Prudential to buy 75% in Bharti Life; Rs 3.5k-crore deal to help firm deploy wider product suite across channels

MUMBAI : UK’s Prudential plc has doubled down on its India plans, with the British insurer agreeing to acquire a 75% stake in Bharti Life Insurance from Bharti Life Ventures and 360 ONE Asset Management for an initial cash consideration of Rs 3,500 crore. The transaction will hand Prudential both majority ownership and operational control, marking a strategic reset of its India business.

Following completion, Prudential’s Indian operations will consist of majorityowned Bharti Life Insurance and Prudential HCL Health Insurance, and minority shareholdings in two listed entities, namely 35% of ICICI Prudential Asset Management and 22% in ICICI Prudential Life Insurance (“ICICIPru Life”) which it will be required to bring down to below 10%.

Prudential has said that it will seek a timeframe for selling its stake in ICICI Prudential Life Insurance. In terms of the deal, Prudential will buy 60% stake from Bharti’s existing 85% while 360One will sell its entire 15% stake.

The deal comes less than six months after govt amended laws allowing 100% investment in insurance allowing full foreign control. For Prudential, control brings the ability to deploy a wider product suite across distribution channels, combining its global underwriting and operational capabilities with Bharti’s domestic reach and brand presence. Potential distribution arrangements with Bharti Airtel and 360 ONE could further deepen access.
For Bharti is signals a focus on its core telecom business, with real estate and food being the other segments it operates in.

“India is a strategically important and exciting market for Prudential… we are bringing together Prudential’s nearly 180 years of global insurance expertise and Bharti’s strong and growing local presence… to act as a catalyst for achieving ‘Insurance for All by 2047’,” said Anil Wadhwani, CEO, Prudential.

Bharti Axa Life Insurance reported a total premium of about ?1,069 crore for the year up to March 2026, against an industry total of roughly ?4.6 lakh crore, translating into a market share of about 0.2%. The company remains a small player, ranking in the lower tier of private insurers at around 15th position by premium.

The shift also reflects a broader industry cycle. In the past, foreign insurers had retreated from Indian joint ventures amid tight foreign direct investment caps, leaving domestic partners such as ICICI Group and others in control. With liberalisation, global players are returning. Allianz, for instance, has reentered via a tie-up with Jio Financial Services after exiting its earlier Bajaj partnership. Prudential in its joint venture with ICICI was the first the private insurer to sell a life insurance policy along with HDFC Life.

For Bharti, the transaction marks a partial exit from a business where scale had proved elusive; the group had earlier sold its general insurance arm to ICICI Lombard. Axa the company’s erstwhile French partner had exited before the insurance FDI was liberalised.

“We are delighted to welcome Prudential Plc as the controlling shareholder… we are creating a formidable alliance to tap into the immense potential of India’s life insurance sector,” said Sunil Bharti Mittal founder of the Bharti group.

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