Pauline Leclerc-Glorieux, CEO, BNP Paribas Cardif said “We are very pleased to announce this new partnership with Bank of Baroda, a major bank in India, a key strategic market with a compelling growth opportunity for BNP Paribas Cardif. This transaction will further drive our international growth strategy of partnering with strong institutions in high-potential markets. We will leverage our global bancassurance and partnership expertise to support the next phase of development of IndiaFirst Life in India, with a focus on enhancing the accessibility of insurance products for the Indian population.”
Mumbai: French bancassurance major BNP Paribas Cardif, the insurer of BNP Paribas Group, has entered into a definitive agreement to acquire a 26% stake in IndiaFirst Life Insurance Company (IndiaFirst Life) from private equity firm Warburg Pincus.
The transaction, for which no financial details have been disclosed yet, is subject to regulatory approvals.
Earlier, BNP Paribas Cardif had a joint venture with SBI Life since 2001 and had exted the JV in 2021 after progressively selling its shares through open market block deals.
The transaction marks a significant milestone in IndiaFirst Life’s growth journey and reinforces the long-term commitment of its shareholders to supporting the company’s growth in the Indian life insurance market.
After completion of the transaction, the shareholding of Bank of Baroda, BNP Paribas Cardiff and Union Bank will be 65%,26% and 9% respectively.
For BNP Paribas Cardif, the transaction marks a further step in its international growth and diversification strategy, while strengthening its presence in Asia, particularly in India, a strategic market offering compelling long term growth opportunities. It reinforces BNP Paribas Cardif’s partnership-led business model and strengthens its position in a dynamic insurance market.
Pauline Leclerc-Glorieux, CEO, BNP Paribas Cardif said “We are very pleased to announce this new partnership with Bank of Baroda, a major bank in India, a key strategic market with a compelling growth opportunity for BNP Paribas Cardif. This transaction will further drive our international growth strategy of partnering with strong institutions in high-potential markets. We will leverage our global bancassurance and partnership expertise to support the next phase of development of IndiaFirst Life in India, with a focus on enhancing the accessibility of insurance products for the Indian population.”
Sanjay Singh, CEO and Head of Territory, BNP Paribas in India, said “India is a strategic market for BNP Paribas Group, and this transaction reinforces our long-term commitment to delivering global expertise and creating sustainable long-term value.”
“Building on our longstanding relationship with Bank of Baroda, this investment brings together complementary strengths, combining BNP Paribas Cardif’s global insurance capabilities with deep local market knowledge. Together, we are well positioned to support the continued development of India’s insurance ecosystem,” said Singh.
By combining Bank of Baroda’s strong branch network, IndiaFirst Life’s multi-channel distribution strength and BNP Paribas Cardif’s global bancassurance expertise, product innovation and insurance capabilities, the shareholders aim to accelerate IndiaFirst Life’s next phase of growth.
The partnership reinforces the company’s ambition to become India’s preferred life insurance partner.
Debadatta Chand, Chairman, IndiaFirst Life and MD & CEO, Bank of Baroda, said “This transaction represents a meaningful step in IndiaFirst Life’s long‐term strategic journey and reflects the reinforced commitment of its shareholders to the company’s continued growth. ”
“With BNP Paribas Cardif joining us as a partner, we are extending a relationship that has already proven successful through our joint venture in asset management, and we look forward to leveraging their global insurance expertise alongside Bank of Baroda’s extensive distribution franchise and deep local market insights. Together, we remain focused on
broadening access to quality protection and savings solutions for customers across India,”added Chand.
Rushabh Gandhi, Managing Director & CEO, IndiaFirst Life, said “We are delighted to welcome BNP Paribas Cardif as a new shareholder alongside Bank of Baroda. Their partnership, product innovation,and operations complement our distribution strengths and digital execution capabilities. This collaboration will help us scale our mission to deliver simple, trusted, and technology-enabled life insurance solutions at scale. It will also support sustainable and profitable growth, while keeping us firmly focused on delivering superior customer outcomes. We would also like to thank Warburg Pincus for its partnership over the years,which has been invaluable during an important phase of our journey.”
Narendra Ostawal, Managing Director and Head of India Private Equity, Warburg Pincus, said “This transaction reflects the significant progress IndiaFirst Life has made over the course of our partnership. With BNP Paribas Cardif now joining as a strategic shareholder and bringing deep global insurance capabilities, IndiaFirst Life is well placed to accelerate its next phase of growth. We remain confident in the company’s long‐term trajectory and wish
the company continued success.”