The Washington D.C.-based private equity firm Carlyle Group, in its biggest-ever investment in India, acquired a 9 percent stake in SBI Life Insurance Limited. Carlyle paid $652 million to French BNP Paribas Cardif SA from whom they bought the stake.
The French bank’s insurance unit now holds 12.77 percent stake in the Indian insurer. The State Bank of India, the parent company, continues to control 62.1 percent stake in SBI Life Insurance Ltd. BNP Paribas Cardif SA’s sale of stakes will enable the Indian insurer to meet a regulatory requirement of a minimum public float of 25 percent.
Sunil Kaul, managing director, buyout advisory team at Carlyle Asia said that India’s life insurance market exhibits strong growth potential due to favorable demographics and greater focus on financial savings.
Last updated: December 26th, 2025
