Mumbai – Global investment firm The Carlyle Group (NASDAQ: CG), today announced it has acquired a 9% stake in SBI Life Insurance Company Ltd. (SBI Life, NSE: SBILIFE), a private life insurance company in India. SBI Life is the life insurance subsidiary of the State Bank of India (SBI, NSE: SBIN). Carlyle’s equity for this investment came from CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, Carlyle’s flagship US$6.55 billion fund focused on buyout and strategic investments across a range of sectors in Asia Pacific.
Following this transaction, BNP Paribas Cardif and CA Emerald Investments now own 12.8% and 9.0% of the company, respectively, while SBI remains the majority shareholder with a 62.1% stake in the company.
Dinesh Kumar Khara, Managing Director, Global Banking & Subsidiaries, SBI, said, “We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey. We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country.”
Sanjeev Nautiyal, Managing Director and CEO of SBI Life, said, “We are delighted to have Carlyle, a highly-regarded long-term investor, as a shareholder of the company. Carlyle’s trust in the company will further strengthen our resolve to enhance our leadership position in India’s life insurance industry through a single-minded focus on quality customer experience.”
Sunil Kaul, Managing Director of the Carlyle Asia Buyout advisory team, said, “The life insurance industry in India has strong growth potential thanks to favorable demographics and an increasing focus on financial savings. SBI is the most trusted brand in financial services, with an unparalleled nationwide branch network and a commitment to providing convenient access to quality financial services to every Indian. SBI Life, led by a strong management team, is helping deliver this promise in the life insurance space and is well-positioned to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.”
“I thank SBI for the quality of our partnership over the last 18 years in building together SBI Life, a strong life insurance franchise. We continue to be highly optimistic about the company’s future,” said Renaud Dumora, CEO of BNP Paribas Cardif.
Carlyle has invested in the financial services industry in Asia Pacific for 20 years, deploying more than US$4 billion of equity in more than 15 private equity investments as of December 31, 2018. In India, Carlyle’s recent investments in financial services include PNB Housing Finance Limited and SBI Card.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. Carlyle employs 1,625 people in 31 offices across six continents.
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About BNP Paribas Cardif
World leader for creditor insurance1, BNP Paribas Cardif plays an essential role in the lives of insured customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed enterprise, BNP Paribas Cardif strives to have a positive impact on society and make insurance accessible to the largest possible number of people. In a world shaped by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with almost 500 partners distributors in a variety of sectors (banks and financial institutions, automotive companies, retailers, telecommunications companies, energy companies, Independent Financial Advisors and brokers…) who then market the products to their customers. BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 35 countries with strong positions in three regions – Europe, Asia and Latin America. BNP Paribas Cardif also plays a major role in providing financing for the economy. With over 10,000 employees worldwide2, BNP Paribas Cardif had gross written premiums of €29.7 billion in 2017.
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