Mumbai: IndiaFirst Life Insurance, a joint venture between Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General, on Monday announced that the company had crossed Rs 900 crore in new business premium in the first 500 days of operations.
“With Rs 703-crore of new business in 2010-11 and Rs 200-crore in the 4.5 months of 2009-10, IndiaFirst crossed Rs 900 crore of total new business in exactly 500 days of commencement of business operations on 16 November, 2009. This is the fastest run rate by any life insurance company in the country,” IndiaFirst Life Insurance managing director & CEO, P Nandagopal said in the financial capital.
IndiaFirst is the fastest to achieve Rs 100 crore in just 100 days of operations, Rs 200 crore in 4.5 months of operations, and over Rs 300 crore in under 9 months from inception, resulting in the highest ever start-up phase productivity in the industry.
The company has covered 1.2 million lives during this period. The Total Assets Under Management (AUM) with the company at the close of 500 days was Rs 1,000 crore, Nandagopal said.
The company plans to launch health insurance plan and pension plan shortly.