Warburg Pincus invests $106m in IndiaFirst Life

Legal & General Group co-founded IndiaFirst in 2009 and is now looking to refocus its insurance operations on the UK and US. The company's partners, Indian financial institutions Bank of Baroda and Andhra Bank, currently hold stakes of 44% and 30%, respectively, in IndiaFirst. According to a statement their holdings will not be affected by the deal.

IndiaFirst is present in over 1,000 cities in India and offers a range of financial services including health and property insurance, retirement savings, and wealth management. It claimed to have more than INR126 billion in assets under management as of March 2018. For the year ended that month, the company reported revenue of INR1.105 billion, down from INR1.111 billion the year before. Over the same period, net profit grew from INR352 million to INR512 million.

Warburg Pincus has several investments in Indian financial services companies, including mutual fund registrar and transfer agent Computer Age Management Services; non-banking financial company Capital First, which agreed earlier this year to merge with IDFC Bank; and ICICI Lombard General Life Insurance, which raised INR57 billion in an IPO last year.

The firm is currently investing Warburg Pincus XII, a $13.4 billion vehicle that invests across a range of sectors. Last year it raised $2.3 billion for a companion fund focused on opportunities in the financial services sector.

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• Topics
• South Asia
• Financials
• Expansion
• India
• Warburg Pincus Asia
• insurance
• Financial Services