Pramerica Life Insurance Limited
| File:Pramerica Life Insurance Limited logo.jpg | |
Formerly | Pramerica Life Insurance |
|---|---|
| Private company | |
| ISIN | 🆔 |
| Industry | Financial services Insurance |
| Founded 📆 | 2008 |
| Founder 👔 | |
| Headquarters 🏙️ | , |
Area served 🗺️ | India |
Key people | MD & CEO Pankaj Gupta[1] |
| Products 📟 | Insurance, Term life insurance, Savings and investment plans, Retirement and pension plans, Group insurance solutions, Child education plans, ULIPs |
| Members | |
Number of employees | |
| 🌐 Website | pramericalife |
| 📇 Address | |
| 📞 telephone | |
Pramerica Life Insurance Limited is a prominent private life insurance company in India.[2][3]
History
Pramerica Life Insurance Limited is a joint venture between Piramal Capital and Housing Finance Limited (PCHFL) and Prudential International Insurance Holdings Ltd., a subsidiary of Prudential Financial, Inc., USA.[4] The company was established on September 1, 2008, as DLF Pramerica Life Insurance Company Ltd. joint venture between DLF Limited & Prudential Financial.[5]
Pramerica Life Insurance is primarily owned by Prudential International Insurance Holdings, Ltd., which is part of Prudential Financial, Inc.[6][7]
In 2013, DLF exited the venture, and DHFL acquired its stake, leading to the company being renamed DHFL Pramerica Life Insurance.[8][9][10]
In 2019, following the financial troubles faced by DHFL, Prudential International acquired a controlling stake in the insurance venture.[11][12][13] The company was later renamed Pramerica Life Insurance Limited, aligning more closely with its global brand identity under Prudential Financial.[14]
In September 2021, when Piramal Capital & Housing Finance Ltd., part of the Piramal Group, acquired DHFL through a reverse merger worth approximately ₹34,250 crore. Post-merger, DHFL Investments became a wholly owned subsidiary of Piramal Enterprises, implying that the insurer's 74% ownership transitioned to Piramal's umbrella.[15]
Post-acquisition, the company officially rebranded to Pramerica Life Insurance Limited, signalling full ownership under Piramal Capital & Housing Finance Limited and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc.(PLI).[16]
See also
- Prudential Financial
- Life Insurance Corporation of India
- Insurance in India
References
- ↑ "Pankaj Gupta also says the company is set to significantly boost its ULIP portfolio, aiming to increase its exposure from 10 percent in FY25 to 25-50 percent by FY28".
- ↑ Srivats, K. R. (21 April 2024). "Pramerica Life Insurance aims 30% CAGR in NBP in next five years". Business Line.
- ↑ "Pramerica life insurance limited". Bloomberg.
- ↑ "DHFL owes ₹87,000 crore to banks and bondholders, including State Bank of India, Life Insurance Corp. of India, Union Bank of India and many other foreign and domestic lenders". Hindustan Times. 4 January 2021.
- ↑ "'Pramerica Life targets Rs 3,000-crore GWP in FY26,' Pankaj Gupta". Financialexpress. 3 April 2025.
- ↑ "Prudential Financial raises its stake in DHFL Pramerica Life Insurance Company to 49%". The Times of India. 25 October 2016.
- ↑ Vasudevan, Nishanth; Das, Saikat (5 February 2019). "DHFL, Prudential consider exiting life insurance JV". The Economic Times.
- ↑ "DLF exits life insurance business". The Hindu. 25 July 2013.
- ↑ "DLF bids adieu to insurance, sells 74% stake in DLF Pramerica". Firstpost. 26 July 2013.
- ↑ "We are not dependant on a big bank to generate lot of business for us: DHFL Pramerica's Anoop Pabby". Mint (newspaper). 27 November 2017.
- ↑ "CBI closes case against DHFL, its directors in 'fake' home loan accounts case". The Hindu. 23 January 2025.
- ↑ "Explained: Why you should care about DHFL crisis". The Indian Express. 23 July 2019.
- ↑ Venkataramakrishnan, Rohan (10 June 2019). "Scroll Explainer: What happened to finance firm DHFL – and what that means for the Indian economy". Scroll.in.
- ↑ Merwin, Radhika (14 August 2019). "DHFL crisis: The 'hidden' issues no one is talking about". Business Line.
- ↑ "Piramal Capital & Housing Finance acquires DHFL via reverse merger". The Economic Times. 1 October 2021.
- ↑ "Pramerica Life Insurance appoints Pankaj Gupta as MD and CEO". The Economic Times. 2 March 2023.
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