IndiaFirst Life to infuse 120 cr for expansion
“We are planning to infuse Rs 120 crore in the first quarter (April-June), taking the total capital to Rs 550 crore to fund our expansion plans, including setting up of financial planning centres and solvency capital requirements,” IndiaFirst Life Insurance Managing Director and CEO P Nandagopal said here.
Further capital infusion depends on growth of the business, he added.
The focus of the 17-month-old company in FY’12 will mainly be on maintaining costs and increase productivity in order to achieve break-even within five years of operations.
“We are one of the most cost efficient insurance firms in the country with an operating expense ratio of 19 per cent. We are planning to bring it down further to around 15 per cent in FY’12,” he said.
The private insurance firm collected Rs 704 crore worth of premiums from new business in FY’11 and plans to double this performance in the current financial year, Nandagopal said.
He said the insurer, which has a 1,200-strong direct workforce, plans on marginal addition of another 300 employees in FY’12.
IndiaFirst Life Insurance is a joint venture between two of India’s largest public sector banks -- Bank of Baroda and Andhra Bank -- and the UK’s leading risk, wealth and investment company, Legal & General.
IndiaFirst Life Insurance has 12 products in its portfolio under almost all categories and
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