Prudential has agreed to acquire a 75% stake worth around $389m in Bharti Life, a prominent Indian Life insurer, from Bharti Life Ventures Pvt Ltd and 360 ONE Asset Management (360 ONE).
This will help strengthen Prudential’s ability to meet Indian customers’ insurance needs, with management and operational control over the offering of a broad suite of products and across multiple distribution channels.
Following completion, Prudential’s Indian operations will consist of majority-owned Bharti Life Insurance Company Limited and Prudential HCL Health Insurance Limited, and minority shareholdings in two listed entities, namely 35% of ICICI Prudential Asset Management Company Limited and 22% in ICICI Prudential Life Insurance Company Limited (ICICIPru Life).
Prudential CEO, Anil Wadhwani, said: “India is a strategically important and exciting market for Prudential. By acquiring a controlling stake in Bharti Life, we are bringing together Prudential’s nearly 180 years of global insurance expertise and Bharti’s strong and growing local presence to serve the savings and protection needs of Indian consumers.”
