BNP Paribas Cardif has entered into a definitive agreement to acquire a 26% stake in IndiaFirst Life Insurance Company from private equity firm Warburg Pincus.
The financial terms of the transaction have not been disclosed. Completion of the deal remains subject to regulatory approvals.
Following the acquisition, Bank of Baroda will continue to hold a 65% stake in IndiaFirst Life. BNP Paribas Cardif will own 26%, while Union Bank of India will retain the remaining 9%.
The deal marks BNP Paribas Cardif’s return to a significant partnership in India’s life insurance market. The French insurer had previously been a joint-venture partner in SBI Life Insurance before progressively selling its stake and exiting the venture in 2021.
BNP Paribas Cardif said the transaction supports its international growth and diversification strategy. India is viewed as a high-potential market where increasing awareness, improving distribution and low insurance penetration offer long-term growth opportunities.
The partnership will combine Bank of Baroda’s extensive branch network, IndiaFirst Life’s multi-channel distribution capabilities and BNP Paribas Cardif’s global expertise in bancassurance, product development and insurance operations.
The shareholders expect the collaboration to accelerate IndiaFirst Life’s expansion and improve access to protection and savings products across the country.
IndiaFirst Life Managing Director and Chief Executive Officer Rushabh Gandhi said BNP Paribas Cardif’s product innovation and operational capabilities would complement the insurer’s distribution network and digital execution strengths.
Warburg Pincus said IndiaFirst Life had made significant progress during its investment period and was well positioned for its next phase of growth under the new strategic partnership.
Want to deepen your expertise beyond today’s news?
Explore practical certification courses designed for banking, risk, insurance, compliance, ESG, AI, and emerging technologies professionals.
Learn from industry experts and earn certifications from RMAI and BFSI Sector Skill Council of India.
#Insurancenews
