French insurer BNP Paribas Cardif on Friday (July 25, 2026) announced that it will be acquiring a 26% stake in Indiafirst Life for an undisclosed sum from private equity major Warburg Pincus.

Post-deal, state-run Bank of Baroda will own 65% of the company, its public sector banking peer Union Bank of India will own 9%, while the rest will be with BNP Paribas Cardif.

The shareholders are aiming to accelerate the growth of the 12th largest private life insurance company through Bank of Baroda's branch network, the company's own multi-channel distribution strength and BNP Paribas Cardif's global bancassurance expertise, product innovation and insurance capabilities, as per an official statement.

"This transaction will further drive our international growth strategy of partnering with strong institutions in high-potential markets," BNP Paribas Cardif's chief executive Pauline Leclerc-Glorieux said.

Bank of Baroda's managing director and chief executive Debadatta Chand said the deal marks an extension of an already existing relationship in the asset management space where it has a joint venture with BNP.

"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," Warburg's head of India private equity Narendra Ostawal said.

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."

Published - July 25, 2026 09:46 pm IST