INDIAFIRST LIFE Insurance was among the fastest growing private life insurers in India in terms of New Business Individual Rated Premium (IRP) in FY 2021-22, according to a Crisil report. The firm significantly benefits from its relationship with its promoters – the largest shareholder – Bank of Baroda (BOB) and Union Bank of India (UBI). As of 31 March 2022, its association with BOB and UBI provided it access to an aggregate of 260 million customers through 17,587 branches across India.
IndiaFirst Life Insurance recorded the highest growth in New Business IRP among life insurers with PSU bank parentage, with a CAGR of 27.3 per cent for the five years ending FY2021-22. This was a noteworthy achievement considering that the Indian private life insurance industry grew at a CAGR of 13.9 per cent during this period.
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