In February 2019, another promoter, Andhra Bank, announced plans to sell its 30% stake for ₹ 9 Billion. In November 2018, the Insurance Regulatory and Development Authority gave its in-principle approval to IndiaFirst Life Insurance for the stake sale from Legal & General to Warburg Pincus. Legal & General sold its stake as it was restructuring its business in the UK and the US markets. Other stakeholders include General Atlantic, Ergo International AG, Manulife Financial Corp, and Canadian billionaire, Prem Watsa’s Fairfax. In June 2018, one of the original founders, Legal & General, sold its stake to private equity firm, Warburg Pincus for Rs 7.1 Billion. Paid group claims in excess of INR 1056.5 crores (includes PMJJBY). It also observed a claim settlement ratio of 98.56%, supported over 13800 families and paid claims in excess of INR 346.82 crore.
For the month of March 2020, IndiaFirst Life ranked 10th in the private sector in Individual NB APE and ranked 12th in the private sector for FY 2020. IndiaFirst Life grew at 5.2 times the private industry growth rate of 5% and at 4.0 times the overall industry growth rate of 6% (including LIC). The life insurance company has reported a 25% growth in individual New Business (NB) Annual Premium Equivalent (APE) in Financial Year (FY) 2019-20. The company has had a CAGR of 40% in the last five years in Individual New Business APE, as compared to Life Insurance Industry growth of 12% CAGR during the same period. The company ended FY20 with INR 3,360 crore worth of total premiums collected and AUM of Rs 14,723 crore. As of December 2011, the company has more than 2800 employees.
IndiaFirst Life Insurance follows the " Bancassurance" (Bank Insurance Model) which uses the existing customer base of the promoter banks.
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