Prudential to Enter Indian Health Insurance Market with HCL Group
Prudential, a subsidiary of Prudential plc, has announced a joint venture with Vama Sundari Investments (Delhi), an HCL Group’s Promoter Company, to establish a standalone health insurance business in India.
The move aims to capitalize on the growing demand for healthcare solutions in India and support the “Insurance for All by 2047” vision of the Indian government. The joint venture is subject to regulatory approvals.
Prudential Group will hold a 70% stake in the venture, with Vama Sundari Investments (Delhi) owning the remaining 30%.
Image: Sarah Si, the author of the article.
“India is a key strategic market for Prudential,” said Prudential CEO Anil Wadhwani. “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. 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,” stated Shikhar Malhotra, executive director of Vama Sundari Investments (Delhi). “Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country. It reflects our commitment to improving the well-being of millions of Indians and contributing to a stronger, more inclusive healthcare ecosystem.”
