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.

BNP Paribas Cardif on Friday entered into a definitive agreement to acquire around 26 per cent stake in IndiaFirst Life Insurance Company from Warburg Pincus.

The transaction is subject to regulatory approvals. Upon completion of the transaction, IndiaFirst Life’s shareholding will comprise Bank of Baroda (around 65 per cent), BNP Paribas Cardif (around 26 per cent), and Union Bank of India (around 9 per cent).

“We wish to inform that the Bank of Baroda has received an intimation from Indiafirst Life Insurance Company Limited (IFLIC), a subsidiary of the bank, regarding transfer of 25.96 per cent stake held by Caramel Point Investments India Private Limited to BNP Paribas Cardif vide execution of the Share Purchase Agreement dated July 24, 2026, subject to necessary regulatory approvals,” Bank of Baroda said in a stock exchange filing.

“We further inform that there are no changes in the bank’s Shareholding or controlling interest in the said subsidiary,” the bank added.

BNP Paribas Cardif eyes growth in Indian 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.”

BNP Paribas Cardif will leverage its global bancassurance and partnership expertise to support the next phase of IndiaFirst Life’s development in India, with a focus on enhancing the accessibility of insurance products for the Indian population, Leclerc-Glorieux added.

Warburg Pincus exits after supporting IndiaFirst Life’s growth

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.”

IndiaFirst Life sees partnership strengthening future growth

Commenting on the development, 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 the life insurance company scale its mission to deliver simple, trusted, and technology-enabled life insurance solutions, Gandhi said, adding that it will also support sustainable and profitable growth while keeping the company firmly focused on delivering superior customer outcomes.

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,” Chand added.

Published on July 24, 2026