Prudential Financial Inc (PFI) of the US today announced raising of its stake in DHFL Pramerica Life Insurance Company (DPLI) to 49 per cent, from 26 per cent, without disclosing the deal amount.
Under the new agreement, Prudential International Insurance Holdings, (PIIH), a wholly owned subsidiary of PFI, a financial services company headquartered in the US, has increased its stake in DPLI to 49 per cent, the maximum allowed by Foreign Direct Investment (FDI) regulations, a joint statement said.
“PIIH has acquired 12 per cent equity stake from Resources Realty Private Limited and 11 per cent equity stake from Yardstick Developers Private Limited,” it said.
Mortgage firm DHFL, along with one of its promoter entities, holds 51 per cent stake in DPLI.
PFI is deepening and increasing its life insurance partnership with DPLI, said Kapil Wadhawan, Chairman and Managing Director DHFL.
“Together, we will strengthen the company’s ability to meet the life insurance needs of families across India. We will continue to innovate and enhance product value, thereby transforming lives and driving financial inclusion in the country,” he said.
PFI regional president for Asia, Jan van den Berg, said that over the last eight years, DPLI has developed into a strong and profitable company with a passion to protect Indian families with life insurance.
“We are targeting the next chapter for growth. PFI is dedicated to fuelling DPLI’s success and to the long term development of the joint venture,” Berg said.