Kotak Life Insurance records 114% Growth in HY results

Press release: Kotak Life Insurance records 114% Growth in HY results

For Immediate Release

Attains a cumulative premium income of Rs. 925 crores Total New Business Premium touches Rs. 594 Crores

Kotak Life Insurance records 114% Growth in HY results

 

 

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 30^th 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

India beat England by 19 runs in 4th ODI 23-11-2008

India Vs England 4th One day International match at Bangalore 23-11-2008. India beat England by 19 runs (Duckworth - Lewis method). England won the toss and decided to field first. India Innings : 166 for 4 wickets from 22.0 overs. England Innings : 178 runs for 8 wickets from 22.0 overs. Now India 4 - 0 lead in the series. Shah and Flintoff both bats men take 41 runs in 4th wicket partnership. When England need 82 runs to win. But both bats men were out in the six over.

India : Dhoni (C/W), Tendulkar, Gambhir, Raina, Yuvraj, Sehwag, Patel, Harbhajan, Zaheer, I Sharma, Y. Pathan. England : Pietersen (C), Bell, Anderson, Flintoff, Shah, Patel, Bopara, Prior (W), Swann, Broad, Collingwood. Umpires: A M Saheba, D J Harper.

 

http://livecricketexpress.blogspot.com/2008/11/india-beat-england-by-19-runs-duckworth.html

Duckworth-Lewis Method for Cricket

In the sport of cricket, the Duckworth-Lewis method (D/L method) is a mathematical way to calculate the target score for the team batting second in a one-day cricket or Twenty-20 cricket match interrupted by weather or other circumstance. The D/L method of resetting targets in rain-affected one-day cricket matches has now been in use for well over two years and has been adopted for use in most test playing countries of the world. And it is the 'rain-rule' in use for the 1999 World Cup competition played in May and June and hosted by the England & Wales Cricket Board.

 

http://www.casswu.com/2008/11/duckworth-lewis-method.html

Citibank Says Customer Deposits Guaranteed by UAE Government

Citibank has assured that all customer deposits at all its branches in the country are guaranteed by the Government of the UAE.

All deposits stand guaranteed by the Government as per Federal Cabinet's decision of October 13, 2008, which guarantees to bank deposits with national as well as foreign banks.

"Citibank N.A, UAE is a branch of Citibank N.A and has been licensed in the UAE since 1964. We remain the bank of choice for millions of depositors worldwide, evident in a strong deposit base approximately $780 billion at the end of the third quarter, diversified across products and regions, with more than two thirds of it outside the U.S. including UAE," said Mohammed Al Shroogi, managing director for the Middle East and CEO for Citi in the UAE.  "Over the past 15 months, Citi has added $75 billion in new capital: $50 billion through public and private offerings and $25 billion from the U.S. government's TARP programme. As a result, Citi maintains a very strong capital and liquidity position and a unique global franchise, including a growing Middle Eastern franchise." Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.  Recently, the bank strengthened its regional coverage through key treasury, equity and investment banking appointments in Dubai

 

http://www.khaleejtimes.com/darticlen.asp?xfile=data/business/2008/November/business_November1031.xml&section=business

Citibank Crisis and Citibank Layoffs

Share Prices shrunk 90% in two years; Financial Giant Citibank is in Trouble
In the past few trading days, Citigroup's share price fell sharply. On Nov.21, Citigroup's market value was only 2.1 billion U.S. dollars, which is only 10% of the sum 274 billion at the end of 2006. Analysts believe that if the Citibank Group appears the serious problems, the U.S. economy will cause tremendous damage.

 

Citibank will again lay off over 50,000 employees, which does not involve in China

U.S. banking giant—- Citibank will again lay off about 53,000 employees. Currently, the management of Citibank now looks through the layoff project. As a result, the total number of Citigroup employees will be reduced 20% of 375 thousand at the end of 2007. n October of this year, Citibank has just announced to lay off 22,000 people.

 

http://www.cnguy.com/financial/news/2008/11/23/1773/citibank-crisis-and-citibank-layoffs.html

Mahindra Xylo launch by December 2008

Mahindra Xylo, the multi utility vehicle that is being readied by Mahindra and Mahindra will debut in India during the forthcoming winter season.

This could mean that in the next two months time, the company's Nashik facility will build the Xylo and will be introduced simultaneously in several overseas markets. The Mahindra Xylo is tipped as Mahindra and Mahindra's most ambitious project after its hugely successful Scorpio. To be positioned in the same plane as the company's current bestsellers such as the Bolero and the Scorpio, the Mahindra Xylo MUV will come in multiple variants and will initially have a diesel engine (2.5 litre CRDi) followed by a petrol engine (co-developed by AVL) and an automatic transmission variant, M&M has said.

The Mahindra Xylo, which was earlier codenamed Ingenio, is an in-house production having been developed completely by Mahindras' talent and research after the success of the Scorpio. With winter all set to arrive, the utility vehicles' major is hoping to produce at least 25,000 units of the Xylo.

The MUV is likely to sport a price tag of around Rs 7-Rs 8 lakh. This means that the company has the Toyota Innova in mind when it comes to competition. Besides, the Tatas are also said to be coming up with the Indicruz Crossover, which could mean the Xylo will have to battle it out in that space.

The company has said that the much awaited Mahindra Xylo has been co-created with customers for developing a vehicle around the lifestyle and luxury aspirations of its end customer. 'Xylo has been developed by a team consisting of 160 experts with added focus on new benchmarks in styling, technology and performance, it added.

Though the Xylo is the latest from the Mahindras' assembly line, the company is said to constantly looking to launch more products. The company, basically a mid-segment player, is planning to launch a premium SUV, which has been codenamed W201, by year 2009 said.

 

http://www.dancewithshadows.com/autoindia/mahindra-xylo-launch-by-december-2008/

Fwd: Micromax Mobile in India

Micromax founded in 1991 is one of the leaders in in Wireless Telecommunication in the country.

The models launched by Micromax are Micromax X112, Micromax X1i, Micromax X1u, Micromax X113, Micromax X211, Micromax X313, Micromax X332, Micromax X4i, MicromaxX414, Micromax X511, Micromax X800





http://weeksupdate.com/2008/11/micromax-mobile-micromax-x1i-x112-x1u.html