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Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Life Insurance) has reported a 109 per cent growth in net profit at Rs 211 crore for the fiscal 2011-12.
The company has wiped out all its accumulated losses and added Rs 51 crore to its networth which now stands at Rs 613 crore, a company press release said.
Kotak Life Insurance has declared bonuses in respect of participating policies with an accumulation fund, resulting in total returns for the year ended March 31, 2012 of 8 per cent for annuity policies and 7 per cent for all other policies.
A reversionary bonus of 2 per cent has also been declared on eligible products.
The gross total premium received was Rs 2,937 crore, of which new business premium accounted for Rs 1,164 crore and renewal premium was Rs 1,773 crore. This is the fourth consecutive year the company has declared profit.
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