Kotak Mahindra Life Insurance has registered a decline of 19 per cent in premium collection at Rs 68.95 crore in June 2012 against June 2011, declining for the third consecutive month as it fell by 27 per cent to Rs 31.93 crore in April 2012 and by 2 per cent to Rs 50.48 crore in May 2012.

The insurance company’s premium collection during the period April- June 2012 fell by 16 per cent to Rs 138.42 crore against Rs 164.71 crore during the period April- June 2011.

Moreover, the first year premium income of Kotak Life fell by 7 per cent to Rs 1164.27 crore during FY2011-12 against Rs 1253.14 crore during FY2010-11.

The number of policies that were issued by the company declined by 9 per cent while number of life covered increased by 16 per cent to 2.62 lakh during June 2012.

The company has sold 27,721 policies during April-June 2012, down by 4 per cent against last year and has covered 7.42 lakh lives, up by 31 per cent against the same period last year.

Kotak Mahindra Old Mutual Life Insurance is private insurance company established in 2000.

Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual – wealth Management Company based in UK.