Prudential Financial issues clarification regarding DHFL Pramerica plans

“An article appeared yesterday in the press that misrepresented Prudential Financial's plan with regard to DHFL Pramerica Life Insurance (DPLI), our joint venture with Dewan Housing Finance, said a statement from Prudential Financial, Inc. Regarding DHFL Pramerica Life Insurance.

“To be clear, we remain focused on maintaining the strength of the DPLI joint venture, on our long-term strategy for the Indian market, and on serving the needs of our customers and employees. We are proud of the business that has been built by the local management team and confident in its future. Working together with DHFL,” it added.

“We will seek a new majority locally owned and controlled shareholder for DPLI to help facilitate the monetization of DHFL’s equity stake. While DHFL may reduce or exit its equity stake in DPLI, Prudential Financial's intention is to continue to play an active role in supporting the life insurance industry of India,” said James Weakley, Senior Vice President, International Businesses, Prudential Financial, Inc.

(With inputs from agencies.)