BNP Paribas Cardif to acquire 26% stake in IndiaFirst Life from Warburg Pincus

BNP Paribas Cardif has signed a definitive agreement to acquire around a 26 per cent stake in IndiaFirst Life Insurance Company from Warburg Pincus, subject to regulatory approvals.

On Friday, BNP Paribas Cardif finalized a definitive agreement to purchase roughly a 26 % stake in IndiaFirst Life Insurance Company from Warburg Pincus.

The deal awaits regulatory clearance. Once completed, IndiaFirst Life’s ownership structure will consist of Bank of Baroda holding about 65 %, BNP Paribas Cardif around 26 %, and Union Bank of India roughly 9 %.

“We wish to inform that Bank of Baroda has received notice from IndiaFirst Life Insurance Company Limited (IFLIC), its subsidiary, concerning the transfer of a 25.96 % stake held by Caramel Point Investments India Private Limited to BNP Paribas Cardif under the Share Purchase Agreement signed on July 24 2026, pending required regulatory approvals,” the bank stated in a stock‑exchange filing.

“We also note that the bank’s shareholding and controlling interest in the subsidiary remain unchanged,” the bank added.

BNP Paribas Cardif Looks to Expand in India’s Insurance Sector

Pauline Leclerc‑Glorieux, CEO of BNP Paribas Cardif, remarked, “We are delighted to unveil this new alliance with Bank of Baroda, a leading Indian bank and a strategic market offering strong growth prospects for BNP Paribas Cardif. This deal advances our global growth plan of teaming up with robust institutions in promising markets.”

BNP Paribas Cardif will draw on its worldwide bancassurance and partnership know‑how to bolster the next stage of IndiaFirst Life’s expansion in India, aiming to improve the availability of insurance offerings for the Indian populace, Leclerc‑Glorieux added.

Warburg Pincus Steps Back After Backing IndiaFirst Life’s Growth

Narendra Ostawal, Managing Director and Head of India Private Equity at Warburg Pincus, commented, “IndiaFirst Life has shown resilience, disciplined execution, and a firm customer‑focused approach throughout its journey. We are proud to have partnered with the firm during a pivotal stage of its development, working together with management and fellow shareholders to foster its growth, reinforce its franchise, and set the business up for lasting success. This transaction highlights the substantial progress IndiaFirst Life has achieved during our collaboration.”

IndiaFirst Life Views the Partnership as a Boost to Future Growth

Commenting on the development, Rushabh Gandhi, Managing Director & CEO of IndiaFirst Life, said, “We are thrilled to welcome BNP Paribas Cardif as a new shareholder joining Bank of Baroda. Their collaboration, product innovation, and operational expertise align well with our distribution strengths and digital execution capabilities.”

This collaboration will enable the life insurer to expand its mission of providing straightforward, reliable, and tech‑driven life‑insurance solutions, Gandhi noted, adding that it will also promote sustainable, profitable growth while keeping the firm sharply focused on delivering excellent customer outcomes.

Debadatta Chand, Chairman of IndiaFirst Life and Managing Director & CEO of Bank of Baroda, said the deal marks a significant step in IndiaFirst Life’s long‑term strategic path and underscores the renewed commitment of its shareholders to the company’s ongoing growth. “With BNP Paribas Cardif coming on board as a partner, we are building on a relationship that has already proved successful in our asset‑management joint venture, and we anticipate combining their global insurance know‑how with Bank of Baroda’s wide distribution network and deep local market understanding,” Chand added.

Published on July 24, 2026