Following this transaction, BNP Paribas Cardif and CA Emerald Investments now own 12.8% and 9% of the company, respectively, while SBI remains the majority shareholder with a 62.1% stake in the company.
The financial terms of the deal were not disclosed.
Sanjeev Nautiyal, managing director and chief executive of SBI Life, said: “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.”
Sunil Kaul, managing director of the Carlyle Asia Buyout advisory team, said: “The life insurance industry in India has strong growth potential thanks to favourable demographics and an increasing focus on financial savings.
“SBI is the most trusted brand in financial services, with an unparalleled nationwide branch network and a commitment to providing convenient access to quality financial services to every Indian.”
Carlyle has invested in the financial services industry in Asia Pacific for 20 years, deploying more than $4bn (£3.02bn, €3.52bn) of equity in more than 15 private equity investments as of 31 December 2018.