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IndiaFirst Life Insurance Company

From Wikipedia, the free encyclopedia

IndiaFirst Life Insurance Company
Company typeJoint venture
IndustryLife insurance
Founded16 November 2009; 14 years ago (2009-11-16)
HeadquartersMumbai, Maharashtra, India
Area served
India
Key people
Ms. R.M. Vishakha
(MD & CEO)
ProductsIndividual and group insurance plans
ServicesLife insurance
AUM₹21,683 crore (US$2.7 billion)
Owner
  • Bank of Baroda (65%)
  • Union Bank of India (9%)
  • Carmel Point Investments India (26%)
Number of employees
3,433 (June 2022)
Websiteindiafirstlife.com
Footnotes / references
[1][2][3][4]

IndiaFirst Life Insurance Company is an Indian life insurance company headquartered in Mumbai. It is a joint venture between Bank of Baroda, Union Bank of India, and Carmel Point Investments India, and has a paid-up share capital of ₹754.37 crore (US$94 million).[1][5][6]

The company was incorporated in November 2009 and recorded more than ₹200 crore (US$25 million) of turnover in just four and a half months since it became operational.[7][8][9]

Business model

IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) which uses the existing customer base of the promoter banks.[10] As of June 2021, the company has more than 3100 employees.[11]

Financials

The company ended FY20 with INR 3,360 crore worth of total premiums collected and AUM of Rs 14,723 crore. The company has had a 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 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).[citation needed]

Sale of stake

In June 2018, one of the original founders, Legal & General, sold its stake to private equity firm, Warburg Pincus for Rs 7.1 Billion. Other stakeholders include General Atlantic, Ergo International AG, Manulife Financial Corp, and Canadian billionaire, Prem Watsa’s Fairfax.[12] Legal & General sold its stake as it was restructuring its business in the UK and the US markets.[13] 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.[14] In February 2019, another promoter, Andhra Bank, announced plans to sell its 30% stake for ₹ 9 Billion.[15]

History

IndiaFirst Life Insurance was incorporated by Bank of Baroda, Andhra Bank (now Union Bank of India), and Legal & General in 2009. Legal & General later sold its stake to Carmel Point Investment India Private Limited, a corporation incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC.[citation needed]

This company was the first one in the history of IndiaFirst Life Insurance, wherein a private equity fund has taken an interest in a life insurance company.[citation needed]

In April 2020, a merger took place between Andhra Bank with the Union Bank of India. It changed the shareholding pattern of IndiaFirst Life Insurance to Bank of Baroda (44%), Union Bank of India (30%) and Carmel Point Investments India Private Limited (26%).[citation needed]

Management

The MD & CEO of the company is R. M. Vishakha and Deputy CEO is Rushabh Gandhi.[citation needed]

Products

IndiaFirst Life offers a diverse series of 31 need-based products (as of 31 March 2020), catering to varied customer segments, leveraging multiple distribution capabilities, and augmenting various investment options.[citation needed]

Sponsorship

IndiaFirst Life Insurance Company has announced sponsorship to Pushkar Sharma.[16]

See also

Pushkar Sharma (sponsored by Indiafirst Life)

References

  1. ^ a b "Company Overview - IndiaFirst Life Insurance". indiafirstlife.com. IndiaFirst Life. Retrieved 8 January 2024.
  2. ^ "Annual Report, 2022-23". indiafirstlife.com. IndiaFirst Life. 31 March 2023. Retrieved 8 January 2024.
  3. ^ "Indiafirst Life Insurance Company Limited" (PDF). careratings.com. CARE Ratings. 8 March 2023. Retrieved 8 January 2024.
  4. ^ "IndiaFirst Life: Guarantee of Life Dreams Plan" (PDF). indiafirstlife.com. IndiaFirst Life. p. 2. Retrieved 8 January 2024.
  5. ^ "BoB-backed IndiaFirst Life Insurance gets SEBI approval for IPO". Livemint. 21 March 2023. Retrieved 4 September 2023.
  6. ^ "IndiaFirst Life Insurance launches new G.O.L.D. plan". The Economic Times. 3 August 2023. ISSN 0013-0389. Retrieved 4 September 2023.
  7. ^ "IndiaFirst new business premium crosses Rs 200 crore". The Economic Times. 5 April 2010. Retrieved 28 April 2010. IndiaFirst Life today said it has collected first year premium of over Rs. 2 billion in just four and half months since the insurance company became operational.
  8. ^ "IndiaFirst Life Insurance to begin operations by Dec". The Hindu BusinessLine. 10 November 2009. Retrieved 28 April 2010.
  9. ^ "IndiaFirst Life eyes Rs 100 crore". dnaindia.com. 26 December 2009. Retrieved 28 April 2010.
  10. ^ "IndiaFirst Life Insurance will bank on an in-house distribution network". Afaqs.com. 10 November 2009. Archived from the original on 17 September 2012. Retrieved 13 September 2011.
  11. ^ "IndiaFirst Life to infuse Rs 120 cr to fund expansion". Press Trust of India. 15 May 2011 – via Business Standard.
  12. ^ Balakrishnan, Reghu (19 June 2018). "Warburg Pincus buys Legal & General's 26% stake in IndiaFirst Life for Rs 710 cr". The Economic Times.
  13. ^ "Warburg Pincus to buy 26% stake in IndiaFirst Life for $105 mn". VCCircle. 1 June 2018.
  14. ^ Palepu, Advait Rao (21 November 2018). "IRDAI gives in-principle approval for IndiaFirst Life Insurance stake sale" – via Business Standard.
  15. ^ Sinha, Shilpy (20 February 2019). "Andhra Bank plans to sell 30% in IndiaFirst Life Company". The Economic Times.
  16. ^ Chakrabarty, Shreoshree (17 December 2020). "IndiaFirst Life announces sponsorship to Pushkar Sharma's goal". Media Infoline. Retrieved 26 October 2023.
This page was last edited on 2 April 2024, at 12:24
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