UK-based Prudential Plc is set to enter the Indian health insurance market through a joint venture with HCL Group. Prudential Group Holdings Ltd, a UK subsidiary of Prudential Plc, will hold a 70% stake in the new venture, while Sundari Investments (Delhi) Private Ltd (Vama), owned by HCL Group’s promoter, will own the remaining 30%, pending regulatory approvals.
The venture will be led by CEO designate Amar Joshi, also subject to regulatory approvals.
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This expansion of services will be done by the HCL group, one of India’s leading IT services companies, which has experience in healthcare and wellness services through a technology-driven ‘phygital’ model of care.
Prudential already has a significant presence in India through a joint venture with ICICI Bank, established in 2001, which offers life insurance. ICICI Prudential Life Insurance Company is the third-largest private sector life insurer in the country.
Anil Wadhwani, CEO of Prudential Plc, highlighted India’s strategic importance, referencing the company’s long history in the country since opening its first branch in Kolkata in 1923. He emphasized the growth potential in India’s insurance market, particularly in health, savings, protection, and retirement sectors, driven by India’s thriving economy, demographics, and a growing middle class.
India currently has seven standalone health insurance companies, including Star Health & Allied Insurance, Niva Bupa Health Insurance, and Care Health Insurance. Additionally, the Life Insurance Corporation of India (LIC), is considering entering the health insurance segment as well.
