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Indiafirst Life Insurance Company IPO Promoters
Bank of Baroda & Carmel Point Investments India Pvt. Ltd

Indiafirst Life Insurance Company IPO Particulars & Guidance:
About the Company

Indiafirst Life Insurance Company is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2022. It also recorded the highest growth in terms of New Business IRP amongst life insurers with PSU bank parentage, with a CAGR of 27.3%, for the five-year period ending Fiscal 2022. In the same period, the Indian private life insurance industry grew at a CAGR of 13.9%. It reported a healthy Value of New Business Margin of 23.10%, in Fiscal 2022. It has achieved this growth on the back of a balanced product portfolio that has an increased focus on non-participating products, supported expansive bancassurance networks through one of its Promoters, Bank of Baroda, the third largest public sector bank in India as well as through its bancassurance relationship with Union Bank of India, the fifth largest public sector bank in India, each in terms of total assets as of March 31, 2022.

It has also been aided by its improving persistency, fast growth of its emerging channels, as well as its digital first approach. Its long-standing commitment to customer centric operations has resulted in high Persistency Ratios in the three preceding years, reflected in the increase in its Embedded Value that has grown at a CAGR of 10.94% from Fiscal 2021 to Fiscal 2022, from Rs. 16,812.00 million in Fiscal 2021 to Rs 18,651.00 million in Fiscal 2022, based on the Embedded Value Report issued by the Independent Actuary.
Commencing operations in 2009, it achieved profitability in the sixth year of operations, and were the third fastest private life insurer in India to achieve profitability for three consecutive years.

Bancassurance contributed 91.57%, 91.76%, 91.34% and 90.48% of its New Business IRP in Fiscal 2020, 2021 and 2022, and the three months ended June 30, 2022, respectively. It has an exclusive bancassurance arrangement with BOB, and a non-exclusive bancassurance arrangement with UBI. As of March 31, 2022, after rationalization of branches following its amalgamation, BOB had 8,425 branches with more than 140 million customers as of February 28, 2022, while UBI had 9,162 branches with over 120 million customers as of March 31, 2022. It also has access to the branch network of eight regional rural banks associated with BOB and UBI, with more than 5,132 branches across India as of March 31, 2022. As of March 31, 2022, it sourced 12 policies per bancassurance branch and its premium per bancassurance branch was Rs 0.71 million, reflecting significant opportunity to grow its business through its bancassurance channels.

The company has also increased distribution through our emerging channels. New Business IRP through its emerging channels increased at a CAGR of 27.51% from Rs 716.66 million in Fiscal 2020 to Rs 1,165.21 million in Fiscal 2022. As part of its emerging channels, it has developed a robust agent network focused on high-performing agents. As of June 30, 2022, it had 21 corporate agents and 1,634 individual agents.

For more information, click www.indiafirstlife.com

Objects of the IPO
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards augmentation of its capital base to support solvency levels.

Indiafirst Life Insurance Company IPO Particulars & Guidance

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