Prudential, HCL promoters to set up health insurer

MUMBAI: Prudential has announced a standalone health insurance joint venture with the promoters of HCL Group. Prudential Group Holdings, a UK subsidiary of Prudential, will hold a 70% stake in the joint venture, while Vama Sundari Investments, a promoter company of HCL Group, will own the remaining 30%. HCL founder Shiv Nadar recently gifted a significant portion of his shareholding in Vama Sundari Investments to his daughter, Roshni Nadar Malhotra granting her control.
Prudential CEO Anil Wadhwani said India is a key strategic market, with the company having opened its 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," said Wadhwani.
Prudential, which is listed on the UK's FTSE 100 index, has been a partner with ICICI Bank for over two decades in life insurance and asset management.
Vama executive director Shikhar Malhotra said the partnership with Prudential aims to enhance access to quality health insurance in India. "Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country," he said. The joint venture will be led by Amar Joshi, subject to regulatory approval.