Kotak Life Insurance plans Rs 150 cr capital infusion

BANGALORE: Kotak Life Insurance plans to infuse a capital of Rs 150 crore in the coming financial year as it eyes 100 per cent growth, a senior official said.

Executive Director of the joint venture between Kotak Mahindra Bank Ltd and Old Mutual plc, Pankaj Desai said the firm is poised to touch an overall premium collection of about Rs 1,000 crore for the year ending this month-end.

"This includes first year premium of around Rs 600 crore," he told reporters here.

Desai said the firm targets to double first year premium to Rs 1,200 crore in 2007-08, and an overall premium collection of Rs 2,200 crore.

Earlier today, the firm opened its third branch here, where it plans to establish one more.

As part of expansion plans in Karnataka, branches would be opened in Mysore, Mangalore and Hubli-Dharwad by year-end.

Its branch network in India would go up to 82 in 56 locations by this month-end, from 45 in 31 places a year ago, Desai added.