Kotak Life Insurance, a subsidiary of Kotak Mahindra Bank, may have a loss of Rs 225 to 275 crore due to the corona virus epidemic in its shareholders’ account. Actually, this loss to Kotak Life will be due to increase in insurance claims and provisions due to increasing cases of corona and deaths.
Kotak Mahindra Bank, in its regulatory filing to the stock exchange, said that Kotak Life has informed the company that the insurance claim amount may be higher than what was expected. Let us tell you that the board meeting of Kotak Mahindra Bank was held on June 16, in which a loss of Rs 225 to 275 crore was estimated due to increased claims.
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Let us tell you that Kotak Life Insurance’s net profit in Q4 of FY21 stood at Rs 193 crore, as against Rs 165 crore in the same quarter a year ago. Whereas, Kotak Life’s net profit for the entire financial year i.e. 2020-21 stood at Rs 692 crore. At the same time, in the financial year 2019-20 it was Rs 608 crore.
Kotak Mahindra Bank said that how much the mortality rate due to Covid remains, further provisioning will depend on this. Currently, Kotak Life has a solvency ratio of 2.9 times, while the regulatory requirement for it is 1.5 times. The bank said Kotak Life has a strong capital and solvency position.
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Kotak Life received Rs.4870 crore as premium in Q4, a 26% year-on-year growth, while it received Rs 11,110 crore as premium for the entire FY21, which is 7.4% from the total premium received in FY20. is more.
From April 1, 2021 to May 31, 2021, Kotak Life Insurance has received Rs 424.15 crore on the premium float. It has increased by 52% on a yearly basis. At the same time, there has been an increase of 33.5% in the new premium.
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Moneycontrol had already published the news that companies will have to increase their provisioning in future due to increasing cases of Corona. Various insurance companies have paid Rs 2500 crore as COVID-19 claims till May 25, 2021.
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