UK-based Prudential has revealed plans to form a stand-alone health insurance company in a joint venture (JV) with Vama Sundari Investments (Delhi), a promoter entity of the HCL Group.
This move is aimed at addressing the healthcare needs of Indian consumers and aligning with the Indian Government’s objective of ‘Insurance for All by 2047’.
Prudential Group Holdings, a subsidiary of Prudential, will hold a 70% stake in the JV, while Vama Sundari will own the remaining 30%.
The proposed health insurance entity will be led by Amar Joshi as the CEO designate.
The move is contingent on regulatory approvals.
Prudential plc CEO Anil Wadhwani said: “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.
“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.”
Vama Sundari Investments executive director Shikhar Malhotra stated: “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.”
In 1923, Prudential established a branch in Kolkata, India, offering a range of insurance and wealth management products in the country, Wadhwani said.
In India, Prudential has an asset management company, a JV with ICICI Bank.
Following partial divestments, the company is currently evaluating the potential for listing.
