Bank of Baroda commences life insurance business

Bank of Baroda enters the industry via a joint venture with Andhra and a U.K. company.

Bank of Baroda has announced with reference to the Life Insurance business through a Joint Venture Company partnering with Andhra Bank and Legal & General of U.K., where Baroda holds 44 percent stake.

The name of the JV (Company) has been changed to "IndiaFirst Life Insurance Company Ltd" from "Baroda L & G Life Insurance Co. Ltd," as reported in Equity Bulls.

The permission of IRDA for commencement of life insurance operation (R 3 approval) has since been received by the Company. Accordingly the Company will go for soft launch of its business shortly.