BNP Paribas' insurance division acquires stake in IndiaFirst Life

BNP Paribas’ insurance arm, BNP Paribas Cardif, is expanding in India by agreeing to buy a stake in IndiaFirst Life Insurance Company. The French group said on July 24 that it will acquire the share from Warburg Pincus, via a transaction still pending completion. Once finalized, BNP Paribas Cardif is expected to hold about 26% of IndiaFirst Life. The company did not disclose the deal’s value in its statement. The move places BNP Paribas Cardif in a growing Indian life insurance market while leveraging its existing role as insurer within BNP Paribas Group. The announcement was reported by Makini Brice and edited by Mathieu Rosemain and Chris Reese.