Kotak Mahindra Life Insurance today announced 39-per cent growth in the gross premium collection for the year ended March 2009.
The Adjusted Premium Equivalent (APE) grew by 23 per cent from Rs 1,051.67 crore in the year 2007-08 to Rs 1,292.98 crore for the year 2008-09, Kotak Life Insurance said in a statement.
"We are happy to have grown more than the private sector average and this can be attributed to our strong salesforce, innovative suite of products and deep relationships with intermediaries," said Kotak Life Insurance Managing Director Gaurang Shah.
During the year, the insurer increased paid-up capital by Rs 30 crore to Rs 562 crore.
"With our focus on operating expenses and moderating life insurance industry growth, we are confident that we will not be requiring any capital infusion," he said.
The company has increased its total number of branches from 150 in the year 2007-08 to 197 in 2008-09.