Financial Daily from THE HINDU group of publications
Wednesday, Nov 03, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 03, 2004 |
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Money & Banking
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Life Insurance Kotak Life hikes share capital Our Bureau
Mumbai , Nov. 2 KOTAK Mahindra Old Mutual Life Insurance Ltd (Kotak Life) has increased its share capital by Rs 20 crore. A press release from the company said its promoters Kotak Mahindra Bank and Old Mutual have infused the funds to increase the share capital of Kotak Life to Rs 254 crore. Currently, Old Mutual Plc holds 26 per cent, the maximum permitted by current regulations, and Kotak Mahindra Bank holds 74 per cent in the joint venture. The new capital would be used to grow business volumes and distribution network. Currently, Kotak Life is present in 31 cities with 7,600 life advisors and 1,100 employees. Its first premium income in the first half of the current fiscal year was Rs 49.55 crore. It is targeting a first premium income of Rs 300 crore and a sum assured of Rs 6,000 crore by the end of fiscal year 2004-05.
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