London, April 24, 2026, 19:37 (BST)
Bharti Group is negotiating to offload up to 85% of its life insurance arm to Prudential plc, The Economic Times said Friday, pointing to a possible valuation between ₹70 billion and ₹80 billion. The report, which referenced several sources close to the talks, noted that representatives from both firms would not comment.
Timing’s a factor here for investors, with Prudential juggling both cash returns and investments in growth. Back in March, the insurer reported that 2025 new business profit, measured by traditional embedded value, climbed 12% to $2.78 billion. CEO Anil Wadhwani, for his part, said the group is sticking to “disciplined capital allocation” and keeping its eye on long-term shareholder value.
India sets the stage here. In December, Parliament signed off on boosting the foreign direct investment cap in insurance all the way to 100% from the previous 74%. As Reuters noted, the move targets attracting fresh capital and expanding insurance coverage across the world’s most populous country.
Prudential is dialing up its focus on India. The company tapped Amit Dave for CEO and managing director—pending regulatory sign-off—on April 13. Abhishek Saraf steps in as chief operating officer of Prudential Health India. Regional CEO Naveen Tahilyani said both hires would inject “deep agency and insurance expertise” into the health business. Prudential plc
On the corporate side, Friday brought a procedural update: a U.S. filing revealed Prudential is set to issue 5,721,904 ordinary shares at 5 pence apiece under its scrip dividend option, allowing investors to pick up shares instead of a cash payout for the 2025 second interim dividend, priced at 18.89 U.S. cents per share. The insurer noted that any resulting dilution would be offset by on-market buybacks in London.
New shares are set to be issued solely on the Hong Kong line. Prudential notes its Evergreen Scrip Dividend Scheme got the green light to gradually boost liquidity for shares traded in Hong Kong, setting the scrip reference price at $13.834482 per new share for the 2025 second interim dividend.
The offset’s working its way through the market. Prudential disclosed in a stock-exchange filing that it repurchased 320,663 shares on April 23, paying an average £11.2080 apiece, and plans to cancel them. That brings the total remaining shares and voting rights down to 2,522,407,333.
Bharti’s possible play would be an odd fit next to Prudential’s latest India cash-in, though not out of character. Back in December, Reuters said Prudential unloaded a 4.5% chunk of ICICI Prudential Asset Management—49 billion rupees’ worth—ahead of that unit’s IPO. The plan: proceeds from both the private placement and the IPO go to shareholders, pending all necessary approvals.
A Bharti deal would drop into a market already in motion. This week, SBI Life—among India’s top life insurers—announced plans to boost both agency and digital channels, reacting to tighter oversight of bank sales. HDFC Life, another big player, has seen new business growth cool, Reuters reported, while ICICI Prudential Life posted a profit increase.
Deal risk remains. According to Moneycontrol, which referenced the Economic Times, due diligence is ongoing, and key points like valuation and structure are still in flux. The report also noted that 360 One, an existing investor, isn’t likely to sell—potentially preventing Prudential from acquiring 100%.
Prudential has set May 28 for its annual general meeting, kicking off at 4:00 p.m. Hong Kong/Singapore time—9:00 a.m. BST. The gathering is scheduled for AIRSIDE in Hong Kong, with an option to join remotely through the Lumi platform.
Prudential shares slipped 0.18% in London on Friday, ending the session at 1,126.50 pence. Trading volume reached 4.03 million shares, according to Investors Chronicle data from LSEG. Over the past year, the stock has gained 39.11%, the same data shows.
