RCS - Prudential PLC - Prudential plc repositions its India operations

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RNS Number : 6143E  Prudential PLC  18 May 2026

 

Prudential plc repositions its India operations through

a controlling stake in Bharti Life Insurance

 

17 May 2026, Hong Kong - Prudential plc ("Prudential"), a leading insurer and
asset manager in Asia and Africa, today announced that as part of a strategic
repositioning of its India operations it has agreed to acquire a 75% stake in
Bharti Life Insurance Company Limited ("Bharti Life"), a prominent Indian life
insurer, from Bharti Life Ventures Pvt Ltd and 360 ONE Asset Management ("360
ONE"). Completion of the transaction remains subject to receipt of regulatory
approvals and the satisfaction of other conditions.

 

Anil Wadhwani, Prudential plc's CEO said, "India is a strategically important
and exciting market for Prudential. By acquiring a controlling stake in Bharti
Life, we are bringing together Prudential's nearly 180 years of global
insurance expertise and Bharti's strong and growing local presence to serve
the savings and protection needs of Indian consumers. Through this
acquisition, we aim to contribute further to The Viksit Bharat Initiative¹
and, by extending access to our products and services to customers in India,
act as a catalyst for achieving 'Insurance for All by 2047'. Our joint
partnership with the ICICI group of companies, has, for many decades, provided
high-quality financial services solutions in India. We deeply appreciate this
partnership and value our relationship with them."

 

Overview and strategic rationale

 

India is a highly attractive market for Prudential, and this transaction is a
strategic move to secure majority ownership of a life insurance business in
the country. This will help strengthen Prudential's ability to meet Indian
customers' insurance needs, with management and operational control over the
offering of a broad suite of products and across multiple distribution
channels. India is a vibrant market with positive demographic trends and
structural growth opportunities. It has large, unmet demand for savings and
protection with a low penetration of life insurance.

 

Bharti's local reach, combined with Prudential's long-established insurance
expertise, will help expand access to life and health protection solutions for
Indian consumers. The business is expected to leverage the combined brand
strength of both Prudential and Bharti, reinforced by Prudential's operational
capabilities. Prudential expects to work closely with the other businesses of
the Bharti Enterprises and related entities.

 

As part of the transaction, Bharti Life will also look into securing strategic
distribution agreements with Bharti Airtel and 360 ONE.

 

Prudential's India operations and regulatory considerations

 

Following completion, Prudential's Indian operations will consist of
majority-owned Bharti Life Insurance Company Limited and Prudential HCL Health
Insurance Limited, and minority shareholdings in two listed entities, namely
35% of ICICI Prudential Asset Management Company Limited and 22% in ICICI
Prudential Life Insurance Company Limited ("ICICIPru Life").

 

Regulatory approvals for the transaction are expected to require Prudential to
reduce its shareholding in ICICIPru Life to under 10%. Prudential is engaging
with the relevant regulatory authorities on this process and will seek an
appropriate timeframe for the divestment that may be required, in the
interests of its shareholders.

 

Separately, Prudential continues to progress toward regulatory approvals for
its standalone, majority-owned health insurance business in India. Health
insurance operations are expected to commence during 2026 on receipt of these
approvals.

 

Financial information

 

The transaction is for an initial cash consideration of ₹3,500 crore (c.
$389 million²) payable on completion. The transaction will be funded from
existing resources.

 

The transaction is expected to deliver compelling strategic and financial
benefits for Prudential over time. Further details will be provided when
regulatory consent has been received for the transaction.

 

It is expected that part of the proceeds from any divestment of ICICIPru Life
will be used to support future growth in the business. The residual capital
would contribute to Prudential's free surplus.

 

There is potential additional consideration payable of up to ₹700 crore (c.
$78 million²), dependent on the fulfilment of certain conditions.

 

Prudential maintains a strong balance sheet and low leverage. As at 31
December 2025, Prudential had holding company cash and short-term investments
of $4.3 billion, a Group leverage ratio (Moody's total leverage ratio) of 13%,
a strong credit rating and regulatory capital, and a free surplus ratio of
211%³. This proposed transaction does not affect our previously communicated
intention to return $7 billion to shareholders between 2024-2027.

 

Contacts

 

 Media                                    Investors/Analysts
 Simon Kutner            +44 7581 023260  Patrick Bowes       +852 2918 5468
 Sonia Tsang             +852 5580 7525   William Elderkin    +44 2039 779215
 Janice Wong             +852 6188 6381   Ming Hau            +44 2039 779293
 Pavan Lall (Brunswick)  +91 9987247751   Bosco Cheung        +852 2918 5499
                                          Tianjiao Yu         +852 2918 5487

 

About Prudential plc

 

Prudential provides life and health insurance and asset management in Greater
China, ASEAN, India 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 (HKEX:
2378) and the London Stock Exchange (LSE: PRU). It also has a secondary
listing on the Singapore Stock Exchange (SGX: K6S) and a listing on the New
York Stock Exchange (NYSE: PUK) in the form of American Depositary Receipts.
It is a constituent of the Hang Seng Composite Index and is also included for
trading in the Shenzhen-Hong Kong Stock Connect programme and the
Shanghai-Hong Kong Stock Connect programme.

 

Prudential 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.

 

www.prudentialplc.com/ (http://www.prudentialplc.com/)

 

About Bharti Life Insurance Company Limited

 

Bharti Life is an Indian life insurer within the broader Bharti ecosystem.
Bharti Life, led by an experienced management team, operates through a
diversified multi-channel model spanning proprietary distribution, direct
distribution, bancassurance, corporate agents and brokers, and group business,
supported by a broad product portfolio of life insurance solutions covering
protection and long-term savings. Bharti Life is majority owned by the Bharti
Enterprises, with a minority investment held by funds managed by 360 ONE Asset
Management. For the financial year ended 31 March 2026, Bharti Life Insurance
reported growth in New Business Premium of 44% year-on-year to ₹1,069 crore,
representing a growth rate of around 3x the industry average(4). The embedded
value(5) was ₹3,102 crore (c.$345 million²) as at 30 September 2025. For
further information go to Life Insurance - Bharti AXA Life Insurance Company
in India (https://www.bhartiaxa.com/) .

 

1.  See https://viksitindia.com/ (https://viksitindia.com/) for more
information.

2.  INR 1 = USD 0.0111 as of 31 December 2025.

3.  Free surplus ratio is the Group's internal measure of capital.

4.  Industry information may be found at https://irdai.gov.in/life
(https://irdai.gov.in/life) .

5.  The embedded value stated is calculated on an Indian embedded value basis
and is in respect of 100% of the business.

 

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