DLF Pramerica gets regulatory approval to start operations

DLF Pramerica Life Insurance Co. Ltd. (DPLI), a joint venture between DLF, a leading real estate development company in India, and Prudential Financial, Inc. (PFI) (NYSE:PRU), a financial services leader headquartered in the United States, today announced that it has been granted an R3 license by the Insurance Regulatory Authority of India (IRDA), allowing DPLI to start life insurance operations in India. 

“We are delighted that DLF Pramerica Life Insurance has achieved this important milestone in the process of launching its business in India,” said Rajiv Singh, ViceChairman of DLF.  “The establishment of this company reflects our ongoing commitment to building a new India.  DLF Pramerica Life Insurance will be guided by our principle of improving the value proposition to our customers.  The combination of PFI and DLF in this joint venture provides a strong foundation for DPLI to make a difference in the life insurance industry.”

According to Timothy Feige, Senior Vice President and Co-President of PFI’s International Insurance business, “This approval brings us one step closer to providing families in India the protection life insurance and differentiated service we have offered in the U.S. and around the world for more than 130 years.  India is a very important market for PFI.  We look forward to working together with DLF to establish DPLI as a leading player in India by meeting the life insurance needs of Indian consumers.”

With the receipt of this license, DPLI expects to launch its life insurance business and commence sales in the third-quarter of this year.  The company, which is headquartered in Gurgaon, has recruited a highly talented team of professionals and plans to offer a broad range of life insurance products to consumers.

“We are committed to developing DPLI into a successful and enduring life insurance enterprise and are actively recruiting and training our sales teams,” said Kapil Mehta, Chief Executive Officer of DPLI.  “We intend to raise the standards of life insurance in India by providing high quality service and relevant products to our customers in a cost-effective manner.”

The formation of DPLI to offer life insurance products and services in India was announced by DLF and PFI in March 2007.  DLF and PFI also announced their intention to establish a joint venture asset management company, DLF Pramerica Asset Managers Private Limited, in December 2007.  The two operations will be managed separately.  

Sourced From: Corporate Voice|Weber Shandwick