Mumbai, Apr 9: Kotak Mahindra Life Insurance has posted an annual premium growth of 88 per cent for the year ended March 31, 2008 and targets a double fold growth in the current fiscal. The adjusted premium equivalent (APE), a standard measure in the industry that takes single premium income at 10 per cent, grew from Rs 559 crore in fiscal year 2007 to Rs 1,052 crore in fiscal year 2008, Kotak Life said here today.
Its total received premium income has gone up from Rs 972 crore in 2007 to Rs 1,691 crore in 2008, a rise of 74 per cent. Buoyed by the strong growth trend it witnessed in the recent months, the Company is targeting 100 per cent growth in the new fiscal, Kotak Life added.
Managing Director Gaurang Shah said, ''Our consistent performance makes it evident that the Company is well-positioned to be a long-term player in the life insurance space. We have embarked on an aggressive growth strategy looking at the future of Kotak Life, not just in numbers, but also in terms of value.'' At present, the firm manages Rs 3,000 crore in assets of which approximately 47 per cent is in equity, Mr Shah said, adding, ''We have doubled our branch network to 150 this year and will continue to build on our distribution strength.''