US-based financial services provider Prudential Financial has entered into an agreement with DLF, a real estate development company in India, to establish a life insurance joint venture company in India.
<p>Under the terms of the agreement, DLF will hold a 74% stake while Prudential will own the remaining 26% in the new joint venture company, DLF Pramerica Life Insurance Company. <br /><br />Following regulatory approval from the Insurance Regulatory and Development Authority, the new company will be established in the coming months and will offer life insurance products to consumers in India. <br /><br />India's rapid development has created new opportunities for people seeking to protect their families using life insurance products, said Rodger Lawson, Prudential Financial's vice chairman responsible for the international division. 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.</p>