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Our Bureau

Takes Prudential Financial of US as partner

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Mumbai March 6 Real estate development company DLF and Prudential Financial Inc, a US-based financial services company, will form a joint venture life insurance company in India, subject to approval from the Insurance Regulatory and Development Authority.

A DLF spokesperson confirmed Rs 1,000 crore would be invested in the proposed joint venture over a 10-year period with the initial capital investment at Rs 100 crore.

The joint venture called DLF Pramerica Life Insurance Company Ltd will be established in the next few months. Under the terms of the agreement, DLF will have a 74 per cent stake and PFI a 26 per cent stake in DLF Pramerica.

Pramerica is a brand name used in select countries by Prudential Financial. The company has approximately $616 billion of assets under management as of December 31, 2006 and has operations in the US, Asia, Europe, and Latin America. The company offers life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.

"India's rapid development has created new opportunities for people seeking to protect their families using life insurance products. We are delighted to work with a partner like DLF to deliver the benefits of life insurance products to Indian customers who for the most part continue to be under-insured and under-served," said a press release quoting Mr Rodger Lawson, Prudential Financial Inc's Vice Chairman responsible for the International Division.

Mr Rajiv Singh, DLF Vice-Chairman said, "PFI is the perfect partner to work with us to establish a market-leading and highly differentiated life insurance business in India." DLF's existing business spans across homes, offices and shopping malls.

Prudential Financial Inc, US, is not the same as Prudential Plc, UK, which has joint ventures with ICICI Bank in the insurance and mutual fund segments.

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