Prudential Plans to Form Indian Health Insurance JV
London and Hong Kong-headquartered Prudential has announced plans to form a health insurance joint venture in India.
Prudential plans to establish a joint venture with Vama Sundari Investments – an HCL Group’s promoter company – to operate a standalone Indian health insurance business, according to a statement, subject to obtaining regulatory approvals. The joint venture will be led by industry veteran Amar Joshi with Prudential holding a 70 percent stake and Vama holding the remaining 30 percent stake.
According to the global insurer, the venture aims to address local healthcare needs and contribute to the Indian government’s vision of «Insurance for All by 2047».
Local Presence
Prudential has offered life insurance solutions in India since 2001 when it established ICICI Prudential Life Insurance, a joint venture with ICICI Bank. It also has a longstanding partnership with ICICI through ICICI Prudential Asset Management Company, one of India’s largest asset management firms.
«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,» commented Prudential CEO Anil Wadhwani.
«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.»
IT Garage Startup
Founded in 1976, HCL Group is one of India’s pioneering IT garage startups, having introduced the tech industry's first 8-bit microprocessor-based computer in 1978. Since then, it has expanded into other sectors including healthcare and talent management solutions.
«We are pleased to partner with Prudential plc, a globally renowned insurer, to address the growing healthcare needs of India by leveraging our mutual synergies,» added Shikhar Malhotra, executive director of Vama. «Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country.»
