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Coimbatore , Sept 8

KOTAK Life is targeting first premium income of Rs 550 crore this fiscal. The company reported a total premium income of Rs 374.75 crore in 2004-05 and is confident of achieving Rs 700 crore (first premium plus regular premium) before March 2006.

Speaking to newspersons after the inauguration of a branch in the city, Mr Gaurang Shah, Managing Director, said that the company was looking at growing 100 per cent year-on-year, having achieved 148 per cent growth in the overall premium income last year and 140 per cent growth during the first five months of the current fiscal.

"We are hoping to sell 1.5 lakh policies this year against 63,000 policies last year. While the number could go up, the premium size may not increase comparatively as our focus is on semi-urban and rural towns."

In line with its growth focus, Kotak Life is planning to expand operations in Tier II cities and towns in the second phase of its segmented expansion plans.

It plans to add around 20 branches - to its existing network of 44 - in Tamil Nadu, Kerala, Punjab, and Gujarat.

The Coimbatore branch is the first of the11 proposed for the State.

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