IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), is targeting 43 per cent growth in net profit this fiscal at Rs 50 crore, a top company official has said.
"Our profit was Rs 35 crore in 2016-17. Looking at the current growth trend till now, we are expecting to achieve Rs 50 crore this financial year," IndiaFirst Life Insurance MD and CEO R M Vishakha told PTI here.
She said this was supported by the positive mode in the economic conditions in the country, investment in the bancassurance and the technological support.
There is also a positive sentiment in the market since 2016-17, she added.
"We are planning to focus on retaining our position as the fastest growing company in the private life insurance space," Vishakha said.
IndiaFirst Life, which has completed eight years in business, was ranked 15th in 2016-17 and is now at 13th position till October 2017, making IndiaFirst Life the fastest growing insurance company in the country, she said.
The company achieved break-even in sixth year of its operations since inception.
The private insurer, which recently launched a child protection plan Little Champ, has diversified product portfolio of 35 products with 21 individual, eight group, one rider and five combi plans.
"With the launch of Little Champ, we have now a full suite of product offerings across customer segments and needs. Going forward, we have a micro product in the pipeline, which we are planning to launch before the end of this financial year," Vishakha added.
IndiaFirst Life Insurance is a joint venture between Bank of Baroda (44 per cent), Andhra Bank (30 per cent) and UK's risk, wealth and investment brand Legal and General group (26 per cent stake).
When asked if there is likely to be consolidation in the industry with so many players, she said not in the near future.
"The industry is on a growth trajectory and there is enough growth options for everyone. So I don't see any consolidations happening in the near future due to performance. If any consolidation happens, it will be for some reason at promoter level and not because of the company's growth," she added.
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