UK’s Prudential Plc Partners with HCL Group to Launch Health Insurance Venture in India

The joint venture will be led by Amar Joshi as the CEO (designate), subject to regulatory approval.

UK-based Prudential Plc has announced a strategic joint venture with Vama Sundari Investments, a promoter company of HCL Group, to launch a standalone health insurance business in India. 

The collaboration aims to align with the Indian government's "Insurance for All by 2047" vision, addressing the increasing demand for healthcare coverage in the country.

In the joint venture, Prudential Group Holdings Limited, a UK subsidiary of Prudential Plc, will hold a 70% stake, while Vama will own the remaining 30%. 

The partnership marks a significant expansion for Prudential, a member of the UK FTSE100 Index, as it deepens its roots in a market it first entered over a century ago.

“India Is a Key Strategic Market” — Prudential's Vision

Anil Wadhwani, Chief Executive Officer of Prudential Plc, highlighted India's vast market potential, driven by its expanding economy, growing middle class, and increasing healthcare needs.

 "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,” Wadhwani said.

He added, "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."

Expressing thoughts on the partnership, Shikhar Malhotra, Executive Director of Vama Sundari Investments, said, “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.”

The joint venture will be led by Amar Joshi as the CEO (designate), subject to regulatory approval.

Prudential has been present in India's life insurance sector since 2001 through its joint venture with ICICI Bank, ICICI Prudential Life Insurance Company Limited.

With this new venture, Prudential and HCL Group aim to leverage their combined expertise to address the evolving healthcare needs of India’s vast population while contributing to the nation's ambitious insurance goals.

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