Prudential Plc, based in the United Kingdom, has announced plans to establish a standalone health insurance company in a joint venture with Sundari Investments (Delhi) Private Ltd (Vama), which is owned by the promoter of HCL Group, subject to regulatory approval.
Vama will own 30% of the business, while Prudential Group Holdings Ltd., a UK division of Prudential Plc, will own 70%. The venture will be led by the company's designated CEO, Amar Joshi, pending regulatory approvals.
In order to provide life insurance, Prudential and ICICI Bank currently run a joint venture that was established in 2001. The third-biggest private sector life insurer in the nation is ICICI Prudential Life Insurance Company.
"India is a key strategic market for Prudential, and we have a long history with the country, having established our first branch in Kolkata in 1923," said Anil Wadhwani, chief executive officer of Prudential Plc. "We currently offer a wide range of wealth and insurance products and are well-represented in the asset management and life insurance sectors. India's growing middle class, population, and economy offer the insurance sector tremendous growth potential, especially in the areas of health, savings, protection, and retirement."
There are currently seven different health insurance companies operating in India: 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.
The largest life insurer in the nation, the Life Insurance Corporation of India (LIC), is currently negotiating with a stand-alone health insurer to purchase a sizable portion of the business and enter the health insurance market.
HCL Group, one of India's leading IT services providers, has expanded into new markets, including healthcare and talent management solutions. HCL Healthcare delivers wellness services using a technology-driven 'phygital' model of care.
