Carlyle Group sells shares in SBI Life Insurance for INR₹21.47b

This marks the group’s exit from the Indian insurance company.

Private equity firm Carlyle Group, through its subsidiary CA Emerald Investments, sold its 1.9% shares in SBI Life Insurance Company for INR₹21.47b ($287.28m), according to a report by Press Trust of India.

SBI Life Insurance is a joint venture between State Bank of India, the largest state-owned banking group in India, and French multinational bank, BNP Paribas Cardif.

CA Emerald had initially acquired a 9% stake in SBI Life Insurance from BNP Paribas Cardif back in 2019. The company slowly sold off its shares until the latest transaction, marking its full exit from the Indian insurer.

According to the report, the shares were snapped up by BNP Paribas Arbitrage, Morgan Stanley Asia Singapore, HDFC Standard Life Insurance, Max Life Insurance, Societe Generale, Integrated Core Strategies (Asia), and Bofa Securities Europe. Several mutual funds also bought the shares.