BNP to take bancassurance route for insurance re-entry

BNP Paribas Cardif is acquiring about a 26% stake in IndiaFirst Life Insurance from Warburg Pincus.

The deal marks Warburg Pincus's exit from the life insurer, with the value undisclosed and subject to regulatory approvals.

IndiaFirst Life will operate as a three-way venture with Bank of Baroda (holding ~65%), BNP Paribas Cardif (~26%), and Union Bank of India (~9%).

BNP Paribas Cardif aims to replicate its bancassurance model used in SBI Life for IndiaFirst Life, leveraging partnerships with Bank of Baroda and Union Bank.

The partnership focuses on broadening access to protection and savings solutions across India.