Prudential plc enters Indian health insurance market through JV with HCL Group

Prudential plc has announced plans to launch a standalone health insurance business in India through a joint venture with HCL Group’s promoter company, Vama Sundari Investments. Subject to regulatory approval, Prudential will hold a 70% stake in the new entity, with Vama owning the remaining 30%.

The move marks Prudential’s entry into India’s health insurance space, aligning with the country’s “Insurance for All by 2047” initiative. The new business will be led by CEO-designate Amar Joshi and aims to address growing healthcare needs amid India’s expanding middle class.

This venture builds on Prudential’s 100-year legacy in Asia and its existing presence in India through ICICI Prudential Life and ICICI Prudential Asset Management. Partnering with HCL Group—whose healthcare arm delivers tech-enabled corporate wellness services—Prudential aims to enhance access to quality health coverage and drive deeper insurance penetration across the country.