In March, Indian
real estate major DLF and US headquartered financial services company Prudential Financial announced a new joint venture life insurance firm in India. Sources confirm that a creative pitch has been called for the newly formed company, which will be called DLF Pramerica.
Initially, some of the agencies invited to participate in the pitch pulled back because of exclusivity clauses in existing contracts. The pitch is learnt to be at a nascent stage. Four agencies, the names of which could not be ascertained, have been invited by the company to make a credentials and strategy presentation. The short-listed agencies will be asked to submit a creative presentation as well later.
Pramerica is a brand name used in select countries by Prudential Financial Inc. of the US. Prudential Financial Inc. is a financial services leader with $616 billion worth of assets under management as of December 31, 2006. It has operations in the US, Asia, Europe, and Latin America. Prudential Financial's businesses offer a variety of products and services, including life insurance, annuities, retirement related services, mutual funds, asset management, and real estate services. Prudential Financial Inc., US, is not the same as Prudential Plc, UK, which has joint ventures with ICICI Bank in the insurance and mutual fund segments.
The DLF Group's real estate businesses include homes, offices and shopping malls. It is also venturing into special economic zones (SEZs), hotels and infrastructure. Four agencies - FCB-Ulka, Capital Advertising, Percept H and Lintas Personal - were appointed as the company's creative partners at the beginning of the year. Percept Media handles the media duties for the brand.
DLF Pramerica Life Insurance Company will be established in the next few months and, under the terms of the agreement, DLF will have a 74 per cent stake and PFI a 26 per cent stake in the new company.