BackIndiaFirst Life Insurance receives capital infusion of Rs150 crores
Bank of Baroda, Andhra Bank and Legal & General hold 44%, 30% and 26% stakes, respectively, in IndiaFirst
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Hyderabad: IndiaFirst Life Insurance Co. Ltd on Tuesday said it has received Rs150 crore from its three promoters - Bank of Baroda, Andhra Bank and UK-based Legal & General—taking its total share capital to Rs625 crore.
“The additional capital will be used to leverage these innovations and fuel business growth," said IndiaFirst in a statement.
Bank of Baroda, Andhra Bank and Legal & General hold 44%, 30% and 26% stakes, respectively, in IndiaFirst. The promoter contributions matched their individual shareholdings.
“We believe in a balanced focus across diversified business channels to access various customer segments" said R.M. Vishakha, managing director and chief executive officer, IndiaFirst.
The company said it is working on building its mass market insurance business through the use of technology.
IndiaFirst launched operations in November 2009, and over the past six years, it has been continuously innovating on business channels and service delivery platforms, the company added.
Based in Mumbai, IndiaFirst is among the youngest life insurance companies in India. It is present in over 1,000 cities and towns across the country through 10,040 partner bank branches.
The company has covered over 9.5 million lives and had over Rs8,160 crore in asset under management (AUM) as on 30 June. AUM refers to the total market value of investments managed by the company.
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