PRUDENTIAL PLC ANNOUNCES JOINT VENTURE WITH HCL GROUP FOR HEALTH INSURANCE IN INDIA

Prudential plc has announced a new joint venture with Vama Sundari Investments, an HCL Group company, to establish a standalone health insurance business in India. Prudential's UK-based subsidiary will hold a 70% stake, while Vama will hold 30%, pending regulatory approval.

The partnership aims to support India’s growing healthcare sector and contribute to the government’s “Insurance for All by 2047” vision. Anil Wadhwani, CEO of Prudential, emphasized India’s strategic importance and the opportunity to expand health coverage amid a growing middle class. Shikhar Malhotra, Executive Director at Vama, highlighted the joint mission to improve healthcare access and drive insurance penetration.

Amar Joshi has been named CEO designate of the joint venture, subject to regulatory approval.

The new venture will build on Prudential’s longstanding presence in India through its partnerships in life insurance and asset management, including ICICI Prudential Life and ICICI Prudential Asset Management. HCL Group, known for pioneering modern computing in India, brings experience from its diverse businesses, including healthcare.

The collaboration aims to provide accessible, high-quality health insurance across India, especially in underserved areas.