Page 16 - The Insurance Times September 2022

Kotak Mahindra Life to focus on growing the life insurance solvency and for general corporate
business in Tamil Nadu and purposes.
Insurance plans to double
Pondicherry. The regulator has asked
The Bengaluru-based firm provides
share of protection insurance companies to cater to health, travel, property, marine,
region-wise growth by allotting
portfolio liability, and other general insurance.
different regions to different players. It may in consultation with merchant
Kotak Mahindra Life Insurance is
This is a part of the Bima Manthan. bankers consider a pre-IPO placement
gearing up to focus on growing its
Earlier this month, IRDAI launched of equity shares, or any other method
digital business and double the share
Bima Manthan, a bi-monthly series of aggregating up to Rs. 250 crores. If
of the protection portfolio from 3.2
in-person meetings with the CEOs and such placement is completed, the fresh
percent to 6.8 percent, Mahesh
MDs of all the insurance companies. It issue size will be reduced, it said.
Balasubramanian, Managing Director
is a platform for the continuous
and CEO, Kotak Mahindra Life It earned premiums to the tune of Rs
engagement of IRDAI and the top
Insurance Company Limited, told. 5,268 crore in FY22. In FY21 and FY20,
players in the insurance industry.
premiums collected by the company
"We are building the digital business with
stood at Rs 3,243 crore, and Rs 2,252
a bottom-up approach and creating an
Go Digit Insurance files red crore, respectively. It has delivered a
interplay of products, processes, and
compounded annual growth rate of
technology for a best-in-class customer herring prospectus for Rs.
52.9 per cent from FY20 to FY22 as far
experience across the digital ecosystem,"
5000 crore IPO as premiums is concerned.
said Balasubramanian. He added that the
Go Digit, the general insurer backed
company expects its online business to
by Canada's Fairfax, has filed its draft
grow faster than that of the industry's Canara HSBC Life declares
red herring prospectus (DRHP) to raise
online business.
around Rs 5,000 crore through an bonus for ninth consecutive
Kotak Life Insurance has recently
initial public offering (IPO) that will year
started its digital business and said include fresh issuance of equity shares
Canara HSBC Life Insurance has
that, at present, it generates and an offer-for-sale.
declared a bonus amounting to Rs. 78
minuscule business from it. Its net
It will be the first general insurer to be crore for all its eligible policyholders for
profit for FY22 was Rs. 425 crore.
listed on the bourses in five years. ICICI the financial year 2021-2022. This is the
The company is also focusing on Lombard General Insurance and New ninth consecutive year when the life
making protection that falls under the India Assurance went public in 2017. insurer has declared bonus on
traditional portfolio stronger. The company, formally known as Go participating products. The latest bonus
Protection plans are specially designed Digit General Insurance, is looking to reflects a 28 per cent increase over the
to provide full protection and financial issue fresh equity of Rs 1,250 crore bonus amount of the previous year.
stability to the policy holder's family in while the offer-for-sale will consist of
Anuj Mathur, MD & CEO, Canara HSBC
case of any unforeseen events. "In 109.4 million equity shares by
Life Insurance, said, "We are elated to
protection, we would like to grow by promoters and selling shareholders.
announce the annual bonus for our
double digits, from 3.2 per cent to 6.8
Go Digit Infoworks Services Pvt Ltd, the customers and pleased that we are
per cent this year. But overall, we can
promoter holding around 86.35 per progressing each year in fulfilling the
get protection, which is currently in
cent stake in the company, will offload promises made to our customers. Our
single digits, to at least double digits
109 million shares. Investors Nikita customers are testimony of our growth
in the next two or three years," said
Mihir Vakharia and Mihir Atul Vakharia journey and our commitment towards
Balasubramanian.
will sell up to 4,000 equity shares, their financial goals is unparalleled."
The life insurance company will be Nikunj Hirendra Shah and Sohag
Strong fund management and robust risk
adding 43 branches across the country Hirendra Shah will sell 3,778 equity
management practices have enabled the
during this financial year, of which nine shares, and Subramaniam Vasudevan
company to consistently reward
will be opened in Tamil Nadu. At jointly with Shanti Subramaniam will sell
participating policyholders with a higher
present, it has 253 branches. 3,000 equity shares.
bonus, he added. The annual bonus
Recently, Kotak Life Insurance was The company will use the proceeds declaration reflects the company's ability
asked by the Insurance Regulatory and from fresh issuance of shares to to successfully deliver on promises made
Development Authority of India (IRDAI) augment its capital base, maintain to the policyholder.
16 The Insurance Times, September 2022