Home Add to Favorite Contact Submit  
           21 August, 2019

Category:  Press » Finances


DHFL and Prudential Financial, Inc. complete ownership transfer of life insurance joint venture in India

         Views: 1835
2013-12-28 00:02:25     
Magline Rufina

18 December 2013 New Delhi INDIA -- Dewan Housing Finance Corporation Limited (DHFL) and Prudential Financial, Inc. (PFI) announced today that they have closed their previously announced joint venture (JV) transaction, following regulatory approval, to provide life insurance products to customers in India. Under the agreement, DHFL, along with its promoters’ entities, has acquired DLF’s 74 percent stake in DLF Pramerica Life Insurance Company Ltd. (DPLI). DHFL has capped its stake at 50 percent in accordance with National Housing Bank (NHB) requirements, while the two other promoter entities have each acquired a 12 percent stake.

DHFL is India’s second largest private housing finance company with presence 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.

The name of the life insurance company shall be changed to DHFL Pramerica Life Insurance Company Ltd. (DHFL Pramerica) very shortly, subject to regulatory approval. In addition to the Managing Director, the Board of the joint venture company shall comprise three Directors from DHFL; two from PFI and two Independent Directors.

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

“DHFL is thrilled to begin this new life insurance partnership with PFI. Together, we can help broaden the company’s ability to meet the life insurance needs of consumers across India. We are committed to working with PFI and the team at the joint venture company to grow the business, which we believe will generate long-term value for DHFL shareholders.”

Statement from Mr. Tim Feige, Senior Vice President and International Insurance Group Executive at PFI:

“We are pleased to join forces with DHFL to enhance significantly the platform for the long-term growth of the life insurance joint venture company. For more than five years, the joint venture has been helping families across India meet their protection needs. With access to DHFL’s strong branch network and retail financial services expertise, the life insurance joint venture will have the ability to reach even more people with its high-quality products and services.”

Both shareholders are committed to supporting and building the joint venture company over the long term. The joint venture life insurance company is expected to benefit significantly from the long-term exclusive commitment of the strong distribution network of DHFL and its other associate companies, including Aadhar Housing Finance Ltd, DHFL Vysya Housing Finance Ltd and Avanse Financial Services Pvt Limited, with their network of branches across the country. The legacy of a 138-year old financial institution like PFI with its life insurance expertise, coupled with DHFL’s strong knowledge of the Indian retail financial services market, will further strengthen the foundation of the life insurance joint venture company.

The joint venture will help DHFL extend its philosophy of financial inclusion by broadening the range of products and services available to its customers, as well as other customers, across India, especially in Tier 2 and Tier 3 cities / towns. For DHFL, such a partnership with a global financial services company like PFI will generate significant long-term value for its shareholders.

Note to Editors:

About DHFL

DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access to the lower and middle income segments of society. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is one of India’s leading mortgage finance institutions with presence in over 450 locations across the country, in addition to representative offices in Dubai and London.

Throughout its years of growth, DHFL has stayed with its core vision of financial inclusion. 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 one of India’s largest financial services companies.

Specialized in: Home Loan - Housing Loan - Housing Finance Company
URL: http://www.dhfl.com
Print press release      Bookmark this page
Related Press releases 
FAAIF Announces Introduction to Sukuk Two-Day Workshop at Sofitel Hotel in New York City October 11-12, 2014 (Popularity: ): New York, September 20, 2014 -- Camille Paldi, CEO of FAAIF, is excited to bring training in the sukuk structure to an American audience. Paldi says the time is now for the USA to enter the sukuk market as the UK has just issued a 200 million pound sukuk, bringing in funds for the UK government and businesses. Paldi emphasizes that the USA may get left behind if it does ...
Beverly Loan Company Partnering to Make Loans Against Motor Vehicles (Popularity: ): Beverly Hills, CA - June 27, 2014 -- Beverly Loan Company, often coined as the "Pawnshop to the Stars," has announced a new partnership that will allow its clients to receive VIP treatment from the industry leader in pawn loans and title loans against cars, trucks, motorcycles, and boats. Since 1938 Beverly Loan Company has been the premiere collateral lender for gold and platinum jewelry, diamonds and colored stones, fine ...
Comark Appoints Corporate Controller (Popularity: ): Medfield, MA - June 16, 2014 -- Comark is pleased to announce that Janet Clark has been promoted to Corporate Controller, reporting to CFO, Ruben Klein. Janet has been responsible for managing the accounting and finance activities since joining the company in 2000. She has over twenty-five years of experience in finance, human resources and customer service, within the manufacturing, banking and service industries.About Comark Comark designs and manufactures high-performance, ruggedized ...
LoanSafeMods Helps Take The Guesswork Out Of The Modification Process With The REST Report (Popularity: ): SAN DIEGO, April 20, 2013 -- LoanSafeMods is a licensee of the REST Report, a trusted third party analysis tool that takes the guesswork out of the loan modification process and lets homeowners know exactly what they qualify for in as little as 48 to 72 hours. The REST Report (Real Estate Services And Technology Report) empowers homeowners to get the modifications they deserve by educating them about what options ...
Tully's Coffee Sees Brighter Future (Popularity: ): SEATTLE, Jan. 4, 2013 -- TC Global, Inc. (dba Tully's) today announced that it is a step closer to exiting from bankruptcy with the sale of its assets to Global Baristas, the investment group that includes Grey's Anatomy star Patrick Dempsey . Global Baristas was selected as the winning bidder late last night, with a bid of almost $10 million.Tully's filed for protection under Chapter 11 of the U.S. Bankruptcy ...

Press release home snapshot 

Related Business 
ICICI Prudential Asset Management Company Ltd. (Popularity: ): ICICI Prudential Asset Management Company Ltd. (IPAMC/ the Company) is the joint venture between ICICI Bank, a well-known and trusted name in financial services in India and Prudential Plc, one of UK’s largest players in the financial services sectors. IPAMC was incorporated in the year 1993. The Company in a span of over 18 years since inception and just over 13 years of the Joint Venture, has forged a position ...
Max New York Life (Popularity: ): Joint venture between Max India Ltd. and New York Life Insurance Company; offers life insurance products throughout India.
Best Term Insurance In India (Popularity: ): In India there are almost 24 life term insurance company which provides term life insurance policy in 2011-2012. News for best term life insurance provider in India. Top term life insurance company and product list with best available plan features in India. Complete Address of life term insurance company with website. Find best life insurance company, at lowest premium rate and get an affordable life insurance quote, to protect your ...
Prudential Life Insurance (Popularity: ): Prudential Vietnam offers range of protection & investment-linked products for you and your family. Visit & find out how our insurance policies can protect you.
Life Insurance Company India (Popularity: ): Rajiv Gupta is successful LIC insurance agent in the country. lic agent in Delhi, life insurance company India, Life Insurance Delhi, Insurance Agent Delhi, Financial Planner Delhi. He Provides lic pension plans, joint life insurance policies, Jeevan anand policy Delhi, atm plan jeewan saral, children's policy, health plan, retirement plans.
Prudential Korea - Insurance and Financial Solutions (Popularity: ): At Prudential Korea, we aim at providing well-rounded financial solutions to our customers. We offer comprehensive range of insurance products to suit every possible need of our customers.
Life Insurance Made Simple (Popularity: ): Emirateslifeinsurance provides best deals on life insurance and financial planning services in Dubai. We are leading professional financial consultancy in Dubai. We offer accurate information on Life Insurance, Mortgage insurance, Term Life Insurance and whole of life insurance plans. We provide life insurance and financial planning solutions that can be tailored to fit your exact requirements.
Expat Life Insurance (Popularity: ): Expat insurance from Life-ins.co.uk providers of free online quotes to UK nationals and expatriates or expats of any nationality. We are independent financial advisors and all our online quotes come from the major life insurance companies such as Norwich Union, Legal & General, Scottish Widows, Bright Grey, Prudential, Scottish Provident and many many more.
Puritan Life Insurance Company (Popularity: ): Puritan Life is dedicated to helping folks with their financial future from ensuring they are ready for retirement to helping take care of their loved ones through estate planning. Puritan Life focuses on using insurance and financial products for income planning and wealth transfer.
Samuel Waxman Life Insurance and Financial Opportunities (Popularity: ): Life Insurance, Investments, Financial Planning, Living Benefits, Group Insurance, Critical Illness Insurance, Income Replacement Insurance, Disability Insurance, RRSP, TFSA