Om Kotak Life Targets 186% Growth In FPI This Fiscal

Kolkata, Nov 13: | Updated: Nov 14 2003, 05:30am hrs
Om Kotak Mahindra Life Insurance Co Ltd, has set an ambitious target to achieve an impressive growth of 186 per cent in its first premium income (FPI) during the current financial year, according to the Om Kotak Life managing director Shivaji Dam.

Our total first premium income as of the last financial year of 2002-03 was Rs 35 crore and we have set a target to improve the figure to Rs 100 crore by the end of the current fiscal, he told reporters here late on Wednesday evening.

He also said that the company management also expects to achieve a growth of around 400 per cent in the sum assured amount by the end of the current financial year. The total sum assured at the end of the first six months of the current financial year was Rs 1,400 crore and we expect the figure to increase to around Rs 5,000 crore by the end of the current fiscal, he said.

Claiming that Om Kotak Life has been maintaining a sustained growth since its inception two years back, Mr Dam said that from the first premium income figure of Rs 7 crore at the end of the first year of the commencement of operation, the company was able to increase the figure to Rs 35 crore at the end of the second year.

He said that the current penetration level of Om Kotak Life, which is the fourth largest insurance company in India, stands at 0.5 per cent. We are confident of improving our penetration level to 25 per cent during the next couple of years, Mr Dam said.

He also said that Om Kotak Life is operating through 21 branches in 21 cities at present. By the end of the current fiscal, we will operate from 19 more cities by opening up 19 additional branches, Mr Dam said.

He claimed that the management is also planning to increase its number of agents to 10,000 by the end of the current financial year, from the existing 5,500.