Annual Report April 2016

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ANNUAL INVESTMENT REPORT

2015-16
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Annual Investment Report 2015-16

World economy continued to dabble with weak backed by falling oil/commodity prices. But
growth and dwindling inflation. Global markets paradoxically, despite falling inflation, declining
were sluggish with US returning to normalcy with growth and gradual rate cuts the long bond yield
a rate hike, commodity/oil prices falling and defies the basic bond fundamental and remained
strengthening of Dollar. Asset classes across the stubborn till the fag-end of financial year. The
board witnessed volatile movements during the reason was tight liquidity condition maintained by
year with uncertainty rising from the Chinese the RBI, which was effective on bond yield but was
slowdown amidst transition from an investment inexplicable to the market. However as the RBI
led economy to one driven by consumption and moved to somewhat neutral liquidity mode in its
US unwinding of quantitative measures. The last policy the short end of the yield curve reacted
Chinese currency devaluation has also created positively and the curve became steep signifying
some panic with both global as well as local markets confidence in stable inflation in the short
investors. to medium term and economic growth emerging
in the longer run.
The Indian economy bucked the trend in FY16
when most of the emerging market economies Under such circumstances, the Investment
witnessed significant external vulnerabilities owing Department adopted dynamic investment strategy
to positive external balance and a stable public across different funds on the basis of respective
policy. However, the rising NPAs in the banking risk mandates. As a risk mitigation measure,the
system and strong headwinds in the global Board appointed Investment Committee, closely
economy did have an impact on the Indian capital monitored the strategies and policies adopted by
markets. the Investment Department during the year.
Besides, an external concurrent auditor vouched
Equity market witnessed extreme volatility during the investment functions on a daily basis.
the year and finally ended the year with a point to There were also two other internal working
point of decline of around 9%. Subdued earnings committees (namely Risk and Capital Committee
and slow pace of reforms were important and Investment Operation Review Committee)
domestic reasons for lackluster market. Earnings of that monitored and mitigated the financial and
Nifty50 companies during FY16 are expected to be operational risk aspects of Investment function on
less than 2% higher than FY15 earnings. Investors a continuous basis.
became increasingly wary of capex recovery and
reform progress by the government. Foreign
Portfolio Investors sold US$2.2 bn worth of Saibal Ghosh
equities while Domestic Institutional Investors Chief investment Officer
made huge investments, with US$12.3 bn of net
inflows.
The Fixed Income market on the other hand has

witnessed a reduction of 75 bps in its benchmark
rates by the Reserve Bank of India during FY16.
These rate cuts were accompanied by softening
headline inflation along, and at times
undershooting, the guided glide path by the RBI
Figures as of 31st March 2016

1/31
Fund Managers
Fixed Income and Hybrid Funds
Mr. Imran Sayed

Qualification : Awarded CFA charter by CFA Institute 2006 FRM - 2005
Experience : 15 years
Equity
Mr. Jyoti Prakash
Qualification : CFA-1993 PGDRM (IRMA)
Experience : 30 years

2/31
Enhanced Equity Fund

SFIN: ULIF00105/07/08EEF0138
Fund Mandate : This fund will aim to invest in a well-diversified portfolio of equity
instruments, and generate attractive returns in the long term.
Asset Mix
5%
Equity
1%
ETF 94%
Cash
Holdings as a Percentage of AUM

INFOSYS LTD. 9.62 CIPLA LTD. 1.40
HDFC BANK 8.54 LUPIN LTD. 1.33
RELIANCE INDUSTRIES LTD. 8.38 AUROBINDO PHARMA LTD. 1.26
TATA CONSULTANCY SERVICES LTD. 5.71 BAJAJ AUTO LTD. 1.15
HOUSING DEVELOPMENT FINANCE BHARAT FORGE LTD. 1.12
CORPORATION LTD. 5.18
BHARTI INFRATEL LTD 1.05
ICICI BANK 5.02
YES BANK 1.03
ULTRATECH CEMENT LTD. 4.50
MAHINDRA CIE AUTOMOTIVE LIMITED 0.94
TATA MOTORS LTD. 4.03
HCL TECHNOLOGIES LTD. 0.93
KOTAK MAHINDRA BANK 3.96
INDUSIND BANK 0.92
MARUTI SUZUKI INDIA LTD. 3.94
ASHOK LEYLAND LTD. 0.58
SUN PHARMACEUTICAL INDUSTRIES.LTD. 3.93
GOLDMAN SACHS BANKBEES EXCHANGE
LARSEN and TOUBRO LTD. 3.74 TRADED SCHEME 4.65
ITC LTD. 3.03 OTHERS 0.71
HINDUSTAN UNILEVER LTD. 2.29
UNITED SPIRITS LTD. 2.15
POWER GRID CORPORATION LTD. 2.09
BOSCH LTD. 1.92
BRITANNIA INDUSTRIES LTD. 1.77
BHARAT PETROLEUM CORPORATION LTD. 1.64
ASIAN PAINTS LTD. 1.49 Total 100.00

3/31
Enhanced Equity Fund

SFIN: ULIF00105/07/08EEF0138
Fund Mandate : This fund will aim to invest in a well-diversified portfolio of equity
instruments, and generate attractive returns in the long term.
Industry Distribution % Industry Distribution

0.00 10.00 20.00 30.00
FINANCIALS
FINANCIALS 24.65
ENERGY
ENERGY 10.02
CONSUMER STAPLES
CONSUMER STAPLES 9.23
IT
IT 16.26 CONSUMER
DISCRETIONARY
CONSUMER DISCRETIONARY 14.59 INDUSTRIALS
INDUSTRIALS 4.32 MATERIALS
MATERIALS 4.50 HEALTH CARE
HEALTH CARE 7.92 UTILITIES
UTILITIES 2.09 TELECOM
OTHERS
TELECOM 1.05
OTHERS 5.36
Returns (CAGR)
1 Year 2 Year 3Year 4Year 5Year Since Inception
Fund -5.63% 36.08% 19.30% 6.87% -6.23% 10.40%

Nifty -8.86% 26.65% 17.98% 7.31% -9.23% 7.51%

4/31
Accelerator Fund
SFIN: ULIF01203/09/10ACCELERATE0138
Fund Mandate : This fund will aim at investing in equities of various sectors, to
diversify the portfolio and to generate attractive returns in longterm.
This fund will also have the flexibility to invest in fixed
interest assets and money market instruments up to 20%.
Asset Mix
Equity 4%
3%
ETF 93%
Cash & Cash Equivalents

INFOSYS LTD. 9.30 BHARAT PETROLEUM CORPORATION LTD. 0.93
HDFC BANK 6.99 ASIAN PAINTS LTD. 0.93
RELIANCE INDUSTRIES LTD. 6.77 DIVI LABORATORIES LTD. 0.91
HOUSING DEVELOPMENT FINANCE HINDUSTAN PETROLEUM CORP. LTD. 0.83
CORPORATION LTD. 6.00 LUPIN LTD. 0.83
ICICI BANK 4.78 MAHINDRA CIE AUTOMOTIVE LIMITED 0.81
ITC LTD. 4.46 TATA CHEMICALS LTD. 0.80
SUN PHARMACEUTICAL INDUSTRIES.LTD. 3.58 BAJAJ AUTO LTD. 0.73
TATA MOTORS LTD. 3.41 NTPC LTD. 0.73
MARUTI SUZUKI INDIA LTD. 3.39 CONTAINER CORPORATION OF INDIA LTD. 0.72
TATA CONSULTANCY SERVICES LTD. 3.34 CUMMINS INDIA LTD. 0.69
LARSEN and TOUBRO LTD. 3.07 ASHOK LEYLAND LTD. 0.66
GRASIM INDUSTRIES LTD. 2.50 BHARAT FORGE LTD. 0.53
STATE BANK OF INDIA 2.38 MUNDRA PORT AND SPECIAL ECONOMIC
AXIS BANK 2.30 ZONE LTD. 0.52
UNITED SPIRITS LTD. 2.17 VOLTAS LTD. 0.52
HCL TECHNOLOGIES LTD. 2.03 ZEE ENTERTAINMENT ENTERPRISES LTD. 0.50
ULTRATECH CEMENT LTD. 1.97 PIDILITE INDUSTRIES LTD. 0.49
BOSCH LTD. 1.77 INDUSIND BANK 0.42
AUROBINDO PHARMA LTD. 1.68 UNITED BREWERIES LIMITED 0.32
KOTAK MAHINDRA BANK 1.45 GOLDMAN SACHS BANKBEES EXCHANGE
BHARTI INFRATEL LTD 1.45 TRADED SCHEME 4.57
HINDUSTAN UNILEVER LTD. 1.42 OTHERS 2.59
CIPLA LTD. 1.18
POWER GRID CORPORATION LTD. 1.17 Total 100.00

5/31
Accelerator Fund
SFIN: ULIF01203/09/10ACCELERATE0138
Fund Mandate : This fund will aim at investing in equities of various sectors, to
diversify the portfolio and to generate attractive returns in longterm.
This fund will also have the flexibility to invest in fixed
interest assets and money market instruments up to 20%.

0.00 0.50 10.00 15.00 20.00 25.00
FINANCIALS 24.33 FINANCIALS
CONSUMER STAPLES 9.44 CONSUMER STAPLES
IT 14.66 IT
ENERGY
ENERGY 8.54
MATERIALS
MATERIALS 5.76
CONSUMER
DISCRETIONARY
CONSUMER DISCRETIONARY 12.08
HEALTH CARE
HEALTH CARE 8.17 INDUSTRIALS
INDUSTRIALS 6.17 UTILITIES
UTILITIES 1.91 TELECOM
DFI
TELECOM 1.45
OTHERS
OTHERS 7.47
Returns (CAGR)
Fund -7.49% 33.34% 17.82% 6.72% -7.46% 6.29%

BSE 100 -8.96% 28.32% 18.11% 6.84% -9.23% 4.94%

6/31
Pension Enhanced Equity Fund

SFIN: ULIF00605/01/09PEEQUITY0138
Fund Mandate : This fund will aim to maintain a balance between equity and debt
exposure, so that the client has a stable and attractive long term
return. The fund will also shift allocation between debt and equity
to gain from asset price movements over medium to long term.
Asset Mix
5%
Equity
ETF 95%

INFOSYS LTD. 9.66 ASIAN PAINTS LTD. 1.50
HDFC BANK 8.58 CIPLA LTD. 1.41
RELIANCE INDUSTRIES LTD. 8.42 LUPIN LTD. 1.33
TATA CONSULTANCY SERVICES LTD. 5.74 AUROBINDO PHARMA LTD. 1.27
HOUSING DEVELOPMENT FINANCE BAJAJ AUTO LTD. 1.15
CORPORATION LTD. 5.24 BHARAT FORGE LTD. 1.13
ICICI BANK 4.89 BHARTI INFRATEL LTD 1.06
ULTRATECH CEMENT LTD. 4.51 YES BANK 1.04
TATA MOTORS LTD. 4.05 MAHINDRA CIE AUTOMOTIVE LIMITED 0.95
KOTAK MAHINDRA BANK 4.01 INDUSIND BANK 0.93
MARUTI SUZUKI INDIA LTD. 3.96 HCL TECHNOLOGIES LTD. 0.93
SUN PHARMACEUTICAL INDUSTRIES.LTD. 3.95 ASHOK LEYLAND LTD. 0.58
LARSEN and TOUBRO LTD. 3.75 GOLDMAN SACHS BANKBEES EXCHANGE
ITC LTD. 3.04 TRADED SCHEME 4.65
HINDUSTAN UNILEVER LTD. 2.30 OTHERS 0.26
UNITED SPIRITS LTD. 2.16
BOSCH LTD. 1.93
BHARAT PETROLEUM CORPORATION LTD. 1.70 Total 100.00

7/31
Pension Enhanced Equity Fund

SFIN: ULIF00605/01/09PEEQUITY0138
Fund Mandate : This fund will aim to maintain a balance between equity and debt
exposure, so that the client has a stable and attractive long term
return. The fund will also shift allocation between debt and equity
to gain from asset price movements over medium to long term.

0.00 0.50 10.00 15.00 20.00 25.00 30.00
FINANCIALS 24.68
FINANCIALS
IT 16.33 IT
CONSUMER DISCRETIONARY 14.66 CONSUMER

DISCRETIONARY
INDUSTRIALS 4.34 INDUSTRIALS
ENERGY 10.12 ENERGY
MATERIALS 4.51 MATERIALS
HEALTH CARE 7.96 HEALTH CARE
DFI
TELECOM 1.06
TELECOM
UTILITIES 2.16 UTILITIES
OTHERS 4.91 OTHERS
Returns (CAGR)
Fund -5.74% 35.92% 18.98% 6.98% -5.99% 18.32%

Nifty -8.86% 26.65% 17.98% 7.31% -9.23% 14.90%

8/31
Pension Index Fund

SFIN: ULIF01005/01/09PINDEX0138
Fund Mandate : This fund aims at investing in equities, but does not take
stock-specific risks. Replicating the market performance at low cost.
The fund is indexed to Nifty 50.
Asset Mix
Equity 1%
99%

INFOSYS LTD. 8.69 ULTRATECH CEMENT LTD. 1.19
HDFC BANK 7.59 BAJAJ AUTO LTD. 1.17
ITC LTD. 6.59 POWER GRID CORPORATION LTD. 1.10
HOUSING DEVELOPMENT FINANCE TECH MAHINDRA LTD. 1.04
YES BANK 1.03
RELIANCE INDUSTRIES LTD. 6.17
NTPC LTD. 0.99
ICICI BANK 4.92
CIPLA LTD. 0.93
TATA CONSULTANCY SERVICES LTD. 4.75
GRASIM INDUSTRIES LTD. 0.88
LARSEN and TOUBRO LTD. 3.56
BHARAT PETROLEUM CORPORATION LTD. 0.86
MUNDRA PORT AND SPECIAL ECONOMIC
TATA MOTORS LTD. 2.67 ZONE LTD. 0.82
AXIS BANK 2.67 ZEE ENTERTAINMENT ENTERPRISES LTD. 0.78
KOTAK MAHINDRA BANK 2.51 TATA STEEL LTD. 0.77
HINDUSTAN UNILEVER LTD. 2.20 BOSCH LTD. 0.71
STATE BANK OF INDIA 2.15 AMBUJA CEMENTS LTD. 0.66
MAHINDRA and MAHINDRA LTD. 2.00 GAIL (INDIA) LTD. 0.61
MARUTI SUZUKI INDIA LTD. 1.78 BANK OF BARODA 0.51
BHARTI AIRTEL LTD. 1.74 ACC LTD. 0.47
INDUSIND BANK 1.68 IDEA CELLULAR LTD. 0.44
HCL TECHNOLOGIES LTD. 1.62 TATA POWER CO. LTD. 0.43
ASIAN PAINTS LTD. 1.41 HINDALCO INDUSTRIES LTD. 0.40
OIL and NATURAL GAS CORPORATION LTD. 1.38 BHARAT HEAVY ELECTRICALS LTD. 0.38
DR REDDYS LABORATORIES LTD. 1.37 SESA STERLITE LTD 0.35
COAL INDIA LTD. 1.34 CAIRN INDIA LTD. 0.31
WIPRO LTD. 1.30 PUNJAB NATIONAL BANK 0.22
HERO MOTOCORP LTD. 1.30 OTHERS 0.86
LUPIN LTD. 1.28 Total 100.00

9/31
Pension Index Fund

SFIN: ULIF01005/01/09PINDEX0138
Fund Mandate : This fund aims at investing in equities, but does not take
stock-specific risks. Replicating the market performance at low cost.
The fund is indexed to Nifty 50.

0.00 10.00 20.00 30.00 40.00
FINANCIALS 29.51
FINANCIALS
ENERGY 10.06
ENERGY
IT 17.40
IT
CONSUMER STAPLES
CONSUMER
MATERIALS 4.73 DISCRETIONARY
MATETRIALS
HEALTH CARE 6.77 HEALTHCARE
UTILITIES 3.13 UTILITIES
TELECOM 2.18 TELECOM
OTHERS 0.86 OTHERS
Returns (CAGR)
Fund -7.34% 27.75% 19.66% 8.99% -7.77% 16.83%

Nifty -8.86% 26.65% 17.98% 7.31% -9.23% 15.68%

10/31
Group Equity Fund

SFIN: ULGF00228/03/11GEQUITY0138
Fund Mandate : This Fund will aim at investing in equities of various sectors to diversify the
portfolio and to generate attractive returns in the long term. The Fund will
also have the flexibility to invest in Fixed Interest Assets and Money Market
instruments up to 20%.
Asset Mix
Asset Mix
10%
Equity 4%
Cash & Cash Equivalent 86%
ETF

RELIANCE INDUSTRIES LTD. 7.61 CIPLA LTD. 1.27
TATA CONSULTANCY SERVICES LTD. 5.17 LUPIN LTD. 1.22
HOUSING DEVELOPMENT FINANCE AUROBINDO PHARMA LTD. 1.13
CORPORATION LTD. 4.74 BAJAJ AUTO LTD. 1.04
ICICI BANK 4.54 BHARAT FORGE LTD. 1.00
ULTRATECH CEMENT LTD. 4.12 BHARTI INFRATEL LTD 0.95
TATA MOTORS LTD. 3.66 YES BANK 0.93
KOTAK MAHINDRA BANK 3.63 MAHINDRA CIE AUTOMOTIVE LIMITED 0.85
SUN PHARMACEUTICAL INDUSTRIES.LTD. 3.56 INDUSIND BANK 0.83
ITC LTD. 2.75 GOLDMAN SACHS BANKBEES EXCHANGE
HINDUSTAN UNILEVER LTD. 2.07 TRADED SCHEME 4.24
UNITED SPIRITS LTD. 1.96 OTHERS 9.84
BOSCH LTD. 1.73
BRITANNIA INDUSTRIES LTD. 1.61 Total 100.00

11/31
Group Equity Fund

SFIN: ULGF00228/03/11GEQUITY0138
Fund Mandate : This Fund will aim at investing in equities of various sectors to diversify the
portfolio and to generate attractive returns in the long term. The Fund will
also have the flexibility to invest in Fixed Interest Assets and Money Market
instruments up to 20%.
Asset Mix

FINANCIALS 22.43 0.00 0.50 10.00 15.00 20.00 25.00
ENERGY 9.10 FINANCIALS
CONSUMER STAPLES 8.38 ENERGY
CONSUMER STAPLES
IT 14.74
IT
CONSUMER
INDUSTRIALS 3.90 DISCRETIONARY
INDUSTRIALS
MATERIALS 4.12
MATETRIALS
HEALTH CARE 7.18
HEALTHCARE
UTILITIES 1.90
UTILITIES
TELECOM 0.95
TELECOM
OTHERS 14.08 OTHERS
Returns (CAGR)
Fund -5.72% 36.38% 19.38% 7.59% -5.38% 9.43%
Nifty -8.86% 26.65% 17.98% 7.31% -9.23% 6.33%

12/31
BlueChip Fund
ULIF01511/02/14BLUECHIPEQ0138
Fund Mandate : The Fund objective is to provide long-term capital appreciation by investing
in a diversified equity portfolio consists of predominantly large cap
companies with strong financials, quality management and market leadership.
Equity: 80% - 100% Money Market & Cash equivalent: 0% - 20%
Asset Mix
22%
Equity
3%
Cash & Cash Equivalent 75%
ETF

RELIANCE INDUSTRIES LTD. 6.65 CIPLA LTD. 1.11
TATA CONSULTANCY SERVICES LTD. 4.53 LUPIN LTD. 1.05
HOUSING DEVELOPMENT FINANCE AUROBINDO PHARMA LTD. 1.00
CORPORATION LTD. 4.10 BAJAJ AUTO LTD. 0.91
ICICI BANK 3.98 BHARAT FORGE LTD. 0.89
ULTRATECH CEMENT LTD. 3.57 BHARTI INFRATEL LTD 0.84
TATA MOTORS LTD. 3.19 YES BANK 0.82
KOTAK MAHINDRA BANK 3.14 MAHINDRA CIE AUTOMOTIVE LIMITED 0.75
SUN PHARMACEUTICAL INDUSTRIES.LTD. 3.12 INDUSIND BANK 0.73
ITC LTD. 2.40 GOLDMAN SACHS BANKBEES EXCHANGE
HINDUSTAN UNILEVER LTD. 1.81 TRADED SCHEME 3.36
UNITED SPIRITS LTD. 1.71 OTHERS 21.59
BOSCH LTD. 1.51
BRITANNIA INDUSTRIES LTD. 1.40 Total 100.00

13/31
BlueChip Fund
ULIF01511/02/14BLUECHIPEQ0138
Fund Mandate : The Fund objective is to provide long-term capital appreciation by investing
in a diversified equity portfolio consists of predominantly large cap
companies with strong financials, quality management and market leadership.
Equity: 80% - 100% Money Market & Cash equivalent: 0% - 20%

0.00 0.50 10.00 15.00 20.00 25.00
FINANCIALS 19.55
FINANCIALS
ENERGY 7.95
ENERGY
IT 12.90
IT
CONSUMER DISCRETIONARY 11.56 CONSUMER

DISCRETIONARY
MATERIALS 3.57 MATETRIALS
HEALTHCARE
HEALTH CARE 6.28
UTILITIES
UTILITIES 1.66
TELECOM
TELECOM 0.84 OTHERS
OTHERS 24.95
Returns (CAGR)
Fund -5.53% NA NA NA NA -1.00%
Nifty -8.86% NA NA NA NA -5.00%

14/31
Debt Fund
SFIN: ULIF00405/07/08DB0138
Fund Mandate : This fund will aim to generate attractive returns by investing in a
diversified portfolio of government debt, corporate debt, money
market instruments and other fixed income securities of varying maturities.
Asset Profile Maturity Profile
NCD
25%
8% 5 - 10 Years
Govt Bonds 15% 3%
77% 72%
More Than 10 Years
0 - 5 Years
Rating Profile Debt Sectoral Profile

Sovereign
Govt Bonds Financial and
10% Insurance Activities
AAA 31% 44% 22% 10%
AA+ Infrastructure
15% 24%
Housing Sector 44%

10.40% NCD RELIANCE PORTS and TERMINALS 8.83% GSEC MD 12/12/2041 5.47
LTD. MD 18/07/2021 7.33 8.55% NCD LIC HOUSING FINANCE LTD.
9.37% TATA CAPITAL FINANCIAL SERVICES MD 14/08/2025 3.28
LTD. MD 31/03/2025 7.03 8.50% NCD LIC HOUSING FINANCE LTD.
8.30% GSEC MD 02/07/2040 6.97 MD 29/08/2025 3.27
9.41% NCD INDIA INFRASTRUCTURE FINANCE 10.25% NCD RELIANCE GAS TRANSPORTATION
COMPANY LTD. MD 27/07/2037 6.93 and INFRA LTD. MD 22/08/2021 3.14
10.20% NCD HDB FINANCIAL SERVICES 8.65% NCD IDFC INFRA DEBT FUND LTD
LTD. MD 17/10/2023 6.89 MD 28/01/2021 3.08
8.20% NCD POWER FINANCE CORPORATION 10.15% NCD BAJAJ FINANCE LTD. MD 19/09/2024 2.92
LTD. MD 10/03/2025 6.69 8.13% GSEC MD 22/06/2045 2.48
8.49% NCD LNT INFRA DEBT FUND LTD 8.79% NCD INDIAN RAILWAY FINANCE
MD.28/01/2025 6.46 CORPORATION LTD. MD 04/05/2030 0.78
8.62% NCD INDIA INFRADEBT LTD MD 07/03/2026 6.40 9.23% GSEC MD 23/12/2043 0.31
8.23% NCD RURAL ELECTRIFICATION 8.28% GSEC MD 15/02/2032 0.04
CORPORATION LTD. MD 23/01/2025 6.23
OTHERS 8.31
10.21% NCD BAJAJ FINANCE LTD. MD 22/08/2022 5.99
Total 100.00
Returns (CAGR)
Fund 8.61% 14.44% 4.25% 10.15% 11.63% 11.02%

Crisil Bond Fund Index 8.24% 14.59% 4.39% 9.24% 7.68% 8.22%

15/30
Pension Debt Fund

SFIN: ULIF00805/01/09PDEBT0138
Fund Mandate : This fund aims at generating attractive investment income by taking
interest rate views and investing in a diversified portfolio of government
debt, corporate debt and money market instruments of varying maturities.
NCD
15%
Govt Bonds 8% 0 - 5 Years 35% 27%
67% 73%
16% 50%
Cash & Cash Equivalents 9% 5 - 10 Years
Bank deposits More Than 10 Years
Govt Bonds Sovereign
AAA Financial and

16%
16% 9% Insurance Activities 22% 6%
AA+ 4% 27%
Infrastructure 20%
44% 52%
Housing Sector
Bank deposits

8.13% GSEC MD 22/06/2045 10.94 10.15% NCD BAJAJ FINANCE LTD. MD 19/09/2024 3.49
8.62% NCD INDIA INFRADEBT LTD MD 07/03/2026 8.85 9.45% NCD POWER FINANCE CORPORATION
9.40% FD UNION BANK OF INDIA MD 06/03/2017 8.55 LTD. MD 01/09/2026 3.46
9.41% NCD INDIA INFRASTRUCTURE FINANCE 8.79% NCD INDIAN RAILWAY FINANCE
COMPANY LTD. MD 27/07/2037 8.30 CORPORATION LTD. MD 04/05/2030 3.39
10.25% NCD RELIANCE GAS TRANSPORTATION 10.20% NCD HDB FINANCIAL SERVICES LTD.
and INFRA LTD. MD 22/08/2021 8.13 MD 17/10/2023 2.36
8.23% NCD RURAL ELECTRIFICATION 8.55% NCD LIC HOUSING FINANCE LTD.
CORPORATION LTD. MD 23/01/2025 7.45 MD 14/08/2025 2.17
8.65% NCD IDFC INFRA DEBT FUND LTD 8.50% NCD LIC HOUSING FINANCE LTD.
MD 28/01/2021 5.44 MD 29/08/2025 2.17
8.49% NCD LNT INFRA DEBT FUND LTD 9.30% NCD POWER GRID CORPORATION
MD.28/01/2025 5.41 MD 28/06/2027 1.43
10.21% NCD BAJAJ FINANCE LTD. MD 22/08/2022 4.59 7.95% FERTILISER BOND MD 18/02/2026 1.17
9.23% GSEC MD 23/12/2043 4.31 Others 8.39

Total 100.00
Returns (CAGR)
Fund 8.24% 15.25% 0.07% 11.42% 9.23% 8.43%

Crisil Bond Fund Index 8.24% 14.59% 4.39% 9.24% 7.68% 7.42%

16/30
Balanced Fund
SFIN: ULIF00205/07/08BF0138
Fund Mandate : This fund will aim to maintain a balance between equity and debt Exposure so
as to generate stable and attractive long term returns.
Asset Profile Debt Asset Profile
3% 32% Govt Bonds

Equity 2% 4%
NCD
73% 27%
Debt 65% 79% 15%
Bank deposits
Top 10 Equity Holdings as a Percentage of AUM

INFOSYS LTD. 5.73
0.00 1.00 2.00 3.00 4.00 5.00 6.00
HDFC BANK 5.00
ITC LTD. 4.34
HOUSINGDEVELOPMENTFINANCE
ICICI BANK 3.24
TATACONSULTANCYSERVICESLTD. 3.05
AXIS BANK 1.75
Equity Industry Distribution

FINANCIALS 19.40 0.00 5.00 10.00 15.00 20.00 25.00
ENERGY 6.60
IT 11.38
MATERIALS 3.08
INDUSTRIALS 3.10
HEALTH CARE 4.46
UTILITIES 2.01
TELECOM 1.43

20/31
Balanced Fund
SFIN: ULIF00205/07/08BF0138
Fund Mandate : This fund will aim to maintain a balance between equity and debt Exposure so
as to generate stable and attractive long term returns.
Debt Sectoral Profile
11% 3%
Sovereign
Financial & Insurance Activities

86%
Infrastucture
Details of debt portfolio holdings

8.28% GSEC MD 15/02/2032 6.40 8.97% GSEC MD 05/12/2030 0.65
8.83% GSEC MD 12/12/2041 3.27 8.79% NCD INDIAN RAILWAY FINANCE
7.95% FERTILISER BOND MD 18/02/2026 3.11 CORPORATION LTD. MD 04/05/2030 0.53
10.21% NCD BAJAJ FINANCE LTD. MD 22/08/2022 1.88 11.00% NCD POWER FINANCE
CORPORATION LTD. MD 15/09/2018 0.27
9.40% FD UNION BANK OF INDIA MD 06/03/2017 1.17
12.30% GSEC MD 02/07/2016 0.01
10.20% NCD HDB FINANCIAL SERVICES
LTD. MD 17/10/2023 1.10 Total 32.02
Returns (CAGR)
Fund -2.19% 23.13% 13.10% 8.90% -1.57% 9.15%

Crisil Balanced Fund Index* -2.90% 22.53% 13.40% 8.18% -3.17% 7.84%
* Due to Crisil Balanced Fund Index, calculations are revealing some enormous figure, hence applied logical conclusion by taking 65% Equity return and
35% Debt fund return to arrive at Balance fund benchmark returns for since inception.

21/31
Pension Balanced Fund

SFIN: ULIF00105/07/08EEF0138
Fund Mandate : This fund will aim to protect the capital value of the fund and provide attractive
returns to the policyholder in the long run.
7% 33%
Equity Govt Bonds 6%
73% 27%
Debt 60% Bank deposits 70%
24%
Cash & Cash Equivalents Cash & Cash Equivalents

INFOSYS LTD. 5.31
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50
HDFC BANK 4.59
ITC LTD. 4.01
ICICI BANK 2.99
AXIS BANK 1.63

FINANCIALS 17.95
0.00 5.00 10.00 15.00 20.00 25.00
ENERGY 6.13
IT 10.52
MATERIALS 2.91
INDUSTRIALS 2.90
UTILITIES 1.89
HEALTH CARE 4.17
TELECOM 1.33

22/31
Pension Balanced Fund

SFIN: ULIF00105/07/08EEF0138
Fund Mandate : This fund will aim to protect the capital value of the fund and provide attractive
returns to the policyholder in the long run.
Sovereign
25%
75%
Financial & Insurance Activities

8.28% GSEC MD 15/02/2032 11.98 9.23% GSEC MD 23/12/2043 2.48
9.40% FD UNION BANK OF INDIA MD 06/03/2017 8.31 8.97% GSEC MD 05/12/2030 0.22
8.83% GSEC MD 12/12/2041 6.82
7.95% FERTILISER BOND MD 18/02/2026 2.98 Total 32.80
Returns (CAGR)
Fund -1.67% 22.66% 14.83% 8.71% -1.40% 10.86%

Crisil Balance Fund Index -2.90% 22.53% 13.40% 8.18% -3.17% 13.31%

23/30
Stable Fund
SFIN: ULIF00105/07/08EEF0138
Fund Mandate : This fund will aim to maintain a balance between equity and debt exposure,
so that the client has a stable and attractive long term return. The fund will
also shift allocation between debt and equity to gain from asset price
movements over medium to long term.

Govt Bonds
3%
Equity 2%
NCD
32%
27%
Debt 73%
65% 12%
86%

INFOSYS LTD. 5.73
0.00 1.00 2.00 3.00 4.00 5.00 6.00
HDFC BANK 4.90
ITC LTD. 4.35
ICICI BANK 3.20
AXIS BANK 1.75

FINANCIALS 19.33
ENERGY 6.60 0.00 5.00 10.00 15.00 20.00 25.00
IT 11.47
MATERIALS 3.16
INDUSTRIALS 3.07
UTILITIES 2.07
HEALTH CARE 4.48
TELECOM 1.44
DFI 00.0

24/30
Stable Fund
SFIN: ULIF00105/07/08EEF0138
Fund Mandate : This fund will aim to maintain a balance between equity and debt exposure,
so that the client has a stable and attractive long term return. The fund will
also shift allocation between debt and equity to gain from asset price
movements over medium to long term.
Sovereign
Financial and Insurance Activities

94% 6%

8.83% GSEC MD 12/12/2041 5.14 10.20% NCD HDB FINANCIAL SERVICES LTD.
8.28% GSEC MD 15/02/2032 3.10 MD 17/10/2023 0.41
8.97% GSEC MD 05/12/2030 2.64 8.13% GSEC MD 21/09/2022 0.40
10.21% NCD BAJAJ FINANCE LTD. MD 22/08/2022 2.42
7.95% FERTILISER BOND MD 18/02/2026 2.36
8.13% GSEC MD 22/06/2045 1.54 Total 32.26
Returns (CAGR)
Fund -2.09% 23.03% 12.35% 8.32% -2.06% 6.67%
Crisil Balanced Fund Index -2.90% 22.53% 13.40% 8.18% -3.17% 6.28%

25/31
Secure Fund
SFIN: ULIF00505/07/08SF0138
Fund Mandate : This fund aims to invest in a diversified portfolio of money market
instruments and other fixed income securities of short to medium term
maturities. The main objective will be to generate reasonable returns with
very low valuation risks.
Bank Deposits
CP/CD 8% More Than 6 Months 46%

27%
29% 54%
73%
63%
Cash & Cash Equivalents Less Than 6 Months
Bank deposits
Housing Sector
18%
Cash & Cash Equivalents 27%
37% Financial and 82%
73%
63% Insurance Activities

8.75% FD BANK OF BARODA MD 21/04/2016 7.90 8.50% FD KOTAK BANK MD 05/07/2016 3.13
8.00% FD INDUSIND BANK MD 20/03/2017 7.90 8.50% FD KOTAK BANK MD 06/07/2016 3.13
CP HOUSING DEVELOPMENT FINANCE 8% FD JAMMU & KASHMIR BANK MD 10/01/2017 2.84
CORPORATION LTD MD 26/07/2016 7.70 7.50% FD ALLAHABAD BANK MD 28/12/2016 2.84
CP TATA MOTORS FINANCE LTD MD 10/08/2016 7.67 8.50% FD KOTAK BANK MD 07/07/2016 0.95
CP LNT FINANCE LTD. MD 01/09/2016 7.64 Others 16.28
7.90% FD AXIS BANK MD 06032017 7.26
7.75% FD ANDHRA BANK MD 30/12/2016 6.32
IL&FS FINANCIAL SERVICES LIMITED 6.17
7.85% FD ALLAHABAD BANK MD 17/02/2017 5.68
9.40% FD UNION BANK OF INDIA MD 06/03/2017 3.47
8% FD JAMMU & KASHMIR BANK MD 09/01/2017 3.13 Total 100.00
Returns (CAGR)
Fund 8.64% 9.40% 9.71% 9.80% 10.10% 9.09%

Crisil Liquid Fund Index 8.06% 8.98% 9.54% 8.17% 8.44% 7.71%

17/30
Pension Secure Fund

SFIN: ULIF00905/01/09PSECURE0138
Fund Mandate : This fund aims at investing in a diversified portfolio of debt and
money market instruments of short to medium term maturities. The main
objective will be to generate investment income with very low volatility
risk since asset durations would be reasonably small.
Bank deposits
44%
CP/ CD 23% More Than 6 Months 27%
10% 73%
67% 56%
Less Than 6 Months
Bank deposits Housing Sector 21%

34%
Cash & Cash Equivalents 66% 73% 27%
Financial and 79%
Insurance Activities

7.50% FD ALLAHABAD BANK MD 29/12/2016 8.05 CP TATA MOTORS FINANCE LTD MD 10/08/2016 7.82
8.50% FD ANDHRA BANK MD 16/05/2016 8.05 IL&FS FINANCIAL SERVICES LIMITED 7.49
7.90% FD AXIS BANK MD 06032017 8.05 8.75% FD STATE BANK OF MYSORE MD 13/05/2016 6.04
8.60% FD CORPORATION BANK MD 16/05/2016 8.05 7.75% FD STATE BANK OF HYDERABAD
8.75% FD INDIAN BANK MD 12/05/2016 8.05 MD 12/01/2017 4.03
8% FD JAMMU & KASHMIR BANK MD 04/01/2017 8.05 Others 10.38
7.9% FD KOTAK BANK MD 31/01/2017 8.05

CP HOUSING DEVELOPMENT FINANCE
CORPORATION LTD MD 26/07/2016 7.86 Total 100.00
Returns (CAGR)
Fund 8.49% 8.42% 9.13% 9.80% 10.12% 8.75%
Crisil Liquid Fund Index 8.06% 8.98% 9.54% 8.17% 8.44% 7.57%

18/31
Conservative Fund
SFIN: ULIF00105/07/08EEF0138
Fund Mandate : The aim of this fund is to invest not only into secured instruments but also
to invest into equities, to ensure attractive returns. This fund will primarily
invest into government debt, corporate debt and money market instruments.

Debt
6% 19%
0 - 5 Years 27%
Cash & Cash Equivalents 75% 73%
40% 60%
More Than 10 Years

Equity
Debt Asset Profile Debt Sectoral Profile
25% 100%
Govt Bonds
75%
Sovereign

8.19% GSEC MD 16/01/2020 45.00 9.23% GSEC MD 23/12/2043 3.34
8.28% GSEC MD 15/02/2032 26.96 Others 24.70
Total 100.00
Returns (CAGR)
Fund 7.80% 15.92% 5.85% 9.62% 7.20% 10.08%
Crisil Bond Fund Index (80%) Nifty (20%) 4.82% 17.00% 7.11% 8.85% 4.30% 7.77%

19/31
NAVPF Fund
SFIN: ULIF01124/08/09NAVPF0138
Fund Mandate : This fund aims at restricting the fall in NAV at any point of time below
80% of the highest NAV recorded from the date of inception of this fund.
11%
T Bills
Equity 21%
CP/ CD
73% 27%
41% 28%
Debt 48%
51%

INFOSYS LTD. 4.21
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50
HDFC BANK 3.64
ITC LTD. 3.18
ICICI BANK 2.37
AXIS BANK 1.29

FINANCIALS 14.22
ENERGY 4.86 0.00 5.00 10.00 15.00 20.00
IT 8.36
MATERIALS 2.28
INDUSTRIALS 2.30
UTILITIES 1.50
HEALTH CARE 3.28
TELECOM 1.05

26/31
NAVPF Fund
SFIN: ULIF01124/08/09NAVPF0138
Fund Mandate : This fund aims at restricting the fall in NAV at any point of time below
80% of the highest NAV recorded from the date of inception of this fund.
Sovereign
31%
69%
Housing Sector

91 DAYS TREASURY BILL MD 21/04/2016 23.60 CP HOUSING DEVELOPMENT FINANCE
IL&FS FINANCIAL SERVICES LIMITED 6.25 CORPORATION LTD MD 26/07/2016 1.44
CD ORIENTAL BANK OF COMMERCE

MD 28/04/2016 5.09
364 DAYS TREASURY BILL MD 23/06/2016 3.15
CD IDBI BANK MD 04/04/2016 1.92 Total 41.44
Returns (CAGR)
Fund -4.08% 22.33% 13.30% 7.13% -2.34% 7.47%

Crisil Balanced Fund Index -2.90% 22.53% 13.40% 8.18% -3.17% 8.01%

27/31
Discontinuance Fund
SFIN: ULIF01403/09/10DISCONPF0138
Fund Mandate : This fund will aim to manage funds of discontinued

policy holders as required by IRDAI.

Govt Bonds
22%
More Than 6 months 27%
CP/CD 78% 73%
92%
8%
Less Than 6 months
22% 97%
Govt Bonds 3%
78%
Sovereign
Financial and
insurance activities

364 DAYS TREASURY BILL MD 23/06/2016 50.33 CP TATA MOTORS FINANCE LTD MD 10/08/2016 1.63
364 DAYS TREASURY BILL MD 09/06/2016 18.02 CDORIENTALBANKOFCOMMERCE
91 DAYS TREASURY BILL MD 21/04/2016 9.46 MD 28/04/2016 1.45
CD IDBI BANK MD 04/04/2016 8.76 OTHERS 0.28
IL&FS FINANCIAL SERVICES LIMITED 8.29
CP LNT FINANCE LTD. MD 01/09/2016 1.77 Total 100.00
Returns (CAGR)
Fund 7.62% 8.46% 8.24% 9.39% 7.98% 8.30%

28/31
ABOUT AEGON LIFE

ABOUT BENNETT, COLEMAN &
Aegon Life Insurance Company Limited (formerly AEGON COMPANY LIMITED
Religare Life Insurance Company Limited) launched its pan-
India operations in July, 2008 following a multi-channel The Times Group is one of the leading media conglomerate
distribution strategy with a vision to help people plan their in India having presence in print, radio, TV, outdoor media and
life better. The fulfillment of this vision is based upon having the internet through Bennett, Coleman and Company Limited
a complete product suite, providing customised advice and (BCCL) and its subsidiaries. The Times of India, the flagship brand of
enhancing the overall customer experience. Aegon, an the company, is the number 1 English newspaper in India and the
international provider of life insurance, pensions and asset World by circulation. With a turnover exceeding a billion dollars,
management and Bennett, Coleman & Company, India's the group has the support of over 25,000 advertisers, 11,000
leading media conglomerate, have come together to launch employees and an audience spanning across all continents.
Aegon Life Insurance. This joint venture adopts a local
approach with the power of global expertise to launch
products that are focused on providing customers with the
means to meeting their long-terms financial goals. The
company is headquartered in Mumbai having 53 branches
across 46 cities. The company has around 9600 life insurance
agents serving over 4 lakh customers across India.
ABOUT AEGON
Aegon's roots go back 170 years to the first half of the

nineteenth century. Since then, Aegon has grown into an
international company, with businesses in more than 20
countries in the Americas, Europe and Asia. In the US,
Aegon's leading market, it operates under the Transamerica
brand. Today, Aegon is one of the world's leading financial
services organizations, providing life insurance, pensions and
asset management. Aegon never loses sight of its purpose to
help its customers secure their long-term financial future.
With around 28,000 employees, it has 635 billion Euros of
revenue-generating investments.

29/31
Disclaimers
Beware of spurious phone calls and fictitious/fraudulent offers IRDA clarifies to public that IRDAI or its officials do not involve in
activities like sale of any kind of Insurance or financial products nor invest premiums IRDAI does not announce any bonus. Public
receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER. Funds do not offer guaranteed or
assured returns. Investments are subject to market risk. For more details, please contact your Financial Advisors. Unit Link Life Insurance
Products are different from the Traditional Insurance Products and are subject to the risk factors. The premium paid in Unit Linked Life
Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on
the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Aegon Life Insurance
company Limited is only the name of the Insurance company and the specified Unit Linked funds do not in any way indicate the quality of
the contract, its future prospects or returns. For more details on ARLI products and respective risk factors, terms and conditions please
read respective sales brochure documents carefully before concluding a sale. The respective sales brochure documents for various
products are published in the website - www.aegonlife.com.This document is issued by Aegon Life Insurance Company Limited. While
reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion
expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any
person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in
NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and insofar as it includes
current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Aegon
Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are
advised to make your own independent judgment with respect to any matter contained herein. Insurance is the subject matter of the
solicitation. Corporate Identity No.: U66010MH2007PLC169110. Website: www.aegonlife.com. Fax: 022-61180200/300.
Email: customer.care@aegonlife.com. Aegon Life Insurance Company Limited Registration No. 138. Registered office: Aegon Life
Insurance Ltd. Building No. 3, Third Floor, Unit No. 1, Nesco IT Park, Western Express Highway, Goregaon (East), Mumbai - 400063.

30/31

Annual Report April 2016

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ANNUAL INVESTMENT REPORT

Annual Investment Report 2015-16

The Fixed Income market on the other hand has

Figures as of 31st March 2016

Mr. Imran Sayed

Qualification : CFA-1993 PGDRM (IRMA)

Figures as of 31st March 2016

Enhanced Equity Fund

Holdings as a Percentage of AUM

Figures as of 31st March 2016

Enhanced Equity Fund

Industry Distribution % Industry Distribution

INDUSTRIALS 4.32 MATERIALS

MATERIALS 4.50 HEALTH CARE

HEALTH CARE 7.92 UTILITIES

UTILITIES 2.09 TELECOM

Fund -5.63% 36.08% 19.30% 6.87% -6.23% 10.40%

Figures as of 31st March 2016

Cash & Cash Equivalents

Holdings as a Percentage of AUM

Figures as of 31st March 2016

Industry Distribution % Industry Distribution

CONSUMER STAPLES 9.44 CONSUMER STAPLES

INDUSTRIALS 6.17 UTILITIES

UTILITIES 1.91 TELECOM

Fund -7.49% 33.34% 17.82% 6.72% -7.46% 6.29%

Figures as of 31st March 2016

Pension Enhanced Equity Fund

Holdings as a Percentage of AUM

Figures as of 31st March 2016

Pension Enhanced Equity Fund

Industry Distribution % Industry Distribution

CONSUMER DISCRETIONARY 14.66 CONSUMER

INDUSTRIALS 4.34 INDUSTRIALS

ENERGY 10.12 ENERGY

CONSUMER STAPLES 9.28 CONSUMER STAPLES

MATERIALS 4.51 MATERIALS

HEALTH CARE 7.96 HEALTH CARE

Fund -5.74% 35.92% 18.98% 6.98% -5.99% 18.32%

Figures as of 31st March 2016

Pension Index Fund

Holdings as a Percentage of AUM

Figures as of 31st March 2016

Pension Index Fund

Industry Distribution % Industry Distribution

INDUSTRIALS 4.76 INDUSTRIALS

HEALTH CARE 6.77 HEALTHCARE

UTILITIES 3.13 UTILITIES

TELECOM 2.18 TELECOM

OTHERS 0.86 OTHERS

Fund -7.34% 27.75% 19.66% 8.99% -7.77% 16.83%

Figures as of 31st March 2016

Group Equity Fund

Holdings as a Percentage of AUM

Figures as of 31st March 2016

Group Equity Fund

Industry Distribution % Industry Distribution

ENERGY 9.10 FINANCIALS

CONSUMER STAPLES 8.38 ENERGY

Fund -5.72% 36.38% 19.38% 7.59% -5.38% 9.43%

Nifty -8.86% 26.65% 17.98% 7.31% -9.23% 6.33%

Figures as of 31st March 2016

Holdings as a Percentage of AUM