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OM Kotak`s FY03 premium income jumps to Rs 40 crore
Mumbai, June 04: Om Kotak Mahindra Life Insurance has seen its premium income grow over 400% to Rs 40.3 crore in `02-03 as against Rs 7.7 crore last year. The company also declared a bonus of 7.5% returns as against 8% of last year adjusting to the falling interest rate scenario.
Mumbai, June 04: Om Kotak Mahindra Life Insurance has seen its premium income grow over 400% to Rs 40.3 crore in ‘02-03 as against Rs 7.7 crore last year. The company also declared a bonus of 7.5% returns as against 8% of last year adjusting to the falling interest rate scenario.
Shivaji Dam, managing director, OM Kotak Mahindra said that the company has set a target of achieving a premium income of Rs 100 crore in `03-04. Of the total premium income of Rs 40.3 crore, Rs 35 crore was by way of new business while Rs 5 crore was through renewal premium.
Dam said that bulk of premium came from endowment products such as Child Advantage Plan and Kotak Multiplier Plan.
Dam said that bulk of premium came from endowment products such as Child Advantage Plan and Kotak Multiplier Plan.
He added that the company had sold Rs 38,000 policies last year with 40% of the sales coming from Mumbai and Gujarat. “Our strategy from the very beginning was to appeal to the upper and middle segment in the society. We have thus segmented the market and are working towards growing within that segment, with simplified products and a focused geographical spread.”
He added that this strategy has worked for the company as it has an average policy size of about 2.5 lakh, which is three times that of current market average.
Bureau Report