Mumbai, April 26, 2026, 03:38 IST
- Bharti Group is in talks to sell up to 85% of its life insurance business to Prudential plc, a report said.
- A deal could value the unit at ₹70 billion to ₹80 billion, but the talks remain unfinished.
- ICICI Prudential Life said it knew of no such development involving Prudential Corporation Holdings or group entities.
Bharti Group is in talks to sell up to 85% of its life insurance business to Prudential plc in a deal that could value the unit at ₹70 billion to ₹80 billion, the Economic Times reported, citing people familiar with the matter. Due diligence is under way and the valuation and structure could still change, the report said.
The talks matter because they would give Prudential a larger and more direct India insurance platform at a time when the London- and Hong Kong-listed group is reshaping its capital and growth plans around Asia and Africa. The reported price would also mark a sharp step-up from a 15% stake sale to 360 One last year that valued the business at about ₹30 billion, or roughly 1.1 times embedded value, a life-insurance measure tied to the value of policies already on the books.
ICICI Prudential Life Insurance said in an April 24 exchange filing that it was “unaware of any such developments” involving Prudential Corporation Holdings Limited, one of its promoters, or any group entities. Prudential Corporation Holdings also repeated its position: “We do not comment on market rumours or speculations.”
Moneycontrol separately reported that Bharti is exploring a potential exit from the life insurance business after buying out AXA’s stake, adding that Prudential had been cited as a potential suitor but that the talks were still exploratory and no definitive agreement had been reached. It said Bharti now holds about 85% of the business after 360 One WAM picked up 15% in February 2025.
For Prudential, the possible move would sit beside its existing India exposure, including ICICI Prudential Life and ICICI Prudential Asset Management. Reuters reported in December that Prudential sold a 4.5% stake in ICICI Prudential Asset Management for 49 billion rupees, ahead of that fund manager’s IPO, and said the proceeds from the placement and IPO would be returned to shareholders subject to approvals.
The competitive read is straightforward. A Bharti AXA Life deal would put Prudential deeper into a market where HDFC Life, SBI Life and ICICI Prudential Life already fight hard on bank distribution, agents and margins. ET cited deal-market valuations of around 1.5 to 2 times embedded value, with control stakes carrying richer prices.
There was also a confirmed capital update from Prudential on Friday. The company said it would issue 5,721,904 new ordinary shares tied to the scrip dividend alternative for its 2025 second interim dividend of 18.89 U.S. cents a share, with the shares issued on the Hong Kong line only; it said any minor dilution would be neutralised through on-market buybacks on the London Stock Exchange.
That fits the wider shareholder-return plan Prudential laid out in March. The company reported 2025 new business profit of $2.78 billion, up 12% on a constant-exchange-rate basis, and said it had started an additional $1.2 billion buyback in 2026 while expecting a $1.3 billion capital return in 2027.
Chief Executive Anil Wadhwani said in March that 2025 was “a strong year of consistent delivery” and that structural demand in Asia and Africa continued to rise. He said Prudential was carrying that momentum into 2026 while focusing on “high-quality, sustainable growth” and disciplined capital allocation.
The risk is that the India deal may not happen, or may land on different terms. ET said 360 One is unlikely to exit, so Prudential may not get the full company, and Moneycontrol said the structure, timing and valuation remain under consideration. New business premiums and investment income at Bharti AXA Life have also been under pressure, even as total premium income rose in FY26, according to the ET report.
Prudential’s next formal shareholder event is also close. The company has set its 2026 annual general meeting for May 28 in hybrid form, with the physical meeting in Hong Kong, where investors are likely to press for more detail on capital returns and the India growth plan if the Bharti talks advance.
