IndiaFirst Life Insurance eyes Rs 1,000 cr premium collection

IndiaFirst Life Insurance Limited, a joint venture between Andhra Bank, Bank of Baroda and the UK-based insurance firm Legal and General Limited, has set a premium collection target of Rs 1000 crore across the country by the end of 2010-11.

IndiaFirst resumed operations on January 15 this year and has already mopped up a pan-India premium of Rs 200 crore by the end of March this year.

“IndiaFirst has already achieved a premium collection of around Rs 200 throughout the country including around Rs two crore in Orissa. Andhra Bank has 30 per cent stake in this joint venture with BoB holding 45 per cent while Legal and General owns the remaining 25 per cent”, B L Gupta, deputy general manager (Bhubaneswar zone) of Andhra Bank told reporters here. Meanwhile, the Bhubaneswar zone of Andhra Bank has targeted to reach a total business of about Rs 5000 crore by the end of the current financial year. If achieved, this would mark a 63.93 per cent growth over Rs 3050.95 crore which the zone has posted by the end of March 2010.

The Bhubaneswar zone includes 20 districts of Orissa and the state of Chhattisgarh.

Taking into account the Bhubaneswar zone as well as the Berhampur zone which comprises 10 districts of south Orissa and Srikakulam district of Andhra Pradesh, the bank's total business stood at Rs 4803 crore (as on March 31, 2010).

This included Rs 3076 crore of deposits and advances worth Rs 1727 crore.

“Our total priority sector lending in Bhubaneswar as well as Berhampur zones stood at Rs 483 crore by the end of March 2010 which includes a credit flow of Rs 139 crore to agriculture, Rs 207 crore to SMEs (Small and Medium Enterprises) and Rs 261 crore to other priority sectors”, said Gupta.

Andhra Bank which has 106 branches in Orissa at present, would set up five new branches in the state by the end of this fiscal.

These branches would come up at Gothpatna and Pokhariput in Bhubaneswar and also at Bhadrak, Phulbani and Sankhemundi in Ganjam district.