OM Kotak Mahindra declares 6.5 per cent return for FY 2003-04

Mumbai: OM Kotak Mahindra Life Insurance (OM Kotak), one of the fastest growing insurance companies in India, has declared a total return of 6.5 per cent, including a 3.5 per cent bonus on its participating contracts for the financial year ended March 2004.

OM Kotak mopped up Rs 124 Crore in first year premium income during the fiscal, selling policies for a total sum assured of Rs3,584 crore. The company reported over three times growth in its performance compared with the first year premium collection of Rs 35 crore last year.

Commenting on the remarkable performance of the company, Shivaji Dam, managing director, OM Kotak said, "This rate is above the current government securities rates of around 5 per cent. The excellent OM Kotak rate was achieved by good investment management and a small exposure to the equity markets over the year.

OM Kotak, in its third consecutive year of operations, has shown commendable results. The key drivers for achieving this growth have been the products, the focus on the upper and middle class target segment, the geographical mapping, distribution channels and our fund performance. At OM Kotak, we are expecting to maintain its aggressive growth rate."

Among its product the Kotak Safe Investment Plan (KSIP) offers the benefits of the stock market while protecting investors from the risks. The company has a full range of products from pure insurance to saving products and market-linked products, from children's insurance to retirement solutions and also rural products.