IndiaFirst Life Insurance profits quadruple in FY 2016-17

IndiaFirst Life Insurance launched in FY 2010, promoted by Bank of Baroda, Andhra Bank and Legal & General launched, announced an annual profit for the 3rd consecutive year of Rs.35 crores, over 4 times the previous fiscal.

 

The company witnessed a new retail premium collection of Rs. 403 crore by the end of FY 2016-17, as against Rs. 221 crores in FY 2015-16, recording a y-o-y growth of 82% in Individual APE.

 

Ms. RM Vishakha, MD & CEO, IndiaFirst Life Insurance said, “We are delighted to have an individual APE growth rate of 82% y-o-y. We have substantially surpassed our targeted y-o-y growth. This is purely a reflection of an effective products, processes and distribution strategy resulting in improved productivity and reduced operational costs.”

IndiaFirst Life Insurance, the 23rd entrant amongst 24 Life Insurance companies ranks, 9th in Gross Premium Collection with Rs. 1671 crores in FY 2016-17 with Asset under Management (AUM) of Rs. 10858 crores as on 31st March 2017.

 

Mr. Rushabh Gandhi, Director- Sales & Marketing, IndiaFirst Life said, “These numbers are indeed momentous for us. The performance numbers of FY 2016-17 for premium, profits and productivity have all hit a new crescendo. We take pride to be among the fastest growing life insurance brands, in a sector where other top players have existed for over 15 yrs.”

 

The13th month persistency of the company surged up to 74% in FY 2016-17 viz-a-viz 64%, in the previous FY 2015-16.

 

“We intend to continue our growth trajectory in FY 17-18 by further strengthening our multi-distribution capabilities”, Mr. Gandhi added.

 

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