Prudential and Vama Forge New Health Insurance Venture to Propel India’s ‘Insurance for All’ Ambitions

Prudential and Vama Forge New Health Insurance Venture to Propel India’s ‘Insurance for All’ Ambitions

(IN BRIEF) Prudential plc has announced a joint venture with Vama Sundari Investments (Delhi) Private Limited to establish a standalone health insurance business in India. Under the new arrangement, Prudential Group Holdings Limited will hold a 70% stake, while Vama will own 30%, pending regulatory approvals. This partnership is aimed at addressing the growing healthcare needs of the Indian consumer and aligns with the government’s “Insurance for All by 2047” goal. The venture will leverage Prudential’s long history in India—dating back to 1923—and its significant presence in life insurance and asset management. Both parties believe that this initiative will not only support millions of Indian consumers through innovative health solutions but also contribute to the evolution of an inclusive and sustainable healthcare ecosystem. The venture will be led by industry veteran Amar Joshi as CEO designate. The collaboration also highlights the strategic role of the HCL Group, a major player in India’s technology and healthcare sectors, in supporting the broader digital and insurance transformation in the country.

(PRESS RELEASE) LONDON, 20-Mar-2025 — /EuropaWire/ — Prudential plc (LON: PRU), a British multinational life and health insurance company, today announced an ambitious plan to form a joint venture with Vama Sundari Investments (Delhi) Private Limited—an entity under the HCL Group—to launch a standalone health insurance business in India. This strategic partnership is designed to meet the burgeoning healthcare demands of Indian consumers and aligns with the Government’s visionary “Insurance for All by 2047” initiative.

Under the proposed structure, Prudential Group Holdings Limited, a UK-based subsidiary of Prudential plc and a FTSE100 member, is set to acquire a 70% stake in the joint venture, with Vama retaining the remaining 30%. This collaboration marks a significant step for Prudential, which has deep historical ties with India dating back to its first branch in Kolkata in 1923. Over the years, Prudential has established a robust presence in the country through its life insurance and asset management operations, consistently ranking among the top providers in the Indian market.

Anil Wadhwani, Chief Executive Officer of Prudential plc, emphasized the strategic importance of India, noting, “India’s growing economy, population, and expanding middle class present tremendous opportunities in health, savings, protection, and retirement sectors. Our comprehensive health solutions aim to support millions of Indian consumers, particularly as we work to transform access to healthcare. Partnering with the HCL Group is a natural fit as we join forces to realize the Government’s vision of inclusive insurance for all by 2047, especially as we celebrate 100 years of India’s independence.”

Shikhar Malhotra, Executive Director of Vama Sundari Investments (Delhi) Private Limited, echoed this sentiment, stating, “Our collaboration with Prudential plc, a globally acclaimed insurer, will leverage our shared expertise to broaden access to quality health insurance across India. Together, we are committed to enhancing the well-being of millions and contributing to the evolution of a more inclusive healthcare ecosystem.” The new joint venture will be led by industry veteran Amar Joshi, designated as the CEO, pending regulatory approvals.

In addition, the HCL Group—founded in 1976 and recognized as one of India’s pioneering IT startups—continues to expand its influence across technology, healthcare, and talent management sectors. With annual revenues exceeding US$13.8 billion and a workforce of 220,000 spanning 60 countries, the Group, including HCLTech and HCL Healthcare, remains at the forefront of driving digital transformation and innovative health solutions in India.

Prudential’s longstanding legacy in Asia, particularly in India where it has offered life insurance since 2001 through its joint venture with ICICI Bank, further solidifies its commitment to the market. This new venture represents another milestone in Prudential’s century-long history in the region and reinforces its role as a leader in delivering comprehensive insurance and wealth management solutions.

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Editor’s Note:

In India, Prudential’s business primarily consists of a 21.97 per cent holding in the Indian Stock Exchange listed life insurance business, ICICI Prudential Life, and 49 per cent of the asset manager, ICICI Prudential Asset Management Company Limited, through its asset management business Eastspring Investments.

About Prudential plc

Prudential plc (UK) provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts.

Prudential, UK is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

About HCL Group

Founded in 1976 as one of India’s original IT garage start-ups, the HCL Group is a pioneer of modern computing with many firsts to its credit, including the introduction of the 8-bit microprocessor-based computer in 1978 well before its global peers. Today, the HCL Group has a presence across varied sectors that include technology, healthcare and talent management solutions and comprises various companies including HCLTech and HCL Healthcare. The Group generates annual revenues of over US$13.8 billion with 220,000 employees operating across 60 countries.

For further information, visit www.hcl.com

SOURCE: Prudential plc