Licence Awarded

Prudential PLC
24 November 2000


PRUDENTIAL RECEIVES LIFE INSURANCE LICENCE IN INDIA

Prudential plc today announced that ICICI Prudential Life
Insurance, its joint venture with ICICI Ltd, has received
a  licence  from the Insurance Regulatory and Development
Authority (IRDA) to commence life insurance operations 
in India.

This  joint  venture  brings together  the  local  market
expertise  of  ICICI and Prudential's international  life
insurance  experience to meet the savings and  protection
needs  of the people of India. The new venture builds  on
the  success  of Prudential ICICI Asset Management  which
was  launched  in  India in 1998 to provide  mutual  fund
products.  Prudential  ICICI is now  India's  No.1 private  
sector mutual funds company with  11  funds  and
assets  under  management of Rs.44.6 billion  (over  £660
million) at September 2000.

Jonathan Bloomer, group chief executive of Prudential plc
said:
 'I am delighted that ICICI Prudential has been awarded a
licence  to begin life operations in India, a very  large
market  with  great  potential.  This  is  a  significant
milestone  in  our strategic objective of  expanding  our
customer  base in Asia, especially following  the  recent
launch  of  our new operation in China, another important
market for life insurance.'

Mark  Tucker,  chief executive of Prudential  Corporation
Asia added:
  'We  are  very  excited  by the  opening  of  the  life
insurance market in India and we would like to thank  the
Indian authorities for giving us this opportunity to  re-
enter  the market after a gap of 44 years. Prudential  is
totally committed to building a market leading nationwide
business in India in partnership with ICICI '




For further information please contact:

Media relations:  
Tina Christou       020 7548 3719                 
Jennie Campbell     020 7548 3500

Investor relations:
Rebecca Burrows     office:020 7548 3537
                    mobile:[phone]

Notes for editors:
ICICI  Prudential  Life  Insurance  Company  is  a  joint
venture between ICICI and Prudential plc of the UK, first 
set up  in  1997. ICICI has subscribed to 74 per cent of  
the equity  while  the  balance of 26 per  cent  is  held  
by Prudential  plc.  The  initial  capital  will  be  
Rs.1.5 billion (£22 million).

Prudential re-entered the Indian market in 1998 through a
separate joint venture with ICICI. Prudential ICICI Asset
Management  Company  Ltd  was established  with  the  key
objective  of providing mutual fund products  to  suit  a
variety of investment needs. Prudential ICICI had  assets
under  management of Rs.44.6 billion (over £660  million)
at  September 2000.

Established  in  London  in 1848,  Prudential  plc  is  a
leading  international financial services  group  with  a
market  capitalisation of approximately £18  billion  and
funds  under management of £164 billion at 30 June  2000.
In  the  UK,  Prudential  is  one  of  the  largest  life
insurance  companies and pension annuity  providers.   In
the  US,  Prudential  owns  Jackson  National  Life,  the
twentieth  largest US life insurance company. In  Europe,
Prudential   has  entered  into  strategic   distribution
arrangements  with  CNP Assurances in France  and  Signal
Iduna in Germany.  Prudential first established its Asian
presence  in 1923. Today, Prudential is the UK's  largest
life  insurance  company in Asia with offices  in  eleven
countries and a network of over 26,000 agents and staff.

ICICI Limited, one of India's largest financial services
providers was formed in 1955 at the initiative of the
World Bank, the Government of India and representatives
of Indian industry, with the objective of creating a
development financial institution. Over the last four
decades, ICICI has stretched the borders of its business
to evolve from a traditional project finance institution
to a diversified financial services group providing a
broad spectrum of financial solutions to corporate and
retail customers. As a result of the recent retail
initiatives ICICI is now offering the whole range of
personal financial products to retail customers through a
large distribution network covering over 100 bank
branches, over 300 ATMs and 90 service centres stretched
across 110 towns.