Kotak - Old Mutal insurance JV sees break even in FY10

MUMBAI - Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Bank and Old Mutual Plc, expects to break even in the next financial year starting April, a top official said.

"We have high hopes of breaking even next year... not only breaking even, but making some money next year," Executive Director Pankaj Desai told Reuters on Thursday. "We expect our own profits would fund our capital needs."

The joint venture, which commenced operations in 2001, had an accumulated losses of 3.64 billion rupees at the end of December, he added.

Kotak holds 74 percent in the venture with Old Mutual holding the balance 26 percent, the maximum a foreign firm can hold in an insurance firm under Indian laws.