Kotak Life Insurance posts 100 pc jump in 'first year premium'
Ahmedabad, Apr 26 (UNI) Kotak Life Insurance has posted over 100 per cent growth in 'first year premium' in regular premium policies to Rs 349 crores in 2005-06 as compared to Rs 174 crores in the previous year, as against industry growth of 65-75 per cent in the private sector.
In Gujarat, the company registered a whopping 243 per cent growth in the same segment to Rs 56 crores from Rs 16 crores over the same period, its vice president (western region - sales) Shekhar Bhandari told reporters here today.
He said the company's 'adjusted premium equivalent' (a standard measure in the industry taking single premium at 10 per cent) has also grown by 76 per cent to Rs 366 crores from Rs 209 crores over the last financial year. Its 'total premium' received jump by 41 per cent to Rs 640 crores from Rs 454 crores over the same period.
Mr Bhandari attributed the phenomenal but steady success to the company's stress on quality, especially on its distribution network of 12,500 licensed advisers.
The company which entered insurance business in India five years back, has steadily rose by the second year from Rs 35 crores in 2002-03 to Rs 124 crores in 2003-04 to Rs 374 crores in 2004-05.
Kotak Mahindra Old Mutual Life Insurance Limited (called 'Kotak Life Insurance' in short) is a joint venture of Kotak Mahindra Bank and Old Mutual Plc, a Fortune 500 company, third largest insurer on the London Stock Exchange with market capitalisation of USD 6-billion and the 14th largest insurance company of the world.
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