Kotak Life records 71 per cent growth in its first year premium income

Mumbai: Kotak Mahindra Old Mutual Life Insurance Limited, one of India's fastest growing life insurance companies, has announced a growth of 71 per cent in its first year premium income (YTD August 2004). From a premium income of Rs21.14 crore in YTD August 2003, the insurance company has posted an income of Rs36.30 crore in YTD August 2004.

Commenting on the performance, Shivaji Dam, managing director, Kotak Life Insurance said, "We are maintaining a consistency in our performance to enable us to achieve our target of 100 per cent growth this year. A 71 per cent growth over last year as on August is a milestone in itself. With the Indian insurance market on an upward trend, the company has now shifted to an aggressive growth path. The building blocks now well in place are beginning to deliver; we have grown faster than the private sector average. The key drivers for this growth have been the customer-oriented products, world-class training modules for our life advisors, a renewed focus on upper and middle class target segments, our geographical mapping-distribution channels and the fund performance."

With 1,000 people on its rolls backed by another 6,800 life advisors, Kotak Life Insurance has established a strong presence in over 42 branches across 30 cities in India. The company has adopted a segmented product development strategy to create unbundled and standalone products.

Dam also added, "We are here not only to gain market share or a share of the customer's pocket, but also to make a difference in consumers' lives by securing their future, be it through car finance, stock broking, public issues, wealth management, and even banking. We have a firm grip over the mind share that will eventually lead to a highly sustainable market share in the long run."