kotak mahindra life insurance Howrah, West Bengal

Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced a record profit growth of 42 per cent. Profit after tax for FY 2010-11 stood at Rs. 101 crores, up from Rs. 71 crores the previous year. The company has declared bonuses in respect of participating policies with an accumulation fund, resulting in total returns for the year ended 31st March 2011 of 8% for annuity policies and 7% for all other policies. A reversionary bonus of 2% has also been declared on products eligible for reversionary bonus. These bonus declarations resulted in the value of policyholders benefits increasing by Rs. 26 crores, an increase of 30% over the previous year. FY 2010-11 is the third consecutive year the company has declared profit. Commenting on the performance, Mr. Pankaj Desai, Managing Director, Kotak Life Insurance said, As the Insurance industry enters into the next phase of consolidation, our focus clearly is on efficient management of capital .