HKG:2378

Prudential to Acquire 75% Stake in Bharti Life Insurance Amid India Expansion

Prudential (HKG:2378, SGX:K6S) agreed to acquire a 75% stake in Bharti Life Insurance as the insurer deepens its expansion in India's fast-growing insurance market.The insurer will acquire the stake from Bharti Life Ventures and 360 ONE Asset Management for an initial cash consideration of 35 billion rupees, or about $389 million payable on completion, according to a Sunday press release.The transaction remains subject to regulatory approvals and other conditions, and will be funded from existing resources.Prudential Chief Executive, Anil Wadhwani, said the acquisition would combine Prudential's global insurance capabilities with Bharti's local market presence to expand savings and protection offerings in India."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," Wadhwani said.Prudential said the deal would give it management and operational control over its India life insurance operations, strengthening its ability to distribute products across multiple channels in a market with low insurance penetration and growing demand for savings and protection products.Following completion, Prudential's India operations will include majority-owned Bharti Life Insurance and Prudential HCL Health Insurance, alongside minority stakes in ICICI Prudential Asset Management and ICICI Prudential Life Insurance.The insurer said regulatory approvals for the transaction are expected to require it to reduce its shareholding in ICICI Prudential Life to below 10%, and that it is in discussions with regulators on the divestment process.Prudential added that health insurance operations under Prudential HCL Health Insurance are expected to start in 2026, subject to regulatory approval.The acquisition comes as India's insurance sector is expected to regain growth momentum through 2026 and beyond.Strong macroeconomic fundamentals, structural reforms, and resilient long-term growth drivers position India among the world's fastest-growing insurance markets despite slower premium growth in 2024 and 2025, according to a Swiss Re Institute report.