ICICI Bank intends to hold majority stake in ICICI Prudential Life Insurance after the private life insurer closed a deal with Bharti Life Insurance over the weekend. According to the deal figures, British insurance giant Prudential Plc will acquire three-fourth stake in the India-headquartered Bharti Life Insurance, according to a release issued on May 17. Prudential "has agreed to buy 75% stake", Bharti Enterprises said, in the statement issued on the acquisition deal related to its insurance arm.
The initial transaction is valued at Rs 3,500 crore, with a potential additional payout of Rs 700 crore, Prudential said in a separate release. The deal marks an entry of Prudential as controlling shareholder in Bharti Life Insurance. The transaction, however, is subject to regulatory approvals and other customary conditions. Through this acquisition, Prudential is expected to leverage Bharti Life platform to expand life and health insurance offerings in India amid rising demand and digital adoption.
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ICICI Pru-Bharti Life Deal
''We take note of the email from our subsidiary, ICICI Prudential Life Insurance Company Ltd (ICICI Life) received by us yesterday at 10:41 p.m., with respect to a press release made by our joint venture partner, Prudential Corporation Holdings Limited titled 'Prudential Plc repositions its India operations through a controlling stake in Bharti Life Insurance',' said ICICI Bank
''We intend to retain our majority shareholding in ICICI Prudential Life Insurance Company Ltd, ensuring our long-term commitment,'' added the leading private lender in a regulatory filing to the stock exchanges on Monday, May 18.
Commenting on the new partnership, Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises, said in a statement, "We are delighted to welcome Prudential Plc as the controlling shareholder of Bharti Life, further accelerating its growth trajectory. Prudential's experience and global scale, combined with Bharti's strong track record, create a formidable alliance to tap into the immense potential of India's life insurance sector. This partnership opens new opportunities for Bharti Life's employees and further reinforces the strategic relationship between India and the United Kingdom."
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This transaction comes with India's life insurance sector undergoing rapid transformation, driven by digital adoption, increasing awareness, and rising demand for financial protection solutions. The market continues to present strong structural growth opportunities, supported by favorable demographics and relatively low life insurance penetration, indicating significant unmet demand.
"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," Anil Wadhwani, Prudential Plc's CEO, said.
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