INSUBCONTINENT EXCLUSIVE:
Legal and General is exiting the insurance business in India by selling its entire 26 per cent stake in IndiaFirst Life Insurance to an
affiliate of Warburg Pincus LLC (Warburg Pincus).
While the company did not disclose the exact transaction value, sources with access to
information said the deal size was around Rs 710 crore.
It is subject to approval from the Insurance Regulatory and Development Authority of
India, along with other regulatory approvals, a release issued here said.
"We have refocused its insurance business in recent years in the
UK and the US and as a consequence we have disposed of a number of operations, including our businesses in The Netherlands, Ireland, France,
Egypt and The Gulf," Simon Burke, Group commercial director, Legal General said.
"We are now following this strategy in relation to our
We are delighted to have reached an agreement in principle with Warburg Pincus, subject to regulatory approvals," he added.
IndiaFirst Life
Insurance is promoted by public sector banks, Bank of Baroda and Andhra Bank, along with UK's leading risk, wealth and investment company
Legal General.
Bank of Baroda holds a 44 per cent stake in IndiaFirst, while Andhra Bank and Legal General hold a 30 per cent and 26 per
cent stake, respectively.
The private insurer, which has completed eight years in operations, has been profitable for four consecutive years
declaring Rs 51 crore of profit in FY18.
Headquartered in Mumbai, IndiaFirst Life Insurance, has a paid-up share capital of Rs 625 crore.
