IndiaFirst Life Insurance

In 2009, a unique joint venture was formed in the Indian insurance landscape. Two of India's public sector banks, Bank of Baroda and Andhra Bank, partnered with the UK-based financial group Legal & General to launch IndiaFirst Life Insurance. The company was established with a straightforward model: utilize the banks' extensive customer base for insurance distribution, a strategy known as bancassurance. This approach allowed for rapid initial growth, with the company achieving over ₹2 billion in turnover within its first five months of operation. A significant shift in ownership occurred in 2018 when Legal & General sold its 26% stake to private equity firm Warburg Pincus, marking a notable instance of a private equity fund investing in an Indian life insurance company. Later, following the merger of Andhra Bank with Union Bank of India in 2020, the shareholding structure evolved to Bank of Baroda (44%), Union Bank of India (30%), and Carmel Point Investments, owned by Warburg Pincus (26%). In March 2023, IndiaFirst Life Insurance received regulatory approval for an Initial Public Offering (IPO). The proposed IPO includes a fresh issue of shares to raise capital and an offer for sale by its existing promoters, Bank of Baroda and Union Bank of India. This step marks the next chapter in the company's journey, moving from a joint venture to a publicly listed entity.