Kotak Life eyes 50% rise in first premium income at Rs 900cr

Kotak Life Insurance, a joint venture between Kotak Mahindra Bank and Old Mutual Life of South Africa, is expecting a 50 percent rise in first premium income at Rs 900 crore this financial year. Last fiscal, the first premium income stood at Rs 600 crore. "This financial year, we are expecting to garner Rs 900 crore," Kotak Life's Senior EVP and Chief Distribution Officer Suresh Agarwal told reporters here today.

He said the company ranked seventh among private life insurers in terms of accumulated premium income. The total premium income of Kotak Life last year was Rs 3,000 crore (new plus renewal) and this year, it was expected to touch Rs 3,500 crore, he said. Agarwal said the JV has been making profits, adding that there was no plans to hit the market as of now.

He said that Old Mutual, which holds 26 percent stake in the JV, is not increasing its holding. Kotak Life also launched 'Kotak Premier Life Plan' today, targetting senior citizens.