IRDAI may let Prudential Plc keep its full stake in ICICI Prudential Life after declassification, sources say. Final approval expected by late 2026.
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The Insurance Regulatory and Development Authority of India (IRDAI) is likely to allow UK’s Prudential Plc to retain its entire stake in ICICI Prudential Life Insurance even after its proposed declassification as a promoter, CNBC-TV18 has learnt from sources.
According to sources, the insurance regulator is expected to approve Prudential’s request to be declassified as a promoter of ICICI Prudential Life. The final regulatory approval is likely by September or October 2026.
Sources also said Prudential is expected to retain its shareholding in ICICI Prudential Life while internally funding its proposed acquisition of a 75% stake in Bharti Life Insurance. The acquisition will require IRDAI’s approval before it can proceed.
Responding to CNBC-TV18’s query, Prudential said, “As the announced transaction is subject to regulatory approval, we are not in a position to say more than what we have disclosed.”
CNBC-TV18 has also reached out to IRDAI for comment. A response from the regulator is awaited.
