IGI Life Insurance Limited

IGI|Life

Funds Performance ReportApril 2017

July 2015

Source: SBP, PBS, Bloomberg

Marketsremainwell‐liquidMoneymarketremainedstableamidfrequentliquidityinjectionsbycentralbankwithasizableOMOsizeofoveratrillionrupees.T‐billauctiongatheredcumulativeparticipationofPKR751billionagainstthetargetofPKR550billionandmaturityofPKR527billion.Thus,centralbankcomfortablyachieveditspredefinedtargetbyacceptingbidsworthPKR629billionmainlyin3and6monthstenors.Thecutoffyieldsfor3,6and12monthstenorsstandat5.99%,6.01%and6.03%respectively.

Yield Curve

FUND MANAGER REPORT

For the month of April 2017

Macro Review and Outlook:CPIInflation

ExternalAccount

InflationgainsmomentuminApr‐17printinga4.8%YoYgrowthForthemonthofApr‐17,headlineinflationprintedagrowthof+4.8%YoY(+1.4%MoM)comparedto+4.9%YoY(+0.8%MoM)recordedinMar‐17.KeypricedriversduringthemonthwereFood,QuarterlyadjustmentofHouseRentIndex(HRI)andEducationindex.For10MFY17,headlineCPIinflationnowaverages+4.1%YoYcomparedto+2.6%YoYincorrespondingperiodlastyear.weexpectmonthlyinflationtogrowsteadily.

CurrentaccountbalancerecordedadeficitofUSD6.1bnFortheperiodending9MFY17,CurrentaccountbalancerecordedadeficitofUSD6.1bn,comparedtoUSD2.4bnincorrespondingperiodlastyear.CountryexportduringtheperiodstoodatUSD16.1bn,downby1.4%YoY,whereasimportbillincreasedtoUSD33.9bn,upby14.2%YoY.Resultantly,country'stradetermsfurtherdeterioratedtoUSD‐17.8bncomparedtoUSD‐13.4bnrecordedinsameperiodlastyear.Worker'sremittancesduringtheperiodalsosloweddownanddecreasedto14.1bncomparedtoUSD14.4bnincorrespondingperiodlastyear,showingadeclineof2%YoY.

FXReservesdeterioratesFXreservesbyApr‐17declinedtoUSD21.6bn(downby500mn)fromthatrecordedinMar‐17.WithincreasingimportbillandloweringFXreserves,country'simportcoveralsoreducedto3.8months,comparedtoaFY17highof5.9monthswitnessedinJul‐16.

TaxCollectionclockedinatPKR2,520bnin10MFY17FBRmanagedtocollectPKR262billioninmonthofApr‐17.Asaresult,overalltaxcollectionfor10MFY17clockedinatPKR2,520billion,reflectinganincreaseof9.1%YoY.Despitethisgrowthintaxcollection,it

lik l f FBR t hi it FY17 t tEquityMarketReviewandOutlook:KSE100indexpostedanincreaseof2.4%MoMinApr‐17ForthemonthofApr‐17,thebenchmarkKSE100indexincreasedby~1145points(2.4%MoM),tocloseat49,300points.Averagetradingvolumesofthemarketwererecordedat241mnshares,downby6.2%MoMascomparedtoaverage257mnsharesregisteredinMar‐17.Panamaverdict,alongawaitedresult,dustedtheuncertainityoffthemarketandincreasedtheconfidenceofinvestors.

TheprimeoutperformersinthemarketduringthemonthofApr‐17wereAutomobileAssemblers,Oil&GasexplorationcompaniesandCementsfollowedbyCommercialBanks,Cable&ElectricalGoods,Chemicals,Refinery&AutomobileParts&Accessories.

KeydomesticnewsduringthemonthTheSecuritiesandExchangeCommissionofPakistan(SECP)hastakenactionagainstunlicensedentities

carryingouttradingoperationsincurrencyandcommoditymarketsacrossthecountry.MuchawaitedPanamacaseverdictannounced;stocksnotchbiggest‐everintradayswingafterverdict

announcement.

KSE100

Money Market Review and Outlook:

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Apr‐17 Mar‐17 MoM %

NAV per Unit (PKR) 131.2                  128.2                  2.36%

Net Assets Value (PKR '000) 87,454                74,591                17.24%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Aggressive Fund ‐ IAF 2.36% 2.06% 2.38% 16.56% 26.28% 13.24% 18.38%

21‐Sep‐15 Value of 100 Rupees invested since inception

IGI Takaful Aggressive Fund‐TAF

For the month of April 2017

INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by Shariah

compliant equity with a proportion of Shariah compliant fixed income & money market instruments.

FUND INFORMATION: RETURNS:Fixed Income / Equity

High During the month the fund generated an

absolute return of 2.36% against its last

month absolute return of ‐0.29%. 

Daily Forward Pricing

Monday to Friday

1.5%

Absolute Return Annualized Return

IGI Aggressive Fund ‐ IAF BID PRICE:

Disclaimer:  Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of 

investment can fall as well as rise.

ASSETS UNDER MANAGEMENT:

Note: Fund returns are gross of management fee.

ASSET ALLOCATION *:

Apr‐17 Mar‐17

FUND PERFORMANCE:

103.92 106.15 107.80 112.60 112.40 113.52 112.58 117.72125.75 128.18 128.58 128.20 131.23

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17

Cash28%TFC's / 

Sukuk2%

TDR3%

Stock65%

DFI & Others2%

Cash39%

TFC's / Sukuk3%

TDR2%

Stock54%

DFI & Others2%

100

105

110

115

120

125

130

135

Feb‐14

Feb‐15

Feb‐16

Feb‐17

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Apr‐17 Mar‐17 MoM %

NAV per Unit (PKR) 120.4                  118.5                  1.63%

Net Assets Value (PKR '000) 192,112              168,462              14.04%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Balanced Fund ‐ IBF 1.63% 1.61% 1.84% 10.87% 15.90% 9.41% 12.21%

21‐Sep‐15 Value of 100 Rupees invested since inception

IGI Takaful Balanced Fund‐TBF

For the month of April 2017

INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of Shariah compliant equity, fixed income and money

market instruments. This fund is suited for investors with moderate risk tolerance.

FUND INFORMATION: RETURNS:Fixed Income / Equity

Moderate During the month the fund generated an

absolute return of 1.63% against its last

month absolute return of ‐0.02%. 

Daily Forward Pricing

Monday to Friday

1.5%

Absolute Return Annualized Return

IGI Balanced Fund ‐ IBF BID PRICE:

Disclaimer:  Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of 

investment can fall as well as rise.

ASSETS UNDER MANAGEMENT:

Note: Fund returns are gross of management fee.

ASSET ALLOCATION *:

Apr‐17 Mar‐17

FUND PERFORMANCE:

Cash37%

TFC's / Sukuk10%

TDR7%

Stock43%

DFI & Others3%

Cash49%TFC's / 

Sukuk7%

TDR5%

Stock36% DFI & 

Others3%

100

105

110

115

120

125

Feb‐14

Feb‐15

Feb‐16

Feb‐17

103.88105.45 106.58

108.21 108.30 109.06 108.59

112.04

116.78118.22 118.49 118.46

120.39

95.00

100.00

105.00

110.00

115.00

120.00

125.00

Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Apr‐17 Mar‐17 MoM %

NAV per Unit (PKR) 107.8                  107.0                  0.71%

Net Assets Value (PKR '000) 26,487                22,181                19.41%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Conservative Fund ‐ ICF 0.71% 1.06% 1.08% 2.17% 6.07% 4.59% 4.77%

21‐Sep‐15 Value of 100 Rupees invested since inception

IGI Takaful Conservative Fund ‐ TCF

For the month of April 2017

INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term Shariah compliant investments yielding competitive returns.

FUND INFORMATION: RETURNS:Fixed Income

Low During the month the fund generated an

absolute return of 0.71% against its last

month absolute return of 0.35%. 

Daily Forward Pricing

Monday to Friday

1.5%

Absolute Return Annualized Return

IGI Conservative Fund ‐ ICF BID PRICE:

Disclaimer:  Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of 

investment can fall as well as rise.

ASSETS UNDER MANAGEMENT:

Note: Fund returns are gross of management fee.

ASSET ALLOCATION *:

Apr‐17 Mar‐17

FUND PERFORMANCE:

Cash, 47%

TFC's / Sukuk, 17%

TDR, 18%

Stock, 14% DFI & Others, 4%

Cash, 58%

TFC's / Sukuk, 12%

TDR, 14%Stock, 12%

DFI & Others, 4%

100

101

102

103

104

105

106

107

108

109

Feb‐14

Feb‐15

Feb‐16

Feb‐17

101.63 101.96102.79 103.20

104.65 105.08 105.51 105.86 106.19 106.65 106.66 107.04107.80

98.00

100.00

102.00

104.00

106.00

108.00

110.00

Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17