Prudential, the global insurance giant headquartered in London and Hong Kong, has announced plans to enter the Indian health insurance market through a joint venture. The company intends to partner with Vama Sundari Investments, a promoter company within the HCL Group, to establish a standalone health insurance business in India. This initiative is contingent upon receiving the necessary regulatory approvals.
The joint venture will be led by industry veteran Amar Joshi. Prudential will hold a majority 70% stake, while Vama Sundari Investments will retain the remaining 30% share. Prudential stated that the venture is designed to meet the specific healthcare requirements within India and support the Indian government’s ambitious goal of achieving “Insurance for All by 2047.”
Prudential already has a well-established presence in India, having offered life insurance solutions since 2001 through ICICI Prudential Life Insurance, a joint venture with ICICI Bank. Furthermore, Prudential maintains a longstanding partnership with ICICI via ICICI Prudential Asset Management Company, one of the largest asset management firms in India.
“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,” noted Anil Wadhwani, CEO of Prudential. “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.”
The HCL Group, founded in 1976, is considered one of India’s pioneering IT companies, having launched the tech industry’s first 8-bit microprocessor-based computer in 1978. Since then, the group has diversified its operations and now includes healthcare and talent management solutions.
Shikhar Malhotra, Executive Director of Vama Sundari Investments, commented, “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.”
