BNP Paribas Cardif to Acquire ~26% Stake in IndiaFirst Life from Warburg Pincus
Mumbai, July 24th, 2026 – 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 Limited (IndiaFirst Life) from Warburg Pincus. The transaction is subject to regulatory approvals.
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.
Upon completion of the transaction, IndiaFirst Life’s shareholding will comprise Bank of Baroda (~65%), BNP Paribas Cardif (~26%) and Union Bank of India (~9%).
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.
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.“
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.”
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, 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.”