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Business EconomyPosted at: May 24 2016 6:28PM


IndiaFirst Life upbeat, targets Rs 10,000 cr AUM next year

Chennai, May 24 (UNI) Maintaining its robust growth, IndiaFirst Life Insurance, the joint venture of Bank of Baroda, Andhra Bank and Legal & General, aims to achieve Assets Under Management (AUM) target of
Rs 10,000 crore in the current fiscal.
IndiaFirst Managing Director and CEO R M Vishakha said the company has registered profits for the second consecutive year of profits post its break-even.
“We are looking at about 30 per cent growth in the next Financial Year , with a total premium collection of about Rs. 2000 crore.” In 2015-16, the company's overall premium collection stood at Rs 1,967 crore. The profits for IndiaFirst Life grew by 12 per cent Y-o-Y, with Rs 7.72 crore for the FY 2015-16, viz-a-viz, Rs. 6.89 crore in the last FY 2014-15.
The retail Annual Premium Equivalent or APE of IndiaFirst Life Insurance as on March 31, 2016 was Rs 221 crore and as against Rs 160 crore on March 31, 2015, registering a YoY growth of 38 per cent in individual business, Ms Vishakha said.
“We look forward to generate a premium of three times current profit. Going forward we would want to maintain the growth momentum,” she said.
On the business strategy, Ms Vishakha said the company’s policy would continue to be customer-centric and “simple to understand policies”.
She explained that IndiaFirst’s Guaranteed Retirement Plan, launched early this year, contributed to the profit of the company, garnering a premium of Rs.31.6 crore in the span of just three months. “In a market circumstance where PAR products are viewed with scepticism we have been able to introduce guaranteed return product,” she said. In addition, IndiaFirst introduced cashback Plan and participated in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) during the FY 2015-16.
She hailed PMJJBY as one of the key projects that is aimed at financial inclusion and expressed the confidence that “this will lead to inclusive insurance”.
The company's AUM was Rs 9,061 crore during the last fiscal and it aims to touch Rs 10,000 crore mark by March 2017, the Managing Director said.
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