BNP Paribas is set for a re-entry into the bustling Indian insurance sector as the French financial services major steps closer to a proposed buyout of the stake held by private equity firm Warburg Pincus in IndiaFirst Life Insurance, people familiar with the matter told Moneycontrol.

IndiaFirst Life Insurance is a 3-way JV between Bank of Baroda ( 65 per cent) Union Bank of India ( 9 per cent) and the US investment major. “ The talks are in the final lap and an agreement could be possibly finalized in a week or ten days. BNP Paribas intends to acquire the 26 per cent stake held by Warburg Pincus and give the latter an exit after eight years,” one of the persons above said.

A second person added that the proposed transaction is expected to value IndiaFirst Life Insurance in the ballpark of $800 mn.

Two other persons confirmed the above details and one of them added, that if a final pact is reached between both parties, an official announcement would follow.

The four persons spoke to Moneycontrol on the condition of anonymity.

When contacted, BNP Paribas declined to comment. Queries shared with Warburg Pincus and IndiaFirst Life Insurance were left unanswered at the time of publishing this article and reminders have been sent. Bank of Baroda did not respond to an email from Moneycontrol. This article will be updated as soon as we hear from the firms.

Five years back, the insurance arm of BNP Paribas, BNP Paribas Cardiff ended its two-decade old joint venture with SBI by exiting SBI Life Insurance. The latest move by the French major comes at a time when the liberalization of the sector by the government has spurred m&a activity and nudged

In India, BNP Paribas Group has a presence in the corporate and institutional banking and investment banking segments. The firm also has a mutual fund tie-up with Bank of Baroda called Baroda BNP Paribas Mutual Fund, operational since 2022.

IndiaFirst Life Insurance, led by MD & CEO Rushabh Gandhi, is headquartered in Mumbai. Carmel Point Investments India Pvt Ltd, an affiliate of the Warburg Pincus group, purchased a 26 per cent stake from outgoing shareholder , UK’s Legal & General, back in 2018.

The road to the final stage

Moneycontrol has broken a series of back-to-back stories on the exit plans of Warburg Pincus.For starters, on September 16, Moneycontrol first reported that Warburg Pincus had appointed investment bank Barclays to kickstart the exit process.

Later on November 13, Moneycontrol named BNP Paribas as one of the suitors for the deal. The report had also named Britain’s Prudential Plc, Chrys Capital and Wells Fargo backed Norwest Ventures as other interested parties.

Then, on February 19, Moneycontrol broke the news that BNP Paribas had emerged as the lead suitor for the deal.

Lens on IndiaFirst Life

Incidentally, IndiaFirst Life Insurance had filed draft papers with Sebi for an IPO in October 2022 and received the regulators nod in March 2023. But the plans did not proceed. Later, the management clarified in August 2025 that the listing plans had been deferred, not shelved and that a call on the timing would be determined by the shareholders.

According to its website, IndiaFirst Life Insurance came into existence in November 2009, as the 22nd entrant in the private life insurance Industry. As on 31 March 2026, it’s Individual New Business APE Premium stood at Rs 1,627 Crores & Total Premium stood at Rs 8,019 Crores.

The firm services over 17 million customers spread across 90 per cent plus of India’s pin codes with a workforce of around 5,000. It also has a network of ~17300+ partner branches along with ~157 third - party distributors & corporate agents, its website adds.

FAQs

What is the origin of the name “ Warburg Pincus”?

“Warburg” is associated with the prominent European banking family, while “ Pincus” comes from Lionel Pincus who merged with the former in 1966