 "PFI ups stake in DHFL Pramerica insurance to 49%")
Prudential Financial Inc (PFI) has increased its stake in private life insurer DHFL Pramerica Life Insurance (DPLI) from 26 per cent to 49 per cent.
This is the maximum limit allowed by the foreign direct investment (FDI) regulations for the insurance sector. The insurer is a joint venture between DHFL and PFI.
Prudential International Insurance Holdings, a wholly owned subsidiary of PFI, acquired 12 per cent equity stake from Resources Realty Private Limited and 11 per cent equity stake from Yardstick Developers Private Limited. DHFL, along with a promoter entity, holds a 51 per cent stake. The financial details of the transaction were not disclosed.
Jan van den Berg, regional president for Asia-international insurance at PFI, said, “Over the past 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.”
This is the maximum limit allowed by the foreign direct investment (FDI) regulations for the insurance sector. The insurer is a joint venture between DHFL and PFI.
Prudential International Insurance Holdings, a wholly owned subsidiary of PFI, acquired 12 per cent equity stake from Resources Realty Private Limited and 11 per cent equity stake from Yardstick Developers Private Limited. DHFL, along with a promoter entity, holds a 51 per cent stake. The financial details of the transaction were not disclosed.
Jan van den Berg, regional president for Asia-international insurance at PFI, said, “Over the past 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.”