UK-based Prudential Plc to set up health insurance JV with HCL Group

Prudential Group Holdings Ltd, UK Subsidiary of Prudential Plc will own 70 per cent stake in the venture while Vama will hold the remaining 30 per cent

UK-based Prudential Plc has announced plans to establish a standalone health insurance company in a joint venture with Sundari Investments (Delhi) Private Ltd (Vama), owned by HCL Group’s promoter, subject to regulatory approvals.

 

Prudential Group Holdings Ltd, a UK subsidiary of Prudential Plc, will own a 70 per cent stake in the venture, while Vama will hold the remaining 30 per cent. The venture will be led by Amar Joshi, the chief executive officer designate, subject to regulatory approvals.

 

Currently, Prudential operates a joint venture with ICICI Bank to offer life insurance, a partnership that has been in place since 2001. ICICI Prudential Life Insurance Company is the third largest private sector life insurer in the country.

 

Anil Wadhwani, chief executive officer of 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. 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.”

 

Currently, India has seven standalone health insurance companies: Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance, and Galaxy Health Insurance.

 

Meanwhile, the Life Insurance Corporation of India (LIC), the country’s largest life insurer, is in discussions with one of the standalone health insurers to acquire a substantial stake and enter the health insurance segment.

 

HCL Group, one of India’s leading IT services companies, has expanded its presence across various sectors, including healthcare and talent management solutions. HCL Healthcare provides wellness services through a technology-driven ‘phygital’ model of care.