Evidence of actuarial hiring: IRDAI-registered insurer (Appointed Actuary required) (source). Checked 10 Nov 2026.
About IndiaFirst Life
IndiaFirst Life Insurance Company Limited was set up in 2009 by Bank of Baroda and Andhra Bank, with the UK firm Legal & General as the foreign partner. Legal & General later sold its stake to Carmel Point Investments, an affiliate of the private equity firm Warburg Pincus, and Andhra Bank's share passed to Union Bank of India when the two banks merged in 2020. After a 2022 reshuffle, Bank of Baroda holds about 65 per cent, Carmel Point about 26 per cent and Union Bank about 9 per cent. The company received SEBI approval for a share sale in 2023, but had not listed as of late 2026.
IndiaFirst depends heavily on the branch networks of Bank of Baroda and Union Bank, and sells savings, protection, ULIP, pension and group products, with a notable group credit-life and group term book. It is headquartered in Mumbai.
For an actuary, IndiaFirst is a bank-led insurer with a meaningful group business, so group pricing and credit-life work sit alongside individual product pricing and statutory valuation.
What the actuarial team does
- Pricing and IRDAI filing of individual savings, protection, ULIP and pension products for bank customers.
- Group business pricing: group term, credit life for bank borrowers and employee benefit schemes.
- Statutory valuation, reserving and the Appointed Actuary function.
- Embedded value work for shareholders, relevant to the planned listing.
- Experience studies, reinsurance and solvency monitoring.
- This reflects standard life-insurer functions; specific tools are not published.
How students get in
IndiaFirst Life does not publish a named actuarial graduate programme. Vacancies are listed on its careers page and occasionally on the Institute of Actuaries of India job board. Analyst roles typically ask for a few papers cleared, but the exact number is not published. Internships and exam-support policy are not published. Mumbai-based students interested in group and bancassurance work should watch the careers page.
Roles this employer has advertised:
Questions students ask
How many papers does IndiaFirst Life ask for?
Not published. Analyst roles usually expect a few core papers.
Where is the actuarial team?
At the head office in Mumbai.
Does IndiaFirst hire actuarial freshers or interns?
No formal scheme is published. Check the careers page for openings.
