MUMBAI: Kotak Mahindra Old Mutual Life Insurance on Tuesday announced a growth of 63 per cent in the first year premium income for the individual
business collected in the period April to December 2008. The adjusted premium equivalent, a standard measure in the industry that takes single premium income at 10 per cent, has grown from Rs. 486 crores in the period Apr-Dec 2007 to Rs. 788 crores in the period Apr-Dec 2008, a growth of 62 per cent.
The company also saw its total received premium income jump from Rs.886 crore in April -Dec 2007 to Rs. 1438 crore in April-Dec 2008, a growth of 62 per cent.
Commenting on the occasion, Gaurang Shah, Managing Director, Kotak Life Insurance, said, “We will continue to build our distribution strengths along with innovative and customized products that deliver long term value to our customers. We believe our range of capital guarantee products will address the consumer concerns emanating from the current market environment.”
Kotak has currently 197 branches across 128 cities in India with a total AUM pegged at Rs. 3374 crore.
The company also saw its total received premium income jump from Rs.886 crore in April -Dec 2007 to Rs. 1438 crore in April-Dec 2008, a growth of 62 per cent.
Commenting on the occasion, Gaurang Shah, Managing Director, Kotak Life Insurance, said, “We will continue to build our distribution strengths along with innovative and customized products that deliver long term value to our customers. We believe our range of capital guarantee products will address the consumer concerns emanating from the current market environment.”
Kotak has currently 197 branches across 128 cities in India with a total AUM pegged at Rs. 3374 crore.
Source:Economictimes
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