Acquisition of Equity Shareholding in Bharti Life Insurance Company Limited

SUMMARY OF THE PROPOSED COMBINATION

UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024

a) Name of the parties to the combination

1. The parties to the combination are as below:

a. Prudential Corporation Holdings Limited ("Acquirer"); and

b. Bharti Life Insurance Company Limited (“Target”).

2. The Acquirer and Target are collectively referred to as “Parties”.

b) The nature and purpose of the combination

3. The proposed combination relates to the acquisition of an equity shareholding in the Target ("Proposed Combination"). The Proposed Combination is notifiable under Section 5(a) of the Competition Act, 2002 (as amended) ("Competition Act").

4. The Proposed Combination is consistent with Acquirer Group’s broader strategy of strengthening its life insurance presence in India and is expected to leverage the combined brand strength and operational capabilities.

c) The products, services and business(es) of the parties to the combination

Acquirer

5. The Acquirer acts as the holding company of the Acquirer Group’s insurance and asset management operations in Asia and provides management and support to its Asia and Africa business operations.

Target

6. The Target is an IRDAI-licensed insurer incorporated in India and is engaged in the provision of life insurance in India.

d) The respective markets in which the parties to the combination operate

7. The exact delineation of the relevant market may be left open as the Proposed Combination does not give rise to any competition concerns, irrespective of the manner in which the markets are defined.

8. However, to aid the Hon’ble Commission in its assessment of the Proposed Combination, a horizontal overlap has been identified in the relevant market for provision of life insurance in India, and a vertical relationship has been identified between the provision and distribution of life insurance in India.

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