Prudential plc has agreed to acquire a 75% stake in Bharti Life Insurance Company Limited from Bharti Life Ventures and 360 ONE Asset Management, the insurer announced from Hong Kong on May 17. Completion is subject to regulatory approvals.
The initial cash consideration is ₹3,500 crore (approximately $389 million), payable on completion and funded from existing resources. Additional consideration of up to ₹700 crore (approximately $78 million) may be payable subject to certain conditions.
“India is a strategically important and exciting market for Prudential,” said Anil Wadhwani, Prudential plc’s CEO. “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.”
Bharti Life will also explore strategic distribution agreements with Bharti Airtel and 360 ONE.
Bharti Life reported new business premium growth of 44% year on year to ₹1,069 crore for the financial year ended March 31, 2026. Its embedded value was ₹3,102 crore (approximately $345 million) as at September 30, 2025.
Following completion, Prudential’s Indian operations will comprise majority-owned Bharti Life and Prudential HCL Health Insurance, plus a 35% stake in ICICI Prudential Asset Management and 22% in ICICI Prudential Life Insurance. Regulatory approvals are expected to require Prudential to reduce its ICICI Prudential Life holding to under 10%.
Prudential’s standalone health insurance business in India is expected to begin operations during 2026, on receipt of regulatory approvals.
As at December 31, 2025, Prudential held holding company cash and short-term investments of $4.3 billion, with a Moody’s total leverage ratio of 13% and a free surplus ratio of 211%. The transaction does not affect its intention to return $7 billion to shareholders between 2024 and 2027.