PRU (02378) plans to acquire a controlling stake in BHARTI LIFE INSURANCE to adjust its business deployment in India.

PRU (02378) announced on May 17, 2026, for the strategic deployment of its India business, it has agreed to acquire 75% equity of the well-known life insurance company Bharti Life Insurance Company Limited from Bharti Life Ventures Pvt Ltd and 360 ONE Asset Management. The transaction is subject to regulatory approval and other conditions before it can be completed. Anil Wadhwani, CEO of PRU, said: "India is a market of strategic importance and full of development opportunities for PRU. Through the acquisition of the controlling stake in Bharti Life, we will combine PRU's nearly 180 years of global insurance expertise with Bharti's strong and expanding local presence to meet the savings and protection needs of Indian consumers. With this acquisition, we aim to make further contributions to the 'Viksit Bharat' initiative and enable more Indian customers to access our products and services, thereby promoting the goal of 'universal insurance' before 2047. We have established a joint venture partnership with companies under the ICICI Group for decades to provide high-quality financial solutions in India. We value this partnership and the cooperation with them highly." For PRU, India is an attractive market, and this transaction is a strategic move to acquire control of the life insurance business locally, further strengthening PRU's ability to meet the insurance needs of Indian customers and gain management and operational control in various product and distribution channels. The Indian market is dynamic, with favorable population trends and structural growth opportunities. Currently, there is a large and unmet demand for savings and protection in the country, and the penetration rate of life insurance is relatively low. Bharti's local business network, combined with PRU's long-standing insurance expertise, will help expand opportunities for Indian consumers to access life and health protection plans. The business is expected to leverage the brand strengths of PRU and Bharti, strengthened by PRU's operational capabilities. PRU also looks forward to close cooperation with other businesses and entities under Bharti Enterprises. As part of the transaction, Bharti Life will also explore establishing strategic distribution partnerships with Bharti Airtel and 360 ONE. After the transaction is completed, PRU's business in India will be composed of majority stakes in Bharti Life Insurance Company Limited and Prudential HCL Health Insurance Limited, as well as minority stakes in two listed entities, 35% stake in ICICI Prudential Asset Management Company Limited and 22% stake in ICICI Prudential Life Insurance Company ("ICICIPru Life"). Regulatory approval for the transaction is expected to require PRU to reduce its stake in ICICIPru Life to below 10%. PRU is in communication with relevant regulatory authorities regarding this and will determine an appropriate time frame for the reduction while safeguarding shareholder interests. Additionally, PRU continues to progress with the regulatory approval process for its independently controlled health insurance business in India. Once the relevant approvals are obtained, the health insurance business is expected to commence operations within 2026.