Foreign Players Bet on Raising Stake in Indian JVs After 100% FDI
Global insurers raise stakes in Indian joint ventures following approval of 100% FDI in the insurance sector.
Mumbai: Close on the heels of the government notifying 100 per cent foreign direct investment (FDI) in the insurance sector, several global insurers have announced plans to increase their stake in existing joint ventures.
The latest announcement came from Liberty Mutual Insurance, which on Monday said it had raised its shareholding in Liberty General Insurance Limited to 74 per cent for an undisclosed amount. The foreign player had earlier, in September 2025, increased its stake in Liberty General Insurance from 49 per cent to 55.40 per cent.
Similarly, on Sunday, UK-based Prudential plc said it would acquire a 75 per cent stake in Bharti Life Insurance Company Ltd for an initial cash consideration of ₹3,500 crore ($389 million). The deal also includes a potential additional payout of up to ₹700 crore linked to the fulfilment of certain conditions.
However, Prudential said regulatory approvals for the Bharti Life Insurance transaction require it to reduce its stake in ICICI Prudential Life to below 10 per cent. The foreign insurer is currently in talks with regulators to seek an appropriate timeframe for the divestment process.
Meanwhile, Germany’s Allianz has already entered into a 50:50 insurance joint venture with Reliance Industries-backed Jio Financial Services across life, general and reinsurance businesses.
Liberty General Insurance is a joint venture between Summit Asia Investments Holdings Pte. Ltd, a group company of Liberty Mutual Insurance Group, and Enam Securities. As of December 2025, Enam Securities held a 26 per cent stake, while DP Jindal-owned Diamond Dealtrade held 18.6 per cent.
“India remains an important market for Liberty Mutual as we build our business across Asia Pacific, supported by strong fundamentals and significant opportunity for growth. Increasing our shareholding in Liberty General Insurance allows us to further develop the business and bring our global capabilities more directly to the market,” said Matthew Jackson, President, Liberty International Insurance APAC.