MUMBAI: When SBI Life launched operations with the country’s first bancassurance-led business model, it was powered by its JV partner BNP Paribas’ insurance arm Cardif. Now the French insurer’s aim is to replicate the same model in IndiaFirst Life Insurance through its partners Bank of Baroda and Union Bank.Last weekend, BNP Paribas Cardif entered into a definitive agreement to acquire about a 26% stake in IndiaFirst Life Insurance from Warburg Pincus, marking the private equity firm’s exit from the life insurer, with the deal value undisclosed and the deal being subject to regulatory approvals.According to Pauline Leclerc-Glorieux, CEO, BNP Paribas Cardif, her company leverages its global bancassurance and partnership expertise to support the upcoming phase of development of IndiaFirst Life.
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“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,” said Debadatta Chand, MD and CEO, Bank of Baroda.IndiaFirst Life was originally set up with UK insurer Legal & General as a partner, which later exited by selling its stake to Warburg Pincus, with BNP Paribas Cardif – an earlier partner in SBI Life – now stepping in as a strategic investor.Following the transaction, the shareholding structure will comprise Bank of Baroda holding around 65%, BNP Paribas Cardif about 26% and Union Bank of India roughly 9%, bringing the French insurer into a three-way partnership with the two public sector banks.
