Anil Wadhwani, Chief Executive Officer, Prudential plc
The health insurance JV will be led by Amar Joshi (CEO designate), subject to regulatory approval
“ Transforming access to healthcare and increasing insurance penetration are strategic priorities for Prudential and through our comprehensive health solutions we aim to offer help to millions of Indian consumers when they need it most,”Anil Wadhwani, Chief Executive Officer, Prudential,said
London/Delhi: UK’s life insurance major Prudential plc (Prudential) on Thursday announced its plan to establish a joint venture with Vama Sundari Investments (Delhi) Private Limited (Vama), an HCL Group’s Promoter Company, for an Indian standalone health insurance company.
Subject to obtaining regulatory approvals, Prudential Group Holdings Limited, a UK subsidiary of Prudential plc, will hold a 70 per cent stake in the joint venture, while Vama will hold the remaining 30 per cent stake.
Prudential plc is a member of the UK FTSE100 Index.
The health insurance JV will be led by industry veteran Amar Joshi (CEO designate), subject to regulatory approval.
Currently, Prudential has an Indian life insurance JV,ICICI Prudential Life Insurance Company. with ICICI Bank since the 2001 and has consistently been amongst the top companies in the Indian life insurance sector. Prudential also has a longstanding partnership with ICICI in ICICI Prudential Asset Management Company, one of India’s largest asset management firms.
Anil Wadhwani, Chief Executive Officer, Prudential plc, said: “India is a key strategic market for Prudential and we have a deep connection with the country having opened our first branch in Kolkata in 1923. Today, we have a significant presence with life insurance and asset management businesses providing a comprehensive offering of insurance and wealth products.
“We are excited to partner with the HCL Group. Together we look forward to supporting the Indian government’s vision to create an inclusive, sustainable and equitable financial service sector for all Indians by 2047, celebrating 100 years of India’s independence,” he added.
India’s growing economy, population and middle class create significant opportunities for growth in its insurance market, especially in the health, savings, protection, and retirement sectors. Transforming access to healthcare and increasing insurance penetration are strategic priorities for Prudential and through our comprehensive health solutions we aim to offer help to millions of Indian consumers when they need it most, he said.
Shikhar Malhotra, Executive Director, Vama Sundari Investments (Delhi) Private Ltd said, “Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country. It reflects our commitment to improving the well-being of millions of Indians and contributing to a stronger, more inclusive healthcare ecosystem.”
Indian has now seven stand alone insurance companies and along with multiline general insurers have generated almost Rs 1 trillion of premium during FY 25. The stand alone health insurers are- Star Health & Allied Insurance, Niva bupa Health Insurance company ,Aditya Birla Health Insurance, Care Health Insurance, Galaxy Health Insurance Company,ManipalCigna Health Insurance and Narayana Health Insurance.
Life insurance behemoth has also already announced it will foray into health insurance space by picking up stakes in a stand alone health insurance company.
HCL Group, founded in 1976 generates annual revenues of over US$13.8 billion with 220,000 employees operating across 60 countries. HCL Healthcare is one of India’s largest corporate health solutions firms and delivers full circle wellness through a tech-driven ‘phygital’ model of care.
Prudential plc (UK) provides life and health insurance and asset management in 24 markets across Asia and Africa. In India, Prudential’s business primarily consists of a 21.97 per cent holding in the Indian Stock Exchange listed life insurance business, ICICI Prudential Life, and 49 per cent of the asset manager, ICICI Prudential Asset Management Company Limited, through its asset management business Eastspring Investments.