Mumbai, Oct 6 (IANS) IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), on Thursday announced a new milestone of crossing Asset Under Management (AUM) of Rs 10,000 crore.
As on March 31 this year, the company recorded AUM of Rs 9,061 crore.
IndiaFirst Life Insurance MD & CEO R.M. Vishakha said: “It gives us immense pleasure to cross the milestone of Rs 10,000 crore of AUM. This growth reflects the faith entrusted by our policy-holders on IndiaFirst.”
IndiaFirst has witnessed a growth of 43 per cent (Y-o-Y), achieving over Rs 1,000 crore of gross collected premium as on September 30. The current growth in retail (APE) business is 79 per cent (Y-o-Y) as in September 2016, the company said in a statement.
“We had a stated focus to grow our retail business while consolidating our strengths in group business. We’re delighted to have a significant growth in the retail space, with a 30 per cednt targeted annual growth rate for FY 2017,” Vishakha added.
“We believe in the investment strategy that is focused on building a high quality portfolio by investing in companies that have strong management, good financial performance and high growth visibility. We have several funds that have outperformed the benchmark indices over medium/long-term, leading us to maintain the top quartile position for highest time period,” said A.K. Sridhar, IndiaFirstLife Insurance Chief Investment Officer.
IndiaFirst Life Insurance, has secured five million lives in over six years of its operations since 2010. It declared a maiden profit of Rs 6.9 crore in 2014-15.