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IndiaFirst Life Insurance, the insurance joint venture between Bank of Baroda (44%), Andhra Bank (30%) and the UK-based insurance company Legal and General (26%), expects to achieve break even by 2015. IndiaFirst Life Insurance, which is capitalized at Rs. 330 crore, is the country's youngest life insurance company.
IndiaFirst Life Insurance has achieved Rs 200 crore mark in new business premium in 2009-10, since it started operation in November 2009.
Within a short period since its launch, IndiaFirst had deeply penetrated over 3000 branches of its partner banks covering over 1000 towns and cities across the country. IndiaFirst plans to further extend its distribution reach to all of the 4500 branches of its partner banks in the current year to leverage the banks' vast database of customers of over 50 million.
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