IndiaFirst Life Insurance Company


IndiaFirst Life Insurance Company is a life insurance company in India. It started as a joint venture between two of India's public sector banks – Bank of Baroda and Andhra Bank, and UK's financial and investment company Legal & General.
It was incorporated in November, 2009. It has its headquarters in Mumbai. IndiaFirst Life made more than Rs. 2 billion in turnover in just four and half months since the insurance company became operational. IndiaFirst Life insurance company is headquartered in Mumbai.

Business model

IndiaFirst Life Insurance follows the "Bancassurance" using the existing customer base of the promoter banks. As of December, 2011 the company has 1600 plus employees.

Sale of stake

In June 2018, one of the original founders Legal & General sold its stake to private equity firm Warburg Pincus for INR 7.1 Billion / 710 Crore. Other suitors included General Atlantic, Ergo International AG, Manulife Financial Corp and Canadian billionaire Prem Watsa’s Fairfax.
Legal & General sold its stake as it was refocussing its insurance business in recent years on the UK and the US markets.
In November 2018, Insurance Regulatory and Development Authority gave its in-principle approval for IndiaFirst Life Insurance to the stake sale from Legal & General to Warburg Pincus.
In February 2019, another promoter Andhra Bank announced plans to sell its 30% stake for INR 9 Billion / 900 Crore.