COMPANY NEWS DETAILS

As on (27 Jul 2021 | 04:49)
Kotak Mahindra Life Insurance Company update on impact of Covid-19 Back
(17 Jun 2021)
Kotak Mahindra Bank announced that it received an update from Kotak Mahindra Life Insurance Company (a material unlisted subsidiary of the Bank) as under:

In view of Covid related development, Kotak Mahindra Life Insurance Company estimates that claims, net of reinsurance, for the quarter ending June 2021, will be significantly higher than expected.

Due to increased claims and higher mortality related provisioning arising on account of the second wave, the company expects to incur a loss for the quarter ending June 2021 in an estimated range of Rs 225 crore to Rs 275 crore on the shareholder's account.

The provisioning, going forward, will depend on the trends in mortality. The company continues to have a strong capital and solvency position.

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