Kotak Life Insurance, the seventh largest insurer in the country in terms of new business, said it will not consider public listing at least for the next four-to-six quarters even as large investors responded well to public offers by private sector firms like SBI Life Insurance and HDFC Standard Life. “Right now we don’t have any plans for listing. We don’t need the money,” Kotak Life Managing Director G Murlidhar told “I don’t know what happens after two years but there is no plan now. Kotak Life is well capitalized,” he said. Kotak is not the only one keeping away. As per reports earlier this month, Bajaj Finserv’s two insurance firms-Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance-too are not looking at an IPO soon.
The major IPOs by the insurance companies, also including ICICI Lombard, General Insurance Corporation, New India Assurance were largely subscribed by institutional buyers but saw low appetite from retail investors. Kotak Life’s new premium business stood at Rs 1385 crore at the end of October, reflecting a 21% year-on-year growth.
