Equity Corporate Bonds 12.02% Debt Tata Motors Ltd. 2.12% Total Tata Sons Ltd. 1.90% Mahindra & Mahindra Ltd. 1.88% Modified Duration # LIC Housing Finance Ltd. 0.85% Security Type Duration Reliance Gas Transportation Infrastructure Ltd. 0.83% Fixed Income Investments 6.53 Rural Electrification Corporation 0.78% Power Finance Corporation Ltd. 0.74% Reliance Capital Ltd. 0.57% Power Finance Corporation Ltd. 0.50% Adani Ports and Special Economic Zone Ltd. 0.48% 1.37% Cash and Money Markets 1.00% 9% 12% 1% 28.55% 9.47% Equities Goverment Securities Corporate Bonds Cash and Money Markets 78% 7.00% 9.45% 6.08% 41% 5% Mutual Funds 4.72% 4.59% 44% 4.58% 4.06% 10% 2.32% Sovereign AA AAA AA %

9 Enhancer Fund ULIF01230/01/2008LIENHANCER122 Investment Objective: The fund is designed to provide long-term cumulative capital growth while managing the risk of exposure to equity markets. The policy holder gets the full benefit of a rise in the market. The risk profile for this fund is High Equities 98.92% Kotak Mahindra Mutual Fund 8.33% Infosys Ltd. 6.79% Reliance Industries Ltd. 6.66% NAV as on July 31,2017: HDFC Bank Ltd. 5.89% Inception Date: 30-Jan-08 ITC Ltd. 5.21% Fund Manager: Krishna sanghavi ICICI Bank Ltd. 4.76% Housing Development Finance Corporation Ltd. 4.12% Fund v/s Benchmark Return (%) Larsen & Toubro Ltd. 4.12% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 2.39% Portfolio return 5.18% 13.73% 19.35% 10.83% 10.67% 9.81% Maruti Suzuki India Ltd. 2.30% Benchmark** 5.84% 13.49% 16.65% 8.66% 9.27% 7.28% 48.35% Targeted Asset Allocation (%) Security Type Min Max Debt and Money Market Instruments 0.00% 40.00% Equity 60.00% % Cash and Money Markets 1.08% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 0.89 Total Modified Duration # Security Type Duration Fixed Income Investments - 1% 25.21% 10.09% 99% Mutual Funds 8.33% Equities Cash and Money Markets 8.13% 7.14% 6.09% 5.21% 3.30% 3.22% Manf. of chemic.s & chemic. prod. 2.98% 20.30%

10 Index Fund ULIF01002/01/2008LIFEINDEXF122 Investment Objective: The investment objective of this fund is to generate returns in line with the stock market index - NIFTY 50.Subject to exposure norms applicable under the IRDA of India (Investment) regulations. The risk profile for this fund is High Equities 95.88% Kotak Mahindra Mutual Fund 9.06% Reliance Industries Ltd. 6.90% Housing Development Finance Corporation Ltd. 6.76% NAV as on July 31,2017: ITC Ltd. 6.40% Inception Date: 02-Jan-08 HDFC Bank Ltd. 5.68% Fund Manager: Krishna sanghavi Infosys Ltd. 5.33% Larsen & Toubro Ltd. 4.03% Fund v/s Benchmark Return (%) ICICI Bank Ltd. 3.58% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Tata Consultancy Services Ltd. 2.78% Portfolio return 5.85% 13.69% 16.95% 8.97% 9.41% 5.73% Maruti Suzuki India Ltd. 2.72% Benchmark** 5.84% 13.49% 16.65% 8.66% 9.27% 5.24% 42.64% Targeted Asset Allocation (%) Security Type Min Max Debt Securities Incl. Money Market Instruments 0.00% 20.00% Equity 80.00% % Cash and Money Markets 4.12% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 4.55 Total Modified Duration # Security Type Duration Fixed Income Investments - 4% 24.19% 10.82% 96% Mutual Funds 9.06% Equities Cash and Money Markets 8.86% 8.49% 6.40% 4.03% 3.90% 3.58% Manf. of chemic.s & chemic. prod. 3.49% 17.18%

11 PSU Fund ULIF02208/01/2010LIFEPSUFND122 Investment Objective: To generate steady returns through investment in PSU and related Equities 96.88% equities. State Bank of India 9.88% Oil & Natural Gas Corpn Ltd. 8.80% The risk profile for this fund is High Indian Oil Corporation Ltd. 8.28% NAV as on July 31,2017: Power Grid Corporation of India Ltd. 8.12% Inception Date: 08-Jan-10 NTPC Ltd. 7.72% Fund Manager: Krishna sanghavi Coal India Ltd. 7.07% Oil India Ltd. 4.39% Fund v/s Benchmark Return (%) Gail (India) Ltd. 3.68% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Gujarat State Petronet Ltd. 3.09% Portfolio return 6.21% 2.81% 27.79% 13.03% 10.42% 5.10% Bharat Petroleum Corporation Ltd. 3.00% Benchmark** 7.08% 2.63% 20.88% 6.08% 2.73% -1.48% 32.85% Targeted Asset Allocation (%) Security Type Min Max Money Market & Other Cash Instruments 0.00% 40.00% Equity 60.00% % Debt 0.00% 40.00% Cash and Money Markets 3.12% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 4.74 Total Modified Duration # Security Type Duration Fixed Income Investments - 3% 23.62% 21.34% 97% 13.67% Equities Cash and Money Markets Extrac. of crude petrol. & natural gas 13.19% Mining of coal & lignite Land Transport & Transport Via Pipelines 3.09% 7.07% Construction - Civil / Turnkey - Large Manuf of compu, electronic and optcl prodt 2.50% 2.08% Manf. of electrical equipment 1.86% Mining of metal ores 1.82% 9.76%

12 Infrastructure Fund ULIF01908/01/2010LIFEINFRAF122 Investment Objective: To generate steady returns through investment in infrastructure and Equities 97.58% related equities Bharti Airtel Ltd. 9.60% Larsen & Toubro Ltd. 9.14% The risk profile for this fund is High Power Grid Corporation of India Ltd. 9.10% NAV as on July 31,2017: NTPC Ltd. 7.60% Inception Date: 08-Jan-10 Adani Ports and Special Economic Zone Ltd. 6.46% Fund Manager: Krishna sanghavi Tata Power Co. Ltd. 3.91% Ambuja Cements Ltd. 3.70% Fund v/s Benchmark Return (%) NCC Ltd. 3.29% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Sadbhav Engineering Ltd. 3.04% Portfolio return 4.74% 11.01% 21.75% 9.95% 5.89% 3.35% Bharti Infratel Ltd 2.90% Benchmark** 6.25% 13.46% 14.66% 1.56% 2.44% -1.00% 38.84% Targeted Asset Allocation (%) Security Type Min Max Money Market & Other Cash Instruments 0.00% 40.00% Equity 60.00% % Debt 0.00% 40.00% Cash and Money Markets 2.42% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 1.10 Total Modified Duration # Security Type Duration Fixed Income Investments - 2% 24.66% 17.60% Equities 98% Cash and Money Markets Telecommunications Warehousing & support for transp. 9.04% 13.43% Construction of buildings 8.52% Manf. of electrical equipment 6.35% Manuf of compu, electronic and optcl prodt 5.09% Manf. of other non-metallic mineral prod. 3.70% Manf. of machi. & equipment n.e.c. 3.05% 2.53% 6.03%

13 WealthBuilder Fund ULIF03020/07/2010LIFEWEALTH122 Investment Objective: This fund aims at participating in a well-diversified equity portfolio to provide progressive capital growth and use highly rated debt instruments to lock-in the capital growth The risk profile for this fund is Medium Goverment Securities 74.57% 6.35% GOI % 8.18% Andhra Pradesh SDL % 8.19% GOI % NAV as on July 31,2017: % Tamil Nadu SDL % Inception Date: 20-Jul-10 Corporate Bonds 22.47% Fund Manager: Krishna sanghavi, Nitin Garg Indian Railway Finance Corporation Ltd. 7.01% Power Grid Corporation of India Ltd. 5.99% Fund v/s Benchmark Return (%) Rural Electrification Corporation 5.90% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * LIC Housing Finance Ltd. 3.57% Portfolio return 0.70% 3.22% 7.16% 6.92% 8.02% 7.50% Cash and Money Markets 2.96% Targeted Asset Allocation (%) Security Type Min Max Debt and Money Market Instruments 0.00% % Equity 0.00% % Asset Class Wise AUM Asset Class AUM (in Cr.) Equity 0.00 Debt 8.79 Total 8.79 Modified Duration # Security Type Duration Fixed Income Investments % 3% 74.57% Goverment Securities Corporate Bonds Cash and Money Markets 75% 16.48% 25% 5.99% 75% 2.96% Sovereign AAA

14 Dynamic P/E Fund ULIF03201/08/2011LIFDYNAMIC122 Investment Objective: To provide long term capital appreciation through dynamic asset allocation Equities 89.93% between Debt and Equity. The allocation to Equity and Equity Related Securities is determined with Kotak Mahindra Mutual Fund 7.80% reference to the Forward Price Earning (P/E) multiple of the Nifty 50 index and the remainder is invested in Debt and Money Market instruments. Reliance Industries Ltd. 6.16% The risk profile for this fund is High Infosys Ltd. 6.09% NAV as on July 31,2017: HDFC Bank Ltd. 5.30% Inception Date: 01-Aug-11 ITC Ltd. 4.69% Fund Manager: Krishna sanghavi, Nitin Garg ICICI Bank Ltd. 4.34% Larsen & Toubro Ltd. 3.81% Fund v/s Benchmark Return (%) Housing Development Finance Corporation Ltd. 3.70% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 2.19% Portfolio return 4.67% 12.69% 18.35% 10.62% 10.23% 11.70% Maruti Suzuki India Ltd. 2.05% Benchmark** 5.31% 12.38% 15.69% 8.62% 9.22% 10.45% 43.80% Targeted Asset Allocation (%) Security Type Min Max Debt and Money Market Instruments 0.00% % Equity 0.00% % Cash and Money Markets 10.07% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt Total Modified Duration # Security Type Duration Fixed Income Investments - 10% 22.83% 9.14% Mutual Funds 7.80% Equities 90% Cash and Money Markets 7.53% 6.46% 5.60% 4.69% 2.98% 2.92% Manf. of chemic.s & chemic. prod. 2.68% 27.37%

15 Bond Fund-II ULIF01608/01/2010LIFDEBT-II122 Investment Objective: To generate a steady income through investment in high quality Goverment Securities 37.09% fixed income securities. 8.27% GOI % 6.57% GOI % The risk profile for this fund is Low 7.35% GOI % NAV as on July 31,2017: % GOI % Inception Date: 08-Jan % GOI % Fund Manager: Nitin Garg 7.73% GOI % 7.16% GOI % Fund v/s Benchmark Return (%) 8.85% Tamil Nadu SDL % 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Corporate Bonds 52.59% Portfolio return 0.96% 5.37% 9.66% 10.29% 10.68% 9.10% Mahindra & Mahindra Ltd. 9.13% Benchmark** 0.98% 5.14% 10.00% 10.66% 11.00% 8.71% Housing Development Finance Corporation Ltd. 7.50% Power Finance Corporation Ltd. 7.22% Reliance Gas Transportation Infrastructure Ltd. 4.93% Targeted Asset Allocation (%) Tata Sons Ltd. 3.98% Security Type Min Max Tata Sons Ltd. 3.76% Debt 60.00% % Adani Ports and Special Economic Zone Ltd. 3.74% Money Market & other cash instruments 0.00% 40.00% Reliance Capital Ltd. 2.81% LIC Housing Finance Ltd. 2.27% L&T Infra Debt Fund Ltd. 1.98% 5.27% Cash and Money Markets 10.32% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity 0.00 Debt Total Modified Duration # Security Type Duration Fixed Income Investments % 37.09% 53% 37% 33.32% Goverment Securities Corporate Bonds Cash and Money Markets 9.13% 7% 6.40% 55% 38% Warehousing & support for transp. 3.74% 10.32% Sovereign AAA AA+

16 Protector Fund-II ULIF02108/01/2010LIPROTE-II122 Investment Objective: To generate steady returns with a minimum exposure to equities Equities 15.97% The risk profile for this fund is Low HDFC Bank Ltd. 1.52% Infosys Ltd. 1.04% Reliance Industries Ltd. 1.04% NAV as on July 31,2017: ITC Ltd. 0.83% Inception Date: 08-Jan-10 Housing Development Finance Corporation Ltd. 0.82% Fund Manager: Krishna sanghavi, Nitin Garg ICICI Bank Ltd. 0.82% Larsen & Toubro Ltd. 0.64% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 0.53% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 0.50% Portfolio return 1.58% 6.59% 11.16% 10.28% 10.47% 8.72% Lakshmi Vilas Bank Ltd. 0.35% Benchmark** 1.70% 6.37% 11.06% 10.50% 10.87% 8.90% 7.88% Goverment Securities 29.03% 6.79% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 7.35% GOI % Money Market & other cash instruments 0.00% 40.00% 8.27% GOI % Equity 0.00% 20.00% 6.57% GOI % Debt 25.00% % 7.73% GOI % 8.13% GOI % 7.16% GOI % 8.79% Gujarat SDL % Asset Class Wise AUM 8.2% GOI % Asset Class AUM (in Cr.) Corporate Bonds 40.17% Equity 8.69 Mahindra & Mahindra Ltd. 7.52% Debt Power Grid Corporation of India Ltd. 3.78% Total Adani Ports and Special Economic Zone Ltd. 3.06% Reliance Capital Ltd. 2.88% Modified Duration # Reliance Gas Transportation Infrastructure Ltd. 2.65% Security Type Duration Power Finance Corporation Ltd. 2.60% Fixed Income Investments 5.76 Power Finance Corporation Ltd. 2.60% L&T Infra Debt Fund Ltd. 1.96% Indian Railway Finance Corporation Ltd. 1.72% Indian Railway Finance Corporation Ltd. 1.68% 9.72% Cash and Money Markets 14.83% 15% 16% 29.03% 40% 27.63% 29% Equities Goverment Securities Corporate Bonds Cash and Money Markets 7% Warehousing & support for transp. 8.64% 8.02% 3.15% 1.54% 1.28% 0.98% 58% 35% 0.83% 0.48% Sovereign AAA AA %

17 Balance Fund-II ULIF01508/01/2010LIBALAN-II122 Investment Objective: To generate a balance of capital growth and steady returns Equities 41.95% HDFC Bank Ltd. 3.99% Reliance Industries Ltd. 2.73% The risk profile for this fund is Medium Infosys Ltd. 2.72% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 2.16% Inception Date: 08-Jan-10 ICICI Bank Ltd. 2.16% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 2.16% Larsen & Toubro Ltd. 1.71% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 1.39% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 1.30% Portfolio return 2.62% 8.72% 13.57% 10.37% 10.52% 9.20% Lakshmi Vilas Bank Ltd. 0.93% Benchmark** 2.91% 8.44% 12.79% 10.11% 10.56% 9.29% 20.70% Goverment Securities 22.75% 6.79% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 6.57% GOI % Money Market & Other Cash Instruments 0.00% 40.00% 7.16% GOI % Equity 0.00% 45.00% 7.73% GOI % Debt 25.00% % 7.35% GOI % 8.27% GOI % 8.24% GOI % 8.13% GOI % Asset Class Wise AUM 8.79% Gujarat SDL % Asset Class AUM (in Cr.) 1.58% Equity Corporate Bonds 26.72% Debt Mahindra & Mahindra Ltd. 5.21% Total Rural Electrification Corporation 3.72% Tata Motors Ltd. 3.11% Modified Duration # Tata Sons Ltd. 2.13% Security Type Duration Reliance Capital Ltd. 1.89% Fixed Income Investments 6.04 Reliance Gas Transportation Infrastructure Ltd. 1.88% Power Finance Corporation Ltd. 1.83% LIC Housing Finance Ltd. 1.79% Power Finance Corporation Ltd. 1.66% Adani Ports and Special Economic Zone Ltd. 1.19% 2.31% Cash and Money Markets 8.58% 27% 8% 29.42% 42% 22.75% 23% 11.35% Equities Goverment Securities Corporate Bonds Cash and Money Markets 4.02% 3.71% 6% 5% 3.34% 2.59% 49% 40% 2.16% Warehousing & support for transp. 1.43% 1.27% Sovereign AAA AA AA %

18 Growth Fund-II ULIF01808/01/2010LIGROWT-II122 Investment Objective: To generate long term capital appreciation with high equity Equities 77.61% exposure. HDFC Bank Ltd. 5.62% Infosys Ltd. 5.03% The risk profile for this fund is High Reliance Industries Ltd. 4.99% NAV as on July 31,2017: Kotak Mahindra Mutual Fund 4.57% Inception Date: 08-Jan-10 Housing Development Finance Corporation Ltd. 3.98% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 3.98% ICICI Bank Ltd. 3.92% Fund v/s Benchmark Return (%) Larsen & Toubro Ltd. 2.98% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Kotak Mahindra Bank Ltd. 2.13% Portfolio return 4.07% 12.03% 17.90% 10.77% 10.68% 9.61% State Bank of India 1.96% Benchmark** 4.61% 11.37% 15.09% 9.36% 9.90% 9.20% 38.45% Goverment Securities 8.52% 6.79% GOI % Targeted Asset Allocation (%) 8.32% GOI % Security Type Min Max 6.79% GOI % Money Market & other cash instruments 0.00% 40.00% 8.27% GOI % Equity 30.00% 85.00% 6.57% GOI % Debt 0.00% 50.00% 6.84% GOI % 8.24% GOI % 7.35% GOI % 7.16% GOI % Asset Class Wise AUM 8.13% GOI % Asset Class AUM (in Cr.) 0.09% Equity Corporate Bonds 11.64% Debt Mahindra & Mahindra Ltd. 1.97% Total Tata Motors Ltd. 1.56% Rural Electrification Corporation 1.29% Modified Duration # Indian Railway Finance Corporation Ltd. 1.02% Security Type Duration Power Finance Corporation Ltd. 0.81% Fixed Income Investments 6.40 Reliance Capital Ltd. 0.77% Power Finance Corporation Ltd. 0.75% Reliance Gas Transportation Infrastructure Ltd. 0.61% Power Grid Corporation of India Ltd. 0.60% Indian Railway Finance Corporation Ltd. 0.50% 1.76% Cash and Money Markets 2.23% 8% 12% 2% 29.43% 8.97% Equities Goverment Securities Corporate Bonds Cash and Money Markets 78% 8.52% 7.29% 6.09% 7% 6% 4.60% Mutual Funds 4.57% 48% 39% 3.98% 3.95% 2.33% Sovereign AAA AA AA %

19 Enhancer Fund-II ULIF01708/01/2010LIFENHN-II122 Investment Objective: To provide aggressive, long term capital growth with high equity Equities 98.38% exposure. Kotak Mahindra Mutual Fund 7.95% Infosys Ltd. 6.80% The risk profile for this fund is High Reliance Industries Ltd. 6.62% NAV as on July 31,2017: HDFC Bank Ltd. 5.89% Inception Date: 08-Jan-10 ITC Ltd. 5.26% Fund Manager: Krishna sanghavi ICICI Bank Ltd. 4.76% Housing Development Finance Corporation Ltd. 4.12% Fund v/s Benchmark Return (%) Larsen & Toubro Ltd. 4.08% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 2.39% Portfolio return 5.13% 13.77% 19.74% 11.32% 11.03% 11.69% Maruti Suzuki India Ltd. 2.31% Benchmark** 5.84% 13.49% 16.65% 8.66% 9.27% 9.02% 48.20% Targeted Asset Allocation (%) Security Type Min Max Money Market & Other Cash Instruments 0.00% 40.00% Equity 60.00% % Debt 0.00% 40.00% Cash and Money Markets 1.62% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 4.94 Total Modified Duration # Security Type Duration Fixed Income Investments - 2% 25.14% 10.03% 98% 8.06% Equities Cash and Money Markets Mutual Funds 7.95% 7.17% 6.02% 5.26% 3.28% 3.22% Manf. of chemic.s & chemic. prod. 2.96% 20.91%

20 Index Fund-II ULIF02008/01/2010LIFINDX-II122 Investment Objective: To generate returns in line with the stock market index - NIFTY 50. Equities 96.72% The risk profile for this fund is High Kotak Mahindra Mutual Fund 9.09% Reliance Industries Ltd. 6.91% Housing Development Finance Corporation Ltd. 6.76% NAV as on July 31,2017: ITC Ltd. 6.40% Inception Date: 08-Jan-10 HDFC Bank Ltd. 5.75% Fund Manager: Krishna sanghavi Infosys Ltd. 5.34% Larsen & Toubro Ltd. 4.03% Fund v/s Benchmark Return (%) ICICI Bank Ltd. 3.58% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Tata Consultancy Services Ltd. 2.88% Portfolio return 5.87% 13.49% 16.37% 8.51% 8.83% 8.68% Maruti Suzuki India Ltd. 2.72% Benchmark** 5.84% 13.49% 16.65% 8.66% 9.27% 9.02% 43.26% Targeted Asset Allocation (%) Security Type Min Max Debt and Money Market Instruments 0.00% 20.00% Equity 80.00% % Cash and Money Markets 3.28% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 3.63 Total Modified Duration # Security Type Duration Fixed Income Investments - 3% 24.32% 10.95% 97% Mutual Funds 9.09% Equities Cash and Money Markets 8.87% 8.55% 6.40% 4.03% 3.98% 3.71% Manf. of chemic.s & chemic. prod. 3.55% 16.55%

21 Discontinued Policy Fund ULIF03127/01/2011LIDISCPLCY122 Investment Objective: The investment objective of the Discontinued Policy Fund is to provide a minimum guaranteed return as prescribed by IRDAI from time to time. The risk profile for this fund is Low 312 Days Treasury Bill % 364 Days Treasury Bill % 364 Days Treasury Bill % 364 Days Treasury Bill % NAV as on July 31,2017: Days Treasury Bill % Inception Date: 27-Jan Days Treasury Bill % Fund Manager: Nitin Garg 364 Days Treasury Bill % 364 Days Treasury Bill % Fund v/s Benchmark Return (%) 364 Days Treasury Bill % 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * 364 Days Treasury Bill % Portfolio return 0.48% 2.39% 6.07% 6.49% 6.95% 7.52% 5.77% Targeted Asset Allocation (%) Security Type Min Max Money Market 0.00% 40.00% Government Securities 60.00% % Cash and Money Markets 1.64% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity 0.00 Debt Total Modified Duration # Security Type Duration Fixed Income Investments % Cash and Money Markets 98.36% 1.64% 100% Sovereign

22 Pension Unit Linked Pension Secure Fund ULIF00803/03/2005PNSNSECURE122 Investment Objective: The investment objective of the fund is to provide progressive return on investment and carry capital guarantee as defined in the policy terms & conditions. The risk profile for this fund is Low Equities 15.60% HDFC Bank Ltd. 1.48% Reliance Industries Ltd. 1.02% Infosys Ltd. 1.01% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 0.81% Inception Date: 03-Mar-05 ICICI Bank Ltd. 0.80% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 0.80% Larsen & Toubro Ltd. 0.64% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 0.52% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 0.48% Portfolio return 1.50% 6.77% 12.04% 10.84% 11.05% 8.83% Lakshmi Vilas Bank Ltd. 0.34% Benchmark** 1.70% 6.37% 11.06% 10.50% 10.87% 8.28% 7.70% Goverment Securities 31.37% 7.73% GOI % Targeted Asset Allocation (%) 6.84% GOI % Security Type Min Max 6.79% GOI % Cash and Money Market Instruments 0.00% 40.00% 6.79% GOI % Equity 0.00% 20.00% 6.57% GOI % Government and other Debt Securities 60.00% % 7.35% GOI % 7.16% GOI % 8.13% GOI % Corporate Bonds 40.02% Asset Class Wise AUM Power Grid Corporation of India Ltd. 4.49% Asset Class AUM (in Cr.) Mahindra & Mahindra Ltd. 3.86% Equity 8.27 National Capital Regional Planning Board 3.40% Debt Reliance Capital Ltd. 2.96% Total Adani Ports and Special Economic Zone Ltd. 2.93% Rural Electrification Corporation 2.76% Modified Duration # Power Finance Corporation Ltd. 2.67% Security Type Duration Power Finance Corporation Ltd. 2.67% Fixed Income Investments 5.76 Tata Sons Ltd. 2.52% L&T Infra Debt Fund Ltd. 2.52% 9.24% Cash and Money Markets 13.01% 13% 40% 16% 31.37% 30.57% 31% Equities Goverment Securities Corporate Bonds Cash and Money Markets 7% Warehousing & support for transp. 8.60% 4.98% 3.02% 1.50% 1.24% 0.97% 55% 38% 0.80% 0.47% Sovereign AAA AA %

23 Pension Unit Linked Pension Protector Fund ULIF01408/02/2008PNSPROTECT122 Investment Objective: Progressive return on your investment by investing majority portion in Equities 16.25% debt securities, with a minimum exposure to equities HDFC Bank Ltd. 1.54% Infosys Ltd. 1.05% The risk profile for this fund is Low Reliance Industries Ltd. 1.05% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 0.84% Inception Date: 08-Feb-08 ITC Ltd. 0.84% Fund Manager: Krishna sanghavi, Nitin Garg ICICI Bank Ltd. 0.83% Larsen & Toubro Ltd. 0.64% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 0.54% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 0.50% Portfolio return 1.53% 6.81% 11.52% 10.74% 10.82% 8.48% Lakshmi Vilas Bank Ltd. 0.36% Benchmark** 1.70% 6.37% 11.06% 10.50% 10.87% 7.84% 8.06% Goverment Securities 31.77% 7.73% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 6.79% GOI % Cash and Money Market Instruments 0.00% 40.00% 8.27% GOI % Equity 0.00% 20.00% 6.57% GOI % Government and other Debt Securities 60.00% % 7.35% GOI % 7.16% GOI % 8.13% GOI % Corporate Bonds 42.57% Asset Class Wise AUM Housing Development Finance Corporation Ltd. 7.33% Asset Class AUM (in Cr.) Mahindra & Mahindra Ltd. 6.66% Equity 4.68 Tata Sons Ltd. 4.28% Debt Adani Ports and Special Economic Zone Ltd. 3.47% Total Power Finance Corporation Ltd. 2.81% Power Finance Corporation Ltd. 2.81% Modified Duration # Reliance Capital Ltd. 2.18% Security Type Duration Indian Railway Finance Corporation Ltd. 1.89% Fixed Income Investments 5.90 L&T Infra Debt Fund Ltd. 1.86% L&T Infra Debt Fund Ltd. 1.85% 7.43% Cash and Money Markets 9.41% 9% 43% 16% 36.43% 31.77% 32% Equities Goverment Securities Corporate Bonds Cash and Money Markets 8% Warehousing & support for transp. 7.84% 3.56% 2.19% 1.54% 1.29% 0.99% 53% 39% 0.84% 0.49% Sovereign AAA AA %

24 Pension Unit Linked Pension Balanced Fund ULIF00311/02/2003PNSBALANCE122 Investment Objective: The fund is designed to provide long-term cumulative capital growth while controlling overall risk, by availing opportunities in debt and equity markets. The risk profile for this fund is Medium Equities 36.74% HDFC Bank Ltd. 3.49% Reliance Industries Ltd. 2.39% Infosys Ltd. 2.38% NAV as on July 31,2017: Housing Development Finance Corporation Ltd. 1.90% Inception Date: 11-Feb-03 ITC Ltd. 1.89% Fund Manager: Krishna sanghavi, Nitin Garg ICICI Bank Ltd. 1.88% Larsen & Toubro Ltd. 1.44% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 1.21% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 1.13% Portfolio return 2.38% 8.26% 13.25% 10.50% 10.68% 12.48% Lakshmi Vilas Bank Ltd. 0.81% Benchmark** 2.66% 8.02% 12.45% 10.20% 10.63% 10.36% 18.22% Goverment Securities 22.59% 7.73% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 7.16% GOI % Cash and Money Market Instruments 0.00% 40.00% 6.79% GOI % Equity 0.00% 45.00% 8.27% GOI % Government and other Debt Securities 50.00% 90.00% 7.35% GOI % 8.28% GOI % 8.24% GOI % 8.13% GOI % Asset Class Wise AUM 6.57% GOI % Asset Class AUM (in Cr.) Corporate Bonds 31.23% Equity Mahindra & Mahindra Ltd. 6.00% Debt Housing Development Finance Corporation Ltd. 2.56% Total Reliance Gas Transportation Infrastructure Ltd. 2.51% Reliance Capital Ltd. 2.36% Modified Duration # Power Grid Corporation of India Ltd. 2.14% Security Type Duration Rural Electrification Corporation 2.03% Fixed Income Investments 5.87 Power Finance Corporation Ltd. 1.96% 31% 9% LIC Housing Finance Ltd. 1.76% L&T Infra Debt Fund Ltd. 1.74% Power Finance Corporation Ltd. 1.64% 6.53% Cash and Money Markets 9.44% 31.70% 37% 22.59% 23% Equities Goverment Securities Corporate Bonds Cash and Money Markets 8.63% 6.00% 3.48% 6% 2.95% 2.25% 1.89% 57% 37% Warehousing & support for transp. 1.66% 1.10% Sovereign AAA AA %

25 Pension Unit Linked Pension Growth Fund ULIF00703/03/2005PNSNGROWTH122 Investment Objective: The fund is designed to provide long-term cumulative growth while Equities 58.63% managing the risk of relatively high exposure to equity markets. HDFC Bank Ltd. 4.33% Infosys Ltd. 3.74% The risk profile for this fund is High Reliance Industries Ltd. 3.65% NAV as on July 31,2017: Kotak Mahindra Mutual Fund 3.55% Inception Date: 03-Mar-05 ICICI Bank Ltd. 3.07% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 3.05% Housing Development Finance Corporation Ltd. 2.98% Fund v/s Benchmark Return (%) Larsen & Toubro Ltd. 2.19% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Kotak Mahindra Bank Ltd. 1.64% Portfolio return 3.27% 10.16% 15.35% 10.48% 10.16% 11.07% State Bank of India 1.46% Benchmark** 3.63% 9.69% 13.79% 9.82% 10.31% 10.77% 28.97% Goverment Securities 17.64% 6.79% GOI % Targeted Asset Allocation (%) 7.73% GOI % Security Type Min Max 6.79% GOI % Cash and Money Market Instruments 0.00% 40.00% 6.57% GOI % Equity 20.00% 60.00% 8.24% GOI % Government and other Debt Securities 20.00% 60.00% 8.3% GOI % 8.4% GOI % 8.13% GOI % Corporate Bonds 21.75% Asset Class Wise AUM National Capital Regional Planning Board 4.27% Asset Class AUM (in Cr.) Tata Motors Ltd. 3.60% Equity Rural Electrification Corporation 2.10% Debt Power Finance Corporation Ltd. 1.53% Total Rural Electrification Corporation 1.41% Power Finance Corporation Ltd. 1.14% Modified Duration # Power Grid Corporation of India Ltd. 1.09% Security Type Duration Reliance Capital Ltd. 1.05% Fixed Income Investments 6.19 L&T Infra Debt Fund Ltd. 1.01% Adani Ports and Special Economic Zone Ltd. 0.98% 3.57% Cash and Money Markets 1.98% 22% 2% 18% 33.23% 17.64% Equities Goverment Securities Corporate Bonds Cash and Money Markets 58% 7.71% 5.01% 9% 5% 4.49% 3.69% Mutual Funds 3.55% 3.46% 43% 43% 3.05% 1.73% Sovereign AAA AA AA %

26 Pension Unit Linked Pension Index Fund ULIF01122/01/2008PNSNINDEXF122 Investment Objective: The investment objective of this fund is to generate returns in line Equities 96.42% with the stock market index - NIFTY 50 Kotak Mahindra Mutual Fund 9.09% Reliance Industries Ltd. 6.93% The risk profile for this fund is High Housing Development Finance Corporation Ltd. 6.76% NAV as on July 31,2017: ITC Ltd. 6.41% Inception Date: 22-Jan-08 HDFC Bank Ltd. 5.70% Fund Manager: Krishna sanghavi Infosys Ltd. 5.35% Larsen & Toubro Ltd. 4.04% Fund v/s Benchmark Return (%) ICICI Bank Ltd. 3.58% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Tata Consultancy Services Ltd. 2.82% Portfolio return 5.88% 13.73% 17.01% 9.03% 9.41% 8.12% Maruti Suzuki India Ltd. 2.73% Benchmark** 5.84% 13.49% 16.65% 8.66% 9.27% 7.86% 43.01% Targeted Asset Allocation (%) Security Type Min Max Debt Securities Incl. Money Market Instruments 0.00% 20.00% Equity 80.00% % Cash and Money Markets 3.58% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 6.09 Total Modified Duration # Security Type Duration Fixed Income Investments - 4% 24.24% 10.90% 96% Mutual Funds 9.09% Equities Cash and Money Markets 8.90% 8.55% 6.41% 4.04% 3.95% 3.66% Manf. of chemic.s & chemic. prod. 3.52% 16.74%

27 Pension Unit Linked Pension Infrastructure Fund ULIF02525/01/2010PNSNINFRAF122 Investment Objective: This fund is designed to generate steady returns through investment Equities 94.81% in infrastructure and related equities. Bharti Airtel Ltd. 9.41% Larsen & Toubro Ltd. 9.14% The risk profile for this fund is High Power Grid Corporation of India Ltd. 9.10% NAV as on July 31,2017: NTPC Ltd. 7.50% Inception Date: 25-Jan-10 Adani Ports and Special Economic Zone Ltd. 6.38% Fund Manager: Krishna sanghavi Tata Power Co. Ltd. 3.83% Ambuja Cements Ltd. 3.70% Fund v/s Benchmark Return (%) NCC Ltd. 3.09% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Bharti Infratel Ltd 2.90% Portfolio return 4.65% 11.01% 21.83% 9.70% 5.35% 3.92% Sadbhav Engineering Ltd. 2.86% Benchmark** 6.25% 13.46% 14.66% 1.56% 2.44% -0.35% 36.90% Targeted Asset Allocation (%) Security Type Min Max Cash and Money Market Instruments 0.00% 40.00% Equity 60.00% % Cash and Money Markets 5.19% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity 9.76 Debt 0.53 Total Modified Duration # Security Type Duration Fixed Income Investments - 5% 24.31% 17.24% Telecommunications 12.99% Equities 95% Cash and Money Markets Warehousing & support for transp. 8.72% Construction of buildings 7.90% Manf. of electrical equipment 6.22% Manuf of compu, electronic and optcl prodt 4.89% Manf. of other non-metallic mineral prod. 3.70% Manf. of machi. & equipment n.e.c. 2.86% 2.44% 8.73%

28 Pension Unit Linked Pension PSU Fund ULIF02725/01/2010PNSNPSUFND122 Investment Objective: This fund is designed to generate steady returns through investment Equities 97.88% in PSU and related equities. State Bank of India 9.86% Oil & Natural Gas Corpn Ltd. 8.79% The risk profile for this fund is High Indian Oil Corporation Ltd. 8.27% NAV as on July 31,2017: Power Grid Corporation of India Ltd. 8.12% Inception Date: 25-Jan-10 NTPC Ltd. 7.87% Fund Manager: Krishna sanghavi Coal India Ltd. 7.06% Oil India Ltd. 4.47% Fund v/s Benchmark Return (%) Gail (India) Ltd. 3.67% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Gujarat State Petronet Ltd. 3.15% Portfolio return 6.30% 2.93% 28.36% 13.23% 10.36% 5.38% Bharat Petroleum Corporation Ltd. 3.00% Benchmark** 7.08% 2.63% 20.88% 6.08% 2.73% -1.48% 33.62% Targeted Asset Allocation (%) Security Type Min Max Cash and Money Market Instruments 0.00% 40.00% Equity 60.00% % Cash and Money Markets 2.12% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 0.49 Total Modified Duration # Security Type Duration Fixed Income Investments - 2% 23.79% 21.59% 98% 13.71% Equities Cash and Money Markets Extrac. of crude petrol. & natural gas 13.26% Mining of coal & lignite Land Transport & Transport Via Pipelines 3.15% 7.06% Construction - Civil / Turnkey - Large Manuf of compu, electronic and optcl prodt 2.70% 2.13% Manf. of electrical equipment 1.89% Manf. of basic metals 1.82% 8.90%

29 Pension Unit Linked Pension Protector Fund-II ULIF02825/01/2010PNPROTE-II122 Investment Objective: Progressive return on your investment by investing majority portion in Equities 14.85% debt securities, with a minimum exposure to equities HDFC Bank Ltd. 1.41% Infosys Ltd. 0.96% The risk profile for this fund is Low Reliance Industries Ltd. 0.96% NAV as on July 31,2017: ICICI Bank Ltd. 0.76% Inception Date: 08-Jan-10 ITC Ltd. 0.76% Fund Manager: Krishna sanghavi, Nitin Garg Housing Development Finance Corporation Ltd. 0.61% Larsen & Toubro Ltd. 0.60% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 0.49% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 0.46% Portfolio return 1.49% 6.71% 11.18% 9.97% 10.32% 8.94% Lakshmi Vilas Bank Ltd. 0.33% Benchmark** 1.70% 6.37% 11.06% 10.50% 10.87% 8.95% 7.51% Goverment Securities 30.24% 8.27% GOI % Targeted Asset Allocation (%) 7.16% GOI % Security Type Min Max 7.73% GOI % Debt and Money Market Instruments 80.00% % 6.79% GOI % Equity 0.00% 20.00% 8.79% Gujarat SDL % 6.57% GOI % 6.79% GOI % 7.35% GOI % 8.13% GOI % Asset Class Wise AUM 8.2% GOI % Asset Class AUM (in Cr.) Corporate Bonds 42.40% Equity 1.35 Mahindra & Mahindra Ltd. 8.42% Debt 7.77 Tata Sons Ltd. 5.63% Total 9.12 Adani Ports and Special Economic Zone Ltd. 4.87% Power Finance Corporation Ltd. 4.44% Modified Duration # Reliance Gas Transportation Infrastructure Ltd. 3.65% Security Type Duration Reliance Capital Ltd. 3.44% Fixed Income Investments 5.72 Indian Railway Finance Corporation Ltd. 3.34% L&T Infra Debt Fund Ltd. 2.94% L&T Infra Debt Fund Ltd. 2.92% Power Grid Corporation of India Ltd. 2.37% 0.38% Cash and Money Markets 12.51% 13% 15% 42% 30.24% 28.04% 30% Equities Goverment Securities Corporate Bonds Cash and Money Markets 10% Warehousing & support for transp. 9.44% 6.60% 4.95% 1.41% 1.19% 0.94% 54% 36% 0.76% Manf. of chemic.s & chemic. prod. 0.49% Sovereign AAA AA %

30 Pension Unit Linked Pension Balanced Fund-II ULIF02325/01/2010PNBALAN-II122 Investment Objective: The fund is designed to provide long-term cumulative capital growth while controlling overall risk, by availing opportunities in debt and equity markets. The risk profile for this fund is Medium Equities 37.09% HDFC Bank Ltd. 3.62% Infosys Ltd. 2.40% Reliance Industries Ltd. 2.32% NAV as on July 31,2017: ITC Ltd. 1.97% Inception Date: 25-Jan-10 ICICI Bank Ltd. 1.96% Fund Manager: Krishna sanghavi, Nitin Garg Housing Development Finance Corporation Ltd. 1.90% Larsen & Toubro Ltd. 1.43% Fund v/s Benchmark Return (%) Kotak Mahindra Bank Ltd. 1.26% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * State Bank of India 1.10% Portfolio return 2.39% 8.24% 13.26% 10.47% 10.55% 8.78% Lakshmi Vilas Bank Ltd. 0.85% Benchmark** 2.66% 8.02% 12.45% 10.20% 10.63% 9.42% 18.28% Goverment Securities 20.74% 7.73% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 8.27% GOI % Debt and Money Market Instruments 55.00% % 7.35% GOI % Equity 0.00% 45.00% 6.57% GOI % 8.79% Gujarat SDL % 8.13% GOI % 7.16% GOI % 6.79% GOI % Asset Class Wise AUM Corporate Bonds 29.44% Asset Class AUM (in Cr.) Mahindra & Mahindra Ltd. 7.65% Equity 5.58 Tata Sons Ltd. 4.53% Debt 9.47 Rural Electrification Corporation 2.78% Total Indian Railway Finance Corporation Ltd. 2.76% Power Finance Corporation Ltd. 2.69% Modified Duration # L&T Infra Debt Fund Ltd. 1.78% Security Type Duration Adani Ports and Special Economic Zone Ltd. 1.48% Fixed Income Investments 5.91 ICICI Bank Ltd. 1.42% Power Finance Corporation Ltd. 1.36% Indian Railway Finance Corporation Ltd. 1.35% 1.64% Cash and Money Markets 12.73% 13% 29% 33.04% 37% 20.74% 21% Equities Goverment Securities Corporate Bonds Cash and Money Markets 3.43% 10.21% 2.88% 2% 2.29% 1.97% 64% 34% Warehousing & support for transp. 1.69% 1.37% Manf. of chemic.s & chemic. prod. 1.09% Sovereign AAA AA %

31 Pension Unit Linked Pension Growth Fund-II ULIF02425/01/2010PNGROWT-II122 Investment Objective: The fund is designed to provide long-term cumulative growth while Equities 57.97% managing the risk of relatively high exposure to equity markets. HDFC Bank Ltd. 4.31% Infosys Ltd. 3.75% The risk profile for this fund is High Reliance Industries Ltd. 3.62% NAV as on July 31,2017: Kotak Mahindra Mutual Fund 3.55% Inception Date: 25-Jan-10 ICICI Bank Ltd. 3.04% Fund Manager: Krishna sanghavi, Nitin Garg ITC Ltd. 3.04% Housing Development Finance Corporation Ltd. 2.93% Fund v/s Benchmark Return (%) Larsen & Toubro Ltd. 2.11% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Kotak Mahindra Bank Ltd. 1.63% Portfolio return 3.29% 10.32% 15.42% 10.41% 10.68% 10.23% State Bank of India 1.44% Benchmark** 3.63% 9.69% 13.79% 9.82% 10.31% 9.57% 28.55% Goverment Securities 16.20% 8.28% GOI % Targeted Asset Allocation (%) 6.79% GOI % Security Type Min Max 8.2% GOI % Debt and Money Market Instruments 40.00% 80.00% 8.27% GOI % Equity 20.00% 60.00% 6.79% GOI % 7.35% GOI % 7.73% GOI % 8.13% GOI % 6.57% GOI % Asset Class Wise AUM Corporate Bonds 17.75% Asset Class AUM (in Cr.) Mahindra & Mahindra Ltd. 4.70% Equity 9.46 Rural Electrification Corporation 2.56% Debt 6.86 Reliance Capital Ltd. 1.92% Total Reliance Gas Transportation Infrastructure Ltd. 1.36% Adani Ports and Special Economic Zone Ltd. 1.36% Modified Duration # Indian Railway Finance Corporation Ltd. 1.27% Security Type Duration Power Finance Corporation Ltd. 1.24% Fixed Income Investments 6.13 Power Finance Corporation Ltd. 1.24% ICICI Bank Ltd. 0.66% LIC Housing Finance Ltd. 0.62% 0.82% Cash and Money Markets 8.08% 18% 8% 27.74% 16% 16.20% Equities Goverment Securities Corporate Bonds Cash and Money Markets 58% 4.94% 8.68% 4.49% 8% Mutual Funds 3.55% 3.46% 3.42% 53% 39% 3.04% Manf. of chemic.s & chemic. prod. 1.71% Sovereign AAA AA %

32 Pension Unit Linked Pension Index Fund-II ULIF02625/01/2010PNINDEX-II122 Investment Objective: The investment objective of this fund is to generate returns in line Equities 97.50% with the stock market index - NIFTY 50 Kotak Mahindra Mutual Fund 9.10% Reliance Industries Ltd. 6.94% The risk profile for this fund is High Housing Development Finance Corporation Ltd. 6.76% NAV as on July 31,2017: ITC Ltd. 6.49% Inception Date: 25-Jan-10 HDFC Bank Ltd. 5.77% Fund Manager: Krishna sanghavi Infosys Ltd. 5.41% Larsen & Toubro Ltd. 4.08% Fund v/s Benchmark Return (%) ICICI Bank Ltd. 3.58% 1 Month 6 Months 1 Year 2 Years * 3 Years * Inception * Tata Consultancy Services Ltd. 3.10% Portfolio return 5.98% 13.81% 17.09% 9.02% 9.36% 10.07% Maruti Suzuki India Ltd. 2.76% Benchmark** 5.84% 13.49% 16.65% 8.66% 9.27% 9.75% 43.51% Targeted Asset Allocation (%) Security Type Min Max Debt and Money Market Instruments 0.00% 20.00% Equity 80.00% % Cash and Money Markets 2.50% Asset Class Wise AUM Asset Class AUM (in Cr.) Equity Debt 0.81 Total Modified Duration # Security Type Duration Fixed Income Investments - 3% 24.39% 11.27% 97% Mutual Funds 9.10% Equities Cash and Money Markets 8.93% 8.69% 6.49% 4.08% 3.88% 3.70% Manf. of chemic.s & chemic. prod. 3.55% 15.92%

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