Kotak Life Insurance Records Profit of 18.5 crores, Growth of 39% in Q3-FY10
The company recorded growth of 39 per cent in Total Received Premium Income to Rs. 711.62 crore during the period Oct-Dec 2009 from Rs. 511.64 crores in the corresponding period previous year.
Tweet-- Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) announced a profit of Rs. 18.52 crores in the period Oct-Dec 2009.
The company recorded growth of 39 per cent in Total Received Premium Income to Rs. 711.62 crore during the period Oct-Dec 2009 from Rs. 511.64 crores in the corresponding period previous year.
The Individual New Business Premium has grown from Rs. 247.5 crores in the period Oct-Dec 2008 to Rs. 299.3 crores in the period Oct-Dec 2009, a growth of 22 per cent. Renewal income witnessed a 59 per cent jump and grew to Rs. 372 crores in the Oct-Dec 09 period from Rs. 233.2 crores in the corresponding period last year.
Year to Date
The company recorded a profit of Rs. 33.9 crores in the period Apr-Dec 2009 as compared to a loss of Rs. 25.3 crores for the corresponding period in the previous year. The company has been able to improve its profit performance substantially and make profit due to lower New Business strain and cost reduction on the back of calibrated expansion. For the year 2008-09, the company posted its first ever profit of Rs 14.5 Cr. The gross premium has increased by 20% to 1730.9 crore in the period Apr-Dec 09 from 1437.3 crore in the corresponding period the previous year.
Commenting on the performance, Gaurang Shah, Managing Director, Kotak Life Insurance, said, "That we have achieved this in a challenging economic environment, attests the soundness of business decisions we have taken over time, which among others include introduction of innovative products and servicing structures, rationalization of costs and delivery mechanisms, a strong technology backbone, improving process efficiencies and creating a strong customer focused culture. This has been a year of consolidation over the performance in the last fiscal, where we were among the select few Life Insurers in the country to declare a profit"
Key Highlights:
· Profit of Rs. 18.5 crores in Q3 FY -09; YTD profit Rs. 33.9 crores· Total Premium jumps by 39% from Q3 FY -09 to 711.6 crore· Increased branch network to 214 branches across 152 cities in India in Dec 2009 · Total AUM crossed Rs. 5924 crores in Dec 2009 from Rs. 3374 crores in Dec 2008. (AUM has crossed the Rs. 6000 crores mark in Jan 2010)· No infusion of fresh capital since Aug'08. Capital Base stands at Rs. 562 crores· Solvency ratio is at a healthy 3.05, as against the statutory requirement of 1.50
- Number of policyholders crossed 1 million and total life covered 2.4 Million