Private insurer IndiaFirst Life Insurance today said it garnered premium at Rs 1,000 crore during FY12 by over 43 per cent compared to the previous fiscal.
indiaFirst premium stood at Rs 700 crore in FY11,the company said in a statement issued here.
“Being incorporated in November,2009,we have approximately covered 1.6 million lives. The trust displayed by our customers,distributors and shareholders in us,adds to our responsibility of ensuring continuous innovation to keep providing enhanced value,” IndiaFirst Managing Director and CEO P Nandagopal said.
Last financial year,IndiaFirst surpassed its rural and social obligations laid down by the regulator,he said.
The company acquired 14 per cent of its business from rural India and covered 5,27,589 lives against 5,000 lives – taking the benefits of life insurance to the doorsteps of customers across the country,irrespective of their location.
This year the company has further increased its presence in the rural hinterland of India by tying up with 10 Regional Rural Banks,the statement said.
The total Assets Under Management (AUM) of the insurer at the end of March has crossed Rs 2,500 crore,it added.
IndiaFirst Life Insurance is a joint venture between two public sector banks – Bank of Baroda and Andhra Bank,along with UK’s leading risk,wealth and investment company Legal & General.