Launch of IndiaFirst Life Ins

RNS Number : 1991C

Legal & General Group Plc

09 November 2009

 



Legal & General Group Plc announces the launch of IndiaFirst Life Insurance operations 

IndiaFirst Life Insurance Company Limited, a joint venture between Legal & General Group plc, Bank of Baroda and Andhra Bank, today announced that it has received final R3 approval from the Insurance Regulatory and Development Authority (IRDA) in India, and that the company plans to launch operations this year.

Dr. Nandagopal, CEO IndiaFirst Life Insurance said, "IndiaFirst is an open, modern and hardworking organization. We believe in doing things right for the customer, the distributors and our shareholders. We as a company are committed to providing 'value for money' products and service excellence to our customers."

The company plans to initially focus on the bancassurance model. It plans to leverage the existing customer base of over 50 million customers of Bank of Baroda and Andhra Bank spread across 4,500 branches in India. Each bank has its own segmentation and profile of customers. Both have a huge semi urban and rural network. 

The initial product range would cover the typical needs of savings, education and retirement and would be followed by a whole range of protection, wealth accumulation, health, and group insurance plans. 

9 November 2009 

Notes to Editors

Bank of Baroda

www.bankofbaroda.com

Bank of Baroda is the 3rd largest public sector bank in India with a network of 3031 branches that spreads across the geography of India and 78 offices across 25 countries globally. 

Andhra Bank

www.andhrabank.in

Andhra Bank is one of the leading nationalized banks in India. The bank has been serving the Indian customer for over 85 years and currently has a network of 1536 branches spread 22 states and 2 union territories in India. 

Enquiries        

Investors:        

Matt Hotson           Director Investor Relations and Strategy    020 3124 2150

Damian O'Reilly      Investor Relations Manager    020 3124 2151

Ching-Yee Chan     Investor Relations Co-ordinator    020 3124 2345

Media:        

John Godfrey        Group Communications Director    020 3124 2090

Richard King        Head of Media Relations    020 3124 2095

James Bradley      Tulchan Communications    020 7353 4200

Mal Patel              Tulchan Communications    020 7353 4200

 

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