BNP Paribas Cardif, the insurance arm of BNP Paribas, is in late-stage negotiations to acquire Warburg Pincus’ 26% stake in IndiaFirst Life Insurance Company, reported Bloomberg, citing sources.
The deal could value the Indian life insurer at around $350m, the report said.
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Sources told the publication that while talks are advanced and an agreement may be reached in the near term, nothing has been finalised yet.
IndiaFirst Life Insurance was established in 2009 as a subsidiary of Bank of Baroda.
Its original shareholders included Bank of Baroda (65%), Andhra Bank (now part of Union Bank of India) with 9% and Legal & General Middle East.
In 2019, Legal & General sold its 26% shareholding to Warburg Pincus affiliate Carmel Point Investments India Private.
IndiaFirst serves more than 16 million customers, according to its website.
BNP Paribas Cardif operates in 30 countries across Europe, Asia and Latin America.
The company’s Asia-Pacific regional headquarters are in Hong Kong, and it has a presence in China, Taiwan, Japan and Korea through partnerships with local banks.
Cardif previously held a minority interest in SBI Life Insurance, but sold off its stake through multiple block trades, beginning in 2019.
BNP Paribas has operated in India since 1860 and maintains branches in several major cities including Delhi, Mumbai, Bengaluru and Chennai.
Both BNP Paribas and Warburg Pincus declined to provide comment on the negotiations.
In 2023, BNP Paribas Cardif acquired a 51% stake in Italian holding company BCC Iccrea Group’s life insurance arm, BCC Vita.
Established in 2008, BCC Vita promotes life and protection insurance services through various policies to safeguard an individual’s savings.
