Bank of Baroda is considering an initial public offer (IPO) of its insurance arm IndiaFirst Life in the next financial year. BoB holds a 44% stake in IndiaFirst with Union Bank and Carmel Point Investment (Warburg Pincus) 30% and 25% respectively.
“Life insurance had a bit of a rough ride during Covid, but this company has continued to perform very well. In the last quarter, it was the fastest-growing life insurer and its ranking moved up from 12 to 10,” said BoB MD & CEO Sanjiv Chadha. “We are very invested in the business.” Chadha confirmed that an IPO was one of the routes being considered.