UK-based Prudential Plc on Thursday announced its plan to establish a health insurance joint venture with India’s HCL Group.
UK-based Prudential Plc on Thursday announced its plan to establish a health insurance joint venture with India’s HCL Group.
Mumbai: UK-based Prudential Plc on Thursday announced its plan to establish a health insurance joint venture with India’s HCL Group. Prudential said that it will partner with Vama Sundari Investments, an HCL Group’s promoter company for the new business.
As per the agreement, Prudential plc’s UK subsidiary Prudential Group Holdings Limited will hold a 70 per cent stake in the joint venture, while Vama will hold the remaining 30 per cent stake. Prudential plc is a member of the UK FTSE100 Index.
Prudential has offered life insurance solutions in India since the 2001 establishment of ICICI Prudential Life Insurance, a joint venture with ICICI Bank.
This week, public sector behemoth Life Insurance Corporation of India (LIC) announced that it is in the final stage of discussions to acquire a substantial stake in a pure health insurance company and would be announcing the decision before March 31.
Currently, there are seven standalone health insurance companies-Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance, and Galaxy Health Insurance.
Meanwhile, German financial services firm Allianz SE has reportedly reached a preliminary agreement with Mukesh Ambani’s Jio Financial Services Ltd for a joint venture, covering both health and general insurance businesses. The move comes just days after Bajaj Finserv and Allianz SE announced the end of the Bajaj Allianz JV in a Rs 24,180 crore deal.
A few days ago, Patanjali Ayurved along with DS group acquired Magma General Insurance from Adar Poonawalla for Rs 4500 crore, marking the entry of yoga guru Ramdev-backed Patanjali’s entry into the insurance sector.
( Source : Deccan Chronicle )
Next Story