Press release: Kotak Life Insurance records 114% Growth in HY results
For Immediate Release
|
Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance), today announced a growth rate of 114% in the First Year Premium (FYP) income in the half year ending September 30th 2008 (FY 2008-09). The Adjusted Premium Equivalent (APE), a standard measure in the industry that takes Single Premium at 10%, has grown from Rs. 259 crores in the period Apr – Sep 07 to Rs. 566 crores in the period Apr – Sep 08, a growth of 119%. Kotak Life Insurance also saw its Total Received Premium Income jump from Rs. 467 crores in Apr-Sep 07 to Rs. 925 crores in Apr – Sep 08, a growth of 98%.
Apart from the excellent toplines, Kotak Life Insurance has also managed to curb its losses. The company has decreased its losses to Rs. 35 Cr. against Rs. 53 Cr. incurred in the first half of last year. This implies a much lesser capital requirement in the coming year to manage and expand its business.
Commenting on the remarkable performance of the Company, Mr. Gaurang Shah, Managing Director, Kotak Life Insurance said, "Increase in productivity was a sheer focus for this half year and we have successfully managed to raise the bar. Higher toplines, reduced Costs and better customer service were the focus parameters for this year and we aim to continue with the same objectives.
Kotak Life Insurance has also increased its sales force that supports its Tied Distribution to about 40,000 life advisors and have been operating at top quartile productivity on industry standard parameters. The company has ramped up its distribution significantly and has expanded to 188 branches in 124 cities pan India.
Kotak Life Insurance's Dynamic Floor Fund performance stands out successfully sheltering investors from volatility and ensuring a meaningful level of capital protection. The fund's philosophy of booking profits in a rising market and protecting their capital in bearish market has helped deliver this strong performance. The company's capital guarantee products will provide value to the customers in a volatile market scenario.
http://jijomurali.blogspot.com/2008/11/press-release-kotak-life-insurance.html
0 comments:
Post a Comment