Carlyle Group acquires 9% stake in SBI Life Insurance

Global investment firm Carlyle Group, has acquired a 9 per cent stake in SBI Life Insurance.

The Group, which has $216 billion of assets under management across 343 investment vehicles, did not disclose the cost of the acquisition. However, at current market prices, the transaction is estimated at Rs. 5,445 crore.

Following this transaction, BNP Paribas Cardif and CA Emerald Investments now own 12.8 per cent and 9 per cent, respectively, of the private sector life insurer, while SBI remains the majority shareholder with 62.1 per cent stake.

French insurer BNP Paribas Cardif earlier held 22 per cent stake in the life insurer, and it is reported to have been keen to cut its stake to meet regulatory norms for a public float. “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,” said Sanjeev Nautiyal, Managing Director and CEO, SBI Life.