IndiaFirst Life Insurance, upon completion of three years of operations on Friday, said that its total assets under management had gone up to Rs.3,000 crore.
With a share capital of Rs.475 crore, IndiaFirst, a joint venture between Bank of Baroda, Andhra Bank and U.K.’s Legal & General, said it had expanded its presence to over 1,000 cities and towns across India through over 5,000 partner-bank branches. “We have successfully positioned ourselves as a customer-focussed and innovative player in the life insurance sector in a short span of time. We have focussed on the bancassurance model, leveraging the existing branch network of our promoter banks across the country,” said P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance.
The company has seen an appreciable growth of 39 per cent at the end of March 2012; while capping its operating expenses at 19 per cent of new business premium, it said.
“We are exploring newer opportunities for ensuring sustained growth and superior value to our customers. We are looking at a 10-20 per cent year-on-year growth over the next 2-3 years,” Dr. Nandagopal said.