FORM L-1-A-RA KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SEGMENT-WISE REVENUE ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2017 Policyholders' Account (Technical Account) (Amounts in thousands of Indian Rupees) Particulars Schedule Life Participating Pension Participating Life Non Participating -Life Non- Participating Variable(VIP) Pension Non- Participating Variable(VIP) General Annuity Unit Linked Unit Linked Pension Total Premiums earned - net (a) Premium Income L-4 49,98,637 39,070 75,60,672 1,10,000-1,30,174 71,73,602 13,10,893 2,13,23,048 (b) Reinsurance Ceded (3,263) (70) (1,67,076) (1) - - (26,380) (7) (1,96,797) (c) Reinsurance accepted - - - - - - - - - SUB-TOTAL 49,95,374 39,000 73,93,596 1,09,999-1,30,174 71,47,222 13,10,886 2,11,26,251 Income from Investments (a) Interest, Dividends and Rent Gross 5,61,298 18,105 5,97,397 21,211 37,249 10,750 10,49,484 1,37,012 24,32,506 (b) Profit on sale/redemption of investments 1,76,836 3,607 1,17,995 7,488 3,006 330 19,72,402 2,13,390 24,95,054 (c) (Loss on sale/redemption of investments) (12,143) (299) (15,486) (9,097) (10,696) (309) (10,62,424) (1,20,513) (12,30,967) (d) Transfer/ Gain on revaluation/change in fair value* - - - - - - 56,93,492 3,87,684 60,81,176 SUB-TOTAL 7,25,991 21,413 6,99,906 19,602 29,559 10,771 76,52,954 6,17,573 97,77,769 Contribution from Shareholder's Account - - - - - 22,844 - - 22,844 Other Income (a) Miscellaneous income 4,210 4 529 9 (34) 7 8,651 121 13,497 (b) Profit/(Loss) on sale/disposal of fixed assets (Net) 279 3 368 9 (22) 9 427 107 1,180 SUB-TOTAL 4,489 7 897 18 (56) 16 9,078 228 14,677 TOTAL(A) 57,25,854 60,420 80,94,399 1,29,619 29,503 1,63,805 1,48,09,254 19,28,687 3,09,41,541 Commission L-5 7,05,413 935 6,55,344 - - 1,937 1,48,874 1,217 15,13,720 Operating Expenses related to Insurance business L-6 12,90,594 (9,686) 10,56,295 1,903 (6,354) 6,160 4,31,690 16,915 27,87,517 Service Tax Expenditure - - - - - - 1,05,174 5,751 1,10,925 Provision for doubtful debts - - - - - - - - - Bad debts written off - - - - - - - - - Provision for Tax 57,181-58,027 (1,373) - - (6,502) - 1,07,333 Provisions (other than taxation) - - - - - - - - (a) Diminution in the value of investments(net) - - - - - - - - - (b) For standard loan assets (188) - (129) - - - - - (317) TOTAL(B) 20,53,000 (8,751) 17,69,537 530 (6,354) 8,097 6,79,236 23,883 45,19,178 Benefits paid (net) L-7 8,36,808 25,208 12,27,427 6,47,149 74,723 9,705 42,02,983 5,31,642 75,55,645 Interim & Terminal Bonuses paid 84,347 2,034 - - - - - - 86,381 Change in valuation of Liability in respect of Life policies (a) Gross ** 24,13,827 18,504 47,18,956 (5,12,410) (33,652) 1,46,003 (99,573) 19,502 66,71,157 (b) Amount ceded in reinsurance - - (18,208) - - - (2) - (18,210) (c) Amount accepted in reinsurance - - - - - - - - - Provision for linked liabilities - - - - - - 98,64,342 13,00,357 1,11,64,699 TOTAL( C) 33,34,982 45,746 59,28,175 1,34,739 41,071 1,55,708 1,39,67,750 18,51,501 2,54,59,672 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 3,37,872 23,425 3,96,687 (5,650) (5,214) - 1,62,268 53,303 9,62,691 APPROPRIATIONS Transfer to Shareholders -Account 1,67,743 3,944 8,77,219 16,992 4,091-7,66,042 1,94,529 20,30,560 Transfer to Other Reserve - - - - - - - - - Transfer to Funds for Future Appropriation - - - - - - - - - Surplus after Appropriation 1,70,129 19,481 (4,80,532) (22,642) (9,305) - (6,03,774) (1,41,226) (10,67,869) TOTAL(D) 3,37,872 23,425 3,96,687 (5,650) (5,214) - 1,62,268 53,303 9,62,691 SURPLUS/(DEFICIT) BROUGHT FORWARD - - - - - - - - - Surplus after Appropriation 1,70,129 19,481 (4,80,532) (22,642) (9,305) - (6,03,774) (1,41,226) (10,67,869) SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 1,70,129 19,481 (4,80,532) (22,642) (9,305) - (6,03,774) (1,41,226) (10,67,869) (a) Interim & Terminal Bonuses Paid 84,347 2,034 - - - - - - 86,381 (b) Allocation of Bonus to Policyholders 13,08,720 28,057 - - - - - - 13,36,777 (c) Surplus/ (Deficit) shown in the Revenue Account 1,70,129 19,481 (4,80,532) (22,642) (9,305) - (6,03,774) (1,41,226) (10,67,869) Total Surplus: [(a) + (b) + (c)] 15,63,196 49,572 (4,80,532) (22,642) (9,305) - (6,03,774) (1,41,226) 3,55,289 The Schedules are an integral part of this Revenue Account. * represents the deemed realised gain as per norms specified by the Authority. ** represents Mathematical Reserves after allocation of bonus. Page 1 of 66
FORM L-1-A-RA KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SEGMENT-WISE REVENUE ACCOUNT FOR THE PERIOD ENDED MARCH 31, 2017 Policyholders' Account (Technical Account) (Amounts in thousands of Indian Rupees) Particulars Schedule Life Participating Pension Participating Life Non Participating -Life Non- Participating Variable(VIP) Pension Non- Participating Variable(VIP) General Annuity Unit Linked Unit Linked Pension Total Premiums earned - net (a) Premium Income L-4 1,19,48,137 83,281 2,01,41,206 1,45,000 8,12,252 2,63,793 1,61,45,392 18,56,420 5,13,95,481 (b) Reinsurance Ceded (12,202) (144) (6,51,934) (1) - - (58,561) 1,945 (7,20,897) (c) Reinsurance accepted - - - - - - - - - SUB-TOTAL 1,19,35,935 83,137 1,94,89,272 1,44,999 8,12,252 2,63,793 1,60,86,831 18,58,365 5,06,74,584 Income from Investments (a) Interest, Dividends and Rent Gross 21,37,341 73,249 21,62,433 89,160 1,51,683 35,677 41,10,953 4,53,484 92,13,980 (b) Profit on sale/redemption of investments 4,45,792 9,329 3,09,520 47,749 57,659 1,055 78,89,941 8,57,045 96,18,090 (c) (Loss on sale/redemption of investments) (62,280) (2,038) (1,43,789) (9,097) (11,026) (309) (24,76,569) (2,51,579) (29,56,687) (d) Transfer/ Gain on revaluation/change in fair value* - - - - - - 75,77,913 4,65,481 80,43,394 SUB-TOTAL 25,20,853 80,540 23,28,164 1,27,812 1,98,316 36,423 1,71,02,238 15,24,431 2,39,18,777 Contribution from Shareholder's Account - - - - - 27,718 - - 27,718 Other Income (a) Miscellaneous income 15,766 19 3,470 14 80 26 41,262 265 60,902 (b) Profit/(Loss) on sale/disposal of fixed assets (Net) 1,107 8 1,866 13 75 25 1,496 172 4,762 SUB-TOTAL 16,873 27 5,336 27 155 51 42,758 437 65,664 TOTAL(A) 1,44,73,661 1,63,704 2,18,22,772 2,72,838 10,10,723 3,27,985 3,32,31,827 33,83,233 7,46,86,743 Commission L-5 15,16,154 1,975 14,42,649 - - 4,125 2,78,848 4,393 32,48,144 Operating Expenses related to Insurance business L-6 41,19,113 3,185 37,64,012 2,875 16,078 14,846 13,27,663 34,034 92,81,806 Service Tax Expenditure - - - - - - 3,57,935 22,694 3,80,629 Provision for doubtful debts - - - - - - - - - Bad debts written off - - - - - - - - - Provision for Tax 52,184-1,43,918 2,863 - - 21,817-2,20,782 Provisions (other than taxation) (a) Diminution in the value of investments(net) - - (8,703) - - - - - (8,703) (b) For standard loan assets (273) - 412 - - - - - 139 TOTAL(B) 56,87,178 5,160 53,42,288 5,738 16,078 18,971 19,86,263 61,121 1,31,22,797 Benefits paid (net) L-7 24,60,381 1,14,936 43,98,041 8,13,024 5,68,134 24,138 1,26,94,084 17,98,943 2,28,71,681 Interim & Terminal Bonuses paid 2,00,964 7,444 - - - - - - 2,08,408 Change in valuation of Liability in respect of Life policies (a) Gross ** 57,90,360 (9,549) 1,12,27,310 (5,62,916) 4,22,420 2,84,876 45,254 26,098 1,72,23,853 (b) Amount ceded in reinsurance - - (22,086) - - - (2) - (22,088) (c) Amount accepted in reinsurance - - - - - - - - - Provision for linked liabilities - - - - - - 1,77,40,186 13,02,542 1,90,42,728 TOTAL( C) 84,51,705 1,12,831 1,56,03,265 2,50,108 9,90,554 3,09,014 3,04,79,522 31,27,583 5,93,24,582 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 3,34,778 45,713 8,77,219 16,992 4,091-7,66,042 1,94,529 22,39,364 APPROPRIATIONS Transfer to Shareholders -Account 1,67,743 3,944 8,77,219 16,992 4,091-7,66,042 1,94,529 20,30,560 Transfer to Other Reserve - - - - - - - - - Transfer to Funds for Future Appropriation - - - - - - - - - Surplus after Appropriation 1,67,035 41,769 - - - - - - 2,08,804 TOTAL(D) 3,34,778 45,713 8,77,219 16,992 4,091-7,66,042 1,94,529 22,39,364 SURPLUS/(DEFICIT) BROUGHT FORWARD 14,23,254 1,55,732 - - - - - - 15,78,986 Surplus after Appropriation 1,67,035 41,769 - - - - - - 2,08,804 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 15,90,289 1,97,501 - - - - - - 17,87,790 (a) Interim & Terminal Bonuses Paid 2,00,964 7,444 - - - - - - 2,08,408 (b) Allocation of Bonus to Policyholders 13,08,720 28,057 - - - - - - 13,36,777 (c) Surplus/ (Deficit) shown in the Revenue Account 1,67,035 41,769 - - - - - - 2,08,804 Total Surplus: [(a) + (b) + (c)] 16,76,719 77,270 - - - - - - 17,53,989 The Schedules are an integral part of this Revenue Account. * represents the deemed realised gain as per norms specified by the Authority. ** represents Mathematical Reserves after allocation of bonus. Page 2 of 66
Premiums earned - net FORM L-1-A-RA KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SEGMENT-WISE REVENUE ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2016 (audited) Policyholders' Account (Technical Account) (Amounts in thousands of Indian Rupees) Particulars Schedule Life Participating Pension Participating Life Non Participating -Life Non- Participatin g Variable(V (a) Premium Income L-4 33,36,433 26,893 64,57,979 4,94,513 3,42,854 71,972 55,71,575 2,05,363 1,65,07,582 (b) Reinsurance Ceded (2,913) (75) (1,24,670) - - - (24,847) (2,009) (1,54,514) (c) Reinsurance accepted - - - - - - - - - Pension Non- Participatin g General Annuity Unit Linked Unit Linked Pension SUB-TOTAL 33,33,520 26,818 63,33,309 4,94,513 3,42,854 71,972 55,46,728 2,03,354 1,63,53,068 Total Income from Investments (a) Interest, Dividends and Rent Gross 4,81,792 18,193 4,12,069 13,515 24,513 6,260 9,43,640 1,32,583 20,32,565 (b) Profit on sale/redemption of investments 53,349 1,707 23,002 1,007 1,648 91 7,47,769 96,694 9,25,267 (c)loss on sale/redemption of investments (10,961) (131) (13,061) (307) (1) - (11,68,392) (1,34,765) (13,27,618) (d) Transfer/ Gain on revaluation/change in fair value* - - - - - - (1,64,725) (17,132) (1,81,857) SUB-TOTAL 5,24,180 19,769 4,22,010 14,215 26,160 6,351 3,58,292 77,380 14,48,357 Contribution from Shareholder's Account - - - 9,006 10,997 - - - 20,003 Other Income (a) Miscellaneous income 3,238 63 2,172 63 48 10 5,528 180 11,302 (b) Profit/(Loss) on sale/disposal of fixed assets (Net) 45-99 16 15 3 143 (4) 317 SUB-TOTAL 3,283 63 2,271 79 63 13 5,671 176 11,619 TOTAL(A) 38,60,983 46,650 67,57,590 5,17,812 3,80,074 78,336 59,10,691 2,80,910 1,78,33,047 Commission L-5 4,19,836 725 6,58,400 - - 1,239 80,487 886 11,61,573 Operating Expenses related to Insurance business L-6 12,56,383 10,122 8,11,334 4,973 4,460 5,103 4,45,433 4,154 25,41,962 Service Tax Expenditure - - - - - - 82,903 5,705 88,608 Provision for doubtful debts - - - - - - - - - Bad debts written off - - - - - - - - - Provision for Tax (13,549) - 73,004 (1,323) - - (37,327) - 20,805 Provisions (other than taxation) (a) Diminution in the value of investments(net) (1) - 8,703 - - - - - 8,702 (b) For standard loan assets (458) - (372) - - - - - (830) TOTAL(B) 16,62,211 10,847 15,51,069 3,650 4,460 6,342 5,71,496 10,745 38,20,820 Benefits paid (net) L-7 7,54,910 59,718 9,27,756 88,779 22,110 4,672 32,19,767 4,03,223 54,80,935 Interim & Terminal Bonuses paid 37,512 4,431 - - - - - - 41,943 Change in valuation of Liability in respect of Life policies (a) Gross ** 14,66,384 (29,650) 38,47,283 4,25,383 3,53,504 59,155 1,14,415 23,610 62,60,084 (b) Amount ceded in reinsurance - - (16,145) - - - - - (16,145) (c) Amount accepted in reinsurance - - - - - - - - - Provision for linked liabilities - - - - - - 20,64,289 (2,00,063) 18,64,226 TOTAL( C) 22,58,806 34,499 47,58,894 5,14,162 3,75,614 63,827 53,98,471 2,26,770 1,36,31,043 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) (60,034) 1,304 4,47,628 - - 8,167 (59,276) 43,395 3,81,184 APPROPRIATIONS Transfer to Shareholders Account 1,16,311 4,474 6,62,574 - - 9,513 6,77,616 1,81,764 16,52,252 Transfer to Other Reserve - - - - - - - - - Transfer to Funds for Future Appropriation - - - - - - - - - Surplus after Appropriation (1,76,345) (3,170) (2,14,946) - - (1,346) (7,36,892) (1,38,369) (12,71,068) TOTAL (D) (60,034) 1,304 4,47,628 - - 8,167 (59,276) 43,395 3,81,184 SURPLUS/(DEFICIT) BROUGHT FORWARD - - - - - - - - - Surplus after Appropriation (1,76,345) (3,170) (2,14,946) - - (1,346) (7,36,892) (1,38,369) (12,71,068) SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET (1,76,345) (3,170) (2,14,946) - - (1,346) (7,36,892) (1,38,369) (12,71,068) (a) Interim & Terminal Bonuses Paid 37,512 4,431 - - - - - - 41,943 (b) Allocation of Bonus to Policyholders 9,38,072 29,965 - - - - - - 9,68,037 (c) Surplus/ (Deficit) shown in the Revenue Account (1,76,345) (3,170) (2,14,946) - - (1,346) (7,36,892) (1,38,369) (12,71,068) Total Surplus: [(a) + (b) + (c)] 7,99,239 31,226 (2,14,946) - - (1,346) (7,36,892) (1,38,369) (2,61,088) The Schedules are an integral part of this Revenue Account. * represents the deemed realised gain as per norms specified by the Authority. ** represents Mathematical Reserves after allocation of bonus. Page 3 of 66
Premiums earned - net FORM L-1-A-RA KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SEGMENT-WISE REVENUE ACCOUNT FOR THE PERIOD ENDED MARCH 31, 2016 (audited) Policyholders' Account (Technical Account) (Amounts in thousands of Indian Rupees) Particulars Schedule Life Participating Pension Participating Life Non Participating -Life Non- Participating Variable(VIP) Pension Non- Participating Variable(VIP) (a) Premium Income L-4 86,28,965 75,706 1,63,92,140 9,48,848 5,77,240 1,14,892 1,22,23,139 7,55,889 3,97,16,819 (b) Reinsurance Ceded (13,179) (165) (5,15,142) - - - (53,424) (2,052) (5,83,962) (c) Reinsurance accepted - - - - - - - - - General Annuity Unit Linked Unit Linked Pension SUB-TOTAL 86,15,786 75,541 1,58,76,998 9,48,848 5,77,240 1,14,892 1,21,69,715 7,53,837 3,91,32,857 Total Income from Investments (a) Interest, Dividends and Rent Gross 17,85,418 71,878 15,06,303 60,081 96,806 21,609 36,97,784 4,48,279 76,88,158 (b) Profit on sale/redemption of investments 4,38,243 17,815 92,048 5,458 9,637 644 59,65,146 6,93,068 72,22,059 (c)loss on sale/redemption of investments (99,357) (12,471) (22,938) (318) (27) - (28,60,241) (3,48,124) (33,43,476) (d) Transfer/ Gain on revaluation/change in fair value* - - - - - - (57,63,399) (6,43,917) (64,07,316) SUB-TOTAL 21,24,304 77,222 15,75,413 65,221 1,06,416 22,253 10,39,290 1,49,306 51,59,425 Contribution from Shareholder's Account - - - 29,921 23,110 - - - 53,031 Other Income (a) Miscellaneous income 11,676 32 3,664 164 100 20 18,176 258 34,090 (b) Profit/(Loss) on sale/disposal of fixed assets (Net) 541 5 1,028 59 36 7 766 48 2,490 SUB-TOTAL 12,217 37 4,692 223 136 27 18,942 306 36,580 TOTAL(A) 1,07,52,307 1,52,800 1,74,57,103 10,44,213 7,06,902 1,37,172 1,32,27,947 9,03,449 4,43,81,893 Commission L-5 9,75,856 2,638 14,12,328 - - 1,904 1,83,384 5,038 25,81,148 Operating Expenses related to Insurance business L-6 29,53,533 32,954 37,59,838 20,466 12,450 5,653 11,32,229 24,151 79,41,274 Service Tax Expenditure - - - - - - 3,01,772 25,478 3,27,250 Provision for doubtful debts - - - - - - - - - Bad debts written off - - - - - - - - - Provision for Tax 41,828-1,10,632 (5,043) - - 11,344-1,58,761 Provisions (other than taxation) (a) Diminution in the value of investments(net) (25) - 8,679 - - - - - 8,654 (b) For standard loan assets (458) - (372) - - - - - (830) TOTAL(B) 39,70,734 35,592 52,91,105 15,423 12,450 7,557 16,28,729 54,667 1,10,16,257 Benefits paid (net) L-7 23,43,843 1,51,145 33,27,505 2,23,117 1,05,647 14,831 98,43,364 22,30,880 1,82,40,332 Interim & Terminal Bonuses paid 1,08,724 10,298 - - - - - - 1,19,022 Change in valuation of Liability in respect of Life policies (a) Gross ** 40,45,086 (63,020) 82,10,885 8,05,673 5,88,805 1,05,271 2,34,561 32,165 1,39,59,426 (b) Amount ceded in reinsurance - - (34,966) - - - - - (34,966) (c) Amount accepted in reinsurance - - - - - - - - - Provision for linked liabilities - - - - - - 9,05,599 (15,88,161) (6,82,562) TOTAL( C) 64,97,653 98,423 1,15,03,424 10,28,790 6,94,452 1,20,102 1,09,83,524 6,74,884 3,16,01,252 SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 2,83,920 18,785 6,62,574 - - 9,513 6,15,694 1,73,898 17,64,384 APPROPRIATIONS Transfer to Shareholders Account 1,16,311 4,474 6,62,574 - - 9,513 6,77,616 1,81,764 16,52,252 Transfer to Other Reserve - - - - - - - - - Transfer to Funds for Future Appropriation - - - - - - (61,922) (7,866) (69,788) Surplus after Appropriation 1,67,609 14,311 - - - - - - 1,81,920 TOTAL (D) 2,83,920 18,785 6,62,574 - - 9,513 6,15,694 1,73,898 17,64,384 SURPLUS/(DEFICIT) BROUGHT FORWARD 12,55,645 1,41,421 - - - - - - 13,97,066 Surplus after Appropriation 1,67,609 14,311 - - - - - - 1,81,920 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 14,23,254 1,55,732 - - - - - - 15,78,986 (a) Interim & Terminal Bonuses Paid 1,08,724 10,298 - - - - - - 1,19,022 (b) Allocation of Bonus to Policyholders 9,38,072 29,965 - - - - - - 9,68,037 (c) Surplus/ (Deficit) shown in the Revenue Account 1,67,609 14,311 - - - - - - 1,81,920 Total Surplus: [(a) + (b) + (c)] 12,14,405 54,574 - - - - - - 12,68,979 The Schedules are an integral part of this Revenue Account. * represents the deemed realised gain as per norms specified by the Authority. ** represents Mathematical Reserves after allocation of bonus. Page 4 of 66
FORM L-2-A-PL KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of registration: January 10, 2001 PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED MARCH 31, 2017 Shareholders Account (Non-technical Account) (Amounts in thousands of Indian Rupees) Particulars Schedule For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 Amounts transferred from Policyholders Account (Technical Account) 20,30,560 20,30,560 16,52,252 16,52,252 Income from Investments (a) Interest, Dividends and Rent Gross- Net of amortisation 3,16,721 12,44,779 2,72,069 10,48,879 (b) Profit on sale/ redemption of investments 236 25,282 20,016 60,949 (c) (Loss on sale/ redemption of investments) - (18,826) (12,608) (15,275) 3,16,957 12,51,235 2,79,477 10,94,553 Other Income - - - - TOTAL (A) 23,47,517 32,81,795 19,31,729 27,46,805 Expenses other than those directly related to the insurance business L-6A 10,781 35,315 12,104 23,640 Bad debts written off - - - - Provisions (other than taxation) (a) For diminution in the value of investments (Net) - - - - (b) Provision for doubtful debts - - - - (c) Others - - - - -Corporate Social Responsibilitty Expenditure 12,500 12,500 9,600 9,600 -Contribution to the Policyholders Fund 22,844 27,718 20,003 53,031 TOTAL (B) 46,125 75,533 41,707 86,271 Profit before tax 23,01,392 32,06,262 18,90,022 26,60,534 Provision for taxation - Current Year 30,172 1,73,533 31,733 1,53,065 - Deferred tax charge / (credit) - - - - Profit after tax 22,71,220 30,32,729 18,58,289 25,07,469 Appropriations (a) Balance at the beginning of the year 1,03,52,679 95,91,170 77,32,881 70,83,701 (b) Interim dividends paid during the year - - - - (c) Proposed final dividend - - - - (d) Tax on dividend distributed - - - - (e) Transfer to reserves/ other accounts - - - - Profit/(Loss) carried to the Balance Sheet 1,26,23,899 1,26,23,899 95,91,170 95,91,170 The Schedules are an integral part of this Profit and Loss Account. Earnings Per Share (Basic and Diluted) (`) 4.45 5.94 3.64 4.91 Nominal value per share (`) 10.00 10.00 10.00 10.00 Page 5 of 66
Particulars Schedule March 31, 2017 March 31, 2016 SOURCES OF FUNDS Shareholders Funds: Share Capital L-8 & L-9 51,02,902 51,02,902 Reserves and Surplus L-10 1,31,44,262 1,01,11,533 Credit/[Debit] Fair Value Change Account - - Sub-Total 1,82,47,164 1,52,14,435 Borrowings L-11 - - Policyholders Funds: Credit/[Debit] Fair Value Change Account 18,20,906 3,60,313 Revaluation Reserve - Investment Property 2,03,345 2,03,345 Policy Liabilities - Life Participating 2,95,29,619 2,37,39,260 - Pension Participating 6,89,589 6,99,138 - Life Non- Participating 3,49,54,377 2,37,49,152 - Life Non- Participating Variable(VIP) 6,40,061 12,02,977 - Pension Non-Participating Variable (VIP) 19,71,278 15,48,858 - General Annuity 5,83,045 2,98,169 - Unit Linked 17,80,842 17,35,590 - Unit Linked Pension 2,04,509 7,03,53,320 1,78,411 5,31,51,555 Insurance Reserves - Life Participating 15,90,289 14,23,254 - Pension Participating 1,97,501 17,87,790 1,55,732 15,78,986 Provision for Linked Liabilities - Linked Liabilities 10,00,55,198 8,91,37,142 - Fair Value Change 1,38,52,657 11,39,07,855 58,09,263 9,49,46,405 Funds for Discontinued policies - Discontinued on account of non-payment of premium 16,84,942 16,03,664 - Others - - Sub-Total 18,97,58,158 15,18,44,268 Funds for Future Appropriation:-Linked Liabilities - - - Surplus in Revenue Account - - Total 20,80,05,322 16,70,58,703 APPLICATION OF FUNDS Investments Shareholders L-12 1,58,75,540 1,39,96,388 Policyholders L-13 7,63,97,747 5,73,05,109 Assets Held to Cover Linked Liabilities L-14 11,55,92,797 9,65,50,069 Loans L-15 15,31,071 15,07,576 Fixed Assets L-16 6,18,135 4,40,720 Current Assets Cash and Bank Balances L-17 32,40,195 22,16,363 Advances and Other Assets L-18 48,14,896 37,93,512 Sub-Total (A) 80,55,091 60,09,875 Current Liabilities L-19 97,48,840 84,85,428 Provisions L-20 3,16,219 2,65,606 Sub-Total (B) 1,00,65,059 87,51,034 Net Current Assets (C) = (A-B) (20,09,968) (27,41,159) Miscellaneous Expenditure (To the extent not written off or adjusted) L-21 - - Debit Balance in Profit and Loss Account (Shareholders Account) - - 20,80,05,322 16,70,58,703 The Schedules are an integral part of this Balance Sheet. Prior quarter's figures have been regrouped / reclassified wherever necessary CONTINGENT LIABILITIES Particulars FORM L-3-A-BS KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of registration: January 10, 2001 BALANCE SHEET AS AT MARCH 31, 2017 (Amounts in thousands of Indian Rupees) March 31, 2017 March 31, 2016 1. Partly paid-up investments 3,30,360 1,09,500 2. Underwriting commitments outstanding (in respect of shares and securities) - - 3. Claims, other than against policies, not acknowledged as debts by the company 2,845-4. Guarantees given by or on behalf of the Company 1,491 1,491 5. Statutory demands/ liabilities in dispute, not provided for (Service Tax) 28,34,246 25,17,833 6. Reinsurance obligation to the extent not provided for in accounts - - 7. Others Insurance claims in appeal net of provision (Gross value of claims ` 3,77,475 (2016 ` 3,70,221), out of which reinsured ` 85,587 (2016 - ` 95,784) and provision held ` 1,94,415 (2016 - ` 1,68,872) 97,473 1,05,565 Total 32,66,415 27,34,389 Page 6 of 66
Particulars FORM L-4-PREMIUM SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 First year Premium 92,35,458 2,08,25,348 73,07,522 1,64,66,849 Renewal Premium 96,03,076 2,28,98,047 72,96,414 1,76,20,187 Single Premium 24,84,514 76,72,086 19,03,646 56,29,783 Total Premium 2,13,23,048 5,13,95,481 1,65,07,582 3,97,16,819 Notes: (a) All the premium income relates to business in India Page 7 of 66
FORM L-5 - COMMISSION SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 Commission Paid First year Premium 11,44,522 24,39,596 9,01,355 20,29,168 Renewal Premium 3,40,514 7,57,525 2,45,735 5,28,126 Single Premium 28,684 51,023 14,483 23,854 Sub-total 15,13,720 32,48,144 11,61,573 25,81,148 Add: Commission on Re-insurance accepted - - - - Less: Commission on Re-insurance ceded - - - - Net Commission 15,13,720 32,48,144 11,61,573 25,81,148 Breakup of Gross Commission Particulars For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 Agents 5,88,082 15,10,742 4,50,642 11,16,279 Brokers 52,137 1,48,999 49,951 1,50,689 Corporate Agents 8,73,501 15,88,403 6,60,980 13,14,188 Referral - - - (8) Total 15,13,720 32,48,144 11,61,573 25,81,148 Note : Page 8 of 66
FORM L-6-OPERATING EXPENSES SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS Operating Expenses Related to Insurance Business (Amounts in thousands of Indian Rupees) Particulars For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 Employees remuneration and welfare benefits 16,74,685 55,10,775 14,27,920 45,03,423 Travel, conveyance and vehicle running expenses 61,063 2,07,372 55,595 1,88,344 Training expenses 11,280 59,084 24,344 79,765 Rent, Rates and Taxes 1,22,716 4,69,953 1,12,691 4,32,073 Repairs 45,878 1,63,466 35,807 1,32,823 Printing and Stationery 36,646 1,01,829 23,848 78,988 Communication expenses 41,006 1,34,018 36,447 1,19,285 Legal and Professional charges 41,643 1,73,179 40,089 1,49,840 Medical fees 16,421 38,569 10,246 27,782 Auditors fees, expenses etc. (a) as auditor 3,128 6,871 1,501 4,919 (b) as adviser or in any other capacity, in respect of - Taxation matters - - - - - Insurance Matters - - - - - Management services; and - - - - (c) in any other capacity (including out of pocket expenses) 74 388 54 183 Advertisement and publicity 1,71,599 4,77,660 1,83,272 5,77,753 Interest and Bank charges 12,348 29,076 10,495 29,507 Sales Promotion and Distribution expenses 3,68,902 8,57,291 3,57,046 7,56,400 Depreciation 79,065 2,74,056 61,305 2,15,087 Information Technology expenses 68,209 2,08,007 54,999 1,98,364 Electricity charges 23,061 1,00,012 20,787 98,537 Recruitment expenses 7,980 47,738 11,788 45,199 Stamp Duty 58,285 2,27,151 53,468 1,85,466 Membership and Subscription Fees 3,839 12,646 1,434 5,855 Service Tax Expenses 8,284 33,634 8,313 15,806 General administration and other expenses (68,595) 1,49,031 10,513 95,875 Total 27,87,517 92,81,806 25,41,962 79,41,274 a) Refer Schedule 16 - Note 2 (k) and Note 24 FORM L-6A-EXPENSES OTHER THAN THOSE DIRECTLY RELATED TO INSURANCE BUSINESS KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS Expenses other than those directly related to Insurance Business (Amounts in thousands of Indian Rupees) b) Refer Schedule 16 -Note 2(h), Note 6 & Note 22. Particulars For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 Employees remuneration and welfare benefits 8,105 20,676 4,914 14,403 Travel, conveyance and vehicle running expenses 1 26 4 14 Rent, Rates and Taxes 192 966 74 289 Printing and Stationery (1) 15 4 12 Communication expenses 2 14 5 11 Legal and Professional charges 159 647 155 462 Interest and Bank charges 105 448 197 451 Depreciation 76 318 61 218 Others 2,142 12,205 6,690 7,780 Total 10,781 35,315 12,104 23,640 Page 9 of 66
FORM L-7-BENEFITS PAID SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars For the quarter ended on 31st March 2017 Upto the quarter ended on 31st March 2017 For the quarter ended on 31st March 2016 Upto the quarter ended on 31st March 2016 1. Insurance Claims (a) Claims by Death 12,98,995 45,77,589 10,74,053 37,30,081 (b) Claims by Maturity 21,84,951 55,63,982 11,20,697 33,80,472 (c) Annuities/ Pension payment 8,352 22,585 4,515 13,562 (d) Other Benefits Survival Benefits 1,20,561 4,34,839 3,25,169 9,44,406 Surrenders 36,79,373 1,19,60,422 25,54,468 95,87,931 Discontinuance payments 3,71,310 7,12,100 5,54,745 10,15,687 Riders 1,614 4,909 1,599 4,924 Claim Investigation Fees 1,584 6,633 2,836 6,909 Others- Refer note (b) 15,837 49,459 3 17,416 Sub Total (A) 76,82,577 2,33,32,518 56,38,085 1,87,01,388 2. Amount ceded in reinsurance (a) Claims by Death (1,26,832) (4,60,580) (1,57,065) (4,60,968) (b) Claims by Maturity - - - - (c) Annuities/ Pension payment - - - - (d) Other Benefits Survival Benefits - - - - Surrenders - - - - Discontinuance payments - - - - Riders (100) (257) (85) (88) Others - - - - Sub Total (B) (1,26,932) (4,60,837) (1,57,150) (4,61,056) 3. Amount accepted in reinsurance (a) Claims by Death - - - - (b) Claims by Maturity - - - - (c) Annuities/ Pension payment - - - - (d) Other Benefits Survival Benefits - - - - Surrenders - - - - Discontinuance payments - Riders - - - - Others - - - - Sub Total (C) - - - - Total (A)+(B)+(C) 75,55,645 2,28,71,681 54,80,935 1,82,40,332 Notes : (a) All the claims are paid in India. (b) Includes provision for policy related claims. (d) Refer Schedule 16 - Note 30 for regrouping of previous year figures. Page 10 of 66
FORM L-8-SHARE CAPITAL SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 Authorized Capital 625,000,000 (2016 625,000,000) Equity Shares of ` 10 each 62,50,000 62,50,000 Issued Capital 510,290,249 (2016 510,290,249) Equity Shares of ` 10 each 51,02,902 51,02,902 Subscribed Capital 510,290,249 (2016 510,290,249) Equity Shares of ` 10 each 51,02,902 51,02,902 Called-up Capital 510,290,249 (2016 510,290,249) Equity Shares of ` 10 each 51,02,902 51,02,902 Less: Calls unpaid - - Add: Shares forfeited (Amount originally paid up) - - Less: Par Value of Equity Shares bought back - - Less: Preliminary Expenses - - Less: Expenses on issue of shares - - Total 51,02,902 51,02,902 Notes: (a) Of the above, 260,248,044 (2016 260,248,044) Equity Shares of ` 10 each fully paid up are held by Kotak Mahindra Bank Limited, the holding company and its nominees, 54,000,000 (2016-54,000,000) and 63,366,753 (2016-63,366,753) fully paid-up Equity Shares of ` 10 each are held by Kotak Mahindra Prime Limited and Kotak Mahindra Capital Company Limited respectively, which are subsidiaries of Kotak Mahindra Bank Limited. FORM L-9-PATTERN OF SHAREHOLDING SCHEDULE Pattern of Shareholding (As certified by the Management) Particulars March 31, 2017 March 31, 2016 Number of Shares % Holding Number of Shares % Holding Shareholders Promoters - Indian 37,76,14,797 74% 37,76,14,797 74% - Foreign 13,26,75,452 26% 13,26,75,452 26% Others - - - - Total 51,02,90,249 100% 51,02,90,249 100% Page 11 of 66
FORM L-10-RESERVES AND SURPLUS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 Capital Reserve - - Capital Redemption Reserve - - Securities Premium 5,20,363 5,20,363 Revaluation Reserve - - General Reserves - - Less: Debit balance in Profit and Loss Account - - Less: Amount utilized for Buy-back - - Catastrophe Reserve - - Other Reserve - - Balance of profit in Profit and Loss Account 1,26,23,899 95,91,170 Total 1,31,44,262 1,01,11,533 Page 12 of 66
FORM L-11-BORROWINGS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 Debentures/ Bonds - - Banks - - Financial Institutions - - Others - - Total - - Page 13 of 66
FORM L-12-INVESTMENTS SHAREHOLDERS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 1,38,98,013 1,07,35,447 Other Approved Securities 4,01,529 4,02,310 Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 85,511 4,27,452 (e) Other Securities (including Fixed Deposits) - - (f) Subsidiaries - - (g) Investment Properties Real Estate - - Investment in Housing & infrastructure sector (I) Approved Investments (a) Equity - - (b) Others 11,88,927 17,01,646 (II) Other than Approved Investments (a) Equity - - (b) Others 1,00,220 1,00,304 Total 1,56,74,200 1,33,67,159 SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 34,084 7,818 Other Approved Securities - - Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds 4,312 - (c) Derivative Instruments - - (d) Debentures/ Bonds 32,012 2,42,014 (e) Other Securities (including Fixed Deposits) - 2,39,324 (f) Subsidiaries - - (g) Investment Properties Real Estate - - Investment in Housing & infrastructure sector (I) Approved Investments (a) Equity - - (b) Others 1,30,932 1,40,073 (II) Other than Approved Investments (a) Equity - - (b) Others - - Total 2,01,340 6,29,229 Grand Total 1,58,75,540 1,39,96,388 Notes: Particulars March 31, 2017 March 31, 2016 (a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investments in units of the funds of Kotak Mahindra Asset Management Company Ltd 1,638 - - Investment in Kotak Mahindra Prime Ltd in Debentures - 50,006 (c) Investment made out of Catastrophe reserve - - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 1,58,75,540 1,39,96,388 - Market Value 1,68,54,994 1,42,93,175 (e) The historical cost of those Investments whose reported valued is based on fair value is as given below - Reported Value 4,312 - - Historical Cost 4,312 - Page 14 of 66
Particulars FORM L-13-INVESTMENTS POLICYHOLDERS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS Investments-Policyholders' (Amounts in thousands of Indian Rupees) March 31, 2017 March 31, 2016 LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 4,09,08,023 3,49,67,482 Other Approved Securities 49,57,757 10,44,014 Other Investments (a) Shares (aa) Equity 73,21,624 49,37,320 (bb) Preference - - (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 34,25,385 21,77,445 (e) Other Securities (including Fixed Deposits) 9,24,040 3,41,080 (f) Subsidiaries - - (g) Investment Properties Real Estate 17,85,251 6,98,424 (h) Deposit with Clearing Corporation of India Ltd. - - Investment in Housing & infrastructure sector (I) Approved Investments (a) Equity 1,84,754 99,559 (b) Others 98,56,811 86,44,573 (II) Other than Approved Investments (a) Equity 19,06,346 6,58,010 (b) Others 29,31,341 8,96,649 Total 7,42,01,332 5,44,64,556 SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 3,897 186 Other Approved Securities - - Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds 5,96,688 - (c) Derivative Instruments - - (d) Debentures/ Bonds 2,59,657 7,82,358 (e) Other Securities (including Fixed Deposits) 8,27,570 17,62,677 (f) Subsidiaries - - (g) Investment Properties Real Estate - - Investment in Housing & infrastructure sector (I) Approved Investments (a) Equity - - (b) Others 5,08,603 2,95,332 (II) Other than Approved Investments (a) Equity - - (b) Others - - Total 21,96,415 28,40,553 Grand Total 7,63,97,747 5,73,05,109 Notes: Particulars March 31, 2017 March 31, 2016 (a) Investment in fixed deposits/ debentures Holding Company - Kotak Mahindra Bank Ltd 1,00,871 - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investment in unit of the funds of Kotak Mahindra Asset Management Company Ltd 1,93,362 - - Investment in Kotak Mahindra Prime Ltd in Debentures - - (c) Investment made out of Catastrophe reserve - - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 6,74,94,755 5,16,10,876 - Market Value 7,04,95,204 5,28,68,187 (e) The historical cost of those Investments whose reported valued is based on fair value is as given below - Reported Value 1,22,26,369 66,40,367 - Historical Cost 1,02,02,120 60,85,411 Page 15 of 66
Particulars FORM L-14-ASSETS HELD TO COVER LINKED LIABILITIES SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) March 31, 2017 March 31, 2016 LONG TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 1,29,47,799 2,07,80,612 Other Approved Securities 90,05,173 16,97,101 Other Investments (a) Shares (aa) Equity 4,95,24,923 4,22,93,521 (bb) Preference 12,536 11,939 (b) Mutual Funds - - (c) Derivative Instruments - - (d) Debentures/ Bonds 79,52,139 34,15,793 (e) Other Securities (including Fixed Deposits) - - (f) Subsidiaries - - (g) Investment Properties Real Estate - - Investment in Housing & infrastructure sector (I) Approved Investments (a) Equity 24,02,269 20,11,886 (b) Others 1,09,10,456 48,75,875 (II) Other than Approved Investments (a) Equity 83,74,370 55,28,640 (b) Others - - Total 10,11,29,665 8,06,15,367 SHORT TERM INVESTMENTS Government securities and Government guaranteed bonds including Treasury Bills 16,65,543 31,90,379 Other Approved Securities - - Other Investments (a) Shares (aa) Equity - - (bb) Preference - - (b) Mutual Funds 43,36,237 - (c) Derivative Instruments - - (d) Debentures/ Bonds 13,20,592 11,81,365 (e) Other Securities (including Fixed Deposits) 21,16,676 74,20,004 (f) Subsidiaries - - (g) Investment Properties Real Estate - - Investments in Infrastructure and Social Sector (I) Approved Investments (a) Equity Shares - - (b) Others 12,55,934 21,20,469 (II) Other than Approved Investments (a) Equity Shares - - (b) Others - - Net Current Assets 37,68,150 20,22,485 Total 1,44,63,132 1,59,34,702 Grand Total 11,55,92,797 9,65,50,069 Notes: Particulars March 31, 2017 March 31, 2016 (a) Investment in Holding Company - Kotak Mahindra Bank - - (b) Investment in Subsidiary, Joint Ventures, Fellow subsidiaries and Associates - Investment in unit of the funds of Kotak Mahindra Asset Management Company Ltd including unit 33,24,384 16,63,712 - Investment in Kotak Mahindra Prime Ltd in Debentures 15,58,485 2,00,776 (c) Investment made out of Catastrophe reserve - - (d) Particulars of Investment other than Listed Equity Securities:- - Cost 5,11,60,284 4,41,60,705 - Market Value 5,15,10,549 4,47,71,163 (e) The historical cost of those Investments whose reported valued is based on fair value is as given below - Reported Value 11,18,24,647 9,45,27,584 - Historical Cost 9,79,05,609 8,86,09,072 (f) Other Than Approved Investments (a) Equity includes Exchange Traded Funds 38,16,479 28,64,141 Page 16 of 66
FORM L-15-LOANS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 SECURITY WISE CLASSIFICATION Secured (a) On mortgage of property (aa) In India 10,27,243 8,92,613 (bb) Outside India - - (b) On Shares, Bonds, Govt. Securities etc. - - (c) Loans against policies 2,03,828 2,14,963 (d) Others 3,00,000 4,00,000 Unsecured - - Total 15,31,071 15,07,576 BORROWER-WISE CLASSIFICATION (a) Central and State Governments - - (b) Banks and Financial Institutions 3,00,000 4,00,000 (c) Subsidiaries - - (d) Companies 10,27,243 8,92,613 (e) Loans against policies 2,03,828 2,14,963 (f) Others Employees - - Total 15,31,071 15,07,576 PERFORMANCE-WISE CLASSIFICATION (a) Loans classified as standard (aa) In India 15,31,071 15,07,576 (bb) Outside India - - (b) Non-standard loans less provisions (aa) In India - - (bb) Outside India - - Total 15,31,071 15,07,576 MATURITY-WISE CLASSIFICATION (a) Short term 5,15,123 4,05,755 (b) Long Term 10,15,948 11,01,821 Total 15,31,071 15,07,576 Commitments made and outstanding for Loans ` Nil ( 2016 - ` Nil) Notes: a) There was no restructuring of loan assets during the period. b) Short term loans include those loans which are repayable within 12 months from the date of Balance Sheet. Long term loans are the loans other than short term loans. Page 17 of 66
FORM L 16-FIXED ASSETS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars Cost/ Gross Block Depreciation Net Block As on April 1 2016 Addition On Sale/ Adjustment March 31, 2017 As on April 1 2016 For the year On Sale/ Adjustment March 31, 2017 March 31, 2017 March 31, 2016 Goodwill - - - - - - - - - - Intangibles - Software * # 11,76,602 2,14,744-13,91,346 10,31,407 1,38,621-11,70,028 2,21,318 1,45,195 Land-Freehold - - - - - - - - - - Leasehold property - - - - - - - - - - Buildings - - - - - - - - - - Furniture and fittings ** 4,18,437 1,02,347 28,254 4,92,530 3,23,760 39,410 27,036 3,36,134 1,56,396 94,677 Information technology equipment 4,36,120 82,363 24,917 4,93,566 3,41,580 67,616 24,780 3,84,416 1,09,150 94,540 Vehicles 69,548 26,050 13,291 82,307 42,215 15,464 12,785 44,894 37,413 27,333 Office equipment 1,46,260 34,747 11,966 1,69,041 1,16,373 13,263 11,540 1,18,096 50,945 29,887 22,46,967 4,60,251 78,428 26,28,790 18,55,335 2,74,374 76,141 20,53,568 5,75,222 3,91,632 Capital Work-in-progress 42,913 49,088 Grand Total 22,46,967 4,60,251 78,428 26,28,790 18,55,335 2,74,374 76,141 20,53,568 6,18,135 4,40,720 Previous Year 20,26,062 2,72,041 51,136 22,46,967 16,89,793 2,15,304 49,762 18,55,335 4,40,720 * Includes licenses ** Includes leasehold improvements # All Software are other than those generated internally - Page 18 of 66
FORM L-17-CASH AND BANK BALANCE SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 Cash (including cheques on hand, drafts and stamps) 11,49,201 6,58,026 Bank Balances (a) Deposit Accounts (aa) Short-term (due within 12 months of the date of Balance Sheet) - 46,939 (bb) Others - - (b) Current accounts 20,90,994 15,11,398 (c) Others - - Money at Call and Short Notice (a) With Banks - - (b) With other Institutions - - Total 32,40,195 22,16,363 Balance with non-scheduled banks included above - - Cash and Bank balance In India 32,40,195 22,16,363 Outside India - - Total 32,40,195 22,16,363 Page 19 of 66
FORM L-18-ADVANCE AND OTHER ASSETS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 ADVANCES Reserve deposits with ceding companies - - Application money for investments - - Prepayments 57,488 61,304 Advance to Directors/ Officers - - Advance tax paid and T.D.S (Refer Note (a) below) 1,63,357 1,58,121 Others :- Advances to suppliers 1,35,041 1,41,721 Advances to employees 31,191 48,908 Total (A) 3,87,077 4,10,054 OTHER ASSETS Income accrued on investments 21,29,930 18,02,174 Outstanding Premiums 12,33,111 9,57,133 Agents Balances (Refer Note (b) below) 4,600 4,600 Foreign Agencies Balances - - Due from other entities carrying on insurance business (including reinsurers) 10,244 25,820 Due from subsidiaries/ holding company - - Deposits pursuant to Section 7 of Insurance Act, 1938 - - Others :- Security and other deposits 3,45,603 3,17,114 Service Tax Unutilised Credit 48,023 9,706 Investment Income-Unclaimed 3,23,733 - Other Receivables 3,32,575 2,66,911 Total (B) 44,27,819 33,83,458 Total (A + B) 48,14,896 37,93,512 Notes : (a) - Advance tax paid and Taxes deducted at source Particulars March 31, 2017 March 31, 2016 Provision for Tax (4,34,859) (40,544) Advance Tax and Tax deducted at source 5,98,216 1,98,665 1,63,357 1,58,121 (b) - Agent balances Particulars March 31, 2017 March 31, 2016 Commission receivable 48,795 44,204 Provision for commission receivable (44,195) (39,604) Net 4,600 4,600 Page 20 of 66
FORM L-19-CURRENT LIABILITIES SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) Particulars March 31, 2017 March 31, 2016 Agents balances 5,86,407 4,27,706 Balance due to other insurance companies (net) 32,648 6,810 Deposits held on re-insurance ceded - - Premium received in advance 64,105 55,544 Unallocated premium (proposals/policy deposits) 21,91,336 16,54,288 Sundry creditors 71,520 54,703 Due to holding company / Fellow Subsidiary 5,823 4,541 Claims outstanding 7,35,058 6,43,762 Unclaimed Amount of Policy Holders 3,23,733 3,08,700 Annuities due 3,146 2,183 Due to Officers / Directors - - Others:- - Expenses Payable 32,62,295 26,31,108 - Taxes deducted at source, payable 1,45,921 1,36,571 - Statutory dues payable 36,235 30,419 - Refunds Payable 1,26,249 76,463 - Security Deposit 58,448 35,310 - Payable towards investments purchased 2,33,969 13,79,856 - Payable / (Refund) to / from unit linked fund 18,71,947 10,37,464 Total 97,48,840 84,85,428 Page 21 of 66
Particulars FORM L-20-PROVISIONS SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (Amounts in thousands of Indian Rupees) March 31, 2017 March 31, 2016 For taxation (less payments and taxes deducted at source) 1,34,568 1,34,575 For proposed dividend - - For dividend distribution tax - - Others :- Provision for gratuity - - Provision for compensated absences 1,53,823 1,12,410 Provision for employee benefits 22,519 13,451 Provision for standard loan assets 5,309 5,170 Total 3,16,219 2,65,606 (a) - Provision for taxes Particulars March 31, 2017 March 31, 2016 Provision for Tax 10,16,556 10,16,556 Advance Tax and Tax deducted at source (8,81,988) (8,81,981) 1,34,568 1,34,575 Page 22 of 66
Particulars FORM L-21-MISC EXPENDITURE SCHEDULE KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Registration No: 107; Date of Registration: January 10, 2001 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS (To the extent not written off or adjusted) (Amounts in thousands of Indian Rupees) March 31, 2017 March 31, 2016 Discount Allowed in issue of shares/ debentures - - Others - - Total - - Page 23 of 66
PERIODIC DISCLOSURES FORM L-22 - Analytical Ratios* Insurer: KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Date: 31-Mar-17 Sl.No. 1 Particular New business premium income growth rate - segment wise (Number of times) For the quarter ended March 31,2017 Upto the quarter ended March 31,2017 For the quarter ended March 31,2016 Upto the quarter ended March 31,2016 Life Participating 1.65 1.55 1.85 1.94 Pension Participating 1.51 0.77-6.77 Life Non Participating 0.94 1.07 1.05 1.22 Life Non Participating Variable (VIP) 0.22 0.15 2.09 2.80 Pension Non Participating Variable (VIP) 0.00 1.41 0.66 0.62 General Annuity 1.81 2.30 3.15 1.88 Unit Linked Life 1.41 1.49 1.75 1.68 Unit Linked Pension 12.46 4.14 9.48 6.14 2 Net Retention Ratio 99.08% 98.60% 99.06% 98.53% 3 Expense of Management to Gross Direct Premium Ratio 20.17% 24.38% 22.44% 26.49% 4 Commission Ratio (Gross commission paid to Gross Premium) 7.10% 6.32% 7.04% 6.50% 5 Ratio of policy holder's liabilities to shareholder's funds 1039.93% 1039.93% 998.03% 998.03% 6 Growth rate of shareholders' fund 22.22% 19.93% -2.46% 19.73% 7 Ratio of surplus to policyholders' liability 1.18% 1.18% 1.16% 1.16% 8 Change in net worth(` in 000') 4,12,931 30,32,730 (46,830) 25,07,469 9 Profit after tax/total Income 3.85% 4.27% 3.22% 5.85% 10 (Total real estate + loans)/(cash & invested assets) 1.57% 1.57% 1.30% 1.30% 11 Total investments/(capital + Surplus) 1139.17% 1139.17% 1103.24% 1103.24% 12 Total affiliated investments/(capital+ Surplus) 9.04% 9.04% 1.95% 1.95% 13 Investment Yield (Gross and Net) - Excluding Linked Fund a) Without unrealised gains: Non Linked - PAR 9.64% 9.32% 8.26% 9.22% Non Linked - Non-PAR 8.36% 8.53% 7.66% 8.66% Sub Total : Non Linked 8.95% 8.90% 7.97% 8.96% Linked - PAR NA NA NA NA Linked - Non PAR 9.71% 12.18% 8.14% 8.72% Sub Total : Linked 9.71% 12.18% 8.14% 8.72% Grand Total : Non Linked + Linked 8.98% 9.04% 7.98% 8.94% Shareholders' Fund 8.04% 8.35% 8.31% 8.82% b) With unrealised gains: Non Linked - PAR 7.11% 14.26% 10.25% 6.84% Non Linked - Non-PAR 5.90% 13.46% 10.82% 8.02% Sub Total : Non Linked 6.46% 13.84% 10.53% 7.37% Linked - PAR NA NA NA NA Linked - Non PAR 1.28% 12.92% 12.46% 0.29% Sub Total : Linked 1.28% 12.92% 12.46% 0.29% Grand Total : Non Linked + Linked 6.23% 13.80% 10.64% 6.90% Shareholders' Fund -3.76% 12.65% 12.86% 7.83% 14 Conservation Ratio Life Participating 84.58% 83.60% 83.38% 85.69% Pension Participating 97.60% 78.76% 79.42% 90.26% Life Non Participating 87.96% 87.44% 86.35% 85.30% Life Non Participating Variable (VIP) - - - - Pension Non Participating Variable (VIP) - - - - General Annuity - - - - Unit Linked Life 83.52% 84.11% 80.89% 81.47% Unit Linked Pension 90.21% 82.74% 76.10% 72.84% 15 Persistency Ratio# Persistency Ratio (By Premium) For 13th month 80.88% 82.64% 80.17% 82.01% For 25th month 70.75% 73.93% 73.13% 74.08% For 37th month 68.93% 69.30% 74.13% 71.41% For 49th month 72.40% 68.82% 72.81% 71.02% For 61st month 64.75% 62.69% 77.67% 49.23% Persistency Ratio (By Premium) - Reducing Balance Method For 13th month 80.88% 82.64% 80.17% 82.01% For 25th month 83.50% 87.51% 85.71% 88.56% For 37th month 88.41% 90.32% 90.76% 91.13% For 49th month 94.08% 93.89% 94.17% 94.96% For 61st month 85.65% 86.57% 95.46% 90.28% 16 NPA Ratio Gross NPA Ratio Nil Nil Nil Nil Net NPA Ratio Nil Nil Nil Nil Equity Holding Pattern for Life Insurers 1 (a) No. of shares 51,02,90,249 51,02,90,249 51,02,90,249 51,02,90,249 2 (b) Percentage of shareholding (Indian / Foreign) 74%/26% 74%/26% 74%/26% 74%/26% 3 ( c) %of Government holding (in case of public sector insurance companies) N.A N.A N.A N.A 4 (a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period (not to be annualized) 4.45 5.94 3.64 4.91 5 (b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period (not to be annualized) 4.45 5.94 3.64 4.91 6 (iv) Book value per share (Rs) 35.76 35.76 29.82 29.82 Note: # The persistency ratios reported are in accordance with the revised circular IRDA/ACT/CIR/MISC/035/01/2014 dated January 23, 2014. Group business policies are excluded in the calculation of the persistency ratio. The premium persistency ratio allows for lapses, surrenders, Paid ups as well as premium reductions and is expressed in terms of annualised premiums. The persistency ratio will be approved in the subsequent board meeting. Prior period's figures have been regrouped / reclassified wherever necessary Page 24 of 66