Prudential Financial, Inc. increases its stake to 49% in DHFL Pramerica Life Insurance Company Limited

Prudential Financial, Inc. increases its stake to 49% in DHFL Pramerica Life Insurance Company Limited

October 25, 2016 – Gurgaon, India

Prudential Financial, Inc. (PFI) has closed a transaction that increases its ownership in the life insurance joint venture, DHFL Pramerica Life Insurance Company Ltd. (DPLI). Under the new agreement, Prudential International Insurance Holdings, Ltd. (PIIH), a wholly owned subsidiary of PFI, a financial services company headquartered in the U.S., has increased its stake in DPLI to 49 percent, the maximum allowed by Foreign Direct Investment (FDI) regulations. PIIH has acquired 12 percent equity stake from Resources Realty Private Limited and 11 percent equity stake from Yardstick Developers Private Limited. DHFL, along with one of its promoters’ entities, holds a 51 percent stake.

DHFL is one of India’s leading private housing finance companies with an extensive distribution network spread across the country. PFI is a global financial services company which does business under the trade name Pramerica in select countries outside the United States.

Statement from Mr. Kapil Wadhawan, Chairman and Managing Director, DHFL:

“Over the years, DPLI has evolved as an insurance company to address various financial requirements of customers across the social spectrum. We are pleased to announce that PFI is deepening and increasing its life insurance partnership with DPLI. Together, we will strengthen the company’s ability to meet the life insurance needs of families across India. We will continue to innovate and enhance product value, thereby transforming lives and driving financial inclusion in the country.”

Statement from Mr. Jan van den Berg, Regional President for Asia, International Insurance at PFI:

“We are happy to expand our ownership in the Indian life insurance joint venture, DPLI. Over the last 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. PFI is dedicated to fuelling DPLI’s success and to the long term development of the joint venture. This increased stake is a true indicator of our continued commitment.”

Statement from Mr. Anoop Pabby, Managing Director and Chief Executive Officer, DPLI:

“DPLI sees PFI’s additional commitment to this joint venture as welcome news. The DPLI team takes great pride in having two joint shareholders that are so invested in the success of this business. As our company continues to grow, we are looking forward to having the continued support of DHFL and PFI.”

Note to Editors:

About DHFL Pramerica Life Insurance
DHFL Pramerica Life Insurance started operations in India on September 1, 2008. The company’s multiple distribution channels and customer focus are designed to address the specific insurance needs of diverse customer segments across India. The company is committed to providing protection and quality financial counsel to its customers.

The life insurance company is a joint venture between Dewan Housing Finance Corporation Ltd. (DHFL), one of the leading private housing finance companies in India, and PIIH. It represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. For further information on the company, please visit www.dhflpramerica.com

About DHFL
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE Triple A rated and reckoned as one of India’s leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.

Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The company’s wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India’s smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further information, please visit www.dhfl.com

About PFI
PFI, a financial services leader with more than ,1 trillion of assets under management as of June 30, 2016, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.pramericafinancial.com