ICICI Bank and ICICI Prudential Life Insurance Company stocks slipped up to 4 per cent on BSE after reports suggested Prudential is exploring an exit from its life insurance joint venture with ICICI Bank, ICICI Prudential Life Insurance.
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In a separate strategic move, Prudential is reportedly exploring a potential investment in Bharti AXA Life Insurance. Sources indicate that the UK firm is in preliminary talks with the Bharti Group-backed insurer for a stake acquisition. The company has also drawn interest from other international insurance players looking to enter or expand in the Indian market.
Prudential was one of the first global insurers to establish a presence in India following the liberalization of the domestic insurance sector in the early 2000s.
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Prudential, according to the report, is looking to strengthen its India strategy under Regional Chief Executive Officer (CEO) Naveen Tahilyani, who assumed the role last year with oversight of markets including India, the Philippines, Cambodia, Laos, Myanmar, and Africa. Tahilyani, previously managing director and CEO of Tata AIA Life Insurance, is credited with expanding that business into one of the top six private-sector players. He also serves on the board of ICICI Prudential Life as Prudential’s nominee.
