Introduction
IndiaFirst Life Insurance Company is a group effort of two Indian public sector banks – Bank of Baroda and Andhra Bank and U.K based investment firm Legal and General group. IndiaFirst Life Insurance Co.Ltd was launched by President of India, Mr. Pranab Mukherjee in the year 2010. Headquarter is located in Mumbai, this company has over 8000 branches across India and provide services over 1000 cities. The company gives a wide range of policies to fulfill the needs of different sector of people. Those policies are saving plans, pension plans, protection plans, term plans and child plans and many more. It also offers investment funds with other policies(for only some policies). India First Life Insurance Company Ltd has claim settlement ratio of 71.87%.
Finance
IndiaFirst Life Insurance Company company has a tenure of INR 3,360 crore worth of total premiums collected and AUM of Rs 14,723 crore. IndiaFirst Life company had CAGR of 40% in the last five years in Individual New Business APE, as compared to Life Insurance Industry growth of 12% CAGR during the same period. The IndiaFirst life insurance company has reported a 25% growth in individual New Business (NB) Annual Premium Equivalent (APE) in Financial Year (FY) 2019-20. IndiaFirst Life grew at 5.2 times the private industry growth rate of 5% and at 4.0 times the overall industry growth rate of 6% (including LIC). For the month of March 2020, IndiaFirst Life ranked 10th in the private sector in Individual NB APE and ranked 12th in the private sector for FY 2020. It also observed a claim settlement ratio of 98.56%, supported over 13800 families and paid claims in excess of INR 346.82 crore. Paid group claims in excess of INR 1056.5 crores (includes PMJJBY).
Sale of stake
In June 2018, one of the original founders, Legal & General, sold its stake to private equity firm, Warburg Pincus for INR of 7.1 Billion. Other stakeholders include General Atlantic, Ergo International AG, Manulife Financial Corp, and Canadian billionaire, Prem Watsa’s Fairfax. Legal & General sold its stake as it was restructuring its business in the UK and the US markets. In November 2018, the Insurance Regulatory and Development Authority gave its in-principle approval to IndiaFirst Life Insurance for the stake sale from Legal & General to Warburg Pincus. In February 2019, another promoter, Andhra Bank, announced plans to sell its 30% stake for ₹ 9 Billion.
Managements
The MD & CEO of the company is R. M. Vishakha and Deputy CEO is Rushabh Gandhi.
Website
You can visit the website on Indiafirstlife.com