Private insurer Kotak Life Insurance posted 109 per cent growth in profit after tax for FY12 which stood at Rs 211 crore over that of the previous fiscal.
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Kotak Life Insurance PAT stood at Rs 101 crore in the previous year, the company said in a release issued here.
The company has wiped out all its accumulated loses and added Rs 51 crore to its net worth, which now stands at Rs 613 crore. FY 2011-12 is the fourth consecutive year the company has declared profit, it added.
The gross total premium was at Rs 2,937 crore, of which new business premium accounted for Rs 1,164 crore and renewal premium accounted for Rs 1,773 crore
Sum assured increased by 26 per cent to Rs 1,63,600 crore from 1,29,900 crore in the previous year.
New business sum assured increased by 19 per cent to Rs 90,474 crore from 75,909 crore in FY11.
The private insurer covered 42.4 lakh lives as on March 31, 2012, an increase of 14 per cent over the previous year.
Operating expense ratio has also reduced to 18.8 per cent from 19.5 per cent in previous year.
The total assets under management have grown by 13 per cent to Rs 9,723 crore.
Kotak Life Insurance also covered 1,78,470 lives in the social sector as against the mandated 55,000 lives, it added.
Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc.
http://www.financialexpress.com/news/kotak-life-insurance-net-profit-up-109/952495/2
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