Kotak Mahindra Life Insurance today announced 39-per cent growth in the gross premium collection for the year ended March 2009.
The Adjusted Premium Equivalent (APE) grew by 23 per cent from Rs 1,051.67 crore in the year 2007-08 to Rs 1,292.98 crore for the year 2008-09, Kotak Life Insurance said in a statement.
"We are happy to have grown more than the private sector average and this can be attributed to our strong salesforce, innovative suite of products and deep relationships with intermediaries," said Kotak Life Insurance Managing Director Gaurang Shah.
During the year, the insurer increased paid-up capital by Rs 30 crore to Rs 562 crore.
"With our focus on operating expenses and moderating life insurance industry growth, we are confident that we will not be requiring any capital infusion," he said.
The company has increased its total number of branches from 150 in the year 2007-08 to 197 in 2008-09.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app