UK’s Legal & General Group Plc (Legal & General), will divest its entire 26% stake in IndiaFirst Life Insurance to Warburg Pincus for Rs.710.54 crore.

IndiaFirst Life, is a joint venture between Bank of Baroda (44% stake), Andhra Bank (30% stake) and Legal & General (26%). The divestment is subject to the approval of regulatory authorities and is expected to be completed by end of 2018.

Further, Simon Burke, Group Commercial Director, Legal & General stated, “Legal & General has refocused its insurance business in recent years on the UK and the US and as a consequence we have disposed of a number of operations, including our businesses in the Netherlands, Ireland, France, Egypt and the Gulf. We are now following this strategy in relation to our stake in IndiaFirst Life.”

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