New Delhi: India First Life Insurance expects to break even in 2015-16, two years ahead of the original deadline, a senior company official said Sunday.
"We had originally set break even target in the eighth year of our operation, but we think we could break even in the sixth year at the current growing rate," India First Life Insurance Managing Director and CEO P Nandagopal told PTI.
The company, a joint venture between Bank of Baroda, Andhra Bank and UK's Legal & General, started its operations in 2010.
Private insurer recorded a 34 percent growth in the new business premium by collecting Rs 1,316 crore in 2012-13 against Rs 980 crore in the previous fiscal.
The company has reduced its operating expense ratio to 16 percent from 19 percent, he said.
"Our business strategy of keeping operational expenses low and pushing efficiency by introducing new technology initiatives is paying off," he said.
Talking about the business plan for the current fiscal, he said, the focus of the company would be on pension and health insurance.
The company would be coming out with some new products in this space in the second half of the current fiscal, he added.
The company started with the bancassurance model and would look at expanding other channels, including the agency model.
Bank of Baroda holds a 44 percent stake in India First, while Andhra Bank and Legal & General hold a 30 percent and 26 percent stake, respectively.