CHENNAI: Old Mutual, the partner in Kotak Mahindra Life Insurance, is looking to increase its stake in the insurance joint venture. The company is a 74:26 joint venture between Bank and Old Mutual. With the Indian Parliament clearing a higher FDI (foreign direct investment) cap in insurance at 49%, many overseas insurance partners are looking to increase their stake in insurance joint ventures. “Old Mutual is looking to increase its stake in the venture,” chief risk officer at Kotak Life Sunil Sharma said. The company did a business of Rs 2,900 crore last fiscal of which Rs 1,700 crore came in from new business. “We are looking at a premium growth of 25% this year,” Sharma said.
Old Mutual says it is looking to increase its stake in its partner, Kotak Mahindra Old Mutual Life Insurance. The company said on Friday that the deal would be completed by March 31.