20 Mar 2025

Prudential plc (UK) announces Joint Venture with HCL Group for Health Insurance in India

Prudential plc (“Prudential”) today announced its plan to establish a joint venture with Vama Sundari Investments (Delhi) Private Limited (“Vama”), an 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”.

Subject to obtaining regulatory approvals, Prudential Group Holdings Limited, a UK subsidiary of Prudential plc, will hold a 70% stake in the joint venture, while Vama will hold the remaining 30% stake. Prudential plc is a member of the UK FTSE100 Index.

Anil Wadhwani, Chief Executive Officer, Prudential plc, said: “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.

“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 excited to partner with the HCL Group. Together we look forward to supporting the Indian government’s vision to create an inclusive, sustainable and equitable financial service sector for all Indians by 2047, celebrating 100 years of India’s independence.”  

Shikhar Malhotra, Executive Director, Vama Sundari Investments (Delhi) Private Ltd said, “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. 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 health insurance company will be led by industry veteran Amar Joshi (CEO designate), subject to regulatory approval.

HCL Group, founded in 1976 as one of India’s pioneering IT garage start-ups, has been at the forefront of modern computing, achieving several industry firsts, including the introduction of the 8-bit microprocessor-based computer in 1978, ahead of its global peers. Over the decades, the Group has expanded its presence across diverse sectors, including technology, healthcare, and talent management solutions and comprises various companies including HCLTech and HCL Healthcare. The Group generates annual revenues of over US$13.8 billion with 220,000 employees operating across 60 countries. HCL Healthcare is one of India’s largest corporate health solutions firms and delivers full circle wellness through a tech-driven ‘phygital’ model of care.

Prudential has over 100 years of history in Asia. It has offered life insurance solutions in India since the 2001 establishment of ICICI Prudential Life Insurance Company Limited, a joint venture with ICICI Bank, and it has consistently been amongst the top companies in the Indian life insurance sector. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited. Prudential also has a longstanding partnership with ICICI in ICICI Prudential Asset Management Company, one of India’s largest asset management firms. Prudential was the proud sponsor of the 1983 Cricket World Cup, India’s first World Cup Victory.

Ends

Editor’s Note:

In India, Prudential’s business primarily consists of a 21.97 per cent holding in the Indian Stock Exchange listed life insurance business, ICICI Prudential Life, and 49 per cent of the asset manager, ICICI Prudential Asset Management Company Limited, through its asset management business Eastspring Investments.

About Prudential plc

Prudential plc (UK) provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts.

Prudential, UK is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

About HCL Group

Founded in 1976 as one of India’s original IT garage start-ups, the HCL Group is a pioneer of modern computing with many firsts to its credit, including the introduction of the 8-bit microprocessor-based computer in 1978 well before its global peers. Today, the HCL Group has a presence across varied sectors that include technology, healthcare and talent management solutions and comprises various companies including HCLTech and HCL Healthcare. The Group generates annual revenues of over US$13.8 billion with 220,000 employees operating across 60 countries.

For further information, visit www.hcl.com