Prudential & HCL Group Launch Health Insurance JV in India

New Delhi, Mar 20 (PTI) UK-based Prudential plc on Thursday announced a joint venture with Vama Sundari Investments (Delhi) Private Limited (Vama), an HCL Group's Promoter Company, to operate a standalone health insurance business.

Subject to obtaining regulatory approvals, Prudential Group Holdings Limited, a UK subsidiary of Prudential plc, will hold a 70 per cent stake in the joint venture while Vama will hold the remaining 30 per cent stake, a joint statement said.

The joint venture aims to address the growing healthcare needs of the Indian consumer and contribute to the government's vision of 'Insurance for All by 2047'.

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, Prudential plc Chief Executive Officer Anil Wadhwani said.

"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," he said.

Speaking about the venture, Vama Executive Director Shikhar Malhotra 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."

Prudential has a presence in India in the life insurance and asset management businesses space through joint ventures with ICICI Group.

Last month, Prudential announced that it is considering a potential listing of ICICI Prudential Asset Management Company Limited involving the partial divestment of its shares. Its life insurance venture ICICI Prudential Life was listed in 2016. This was the first insurance company in India to be listed on both the NSE and BSE.

HCL Group, founded in 1976 as one of India's pioneering IT garage startups, has expanded its presence across diverse sectors, including technology, healthcare, and talent management solutions. It is comprised of various companies, including HCLTech and HCL Healthcare.

The group generates annual revenues of over USD 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.