UK-based Prudential Plc on Thursday announced its plan to establish a health insurance joint venture with India’s HCL Group. Prudential said that it will partner with Vama Sundari Investments, an HCL Group’s promoter company for the new business.
In a statement, Prudential said, “Prudential plc (Prudential) today announced its plan to establish a joint venture with Vama Sundari Investments (Delhi) Private Limited (Vama), an HCL Group’s Promoter Company, to operate a standalone Indian health insurance business. The joint venture aims to address the growing healthcare needs of the Indian consumer and contribute to the Indian Government’s vision – “Insurance for All by 2047”.”
Per the agreement, Prudential plc’s UK subsidiary Prudential Group Holdings Limited 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.
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.”
He further maintained that 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 added.
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.”
The joint venture health insurance company will be led by industry veteran Amar Joshi (CEO designate), subject to regulatory approval.
Prudential has offered life insurance solutions in India since the 2001 establishment of ICICI Prudential Life Insurance Company Limited, a joint venture with ICICI Bank.
