IndiaFirst Life Insurance crosses INR 3200 crore of total premium in FY 19
IndiaFirst Life insurance reported a gross collection of INR 3213 crores in FY19 viz a viz INR 2309 crores in FY18. It garnered the new business premium of INR 2073 crores and a renewal premium of INR 1140 crores compared to a new business premium collection of INR 1497 crores and renewal premium collection of INR 812 crores, in FY18.
The total new business APE grew at 23% from INR 783 crs in FY18 to INR 961 crs in FY 2019 while, the retail APE increased at a rate of 18% to INR 681 crores in FY19, from INR 575 crores in FY18.
In FY19, recording a claim settlement ratio of 94.23%, IndiaFirst Life supported nearly 18627 families and paid claims in excess of INR 362 crs
“The company’s claim settlement ratio climbing to 94.23% in FY19 will enable us to pose faith and trust amidst our customers. As we enter into the 10th year of business, we will continue to focus on improving productivity and cost efficiencies through customer retention adhering to our philosophy of ‘circle of trust’ for servicing our customers through utmost good faith.” said, RM Vishakha, MD & CEO, IndiaFirst Life.
IndiaFirst Life Insurance, will now have wider customer access through 26% increased branches, which includes 9606 Bank of Baroda branches (Dena Bank and Vijaya Bank merged with the Bank of Baroda, in recent past), 2988 Andhra Bank branches and 2367 Regional Rural Banks (RRB), across the country. The company is equipped to deliver on higher expectations with a 37% growth in workforce by end of FY19 as compared to that of FY 18.
“With the parent group, Bank of Baroda becoming the third largest bank in India, and with the private equity firm Warburg Pincus, buying out erstwhile partner Legal and General’s stake , we are poised for the next phase of growth.”, she added.
Profit After Tax has increased by 20% YoY from INR 51.2 crores in FY 18 to INR 61.6 crores in FY 19. Commencing operations in 2009, the company’s Asset Under management (AUM) stood at INR 15,153 crore, as on March 31, 2019.
About IndiaFirst Life Insurance Company Ltd:
Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 625 crores, is one of the country’s youngest life insurance companies. It is promoted by two of India’s largest public-sector banks – Bank of Baroda and Andhra Bank, which hold 44 percent sand 30 percent stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC also holds 26 percent stake in IndiaFirst Life.
The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced. The company has garnered over INR 15,000 crore of assets under management (AUM), as on March 31, 2019.