January - Tata AIA Life Insurance

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Market Outlook - EquityFundAssure, Investment Report, January 2011he equity markets sold off in the month of January 2011, with the benchmarkTindices BSE Sensex and CNX Nifty losing around 10.6% and 10.2%respectively, with the mid-cap index, CNX Midcap correcting by 10.5 %.The markets corrected on the back of sticky and unexpected rise in headline WPIinflation, led by run away increase in food inflation as prices of vegetables soared.We believe that there are headwinds to the equity market in the near term but themarket does offer a possibility of attractive returns to a long term investor fromcurrent levels. We see a possibility of inflation receding to lower level (still higherthan comfort zone of RBI) as RBIs monetary tightening transmits through thesystem. RBI has done a lot already in increasing policy rates compared to otheremerging markets and the interest rates are expected to peak off in the near tomedium term.its absorptive capacity of foreign capital due to a meaningful current account deficit.Valuations in terms of forward earnings are just below one standard deviationhigher than the long-term average. Valuations are, however, at the average levelssustained, since abolition of long-term capital gains tax in 2004.The consensus estimates for earnings growth of 24% for FY11 and 22% for FY 12make the current levels an attractive entry point for a long-term investor, who couldabsorb the volatility from the near term headwinds grappling the Indian equitymarket.Return on Assets (ROAs) of the Indian companies is superior when compared toother Emerging markets and so is the higher EPS trajectory, justifying superiorstock market valuation.The macro-indicator which seems to have the highest influence on theperformance of equity markets is the inflation. If inflation declines from the currentelevated levels in the medium term it could be a positive for equity market returns.Valuations have corrected to reasonable levels and face headwinds fromstubbornly high inflation, tight domestic liquidity and rising global crude oil prices.The trend in these variables poses risks to current earnings growth estimates. TheGovernment seems to have limited policy flexibility in the near term due todistractions with recent corruption allegations and a packed state electioncalendar over the first half of the calendar year as five states go to the polls overMarch-May 2011. Against this backdrop, the market performance for a large part ofCY2011 will likely be driven more by earnings growth rather than re-rating.The structural growth story driven by improving demographics and infrastructureinvestments make India an attractive investment destination for global liquiditywhich is expected to remain benign in 2011.India stands out amongst peer group forEquity FundsDebt FundsHybrid Funds
FundAssure, Investment Report, January 2011Life Equity FundWhole LifeMid-Cap Equity FundLife Large CapEquity FundFuture EquityPension FundLife SelectEquity FundFuture SelectEquity FundTata AIG Top 50 Tata AIG Top 200Infrastructure FundSuper SelectEquity FundSuper Select EquityPension FundEquity FundsDebt FundsHybrid Funds
Page 3: Market Outlook - DebtFundAssure, In
Page 7 and 8: Whole Life Mid-Cap Equity FundFundA
Page 9 and 10: Future Equity Pension FundFundAssur
Page 11 and 12: Future Select Equity FundFundAssure
Page 13 and 14: Tata AIG Top 200FundAssure, Investm
Page 15 and 16: Super Select Equity FundFundAssure,
Page 17 and 18: FundAssure, Investment Report, Janu
Page 19 and 20: Life Income FundFundAssure, Investm
Page 21 and 22: Whole Life Short Term Fixed Income
Page 23 and 24: Future Income Pension FundFundAssur
Page 25 and 26: Tata AIG Apex Investment FundFundAs
Page 27 and 28: Apex Pension InvestmentFund (15 yrs
Page 29 and 30: Apex Pension Investment Fund SPFund
Page 31 and 32: Discontinuance Policy FundFundAssur
Page 33 and 34: Life Aggressive Growth FundFundAssu
Page 35 and 36: Whole Life Aggressive Growth FundFu
Page 37 and 38: Growth Maximiser FundFundAssure, In
Page 39 and 40: Life Capital Guarantee FundFundAssu
Page 41 and 42: Future Growth Pension FundFundAssur
Page 43 and 44: 110% Capital Guarantee FundFundAssu
Page 45 and 46: Tata AIG Stable Flexi FundFundAssur
Page 47 and 48: Tata AIG Apex Return Lock-in-Fund I
Page 49 and 50: Tata AIG Apex Plus Return Lock-in-F
Page 51 and 52: Tata AIG Apex Pension ReturnLock-in
Page 53 and 54: Tata AIG Apex Pension ReturnLock-in
Page 55 and 56:
Tata AIG Apex Pension ReturnLock-in
Page 57 and 58:
Tata AIG Apex Pension ReturnLock-in
Page 59 and 60:
Fund PerformanceFundAssure, Investm
Page 61 and 62:
Product & Fund MatrixFundAssure, In
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January - Tata AIA Life Insurance

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