Prudential plc has announced a strategic joint venture with Vama Sundari Investments (Delhi) Private Limited, a promoter company of HCL Group, to establish a standalone health insurance business in India. This initiative aligns with the Indian Government’s vision of “Insurance for All by 2047.” Subject to regulatory approvals, Prudential Group Holdings Limited, a UK subsidiary of Prudential plc, will hold a 70% stake, while Vama will own 30%. The joint venture will be led by Amar Joshi as CEO (designate), pending regulatory approval.
The joint venture aims to address India’s growing healthcare needs by offering innovative health insurance solutions. Leveraging Prudential’s extensive experience in insurance and HCL Group’s expertise in technology-driven healthcare solutions, the partnership is set to make quality healthcare more accessible. Founded in 1976, HCL Group has played a key role in modern computing and continues to expand across various sectors, including healthcare. HCL Healthcare, one of India’s largest corporate health solutions firms, offers comprehensive wellness services through a tech-driven ‘phygital’ model. With annual revenues exceeding $13.8 billion and a workforce of 220,000 across 60 countries, HCL brings valuable industry expertise to the joint venture.
Prudential has been a leading player in the Indian insurance market for over two decades. It established ICICI Prudential Life Insurance in 2001, one of India’s top life insurers and the first to be listed on NSE and BSE. The company also has a strong presence in asset management through its partnership with ICICI Prudential Asset Management. With this strategic collaboration, Prudential and HCL’s Vama aim to redefine health insurance in India, making it more accessible and technology-driven for consumers.
