Mumbai: BNP Paribas Cardif has entered into a definitive agreement to acquire an approximately 26% stake in IndiaFirst Life Insurance Company Limited (IndiaFirst Life) from Warburg Pincus, marking a significant development in the Indian life insurance sector.
The transaction is subject to regulatory approvals and represents a key milestone in BNP Paribas Cardif’s strategy to strengthen its presence in India while supporting IndiaFirst Life’s next phase of growth.
Following completion of the transaction, IndiaFirst Life’s shareholding structure will comprise Bank of Baroda holding approximately 65%, BNP Paribas Cardif approximately 26%, and Union Bank of India around 9%.
The transaction underscores the long-term commitment of IndiaFirst Life’s shareholders to supporting the company’s expansion in the Indian life insurance market.
By bringing together Bank of Baroda’s extensive branch network, IndiaFirst Life’s multi-channel distribution capabilities, and BNP Paribas Cardif’s global bancassurance expertise, product innovation, and insurance capabilities, the shareholders aim to accelerate the insurer’s growth while advancing its ambition to become India’s preferred life insurance partner.
For BNP Paribas Cardif, the investment represents another step in its international growth and diversification strategy while strengthening its footprint in Asia, particularly in India, which it considers a strategic market with compelling long-term growth opportunities.
The move also reinforces the insurer’s partnership-led business model in one of the world’s fastest-growing insurance markets.
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.”
Dr. 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.”
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.”
Warburg Pincus, which is exiting its investment through the transaction, highlighted IndiaFirst Life’s progress during its partnership with the insurer.
Narendra Ostawal, Managing Director and Head of India Private Equity, Warburg Pincus, said, “IndiaFirst Life has demonstrated resilience, disciplined execution, and a strong customer-centric ethos throughout its journey. We are proud to have partnered with the company during an important phase of its development and to have worked alongside management and our fellow shareholders to support its growth, strengthen its franchise and help position the business for long-term success. 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.”
Rushabh Gandhi, Managing Director & CEO, IndiaFirst Life, welcomed the new shareholder and 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.”
