Pramerica promoters look to sell major stake

Promoters of Pramerica Life Insurance, a joint venture between an arm of Piramal Finance and Prudential International Insurance Holdings, have approached multiple life-insurance companies for selling their entire stake, multiple sources told Business Standard.

- AATHIRA VARIER & MANOJIT SAHA

The insurer, which has a 0.3 per cent market share in new business premium, posted losses in FY25 and FY24.

Sources said the promoters were looking for an exit after infusing capital into the company.

DHFL Investments Ltd (DIL), a wholly owned subsidiary of Piramal Finance, has 50 per cent in Pramerica while United States-based Prudential International Insurance Holdings, a fully owned arm of Prudential Financial Inc (PFI), has 49 per cent. The rest is held by Yardstick Developers.

Neither Prudential International Insurance Holdings nor Prudential Financial has an affiliation with Prudential Plc, a company incorporated in the United Kingdom.

Prudential Plc is the joint venture partner of ICICI Bank in ICICI Prudential Life Insurance. The insurer, which started operations in India in September 2008, was a joint venture between Prudential and DLF Realty, and has seen several changes in the ownership structure. In 2013, DLF Realty exited the 74:26 joint venture by selling its stake in the insurer to Dewan Housing Finance Ltd (DHFL).