IndiaFirst Life Insurance crosses AUM of Rs. 10,000 crore

06 October, Mumbai

IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), announced a new milestone of crossing Asset Under Management (AUM), of Rs.10,000 crore, today.

As on 31st March 2016, the company recorded Asset under Management (AUM) of Rs. 9061 crores.Commenting on this, R M Vishakha, MD & CEO, IndiaFirst Life Insurance said, ”It gives us immense pleasure to cross the milestone of Rs.10,000 crore of AUM. This growth reflects the faith entrusted by our policyholders on IndiaFirst.”

IndiaFirst has witnessed a growth of 43 percent (Year-on-Year), achieving over Rs.1000 crore of gross collected premium as on September 30, 2016.The current growth in retail (APE) business is 79 percent (Year-on-Year), as on September 30 2016.

”We had a stated focus to grow our retail business while consolidating our strengths in group business. We’re delighted to have a significant growth in the retail space, with a 30% targeted annual growth rate for FY 2017.” Vishakha added.IndiaFirst Life Insurance, has secured 5 million lives in over six years of its operations since, 2010. It declared a maiden profit of Rs 6.9 crore in FY 2014-15.