Kotak Life Insurance net up 109% at Rs 211 cr in FY12

Private insurer Kotak Life Insurance today posted 109% growth in profit after tax at Rs 211 crore for fiscal 2011-12. Kotak Life Insurance PAT stood at Rs 101 crore in the previous year, the company said in a release issued here.

The company has wiped out all its accumulated loses and added Rs 51 crore to its net worth, which now stands at Rs 613 crore. Fiscal 2011-12 is the fourth consecutive year the company has declared profit, it added.

The gross total premium stood at Rs 2,937 crore, of which new business premium accounted for Rs 1,164 crore and renewal premium accounted for Rs 1,773 crore.

Sum assured increased by 26% to Rs 1,63,600 crore in FY12 from 1,29,900 crore in the previous year, the company said. New business sum assured increased by 19% to Rs 90,474 crore from 75,909 crore in FY11.    

The private insurer covered 42.4 lakh lives as on March 31, 2012, an increase of 14% over the previous fiscal.

Operating expense ratio has also reduced to 18.8% from 19.5% in previous fiscal.

The total assets under management have grown by 13% to Rs 9,723 crore.    

Kotak Life Insurance also covered 1,78,470 lives in the social sector as against the mandated 55,000 lives, it added.

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc.