Mumbai, July 25 -- Promoter Warburg Pincus has entered into a definitive agreement to sell its 26% stake in IndiaFirst Life Insurance to BNP Paribas Cardif, which is set to re-enter the Indian insurance market that it had exited after ending a partnership with State Bank of India in 2019.

Warburg Pincus held the 26% stake in the life insurer through its private equity fund Carmel Point Investments India Pvt. Ltd. Following the transaction, BNP Paribas will become the second biggest shareholder in the company after Bank of Baroda, which holds 65% stake. Union Bank of India holds the remaining 9% share in the insurance company.

Established in 2009, Mumbai-based IndiaFirst Life Insurance offers protection, savings, and retirement solutions...