Kotak Mahindra Bank’s arm Kotak Mahindra Life Insurance Company expect losses in June quarter

Kotak-Mahindra-Bank

The company estimate 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.

Kotak Mahindra Bank was quoting at Rs 1,747.85, down Rs 12.85, or 0.73 percent.

News Source: Moneycontrol

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