Kotak Old posts Rs 49crore H1 premium income

Mumbai: Kotak Mahindra Old Mutual Life Insurance Ltd announced a premium income of Rs49.55 crore for the first-half of fiscal year 2004-05. Kotak Life Insurance is aiming at a 140 per cent growth in its premium income to Rs300 crore for fiscal 2004-05 from Rs125 crore in fiscal 2003-04.

The company garnered a sum assured of Rs2,911.86 crore in the first half. It is targeting a sum assured of Rs6,000 crore in the current fiscal year. It had posted a sum assured of Rs3,584 crore in 2003-04.

Kotak Life Insurance is currently present in 31 cities with 7,000 life advisors and an employee strength of 1,000.

Shivaji Dam, managing director, Kotak Life Insurance, said: "We want to achieve our growth targets by continuing to develop products that are unbundled, transparent and offer value to customers through a segmented approach. We are also investing heavily in training life advisors since we want them to provide appropriate advices to the clients."

The company has established 38 training centres across the country.