Anil Wadhwani, CEO, Prudential
There is potential additional consideration payable of up to ₹700 crore ($78 million) by Prudential in Bharti Life deal, dependent on the fulfilment of certain conditions.
Anil Wadhwani, CEO, Prudential, said, “India is a strategically important and exciting market for Prudential. By acquiring a controlling stake in Bharti Life, we are bringing together Prudential’s nearly `80 years of global insurance expertise and Bharti’s strong and growing local presence to serve the savings and protection needs of Indian consumers.
Hong Kong: Prudential plc (Prudential), a prominent insurer and asset manager in Asia and Africa, on Sunday,has announced that it has agreed to acquire a 75 per cent stake in Bharti Life Insurance for Rs3,500 crore ($389 million) from Bharti Life Ventures and 360 ONE Asset Management (360 ONE) as part of a strategic repositioning of its India operations.
There is potential additional consideration payable of up to ₹700 crore ($78 million), dependent on the fulfilment of certain conditions.
The transaction will be funded from existing resources of Prudental .
Following completion, Prudential’s Indian operations will consist of majority-owned Bharti Life Insurance Company and newly set up Prudential HCL Health Insurance, which is yet to get a license, and minority shareholdings in two listed entities, namely 35 per cent of ICICI Prudential Asset Management Company Limited and 22per cent in ICICI Prudential Life Insurance (ICICIPru Life).
Indian regulatory approvals for the transaction are expected to require Prudential to reduce its shareholding in ICICIPru Life to under 10 per cent. Prudential is engaging with the relevant regulatory authorities on this process and will seek an appropriate timeframe for the divestment that may be required, in the interests of its shareholders.
The transaction is expected to deliver compelling strategic and financial benefits for Prudential over time.
It is expected that part of the proceeds from any divestment of ICICIPru Life will be used to support future growth in the business. The residual capital would contribute to Prudential’s free surplus.
Separately, Prudential continues to progress toward regulatory approvals for its standalone, majority-owned health insurance business in India. Health insurance operations are expected to commence during 2026 on receipt of these approvals.
Completion of the transaction remains subject to receipt of regulatory approvals and the satisfaction of other conditions.
As part of the transaction, Bharti Life will also look into securing strategic distribution agreements with Bharti Airtel and 360 ONE.
Anil Wadhwani, CEO, Prudential, said,“India is a strategically important and exciting market for Prudential. By acquiring a controlling stake in Bharti Life, we are bringing together Prudential’s nearly 180 years of global insurance expertise and Bharti’s strong and growing local presence to serve the savings and protection needs of Indian consumers.”
“Through this acquisition, we aim to contribute further to The Viksit Bharat Initiative¹ and, by extending access to our products and services to customers in India, act as a catalyst for achieving ‘Insurance for All by 2047’. Our joint partnership with the ICICI group of companies, has, for many decades, provided high-quality financial services solutions in India. We deeply appreciate this partnership and value our relationship with them,” said Wadhwani.
Commenting on the development, Sunil Bharti Mittal, founder and chairman, Bharti Enterprises, said, “We are delighted to welcome Prudential Plc as the controlling shareholder of Bharti Life, further accelerating its growth trajectory. Prudential’s experience and global scale, combined with Bharti’s strong track record, create a formidable alliance to tap into the immense potential of India’s life insurance sector. This partnership opens new opportunities for Bharti Life’s employees and further reinforces the strategic relationship between India and the United Kingdom.”
Karan Bhagat, founder, MD & CEO, 360 ONE, said,”Our private equity funds are pleased to have made a meaningful investment in Bharti Life Insurance and we have been encouraged by the company’s market-leading growth and strong momentum. Today’s transaction reflects both its current performance and long-term potential. We are also delighted to welcome Prudential PLC’s controlling investment in Bharti Life Insurance and look forward to continuing the distribution of the company’s products through our network.”
Overview and strategic rationale
India is a highly attractive market for Prudential, and this transaction is a strategic move to secure majority ownership of a life insurance business in the country. This will help strengthen Prudential’s ability to meet Indian customers’ insurance needs, with management and operational control over the offering of a broad suite of products and across multiple distribution channels. India is a vibrant market with positive demographic trends and structural growth opportunities. It has large, unmet demand for savings and protection with a low penetration of life insurance, said Prudential.
Bharti’s local reach, combined with Prudential’s long-established insurance expertise, will help expand access to life and health protection solutions for Indian consumers.The business is expected to leverage the combined brand strength of both Prudential and Bharti, reinforced by Prudential’s operational capabilities.Prudential expects to work closely with the other businesses of the Bharti Enterprises and related entities.
Prudential maintains a strong balance sheet and low leverage. As at 31 December 2025, Prudential had holding company cash and short-term investments of $4.3 billion, a Group leverage ratio (Moody’s total leverage ratio) of 13 per cent, a strong credit rating and regulatory capital, and a free surplus ratio of 211per cent.
This proposed transaction does not affect our previously communicated intention to return $7 billion to shareholders between 2024-2027.