The formal launch was graced by Honourable Chief Minister of Andhra Pradesh, K Rosaiah here today. Present at the occasion were, Chairman & Managing Director Andhra Bank-R.S. Reddy, Chairman & Managing Director Bank of Baroda-M. D. Mallya, International Commercial Director Legal & General-Ian Viney, and Managing Director & CEO IndiaFirst Life Insurance-Dr. P. Nandagopal.

Speaking at the launch ceremony, R S Reddy said, “Insurance is critical not only for individuals but also for the development of the nation at large. However, inspite of consistent growth in our GDP insurance penetration levels in India are very low. We are confident that through this insurance joint venture of ours, we will be able to provide insurance solutions that are customized to meet the requirements of our consumer's right at their doorsteps.”

Providing the people of Andhra Pradesh with the best and most comprehensive set of financial services has been a responsibility dutifully discharged by Andhra Bank. With a lineage of 85 years, and spread over 1544 branches, the bank reaches out to everyone present in the state, making it all a one big family affair.

M D Mallya said, “It is indeed a proud moment for all of us to launch our group insurance business in India. Being the youngest life insurance company in the country, IndiaFirst has already been creating milestones. We truly believe that insurance will not only play a pivotal role in strengthening the financial market space but will also be a critical facilitator that helps organizations and groups secure their most precious resource – their people, be it employees, customers or associates. As always, it will be our endeavor to provide products and service experience that are unique and customized to suit the varied requirements of our customers.”

The group insurance business in India is at Rs 20977 crore YTD February 2010.

Commenting on the launch, Ian Viney said, “We are delighted with the progress made by our Indian joint venture. Having partners with a well established presence in the Indian financial services domain and an excellent legacy of customer service are enviable advantages that this joint venture possesses. The Indian economy has huge potential for growth and we are glad that our joint venture will contribute to and be a part of this growth story.”

Dr. Nandagopal said, “While everyone needs life insurance, not many actually understand the nuances of how life insurance actually works. At IndiaFirst we will aim to bring life insurance closer to our consumers by introducing simple, easy to understand plans that are fairly priced, truthfully delivered and efficiently serviced. We will look at those consumers who have been deprived of the benefit of life insurance and work towards customizing products and service delivery for them. Our product basket will comprise of offerings for all segments of the market” further added Dr. Nandagopal.