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Private insurer Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Life Insurance) has reported a 42 per cent growth in profit after tax for 2010-11 at Rs 101 crore.
During the previous fiscal, the PAT stood at Rs 71 crore in the previous fiscal, Kotak Life Insurance said in a release issued here today.
It was the third consecutive year for the company to declare profits.
“We are happy to have posted good growth despite the uncertainty the sector witnessed in the previous year and this can be attributed to our strong sales force, innovative new products and strong relationships with intermediaries,” the Kotak Life Insurance Managing Director, Mr Pankaj Desai, said.
The company’s gross total premium received has grown to Rs 2,975 crore, of which new business premium accounted for Rs 1,253 crore and renewal premium accounted for Rs 1,722 crore, the release said.
It covered 37.4 lakh lives as on March 31, an increase of 40 per cent over the previous year. Operating expense ratio has reduced to 19 per cent against 20 per cent in the previous year.
The company’s total assets under management have grown by 28 per cent to Rs 8,592.28 crore, it said, adding that the sum assured increased by 42 per cent to Rs 1,29,900 crore.
Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc.
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