IndiaFirst Life sees 29% rise in individual APEs to Rs 325 cr in September

The firm ended September with a whopping 56% growth when the industry de-grew at 3%

IndiaFirst Life Insurance, a joint venture of Bank of Baroda and Andhra Bank, on Monday said it registered a growth of 29 per cent in its individual annual premium equivalent to Rs 325 crore in September.

The firm ended September with a whopping 56 per cent growth when the industry de-grew at 3 per cent.

This comes on the back of recording a compound annual growth rate (CAGR) of 46 per cent in the past four years till 2018-19 on the new business individual APE, highlighting strong fundamentals and a sustained growth story, a release said.

The company reported a 29 per cent growth in individual annual premium equivalent (APE) on a year-on-year basis, it said.

IndiaFirst Life Deputy Chief Executive Officer Rushabh Gandhi said, "Team IndiaFirst Life has truly stepped it up, by collecting Rs 325 crore of annualised premium as on September 2019, against Rs 253 crore during the same time last year."

As per the company's shareholding pattern, Bank of Baroda holds 43.30 per cent stake, followed by Andhra Bank (29.53 per cent) and Carmel Point Investments India Pvt Ltd (27.17 per cent).