IndiaFirst Life Insurance Company

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India India
Founded2009 Edit this on Wikidata
HeadquartersMumbai, Maharashtra, India
Key people
Ms.R.M.Vishakha
(MD & CEO)
ProductsIndividual and Group Insurance Plans
ServicesLife Insurance
Health Insurance
Financial Planning
Savings and Investments
Retirement Planning
OwnerBank of Baroda (44%)
Andhra Bank (30%)
Warburg Pincus (26%)
WebsiteIndiaFirst Life Insurance Co. Ltd.

IndiaFirst Life Insurance Company is a life insurance company in India. It started as a joint venture between two of India's public sector banksBank of Baroda (44%) and Andhra Bank (30%), and UK's financial and investment company Legal & General(26%).[1]

It was incorporated in November, 2009. It has its headquarters in Mumbai.[1] IndiaFirst Life made more than Rs. 2 billion in turnover in just four and half months since the insurance company became operational.[2][3][4] IndiaFirst Life insurance company is headquartered in Mumbai.

Business model[edit]

IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) using the existing customer base of the promoter banks.[5] As of December, 2011 the company has 1600 plus employees.[6]

Sale of stake[edit]

In June 2018, one of the original founders Legal & General sold its stake to private equity firm Warburg Pincus for INR 7.1 Billion / 710 Crore. Other suitors included General Atlantic, Ergo International AG, Manulife Financial Corp and Canadian billionaire Prem Watsa’s Fairfax.[7]

Legal & General sold its stake as it was refocussing its insurance business in recent years on the UK and the US markets.[8]

In November 2018, Insurance Regulatory and Development Authority gave its in-principle approval for IndiaFirst Life Insurance to the stake sale from Legal & General to Warburg Pincus.[9]

In February 2019, another promoter Andhra Bank announced plans to sell its 30% stake for INR 9 Billion / 900 Crore.[10]

References[edit]

  1. ^ a b "IndiaFirst Life Insurance becomes the 23rd life insurer in India". Banknet India. Retrieved 13 September 2011.
  2. ^ "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.
  3. ^ "IndiaFirst Life Insurance to begin operations by Dec". The Hindu BusinessLine. 10 November 2009. Retrieved 28 April 2010.
  4. ^ "IndiaFirst Life eyes Rs 100 crore". dnaindia.com. 26 December 2009. Retrieved 28 April 2010.
  5. ^ "IndiaFirst Life Insurance will bank on an in-house distribution network". Afaqs.com. 10 November 2009. Retrieved 13 September 2011.
  6. ^ "IndiaFirst Life to infuse Rs 120 cr to fund expansion". Press Trust of India. 15 May 2011 – via Business Standard.
  7. ^ Balakrishnan, Reghu (19 June 2018). "Warburg Pincus buys Legal & General's 26% stake in IndiaFirst Life for Rs 710 cr" – via The Economic Times.
  8. ^ "Warburg Pincus to buy 26% stake in IndiaFirst Life for $105 mn". VCCircle. 1 June 2018.
  9. ^ Palepu, Advait Rao (21 November 2018). "IRDAI gives in-principle approval for IndiaFirst Life Insurance stake sale" – via Business Standard.
  10. ^ Sinha, Shilpy (20 February 2019). "Andhra Bank plans to sell 30% in IndiaFirst Life Company" – via The Economic Times.

External links[edit]