Prudential has announced its plan to establish a joint venture with Vama Sundari Investments (Delhi), a 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”. The venture is subject to regulatory approvals.
Prudential Group, a UK subsidiary of Prudential plc, will hold a 70% stake in the joint venture, while Vama Sundari Investments (Delhi) will hold the remaining 30% stake.
“India is a 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,” said 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.”
“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. Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country,” Vama Sundari Investments (Delhi) executive director Shikhar Malhotra said.
“It reflects our commitment to improving the well-being of millions of Indians and contributing to a stronger, more inclusive healthcare ecosystem.”