Financial Daily from THE HINDU group of publications
Thursday, Jun 16, 2005
Financial Daily from THE HINDU group of publications Thursday, Jun 16, 2005 |
|
|
|
|
|
Money & Banking
-
Life Insurance Kotak Life to hike capital by Rs 100 cr Our Bureau
Mr Gaurang Shah, Managing Director
New Delhi , June 15 KOTAK Life Insurance has said it plans to increase its paid-up capital by Rs 100 crore over the next three years. The company now has a capital of Rs 260 crore. With business on the uptrend, Kotak Life Insurance plans to break even in another three years, Mr Gaurang Shah, Managing Director, said. "We may require about Rs 100 crore before we break even by 2007-08," Mr Shah said at a press conference here on Wednesday. Mr Shah said the company would like to increase its capital base by about Rs 40 crore within the current fiscal. Kotak Life is a 74:26 per cent venture between Kotak Mahindra Bank and Old Mutual Plc. The company registered a 198-per cent growth in first year premium income to Rs 375 crore in 2004-05 and was looking to achieve Rs 700 crore as premium income this year, Mr Shah said. On whether he would be interested in buying out AMP Sanmar Life Insurance, which is exploring the option of exiting the insurance business here, Mr Shah hinted he was prepared to look into the offer. "We would like to see what's on offer. We are an interested observer," Mr Shah said.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|