IndiaFirst Life Insurance Company

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

India India
Founded2009 
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%)
Union Bank of India (30%)
Warburg Pincus (26%)
WebsiteIndiaFirst Life Insurance Co. Ltd.

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

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

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]

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References
  1. "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.


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